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COPYRIOHTED IN 1937 BY WILLIAM B. DANA COMPANY, NJW YORK.
VOL. 145. lMU'dw;rob3P^YrCopy"
BROOKLYN
NEW YORK, NOVEMBER 20, 1937
Williamow Sprue®St«.,
BANK
NO. 3778
N.Vc'ty
NATIONAL BANK
°f
ISM
George V. McLaughlin
New York
President
BROOKLYN
NEW YORK
OF
CITY
The
For
TRUST
COMPANY
YORK
NEW
chase is
tra-
many
served
years
it has
large number
a
of banks and bankers
as
Exchange
New York
correspondent
and
White, Weld & Co.
Members New York Stock
THE
ditionally a bankers' bank.
Federal Deposit Insurance
Corporation
CHASE
THE
OF
Member
MARCH 3, 1B79.
TRUST
COMPANY
Chartered
ENTERED AS SECOND-Cl ASS MATTER JUNE 23, 1879. ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OP
depository.
reserve
Mtmbir Federal Dipostt Insurant!
Ctrptraihn
Boston
New York
preferred
Amsterdam
London
stocks
Representatives' Offices
United States
Government
Buenos Aires
Paris
Securities
The
Brown Harriman & Co.
Hallgarten & Co.
first boston
Established 1850
corporation
Incorporated
63 Wall
Street, New York
Telephone: BOwling Green 9-5000
NEW YORK
NEW
YORK
BOSTON
chicago
philadelphia
London
Chicago
Representatives in other leading Cities
and other principal cities
Wertheim & Co.
120
Washington
San Francisco
san francisco
Chicago
Philadelphia
Boston
rrr|
_
The
Broadway
State and
New York
Amsterdam
London
NewTorkTrust
Municipal Bonds
CARL M. LOEB & CO.
61
BROADWAY
Capital Funds
NEW YORK
Amsterdam
Berlin
London
.
.
$37,500,000
Barr Brothers & Co.
INC.
New York
Paris
ioo
Chicago
broadway
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
EDWARD B. SMITE & CO.
31 Nassau Street
PHILADELPHIA
CLEVELAND
Service
European Representative's Office:
STREET
HORN BLOWER
&
'
WEEKS
Established 1888
40
Ctrrespondtnt
-
Edward B. Smith & Co., Inc.
1888
BOSTON
LONDON
LONDON. E. C 4
CHICAGO
Banks and
Dealers since
New York
8 KING WILLIAM
Minneapolis
to
NEW YORK
'
*
Wall Street
NEW YORK
Members New
St. Louit
Member of the Federal Reserve System,
the New York Clearing House
and
Association
of the Federal Deposit Insurance Corporation
Cleveland,
York, Boston, Chicago,
Philadelphia and
Detroit Stock Exchanges
Financial
n
Nov. 20,
Chronicle
1937
BAKER, WEEKS
Becker & Co.
G.
A.
&HARDEN
Incorporated
Established
J.
Investment Securities
1893
&W.Seligman & Co.
Members
No.
New York Stock Exchange
Wall Street
64
New York Curb Exchange
Investment* Securities
NEW YORK
Philadelphia Stock Exchange
Chicago Board of Trade
Commercial Paper
52 WALL
STREET, NEW YORK
London
Graybar Building, New York
New York
Chicago
Buhl
Other Cities
And
Correspondents
Commercial Trust Bldg., Philadelphia
Building, Detroit
SELIGMAN BROTHERS
6 Lothbury, London, E. C 2
Bourse Building, Amsterdam
Foreign
Leading Out-of-Town
Investment Bankers and Brokers
NATIONAL BANK OF NEW ZEALAND, Ltd.
Established
1872
Chief Office In New Zealand:
Sir James
Wellington
Grose, General Manager
Head Office: 8 Moorgate, London,
NEWARK
BIRMINGHAM
Subscribed
E. C. 2, Eng.
Capital
£6,000,000
Paid up Capital
New Jersey State &
MARX & CO
Municipal Bonds
Newark Bank & Insurance Stocks
BIRMINGHAM, ALABAMA
SOUTHERN
£1,000,000
Currency Reserve..
The
Bank
conducts
business connected
£500,000
every
description
of banking
with New Zealand.
Correspondents throughout the World
London Manager, A. O. Norwood
MUNICIPAL AND
CORPORATION
£2,000,000
Reserve Fund.......
BONDS
J. S. RIPPEL & CO.
18
Clinton
St.
Newark, N. J.
Australasia and New Zealand
BANK OF
DETROIT
HARTFORD
NEW SOUTH WALES
(ESTABLISHED 1S1T)
(With which the Western Australian Bank and Th
Australian Bank of Commerce, Ltd., are
amalgamated)
MICHIGAN
MUNICIPALS
Specialists in Connecticut
and
Securities
CORPORATION
BONDS
Members New York Stock Exchange
Members
Stock
Exch.
New
Detroit Stock Exchange
334 BUHL
York
Curb.
Assoc.
Chicago Stock Exch.
BLDG.,
...
6
CENTRAL
Tel. 5-0151.
DETROIT
ROW
HARTFORD
A. T. T. Teletype—Hartford 564
£23,710,000
Aggregate Assets 30th Sept., 1936. £115,150,000
A. 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 transacts every description of Aus¬
tralasian
PALM
BEACH
AND
Banking
Business.
Wool
and
other
Produce Credits arranged.
WEST
PALM
BEACH
Head
INVESTMENT
£8,780,000
8,150,000
8,780,000
...
PUTNAM & CO.
WATLING, LERCHEN & HAYES
New York
Paid up Capital
Reserve Fund
Reserve Liability of Proprietors..
Office:
George Street, SYDNEY
London Offices:
HOLDINGS
29 Threadneedle
47
ANALYZED
Specializing in
Agency
Street, E.C.2
Berkeley Square, W.l
arrangements
the
with
U.
S.
Banks
throughout
A.
FLORIDA BONDS
Charles A. Parcells &, Co.
Members of Detroit Stock
PENOBSCOT BUILDING,
Exchange
DETROIT, MICH.
CARLBERG & COOK, INC.
Palm Beach—West Palm Beach, Fla.
Bell System
Teletype: W-Palm Beach No. 84
NATIONAL BANK
MILWAUKEE
of EGYPT
Head
ST.
Office
LOUIS
WISCONSIN
FULLY
CORPORATION SECURITIES
.......
PAID
RESERVE
CAPITAL
FUND
Cairo
£3,000,000
.
3,000,000
....
Teletype—Milwaukee 92
LONDON AGENCY
EDGAR, RICKER & CO.
750
North
Water
Street,
6 and
Stik
Milwaukee, Wis.
7, King William Street, E. C. 4
Co.
4
Branches in dl
SO9OUVC st
Foreign
■
Members St .'Louis Stock
the
principal Towns in
BAtNT LOUIS
EGYPT
and
the SUDAN
Exchange
1
Hong Kong & Shanghai
BANKING
NATIONAL BANK OF INDIA, LIMITED
CORPORATION
Incorporated n the Colony of Hongkong. The
liability of members is limited to the extent and
In manner prescribed by Ordinance No. 6 of 1929
of the Colony.
Bankers to the Government in
Missouri and Southwestern
Stocks and Bonds
Authorized
Capital (Hongkong Currency) H550.000.000
Paid-up Capital (Hongkong Currency)...H520.000,000
Reserve Fund in Sterling
£6,500,000
Reserve Fund in Silver (Hongkong Cur¬
rency)
Reserve
.
Smith, Moore 61 Co,
HJ10,000,000
_
Liability
of
kong Currency)
Proprietors
St.
(Hong¬
...HS20,000.000
The First Boston
A.
72
G.
WALL
KELLOGG, Agent
STREET, NEW YORK
Corp.
Wire
Louis
St. Louis Stock
Exchange
and
Head Office: 26,
Kenya Colony
Uganda
Bishopsgate, London, E. C.
Branches
in India. Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Subscribed Capital
Paid
.£4,000,000
Up Capital...
Reserve Fund
£2,000,000
£2,200,000
The Bank conducts every description o1
banking
and exchange business
Trusteeships and Executorships also
under taksn
fttwttnal
TV
ronick
flrmmtrW f
No. 3778.
NOVEMBER 20, 1937
Vol. 145
CONTENTS
Editorials
page
Financial Situation
The
-
3237
3249
3250
Temper of Congress
Agriculture
-.3251
Want?---
What Kind of Peace Do the Powers
Comment and Review
Gross and Net Earnings of
the Month of September
President's
The
Message
United States Railroads for
3253
to
the
Special
on
the European
Stock Exchanges
--
Foreign Exchange Rates and Comment
Course of the Bond Market
1
on
,V-vK;:
3260
-.-.3239
3291
the New York Stock Exchange
Week
'■■■
-.3259
Indications of Business Activity
on
,
3241
3246 & 3292
Foreign Political and Economic Situation
Week
of
—3257 & 3258
3240
Congress.
Week
Session
the New York Curb Exchange
News
■
Current Events and Discussions
3268
Bank and Trust
3290
3336
Company Items
General Corporation
Dry Goods Trade
State and
and Investment News
3373
3374
....
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
3294, 3301 &3335
3294
3335
Dividends Declared
Auction Sales
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations
Other
3302
3302 & 3312
-.3318
3322
3324
Exchanges—Stock and Bond Quotations _
Quotations
3329
Canadian Markets—Stock and Bond
Over-the-Counter Securities—Stock & Bond
Quotations .3332
Reports
3244
Foreign Bank Statements
Course of Bank Clearings
3292
3299
_
Federal Reserve Bank Statements
General Corporation
3336
and Investment News
Commodities
The Commercial Markets
and the Crops
Cotton
Breadstuff s
Published Every Saturday
:
Morning by the William B. Dana Company, 25
3363
3366
3371
Spruce Street, New York City
Business
(Telephone
Company.
Subscriptions
months;
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer: William D. Riggs,
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle 8treet
State 0613).
London—Edwards & 8mith, 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.
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
South and Central America, Spain. Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental
(except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter,
per
agate line
Contract and card rates on request.
NOTE; On account of the fluctuation in the rates
for foreign subscriptions and advertisements must be made in New York funds.
Europe
45 cents
of exchange, remittances
Financial
M
Nov.
Chronicle
20,
1937
TOD AY, American farmers
helping to produce
are
new
a
and better
oil.
motor
Thousands who have
even
seen
an
oil well
or
an
oil
refinery are now an impor¬
tant
part of the oil industry.
Back
of this lies a discovery.
F rom oats,wheat,
cotton
other
corn, rice,
crops comes a
remark¬
purifier, Furfural. Sci¬
ence
finds it ideal for
use
in
cleansing and removing the
impurities from the motor oil.
tion
is
rapid oil
often
due
consump¬
to
these
impurities. Heat turns them
to
for
sticky substances
...
that
catch and hold abrasive dirt.
a
definite
reason
changing to New Texaco
Motor
out
Oil.
Because
impurities
taking
means
you
get full lubrication, without
buying
You
seed, sugar cane and
able
Your
Here is
never
new
48
so
much oil.
can
oil
get this different
today. In all of the
States, buy it from
Texaco Dealer.
Start
your
using
NewTexaco Motor Oil...now.
TUNE
EVERY
8:30
In the refining
of New Texaco
JP> A
a
Oil, we
^ QUART
pipe Furfural in at the top
of the tower. Every particle
Motor
that might form
sludge, gum
of your engine is completely removed.
or
tar
in the heat
in
EDDIE
CAN10R
WEDNESDAY
EST
7:30
NIGHT
CST
in
-
"TEXACO
COLUMBIA
9:30
M ST
TOWN"
NETWORK
8:30
PST
The Financial Situation
expressed them¬
Glass and the others who have
tor
CONGRESS has been in session less than a week,
yet is again in
turmoil.
Neither Congress nor
selves in similar vein
the
public in general has found itself greatly im¬
far
as
pressed by what the President had to say in his formal
the
simplest, easiest and best course is direct and
a
Unless all indications
message.
of the national
legislature
concerned with what
from the
obviously in
are
wait for the President to draft
they
legislation
Yet thus far
home.
upon
of
which
ing
no
It is
easy
legislation
readily
to
the
upon
At
magnitude in
repre¬
object is
President's
as
If
be
appear¬
Congress
there
is
with
Senate
the
any
with
or
the
attention
give
special consideration to
is
strange
ideas,
called foy at this
one
enjoy certain advantages that enable
to
perform economic functions more
effectively than can others, should be taxed
not merely to raise revenue but to make the
going easier for the less efficient,
very
at
present
serve
the
community
who can
only at
certainly has not made it¬
greater cost.
The other doctrine is found in the sugges¬
self
tion that
yet.
as
anti
since
back
-
trust
in
though
has
al¬
Washington,
cisely
the President, in
at
point
one
monopoly, a sug¬
to identify bigness with
seems
control" and
"resultant monopolistic practices."
Does the President really mean to imply
such beliefs as these, and, if so, what pre¬
been
discussing possible tax
form,
gestion that
"concentration
legislation
Congress
bigness should be handicapped
by taxation in order to curb
Not much has been heard
of
mere
does
effect to his
of
economic
he desire to have done to give
suggestions?
As is the
re¬
interest in tat
with agriculture,
endeavor to formulate
that will
meet
there is no want of
Committees and individ¬
legislation.
ual members of both houses
are
actively at work in an
changes in the tax structure
the requirements
of the day.
Sug¬
in
clear indica¬
gestions, good, bad and indifferent, are pouring
from all quarters,
but
as
an
yet there is no
tion of what the final result
Precisely why
his wealth invested in hard¬
the shelves of his
ware
on
store
and 75% invested in
miscellaneous securities
obliged, for tax
to
the
place
The work of Congress on
heavy handicaps.
tive progress
taxation proceeds under
One of the obstacles to construc¬
the
Plainly, Sena¬
is what is commonly supposed to be
political necessity of "saving face."
purposes,
gains
and
arising from trans¬
real
securities
his
in
actions
in
estate
one
category and to place simi¬
lar
gains and losses from
purchases and sales of his
hardware assets in
different
tirely
has
never
an
en¬
category
been made clear.
Yet this is the distinction
upon
gains
tax
the
which
rests.
capital
Many
have so often
loudly excoriated
politicians
and
so
who
those
have
substan-
♦
tial
capital assets that they
have
probably
themselves
of their
own
rate,
a
convinced
of the solidity
criticisms. At
they have cre¬
situation in which
politically difficult for them to take a fresh and
more
rational view of the whole matter of taxing
capital gains, particularly when they arise in
the
stock and bond markets.
Another
of those in
openly
handicap is found in the unwillingness
political life to impose taxes directly
and
the vast rank and file whose votes they
if they are to stay in office.
It is highly
upon
must have
doubtful if
an
intelligent
man
could be found who
readily admit that taxes whose incidence
socially un¬
things being
equal, in favor of imposts easily recognized as taxes
by those who must ultimately pay them.
Yet sug¬
gest to a politician that the income tax should be
extended downward until every man and woman
is concealed from the average person are
Working Under Handicaps
should be
and real estate
it is
would not
will be.
in
capital
individual with 25% of
ated
sug¬
by taking appropriate action on taxes.
case
exists
the
of
gains tax.
any
gested that it might be possible to do something in
this direction
of
altogether dif¬
an
situation
case
and
them
great interest in it, the fact
conspicuous
Not
ferent
losses
enterprise
repeal
they
they
and hours plans of
President,
Congress
which
appearing in a
number of other New Deal programs and the
other apparently rather novel, seem to lie
implicit in the suggestions of the President.
The first is that large enterprises, since
deep faith in the proposed
wages
had
to
sentences,
the
should
Two
poral's guard in the House
the
message
these
virtual
the original Act.
time."
as
cor¬
a
have
to
competitive
hostility
much
to it exists in
the "patching" con¬
of
practices which persist today in spite of anti¬
trust
statutes.
A further search for addi¬
tional methods to meet this threat to free
in
can
his
wrote
destructive
a
impossible task unless, of
checking the growing concentration of eco¬
nomic control and the resultant monopolistic
anywhere, and so
judged by surface
or
an
porations.
Therefore, by special considera¬
tion, they should receive more equal oppor¬
tunity to compete with their more powerful
competitors.
"In this way we may also find assistance in
our
search for a more effective method of
the
plan is
the situation
ever.
nearly
To
this legislation in a way
as
useful instead of
have difficulties of financing and dis¬
tribution which are not shared by large cor¬
governmental
reorganization
evidence
ances,
very
a
size,
connec¬
for
not
"We
budget.
enthusiasm
as
convert it into
quilt
lightening inequitable burdens on the enter¬
prise of small business men of the Nation.
Small businesses, or even those of average
presenting problems of
tion with the
point in
one
President
seem
the
of
any
putatively
groups
far
a crazy
deserve:
senting the farmer, with¬
No
thoroughly vicious piece of legislation.
Strange Doctrines
to say
agree,
satisfy
first
what is regarded as such, for patch¬
course,
nothing of legislation which
out
up a
Hence the
mistake by the party in power.
or
the
imply the admission
sists
the
will
grave
it would
that
task to draft agri¬
cultural
profits tax is concerned,
approach to the problem seems
plainly proving
which the various elements
can
reason
patch such
leading characteristics of the situation on Capitol
Hill.
a
frank
a
political need,
be emerging, with
the result that confusion and uncertainty appear
believing that, as
politicians to be out of the question, for
obvious
strong leadership in
no
either branch of Congress seems to
such
mood to
no
undistributed
the
to most
without ado place their stamp of approval
may
and go
Yet
hearing
are
correct in
complete repeal of the legislation enacted last year.
members
are awry,
at present much more
they have heard and
They
people.
are
are
desirable, and ought to be avoided, other
3238
with any
far
Financial
-
appreciable income would be required,
this tax is
as
concerned, to
directly his
pay
or
than
a
dozen
reasons
why
"feasible," however admirable it
such
no
be in theory,
may
This unwillingness to impose taxes
plan is
directly
upon
the
politically influential explains the fact that the farmer
has
escaped paying
any
tax at all to the Federal Gov-
Nov.
sists upon placing itself.
estimates
ury
den
business which is already bowed down
upon
01
others,
even
ior
course
the
whom the politicians
Impossible
tj.
Far from
by $600,000,000.. What Congress ought
expenditures sharply and reduce
accordingly, but this logical and
sound
approach is barred by the unwillingness of
either Congress or the President to champion the
of real economy.
cause
expenditures,
The time has
mental way.
yune
let it
an
which would not cost
stall!
The
President
one
"hoped"
or
two
than
$500,000,000 to in-
that
depended
activities undertaken by the Government.
well
begin with the first item
Yet members of
last item to COme
Congress at work
ation know full well that there will
reduction in
are
outlays, and that
almost certain to be
All this of
course
on
tax-
on
probably be
no
the contrary they
larger next
year
than this,
ought not to hamper the work of
correcting the grievous faults within
the tax struc-
appears
We do not believe that it lies within the power
and thus effect
-
trend of
a
reversal of the current downward
industry and trade.
course
of business but
try
upon a
sible
to
place enterprise in this
permitted to
courting disaster.
they
can
It is
be permitted to
continue
an
open
occur at
forever
without
obtain
the
more
tering
debt
a
1933.
1929, and not far from twice
are
heavily loaded with
public
half
a
that of
government
obligations on some of which they have already been
obliged to suffer losses much larger than they had
supposed at all likely to
occur.
No
one
can
Nor is it by any means
ized the New Deal.
for
the
on
the
placed
suits, perhaps not long deferred.
It
would, howrever, be necessary
politicians to execute
an
about-face appar-
budget and taxation,
upon
They
vigorously down to brass tacks
remove
initiative by such laws
as
the shackles
the Holding
Company Act and the two security Acts, discontinue
subsidies, and undo much that has in recent years
been done to establish
omy
in this country.
to be that of
0f the
a
planned and managed
The task of the moment
econ-
seems
cinvincing Congress of the real nature
problems by which it is faced,
Federal Reserve Bank Statement
^VPEN market purchases of Treasury securities
clear
they could absorb without dire
a
ever
say
additional obligations the Treasury can
persuade the banks and investors to absorb in exist-
how many more
likely
to know it under such programs as have character-
how many
ing circumstances.
is
would have to get
a
posvery
been known for
than
or
in
all in the propor-
outstanding which is nearly two and
The banks
than has
past
life
ently far from their minds at the moment.
critical business situation with
times that of
abundant
question whether
tions that threaten for next
year without endangering the whole economic structure. We are now en-
coun-
footing of real solidity, and make it
measure
be
reasonable time
only result in checking the downward
years
cannot
cer-
a
not
larger
by the
however,
they would, take steps which in
would
many
deficits
are,
Congress could, if
good
enormous
We
tain that the President and the
much
people of this country. Naturally,
to be the relatively
of either Congress or the President to push buttons
ture, but it definitely limits, if it does not elimiload of taxation that must somehow be borne
Nor is the outlook im-
gigantic and exceedingly expensive agri-
a
nate, the opportunity for lightening the
enormous
cer-
cultural program in process of formulation,
which its eyes
upon
making
prospect of heavy so-called processing taxes
to finance
gov-
few exceptions Congress might
happen to fall and end with the
into view.
certain
ought not to be difficult for Congress
With very
background the pica-
exceptions for the benefit of this, that
proved at all by what
activity to itemize the savings that they
would effect
to meet.
in
a
other than trifling.
appear
Yet his
challenge to those who advocate reduction
ernmental
Against such
modifications in the capital gains tax, can hardly
reduction in the
upon
of
the other case, and comparable suggestions about
or
major economies in the operation of the FedGovernment
whole question
proposals about exempting incomes of $5,000
tain limited
rightly said in his message
eral
the
from the undistributed profits tax and
"ever-normal granary" scheme
more
when
come
taxes should be examined in this broad and funda-
Congres-
known that it
be
•
eliminate taxes
or
interesting itself
in
deficit
stantially. During the past day
committee
i
to do is to curtail
Congress at the moment is busily engaged in drafting legislation certain to increase them very subsional
expenditures of the Fed-
To abolish the taxes and continue
upon the scale now existing or
contemplation would merely be to increase
the
estopped from granting the
steps necessary for reduction
to be able to frame
current cash
enormous
u
reduction in expenditures which is a
necessary pre-
in
jn'ofessedly
cash expenditures
Congress cannot itself consent to the large
requisite to such relief.
the taxes that
S th0"sh,f°I Tas it now
Tb!
reserve myth
eral Government.
country the full tax relief to which it is entitled because
to
stands. 1 et the fact remains that this $600,000,000,
in
Congress is of
end
an
if it is actually collected, will be available to meet
profess to be most solicitous.
Full Tax Relief
and
account
r***
many
those
The first
observer is to demand that
hesitant in defending the
of the freaks of our
tax system, and also of the
difficulty that is met in
revising the system rationally.
After all, some one
has to pay the taxes, and if
Congress will not impose
them where they ought to be imposed, it must make
victims
any
put to the foolish and deceptive old age pension
reserve
ybX
ttrjssr SSt
ending
accurate, collect some $600,000,-
prove
under the load of other taxes it must pay.
be
have the explanation of
year
000 of these taxes. This, of course, is a crushing bur-
recipient
& £ 3S5tt
During the
June 30,1938, the Federal Government will, if Treas-
impulse of
largesse from Washington.
Add to
all this the political capital that has been made of
an ex-
ample of the handicaps under which Congress in-
ernment, although he has long b^en the most favored
of
1937
20,
The so-called social security taxes furnish
as
her
share of the expense of government, and he can find
more
Chronicle
re-
by the Federal Reserve banks
be
merrily in
real
intent
progress,
and
with
purposes
an
now
appear
to
explanation of the
plainly desirable.
The
Volume 145
Financial
condition statement of the 12 Federal Re¬
current
serve
banks, combined, reflects an addition of $18,125,000 to the open market portfolio, and as this fol¬
lows
a
gain of $10,100,000, the addition of the last
two statement weeks amounts to
rency
the
nounced
in
reported
now
under
level
that
of
circulation
last
is
Cur¬
$63,000,000
Sept. 12, when it
market
open
$28,525,000.
was an¬
purchases would take
place to offset the usual autumn expansion of cur¬
It
rency.
be that the authorities
may
anticipat¬
are
ing the gain in circulation that always
the
holiday
at
but in view of the known circum¬
season,
stances it is
occurs
at least
equally possible that
a more
Chronicle
in which beneficial tax revisions
ner
The
extent
dustry, which
it is
a more
rapid reopening of the
general capital market, now is assumed by
close observers to be the real
ancillary intent.
intent,
some
at least an
or
Until this matter is clarified
a
comfort.
bank
The
reserves.
excess reserves
legal requirements
over
000,000,
rapid upbuilding of
are now
excess
of member banks
reported at $1,100,-
increase of $30,000,000 for the weekly
an
The
acknowledged monetary gold
country
maintained
was
unchanged
000,000 in the week ended 2s ov. 17.
likely, of
active in
stock
$12,789,-
at
It is
of the
more
that the stabilization fund
course,
than
industrial factors
influence.
natural
a
There
such that
was
spirit
of
only trade and
appeared to exercise any decided
was
definite trend
a
little
trading last Saturday,
lacking in that brief ses¬
was
But when it appeared on
Monday that steel
operations again had fallen sharply, the selling of
stocks
resumed and losses of 1 to 4
was
registered.
points
established
The trend thus
tinued in all
were
con¬
was
subsequent sessions of the week, with
yesterday rather more pronounced than
The opening of the special
previous movements.
Congressional session last Monday naturally
observed with the keenest
was
of comfort
The
sage.
gold transfers, by the earmark route.
But
prevails, pending clarification of the busi¬
the decline
period.
some reason
quick improvement again will de¬
The market mood
stimulating
a
There is at least
exhausted.
are
sion.
pur¬
that
ordi¬
as
of the cycle of major
course
trend, and also of political developments.
ness
In
market
minor decline such
a
velop when inventories, which are not large in any
chases
open
represents
believe
be made.
meantime, the
believed in most circles that the
now
business movements.
to
The
pronounced in the steel in¬
narily takes place in the
and
the
pro¬
the first to feel the impact, but
was
It is
movement
true estimate of Federal Reserve tendencies cannot
are
the other hand, and the
on
spreading into other fields far too rapidly for
caution
ket, with the aim of
desired,
studied.
were
revisions leaves
contemplated
business decline is most
event,
mar¬
the
posals failed to buoy the securities markets.
est moves.
high-grade bond
of
much to be
far-reaching change in policy is reflected by the lat¬
Stimulation of the
3239
interest, and
a
gathered from the Presidential
was
Mr. Roosevelt's
more
was
small grain
mes¬
reasonable attitude to¬
gold certificate fund of the 12 regional banks dipped
ward business
$993,000 to $9,123,898,000 in the statement week, but
however, and the continued vagueness of his state¬
a
return flow of
Total
to
In view of all this, and
record, the tendency was to
wait for deeds and to
rely little
by
reserves
$27,801,000
dropped
to
$18,126,000
$4,249,618,000.
deposits with the regional banks moved
consisting of
a
up
with the account vari¬
;
gain of member bank
deposits by $42,997,000 to $6,922,400,000;
the
proved perturbing.
to
of the Administration
total
$59,709,000 to $7,560,970,000
ations
ments
matter of course,
a
Federal Reserve notes in actual cir¬
$9,458,106,000.
culation''
specie and other cash made possible
of
increase
an
accepted as
was
a
reserve
drop of
Treasury general account balance by $4,070,000
$135,165,000;
a
decline in foreign bank deposits
words.
upon
greater tax relief than so far has been
obviously is
and there is a hope that the
necessary,
business trend will
Far
proposed
impress this fact upon the Legis¬
lature.
listed
the
In
The
bond
resumption of
securities
market trends
were
diverse.
market buying of Treasury
open
by the Federal Reserve banks imparted
by $6,515,000 to $266,227,000, and an increase of
strength to Federal obligations, both directly and
other
The
indirectly.
Dis¬
tion of
deposits by $27,299,000 to $237,178,000.
reserve
counts
ratio
remained unchanged at
by the System
were
80.1%.
lower by $2,280,000 at
more
There
was a
quiet and steady apprecia¬
quotations, with institutional buyers plainly
willing to
engage
in investment transactions.
$18,696,000, and industrial advances receded $76,000
Best-grade corporate bonds were fairly steady.
to
issues with
$19,256,000.
bills
Open market holdings of bankers'
dipped $1,000 to $2,831,000.
The increase of
$18,125,000 in open market holdings of Treasury
obligations raised the total to $2,554,715,000, and
it
was
accounted
for
by
a
gain of $10,000,000 in
Treasury note holdings and $8,125,000 in Treasury
discount bill
were
But
marked
slowly lower, in line with the equities trend.
Com¬
modity markets were dull and irregular, with the
trend
main
toward
lower
levels,
although grains
helped at times by indications that Argentine
were
weather conditions
which
season
holdings.
speculative interest
some
now
are
unfavorable for the
is setting
in there.
growing
In the foreign
exchange markets the dollar was soft and strong by
The New York Stock Market
turns, with official controls obviously quite active.
on
the
New York stock market.
The
pressing, and sales
liquidation
was
the New York
never
very
Stock
Exchange averaged about 1,000,000 shares a
day.
on
stabilization
funds
Results of the movement, however, are appar¬
ent in
net declines of 1 to
throughout the list.
10 points for the week,
Throughout the financial com¬
munity the tendency was to set houses in order for
what
obviously will be
business.
There
was
a severe
more
general recession in
hopefulness about the
special session of Congress, owing to the rapid man-
activities
were
reflected, indeed, by a sudden and large expan¬
sion
of
French
resulted from
the
Bank
fund.
of
various
The
A SLOW and marked uninterrupted decline in
quotations almost the trading this week
of
It is
a
the
bank gold holdings,
which plainly
transfer of newly-acquired metal to
France
by the French stabilization
equally clear that the metal was sold
by the United States fund.
On
the
touched
a
New
new
stocks touched
Curb
York
Stock
Exchange
one
stock
high level for the year while 111
now
low levels.
On the New York
Exchange two stocks touched new high levels
and 52 stocks touched new low levels.
Call loans
3240
Financial
the
011
New
York
Stock
Exchange remained
Chronicle
un¬
day at 19% against 23%
changed at 1%.
On
the
the New
United
York
half-day session
shares;
Stock
Saturday last
on
Monday they
on
Thursday, 903,120 shares, and
on
1,880,900 shares.
the
sales
last
Monday,
on
Friday,
On the New York Curb Exchange
Saturday
107,285 shares;
were
on
257,235
shares;
on
Tuesday, 219,790
Wednesday, 178,015 shares; on Thurs¬
day, 173,355 shares, and on Friday, 339,510 shares.
shares;
on
Profit-taking
market
while
on
on
Saturday last, but
price fluctuations
the close.
On
off from
points
precipitated for the
dent's message to
was
encouraging in
on
time.
Dulness
was
on
some
the
a modest
feature
a
a
on
rally at closing
Wednesday, and
Stocks
Thursday, with leading issues
one
to three
present session of
question, and traders generally
the result rather than
points.
depressed,
and
week
display
the
at
are
Busi¬
Congress for
a
moot
inclined to await
spirit of undue opti¬
Yesterday stocks were greatly
mism at this time.
a
message
close
a
lower
were
than
on
General Electric closed yester¬
ago.
day at 37% against 42%
on
Friday of last week;
Consolidated Edison Co. of N. Y. at 24
against 27%;
Columbia Gas & Elec. at
8% against
10%; Public
Service
Co.
at
34%
against 39%, and American Tel.
against 150; Western
25% against 30%
Union
&
closed
Tel.
at
145%
yesterday at
Friday of last week; Allied
Dye at 152% against 168; E. I. du Pont
Chemical &
on
at
Cash
Nickel at
ucts at
39% against 44%; National Dairy Prod¬
14% against 15%; National Biscuit at 19%
against 21; Texas Gulf Sulphur at 30 against
30%;
Continental
Can
at
Kodak at 151 against
42
against
47%;
Eastman
164; Standard Brands
at
against 15%; Schenlev Distillers
29%, and National Distillers
The
week
steel
and
stocks
closed
met
with
at
at
25% against
20% against 23%.
severe
pressure
yesterday much lower.
this
United
States Steel closed
yesterday at 51% against 59%
on
Friday of last week; Inland Steel at 60 against
65%; Bethlehem Steel at 46% against 53%, and
The railroad
wide declines this week.
Pennsyl¬
yesterday at 20% against 24%
Southern Pacific at 18
on
83% against 94;
against 21%; Southern Rail¬
at 11 against 14%, and Northern Pacific at
way
11% against 14.
Among the oil stocks, Standard
Oil of N. J. closed
yesterday at 45 against 49% on
Friday of last week; Shell Union Oil at 16% against
17%, and Atlantic Refining at 20% ex-div. against
23%.
In the copper group, Anaconda Copper closed
yesterday at 26% against 30%
Friday of last
on
week; American Smelting & Refining at 44 against
52%, and Phelps Dodge at 20 against 24%.
Industrial
reports
are
now
uniformly
able, in contrast with previous weeks.
tions for the week
ending today
capacity,
or
estimated by
were
month
one
ended
it
ago
was
55.8%, and
was
Nov.
13
at
is
Last
41.0% of capacity, while
Production of electric
Institute
36.4% of
the lowest rate since July, 1935.
week the rate in steel
74.1%.
unfavor¬
Steel opera¬
the American Iron and Steel Institute at
one
year
ago
for the week
power
reported by the Edison Electric
2,176,557,000
kilowatt hours against
2,202,451,000 kilowatt hours in the preceding week
and
2,169,480,000 in the corresponding week of last
The current decline is, of course, counter-
year.
Car
seasonal.
loadings of
week ended Nov. 13
the Association
decline of
a
of
95,366
revenue
689,614
of American
42,531
cars
were
freight for the
according to
cars,
Railroads.
This
was
from the preceding week and
cars
from the corresponding week of last
year.
As
indicating the
of the commodity mar¬
course
kets, the December option for wheat in Chicago
closed
yesterday at 90%c.
Friday of last week.
on
closed
closed
as
against 92%c. the close
December
yesterday at 53%c.
Friday of last week.
on
as
corn
at Chicago
against 55%c. the close
December oats at Chicago
yesterday at 30%c.
as
against 30%c. the close
Friday of last week.
on
The
spot price for cotton here in New York closed
yesterday at 7.94c.
against 8.14c. the close
as
Friday of last week.
yesterday
The
14.31c.
spot price
on
for rubber
against 15.12c. the close
Friday of last week.
on
as
Domestic copper closed
was
yesterday at the dual price of 11c. and 12c., the close
Friday of last week.
on
8%
against 9; Westinghouse Elec. & Mfg. at 92 against
103%; Lorillard at 17% against 18; U. S. Industrial
Alcohol at 19%
against 203/8; Canada Dry at 13
against 28%, and
16% against 20.
34% against 41%; New York Central at 16%
de Nemours at
1083/^ ex-div. against 123; National
Kegister at 17% against 21; International
24%
against 20%; Union Pacific at
buck & Co. at 57
against 67; Montgomery Ward &
against 40%; Woolworth at 363/4
suffered
1937
Friday of last week;
on
at
20t
Friday of last week; Atchison Topeka & Santa Fe
of
N. J. at 34%
against 29; J. I. Case
Threshing Machine at 86% against 160; Interna¬
tional Harvester at
58% against 70; Sears, Roe-
Goodrich at
vania RR. closed
by the Presi¬
of hope, but the outcome remains
ray
Friday
This decline
very narrow range.
suffering losses of from
to
the day.
most part
respects, it proved disap¬
Irregularly lower levels pre¬
equities moved within
looks
in the
some
Tuesday, despite
turned downward
ness
steady at
about-face and closed
an
on
the
readily absorbed,
was
Congress, and while the
pointing in others.
vailed
entered
were narrow and
made
on
to five
one
scale
Monday prices moved forward
morning, but later
was
moderate
a
States Rubber
shares
on
Wednesday, 757,070
on
F.
B.
at
509,500
were
1,455,310 shares;
were
Tuesday, 1,209,370 shares;
shares;
Exchange the sales
Nov.
London the
In
19
11/16
against 19 13/16
pence per ounce as
per ounce 011
New
'
price of bar silver yesterday
lrork
was
pence
Friday of last week, and spot silver in
closed
yesterday at 443/4c., the close
on
Friday of last week.
In
the
transfers
matter
on
of
the
London
foreign
closed
against $4.98 5/16 the close
and
cable
3.24c.
as
transfers
against
on
Paris
on
3.38c.
the
exchanges,
yesterday
cable
at $5.00%
Friday of last week,
closed
close
yesterday at
Friday
on
of
last week.
Youngstown Sheet & Tube
the motor group,
8% against 9%
Motors at
at 36% against
41%. In
Auburn Auto closed yesterday at
on Friday of last
week; General
33% against 40; Chrysler at 55% against
69%, and Hupp Motors at 1% against 2%. In the
rubber group, Goodyear Tire & Rubber closed
yester-
European Stock Markets
IRREGULAR movements the leading European fi¬
exchanges in were the rule this week
on
stock
nancial
centers,
with
losses
somewhat
phatic than gains. The downward trend
more
on
em¬
the New
Volume
3-ork
145
Financial
market
continued
to
impress investors and
Chronicle
kets.
3241
Rentes
marked
were
slightly
lower,
while
speculators in the London, Paris and Berlin mar-
larger losses
kets, and there
international issues showed the heaviest recessions,
was
definite tendency to lighten
a
commitments
pending clarification of the develop-
In
ments in
United
slightly lower.
the
alized that
ment of
States.
time must
It
Some
was
the watch-
traded
are
encouragement
negotiations for
interna-
afforded
was
the
by the announcement that
Anglo-American trade
an
treaty are "contemplated," but it was realized that
these discussions may
continue for months to
The French financial markets
come,
unsettled to
were
degree by the resumption of the Parliamentary
sion, but
sustaining influence
a
obtained in London
month
ses-
early this year would be repaid
by the French Treasury.
sitions made
a
£40,000,000 credit
Bank state-
ments in London and Paris reflected the
possible by
gold acqui-
reversal of the flow of fu-
a
gitive funds to the United States, and a further offthus
set
afforded
wras
the United States.
to the
gloomy reports from
European industrial reports sug-
gest a good maintenance of activity, but increasing
unemplovment
in
that recessions
are
Britain
Germany indicate
and
in progress
in the principal in-
dustrial countries of the Old World.
The
on
the
Exchange coincided with the opening
account, and the tone was cheerful. Gilt-
new
edged issues were steady, while good buying was
reported also in most British industrial stocks. Faweek-end
vorable
market
London
Tuesday
on
of the apathy
cause
likewise
securities
international
States
was
advanced.
losses also
ties.
dull, mainly be-
with which the New York mar-
were
were
marked slightly lower, and
numerous
small
industrial securi-
among
Anglo-American favorites were marked down
conform with New York levels.
other
commodity
trend
on
still
on
downward.
There
was
was
New
York
while
most
the
Copper, oil and
downward.
uncertain, with all
market.
Gilt-edged issues
industrials
home
The
eyes
drifted
industrial
issues and the
lower
lower
list
slowly subsided.
International
Small advances
stocks
were
weak, and international issues irregular.
Most sections of the Bourse
were
steady yesterday,
although bank stocks softened,
The Berlin Boerse
traders awraited
have a bearing
on
listless
was
on
Monday, as
from other centers that might
a cue
the German market.
The main
tendency was toward liquidation and recessions of
But the
move-
ment did not attain important proportions.
After
fractions of
point
were common.
uncertain opening
an
in
a
on
on
Tuesday, improvement set
the Boerse and gains up to 3 points were regis-
tered in market leaders. Potash and electrical stocks
were
the active issues, with heavy industrial securi-
ties neglected.
The Boerse was closed on Wednes-
day in observance of Atonement Day.
were
toward
main
resumed
irregularly
groups,
such
on
lower levels.
as
When deal-
Thursday, the trend was
Almost all the
the heavy industrials, potash
recessions, but
there were some gains among specialties.
Losses
were the rule in a dull session yesterday, with the
recessions running to 3 points in some instances,
and electrical stocks, showed small
.
Anglo-American Trade
ECRETARY OF STATE CORDELL HULL won
a major victory for his policy of reducing
trade barriers when it was announced simultaneously in London and Washington, Thursday, that
exploratory conversations relating to a reciprocal
tariff treaty had been concluded and that the two
governments now "contemplate" official negotiations. The agreement on negotiations for a trade
pact is, of course, a matter of high importance. It
is to be hoped, moreover, that the discussions will
O
be attended by less antagonism from producers
tariff concessions.
The need for expanding inter¬
national trade is hardly open to debate, and any
affected.
There are now 16 reciprocal tariff treaties in effect,
mainly with countries that produce agricultural
with
the
from
entire
New
market
York
added
to
the
the Paris Bourse was fairly active last
£40,000,000 credit obtained in London early in
year
would
be
repaid
and
no
extension re-
The lower discount rate of the Bank of
also
exerted a belated influence, which
forced rentes
recorded in nearly
action that tends to minimize the barriers to such
the
France
were
all rentes and equities of French origin. Commodity
wholesome exchanges is a matter for gratification,
the
sharply higher. The mid-month settle-
ment was effected with money
to
creased.
yesterday was toward
The trend
Monday, owing to the week-end announcement that
quested.
on
commodity stocks joined in the trend
liquidation.
on
statement
within the two countries than has attended some
reports
Trading
France
recent hearings at Washington regarding reciprocal
levels.
levels,
Gloomy
of
sharp increase of gold reserves,
change in the situation on Thurs-
securities attracted
day, for gilt-edged obligations remained dull and
to
a
support,
Foreign
little
drifted
stocks
Wednesday
dull,
were
file
the ,Bank
interest in rentes and other French securities in¬
The
greeted the Presidential message to Congress,
British funds
to
reports from the United
When
tone to the Anglo-American issues, and other
gave
ket
York.
Thursday reflected
ings
resumption of dealings for the week
London Stock
of the
fractionally weaker,
were
sharply, in line with reports from London and New
exerted by the
was
week-end announcement that the
next
Wednesday, levels tended very
on
Rentes
Commodity issues and international stocks dropped
London market Thursday
formal
dull session
and small losses predominated in French equities,
American stocks that
tionally.
a
United States Congress is clearly ap-
the
on
re-
The
elapse before the senti-
some
parent, and in the meantime caution
word
generally
was
recorded in French equities.
were
at 1%%, compared
3% at the end of October. French
equities moved
higher as a whole, and most international issues
also were stimulated.
The Bourse was depressed,
Tuesday, by the declines in other
international mar-
products that were on our free list in any case, and
the concessions so far granted merely showed the
way.
If a treaty with Great Britain can be coneluded on a satisfactory basis, an infinitely greater
achievement will have been recorded, to the benefit
of both peoples. In reports regarding the newest
development, it is indicated that the London Government will act only for the United Kingdom and
not for the Dominions and Colonies. It appears
that the preliminary discussions of recent
months
were made necessary by considerations incidental
to the existing Empire trade agreements and the
"Empire preference" of the Ottawa accord.
The
3242
Financial
British Government
lem
on
and
a
is
now
plainly has clarified that prob¬
ready to proceed with discussions
pact with the United States.
Chronicle
rejection.
that
Germany
ANGLO-GERMAN discussions on the troubled
questions of European appeasement
of
for
^
were re¬
that
to
Berlin, Wednesday,
the result of
as
city by the British Lord President of the
Council, Lord Halifax, which developed in
Known
manner.
Lord
Halifax
internationally
received
from
as
a
tation to visit
Chancellor
Hitler's
within
German
to
quickly
was
for
the
British
Government
tached
the
became
incident
in
the
in
Berlin
Wednesday for
on
panied only by his valet.
a
He
at¬
accom¬
received quietly
by German officials, who appeared to entertain
days and
placing the blame for the conflict
of armed forces
use
the
world
hension."
British
with
attached to the visit.
capital, however, the trip to the
by Lord Halifax reopened the debate regard¬
ing foreign policy. It was assumed quite generally
late
for
the
conversations with Herr Hitler would
re¬
specifically to the incessant German demands
return of colonies taken from the Reich in the
a
World War settlement.
follows
as
sentative
that
a
matter of
will
want
Reich is
the
guaranties of
If this view is
course
know
to
correct, it
that the British repre¬
also
the
concessions
willing to make, in the form of
peace
and possibly of disarmament.
These matters, if
they are broached, doubtless will
require detailed discussions that could be expected
to
take up a great deal
also
that many
for review.
It is
incident reflects
berlain
in
Foreign
come
up
quite clear, meanwhile, that the
an
regime
nations.
of time, and it is obvious
incidental matters would
important veering by the Cham¬
London
toward
the
Secretary Anthony
favors continued close
relations with
Fascist
Eden,
France,
the
ever,
ranks
subject.
that
the
were
taking
the
hastily voted down
group
statement
be communicated
Government.
nese
tered with
Conservative
Halifax, but
elapse before
apparent.
The
Japanese Government
it found the conference attitude
because of the presence
The'rout of the
that
the
discipline
lines
but
week, in such
not be
of
Shanghai,
advance
pushed
this
up
was
take
regime
Well
that
abysmal failure this week, while the invading
troops continued to drive ever deeper into Chinese
territory.
That the Brussels conference would be
fully anticipated, which leaves only the
curious question of why it was called
in the first
The invitation sent from Brussels for Japan
last week
an
"exchange of views"
was
answered late
by the Tokio regime, and it
ammu¬
defense
considered all
far in
the
the
capital,
a
the
time, and
same
Nanking.
The
a move
Nationalist
Wednesday, to transfer
important
Hankow, Chungking and other points
interior, obviously in preparation for
siege of Nanking.
issued
Japanese warships
accepted generally as the start of
a
The United States Embassy there
warning to all Americans to leave the city.
northern
area
attention
was
centered
on
Shantung Province, which the invaders obviously
preparing to
are
occupy.
There
was some
fighting
along the Yellow River, with the Japanese only six
from
Tsinan, the capital of Shantung.
desire to add to their domain
already
are
on
in Japanese hands.
no
In view of the rapid
was
expressed in
possibility of Russian aid to the Chinese,
developments.
It
Tokio, but there
dent
in
occurred
a
or
of
were
intimated by Japanese
was
spokesmen that aid to the Chinese by
would be considered
The
the Asian continent
Japanese advance, much interest
hostile act.
a
third Power
A curious inci¬
France, Wednesday, when Henri
of the
French
Senate, stated publicly that
if
any
China.
French
Both
aid
by Japan with reprisals
reached
France
and
an
to attend
prepared
were
early this week.
began,
mittee
INTERNATIONAL efforts to call Treaty proved
accounting under the Nine-Power Japan to an
place.
was
manner
lack of
a
the Yangtze River at the
Ministries to
In
precipitous
a
responsible than lack of
more
hardihood.
or
west
bravely de¬
than three months
more
impregnable, began to crumble under the Japa¬
nese
to
"laughable," largely
Russian representative.
a
question arises whether
may
coun¬
Tuesday, in which
Chinese forces that
Shanghai for
nition
of
France had been threatened
was
the
Berenger, Chairman of the Foreign Affairs Com¬
China and Japan
futile
of
proposal that the
a
statement of its own,
a
conflict between Moscow and
may
Indicative
officially to the Japa¬
division
results of the visit to Berlin
by Lord
it is realized also that some time
are
attitude.
no
temper of the conference is the circumstance that
the
the
appre¬
joined in this expression,
London reports made it clear, how¬
within
indigation, to
miles
This has stimulated the interest in the
the effects
brought "to all peoples
chMf cities of four other Provinces that the invaders
regarding foreign policies is deep and far-
reaching.
had
of horror and
was
reliably reported, they were
side-tracked, for Captain Eden maintained silence
on
The
who
reported put out by the incident and ready to resign.
If his intentions
Japan.
upon
Italy voting "no" and the three Scandinavian
countries
a
Reich
that
war
Fifteen nations
continued this
the
statement
a
condemned and the declara¬
was
tion added that the
don that
In
Monday issued
on
terming the Japanese actions in China "illegal," and
fended
was
by
The conference debated this reply
treaty.
good deal of skepticism regarding reports from Lon¬
great importance
Japan
upon
feeling of uncertainty and
day, and arrived
brief visit,
forced
declared outside the scope
was
a
importance
insuf¬
were
Japanese views.
all
hands, Lord Hali¬
was
the
capi¬
With the invitation
a
"self-defense,
challenge,"
few
a
of
invi¬
invited also to visit Chancellor Hitler
expedited his departure by
of
war
the
modification
a
sense
London, Lord Halifax
from the German dictator in his
invitation, and remarked
a
matter for
a
first
of all nations
Cabinet, and when the
realized
diplomatic conversations.
fax
an
hunter's show in the German
a
His prompt acceptance
debate
curious
sportsman,
a
right-hand man, General Hermann Goering,
tal.
visit
a
for
China's
sumed at
the
to
expressions made by the conference
The
1937
Tokio cynically referred again in its note
Brussels
to
ficient
Britain and
Nov. 20,
was
a
flat
China
Japan
through
denied
Indo-
this
as¬
sertion.
Spanish Civil War
WINTRY conditions inand the made fighting dif¬
Spain positions of the
week,
ficult
this
loyalist and insurgent armies
little
more
than
occasional
Loyalist battalions remained
were
unchanged, with
skirmishes
on
reported.
the offensive
on
the
Volume
Financial
145
great Aragon front, where the next batles of major
importance
of
Sporadic air¬
declaring
Tuesday that Spanish-made airplanes
on
used for the first time that
were
day by the loyalists.
Cortes and expressed a
tion
to
carry
the struggle until the insurgents
on
vanquished.
said to be
Spain
of
aspect
the
Spanish
war
were
The
showed
change, although the Non-intervention Com¬
mittee
its
resumed
Russian
The
Communists within
ready to aid the Barcelona regime.
international
little
determina¬
sittings
in London,
Tuesday.
delegate surprised the gathering by
continue
to
The
assembled
all the
were
their
those of the
are
foreign affairs, but these matters
The
Premier
balance the
this aim
newly-
involve almost
his
Finance
able
Minister,
reported quite determined to
are
budget.
But the difficulty of achieving
demonstrated
was
the
budget and
any consequence.
and
Georges Bonnet,
groups per¬
of the present
support
questions facing
gravest
Parliament
everything else of
Barcelona, Premier Juan Negrin addressed the
remnant of the
and only by great efforts
prominent leaders
regime.
plane sortees were reported, with neutral sources
are
some
suaded
loyalists suffered heavy losses.
In
reviewed their attitudes,
repulsed, with insurgent leaders claiming that
were
the
expected to develop. But the attacks
are
3243
Chronicle
as
even
the Parliament
assembled, for the Chamber Committee
Naval
on
Affairs promptly
decided that the budgetary appro¬
priation for the
navy
the
tension in the
general
policy
of
was
insufficient in view of
Mediterranean.
the
Debate
government
the
on
has
already
agreeing unreservedly to the British plan for grant¬
started, the budget must be adopted before the end
ing belligerent rights to General Francisco Franco
of
and his
take
insurgent regime, after "substantial" with¬
of
drawals
foreign volunteers have been effected.
The Russian Government
previously had objected to
the
affairs.
are
of
the
subject to the charge of obstruct¬
was
scheme.
called in
committee,
The
now
generally
Europe the "Non Non-intervention Com¬
pitfalls facing the Chautemps regime
few
a
are
capital to France which recently set in.
Minister Bonnet
was
able to
announce
day that the loan of £40,000,000
Finance
last Satur¬
obtained in the
early this year will be repaid next
month, although it seemed for a time that an exten¬
British Coal Nationalization
sion
SPECIFIC legislative proposals British long-dis¬
for the min¬
cussed nationalization of the
But there also
aspects, such as the modest return flow
London market
mittee," will meet again next week.
long series of discussions will
and diverse.
favorable
Moscow thus
a
all aspects of internal and foreign
on
The
many
granting belligerent rights to General Franco, and
ing
and
year,
place
coal
as a
be
would
change
The gold and foreign ex¬
sought.
acquired by the French authorities
reserves
of the return flow of fugitive funds
consequence
ing industry were made known in London late last
undoubtedly made the announcement possible.
week in the form of
favoring the Left Front is the difficulty of a suc¬
government bill designed to
a
bring all coal reserves under government ownership
The startling nature of this scheme
by July 1,1942.
is
mitigated to
degree by the fact that the Con¬
a
servative regime now
in
power
Also
regime to the coalition of Radical-Socialists,
cessor
Socialists and
Communists, if the
group goes
down
to serious defeat.
is taking the step to
Brazil
nationalization, while the "sickness" of the industry
also ameliorates the measure.
the
450,000, this
ago.
sum
Under the Coal Bill,
of all royalties remains £66,-
NOT much was done this Vargas, to relieve the
dictator, Dr. Getulio week by the Brazilian
having been determined some time
anxiety felt everywhere with respect to the coup
purchase price
The money to pay the 4,000 to 5,000 individual
recipients
of
royalties
will
be
raised
as
needed
through the flotation of British Government securi¬
ties.
Valuations
to be assessed
are
individual holdings as of Jan. 1,
to receive the benefits in the
of
the basis of
owners
meantime, but the task
determining the awards will begin Jan. 1, 1938.
order to carry out
In
sion is to be
of
ber
this change
be
a
method of
effect
Coal Commis¬
Member of Parliament or
directly in the industry.
tains three main clauses or
to
a
appointed by the government, no mem¬
which may
interested
a
on
1939, with
The bill con¬
sections, which call for
unifying coal royalties, for procedure
amalgamations when necessary,
colliery
continuance of current marketing schemes
and for
Presidency
Front program
and his associates was resumed in
as
the
Chamber
four months.
new
and
It is
a
Senate
ended
a
vacation of
foregone conclusion that the
session will be both protracted
the fate
and bitter, with
of the Left Front coalition quite possibly
hinging
on
matters
as
the outcome of the balloting on such
the budget, foreign policies,
several
agricultural
In recent weeks
parties comprising the Popular Front
legislation and other questions.
the
France, Tuesday,
rather
follows
American lines.
from the
ment
Enough has been
by Dr. Vargas.
definitely along traditional Latin
Disliking the prospect of his retire¬
Presidency, Dr. Vargas quite obvi¬
ously engineered an arrangement designed to per¬
petuate his hold on the office.
He received foreign
representatives last Saturday, and indicated
press
that
strongly
no
nation is intended
tie with
or
any
desired.
fascist
European
That old standby of
dictators, the "communist menace," will
be com¬
bated, and Brazil will remain truly American and
will abide
of
PARLIAMENTARY Premier regardingChautemps
the Left
of debate Camille
set aside and his own continuance
said, however, to indicate that the entire incident
will
French Policies
for the
10, whereby the campaign
was
in office assured
Dr.
in the interests of coal users.
Nov.
of
cFetat
by all treaties to which she is a party,
Vargas proclaimed.
be
The Good Neighbor policy
cultivated sedulously.
The characteristics
democracy and the representative system
retained, according to the dictator, who
that the
new
Brazilian,
ment."
loans
Constitution is not fascist, but "only
corresponding to the national environ¬
The
was
will be
declared
suspension of debt service on external
explained
as
due to low prices for such
important Brazilian products as coffee and cotton.
"But because the United States is Brazil's greatest
market, where Brazil draws her favorable trade
ance, we
bal¬
cannot forget that situation in an under¬
standing with our American creditors, who deserve
our
special consideration," Dr. Vargas added.
Financial
3244
In all his comments,
Brazil
not
has
undergone
Constitutional change but
The effect of the "Constitu¬
change of regime.
a
tional"
change has been clarified
from Buenos
charter
the
Dr. Vargas emphasized that
a
Aires, where the full text of the
apparently
available.
was
new
One article of
document, according to a report to the New
York
"Times," will probihit the operation of foreign
banks
insurance
and
time for
vided
companies,
that
foreigners
not
sufficient
It is also
pro¬
or
own
Brazilian peri¬
in part.
may
The Brazilian
must publish in full any statement given out
press
by the government, and
acts of government
be
can
after
liquidation of their affairs.
odicals, either in whole
or
little by reports
a
criticism of government
no
will be permitted.
subject to revision by the
House,
upper
Fed¬
or
Significantly enough, it is provided
that the President may
veto unfavorable rulings by
Supreme Court.
The
occasioned
much
anxiety
in
the
United
States, Great Britain, France, Portugal and other
markets
Brazilian
where
American
bonds
Foreign
Council sent to
are
outstanding.
Bondholders
Brazil, late last week,
Protective
strenuous
a
protest against the simple suspension, and it may
be that comments made last
well
United
Washington
This was followed on Sunday by a formal
offer to both governments on Haiti to mediate the
conflict, and it
traceable to
Saturday by Dr.
that incident.
Tuesday that there is
and Mexico
Vincent,
suspension of
resulted,
as
Suspension of
matter of
a
pay¬
course,
in
precipitous declines in market quotations for Bra¬
bonds.
zilian
was
After
absorbed, there
but
the first
was a
clarification
a
of
shock
of
next
problem
to succeed the Aranha plan,
was
April.
to
liquidation
modest recovery in prices,
the
is
especially in view of the negotiations for
gram
necessary,
a
debt pro¬
which expires
One of the first acts of Dictator Vargas
modify from 45 milreis to 12 milreis the
port stax on
made known at the
City.
In
a message
Haiti, President
of
same
time that
dispatched from Havana
to President Stenio
Roosevelt
remarked
that the Government of the United States
"possesses
110
sincere
more
hope than that the maintenance
of
between the American republics
peace
may be firmly
friendship and understanding
assured and that the
between them may
be constantly enhanced."
Bank of
England Statement
THE statement for the week ended Nov. 17 reflects
the £20,000,000 increase in the
fiduciary note
issue, from £200,000,000 to £220,000,000, which
announced Nov.
16 to take effect
was
immediately.
It
stated that the change is to be
only temporary
and that the issue will be reduced
again to £200,000,about
000
mid-January, when holiday demands for
should
currency
a
of
a
contraction
coffee, from which much of the
be over.
Taken together with
£4,463,000 in note circulation and
gain of £17,185 in gold holdings, the increase in the
fiduciary issue resulted in
000 in
As
reserves.
in reserves,
a
an
expansion of £24,484,of this large gain
consequence
and partly
on account
of
net decrease
a
£1,662,330 in all deposits, the proportion of
ago;
A
warrant in the Bra¬
no
due under the Aranha plan.
payments
The
Foreign Bondholders protested
zilian economic situation for the
all
was
similar messages had been
to liabilities
ments
the
States, Cuba and Mexico in composing the
ican creditors
on
that
dispute.
of
British Council of
Saturday
1937
Government had requested the aid of the
Vargas about the special consideration due Amer¬
are
last
20,
was
suspension of all foreign debt service by Dr.
Vargas
The
in
Haitian
passed except those proposed by the Execu¬
eral Council.
the
known
Nov.
No laws
tive, and all Acts passed by the lower House will
be
Chronicle
and
last
sharply to 42.8% from 26.9%
the proportion was 41.70%.
rose
year
gain of £2,501,000
a
loss
of
other
deposits.
on
sented
an
rose.
other securities increased
on
Of the latter amount, £607,013
addition to
repre¬
discounts and advances and
£558,543 to securities.
2% discount rate.
The
government securities decreased
£27,287,000 and those
£1,165,556.
week
which fell
which
accounts,
Loans
a
shown in public deposits
was
£4,163,330 in
latter item consists of bankers'
accounts,
off
£4,210,610, and other
£47,280.
reserve
No change
Below
comparisons for preceding
we
made in the
was
show the figures with
years:
BANK OF ENGLAND'S COMPARATIVE
STATEMENT
ex¬
Nov.
revenue
17,
Nov. 18,
Nov.
20,
1937
1936
1935
Nov. 21,
1934
Nov. 22,
1933
£
£
£
£
£
for external debt service of the Federal Government
of Brazil
revenue
derived.
was
is
of
little
the
score
as
of
one
finding the
importance, however, for the
Brazilian external debt
described
The method of
problem has been officially
foreign exchange, and
difficulties
have
diminished
on
in
that
recent
Circulation..
481,110,000 444,904,971 398,900,266 376,904,842 367,528,001
33,171,000
14,115,628 21,629,642 25,337,937
18,766,389
Other deposits
122,839,842 140,758,011 127,441,173 133,562,383 139,569,528
Bankers' accounts86,698,380
96,082,519 90,940,664 95,890.889 102,990,827
Other accounts
36,141,462
44,675,492
36,500,509 37,671,494 36,578,701
Govt, securities
76,613,000
78,973,337 83,619,999 80,091,413
67,816,066
Other securities
30,320,253
29,080,534 24,072,428 20,822,484 24,069,403
Disct. & advances.
9,019,849
7,395,037
9,712,648
8,640,773
8,547.835
Securities
21,301,404 21,685,497
14,359,780 12,181,711
15.521,568
Reserve notes & coin
66,844,000
64,599,825 59.169,024 75,790,892 84,240,537
Public
deposits
Coin and bullion.
years.
Proportion of
to
327,952.462 249,504,796 198.069,290 192,695,734 191,768,538
reserve
liabilities
42.8%
2%
Bank rate
Haiti and Dominica
41.70%
2%
39.69%
2%
47.69%
2%
53.20%
2%
BORDER troubles which have developed recently
between
Haitian
Dominican Republics,
Bank of France Statement
which share the Caribbean Island east of Cuba in
THE statement for the week of holdings, showed a
Nov. 12 the first
substantial
gold
the
and
the Greater Antilles group,
ated
are
likely to be medi¬
by the United States, Cuba and Mexico.
nature of the border conflict is
very
a
matter of dis¬
pute, since the boundary is well defined.
however, that Haitian citizens moving
der
in
search
massacred in
of
some
the Dominican
better
Republic.
sulted,
as
a
between
1,000 to 5,000, and it is
the
are
two
matter of course,
were
by the rural police of
earnestly to be hoped that all
Tension
the bor¬
Various reports place the
number of these murders at
ated.
It appears,
over
working conditions
instances
The
grossly exagger¬
governments
and
it
was
re¬
made
increase in
since
gold
July 29, of 3,127,000,000 francs.
The Bank's
aggregates 58,932,022,187 francs, compared
with 64,358,742,140 francs the
corresponding period
a
now
year ago
Credit
French
and 70,389,377,512 francs
balances
abroad
commercial
declined
two years ago.
3,000,000 francs,
bills
discounted
304,000,000
francs, advances against securities 109,000,000 francs
and note circulation
of circulation is
944,000,000 francs.
The total
90,947,121,885 francs, compared
with 86,274,535,430 francs last year and
81,881,263,510
francs
rose
to
now
the
52.81%;
previous
year.
a year ago
it
The
was
reserve
ratio
64.22% and the
Volume
corded
an
bills
Credit
various items
the
furnish
we
3245
Chronicle
balances abroad re¬
expansion of 3,690,000,000 francs.
Below
73.82%.
before
year
Financial
145
on
with comparisons for
against 9-16% on Friday of last week.
as
call at London
market
open
at
STATEMENT
BANK OF FRANCE'S COMPARATIVE
Nov. 13, 1936
Francs
Francs
Francs
tions
Saturday from
discounted-.
bought abr'd
No change
Adv. against securs.
—109,000,000
Note circulation
8,091.491,250
9,213,336.602 6.585,196,682
1.458,852,174 1,249,113,407
946,515,291
3,894,408,274 3,569,034,586 3,234,862,150
90,947,121,885 86.274,535,430 81,881.263,510
20,634,333,073 13,937.805.563 13,475,912,884
—304,000,000
—944,000,000
Credit current acrts. + 3,690,000,000
reserves,
out int. to State..
is
26,918,460,497 12,302,601,962
No change
+ 1.54%
It
greater ease.
ever
emphasize the
designed to
are
tal markets.
Sept. 26, 1936,
franc; prior to Sept. 26, 1936, there were 65.5 nag.
gold. 0.9 fine, per franc; previous to that time and subsequent to
cial
of gold to the franc.
loans
money
easy
Bank of Germany Statement
of
There
was
bankers'
or
little business in
bills, and
rates
commer¬
were
un¬
The Treasury sold last Monday an issue
changed.
$50,000,000 discount bills due in 120 days, and
awards
THE statement for the second quarter of November
showed
slight increase in gold and bullion of
the New York money market
toward
policy and perhaps stimulate reopening of the capi¬
b Includes bills discounted abroad, c Rep¬
resenting drafts on Treasury on 10-billlon-franc credit opened at Bank
Since the statement of June 29, 1937, gold valuation has been at rate of 43 n»g.
Includes bills purchased In France,
gold valuation was 49 mg. per
on
were
generally believed the open market transac¬
now
tions
again
73.82%
64.22%
52.81%
tendencies
this week
Temp, ad vs. with¬
Propor'n of gold on
hand to sight llab.
Market
adding steadily to member bank excess
French commerc'l
a
on
Money
At Paris the
'ITH Federal Reserve bank open market opera-
Gold holdings....;.. +3,127,000,000 58,932,022,187 64,358.742,140 70,389,377.512
7,698,768
6,117,847
—3,000,000
14,332,673
Credit bnls. abroad,
b Bills
lowered
was
New York Money
Nov. 15, 1935
Francs
11, 1937
Nov.
for Week
bills
Y%-
1%.
Changes
c
rate
was
3^% to 3J^% but in Switzerland the rate remains
three years:
a
Friday
on
were
at
0.143% average, computed on an
Call loans
annual bank discount basis.
the New
on
a
28,000 marks, the total of which is now 70,139,000
Gold
marks.
and the year
foreign
a
fell off 217,000 marks, bills of ex¬
currency
and
change
aggregated 65,463,000 marks
Reserves in
year ago
before 88,072,000 marks.
York Stock
Exchange held to 1% for all transac¬
tions, while time loans were again quoted l1/4% for
maturities
months'
90
to
1%% f°r four to six
days and
datings.
advances
marks,
243,127,000
checks
•
New York
Money Rates
11,718,000 marks, investments 27,000 marks and note
circulation 200,000,000
aggregate
now
Notes in circulation
marks.
4,825,000,000 marks, as against 4,-
411,291,000 marks last year and 3,906,245,000
marks
the previous year.
Increases were recorded in silver
and other coin, in
other assets, in other daily matur¬
The Bank's
reserve ratio is now
1.57%; last year it was 1.60%
and the previous year 2.39%.
Below we furnish a
comparison of the various items for three years:
ing obligations and in other liabilities.
.' REICHSBANK'S COMPARATIVE
STATEMENT
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
Stock
the
was
ruling quotation all through the week for both new
continues quiet, no
money
transactions having been reported
Rates continued nominal at
this week.
90
market for time
The
and renewals.
loans
V/i%
op
to
days and llA% for four to six months' maturities.
market
The
for
prime commercial paper has been
Paper has been in good
moderately active this week.
supply and the demand has been steady.
Rates
are
quoted at 1% for all maturities.
Changes
Nov. 15, 1937 iVor.
for Week
Reichsmarks
Assets—
+28,000
Gold and bullion
Of which depos.
70,139,000
20,055,000
Bankers' Acceptances
Reichsmarks
88,072,000
65,463,000
21,034,000
28,166,000
No change
5,469,000
5,297.000
5.686,000
—217,000
—243,127.000 5,006,794,000 4,535,692,000 3,753,746.000
196,903,000
162,446,000
188,750,000
+ 51,452,000
41,629,000
28.672,000
28,082,000
—11,718,000
660,208,000
523,770,000
397,394,000
—27,000
abr'd
Res've in for'n currency
Billa of exch. & checksSilver and other coin
Advances
Investments
Other assets...
16, 1936 Nov. 15, 1935
Reichsmarks
Reichsmarks
+ 72,648,000
....
820,122,000
715,971,000
610,011,000
THE market quiet primeweek. High class paper is
for this bankers' acceptances has
been
very
still
and the demand has been light.
scarce
has been
no
There
The official
change in the rates.
quo¬
Liabilities—
—200,000,000 4,825,000,000 4.411,291,000 3,906,245,000
667,272.000
622,308,000
728,989,000
+ 57,000,000
279,533,000
274,191,000
319,161,000
+ 11,631,000
Notes in circulation
Oth. daily mctur. oblig.
Other
liabilities..
as
issued by the Federal Reserve Bank of New
York for
bills-up to and including 90 days are Y% bid
tation
Propor'n of gold & for'n
curr.
2.39%
1.60%
1.57%
+0.06
to note circul'n.
9-16% bid and Y% asked; for five and six-months,
Central Banks
Discount Rates of Foreign
rates
Present
banks.
any
at
rates
the
leading
centers
are
shown in the table which follows:
Effect
Date
vious
Nov. 19
Country
Established
Austria....
3A
3A
Batavia
4
Argentina
..
Effect
Mar.
July
1 1936
10 1935
Rate
2
Dec.
2 1936
2 y2
4
.
Ay
VA
3A
4"
Hungary
India
3
Aug. 28 1935
Nov. 29 1935
2%
Ireland
3
June 30 1932
7
Italy
AA
May
18 1936
3.29
Apr.
6 1936
3
Jan.
14 1937
5
Feb.
Belgium
2
Bulgaria...
6
Aug. 15 1935
Canada
2A
Mar. 11
Chile......
4
Jan.
24 1935
4H
Java
Colombia..
4
July
18 1933
5
Jugoslavia
-
-
Japan
.
Jan.
1 1936
3H
Morocco...
sy2
6+2
July
3
4
Jan.
2 1937
5
Norway
4
Dec.
4
Oct.
3M
Poland
5
Oct.
Lithuania-
Czechoslo¬
vakia
Danzig
Denmark
vious
Established
AA
July
11935
May 15 1935
1935
Date
Nov. 19
Country
Rate
Holland..
.
.
19
1936
from 1 to 90
1% for 121- to 180-day bills.
holdings
of
open
The rates for
market acceptances are as follows:
SPOT DELIVERY
120 Days
150 Days—
180 Days
Bid
Asked
Bid
Asked
Bid
Asked
Vs
Prime eligible bills
"At
%
A
Vie
A
1 1936
90 Days
QA
25 1933
are
those reported by the
Federal Reserve Bank of New York.
6
5 1936
Open market dealers
4
1 1935
May 28 1935
The Federal Reserve
decreased from
acceptances
quoting the same rates as
5
3.65
J^% for bills running
days; %% for 91- to 120-day bills, and
$2,832,000 to $2,831,000.
Pre¬
Rate in
de¬
Rate in
the New York Reserve Bank is
Bank's
FOREIGN CENTRAL BANKS
DISCOUNT RATES OF
The bill-buying rate of
%% bid and 9-16% asked.
THERE have been noofchanges during the week in
discount
of the foreign central
the
7-16% asked; for bills running for four months,
and
AA
3A
FOR
Asked
A
A
England
2
June 30 1932
2A
Portugal...
4
Aug. 11 1937
AA
Eligible member banks
5
5M
AA
6
May 15 1933
Nov. 12 1937
3H
Spain
5
July
10 1935
5
Sweden
2A
Dec.
1 1933
3
7
Switzerland
ia
Nov. 25 1936
% % bid
%% bid
4
Sept. 30 1932
4 1937
A
DAYS
Eligible non-member banks
3outh Africa
AA
3^
7 1934
Finland...-
Sept. 25 1934
Dec.
4 1934
Rumania..
4
A
A
DELIVERY WITHIN THIRTY
Estonia
Bid
Bid
A
Prime eligible bills
6
30 Days
Asked
60 Days
Asked
Bid
2
3
France
Germany
Greece
.
.
4
6
Jan.
Dec.
5A
Foreign Money Rates
IN bills Friday market discount rates 9-16% on
LONDON open 9-16% as against for short
on
were
Friday of last week, and
9-16% for three months'
— ..
_
Discount Rates of the Federal Reserve
Banks
THERE haverates ofno changes this week banks.
been the Federal Reserve in the
rediscount
The following is
for
the
various
Reserve banks:
the schedule of rates now in effect
classes
of
paper
at the
different
3246
Financial
Chronicle
DISCOUNT RATES OF FEDERAL RESERVE BANKS
At present probably the most adverse fac¬
affecting the dollar is the realization of retardation
Effect on
Date
PreHovs
Nov. 19
Established
Rale
in domestic
2
take
Boston
VA
Sept.
New York
l
Aug. 27 1937
Philadelphia..
Richmond....
Atlanta
Chicago.
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
2 1937
"
2
2
Aug. 27 1937
2
Aug. 21 1937
2
Sept.
Aug. 21 1937
3 1937
ministration,
2
2
Sept.
centers to
2
Aug. 31 1937
2
it
is
quite
probable that
idle funds would
?
Exchange
were
movement of all
The
London
At present the
major
foreign funds is toward London.
authorities
look
the
The dollar continued to show
the
movements favored other units
cellor of the
nervous
past few days.
as
currency
holidays.
especially sterling, Holland guilders and Swiss francs.
crease
The market is
from
in
rates
fluctuations
the
Gold
as
on
would
active
minimum of
a
was
business.
undoubtedly be wider
intervention
hoarding
market
extremely thin and wide fluctuations
develop
of
much
the
more
exchange
but
for
controls.
was
regarded
indication that European speculators
an
The
limited in the London
during the week, and the fact
are
less
vide
£200,000,000.
The increase is intended
cushion against
in
circulation of the Bank of
England.
The action
promises to eliminate the threat of extreme tension
In the
London money market
of the year
though
money rates may
a
The range this week has been between
$5.01% for banked sight bills,
$4.98% and
compared with
a
range
of between $4.98% and $5.03 last week.
range
for cable transfers has been between $4.98 7-16
and
$5.01 9-16,
compared with
$4,98 3-16 and $5.03 1-16
a
of between
range
week ago.
a
The
be expected.
as
against the
pressure
Bank of
continues.
However, should an outward movement of gold take
place, it is not likely to attain large proportions.
Despite the strength of the foreign currencies there
is
indication of
no
wholesale movement of capital
away from New York.
a
During the past week the market has been
acterized
almost
char¬
by extreme lack of offerings of exchange,
much as by demand for
foreign currencies.
as
It is quite evident that for the
present the dollar is
distinctly out of favor
that
pressure
on
in the
the
European centers, and
dollar
comes
mainly
from
London.
There
dam
was a
it
heavy movement of funds
is
New York
in
way
the
to
to
seems
by
exchange
any
It
Dutch
drawing gold indirectly from
of London through hidden
market.
If
foreign country
be the case, it must be
earmarking in New York and
part
into Amster¬
thought probable that the
equalization fund is
credited
is
at
gold
opera¬
is
being
this time,
as
taking the form of
probably for the
most
for account of the British equalization fund.
seems
unlikely that there
can
be any spectacular
of gold in
physical form such as took
Nov. 10, when $10,250,000 was
shipped to
movement
place
on
Paris.
Reports from Amsterdam continually stress the
dollars, but there has been no direct
shipment thus far of gold from this
country to Hol¬
It is
entirely possible that Holland takes
gold requirements
sponding
amounts
from
are
London
transferred
and
that
here
in
marked account for the British fund.
be
shipped from the United States
central bank
or
its
corre¬
the
ear¬
Gold will not
for
other than
government account.
Strictly commercial exchange transactions
present
these,
and the remainder
of small
moment
in
the
The present
note
entirely of Bank of
however,
£200,000,000'
backed by Government bonds
are
backed pound for pound in.
are
British foreign trade
figures continue to show
increase in the
account.
171,000,
The
unfavorable import balance
October
at
foreign exchange
balance
£43,-
was
unfavorable
an
an
visible
on
balance
in
October, 1936 of £34,304,000.
For the first ten
months of the calendar
year British imports totaled
£837,968,000,
and with
1935.
as compared with £688,136,000 in 1936
£612,396,000 in the corresponding period of
British
exports and re-exports
for the first
ten months of 1937 totaled
£497,937,000, compared
£411,785,000 in the corresponding period of
and with
£396,898,000 in the first ten months
with
1936
of
1935.
for the
These figures show
current
a
trade.
gratifying improve¬
The
excess
is due in large
year
but
known, Great Britain normally expects
able import balance
on
of
imports
measure
execution of the rearmament
program,
an,
as
to the-
is well
unfavor¬
commercial
physical account,,
which is
ordinarily offset by invisible items.
Banking reports on Great Britain's trade situation
and outlook continue
encouraging.
vival to date is conceded to be
gress,
to
although recession is
seen
rising costs while the fall
ing certain industries such
trades.
trade
The
of
brighter.
consensus
the
no
American
of
in
as
The autumn
making normal
in
some
raw
re¬
pro¬
directions due
materials is affect¬
the cotton and woolen
British
banking opinion
important reaction in world
business
A serious slump
on
situation
becomes,
this side, the British
banks concede, would result in world-wide
retardation
in trade.
\
Money rates in Lombard Street
from those of recent weeks.
bills
are
continue
unchanged
Two- and three-months'
9-16%, four-months' bills 19-32%, and six23-32%.
Gold on offer in the London
months' bill
open
are
import
compared with
as
is that there will be
Dutch selling of
land.
Of
notes.
ment in international
and
tions
Britain consists
(fiduciary issue)
Treasury notes
amalgamated with the
England issue in 1928.
Great
England
were
gold.
-
dollar
The fiduciary issue
remainder of the war-time issue of
a
issue in
Further losses of gold by the United States
appear
probable
during the last weeks;
slight firming in open-market
a
(the Bradbury's), which
say
to pro¬
anticipated year-end increase
that
to
temporary in¬
a
fiduciary issue to £220,000,000
is
change in the American gold price,
further devaluation of the dollar.
large
a
until the close of
On Nov. 16, Sir John Simon Chan¬
in the British
a
forward to
now
Exchequer, announced
inclined to expect a
is
London, the
eagerly seek American domicile if
expansion in circulation from
weakness
In
favorable.
STERLINGhighlythe major foreign exchanges dis¬
and erratic and
played
tone during
a
marked
a
place from European
American investments.
conditions
Course of Sterling
reconciliation
a
Swiss centers and Amsterdam vast accumulations of
2
3 1937
Sept.
Should
movement of funds would take
2
2 1937
Sept.
Aug. 24 1937
production here.
place between business interests and the Ad¬
IA
4 1937
May 11 1935
VA
VA
VA
VA
VA
VA
VA
Wi
m
VA
Cleveland
1937
market.
tor
Rate in
Federal Reserve Bant
Nov. 20,
been
market this week
taken
observers
are
for
was
unknown
reported
as
usual to have
destination, but
convinced that the greater
market
partjof the
Volume
demand
Financial
145
hoarders
Continental
from
came
though
European central banks are also endeavoring to in¬
their
crease
On Saturday last there was
gold stocks.
available £163,000, on
day £591,000,
Tues¬
on
Wednesday £665,000, on Thursday
Friday £613,000.
New York the gold movement for
on
£207,000 and
Monday £236,000,
on
At the Port of
the week ended Nov.
17,
Reserve Bank of New
York,
INCLUSIVE
'
Exports
Imports
None
above
figures
week ended on
the
for
are
imports
no
were
held
exports of the metal or change in gold
marked for foreign account.
ear¬
On Friday there were
gold
reported
received at
exports of the metal, or change in
or
held earmarked for foreign account.
on
$5.00% for cable transfers. Commercial sight bills
finished at
$5.00 7-16; 60-day bills at $4.99 11-16,
90-day bills at $4.99%; documents for payment (60
days) at $4.99 11-16, and 7-day grain bills at $5.00.
Cotton and grain for payment
It
was
Friday that $5,464,400 of gold was
San Francisco from
Continental and Other Foreign Exchange
THE French franc situation on the surface at least
improvement.
The reduc¬
the
stabilization fund
weeks to acquire
The day-to-
calculations:
able to repay
1,257,438,665
+$3,695
+11,058
1,257,441,580
13
—
Nov.
16
Nov.
17--
1,257,448,447
-
—
-
—-
Increase for
+6,867
1,257,453,478
+5,031
1,257,458,774
15.
Nov.
+5,296
inclined
between
during the week
of 3-64% and
was
steady
premium of
a
21-128%.
The
rate
Paris, the'London
on
147.21
Nov. 18—
Tuesday, Nov. 16
147.43
Friday,
Nov. 19
—
147.29
.147.21
147.23
LONDON OPEN MARKET GOLD PRICE
139s. lOd.
Wednesday, Nov. 17
4d.
Thursday,
140s.
Nov. 18_—-140s.
Friday,
Id.
Tuesday, Nov. 16-—-139s. ll^d.
shipped $10,250,000 gold to France
France shows
Nov. 19
140s. Id.
—
35.00
Thursday,
Friday,
35.00
35.00
Nov. 18
35.00
Nov. 15
Nov. 19
Referring to day-to-day rates sterling exchange on
than
was
firm in limited trading, slightly
cable
sight
Bankers'
close.
previous
$4.98%@$4.98 9-16;
was
was
$4.98 7-16@
transfers,
On Monday exchange
$4.98%.
dull and the
$4.98 13-16 @
$4.99 15-16 for bankers' sight and $4.98%@$5.00
pound
was
The
firmer.
for cable transfers.
firmer in limited
was
range was
sight
was
On Wednesday the
On
Thursday
with ^sterling steady.
@$5.00% for cable transfers.
dollar.
trading
The
con¬
range was
and $4.99%
On Friday the under¬
continued to favor London in
The range was
the
to
$4.99 11-16@$5.00% for bankers' sight
tone
$5.00% @
$4.99%@$5.01%; cable transfers,
$4.99%@$5.01 9-16.
narrow
$5.00 11-16
and
sight
continued firm and adverse
Bankers'
tinued
The
bankers'
cable transfers.
$5.01 9-16 for
market
range
On Tuesday sterling was again
trading.
for
@ $5.01 7-16
increase in
an
the
of
statement
seems
Bank
on
of
gold holdings of 3,127,-
evident that the French exchange
gold from London to
Hence
fund must
much greater
a
extent than from New York.
Even
should
between
franc
further
no
now
pressure
develop in the
and the beginning of the year,
magnitude of the task of meeting the London
fund's gold
sell
resources
The French fund
at around
may
lend
or
gold to the Treasury, but the Treasury must
supply francs in exchange.
the Treasury can
It is questionable whether
supply these without further bor¬
rowing from the Bank of France or raising additional
loans.
London advices recently
$35.00
Wednesday, Nov. 17
—„_$35.00
Tuesday, Nov. 16
better
current
000,000 francs,or approximately $106,000,000.
(FEDERAL RESERVE BANK)
Saturday, Nov. 13
Saturday last
10.
FOR GOLD BY THE UNITED STATES
PRICE PAID
Monday,
It will be recalled that the United States
7,000,000,000 francs.
Wednesday, Nov. 17-
Thursday,
140s.
to
the
without further borrowing from the Bank of
French equalization
PARIS
147.44
Nov. 15
on
as
end of
the
until
payments
well
as
competent Paris estimates place the amount of the
Nov. 15
Monday,
fund,
market gold price,
open
LONDON CHECK RATE ON
Saturday, Nov. 13
internal
serious drain
any
gold loan is indicated by the fact that private but
Saturday, Nov. 13
Monday,
the loan without
London check
mean
paid for gold by the United States:
MEAN
of
during recent
The
the
following tables show the
and the price
been able
Nov.
funds ranged
Montreal
firmness,
to
premium
a
has
of the stabilization
also have taken
$34,862
and
the
through repatriation following the
authorities
it
Week Ended Wednesday
Canadian exchange
a
+2,915
$1,257,427,607
12
all
France.
Daily Change
Amount
Date—
resources
year
GOLD HELD IN THE TREASURY'S INACTIVE FUND
11
as
the imminence of the
Presumably the Government feels that it will be
indicated in the
cover
are our own
centers
favorable cantonal elections.
ended last Wednesday, was as follows.
day changes
Nov. 12, is
on
6,000,000,000 francs worth of foreign exchange which
the
Nov.
rate, reported in these columns last
maturity of the sterling credit of £40,000,000 which
daily Treasury statements issued during the week
Nov.
to show some
the French authorities plan to pay in full toward
end
of
December.
This
means
the
delivery
Japan.
Gold held in the inactive fund, as
Nov.
closed at $5.00 7-16.
somewhat bold step owing to
On Thursday there
Wednesday.
Closing
$5.00 9-16 for demand and
regarded in Paris and other financial
Net Change in Gold Earmarked for Foreign Account
imports
were
week, from 3%% to 3%, effective
$2,643,000 total
no
Friday
tion in the bank
None
123,000 from India
on
seems
$2,520,000 from Colombia
or
quotations
follows:
was as
3247
sight and $5.00%@$5.01 for cable transfers.
reported by the Federal
as
GOLD MOVEMENT AT NEW YORK, NOV. 11-NOV. 17,
The
Chronicle
a
limited market.
$5.00 3-16@$5.00 15-16 for bankers'
banks
stated that the London
participating in the French loan have inti¬
mated to the French authorities the
complete
settlement
before
Dec.
advisability of
It
26.
is
quite
possible that the London banks require the liquida¬
tion of the loan for
with
the
turn
of
year-end window dressing and that
the
year
or
perhaps
earlier the London banks will be
a
new
a
few days
ready to negotiate
loan in the interests of the French
Treasury.
Support of the franc, irrespective of internal diffi¬
culties
or
external political disturbances or lack of
confidence from any cause whatever, is enormously
complicated by the sensational increase in the deficit
foreign trade during the past year.
For the
in French
ten months of 1937 French
000,000 francs,
000,000 francs.
imports totaled 33,845,-
compared with exports of 19,205,The
first 10 months of 1936
corresponding figures for the
were:
Imports, 19,674,000,000
francs, and exports 12,129,000,000 francs.
For the
corresponding period of 1935 imports
17,248,-
000,000
francs.
francs
and
exports
were
were
32,777,000,000
Financial
3248
Belgas continue firm in terms of the dollar, with
the spot rate ruling above new
been
has
rate
with
dollar parity.
The
steady this week in close sympathy
belgas
but future
sterling,
discounts,
at
are
Chronicle
Nov.
25.81 and cable transfers at
at
and 25.69; while checks
Spanish pesetas
are not
1937
25.81, against 25.69
Norway closed at 25.16
on
and cable transfers at 25.16
20,
against 25.04 and 25.04.
quoted 'in New York.
30-day belga ruling two points under the basic cable
rate and
90-day belgas at 8% points discount.
weakness
month ago was
Premier and caused much
When
business.
pointed out, there
M. Paul
Zeeland
van
crisis
developed, it
contributed
increase
the
was
considerable withdrawal of
was a
Paris, which
to
as
difficulty for Belgian stocks
this
French funds from Brussels to
recent
holdings of the Bank of France.
The
a
due largely to the political crisis which
followed the resignation of
and
The
apparent in the belga even less than
so
may
the
in
have
gold
New Dollar
Parity
a
....
(guilder)
New dollar
between
.....
8.91
19.30
32.67
23.06
40.20
parity
.
.
68.06
5.26% to
147.23, against 147.21
New York
sight bills
on
on
transfers
at
on
June 30.
Paris closed
3:40,
on
In
Antwerp
belgas closed at 17.01% for bankers' sight bills and
at
17.01% for cable transfers, against 16.97% and
16.97%.
Final quotations for Berlin
bankers'
for
40.43
marks
were
sight bills and 40.44 for cable
transfers, in comparison with 40.35% and 40.35%.
Italian lire closed at
at
5.26% for
5.26%.
wdth the country's
5.26% for bankers' sight bills and
cable
transfers,
5.26%
against
interest
on
foreign debt will be linked
trade balances and said that the
position of the United States is exceptionally good in
Nov.
on
President Vargas in his
13
is
States
press
interview
reported to have said: "Because the
is
Brazil's
forget that situation in
creditors
American
greatest
market,
balance,
where
nnot
we ea
an
who
understanding with
deserve
special
our
our
con¬
sideration."
Iiecent
dispatches from
the
President of the
Santiago, Chile,
stated
Exchange Control Com¬
commenting
abandon
exchange control restrictions in January,
said that the country
such control
Friday of last week;
3.38%.
that
mission,
Friday
on
Friday of last week.
against
17
5.27
to 23.20
the French center finished
on
3.39%, against 3.38%
cable
system of payments
that
gold and allowed to "float"
Nov.
on
Brazil's foreign debt will be
despite the recent order suspending payments on
obligations.
He explained that the new-
before devaluation of the European currencies
as
on
external
55.31% to 55.56
The London check rate
at
3.40%
to 17.07
Sept. 26 and Oct. 3, 1936.
b The franc cut from
at
3.38% to
16.98
5.26
(franc)
met
said
Week
This
a
16.95
Italy (lira)
Switzerland
Minister
due Dec. 1
Brazil draws her favorable market
Range
6.63
.
Belgium (belga)
Holland
Parity
3.92
13.90
(franc).
Foreign
coupons
-United
European currencies to the United States dollar:
b France
of
that respect.
1
following table shows the relation of the leading
Old Dollar
EXCHANGE on the South American countries
follows the trend
sterling.
The Brazilian
and
Austrian schillings closed at 18.96, against
that
reports
on
has
no
Chile
w-ould
intention of removing
soon.
Argentine
paper
pesos
closed
Friday, official
on
quotations, at 33.36 for bankers' sight bills, against
33.22
Friday of last week; cable transfers at 33.36,
on
against 33.22.
The 1 unofficial
or
free
market
29.60(^29.80, against 29.70®29.75.
was
milreis, official rates,
close
Brazilian
8.95, against 8.90.
The
milreis is 5.80(5,6.00,
against 5.55(5^5.88.
Chilean exchange is nominally
quoted at 5.19, against 5.19.
Peru is nominal at
25%, against 25%.
•
unofficial
or
free
were
market
in
•—
18.90; exchange
3.51%;
Poland
Czechoslovakia at 3.52%, against
on
0.74%,
Bucharest at
on
at
against
18.96, against 18.95; and
on
0.74;
on
Finland at
Greek exchange closed at 0.91%
2.22, against 2.21.
—♦—
EXCHANGE on the countries neutral during the
moved
close sympathy with sterling.
in
war
Holland
guilder
continues
pendent upward trend.
on
no
show
to
an
inde¬
The strength of the guilder
this side is due in part to
for the unit to pay
and
trol
heavy American demand
for rubber and tin imports.
past few weeks.
lands statement
a
many
The Bank of The Nether¬
of Nov.
as
15 shows
gold holdings
high of 1,424,600,000 guilders.
exchange equalization fund has been for
weeks making steady transfers of metal
central
bank,
thereby replenishing its
to the
supply
guilders with which to meet the demand for
exchange.
this
In the
seven
of
Gold Bullion in
159,000,000 guilders in the gold
increase of
an
reserves
of the Bank
sight
sight
closed
at
at
at
23.16
on
Friday
Friday of last week; cable
for
55.30; and
against
checks
23.07
55.24.
and
and
at
commercial
Swiss
23.16
23.07.
for
francs
cable
Copenhagen
checks finished at 22.35 and cable transfers at 22.35,
against 22.24 and 22.24.
of—
Checks
on
Svreden closed
1937
1936
1935
£
Banks
£
£
England
327,952,462
249,504,796
198.069,290
France
391,871,164
563,115.020
Germany b_
Spain
310,168,538
2,504,200
c87,323,000
1,846,350
c87,323,110
Italy
a25,232,000
Netherlands
112,887,000
95,533,000
77,644,000
26,041,000
42,575,000
47,491,000
105,125,000
81,295,000
24,253,000
6,547,000
6,553,000
6,602,000
6,603,000
3,351,900
90,318,000
42,575,000
50.532,000
124,105,000
46,719,000
21,602,000
6,555,000
6,602,000
Denmark
..
Norway
Total week.
against
55.44,
against
on
European Banks
four years:
Sweden
Amsterdam finished
on
55.50,
bills
transfers,
dollar-sterling
par
Switzerland
55.48, against 55.30
transfers
to
exchange) in the principal European banks as of
respective dates of most recent statements, reported
to us by special cable yesterday
(Friday); comparisons
are shown for the
corresponding dates in the previous
Nat. Belg__
of The Netherlands.
at
relation
bullion (converted into pounds
THE following table indicates the amounts of gold
sterling at
Dutch
weeks' period ended Nov. 15
type of operation has brought
Bankers'
close
con¬
of
all-time
new
The Dutch
in
to
are
exchange
29%; Manila at 50.20, against 50 3-16; Singapore at
58%, against 58 9-16; Bombay at 37.79, against
37.64; and Calcutta at 37.79, against 37.64.
These
dollars to pay for American corn and cereal imports
at
move
or
Closing quotations for yen checks yesterday wrere
29.20, against 29.05 on Friday of last wreek.
Hong¬
kong closed at 31%@31 5-16, against 31 3-16®
31 5-16; Shanghai at
29%®29%, against 29%®
requirements only partly offset Dutch demand for
of the
units
new
fluctuations.
against 0.91%.
The
EXCHANGE on the Far Eastern countries presents
features.
These
linked
sterling either by legal enactments
.
1934
£
1933
£
192,695,734
656,567,356
2,865,950
90,647.000
66,158,000
73,410,000
73,081,000
69,067,000
15,708,000
191,768,538
634,263,257
17,432,550
90,433,000
76,277,000
74,685,000
77,580.000
61,691,000
14,254,000
7,396.000
7,397,000
6,578,000
6,580,000
1,078,434,200 1,044,440,420 1,153,544,210 1,254,176,040 1,252,359,345
1,132,998,191 1,255,542,133 1,257,816,602
Prev. week. 1.063.538,720 1,044,297.652
a Amount held
Dec. 31. 1936. latest figure available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of which is now
reported at £1,002,750.
c Amount held Aug. 1, 1936, the latest figure available.
The gold of the Bank of France was revalued on July 23, 1937, at 43
milligrams
of gold. 0.9 fine, equal to one franc; this was the second change In the
gold's values
within less than a year, the previous revaluation took place on Sept. 26,
1936,
when the gold waS given a value of 49 milligrams to the franc as
compared with
65.5 mgs. previously. On the basis of 65.5 mgs., approximately 125 francs
equaled
£1 sterling at par; on basis of 49 mgs., about 165 francs equaled £1 sterling, and at
43 mgs.. there are about 190 francs to £1.
Volume
Financial
145
Black
The Temper
of Congress
Roosevelt, when he decided to call an extra session
which
Congress, had any idea of the temper in
of
the members
likely to return to Washington.
were
had, he showed less than his usual political
If he
adroitness in
framing the message which was read
to the two houses on
Monday. In the interval since
previous session adjourned, Senators and Rep-
the
resentatives have been hearing from
their constitu-
ents.
They have had an opportunity to know the
wide
dissatisfaction
which
is
felt
with
New
the
Deal, and to see for themselves the disastrous efbusiness depression for which
fects of
a
policies
are
New Deal
Yet to a Congress
disappointed and anxious
mainly rsponsible.
fresh from contact with a
people, and alive to the need of doing
tide
something to
depression, the message offered
of
turn
the
only
some
very
moderate degree of sympathy for American
generalized suggestions indicative of a
and
business,
a
reaissertion of demands against
opposition of Congress had already been
which the
The immediate effect was to make clear
aroused.
that, if anything important was to be done
for busi-
ness,
Congress must initiate it and carry it through
with
no
become
House, and that what Mr. Roosevelt has
fond of
be
White
of active help from the
assurance
referring to
as
his "objectives" are still to
pressed whether the country suffers or not.
solidarity of the oppo-
Neither the extent nor the
sition
should, of course, be exaggerated.
evidence of
no
a
desire
on
There is
the part of Congress to
precipitate an open break with the President. In
their views of what ought to be done the members
of each house
are
obviously divided, and personal
local
and
ambitions
interests
play their part as
The significant
amounting with
some specially influential members to a determination, to free Congress from Presidential dictation
they do in every political assembly.
thing is the manifest disposition,
and
the control of
recover
stitution establishes as a
Congress is to rubber-stamp what the
function of
President proposes.
tinize with
and
legislation which the Con-
Congressional prerogative,
revolt against the idea that the chief
There is open
care
The disposition now is to scruAdministration
the demands of the
interrogate heads of departments and
about the measures
they urge.
portant committee bills were
when the
bureaus
The fact that no im-
ready for introduction
of course, conduced
session opened has,
delay and encouraged the
to
tion which is
filibustering obstrucanti-
being offered in the Senate to the
that ought to
opportunity for comconsideration of the proposals of individual
lynching bill, but the bill itself is one
defeated, and delay gives
be
mittee
members and
which
a
not be easy
energy
mature formulation of
bills
It will
will eventually report.
for a body which for years has
Presidential
for
more
committees
waited
"hand-outs" to recover skill and
in framing legislation on its own
account,
the
hopeful start has at least been made and
outlook for further progress is encouraging.
but
a
The
as
beginning of the present insurgency
resounding defeat
Senate, almarred by the subsequent approval of the
what may
of
dates,
will recall, from the previous session,
was done then has a direct bearing upon
every one
and what
the
though
be looked for now. The
court-packing proposal in the
nomination,
Presidential
interesting to know whether President
It would be
3249
Chronicle
was
the first clear rebuff which
dictatorship had encountered, and its
influence in heartening the opposition was immense.
Unfortunately, the prolonged debate over the court
bill left little time for equally independent action
in other directions, and the session closed with a
small record of positive accomplishment. The pronounced opposition in the House to the Black-Connery wages and hours bill, however, prevented the
passage of that mischievous measure, and the attacks on the scheme for reorganizing the executive
departments, led with notable effectiveness by Senator Byrd of Virginia, served notice that that measl,re would not be accepted in anything like its original form. Sectional politics succeeded in obtaining
a subsidy and control plan for cotton, but the sharp
differences that developed regarding the extension
of subsidies or control to other staple crops held up
fbe remainder of the Administration's farm program.
The four "objectives" to which Mr. Eoosevelt invited attention in his message are all hang-overs
from the previous session. Nothing that has happened in the interval serves to commend either of
them. The core of the agricultural program, the
first item in the list, is the ever-normal granary
supported by Federal appropriations, and backed
by Federal grants which in/effect would give the
Department of Agriculture a hard and fast control
over the production of staples. Mr. Roosevelt's remark that "our program should continue to be one
planned and administered, so far as possible, by
the farmers themselves" has the appearance of a
smoke-screen when one remembers how little the
farmers themselves will have to say about it under
any of the proposals that Secretary Wallace has advocated, or how serious are the penalties which are
contemplated for farmers who do not submit. The
complete lack of unanimity which prevails at the
moment in Congress regarding a farm program
does not, unfortunately, foreshadow an end of the
whole business of a subsidized agriculture, but if
the opposition in Congress has any concern for the
ultimate welfare of either the farmers, the consuming public generally, or the Federal Treasury it
will exert itself to defeat the ever-normal granary
scheme as demonstrably uneconomic and financially
disastrous, and to keep subsidies to the lowest figure possible under existing valid contracts. (
The labor item, which stands next in Mr. Roosevelt's list, while elaborated in what look like studiously general terms, is shot through with the theory
that it is the business of the Federal Government
to concern itself directly with employment, purchasing power and the standard of living. "Political and
social harmony," according to Mr. Roosevelt, "re¬
quires that every State and every county not only
produce goods for the Nation's markets hut furnish
markets for the Nation's goods. This does not mean,"
he continues, "that legislation must require immediate uniform minimum hours or wage standards,"
but "that," he adds at once, "is an ultimate goal."
Moreover, "we should provide flexible machinery
which will enable industries throughout the country
to adjust themselves progressively to better labor
conditions. But we must not forget that no policy
of flexibility will be practical unless a coordinating
agency has the obligation of inspection and investigation to insure the recognition and enforcement
3250
Financial
of what the law
is
requires." This,
concerned, is the
bill.
Time and
reflection
far
as
regulation
as
of the Black-Connery
essence
served
have
only to
phasize the effect of the bill in fastening
em-
upon
in-
Chronicle
takes
and
Nov.
and
hearty cooperation of Congress in
correcting them.
There is hardly a trace of such
attitude, however, in his
dustry and business the most comprehensive and
thoroughgoing Federal control that proponents of
pendence, after his defeat
the New Deal have yet
;
will
he is less able than
devised, and what the bill
would do must be assumed to be what
The determined
met with in the House appears
ion of labor
of
the bill
national
well
as
is
was
opposition which the
interests
The third item
as
of
capital
be
to
are
Congress if
is
organization of the executive departments.
sented
by Mr.
coated
Roosevelt,
by stressing the
system
the
proposal
the
"to extend the merit
aim
cover
practically all non-policy determining posts,
there is
re-
sugar-
upward, outward and downward to
nothing to indicate that
a
but
virtually
com-
plete Executive control of finances, which is admit-
tedly
of the prime
one
been in any way
purposes
abandoned.
of the scheme, has
No prospect of
major
savings in the cost of government,' moreover, is held
out;
the contrary such savings, Mr. Roosevelt
on
declares, "can be made only by cutting down
eliminating government
who advocate such
tion
cutting off?"
the
or
those
to
it is fair to put the ques-
has
There should be
no
hesitation
part of Congress in accepting that challenge.
In the
in
a course
And
which functions of government do
you advo-
cate
on
functions.
long list of
agencies which the New Deal
new
which
many
only
the proper
set up a
a
the record,
there
are
functions which the Federal
assume
Government should
instance
upon
never
undertake to perform.
To
few outstanding examples, it is not
business of the Federal Government
to
grossly unfair competition with private in-
dustry in the production and distribution of electric
is being done by the Tennessee Valley,
Authority and is to be done at the Bonneville Dam,
power,
to
or
as
regulate wages and hours,
price
slum
with
intrastate
commerce,
or
take
or
over
properties and build model houses, or array
against employers as is done by the Wagner
labor
or
take possession of, and use for general Fed-
eral purposes,
for
attempt to raise
levels,^ or control agricultural production,
interfere
Act,
or
old
gents
age or
unemployment benefits.
Congress
m
appropriated by the States
moneys
do
can
no
The insur-
better service than
insist upon cutting out all the activities which
involved
with
such
to
are
matters, and thereby give Mr.
Roosevelt's question
direct and specific
a
answrer.
The fourth and last
item, the grandiose scheme of
regional planning boards, urged, like the othin the interests of national economy and effi-
ciency, had
sion
and
Congress
is
important support at the last
no
no
now.
more
Its
ses-
likely to commend itself
to
in the list, however,
confirms the impression wrhich Mr. Roosevelt's message as
Mr.
a
presence
whole unfortunately made, namely, that
Roosevelt
is
more
interested
in
Federal
cen-
tralization, with its accompanying increase in Executive
any
authority, than he is in withdrawing from
of the
courses
which have brought about the
present depression.
having summoned
should
an
There
wras
every reason
why,
extra session of Congress, he
frankly have admitted his most obvious
the court-packing bill,
•
The
new
-X
autocracy in Brazil has announced the
abandonment
of
vaiorization
of
coffee, apparently
mis-
a
level
M hef than that which mugt regult from the normal
interaction of
and demand
j
g
jurioug to the affected industry.
the United
of
inevitably are inAt the same time
Stateg> with far legg experience in the Md
arbitrary control of priceSj is discussing pians to
prevent the reductions in the prices of cotton,
corn,
wheat? potatoes? and tobacco that would normaUy
fodoWj other conditions being unaltered, from enbanced domestic
which
production.
After experimentation
began under President Hoover, after attempted
COntrol
by huge government purchases of surpluses,
by plowing under cotton and killing little pigs and
meat
cattle, by compensation for reduced acreage and
effort,
crop
loans in
and subsi(iies and
Administration is
excess
of current market values,
bounties in varied
convinced that
a
disguises, the
completely
new
system must be devised and enacted and Congress has
been summoned in
extraordinary session principally
for p.g consideration.
At the very outset,
it is apparent that there is sharp
division between those who desire to restrict
tion and enforce the restrictions
produc-
by penalties (corn-
puisory control) and those who would reward reduced
effort
by systematic bounties, thus invoking the profit
in
motive
aid
diminished
0f
contributions
supplies available for consumption.
iace
and,
presumably,
the
the
to
Secretary Wal-
President
favor
corn-
puisory control, the government to prescribe the
area
which each individual farmer will be allowed to devote
^o eacb
particular staple
crop, or
the quantity of his
permitted production, and to impose penalties
whoever
plants
a
greater acreage or harvests
aggregate than that fixed by official order.
other
hand, the
House
of
Committee
Representatives,
on
led
a
upon
greater
On the
Agriculture of the
by
Marvin Jones of Texas, seems very
Representative
definitely opposed
to
compulsion, whether enforced by penalties of fine
or
imprisonment
by prohibitive taxes
or
upon
pluses sent to market, and offers, in lieu of
pulsion, the persuasive force of bounties
for
and
seven
ers,
on
to resist.
Agriculture
created, and which Senator Byrd has spread
devastating detail
opposition whose inde-
convinced that artificial prices maintained at
As pre-
is
ever
and its absence
message,
,
and the rejection
"objectives"
an
has
faithfully served
the list of
in
encourage
to express the opin-
of the first duties of
one
greatly
intended.
measure
1937
invited, in unmistakable language, the
immediate
an
20,
adhering to the official restrictions
subsidies
upon acreage
production,
n0
the
or
surcorn-
one
ears
suggests,
of the
or
suggests loudly enough to reach
general public, that the idea of
ar-
bitrary restriction be abandoned and that prices be
allowed
demand,
to
as
rise
or
fall
naturally with supply and
they did prior to the World War and
during the whole great period of
our
national growdhi.
Perhaps this present general acceptance of the notion
that the prices
of certain agricultural products must
be forced to levels
higher than the normal and kept
there
despite counteracting volume of production at
home
or
abroad is, in
inevitable.
ing for
the circumstances, natural and
Perhaps, since
so many years
we
have been experiment-
with price fixing, artificial
ditions have been established from which
a
con-
sudden,
Volume
complete retreat would be unde-
and
immediate,
sirable,
Financial
145
dangerous.
or even
leaven
be well if there remains a
who
thought in the country, men and
of sound
women
discussion continues in
the
while
Nevertheless,
House and Senate, it will
and
and strange
new
socialistic reasoning, a
concessions to communistic or
self-reliant
by
not swept away
are
citizenship uncontami-
courageous
only to obey and yet attributes all
the individual fit
wisdom
the
to
narrow
group
of individuals tern-
utmost power of the Government to combat the
irresistible force of economic law.
There may be the assertion now, in the process of
debate, that prices are to be kept from rising above
the levels which the officials at Washington regard as
warrantable, as well as stimulated so as not to fall
thinking, all price regulation is dangerous
correct
futile, and is necessarily destructive, in
where it is not
long
to the
downward tendency of prices will finally exceed the
and
they be few or many, capable of clear
whether
public interest, and even
to the general
run,
intended to be its
separate interests of those
beneficiaries.
proved in the case of Brazil's coffee crop,
So it has
considerable
staple in the world. So it has proved thus far in the
case of the cotton crop of the United States, once this
as
nearly
Federal
and
most valuable
Nation's
product.
national monopoly as any
a
dependable exportable
Commencing with the operations of the old
Farm Board, in 1929, the American cotton
problem has become progressively more
complicated
although in the past eight years "the
and troublesome,
funds expended in purchases,
for curtailed acreage and
,aggregate of taxpayers'
compensation
bounties,
levels in
plants plowed under, loans above market
and other payments and sub-
of repayments,
excess
sidies
approximates
has
which
one
billion dollars—none
of
Yet the domestic
been recovered.
ever
estimated at
production in history,
Moreover, with world consumption of the year
probably close to 31,000,000 bales, foreign production
is likely to show about 20,000,000 bales, or something
like double the quantity produced abroad before the
American struggle against the international law ot
of this year is now officially
•cotton crop
18,243,000 bales, the heaviest
j
j
j
i
•
j.
i
i
'
States
A
Tr
cu
Umted
1C
nAA
x
-i
nnA
i
x
j
marketed
i
a
xx
cotton
crop
f
.
,
18,000,000 bales at an average price of
xi.-
xi
i
pound
December
New York
i k
c
oi
i
nearly
1 k
o
15.15 cents a
+
„
o.+o
t™.
1926, this year contracts lor
delivery have recently been selling on the
Cotton Exchange for 7.43 cents a pound,
recently
as
,,
Although the
supply and demand was inaugurated.
as
of the gold
who still insist
that Federal legislation and administrative meddling
during the last eight years have not served, by and
large, to aggravate inescapable difficulties, to create
new problems and render old ones more troublesome—
in short, who do not recognize that the United States
would have no "cotton problem" today if the Presidents and politicians of the United States had kept
hands off and left cotton production and distribution
equivalent to 4.45 cents on the old value
dollar; yet there are some economists
to the normal
Senators
interplay of economic forces.
and
Representatives in
Congress now
affects all branches of
agriculture ought to be impressed by such facts. They
should see that artificially enhanced prices diminish
dealing with this problem as it
consumption at home,
stitutes, encourage
and yet at
the
same
stimulate the search for sub-
competitive, foreign production,
time lead each potential
American
producer to do everything possible to obtain for himself the maximum volume of production with which
to
enter
the
market and realize the
that
personal ad-
obtainable from the high artificial prices. To
end, every producer will inevitably press per-
vantage
sistently against all restrictions upon acreage and
production, and in the long run such pressure can
scarcely fail to overcome the unnatural barriers fixed
by law or administration, until the nominal control
proves to be nothing but regimentation and the total
production to be as disproportionate to demand as
any temporarily resulting under freedom of individual
initiative. Liberty will have vanished, a burdensome
and arbitrary bureaucracy will have been created,
exportation will be vastly curtailed, yet production
will be wholly abnormal in volume and the inescapable
To those,
porarily functioning as the Government.
the
considers
by that doctrine of paternalism which
nated
3251
Chronicle
below levels similarly approved, but all such ascertain to prove illusory. Valleys of
underproduction, to use the President's favorite figure
of speech, may sometimes be filled from the peaks of
abundant production, but there could be, under such
a system, no actual and genuine levelling. The artificial stimulus to production must and will continously operate, capital and labor will be held where
they are not needed or lured to enlisf where production is already more than ample. Such a process has
no end save chaos or abandonment. Temporary concession may now be inevitable, evil conditions may
be too general to permit passing except by degrees out
of the vicious circle, but anything now done ought to
be in full recognition of the futility of price control and
in complete determination to return, as rapidly as
practicable, to a regime of liberty in agriculture as in
surances are
other industries.
What Kind of Peace Do the Powers
Want?
Conference in ad
^ Brt
^
The
ti
~
a resolution censuring Japan is the tirst, and thus
„
,
... ®
/, . r,
. t
+ t>~
far the only, tangible fruit of President Roosevelt's
0x
u
demand for a "quarantine" of the States whose gov.
\
,
.
®
ernments, in their dealings with their own people or
'
■
f
,
,1 r ,.
.
_
,,
_
,.
tt
,,
, x,
,
with other States do not measure up to democratic
standards. It is also as ill-advised a step as a Conference whose ostensible aim was peace could well
have taken" ]\ haf, immensely ^creased the diffieulty of any friendly approach to Japan m the fu^e;
<lone nothing to aid the cause of China
elther m Chlna °* elsewhere; it has divided the
Powers in the Conference w len uni y was an mdispensaMe condition of success, and it has left the
United States and Great Britain, the two Powers
which were expected to set the Conference tone, in
1'ie position of approving a political gesture which
even an inexperienced diplomat would perceive was
both futile and unwise. If this is the best that diplomacy would do, one can only conclude that the resources of diplomacy are at a low ebb.
D was easy, on the other hand, to see that some
such untoward outcome was likely to develop, because the Conference nas queered from its inception. At no time was there the slightest chance
of anything except partisan action if there was to
be action at all. The formal proposal of the Conference came from the League of Nations, a body
of which Japan is not a member, at the insistence
of China, which was the aggrieved party. The pro-
3252
posal
Financial
lifted into world prominence by President
was
Roosevelt, who in
the dedication
at
rhetorical outburst at
a
of
bridge scored the arbitrary
a
and dictatorial conduct of
without
naming
cstensible
number of Governments
a
of them, and called for
any
antine" without
explaining what
"quar-
a
and
call
respective of the legal
the
appear
and
intimated that it regarded the
treaty as obsolete. Sixteen Powers sent
though only nine
pute. Germany
ground that it
which also
delegates to Brussels, alparties to the treaty in disalso invited, but declined on the
was
not
not
was
a
party, while Soviet Russia,
a
party but whose hostility to
Japan is notorious, attended and took an active
part in the early proceedings.
The United States,
meantime, although looked to for leadership, had
disclaimed responsibility for
calling the Conference,
and
Great
nothing
of
Britain, which from the first expected
important than a harmless expression
more
moral
feeling and doubted the wisdom
that, did
even
of
than announce, through Foreign
Secretary Eden, that it was ready to go as far as
no more
the United States
This
it
the
was
was
as
was
willing to
setting.
go.
When it
was
discovered,
as
the
Conference got under
way,
that nobody knew what to do or was
quite certain
soon
as
that
anything could be done, an attempt by the delegates from a few States to achieve a "democratic"
alignment against the States that
tatorships of various
wide open,
known
came
that
and
China
Japan
troubles
kinds
and the breach
between
under die-
were
split
the
Conference
widened when it be-
was
Italy, which had declared
should
be
left
to
settle
themselves, intended to join the
German-Japanese pact against international
munism. From that moment the
diating
agency, was doomed.
Conference,
Com-
as a me-
A proposal of another
conference, representing only the signatories of the
Nine-Power
pear
of the
ap-
favor from Jaacross
the face
record, the only proper thing for the Confer-
to have done
fact that
no
conclusively
Power
was
to
adjourn, but in spite of the
evidence had been adduced that showed
any
violation by
Treaty, the Conference
olution of
first had
and
no
With failure written plainly
pan.
ence
Treaty, before which Japan might
and state its case, met with
Japan of the Ninechose to
adopt
a res-
censure.
Italy, whose position from the
clear, voted against the resolution,
been
the three
Scandinavian
delegates declined
to
commit themselves.
One
wonders, in view of this melancholy affair,
or
of its members
and
any
thought it would be possible to make,
precisely what grounds of law or morals
on
they defended their final action.
The
Conference
must have known that
nothing short of force would
compel Japan to abandon its military operations in
China, and that
•
Powers
ter,
no
Power
disposed to
use
in any position to
was
known
find
was
no
that
an
economic
any
combination of
force or, for that matuse
it.
It
must
boycott
no
have
boycott of Japan would
favor in either the United States
Britain, and that if those
a
or
two
countries
or
Great
opposed
other countries would try it. It could
ignorant of the fact that the failure
not have been
of either
Japan
conflict in
a
or
China to declare
position where it
was
especially
one
called
an
to
to disregard.
The outcome, diplomatic
exactly the
now
the
reverse
Conference
Conference
as
well
as
military, is
of what the promoters of
presumably
While
expected.
the
debating Japan occupied Shanghai,
was
and the rout of the Chinese forces in that
region is
being vigorously pressed.
and the civil population
The Chinese Government
fleeing from the capital,
Nanking, and the Japanese occupation of that city
are
appears to be only a matter of a few days. There
is conflict of report and testimony regarding the
Japanese threat to France, but the aid to China that
being given
was
through French Indo-China has
abruptly stopped, and France is anxiously
considering whether its possessions in the Far East
been
Specific notice has been given that
are secure.
Power that extends material aid
any
to China will have
to face Japanese reprisals, and the
Japanese navy
is entirely able to make the warning effective. If
there
was ever
any ground for expecting that Europe
itself actively against Japan, the hope
would array
was
dissipated when Italy joined the German-Japaalliance.
nese
It is
as
no
longer possible to speak of Great Britain
the chief
still
one
factor in
European politics, but it is
of the most important factors.
the mission of Lord Halifax to
In view of
Germany, the
ques-
tion of the kind of peace that Great Britain desires
is inevitably raised.
The elaborate
mystery
which the visit of Lord Halifax has been
surrounded has deceived nobody.
and
enthusiastic
sportsman,
it
As
a
with
officially
well-known
natural
that
Lord Halifax should have been invited to visit the
was
sport show at Berlin, and he will doubtless find the
exhibition interesting.
The main purpose of his
visit, however, is obviously to talk with Chancellor
Hitler, and all Europe is agog to know what they
will talk about, or, more specifically, what understandings U^ey
may reach.
On this question British public opinion is pulled
in two
directions.
Despite the peculiarities and
of the Nazi
regime, there is
a
ex-
strong feeling
that a good understanding with Germany ought, if
possible, t(j. be reached if there is to be such a thing
as European peace.
The great difficulties in the
way are
ment
tlpe belief that Germany, when its
is
program
completed, will
rearma-
begin the long-
expected movement eastward, and that it will also
insist upon
the
former colonies.
restoration
of
On the other
some
or
all
of
its
hand, those in Eng-
land who distrust
return of any
Germany, and stoutly oppose the
of the former German colonies that
Great Britain holds under
mandates, feel that Italy
is the Power whose
cultivated.
The
friendship should preferably be
determining influence here is the
menace which the Italian
navy and air force hold
for British interests in the
Mediterranean and the
left the
Near
very doubtful
most
war
proprieties of procedure which
deal with issues of serious moment, cannot afford
cesses
just what kind of settlement the Conference
are
Ir-
moral considerations in-
or
international conference,
that
their
virtually destroy its intended moral effect.
volved, there
were
was
1937
a formal censure of Japan, unaccompanied by any
charges of treaty violation and with Japan absent
and unheard, would stamp the action as partisan
The
Treaty, but Japan declined to
20,
if any international conference had any legal right
to intervene, and it certainly must have known that
to
was
Japan to account for its alleged violations of
Nine-Power
Nov.
meant.
was
of the Conference
purpose
Chicago
Chronicle
East, the expectation that Italy will profit
from a final victory of General Franco in
Volume
Financial
145
and the suspicion that
Spain,
with the Moslem
with in
and
British
the
are
contending
Government has
If the British
Palestine.
decided that
is
risings which France has had to
Morocco
in
meet
sympathizes
Italy
general peace agreement for Europe
a
longer worth pursuing, can it draw closer to
no
Germany without also drawing closer to Italy, and
either
in
is
ain
strengthen the power of
will it not
case
These
the Fascist bloc?
pondering
are
questions which Brit¬
it awaits the results of Lord
as
Halifax's visit to Berlin
question of the kind of peace that Europe desires
the
spite of the dismal failure at Brussels,
is asked.
In
there
multiplying indications that Europe, and
are
particularly Great Britain and France, still hope
that the United States can be induced to play the
It is difficult to believe that the
European game.
not to be
of British propaganda is
hand
skillful
for Anglo-American soli¬
discerned in the appeals
darity which are increasingly being made to
Foreign Affairs Committee of the French Senate
problems presented by the railroads of
Financial
the country continue to
receive close study by gov-
bodies, bankers and the great investing
ernmental
interested in the welfare of the chief carriers.
groups
indicated,
The need for such attention is again
mean-
upward trend
trend of net
tabulation jof railroad financial
while, by steady modification of the
earnings and by a downward
gross
earnings.
In
statistics
for
our
herewith,
presented
September,
the
poorly with those of Sep-
essential results compare
tember, 1936, owing in large part to the higher wages
now
being paid by the carriers, but also to the in-
creased costs of the materials purchased in the
The only remedy for this situation
take their toll.
plainly is
an
ordi-
Heavier taxes likewise
of operations.
course
nary
increase of rates charged by the
railroads,
in that direction recently have
industrial indices currently re-
and important moves
cording
tain
With
made.
been
sensational and precipitous decline in cersuch as steel manufacturing, it is
a
activities,
obvious that rail earnings
a
statistics
are sure
to assume
decidedly unfavorable aspect for subsequent
more
mnTltVm
it
is flT)T)£irPTlt ftlflf no
monies, anu ix aiso is apparent inai no
^ITIIP
ame
is to V>P
is xo de
effecting remedial changes in rates.'
lost in
mi
-r
The
Interstate
Oct. 22
1
1
.
on
•
s-*
Commerce
Commission
the application of the
rate increases on a
j
railroads for freight
The limited
are to
be
rm
the anneal revenues
Most but not all of the advances
mated increase of $47,500,000 in
of the railroads.
Perhaps the most favorable
the comment by the Commajority that "the net earnings of the rail-
requested
were
granted.
aspect of the ruling was
mission
are now
inconsistent, in general, not only with
constitutional standards as to the rights of the private
owners,
proper
but also with the conditions necessary for the
conduct of the public service of railroad trans-
In view of this
long overdue admission, some optimism may be
justified with respect to a further step, taken by the
portation by private
railroads
freight
on
and
enterprise."
Oct. 29, for a general
passenger
rates.
in which France was threatened,
"would
side of France and
known that Yvon
England." It has also been made
15% advance in
The application for
success
to convince Ambassador
States should use its navy
Davis that the United
to
guarantee the continued French
Indo-China.
These
wrhat
from
are
straws,
Brussels
message
President
matter of
think that
show
Roosevelt's
in the Far East is
speculation, but there is no reason to
European pressure upon American public
No argument is needed
opinion has been relaxed.
to
often
blowing.
to Congress is indicative of a disposition
to abandon further interference
a
is
reference to Japan or
in
Conference
possession of
but straws
wind
the
quarter
Whether the omission of any
the
the
again range herself on the
Delbos, French Foreign Minister,
endeavored without
that the
situation is
one
to be jealously
watched, for there has never been a time when
was
more
necessary,
in
safety, that the United
the
it
interest of national
States should keep itself
free.
Railroads for the Month of September
such a general advance, if granted, would add an
estimated $508,000,000 to the annual revenues of
the roads.
Our tabulation of September earnings by the
rail-
roads shows clearly the results of the business re-
cession that started last summer and that appears to
be assuming highly perturbing proportions. Gross
earnings of the railroads in that month were $362,454,729, against $356,449,463 in September, 1936,
a gain of $6,005,266, or 1.68%.
As it happens,
however, substantial increases in gross earnings by
carriers in the great agricultural regions of the country overshadowed and more than made up declines
in all the manufacturing areas. In the case of net
earnings, an almost universal decline from the figures
for a year earlier is to be noted. Net earnings for
September amounted to $100,395,949, against $108,622,455 in that month of 1936, a decrease of $8,226,506, or 7.57%. In the Northeastern area of the
country the decline was exceptionally large and alarming. We present the results in tabular form:
Month of September—
1936
1937
inc. (+) or Dec. (—)
Mileage of 136 roads-------- $302,454,729
235,304
Grosg earnings__
$356,449,403
235,880
+56,005,200
—582
0.24%
1.68%
202,058.780
247,827,008
+14,231,772
5.74%
on
list of commodities.
permitted, which
war
States
Ratio of expenses to earnings,
1
le effective
by the carriers next Monday, will result in an esti-
advances
roads
United
operating expenses....
acted
Washington, disclosed
at
Wednesday his hope that, in the event of another
European
and Net Earnings of United States
Gross
in
on
Ameri¬
Henry Berenger, chairman of the
audiences.
can
former Ambassador
and
show
and Berchtesgaden.
country remains to be considered when
One other
3253
Chronicle
Net earnings
Business
72.30%
69.52%
$100,395,949 $108,622,455
developments
—$8,220,506 7.57%
showed wide
and disparities in September.
•
variations
In taking, as is our
practice, the leading trade indices as the measure of
business activity, one naturally turns to those two
great industries, the iron and steel trades, as first in
the order of importance. Here most gratifying improvement is found, the tonnage in the case of each
industry being the largest for the month since 1929.
According to the figures compiled by the American
Iron & Steel Institute, 4,301,869 gross tons of steel
ingots were turned out
during the month under re-
view, as against 4,151,388 gross tons a year ago
and
2,825,004 gross tons in September, 1935. The
September output in previous years back to and
including 1929 is as follows: 1,268,977 tons in 1934;
2,283,079 in 1933; 991,858 in 1932; 1,545,411 in
1931; 2,840,379 in 1930, and 4,527,887 in 1929.
3254
In the
Financial
case
of pig iron,
output of 3,410,371
2,730,393
the current year's September
tons compares with but
gross
tons in September last year, and with
gross
only 1,776,476
1935.
tons in
gross
Chronicle
comparisons further back,
Carrying the
find that the make of
we
pig iron in September, 1934,
898,043 tons; in
was
Nov.
Turning for the time being from the trade statis¬
tics to the
that
the
was
September, 1935, which
another
the present
basic
industry—the manufacture
tember the present year was very much
a
of
output of motor vehicles in Sep¬
larger than
the Bureau of the Census reporting that
motor cars were produced in September,
year ago,
171,203
1937,
in
against only 135,165
as
1935, and 170,007
in
cars
cars
in 1936; 87,540
1934, but comparing
of corn,
markets
therefore need only say
ended
September,
1932;
in
140,566 in
1931;
220,649 in 1930, and 415,912 in 1929.
In the coal
turn
now
attention,
our
tember not quite so
satisfactory.
or
soft coal,
September
or
hard coal, mined was
statistics
Mines
production
1930),
much larger than
the quantity of anthracite,
considerably smaller.
that
the
quantity of bituminous coal
September the present
as
year reached 38,620,(the largest amount for the month since
against only 37,192,000 net tons in Sep¬
25,038,000 in 1935; 27,772,000 in
1936;
1934; 29,500,000 in 1933; 26,314,000 in
31,919,000 in 1931.
was
In 1930,
1932, and
however, the output
38,632,000 tons, and in 1929
no less than 45,On the other hand, the Pennsylvania
334,000 tons.
anthracite
output
only 3,596,000 net tons In
was
September, 1937, against 3,874,000 net
tember
a
year
ago;
tons in Sep¬
4,172,000 in 1935; 3,977,000 in
markets
primary
four weeks last year,
ing the
aggregated
71,871,006
against only 33,324,000 bushels in the
as
523,000 bushels in the
but comparing with 86,-
same
period of 1935.
comparisons further back,
51,424,000
bushels
in
1934;
Carry¬
the figures
57,734,000
are:
1933;
in
70,539,000 in 1932; 56,002,000 in 1931; 105,632,006
in
1930, and 86,869,000 bushels in 1929.
It
The
prepared by the United States Bureau of
000 net tons
tember,
While bituminous,
was very
a year ago,
show
mined in
find the results for Sep¬
we
in
we
here that for the four weeks
oats, barley and rye, combined at the
corn,
bushels,
same
mining industry, however, to which
year ago.
Sept. 25, 1937, the receipts of the five items,
Western
cars
a
separate paragraph further along in this article, and
wheat,
84,150
considerably smaller than
were
output
follows:
year's increase with the single exception
We deal in detail with the Western grain traffic in a
In the four years preced¬
as
All the
years.
the receipts of which at the Western primary
automobile
was
the largest recorded for
was
different cereals, in greater or less degree, added to
ing
the
find
year
compared with
as
corresponding period in all recent
with 191,800 cars in 1933.
1933,
we
September the present
September, 1936, although it did not equal that of
the
great
Western roads,
over
in
greatly increased scale
a
on
grain traffic
movement
1933, 1,522,257; in 1932, 592,589; in 1931, 1,168,915;
in 1930, 2,276,770, and in 1929, 3,497,564.
As to
automobiles—the
1937
20,
however, when
is,
showing the loading of
we
the
to
come
revenue
freight
on
statistics
all the rail¬
roads of the country that the composite result of all
that has been said above is most
clearly brought
out.
For the four weeks of
year,
according to the figures compiled by the Car
September the present
Service Division of the Association of American Rail¬
roads, the number of
cars
loaded with
943
3,182,-
(the largest number recorded for the month
cars
since
frieght
revenue
the railroads of the United States totaled
on
1930),
against only 3,062,378
as
in the
cars
similar
period of 1936; 2,268,482 in 1935; 2,501,956
in 1934; 2,567,071 in
1933; 2,306,045 in 1932, and
2,926,112 in 1931, but comparing with 3,725,686-
1934; 4,993,000 in 1933; 4,108,000 in 1932; 4,362,000
1931; 5,293,000 in 1930, and no less than 6,543,000
in 193Q and
in 1929.
the
Regarding still another important industry—the
building trade—the statistics compiled by the F. W.
Dodge Corp. show that there was a decided falling
systems the
off in the money value of construction
contracts in
are
in
September, 1937, as compared to the corresponding
period of 1936.
According to the figures, construc¬
tion contracts awarded in the
Rocky Mountains involved
a
37
States east of the
money
outlay of only
$207,086,800,
against $234,271,500 in September,
1936, but comparing with only $167,376,200 in
1935;
$110,151,200 in 1934; $120,134,400 in 1933, and
$127,526,700 in 1932.
Going further back,
that the valuation in. 1931
was
$331,863,500, and in 1929
no
This
decrease
in
the
closely allied.
by the
tion,
of
National
same
$445,402,300.
was
naturally
industry, with which
Lumber
it is
2,
Manufacturers'
so
Associa¬
of 549 identical mills reported
1,263,333,000 feet
Oct.
find
According to the statistics compiled
an average
ended
less than
building trade
reflected in the lumber
we
$251,109,700; in 1930,
as
of
against
lumber
in
the
five
a cut
weeks
1,259,674,000 feet in the
five weeks of 1936
(an increase of only 0.3%).
Shipments of lumber during the same period of 1937
totaled only
1,118,272,000 feet,
1,246,137,000 feet a'
year ago, or a
while orders received totaled
as
against
similar
1,243,229,000
period of 1936.
as
compared with
decrease of 10%,
only 1,020,088,000 feet,
feet, or 18% below the
At the
less than 4,542,289 in 1929.
no
beginning of this article
we
have indicated
large part played by increased operating costs in
depleting the revenues of the railroads of the coun¬
try, and in dealing
in
eral
now
same reason
holds true, and the exhibits-
with the results shown by the gen-
consonance
totals.
with the separate roads and
Only ten Loads,
we
find,
are
able to
record gains in both gross and net
earnings in amounts
in excess of
$100,000.
Chief
among
the Great Northern
these roads
are
(heading the list in both cases),
reporting $2,136,699 increase in
gross earnings and
$1,365,590 increase in net; the Illinois Central, with
$106,963 gain in gross and $868,630 gain in net; the
Duluth
crease
Missabe
in gross
&
Iron
Range, with $581,557 in¬
and $343,772 increase in net; the Mil¬
waukee St. Paul & Sault Ste.
Marie, with $681,557
and $558,275 gain in net; the Chicago
Rock Island & Pacific,
reporting $194,875 increase
gain in
in
gross
gross
Joliet &
and
and $314,218 gain in net,
$184,638 gain in net.
are
obliged to report
a
a
a
gain in
loss in the
net, appear such important roads
cific, reporting
as
gross earn¬
case
of the
the Southern Pa¬
gain of $1,523,789 in
loss of $195,302 in net; the Atchison
Fe, with
gross
Among the roads and
systems which, while showing
ings,
and the Elgin
Eastern, showing $395,852 increase in
gross
and
a
Topeka & Santa
gain of $329,612 in the gross and a loss of
$1,263,050 in the net; the New York New Haven &
a
Hartford, showing
and
a
loss of
an
increase of $203,914 in
gross-
$768,135 in net, and the Chicago Bur-
Volume
tral
a
decrease in net.
System, with a small gain in gross
cover
the
Lake Erie
our
$1,383,193.)
of
earnings
SUMMARY BY
a
1.82
—416,799
0.55
153.780,323
—1,654,369
1.07
41,698,738
22,317,612
+ 43,424
—98,017
0.43
64,016,350
—54,593
0.08
50,107,319
68,328,513
27,931,186
46,023,055
65,713,683
26,916,052
+4,084,264
+2,614,830
+ 1,015,134
8.87
146,367,018
138,652,790
+ 7,714,228
5.56
362,454,729
356,449,463
+6,005,266
1.68
13,459,557
64,076,878
Western District—
Northwestern region
$2,136,699
Northern
Great
rds.)_
1,523,789
Minn St Paul & S S M__
681,557
Dul Missabe & Iron Range
581,577
395,852
329,612
314,126
Southern Pacific (2
Elgin Joliet & Eastern._
Atch Top & Santa Fe
Chicago Burl & Quincy__
Pacific
Northern
Union
Pacific
Denver & R G Western..
N Y N H & Hartford
Chic R I & Pac (2 rds.)_Grand Trunk Western
N O Tex & Mex
(3 rds.)_
&
334,237
Ohio
Lehigh Valley.
Reading
Pennsylvania
333,365
306,542
248,454
Southern.
226,791
215,462
193,707
176,833
162,504
161,262
N Y Ont & Western
Line
Internat Great Northern
Illinois Central
Delaware &
NET
IN
PRTNCIPAL^CHANGES
6F
:
Hudson
$1,365,590
Northern
S S M
Minn St P &
Dul Miss & Iron Range.
Chic R I & Pac (2 roads)
Elgin Joliet & Eastern
Chic Mil St P & Pac
Minn & St Louis.
Total (10 roads)
Decrease
a$l,311,001
Atch Top & Santa
Pennsylvania..
$413,154
410,048
366,713
272,021
269,467
250,494
230,967
214,327
204,062
195,302
189,890
176,377
157,746
153,532
147,335
144,283
134,208
124,635
Del Lack & Western....
Wabash
of
121,951
114,608
109,726
Georgia
Central
Chesapeake & Ohio
455,550
587,298
Total (33
$11,704,150
roads)
the operations of the New York Central
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan
These figures cover
and the
Central;
and Evansville Indianapolis & Terre Haute.
In¬
Lake Erie, the result is a decrease of $1,383,193.
are
arranged in
groups
or
geo¬
location, the
increased operating
very plainly apparent.
Of the eight
which the three great districts—the
Southern and the Western—are divided,
graphical divisions, according to their
prominent part played by heavily
expenses
regions
is
into
Eastern, the
four regions
(three of which comprise the' Western
District) report gains in the case of the gross,
in the
case
of the net only one solitary
Northwestern
region
able to report an
too, in
in
the
increase.
Western
whereas
region (the
district)
is
The percentage of loss,
the net earnings is in some instances very
high, especially in the case of the regions comprising
the Eastern district.
Our summary by groups is as
below.
As previously
conform
to
the
58,139
58.439
39,075,203
45,295,380 —6,220,177
13.73
38,728
6,045
38,866
6,025
10,403,136
9,978,573
11,458,698 —1,055,562
10,833,874
—855,301
9.21
7.89
44,773
44.891
20,381,709
22,292,572 —1,910,863
8.57
46,090
Central West, region 56,874
46,145
56,841
29,570
1 7,529,322
16,745,324
6,664,391
16,013,371 +1,515,951
18,078,790 —1,333,466
6,942,342
—277,951
9.46
7.37
4.00
132,392 132,556
40,939,037
41.034,503
-95,466
0.23
Total
Southern District—
Southern region
Pocahontas region
Total
Western District—
Northwestern region.
Total
29,428
districts.-.235,304 2 3 5,886 1 00,395,949
108,622,455 —8,22 6,506
the roads conforms to the classification
Commerce Commission, and the following indicates the confines
groups and regions:
EASTERN DISTRICT
NOTE—Our grouping of
7.57
New
England Region—Comprises
of the Interstate
of the different
the New England States.
Region—Comprises the section on the Canadian boundary
westerly shore of Lake Michigan to Chicago, and
from Chicago via Pittsburgh to New York.
Great Lakes
New England and the
a
line
Region—Comprises the section
Central Eastern
between
north of
south of the Great Lakes
Region
through Peoria to St. Louis and the Mississippi River
north of the Ohio River to Parkersburg, W.
line thence tothe southwestern corner of Maryland and by the Potomac
east of a line from Chicago
the Ohio River, and
River to its mouth.
Decrease
Reading
Nash Chatt & St Louis..
the roads
17,482,034 —3,260,302
-1,891,283
24,047,946
to the mouth of
EARNINGS FORITHE1MONTH
1937
687,813
When
28.37
18.64
7.86
22,156,663
Va., and a
SOUTHERN DISTRICT
thence
662,511
Northern
3,765,400 —1,068,592
2,696,808
1 4,221,732
6,982
u,*o*
Region—Comprises the section
north of the southern
boundary of
of Kentucky and the Ohio River north to Parkersburg, W. Va.,
from Parkersburg to the southwestern corner of Maryland and
by the Potomac River to Its mouth.
$3,586,912
Total (lSIroads)
Erie (2 roads)
Baltimore & Ohio
Cincinnati
%
,.uw
7,050
26,543
24,846
Pocahontas
Southern
cluding Pittsburgh &
Dec.(—)
Virginia, east
1,263,050 Atlantic Coast Line
827,868 Chicago Great West
768,135 Mobile & Ohio
740,078 Chic Ind & Louisville...
Fe__.
Chicago & Nor West
N Y N H & Hartford
or
and south of a line
Chicago Burl & Quincy..
N Y Ont & Western
New York Central
—
I/zc.( +)
$
-
Region—Comprises the section east of the Mississippi River and south
of the Ohio River to a point near Kenova, W. Va., and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
157,010 Boston & Maine
129,816 Missouri Pacific
100,735 Seaboard Air Line
Southern Pacific (2 roads)
$4,022,687 N Y Chic & St Louis
Union Pacific
w
Southern
868,633 Louisville & Nashville..
558,275 Norfolk & Western
343,772 Lehigh Valley.
314,218 Delaware & Hudson....
184,638 St L-San Fran (2 roads).
Illinois Central
$
S
1936
1937
Earnings
1936
1937
3.97
3.77
26,404
Central East'n region 24,753
New England region.
Great Lakes region..
128,534
Increase
Great
-Net
Mileage
150,289
144,355
142,657
Norfolk & Western.....
$8,752,093
Total (27 roads)
Month of Sept.
Eastern District—
160,844
120,616
109,003
108,953
106,963
Minn & St Louis
Coast
$501,076
(2 roads)
Baltimore
134,185
129,254
Virginian
Atlantic
Erie
146,717 Chesapeake & Ohio
135,791
ChicStPM&Om
roads)
District and Region
Total all
174,139
Missouri-Ransas-Texas-.
Total all districts (136
0.10
D per p(i
188,969
__
Pere Marquette
,
MONTH
1937
289,363 Del Lack & Western...^
266,790 N Y Chicago & St Louis.
242,792 Boston & Maine
236,557 Missouri Pacific
203,914 Long Island
194,875 St L-San Fran (2 roads).
St Louis Southwest
(15 roads)
roads).
Central Western region (16
Southwestern region.
Increase
to
—1,193,916
63,961,757
naming
EARNINGS FOR THE
0.32
—43.654
13,503,211
65,270,794
75,006,318
41,742,162
22,219,595
decreases, and in both gross and net:
OF SEPTEMBER,
)
(
%
$
Southern District—
$100,000, whether increases or
PRINCIPAL CHANGES IN GROSS
Inc. (+) or Dec.
1936
152,125,954
few of the most outstanding.
amounts in excess of
:
-Gross Earnings
$
(24 roads)
Great Lakes region
The Pennsyl¬
vania RR., reporting a loss of $248,454 in the gross
and of $740,078 in the net; the Erie, with $501,076
loss in gross and $662,511 loss in net; the Baltimore
& Ohio, with $334,237 decrease in gross and $587,298
in net; the Southern Ry., reporting $226,791 loss in
gross and $687,813 loss in net; and the
Reading,
showing a decrease of $306,542 in gross and of $413,154 in net.
In the subjoined table we show all
changes for the separate roads and systems in
only
GROUPS
1937
(10 roads)..
New England region
Lack of space prevents
their decreases) the roads
in both gross and net earn¬
shall confine ourselves to
ings alike, so we
boundaries of the
indicated in the foot¬
District and Region
Month of September—
Eastern District—
naming separately (with
which have suffered losses
a
and regons are
note to the table:
($35,307), has
(These figures
operations of the New York Central and
lines; when, however, the Pittsburgh &
is included, the result is a decrease in net
leased
its
different groups
of $1,311,001.
loss in net earnings
The
Commission.
Commerce
gain in gross
The New York Cen¬
lington & Quincy, reporting $314,126
and $176,377
3255
Chronicle
Financial
145
explained,
we group
classification of the
the roads
Interstate
WESTERN DISTRICT
Region—Comprises the section adjoining Canada lying
Great Lakes Region, north of a line from Chicago to Omaha and thence
and by the Columbia River to the Pacific.
Northwestern
Central Western
Region—Comprises the section
to the
south of the Northwestern Region
St. Louis, and north of a line
and by the Mexican boundary
Chicago to Peoria and thence to
Kansas City and thence to El Paso
west of a line from
from St. Louis to
west of the
to Portland
Pacific.
Southwestern
and by the Rio
The
the Mississippi River
City and thence to El Paso;
Region—Comprises the section lying between
•outh of 8t. Louis and a line
from St. Louis to Kansas
Grande to the Gulf of
Mexico
grain traffic over Western
roads in September
have already indicated, was
very much larger than in the month a year ago,
although even at that it was by no means equal to
the September, 1935, movement, which was the
largest for the month since 1930.
With the single
exception of corn, all the different cereals, in greater
or less
degree, the present year contributed to the
increase, the gains in the case of wheat and of barley
having been particularly pronounced.
Thus the
receipts of wheat at the Western primary markets in
the four weeks ended Sept. 25 aggregated 34,416,000
the present year, as we
bushels
as
against only 9,867,000
four weeks of 1936;
bushels
as
bushels in the same
the receipts of corn only 6,759,000
compared with 8,391,000; of oats, 13,167,-
of barley, 12,828,000
and of rye, 4,701,000 against only
1,926,000 bushels.
Altogether, the receipts at the
Western primary markets of the five cereals, wheat,
corn, oats, barley and rye, in the four weeks ended
Sept. 25 reached 71,871,000 bushels as against 33,324,000 bushels in the same four weeks of 1936, but
comparing with 86,523,000 bushels in the same period
of 1935.
In previous years, back to and including
1929, the receipts during the same four weeks were:
51,424,000 bushels in 1934; 57,734,000 in 1933;
000
against only 3,835,000;
against 9,269,000,
3256
Financial
70,539,000 in 1932; 56,002,000 in 1931; 105,632,000
in 1930, and 86,869,000 in 1929.
The details of the
Western grain movement in our usual form
out in the table
WESTERN
4 Wks. End.
now
we
set
FLOUR AND
GRAIN
Corn
Oats
{Bbls.)
{Bush.)
{Bush.)
{Bush.)
1937
809,000
3,744,000
4,316,000
2,974,000
1936
783,000
1,152,000
3,010,000
1,049,000
Barley
{Bush.)
Rye
{Bush.)
■>
1937
;.
,,
1,410,000
1,530,000
1,140,000
\
1937
65,000
142,000
3,980,000
4,750,000
975,000
431,000
429,000
1,815,000
1936
....
825,635
1937
1936
1,053,908
124,000
the
35,000
159,000
movement of cotton for the
24,000
2,372,000
4,350,000
201,000
383,000
following table
RECEIPTS
181,000
8,000
OF
COTTON
14,000
154,000
207,000
620,000
1,604,000
1,615,000
729,000
AT
In
past three years:
SOUTHERN
PORTS
IN
SEPTEMBER,
1937.
1936 AND 1935
Month of September
:
....
1936
i
423,000
1936
1,492,000
516,000
....
753,000
171,000
....
1936
38,000
54,000
262,000
177,000
25,000
405,000
343,000
61,000
993,000
1,237,000
200,000
300,000
164,000
419,000
186,000
161,000
467,860
Houston,
375,816
Since Jan. 1
1935
1937
252,957
180,846
1936
719,607
769,918
673,164
420,218
303,458 1,023,101
73,531
222,809
47,385
25,236
919,482
134,833
695,861
&c
456,464
247,429
329,585
336,447
50,595
55,027
Pensacola
19,695
40,057
Savannah
56,940
55,205
97,866
129,956
76,375
58,304
44,759
120,977 .J
Wilmington
57,000
4,460,000
185,000
60,000
2,102,000
746,000
236,000
315,000
241,000
1936
60,000
Wichita—
110,000
77,000
804
31,610
23,824
22,465
432,980
52,312
273,282
257,395
40,605
1937
763,000
8,000
2,000
705,000
....
Sioux City—*
3,483
1,168
2,169
.
11,000
'• V
■''
•1\
57,000
22,000
80,000
87,000
32,000
56,000
41,000
87,000
15,000
37,904
6,019
_
,»
-
~
-
v
_
'
«
»
15,338
..
1,603
10,266
6,826
3,934
3,047
3,615
1,603,104 1,276,010 1,097,317 3,611,177 3,083,317 2,389,802
Results for Earlier
'■
25,000
i
....
„
V''
'
19,111
10,393
"
2,000
■>
13,213
■
2,000
'
1937
104,011
Total
W'.'
■
83,663
4,894
4,177
176,000
91,241
70,103
27,237
_■
Brunswick
......
69,616
153,553
2,406
3,179
72,929
23,560
_
Lake Charles
:
115,579
70,695
115,579
-
7,440
Jacksonville
310,000
1936
St. Joseph—
514,387
1,647
Norfolk _T.
Corpus Christ!
1937
1935
769,793
Orleans
New
Beaumont
City—
1937
1936
Galveston
Mobile
340,000
640,000
105,000
173,000
151,000
Kansas
1936
:
Peoria—
1937
1937
Charleston
......
1937
The poor
Years
showing made by United States railroads in
September the present year, namely, a gain in gross earnings
$6,005,266 (or 1.68%), accompanied by a loss of $8,226,506 (or 7.57%) in net earnings, followed substantial
gains
in both gross and net—$50,080,594, or
16.34%, and $19,749,522, or 22.21%, respectively—in September a year ago.
And these increases, in turn, came after a gain in
gross of
$31,408,547 and an increase in net of $16,564,585 in Septem¬
of
all—
1937
1,525,000
1,574,000
1936
9 Mos. End.
34,416,000
9,867,000
Flour
{Bbls.)
Sept. 25—
7,633,000
7,706,000
1936
13,167,000
12,828,000
8,391,000
{Bush.)
••
1937
6,759,000
3,835,000
9,269,000
Wheat
Chicago—
Corn
Oats
{Bush.)
-
:;
32,451,000
.
Barley
{Bush.)
'■
{Bush.)
37,955,000 18,313,000
19,256,000
4,701,000
1,962,000
Rye
{Bush.)
7,456,000
11,713.000
4,109,000
18,725,000
8,346,000 19,951,000 28,102,000
6,133,000
20,144,000
44,482,000
40,618,000
34,277,000
2,597,000
4,952,000
Minneapolis—
t..-
1936
Duluih—
l'-'
1937
16,689,000
v
■
4,796,000
--'.V-;'''-.'
.
18,386,000
8,330,000
4,195,000
6,410,000
4,959,000
2,433,000
3,304,000
5,187,000
2,562,000
5,210,000
3,374,000
....
106,000
1,888,000
1,238,000
5,306,000
9,372,000
825,000 20,463.000
332,000
Milwaukee—
1937
557,000
620,000
987,000
Toledo—
1937
8,812,000
1,321,000
4,099,000
9,761,000
....
2,585,000
5,245,000
89,000
258,000
264,000
250,000
679,000
Detroit—
ber, 1935.
However, these consecutive gains had succeeded
heavy losses—$16,643,258 in gross and $20,938,789 in net—
September, 1934, which in turn followed a substantial
increase in gross earnings of $23,446,244 and in net
earnings
of $11,129,616 in September, 1933.
In the three years pre¬
ceding the last-named year huge losses were recorded.
It is
important to bear in mind, too, that the heavy losses in these
three years—$77,612,781 in gross and $9,060,608 in net in
1932, following $117,073,774 in gross and $55,161,214 in net
in 1931 and $99,634,540 in gross and
$36,255,079 in net in
1930—do not, as might be supposed, follow large gains in
the years immediately preceding.
On the contrary, they
come
after indifferent results
in September,
1929, and
equally indifferent results in September, 1928, and decidedly
unfavorable results in September, 1927.
In 1929 our Septem¬
ber compilation registered an increase of no more than
$9,812,986 in gross and of only $2,612,246 in net.
In Sep¬
tember, 1928, our tables recorded $9,980,689 loss in gross with
$1,711,331 gain in net.
In September, 1927, there was $26,058,156 loss in gross and $13,799,429 loss in net.
On the
other hand, however, our tabulations for
September, 1926,
showed gains then which did not differ greatly from the
in
1937
67,000
2,000
54,000
1936
1,496,000
181,000
859,000
80,000
1,183,000
25,101,000
23,546,000
13,482,000
13,403,000
1,000
32,142,000
10,519,000
4,261,000
4,458,000
20,555,000
11,866,000
5,451,000
15,346,000
15,824,000
7,073,000
1,568,000
1,473,000
1,663,000
2,412,000
10,487,000
15,997,000
2,827,000
2,157,000
501,000
84,695,000
5,927,000
2,409,000
571,000
54,243,000
14,641,000
2,822,000
7,722,000
4,676,000
699,000
2,682,000
1,384,000
losses which followed in
2,036,000
ment for
23,095,000
12,893,000
62,000
153,000
104,000
1,769,000
1,123,000
821,000
896,000
1,719,000
462,000
63,000
Indianapolis-Omaha—
1937
1936
593,000
918,000
St. Louis—
1937
1936
1,775,000
2,050,000
561,000
2,465,000
1,386,000
2,809,000
1,654,000
343,000
Peoria—
1937
....
1936
....
Kansas
City—
1937
1936
St. Joseph—
1937
....
1936
Wichita—
1937
1936
Sioux City—
1937
Total
65.000
202,000
159,000
14,520,000 270,144,000
87,213,000 71,023,000 46,847,000 19,041,000
14,828,000 191,621,000 146,491,000 74,613,000 72,229,000
16,863,000
1936
On the
other
hand, the Western livestock
ment appears to
September
last
year.
This
only 8,161 carloads
carloads in
as
September, 1936.
receipts comprised 4,832
was
due
entirely
Chicago, which
to
em¬
compared with 9,426
At Kansas City the
against 4,788 cars
while at Omaha they reached 4,147 cars,
last year,
against 3,946
Coming
on a
move¬
have been somewhat smaller than in
smaller receipts of livestock at
braced
now
cars.
cars,
as
to the cotton traffic in the South, this
greatly reduced scale
so
far
as
the overland
staple is concerned, but was very
much larger than last year in the case of the
port
movement
of
cotton.
only 32,570 bales
Gross
as
shipments
overland
against 59,487 bales in
September, 1936, but comparing with 30,190 bales
September, 1935.
In previous years the Septem-
in
1927.
In other words, our state¬
September, 1926, recorded $24,192,709 increase in
and $14,996,918 increase in net.
These 1926 increases,
came
after moderate increases in the year preceding,
tabulations
for September, 1925, having shown $24,381,000 gain in gross and $18,026,891 gain in net, notwith¬
standing that at that time the anthracite carriers had to
contend
with
the
strike in the anthracite mines, which
completely all traffic in hard coal.
Even
in 1924, which was a period of trade reaction, there was in
September of that year only a relatively slight falling off
in gross earnings (no more than $5,116,223), while in the
net there was no loss at all then, but rather
improvement
in the large sum of $29,947,793 (expenses
having been re¬
duced in amount of $35,064,016 at that time).
Moreover,
this followed $44,549,658 improvement in
gross in Septem¬
ber, 1923, and $37,441,385 improvement in net.
It is true
that this notable improvement in 1923 was due in
part to
the poor exhibit made by the carriers in
September, 1922,
when they had to contend at once with the shopmens' strike
served to cut off
and the strike in the unionized coal mines.
And yet there
in September, 1922, but
an
increase, though this increase amounted to only $1,723,772 and was accompanied by $29,046,000 decrease in
the net, due to the augmentation in operating costs occa¬
sioned by the labor troubles referred to.
Furthermore, this
loss in the net in 1922 came after $11,372,524 gain in the net
in 1921, as compared with September, 1920.
The noteworthy feature about this 1921 gain in the net was
that it occurred notwithstanding a tremendous
shrinkage in
the gross revenues in that year arising out of the
great
slump in trade and industry which marked the course of
the whole of the year 1921.
The improvement in net came
as
a
result of prodigious curtailment of the expenditures
was
.
movement of the
were
gross
too,
474,000
464,000
all—
1937
was
2,000
our
1936
as
with
comparing
1935, AND SINCE JAN. 1, 1937,
103,000
1,592,000
1,268,000
but
7,000
15,000
1936 AND
83,000
330,000
St. Louis—
1936
1,065,623 in
Ports
1937
1936
but
1935,
in
1933;
give the details of the port
11,000
38,000
140,000
Indianapolis-Omaha—
1937
we
.
243,000
1936
Total
1931,
2,435,000
1937
1936
in
623,000
Detroit—
'
bales
in
1,649,272 in 1930 and 1,327,471 bales in 1929.
3,824,000
516,000
376,000
1936
1,333,280
92,000
•'
....
1,097,317
41,000
Toledo—
1937
1934;
against only 1,276,010 bales
as
1936;
3,075,000
.
193,000
142,000
64,000
....
and
1932
Milwaukee—
1936
in
286,000
Dululh—
10,213,000
1,195,000
re¬
.
1,492,000
—
On the other hand, the
(the largest total recorded for the
1930),
September
746,000
10,966,000
1936
I
in
■/.
1937
45,836 bales in 1934; 30,041 in 1933;
51,520 bales in 1929.
month since
Chicago—
.
were:
20,
20,166 in 1932; 29,405 in 1931; 49,837 in 1930, and
1,603,194 bales
RECEIPTS
Wheat
Minneapolis—'
ber totals
Nov.
ceipts of cotton at the Southern outports aggregated
Flour
Sept. 25—
are
introduce:
Chronicle
no
actual
loss
in gross even
Volume
which
was
Financial
145
forced upon
$129,367,931, or 36.16%.
But this was accompanied by an
augmentation in expenses of $126,177,381, or 51.82%, leav¬
ing net larger by only $3,190,550, or 2.79%.
The year be¬
fore rising expenses played a similar part in contracting the
net results.
In that year (in September, 1917) there was
$33,901,638 increase in gross, but $7,699,654 loss in net,
owing to an expansion of 41^ million dollars in expenses.
In the following we furnish the September comparisons
the carriers in order to offset the
In previous months of that year the
extent of the shrinkage in traffic consequent upon the col¬
lapse in trade had been in considerable measure concealed
owing to the fact that the roads were then getting very
much higher transportation rates both for passengers and
for freight.
In other words, in these earlier months of 1921
the loss in gross revenues because of diminished traffic was
in large part offset by the additional revenue derived from •"
higher rates on the traffic which the carriers actually did
great loss in traffic.
handle
and
transport.
In
99901122365780
1
September this was no longer
Deprived of the advantage—in the comparisons—of these
higher rates, the naked fact of a tremendous shrinkage in
the volume of business then being moved (1921) stood out
in all its grimness.
The loss, accordingly, aggregated no
less than $120,753,579, or not far from 20%.
But by dint
the roads managed to cut down their ex¬
penses in the prodigious sum of $132,126,103, leaving a gain
in net of $11,372,524.
The 12% reduction in the wages of
railroad employees which had been in effect since July 1,
under the authorization of the Railroad Labor Board, was
one fact in the big contraction in expenses; the shrinkage
in traffic was yet another factor, and of much larger magni¬
tude, in addition to which railroad managers skimped and
saved in every direction, in particular cutting the mainte¬
nance
outlays to the bone, little repair work of any kind
being done that could be deferred.
As against the gain in net in 1921, however, brought about
in the way indicated, it is important to note than in preced¬
ing years very large additions to gross revenues arising
either from an increased volume of traffic or from higher
rates failed to yield any substantial additions to the net.
This remark applies to the results for many successive years
of this earlier period, operating costs having steadily risen
at the expense of the net.
In that respect, the exhibit for
September, 1920, was particularly disappointing.
Great ex¬
pectations had been built on the benefits to be derived from
the noteworthy increase in passenger and freight rates that
had then just been put into effect.
Gross earnings did
reflect the higher rates in an increase of no less than $113,783,775, or 23.68%, but $104,878,082 of this was consumed
by augmented expenses, leaving, hence, a gain of net of only
$8,905,693, or less than 10%.
In the year preceding, the
showing as to the net was equally unsatisfactory.
Thus for
September, 1919, our tabulations registered $9,252,922 gain
in gross but $18,828,861 loss in the net.
In September, 1918,
the gain in gross revenue reached enormous proportions,
the war being still in progress and the volume of traffic
extremely large, besides which decided advances in both
passenger and freight rates had been made only a few
months before.
The addition to the gross was no less than
great effort,
President
Use
9990112234658736874150
Private
Capital to
Taxation in Behalf of Small
4,19
0.01
+ 19,891,032
7,88
+ 9,805,231
3.56
4.50
6.43
276.458,199
332, 888,990
364, 880,086
487, 140,781
495, ,123,397
594, ,192,321
496, 784,097
498, ,702,275
544, ,270,233
499,720,575
544,970,083
539, ,853,860
540,062,587
564,756,924
590,102,143
564,421,630
556,003,668
564, ,443,591
588 ,948,933
564, ,043,987
554, ,440,941
565, ,816,654
566,461,331
466,895,312
349,662,649
466, ,826,791
349, ,821,538
272, ,049,868
295, ,506,009
275, ,129,512
272,059,765
291,772,770
275.158.450
306,552,878
356,449,463
306, ,566,997
356, ,633,472
362 ,454,729
Cent
12.11
285,850,745 —12,857,844
+ 17,783,141
+ 38,555,541
294.333.449
+ 33,901,638
330,978,448
357,772,850 + 129,367,931
+-9,252,922
485,870.475
480,408,546 + 113,783,775
617,537,676 —120,753,579
+ 1,723,772
496,978.503
272, 992,901
294, 241,340
Preced'g
Given
217,277
229,161
220,205
233,428
230,918
237,591
242,097
242,386
245,132
226,526
235,140
239,050
238,698
243,463
23.68
19.55
235,155
10.24
36.16
1.90
0.35
235,178
4.51
236,752
236,779
238.814
4.28
4.42
5.70
240,693
241,704
242,341
242.815
242,292
240,992
238,977
11.41
237,431
16.34
236,686
1.68
235,304
1.77
—9,980,689
+ 9,812,986
—99,634,540
—117,073,774
—77,612,781
+ 23,446,244
—16,643,258
+ 31,408,547
+50,080,594
+6,005,266
1.76
18.64
25.07
22.19
8.62
Inc.
Net Earnings
236,525
235,640
236,587
235,977
237,854
239,499
241,447
242,322
242,593
242,143
235,611
0.93
—26,058,156
243,027
232,378
232,349
224,922
234,559
235,205
235,280
8.91
+44,549,658
—5,116,223
+24,381,004
+24,192,009
247,466
248,156
245,148
232,186
232,772
226,955
13.10
(+)
or
239,904
240,563
238,819
236,918
235,886
(—)
Dec.
Month
Year
Year
Given
$78,939,440
94,307,971
89,398,733
90,842,946
124,447,839
116,086.103
117,470,621
98,302,598
102,329,084
120,604,462
920....
91,381,593
-
129,300,309
165.049.184
177,242,895
191,933,148
179.434.277
180,359,111
181.413.185
.....
147,231,000
92,217,886
83,092,939
94,222,438
71,781,674
934.
88,955,493
935
108,659,760
100.395,949
936....
937
15.84
+ $12,505,314
4.37'
—4,116,532
+ 1,321,815
+6,035,612
—5,153,067
+748,914
+ 18,546,361
+ 12,572,543
—7,699,654
+3,190,550
—18,828,861
+8,905,693
+ 11,372,624
—29,046,959
+ 37,441,385
+30,137,237
+ 18,026,891
+ 14,996,918
—13,799,429
+ 1,711,331
+2,612,246
—36,255,079
—55,161,214
—9,060,608
+ 11,129,616
—20,938,789
+ 16,564,585
+ 19,749,522
—8,226,506
98,000,260
91,274,033
93,181,915
111,875,296
123,785,757
114,280,071
117.131,459
93,423,391
109.232.938
120,428,652
91,858,924
134,911,897
159,216,004
176,936,230
193,233,706
178,647,780
178.800.939
183,486,079
147,379,100
92,153,547
83,092,822
92,720,463
72,390,908
88,910,238
108,622,455
111.728.276
Per Cent
Amount
Preceding
$91,444,754
90,191,439
90,720,548
96,878,558
92,847,193
92,022,947
Congress, Says Immediate Task Is to
1.48
6.64
5.26
0.82
19.90
11.24
6.22
2.79
16.08
9.53
10.41
24.12
40.76
22.33
11.32
8.48
7.14
0.96
1.46
19.75
37.41
9.83
13.39
22.58
22.88
22.21
7.57
Increase
Unjust Taxes and Modify
Create Employment—Would Remove
Amend Tax Laws—President1 s
Business—House Committee Acts to
Objectives at This Session Wage and Hour,
Per
Amount
252,318,597
275,244,811
285, 050,042
of
September
Roosevelt, in Message to Special Session of
of
Rreceding
272, 209,629
Year
Year
$252, 711,515 $242,562,898 +$10,148,617
+ 25,593,110
236, 874,425 211,281,315
+39,801
249, 054,036 249,014,235
931.
,
(—)
Year
Given
914.
month.
of
Decrease
Year
of
September
Mileage
Increase (+) or
Gross Earnings
Month
case,
already in effect.
It was estimated at the time when these
great advances were made that on the volume of traffic
then being handled they would add $1,500,000,000 to the
annual gross revenues of the roads, or, roughly, $125,000,000
a
999223334685704657
back to 1909:
for in that month comparison was with a time
in 1920 when the higher rates authorized by the Interstate
Commerce Commission in the summer of that year were
the
3257
Chronicle
Crop, Government Reorganization,
and Regional
Planning Legislation
In
Oct.
act
proclamation of
Nov. 15 to
legislation outlined by the President in his "fireside
response
to
President
Roosevelt's
12, Congress convened in extra session on
on
chat," the same day, as necessary, prior to the regular ses¬
sion in January.
The marked recession in industrial pro¬
duction which has taken place since the adjournment of
commented upon by the President
in his message, and he said that "with the exercise of ordi¬
nary prudence, there is no reason why we should suffer any
prolonged recession."
"Obviously," said the President, "an
immediate task is to try to increase the use of private
Congress in August was
capital to create employment."
Almost at the outset of his
the President touched upon thp subject of taxation,
and he noted that in accordance with his suggestion of last
message
"committees of the Congress, with the cooperation
Treasury
Department,
are
already engaged in
studies aimed at the elimination of any injustices in our
tax laws."
"Unjust provisions," said the President, "should
be removed, provided such removal does not create new in¬
justices."
The President told Congress that "we should
give special consideration to lightening inequitable burdens
on the enterprise of the small business men of the Nation."
"Small businesses or even those of average size," he went
spring,
of
on
the
to
which
say,
are
"have difficulties of financing and
not shared by large
corporations.
distribution
Therefore, by
tax consideration they should receive more equal
opportunity to compete with their more powerful com¬
petitors."
Earlier in
his message he stated that "modifications
special
adequate to encourage
productive enterprise, especially for
businesses,
smaller
the
must
extend to
not
the point of
using the corporate form for the purpose of hiding
it to reduce or eliminate taxes* in a way not open
partnership."
individual or
should
Nor
the
where
extend
we
accept
a
revenues
revenue
an
or
to bear them.
least able
It
Nor can we at this time
laws which involves a reduction in the
increase in the aggregate tax burden of those
revision of our
aggregate
speculative profits on capital
risk was speculation rather than the
productive enterprise.
of
development
to an
He added:
privileges to
original
the
of
intent
actual
tax
behind
was
noted in United
Press advices from Washington,
that just before the President's message was read
House Ways and Means Tax Subcommittee decided
Nov. 15,
the
tentatively
business two relief measures to ease
levies on undistributed corporate
grant
to
burden
the
of
present
reserves:
To
1.
permit carryover of operating losses for one year
To
2.
net
exempt
incomes
of
from
to apply against
following year in computing tax liability.
undistributed profits tax all corporations with
adjusted net income the
the
$5,000 or
It was estimated,
less annually.
said the press accounts, that about two-
thirds of American corporations
would be affected by such
amendments.
The
as
to
with four objectives
viz., agriculture, labor,
President's message had to do
which
he
seeks legislation,
government reorganization, and
said:
regional planning.
As to
the first, he
We
must continue in
cur
efforts toward abundance without waste.
We
which will not only prevent new farm surpluses from
causing new collapse in farm prices but which will also safeguard farmers
and consumers against the hazards
of crop failure.
We need an "all
weather" farm plan—a plan that uses the reasonable surpluses of a year
need
legislation
of
good weather to
of
a
of
year
food supplies to make up for the shortages
carry over
tion
reminded
Congress that "I
if the
expressed my view that
have
additional
additional
the
be provided
should
means
revenue."
In
observing that
to
yield
week,
Act]
workers'
and assure
since
then
been
upheld,"
and
the
ers
the
to
recognizes
action if
ing
we
general
minimum
We
not
hour
should
his
to
and
legislation
must
standards; that is
provide
flexible
'
require
banish child
First,
selves
from
labor
excessively
machinery
months
hour
immediate
which
will
and
industries
new
by
workers
protect
of
kind
some
offering
principal
projects be submitted to the Execu¬
expansion
they
with
help."
"In the
before thte Congress," he added,
been
have
other."
In
of
government
1
expressed
The
conclusion,
President
address
he
end
of the
country to
hope
indicated
Congress
"in
"a
that
regard
to
little
for
.
The
text
another
.
early
proposals
he
to
housing
new
would
encourage
large
on a
of
head
the
in
President's
this
issue.
is
message
The
given
President's
more
competing communities.
under
proclamation
Oct. 16 issue,
calling Congress in session appeared in our
on
page
2481, and his "fireside chat" was
page 2482.
which
.
labor
later"
scale."
them¬
protect
attraction
be found in
may
continuing
Congress for inclusion in a national develop¬
of such size as the budget of the year will
one
industries
hours.
communities
some
the
as
plentiful and much cheaper than
resources—
comprehensive and
private capital to enter the field of
to
long
the seven
Congressional action.
enable
unable
excessively
I
resources,
into
those
the
uniform
7sv
low wages and
Second, end the unsound practitce of
seek
divided
gent foundations for the other plans for encouragement
immediate purposes to be accomplished:
two
as
natural
our
be
four subjects promise in continued and in¬
purchasing power," said the President, "are intelli¬
Industrial
ultimate goal.
an
7:'; ■■••••,"7;
He cited
into
program
creased
throughout the country to adjust themselves progressively to better labor
conditions.
of
country
"they have been discussed from
that
wage
the
"What these
country as a
Congressional
wage
to regional plan-
as
permit."
:
mean
or
As
the
this
regions local authorities be set up to arrange
tive and to the
ment
purchas¬
against recessive factors in the
situation."
industrial
docs
that the
immediate
development
that
eration should regional
and
to maintain wage income and the
are
objectives, he said
This
for
and
such
in
projects
will not again deny to farm¬
"I believe
need
the
of the Nation
power
hope
of
of
message
plan for the entire region—and that only after such consid¬
have
say
President stated that
whole
that
[the Wagner
Security]
President's
also his recommendations
was
branches
administrative
in the
regions into which nature divided
great
which it now accords to others."
In
respecting wage and hour legislation,
protection
had
[Social
he expressed the
belief "that the Supreme Court
what he
relations
security
and
made
was
recommended
Adjustment Act were set aside nearly
by the Supreme Court," he pointed out that
"Acts of Congress to improve labor
as
servation
the
portions of
Agricultural
two years ago
executive
the
1937
his recommendations for the reorganiza¬
ning, stating as to the latter that for the "purpose of con¬
the regular
"vital
of
government
already
farm Act provides for
new
expenditure of funds beyond those planned in
Nov. 20.
The renewal of
bad weather.
The President
budget,
Chronicle
Financial
3258
given
on
.
..
Text of
Message of President Roosevelt With Opening of Special Session
of 75th
.The convening
of the extra
session
of
the
Seventy-fifth
Congress, on Nov. 15, is referred to in another item in
issue, and the recommendations of President Roosevelt
tained in his message to the
extraordinary session
extended mention
Below
therein.
To
the
con¬
given
are
give the text of the
we
message:
this
,
Congress:
Important
in
are
adjournment
industrial
advance
We
As
production
for
have
prices—a
been
not
last
as
building.
And
economists
to
effect
definite
purchases following a
uncertainties
called
month
in
be done,
may
of
enterprise, of
of
the
the
picture.
rise
anticipated
of
one
economic
rapid
in many
revival
country's
of
decline
has
decreasing
not
or
not
the
done,
reached
in
of
the
serious
proportions.
income—and that is
national
advice
But
it
has
matter
a
of
sought to avail myself
of
managers
of
large
industrial
small
of
owners
have
from
businesses
in
many
lines, and of representa¬
possible
every
the
this
on
Single
economic
and
method
answers
financial
problems
of
To over-emphasize
that
for
one
the
the lives of all the
which
today
face
all
symptom out of many—to over-emphasize any one
appeals to any one group—is to play with
moment
and
men
of
women
before in
our
who
history, the well-being of those who
have less,
good-will rests
From
these
to
Some
at
are
today
as
With
these
not
work
willing
from
members
much, as well as
society of good-will where
contented
a
foundation
other
of the
recommendations
for
only
a
that
all
sources
have
suggestions
many
Executive Branch of
consistent
are
recession
the
to
need
exercise
of
clear
that
with
the
present
permanent
the
use
go
have enough
we
recession
If
recovery.
economic
the
have
Govern¬
each
other;
wisdom in the
but
the
knowledge
to
lay
people
gained
are
in
as
recent
ordinary
prudence,
there
is
no
reason
suffer
The
fundamental situation
conditions
are
of
1929.
lower.
over-extended
The
Inventories
in
new
is
not
banking
are
to
be
compared with
system
not
construction
is
not
dangerously large.
in
or
capital
the
those
budgets.
courts
reached
But
without
is
not
we
this
obviously. also,
regard
respond, government
What
earlier
can
feasible to
do
to
must
covers
We
are
equipment.
so
advance will
government
the
up
wide
all
in
a
cannot
If
consequences.
take
include them
Such
year.
let
private
gate tax
We
reduction
nesses
give
this
and
of
or
least
the
the
growing
which
search
for
is
ready
be
the
of
no
longer
Speculation
balanced
assure
nature
enterprise
take
does
its
not
But
central
of
Message.
many
subjects
that it
the
today
more
are
and
with
of
other
may also
of
checking
resultant
Much
complete
to
free
which
I
expect
Administration
In
the
related
of
inflation
that
on
with
a
more
is
program
depends
income.
on
not
pledged
wider
forget the
itself
attainment
of
This
objectives—four which
directly
power
of
look
to
the
the
Executive
to
the
The other
improvement
and
the
of
by
the
was
pass
Congress
then, that
in
need
a
new
the
balanced
purpose
essential
machinery
branches
of
wages—a
In
in
recent
and
our
greater
farmers
have
Cotton
farmers
we
are
plenty.
have been
harvesting
And
the
We must continue
need
legislation
in
which
1933.
recognize
of
for
the
many
crops
the
act
our
will
both
the
as
than
to
the
facing
take.
markets
acute
of
surpluses
to
crush
other
crops
are
them
crop
this country
Corn farmers
threaten
need
begin to be
harvesting the largest cotton
more
of
been
declared
the
and
for
potato
producing
wondering how
soon
surplus uncontrolled.
efforts
not
Two
whole task,"
was
Great
Some crops will
more
are
that
of
these
Government.
farm
summer.
today.
accustomed
producers
that
purchasing
functioning of
Federal
national
last
once
history—5,000,000 bales
of the world
farmers
this
weeks
falling prices.
all
in
economy
planted within three months.
and
im¬
em¬
Agriculture
Resolution
still
tools
and
the
con¬
an
income.
maintenance
and permanent
Joint
is
two,
the
Legislative
1.
Intention to
central
and
the
full
however, deals with only four of
already being considered by the Congress.
stabilization
nation.
of
national
its
of
presupposes
message,
are
the
broad
to
pointed
effect—but
distribution
enlargement
in
of
just distribution of the gains
already in
enemies
increase
the
solutions
wide social program
a
a
Such
equal
are
progressive
objectives.
can
because
years,
must
we
has
Here
past
many
problems of detail
this
success
over
ployment of both capital and labor—reasonable profits and fair
of that vigorous moving equilibrium which
began
that
A
com¬
also will shortly
year
resumption
produce
monopo¬
statutes.
threat
public utilities.
extending
these
that
mensely enlarged national
will
to
we
receiving renewed examination—for instance
financing
difficult.
truth
and
by
opportunity
time.
budget for the coming fiscal
to the Congress—a budget
railroads
civilization.
and
Therefore,
anti-trust
this
busi¬
financing
method
the
of
meet
burdens
Small
this way
and
spite
to
of
equal
In
control
in
methods
which
the aggre¬
inequitable
corporations.
effective
more
in
nation.
difficulties
large
economic
higher living standards and
and
of
receive
a
people of the United States to carry
toward
not
definite balance.
a
work
we
as
broad
for
way
them.
man
for at this
they, too, will be the victims
so
for
thoroughly unsound
frankly be
smaller
form
a
laws
revenue
lightening
have
by
should
persist
called
matters
of
the
increase
submission
for
brought within
problems
to
our
an
powerful competitors.
additional
The proposed Federal
be
they
concentration
practices
further
size
shared
search
our
bear
to
business
average
not
more
in
able
small
of
a
consideration
consideration
listic
accept
those
special
assistance
for
using the corporate
revision
are
with their
especially
removed
Nor should we extend tax privileges
capital where the intent of the original risk was
actual development of
productive enterprise.
which
compete
be
Modifications
eliminate taxes in
or
the aggregate revenues
those
even
tax
point of
should
injustices.
partnership.
special
enterprise of
or
new
the
time
in
burdens of
should
the
on
Interest
slack.
field
or
on
than
this
at
we
a
provisions
create
enterprise,
the
to
far different
over-extended.
requiring liquidation does not overhang our markets.
Obviously an immediate task is to try to increase the use of
private
capital to create employment.
Private enterprise, with cooperation on
the part of government, can advance to
higher levels of industrial activity
than
can
involves
rather
relate
paralysis.
rates
Nor
the
further.
no
extend
individual
an
Unjust
not
productive
hiding behind it to reduce
speculative profits
tinued
enough.
why we
any prolonged
recession, let alone any general economic
Despite some maladjustments, which can be
corrected, under¬
lying conditions are not unfavorable.
should
to
Deflation
check
to
more
government
this
and
to other
of
upon
solid
discussions make it
ground
years,
thet
have
complete variance.
But these
country
depends
on
conferences
and
me
ment.
some
open to
will
America.
The ultimate answer to the conditions of
today is a cordial and con¬
fident cooperation not
only between government and every kind of citizen—
but
also between every kind of citizen and
his government.
As never
come
businesses, must not
the purpose of
laws.
does
encourage
Still other
panacea
those
to
getting
simple slogans
or
nations.
the
adequate
tax
our
removal
petitive enterprise
source.
complicated
in
such
find
and
cure
injustices
provided
distribution
Washington.
long experience I place great value
not
On the subject of
taxation, in accordance with my suggestion of last
Spring, committees of the Congress, with the cooperation of the
Treasury
Department, are already engaged in studies aimed at the elimination of
leading
agriculture and of labor.
suggestions
will
fairly steady
upon
wisdom
Out
recession
concern.
the
tives
the
the
to
particular
I quoted
ago
in
attention
During the adjournment of the Congress I
of
marked
a
effect—that the continuance of business
recovery in
depends far more upon business policies than it does
present
address you further in regard to proposals to encour¬
private capital to enter the field of new housing on a large scale—a
which during the past four years has failed almost
completely to
keep pace with the marked improvement in other industries.
field
speculation
of
unaware
a
been
years.
threatened
over
anything that
the
industrial
four
has
there
this
United States
The
August
spring I
that
rise
in
and
than
more
far back
A little later I will
age
any
already pending before this Congress, and other
early consideration.
Therefore, it has seemed advisable
to call this
Extraordinary Session to expedite the work of the regular
session which will begin in
January.
measures
matters will require
Since your
Congress
toward
only
abundance
prevent
new
without
farm
waste.
surpluses
We
from
Volume
causing
and
against
the
plan—a
a
farm
plan
the
that
uses
safeguard farmers
failure.
We need an "all
the reasonable surpluses of a year
crop
for the shortages
the
of
aid
farmers
government
can
formulating
farm
a
there
program
things
certain
are
we
must
We
must
remains.
mind
in
keep
to
farmers
assist
Any sound,
We have begun to
fertility of our soil.
the
the
stop
and save the good soil that
must have soil conservation as a
of soil
waste
long-time program
families.
economic welfare of farm
mind the
in
long-time national policy, farmers must have a fair share in the
income to supply farmers' buying to keep city factories running.
We
must
keep
mind the
in
1936 which spelt disaster for so many farmers in
brought forcibly home to our large cities in the high
prices of many foodstuffs this year.
Consumers should have the same
protection against the underproduction of years of scarcity as the farmers
should have against the overproduction of years of glut.
We must keep in mind the American democratic way.
Farm programs
droughts of 1934 and
those
were
years
cannot
take
and
administered,
part in them.
so
majority rule
again,
one
unless they have the active support of the farmers
Our program should continue to be one planned
far as possible, by the farmers themselves.
Here
succeed
long
who
provide
seems
If and when huge surpluses in any
justified.
laws should
detsroying the
threaten to engulf all the producers of that crop, our
crop
by which a small minority may be kept from
ways
proceeds of the toil of the great majority.
We
must
expressed
funds
beyond
be
should
expenditure of
planned in the regular budget, additional means
yield the additional revenue.
May I reiterate that
those
provided to
emphasis I can give ?
the
all
with
of
powers
States
the
between
and
Government to regulate
spend for the general
Federal
the
to
and to
tax
have been clearly recognized.
welfare
believe
I
the
decisions
later
commerce
themselves
Courts
the
that
coming
are
have increasing
to
Constitution as a broad charter of demo¬
cratic government which can function under the conditions of today.
I
believe that the Congress can constitutionally write an adequate farm act
that will be well
within the broad meaning and purpose of the Con¬
regard for the true nature of the
stitution.
I
•
the
farmers
.
that the Supreme Court will not
protection which it now accords to others.
and
hope
believe
2.
again deny to
down
do
ment
of
stretching of the hours
recession
income and the purchas¬
the general industrial
undercutting of wages
of the poorest paid workers in periods of
made
be
at
further
I
for
What
encouraging
raising
and
plants
new
New
population.
working
on
In the interest
buying power.
business
men
as
to
expenditures
make capital
the total wage income of the total of our
plants today mean labor-saving machinery.
gain if we encourage business men to
of efficiency is a method of
the cost of government.
Planning
4.
with intelligent reorganization of the executive
departments
is. intelligent reorganization of our methods of spending
national funds
for the
conservation and development of those natural
resources which are the foundation of a virile national life.
As I said in a
Of
importance
equal
reached a stage in
where we should allot a definite
portion of each year's budget to this work of husbandry.
Our
present machinery for carrying out such purposes, however, is
last Spring, we have
special message to the Congress
the
depletion
of
natural
our
resources
which the rivers-and-harbor legislation of many
We spend sporadically—on a project here and a
project there, determined upon without relation to the needs of other
localities—without relation to possibly more important needs of the same
geared
is an example.
relation
locality—without
definite
in
we
expend,
we
with
have
employed, and a planned coordinated
And because relative values of local
before they come to Washington, first by
knowledge^'" and then by regional conferences,; we must
of local and regional planning machinery and coordina¬
be appraised
tion
to
local
kind
some
value
full
get
of
out
of
development
and
servation
our
in
appropriations authorized
final
the
Washington—money value and human value.
Last session I recommended such machinery.
the
the
we
projects after completion.
should
projects
those
■■
give
keep our working force
may
the
of
use
to
must, like any business corporation, have a
building and operating plan worked out ahead of time—a planned
which to make expenditures, a planned timing for expenditures so
funds
national
older
and
waste
the
the national employment situation or
^-V'
the nation its money's worth from
to
Budget.
avoid
To
of
methods
to
ago
years
natural
For this purpose of con¬
recommend
I
resources,
be divided into the seven great regions into which
those resources—that in such regions local authorities be
country
that
Nature
set up
comprehensive and continuing plan
for the entire region—and that only after such consideration should regional
projects be submitted to the Executive and to the Congress for inclusion
in a national development program of such size as the budget of the year
divided
to
projects into some kind of
arrange
permit,
-■?■■■: v;
decentralization.
]■■■■''-.'
provide
machinery will
alike new confidence in
nation
the
and
...
It will give local com¬
the true worth of such
expenditures.
What
increased purchas¬
efficiency in the use of govern¬
the other plans for encourage¬
industrial expansion. with government help.
What they promise
contentment is an almost necessary basis for greater security of
these
ment
they promise in greater
of
intelligent foundations for
funds—are
ment
in
social
profits and property.
In the months they
cussed
from one
For
The
White
have been before the Congress
end of the country to the
they have been dis¬
other.
Nation, I hope for your early
of the
the sake
in continued and
promise
subjects
four
ing power—what
action.
FRANKLIN D. ROOSEVELT.
House, Nov.
15,
1937.
country ultimately
the
does
adjustments
6uch
economy
between
nection
serious effect
have a
must be made should not
the expense of those least able to bear them.
believe that the country as a whole realizes the necessary con¬
national
the
machinery in the interest
in
advocate cutting off?
you
Such
ing power of the nation against recessive factors in
situation.
The exploitation of child labor and the
the
of governments honestly
the cost of government can be made only by cutting
or
eliminating government functions.
And to those who advocate
a
course it
is fair to put the question—which functions of govern¬
will
recognizes the need for immediate
management of large
suggests, that reorganiza¬
conversant with the
person
no
or
government
Large savings
Congressional action if we are to maintain wage
business
and
prove,
munities
and
increase
can
•making major savings in
Labor
the country as a whole
I believe that
along
government
corporations
of
that
Although
vital portions of the Agricultural Adjustment Act were set aside nearly
two years ago by the Supreme Court, Acts of Congress to improve labor
relations and assure workers' security have since then been upheld.
In
mind the Constitution of the United States.
We must keep in
these
not
private
Federal
that if the new farm act provides for
view
my
of
practice
waste,
I have already
Treasury.
United States
the
mind
in
keep
of states and
experience
trative
national
The blighting
the nation.
of
consumers
As a
Government
municipalities definitely proves that reor¬
the lines of modern business adminis¬
efficiency, minimize error, duplication and
and raise the morale of the public service.
But that experience
The
such
principal goal.
We must keep
I, therefore, seek
of merit principles
management throughout the
serivce.
tion
keep in mind.
promotion, and personnel
in appointment,
does
against economic disaster.
In
leglslatlon on this subject in connection with reorganization.
a statutory modernized machinery for the permanent enforcement
ganization
learned that with
successfully guard themselves
of the last five years we have
the experience
of
3259
Chronicle
weather.
of bad
year
Out
of
hazards
weather to carry over food supplies to make up
of good
of
collapse in farm prices, but which will also
new
consumers
weather"
Financial
145
industry to produce, unless we see to it
population actually expands sufficiently
create markets to absorb that increased production?
I further believe that the country as a whole recognizes the need of
enlarge the capacity of American
that the income of our working
to
seeking
do
We
furnish
not
hour
to be perma¬
the nation's goods.
markets for
should
We
living and purchasing
with every other part.
of
not
county
does
This
standard
Political and social harmony requires that every state
only produce goods for the nation's markets but
backward.
every
minimum
adequate
if every part is to live happily
recognize the destiny of any state or any county
not
nently
and
uniformly
more
a
everywhere
power
that
mean
or
legislation
standards;
wage
flexible
provide
that
must
require
immediate uniform
is an ultimate goal.
machinery
which
0
will
enable
industries
throughout the country to adjust themselves progressively to better labor
conditions.
But we must not forget that no policy of flexibility will be
has the obligation of inspection and
the recognition and enforcement of what the law
practical unless a coordinating agency
investigatin
to
ensure
•
geographic and industrial diversities which practical
requires.
Although there are
relating to goods moving in or
will
accomplish two
had legislation
competing with interstate commerce which
well ignore, it is high time that we
statesmanship cannot
immediate purposes:
First, banishichild labor
and protect workers unable to protect themselves
excessively low wages and excessively long hours.
Second, and the unsound practice of some communities—by no
means
from
confined
section of the country—which seek new Industries by offering as the
principal attraction labor more plentiful and much cheaper than may be found in
to
one
any
competing communities.
pledge of political parties
To them the Congress should reiterate
that labor Is not a mere commodity.
the oft-repeated
The Course of the
3.
ments
this
advanced
provement
of the Congress the im¬
of administrative management in the Executive
Five principal objectives were outlined:
Branch of the
Government.
(a)
additional departments and to give the Chief Executive
all present and future strictly executive activities in or under
To create one or more
authority to arrange
regular executive departments.
(b)
To
establish
a
a personnel agency and a
which the Chief Executive may coordinate the executive
budget and efficiency agency,
planning agency through
functions.
(c) To permit the
Chief Executive to make a slight increase In the White House
keep in close touch with, and maintain knowledge of, wide¬
Staff so that he may
spread affairs of administration which require his final direction.
(d) To establish accountability of the Executive to the Congress by providing
a genuine independent audit by an officer solely responsible to the Congress, who
will, however, have no administrative part in the transactions he audits and certifies.
(e) To extend the merit system upward, outward and downward to cover prac¬
tically all non-policy determining posts.
I am giving consideration to proposed
extending the merit principle of selection under the authority
vested in me by the Constitution and Revised Statutes.
Executive Orders, howt
ever, have not the permanence of law; they will not lessen the need for permanen-
Executive
Orders
lost
more
Friday.
on
railroad
Chicago
week.
have
groups
High-grade
bonds have moved to lower levels
Burlington
& Quincy,
111. Div.
3y2s,
Pennsylvania 5s, 1968, at 108
were off 2%.
Medium-grade and speculative railroad bonds
also have suffered price declines.
Central Pacific 1st 4s,
1949, at 104% were off 1;
1949, at 96 were
2% to 44%;
declined 1% to 78. Among
Missouri Pacific 5s, 1977, de¬
off 3%; Erie 5s, 1975, fell
Reading-Jersey Central 4s, 1951,
issues,
railroad
defaulted
clined 3 to 19.
While
high-grade
at 30 were
4%
bonds have
utility
been
unchanged,
speculative holding company
lost ground.
Associated Gas & Electric 5s, 1950,
off 8; International Tel. & Tel. 5s, 1955, declined
grades
Reorganization
I presented for the consideration
bonds this
than others, many
speculative rails going to new lows, and lower-grade indus¬
trials sagging badly.
The Baa utility group is still some
distance above its Oct. 19 low point.
High grades have
been again
virtually unchanged.
United States Govern¬
Some
debentures
January
price trend has prevailed among
A reactionary
week.
lower
Last
Bond Market
to 55%;
eased off, and
Standard Gas & Electric 6s,
1951, closed at
55%, off 9.
the week,
industrial issues gave up
fractions to 3 points toward the close.
High grades have
been steady.
The building supply section stood out with
several advances.
Most of the steels declined, Youngstovvn
Sheet & Tube 4s, 1961, closing at 96%, off 2%.
Rubber
After
a
company
of firmness during most of
display
medium-grade
and
speculative
obligations sagged, Goodrich
moving down 4%
Loew's, Inc., 3%s,
to 94%.
(B. F.) 4%s, 1956,
The amusements also
1946, closing 1% points lower
suffered,
at 97%.
3260
Financial
Resistance
has
metals have
been
been
displayed
by
the
oils.
Chronicle
Non-ferrous
weak, Revere Copper & Brass 4%,
however, losting 7V2 points at 60, have been
1950,
the
moving down 1% to 99%.
A
firmer
bond
market,
Brazilian
as
bonds,
MOODY'S BOND
(Based
■U;>'
.-;4
U. S.
All
1937
Go ft.
Bonds
on
Domes¬
Daily
120
after
their
PRICES
precipitous
given in
are
(REVISED)
the
MOODY'S
120 Domestic
Corporate by Groups *
94.65
Aaa
Aa
114.09
BOND
A
106.92
94.33
YIELD
(.Based
by Ratings
Baa
k.
71.89
R.
All 120
1937
81.22
98.97
remained
substantially
Averages
bond
Corp.
yield
un¬
averages
on
AVERAGES
(REVISED)
Individual Closing Prices)
120 Domestic
tic
Indus.
a^id
120 Domestic Corporate *
Domes¬
106.36
U.
P.
issues
following tables:
Average Yields)
120 Domestic Corporate *
1937
Higher prices ruled for Japanese and
Moody's computed bond prices
Montevideo 6s,
20.
exception to
an
but firm.
Daily
Corp.*
Nov. 19- 109.30
trend.
while German
changed
tic
Air ages
general
Italians,
tendency has prevailed throughout the foreign
decline last week, recovered 2 to 11 points.
Nov.
by Ratings
Corporate by Groups *
30
For-
Aaa
Aa
A
Baa
R.
R.
U.
P.
Indus.
Nov. 19-
4.32
18..
108.88
95.13
114.09
107.30
94.81
72.05
5.25
4.06
82.13
3.65
99.14
106.54
18-
4.29
17..
108.80
95.46
3.26
114.09
3.60
107.30
4.31
5.97
95.13
73.09
5.18
4.05
82.66
3.64
99.31
100'. 92
17-
16..
4.27
108.75
95.46
3.26
114.30
3.60
4.29
107.49
5.93
95.13
5.14
4.04
82.66
3.62
99.31
106.92
16-
4.27
15..
108.69
95.02
114.30
3.25
3.59
107.30
4.29
95.46
5.93
73.42
5.14
83.06
4.04
3.62
99.31
107.11
15-
13-
108.66
4.26
95.62
3.25
114.09
107.30
3.60
4.27
95.29
5.90
73.53
5.11
4.04
83.06
99.31
3.61
106.92
13-
4.26
3.26
3.60
4.28
5.89
5.11
4.04
3.62
3.26
3.60
4.29
Exchan ge Clos ed
3.26
3.62
4.30
5.89
5.11
4.05
3.62
5.92
5.13
4.06
eigna
3.64
12.. 108.59
95.62
11- Stock
114.09
107.30
73.09
95.13
73.53
83.06
99.14
106.92
12-
106.92
94.97
73.20
82.79
98.97
106.54
10-
4.28
106.92
94.49
72.43
82.00
98.80
106.54
9-
4.30
Exchan ge Clos ed
10- 108.62
95.29
9-. 108.61
94.97
114.09
113.89
3.26
4.26
11- Stock
3.62
3.27
4.34
6.04
8- 108.61
94.97
3.62
4.33
5.19
4.07
6.. 118.72
5- 108.77
8-
95.40
4.30
114.30
107.30
3.26
95.13
3.62
4.32
72.87
5.99
82.53
5.20
4.07
98.97
6-
4.27
114.30
107.49
3.25
95.46
3.60
73.53
83.19
4.29
5.95
5.15
99.14
4.06
107.30
...
5.69
3.61
6-
...
3.63
107.11
95.78
5.72
114.09
106.92
94.65
72.43
81.87
98.80
106.73
v-v:
■
4.25
5.99
3.64
95.78
114.30
3.25
107.09
3.59
95.29
4.27
73.76
5.89
83.46
5.10
98.97
4 05
100.92
4.. 108.74
3- 108.64
2- Stock
114.51
4.25
107.69
3.25
95.78
3.58
74.10
4.28
5.87
83.87
5.08
98.97
4.06
107.69
3.02
3-
4.23
3.24
3.58
4.25
5.84
5.05
4.06
3.58
99.31
107.30
Exchan ge Clos ed
3.25
4.24
3,01
5.77
5.01
4.04
3.60
5.77
5.04
4.05
3.61
Exchan ge Clos ed
1- 108.57
_
3.60
4-
90.11
■
96.28
114.30
2- Stock
107.11
95.95
74.89
84.41
Weekly—
1
4.22
—
Weekly—
—
5.61
...
*
—
...
*
■
Oct. 29- 108.00
90.11
114.00
100.73
95.78
74.89
84.01
99.14
107.11
22- 108.34
96.44
Oct. 29„
4.23
113.48
107.30
95.95
3.26
75.58
85.93
98.28
106.54
22-
4.21
3.29
3.63
4.25
3.60
5.66
96.28
113.48
107.11
95.62
4.24
5.71
107.17
3.04
5 77
8- 108.39
97.78
15-
4.22
113.48
108.08
3.29
97.11
78.33
3.61
4.26
88.36
5.74
99.14
4.90
4.11
107.30
3.06
5.75
1— 108.36
98.46
8—
4.13
113.48
108.00
3.29
97.95
79.32
3.56
4.17
89.25
5.48
4.73
99.83
4.05
107.69
3.60
5.69
3.53
16- 108.44
75.24
85.93
98.11
1
4.90
4.10
Sept.24— 108.47
98.45
4.09
3.29
4.12
98.11
79.20
5.40
88.95
4.67
4.01
100.00
107.69
3.58
17- 108.30
10.. 107.78
99.66
113.48
Sept.24—
4.09
109.24
3.30
98.97
3.54
81.48
4.11
5.41
90.59
100.53
4.69
108.85
4.00
*.58
5.39
17-
99.66
113.27
4.02
109.24
3.29
99.14
3.50
81.74
4.06
6.23
90.90
108.46
3.97
3.62
5.33
3- 108.04
100.38
4.58
100.70
10-
113.68
4.02
100.64
3.30
99.66
3.50
83.60
4.05
92.12
5.21
101.58
4.56
109.24
3.95
ug, 27.. 108.28
100.70
113.89
114.09
3.96
3.28
3.48
4.02
5.07
3.54
3.50
5.38
3-
,
i
20- 108.86
101.00
t13.. 109.12
101.76
6- 109.49
July 30- 109.52
113.27
108.46
—
4.48
3.91
5.42
5.28
109.44
99.06
109.24
Aug. 27..
3.96
109.84
100.00
3.27
8.49
4.02
84.41
6.04
92.76
4.45
101.94
3.91
109.64
3.50
20-
3.94
110.63
100.88
3.26
3.47
84.83
4.00
6.01
94.01
4.44
102.30
3.89
110.24
3.48
5.33
13-
3.90
3.22
3.43
84.55
3.95
93.85
4.98
102.12
4.36
3.87
110.24
3.45
5 08
6-
3.90
3.23
3 41
84.28
3 95
93.85
5 00
101.94
4 37
3 88
109.84
5.09
July 30—
3.91
3.23
3.43
101.76
114.93
114.72
111.03
100.88
101.58
114.72
110.03
100.70
84.01
92.59
101.58
5 28
3.96
5.02
4.37
101.76
3.89
10- 108.90
109.24
3j45
3.47
101.68
23-
3.90
113.89
3.26
110.24
3.43
100.53
3.95
85.24
4.96
94.97
4.30
101.58
3.90
108.85
3.50
5.13
9- 108.59
16-
101.68
113 89
3.91
3.27
110 24
3.45
100 53
3.97
85.24
4.95
95.13
4.30
101.06
3.91
109.24
3.52
5.20
9-
23.. 109.22
101.76
114.09
110.63
100.88
85.10
94.97
5.13
3.91
3.27
3.45
83.87
94.33
100.18
June 25.. 108.36
108.66
2„
100.70
3.95
113.48
3.28
109.64
3.47
99.83
4.00
93.87
5.05
94.33
4.34
99.83
3.99
108.66
3.53
5.17
18- 108.44
June 25—
101.41
3.96
113.89
3.29
110.24
3.48
100.35
4.01
85.10
5.05
4.34
4.01
3.53
5.12
2- 108.39
100.38
113.08
109.84
100.00
3.97
4.95
4.29
3.94
3.50
5.15
95.13
100.70
109.24
18-
101.76
3.92
113.89
110.43
100.70
85.65
95.95
4.29
100.88
3 96
4- 108.69
109.24
11-
10168
3.90
113 48
3.27
110 24
3.44
100.35
3.96
85.65
4.92
95.46
4.24
3.95
100.70
109.05
3.50
5.11
May 28- 108.73
4-
101.41
3.91
113.27
3.29
110.04
3.45
100.35
3.98
85.65
4.92
95.62
4.27
3.96
3.51
5.19
21- 108.22
108.85
101.58
Msy 28—
3.92
113.07
3.30
109.84
100.35
86.07
95.40
100.88
14- 107.97
108.66
21-
101.23
3.91
112.25
3.31
109.44
3.47
99.83
3.98
86.21
4.89
95.13
4.27
3.95
100.88
3.53
108.27
5.27
14„
3.93
3.35
3.49
4.01
4.88
95.78
4.29
3.95
101.23
3.55
108.08
5.33
7-
3.91
3.34
3.51
3.99
4.81
4.25
3.93
3.50
5.37
3.96
T52
11- 108.53
7- 108.03
100.53
3.27
3.45
3.98
3.46
4.96
3.98
4.92
4.26
3.50
5.13
3752"
3.97
101.58
112.45
109.05
100.18
87.21
Apr. 30— 107.69
106.70
111.43
108.27
99.48
86.50
94.97
23- 107.17
100.70
106.92
100.70
Apr. 30—
111.23
3.96
3.39
107.69
3.55
99.48
86.92
95.29
100.70
16- 107.79
106.54
23-
100.70
3.96
111.03
107.88
3.40
99.48
3.58
4.03
87.21
4.83
95.62
4.28
3.96
100.70
106 54
3.64
5.31
9- 107.23
2- 107.19
16-
99.48
109.64
3.96
107.11
3.41
3.57
98.45
4.03
85.65
4.81
94.49
4.26
3.96
99.31
3 64
105.41
5.33
100.18
110.63
107.49
3.61
98.80
4.09
86.04
95.13
99.83
106.17
2„
101.23
3.99
111.84
3.43
108.27
3.59
99.48
4.07
87.93
4.85
96.11
4.29
4.01
100.70
107.30
Mar. 25-
3.66
3 93
3.37
3.53
99.14
4.03
87.93
4.76
96.11
4.23
J.00.88
3.90
107.30
19-
TM
3.93
3.37
3.54
Mar
25.. 108.40
19.. 109.32
101.23
111.84
108.40
9„
4.03
3.48
4.03
4.86
4.30
4.92
4.05
4.33
4.04
541
3 70
5.33
5.38
_
5.33
12.. 110.76
102.30
112.86
109.24
100.35
89.40
4.70
97.46
4.23
6- 111.82
Feb. 20- 112.18
19.. 112.12
101.70
108.27
12-
103.74
3.87
114.09
3.32
110.43
101.76
3.50
3.98
4.66
90.75
98.45
4.15
103.38
3.90
109.44
3.55
5.30
5-
103.93
3.79
114.72
3.26
110.83
102 12
4.55
3.90
4.57
90.59
98.62
4.09
103.93
3.81
109.84
Feb. 26-
3.49
5 24
104.11
114.30
110.83
3.23
102.48
3.42
91.05
98.97
4.08
104.11
3.78
11- 112.20
5- 112.34
109.44
19-
104.48
3.77
114.93
3.25
111.03
3.42
102.84
3.86
91.51
4.55
99.66
4.06
104.30
3.77
110.04
3.49
5 13
11-
105.04
3.75
115.78
3.22
111.84
3.41
103.38
3.84
91.00
4.52
4.02
3.70
3.46
5.18
3.43
5.19
100.00
105.04
110.63
3.78
5-
3.72
3.18
3.88
4.58
3.95
3 60
5.26
4747
5.13
29.. 112.21
22.. 112.39
105.41
116.64
112.25
3.37
103.56
3.81
91.51
100.00
4.51
4.CO
105.04
111.43
29..
106.17
117.72
3.70
113.27
3.14
3.35
104 30
92.38
3.80
4.52
101.23
4.00
105.79
112.05
3.72
112.53
22..
3739
15..
106.36
118.10
3.66
113.48
3.09
3.30
104.48
92.28
3.76
101.23
4.47
3.68
15-
5.39
112.71
112.25
3.36
8-
100.17
3.93
106 36
117.94
3.65
113.89
3.07
104.48
3.29
3.75
101 23
4.47
106.17
3.93
3.66
112.25
3.35
5.41
Hlgh 1937 112.78
Low 1937 107.01
91.97
8..
106.54
118,16
3.65
113.89
3.08
3.27
104.67
3.75
92.43
101.41
4.49
3.93
106.17
112.45
Low
3.66
3.35
1937
5.43
93.69
3.64
109.64
105.98
3.07
3.27
93.37
3.74
71.15
4.46
81.22
3.92
3.66
96.28
104.48
High 1937
3734
5.08
4.38
3.48
3.67
4.40
6.11
5.25
4.22
3.75
5.77
3.69
3.13
3.28
3.82
4.51
3.99
3.72
3.36
4.25
3.47
3.71
4.44
5.39
4.89
4.17
3.71
Jan.
1 Yr. Ago
Nov.19'36 112.71
2
Jan.
1
105.60
116.80
113.68
103.20
91.66
100.18
105.04
112.05
95.78
109.84
105.22
92.75
79.45
86.07
97.11
105.22
Yrs.Ago
Nov.19'35 107.57
3.72
Yr. Ago
Nov.19'36
2 Yrs.Aqo
Nov.19'35
*
These prices are computed from
average yields on the basis of
level or the average movement of
actual price quotations.
They
one
STATE
OF
TRADE—COMMERCIAL
EPITOME
the
a more
Friday Night, Nov. 19, 1937.
The decline in business
activity appears to be gaining in
momentum.
Business activity now is more than
12% below
a year
ago, owing to further
heavy declines in steel opera¬
dise
loadings,
activity and
according
to
a
marked decline in merchan¬
the
"Journal
of
This
Commerce."
authority states that the weekly business index now
87.5 as compared with a
revised figure of 91.6
for the
preceding week and 99.9 for the
corresponding week
of last year.
A rather striking item is the
report received
on the steel
industry. Ingot output of the steel industry at
stands at
mid-week is
no
more
mates in its current
than
35% of capacity, "Iron Age" esti¬
summary.
The review points out that
meager support is being received from the
automobile manu¬
facturers, and that the current rate is the lowest since
1934, with the single exception of the first week of
July,
1935, which included the Independence
Day
Monday the American Iron
schedules
and
Steel
holiday.
Institute
On
estimated
of
steel plants at
36.4%.
"So drastic has been
drop in operations that it may furnish its own
correc¬
tion," the review says.
"The automobile industry,
although
proceeding more cautiously than had been
expected, is ex¬
periencing an increase in sales which, if
continued, will
bring higher production, providing new threats of
the
troubles
labor
do not
materialize.
It
is
further stated
that
the
small takings of steel
by the automobile manufacturers indi¬
cates a rapid reduction of
inventories, which
sult
the
in
may
replenishment buying.
United States totaled
5.59
6.48
week
comprehensive way the relative levels and the relative movement of
ended
\
tions and motor
•
"typical" bond (4% coupon, maturing In 30 years), and do not
purport to show either the average
merely serve to illustrate In
yield averages, the latter being the
truer picture of the bond market
THE
5.34
soon
Production of electricity
2,176,557,000 kilowatt hours
re¬
sponding week
Institute.
a
Nov.
13,
year ago,
a
gain
0.3%
of
the
over
corre¬
according to the Eclison Electric
Output for the latest
week
compared with 2,202,-
451,000 kilowatt hours in the preceding week and
2,169,480.000 in the
corresponding week a year ago.
First reports
on
automobile sales
for
November show
substantial in¬
creases
the same period a year
ago, according to state¬
over
ments issued
recently by the leading companies.
Retail de¬
liveries of the Buick division of General
Motors Corp.
ing the first 10 days of this month reached an all-time
for
that
period.
The
dur¬
peak
Nation's
holiday retail trade is ex¬
a slight gain over
1936, although the volume
15% below the 1929 level, Secretary Daniel C.
pected to show
will be about
Roper asserted yesterday.
New
York
trade is expected to
The estimates are based
reports from the field and surveys conducted
by the
Bureau of Foreign and Domestic
Commerce.
be
about
the
same
as
last
year.
on
construction
of
in
awards
for
the week
total
Engineering
$34,753,000, a drop
21% from the corresponding week in
1936,
"Engineering
News-Record^'
the
1936.
Dun & Bradstreet state that due
1936
week,
ing of Christmas
mark-downs
as
in
other
whole this week
a
and public
gift and
toy
sections,
were
awards
retail
over
the previous week
ranged from
buying
in
belief
in
rent
was
among
year.
reported
as
merchants
The
dull,
that
is 33%
15%
sales
for
the
3% to 12% heavier than
period
last
are
under
largely to the open¬
departments and clearance
like
of
reported
as
Private construction
below
increase
in
retail
1% to 3%.
principally
in the
volume
Wholesale
because
prompt deliveries
prices will be available for several months.
Nation
of
and
the
cur¬
Occupied
Volume
at
home with
clined
Financial
145
Thanksgiving promotions, buyers' orders de¬
week, reducing to o% to 10% the gain over
for the
wholesale volume for the 1936 period.
freight
enue
689,614
during
cars,
previous
the
week
decrease of 42,531
a
week,
95,366
and
Car loading of rev¬
ended
cars,
5.8% from the
or
12.1%
or
third of
a
Railroads.
the Nation
New York
western
ill
of
the
snow
the Association
Latest weather reports state
is blanketed
State
in
that
Buffalo
snow.
and
Traffic
slowed up.
was
to four inches in depth were experienced
up
Middle West
and
the
Rocky
Mountain area, accom¬
which
were
described by the
"unusually low for this time of year."
Farmers in the grain belt regarded the snow as a blessing.
They said it would benefit the winter wheat crop.
The
panied
by
Weather
lowest
as
temperature
below
ered
temperatures
Bureau
at
zero
recorded in
by two inches of
dropping fast.
tures
yesterday,
States
1937, loadings were 3.6% below those for the like weeks of
1936 but 11.8% over those for the corresponding week of
1935. Loadings for the week ended Oct. 30, 1937, showed a
loss of 5.2% when compared with 1936 but a rise of 13.1%
when comparison is made with the same week of 1935.
The first 18
Nov.
major railroads to report for the week ended
1937, loaded a total of 328,296 cars of revenue
13,
freight on their own lines, compared with 342,893 cars in
the preceding week and 371,474 cars in the seven days ended
Nov. 14, 1936.
A comparative table follows:
REVENUE
FREIGHT
LOADED
Texas the
AND
FROM
RECEIVED
CONNECTIONS
(Number of Cars)
Loaded
on
Received from Connection
Weeks Ended—
Own Lines
Weeks Ended—
cov¬
Nor.
13
Nov. 14 Nov. 13
Nov. 6
1937
1937
Nov. 6
14
Nov.
1936
1937
1937
1936
reported
mercury was
Florida, however, which had low tempera¬
benefited by a warm ocean breeze which
toniglit and Saturday morning.
Colder tonight and Satur¬
Overnight at Boston it was 34 to 48 degrees; Balti¬
36 to 44; Pittsburgh, 28 to 34; Portland, Me., 32 to 50;
day.
increase of 59,886 cars, or 9.5%, over the total loadings for
the corresponding week of 1935. For the week ended Nov. 6,
8
was
was
sent the mercury to 72 degrees in Miami.
Today is was
raining and cold here, with temperatures ranging from 32
to 41 degrees.
The forecast was for light snow and rain
more,
or
At Sheridan, Wyo., it was 6
snow.
Even in southern
below.
United
the
Cheyenne, Wyo., where the ground
3261
8%, from the preceding week a decrease of 95,366 cars,,
12.1%, from the total for the like week of 1936, but an
or
digging out today from the
were
first major snowfall of the season.
Falls
like
the
from
week of last year, it was reported today by
of American
totaled
Saturday
cars,
Chronicle
Chicago, 24 to 28; Cincinnati, 30 to 36; Cleveland, 30 to 36;
Detroit, 26 to 30; Charleston, 46 to 54; Milwaukee, 22 to
28; Savannah, 46 to 60; Dallas, 26 to 58; Kansas City, 16
to
30; Springfield, Mo., 18 to 32; Oklahoma City, 18 to 38;
Salt Lake City, 36 to 48; Seattle, 44 to 52; Montreal, 28 to
38; Winnipeg, 12 to 18.
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
24,429
25,938
24,284
6,148
6,645
29,074
30,134
34,705
16,230
16,310
6,515
16,803
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
Chicago Milw. St. P. & Pac. Ry.
23,832
18,326
23,499
12,805
12,075
12,214
8,515
8,778
19,735
20,559
27,555
19,802
22,710
8,638
9,015
9,069
Chlcago & North Western Ry...
15,203
16,341
17,049
10,814
12,027
1,691
2,623
11,489
1,823
Gull Coast Lines
19,046
3,262
3,277
3,336
International Great Northern RR
1,761
2,036
2,350
Missouri-Kansas-Texas RR
4,932
5,279
Missouri Pacific RR
16,117
17,832
New York Central Lines
40,684
41,675
5,203
18,077
44,966
4,711
5,216
5,483
21,789
22,355
58,637
60,261
5,923
6,803
New York Chicago & St. Louis Ry
Norfolk & Western Ry__
Pennsylvania RR
Pere
Marquette Ry
1,960
3,028
3,182
9,497
43,917
10,496
8,817
9,342
40,648
41,806
9,601
25,556
9,016
4,359
4,467
4,928
68,474
40,026
5,516
42,299
6,038
46,096
7,303
5,972
4,912
5,223
7,175
6,330
5,901
6,721
31,429
31,394
x8,246
X8.767
x9,708
5,939
Southern Pacific Lines
5,990
6,051
8,361
8,112
8,916
Wabash Ry
Total
328,296 342,893 371,474 201,750 208,254 218,776
Excludes
x
1,362
2,758
2,967
29,030
Pittsburgh & Lake Erie RR
—♦
9,393
cars
interchanged between 8. P. Co.-Paclflc Lines and Texas & New
Orleans RR. Co.
Present Set Back in Business
Recovery Due to Loss of
Confidence in Prospects for Profits, According to
Col. Leonard P. Ayres—Says Prospects Depend on
Action in Washington
Attributing the latest setback in business recovery to the
loss of confidence by business men "in the prospects for
profits," Colonel Leonard P. Ayres, Vice-President of the
Cleveland
There
will
is
Trust Co.
not
much
probably be
depends
The
financing
for
determine
and
and
much
the
attempting to
policies
for
expanding
important problem.
tions
in
use
requisite
how
Cleveland, Ohio,
long and serious,
actions
on
imperative
of
brief
or
is
recovery
enterprise.
unemployment
renewed
degree
serious
that
from
not
when
ditions
in
the
the
general
only when the prospects
materials
for
the
is
most
our
serious
payrolls
for profits
construction
of
regula¬
is
are
recovery
industry
large.
again
prosper
These
con¬
bright.
here
are
in
they
Our
years.
suspended
are
more
to
the
than
eager
spend
new
huge
railroads
because
freight
sums
have
the
advances
on
huge
recent
needed
can
justify
but
in.
earn
costing far
The
utilities
are
expansions,
but
projects.
but
adequate returns to justify
building
costs
Agricultural
payrolls, and wholesale and retail
be
be
successfully
found
railroad and
This
trade,
too
are
spending
are
all
sought
in
monetary
and
credit
power,
at
high
power
A
to
and
levels,
The
stimulants,
through the removal of business barriers.
utility purchasing
high
cure
but it
restoration of
cars, or
decrease of 27,470 cars or 3.6% below the corresponding
week
was
a
decrease of
5.1% below the preceding week.
Miscellaneous freight loading totaled 296,804 cars, a decrease of
below
cars
the preceding week and
a
decrease of 11,797
cars
17,032
below the
corresponding week in 1936.
Loading of merchandise less than carload lot freight totaled 167,591 cars,
a
decrease of 2,280 cars below the preceding
week, and
a
decrease of 1,252
below the corresponding week in 1936.
cars
Coal loading amounted to
142,054
cars,
a
decrease of 8,671
cars
below
preceding week, and a decrease of 9,064 cars below the corresponding
week in 1936.
Grain
and
grain
products
cars
corresponding
43,873
cars,
a
decrease
of
week in
In the Western Districts alone, grain
1936.
products loading for the week of Nov. 6, totaled 28,493 cars, a
and grain
decrease of 698 cars
cars
loading totaled
below the preceding week, but an increase of 14,543 cars above
689
the
below the preceding week, but an increase of 10,434
above the corresponding week in 1936.
Live stock loading amounted to 18,428 cars, a decrease of 974 cars below
the preceding
Nov.
week, and
decrease of 649 cars below the corresponding week
a
In the Western districts alone, loading live stock for the week of
6 totaled 14,950 cars, a decrease of 1,256 cars below the preceding
week, and
Forest
a
decrease of 289 cars below the corresponding week in 1936.
products
loading totaled
32,488
cars,
a
decrease of 1.989
cars
below the preceding week, and a decrease of 53 cars below the corresponding
week in
1936.
Ore loading amounted to 23,272 cars, a decrease of 7,559 cars below the
preceding
would do it.
was a
Loading of revenue freight for the week of Nov. 6
in 1936.
construction,
buoyant confidence in the prospects for profits is lacking.
a
cannot
could
new
contemplated
most
industrial
bring
rehabilitation,
are
investments.
much
need
increases
improvements and
they doubt if they would be permitted to
the increased
We
of
programs
wage
Railroads, in reviewing the
reported as follows:
1930.
the
prosperity
We have a great volume of money in our banks that is unem¬
only partly employed.
There is an excess of idle workers seeking
There are still great unfilled shortages of goods resulting from the
depression
but
51,980
week in 1936 and a decrease of 149,372 cars or 16.9% below the same
the
since
have
or
jobs.
15,790
75,962
Loading of revenue freight for the week ended Nov. 6 totaled 732,145
cars.
another
abundance.
ployed
36,190
14,569
The Association of American
com¬
depression
men
and
are
real
a
it
old
setback
busines
Trade
34,719
47,758
week ended Nov. 6, 1937,
39,510
have completed the
that
profits.
and
but
way,
interminable
sixth
is
cafuse
for
prospects
is
is
Its
the
never
Not available
33,987
13,771
Total
will
expansion
laws and
also quote:
we
under
of
We
This
1932.
employment
exist
The
Depression.
in
getting
phase
recovery
since 1929.
us
reached
confidence
only
the
with
Great
was
depression
new
in
been
the
bottom
lost
a
decline
has
corporate
contained in the
as
Nov. 14, 1936
26,674
Illinois Central System
in
pany's "Business Bulletin," Nov. 15,
is
of
that
on
Nov. 6, 1937
Not available
Chicago Rock Island & Pacific Ry.
13, 1937
outcome
concerning them.
From Colonel Ayres's cbmments
This
that
of
depend
now
Weeks Ended—
Washington.
flow
CONNECTIONS
(Number of Cars)
Nov.
downturn
The
in
upon
shall have, and
we
this
moderate.
decided
a
The
Prospects for profits
expectations
and
LOADINGS AND RECEIPTS FROM
St. Louis-San Francisco Ry
says:
judge whether
that will be
TOTAL
1
week, and
a
decrease of 15,519 cars below the corresponding
week in 1936Coke loading amounted to
Moody's Commodity Index at New Low
Moody's Index of Staple Commodity Prices closed this
Friday at a new low of 146.5, as compared with 154.2 a
week ago.
The main factors in this week's decline
lower
prices
for hides, rubber, wheat, hogs, cotton and wool. There were
also declines for silk, cocoa, corn and steel scrap. The only
item to advance was sugar.
No net changes occurred in
the prices of silver, copoer, lead and coffee.
The movement of the index during the week, with com¬
parisons, is as follows:
Fri.,
Sat.,
Mon.,
Nov.
Nov.
Nov.
Tues., Nov.
Wed.,
Nov.
Thurs., Nov.
Fri..
Nov.
were
153.4 Two weeks ago, Nov. 5
152.0 Month ago, Oct. 19
150.1 Year ago, Nov. 19
149.8 1936 High—Dec. 28
12.
13
15
16
17
150.5
148.6
.146.5
18
19
Low —May 12
1937
High—April 5
Low—Nov. 19
-
-
Freight
C&r
Loadings Again
.154.2
-167.0
188.8
208.7
162.7
228.1
Decline—Down
8.5% in Week Ending Nov. 13
a
decrease of 316 cars below the
All districts, except the
reported decreases
Southern, Central Western and Southwestern,
compared with
the corresponding week in 1936.
districts reported decreases compared with the corresponding week in
All
1930.
Loading of revenue freight in 1937 compared with 1936 and 1930 follows:
1937
1936
1930
3,316,886
2,974,553
2,415,147
Four weeks in April
2,778,255
3,003,498
2,955,241
4,246,552
3,506,899
3,515,733
live weeks in May
3,897,704
3,351,564
Four weeks in June
2,976,522
3,812,088
2,786,742
Four weeks in August
3,115,708
2,054,522
Four weeks in September
3,182,943
4,017,319
732,145
4,097,448
759,615
881,517
33,788,309
31,030,606
40,786,567
Five
weeks in January
Four weeks in February
Four weeks in March
Five
Five
weeks in July
weeks in October
Week of Nov. 6
—
2,512,137
2,543,651
3,572,849
3,062,378
3,618,960
4,593,449
3,718,983
4,475,391
3,752,048
3,725,686
4,751,349
146.5
Loadings of revenue freight for the week ending Nov. 13
1937, totaled 689,614 cars. This is a decrease of 42,531 cars
1
cars
in 1936.
Total
Revenue
7,635
preceding week, and a decrease of 3,679 cars below the corresponding week
-
-
*
undertake to show also the loadings
for separate roads and systems for the week ended Nov. 6.
During this period a total of only 67 roads showed increases
when compared with the same week last year:
In the
following
we
3262
Financial
Total Revenue
1937
Total Revenue
from Connections
1935
1936
1937
1937
1936
20,
7
6
Total Loads Received
Freight Loaded
Railroads
1936
Eastern District—
from Connections
1935
1937
Southern District—(Concl.)
618
604
688
1,106
1,303
7,715
1,815
1,591
8,612
1,749
1,692
8,360
1.395
10,220
2,235
Ann Arbor
Bangor A Aroostook
Boston A Maine
Chicago Indianapolis A Louisv.
1,338
271
,
268
10,759
2,433
40
25
16
73
89
1,358
5,713
9,417
1,404
4,978
9.237
1,066
1,986
4,542
7,931
6,370
2,133
7,744
6.713
530
510
418
137
157
"2,275
1,234
402
1,143
3,224
16,984
8,370
2,028
1,299
7,924
2,640
Central Indiana
Central Vermont
Delaware A Hudson
Delaware Lackawanna A WestDetroit A Mackinac
2,301
Detroit Toledo A Ironton
Detroit A Toledo Shore Line
2,450
312
357-
7.376
211
.
123
166
1,825
8,799
2,667
4,530
2,110
41,675
9,652
1,248
5,216
5,528
6,803
1,817
1,072
8,217
3,025
4,780
2,254
43,219
6,521
3,378
13,725
8,324
2,014
1,161
8,136
3,027
2,309
.
Western
12,624
12,739
5,026
Erie
—
Lehigh A Hudson River.
Lehigh A New England
Lehigh Valley
Maine Central
Monongahela
Montour
New York Central Lines
N.
Nov.
Motived
Total Loads
Freight Loaded
Railroads
Grand Trunk
Chronicle
FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED NOV.
REVENUE
Y. N. H. & Hartford
New York Ontario A Western.
N. Y. Chicago A St. Louis
Pittsburgh A Lake Erie
Pere Marquette
11,898
4,562
4,941
1,079
1,337
389
409
398
Richmond Fred. A Potomac—
355
367
338
9,058
21,904
8.750
21,699
7,276
19,120
1,441
1,030
4,700
5,089
15,180
Tennessee Central
436
429
406
680
Winston-Salem Southbound
204
188
169
917
109,028
108,902
92,434
67,188
2,372
11,489
2,845
Norfolk Southern
.....
Seaboard Air Line
Southern System
Total...
Northwestern District—
625
Chicago
Chicago
Chicago
Chicago
A North Western
Great Western
Mllw. St. P. A Pacific
St. P. Minn. A Omaha
3,642
2,098
260
41
46
41,806
11,678
1,597
42,820
12,605
1,668
Elgin Jollet A Eastern
9,601
10,404
Ft. Dodge Des Moines A South-
7,444
7,179
5,866
6,038
6,361
6,827
11,090
1,788
5,071
425
275
451
230
400
392
283
235
278
1,483
938
1,280
1,319
29
24
Duluth Missabe A Northern...
...
639
863
985
5,233
3,349
8,112
3,035
8,304
Spokane International
3,090
Spokane Portland A Seattle—
157,442
139,387
160,496
168,852
755
444
6.848
5.614
408
283
187
10,240
12,594
2,840
053
629
552
2,500
1,764
0,708
11,361
1,305
1,665
1,849
5,847
2,006
10,749
3,770
6,449
Minn. St. Paul A S. S. M_..
Northern Pacific
666
Allegheny District—
Akron Canton A Youngstown
158
890
7,293
1,595
Minneapolis A St. Louis
151,299
Total..
9,015
2,980
2,083
Lake Superior A Ishpeming
6,621
—
10,462
076
4,119
...
Wheeling A Lake Erie
16,198
2,059
19,287
4,135
1,316
2,592
21,683
4,047
14,239
Great Northern
Green Bay A Western
625
Wabash
775
18,733
535
Duluth South Shore A Atlantic.
5,990
3,913
Rutland
913
17,590
2,682
20,245
4,198
3,860
1,162
6,124
Belt Ry. of Chicago
38,151
10,525
1,442
4,304
5,564
6,624
1,065
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
1,281
Piedmont Northern
11,504
70
317
211
329
2,477
2,089
1,329
95,109
108,913
85,745
48,455
25,938
3,199
23,251
3,201
21,236
2,731
6,645
2,057
499
350
240
150
19,046
1,759
14,133
3,222
Total.
189
1,229
...
18,482
1,829
12,271
16,831
1,412
10,740
8,778
3,047
2,654
1,821
5,883
Central Western District—
385
502
585
652
722
30,134
2,903
34,397
6,685
27,636
"«
3,423
16,310
1,548
16,831
415
330
291
7
9
Cambria & Indiana
Central RR. of New Jersey...
Cornwall
1,346
6,269
1,346
1,310
99
17
6,434
6,242
10,991
11,865
466
733
6b8
65
53
Cumberland A Pennsylvania..
Llgonler Valley*.
Long Island
251
281
383
37
49
Chicago
Chicago
Chicago
Chicago
147
22
33
Colorado A Southern
1,637
698
827
832
2,397
2,809
Denver A Rio Grande Western
5,293
1,090
4,714
Penn-Readlng Seashore Lines.
1,097
60,261
14,279
9,903
1,258
1,150
58,625
11,060
8,338
1,452
1,570
937
968
892
13
42,299
Denver A Salt Lake.
Fort Worth A Denver City
Illinois Terminal
1,641
2,042
1,717
1,374
1,854
1,564
1,301
1,350
Baltimore A Ohio
Bessemer A Lake Erie
Buffalo Creek A Gauley
...
128
Pennsylvania System
Reading Co
227
66,021
2,338
2,812
45,417
17,437
5,200
60
59
91
3,397
3,565
3,433
0,346
6~550
131,992
149,931
123,214
101,704
110,906
Union (Pittsburgh).'
West Virginia Northern
Western Maryland
Total
13,738
14,528
Atch. Top. A Santa Fe System
Alton
Bingham A Garfield
Burlington A Quincy.
A Illinois Midland-
Rock Island & Pacific
A Eastern Illinois
North Western Pacific
16,744
866
966
1,591
1,998
1,745
1,064
Peoria & Pekin Union
368
203
118
23,213
22,469
Nevada Northern
24,808
23,440
23,796
20,513
892
813
Virginian
4,019
3,499
994
51,143
53,159
48,021
19,296
17,541
5*208
368
309
17,532
17,129
1,251
9,452
647
745
813
10
2,025
1,985
1,728
2,169
120,703
118,923
109,356
54,931
5,422
634
Total
18,421
564
Western Pacific
23,499
22,355
1,020
4,269
119
420
19,977
Southern Pacific (Pacific)
Toledo Peoria A Western
Union Pacific System
Utah
Pocahontas DistrictChesapeake A Ohio
900
7,815
2,692
1,390
3,221
Norfolk a Western
Norfolk A Portsmouth Belt Line
12,075
4,407
1,760
10,687
5,035
1,185
Total
178
170
166
Burlington-Rock Island
185
190
155
Fort Smith A Western
Gulf Coast Lines
Southern District—
Alabama Tennessee A Northern
Southwestern District—
Alton A Southern..
191
224
171
249
3,277
International-Great Northern..
2,036
3,243
2,257
2,833
2,131
Kansas Oklahoma A Gulf
Kansas City Southern
248
164
149
2,340
2,056
1,690
1,709
1,385
1,350
1,823
2,758
1,115
1,968
1,290
380
228
275
243
171
180
766
887
838
1,311
1,405
633
764
651
916
913
10,053
3,938
9,363
4,547
7,826
4,237
455
472
364
1,386
1,319
1,163
5,011
2,477
1,151
1,832
4,734
2,993
1,007
1,853
409
382
348
380
176
156
125
360
309
Missouri Pacific
770
849
658
925
819
Natchez A Southern
46
46
49
80
108
Quanah Acme A Pacific
228
127
243
146
1,005
1,222
827
1,567
1,684
411
368
479
507
St. Louis-San Francisco
St. Louis Southwestern
9,053
516
2,068
25,576
21,910
1,949
23,743
24,124
2,048
20,195
18,345
7,819
2,484
7,892
12,122
Macon Dublin A Savannah
1,197
9,929
5,200
9,174
2,882
8,270
195
2,512
5,735
2,495
5,178
2,317
196
4,113
2,393
3,559
4,248
17,202
154
380
375
Mississippi Central
227
230
267
71
191
165
152
397
333
22
25
52
36
2,239
2,002
3,017
1,844
2,921
2,122
1,873
2,280
2,495
64,871
62,345
50,190
60,851
Atl. & W. P.—W. RR. of AlaAtlanta Birmingham A Coast..
Atlantic Coast Line
Central of Georgia
Charleston A Western Carolina
Cllnchfleld
Columbus A Greenville.......
623
Durham A Southern
Florida East Coast
Gainesville Midland
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville A Nashville
....
Mobile A Ohio...
Nashville Chattanooga A St. L.
2,732
Note—Previous year's figures revised.
1,060
5,203
...
Louisiana & Arkansas
Louisiana Arkansas A Texas
204
182
141
431
Litchfield A Madison
Midland Valley
250
416
290
729
748
768
680
237
205
182
328
5,279
4,988
17,832
17,088
4,868
15,080
3,028
9,342
Missouri A Arkansas
...
Ml88ouri-Kansas-Texas Lines..
3,505
Texas A New Orleans
8,216
6,357
Texas A Pacific
Terminal RR. Assn. of St, Louis
Wichita Falls A Southern
Wetherford M. W. A N. W
Total
71
37
...
:.
198
40
22
* Previous figures.
Retail
Prices Decreased 0.6 of
1% During October,
According to Fairchild Publications Index—Largest
THE
FAIRCHILD PUBLICATIONS RETAIL PRICE
INDEX
JANUARY. 1931=100
Copyright 1937 by Faircblld News Service
Decline in Over Two Years
Retail
prices
decrease,
October
in
according
to
recorded
the
the
Fairchild
second
in
an
issued
announcement
greatest
monthly
Nov.
said
11
that
declines
by
Fairchild Publica¬
"this
in
represents
two
over
one
years."
of
the year and
With
show
gain
a
of
4.3%
as
a
year
ago,
Sept. 1.
on
compared
with
show
a
decline
Current prices,
the
beginning of
8.9% compared with last year's low.
the
exception of infants' wear, which averaged
fractionally higher,
piece goods, which remained
unchanged, the, other groups in the index
receded.
The greatest decline was
recorded for home
and
decrease
in
gain above
The
gain
above
a
in
about
was
men's
decrease
greater
and
in
women's
home
wear
furnishings,
was
about
the
this
group
1936
furnishings.
The
Despite the
still
same.
men's
and
women's
although women's
wear
wear
as
the
shows
the
greatest
beginning of the
compared
has
shown
with
a
a
year.
year
greater
ago
increase
low.
The
declining trend in prices is gaining momentum,
according to A. W.
Zelomek, economist, under whose supervision the index is
compiled.
points
out
continue
firm
to
that
for
this
recede
will
the
at
past
the
the
next
time
are
current
three
few
to
purchase
periods.
reactionary
to
six
tendency
months.
Even
in
retail
those
prices
several
more
months.
during the
Those
next
who
are
are
still
He
should
items which
showing signs of turning downward and
during the next
be able
Sept. 1
Oct. 1
1937
1937
1937
Nov. 1,
1937
69.4
90.0
96.3
96.6
96.3
95.7
Piece goods
Men's apparel
65.1
85.6
89.2
89.2
89.2
89.2
70.7
87.8
90.7
91.4
91.5
91.4
Women's apparel.
Infant's
Home
wear
furnishings
90.9
94.8
76.4
94.5
96.4
96.9
97.1
97.2
70.2
90.3
97.4
98.1
98.1
97.9
71.8
95.1
95.2
95.1
Piece goods:
Silks
57.4
69.2
83.7
86.8
86.9
86.9
87.3
68.6
109.3
115.5
115.5
115.5
115.0
63.9
Domestics:
65.3
65.3
65.3
65.3
|r~ Kri
Sheets
6o.O
100.6
108.2
108.2
107.7
107.2
Blankets A comfortables
72.9
103.3
111.3
111.3
111.3
110.7
76.4
Women's apparel:
Hosiery.
Aprons A house dresses.
59.2
75.6
76.7
76.8
*4
76.8
75.5
103.6
107.7
108.7
108.2
108.2
Corsets and brassieres..
83.6
92.6
93.2
93.3
93.3
93.3
Furs
66.8
105.2
117.4
118.2
118.6
117.7
Underwear
69.2
85.1
86.8
86.8
86.8
87.0
76.5
83.0
86.9
87.1
87.6
87.8
Shoes...
Men's apparel:
are
expected
employed
several months than
during
Hosiery.
64.9
Underwear
69.6
91.6
93.2
93.4
93.4
93.4
Shirts and neckwear
Hats and caps
74.3
86.5
88.4
88.4
88.0
87.6
69.7
83.0
84.1
84.5
84.5
84.6
Clothing, incl. overalls..
year ago, as well as compared with
both
the same,
the
Aug. 1
Woolens
Prices, while showing a gain of 6.3% above
close to 1% below the 'recent
high recorded
however, still
1,
1936
Cotton wash goods
The
announcement contitnued:
of
"nop.
Composite index
Quotations during October recorded a decline
1% from the previous month, it was pointed out
tions, New York, which
the
1933
Retail
Price Index.
of 0.6 of
May 1
monthly
Publications
70.1
88.6
94.8
96.8
96.9
96.6
Shoes
76.3
90.4
95.4
90.0
90.6
97.0
74.0
100.3
100.7
100.7
100.7
100.7
Infants'
86.9
88.7
89.2
89.4
89.5
wear:
Socks
Underwear
74.3
93.1
Shoes
80.9
90.2
94.2
95.0
95.5
96.0
Furniture
69.4
93.7
101.4
101.6
102.0
102.2
Floor coverings
79.9
104.3
120.0
124.0
124.2
124.3
94.4
95.0
95.0
95.0
Musical instruments
50.6
59.5
61.0
61.4
61.4
61.4
Luggage..
60.1
75.0
80.1
80.4
80.5
80.7
Elec. household appliances
China
72.5
80.0
83.0
83.0
83.0
83.0
81.5
90.8
97.0
97.0
97.0
97.0
Volume
Financial
145
November, 1936
Nov. 16—Index Lowest Since
Largely
as a
result of sharp declines in prices for livestock.
Weekly Index of Wholesale Commodity
Prices lost 1.1
index
now
by the "Annalist" Nov. 19.
The
stands at 87.8, the lowest since the closing week of
issued
November, 1936.
It
88.9 on Nov. 9 and
was
under review, Chicago
the week
95.4 on July 13,
continued:
year's high. The "Annalist"
During
ended Nov. 16, said an
points for the week
announcement
livestock quotations
dipped
dropped to $13.44 a hundredweight, as
compared with $15.19, in the preceding week and $17.06 on Oct. 19. Heavy
offerings pushed hog prices down to the lowest level since the early part of
1935.
Average prices for the week ended Nov. 16 were $8.57 a hundred¬
weight, as against $13.13 in the week ended Aug. 10.
The recent break
in hog prices is the worst since the beginning of the great depression. Lamb
and fowl quotations have also declined, but losses have been less marked,
particularly in the latter classification.
Prices for the major grains, certain dairy products, citrus fruits and
copper
improved during the week,
activity in the markets
and hides
Corn, coffee, sugar
OF WHOLESALE
INDEX
WEEKLY
"ANNALIST"
relatively slow pace, although
for wool tops, rubber and
established new lows for the season.
markets was at a
Trading in the futures
there was considerable
THE
sufficient to offset
sustained by livestock.
the large losses
coffee.
but gains were not
PRICES
COMMODITY
Farm
16,
Nov.
k":..
1937
10,
Nov.
17,
83.0
84.5
89.9
89.9
91.2
69.7
X69.7
66.6
89.1
89.8
70.6
87.8
88.9
86.2
Chemicals
Miscellaneous
All commodities
Preliminary,
x
ment
Lower prices were quoted for barley, corn, oats,
sheep, live poultry, cotton, fresh apples at New
York, oranges, alfalfa hay, peanuts, dried beans, white potatoes at Chi¬
cago and Portland (Oregon), and wool.
This week'6 index—77.8—is 3.1%
poultry also declined.
rye,
wheat, steers, hogs,
the
in
in
of foods, hides and
During Week
States Depart¬
leather products, and
accounted for a decrease of 0.7%
wholesale commodity prices of the Bureau
of Labor,
during the week ended Nov. 13, Commissioner Lubin an¬
nounced on Nov. 18. "The recent decline," Mr. Lubin said,
"brought the all-commodity index to the low point of the
year, 83.2% of the 1926 average.
The index has declined
steadily for 7 consecutive weeks and is now 2.3% below
the corresponding week of last month. It is 1.5% above the
United
States Department
Mr. Lubin added:
ago."
hides and leather products,
to the foods,
and textile products
products,
mis¬
smaller decreases were recorded for the metals and metal
building materials, chemicals and drugs, housefurnishing goods, and
cellaneous commodity groups.
Farm products and fuel and lighting
terials advanced fractionally.
groups,
ma¬
materials continued to decline. The decline .
of 0.5% for this week placed the index—78.2—at 2.9% below the level
for the corresponding week of October and 5.8% below that for the week
.ended Nov. 14, 1936.
Semi-manufactured commodity prices declined 1.4%
to the lowest level of the year.
The index—80.0—is 3.0% below that
Wholesale
of
month
a
prices
ago
of
and
raw
1.7%
above
year
a
since
the
late
September,
the
corresponding week
current
ago.
Finished product prices
1.9% below the mid-October
product prices has been downward
index—86.5—is 5.0% above that for
.dropped 0.6% during the week, and
level.
Although the trend in finished
are
of last year.
decreased 0.7% during the week,
commodities other than farm products."
They are 2.0% below the level for the corresponding week of last month
„and 3.9% above that for last year.
Industrial commodity prices, as meas¬
ured by the index for "all commodities other than farm
products and
.foods," fell 0.4% and are 1.4% below last month's level. Compared with
the index of a year ago, industrial commodity prices are 4.0% higher."
In noting the remarks of Commissioner Lubin, an an¬
nouncement by the Department of Labor also said:
A decrease of 3.8%
in hide and skin prices together with a decline
of 2.1% in leather caused the hides and leather products group index to
fall 1.2%.
Average wholesale prices of shoes were fractionally lower and
other leather products including gloves, belting, luggage, and harness re¬
Non-agricultural
according to
mained
commodity
prices
the index for "all
a
prices had also
Wholesale commodity
declined 0.2% dur¬
An announcement by the De¬
partment of Labor bearing on prices during that week, is¬
ended Nov. 6.
ing the week
11, had the following to say:
Nov.
sued
decrease—2.1%—was recorded in the hides and leather
largely because of a 9.6% decline in hide and skin prices.
Average prices of shoes and leather were fractionally lower.
No changes
were
reported in prices of leather products such as luggage, harness,
The
largest
twine prices
fiber
were
lower
of
result
a
prices
in
the
6and,
and
higher.
flooring and gravel.
0.6%.
Cement
declined 0.6% because of
prices for fats, oils, glycerine, ground bone, and tankage.
Salt
advanced sharply.
Mixed fertilizers remained unchanged at last
cake
week's
level.
index
and drugs group
the chemicals
index for
dropped 0.4% to 92.2.
lower and furnishings were
housefurnishing goods group
were
higher.
fractionally
,
.
declined 0.8% and paper and pulp dropped 0.4%.
prices were also reported for caskets, soap products, and laundry
Automobile tire3 and tubes and crude rubber remained firm.
Lower
starch.
prices
feed
Cattle
prices
Falling
copper,
decrease in
sharp
a
and non-ferrous metals, principally anti¬
pig tin, solder, and copper sheets, together
heating boilers caused the metals and metal
of scrap steel
electrolytic
mony,
with
the
for
wholesale prices of furniture
Average
Agricultural implements and
0.2%.
products group index to decrease
motor vehicles remained steady at
last week's level.
A minor
decline—0.1%—was recorded by the farm products group.
Grains
decreased 3.9%.
Quotations were lower for barley, corn, rye,
wheat,
calves, cows, hogs, wethers, cotton, seeds, dried beans, onions,
sweet potatoes, white potatoes in Eastern markets, and wool.
Livestock
and
poultry advanced 0.9%.
Higher prices were reported for steers,
milk at
products
below
live poultry, eggs, apples, lemons, hops, fresh
white potatoes at Portland, Ore. This week's farm
index—77.7—is 0.0% below the level of a month ago and 7.7%
lambs,
ewes,
Chicago, and
of a
that
ago.
year
Wholesale
because
0.6% during the week, largely
vegetables and 0.3% in dairy
4.3% in fruits and
prices were quoted for
products.
Higher
and string beans,
butter, rice, bananas, canned peas
pork, cocoa beans, lard, raw sugar,
product prices declined 0.7%, and
Individual food items for which lower prices were
lamb, mutton, fresh
oil, and peanut oil.
Cereal
cottonseed
meats
prices of foods rose
market
increases of
of
dropped 0.4%.
hominy grits, corn meal, dried apples,
dressed poultry, coffee, copra, glucose, corn
reported were flour,
cured pork,
beef,
raisins, fresh
starch, coco¬
The current food index—84.3—is 3.0%
below that for the corresponding week of last month.
It is 2.1% above the
index for the corresponding week of last year.
The index for the fuel and lighting materials group remained unchanged
at 78.9.
Anthracite and Pennsylvania fuel oil averaged fractionally higher.
Wholesale prices of gasoline declined.
Bituminous coal and coke remained
oil,
nut
corn
oil, and vinegar.
unchanged.
cludes 784
the Bureau's index in¬
Department said that
weighted according to their relative
country's markets and is based on the
year 1926 as 100. The following table shows
price series
the
importance in
average
'
-■
Labor
The
for the
index numbers
of commodities for the
14, 1936, Nov. 16,1935, Nov. 17,
for the main groups
weeks and for Nov.
1934, and Nov. 18, 1933:
past five
prices
goods, raw silk, woolen and
worsted goods, manila hemp, raw jute, cotton rope and twine caused the
textile products group index to decrease 0.8% to the low point of the year.
Clothing and knit goods remained unchanged at last week's level.
Average wholesale prices
of crude rubber declined 6.3%, cattlefeed
decreased 2.5%, and paper and pulp fell 0.7%.
The metals and metal products group decreased 0.5%
as a result of
sharp declines in prices for scrap steel, wire, antimony, babbitt metal,
electrolytic copper, pig lead, lead pipe, solder, and pig tin. No changes
were
reported in prices for agricultural implements, motor vehicles, and
plumbing and heating fixtures.
declines
Nov.
in
prices
of
cotton
Nov.
Oct.
oa.
oa.
Nov.
Nov.
Nov.
17
Nov.
18
—
leather productsproducts.
lighting materials—
metal products—
Building materials-—
Chemicals and drugs.
Housefurnishing goods
Metals and
Not
computed.
1935
1934
1933
83.8
84.0
84.9
85.2
82.0
80.4
76.7
71.7
77.7
77.8
80.7
80.3
85.5
77.8
71.5
58.7
83.6
84.3
83.8
85.0
85.4
83.5
84.9
75.5
65.4
103.0 104.2 106.4 106.9 107.7
72.8
72.8
72.6
71.6
71.0
79.2
79.1
78.9
78.9
79.0
96.8
95.8
84.9
88.5
72.4
73.0
69.3
77.4
75.6
76.1
74.5
30
23
16
75.8
94.6
95.1
95.3
95.6
95.9
87.1
86.3
85.3
83.5
94.0
94.4
95.0
95.4
95.9
87.7
86.0
85.0
84.7
80.0
80.1
80.6
80.6
80.9
81.9
81.1
77.0
73.5
92.1
92.2
92.6
92.7
92.7
83.4
82.1
82.7
82.1
76.3
73.5
67.4
70.6
65.4
75.7
76.0
78.6
78.7
80.5
80.5
83.0
80.0
81.1
81.5
81.9
82.5
78.7
86.5
87.0
87.3
87.9
84.5
85.1
85.4
84.3
84.7
75.0
75.5
-
Semi-manufactured articles..
Finished products
All commodities other than
farm products
All commodities other than
farm products and foods..
•
1936
6
78.2
Miscellaneous
materials
1937
-
Hides and
Raw
1937
77.8
Foods-.--*
Textile
1937
83.2
products
16
1937
13
All commodities
Farm
14
1937
Commodity Groups
Fuel and
year ago.
Continued
paint
prices for face brick, lumber,
building materials group decreased
average
declined 0.8% during the
3.9% in fruits and vegetables, 3.1% in
food
of
clothing, knit goods, raw
(1926=100)
week as a result of
decreases of
cereal products, and
2.4% in meats.
Quotations were lower for flour, hominy grits, corn
meal, raisins, bananas, fresh beef, fresh pork, bacon, dressed poultry, cocoa
beans, coffee, copra, cured fish, glucose, jelly, oleo oil, starch, tallow, and
vegetable oils.
Dairy products advanced 4.0%. Higher prices were re¬
ported for butter, condensed milk, oatmeal, canned corn and 6tring beans,
mutton, cured pork, lard, pepper, and raw sugar.
The current food index
—83.6—is 2.1% below the level of a month ago and 0.1% above that
of
Coke prices remained
unchanged.
Wholesale
index.
coal declined.
bituminous
and
steady.
The
Statistics,
In addition
gasoline
Oklahoma
materials,
of Labor
level of a year
resulted
Higher prices were reported for yellow pine
and structural steel prices remained steady.
Commodity Prices Declined
Nov. 13, According to United
index of
of
increase
an
for anthracite coal and California gasoline
0.1% in the fuel and lighting materials group
prices
Advancing
As
products largely
Labor
.of
and 9.0% below a year ago.
below a month ago
hard
Revised.
Falling prices
textile
milk
and
lower
Ended
advance of 0.1% as a
for calves, cows, ewes, eggs, lemons, fresh
tobacco, sweet potatoes, and white potatoes in
Boston and New York markets.
Grains decreased 5.4% and livestock
flaxseed,
York,
New
The
Wholesale
index registered an
group
prices
higher
of
result
at
86.3
74.9
*75.2
...
Building materials
products
farm
prices for
88.9
104.3
...
....
Metals
the latter group.
in
decline
the
goods group each
and oils caused the decrease in the
and lower prices for sheets and pillow cases were responsible
former group
The
and housefurnishing
drugs group
Falling prices for fats
0.1%.
cotton textiles, together with lower
silk, silk yarns, woolen and worsted
goods, and manila hemp caused the textile products group index to fall
1.4% to the lowest point reached since October, 1936.
Hosiery yarn and
75.6
104.9
Fuels
remained
steel
•
and
chemicals
The
declined
belting and gloves.
Continued weakness
81.3
63.9
1936
92.3
*63.1
Textile pro ducts
89.0
---
.
Food products..
*
1937 Nov.
87.8
products
level.
higher prices for floor
unchanged at last week's
fractionally because of
structural
and
Cement,
for
yellow pine flooring, paint materials, gravel, and
materials group index to decrease 0.4%. The brick
products group,
(1926—100)
.
for
sub-group advanced
tile
and
the
Average steer prices
sharply.
prices
Declining
sand caused the building
tile.
"Annalist"
The
the
Week Ended
During
Points
1.1
Declined
Prices
Commodity
Wholesale
IndeXj of
Weekly
"Annalist"
3263
Chronicle
84.0
*
*
♦
*
*
*
*
*
*
88.2
82.4
85.9
86.2
81.3
80.9
77.7
74.4
85.0
85.2
80.8
79.0
78 3
77.5
3264
Financial
National Fertilizer Association Reports Further Decline
in
Wholesale
Commodity
Prices
During
Week
Ended
Nov.
13
Continuing the downward trend for the eighth consecutive
week, the wholesale commodity price index compiled by the
National Fertilizer Association dropped in the week ended
Nov. 13 to 81.1% (based on the 1926-28 average of
100%)
from 81.7% in the previous week.
The highest point re¬
corded by the index this year was 88.8% in July.
The
week's
decline
in
prices
general, with
was
foods,
and industrial commodities all moving downward.
farm products,
The food price average
declined to the lowest point reached in the past year; lower quotations for
flour and
meats and
sharp break in coffee prices
a
week's drop in the food index.
during the week
effect
grains
and
livestock.
Not
registered last week.
was
with
average,
The
uninterrupted
as
of last
low
a
level
Another decline occurred in the textile price
goods,
cotton
by the
June
since
had the composite farm product price average been at
year
as
for
A moderate advance in the price of cotton
than offset in the farm product group
more
prices
of lower
was
responsible for last
were
wool,
hemp,
decline in metal
and silk seeking lower
prices
which
levels.
began in August
con¬
tinued during the week, with further price weakness in steel
scrap, copper,
and tin.
A sharp break in hide and leather prices caused a downturn in
the index representing the prices
occurred
and
of miscellaneous commodities.
Upturns
during the week in the indexes of building materials and chemicals
drugs.
/
Thirty-three price series included in the index declined during the week
and
18
advanced; in
advances; in
the
the second
preceding
preceding
week
week
there
44
declines
and
16
38
declines
and
11
were
there
were
advances.
WEEKLY
WHOLESALE
COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association.
Per Cent
Latest
Preced'o
Month
Year
Week
Week
Ago
Ago
Nod.
Croup
Totai Index
13,
Nov, 6,
1937
25.3
Foods
Oct. 16.
1937
1937
82.5
Nov.
14
1936
83.2
83.8
Fats and oils
67.6
67.1
68.8
79.1
Cottonseed Oil
23.0
68.3
68.3
72.4
93.6
73.5
74.2
78.5
80.8
44.0
42.7
46.0
66.8
66.5
66.9
74.0
100.5
Farm products
Cotton
Grains
Livestock
82.5
84.0
88.0
77.8
Fuels
84.7
84.7
85.5
79.7
10.8
Miscellaneous commodities..
81.0
82.3
83.5
79.7
Textiles..
66.0
66.1
68.8
71.1
♦
Weekly
Report
of
and
at
60%
54% of
production
greater
tion
and
than
year;
ended
orders
were
7% below that week's orders, according to
reports to the National Lumber Manufacturers Association
from
regional associations covering the operations of im¬
portant hardwood and softwood mills.
Productiton in the
week ended Nov. 6, 1937, was shown
by softwood mills
reporting for both 1937 and 1936 as 1% above output in
below orders of the 1936 week.
In the first 43 weeks of
1937 production and shipments were both 5%
greater than
in similar period of 1936; cumulated new orders were
4%
below
1936.
The
Association
During the week ended
feet
of
hardwoods
booked
week
orders
of
feet;
568;
orders,
but
Southern
87.7
83.0
96.3
regions
73.2
73.2
73,8
68.2
production
below
that
Fertilizers
80.5
80.5
80.4
74.6
Lumber
orders
96.4
92.6
83.9
80.6
During Week Ended Nov.
2,176,557,000 Kwh.
13
The EdisoD Electric
Institute, in its weekly statement,
disclosed that the Droduction of
electricity by the electric
light and power industry of the United States for the week
ended Nov. 13, 1937, totaled
2,176,557,000 kwh., or 0.3%
2,169,480,000 kwh. produced in the corresponding
week of 1936.
PERCENTAGE INCREASE OVER PREVIOUS YEAR
mills
same
mills.
Week Ended
Nov. 13, 1937
Nov. 6, 1937
Oct. 30, 1937
x2.0
4.1
Total United States
2.5
4.0
9.9
3.8
11.5
9.2
11.0
1.2
4.1
5.1
6.3
RECENT WEEKS
*
1937
(THOUSANDS OF KILOWATT-HOURS)
1936
2,320,982
2,154,276
2,280,792
2,265,748
2,275,724
Oct.
2
Oct.
9
Oct.
16
1937
23
Oct.
30
2,135,598
2,098,924
2,028,583
2,170,807
2,157,278
2,169,442
2,168,487
2,170,127
2,166,656
2,175,810
2,169,480
2,276,123
Oct.
2,281,636
2,254,947
2,202,451
2,176,557
1935
1932
1929
2,280,065
1,809,716
1,752,066
1,827,513
+ 2.6
+ 4.4
1,851,541
+ 5.5
1,857,470
+ 5.1
+ 5.1
1,863,483
1,867,127
1,863,086
+ 5.0
feet and
production of 450
year
it
ago
feet
and
190,315,000
was
Mill
Reports
identical
193,198,000 feet;
171,156,000
feet,
1
softwood mills
and
shipments
orders
was
194,612,000"
respectively,
were,
received,
154,636,000'
feet.
Lower
+ 4.1
1,895,817
+ 1.2
1,897,180
+ 0.3
1,913,684
1,792,131
1,777,854
1,815,749
1,798,164
Field—
December—
Broaden—Daily Average Crude
area.
shutdown,
when
15, will
added
mean
to
a
the 75,000 barrels cut.
total reduction of nearly
145,000 barrels daily in Texas production of crude oil.
This
East Texas fields.
Only
few protests were received by the commission on
its order of the preceding week ordering a cut of about
68,000
barrels in the State's production for the second half of
November, it.was disclosed at Monday's State-wide prora¬
tion hearing in Austin.
It was announced a few days later
a
1929-31
average, from a level of
The index for October, 1936,
(revised) in September.
109.0.
of
the
from
five
groups
September,
*
gasoline stocks, 435,000 barrels.
These two reports show
that with 307,000,000 barrels of oil
already above and 67,000,000 of gasoline already on hand, we apparently are faced
with the
review of chain store trade, that
publication will report that the index of sales for the month
for two
for
"During the last week," Commissioner Thompson said at
Monday, "crude stocks rose 583,000 barrels and
Age."
unchanged
Stocks
Forecast
Commission
Texas
the meeting
forthcoming
figures
Demand
East
production.
1,806,259
Volume of chain store business in October
expanded less
is seasonally
expected at this time, according to the
were
Market
in
1,793,584
1,674,588
than
the
Products—Railroad
1,818,169
1,761,594
October Chain Store Sales Lower
of
Its
Sunday Shutdown
that the Commission will hold another State-wide
hearing on
Dec. 17 to receive reports on effects of the second slash in
1,475,268
114.8
and
1,798,633
1,824,160
1,938,560
regularly
while
three
declined.
necessity of reducing the production of crude in
throughout the country."
Texas and
Production of crude has gotten far in advance of con¬
sumption of gasoline and other crude products, he told the
several hundred Texas oil men attending the
hearing.
He
added that a "study of business conditions of the
country
shows that there has been a decided
let-up in all lines of industry, due to the recent crash in the stock market in New
-
York.
index
store
Nov. 6, 1937, by 457 soft¬
below the production of the
same
1,806,403
1,953,119
The
as
1,507,503
2,196,175
drug
21%
the
reported
1,819,276
2,169,715
index
or
for
pine
1,464,700
1,423,977
1,476,442
1,490,863
1,499,459
1,506,219
Nov. 20
reviewed
reported
Northern
A
closing of the
+ 8.6
+ 12.4
Nov. 27
The
6.
is the most drastic slash in the State's turnout of
petroleum
since 1928 when Governor Sterling ordered the
1,528,145
1,533,028
1,525,410
1,520,730
1,531,584
was
and
week.
the week ended
154,997,000 feet,
ordered for Nov.
1936
to
Nov.
area
from
declined
a
168,493,000
The
117.0
in the week ended
on
Monday ordered op¬
approximately 24,000 wells in the East Texasthat they must suspend production on the next four
Sundays, effective Nov. 21, with the announcement pointing
out that the shut-down would give the Commission's en¬
gineers an opportunity to study reservoir conditions in the
7.0
Change
Week Ended
Store
218,-
The Texas Railroad Commission
Per Cent
its
feet;
preceding
shipments,
erators of the
Decrease.
In
feet;
the
Production Rises—Anti-Trust Trial Continues
2.1
3.4
0.3
.
3.2
1.1
4.0
6.6
Pacific Coast
x0.5
0.9
17.9
1
Rocky Mountain
"Chain
week's
feet, and
6.3
0.8
West Central
6
for
redwood
1936
Identical
Last
0.7
2.1
xl.9
Southern States
Nov.
California
of similar
Shipments
Petroleum
\5.9
1.7
Nov. 13
216,305,000
205,191,000
179,249,000
for
week were 168,923,000'
13% below production.
Production was 195,185,000 feet.
Reports from 102 hardwood mills give new business as 5,905,000 feet,
or
41% below production.
Shipments as reported for the same week were
10,326,000 feet, or 3% above production.
Production was 10,006,000 feet.
Oct. 23, 1937
x6.9
Sept. 25
figures
or
Week Ended
New England
Sept. 18
Coast,
totaled
Orders
Week Ended
Central Industrial
Sept. 4
Sept. 11
West
Petroleum
Week Ended
Middle Atlantic
FOR
produced
shipped
The Institute's statement follows:
Major Geographic
Regions
DATA
but
wood
feet,
x
production,
reported
96.4
mills
Revised
orders below production
95.6
81.7
538
combined;
leet.
reported shipments below production.
All
regions reported orders below those of corresponding week of 1936; all but
West Coast reported shipments below last year's week, and all softwood:
85.2
96.4
1937,
6,
reported:
hardwoods
102.5
81.1
further
172,972,000 feet.
All regions reported
All
Nov.
softwoods
160,902,000
Mills,
were:
915,000
and
95.1
above the
produc¬
preceding
Nov.
99.6
Totaled
the
National production reported for the
6, 1937, by 5% fewer mills was 5% less
than the output (revised
figure) of the preceding week;
shipments were 18% below shipments of that week; new
week
84.6
Production
Reported
below
appreciable decline.
96.3
Electric
slightly
were
considerably less.
Production, as
slightly above the corresponding week of
shipments showed small decline; new orders,
99.4
combined
business booked and
new
was
84.8
groups
productiton
The week's reported
shipments.
were
of
average
shipments
Metals
All
weekly
reported
Chemicals and drugs
Fertilizer materials
Farm machinery
Ended
'
1929 shipments.
orders
new
reported,
last
the 1929
28% greater than
was
14%
week;
of
average
Building materials
.3
Movement—Week
The lumber industry during the week ended Nov. 6, 1937,
7.1
100.0
Lumber
-Nov. 6, 1937
1.3
3
1937
1
6.1
.3
20,
figure for the variety chain group was 118,
compared with 121 in September; for the shoe group it was
156 against 158; and the preliminary index for the grocery
group was 105.0 against 105.8 (revised) in September.
82.5
17.3
8.2
Nov.
index
corresponding week of 1936; shipments were 2% below last
year's shipments of the same week; new orders were 19%
(1926-1928=100)
Each Croup
Bears to the
The
stood
Association's announcement, dated Nov. 15, continued:
Last
Chronicle
of apparel chain
sales
previous month.
it
was
sales
136.0,
was
both
128.0, and for the
unchanged
from
the
"The United States
Department of Agriculture
says
that
the recession of trade will extend far into 1938," he
pointed
out.
"This being true, now is the time to exercise caution.
Volume
Financial
145
fay preventing
tions improve
excess
we can
600,000,000 barrels, in the
ultimate productive capacity of the East Texas oil field
through action taken by the Federal Government working
in cooperation with Texas officials was indicated in a report
of George W. Holand, Director of the Petroleum Conserva¬
tion Division, to Secretary Ickes.
Production of "hot" oil in Texas has dropped to less than
30%,
During the fiscal year, crude oil produced in East Texas was
160,717,784 barrels, of which 92% was shipped with Federal
tenders.
demand for crude oil
forecast on Nov. 18
by the United States Bureau of Mines, which is 17,700
barrels under the November forecast but 341,200 barrels in
excess of actual
December production last year and 10%
above the actual domestic demand for the closing month of
decline in average daily market
in December to 3,491,300 barrels was
last year.
during October averaged about
the Bureau reported, with stocks
dipped 1,896,000 barrels t'net, of which 1,603,000 was in
domestic grades, indicating a daily demand during this
period of 3,663,000 barrels. This dip in crude stocks was
offset by an unusual gain in gasoline stocks during the month.
Crude
oil
production
3,606,000 barrels daily,
California again was the only major oil-producing State
an increase in the Bureau's market recommendations,
to win
the rising demand for petroleum and re¬
the West Coast from the Far East, par¬
this being due to
fined products on
Recommended production for California
set at 679,400 barrels, against 674,600
during November.
All others in the "Big Five"
were given lower production totals in the Bureau's
ticularly Japan.
month
next
barrels
group
was
recommendations.
Bureau
The
of Mines'
estimated daily
average
demand for crude oil next month compares as
November's totals:
f-
December
November
33,900
Illinois
24,400
Montana
15,800
Kentucky
14,500
New York
1,399,800 1,413,300
679,400
674,600
588,800
598,000
Oklahoma
246,200
189,700
104,800
244,000
.Louisiana
Kansas.
186,000
New Mexico
104,100
14,300
33,100
20,900
17,100
14,600
14,700
9,800
9,900
4,500
2,300
51,800
51,000
Pennsylvania
The
market
Bureau's
Ohio
56,300
47,400
51,800
57,100
Wyoming
Michigan
market
follows with
Arkansas
December November
Texas
California
9,900
West Virginia
9,800
Colorado
4,400
Indiana
2,300
demand
for
estimate
December
1,399,800 barrels was off 13,500 barrels from
its November estimate, the latter being 61,000 barrels below
the Commission's allowable, starting the first of November.
for
Texas of
The
recommended
Bureau's
total
for
Oklahoma
is 9,200
$2.35
1.25
1.27
1.35
Bradford, Pa
Lima (Ohio Oil Co.)
Corning, Pa
Illinois
1.40
Western Kentucky
Mld-Cont't, Okla., 40 and above.. 1.30
-mackover.
0.90
Ark.. 24 and over
Daily average crude production during the week ended
rose
Petroleum
8,300 barrels to 3,541,450 barrels, the American
Institute
reported.
This
Bureau of Mines' recommendation of
compared
with
...
Daret Creek
Central Field. Mich
Sunburst, Mont
Huntington, Calif, 30 and over
Kettleraan HUls, 39 and over
Petrolla. Canada
$1.27
1.35
1.09
1.42
1.22
1.22
1.42
2.10
FUEL DEMAND
GASOLINE
BROADER—
STOCKS—REFINERY
INCREASE
RUNS
Standard Oil Co. of New Jersey
and its Southern marketing
subsidiary Standard of Louisiana, Monday reduced consumer
tank car and dealer prices of gasoline %c. a gallon through¬
out their marketing areas with the exception of areas where
current postings were sub-normal.
In making known the reduction, the company said that
the cut in prices was due to lower basic gasoline markets as
well as a declining trend in tanker charter rates.
A week or
so earlier,
prices throughout the New York-New England
area and throughout the Mid-West were made by leading
companies operating in those areas.
Bulk gasoline prices in the Mid-Continent have been on a
donwtrend for several weeks now and the current market
price of 434 to 4% cents for third-grade gasoline is around
%e. a gallon under the mid-summer price level.
Tanker
rates are around 26 cents a barrel, in contrast to the summer
price of 60 cents.
The Bureau of Mines
estimated domestic consumption
of
gasoline during December at 65,380,000 barrels, which is
,1.5% above the actual demand for the comparable 1936
month.
It warned against rising stocks of motor fuel but
conceded that some appreciation was inevitable in view of
the necessity for producing fuel oil which automatically lifts
gasoline stocks.
A contra-seasonal expansion in demand for gasoline due to
the favorable motoring weather brought the first reduction
in stocks since early October during the second week this
month, according to the American Petroleum Institute.
The trade institute placed the total at 67,035,OCX), off 236,000
barrels.
Stocks of finished and unfinished gasoline mounted
at refineries but dipped at bulk terminals.
A fractional increase in refinery operations lifted the total
81.5% of capacity, against 81.2% a week earlier.^Daily
of crude to stills rose 10,000 barrels to 3,335,000
barrels. Production of cracked gasoline gained 15,000 barrels
to 780,000 barrels daily.
Gas and fuel oil stocks broadened
to
average runs
by 87,000 barrels to
reach 121,012,000 barrels.
Representative price changes
follow:
Jersey and Standard of Louisiana,
its Southern marketing subsidiary, posted a %c. a gallon reduction today
in the consumer tank car and dealer prices throughout its marketing area.
15—Standard Oil Co. of New
Nov.
U. S. Gasoline
(Above 65 Octane),
Warner-Quinlan—
Gulf
Shell Eastern
Gas Oil,
F.O.B. Refinery or
the
z
I
28-30 D
I Newark.
I Boston.;
$.19
.19
Not Including
.0534
.04%-.04 54
Refinery
.0334-.04
-
Terminal
New Orleans
...$.105
C
Phlla., Bunker
C
1.35
Terminal
I Tulsa
$.053 I
IChicago—
$.04%
New York
$.05
-05H
.06J4-.07
ports
|Tulsa
plus D
$1.00-1 25
$1.25
2.20
N. Y. (Bayonne)—
Brooklyn
Gulf
I New Orleans_$.05%-.05 34
$.04
,03%-.05
Refinery or
California
N. Y. (Bayonne)—
i
Orleans.
White. Tank Car, F.O.B.
Fuel Oil. F.O.B.
27 plus....
New
.07%
I North Texas
$.05% | Los Angeles..
Diesel 28-30 D
Chicago
Tulsa
Kerosene, 41-43 Water
Bunker C.
Refinery
Other Cities—
_S.07%
.08 %
.07 %
Texas
$.07%
Socony-Vacuum__ .08
Tide Water Oil Co .08%
Richfield Oil(Cal.) .07%
Stand. OU N. J
s
Tank Car Lots, F.O.B.
New York—
New York—
Gasoline, Service
^
Rusk, Texas, 40 and over
CONTRA-SEASONAL DIP IN GASOLINE
barrels.
Nov. 13
Eldorado. Ark.. 40
PRICES—DECEMBER MOTOR
,
Wells
degrees are not shown)
PRODUCTS—STANDARD OF JERSEY CUTS
REFINED
domestic and foreign petroleum
showed a net
gain of 84,000 barrels during the initial week of November to
307,224,000 barrels, the Bureau of Mines reported on
Nov. 17.
Although stocks of domestic crude oil showed a
decline of 280,000 for the Nov. 6 period, holdings of foreign
petroleum more than offset this decline with a gain of 364,000
1.25
Rodessa, Ark., 40 and above
(Bayonne)
Stocks of
Crudes per Barrel at
(All gravities where A. P. I.
New York
Mines.
price changes.
Prices of Typical
next
barrels under its November suggestion at
588,800 barrels daily.
The new total, however, is sub¬
stantially in excess of the actual November Oklahoma allow¬
able of 575,000 barrels fixed by the Corporation Commission.
During the past few months, the Commission has been setting
an allowable
below that recommended by the Bureau of
month
were no
or
1 % due to the prohibition of inter-State movements of
illegal crude through Federal legislation and prohibition
against intra-State commerce through rules and regulations
of the Texas Railroad Commission, it also was shown.
A
There
oil production. When business condi¬
increase production at any time."
An increase of about
3265
Chronicle
Station. Tax
.$.1651
.18 I
$.02%-.03
Included
Buffalo
Chicago
$1.75
1.32
.....—
2% city sales tax.
3,509,000 barrels for
comparable 1936
Sharp expansion in production
and California offset a break of more than
November, and actual production in the
the joint State-Federal total of 674,600 barrels.
Texas gained 2,550 barrels to 1,427,650 barrels, against 1,386,949 and 1,413,300, respectively.
Louisiana, at 239,450
barrels, was up 3,800 and compared with the State quota
of 253,150 and the Federal recommendation of 246,200
Production During Week
Barrels
The American
Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Nov. 13, 1937, was 3,541,450 barrels.
This was a gain of
8,300 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 by the
various oil-producing States during November.
Daily aver¬
age production for the four weeks ended Nov. 13, 1937, is
estimated at 3,572,700 barrels.
The daily average output
for the week ended Nov. 14, 1936, totaled 3,040,400 barrels.
barrels.
Further details,
period of 3,040,400 barrels.
totals for Kansas
25,000 barrels for Oklahoma.
slumped to 556,600 barrels, against 575,000 bar¬
by the State and 598,000 recommended by the Bureau
of Mines.
Kansas was up 19,050 to 193,300, against the
Oklahoma
rels set
State quota of 180,215 and United States figure of
barrels.
California gained 14,600 barrels to 710,900
189,700
barrels,
against
The
anti-trust
case
this week
was
devoted entirely to
arguments by defense counsel pleading individually for the
dismissal of price-fixing conspiracy charges against major oil
companies and their executives. Feature of the week was
the ruling on Friday (yesterday) by Judge Patrick Stone
ordering counsel for the defense to complete their argument
Crawford asked that the
each individual defense
argument as it was completed.
He was refused by Judge
Stone who had already ruled previously to the effect that
the prosecution must wait until the defense statements are
completed before making its counter-argument.
that
day.
Prosecution
Government be
chief
allowed to
answer
Daily
Crude Oil
Average
Ended Nov. 13
Placed at 3,641,450
reported by the Institute, follow:
and receipts in bond at principal
Nov. 13 totaled 880,000 barrels,
of 125,714 barrels, compared with a daily average of 117,714
week ended Nov. 6 and 134,679 barrels daily for the four
as
Imports of petroleum for domestic use
United States ports for the week ended
a
daily average
for the
barrels
weeks
ended
Nov.
13.
Receipts of California
ended
Nov.
13
oil at Atlantic and Gulf Coast ports for the week
daily average of 23,857 barrels
totaled 167,000 barrels, a
of 9,857 barrels for the week ended Nov. 6
weeks ended Nov. 13.
Reports received from refining companies owning 89.0% of the 4,159,000barrel estimated daily potential refining capacity of the United States
indicate that the industry as a whole ran to stills, on a Bureau of Mines
basis, 3,335,000 barrels of crude oil daily during the week, and that all
compared with a daily average
and
22,679 barrels for the four
Financial
3266
companies had
in storage
transit and in
of the end
as
unfinished
Cracked gasoline
production by companies owning 94.8% of the potential
all cracking units indicates that the industry as a
Bureau of Mines basis, produced an average of 780,000 barrels
capacity of
charging
whole,
refineries, bulk terminals, in
at
of the week, 67,035,000 barrels of finished and
gasoline and 121,012,000 barrelB of gas and fuel oil.
pipe lines
a
on
daily during the week.
DAILY
i
Chronicle
when
five active days of
occasioned
by
compared
with
1927
production in
the preceding week.
the-
The decrease
was
partial observance of Nov.
1, the opening
Nov. 2, Election Day.
report of both of the above-mentioned
organizations follows;
a
of the hunting season, and
consolidated
The
ESTIMATED
AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
6.8%
of
decrease
Nov. 20,
UNITED
STATES PRODUCTION
COKE
.
(IN
Week Ended—
NET
OF COAL AND
BEEHIVE.
TONS)
Nov. 6, 1937
Oct. 30, 1937
Total, including mine fuel
c8,600,000
d9.086,000
9,647,000
Dally average
cl,433,000
1,514,000
1,754,000
Total, including mine fuel
B. of
941,000
1,010,000
868,000
Dally average
Commercial production.!
156,800
896,000
202,000
962,000
827.000
45,500
46,900
64,500
7.583
7,817
10,750
Four
M.,
State
Week
Allowable
Ended
Dept. of
Interior
Calcu¬
Nov.
Nov. 1
Ended
previous
Nov. 13.
1937
Bituminous coal:
Nov. 14,
Week
13,
Nov. 7, 1936
Week
Ended
1936
from
1937
lations
Weeks
Change
a
Pennsylvania anthracite: b
{Nov.)
Oklahoma.
598,000
189,700
556,600 —25,800
193,300 + 19,050
575,000
Kansas
180,215
578,900
587,300
184,750
167,100
144,700
Beehive coke:
70,850
+3,750
North Texas
73,600
+ 150
West Central Texas-
34,800
Panhandle Texas-..
Texas...
Coastal Texas
210,750
+ 150
+2,250
201,200
East Texas
—3+50
—1,450
109,750
482,900
257,750
203,850
441,350
164,800
158,100
1,413,300 1,386,949 1,427,650
Total Texas...
North Louisiana
Coastal
Total
'-
Louisiana
Louisiana
246,200
Arkansas
+850
+2,550 1,447,500 1,134,650
70,100
+ 1,700
72,150
+2,100
168,800
77,050
153,350
239,450
253,150
Calendar year to date f—
67,050
169,350
V
Dally average
34,300
145,300
250,200
East Central Texas.
United States total
58,950
64,800
203,400
109,850
483,750
West Texas
Southwest
74,000
73,750
34,750
+ 3,800
240,950
114,050
33,100
124.000
44,150
—3,650
134,700
+800
Michigan............
Wyoming......
47.400
56,300
+ 900
54,950
29,450
54,150
—2,450
57,900
49,200
Montana
17,100
15,350
—2,350
17,0.50
18,450
4,300
104,850
+ 150
+ 700
4,200
104,100
1937
1936
1929
a
Total, Including mine fuel
383,187,000
359,483,000
1,443,000
1,357,000
1,716,000
h41,791,000
h46,074,000
h61,156,000
162,300
178,900
237,500
Dally average
Pennsylvania anthracite: b
Total, Including mine fuel
Dally average
230,400
46,900
133,400
Bituminous coal:
Commercial production. 1
6
457,579,000
6
6
Beehive coke:
United States total
Dally average
2,895,700
1,363,100
10,927
5,144
—
5,767,000
21,762
83,550
Eastern....—
....
—
Colorado
56,050
4,500
104,800
104,800
2,834,400
674,600
X674.600
......
New Mexico.........
27,800
4,650
a Includes tor purposes of historical comparison and statistical convenience the
production of lignite and anthracite and semi-anthracite outside of Pennsylvania,
b Includes wasbery and dredge coal and coal shipped by truck from authorized
operations, c Subject to revision, d Revised,
f Sum of 45 full weeks ended Nov. 6,
1937 and corresponding 45 weeks of 1936 and 1929.
g Comparable data not yet
avaUable. h Sum of 44 weeks ended Oct. 30. i Excludes mine fuel.
ESTIMATED
Total east of Calif..
California
2,830,550 —6,300 2,870,600 2,446,600
710,900 + 14,600
702,100
593,800
WEEKLY
based
are
and are subject to revision on
3,509,000
♦
3,541,450
+ 8,300 3,572,700 3,040,400
PRODUCTION
OF
COAL
BY
STATES
(IN THOUSANDS OF NET TONS)
(The current estimates
on
railroad
loadings and river shipments
receipt of monthly tonnage reports from district and
car
State sources or of final annual returns from the operators.)
Recommendation of Central Committee of California Oil Producers.
Note—The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
Week Ended—
State
Oct.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED NOV. 13. 1937
Oct.
30, Oct. 23,
1937
1937
Oct.
31, Nov.
1936
2, Nov.
1935
2,
Avge.
1929
1923
8
8
(Figures in thousands of barrels of 42 gallons each)
Alaska
Daily Refining
Crude Runs
to Stills
Unfinished Gasoline
Stocks
of
District
Finished
Unfin'd
Gas
3
257
239
17
350
102
112
95
93
144
88
Colorado
150
164
245
217
_
.
Georgia and North Carollaaj
Reporting
Daily
Rate
East Coast..
Total
P.
P. C.
Aver¬
Oper¬
At Re¬
age
tial
ated
fineries
C.
669 100.0
669
in
and
Terms., Nap'tha
&c.
Fuel
Distil.
Oil
543
81.2
1,331
1,192
Appalachian.
146
129
88.4
106
82.2
858
1,524
224
980
Ind.,111., Ky.
Okla., Kan.,
529
489
92.4
450
92.0
5,072
4,221
655
7,492
Illinois
452
383
84.7
Inland Texas
355
201
Texas Gulf..
833
797
La. Gulf
5,227
*
*
398
8
8
1,147
1,123
1,184
939
1,299
1,558
360
334
400
315
378
520
60
72
73
65
103
Kansas and Missouri
155
171
152
130
148
161
892
848
914
723
979
764
193
201
204
164
284
238
31
34
35
36
57
9
7
13
12
21
28
73
77
83
75
87
82
Indiana
15,078
72.1
370
3,930
56.6
140
69.7
1,540
192
324
95.7
168
174
276
734
92.1
6,635
226
1,800
1,899
11,496
88.1
460
3,572
3,359
2,276
96.6
148
1,008
539
No. La.-Ark.
91
58
63.7
47
81.0
204
94
Rocky
89
62
69.7
50
80.6
1,232
821
746
90.9
524
70.2
8,956
.
California...
Western
.....
Maryland
Michigan
4.
;
New Mexico
32
North and South Dakota
...
3,702
457
89.0
3,018
81.5
4,159
3,335
4,159
4.159
3,325
91
856
836
422
549
817
1,960
Pennsylvania, bituminous
2,155
2,447
1,836
2,807
3,149
468
Tennessee
120
110
104
39
116
118
622
Texas
16
16
16
15
16
1,411
2+16
34,091
22,719
72,225
Utah..
84
86
81
94
123
121
316
329
281
253
265
231
650
36,791
36,471
6.595 117,762
280
3,250
23,369
6,875 121,012
6,851 120,925
23,949
Washington
39
46
46
41
55
68
1,897
2,081
1,488
567
609
1,788
465
2,171
531
780
805
124
165
184
137
32,502
19,287
138
153
♦
Other Western States.c
*
9,086
Pennsylvania anthracite, d
z2,971
Estimated Bureau of Mines' basis.
26
1,835
West Virginia—Southern, a
Total bituminous coal
U.S. B.of M.
xNov, 13'36
58
90
552
Wyoming
4,159
6'37
60
73
522
57
xEst.tot.U.S.
Nov.
44
55
Northern, b
Nov. 13'37
41
35
102
2,700
317
40
116
529
Ohio
Virginia
EStd.unrepd.
x
179
*
1
Iowa
Montana
Mo
Rworted
180
3
Kentucky—Eastern
Poten¬
Mt
2
257
Arkansas and Oklahoma
Stocks of Finished and
Capacity
■
2
Alabama
i
*
9,412
*
10,060
s8
7,948
s4
11,266
11,310
1,010
1,172
1,033
635
1,218
1,968
10,096
10,584
11,093
8,583
12,484
13,278
6,366 112,318
AH coal
zNov. 1936 daily average.
a Includes operations on the N. &
W., C. & O., Virginian, K. & M., B. C. & G.,'
on the B.
& O. in Kanawha, Mason, and Clay counties,
b Rest of State,
including the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and
Oregon,
d Data for Pennsylvania
and
October Anthracite Shipments
9.58% Above
Year Ago
a
Shipments of anthracite for the month of October, 1937,
as reported to the Anthracite
Institute, amounted to 4,320,074 net tons.
Thir is an increase, as
compared with ship¬
ments during the
preceding month of September, of 1,090,912
net tons, or
33.78%, and when compared with October,
1936, shows an iDcrease of 377,588 net tons, or
9.58%.
Shipments by originating carriers (in net tons) are as fol¬
lows:
anthracite
North
than
from
published
September,
October,
September,
1937
1937
1936
1936
932,173
893,714
365,841
608,227
659,410
255,108
718,199
707,989
289,181
614,459
393,412
378,389
471,027
363,071
137,153
164,247
370,071
90,073
199,928
828,128
912,658
302,971
425,835
410,108
452,771
237,417
192,033
180,565
4,320,074
3,229,162
3,942,486
3,439,663
Reading Company
Lehigh Valley RR
Central Railroad of New Jersey.;
Delaware Lackawanna & Western RR.
Delaware & Hudson RR.
__
Corp
Pennsylvania RR...
Erie RR.
New York Ontario <fe Western Ry
Lehigh & New England RR__
Total
j
366,324
286,609
373,318
451,102
349,712
245,457
189,802
114,903
American
months
20,640,000
The National Bituminous Coal
report,
Commission, in its weekly
said that the total production
the week ended Nov.
6 is estimated
of soft
coal
in
at
8,600,000 net tons, a
486,000 tons,
corresponding week of 1936
decrease compared with the preceding week of
or
5.3%.
Production in
amounted to
9,647,000
the
tons.
The cumulative production of soft coal in 1937 now
stands
6.6% ahead of that in 1936; the cumulative
production of
both
.
soft and
The
United
hard
coal
States
in
1937, 5.2% ahead
Bureau
of
of
statement, said that the total production of anthracite for
week of Nov. 6 is estimated at 941,000 tons, a
the six-day
Bureau
of
Mines,
Alaska,
s
Georgia.
with "other Western States."
* Less
of
Metal
Statistics
reports
that
ounces
of
1937
totaled
22,171,000
ounces
against
in the same period last year.
States produced 427,000 ounces in
September
against 518,000 ounces in August.
Production of gold in the
January-September
period
for
this
country
was
3,444,000
ounces.
Canada
348,000
was
produced
ounces
3,010,000
South
ounces
in
September against
Output in the first nine months
ounces.
African
September, which
in
341,000
in August.
production
came
compares with
South
Africa
in
to
984,000
989,000
the
ounces
first
nine
ounces
in
in
August.
months
of
totaled
8,784,000 ounces.
From present indications,,
production of gold in the Transvaal will establish a new
high in 1937.
Peak
production
was
11,558,532 ounces
in
1932.
The above compilation omits all figures
tions.
However, the Bureau points out
on
Fair Trade in Non-Ferrous Metals Gives
Russia's opera¬
in the first
that
nine months of 1937 Great Britain received
of refined gold from Russia.
1936.
Mines, in its weekly coal
Bureau
The United
1937
coal
the
production of gold for the world, excluding Russia, in the
Production
Weekly Coal Production Statistics
of
September World Gold Production
The
first nine
October,
reports
Carolina, and South Dakota Included
1,000 tons.
5,713,826
ounces
Way to Another
Quiet Spell
"Metal and Mineral Markets" in its issue of Nov. 18 said
that though President Roosevelt's
message to Congress was
generally interpreted
as
moderately encouraging to business.
Financial
traders in non-ferrous metals
improvement in buying that
occurred in the first half of last week.
The reduction in steel
operations to 36.4% of capacity and the increase in stocks of
refined copper in, this country were unfavorable factors.
Prices for major non-ferrous metals here showed no change.
London fluctuated sharply in keeping with the news from
America. In the last week lower prices were named here for
platinum, iridium, quicksilver, antimony, tungsten ore and
manganese ore.
The publication further reported:
3267
Chronicle
Steel Ingot
Volume
his
145
did
words
sufficiently
impress
not
sustain
to
Copper
better tone that prevailed in the
The slightly
domestic market as the
of last week, resulting
London prices advanced
preceding week ended carried into the early part
in
fair call for copper and a firmer undertone.
a
of the week,
In the last two days
buying interest here.
factor
which was a contributing
sharply over the Armistice Day holiday,
in stimulating
statistics and another drop in
steel operations, business went flat.
Sales in the domestic market for the
week amounted to 7,503 tons, bringing the total for the month to date to
however, following publication of the copper
several sellers
nominal
11c., Valley, with
The large mine operators maintained their
The open-market quotation continued at
12,070 tons.
that level.
at
London
advancing more than £2 per
the upturn. Late in
opened the week sharply higher,
Covering by shorts was a factor in
11.
evidence that
the business recession here is deeper than earlier reports indicated.
The October copper statistics were disappointing. Mine output (smelter
production) in the United States was at about the same rate in October
the week London became
as
pessimistic again, largely on fresh
in September.
reported
by the Copper Institute amounted to 382,314 short tons at the end of Octo¬
ber, an increase of 37,586 tons compared with a month previous. All but
65 tons of this gain in the supply on hand occurred in this country. Blister
Combined
and
foreign
domestic stocks of refined copper
as
6,013 tons, but increased
stocks in the United States declined
6,651 tons
The "Iron Age"
for September and October,
Following is a summary of the statistics
in short tons:
bringing about a further reduction in ingot output to 35%
of the country's capacity, lowest since 1934 excepting one
week of July, 1935.
The "Age" further stated:
that amounts only to
curtailments.
The Pittsburgh rate this week is estimated at 35%, but in contrast the
Cleveland-Lorain district is down to 18% owing to the complete shutdown of
Only at Pittsburgh has there been an increase, and
Sept.
Oct.
Sept.
Production
Chicago district is down to
28%, eastern PennOhio to 27%. and the Detroit
district, which was operating last week at 85%, has declined to 58% owing
to sharp curtailment by one plant which has accumulated a supply of slabs.
Along with further reduction of steel-making operations, blast furnaces
open-hearth furnaces at a Cleveland plant; the
27*$%, the Valleys to 34%, the Buffalo district to
sylania to 40%, the South to 46%, southern
68,845
U. S. scrap, &c
14,900
9,410
Foreign mine.
99,910
13,155
12,441
44,592
117,673
114,191
183,902
158,783
6,616
4,698
103,758
Foreign scrap, &c._
66,229
Domestic
71.388
Foreign
Totals
196,997
196,810
Totals
tic copper
—
Stocks, refined:
Production, refined:
United States-
90,982
144,321
181,842
Foreign
86,811
106,347
200,417
200,472
344.738
382.314
109,548
The automobile industry, although proceeding more
correction.
than had been expected, is
196,359
197,329
materialize.
do not
1930
the
over
Tennessee Coal, Iron &
week of accumulating lead at
position of the preceding
reversed its
Co.
those buyers who have been using its
Most of the business
present price levels and selling only to
brands exclusively, to that
of offering metal freely.
business sentiment improved.
The trade believes November requirements are almost covered and that
December is about 50% booked on a monthly volume of 40,000 tons. Bat¬
tery and cable makers and miscellaneous sheet lead and pipe manufacturers
was
placed in the early part of the week, when
were
active in the
Louis.
Zinc
of the domestic market for
The position
zinc underwent little change
and there and
the quotation for Prime Western was maintained on the basis of 5.75c., St.
Louis. A fair tonnage is being moved to consumers on average-price con¬
in the last week.
Buying was restricted to a few cars here
of producers.
tracts, which is absorbing the interest
The Northern Pacific is expected to
20,000
sharply higher on improved
on Nov. 15 of another drop
here,
but announcement
ward, reaching
moved down¬
42.875c. yesterday, compared with the low of 42.250c.
in the previous
week.
in steel production
dampened enthusiasm and prices again
each.
tons
trade that the Interstate Commerce
The belief persists in the steel
freight rates, and that a favorable result
by inquiries for cars and locomotives.
follows: Nov. 11, holiday; Nov. 12,
16, 41.250c.; Nov. 17,
13, 43.500c.; Nov. 15, 43.250c.; Nov.
PRICE3 OF METALS ("E. &
for the
Bronx, New York. Inquiries for 13,500Mississippi River bridge at La Crosse,
3,000 tons for a farm show building at Harrisburg, Pa.
at Washington to reassure business and to check deflationary
headed by 3,120 tons for a
tons are
Wis., and
Efforts
Nov.
12
Zinc
Lead
Export buying offers more
New York
New York
St. Louis
St. Louis
Holiday
Holiday
Holiday
Holiday
10.200
45.500
5.00
4.85
5.75
from $5 to
5.75
13
10.775
10.250
45.250
5.00
Nov.
15
10.775
10.250
45.000
5.00
4.85
5.75
5.00
4.85
5.75
Nov.
16
10.775
9.975
43.000
Nov.
17
10.775
9.850
42.875
5.00
4.85
There is a modest revival
Aunerican scrap dealers
for the
European scrap
10.113
44.325
5.00
4.85
5.75
back into this market.
500,000 tons of steel scrap
have booked orders for
cartel for first quarter shipment.
delivery only
transaction
a
and Philadelphia have brought the "Iron
$12.92, the low since June, 1936, and $9 below
peak, there was no change at Pittsburgh and few declines else¬
where.
Scrap dealers are accumulating scrap speculatively in anticipation
of a price rise within the near future.
Though decline at Chicago
off.
this year's
THE "IRON AGE"
Nov. 16.
1934
_
—
—
1932
1931
Zinc
(Bid)
Spot
3M
Spot
3M
Spot
3M
Nov.
11
41'i»
41*$
46
204*$
17*$
17*$
16*$
17*16
Nov.
12
41
41 *$
46
198*$
197*$
17*$
17*$
16llie
16*$
Nov.
15
41 Vi
41 "is
46*$
197
196*$
17"ie
17*$
16*$
16*$
Nov.
16
395i«
39*$
44
187*$
187
17*16
17*16
16*$
16*$
Nov.
17
39 H
39*$
44
188
187*$
17*16
17*16
16*$
16*$
Prices for lead and zinc are
for the first session of the
and tin are the official closing buyers'
the official buyers' prices
Exchange: prices for copper
All are in pounds sterling per long ton
204
(2,240 lb.).
on average
of basic iron at Vallej
irons at Chicago,
furnace and foundry
$23.25
23.25
18.73
Buffalo,
Valley,,
Southern iron at Cincinnati.
Philadelphia,
1934
1933
-
—
1932
—
1931
1930
Sctap
Steel
Nov. 16, 1937,
$12.92 a Gross Ton
[Based
S13.50<
15.581
One month ago
$20.25 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
Mar. 9
Nov. 24
Nov. 5
May 1
Dec. 5
Jan.
5
Jan.
0
Jan.
7
$23.25
19.73
18.84
17.90
16.90
14.81
15.90
18.21
-
on
No.
1
heavy,
quotations at Pittsburgh,
and
melting
steel
Philadelphia
Chicago.
16.171
One year ago
Low
High
1937
1936 ""
1935"
1934
.
and
Low
High
—
—
—
$21.92
17.75
13.42
13.00
12.25
8.50
11-33
15.00
Mar.
Dec.
Dec.
Mar.
Aug.
Jan.
Jan.
Feb.
30
21
10
13
8
12
0
18
$12.92
12.07
10.33
9.50
6.75
6.43
8.50
11.25
Nov.
June
Apr.
Sept.
Jan.
July
Dec
Dec.
16
9
23
25
3
5
29
9
Nov. 15 an¬
which it has received indi¬
cated that the operating rate of steel companies having
98% of the steel capacity of the industry will be 36.4% of
capacity for the week beginning Nov. 15, compared with
41.0% one week ago, 55.8% one month ago, and 74.1%
one year ago.
This represents a decrease of 4.6 points, or
11.2%, from the estimate for the week ended Nov. 8. 1937.
The American
3M
2
10
8
2
18
2
29
9
.
Electro
Spot
Based
Gross Ton
—
1931
Lead
Mar.
Mar.
Jan.
Jan.
Apr.
Feb.
Dec.
Dec.
2.330c.
2.084c.
2.124c.
2.008c.
1.867c.
1.926c.
1.9450.
2.018o.
Mar. 9
Dec. 28
Oct.
1
Apr. 24
Oct.
3
Oct.
4
Jan 13
Jan.
7
Pig Iron
16. 1937, $23.25 a
1933
Tin, Std.
Low
High
1933.
1936
rails,
rolled strips.
2.605c.
2.330c.
2.130c.
2.199c.
2.015c.
1.977c.
2.037c
2.273c
1935
plates
beams, tank
black pipe, sheets and hot
These products represent
85% of the United States output.
wire,
2.605c.
month ago.*.-...————.2.605c.
year ago
2.197c.
One week ago
One
Steel
Based on steel bars,
1937, 2.605c. a Lb.
1930
Copper
COMPOSITE PRICES
Finished
1932" "
Daily London Prices
Copper, Std.
The reported
American ports, $5 a ton below the previous large
few months ago.
Domestic scrap prices appear to be leveling
price is $16.50, f. a. s.
One week ago
Nov. 13 are: Domestic copper f o.b.
refinery, 10.775c.; export copper, 9.938c.; Straits tin, 44.075c.; New York lead
5.000c.; St. Louis lead, 4.850c.; St. Louis zinc, 5.750c., and silver, 44.750c
The above quotations are "M. <fc M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash, New York or St. Louis, as noted.
All prices are In cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
prices for calendar week ended
deliveries; tin quotations are for prompt
been given on some recent orders.
buyers, and a
of interest in pig iron from European
possibility that Japan may come
5.75
10.775
London Metal
promise, so far as volume is concerned, as
to meet foreign ideas.
Concessions*
$8 from domestic prices have
1935
Nov.
Average
possibly benefit
American mills lower their prices
some
1937
4.85
Average
steel and related industries could
large degree.
any
One year ago
10.150
Holiday
10.775
11
helpful if directed toward tax re¬
taken toward a building revival will re¬
be almost immediately
The steps that are being
One month ago
M. J." QUOTATIONS)
Straits Tin,
Dom.,Refy. Exp., Refy.
Nov.
fair amount of public work, but private
Structural steel lettings of about 19,000
4,900 tons for a finance building at Harrisburg, Pa., 3,000 tons
Calvin Coolidge bridge at Northampton, Mass,, and 1,650 tons for
projects have almost disappeared.
One week ago
Electrolytic Copper
will be almost immediately followed
The only new inquiry of importance
tons include
Nov.
41.125c.
DAILY
Com¬
the plea of the railroads for higher
locomotives for the Milwaukee road.
1930
Chinese tin, 99%, was nominally as
43.750c.; Nov
the Great Northern may
Line and the Louisville & Nashville
buy 25,000 tons and the Atlantic Coast
1937
Early in the week tin prices in London moved
prices.
RR. Co., 7,682 tons
from Colorado Fuel & Iron Co.
One
Tin
business sentiment
tons—20,406 tons from
from Bethlehem Steel and 7,244
Age" composite price down to
also the contract
for the American Smelting & Refining Co., and at 4.85c.,
settling basis
St.
buying movement.
continued at 5c., New York, which was
The quotation
Southern Pacific, which re¬
The
weeks.
distribute orders this week for 30,000 tons, while
to
the
several
next
inquired for 75,000 tons, has ordered 35,332
cently
tons
large
of the carriers promises to develop in fairly
Rail buying by some
volume
of inventories, which may result soon in
buying.
replenishment
quire months before the
buying, consumers came into
market during the last week and bought 8,675 tons of lead.
This is
best week's business since the middle of August. The St. Joseph Lead
of restricted
weeks
several
if contin¬
provided new threats of labor troubles
The small takings of steel by the automobile manu¬
facturers indicate a rapid reduction
vision.
Lead.
Following
cautiously
experiencing an increase in sales, which
will bring higher production,
tendencies may
Totals
that it may furnish its own
been the drop in operations
So drastic has
grade crossing elimination in the
U. S. exports of domes¬
the
several districts.
have been banked or blown out in
In the construction field there is a
Deliveries to customers:
(blister):
U. S. mine
have been sharp
there
Elsewhere
point.
percentage
one
is for seven large passenger
Oct.
reported that with
in its issue of Nov. 18
support from the automobile industry, steel business
has continued in a downward trend during the past week„
meager
mission will render a speedy decision on
abroad.
Buying
Still Meager
ued
quotation at 12c.
ton on Nov.
Output Down to 35%—Automotive
the
Iron and Steel Institute on
nounced that telegraphic reports
3268
Financial
Weekly indicated
rates of steel operations since Oct. 5, 1936,
follow:
1937—
5
Oct.
12
Oct.
26
Nov.
2
Nov.
9
Nov.
Dec.
7
Dec.
14
Dec. 21
Dec. 28
4
Feb.
"Steel" of
1
8
Feb.
15
Feb.
22
Mar.
Mar.
82.5%
85.8%
87.3%
88.9%
89.6%
90.7%
89.9%
90.3%
91.3%
1
8.
Mar. 15
Mar. 22
Mar. 29
Apr.
5
Apr. 12
Apr. 19
79.4%
markets
25
80.6% May
3
77.9% May 10
79.6% May 17
80.6% May 24
81.6% May 31
Feb.
1937—
Jan.
18
Cleveland, in its
June
7
14
June 21
June 28
5
July
July
12
19
26
July
Aug.
2
84.6%
83.2%
83.8%
84.1%
Aug. 23
Aug. 30
Sept. 7
71.6%
80-4%
76.1%
74.4%
66.1%
Sept. 13
76.6%
75.9%
75.0%
67.3%
82.7%
82.5%
84.3%
85.5%
July
9
Aug. 16
Sept. 20
Sept. 27
Oct.
4
Oct.
11
63.6%
Oct.
18—,
Oct.
25
55.8%
52.1%
Nov.
1.
Nov.
8
48.6%
41.0%
36-4%
Nov. 15
of the iron and steel
seem
minimum and occasional awards
a
intent
on
production schedules.
reducing steel inventories and keeping them at
Outlets usually taking a steady flow of
tonnage are buying almost noth¬
as the automotive and railroad
equipment
ing, such
builders, although
small business is appearing in the latter
field and the former is relied
some
on
to
increase its requirements before the end of the
year.
Sentiment is increas¬
ing among steel makers that fourth quarter will offer
little major improve¬
ment in demand.
In
keeping with light buying of steel producers have shortened
production
further and last week the national rate declined
8 points to 39% of capacity,
the lowest since July, 1935.
In all centers except Buffalo, where there
was
a
rise of 8 points to
30% of capacity, the
rate
declined
remained sta¬
or
tionary.
Pittsburgh lost 9 points to 32%, Chicago 7 points to
35, Youngs8 points to 43, Cleveland 19
points to 35, Cincinnati 29
town
points to 15,
Detroit 8 points to 82 and
St.
Louis 9.1
points to 33.3.
Eastern
1937
on the basis
far.
so
steel
place
shipped
by the
United
States
Steel
Corp.
October
in
year the
aggregate was 11,749,156 tons, compared with 8,875,124 tons for the
same
period of 1936.
Automobile production continues slow in
gathering momentum and last
totaled 85,325 units, compared with 89,770 the
preceding week.
General Motors last week made 45,110
cars, compared with 46,215, Chrysler
week
22,100 compared with 26,000, Ford 2,650 compared with
1,250 and others
15,465 compared with 16,305.
Pig iron producers generally have announced that
continued in effect for first quarter
and ending all rumors that a
current
prices will be
deliveries, thus stabilizing the market
change might be made.
One factor in arriving
sharp decline in the price of steelmaking scrap,
the direct competitor of pig iron.
Trade
are not sufficient to maintain
low point.
preformance
at least second
totaled 792.310 tons, compared with 1,047,962 tons in
September and with
1,007,417 tons in October last year.
However, for 10 months this
at this decision has been the
summary
Nov. 15, stated:
on
important tonnages
Consumers
a
Aug.
76.2 v>,
June
General buying of steel continues at
of
92.3%
91.0%
91.2%
90.0%
91.0%
77.4%
Nov. 20,
improbable, though 1937 will take
Finished
1937—
78.8% Apr. 26
Jan.
74.3%
75.9%
76.6%
79.2%
77.0%
77.0%
Nov. 30
11
Jan.
16._„..74.1%
Nov. 23
1937—
Jan.
75.3%
75.9%
74.2%
74.3%
74.7%
74.0%
19
Oct.
seems
of
1936—
Oct.
Chronicle
associations
of Great
Britain have reaffirmed current prices of
basic pig iron to June 30, 1938. and steel
products to the end of 1938.
This
expected to release heavy inquiry previously held back
is
by
price
uncertainty.
Scrap prices continue
quotations
recede,
low
many instances,
prices.
The
a result
as
being largely nominal.
offerings in
accept
to
of absence of
buying, most
Railroads have rejected bids
on
their
preferring to hold the material rather
than
composite
price of steelmaking scrap
last week
dropped 63 cents, to $13.41, the lowest since the last week of
July, 1936.
The decline at Chicago was about 75
cents, at Pittsburgh $1 and in Eastern
Pennsylvania
brought
the
change
no
was
Adjustments
apparent.
iron
and steel composite down 30
cents,
finished steel composite is
unchanged at $61.70.
to
in
scrap
items
$38.87.
The
Steel ingot production for week ended Nov.
15 is placed
39% of capacity, according to the "Wall Street Journal"
This compares with
47% in the previous week
at
of Nov. 18.
and 52% two weeks
ago.
Penn¬
The "Journal" further reported:
United States Steel is estimated at
34%, against
40% in the week before
sylvania is unchanged at 38%,
Wheeling at 54, Birmingham at 54 and New
England at 30.
and
Some encouraging tonnages are
being placed or
plate producers have divided 13,950 tons for 45
compared with 53% in the preceding week and
60% two weeks ago.
The following table gives a
comparison of the percentage of production
in prospect.
are
Three
large tanks for Japanese
San Francisco.
The navy will open bids Nov. 16 for
21,474
bars, plates and shapes for two
battleships to be built in Eastern
interests at
tons of
yards.
Leading independents
ago.
are
credited
with
43%,
with the
nearest corresponding week of
previous years, together with the
approximate changes, in points, from the week
immediately preceding:
''
Higher freight rates go into effect Nov.
about 30
miles
finished steel.
will
add
cent
one
per
15 and
100
hauls of
on
more
of
On pig iron the maximum
additional
ton.
of
corresponding
months
1929.
39
United Stales Steel
8
34
67H
53 y2
+
1
43
1934
28
+
K
IK
24
18
31
1930
43
possibility exists of equaling or
1929 record, as December production that
year was light.
However, in the face of continued recession in
November, a new record
43
—10
K
80
+
L
64
+
4r
1932
27
+
—
K
30Vjj
sm
18 \i
31H
23
i
+
Independents
6
+
1931
exceeding the
—
74H
1935.
below
A
—
1936
In spite of this
45,891,460 tons, is only 4% below
10 months,
the
1937
1933
September and 25% lower than in October, 1936.
heavy decline the total for
tons, 21%
Industry
than
pounds to delivered prices
freight charge is 20
On shorter hauls it will be
10%, with adjustment of fractions.
Steel ingot production in October was
3,392.691 gross
cents per
that of
43% two weeks
17
—
1
31
K
—
3K
47K
1929
71
1928.
81
1927
68K
2
+
3
+
1
—
+
3
41
72
2V^
IK
—
—
34
1
7m
71K
3
—
9
70
K
K
~
82
3
—
66
+
2
=7
Current Events and Discussions
The Week with the Federal
Reserve Banks
During the week
ended
Nov.
17
member
bank
ASSETS AND
LIABILITIES OF WEEKLY REPORTING MEMBER BANK
IN
reserve
CENTRAL
balances increased $43,000,000.
Additions to member bank
reserves arose from an
increase of $14,000,000 in Reserve
bank credit and decreases of
$30,000,000 in
in circu¬
lation, $15,000,000 in Treasury cash other than inactive
gold
and $4,000,000 in
Treasury deposits with Federal Reserve
banks, offset in part by an increase of $19,000,000 in nonmember deposits and other Federal
Resrve accounts.
Ex¬
money
cess
reserves
of member banks
on
Nov.
17
were
to be
New York
Nov.
17,
unchanged for the week.
The principal
changes in holdings of bills and securities
increases of $10,000,000 in United States
Treasury notes
and $8,000,000 in United
States Treasury bills.
Changes in the
and
related
amount of Reserve bank credit
items
Nov. 17, 1937,
during
were
as
the week
follows:
and
the
outstanding
Loans—total
year
(+)
or
ended
Decrease
(—)
Since
Nov. 17. 1937
Bills discounted
Bills bought
U.
8.
$
.
advances
2.555,000,000
+14,000,000
—1,000,000
—4,000,000
2,590,000,000
12,789,000,000
2,611,000,000
+14,000,000
+126,000,000
+1,662,000,000
6,922,000,000
Treasury currency
balances
+43,000,000
—30,000,000
+159,000,000
—15,000,000
+1,255,000,000
Money in circulation
6,534,000,000
Treasury cash
3,633,000,000
Treasury deposits with F. R. bank..
135,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
765.000,000
Banks in
—7,000,000
+71,000,000
—4,000,000
+85,000,000
+19,000,000
+308,000,000
City and
Loans
Below is the statement of the Board of
Governors of the
Reserve System for the New York
City member
banks and also for the
Chicago member banks for the cur¬
rent week, issued in advance of full
statements of the member
Federal
banks, which latter will
Monday:
not
industrial,
be available until
1937
$
$
$
$
7,867
the
coming
7,888
3,628
10 Nov. 18
1936
$
8,611
1,945
1,949
2,052
3,415
677
681
586
and
On securities
239
Otherwise secured
Open market
unsec'd
paper
...
Loans to brokers and dealers.
Other loans for purchasing or
carrying securities
Real estate loans
235
*
33
34
*
1,621
1,653
*
425
428
*
190
188
*
31
31
701
709
951
236
237
*
133
134
28
37
236
Loans to banks
Other loans:
On securities
Obligations fully guaranteed
37
38
76
130
14
14
26
2
2
22
22
*
*
239
*
194
196
*
36
36
2,958
2,929
3.722
912
912
382
463
100
100
34
*
14
6
1,106
by
United States Government
Other securities
95
947
Reserve with Fed. Res. banks..
949
1,011
256
256
265
2,551
2,499
2,592
588
576
660
Cash in vault
54
62
56
29
28
36
72
68
79
151
146
191
485
482
462
61
61
71
5,833
Balances with domestic banks..
Other assets—net
Liabilities—
_
United States Govt, deposits
Inter-bank deposits:
Domestic banks
Foreign banks
5,850
6,360
1,467
1,474
1,590
751
759
580
453
453
436
228
228
97
45
45
60
1,959
Time deposits
1,895
2,534
538
517
656
395
409
-
Other liabilities
*
*
77
384
Otherwise secured & unsec'd
U. S. Govt, obligations
.
-
-
408
6
2
'
6
-
—
-
4
-
383
377
19
19
25
1,480
account
377
1,481
1,442
246
246
239
Comparable figures not available.
Complete
+91,000,000
New York
Chicago—Brokers'
1937
Nov. 17 Nov.
agricultural loans:
Capital
19,000,000
1936
Borrowings.
_
—5,000,000
Total Reserve bank credit
Gold stock
Returns of Member
1936
+125,000,000
including
$13,000,000 commitm'ts—Nov. 17)
reserve
18,
+18,000,000
(not
Other Reserve bank credit
Member bank
Nov.
$
—2,000,000
3,000,000
Government securities.
Industrial
10, 1937
$
19,000,000
.
Nov.
Chicago-
•
Nov. 18
1937
3,578
Commercial,
Demand deposits—adjusted
Increase
City
Nov. 10
$
Assets—
Loans and investments—total..
were
The statement in full for the week
ended Nov. 17, in com¬
parison with the preceding week and with the
corresponding
date last year, will be
found on pages 3300 and 3301.
17
1937
estimated
approximately $1,100,000,000, an increase of $30,000,000 for the week.
Inactive gold included in the
gold stock
and Treasurv cash amounted
to $1,257,000,000 on Nov.
RESERVE CITIES
(In Millions of Dollars)
Returns
Reserve
of
Member
Banks
of
the
Federal
System 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,
covering the same week, instead of being held until
the following
Monday, before which time the statistics cover¬
ing the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of
the Board
and
of Governors of the Federal Reserve
returns
of
the
the Federal
entire
Reserve
System respecting the
body of reporting member banks of
System for the week ended with the
close of business Nov. 10:
The condition statement of weekly reporting member banks in
101 leading
cities shows the following principal
changes for the week ended Nov. 10:
Volume
Financial
145
An increase of $19,000,000 in commercial,
and decreases of $24,000,000 in loans to
$23,000,000
loans
in
banks,
to
and
of $47,000,000 in demand
increases
time deposits,
and
a
The
industrial and agricultural loans,
brokers and dealers in securities,
$16,000,000 in
China
and
domestic banks and $28.-
decrease of $31,000,000 in Government deposits;
decreases of $60,000,000 in deposits credited to
000.000 in deposits credited to foreign banks.
China
banks..
Demand deposits—adjusted increased
$38,000,000 in New York City,
the San Fran¬
cisco
district, and declined $20,000,000 in the Cleveland district and
$13,000,000 in the Boston district, all reporting member banks showing a
net increase of $47,000,000 for the week.
Time deposits increased $23,Government deposits declined
New York City and
Deposits credited to domestic banks declined
A
Refusal
4.
Extension
$59,000,000 in New York
A summary of the principal assets and liabilities of
reporting member banks, together with changes for
week and year ended Nov. 10, 1937, follows:
Increase
Nov.
10, 1937
$
'
Assets—
21,608,000,000
9,600,000,000
Loans and investments—total
Loans—total...
(+)
or Decrease
Since
Nov. 3, 1937
$
the
the
Nov. 10, 1936
—46,000,000
—25,000,000
$
—880,000,000
+836,000,000
Commercial, industrial, and agri¬
588,000,000
Otherwise secured and unsec'd 4,192,000,000
—2,000,000
+ 21,000,000
481,000,000
+ 4,000,000
*
for
loans
—24,000,000
—277,000,000
659,000,000
—1,000,000
1,169,000,000
73,000,000
purchasing
by
another
nent
Loans to banks
—23,000,000
*
+25,000,000
+ 3,000,000
733,000,000
828,000,000
obligations.7,972,000,000
Obligations fully guaranteed
by
United States Government
1,128,000,000
Other securities
2,908,000,000
Reserve with Fed. Res. banks
5,309,000,000
Cash in vault..
331,000,000
Balances with domestic banks
1,755,000,000
securities!
On
.....
Otherwise secured and unsec'd
-
x+2,000,000
x—2,000,000
*
+4,000,000 —1,295,000,000
—9,000,000
—16,000,000
—16,000,000
+13,000,GOO
+11,000,000
—130,000,000
—291,000,000
—153,000,000
—72,000,000
—685,000,000
Liabilities—
14,657,000,000
5,302,000,000
deposits—adjusted
Time deposits
+ 47,000,000
416,000,000
—31,000,000
deposits
United States Government
+24,000,000
—722,000,000
+280,000,000
—180,000,000
Inter-bank deposits:
4,980,000,000
Domestic banks.
Foreign banks
448,000.000
2,000,000
—
Borrowings
*
Comparable figures not available,
x
—60,000,000 —1,254,000,000
—28,000,000
—8,000,000
—11,000,000
+2,000,000
Nov. 3 figures revised
declaration
the
Powers,
nations
a
(Chicago district).
Nine-Power Brussels
Conflict—Resolution
Adopted
Criticizing
Japan
Following Latter's
Declination
to
Exchange Views—Statement by
Adjournment Until Next Week of
Conference on Sino-Japanese
Davis
15 by the
in which
Japan was declared to be "out of step with the rest of the
world" [we quote from the "Times" Brussels advices from
Following the adoption of a resolution on Nov.
Nine-Power Conference at Brussels
(Belgium)
declining to accede to an exchange
views "within the framework of the Nine-Power treaty"
Frederick T. Birchall], in
of
Sino-Japanese
the
on
the conference adjourned
22. The invitation which had been
referred to in our Nov. 13 issue,
conflict,
until Monday next, Nov.
to Japan
extended
was
Japan had previously declined to participate in
the deliberations, and in its second response to the invita¬
tion of the conference (the reply was contained in a note
3125.
page
handed
to
the
Ambassador
Belgian
at
Tokio Nov. 12)
it
declaration
The
the
is
Powers
the
the opinion of participating
careful consideration, the Imperial Government
Government note that
Imperial
of
result
that this opinion is insufficient to persuade them to
and policy clearly expressed in their answer (to the first
regret
views
dated Oct.
On
modify the
invitation)
27.
Nov.
13
State
the
Department at Washington
made
public a statement made by Norman H. Davis to the NinePower Conference, referring to Japan's declination to the
invitations, in which Mr. Davis
two
seem
that there are compelling
cooperate in our work."
stated that "it would
why Japan should
reasons
"We hope," he added, "that Japan
still see its way clear to doing so."
The resolution of
criticism was drafted by the 15 Powers represented at the
may
conference on Nov. 14, and was
negative vote of Italy.
Brussels
Count
that
United Press advices, Nov. 15, from
"The
is
their
international
and
voted
and
against
instead
Denmark,
proved the declaration
the
declaration
The Scandinavian nations, Norway,
from voting, explaining that they ap¬
settlement.
of
abstained
in principle only.
difficult
conference
found
"it
to discuss
means
of peace in
to
the
represented at Brussels," it concluded, "must consider what
common
attitude in a situation wheret one party to an
it has taken does
aside
provisions
against the views of all other parties that
not come within the scope of that treaty,
the
of
which
treaty
other parties
hold to be
circumstances."
the
operative in
the
refusal"
treaty maintains
which
sets
that
persistent
conflict.
States
be
to
to Associated Press
advices from Brussels,
a
criti¬
cized the Powers participating in the conference, particu¬
larly Russia, and said the declaration adopted yesterday
criticizing Japan was not "worthy of being published in the
issued
statement
the Japanese Embassy sharply
by
conference."
the
of
In
part,
the
Associated Press
Japan had carefully left the way open for
mediation in her
but that no
the conference's peace bid last Friday [Nov. 12],
made by the Powers to pursue the matter.
to
effort
had been
Davis,
delegates were reported looking for
when the conference reconvenes Monday,
Potemkin,
P.
Mr.
delegation.
French
step
head
of
the Soviet delegation in
an
con¬
the
of the
expected to talk with British and
Foreign Commissar Maxim Litvinoff, and other members
of
Russian
next
Vladimir
with
ferred
whom the other
to
the
of
indication
Davis
From
wireless message from Brussels,
a
"Times"
was
in the week.
representatives later
Nov. 16, to the
quote:
we
the Japanese Embassy
by the Nine-Power Conference:
rise to certain doubts.
It was made in the
Nine-Power Treaty signatories, but it was voted
the text of the statement issued by
Following is
here, dealing with the declaration made
declaration
gives
of the conference of
name
by one Power which is not a signatory to
did
which
the treaty [Russia] ; and, more¬
the signatories there is one which voted against [Italy], one
take part in the conference, and three which abstained.
among
over,
not
worth being published in the name of
Is such a declaration
the conference?
extols the sacred character of international
undertakings for non-interference in the private affairs of other countries
and the integrity of Chinese territory.
Now the Power which shows the
this declaration
"Secondly,
the adoption of this declaration, even while not
is ju6t that one which is most opposed
it
"Is
signatory,
being a
to the
mentioned above.
principles
this
not
which canceled her debts after the
country
war,
con¬
is always interfering in the internal affairs of
by means of the Third International, has stirred up Com¬
munist disorders in China—the cause of the present Sino-Japanese conflict—
and has in reality annexed Outer Mongolia and Chinese Turkestan?
"Has the Nine-Power Treaty become so decayed and feeble that it needed
trary
to her undertakings,
other
countries
by the vote of such a
be reinforced
to
"Thirdly,
in
States
Power?
the Powers who voted for this declaration are there
repudiating payment of their debts to the United
among
who
certain
not
are
of their solemn promises?
spite
..."
regrettable for these Powers that they were not able to take
advantage of passages in Japan's reply whereby she carefully opened the
way for their good offices, which as a result of the declaration is closed
"It
is very
forever."
The
question
are
we
Nov.. 13,
considering here, in its final analysis, is whether
be determined by arbitrary force or by law
shall
relations
international
State De¬
had the following to
by Mr. Davis, given out at the
The statement
partment in Washington,
say, in part :
treaties.
In fact, that seems to be the
world today, and is one of the most momentous
problems that mankind has been called upon to solve.
As President Roosevelt expressed it the other day, "Those who cherish
their freedom and recognize and respect the equal rights of their neighbors
to be free and live in peace must work together for the triumph of law
and
moral principles in order that peace, justice and confidence
may
prevail in the world."
If the conception of change by violence should prevail, we should be
faced by international anarchy; only the concept of respect for law and
treat)' will give us a world that is secure and wherein goodwill and
confidence can
exist, and observance of the pledged word is the one
international
for
respect
greatest issue that faces the
immutable
if
And
foundation on which the structure of world peace
today I
the conviction
can
To
a
come
have
the
possible
the Sino-Japanese
of
Japan
incidents
Going
be built.
conflict be found and in no other
just peace be reestablished-and be maintained in the Far East. >
to the specific problem with which we are here immediately
welcomed
underlying
can
have reiterated this in simple language, it is to emphasize
which is ours that on no other basis can an equitable and
lasting solution
way
concerned:
the Italian delegation, said
because it opened the way for
Luigi Aldrovandi-Maresootti, leader of
Italy
Sweden
adopted on Nov. 15 over the
said:
complications
the hostilities on the rights of the
the war had brought "to all peoples of all
indignation, to all the world a feeling of
said
asserted
Japan'6
four-month-old
and
said:
While
armed force
uncertainty and apprehension."
Nine-Power
H.
it said, "for the use of
horror and
of
sense
greatest zeal for
Norman
blamed Japan for continuance
.
.
.
law,"
listing the adverse effects of
"This
Demand
in
warrant
of conflict."
cause
After
absence
Other loans:
U. S. Govt, direct
approved today
no
of intervening in the internal regime of
country and general recognition of such a right would be a perma¬
Mr.
Real estate loans
exists
country for the purpose
any
or
carrying securities
and
v
Far Eastern conflict.
"There
It said that
877,000,000
securities....
by supplying her with war materials
to China
aid
V :
reply
Loans to brokers and dealers in
Other
of
Japan.
to
added:
*
*
Open market paper..
credit
give
The declaration
of the
name
cultural loans:
On securities
arid Japanese shipping.
Japanese exports
on
to
According
(—)
materials essential for war or
the supply to Japan of
on
■
action
$2,000,000.
Japan.
Regarding the declaration adopted, Associated Press ad¬
City and $60,000,000 at all reporting
ing the week to
boycott
understand
member banks. Deposits credited to
foreign banks declined $28,000,000 in New York City.
Borrowings of weekly reporting member banks declined $11,000,000 dur¬
denouncing
vices from Brussels said:
$17,000,000 in
$31,000,000 at all reporting member banks.
to the Far Eastern
declaration
the
approve
delegates
the
purposes.
3.
credit.
to
among
following proposals:
embargo
industrial
2.
$13,000,000 in the Philadelphia district and $12,000,000 in
000,000 in New York City.
An
1.
for
$7,000,000 in
New York City, $5,000,000 in the Chicago district and $19,000,000 at all
reporting member banks.
Loans to brokers and dealers in securities and
loans to banks declined $23,000,000 and $22,000,000. respectively, in
New York City.
+++>/;/.
{-r ;.',.v + v;.;;,
Holdings of United States Government direct obligations increased
$22,000,000 in New York City and $12,000,000 in the Richmond district,
and declined $10,000,000 in the Boston district, all reporting member
banks showing a net increase of $4,000,000 for the week.
Holdings of
obligations fully guaranteed by the United States Government declined
$10,000,000 in New York City.
Holdings of "Other securities" declined
$8,000,000 in New York City and $16,000,000 at all reporting member
proposal
met
action.
international
concerted
its
they
as
made the
after the Chinese delegation had submitted
adopted
was
lor
circulated
Conference
agricultural loans increased
Commercial, industrial and
declaration
four-point plan
a
"Other securities"
deposits—adjusted and $24,000,000 in
3269
Chronicle
would
to
well as the
invited to attend the conference, where we
her
which
led
causes
one
was
from
a
full explanation of her side of the case as
to
the
outbreak
of
hostilities as
of the conflict.
She declined.
further, and in a desire to
stage
susceptibility, we
asked
Japan whether
be considerate of every
she would
be disposed
Financial
3270
*to
depute
small
Such
the
Nine-Power
have
cussion
Powers
be
to
chosen
that
for
Canadian
ft
by, the conference.
purpose
Treaty and
been
and
throw further
to
facilitate
to
its
conformity with
in
light
provisions:
the various
on
settlement of the conflict.
a
Its
points
aims
under
dis¬
Had
■desire
accepted,
Japan
well
as
be.
to
I
that
confident
am
China, which it
to
as
could
we
have
and is
was
our
been
Canada
most
settlement
will
would,
by voluntary,
of
course,
in
told
and
just
durable
solution
which would
mutually beneficial
would
result
commercial
be
in
a
relations.
desirable had China and Japan been able to
by peaceful negotiation without resort to armed
situation
a
involved and
acceptable
From
to
which
and
the
has
which
standpoint
she
clear
way
of
difficult
of
the
name,
standpoint
it would
doing
to
their
and
so,
interests
more
her
the
in
do
other
a
failure
created
Powers
became
the
world
standpoint
We
are compelling reasons
hope that Japan may still
so.
Japanese Advance
In United Press Advices from
stated that all Americans
on
formal
awaited that the Chinese Government
Shanghai the United Press
American citizens and other
announcement
was
staff.
(Nov.
capital and
Yangtze River to Hankow, where the Government is
It
arranged that
was
danger of
a
increasing
and
this
only Great
In
policies,
light
half
Johnson is
con¬
few days were
by the United States Embassy. Simul¬
taneously the Yangtze gunboat Oahu was ordered to Nankin
from Iehang to
join the Panay for greater protection of the
Nov. 16
Americans and to provide additional evacuation
facilities.
On Nov. 18 Associated Press
advices from Shanghai re¬
ported that the Chinese apparently were
making at least
a
temporarily successful stand against Japan's westward
advance.
In part these advices said:
columns.
Nanking.
Shanghai advices (Associated Press) Nov. 15 stated that
the Japanese
Army announced that columns driving west¬
ward along the
Shanghai-Nanking Railroad had captured
Kunshan (Quinsan), a
strong point near the center of Generallissimo Chiang Kai-Shek's famed
"Hindenburg line".
the
Shanghai,
came
as
the
Shanghai
wireless message Nov. 19 from
to the New York "Times" from Hallett
Abend,
Three
more
we
quote the following:
important victories
were
announced today
said that
ward
Soochow after breaking the Chinese
Fushan-Soochow defense line.
The Japanese advance guard was
reported to be only three miles outside
the walls of Soochow.
On the
line
was
front northward of Changsuh, where
the Chinese defense
broken through yesterday,
Japanese forces during the night ad¬
same
vanced six miles westward,
walled
rendering the position of Chinese troops in the
city of Changshu extremely dangerous.
On the far southern end of the
steadily
lengthening battlefront Japanese
forces at dawn today completed capture of the
entire city of Kashing, one
corner of which was captured late
yesterday.
At 9 a. m the ejected Chinese
troops were reported fleeing in disorder southward
along the
railway and
south-westward
over
field and canals.
field
a
be
in
national
average
cannot
considered
a
of
part
export
peak since
new
1937
trade
evidence
profited
of
greatly,
amongst the world's exporters,
in
alter with
great rapidity, and
possibly undermined by the danger
and
the
several
which
heavy rearmament
of
also
was
two
that
wars
countries
are
reflecting
are
threatened
are
with
in
the
further
de¬
strain.
voluminous
together with disturbing internal financial policies in certain
have also probably played a part in obstructing the march to pros¬
perity upon which this country appeared set.
It
is
with
be
to
hoped
return
a
The
mence.
to
that
the recession
confidence,
Canadian
the
banking
will
enable the financial
any
will
forward
situation,
but
prove
movement
temporary,
should
and,
again
com¬
showing strong liquid reserves,
play an encouraging part in
favorable turn.
increase
institutions amply to
deposits with the Canadian chartered banks have shown
during the
past year
of
further
a
approximately
6%, and, during the last
three years, they have grown no less than 20%.
The recently reported
figure of demand deposits, at over $686,000,000, was nearly equal to the
average
level
average
figures
of
Notes
year.
since
1929,
in
and
1929,
the
in
$202,000,000,
month
deposits
which
hands
of
representing
fixed
the
were
the
the
notice
on
peak
largest
have
figures
public at the
end
volume
in
of
of
exceeded
the
last
August
for
UBe
the
boom
exceeded
similar
any
1921.
Institute of International Finance of
Opinion, Poland
Has
Sufficient
Foreign Exchange to
Pay
Service
York,
of
the
Americans
to
According to
Full
Debt
on
bulletin issued Nov. 15 by John T. Madden,
a
the
Institute
Republic
of
of
International
Finance,
New
Poland
now
has sufficient foreign
exchange to effect full interest payments on its externally
held debt, and there is no justification for its failure to
remit interest
in full to
American
bondholders.
The
Insti¬
tute, which is conducted by the Investment Bankers Asso¬
ciation in cooperation with New York
University, presents
in its
bulletin
review
a
the
voluntary
offer
15
of
Poland's debt
service,
including
coupons
to pay
made
by
the
Polish
Government
on
maturing between Oct. 1, 1937, and
April 30, 1938, at the rate of 4%% per annum.
The offer
of Oct. 15
The
to
of
said
has command
transfer
debt.
A
referred to in
was
Institute
in
its
issue of Oct.
our
bulletin
that
"leads to the
large
study
belief
of
that
the
Poland
of
sufficient foreign exchange resources
interest payments on the
externally held
full
foreign
zloty bonds
1937.
conversion and
the
of
part
into
April 7,
Out of
in
bonds
has
accordance
total
a
of
been
with
repatriated
the
exchange offer, bonds of
payments
on
United
all
Polish
States, and
provision
in
yearly
the basis
on
1937.
This
immigrants
4%%
amount
coupons
is
about
the
offered
on
in
and
of
States
the
is
of
to
actually
the
not
to
on
multiple
exceed
this
were
interest
held
the
Law
in
7%
the
Sta¬
currency
$3,189,000
bonds
Poland
calculated
United
being
outstanding on April 1,
$7,821,000 remitted directly by
the
to
contractual
coupons
with
calculated
amount
41%
the
accordance
are
total
United
offered
held
in
contract,
of the
only
bonds
publicly
Amsterdam
loan
from
payment
of
in
the
bonds
Full
allowing for payment of all
Loan
and
Conversion
face amount of $23,715,600
a
during the first 80 days of the offer.
bilization
Polish
$94,000,000 in bonds subject
converted
yearly,
16, page 2477.
a
It added:
converted
by the Japanese
despite deepening mud and a continuing
cold Autumn rain the
Japanese Army last night advanced seven miles to¬
Army spokesman, who
as
investments
Germany being ahead.
changing national and international
relationships
budgets,
now
a
early
position
can
present transfer situation
developments in the Sino-Japanese
the
fast
finances
unbalanced
front, 20 miles distant.
from which
financing,
i' Canada's
fourth
forces of Japan, in their first
major thrust against the main Chinese defenses,
threatened the collapse of the entire
system.
Foreign military observers believed the capitulation of
the city would
enable the Japanese to march
rapidly along the railroad
toward the Soochow
and
future
Oct.
These accounts likewise said:
contained in
our
international restrictions,
quotas and
varying kinds injurious to the free intercourse of trade between
of
Director
With heavy rains
helping them to halt the Japanese airplanes and mobile
equipment, the Chinese fought desperate rearguard actions to
hold their
enemy east of the main defense line between
Shanghai and
were
importance
foreign
times
parts,
,
Some of the further
of
and
1 y2
countries,
General Chang Fahkwei, commander of the
Chinese forces west of Shang¬
launched a counter-offensivene
ar Hashing to hold off two
Japanese
conflict
role
British
about
modern
1936
'outlook
in
Government
Public
Americans from Nanking within the next
of
of
clear,
international
maintenance
tariffs
of
was
economic
to
under
charge
safety of refugees should be assured.
miles west
to
days of uncertain and
the
attached
The
Kunshan, 35
Canadian
Britain, the United States and
these
ficiencies
two secretaries should remain in
Under date of Nov. 17 wireless advices from
Nanking to
the New York "Times" said that
efforts to evacuate all
The reported fall of
that
value
in
the
prosperity
of
communicate to
on
increasing
ever
estimated
country moved into
influence
Japanese authorities regarding a refugee camp
which has been established near
Soochow, next objective of the Japanese
drive westward from
Shanghai. It was understood that he asked the Japan¬
hai
in
During the last
progress.
At the request of the
foreign missionaries, Ambassador
issue orders that
an
is
of steel ingots and
castings setting
1929, Mr. Magee asserted.
He added:
to estab¬
rain.
To insure continuity of
work, the Government ordered a few Ministers
and officials to remain at
Nanking for the present .
launched
which,
Japanese thrust at
The Government delayed its formal
announcement of its evacuation, but
the evacuation was speeded
daily.
Thousands of civilians crowded the
water front and the railroad stations
in the mud and
ese to
"Investments
slightly to $124,000,000.
rose
tion
embassy at Nanking.
tinuing to
It
complete confidence
Mr. Johnson, like other diplomats, intends to
evacuate the
of the
$3,984,000,000,
remained
country
During the eight months ending Aug. 31 the physical vol¬
of Canadian business gained
12% over the like period
of 1936,
with newsprint output reaching a new high of
2,416,025 tons against last year's 2,033,943 tons and produc¬
leaving.
19) added:
the capital.
this
ume
was
accounts said that
many
Ambassador Nelson T. Johnson and his
United Press advices from
Shanghai to this effect
up the
in
to
excessive.
American
move
assuming
equivalent
are
income,
Nov. 18 it was
by the American
foreigners fled on Nov. 18 from
Nanking as Japanese armies spread over the Yangtze River
Valley and prepared to lay siege to the Chinese capital. Yes¬
terday (Nov. 19) it was stated that the United States gun¬
boat Luzon had arrived at
Nanking from Hankow to embark
lish emergency headquarters in view of the
investments
reduced in the
were
$60,000,000
on
advised
as
as
is
investment.
Canada
City.
Nanking
were
Embassy to evacuate the city
From
British
Canada
Evacuating Nanking, Capital of China,
than
more
400,000 to $987,200,000, whereas, in Great Britain, Canadian
investments have declined by $3,000,000 to $47,800,000 and,
in
other
countries, by $4,000,000 to $621,500,000."
Mr.
Magee stated:
progress
for
Americans
by
investments in the United States have increased from
$963,-
her
of
and
States investments in Canada
steady at $2,725,000,000," Mr. Magee stated.
spirit of treaties
peace
Borden—H.
Mr. Magee has been Acting President since
from other countries
that there
seem
work.
our
from
of
and
L.
is
year
whereas
peaceful and mutually
letter
R.
of
to
A. Stevenson
tenth
"United
negotiation.
put
from
international goodwill,
its
not
of observance
why Japan should cooperate
see
still
direct
voluntarily
self-interest,
did
rights aand
made
by
settlement
the
material
which
in
they
the
past
.
however,
Sir
A.
the death of Sir Robert earlier in the year. H. A. Stevenson,
General Manager, was elected Vice-President of the bank.
It
conflict.
Unfortunately,
Late
Robert Borden.
good¬
have been
their difficulties
compose
only
peaceful agreement,
and
confidence
and
the
that
While
Increased
Have
borrowing less and lending more, A. A. Magee
annual general meeting of shareholders of
Barclays Bank (Canada), held in Montreal, Nov. 16, fol¬
lowing his election as President to succeed the late Sir
most sincere
v
convinced
am
Abroad
Named Vice-President
Voluntary Settlement Advocated
I
Investments
Succeed
Again Japan's reply
negative.
helpful to her
Nov. 20, 1937
Foreign Investments in Canada
Declined^ A.
Magee Tells Annual Stockholders'
Meeting
Barclays
Bank
(Canada)—Elected President
exchange of views would have taken place within the framework of
an
would
is
representative to exchange views with the representatives of
a
number of
Chronicle
in
maximum
1936.
of
Moreover,
$42,702,000
the
face
States, including payment of all
of the 7% Stabilization Loan in Amsterdam, amounts to
$1,942,595
is only about $1,246,000 less than full contractual interest
which
payment.
Volume
Financial
145
favorable
Poland's
declined sharply in
balance
trade
1936, and during
1937 showed an adverse balance of 39,300,000
zlotys as compared with a favorable balance of 23,300,000 zlotys for the
corresponding period in 1936.
This was brought about by a large increase
in imports mainly for rearmaments and not by a drop in exports.
Poland
has succeeded
in
reducing greatly its adverse trade balance with the
United States, and the excess of imports from the United States over
"the
first
eight months
of
United States during the first seven months of 1937
amounted to only 17,500,000 zlotys, as against 40,500,000 zlotys for the
first seven months in 1936.
Since clearing and compensation agreements
to
account
with
to
the
for
exports
a
large part of Poland's foreign
trade, some imports are paid
foreign credits, and consequently the change from a favorable
trade balance may not have as drastic an effect on the
frozen
adverse
an
transfer
immediate
the figures might indicate.
problem as
3271
Chronicle
Brazil, external 7% bonds of 1928, under an offer of cash
payment of 50% of face value, has been extended to and
including Dec. 15. The offer applies to the four defaulted
coupons representing interest due on these bonds for the
years
1932 and 1933.
The Committee's announcement
continued:
outstanding bonds is required to
aggregating 90% of the re¬
quired amount have been received, the committee reports.
When the
holders of an additional 120 bonds deposit their coupons, the State will be
advised so that it can remit the necessary funds to make the plan effective.
At the rate coupons are being received, the committee expects that the
offer will become effective well within the extended period.
Acceptance by holders of 75% of the
effective and to date coupons
make the plan
previous reference to the deposit of the coupons was
2312.
A
made in these columns of Oct. 9, page
Law
To
Encourage Production
of Gold in Japan Ap¬
proved by Japanese Diet—Provides for Government
Subsidization of Gold Production and Remission
of
Various
The recent
National
Jan.
special session of the Japanese
Tokio, and made known by the Commerce
The Department said:
Department Nov. 12.
The law
Law which is
provides for Government
subsidization of production of
gold in
national taxes; the report stated.
It was expected that production of gold during the fifth year in Japan
Proper will be raised to the level of 45 metric tons, which is almost double
the 1936 production level there, it was reported.
Furthermore, it was expected that production in Korea would increase
to 75 metric tons by the fifth year, but it appeared doubtful that the figure
Japan and for the remission of various
could be reached inasmuch as
Korea's production last year was
considerably
& Co. and Guaranty Trust Co. of New York,
sinking fund administrators of Kingdom of Belgium exter¬
nal loan 30-year sinking fund 6% bonds, due 1955, have
drawn by lot for redemption on Jan. 1, 1938, $1,667,000
principal amount of these .bonds (including $1,002,200 held
by the Belgium Government) out of moneys to be in the
sinking fund on that date.
Payment will be made on or
after Jan. 3, at the principal amount of the bonds, upon
J. P. Morgan
as
fund administrators.
Due
Auto¬
of
Importation
Prohibits
Decree
mobiles
Montevideo, Uruguay,
regarding a decree of the
Uruguay Government prohibiting the importation of auto¬
Associated
advices
Press
from
Nov. 10, had the following to say
mobiles:
decree prohibiting
indefinitely the
trucks, chassis, motors and bodies. He
acted at the request of the Minister of Finance.
The reason given was an unfavorable exchange situation created by wide¬
for
1950,
& Co., as fiscal agents
for Province of
fund 7Yi% bonds, due 1950,
announce that $32,500 principal amount of these bonds have
been drawn by lot for redemption on Dec. 1.
The bonds
drawn for redemption
are payable out of sinking fund
moneys, at their principal amount, on and after Dec. 1 at
the New York office of J. & W. Seligman & Co., or at the
Lower Austria secured sinking
>
Industriekredit-Aktiengesellsehaft,
office of Oesterreichische
President Gabriel Terra today issued a
Lower Austria 7^% Bonds,
Redemption Dec. 1
Province of
Drawn
of
$32,500
J. & W. Seligman
Uruguayan
either of the sinking
presentation at the New York offices of
the report.
less than 18 tons, according to
Fund Administrators Draw for Redemption
1, 1938, $1,667,000 of Belgian External Loan
6% Bonds, Due 1955
Diet approved
designed
to implement the five-year plan for the expansion of gold
production in that country, according to a report to the De¬
partment of Commerce by the office of the American Com¬
the Gold Production Encouragement
mercial Attache,
Sinking
Taxes.
Vienna, Austria.
importation of automobiles, buses,
Through a period of economic recovery,
casting their old ones aside. Thus, the
than needed, in the government's view.
spread buying of automobiles.
Uruguayans have bought new cars,
country now has more cars
Odd-Lot Trading on New York Stock Exchange
Week Ended Nov. 13
During
for the week ended Nov. 13 of the daily cor¬
figures on odd-lot transactions of odd-lot dealers and
specialists in stocks, rights and warrants on the New York
Stock Exchange was made public on Nov. 18 by the Securi¬
ties and Exchange Commission, continuing a series of current
A summary
rected
Brazil
to
Meet
Dec.
Foreign Debt, Says
Brandao—Foreign Bondholders
1 Interest on
Minister
Foreign
Council
Protective
Urges
President
Vargas
to
Continue Service
Brandao, said at a
general press conference in Rio de Janeiro, Nov. 17, ac¬
cording to United Press advices from that place, that his
country will meet the interest coupons due Dec. 1 on its
external debt despite the recent order of President Vargas
suspending payments.
The advices quoted added:
Brazil's
Foreign Minister, Pimentel
quoted Rothschild's as anmouncing they would continue payments on Brazilian bonds pending re¬
ceipt of official information, Foreign Minister Brandao said the President
already has declared there would be no "unilateral act."
Asked whether the President's announcement meant the Arahua plan
under which Brazil undertook to resume partial payment of her external
■debt was automatically suspended, the Foreign Minister said:
"Not yet. A substitute plan is being negotiated."
He explained that the new system of payments on the foreign debt
would be linked with the country's trade balances and said the position
Regarding a
dispatch from London which
of the United States was
Nov. 13, page
The
the
with
3127.
Commission
The figures
for the week ended Nov.
EXCHANGE—WEEK ENDED
announced his
issued a statement on Nov. 12 in which it said
that it had "cabled President Vargas and requested him,
New York,
consideration of Brazil's national honor and integrity
the two countries, to
a statement declaring Brazil's intention to continue
service upon her external debt."
upon
.and the unbroken friendship between
issue
Funds
Remits
Coupons
The United States of
Partial Payment of
Two External Issues
for
on
Dec. 1
Nov.
8..
Nov.
9
...
Nov. 10
Brazil, through Dillon, Read & Co.
as
remitted for the payment of
♦
Time Limit
Extended to Dec. 15 for Deposit
Coupons
7%
on
Bonds
of 1932-1933
State of Maranhao (Brazil)
of 1928—90% of Required
External
Amount
Received
The Maranhao
Bondholders' Committee, through
C. A.
McQueen, Chairman, announces that the time for accepting
the deposit of 1932-33 coupons on the State of Maranhao,
12,901
6,351
9,577
Value
Shares
306,661
165,993
256,035
59,569,141
5,388,807
8,101,961
Exchange
Nov. 11
16,450
Nov. 12 and 13
45,279
(<Customers'
No.
Ord.
Orders to Sell)
Shares
Value
.
7,181
216,115
5,281
8,599
156,299
247,450
$6,984,576
4,777,283
7,536,545
10,222,184
closed
13.517,490
11,693
323,900
1,160,899 $36,577,399
32,754
943,764 $29,520,588
432',210
Data on Trades in 20
Deals During Weeks
Ended Sept. 13 and Oct. 23 at Request of SEC—
Reports from Members and Their Partners Due by
New York
Stock Exchange Seeks
Selected Stocks—Asks
as
to
Nov. 27
The
New
members
Nov. 12 requested
all deals by
their general partners in 20 selected stocks
York
Stock
Exchange
and registered firms
themselves
and
on
to report to it
Sept. 7 to 13 and the week from
The Exchange asked that
the data be submitted to it by Nov. 27.
The information
is being sought by the Exchange at the direction of the Se¬
curities and Exchange Commission,
which requested the
Exchange to obtain and forward to it a transcript of the
records required to be kept by Exchange members under
Section 1(f) and Section 11(f) of the Exchange's Circular
C-6189, the so-called "daylight margin" rules.
In its letter
to members, Nov. 12, the Exchange exiilained that Section
1(f) of Circular C-6189 requires each member of the Ex¬
change and each general partner of a registered firm who
has an interest in any account that is subject to Section
1(a) of the rules to prepare and preserve for at least 12
months a record of all transactions in such account showing
as
nearly as practicable the sequence in which they oc¬
curred.
Section 11(f) requires each firm which effects or
causes to be effected on the Exchange transactions in stocks
covered by Section 11(a) to do the same.
during
special agent, announces that funds have been
the Dec. 1 coupons on the
United States of Brazil 20-year external gold loan 8% bonds,
due 1941, and 30-year 7% bonds, due 1952, at the rate of
50% of the dollar face amount.
Coupons will accordingly
be paid at this rate upon presentation at the New York
office of Dillon, Read & Co., accompanied by a letter wherein
the holder agrees to accept such payment in full satisfaction
and discharge of the coupons.
acting
PURCHASES
Buy)
to
intention to suspend
service, interest and sinking fund on Brazil's external debt
on Nov. 11.
The Foreign Bondholders Protective Council,
Brazil
Orders
Trade Date
No. Ord.
AND SPECIALISTS
NEW YORK STOCK
NOV. 13, 1937
SALES
(Customers'
filed daily
specialists.
13 follow:
ODD-LOT TRANSACTIONS OF ODD-LOT DEALERS
IN STOCKS. RIGHTS AND WARRANTS ON THE
"exceptionally good" in that respect
Vargas
are based upon reports
by odd-lot dealers and
published
data
Total for week..
President
by the Commission. The
6 were given in our issue of
figures being published weekly
figures for the week ended Nov.
the
Oct. 18 to
week from
23, all dates inclusive.
3272
Financial
Chronicle
NEW
The 20 stocks for which the information is requested are:
American
Can Co
;
American Smelting & Refining Co
American Telephone & Telegraph Co
Atchison Topeka & Santa Fe Ry. Co
Case (J. I.) Co
Chrysler Corp..*...
Douglas Aircraft Co., Inc
General
Motors
FOR
EXCHANGE—TRANSACTIONS
ACCOUNT OF
Round-lot
Common stock
Common stock
transactions
specialists
Initiated
1.
of
in stocks
on
members,
in
which
the
on
except
of
registered:
the floor—Bought
86,850
101,790
Total.
2.
Capital stock
Capital stock
Capital stock
Radio Corp. of America
Standard Oil Co. (New Jersey).. —
United States Steel Corp
Western Union Telegraph Co...— _
119,170
Total..
Round-lot
Common stock
.
181,035
Sold—
Common stock
—
New York
on
Exchanges
During
Stock
Week
and
New
Ended
Oct.
transactions
of
specialists
in
stocks
in
registered—Bought..
which
632,425
650,260
......
Total
York
23
During the week ended Oct. 23 the percentage of trading
of total transactions
on the Exchange of 24,644,040 shares.
with member trading during the previous
week ended Oct. 16 of 3,962,925 shares, or
18.32% of total
trading of 10,817,690 shares.
On the New York Curb
Exchange member trading during the week ended Oct. 23
amounted to 1,771,530 shares, or 18.67% of the total volume
on that
Exchange of 4,744,075 shares; during the preceding
week trading for the account of Curb members of
748,356
shares was 16.51% of total trading of 2,266,985 shares.
The data issued by the SEC are in the series of current
figures being published weekly by the Commission in ac¬
cordance with its program embodied in its report to
Congress
in June, 1936, on the
4'Feasibility and Advisability of the
Complete Segregation of the Functions of Broker and
Dealer."
The figures for the week ended Oct. 16 were
given
in these columns of Nov. 13,
page 3127.
In making avail¬
This
compares
able the data for the week ended
said:
Oct. 23
the Commission
The figures given for total round-lot volume for the New York Stock
Exchange and the New York
all round-lot sales of stock
Curb
effected
Exchange represent
from the volume reported by the ticker.
the week ended Oct. 23
volume
of
The total round-lot volume for
the New York Stock Exchange, 24,644,040 shares,
on
11.3% larger than the volume reported
was
the
those exchanges as distinguished
on
on
the ticker.
On the New
York Curb Exchange total round-lot volume in the same week, 4,744,075
shares, exceeded by 8.3% the ticker volume (exclusive of rights and war¬
rants)
.
The data
Stock
published
are
based upon reports filed
with
New York
the
Exchange and the New York Curb Exchange by their respective
members.
These reports are classified
as
900,310
871,220
Sold.
New York
Slock
New York
r
Exchange
Number of reports received
1,074
Curb
Exchange
866
Reports showing transactions
as
Total
specialist"
Bought
264,359
342,246
Total.
a
The
606,605
term
partner*,,
' members"
includes
all
Exchange members,
their
of
members'
transactions
to
total
Changes in Amount of Their Own Stock Reacquired by
Companies Listed on New York Stock and Curb
Exchanges
The
monthly list of companies listed on the New York
Exchange reporting changes in the reacquired holdings
of their own stock was issued by the
Exchange on Nov. 12.
A previous list was given in our issue of Oct.
16, page 2478.
The following is the list issued Nov. 12:
Stock
Shares
Latest
Reported
Addressograph-Multigraph Corp. (common)
Alaska Juneau Gold Mining Co, (common)
Alpha Portland Cement Co, (common)
American Chicle Co. (common).
American Woolen Co, (preferred)
Armour & Co. (Illinois)
(common)
Atlas Corp. (common)
Report
6,614
15
13
716,342
44,452
13,581
12,981
511
Federal Mining & Smelting Co.
500
4.600
7,900
None
3,546
None
....
4,413
80,000
81,300
(preferred)
1,873
2,352
778,846
778,847
1,142
13,975
16,875
None
440
A. Hollander & Son, Inc. (common)
*
Household Finance Corp. (common)
Insuranshares Certificates, Inc. (capital)..
International Mining Corp. (common)
47,100
70,900
22,900
Lone Star Cement Corp. (common)
Madison Square Garden Corp. (capital)..
Mathieson Alkali Works, Inc. (common)
37,000
10,700
Exchange odd-lot
The number of reports in the various classifications
may total more than
STOCK
EXCHANGE-TRANSACTIONS
FOR ACCOUNT
OF
MEMBERS
a
IN
ALL
STOCKS
(SHARES)
Total for
Week
Round-lot
transactions
of
members
on
the Exchange
except
transactions
43,260
29,963
700
1,100
216
1,089
None
200
6,900
13,000
None
__
2,110
Per
Cent, b
3,000
1,626
1,889
35,447
preferred)
Real Silk Hosiery Mills,
(7% preferred)
Remington Rand, Inc. ($4.50 preferred)
Safeway Stores, Inc. (5% preferred)
35,147
220
United Fruit
2,401
3,967
2,554
45,548
None
2,160
511,055
Corp.
947
Wilson &
4.84
-961
321,722
39,763
378,284
41,785
19,000
23,000
Detinning Co.
Wilson &
(common)
(preferred)
(7% preferred)
Co., Inc. (common)
Co., Inc. ($6 preferred)
6,527
511,051
(common)
Co.
Sales
252
44,548
Sterling Products (Inc.) (capital)
Telautograph Corp. (common)
Texas Corp. (capital)
Vulcan
1,407
42
(common)
360
1,177
Safeway Stores, Inc. (6% preferred)
Safeway Stores, inc. (7% preferred)
W. A. Sheaffer Pen Co.
Vadsco
1,053,230
2,387,790
Inc.
Corp. (capital)..
United Drug Co. (common)
1,334,560
Total
1,400
12,600
None
(6%
Transamerica
of
Sold
200
7,600
Co.
Tide Water Associated Oil Co.
24,644,040
specialists and odd-lot dealers in stocks in which registered:
Initiated on the floor—Bought...
Outboard Marine & Manufacturing Co.
(common)
Pacific American Fisheries. Inc.
(common)
Sloss-Sheffield Steel & Iron Co. ($6 preferred)
Week Ended Oct. 23,1937
Total volume of round-lot sales effected
16,200
38,860
27,153
McCall Corp.
(common)
Corp. ($6 preferred)..
Corp. ($5.50 preferred)
Mission Corp. (common)
*Otis Steel Co. (7% prior preference)
40
Pure Oil
Stock
the number of reports received
because, at times, a single report may carry
entries in more than one classification.
YORK
7,000
3,757
Mead
NEW
960
None
Mead
Curb Exchange perform the functions of the New York
dealer, as well as those of the specialist.
None
1,100
Motors Corp. (common)..
Corp. of America (6H% preferred)
484
None
5
preferred)
(common)
*
Deere & Co. (7% preferred)
Detroit Edison Co. (common)
Duplan Silk Corp. (common)
214
1,400
.658,242
Deere & Co.
321
2,500
None
Corp. ($5 preferred)
Davega Stores Corp. (common)
Davega Stores Corp. (5% preferred)
443
600
2,000
Consolidated Oil
Initiated off floor
11,000
None
41,519
Century Ribbon Mills, Inc. (preferred)
Cleveland Electric Illuminating Co. ($4.50
Hat
6,414
5,000
Atlas Corp. (6% preferred)
Atlas Powder Co. (common)
*
Shares per
Previously
Name—
93
*Note—On the New York Curb Exchange the round-lot transactions of
specialists
"In stocks in which registered" are not
strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
their
In cal¬
these percentages the total of
members' transactions Is compared with
twice the total exchange volume for the reason that
the total of members
trans¬
actions Includes both purchases and sales while the
total exchange volume Included
only sales
107
Reports showing no transactions
and
Exchange transactions.
culating
362
specialists
on
firms
including special partners.
b Percentage
215
as
Initiated
18.67
1,771,530
Sold
floor
Other than
1.
^
Odd-lot transactions of specialists in stocks in which
registered.
General
follows:
13.52
1,282,685
Total round-lot transactions for accounts ol all members:
Bought...
for the account of all members of the New York Stock Ex¬
change (except odd-lot dealers) and of the New York Curb
Exchange to total transactions in each instance was above
the preceding week ended Oct. 16, it was made known
by
the Securities and Exchange Commission
yesterday (Nov.
19).
Trading on the Stock Exchange for the account of all
members during the week ended Oct. 23 (in round-lot trans¬
actions) totaled 9,254,473 shares, which amount was 18.77%
3.16
300,205
Sold
Trading
1.99
188,640
Initiated off the floor—Bought...........
Common stock
Common stock
Weetinghouse Electric &. Manufacturing Co
Youngstown Sheet & Tube Co—
Curb
Per
Cent, b
.Common stock
New York Central RR. Co
Member
STOCKS
ALL
4,744,075
Exchange..j...
transactions
Sold
Common stock
....Common stock
-
IN
(SHARES*
1937
Week
Preferred stock (old and new)
Montgomery Ward & Co., Inc
a
7
20,
Total for
Total volume of round-lot sales eflected
—Common stock
—-—..............Common stock
—
MEMBERS
Week Ended Oct. 23.
Common stock
Capital stock
Common stock
Corp
Loew's Inc.
Nov.
CURB
Common stock
Common stock
International Harvester Co
International Paper & Power Co.
Johns-Manville Corp
YORK
None
i.
490
160
1,120
3,771
7,787
1,537
1,529
Note—* Initial report.
Initiated off the floor—Bought
Sold
874,175
Round-lot
transactions
of
specialists
in
stocks
in
3.63
New
York Curb Exchange announced on Nov. 10
following fully listed companies have reported
changes in the amount of reacquired stock and bonds held:
that
1,788,053
the
which
reglstored—Bought
Sold
The
913,878
Total
Shares
Name—
American General
Total........
5,078,630
Total round-lot transaction., of
members, except transactions
of odd-lot dealers in stocks in which
registered—Bought..
Sold
Total
9,254,473
registered:
In
round-lots—Bought
Bold
Total
2.
1,597,650
333,460
1,931,110
In odd lots (including odd-lot transactions of
specialists):
Bought
Sold
Total
Corp. ($2 div. series pref.)
3,332,835
4,865,279
8.198,114
18.77
23,127 6-10
American General Corp. ($2.50 div. series pref.)....
2,136 4-10
American General Corp. (common)
.120,375 31-100
Baldwin Rubber Co.
4,934,898
Per Latest
Reported
(common)
161 4-10
Bickford'8, Inc. (preference)
Cohn & Rosenberger, Inc. (common)
Commonwealth Edison Co. (capital)
4,319,575
Transactions for account of odd-lot dealers in stocks in
which
1.
10.30
Shares
Previously
2,392,170
2,686,460
—
Crown Central Petroleum Corp. (Md.)
2,079
10,847
21,066 (old)
(common)__
(common)
New Process Co.
(common)
North American Rayon Corp. (6% prior pref.)
Oilstocks, Ltd. (capital)
Rustless Iron & Steel Corp. (common)
United Profit-Sharing Corp. (common)
*
Initial report.
125,409 35-100
163
1-3
2,675
11,547
84,264 (new)
*267 67-75
Equity Corp. (The) ($3 conv. pref.)
8,751 6-10
Knott Corp. (The) (common)
4,738
Langendorf United Bakeries, Inc. (conv.6Hs, 1941)$118,000
LeTourneau, Inc. (R. G.) (common)
1,021
May Hosiery Mills, Inc. ($4 pref. w. w.)
6,004
Muskegon Piston Ring Co. (common)
Navarro Oil Co.
Report
26,127 6-10
2,761 4-10
8,106
1,316
9,751 6-10
4,938
$84,000
1,019
4,913
*16 41-100
8,956
1,709
677
1,192
10,794
17,494
169
175
311 19-160
311.79-160
Volume
Financial
145
New York Stock
Exchange History to Be Depicted in
City of New York—Banker Donates
$50,000 for Gallery
Museum
of
Receipt of
donation
a
of $50,000 to create
the Museum of the City
announced on Nov. 14
of the New York Stock Exchange was
by
Museum.
the
gallery at
a
of New York depicting the history
The
Museum
donor,
the
that
said
the
senior partner of a
is
New York Stock Exchange house which
of New York's oldest banking firms, does not wish
one
to have his
The announcement continued:
published.
name
Gallery,
plans for which are now being made.
The room at the head of the main
stairway on the second floor of the Museum which is now occupied by
the Theater collection has been selected for
this purpose; the Theater
Stock Exchange
The
being moved to other quarters in the Museum building.
collection
The
creation
Stock
The
the
air
street
from
States,
but
our
for
A
the
of
miniature
the history of
the growth
the eighteenth century as an open
principally in bonds of the United States
in
special emphasis on the part played
the development of New York City and the
members have done, not only for our city
its
groups or
of war.
dioramas,
general,
in
to
Commerce,
notice
of
which have
is being assembled.
coordinate the growth of
Such limitations will not apply to bona fide hedg¬
On
Nov.
11
hearing will
in
Chicago,
tion
5a
bility
of
announced that a public
Building,
Wallace
in the
Board of Trade
Nov. 30, to consider, in accordance with Sec¬
on
Commodity Exchange Act, the desira¬
of the
prohibiting
trading in
final 10
an
expiring
Although the construction of these miniature groups requires considerable
be ready and open
the early spring.
Section
(4) of the Act, it is explained, provides that if the
Secretary of Agriculture, after due notice and opportunity
for hearing, finds that provision for a period of delivery
after trading has ceased would prevent—or tend to pre-
vent—-"squeezes" and market congestion endangering price
stability, he shall require such period of delivery (not less
than
three
nor
than
more
modities and markets
"squeezes" and
also will
cover
10 business
days)
he finds will
as
market
for such com¬
prevent, or tend to
congestion.
This hearing
the question of whether or not longer notices
of intent to deliver shall be required.
Section 5a (5) of the
Act authorizes the Secretary to require a notice of as much
business days
The
if after hearing he finds it
diminish unfair
or
hearings in each
necessary
practices in
instance
will
trading.
be conducted
by the Chief of the CEA, Dr. J. W. T. Duvel,
study and work, it is hoped that the new gallery may
future
grain
delivery month.
of the
days
5a
10
the public in
Secretary
also be held
(4)
prevent
as
due
after
ing transactions.
to
far
General—shall,
'Attorney
person.
as
as
the
amount
possible, the part
that of the city showing,
country.
our
and
and
opportunity for hearing, fix such limits on the
of speculative trading which may be done by any
small colonial town to the metropolis and commercial and financial
a
center
to
consisting of the Secretary of Agriculture, the Secretavy of
Exchange and its members in the expansion of New York
with
Exchange
played by the
will be arranged
on Nov. 12 by Henry A. Wallace,
Secretary
Agriculture, who explained that Section 4a (1) of the
law provides that the Commodity Exchange Commission—
of
prevent,
to those
similar
documentary material
pictorial and
and
exhibition,
from
illustrate
depicting
...
popular in other parts of the Museum, is being designed for the
so
gallery
new
will
origin
in
what
and
to have galleries
ing was made
during the
the Museum represents one
in
country, in times of peace and in times
series
proven
room
York's development.
present day, with
Exchange
Stock
the
its
dealing
market,
United
The
Exchange
Gallery
Exchange
Exchange
Government, to the
by
Stock
a
important phase of New
every
of
of
in the original plan of the Museum
step
more
has agreed to aid in the installation of the
3273
Chronicle
or
either
the Assist¬
ant
Chief, J. M. Mehl, both of whom have been designated
officers by the
Secretary of Agriculture.
J. W. Bain, attorney, representing the Solicitor's Office of
presiding
as
the
Interest
Short
on
New York
the
creased
Stock Exchange
During October
The total short interest
existing
as
of the opening of busi¬
Oct. 29, as compiled from information obtained
the New York Stock Exchange from its members, was
ness
In¬
on
by
1,-
announced by the Exchange on Nof.
compares with 967,593 on Sept. 30 and with
1,066,184 on Oct. 30, 1936.
In the following tabulation is shown the short interest
existing at the opening of the last business day of each month
since Oct. 31, 1935:
214,082 shares, it
Department, and Dr. W. B. Stewart, economist in
charge of the analytical work of the CEA, will assist in the
hearings.
Stenographic reports will be made and placed
before the CEA.
SEC
was
Nov. 29
31
June
927,028
1,103,399
1,246,715
1,175,351
1,132,817
1,117,059
31
Feb. 28..
Mar. 31
Apr. 30May 29
Chicago
31..-.
Aug. 31
1936—
Jan.
1,138,358
9.96,399
974,338
30
July
930,219
1,032,788
31
Dec.
1937—
1936—
1935—
Oct.
Sept. 30Oct. 30
—. —
31
Jan.
..1,426,522
26
Mar. 31
1,199,064
Apr. 30..
May 28.
1,012,186
1,049,964
1,066,184 June 30
.1,230,579 July 30
1,136,814 Aug. 31...
1,314,840 Sept. 30
Nov. 30
Dec.
.1,011,670
Fen.
29
Oct.
944,957
1,007,736
966,935
967,593
.1,214,082
29
Exchange Lowers Commission Rate
Non-Members on Stock to Be Redeemed
of
Peoples Light & Power Co.
The Securities and
issued
Exchange Commission, in a statement
16, asserted that the process of forming in¬
Nov.
on
tegrated public utility systems was of necessity in many cases
"an evolutionary rather than a revolutionary" one and should
be so conducted as to protect security holders from sacrifice
attendant upon forced selling.
The statement was made in
connection with a decision approving apnlications for is¬
suance and acquisition of securities in are organization
plan
by Peoples Light & Power Co. and its subsidiaries.
From
the statement of the SEC, with respect to the Public Utility
Act of 1935, we quote:
Stock
Charged
Says Liberal View of Public Utility Act is Needed—
is Required in Forming In¬
tegrated Systems—Approves Reorganization Plan
Declares "Evolution"
This
19.
The problem
the
Act
is
of consummating integrated public utility systems under
of necessity in
many
cases
As
a
practical matter it will often be
Exchange ruled
on
on
Commissions of The Chicago Stock
Nov. 16 that members could charge a rate
and final step.
of Commission
on
stocks to be redeemed within 12 months
applications can only be considered, as
The
Committee
of not less than one-half of the
stocks of the
on
rate as
now
same
required.
The Committee
regular rate for non-members
price, instead of charging the regular
The ruling follows:
Commissions, with the approval of the
on
Governing
Committee, has ruled that on stocks, which, pursuant to call or otherwise,
are
to
redeemed
be
within
12
months,
the
current rate for non-members on stocks of the same
one-half of the
A tentative
plan for the creation of associate memberships
Chicago Stock Exchange was recently submitted to the
Exchange Governing Committee by its Committee on Public
Relations.
As now set up the plan includes the admission of
a
partner of a firm or an officer of a corporation dealing with
the public in securities as an associate member for a nominal
fee, said an announcement emanating from the Chicago
Stock Exchange, which added:
in the
of commission of half the
Associate Members
membership in The Chicago Stock Clearing Corpora¬
regular commission after deducting floor brokerage.
tion, nor will they have floor trading privileges.
As now proposed, oniy a
However, it was
small number of Associate Memberships will be issued.
stated that the number to be issued depends largely on
is received
It
was
a
re¬
toward
It
to accomplish the ulti¬
an
one
direct
Hence, from that viewpoint the present declarations and
a
practical matter,
as
the first step
ultimate integration program for this system.
should
be
made
clear
that nothing
herein is intended
to or
should
prejudice or restrict the powers which the Commission may or may not be
called upon to exercise at some
future time under Section 11B, whether
or
relating to any features or considerations presented to, or considered by,
not
the Commission in the present
The decision
proceedings.
generally interpreted as a move to ease
The 8EC, while approv¬
ing the reorganization plan, cited a number of objections,
and warned that it might impose stricter regulations on the
company at a later date.
In commenting on the decision, a Washington dispatch
was
the way the plan
of Nov. 16 to the New York "Herald Tribune" said:
The
pointed out that the plan is only tentative and is
People's Power and Light case is of especial interest because the
company
the
to
was
Federal Court
before submitting it
The public utility Act did not
become effective until
presented its plan
Commission.
the latter part
to
the
of 1935, while the People's Power and Light reorganization
presented to the court sometime earlier.
Submitted to Court First
Ordinarily,
come
a
the
People's
under Section
and
Power
Light reorganization would have
(F) of the Act, providing among other things that
11
reorganization plan must be submitted to the Commission before it is
submitted to
a
court.
On Dec. 23, 1935, the Commission's general counsel
expressed the opinion that the provisions of this section are applicable only
to
proceedings involving holding companies which became registered under
the Act prior to
by those eligible for such a membership.
visions and recommendations of the
necessary
objectives of the Act by a series of steps rather than by
the "death sentences" in the law.
price.
Chicago Stock Exchange Has Tentative Plan Providing
for Creation of Associate Memberships
Associate members will be allowed a special rate
mate
of commission to non-
rate
members shall, at the option of the member, be not less than
will not be admitted to
evolutionary rather than
an
volutionary process.
Within 12 Months
the date on which a receiver or trustee is first appointed.
Although Chairman William O. Douglas and Commissioners George
subject to re¬
various standing committees and the
approval of the Governing Committee.
Mathews and
objected to the Commission counsel's opinion on Section 11
in the
C.
Robert E. Healy approved the application, the last-named
(F)
as
applied
Peoples Power & Light case.
—
In concurring,
Be Held in Chicago Dec. 1 to Consider
Limits on Grain Futures Transactions—
CEA Also to Hold Hearing Nov. 30 on Trades in
Hearing
to
Trading
Expiring Grain Futures
Commissioner Healy wrote:
"I concur in the result because
fairness seems to require that result which, there¬
fore, it is to be hoped, Is good law.
The consideration of
seems to me,
the unsatisfactory administrative results
this case has indicated, it
flowing from Release 54
[counsel's opinion exempting People Power & Light from Section 111(F) 1.
The
securities to be issued under the plan do not come within range of the standards
of Section
7 (D).
A study of that release also leaves me with the conclusion that
it relates to 11 (F) and it may be useful to record the reasons
it is in error so far as
public hearing will be held in the -Board of Trade
Building, in Chicago, on Dec. 1, to consider the establish¬
ment of limits
on
the speculative transactions in grain
A
individual, as provided by Section 4a (1) of
the Commodity Exchange Act.
Announcement of the hear¬
futures of any
for my
The
a
views."
Commission
substantial
found that consummation of the plan
reduction
in
will result in
debt, substitute a solvent holding
company
insolvent one, and although
falling short of the mark in providing a
simple capital structure, it will, at
least, bring about more simplicity than
for
an
3274
Nov. 20,
existed in the
of the
case
predecessor
Peoples Power
company,
The
Light
a
record
acceptances outstanding
close of each month since Oct. 31, 1935:
&
Corp.
at the
of
Amplifies Its Philosophy
•
"The system is obviously not an
integrated one, and the proposed capital
"No contention has
been or could be made that following
1937—
1936—
June 30
$316,531,732
July 31
Aug. 31
Sept. 30
315,528,440
308,112,141
315,000,590
Apr.
31-.,-.$362,984,286
387,373,711
Dec. 31
396,957.504
The tendency, however,
1936—
27
Feb.
396,471,668
30..— 395,031,279
May 29
31..—
384,140,875
Oct.
31
330,205,152
29
Nov. 30..—
349,053,490
372,816.963
387.227,280
July
30
376,804,749
359.004,507
343,094,299
May 30
330,531,460
385,795,967
364,203,843
351,556,950
343,881,754
344,419.113
340,246,657
June 30
Feb.
Mar. 31
Apr.
equity and good conscience and the spirit of Section 20
401,107,760
Mar. 31
Jan.
10 can be and are approved."
Amplifying its philosophy in this case, the Commission wrote that "it
would be against
bankers'
of
Oct.
required by Clause (C) (2) of Section 10 is present, and such being the case
the applications under Section
volume
Nov. 30
consummation of this plan the system
of Section 11.
will measure up to the requirements
by us, furnishes
following table, compiled
the
1935—
ideal," the Commission asserts.
structure is far from
1937
Dec.
31
Jan.
30
31
Aug. 31
Sept. 30
Oct.
30
(D) to make adverse findings in respect of the standard erected by Section 7
(These, if made, would compel disapproval of the issuance of the
(D).
And
contemplated securities.)
Status of
Banks
David
by
Should
Broker
as
David
the
than
rather
Than
over-the-counter
should
dealer
or
be
considered
for
rules," which went
the
into
effect
acknowledge receipt of
letter of Oct.
your
5,
1937,
effective
rather
"dealer"
bank
a
may
be considered
a
that
the
Subsections
received
on
3(a)(4)
shall
wherein
and 3(a)(5)
of
include
not
the Securities
by
this
Bank
open
market
1937—
Oct.
31,
Oct.
commercial
from
issued
was
on>
dealers show
paper
outstanding
paper
1937—
31
Aug. 31
July
31
June 30
a
a>
Oct. 31, 1937.
on
$184,300,000173,700,000180,200,000'
Apr. 30
215,200,000
191,300,000
Mar. 31
Nov. 30
Oct.
31
198,800,000
Jan.
Sept. 30
Dec. 31
171,500,000
31
197,300,000
205,200,000
187,600,000
Nov. 30
178,400,000
June 30
168,700,000
Oct.
180,400.000
Aug. 31
July
Feb. 28-.-.. 267,600,000
Ex¬
May 31
$243,800,000
Dec. 31
285,000,000
290,400,000
Mar. 31
1936—
31
1936—
284,600,000
286,900,000
May 31
a
Jan.
$323,400,000
331,400,000
329,000,000
324,700,000
Apr. 30
"customer"
term
showing the total value of
on
of the figures:
Sept. 30
or
$331,400,000
on Sept. 30 and with $198,800,000 at the close of
1936.
Below we furnish a two-year compilation
October,
were
"broker"
with
Compares
figure for Oct. 31 compares with $331,400,000 out¬
standing
"customer."
a
states
dealer.
or
1937,
1,
than
MCI (a)
Rule
broker
Oct.
of
as
31
outstanding
paper
$223,400,000 of
This
a
inquire whether, in respect of the over-the-counter rules which became
you
Oct.
by the Federal Reserve Bank of New York:
Reports
Mr. Saperstein's conclusions, given in response to a
will
15
total of
purpose
request from the Investment Bankers Conference, Inc.,
made public as follows on Nov. 15 by the SEC:
This
commercial
Nov.
broker
a
Paper Outstanding as Reported
Federal Reserve Bank—Total of
York
The following announcement,
Institutions
Rather
Dealer
or
view that "a bank
expressed the
customer
Oct. 1.
Clients
as
Commercial
New
$323,400,000
Sept. 30
Clarified
Saperstein, Director of the Trading and Exchange
of the Securities and Exchange Commission, has
Division
of
SEC—Says
of
Considered
of
by
Rules
Over-the-Counter
in
Saperstein
Be
Value
of the opinion that, in the circum¬
we are
have not the right to do so."
stances of this case, we
Feb. 20
175,600,000
21
177,721,250
1935—
31
change Act of 1934 expressly state that the terms "broker" and "dealer"
do
include
not
ir.
the
Rules
a
and
bank.
Since,
according to Rule Al(b), the terms used
Regulations promulgated under Title I
of the
Offering of
$25,000,000 of Federal Home Loan Bank
2% Consolidated Debentures—Gover¬
nor
Delano
Says Issue Necessitated by Steady
Expansion of System, Which Now Has Record
Membership
Securities
Three-Year
Exchange Act of 1934 shall, unless otherwise specifically stated, have the
meaning defined in the Act, it follows that Rule MCl(a) does not exclude
bank
a
In
than
from
the
term
"customer."
opinion, therefore,
my
broker
a
or
a
dealer for
bank should be considered
the
rather
a customer
of the over-the-counter rules.
purposes
Commission points out that the foregoing is "an ex¬
The
pression of opinion" by Mr. Saperstein and "is not
of the
a
ruling
Commission."
A new issue of $25,000,000 of
three-year 2% consolidated
debentures, series C, of the Federal Home Loan banks, due
Dec. 1,1940, was publicly offered on Nov. 16, priced at 100%,
to yield about 1.87%.
The issue constitutes the first public
financing
Increase of $1,827,544 During October Noted in Volume
of
Outstanding Bankers' Acceptances—Oct. 30
of $346,246,657 Compares with
$344,419,113
Sept. 30—Gain of $16,041,505 Over Year Ago
Total
The
volume
of
outstanding
bankers'
acceptances
on
Oct. 30, as reported by the Acceptance Analysis Unit of the
Federal Reserve Bank of New York, totaled
$346,246,657,
an
increase of $1,827,544 from the
Sept. 30 figure of $344,-
410,113.
It is noted that the gain is unusually small for
October—the increase for the month in the last three years
having ranged from $15,000,000 to $30,000,000.
The volume
outstanding at the close of the latest mpnth was $16,041,505
above the figure for Oct. 31, 1936.
The increase during October this
gains
in
credits
drawn
for
credits and dollar exchange.
is
year
attributed
domestic
exports,
As compared with
for Oct.
30
was
Federal Reserve Bank
BANKERS'
issued
on
follows
as
by
the
to
warehouse
a
year ago
New
for
re¬
Nov. 12:
—BY
FEDERAL
RESERVE
this
Everett
year.
Home
Loan
offering
new
many times
announcing the
Of the Federal
The
sion
1.
the
3,927
of
3.
$31,780,378
250.898.534
250,127,335
15,844,080
3,217,849
928,380
2,041,628
13,764,080
Philadelphia
Cleveland
5.
Richmond
6.
Atlanta
7. Chicago
8. St. Louis
11.
Dallas
12.
San Francisco
$30,877,602
235,790,150
12,655,327
3,925,920
increase
has
151,463
18,329,051
1,432,201
2,300,079
6,413
"3",334 480
22,150,003
20,512,792
$346,246,657
2,290,688
21,355,326
$344,419,113
bear
to
realm
been
of
reduction
some
an
of
increasing
small
banks
and
system
in
home
proportion
their
the
members
included
Dollar exchange
Based on goods stored in or
shipped
between foreign countries
now
^
Oct. 31, 1936
$126,859,052
76.537.035
1,390,947
11,377,560
61.913.036
1,328,703
$109,921,036
67,008,011
9,995,182
65,111,988
1,620,734
61,853,336
66,403,727
in
-
$281,541,691
7,081,133
-
Dealers'
30
€0
90
Dealers'
Selling Rate
X
X
X
Dealers'
Days—
7-16
120
7-16
150
7-16
180
Buying
9-16
Rate
Dealers'
Selling Rate
a
of the
resources
The
be
Home
issued
Loan
X
31,
the
the
members
for
stand
now
last
the
demand
the
load,
their
the
represent
of
banks
Oct.
holding
12
at:
months.
six
credit
mortgage
commitment
upon
the-
in
continually increasing
a
The
Federal Home Loan
largest
within
mortgage
three
the liquid
31,
of
reserve-
years
amount-
position of
bonds
government
banks
the
on
Bank
of
Act
their
banks
same
had
paid
amounted
$155,185,750.
and
the
$10,-
several
associations
life
while
to
paid-in
$121,514,000,.
consolidated
$225,921,046.
consolidated
obligations of
insurance
$33,671,750-
in
Total
date amounted to
that
loan
and
banks,
respective
Treasury
of
provides
the joint and
as
savings
institutions
States
capital
of savings and
up
mutual
stock
United
debentures
the Federal
may
Home
banks, and limits the outstanding debentures to five times the total
paid in capital of the banks
and,
of
made
member
paid-in
Loan
only
in
any
member
event,
to
institutions
Federal
Home
interest
Loan
from
held
of the
by
bank
normal
as
amount
.an
date of
not
issuance
of such
exceeding the secured
debentures
obligations
the banks.
debentures
Federal
municipal and local taxes.
The
exempt
both
taxation,
are
income
and
debentures
are
as
to
from
lawful
principal
all
State,
investments
fiduciary, trust and public funds under the control or authority of the
States, and are legal investments for savings banks, insurance'
United
the
trustees
and
other
fiduciaries
under
the
laws
of
several
of
States.
Decline in Net Additions to Profits of National Banks
During Six Months Ended June 30 Reported by
Comptroller of Currency—Tells Bankers' Meetings
However, Dividends Were Higher—No Decline in
Postal Savings
During the six months
ended
June
30,
1937,
the
5,299
active National banks of the country had net additions to
profits before dividends, as shown by consolidated
returns,
$132,163,000, which
the
net
was
$22,235,000,
or
14.40%, less than
additions for the
six months ended Dec. 31, 1936.
reported by J. F. T. O'Connor, Comptroller of the*
Currency, in an address before a meeting of the Southwest
This
was
9-16
X
to
of
total
of
Buying Rate
in
regional
charter,
Oct.
of
subscriptions
5152.733,640
128,808,045
CURRENT MARKET RATES ON PRIME BANKERS
ACCEPTANCES
Days—
As
subscriptions
BANKS
Increase for month
Federal
providing
76.548,201
2™ of others
b.UIs-Bills
Total-r
of
As
$30,258,000
a
or
companies.
county,
Sept. 30, 1937
BILLS HELD BY ACCEPTING
.
.
State
companies,
$126,683,423
81,601,656
8,168,633
66,548,662
Nov. 15 said:
world.
approximately $98,000,000.
for
Domestic shipments..
Domestic warehouse credits
these
within
mortgage financing showing
Aggregate payments due the
System
and
ACCORDING TO NATURE OF CREDIT
Imports
Exports
to
$36,994,535
proportion of the total amount done in this field.
$330,205,152
Increase for month, $1,827,544 increase for
year, $16,041,505.
Oct. 30, 1937
on
throughout the country, the members of the FHLBS have been called
1,090,932
3,221,176
3~,37L243
__
Grand total
Oct. 31, 1936
14,610,555
3,154,699
196,547
1,944,461
14,023,420
742,071
879,675
2,811,465
9. Minneapolis
10. Kansas City
System,
required to meet the steadily continuing expan¬
in the System has reached an all-time
Membership
institutions, and advances
an
there
under
$31,110,919
4.
10:05 A. M., the issue being
Subscriptions in heavy volume
727,000 in cash.
DISTRICTS
sept. 30, 1937
2. New York
the
the
offering. Preston Delano, Governor
new
are
FHLBS.
$184,557,927,
to
Oct. 30, 1937
Boston
at
Home Loan Bank
debentures
new
of
peak
closed
were
oversubscribed.
of
on
representative
16 the books
Nov.
announced
received from dealers in all parts of the United States.
were
In
Smith, financial
banks,
Membership in the FHLBS is
Federal Reserve District
by the Home Loan banks having
exceeding one year, two issues' of one-year
debentures aggregating $53,000,000 having been sold earlier
York
DOLLAR ACCEPTANCES OUTSTANDING—UNITED
STATES
ever undertaken
maturity
While
(Oct. 31, 1936) increases were shown in credits created
imports, exports and domestic warehouse credits.
The
port
a
Bankers
9-16
House
Associations, sponsored by the El Paso Clearing
Association, at El Paso, Tex., on Nov. 12.
Mr.
Volume
Financial
145
3275
Chronicle
of the Federal Reserve System," he added^
lodged in the Board of Governors in
Washington.
In performing them the Board is called upon to
issue regulations, administrative rules and orders."
In part he went on to say:
O'Connor said that dividends, however, declared in the June
regulatory
period of $79,509,000,
"are for the most part
preferred and common
$5,543,000 more than those declared
5.01%,
or
stock outstanding were
on
in the previous six months, when
tal stock.
Interest
rents
discount
and
received
three
and real estate
Net earnings
and
For
the
charged
entire
amount
solidated
Dividends
June
1937,
totaled
The
30,
dividends
1936.
and
4.78%
Gross
of
and de¬
losses
the
18.58%
The three
or
445.40%
and
1931.
over
preferred
stock
$153,475,000,
in
comparison
9.67%
of
common
were
and
$577,851,000,
Recoveries
resulting in
increase
an
assets
from
net
earnings
$22,992,000,
of
preferred
on
Losses
and
previously charged
charged
depreciation
$41,273,000,
off
from
current
operations
9.33% in the year.
$279,683,000, including
or
of
off
were
$262,368,000,
reduction
a
is
June 30,
1933.
in
1935;
a
find
we
total
of 2.2%
of
credit
of
deposits amounted to $1,187,186,208
in 1934; an increase of 0.6%
in
0.9%
1936;
and
June
on
30
of the
present
increase since 1933, which was 2.9%, making
in Postal Savings banks of $1,267,-
depositors
largest amount on
is the
This
two
not
wish
instead
into the considerations upon which
go
point out briefly how
to
been taken fit together as applications
not
deposit during the 27
years
the
in
Postal
deposits
occurred
in
1931,
when
98.2% over those of the preceding year, and in 1932, when
125.9%.
These were years when fear and panic gripped
increased
the policy is
the various
O'Connor also recently delivered several
before the Young Democratic Clubs of
Los Angeles, on Nov. 16, and another at the Second Milers'
Forum, on Nov. 14.
Comptroller
last
I wish to emphasize the fact that the power to fix
August.
effects
tem
power—the Board cannot raise
quirements at will, but only within certain limits.
the
flexible
have.
It
last spring.
of bank
and
Savings, Building and
Loan
League
Reports
Loan Associations Increas¬
The occasion of the exercise of this power
to
reserves
savings, building and loan associations,
States Building and Loan League,
of more than $5,000,000 as of July 1, this
112
were
members of the United
which had assets
year,
it
was
announced in Chicago
on
Oct. 30 by H. F.
Mr. Cellarius reported that 59
January
and July, as compared with 47 of them for the six months just
preceding. The amount registered by these 59 institutions,
it is pointed out, totaled $23,058,417, and three of them
added more than $2,000,000 each. In noting this an an¬
nouncement by the Building and Loan League continued:
Cellarius,
proportions quite beyond the possibilities of
The circumstances
had desired to have
Of this group of larger
institutions whose resources now total $1,098,-
456,261 and constitute nearly one-fifth of the assets of the thrift and home
financing business, 34 have more than $10,000,000 and eight top $20,-
month
this
Two associations rose to
the $10,000,000 class during this six
period, one of them a come-back and the other a new association to
can
be taken as a pretty good indicator of what is happening
to assets of the associations
which
case
of all dimensions.
Wherever the thousands of
loans their rate of gain
by him to be comparable to that registered in the classification
unsound and
policy of doing
a
But it sought instead to reestablish the position it
Accordingly, when the Board raised reserve requirements, its purpose
not
to abandon its
Federal Reserve
were
.
Policy of Governors of Reserve System as to Credit
Regulation and Margin Requirements Discussed by
M. S. Szymczak, Member of Board, Before Municipal
Bond Club of New York
I repeat—the increase in reserve requirements by the
unusual measures taken to offset an unusual condition, namely, the
inflow of capital and gold from abroad.
enormous
ballasting
They
were outside the
They
the
ship is related to its regular operation.
a
were
same
They
related to
that
way
were
Reserve
of monetary and credit
factors on business.
tary history the clearer it
ence
of such
abroad, and to keep the domestic credit situation amenable to the estab¬
technique
of regulation.
established policy
rediscount
.
.
.
and September of this year a further step in pursuance of the-
rates
were
taken when the Federal Reserve Bank
was
In approving the first of these changes
lowered.
the Board stated that its "approval was
based upon the view that the reduc¬
policy of monetary ease and make Federal
and agriculture, without encouraging
meet the needs of present or
that
authorized purchase
had
it
prospective borrowers."
Federal Open Market
September the
business
commerce,
member banks to borrow outside of
their portfolios in order to be in
their districts or to liquidate
Later in
Reserve Bank credit readily
for the accommodation of
available to member banks
.
.
a
position to
.
Committee announced
in the open market from time to time
of "sufficient amounts of short-term United States Government obligations
to
provide funds to meet seasonal withdrawals of currency from the banks
and other seasonal
At the
same
requirements."
time, the Committee announced that at the request of the
Board of Governors the Secretary of the Treasury had agreed to release—
that is, to
de-sterilize—approximately $300,000,000 of gold from the Treas¬
Accordingly, the Treasury was credited with that
ury's inactive account.
amount on the books of the Federal
Reserve banks which in the
course
The more one surveys mone¬
becomes that what can be accomplished through
credit measures by themselves is strictly limited.
point, however,
measures.
I do not mean to minimize the influ¬
In their way they are highly important and by the
member banks and increased their available funds correspondingly.
...
As stated in the October "Federal Reserve Bulletin," this action toward
augmentation of member bank reserves was taken in order to anticipate the
usual seasonal needs of member
banks for
currency
and credit.
The action
System in bringing about an increase of available funds put banks in
of the
a
still easier position to meet
It
was an
seasonal needs as well as increasing demands
exercise of credit technique under normal and
*
pain
abandonment of unsound banking prac¬
of dismissal."
"These administrative and
This change
of
was
paper
effected by the
Its significance
for discount, the
be discounted is considered of less importance
than it used to be.
Originally, the privilgee of rediscount at the Federal
Reserve banks had
been restricted to relatively short-term paper arising
from
certain
amount
commercial and agricultural
activities.
you
know,
the
proportion of the total amount of paper available to banks.
and smaller
To the extent that banks were dependent on
its amount meant in
decrease in
As
has tended in recent years to constitute a smaller
of such paper
effect
Federal Reserve banks to extend credit.
a
such
paper
for discounts, the
curtailment of the power of the
The Banking Act of 1933 and the
Banking Act of 1935 both enlarged the classification of paper upon which
individual
member banks might procure funds from the Federal
banks for the replenishment
issued by the
The
new
of their
and Regulation A
as
Reserve
recently
Board carries out the purpose of these changes in the law.
bearing with respect to the current situa¬
It was rather a longer range measure.
not, of course, a measure
or
reserves,
regulation had been in preparation for a long period and the
tion.
on
banks.
A in revised form, effective Oct. 1.
lies in the fact that in determining the eligibility
describing the central banking functions of
the Reserve System, Mr. Szynczak pointed out that "the
Federal Reserve System has a number of regulatory powers
entrusted to it by Congress which are of more or less special
nature."
"These," he noted, "include powers to fix reserve
management an
of credit technique taken by the
System, I want to mention a recent change in the regulations governing
discounts by the Federal Reserve
issuance of Regulation
time of its issuance had no special
requirements within certain statutory limits, to fix margin
requirements, and to examine banks and require of their
This
effective means of utilizing our monetary measures to maintain the
was an
token the Federal Reserve System is a highly important instrumen¬
In addition to
of
regular Treasury disbursements found its way into the reserve accounts of
tality.
tices
re-
measures
intended to neutralize the effect of major financial disturbances originating
lished
form of the obligations to
Responsibilities" were discussed on
Nov. 17 by M. S. Szymczak, a member of the Board of Gov¬
ernors of the Federal Reserve
System, at a meeting of the
Municipal Bond Club of New York held at the Bankers'
Club.
In his opening remarks the speaker said:
As you know, there has long been a tendency to over-emphasize the effect
same
was
.
System and the sterilization of gold by the Treasury—
Before passing on to the latest measure
In stressing this
or
policy of monetary ease, but to continue that policy
under conditions amenable to control.
typical conditions.
monetary and
in¬
was
by law to occupy—a position in which it could act promptly and
for bank credit.
provides exact statistics.
"Federal
a
such
condi¬
in the direction of restraint, whichever appeared to be in the public interest.
that the growth shown by 53% of the largest-sized
sma.ler associations are actively making mortgage
is estimated
use as
effectively either in the direction of easing the credit situation further,
policy of ease.
classification.
Mr. Cellarius says
institutions
know,
were
easy money
regardless of the consequences that might ensue in
nothing at all.
of Cincinnati.
of these associations increased their assets between
000,000.
was, as you
from abroad, and the resulting expansion
tion of discount rates at this time would assist in carrying out the System's
ing Assets
There
discount powers
or
inflationary conditions developed, it could have adopted
tended
re¬
exercised by the Board for the first time last August, and again
basis for the legitimate expansion of credit.
tions
It
lower
or
Moreover, It has not
application that open market operations
was
sys¬
adjustments of the supply of credit to demand.
current
is in the first place a limited
System's
Building
reserve
requirements is not a customary means by which the central banking
In August
States
I
The various steps which have been taken should be viewed
normal measures of credit regulation in somewhat
other addresses, one
based.
which have
isolated events, but as elements in a connected story.
as
category of normal measures of credit regulation.
country.
United
measures
of central banking policy in given
To begin with, there was the increase in reserve requirements a year ago
These measures,
increases
largest
they were
they
Statements to that effect have been frequently made by the Board, and I
need
existed.
System has
the
the insurance of deposits
decline in the Postal Savings in the
a
increase
an
the largest
the
to
was
increase
an
626,801.
The
been
1936, the Postal Savings
There
As you know, that policy has for several years been one of monetary ease.
that if the Federal Reserve System
According to the report of Postmaster General James A. Farley
in
year,
has not
there
Postal
He said:
States.
note that notwithstanding
interesting to
banks,
country.
for
United
the
followed by Reserve authorities dur¬
ing the past year or so.
the flow of gold into this country
Mr. O'Connor also commented on a report covering
our
of
13.59%.
or
Savings in
It
capital
securities sold of $124,858,000, decreased $19,358,000, or 6.48%.
profits
day before the Bankers' Committee of the New England Council In their
$125,604,000
capital funds.
$269,346,000,
in
ended
year
central banking system is organized
with those principles, I wish now to review, as I did in Boston the other
circumstances.
in the
with
earnings from current operations aggregated $847,197,000, and the
expenses
prefer to call it, reserve banking, and having
distinctly American principles and formulates its policy in accordance
on
over
fiscal
that the con¬
have operated at a profit.
The
banks
the general purposes and characteristics of
you
central banking, or as some
also pointed out how in this country the
executive session, the course of policy
ended June 30, 1936.
common
on
and
profits before dividends
1937, net
30,
$234,020,000,
were
declared
Recoveries
reduced $4,118,000.
$72,353,000,
the only years since 1931
are
that
6how small increases.
increase of $44,907,000, or
an
year
1937,
showed
returns
show
$54,236,000.
June
was
for the
and
1936
profits for 1937
of
ended
year
reported
1935,
years,
in
decreased
off
which
earnings
expenses
were
decreased
sold
$286,561,000, which
were
items of
all
Having reviewed with
deposit accounts, and
on
current
Except for interest on deposits and borrowed
taxes,
securities
on
the
under
items
from current operations
profits
preciation
4.61% of capi¬
were
service charges
loans,
on
the
are
increases in the June period.
money,
they
Mr. O'Connor further commented:
powers
changes in the discount rate,
which the regular means
The latest
measure
Moreover, its issuance was
of credit regulation, like open market operations
but a liberalization of the conditions under
of credit regulation are exercised.
of credit regulation taken by the System was the
effective the first of this month.
The power
know, a new and special responsibility
Exchange Act which Congress
adopted in 1934.
Its effect is not general upon the whole field of credit.
In this respect it differs from other central banking powers.
It is directed
change in margin requirements
to fix
margin requirements is, as you
imposed upon the Board by the Securities
Financial Chronicle
3276
exclusively at the
use
registered securities-
Theoreti¬
cally, margin requirements can be raised when it appears advisable to re¬
speculative use of credit and they can be lowered when it appears
strain
advisable
to
the use of credit for securities speculation at the same time
with respect to
that
an
of credit regulation,
Thus, it is possible to pursue a restraining policy
situation is influenced.
policy is being pursued with respect to the use of credit
easy money
for commerce,
the general
It
of
ease
which the Board has all along pursued in
field of credit, but conditions do not always call for
a
parallel
The peculiar character of the power to fix margin
policy, by any means.
requirements is that it makes it possible to influence credit conditions in
a
particular field independently, if necessary, of what is done in other fields.
It is evident that the exercise of Federal Reserve functions, like those of
other organization, involves sometimes merely the use of certain tools
any
according
to
themselves
and sometimes
procedure,
accepted
in the conditions under which
or
Fractions
used.
change in the tools
a
they
are
to be used.
10% of the face amount of Treasury bills applied for, unless the tenders
accompanied by
are
bank
trust
or
Immediately after the closing hour for receipt of tenders
1937, all tenders received at the Federal Reserve banks
ceptable prices will follow as soon
following morning.
reject
right to
the amount
Those
any
Nov.
on
The
practicable, flexible and tested tools, which can be used to
conditions at one time and to tighten them at another.
painful adjustments.
is
They
If
barely perceptible.
be applied gradually,
can
necessary,
they
They
ease
can
shock—without violent and
so
be applied
can
that their effect
vigorously and
or
that the powers which I have been describ¬
other immediately
available
24, 1937.
Treasury bills
will be
exempt,
to
as
and
and interest,
principal
and inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills
No loss from the sale
tax.)
bills shall be allowed
poses
a
as
of any tax now
or
deduction,
not exempt from
are
other disposition of the Treasury
or
or
otherwise recognized, for the pur¬
hereafter imposed by the United States or
any
of
its possessions.
Treasury Department Circular No. 418,
It almost goes without saying
rejection
or
gain from the sale or other disposition thereof will also be exempt, from
the gift
sweepingly.
ing can only be exercised with the highest sense of public responsibility.
the
the
such respect shall be final.
any
made at the Federal Reserve banks in cash
funds
on
reserves
Payment at the price offered for Treasury bills allotted must be
all taxation, except estate
are
22.
all tenders or parts of tenders, and to allot less than
or
applied for, and his action in
any
They
possible thereafter, probably
as
The Secretary of the Treasury expressly
submitting tenders will be advised of the acceptance
thereof.
Open
Nov.
on
branches thereof
or
the closing hour will be opened and public announcement of the ac¬
up to
market operations and changes in discount rates are the customary tools
be made to accomplish their purposes without
guarantee of payment by an incorporated
express
an
company.
regularly employed in performance of Federal Reserve System functions.
money
deposit from incorporated banks
and from responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a deposit
ment securities.
of
Each tender
be expressed on
not more than three decimal places, e. g., 99.125.
be
not
must
The price offered must
1937
20,
amount less than $1.000 will be considered.
and trust companies
By its most recent action the
industry and agriculture.
Board eased credit conditions so far as securities trading is concerned.
happens that this policy of ease in the special field of stock market trading
coincided with the policy
an
multiples of $1,000.
basis of 100, with
Tender will be accepted without cash
independently of other measures by which the credit
be exercised
can
must be in
the
the restraints.
relax
Because of the special nature of this particular power
it
No tender for
of credit advanced by brokers, dealers and by banks
for the purpose of purchasing or carrying
Nov.
amended,
as
prescribe the terms of the Treasury bills and
govern
and this notice
the conditions of their
issue.
The central banking authorities must formulate and execute their policies
with
well-informed
a
flicting interests
to be
best
democracy, and most of
us
believe it is
Roosevelt's
Devoted
from
on
Fifth
condition.
of
Annual
New National
the
Birthday Jan. 30 Again to Be
Infantile Paralysis—Funds
Cause
to
That
It is the normal condition under which governmental
institutions function in a
whole the
President's
Every step taken is
be subjected to the scrutiny of acute and well-informed critics.
it should be.
as
Con¬
Every action taken is certain
hand.
approved by some and disapproved by others.
sure to
is
of the effect upon the country as a whole.
sense
are present on every
Celebrations
It is made known that President
with previous practice, has again
$3,716,000
Government Securities Purchased
Treasury During October
of
Net market
by
purchases of government securities for Treas¬
investment accounts for the calendar month of October,
ury
1937,
amounted
$3,716,000,
Secretary Morgenthau an¬
with $8,060,000 of the
securities purchased during September.
The following tabulation shows the Treasury's transac¬
tions in government securities, by months, since the begin¬
nounced
on
to
Nov.
15.
This compares
ning of 1935:
1935—
January
$5,420,800 purchased
1,300,000 purchased
February
June
sold
July
August
September.
purchased
November
December
January.
February
18,419,000 sold
March
41,049,000
21,900,000
23,326,525
8,765,500
33,426,000
April
May
June..
July
August.
September
October
November..
December
purchased
5,275,200 purchased
1936—
.......
18,546,850
4,500,000
32,702,150
19,025,000
15,794,000
February
March
April
.......
May..
47;438,650 purchased
27,021,200 purchased
5,912,300 purchased
24,174,100 purchased
April
—
purchased
June.
purchase 1
July
purchased
August
September
purchased
purchased
October
14,363,300
5,701,800
119,553,000
11,856,500
3,853,550
24,370,400
4,812,050
12,510,000
purchased
purchased
purchased
purchased
purchased
purchased
purchased
purchased
8,900,000 purchased
3,716,000 purchased
Announcement tliat bids of
$156,317,600 bad been received
offering of $50,000,000, or thereabouts, of 120-day
the
to
Treasury bills, dated Nov. 17, 1937, and maturing March 17,
1938, was made on Nov. 15 by Ilenry Morgenthau Jr., Sec¬
retary of the Treasury.
The tenders were received up to
2
p.
m.,
Reserve
Eastern Standard Time,
banks and
received,
The
Nov.
issue
our
following
17
branches
Nov. 15, at the Federal
thereof.
Of the
amount
Secretary
Morgenthau
said,
$50,050,000
Previous reference to the offering of bills
accepted.
made in
the
is
from
of
Nov.
details
13,
it will take
to
time for the trustees of the
some
3130.
that he has authorized the Treasurer of
Georgia Warm Springs
plans for the celebration
of his birthday in 1938.
In a letter to Basil O'Connor of New York, who is Treasurer
of the Foundation, made public Nov. 7, the President wrote:
"I have your letter
1938 in the
cause
"As you know,
of Oct. 15 with respect to using again
my
birthday in
of infantile paralysis.
I
am
very
much interested in the steps that
taken to perfect the organization of the new National
fantile Paralysis about
which I made
a
public
are
being
Foundation for
announcement on
"As I said in that statement, it is the desire of every one interested in
this
that the work of the
cause
peditiously
as
possible.
and
new
Foundation be carried forward
Nevertheless
portance and magnitude must
we all realize that
at the same time be
as
carefully
soundly, and that undue haste may be as fatal to the cause as delay.
pick the personnel of the new Foundation wisely and to project its
properly must of necessity consume
purposes
some
time.
"Against this is the fact,
as I stated on Sept. 23, that it is my opinion
should be under the control and supervision of the new
that all fund raising
Foundation, including the activity for raising money in connection with the
celebration of my birthday in January,
reason
or
another,
over
which
no
one
1938.
Heretofore
we
had control, always
have for
to
participate in those occasions for the benefit of the
paralysis.
me
cause
will again find ourselves
of infantile
that if the plans for that event in
delayed until the perfection of the organization of the
are
we
You have advised
new
handicapped by lack of time in making the
proper
arrangements for the 1938 birthday celebration.
"In these circumstances, and in view of the fact that the
past
a
very
Springs
as an
Foundation,
should not take any chance of delay, particularly in view of
we
the much larger work to be done by the new Foundation.
that,
birthday
large extent been organized and supervised by
ndividuals officially connected with Georgia Warm
I therefore wish
officer of Georgia Warm Springs Foundation, you would under¬
received from that occasion will, of course, go to the new
Foundation,
when its organization is complete it will take over the
define and carry out
plans for the
Tenders to
a
as
well
as
any
Dated
Nov. 24, 1937
offering of $50,000,000, or thereabouts
114-day Treasury billls, to be received at the Federal
Reserve banks, or the branches
thereof, up to 2 p. m. Eastern
Standard Time, Nov. 22 were invited on Nov. 18
by Henry
Morganthau Jr. Secretary of the Treasury.
The tenders
new
Treasury Department, Washington
The Treasury bills will be sold on a discount
basis to the
highest bidders.
They will be dated Nov. 24, 1937 and
will mature on March 18,
1938; on the maturity date the
face amount of the bills will
be payable without interest
An
issue of
$50,024,000 will mature on Nov. 24.
In his
18 Secretary Morganthau said:
announcement of Nov.
They (the bills) will be issued in bearer form only, and in
of $1,000, $10,000, $100,000,
$500,000, and
denominations
(maturity value).
amounts or
$1,000,000
The funds
and
that
other fund raising activity
*
"Very sincerely
yours,
FRANKLIN
of
will not be received at the
1938 celebration.
supervision of
event
+
Thereabouts, of 114-
1938
Foundation,
Total applied for
Offering of $50,000,000, or
Day Treasury Bills— To Be
one
been crowded
for time in which to make arrangements for properly
permitting the public
take to
New
ex¬
plans of such im¬
worked out
Nov. 15:
$156,317,000
Total accepted $50,050,000
Range of accepted bids:
High.
99.957—Equivalent rate 0.129%
Low
99.951—Equivalent rate 0.147%
Average price
99.952—Equivalent rate approximately
0.143%
In¬
Sept. 23
of this year.
I feel that
offering of bills dated
Morgenthau's announcement of
Foundation
new
organize and draft their plans for a nation-wide
attack on the disease on all fronts, the President indicates
meet,
celebrations have to
was
the
on
Secretary
page
were
of his
birthday—Jan. 30—to the cause of infantile paralysis.
In the case of his coming birthday the funds from the celebra¬
tions will go to the new National Foundation for Infantile
Paralysis, the formation of which he announced on Sept. 23,
the announcement having been referred to in our issue of
Oct. 2, page 2160.
It is stated that in view of the fact that
To
$156,317,000 Received to Offering of $50,000,000 of
120-Day Treasury Bills
Dated
Nov.
17,
1937—
$50,050,000 Accepted at Average Rate of 0.143%
use
next
1937—
May.
January
......$30,465,400 purchased
15,466,700 purchased
3,794,850 purchased
October
purchased
purchased
35,439,000 purchased
60,085,000 purchased
17,385,000 purchased
March.
Roosevelt, in accordance
sanctioned the
Foundation to define and carry out
1936—-1
Toward
Go
to
Foundation
D.
ROOSEVELT"
The President announced further that he had received from
the Treasurer of the Georgia Warm
had
Springs Foundation and
approved the following recommendations:
1. That all of the funds received next year by the
Birthday Celebration
Committee be given to the new National Foundation and that none of these
funds go to Warm Springs.
2.
That
the
name
of the
Committee
birthday in 1938 be "The Committee for
to
handle
the
celebration
of his
the Celebration of the President's
Birthday for Fighting Infantile Paralysis."
3.
That the personnel of that
Committee be Keith Morgan, Chairman,
W. Averell Harriman, New York; George E.
Allen,
Walter J. Cummings,
District of Columbia;
Marshall Field, Chicago; Fred J. Fisher, Edsel B.
Ford, Detroit; and S. Clay Williams, Winston-Salem, N. C.
The President said that he endorsed these recommendations
and felt that
changing the 70-30% plan of distribution, used
in the previous three celebrations, to the
one
to be used in
1938, whereby all of the money is to be given to the'new
National Foundation, would be of great benefit to those
Volume
unduly pressed by the accumulations of those
communities
afflicted.
Balls" held throughout
It
has
and
Roosevelt
Utility Executives Cancelled—Scheduled
with
Next Week
It
for
19)
giving dinner at the Georgia Warm Springs Foundation for
Infantile Paralysis, at Warm Springs.
'
The President's illness also required the cancellation of
man
in
or
Federal Trade Commission
Reports of Marked Increase in
Asks
the Federal Trade
investigation into reports of "a
marked increase in the cost of living during the present year."
is contained in a letter addressed by the President
Chairman Ayres of the Commission, made public late
to
yesterday (Nov. 19).
Such
and
Federal Trade Commission to make an immediate
and methods and report to me as
investigation into such alleged practices
early
practicable.
as
That
in
Idle
Broadcast
Cure" to
Addresses
Agri¬
and
Industry
by
"Permanent
Nation-wide
Problems—
Nation on
persons
distributed
this
unemployed
partially
or
week throughout
employed
by the
the Nation
The cards bear a message from
President Roosevelt requesting that they be filled out imme¬
to make the
The
be
on
census,
census
"complete, honest and
"as a sensible
the President said,
constructive reemployment program ought to
bit of national teamwork from which will
first step to a
successful
a
come
again that feeling of national solidarity which is the
strength and the glory of the American people."
The unem¬
ployment census was ordered at the last session of Con¬
gress and is intended to provide data necessary for the
formulation of
sound reemployment program.
a
Roosevelt
President
told
his
radio
that relief is not the permanent cure
audience
on
Nov.
14
for the unemployment
"The permanent cure," the President said, "lies
problem.
finding suitable jobs in industry and agriculture for all
in
not
willing workers," and "involves cooperative effort and plan¬
ning which will lead to the absorption of this unused man¬
in private industry."
The President held that the
unemployment problem, requiring the expenditure of billions
of dollars for relief and publicly-created work, has "delayed
power
Valuable
with
us
this
coming
to
week
to conduct
.
budget and increased the tax
He said that unemployment "has
people."
our
with us, in a
ing complexity
.
measure,
.
since the beginning of our in¬
has been accentuated by the increas¬
of business and industry, and
.
.
.
has
acute by the depression."
The following
more
is the President's address:
a
appealing
task
that
extent
of
unemployment
the
the
we
going
are
wholly voluntary
a
I
strive
to
pro¬
have
to
com¬
to
such
get
facts.
of the unemployed and the
confident
to hold
going
are
the
only a true and honest reflec¬
but
facts
which
help
will
the future.
people
responsibilities
am
We
census.
conditions
unemployment
nation whose
succeed.
in
they
base a
way.
present
their
which
on
census
ourselves and try to get, not
to
been
going to conduct it in the genuinely demo¬
to
a
to,
unemployment,
data
factual
up
our
answer
estimates have
of
extent
be
alert
are
this
that
their
to
citizenship
of
own
self-interest
and
such a voluntary plan
American undertaking will
could
great
succeed.
and
effort is being put
helpful aid as
and I am sure you will all give it
have in previous efforts aimed at national improve¬
you
through which
and
ment,
of our people understand
to make all
forth
its significance,
appreciate fully
your
On
their capacity for self-
people have shown
our
Nov.
Tuesday,
next
highly
and
to the
is
important
to
America tonight
them
and
to
their
to help in
carrying
abode in the United States
through its
will undertake to deliver to
unemployment report card containing
an
[Nov.
16]
i6
addressed
that
if you
who
and
to
from
you
carrying
me
the assurance
and accurate.
honest
unemployed
partly
persons,
who
able to
are
conscientiously fill out these cards
without stamp or envelope, by or before
seeking work, will
they
just
as
20,
midnight, Nov.
sound
unemployed,
seeking work.
all the facts it will help us in planning for the
and want work and do not now have it.
This
complete,
are
them
unemployed or partly
are
are
message
me
need
unemployed
and
and
the unemployed and everyone else in this land to help
upon
census
all
work
a
will give
calls
this
If
work
larger
who
those
to
to
contains
those who
of
message
make
able
are
card
benefit
double postcard,
a
especially
who
and
will leave at your door on Tuesday
than the customary card.
It is
report card which the postman
our
reemployment
are,
Nation will have real facta upon which to base a
program.
that this
registration for a job.
This is purely and simply a
When you receive this
card you will note that the 14 questions are designed to give this Nation
a
wider basis of knowledge of its unemployment conditions
than it has
It
is
important
card
report
If
is
unemployed
every
to understand
person
relief, nor
fact-seeking census.
for
application
an
unemployed
our
wholeheartedly
unemployed
partly
and
give
the
sought in these 14 questions, we will know not only the extent
information
of
for
not
had.
heretofore
unemployment and partial
but
unemployment,
we
will know the geo¬
graphical location of unemployment by States and communities.
We will
likewise be able to tell what age group are most severely affected.
the work qualifications of
industries they are suited to
function, and we will be equipped to determine what future industrial
trends are most likely to absorb these idle workers.
But,
the
important
most
unemployed;
I think it
fill
who
But
I
are
all,
we
know
will
know
what
in
emphasize that only those unemployed, or partly
able
to
and
work,
who
are
seeking work,
should
All others may disregard them.
cards.
these
out
of
will
we
is necessary to
unemployed,
all of
appeal to
you
who are employed
today to enlist as good
neighbors to those who are unemployed in your communities and who may
filling out their cards
I
from
in
effort
think
help
to
this
cooperation,
properly and promptly.
They may
to recognize the importance of this
them.
neighborly cooperation
the minds of
be used
will
is
repeat
be
very
helpful
in dispelling
fear that the information sought in
for any purpose
census
I
other than helpfulness.
the assurance to
you
and
give
so
on
far
for
the
we
as
to
the unemployed all
this
When
government.
Department,
Office
Post
organization,
simple questions.
The
but
people of
the
16,
efficient
burden of all
out
right answer.
to
help
am
the
of
nation-wide
a
we are
the stimulus of your
I
find
these
of
some
plan constructively for
alive
the
to
is
of
it
find
facts.
more
of
and
to
years
estimates
as
year
one
program.
need
been made
employers in
the
to
of what we call the peaks
rid
problem
sufficient
reemployment
American
mirror
us
need
we
national
era,
which will
private industry.
planning
in
but
workers
to
the coming
approximation
going
This
tion
in
need
dustrial
and
man-power
unemployment—trying with
difficult
the balancing of our national
been
only
and
varying
years
an
provided
are
and
meantime
us
and mail
14, President Roosevelt asked the Nation to cooperate
wholeheartedly
accurate."
The perma¬
do not now possess.
we
involves trying to get
efforts
made.
been
cratic
Department.
diately and mailed before midnight tonight (Nov. 20).
In a nation-wide broadcast
from the White House,
Nov.
the
several
This
unemployed census cards bearing 14 questions to. be
Office
Post
applies
long
a
During
Unemployment Census
Occasion of Taking of
by
unused
this
ot
partly unemployed and
and
Effort
Cooperative
Urges
Absorb
to
culture—Seeks
were
That is still
and not just a
in industry and agriculture for all
cooperative effort
involves
employment
many
prehensive
14
answered
It
calls for facts which
of
is
For
every
The
permanent cure
a
plan against producing more goods
take
may
far-flung
PresidentJGRooseveH
In
calls for
unemployed
no
the help of
than people can
or
will consume, and cutting production drastically the
following year
with the resulting lay-off of hundreds of thousands of workers.
be made without any increase in your
appropriation."
Planning
that
policy
government.
"I understand such inquiry can
current
we
way.
adopted the
we
situation
because it
Every
know the facts touching this situation,
"I believe it to be important to
that
it
finding suitable jobs
planning
industry to
of competition.
and therefore request the
It has been
huge armament programs, but
starting
solve
permitted to starve for lack of aid.
be
absorption
valleys
Only
directed to reports of a marked increase in the
cost of living during the present year, as compared with recent years past,
attributable in part to monopolistic practices and other unwholesome
methods
the
industry,
It says:
"My attention has been
in
planning
an
The request
lies
to
We
Living Costs
In addition to
States and local
increased load resulting
our
civilized nation—not ours alone.
by
to
Nation
a
can
But the
Such
viding
—
relief
national
all our people.
of
Government,
National
every
want
as
woman
lead
not
make
not
willing workers.
have
to
do
cure
the President's condition.
President Roosevelt has called upon
burden
tax
the
Unemployment relief is, of course, not the permanent cure.
nent
But
Commission
the
by
countries
some
policy.
our
proposed conferences with utility executives.
These con¬
expected to take place next week, depending on
Investigate
1
expenditure of billions of dollars for
the
temporary one.
ferences are
to
faced
problem of
a
solved
.
Roosevelt
era.
depression.
necessary
Nevertheless,
cancel his scheduled trip to
Georgia next week because of illness resulting from an
abscessed tooth.
The President had the tooth extracted on
Nov. 18.
He remained in his quarters yesterday for the
fourth consecutive day, canceling all engagements.
It is
stated that the President's personal physician, Dr. Ross T.
Mclntyre, will decide next week whether it is advisable for
the President to make the trip.
The President had planned to leave Washington on Nov.
24 and spend Thanksgiving morning (Nov. 25) in Gainesville,
Ga., attending and addressing dedication ceremonies of a
monument to him there.
He then planned to have Thanks¬
that President Roosevelt may
President
industrial
our
unemployment.
is
It
Americans
—♦
the
increased
problem
from
*
indicated at the White House yesterday (Nov.
was
of
governments have been sorely pressed to meet the
Cancel Trip to Georgia on
May
by
made
budget and
Thanksgiving Due to Infected Tooth—Conference
and galling
It has been with us,
afflicts mankind.
publicly-created work; it has delayed the balancing of our
for
the
President
a
Unemployment is one of the bitter
ingenuity.
now
beginning
acute
more
the Nation.
opportunity, is
natural
in a measure,
It has been accentuated by
increasing complexity of business and industry, and it has been made
the
the nature of "Birthday
of our people,
paradox that
portion
considerable
any
and
wealth
such
of
our
the
since
alysis, has appointed George E. Allen of Washington, D. C.,
who is one of the Trustees of the new Foundation, Executive
Director of the Committee for the 1938 celebration.
In the
embracing
idleness,
Nation
a
problems that
tion of the President's
past the celebrations have been in
Enforced
in
challenges
Chairman of the Committee for the Celebra¬
Birthday for Fighting Infantile Par¬
Keith Morgan,
3277
Chronicle
Financial
145
the unemployed that the information which
these report cards will in no sense be used against you,
lies within my power will be employed for your own good
welfare
of
the
Nation.
have ascertained the full
facts of unemployment, we can extend
ing the needs of workers and industry to see if we can find the basis of a
of this effort to the task of
problem. Its importance justifies a
national approach, free from prejudice or partisanship, and warrants the
cooperative endeavors of business, of labor, of agriculture, and of gov¬
better
ernment.
It
for
is
a
part,
willing
but
workers
an
essential part,
who
are
idle
of the greater task of finding jobs
through
no
fault
of
their
own;
of
finding more work for those who are insufficiently employed and of survey¬
long-range plan of reemployment than we have now.
the
voluntary
and
neighborly
character
finding the solution to the perplexing
3278
I
Financial
confident
am
affairs, and
one,
old,
or
logic
this
Nation
of
necessity for one-third
nor
national
essential
purchasing
The
prosperity.
if
of
consumed.
Our
share
conies
which
millions
of
these
earnings
industries
be paid out
must
will
grow
of
all
markets
maintained
be
cannot
in
a
be
very
wages,
economic
wants
who
Our
"It
Endowed,
spired
as
the
solution
mutual
our
of
It
problem
have
we
the
to
the
facts,
of
is
challenge to
a
as
Nation
our
with
is,
abundant
physical
to make
purpose
free
a
we
of
a
with the
reemployment
real hope of
finding
the movement spread.
than
answer
for improving their
was
that followed,
years
methods of production,
At last, under the leadership of Abraham Lincoln
half century after
a
to fruition.
came
Laws
George Washington's
message,
passed by Congress estab¬
were
of land to aid in establishing State colleges of agriculture.
the
unemployment census,
ought
program
which
from
will
as
sensible
a
be
to
first
step
bit
successful
a
to
of
constructive
a
national
75th
Now, this week,
anniversay of the founding of these great institutions is being
George Washington's
team¬
come
in order to make
it
a
While
success.
his
local matter.
a
He
1
could
,!vilV.
foresee
not
that
v.
adopted in
protective tariff policy,
a
beginning to foster infant industries, would put agriculture at
disadvantage.
re¬
become
marks were
than
Yet many changes were destined to come that he could not
possibly foresee.
Previously, on Nov. 9, President Roosevelt issued a state¬
ment appealing to all classes to cooperate in tlie Unemploy¬
ment Census
words, which I have just quoted, show that
own
he considered agricultural production even in his time to be much more
again that feeling of national solidarity which
the strength and the glory of the American people.
is
movement
Then in the
celebrated at the Nation's capital.
reemployment
work
than
more
Congress appro¬
in the aid of agriculture,
use
lishing the United States Department of Agriculture and providing grants
we
now.
The
1862,
that
and
resources
either
reference
But not until 1839, when
farmers generally felt the need
as
approach this problem
better
with
George Washington's proposal carried out.
anyone
and in¬
resources,
those
that,
by that of Thomas Jefferson.
in
it should be with the high
doubted
be
priated 81,000 for the Patent Office to
civilization and
our
not
George Washington's interest in agriculture was matched in later years
and
responsibilities.
failure to achieve that right and privilege by
needs work
whose
field
will
In his eighth annual
he said:
nations
individual
every
a
prejudice
when
only
is
natural that he should urge Congress to create a
was
National welfare, agriculture is of primary importance.
advance in population and other circumstances
widespread purchasing
in which
one
interest.
field
opportunities available for the enjoyment of all,
have
distribution
to individual or
In proportion as
of maturity, this
truth becomes more apparent and renders the cultivation of the soil more
and more an object of public patronage.
Institutions for promoting it
grow up, supported by the public purse; and to what object can it be dedi¬
cated with greater propriety?"
and that
wages,
it
to Congress,
message
farmers
security.
our
productive farming
more
He must have sensed that farm
national board to promote the interests of agriculture.
from
soil
right to work is one of the elemental privileges of
work and
to
direct
a
from
the
accept
Continued
people.
to
facts,
inherent
removed
find
shall
We
has
group
be
must
having the
The
with
Washington's Message to Congress
Sensing this,
substantial
the
or
the workers for
are
except through
unemployment problem is, therefore,
every
discussion
logic;
together
sweeping change.
a
of many useful things and thus raise the standard of living for all.
is
to
are
power.
This
transportation,
He must have sensed that the
workers would be released to engage in the manufacture and
our
workers
farmers
our
become impoverished.
soon
recognize that their largest customers
and
of
We
active in the building of canals that would connect the
was
seaboard with the great regions to the West.
development
1937
20,
products in interstate and foreign commerce.
■
of corporate
farm
from
our
farm
methods, would bring
industrial leaders now recognize that
far-sighted
which
to
wages
industry and
our
Nov.
own
know that he
every¬
There is
population to have less of
our
the soil
is
of
flow
possible for
of his
some
decent living.
for
power
steady
products
the
of
Chronicle
reorder its
genius to
to work and earn.
to enjoy the opportunity
the needs of modern life than make
Our
the
has
ours
the physical resources to make it
possesses
young
neither
that
He could not foresee that mortgages
the
a permanent
farm land would
on
important part of a highly complex financial system and would
an
especially directed to the unemployed and the
partly unemployed, he stated that "those who are employed
can
help by calling the attention of their unemployed
and towns.
neighbors to the duty of registering in this census."
the prices of farm commodities collapsed.
be closely linked to the life insurance policies of millions of people in cities
He could not foresee that fixed charges such as taxes, interest
and freight rates would
push thousands of farmers into bankruptcy whenever
He could not foresee that abun¬
dant production, instead of lifting the farmer's standard of living, would
sometimes crush the farmer under the weight
Urging that
we
fertility of
resolve
foresee that
our
soil
the integrity of
or
to ruin."
■
be
can
that he would
sure
have denied to
agriculture advantages which Govern¬
granted to industry.
All his actions
indicate that he would have supported farmers in programs
of the type they have adopted."
"Just as he himself shifted
from one crop tobacco production to a balanced
type of
farming in order to save his soil," said the President, "it
has
ment
so
freely
almost certain
seems
that he would have favored Govern¬
ment action to aid farmers
to bring their farming
message featured a cele¬
of President Roosevelt who
we are
paying tribute to George Wash¬
the general who won the War for Independence, not
statesman who welded the former colonies into one
strong
as
the
Nation, but
as
the outstanding farmer and farm leader of his time.
When the call of duty came,
self for years on
George Washington
was
glad to give him¬
end to the service of his country; yet his heart turned
always homeward toward his beloved plantation.
the American
While he was leading
Army in the Revolutionary War, he could seldom visit his
But during the years he was President he returned to it
home.
he could from the
as
Capital at New York.
Over
as
often
of 40 years, from
a span
1759 until his death in 1799, the farm at Mount Vernon
was
the center of
a
him,
farming
both
was
a
business and
business he brought the talents of a great
a
hobby.
executive.
hobby he brought the adventurous mind of
To farming
as
To farming as a
Mount Vernon was divided into five separate
His methods of management and his careful keeping of accounts
units.
his
inspiration to farmers of the present.
products
He knew how to merchandise
premium price—for example, the wheat he shipped
under his special brand to the West Indies was rated as the best to be had.
But
He
more
was
so as to get a
striking
the pioneering he did in the arts of husbandry.
was
not satisfied to do things as they
found that one-crop tobacco
his putput
gullying and erosion.
of livestock, and from his
as
his
farming
a
He
When he
wearing out his land, he cut down
variety of other crops.
He took
measures to
He continually tried to improve his strains
sheep got
neighbors got from theirs.
more
than twice
He made
to exhibit one of his mules so as to
out a
was
always had been done.
of tobacco from 35,000 to 5,000 pounds and replaced it with
wheat, English clover and
stop
be
can
National Govern-
a
with the problems of his time and his perception
cope
that if he had lived
sure
have
denied
to
agriculture
granted to industry.
today he would have acted boldly to keep
We
be
can
advantages which
that he would not
sine
Government
has
so
freely
All his actions indicate that he would have supported
Just
as
he himself
shifted from one-crop tobacco production to a balanced type of farming in
order to
his soil, it seems almost certain that he would have favored
save
Government
action
aid
to
farmers,
as
bring their farming
to
group,
a
operations into balance.
And
so,
as
farmer," let
we
tribute to
pay
resolve that
us
resolve that
us
as
Nation
a
we
George Washington, the first "master
will be worthy of his great example.
will not neglect the
we
the integrity of our farm homes.
Let
fertility of
resolve that,
us
our
Let
soil or
and always,
now
the great art of husbandry shall have its rightful place in our American life.
Extra
Session
of
Few Bills
of
Seventy-Fifth
Anti-Lynching
Members
Congress
Convenes—
Filed—Filibuster Ensues with
of
Bill
Take
House
Bringing
Session—Five New
Before
Oath
Office—Senator
of
Miller of Arkansas Sworn in
The extra
a
as
much wool per fleece
torn- through the Carolinas
popularize the
use of mules.
He tried
session of the Seventy-fifth Congress convened
Nov. 15, following the call for the special session issued
by President Roosevelt
to
Congress,
session
on
Nov.
on
wrage
another head
before
in
The President's message
to
govern¬
and regional planning, is given under
this
Congress to
addressed
was
Oct. 12.
on
15, in which he asked action at this
and hour legislation, crop control,
ment reorganization,
issue.
The
President did not appear
personally deliver his message, which
that body in writing and read in the
Senate and House.
In a special dispatch to the New York
"Sun," Glen Perry described the opening of Congress thus:
House
than
message
the
higher
Senators
pioneer.
a
His 8,000-acre estate at
are an
enough to
agriculture from going down to ruin.
The
his interest.
For
ment strong
of the importance of agriculture as the foundation of our National life, we
on
Today, here at Mount Vernon,
as
do of George Washington's belief in
we
was
by the President follows:
ington—not
Knowing what
"
unable to attend the cele¬
infected tooth.
The address prepared
an
ever a matter
as a group
operations into balance."
The
bration marking the 75th anniversary of the establishment
of the Department of Agriculture
and institution of the
Land Grant College program.
It was read to the gathering
by Secretary of Agriculture Henry A. Wallace in the absence
bration because of
than
more
concern.
farmers in programs of the type they have adopted.
..
The President further said "we
not
State boundaries, would almost completely submerge the
of agricultural production and make it
Support Urged for Farm Programs
Nov. 17, stated that
"knowing what we do of George
Washington's belief in a national Government strong enough
to cope with the problems of his time, and his perception
of the importance of agriculture as the foundation of our
national life, we can be sure that if he had lived today he
would have acted boldly to keep agriculture from going down
on
He could not foresee the intricate web of economic ties that,
across
of vital National
President Roosevelt, in a message to the Presidents of Land
Grant Colleges and Universities, meeting at Mt. Vernon,
Va.
He could not
would be essential to keep city factories
power
extending
local phases
farm homes"
our
farm-buying
running.
nation that "we will not neglect
as a
unmarketable surplus.
an
unions, and how essential it would be for farmers to unite.
ing to Enlist Support for His Farm Program
the
of
He could not foresee the development of the great corporation and labor
Washington's Interest in Agriculture Cited byPresident
Roosevelt in Message to Land Grant College Seek¬
was
of
Representatives
did
body
the
Senate,
adjourned
conveyed
to
the
proved
going
for
hour
an
White
House
or
while
so
the
wait
to
with
formal
to
hear
the reading,
a
of
committee
news
that
a
the
while
two
quorum
present and ready for action.
In United Press accounts from
regard to the
The
undertook
Roosevelt's
farm
bill
is
session, it
new
Senate met for
House
Mr.
able
less
right ahead
a
a
roll
few
minutes
call,
which
House
message.
Washington, Nov. 15, with
was
stated:
and adjourned
required
leaders
ready instead of proceeding at
until 1:30 p. m.
40 minutes,
decided
to
once
mark
with
and
then
time
The
heard
until
the
piecemeal biUs
on
government reorganization.
battle
A
Senator
tion
the
government
which
is
anti-lynch
over
Alva
for
B.
New
Deal
reorganization
almost
legislation
flamed
Adams, Democrat of Colorado,
bill.
certain
to
bill
run
Senate
to
leaders
the
into
as
hope
floor to
determined
the
Senate
convened.
seeks immediate considera¬
to
block
bring the omnibus
the
Southern
anti-lynch
bill,
filibuster.
threshing machine invented in Scotland.
was
constantly exchanging ideas by
mail with
others
foreign countires who were interested in better farming.
in
this and
To what extent
he foresaw the evolution that would take place in agriculture in the next
century and a half, we do not know.
But
we
do know that he himself sold
The swearing in of new members of Congress took place
with the
opening of the new session, as to which we quote
following from Associated Press advices from Wash¬
ington, Nov. 15:
the
Volume
New
York's
Connery
P.
William
late
E.
Miller,
took
House,
the
Barton
and
in today by
sworn
Dec. 13.
nt+ATirl«rl
formerly held
Rockefeller
A.
who died
YoJk 'Herald Tribune"^ reported the Committee's action
follows:
The committee's decision was announced by Chairman Mary T. Norton
after a three-hour meeting
...
Definite evidence of the Labor Committee's intention came today when
Mrs. Norton spoke briefly in the House to urge members to sign the discharge petition, started yesterday with 45 signatures. Today the total
reached 105 toward the goal of the 218 signatures needed to complete it.
William B. Bankhead and majority leader Sam Rayburn have promised
to sign "if their signatures are needed."
Goodwin, Re-
early last summer.
Charles
Representative
Millard of Tarrytown,
D.
resigned to become Surrogate of Westchester County.
Satterfield of
served 12 years as Commonwealth's Attorney
Virginia
Richmond.
Mr.
ran
the
Senator,
new
but
independent,
Representative Martin Dies, Democrat, of Texas, whose vote the advocates of the bill had thought they might change, today denounced the
measure as "the most vicious example of bureaucracy yet proposed."
The Dill was the subject of a brief but biting House debate today, broached
by Representative John Taber, Republican, of New York, who warned of
its effect on small business and resultant unemployment in the ranks of
occasional labor. He also recalled that Samuel Gompers, President of the
A. P. of L. for more than a generation, had consistently opposed State or
the House,
He
is un-
the late Joseph T. Robinson.
position
"My
says:
terms in
four
serving
after
held by his friend,
Senate seat
an
as
-■
'
Miller,
the
takes
as
Democrat
a
changed."
.
■
.
—.
_.
_
_
Associated
the
to
According
the
I ress,
membership of
of the
Congress lined up politically as follows at the Start
special session :
Federal regulation of any sort as definitely inimical to labor.
House
Party
Senate
Democrats
76
328
16
90
Farmer-Labor ites
2
5
PrnpTpKHivps
i
ft
"IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
Republicans
v
1
,
,
T
independent
observation that,
^
usually
,
,
Further advices Nov. 18 from Washington to the "Herald
.
^
contrast to the deluge of meas-
in
Tribune" said in part*
;into the legislative hoppers on the
poured
several
room
announced that he planned to introduce an
Constitution affecting taxation on homesteads.
His
of Texas
Sheppard
the
to
amendment
that the homestead of any head of a family having one or
persons dependent upon him be exempt from taxation up to $5,000
proposal is
more
of
value
its
debt
Bonded
Black
owner
or
his
or
it would
Will Offer Substitute
notified by the
were
stitude for the pending bill if the latter reached
Department
War
petition route Dec. 13.
As against the House bill,
,
allowed
The present enrollment is 1,400.
of New York, who introduced a bill to amend
of 1936, is also offering a proposal to repeal the authority
1,650 officers.
Representative Bacon
the
law
tax
granted to the President as a rider to
up
person so
to $3,000,000 in
Representative Weaver of North Carolina submitted a bill for
citizenship and deportation of "certain naturalized
cellation of the
who
advocate "certain
the can-
♦
citizens"
Senate Agriculture Committee
fr{j
r
n*..e
y
the course of the session
marked
follows in WashYorh "Journal of
inception was commented upon as
Commerce
16, to the
Nov.
advices,
ington
North and South, which the Labor Standards Board might arrange under
the present bill, but agricultural workers, salesmen, executives and professional men are exempt, and the State Commissioners of Labor would
have authority to permit increases in the work-week where the conditions
of industry required such action, but only when employers pay time-and-ahalf for overtime,
political doctrines."
which
filibuster
The
from its
person
Lamneck
Representative
New
Jones
.
Roosevelts
extra
session
of Congress got off to a bad start
Adr>
to
come
leadership
which
faced with the
a
are
anti-lynching bill which the
diately after the disposition
Senate had obligated itself to
of the farm bill.
only
Nuys
consider imme-
Senate bill, sponsored by Senators Pope, of Idaho, and
MeGill, of Kansas, was reached on Nov. 18 when the Senate
subcommittee on cotton voted to write a compulsory cotton
section into the measure. As to the status of the farm legislation on Nov. 18, we take the following from Washington
Clarence L. Linz,
correspondent,
Washington
its
From
that a farm bill will be ready for the Senate on Monday,
Nov. 22. There was also a likelihood that the House Agriculture
Committee, headed
by Representative Marvin
jones 0f Texas, would submit a bill to the House at the same
time. An agreement on the main controversial section of the
bring forward the reorganization
had desired to
part of the President's program for the session,
demand for the consideration of the Wagner-Van
bills,
to he
indicated on Nov. 17 that the first break in
of President Roosevelt's four-point social pro-
the same paper
the blockade
gram
farm
may come next week in
relief bill to the Senate.
The
assumed
filibuster
a
the promised reporting of a
new
angle
on
advices, that day, to the New York
Nov. 19:
Nov. 17 when
of North Carolina demanded that the Government alter its attitude toward business enterprise, protect
private capital and thus restore confidence.
Demands for
immediate assistance to business were increased in the Senato
1R
ate on "Wnv
Nov. is, as Senator Railev continued bis address
benator uaiiey continued ms address
Senator Bailey
As regards corn,
and
Hours
Introduces New
The House Labor
,
.^
.j
,
Hours Bill out Of the
.
adjourned
/
on
on
nn
,
,
n
.l
ttt
«
bill to the Senate ironed
anti-lynching bill which has been generated by relays of southern senators.
While to outward appearances the two agriculture committees on either
a
effort to force the Wages and
gjde of the Capitol are
Rules Committee and on to the floor.
with the Senate now
going counter to each other on
cotton crop control,
definitely veering toward compulsory
control and the
obtained 105 of the necessary 218
the discharge petition
before the House
Nov. 17. If the discharge petition is acted
'
■■
■"
"
:
difficulty in presenting a farm
weekthe
Committee Oil Nov. 17 by a vote of
.
the majn
out> the genate leadership will ask for a recess to-morrow over the
end, thus short-circuiting for Saturday at least the current of oratory on
Bill
The former committee
signatures
^
Moves to Force Action on
Bill—Representative Connery
19 to 2 decided to continue its
the House subcommittee was reported "pretty well
under compulsory legislation with marketing
agreed" that It should come
Committee
Labor
.co^mittee a
rt voted to r^^AnAnA°AAAe main
calculated to yield about 20 centsaayear to finance a crop reduction program.
$100,000,000 bushel.
the antl-lynchmg legislation.
Wages
marketing
This works out at
♦
House
"Herald-Tribune" of
The House subcommittee on wheat approved by a 4-to-2 vote a
quota and penalty provision for wheat.
,
nn
opposing
Program
fi«<r
P ™,7
0
,,
^
..
nu •
Senator Kllison D. Smith, Oi South Carolina, Chairman
of the Senate Agriculture Committee, predicted the past week
before it.
Senate
The
at
Urge "Middle Course" in
House Group
of
Readv
SUn
'
Senate embroiled in a filibuster against anti-lynching
legislation and the House forced to mark time because of lack of business
the
with
today
MMR„rp
-d
.
President
Federal labor
employed a wage of less than 40 cents an hour, or to employ any
under the age of 16 years for hire."
There is no provision in the new Connery bill for the differentials between
the Agricultural Adjustment Act to
greenbacks.
of Ohio, who voiced his opposition to the
proposed wages and hours legislation on the floor, introduced as a substitute a measure to place control of "oppressive" child labor and other
subversive labor conditions in the hands of the Federal Trade Commission,
which would have the right to pronounce as "unfair competition" labor
conditions which in its opinion were oppressive.
ksue
which provides for setting up a
standards board limited to the establishment of a minimum wage of not
more than 40 cents and hours and maximum work-week of not fewer than
40 hours, Representative Connery proposes to make it "unlawful to employ
in interstate commerce or in the production of goods shipped in interstate
commerce any person for more than 40 hours in any week, or to pay any
The proposed bill states an aim to increase the number
Corps officers to 2,092.
Under the present law the Air Corps is
12,474 to 14,659.
of Air
his new bill as a subthe House floor by the
Representative Connery said that he would offer
-
that
seek authorization for increase of its commissioned personnel from
leaders
House
and
that advocated today by Representative Connery.
opposed the confirmation of
that he would offer an
rules tomorrow to provide for public hearings on all
Court Justice, said
judicial appointments.
Senate
Industrial Organization, but in his role as Chairman of labor's Non-partisan
keague' an organization formerly headed by Senator George L. Berry,
Democrat, of Tennessee, who favors a wage-hour plan not dissimilar to
dependents.
municipality in which
who
Hampshire,
Supreme
Senate
to
amendment
the
district
affected.
would not be
New
of
a
as
by
the State, county,
of
is located
Bridges
Senator
Senator
occupied
is
it
provided
taxes
homestead
the
succeeded
recommended by. the American Federation of Labor convention and representing the type of bill his brother, as Chairman of the Labor Committee,
would have "fought" to have reported and adopted,
Second, John L. Lewis, advised Representative Norton, that he favored
enactment of the bill as it stands in the House, despite its 1 many serious
limitations." Mr. Lewis spoke, not as Chairman of the Committee for
activity
days.
Senator
...
his brother, the late William P. Connery Jr., introduced a new wage-hour
Dill embodying, he said, the essential features of the proposed legislation as
said that not a new measure had reached
to 4 p. m., and that they did not expect any great
disagreement over the wage.hour bU1 was
First, Lawrence Connery, Democrat, of Massachusetts, who
New York "Times," which, in part, also said:
Clerks in the Senate bill
their desks up
^
intensified in two directions today.
Start
Nov. 15, to the
ed
Evidence
day of a Congress session, few bills were filed with
Of the session this week, was made in advices,
opening
for
.
,
of the employer.
435
96
membership
The
the
vocate of the bill, said.
'This bill is not designed primarily to benefit organized labor. It is designed to benefit labor which is not able to organize. Also, I want to correct
the impression that the small manufacturer will be deprived of hearings.
The bill provides that the Board shall make no order without a hearing
and that the hearing must be held as near as possible to the business location
4
Total
ures
In reply» Representative Robert Ramspeck, Democrat, of Georgia, a
member of the Labor Committee, who called himself no "particular ad-
—
Vacancies
^
xt^
dispatch, of Nov. 17 to the New
as
Demo-
Peyser,
elected to succeed Philip A.
was
succeeded
A
<(2?" A. ^LashlIlgton
,
Robinson.
by Joseph T.
late Theodore
the
succeed
to
The full membership of the Labor Committee
irtrlbobL
Lawrence J.
Secretary.
as
favorably, it would bring about a vote on the measure
upon
of Arkansas, after serving four terms in the
Senate seat
elected
^nd
of Virginia
he served
Jr., whom
Connery
Coxsackie, N. Y.,
of
Gamble
Mr.
for
were
Connery succeeds his brother,
Mr.
Democrats.
Democrat
was
Mr.
publican
Mr.
House
Satterfield Jr.
E.
Dave
were
Massachusetts,
of
John
who
in
sworn
Mr.
the
of
members
new
of Larchrnont,
Also
crat,
three
3279
Chronicle
f ? and Lewis K. narw„of N,e™ Y,ork City, Ralph A. .
y/rre T Rockefeller of Hudson, Republicans.
cZnl
Gamble
the
Financial
145
■
.
For one thing there was a long private meeting between Senator Ellison
D. Smith, of South Carolina, chairman on the Senate side, and Representa-
V
■ •
..
■:
'
'
. ■■
V:
..
'
^
3280
Financial
tive Marvin Jones, of Texas, chairman of the House Committee.
port of their conversation
was
visions
were
On the House side it
still under consideration.
was
admitted that penalty pro¬
If these prevail there should be
com¬
sufficiently,
farmers
cotton
acres
based
out of the
it
Their decision to write
will
as
to
whether they
a
compulsory
year, to
1.
be
control
inaugurated,
Senator John H. Bankhead, of Alabama,
according to
no
bers of the committee and 90%
of the farmers
vote for
A taxpayer who makes his gain in one year pays on
100% of the gain at the
plans.
referendum
by
mem¬
Secretary of Agriculture Henry A. Wallace and
Agriculture Committee recom¬
"middle course" be followed in
adopting a farm program. Secretary Wallace appeared be¬
fore the Senate Agriculture Committee on Nov. 17 and ex¬
plained the details of his proposal for an ever-normal granary.
The proposal is incorporated in both the Senate and House
versions of the farm bill.
Secretary Wallace suggested that
the "middle course" between extreme compulsory control
and unlimited subsidized production followed by Congress.
It is stated that Secretary Wallace supports "in
principle"
the Pope-McGill bill for carrying out his ever-normal granary
proposal. The House measure, sponsored by Representative
Jones, while also giving effect to the Secretary's proposal, is
said to be less acceptable to the Administration.
In sug¬
gesting the "middle course," Chairman Jones issued the fol¬
lowing statement on Nov. 17:
Chairman Jones of the House
mended to Congress that a
two extreme views of the
are
problem of agriculture.
One would be unreasoning reduction surrender all our world markets, as
well
as a
considerable part of our domestic market to competing substitutes.
The other
extreme
favor
would
production in unlimited quantities
gardless of price and regardless of destruction of
heritage—our soil
our most
re¬
precious national
resources.
and at the
same
time keep our markets open both at home and abroad, will
to the farmers and to the nation than any extreme measures that
might be adopted.
Farm groups and farm representatives are agreed on objectives.
differ only as to methods.
thoselwho
ferences
are
can
interested.
the length
80% between
of time before the profit is taken.
The
rate.
percentage
taxed shrinks
to
and two years, 60% between two and five years, and
40%
one
between five and ten years.
profitable, the committee smoothed out the abrupt breaks in percentages.
During the second year the tax base would decline 2% a month to 76% at
the end of the second year.
Then the decline would be 1% per month up
the end of five years.
to
For
those
in
higher
bracket
incomes
desiring to
They
The problem calls for the best thought of ail
With patience and tolerance I believe these dif¬
use
the
which virtually segregates capital gains into a
separate tax
committee worked out
plan described by Mr. Vinson
a
new
option,
category, the
follows:
as
"At the end of the second year the top rate on
capital gains would be
30%
at the end of the third year the top rate would be about
25%
end of the fourth year the top rate would be
year
Previous
peared in
United
reference
the
to
States Supreme
sub-committees
page
Sit
hearings
ap¬
3132.
Court Dismisses Two Actions
Challenging Eligibility of
to
.
.
issue of Nov. 13,
our
at the
20%; and at the end of the fifth
the top rate would be 16%."
Associate Justice Black
Bench.
on
The United States Supreme Court dismissed on Nov. 15
the two latest challenges to test the
eligibility of Associate
Justice Hugo L. Black's to sit on the
bench., United Press
accounts from Washington Nov. 15 stated:
The tribunal dismissed
Frank J.
a
petition by
a group
Ryan, of Tampa, who shought
a
presence
The
of Florida brokers led by
rehearing of the
refusal to review validity of 1933 Securities Act
A middle course, one that would secure a fair price and save our resources
mean more
on
ordinary income tax and surtax
For those whose lower bracket incomes make continuance of this
system
On Nov. 17
There
At present capital gains are taxed as ordinary income, but the
amount
-
for it.
were
years.
Give taxpayers in brackets below $18,000 a year the option of
counting
as ordinary income and paying lower rates than at present.
capital gains
Of gain taxed depends
present
said today that
the brackets over $18,000 a year the option of
lower rates ranging from 30% if the capital gain is made after
taxpayers in
holding of the asset, to 16% if the profit is taken after five
to them
Only if two-thirds
needed this year as there had been almost a nation-wide poll
was
2.
tempered
$125,000,000 available
$500,000,000 soil conservation fund.
compulsory
that any loss of revenue due to lower rates would be recovered
so
new
two years
referendum to all
want compulsory control of bales and
soil conservation and with
on
a
Give
paying
measure is
submit
par
by the higher volume of purchases and sales.
the small
plant would be allowed 10% in excess of acreage quotas.
by the agreement, after this
1937
20,
that date which in
Representative Fred M. Vinson, Democrat of Kentucky, chariman of the
sub-committee, said that the plan should accelerate business transactions
The Senate group comprises seven members of the committee from the
cotton states.
on
also said:
farmer by amending their bill so that owners or renters with less than 100
somewhat
Washington
today" regarding
news
paratively little difficulty in bringing the two houses together.
The House cotton subcommittee
today made provision for
acres to
Nov.
Press advices from
re¬
given out, but a member of the Senate Com¬
mittee said they had heard "some very favorable
the .House attitude.
No
Chronicle
on
court's earlier
the grounds that Black's
made the court's ruling invalid.
other
challenge
was
filed
by
Elizabeth
L.
Seymour,
Salamanca,
N. Y., and Robert Gray Taylor, Media, Pa., Chairman of the
Philadelphia
Court Plan Committee, who sought, as private
citizens, to file formal suit
to remove Black from the bench.
The Court's refusal
hear the pleas cleared the docket
to
actions for the first time since the former Senator went
on
be composed and agriculture can present a united front.
of anti-Black
the bench.
Previous references
House
Tax
Committee
Tentatively Agrees to Several
Changes in Revenue Law at Large Loss to Treas¬
ury—May Exempt Corporations with Profits up to
$25,000 from Undivided Profits Tax—Also proposes
to Allow Carry Over of Losses
The sub-committee
on
taxation of the
Chairman
Vinson, Democrat, of Kentucky, said the Committee has
a year,
$15,000 and $25,000.
Partial relief for corporations above
V
on
on
how much
page
to increase the
corporation net earnings, but Mr. Vinson added significantly
"An increase substantially near the rates in effect
prior to the 1936 act
would practically wipe out the loss anticipated by reason of the
3133.
Supreme Court in 6-to-3 Decision Upholds
Authority—Finds Corporation Dissolved by
State
Revived Under National Bank¬
Act—
ruptcy
The United States Supreme Court
on Nov. 15 by a 6-to-3
corporation previously dissolved by the
State of Illinois could not be revived for the
purpose of seeking
financial reorganization under the National
Bankruptcy Act.
The dissenting Justices were Cardoza, Stone and
Black,
while the majority opinion was written
by Justice Sutherland.
The case was the only one of which the Court rendered a
decision ruled that
a
formal decision Nov. 15.
The Court also issued orders
re¬
fusing another attempt by Florida oil share brokers for a
rehearing in their suit against the Securities and Exchange
Commission and to
Justice Black from
voting on
charges of bias.
Outstanding rulings handed down on Nov. 15 were out¬
lined as follows in a Washington
dispatch of that date to the
their
Similarly, no conclusion has been reached
13,
not
that figure also is under consideration.
normal rates
Nov.
Illinois Cannot Be
uted profits tax, but that it has been considered for corporations
earning up
$10,000
to petitions
seeking the removal of
referred to in these columns Nov.
6, page
were
United States
Committee
yet decided how high to go in granting total exemption from the undistrib¬
to
2945 and
House
Ways and
yesterday (Nov. 19) tentatively agreed
to exempt from undistributed profits tax corporations with
yearly net earnings in excess of $5,000 possibly up to $25,000,
and to grant a three-year exemption from the tax to
corpor¬
ations emerging from bankruptcy or reorganization.
At
the same time the sub-committee
tentatively decided to
increase the normal corporation tax rates.
In reporting this,
United Press advices from Washington, last night, said:1
Means
Justice Black
remove
case on
New
York
"Times":
exemptions
from undistributed profits tax."
The committee already had counted on
Federal
ted.
revenue
if corporations earning
losing $10,000,000 annually
$5,000 and less
Mr. Vinson listed additional possible losses
If corporations earning up
income)
are
as
a year were
on
exempt-
until Dec.
tractors
follows:
to $10,000 a year (77.8% of all earning
exempted, the loss will be about $28,000,000 a year.
After the brief decision session the court resumed the
hearihg of arguments,
which will continue until Nov. 22, when the Justices will
leave the bench
an
6.
on
It is possible that a ruling on whether States
may tax con¬
Government projects will be handed down next
Monday.
The question in the Illinois case disposed of today was whether
tion dissolved by Illinois four years before and after
a
corpora¬
expiration of the two-
For corporations earning up to $15,000
(82.96% of the total), $35,000,000
a
year limit
year.
organization under Section 77-B of the Bankruptcy Law.
Justice Sutherland's finding reversed the Seventh Circuit Court's
ruling
approving a reorganization plan of the Forty-one Thirty-six Wilcox Building
For corporations earning up to $25,000 (88% of the
total), $50,000,000 a
year.
The sub-committee of the House
mittee
on
Nov. 15 reached
Ways and Means Com¬
an
agreement to exempt corpor¬
ations with yearly net incomes below $5,000 from the un¬
distributed profits tax.
It was estimated that this
proposed
exemption would apply to approximately 67% of the taxpaying corporations and would cost the Treasury approx¬
imately $10,000,000 a year in revenue.
Other changes pro¬
posed by the sub-committee would permit corporations to
carry over a net operating loss from one year to the next, to
be applied against the adjusted net income in
determining
the undistributed profits tax, at an estimated loss to the
Treasury of about $63,900,000, and ^ould permit taxpayers
under the capital gains and losses provisions of the revenue
law to carry over any losses into the second year to be offset
from any net gain that may be made in that
year.
This
latter proposal it is said would mean a loss to the
Treasury
of about $19,900,000 annually.
Changes in the capital gains and losses taxes tentatively
adopted by the sub-committee on Nov. 17 would give tax¬
payers the option between two different rates, whichever is
lowest, at a saving over present rates.
According to United
for winding up its affairs could file
Corporation,
owner and operator
of
a
a
voluntary petition for
building at that address
in
re¬
Chicago.
"The aim of this proceeding under Section 77-b is to
bring about
organization of a corporation which has been dissolved and shorn of its
a
re¬
capac-
city to initiate
any
of the corporation,
"It is not
a
legal procedinge by the State which possesses, in respect
the power of life and death," Justice Sutherland wrote:
proceeding on behalf of creditors.
It is not a liquidation pro¬
ceeding having for its objective the distribution of the corporate assets.
"The dissolution was adjudged because the corporation had
disobeyed
the laws of the State.
For that reason the State prohibited the
continuation
of the corporate enterprise.
"The
stockholders, however, now seek to escape the penalty for this
dereliction by resucitating and continuing the corporation, and, to that
end,
invoke the aid of
a
Federal statute.
"This is simply an attempt to thwart a valid State law.
enterprise
can
corporation
Either
or
be continued
in
some new
under
the
original
name
course would contravene the
Views of the
minority
was
in
Whether the
charter
utter
no
of the
difference.
legislatively declared policy of the State.
Section 77-b cannot be regarded as countenancing such
The
and
corporate name or guise can make
a
result."
Minority
disagreement.
"In
choosing to create or continue an
artificial entity, though with
limited powers, the State subjects its creature to the
bankruptcy power of
the
Congress in
so
far
as
that power is directed at juristic beings of that
order," Mr. Cardoza held for the three dissenters.
Volume
Financial
145
United
"Congress has said to Illinois:
'If
laws,
involuntary—is a proper form of liquida¬
tion': To this the State responds or is figured as responding:
'An associ¬
ation with corporate capacities does
exist under our laws, but it may
not go into a court of bankruptcy because we will not give it the capacity
to go there.
Winding up proceedings for one in its position are in the State
tribunals only.'
It is not within the competence of Illinois
by
any
form of words to preserve
artificial entity for a purpose of her own and destroy it for the purpose
of
withdrawal from the supremacy of Federal law."
Constitutionality Opens in U. S. Court at
Private Utilities Seek to Limit
Its Activities—Court Excludes Testimony on Rate
Chattanooga—18
Savings by Private Companies
Test of the
constitutionality of the competitive activities
Valley Authority against private utility
companies operating in Southeastern States was begun on
Nov. 14, when the United States District Court at Chatta¬
nooga, Tenn., opened hearings in which the plaintiffs were
the Tennessee Electric Power Company and 18 associated
companies, while the defendants were the three TVA Direc¬
tors, David E. Lilienthal, Dr. Arthur E. Morgan and Harcourt A. Morgan.
The hearings are expected to continue
for about a month; litigation started in May, 1936, when the
companies contended that the TVA was distributing power
on
a
subsidized basis at prices far below rates feasible to
private enterprise.
Attorneys for the plaintiff companies, after being refused
a subpoena on Nov. 16 for minutes of meetings of the TVA
directors, began presentation of their witnesses.
On the
following day the Court, composed of three Judges, excluded
from the trial record testimony offered by the plaintiffs and
designed to show savings of millions of dollars to consumers in
recent years from rate reductions by the Appalachian Elec¬
tric Power Company and associates. Proceedings on Nov. 17,
were reported as follows in United Press advices of that date
from Chattanooga:
the
A
The
questions
"whether Congress has the constitutional power to
are
constructed and whether it has the right to dispose of
power
Siam,
on
ister,
and
hearing the attack of 18 Southeastern power companies against con¬
the
Government
and
Government can
the
whether
dispose of that
Judge
of testimony by
John J. Gore and John D. Martin, took under advisement
tion to introduction of testimony
and data concerning the private company
rates.
John Lord O'Brian, another
to
Exclusion of the rate issue would eliminate one of the
argument by the utilities against validity of
the
TVA.
Ray¬
counsel, in outlining the case against TVA
VY ;:TVA project.
(TVA) at rates which are subsidized at the ex¬
pense of Federal and State taxpayers brings about a situation where the
power is offered for sale at less than cost so as to result in unfair competition
and bring about a Federal monopoly."
"The sale of this power
area
today testified to the
and operations.
The testimony of each was routine, dealing
tomers,
with assets, numbers of cus¬
of operation and proximity to TVA dams and transmission
lines.
States
and
Great
counsel
concerning the ability of their
territory" claimed by each.
if the business of their companies
upward trend during the past three years.
Each re¬
plied "yes."
The companies, with the
exception of one small independent, the Franklin
Power & Light Co., serving the
sidiaries
small town of Franklin, Tenn., were sub¬
Southern or Electric Bond &
&
of Commonwealth
Share, two
major holding companies.
companies honeycomb the Tennessee
Transmission lines of the
Utilities counsel said executives of the seven
Valley.
remaining companies would be
called to-morrow for similar routine testimony.
According to Associated Press accounts from Chattanooga
on Nov. 18 consideration of electric rates of TVA and the
18 power companies was
These advices added:
denied by
Presiding Judge Florence Allen,
a
3-Judge Federal court.
of the United States Circuit Court of
Appeals at Cincinnati, said:
"It is the ruling of this court
Utility attorneys said previously
The ruling today
be
made
public
consider granting
Tennessee Power and Light
an
hearing."
TVA
That extreme importance was
ment
localy
cue
William C.
John
ment in the most
"I
am
very
happy," he said, "to be able to inform the House that informal
discussions
exploratory
with
point at
The
file
municipal
objected to a question directed at
will Jackson,
proposed municipal distribution system?"
of testimony on the grounds that it is
from, whether from the
question was withdrawn.
contentions.
an
agreed
basis for
negotiations for such an agreement are
States feel able to announce that
*
contemplated."
"marks a definite and well recognized
Noting that his announcement
step in United States procedure of negotiations,"
sure
Mr. Chamberlain added:
toward
that the House will warmly welcome this further step
agreement between the two governments."
an
Ottawa
18
Nov.
on
Premier W. L. Mackenzie
announcement
made
was
been in progress
which we quote
The present
The
and
had
Canadian Press advices from
since August.
also said: J
trade agreement, concluded two years ago
to the end of
run
Government approached the
"In August last,
added:
1935.
concluded between them in
conversations have been proceeding which
Since then, exploratory
have resulted in
the Canadian
Government of the United States with a view
extending and revising the trade agreement
to
this month, is
1938.
announcement
Premier's
by
King that negotiations were con¬
a new trade agreement between Canada
the United States.
He said exploratory conversations
today's announcement regarding the
agreement which will, we hope,
negotiation of a new
be on as broad and comprehensive a
basis
possible."
as
In advices Nov. 18 from its
Washington bureau Nov. 18
said in part:
the New York "Herald Tribune"
was
the first confirmation of reports
that the
negotiated.
Although the State Department warned that formal notice of intention to
negotiate would have to await receipt of proposals from the Government
of the United Kingdom, it was conceded that the first hurdle had been
long-sought agreement
with
Great Britain was about to be
both countries were now disposed to
the basis of a specified list
A
of products.
of the Administration since it
discuss concessions
.
.
embarked upon a
50% to encourage trade with the
up to
.
the principal objective
policy of lowering tariffs
with Great Britain has been
trade agreement
of trade has been the
United States.
While promotion
been the
proclaimed aim of the Government, it has
contention of Secretary Hull that
the removal of trade barriers was
primary move toward the achievement
of world peace.
.
.
.
also a
„
Department was
to provide notification that negotiations are contemplated so that those
interested in renewal of the trade agreement with Canada and the proposed
agreement with Great Britain would have ample time to suggest the import
The purpose
and export
of the announcement made by the State
products that should be
considered.
this country, early this year, of
Walter Runeiman of the British Board of Trade, when he
conferred with President Roosevelt, it was reported that
their conversations had to do with a British-American trade
At the time of the visit to
Reference to Mr. Runeiman's visit
I>act.
Jan.
appeared in our
30, page 702.
Report of Secretary
Maintenance of "Ever
Duty to
of Agriculture—Declares
Normal" Granary Is Farmers'
Consumer—Other Economic Groups, He
Says, Should Cooperate in
of
how the ruling would affect their
immaterial
PWA or private sources,"
said Mr. Fitts.
to
of reaching
view
Working Out Comple¬
Procedures with View to Solving Dilemma
Prices, Wages and Profits-—Retention of Place
United States in World Market Calls for Vigorous
mentary
president of West Tennessee, as to "where
where such funds come
the
Anglo-United States trade agreement have now reached the
which the governments of the United Kingdom and the United
negotiating an
sought a court ruling concerning testimony
Fitts Jr., TVA solicitor,
Wisdom,
He addressed Commons in response to a
cordial terms.
prepared question by Clement R. Attlee, the Labor leader.
history of West
Administration loans for construction of
"We object to this line
j
They apparently took their
it the most prominent display.
from the Prime Minister, who extended himself to cloak his brief state¬
of
Tenn., obtain money for a
attached to Mr. Chamberlain's announce¬
indicated by the fact that all late editions of the evening
was
papers gave
Annual
distribution systems.
power
later date,
Commons, A cable¬
the New York "Times"
from London Nov. 18 to
reporting his remarks said:
Company.
attorneys indirectly
a
which time there
the United States will
concessions."
gram
plans.
relative to Public Works
be issued at
list of products on which
a
Neville Chamberlain, in the House of
production and are "dis--
attempt to introduce a rate
Attorneys for both sides declined to say
court
Great Britain to
In London the announcement came from Prime Minister
private utilities."
halted
Also
States and Canada
United
after receipt of the proposals of the two governments, at
will
they would prove rates of the Federal
do not meet the costs of electric energy
criminatory against
Plans
Pact
that rates of utilities and the TVA are not
material to this case—this is not a rate
agency
Known
Make
Treaty—New
"The formal notice of intention to negotiate will
TVA attorneys also asked the witnesses
had been showing an
of a similar
said:
announcement
on
companies to "adequately supply the
was
generally
covers
The intention of the United States and
consistently objected to introduction of data concerning
and statements of utility executives
and
Britain
Trade
New
Between
cleared and that
TVA
rates
it
State
the
countries
other
The Hull announcement
companies
Executives of ten of the complainant
extent of their systems
by
negotiate a reciprocal trade pact was made known on Nov. 18
in Washington and London.
Secretary of State Hull in his
major grounds for
Supreme Court decision upholding constitutionality of selling power
mond T. Jackson, chief utilities
with
Negotiate
scheduled to
The utilities contend
generated at Wilson Dam does not apply to the entire
said:
Government,
Siamese
the
of
Washington
Planned
TVA attorney, said they also would oppose
of the Federal "yardstick" project.
court consideration of rates
in
templated for
Tennessee District judges,
the TVA objec¬
Florence Allen and the two
navigation
power—
utility witnesses on rates of the various companies.
Circuit
officials
treaties
United
At
Fitts stated the issue in objecting to introduction
Mr.
and
commerce
nature.
price it sees fit and even give it away."
at any
friendship,
of
subjects provided for in modern treaties
"I feel
the possession of the United States
of
Treaty
Department on
Nov. 13.
The new treaty is for five years and supplants
the treaty signed in 1920 between the United States and
Siam.
The State Department said it follows the lines of
stitutionality of the Federal agency.
"The question is whether that power is
Five-Year
Sign
13 by Edwin L. Neville, the American Min¬
Nov.
announced
generated at these dams," William C. Fitts, TVA attorney, told the
court
treaty
new
Tennessee
authorize dams being
Siam
between the United States and Siam was signed in Bangkok,
recent
Test of TVA
and
Friendship, Commerce and Navigation
or
"The response, even if taken to be authentic, must be held of no avail.
of
States
association with any corporate capacities exists under your
an
bankruptcy—either voluntary
3281
Chronicle
Judge Allen directed counsel on both sides
Action
which was issued
Wallace outlines a
program for agriculture designed "to promote security for
both farmer and consumer," and to encourage "balanced in¬
creasing production on farms and in factories."
The report
analyzes the community of interest that exists between
farmers and city dwellers and declares that "on this founda¬
tion, with the tools of group unity used in truly democratic
In
on
his annual
Nov.
15,
report to the President,
Secretary
of
Agriculture
213282
Financial
processes,
we
begin
can
consumer."
is the farmer's
guard
farmer
may
farmers
It
from
the farmer
bad
in
results
the
"by
when
helping to safe¬
the
granary
over¬
that "practically the
controls the development of
report
limitation of purchasing power
industry, just
says the report,
The report adds that
it controls the development of agriculture."
In part, the report continued:
Heretofore
in
and
of
industry,
This ideal
"Our
the
The
balanced
be
can
problem
great
expansion,
employed and
be expressed
can
national
economic
adjustment,
reduction
toward
in
is
of
in
time
agriculture
output
discover
to
labor,
same
formula which
a
both
the
that
so
the
at
goal must be
as
how
capital
a
means
natural
runs
increased
producers
keep
can
of
"(2) With income
tion
in
"(3) With
those
except
scrupulous
buy, but high enough
can
regard
who
for
is shut off from participa¬
one
refuse
the
to
work;
conservation
of
our
remaining
"(4) By
out
make
their
legislation,
granary
of
industrial
other
counterpart
business
economic
approach.
Consumers
industry, just
production
welfare
have
right
a
of
and
to
develop
if
Wheat
prices
this
expect
the
of
we
give
must
continuous
allegiance to
employment
solve
to
are
the
Mr.
in
the
increasing bal¬
on
all
of
our
of
dilemma
which
prices,
wages
and
Wallace's
both
report that
of Congress have assented to a joint resolution
enactment
of
has
ever-normal
houses
favoring the
legislation.
granary
to
produce
bushels for
of
and
stable
farmers
and
to
declares the continued
keep
will
the
normal granary
of
con¬
a
fair
of
assent
the
designed to give farmers
programs
income
depend
the
on
granaries
full.
willingness
He
states
will be most useful with
the
and
corn
wheat,
in a different way it may be
applied also to
Economic adjustment in the future, says the
report,
should promote "balanced expansion so that
labor, capital
cotton.
and natural resources
be employed and at the same time
can
conserved."
Regarding cotton, the report
It
improbable that
seems
share in
export trade
is
the
Three
in
cotton
country
trade;
than it
has
Better
sumption
There
immensely,
is
actual
conditions
growths.
It
increasing,
does
not
the
cotton
retention
United
of
action
international
United
along
States
because
might
States
must
place
two
wheat
cotton
will
tionships.
be
mean
the
situation,
with
toward
First,
itself
cotton
and
imports;
will
Loans
have
time
to
have
two
keep
the
bad
(1) The
40%
of
their
for
in
domestic
the
acquires
weight on
(2) American cotton does
The
10c.
lators
In
in
loans
check
They
world's
to
for
the
long
pressed.
cotton-growing
limits
to
mean
very
the
will
require
of
such
by
rational
a
volume
so
the world price
supply and demand rela¬
States
selling
but
should
world
abroad
used
above
be
a
market
each
year
for
the
length
any
world
price,
lords
low
of
in
loans,
give
rise
loan
stocks
within
the
far
the
•
of
be
had
at
a
farmers rather
prices,
and
such
curtailment
areas.
It would
course.
and
about
50,000,000
about
60,000,000
level, the ever-normal granary
burdensome carryovers.
Any area
over
period of
a
a
would probably
years
of the conditions that
recurrence
Secretary
policy,
land policy
in
incomes must be
given
climate,
soil,
to
Wallace
complementary:
are
(1)
To
the
the
the
or.
and
social
application
of
one
of
be
difficult
to
involves
use
the
institutions.
single
any
the major factors,
relationship of land
Im¬
formula.
such
land¬
to
users
the
as
creditors,
would accomplish little if offset by neglect of the
Sojl conservation needs the support of stable farm-commodity
reform requires a whole series of legal and institutional
well
demands
The main
of
opment
as
farm-income
a
the
of
all
to
Other
level
whole
compatible with
problem
fee
other
countries
simple,
rights.
their
for
is
which
Tenant
makes
owners
to
or
for
the
arbitrary ejection of tenants without due notice
States
no
sure
penury
might well
lease, and
latter
may
make
do likewise.
no
and neglect the
their
or
the
farm
and
proper
Where tenants
.
.
ownership
have
the land
on
.
the conservation
compensate
improvements
the
rights of
seldom
for
that
responsibility,
excessive devel¬
our
the
operators
personal welfare
require
better conditions
social
a
different programs.
of
tenancy system result from
our
in
ownership
paramount
This
integrated application
defects
guards necessary
to
tenure reform
or
will
it
of land
system
topography
any
maintained,
reform
Tenure
which
soil.
tenure
area
than
more
exclusively
as
NLRB
Orders
Void
C.
safe¬
of
the
tenants
discourage
cause.
The
poor
land,
occupy
capital to farm the place, they sink inevitably
soil.
New
Wage
I. O.
York
Consolidated
Contracts
Edison
Co.
to
with
A. F. of L. Union—
Election" Among Utility's
Asks "Consent
Employees—William Green, Federation's President,
Complains Board is Exceeding Authority
An affiliate of the Committee for Industrial
on
Nov. 17 filed
a
Organization
petition with the New York regional office
of the National Labor Relations
Board, asking
Edison System of New York to select
lower
than
this
price.
nounced Nov. 11,
a
"consent
are
of Labor.
9c.
also
above
of
of
our
acreage
to
influence
cotton
the
production
amount
that
the
profitable
demand,
unrestricted
too
South
much
the capacity
there
production
production
requires
a
middle
are
would
may
crops,
continued
stimulation
moderate
of
production,
continued soil conservation and soil
building, and conservation payments
including price-adjustment payments to the cooperating producers.
company
an¬
and its subsidiaries
affiliate of the American Federation
an
was
The New York "Herald Tribune" of Nov. 12
following comments, based
on
reported the
the NLRB decision:
exchange of telegrams Floyd L. Carlisle, Chairman of the Board
an
of Trustees of Consolidated Edison,
the
and
Daniel W.
Tracy, President of
International
ployees
Brotherhood of Electrical Workers, agreed that
by Mr. Tracy represented about 30,000 of the 40,000
of Consolidated
Edison.
Therefore,
would have the right to represent all
solidated
Edison's
Chairman
and
opinion that the Board's decision
they hit off together last spring
Wagner
was
union
leader
were
unfounded and
the
em¬
Act,
of them in collective bargaining.
the
were
under the
it
Con¬
together in the
that
the contracts
valid and would be respected by both
parties "unless and until the Courts hold them to be invalid."
John Lu Lewis, of the complaining C. I. O., was in New York last
night
other business.
From his suite in the St. Regis he said he had "no
comment" to make.
quite vocal,
His lieutenants in the C. I. O. Utility Workers Union
however, among their charges being that
Edison had "fired about
Consolidated
3,500 workers in the past few weeks without
a
word of protest from the A. F. of L. union."
be
course,
of cotton consumption
adjustment
Workers,
The order
can
of
collective bargaining
contracts.
were
Conversely, with
and
the
of
a
ruling by the Board
issued after receipt of a complaint
by the C. I. O. William Green, President of the Federation,
thereupon complained to President Roosevelt that the
NLRB had been exceeding its
authority in voiding wage
specu¬
stimu¬
ordering the
a
to break their contracts with the International Brotherhood
of Electrical
union headed
year's
loans
This action followed
agency.
on
adjustment
loans.
little
welfare
States,
attempt
any
the average,
on
land
without
a
underprivileged.
price.
Continued
of home food and feed
United
on
area
1932.
Farm
and
requires
and
the
In
which will keep the place of the United States in the
world's cotton market
without swamping that market
periodically.
The South needs increased
production
acres
purposes
for
and
or
more
world
limits
Too
can
Nevertheless,
takes
cotton
prices.
in
used in the
wrong way.
High
production; otherwise the government
Then, as the American proportion of the
which
industry
cotton
of
the
These
of
American cotton,
overused
it
in
be^'ond
The
middle
a
requirements
surpluses and
in
changes,
they
freely into the export trade because
decline.
control
declines,
supply
helped to
profitable acreage.
disastrous.
practicable, and
to be
seem
avoid
and
national
In
of
given
toward
attitude
against
run
United
of
cotton
huge
a
heavy loss.
be advanced
prudently
equally
by
price
rigid
a
limits
are
constantly
a
toward
price
the
policy;
of
prices
1933
given increase
be
is
crop.
not move
do harm if
may
in
a
There
cannot
of
the
production
produce
our
loan
necessitate
itself
cotton
liberal
second,
world
in
advantage of the subsequent
loan should
lets
unaffected
cotton
the
lants.
the
soil.
pattern
Attention
consump¬
important,
more
balance
necessity
cotton
price
a
cotton,
growing
be met
less than the average for
acres
seem
would require,
of
farmer
impossible;
provement
results:
constitute
foreign
the
cotton
our
place
government
do not
domestic
supplies
fundamental
be
upon.
American
market
most
a
and
by the total
adjustment
acreage
allowance
something like
wheat
can
less than the
acres
seedlings held to that
tricably interwoven.
con¬
for
flexible, changing adaptation to the changing domestic and
that
the
more
demand
competition
relationships, and
determined
Cotton
subsidizes
requirements
consumption
increase
scarcely entered
resign
the world's
lines:
trade
itself
in
which will correctly
give the largest net farm income.
to
of
in
world
adjustment,
as
parity
election" among the 40,000 employees of the Consolidated
our
vigorous
the
increase
some
follow,
receive
to
greater total
a
Cotton
trade.
improved
crop
propor¬
other synthetic textile
yet
as
former
win
may
and
Europe economic recovery will
and presumably
that
diminishing
in
even
of cotton,
the
the income of farmers from efficient,
properly adjusted produc¬
(2) to improve the land-tenure system and give land operators more
security in their jobs; and (3) to safeguard resources.
They are inex¬
huge potential demand for cotton clothing, which will become
purchasing power rises.
Certain of the newer cotton-growing
will probably themselves
supply the increase in their domestic
demand; but
The
its
before.
trade
directions
in
regain
rayon
international
perhaps
for
That
the
a
as
countries
tion
in
will
but it
had
ever
increasing, despite the competition of
fibers.
light
within
maintain
with
says:
this
cotton
world's
basis
60,000,000 seeded
Discussing
United
tionate
can
says;
ever-
that
and
the
in
conditions
expect
25,000,000
it is 12,000,000
policy would
enough
accumulation
five
ago,
determined
of
probably dislocate the farming system in wheat
With
stabilize
excess
prices.
farm
It
Any adjustment
of Agriculture
Adjustments drastic enough to place the United States
export.
acres.
Domestic
That is
acres.
domestic
a
would
other factors.
to
light
Government
heretofore.
physical treatment of the land,
Secretary Wallace observes that the agricultural supply
is very different now from what it was four or
years
be
must
the
States cannot
Federal
the
crop;
period.
on
situation
sumers
loan
in
as
United
the
done
1937
the
crop
whole
noted
in
unless
or
it
1928-32
could
the
of
well
as
55,000,000 seeded
conserve
was
Department
applied to wheat must take this fact into
program
amount
The wiser national
from
ever-normal
the
any
country.
period of years unless they reduce their acreage to domestic
a
make them
to
and
profits.
It
The
producers
than
about
socially
contribution
the protection
to
Any loan
over
the
experimental
an
this
States.
faced
engineers
by
below
acreage
in
tion ;
capital
full,
and
depends,
United
the
but
program,
industrial
attemptitng to
right
a
granary
undertaken
conditions,
cause
exact
surplus
only to the extent of the differentials between United States
crop.
in
working
exportable
an
prices
world
ever-normal
difficult to discover the
be
may
consideration.
of
in
under
cooperate
in agriculture.
labor
Agriculture,
anced
have
they
as
principle
granary
be
assistance
in
democratic processes."
aim
should
groups
may
the
slow
this
to
ever-normal
with
be
not
It
the
to
men
will
economists
traditional
our
contribution
complementary procedures.
minded
wheat
seeded
characteristic
means
farmers
for
course
abroad.
It cannot have any material effect upon world
prices, because the United States produces less than one-fourth of the world
aim
natural resources, and
As
affect prices
wheat
no
be
will
chiefly of hard red winter and white wheats.
prices and
seeded for
consumers
distributed that
so
consumption,
that
so
there
that
program
more
production
producing;
on
level,
requirements
follows:
as
balanced
middle
a
Normally, unless the United States reduces its wheat
probable
20, 1937
this he says:
as to
will consist
adjustment
and
conserved.
things that people really need and want—
"(1) At prices low enough
so
economic
at
have looked
prices.
promote
resources
efforts
most
sustaining
may
as
Nov.
Secretary Wallace also recommends
granary,
consumer.
repay
stated
is
Chronicle
and
wheat;
ever-normal
an
duty to the
consumer
flows."
security for
-
Maintenance of
the
build
to
Company to Fight Board
Spokesmen for the
Labor
Board to
Consolidated
company
jurisdiction
Edison
commerce and are
and
indicated that it would fight the right of the
over
its
its labor
subsidiaries
relations
are
not
on
the ground that
engaged
in
interstate
subject, therefore, not to Federal, but to State regulation.
The companies sell their
gas,
electricity, steam and other services,
contend, only within the boundaries of New York State.
they
This contention,
which they made in a case involving the Federal holding Company Act. was
Financial
Volume 14S
sustained in 1935 in a decision by Federal Judge Francis G.
Oaffey, and the
cessation of power
The Board asserted jurisdiction on the ground that a
all
of millions of tons of coal, copper and cable,
yesterday's ruling in Washington ordered Consolidated Edison to cease
for its employees,
to bargain with any organization entitled to recognition, to stop spying on
employees' union activities, to reinstate former employees which the C. I. O.
recognizing I. B. E. W. as an exclusive bargaining agency
Board order quoted Mr.
Labor
Carlisle as telling employees
the
with any other organization
during the life of its contracts with the I. B. E. W. The Board found that
would
enter
not
into
contracts
validation,
and that officers of the old employee representation organization had been
elected to comparable positions in the I. B. E. W. locals "and commenced
fostered the I. B. E. W. after the Wagner Act
the company had
to
"Plan officers continued for several weeks
after the I. B. E. W. locals
B. E. W. organiza¬
chartered to devote all their working hours to I.
and secretarial service
account." The decision said I. B. E. W.
tion," the Board held, "using the company's offices
and utilizing the company's expense
premises, while
delegates also were permitted to collect dues on company
similar privileges were
denied C. I. O. organizers.
the Consolidated
Appeals, asking
for a review of an order signed a week ago by the NLRB
requiring them to void their contracts with six locals of the
International Brotherhood of Electrical Workers, an affiliate
of the American Federation of Labor, was indicated in the
The filing on Nov. 18 of a petition by
Edison Co. in the United States Court of
New York "Times" of Nov. 19,
The petition,
& Goetz,
Labor
companies, was based on the argument that the
Board had no jurisdiction in
of Section 5 (d), which was
Under the provisions
authorized during September. Authorizations
during September. Through
aggregating $6,203,500 were
of $332,500 were withdrawn
in the amount
mortgage loans companies to assist
1937, including loans to
30,
Sept.
added to the Recon¬
June 19, 1934, 10 loans to industry
Finance Corporation Act,
business and industry in
$169,385,609.
of industry aggregating
Recovery Adminis¬
authorized 2,251 loans for the benefit
cooperation with the National
the Corporation has
withdrawn and $23,669,314 remains
Of this amount $54,602,026 has been
available to the borrowers. In ad¬
has agreed to the purchase of par¬
aggregating $168,600 during September and
$24,820 were withdrawn. Through Sept.
dition, the Corporation authorized, or
ticipations of four businesses
similar authorizations aggregating
30, 1937, the Corporation has
purchased from the Federal Emer¬
blocks (13 issues) of securities
having a par value of $158,300 and sold securities having par value of
$322,625 at a premium of $3,160. The Corporation also collected maturing
PWA securities having par value of $1,057,500. Through Sept. 30,1937, the
Corporation has purchased from the PWA 2,474 blocks (1,676 issues) of
securities having par value of $501,529,421.
Of this amount securities
having par value of $400,014,934 were sold at a premium of $12,097,385.
Securities having a par value of $85,621,365 are still held. In addition the
Corporation has agreed with the Administrator to purchase at par to be
held and collected or sold at a later date such part of securities having an
aggregate par value of $99,354,000 as the PWA is in a position to deliver
During September the Corporation
Administration of Public Works 14
gency
from time to time.
The
listed
report
The Circuit Court will hear argument on
business.
Mean¬
the motion on Dec. 6.
Disbursements
-
Loans under Section
(incl. receivers)
receivers)
—
Banks and trust companies
537,126,239.11
387,236,000.00
Federal Land banks
388,395,091.74
Regional Agricultural Credit corporations
173,243,640.72
Building and loan associations (incl. receivers).
117,005,895.34
Insurance companies...89,675,416.42
Mortgage loan companies.--
Report of Operations of RFC Feb. 2, 1932 to Sept. 301937—Loans of $11,954,269,022 Authorized During
Period—$1,739,662,786 Canceled—$6,590,197,706 Ex¬
pended for Activities of Corporation
commitments of the
Reconstruction
Coropration in the recovery program during Septem¬
Finance
amounted
ber
and
thorizations
$46,971,274, rescissions
to
commitments
and
amounted
of previous au¬
$83,612,730,
to
making total authorizations through Sept. 30, 1937, and
tentative commitments outstanding at the end of the month,
of
$11,954,269,022, it was announced by Jesse H. Jones,
Chairman.
other
to
These amounts include $1,271,569
governmental agencies during September and a
$1,026,276,421 to other governmental agencies and
total of
$1,800,000,000 for relief from organization
1937.
celed
authorized
through Sept. 30,
Authorizations aggregating $331,091,320 were can¬
or
withdrawn' during
September,
Mr.
Jones
said,
making total cancellation and withdrawals of $1,739,662,786.
A total of $698,793,110 remains available to borrowers and
to banks in the purchase of preferred stock, capital notes
and debentures.
The relief disbursements include $299,984,999 advanced directly to States by the Corporation,
$499,999,881 to the States upon certification of the Federal
Emergency
Relief Administrator, $500,000,000 to the
Federal Emergency Relief Administrator under provisions
of the Emergency Appropriation Act, 1935 and $500,000,000
under the provisions of the Emergency Relief Appropriation
Act, 1935.
During September, according to Mr. Jones, $24,319,585
disbursed for loans and investments and $13,536,389
was
was
1937
repaid, making total disbursements through Sept. 30,
of $6,590,197,706 and repayments of $4,794,505,114
(approximately 73%).
authorized to 13 banks and trust com¬
amount of $22,533,742. Rescissions and with¬
banks and trust companies (including those in liquida¬
During September, loans were
$10,761,552, $1,332,830 was disbursed and $4,103,685
repaid.
Through Sept. 30,
1937, loans have been authorized to 7,508
banks and trust companies (including those in receivership) aggregating
tion) amounted to
$2,532,263,612.
558,187
remains
disbursed.
Of this amount $465,218,318 has been
Of this latter
Only $10,603,345 is
to
owing by open banks and that includes
$8,614,439
from one mortgage and trust company.
made to purchase preferred stock,
capital notes and debentures of five banks and trust companies in the
aggregate amount of $573,500. rescissions and withdrawals amounted to
$90,435,730. Through Sept. 30, 1937, authorizations have been made for
the purchase of preferred stock, capital notes and debentures of 6,748 banks
and trust companies aggregating $1,265,808,584 and 1,121 loans were
authorized in the amount of $23,322,755 to be secured by preferred stock, a
total authorization for preferred stock, capital notes and debentures in
During September, authorizations were
6,833 banks and trust
has
been
withdrawn
when conditions
companies of $1,289,131,339. $169,303,286
$37,360,600 remains available to the
and
of this
13,064,631.18
moneys
9,250,000.00
banks
Fishing industry
.....
5,643,618.22
719,375.00
......—...—
600,095.79
corporations
Agricultural Credit
......
Credit unions
Processors or distributors
lor payment of pro¬
—14,718.06
cessing tax......
Loans
Secretary
to
September
the authorizations to
finance drainage, levee and
increased $59,412, authorizations in the amount of
$34,190 were withdrawn and $2,334,770 was disbursed. Through Sept. 30,
1937, loans have been authorized to refinance 617 drainage, levee and irriga¬
14,718.06
3,300,000.00
3,300,000.00
1,390,516.20
22,448,420.02
22,300,000.00
277,560,506.48
—-
-
-
drainage, levee and
55,136,972.28
Irriga¬
tion dlbtrlcts
public school authorities for payment
of teachers' salaries and for refinancing out¬
Loans
to
standing indebtedness...
—...
self-liquidating construe-
Loans to aid in financing
tion projects
Loans
reconstruction of property
by earthquake, fire, tornado, flood
for reoair and
damaged
and other catastrophes—
Loans to aid in financing
11,889,755.32
- —
agricultural
the sale of
20,224,586.66
93,096,121.91
2,957,500.00
12,458,291.82
markets
—.—
commercial businesses—
surpluses in foreign
Loans to industrial and
businesses
assets of closed banks
Loans to mining
Loans on
commodities and livestock:
Corporation. —
ing of agricultural
Commodity Credit
664,421,353.18
19,354,491.78
8,425,000.00
Other
Loans to
Total
Rural"Electrification Administration...
792,694.21
11,284,294.03
661,060,328.71
18,428,780.28
2,425.46
pref.stock.4,945,731,697.83 3,885,543,089.98
loans,excl.of loans secured by
of preferred stock, capital notes
of banks and trust companies
Purchase
debentures
and
(in¬
disbursed and 57,062,649.46 repaid on loans secured by pref stock)..1,082,467,453.23
Purchase of stock of the RFC Mortgage Co——
25,000,000.00
Loans secured by preferred stock of insurance
companies (Including $100,000 disbursed for
$18,148,730
cluding
the purchase
of preferred
34,375,quo.uu
stock)... . ..
1,141,483,853.23
Total
Federal
3,142,511.67
20,177,690.67
19,994,756.92
carrying and orderly market¬
Loans to finance the
Administration
Emergency
of Public
transactions
Works security
.or,q1
485,391,135.08
6,568,699.23
491,959,834.31
417002
502,623,555.01
189 83
417,602,189.83
....6,590,197.706.07 4,794,505,114.12
Total
Allocations to
Governmental agencies
under pro¬
visions of existing statutes:
to purchase:
Owners' Loan Corp
Secretary of the Treasury
Capital stock Home
Capital stock of Federal Home
Farm Loan (now Land Bank)
Loan banks. „
Commissioner
for loans to:
Farmers
......
banks...—...
Corp. for loans to farmers.
Federal Housing Administrator:
To create mutual mortgage insurance fund-.
Joint Stock Land
Federal Farm Mtge.
For other purposes
Sec. of Agricul
for crop loans to
Governor of the Farm
revolving
------
fund
duction Credit
Credit
to
farmers (net)..
corporations
Stock—Commodity Credit
200,000,000.00
121,514,000.00
145.000.000.00
2,600,000.00
55,000,000.00
10,000,000.00
45,621,074.55
115,000,000.00
Administration for
provide capital for pro¬
—
Corporation
Corporation
Agricultural Credit corporations for:
stock (incl. $34,500,000
held in revolving fund)-Expenses—Prior to May 27, 1933
Since May 26, 1933
Stock—Disaster Loan
40,.500,000.00
97.000,000.00
8,000,000.00
Regional
Purchase of capital
To
States
on
Governmental agencies
900,325,006.11
299,984,999.00
Administrator.
Under Emergency
Under
44,500,000.00
3,108,278.64
12,481,652.92
directly by Corporation
certification of Federal Relief
For relief—To States
Appropriation Act—1935—
Relief Appropriation Act,
17,080,858.00
4^99,880.89
500,000,000.00
Emergency
500,000,UUU-Uu
2935
1,799,984,879.89
Total for relief
Interest on notes
Issued for funds for
and relief advances
Grand total....
23,195,857.06
...
.....
17,080,858.00
allocations
irrigation districts were
134,833.30
448,489.21
78,570,914.05
cotton
Loans for refinancing
Total allocations to
and
has been
13,064,631.18
9,250,000.00
5,527,311.00
Section 5
3,731,024,756.61 3,068,532,119.55
of Agriculture to purchase
$286,481,807 of this amount has been withdrawn
$79,129,175 remains available to the borrowers. $953,804,325
disbursed and $870,301,338, over 91%. has been repaid.
180,847,235.93
374,023,721.69
263,854,863.36
173,243,640.72
115,184,677.11
86,293,267.98
15,522,826.90
12,846,631.58
Total loans under
banks
authorized for distribution to depositors
of 13 closed banks in the amount of $22,533,742, rescissions and withdrawals
amounted to $830,090, disbursements amounted to $1,332,830 and repay¬
ments amounted to $3,504,000.
Through Sept. 30, 1937, loans have been
authorized for distribution to depositors of 2,740 closed banks aggregating
During
of deposits of public
Federal Intermediate Credit
of authorizations have been met.
During September, loans were
$1,319,415,307.
State funds lor insurance
withdrawn, $76,-
borrowers and $1,990,487,107 has been
amount $1,829,559,566, or 92%, has been repaid.
available
17,919,621.38
13,101,598.69
—
—
Livestock Credit corporations
Chairman Jones continued:
panies in liquidation in the
drawals of loans to
banks
Joint Stock Land
Repayments
%
$
1,978,028,814.96 1,818.275,271.53
5:
Railroads (including
while the order of the Board is stayed
follows disbursements and repay¬
from Feb. 2, 1932, to Sept. 30, 1937:
as
ments for all purposes
the labor dispute because the companies were
conducting an intrastate and not an interstate
Authorizations
of
$8,566,533 of
authorized, or has agreed to the purchase
aggregating $21,037,023 of 401 businesses,
and $4,786,801 remains available.
which has been withdrawn
which said:
which was filed by Whitman, Ransom, Coulson
attorneys for the
$17,891,396 has been
available to the borrowers and $78,570,914
has been disbursed.
participations
campaign for members."
were
$136,589,291, of which
agtregating
tration program,
alleged were discharged for union activities.
The
districts
struction
of which entered interstate commerce.
company
tion
withdrawn, $40,126,981 remains
Government did not contest the ruling.
would interrupt the flow
3283
Chronicle
........
9,313,703,449 13
4,811,585,972.12
3284
Financial
The loans authorized and authorizations canceled
drawn
for
with¬
or
railroad, together with the amount dis¬
bursed to and repaid by each are shown in the following
table (as of Sept. 30, 1937), contained in the report:
Authorizations
»
Withdrawn
Disbursed
$
Bepaid
$
$
Aberdeen & Rockflsh RR. Co
127,000
127,000
Ala. Tenn. & Northern RR. Corp.
Alton RR. Co
275,000
Ann Arbor RR. Co.
(receivers)—
Ashley Drew & Northern Ry. Co_
400,000
87,125,000
Baltimore & Ohio RR. Co. (note)
Birmingham & So'eastern RR.Co.
Boston & Maine RR
Buffalo Union-Carolina RR
Carlton & Coast RR. Co
535,800
for
464,298
35,702
464,298
lines
28,000
155,632
4,338,000
16,838
1,439,000
15,840,000
Chicago R. I. & Pac. Ry. Co
5,916,500
46,588,133
1,000
13,718,700
500,000
15,340,000
1,150,000
13,718,700
8,300,000
28,925,300
1,150,000
Cincinnati Union Terminal Co...
10,398,925
2,098,925
Colorado <fe Southern Ry. Co
Columbus & Greenville Co
28,978,900
60,000
53,600
60,000
Copper Range RR. Co
53,500
Denver & Rio Grande W. RR.Co.
Denver & Salt Lake West.RR.Co.
Erie RR. Co
16,582,000
3,000
717,075
227,434
Ft.Smith & W.Ry.Co. (receivers)
Ft. Worth & Den. City Ry. Co..
Fredericksburg & North. Ry. Co.
Gainsvllle Midland Ry.(receivers)
1,481,000
53,500
71,300
382,000
320,000
The
Georgia Fla. RR. Co. (receivers).
354,721
Great Northern Ry. Co
105,422,400
Greene County RR. Co
13,915
Gulf, Mobile & Northern RR.Co.
520,000
Illinois Central RR. Co
.*»—
35,312,667
Lehigh Valley RR. Co
9,500,000
and
but
subsidy
addition
Mobile & Ohio RR. Co
Mobile <fe Ohio RR.Co. (receivers)
companies
New York Central RR. Co
—
of
these
50,000
be merged or
99,200
2,300,000
785,000
785,000
1,070,599
25,000
27,499,000
570,599
28,900,000
3,000,000
3,000,000
85,244
17,000
10,500
4,475,207
300,000
7,995,175
18,672,250
200,000
162,600
22,000,000
19,610,000
100,000
5,147,700
750,000
300,000
300,000
7,995,175
18,790,000
Salt Lake & Utah RR. (receivers)
Sand Springs Ry. Co
117,750
200,000
162,600
......
23,200,000
1,200,000
19,610,000
Sumpter Valley Co
100,000
Tennessee Central Ry. Co......
Texas Okla. & Eastern RR. Co..
5,147,700
108,740
Texas & Pacific Ry. Co
Wabash Ry. Co. (receivers)
Western Pacific RR. Co
Wichita Falls & Southern RR.Co.
Wrlghtsville & Tennllle RR
Totals
400,000
22,525
the
the
of
struction
The
plans,
broached
good
in
construction
of
Labor
little
Recommends
marine,
in
American
contribution to national defense and
fleet
must
merchant
unless government
seas
Joseph P. Ken¬
In
Commission
eventually
said
disap¬
The
to
to
final
question
in
any
discussion
the
of
be, What will
shipping problem
it cost?
The Commission has made an
determine the probable cost of the merchant
marine
next
few
roughest
The
money
is
earnest
program
It
years.
sort
of
is
forced
estimate
temporary
can
subsidies
to
conclude
that
be
made
this
amount
to
at
about
nothing
more
indicates
that
a
dozen.
that
a
This
year.
the
operating,
survival cut
some
It
appears
required by
of the
$25,000,000
that
10
the
or
total
12
subsidy,
both
which
appear
lines
construction
to be
of
formerly sustained by mail contracts will aggregate
$30,000,000 a year.
If the lines are unable to make
and the government is forced into
ing program, the amount will, of
an
extensive
build¬
course, be substantially increased.
A summary of the
report, issued by the Maritime Commis¬
sion, also had the following to
say,
in part:
a
25%
con¬
operat¬
considerable
a
labor
such
The
though
even
There
the
expressed
an
extent
problems.
plans,
make
to
problems
with
which
to
no
reduce
Merchant
too
are
contemplated
intention.
the
Commission
Marine
inter-unioft
is
inadequate
merchant
in the
and
deplorable.
are
fraction,
increase
to
ships,
upon
our
fleet
American
strong
a
upon
will
be
unsatisfactory
all
the
gov¬
futile.
A
personnel
is
marine at all.
shipping industry have long been characterized by
on the
part of both employer and employee.
attitude
been
tolerated in
that
other industry.
any
shipping,
despite
the
technical
backward state
a
recommends
the
establishment
of
provided in the Railway Labor Act.
been
The result of
marvelous
far
so
as
concerned.
are
to that
field.
that
be
not
has
of the past century, has remained in
has
Board
conspicuously
successful
in
mediation
a
board
The Railway Mediation
minimizing
labor
strife
in
...
Necessity for Subsidies
Although
American
that
petitors.
the
there
considerable
is
between
difference
American and
costs
Domestic
much
are
industries,
diversity
of
opinion
about
the
foreign operating costs, there is
higher
than
those
of
exact
no
doubt
principal
our
com¬
including those which supply
materials for
building and operation of ships, have been shielded by tariffs and thus
enabled
result,
and
to
that
maintain
to
far
so
is
owner
sell,
price
a
shipping
as
forced
the
to
were
in
our
level
above
is concerned,
produce
meanwhile,
majority of
support
that
of
has been
other
that
the American
according to
the international market.
countries.
The
the American ship¬
standard
It
of
living
is 6afe to
assume
subsidized services would disappear if government
withdrawn.
Type of Operation
The United States has three
They
1.
possible alternatives in the present situation.
are:
Continuation
the
of
present
of
system
government
aid
to
private
shipping.
2.
Government
ownership and private
3.
Government
ownership and operation.
Commission
opportunity
people.
to
"insofar
private
is
ownership
historical
the
practicable."
as
public ownership may
some
that
That
feels
succeed.
operation.
should
attitude
be
of
given
the
every
American
Furthermore, the .Merchant Marine Act of 1936 prescribes private
operation
come
It
must
about naturally
be
as
a
recognized,
however, that
result of the inability of
private lines to finance needed replacements.
Foreign Shipping Policy
and
certain
31
or
needed replacements,
the
than
American
develop
Commission
The
$10,000,000
upon
from
minimum
a
of achievement.
unpredictable,
more
to
and to restore discipline
built
would
things
progress
the
operating subsidies required to keep these lines in
existence will probably average between
$15,000,000 and $20,000,000 a
year.
In addition, substantial annual payments will be
required to subsidize
construction.
to
marine
better than
these
time.
The final number of lines will
probably
Careful consideration of
every factor involved
vessels
employer, for his part, has fostered long hours, low wages and cramped
quarters.
The employee, meanwhile, has abused his employment in a
the
over
than
predicated
are
upon
a
vessels
The
bound
endeavor
is divided among 17 lines.
be reduced to about
done
crews
unenlightened
an
the
support is rendered.
discussing the probable cost of an American merchant
marine, the Commission said, in part:
upon
of these 66
new
the
of
that
out
guarantee
them
in
is
our
Labor relations
1,403,000
which it recommended amendments to the
Merchant Marine
Act of 1936 to permit more liberal
government subsidies
for ship construction and
operation.
Such expenditures,
said the report made
the
for
depend
to
point
no
difficult
most
efforts
ernment
merchant
The United States Maritime Commission on Nov. 9
issued
detailed report on the American merchant
from the
of 60
written
embark
to
today is that of the seagoing personnel.
something
30,000
22,525
have given
the granting of "satisfactory"
solution
a
anything
conditions
Unless
manner
The
They
prepared
are
foreign cost,
known
to
are
of
some
the
confronted
efficiency of
100,000
The
time.
The Labor Problem
100,000
upon the performance of
trade.
faith,
program
147,700
Higher Government Subsidies for Merchant Marine
Report Says at Least $25,000,000 Is Needed An¬
nually to Preserve Fleet on Seas
a
the
upon
and
compelled
factors,
many
similar
American
they
requirements
of
are
conditions
is
The
as
addition,
in
Commission
39,000
Chairman
25%
Three
1936.
this
vessels to replace their existing
These plans, however,
payment
to
cost
of
at
,.v\
labor relations
public by
that
subsidy of 40%, and
700,000
Commission
vessels
assured
reasonably
are
Marine Act
new
involving the replacement
down
the
business
upon
2,257,460
specified conditions.
Maritime
Commission
program
American
One
162,600
22,000,000
the Corporation has approved
$56^535,985
companies
any
provide for anticipated expansion.
to
2,805,175
.643,597,795 106,393,556 537,126,239 180,847,236
In addition to the above loans authorized
in principle, loans in the amount of
of
39,000
15,731,583
4,366,000
400,000
22,525
6,000
the Subsidized Lines
Merchant
the
require
period of five years.
a
700,000
30,000
30,000
45,000
15,731,583
4,366,000
to
earning
private lines, may
...
out, only nine
18,672,250
108,740
700,000
Texas Southern-Eastern RR. Co.
Tuckerton RR. Co
within
18,200.000
17,000
Southern Ry. Co
and
The
vessels.
like
them,
ing subsidies.
18,200,000
7,699,779
28,900,000
600,000
of
some
Prospects of
do
10-knot
remaining lines will require about 66
construction
27,499,000
4,475,207
pear
that
consolidated.
pointed
companies
reduction
200
Pittsburgh & W. Va. RR. Co
Puget Sound & Cascade Ry. Co..
Southern Pacific Co
six
been
62,500
3,000,000
St. Louis-San. Fran. Ry. Co
St. Louis-Southwestern Ry. Co..
has
As
assurances
656,368
23,134,800
221
services operated by
Government.
These
seven
Federal
the
17-year-old,
indicates
Building
fleets
985,000
6,843,082
100,000
2,300,000
Pere Marquette Ry. Co
Pioneer & Fayette RR
that
lines
2,550,000
18,200,000
of
account
with
2,550,000
197,000
7,700,000
29,500,000
Pennsylvania RR. Co
of
the
under
2,300,000
23,134,800
under
of continuing
*
not
785,000
N. Y. Chic. & St. L. RR. Co....
N. Y. N. H. & Hartford RR. Co.
justified
for
maintained
are
have to
13,915
520,000
1,070,599
25,000
27,499,000
Murfreesboro-NashvilleRy. Co..
are
companies reasonably certain
foregoing lines, there are
these
99,200
Missouri Pacific RR. Co
Missouri Southern RR. Co
promotion
the
to
continuing existence
100,000
Missouri-Kansas-Texas RR. Co.
the
nine
of
......
seven
program.
of
744,252
mergers
problems requiring special study.
leaves
new
800,000
6,843,082
be
of American lines
number
in the
Consolidations,
800,000
2,729,252
(trustee)
the law.
foreign fleets seem to
large
Of the 31 mail contract lines,
100,000
8,500,000
3,000
these
reduction
a
2,550,000
Minn. St. P. &SS.MarieRy. Co.
Mississippi Export RR. Co
nedy,
produced
trade.
foreign
way.
6,000,000
Meridian & Bigbee River Ry. Co.
a
which
factors
difficult
the
route
13,915
200,000
Under present conditions many of the
operation.
Some lines apparently
successful
to
maximum subsidies allowable under
with
even
520,000
35,290,000
8,500,000
Maryland <fe Penna. RR.Co.....
States
the
forward
......
1,061,000
354,721
6,000,000
1,000,000
Subsidized Lines
of subsidized lines, in view of the
companies, reveals a truly depressing outlook
800,000
Litchfield & Madison Ry. Co
Maine Central RR. Co
United
of
look
in
under
private
22,667
are
foreign
carried
1936
in
vessels
Subsidized
and eliminations are
have already disap¬
peared ; two lines engaged in the intercoastal trade (which formerly re¬
ceived mail subsidies) are contemplating the discontinuance of operations;
the status of four lines with foreign flag affiliations is uncertain; two
lines covering
important routes must reorganize, merge or recapitalize
before they become eligible to receive subsidies; seven lines have peculiar
engaged
services
99,422,400
subsidized fleet
the
of
statute
dry-cargo business.
inexorably toward
working
In
......
——
to
importance
financial condition
needs
same
......
15,000
10,539
the
vessels.
segment of the industry.
cannot survive
8,176,000
10,539
78,000
1,061,000
total
our
cannot
This
627,075
227,434
......
8,176,000
15,000
Gainesville Midland RR. Co
Galv. Houston & Hend. RR. Co-
8,300,000
600,000
3,000
90,000
this
now
......
8,081,000
3,182,150
16,582,000
219,000
3,182,150
Eureka-Nevada Ry. Co
Fla. E. Coast Ry. Co. (receivers)
597,538
53,500
8,300,000
its
Financial Condition of the
66,501
220,692
140,000
these
by
Analysis of the
3,124,319
Chicago & .Eastern 111. RR. Co
5,916,500
Chicago & North Western RR. Co 46,589,133
Chicago Great Western RR.Co1,439,000
of
16.6
140,000
Charles City Western Ry. Co.-—
Chic. Milw. St. P. &. Pac.RR. Co.
Chic. No. Shore &Milw. RR.Co.
but
replacement
13,200
500,000
carried
commerce
53,960
3,124,319
Central RR. Co. of N. J
of
about
misconceptions
41,300
605,367
7,569,437
53,960
549,000
Central of Georgia Ry. Co
434,767
400,000
12,150,477
.
vessels aggregating
155
of
consists
now
paralleled by a misleading notion with regard to the amount of our
41,300
14,600
41,300
7,569,437
126,000
2,500,000
634,757
400,000
87,110,400
--
Marine
Because
tons.
gross
Current
275,000
2,500,000
634,757
Merchant
trade and national
defense, this segment of our shipping has assumed a role which bears no
relationship whatever to its stature as a business. Measured j by any of the
usual
standards, such as capitalization, revenues and employment, the
subsidized merchant marine is revealed as a surprisingly 6mall industry.
1,032,379
■
Canceled or
$
The subsidized
20, 1937
Marine
Subsidized Merchant
The
each
Authorized
Nov.
Chronicle
Consideration
pronounced
and
Brazil
Government
operation
one
trend
have
toward
own
officials
75% of
marines
government
of
foreign countries indicates
participation
in
shipping.
100% government ownership and operation.
owns
under
merchant
the
all of the stock
rigid
government
service outright and
ernment
to
of
serve
the
of the
liner services,
control.
The
The
Italian
but permits private
French
Government
is heavily interested in the major company
as
stock
directors).
of
the
a
Russia
owns
(gov¬
The German Government is reported
great
Hamburg-American-North
German
Volume
Lloyd combination, a fleet larger than that of
Consolidation
•
of Government
Line.
Agencies
in
Commission is charged with responsibility for
the development of an adequate merchant marine, many other agencies
exercise some jurisdiction over maritime affairs.
A preliminary survey
Although
reveals
Maritime
the
than
less
not
which
bureaus
50
control over ship¬
exercise some
of effort,
efficiency.
The greatest duplication occurs between the Maritime Commission and the
Bureau of Marine Inspection and Navigation of the Department of CopThis diffusion of authority means a costly duplication
responsibility, interdepartmental rivalries, and lessened
ping.
divided
would
It
merce.
should
agencies
desirable
seem
that
many
of the
functions
of these
Neutrality
and
the
is recognized that shipping, as the servant of foreign trade, cannot
its share of the disabilities of foreign trade which may arise under
circumstances contemplated by the Neutrality Act. ' Problems regarding
Jt
escape
and civil wars necessarily involve
so
many unpredictable contingencies affecting shipping services that it is
practically impossible to adopt plans for the future based upon them.
neutrality
and
international
possible
Trade
The
objected to on the ground
that it conflicts with the trade agreements program being pursued by the
Department of State.
The Commission does not view this apparent incon¬
sistency in national policy as a serious obstacle to the development of an
adequate merchant marine.
Shipping is a basic industry, upon which
many other industries depend, and for that reason it should be preserved.
Suggested Amendments to the Merchant
The
the
of
objectives
Commission,
Marine Act, 1936
in
Marine Act, 1936, in the opinion of
likely of attainment if certain changes
the Merchant
be
would
the
more
The Commission, therefore,
Act.
thereof.
The
the law,
Under
of
Construction Differential
the cost to the American taxpayer
Merchant Marine is made
the
up
for the maintenance
of two items—a construction
differen¬
expectation of Congress
that, through government aid in this form, parity could be obtained for
the American operator engaged in international trade.
The Commission's experience thus far in the allotment of differentials
indicates that it will be extremely difficult, if not utterly impossible, to
determine the "parity"
envisioned in the 1936 Act.
The Commission
is forced to conclude that the whole approach is exceedingly unscientific.
and
tial
encountered
difficulties
The
similar
to
in
encountered
those
determining the operating differential
the construction differential.
The
for
differential, to justify any claim to scientific accuracy, would
take into account literally scores of fluctuating elements scattered
operating
have
to
earth and its waters.
Even if it were
possible to determine a differential between our vessels and all foreign
ships which at any time compete on any portion of a given route, some
such factor as a strike, a tariff increase, an import licensing arrange¬
ment, or currency manipulation could upset the picture overnight.
It
should be noted in this connection that the United States Tariff Com¬
mission has repeatedly stressed the difficulties of obtaining the cost of
production of even the simplest commodities in foreign lands.
of the
entire surface
the
over
the
in Such
a
Move
It is hard to follow this
gold standard.
the
not
would
mean
might
If the price of gold in this country were raised this
the holder of any foreign currency—pound sterling,
have been
dollars for a given amount in
possible at a time when the other
more
but as things are now, the result
further readjustment of all the exchanges with no
firmly tied to gold,
be
to
a
any
An
from
The entire world is off
that
franc—could long get
This
reasoning at this time.
its own units.
countries were
would undoubtedly
relative advantage
country involved.
still further boost in the output of
mines, which has been far in excess of the world's needs
incidental result would be a
the
gold
and
\
present business recession,
of some com¬
causes," in part continued:
am interested, and I think you are interested, in finding
the
whether
out
action
lie
but
subject to
If the causes
they are not,
then further immediate action on our part might be
in distracting attention from the places where the
field,
that
then
elsewhere,
important
chiefly
To
needs.
the
use
credit field,
have continued to have funds
far in excess of
that has become familiar
investments
and
loans
for
available
or
.
banks of the country
The
monetary
the
Reserve System, or by the banks.
we should not hesitate to act.
If
needed.
is really
correction
in
lie
causes
the Federal
by
in
measure
at their disposal
their immediate
through the last
$1,000,000,000 of excess reserves—that
that is lying idle over
hold as reserves, even
after
the Board has
increased the legal requirements.
With a billion
dollars in excess reserves the banking system could expand loans to several
times
that amount before it would be confronted with a shortage of
the member banks have
years,
that much available for immediate use
above the amount that they are required to
is, they have
and
reserves.
do
I
not
to
want
a theoretical discussion of the question of
think we should keep clear in our minds just
rise.
For a period of four years gold flowed
and the resulting deposits were spread among
into
go
but I
reserves,
do
what
caused their spectacular
into
the
States,
United
accumulation
the
volume
such
It is this inflow of gold that has caused
at member banks.
Excess reserves in
phenomenon; the entire period of spctacular
throughout the country.
banks
of
excess
a
were
new
practically
reserves
excess
no
reserves
culminated in 1929 took place when there were
at all.
The action of the Board in raising
expansion in business that
merely set aside a slice of the idle
that they might not become some time in
funds of the
requirements
reserve
in
banks
order
the future the
It had the effect of restoring the
intended by law to occupy, where
it could exert its influence to ease money conditions further, if necessary,
or to
take an opposite course if unsound credit expansion threatened.
At
the time of its action on reserves the Board stated, and its actions since
then have demonstrated, that as far as it could influence the situation it
would not permit "tight money" conditions to develop.
Before passing by this point, was the decline in bond prices last spring
due to tire increased reserve requirements?
That is a question which I
shall not try to answer with finality, but here were some of the facts
basis
of
injurious credit expansion.
an
Reserve
to the position it was
System
conditions.
and
preceded the decline; a large volume
currently offered for sale. Some large city
banks, perhaps fearing that they might have insufficient reserves, or per¬
haps believing that bond prices were as high as they might be expected
to go, and probably in part for both reasons, decided to dispose of some
of their bonds.
As a matter of fact, they had begun to reduce as early
as the middle of 1936 their portfolio of United
States Government obliga¬
A
of
in bond prices had
rise
rapid
security
new
issues
were
than doubled between 1930 and 1936. Other banks
reserves, in view of the decline in prices, also
realize their paper profits.
At any rate, high-grade bond
tions, which had more
bonds
sold
to
and
sudden
showed
prices
adequate
than
more
sharp declines and there was a
excessively
of new issues.
by the Federal
decrease in offerings
in April and
supplied additional
reserves to
the decline in bank
holdings of securities, which slackened considerably in the late spring, has
in recent weeks come to an end.
Prices of high-grade bonds are still at
high levels as compared with any period prior to 1936, and they continued
firm throughout the recent sharp declines in the stock and lower-grade
securities
of
Purchases
desterilization
Reserve System
by the Treasury in September
member banks, and it appears that
gold
of
excess
markets.
bond
by the Reserve System
Action
bonds
at
of
in
check the sale of
was
and it has not happened that
desired,
should
and by the Treasury to
in accord with the desire of the Reserve System,
the time of the increase in reserve requirements, that a
monetary ease
should continue.
It was not intended or
banks
by
condition
way
any
the increase in reserve
retard the further extension
requirements
of credit by banks to any
borrower.
sound
have a large volume of idle funds available for
possession an amount of funds available for
investment that is larger than at any time in the history
only do the banks
Not
but the public has in its
and for
of
banks
With business still well
the country.
at
are
far above the level
available
funds
to
below the level of 1929,
deposits
This means that there are
expansion even without any further
of that year.
finance a business
simply by a more rapid turnover
growth of bank credit,
of the existing
supply.
Banks during
the past year have been increasing
decreased 6harply during the
item, which
This loan
since
has
increase
the
by
low
their loans to business.
depression and showed
turned up early in 1936 and
dollars.
This reflects some
being met
demand, furthermore, is being met at relatively
growth in the early years of ^covery,
advanced by about two billion
little
in
demand for credit by
Lanks.
This
business, a demand which is
rates.
That
and
to say:
human and otherwise;
I feel sure
have the needs; and
Davis, in alluding to the
Mr.
business
Picture and Monetary Policy"
at the Southwestern Bankers Convention, at El Paso, Tex.,
on Nov. 13, Chester C. Davis, member of the Board of Gov¬
ernors of the Federal Reserve System, stated that "some of
my friends, very sincerely, now are advocating a further
increase in the price of gold on the theory that that would
reduce the international value of the dollar and would make
it possible for foreigners to pay more dollars for our prod¬
ucts."
He added:
"They think that if the gold content of
the dollar were made smaller they would get more dollars
for their goods, and that would further lighten their burden
of debt and increase their incomes."
Mr. Davis went on
we
will to do it.
observed that it "is the effect of some cause
use,
Discussing "The Business
resumption of a large
We have the resources,
and the credit;
money
announced
Davis of Federal Reserve System Sees
Nothing to
Indicate Monetary Measures
Have
Caused Business Recession—In Answer to Those
Advocating Rise in Gold Price Finds no Advantage
ChesterQC.
our
is a
I hope and believe that we will be able to
stride, so that we may proceed further on the
recovery.
have the
we
with
Operating Differential
The
are
It was the
differential.
operating
an
that
in
recession
have
we
activity.
private
anything else
than
more
complete
excess
recommends that the
contractor
be
given
protection
against the cancellation of subsidies
without just cause; that the down payment required on new construction
be changed from 25% of the domestic cost to 25% of the foreign cost;
that the sales price to the purchaser include interest during construction
upon
that portion of the Commission's payments which represent the
foreign cost of the vessel; that, where the construction differential is
more
than 50%, operators be permitted to build abroad; that the pro¬
visions for the recapture of profits be based on a 10-year instead of a
five-year period; that provision be made for permitting the contractor to
increase his reserves; that the Commission's power to relax the restrictions
relative to subsidiaries and foreign-flag affiliations be enlarged; that the
Commission
be given the power to waive the $25,000 salary limitation
when such waiver would be in the public interest; that the language of
the Act be clarified in a number of instances to facilitate administration
made
were
to
few
Agreements Program
government's shipping policy is sometimes
The
of
take this
road
need
we
volume
are
States on neutrality.
United
policy of the
development of an
consideration
treasuries.
to the world's
expense
how a further increase
price of gold.
increase in the
further
a
What
Primarily I
Any study of the present needs and prospects for the
American Merchant Marine must necessarily take into
law
present time I do not see
bination of
combined.
be
and
in the supply of
gold would be beneficial to anyone but the gold producers.
It would
not give our country a competitive advantage; it would not necessarily
increase our price level or give any enduring stimulus to the volume of
activity.
This is the way it looks to me, and I am, therefore, not able
to go along with my friends who see the solution of the present difficulty
the
At
has forced consolidation of its two
75% of the stock of the Gdynia-American
owns
difficulty
considerable
caused
has
all our subsidized lines,, put
greatest lines
and, in addition to building superliners, has even contributed working
capital.
Japanese shipping is dominated by three feudal families, which
work under strict government supervision.
The Government of Poland
Great Britain
together.
3285
Chronicle
Financial
145
suggests
interest
business
an
rates
recovery
interesting point.
do not bear out the
has
Certainly the prevailing discount
rate of
Money rates in the
view that the halt in the
its roots in monetary causes.
market are still at abnormally low levels of 1% or less.
Rates
charged to customers by banks in various cities are also lower than they
have ever been in this country.
I know that certain types of loans are
open
made at a rigid rate, which means that low-cost money isn't
low-cost to all borrowers, but this cannot be considered a
our present recession, since it is a condition that has been with
for many decades.
In these circumstances,
I can see nothing in the picture to indicate
always
necessarily
cause
us
that
of
monetary measures
have caused the halt in
the recovery.
3286
Financial
Chronicle
Mr. Davis asserted that "it is partly in turn has been a
factor discouraging new capital issues and
reacting on busi¬
ness plans."
"But," he said, "it would be a bold man who
would
pretend to know why the market went
it did
has declined
or
much
as
it has.
as
as
high
case
added:
This,
then,
terials
and
goods,
on
of
is
the
labor
costs,
the other;
orders
and
expectations
situation:
a
a
the
more
had
letdown
been
when
it
became
apparent
that
prevent
not
this recession from proceeding too far,
monetary in nature.
it appears to
me
that
national government in
they
the
Recovery—Ambassador
the existing
friendly nations. We
seek
to
advance their
happy relations
have
can
no
between
China
and
all
sympathy whatsoever with those who
China regardless of our sovereign
interests in
own
rights and territorial integrity.
Our people have for centuries stood for
...
the
principles of international cooperation in behalf of
me
that
has
never
an
occasion
develop the American policy
and world importance.
seemed
so as to
more
peace,
it
to
seems
timely than at present
to
give it greater efficiency, popularity
President Roosevelt's Chicago address,
coming at
the present critical juncture and
making so strong a plea for effective inter¬
national cooperation in behalf of
peace, is certain to be momentous.
It
will be the privilege of the Chinese
Government, of which I have the honor
long time."
continued:
a
peace, but have never been known to abandon the use of
force when
threatened with alien exploitation and
conquest.
^4
While the far-seeing statesmen of the world
pronounce, time and again,
of the Board of Directors
Chase National Bank of New
York and President
of the Chamber of
Commerce of the State of New
York,
speaking at the 169th annual banquet of
the. Chamber at the
Waldorf Astoria Hotel on Nov. 19
observed that "there is
indeed evidence that
Washington today has assumed a more
conciliatory and constructive attitude from the
standpoint
of business and finance than
we have seen for a
the
Everyone, I think, must welcome, he
said, "the recent
statement of the
Secretary of the Treasury that the budget
is about to be balanced
by economies and that private
capital
and private
enterprise are to be looked to for the
expansion
of business." In
part Mr. Aldrich
China seeks
It will be our government's
earnest endeavor to render added efforts «to
further strengthen
Winthrop W. Aldrich, Chairman
of
1927 and said that
Toward the end of his address Ambassador
Wang referred
Japanese-Chinese conflict by saying in part:
Commerce at Chamber's Annual
Banquet —
Would Also
Free
Utilities
From Governmental
Competition
to
Restore
Speaker
be
power
to the present
of
a
by law and the
position of freedom and equality among nations, striving for
"an alert, but not
aggressive nationalism."
Repeal of Undistributed Profits Tax Urged
by Winthrop
W. Aldrich, President of New
York State Chamber
Wang
would
ever to attend or
speak at an annual banquet of the Chamber.
Ambassador Wang addressed the
gathering on "What China
Has Achieved
During the Past Decade." He reviewed the
political, economic and social changes and achievements
which have taken
place in China since the birth of the
our
inflated.
Now, I may have this picture all out of focus.
I may minimize the
dangers and overemphasize the underlying strength, but I am
reading the
signs as they look to me today.
Whatever remedies may be needed to
are
fixed
were
1937
20,
rumors
and
one
placing
consequent
once
of such
by Dr. Chengting T. Wang, Chinese Ambassador to the United States,
by Miss Dorothy Thompson, who was the first woman
A
maladjustment between prices of ma¬
hand, and rents and prices of finished
period of over-exuberance in production and
on
existence
The unshaken credit of the Government and the firm
maintenance of the gold standard were the foundations
upon
which we built our
recovery.
Addresses .were also delivered at the dinner
decline—many uncertainties, rumors, and
He
The
of the President to alter it
reapealed.
as
contributed to the
disturbing and harmful.
impossible if the gold content of the dollar
Various elements
speculation."
Nov.
of
being its representative
Nation
through
cooperation
and
the
in this country,
crystallization
this
moral
force
to cooperate with
of this
in
liberal
new
the cause
spirit
of world
your great
of freindly
which
peace,
is
inseparable from the prospect of peace in the Far East and in
rejuvenated
China.
The speech of the
Secretary of the Treasury was very
encouraging, and
Treasury reaches its goal of a balanced
budget, the cornerstone of the
foundation of true business
recovery will have been laid.
But more is
needed.
The undistributed
profits tax should be repealed.
The capital
if the
gains tax should be taken out
of the income tax
category and fixed at a
low flat rate so that
men will be
encouraged to take profits, shift invest¬
ments, set immobilized funds in
motion, and take reasonable risks.
Ten
public utilities should be freed from
governmental competition in order that
they may press vigorously forward
in making
up their vast arrears of
construction and
re-equipment. And the raiiroads should
be encouraged
to do likewise.
I
say nothing at this time
about the four-point
program of the President
for this special
session of Congress
because no one can know
yet what the
to carry out this
program will be when they
come out of
committee.
Miss
Thompson, newspaper commentator and former
foreign correspondent, told the business and financial leaders
they must embrace a concept of the State for the whole
people if liberal democracy was to be saved. She was thus
reported in the New York "Times" which also quoted her
Liberal
one
suggestion which has emanated
from Washington in the last
few days which it
seems to me
requires special comment—that
is, the
suggestion that revision of the
tax laws and other
laws hampering business
should be limited to
giving relief to small corporations
and small businesses.
If this suggestion
should be followed the
attempt to encourage business
would be unsuccessful.
The practical
question is whether
Congress wishes
to get results.
Both small businesses
and
big businesses
existing legislation.
are
hampered by
Both small and
big businesses should be
encouraged.
needed if the business
recession is to be
stemmed.
Indeed, big
business is in no
way distinguishable from
small business in terms of em¬
Both
of wage
After all, big business
represents
earners
and stockholders.
can
only fall, she said, when the people loss
"The loss of confidence in
"and, gentlemen, it
was
leadership
con¬
partly justified.
profound in 1930," she said,
was
Let
us
tell the truth, because
we
get nowhere without truth.
"This loss of confidence is standards and
under
standards
new
and
under
new
leadership
leadership.
only be restored
can
In
belief that
my.
new
leadership has
not yet asserted itself in this country. The New Deal is not a
New Deal.
It is rather, in practice, an
attempt to democratize the vices of
the New Era.
But already and for that
reason, it is losing its resonance
and its vitality."
♦
Congress Urged By Manufacturing Industry to Restore
Confidence By Relaxing Tax Handicaps and
Easing
Restrictions
are
ployment and the creation of
prosperity.
only the sum total of millions
democracy
fidence in their leaders.
provisions of the bills intended
There is
follows:
as
Congress
was
'
urged
industry to halt the
on
Nov.
13 by
the manufacturing
present business recession and restore
Legis¬
confidence by immediate relaxing tax handicaps and
shelving
plans for further restrictions upon industry.
William B.
business.
that if the
existing laws which
hamper business receovery
promptly repealed or
adequately modified, the automatic result
result would be that
industrial production would
increase and that the
existing business depression
would be
checked—a result which would
benefit every member of
the
community.
Warner, President of the National Association of Manu¬
facturers, said in an open letter to all members of Congress
Mr. Aldrich who
recently returned from
his appointment as
"It is fortunate that Congress is about to
convene," Mr.
Warner said, "for it is within its
power to apply a remedy
at once.
It can act immediately
upon the tax situation."
lation
which
a
definitely
I
believe
serves
small
business only will not
suffice, and legislation
spirit of discrimination
against larger business units will
have
detrimental effect on the
revival of
conceived in
a
should be
Europe following
Commission to study
Chairman of a
monetary policy and credit
by the Council of the Inter¬
national Chamber of
Commerce "which met in Paris. While
abroad, he said "I had the
opportunity of talking to a
number of bankers and
business men in Paris and
London."
"As a result of
these talks," he
said, "and from observation
of the
course of events
while I was
there, I have returned
convinced that there is no
real danger of a
general European
war.
As to the causes
of the present
business recession here,
I would like to
make the
following brief observations before
introducing to you the principal
speakers of this evening."
In part he added:
cause
is to be found in
important govern¬
already bear heavily on business and others
of which
undermine confidence in
the future on the
part of the investing
public and the business
community. Many governmental
policies, more¬
over, create
uncertainty and uncertainly is the one
thing above all others it
is most difficult
for business to
cope with.
One of the types of
to which I
uncertainty
refer, but not the only
one, is well illustrated
by the following
situation.
When I
was in
London during the month
of May of this
year, the business
and financial
community there was very much
concerned over a rumor that
the United States
Treasury was about to reduce the
price which it was
willing to pay for gold—which
is another
way of saying that our Adminis¬
tration was about
to increase the
value of the dollar in terms
of gold.
On
the other
hand, while
was
current
I was in
in
Europe during the
past few weeks
a
rumor
both Paris and
London to the effect that
our Adminis¬
tration was about to
decree a further reduction
in the gold value of
the dollar.
Thus in the
period of six months two
rumors
diametrically opposed to each
other were prevalent
in Europe as to
the course our
Government intended to
pursue with regard to
the immensely
important subject of the gold value of
our
currency.
Both rumors were no
doubt equally
unfounded, but the
effect upon the
international commercial and
financial situation was in each
through
private
enterprise
"become
plainer
day."
every
In addition to the
proposal that immediate steps be taken
aid business, Mr. Warner
urged that the Treasury and
Revenue Committees of both the Senate and House hear
and
study facts of business experience to show the
operating
effect of the present
to
"awkward, ambiguous and frequently
destructive" tax structure.
He proposed,
however, that im¬
mediate action not be deferred
pending the outcome of such
inquiries.
He emphasized the necessity of confidence to
permit business to take up slack in production and em¬
ployment and cited
in all lines of
I
believe that the
primary
mental policies,
some of which
that the connection between the
present business recession
and the effect of laws which
hamper the free flow of capital
the situation
a
survey
just completed of manufacturers
industry throughout the country
now
faced
by business.
as
revealing
He further said:
"While 59.5% of those
replying to our inquiry expected the same
business during the next six
months, 40.5% expected less business
In
the first
classification, only
14.5%
anticipated better
45% foresaw business continuing at about the
same
level
as
months.
"As good as in the
past is not enough.
our
goal of re-employment and the
which all seek.
to convene.
.
.
.
We
must
go
or
better
activity.
business
while
in the past six
forward to attain
constantly rising standards of living
It is therefore fortunate that
Congress is about
For it is within its power to
apply a remedy at once."
The letter outline five
specific immediate remedies.
These
were:
«s
1.
■
-
Amendment of the Undistributed Net Income Tax to
provide that all
by corporations for improvements, expansions and
money spent
ments of
replace¬
machinery and plant facilities be relieved from the penalties of the
tax and thus stimulate
expenditures to
greater employment.
bring about production,
service and
This amendment would be effective for the
present
year.
2. Repeal of the capital stock and excess
profits taxes to eliminate dis¬
criminations against corporations with
widely fluctuating earnings.
Modification of the capital gains tax to
3.
owned
what is
service by reducing
individual surtax rates by a reasonable percentage.
"that new uncertainties involving drastic regulation will
problems discussed at the National Foreign
were
referred to in these columns last
Some of the
Convention
Trade
"discouraged capital" into active
The calling of
4.
provide that losses on
be fully offset against gains.
can
3287
Financial Chronicle
145
Volume
week, page 3138.
the present maximum
5. Assurance
be legislated" upon industry.
not
"Every circumstance of this hour is
all
of
first
this
make
to
calling to the Congress
Mr.
corrective session,".
tax
a
Warner said in conclusion.
Objections to Wage-and-Hour Bill Voiced by New York
State Industrial Commissioner Elmer F. Andrews
Roosevelt—Concerned
In Letter to President
y
Dual
Administrative
as to
System
endorsing in principle the Black-Connery Wage-andremedying of defects in the legislation is urged
by a group of labor and civic organizations which held a
conference on Nov. 10 at the office of Elmer F. Andrews,
New York State Industrial Commissioner.
In accordance
While
Hour Bill, the
Discussed at Convention of
Council—Report Presented
by W. A. Mitchell of J. P. Morgan & Co.—Dr.
O. M. W. Sprague on Question of Return to Gold
In the discussions of currency stabilization which fea^
Stabilization
Currency
National Foreign Trade
convention of the Na¬
tured the deliberations of the recent
W.
as
Council
Trade
Foreign
tional
Dr. O.
Cleveland,
at
M.
School,, was reported
sayitfg that leading countries could consider return to
Sprague, of the Harvard Business
if the will for currency
gold at present rates of exchange
Associated Press accounts from
stabilization were present.
Cleveland, Nov. 3, quoted him as
the
the first time in
in times of peace makes it doubly important
return it should be on a firm basis.
That is not a doctrine
of
history
when
saying:
countries went off the gold standard for
fact that
"The
we
man
that
/
held at the present time."
is widely
that
the
to
Street
"Wall
the beginning of this
take the following:
should
recession
the
raise
although
I
"If
said.
to
be
not
am
can
we
will
the
Urged
were
gradually
capital over the past few years
equilibrium, currency stabiliza¬
achieved; says that currency sta¬
bilization, reduction of tariffs, abolition of quotas and exchange restric¬
tions, and settlement of inter-allied debts are related matters and that
correction of any one facilitates progress in all the others; and expresses
belief that efforts of various nations to have internal recovery with in¬
adequate foreign trade and inadequate foreign exchange stabilization have
probably gone as far as they can in most countries.
migratory
the
that
be reversed
movement
if reasonable
of
budgetary
and elimination of war fears were
statement that
The
"It would mean the industrial
administrative
exceptions,
"if the present recession goes a
Balkanization of the United States
a
minimum must be based
Andrews wrote to the President.
"We
dual administrative system for
a
possibility of its again
the enforcement of legal
labor
the letter continued.
standards,"
and hours minima to be
hands of State Labor Departments which meet minimum
the administration of the wage
"We urge that
set up
Is Feared
deeply disturbed also by the apparent
are
/
.
"Dual Administration"
establishing
due to
and the many
circumlocutions and restrictions set up," Mr.
which
be in the
prescribed in the bill.
standards of administration
be
a
subject to wage and hour
single source of authority to
which employers
standards would be responsible.
Those most
evade by quoting one administrator against
requiring supervision could not
other.
the
"The
knowledge of conditions, of
people and methods which the
have would be available for
State
the enforcement of the new
would be avoided.
effective and economical organization would be to
The cost of duplication
make the State
responsible directly to the Federal Labor Depart¬
ment, the latter to coordinate the work of the State agencies and to be
responsible for the machinery through which the national wage and hour
Departments of Labor
standards are set up and
Matchell
deplored the trend in some nations toward a nationalistic economy and
exchange controls, asserting belief that such policies have effect of restrict¬
ing world trade and work toward disadvantage of individual citizens.
It
would
it would split the
United States into many segments.
Committee report submitted by Mr.
Currency Stabilization
states
together in a more
"instead of tending to
"The
toward
insuperable obstacles."
tion,
draw the States and localities
perfect union industrially, economically and socially
law.
stabilization," he
present, leading countries could consider return
The absence of France and Germany would not
forward
move
gold at present rates.
The
established by collective agreements." The further
suggestions of Mr. Andrews were indicated in a Washington
dispatch Nov. 18 to the New York "Times" from which we
quote in part:
Referring to the House version of the bill, the conference declared that
of wages
Labor Departments
thus far."
Stabilization
Gradual
believe
"I
Dr. Sprague said, "but if this
leaders would not
personally convinced that the first
farther I am not confident that our
go
price
had much to do with our recovery
increase
would raise the gold price
the Administration
present business recession,"
the
correct
Andrews
minimum wage to be set "should be considered on the basis
of the cost of living, of fair return for services rendered and
"Thus there would
inconceivable that
is
"It
to
the recommendations of the conference Mr.
Nov. 18, in a letter to President Roosevelt, the New York
members of Congress and the members of the labor com¬
mittees in each branch of Congress, suggested that the
on
multiple standards on
Journal" from Cleveland,
item, stated
that Dr. Sprague,
commenting extemporaneously on the
report of the Committee on Stabilization of International
Currencies, presented by W. A. Mitchell of J. P. Morgan &
Co., expressed approval of the fact that the report did not
urge immediate stabilization of currencies although holding
this out as a desirable goal.
From the same account we
Advices
from which we quoted at
with
enforced."
Child Labor
Clause Opposed
made in a memorandum sent to the
President and members of Congress was one for elimination of the proposal
that restriction of child labor be based on control of interstate shipment of
Among
the specific suggestions
goods made by children.
The letter
sider such
said it was administratively
"relevant
impossible or undesirable to con¬
circumstances" in fixing minimum wages as
the fol¬
lowing:
The relative cost
of transporting goods,
local economic conditions, wages
like or comparable character by employers who voluntarily
maintain minimum wage standards, and differences in unit costs of manu¬
facturing occasioned by varying local natural resources, operating condi¬
tions or other factors entering into the cost of production.
0
paid for work of
bit
Provisions for enforcement
deeper, I am not at all sure our present rulers won't be
subjected to pressure to raise the price of gold again, despite
the obvious fact that such a step could not possibly help the
by the Cleveland
Charles E. Egan.
Stabilization Com¬
mittee, prepared by Mr. Mitchell, paid tribute to the tri¬
partite agreement entered into last year by this country,
England and France, pointing out that it has helped ma¬
terially in restoring confidence in exchanges.
From these
special advices to the "Times" we also take the following:
the flexibility
and penalties were
regarded as "vitiating the
effectiveness" of the bill.
situation," was attributed to Dr. Sprague
correspondent of the New York "Times,"
According to Mr. Egan, the report of the
It
is
ties
added, however, that "confidence
was
not
a
on
foundation for
sound
a
will
"which
basis
that is based on daily decisions
stable prosperity."
be
Establishment of pari¬
permanent
sufficiently
to encourage the
commitments so that recovery may
be expanded
into sound prosperity," was urged.
Agreeing that currency stabilization, reduction of tariffs, abolition of
quotas and exchange restrictions, and settlement of international debts are
related matters, the committee * added
that "this relation is not such
that any one must be done first as a condition precedent to doing any
of the others, but rather that progress in doing any one of them makes it
of forward planning and
development
easier
to make progress
in all of the others."
Mitchell on the committee which approved the
Fraser, President of the First National Bank of
Co.; Willis II. Booth, VicePresident of the Guaranty Trust Co. ; Lewis E. Pierson, Chairman of the
Board of the Irving Trust Co., Dr. Sprague, and others.
Joseph C. Rovensky, Vice-President of the Chase National Bank, who
returned from Europe this week, told the banking session that conditions
in
Europe are much better than people here realize.
He added that
financial and business men abroad are worried over the recent stock market
crash and
the effect it is likely to have on business and commodity
Those
report
serving with
Mr.
included Leon D.
New York;
Fred I. Kent of the Bankers Trust
Vice-President of the National City Bank of New
American markets, said that spectacular recovery,
industrialization and great future trade possibilities characterize
Roberts,
York, reporting on Latin
those
In
Kent
today.
markets
the
Associated Press advices
sent
a
message
"At the moment
price
of gold
valuation
"cumbersome
It favored
with
extra
to
it was stated that
to the meeting
Mr.
asserting:
it is the belief of business men
and economists that the
will have to be reduced somewhat from its present high
meet business and trade needs of trading countries."
better
also opposed the
provision for setting hours' standards
the benefits which would result from
and costly beyond
of such a plan."
of 40 hours and permitting variations
the result of appeals and findings by a
"setting a statutory limit
pay
Board, as now
for overtime as
provided in the bill."
»
Business
Policies—
F.
R.
Hoadley
Says
Administration Planning
Implies Regimentation of All—Other Speakers
Unless the present Administration changes its attitude
toward business, there can be little hope for an early end
to
the current industrial recession, Franklin R. Hoadley,
President of the National Founders Association, told 200
members of this manufacturing group at its annual conven¬
tion in New York City on Nov. 17. Mr. Hoadley said that
the Roosevelt Administration and labor unions were heading
toward objectives which he described as "industrial pana¬
ceas."
In order to obtain high wages, shorter hours and
improved working conditions, American labor must give
in return an efficiency of production that will enable em¬
ployers to hold their competitive positions in domestic and
foreign markets through wide distribution of products at
reasonable prices, he declared.
His remarks, and other
speeches at the meeting, were reported as follows in the
National
Founders
Head Sees Continued
Unless New Deal Changes
Recession
New York
"Times" of Nov. 18
Deal depression,"
"recession" would be the more
the downward swing would be of short duration.
labor policies, he declared that high wages rest on efficient
Business is now in what
Mr. Hoadley
prices here.
George B.
rapid
The conference
as
apt word and
Turning to
some
refer to as the "New
said, expressing the hope that
production.
"When labor insists on
pose,
the closed shop it merely
because the closed shop
inefficient labor," he
"When the
said.
manufacturer argues
steady jobs."
production and
* M
he is, in fact,
consistent with the widest
nearest possible thing to
against the closed shop
quantity production at a price
possible market, which, in turn, assures the
trying to provide
defeats its own pur¬
generally brings inefficient
3288
Financial
Lawrence Dennis, Economist for E. A. Pierce & Co., said that the most
serious aspect of the present state of labor relations was in the
spread of the
class struggle idea and the corrollary increase in the practice of
"power
politics" in labor strategy.
He urged management to
accept
collective
Chronicle
income
Nov.
bracket
and
group
declared
in
Housing Act to increase the insurance
proposal discussed at
for inducing private capital
House
to undertake
//'-a
■'Wv.--'
"More is done by arbitrary shop foremen and arbitrary company
policies
than
by radical doctrine to drive
and program,"
Speaking at
to
men
follow radical labor leadership
he asserted.
a
of the National
luncheon meeting, Carl B. Fritsche, Managing Director
Farm Chemurgic Council,
Dearborn, Mich., predicted
a
"chemical revolution which will create
a host of new
industries, all dependent
scientific research and which, within the next generation, will accom-
upon
lish
as
much for the well-being of society and for the
tunity for employment
in the last two score of
This growth,
broadening of the oppor¬
have the mechanical and electrical revolutions
as
years."
he said, will
'
Frank W. Love joy, sales executive of the Socony-Vacuum
Oil
as
Company, Inc., was reported in the "Times" of Nov. 19
asserting that "industry has forgotten in the last five or
six years that in the end the people decide."
Industry, he
said, must convince the man in the street that this is a capi¬
talistic country and make him believe that its
products and
policies are aimed at giving him greater value and content¬
"Successful
ment.
business
money," Mr. Lovejoy said.
is
not
merely
"A business
can
the making
as
regarded
successful when it gives greater happiness and
contentment
to its employees and more value to the
consumer."
Other
speakers the
day
same
Harry Boyd Brown,
were
national merchandising manager of Philco Radio
and Tele¬
vision
Corporation, C. B. Larrabee, managing editor of
"Printers Ink"; J. M. McKibbin
Jr., apparatus advertising
and sales promotion
manager, Westinghouse Electric and
Manufacturing Company; R. F. Lovett,
manager of the per¬
sonnel research department of Proctor &
Gamble
Leonard
Company;
J.
Raymond, President of
Boston.
Dickie-Raymond,
Inc.,
.v
,
of New York Re-elected
President—Nathan Straus
Administrator of FHA a
Speaker
The United States Conference of
Mayors ended a three-day
meeting in Washington on Nov. 17 with the
adoption of a
resolution declaring that
unemployment is too serious a
problem to be used as a "political bludgeon" for
any person
or
party.
The conference said that
unemployment is in¬
creasing and that if this trend continues cities will have to
ask the Works Progress
Administration to increase
ment
employ¬
quotas far beyond the seasonal increase now contem¬
plated.
The Mayors also adopted a resolution
directing
their executive committee to
prepare
estimates, based
on
Federal
90%,
a
national
Deposits
were:
construc¬
and maintenance of municipal airports.
That the Federal Government undertake to act
purchasing agent for
municipalities which have no purchasing departments.
That the cities of the country adopt uniform standard
qualifications for
as
public health officers.
there has been no intimation from the Administration that
it
shares the fears of the mayors that the present relief
appropriation will be
now
insufficient to carry the unemployed
through
WPA said yesterday that there was no
the winter.
Officials of the
thought at this time of asking for a
deficiency appropriation.
•V-'-'T
Y''"
\
LaGuardia Warns of Peril
Mayor LaGuardia, however, was insistent that the
unemployment prob¬
lem challenges the very existence of indistrual
institutions and threatens to
unbalance all governmental budgets and to
destroy the "morale and home
life of millions of Americans while
undermining the greatest of all markets
for our goods—the American
buyer."
*
"We cannot," said the proclamation
approved by the conference, "con¬
tinue forever to multiply production of
our
commodities by technological
advance, and build an increasing demand for these goods, if at the same
we continue to destroy
jobs and thereby virtually slaughter the pur¬
chasing power of these millions of unemployed."
time
Mayor LaGuardia stirred up controversy by urging the conference to
indorse legislation to remove control of aviation from
the Commerce and
Post Office Departments and consolidate it in
the Interstate Commerce
Commission.
ments which
Aviation is
share
Associated
"a
now
political football" of the two depart¬
jurisdiction, he said.
Press
/
advices from
Washington on Nov. 18
reported that Mayor LaGaurdia on that day criticized delays
in the Federal housing
program and declined to participate
in a conference called for next week
by Mr. Straus, Admin¬
istrator of the Federal Housing
Authority.
The Associated Press added in
part:
In
telegram to Mr. Straus, made public by the
administrator, Mayor
a
LaGuardia asserted Mr. Straus's proposal to defer
consideration of appli¬
cations until after January 1 would result in the loss of an
entire year in the
$526,000,000 housing program authorized under the
Wagner-Steagall Act.
"I certainly will not be a party to such a
program," he said.
In
statement replying to the
telegram Mr. Straus asserted that "New
York is not the only city in the
country." He said next weeks' conference
a
with local housing authorities had been called to "frame
the needs of the 48 States in the Union.
policy to meet
a
That was, I believe, the intent of
the Congress in limiting the amount of funds to be
spent in any one State
to 10% of the total," he added.
"The conferences will be held and I
hope we will not be deprived of the
great assistance that could be rendered in
formulating our policies and in
promoting prompt action by the attendance of the excellent chairman of
New York City Housing
Authority, Mr. (Langdon) Post and his
the
extremely competent counsel, Mr. Charles Abrams."
'*
on
conditions next month, for submission to
the regular session
of
Congress.
A labor resolution said United
Press advices from Wash¬
ington Nov. 17 directed the Executive Committee to
transmit
to the officers of the
opposing union factions the conference's
view that "it is of the
greatest
public interest, including the
be^t interest of labor, industry and the general
public, that
at the earliest
possible time the A. F. of L. and the C. I. 0.
adjust all differences between them and thus enable
their
members to devote their united
efforts to the
recovery of
industry and the full return of
prosperity."
Mayor LaGuardia of New York
on
Nov. 17.
was
Mr. LaGuardia in
re-elected President
addressing the conference at
its opening on Nov. 15 said
that there had been no definite
improvement in the unemployment situation in the
cities.
From a Washington
dispatch on that date to the New York
"Times" we quote:
He said he believed a Federal
deficiency appropriation would be
necessary
if the present downward
trend continued, and "it
follows, therefore, that
our estimates will
indicate a large amount for the
fiscal year 1938."
Mr. DaGuardia said that not
until the question of a
formula for the
division of unemployment relief was
satisfactorily settled could the Mayors
hope to arrive at an estimate for
permanent relief
requirements.
Each year, he
asserted, "as we gathered and received the
survey of con¬
ditions in our cities, it has been
our fond
hope that in the next conference
we could see an
improvement and be able to so announce
it."
But the Mayors were not
legislators, he went on, nor did they control
the industries of the
country.
"We
are
tions and
just Mayors," he said.
we are
and only as the
A
bound to report
"We
are
confronted with actual condi¬
realistically conditions
as
we
find them,
Mayors of the cities of this
country know them."
formula for solving the
problem
worked out with the aid of
of relief for
employables should be
Harry L. Hopkins, Works Progress Adminis¬
trator, for he warned that, "if Congress
attempts to rewrite a
bution
on
relief for
fixed contri¬
employables, there
be able to qualify under such
a
are
few cities in this
country that will
formula."
,
the obligations
imposed upon them
Act.
He expressed the
prepared to
assume
by the Housing Authority
hope that the Housing Authority
ready to receive applications by Jan. 1.
Other proceedings on Nov. 17 were
reported as follows in
a
Washington dispatch of that date to the New York
"Herald Tribune":
would be
The Mayors offered to
cooperate with Nathan
Housing Authority,
program,
proposed
in
hastening the
amendments
to
housing
of
act
a
to
Section
make
of
Wadsworth, Chairman of
International
Chamber
of
Commerce-—Plans for Future Work Laid—Thomas
J.
Watson
Also
Returns
Eliot
Wadsworth, Chairman of the American Section of
the International Chamber of
Commerce, on his return from
Europe on the Normandie on Nov. 8 gave out a statement
saying:
The Council meeting of the International Chamber
of Commerce held in
Paris, October 29, 1937,
years' work before
was constructive.
our next
We laid out plans for the two
Congress in 1939.
It is impressive to sit with business
men
from 30 or 40 countries to discuss
conditions and how they may be improved
by cooperation.
delegation
Dean
The American
was a
strong one, which included Winthrop W. Aldrich, Nelson
Jay, Clark Minor of the International General Electric
Company,
Francis Powell, formerly British
representative of the Standard Oil Com¬
pany
of New York, and several others.
There is
a
refreshing atmosphere of frankness in these meetings which is
impossible to attain where
government representatives meet.
present American business opinion
other delegations did the
same
on
We tried to
international business questions, and
for their countries.
It
was
worth
a
special
trip over.
The American Section of the International
Chamber of Commerce repre¬
sents all American business interested in
Thomas J.
office.
foreign trade. The new president,
Watson, of New York, is the second American to hold that
The
Council enthusiastically approved his
plans
International Chamber of Commerce useful and active in
for
making the
improving trade
among nations.
Thomas J. Watson, president of International Business
Machines Corporation and of the International Chamber of
Commerce, wrho also returned from Europe on the Normandie
had the following to say in
part:
The general
impression with which
Europe is
one
I
return
from
my
stay
of several
of optimism.
While abroad I visited thirteen countries in the interest of
my company,
talked with International Chamber of Commerce and
other business and
financial leaders from all parts of the world, and had
an
opportunity to meet
and talk with the heads of many governments.
Business conditions
are
encouraging in most countries, and I found that
all of the people I talked with were
peace minded.
.
.
.
The thinking people in all countries should
help to adjust world economic
conditions to insure permanent peace.
It is my opinion that with proper
co¬
operation among the different business, political, social and
religious groups
within countries, and an honest effort on the
part of nations to understand
together, whatever differences may arise from time
Federa1
I do not think any real progress
to
time will straighten themselves out.
housing
the
low-cost
available
Federal funds for rehabilitation of run-down
homes for persons in the low-
American
each other and work
Straus, head of
completion
the
Return from Abroad of Eliot
months in
Speaking before the conference on Nov.
17, Nathan
Straus, Administrator of the United States
Housing Author¬
ity asked the Mayors if their cities were
a
incentive
tion
be
Necessary—Unemployment Found In¬
creasing—Resolutions Adopted—Mayor LaGuardia
the
an
amend tne Federal Keserve Act to permit the
payment of
interest in demand deposits of cities, of which New York has
currently
from $90,000,000 to $120,000,000.
That the Federal Government make available subsidies for
the
Conference of Mayors Warns Increase in
Federal Relief
Will
Ask Interest on
as
That Congress
of
be
amending
conference
Other resolutions approved by the conference
Until
in industries which will utilize as raw
materials the surplus crops of the American farms.
come
: -
1937
20,
building boom
a
bargaining but to combat the philosophy and technique of the class struggle
in labor relations.
of
of constructions from 80 to
White
recent
a
favor
will be made until the peoples of all
nations, regardless of their different forms and principles of government,
think and work along these lines.
.
.
.
Volume
Financial
145
International Chamber of Commerce
The Council Meeting of the
Paris, October 29th,
was
attended by a representative delegation
held in
of Ameri¬
of the American
elected vice presi¬
dent of the International Chamber of Commerce, and Winthrop W. Aldrich,
of New York, was appointed Chairman of the Monetary and Credit Com¬
headed by Eliot
cans
Section.
Wadsworth, of Boston, Chairman
At this meeting Silas Strawn,
:'!
mittee.
'
■
of Chicago, was
■
United
Pomerene, Former
Senator
States
Prosecutor in
from
RFC Chairman and
Ohio—-Was Special
Teapot Dome Oil Inquiry
Chairman of the Reconstruction
Corporation, United States Senator from Ohio
from 1910 to 1922, and special prosecutor in the Teapot
Dome oil inquiry, died on Nov. 12 at his home in Cleveland,
Ohio, of bronchial pneumonia.
He was 73 years old. Since
1933, when he retired as Chairman of the RFC, and until his
Atlee Pomerene, former
Finance
death, Mr. Pomerene, once a leading Democratic figure in
Ohio, had been inactive politically, but was in active law
practice in Cleveland.
Mr. Pomerene, who in 1928 was
mentioned as a Presidential candidate, was born in Berlin,
He attended the local public schools
and Vermilion Institute at Hayesville, Ohio, and was gradu¬
ated from Princeton University in 1884.
He then attended
the Cincinnati Law School from which he graduated in 1886.
He was admitted to the Ohio bar in the same year, opening
a law office in Canton.
Mr. Pomerene held several public
offices in Ohio before seeking the Democratic nomination for
Governor of that State in 1908, being defeated, however, by
Hudson Harmon.
As to his political career, we take the
following from the Cleveland "Plain-Dealer" of Nov. 13:
In 1910 a series of events began that made Mr. Pomerene a figure of
Ohio, Dec. 6, 1863.
.
of the State Demo¬
shelve him, nom¬
inated Mr. Pomerene for Lieutenant Governor on the ticket with Garmon.
They were elected Nov. 8, 1910, but in the first session of the Legis¬
lature following that election Mr. Pomerene was elevated to United States
Senator.
That was on Jan. 19, 1911.
He succeeded Gen. Charles Dick.
In 1916 Senator Pomerene, seeking reelection, defeated the late Myron
T. Herrick, his opponent, in the popular election, which had become effec¬
In that year he was Chairman
national importance.
A faction of the party, planning to
cratic Convention.
by that time.
tive
1919
In
once
did not reach national
winning over John J. Lentz
more,
proportions.
party's nomination for Senator
Pomerene was given his
1922 Mr.
In
for the Democratic nomination
boom for Senator Pomerene
a
for President came into being, but
of Columbis, but Simeon D. Fess,
Congressman from the Seventh
Republican, then serving his sixth term as a
Ohio District, won the
Senate.
by the late
election.
unsuccessful effort to return to
defeated
Frank B. Willis, who had succeeded Warren G. Harding as
Four years
the
later Mr. Pomerene made an
Democratic nomination, but was
He received the
Senator when Mr. Harding
tered
the practice
In
March,
1924 President Coolidge
tice and named him,
States
called Mr. Pomerene from his private prac¬
with Owen J. Roberts, now a
justice of the United
counsel in charge of the prosecution of
scandal.
of Albert B. Fall, Harry
involved in the sensational disclosures concerning
from the Teapot Dome
This work resulted in the
Sinclair and others
Government's
indictments and trials
naval oil base leases.
honored the former Senator
candidate for the Presidency and
his name was placed in nomination at the convention in Houston.
Four
years later Mr. Pomerene placed the name of Gov. George White in nomina¬
tion as a candidate for President at the Democartic National Convention in
Democratic State convention
1928 the
In
by electing him as Ohio's "favorite son"
Chicago.
again honored Mr. Pomerene,
of the RFC Aug. 1, 1932.
He
office until Franklin D. Roosevelt became President March 4,
Republican President, Herbert Hoover,
A
Democrat, by making him Chairman
the
served in that
1933.
of the Senate Banking and Cur¬
preparation and enactment of the
1913 Mr. Pomerene was a member
In
rency
Committee and was active in the
Reserve System.
In 1916 he was prominent
framing the Federal Trade Commission Act, the Farm Loan law and the
legislation creating the Federal
in
National
good roads law.
Death of C. E. ter Meulen,
ber of
Holland Banker—Was Mem¬
Hope & Co., of Amsterdam
of the banking firm of Hope
Carel E. ter Meulen, member
due to injuries
accident. He
was 70 years of age.
In a wireless dispatch from The Hague,
Nov. 15, to the New York "Times" of Nov. 16, it was stated:
Amsterdam, Holland, died on Nov. 15,
sustained a few days prior in an automobile
& Co.,
After joining
Hope & Co. in 1901 Mr. ter
the
He played
a
Meulen went to the United
prominent part in the League of Nations financial com¬
transfer arrangement between Holland and
He also drafted the
Germany.
♦
C.
F. Hosford to Withdraw
of NBCC—Decides to
ing Conference
Charles
F.
Resignation
as
Chairman
Remain Indefinitely Follow¬
with James Roosevelt
who, on Nov. 3, submitted
Hosford,
his
resignation to President Roosevelt as Chairman of the Na¬
tional Bituminous Coal Commission, on Nov. 12 said that he
would withdraw the resignation and remain with the Com¬
mission indefinitely.
Mr. Hosford's decision to remain with
the Commission followed a conference with James Roosevelt,
the President's son and secretary.
Mr. Hosford has been
Chairman of the old Bituminous Coal Commission and was
denying
statement
a
that
his
decision was in
any
A
desire
sole
ment
as
have involved
and
make,
The
law.
that
two
years
I
have
spent
in
continue
to tender my
greater financial sacrifice than I can
a
impelled
alone
circumstances
personal
stabiliza¬
industry and setting up the necessary organiza¬
of
administration
for
Washington
to
the
of
entire efforts have been directed to securing a law for
the bituminous coal
tion of
Hosford as the
September, 1935, I accepted appoint¬
first Coal Commission," he 6aid, "since which
"In
resignation.
member
a
time my
tion
his
for
private business was given by Mr.
to
to return
reason
patronage.
over
in the industry.
abating chaos
me
resignation.
"During
months
recent
Commission
and
its
and
has
been
that
it
lies
answer
the
in
work
efforts have been made to discredit the Coal
by charges that its personnel is incompetent
selected
that
fact
for political
solely
today
we
have
reasons.
efficient
an
The complete
and competent
of time allowed for
been done.
reported that members of the Commission are hope¬
lessly at odds, with the result that little, if any, work is being done.
The
answer
to
that story is that there has never been any division among
members of the Commission on any fundamental question of policy and
that after weeks of hearings, investigations and conferences the work of
arriving at minimum prices is nearing completion.
Those prices should be
l'ully effective before Jan. 1, probably between Dec. 10 and 15."
The patronage dispute came to a head last August and the Administra¬
tion, through an intermediary, endeavored vainly to restore harmony.
The
Administration proposed a managerial committee of three to handle patron¬
age, and when no such committee was appointed, John C. Lewis, one of
labor's
representatives on the Commission, wrote a letter to Senator
Clyde L. Herring, Democrat of Iowa, protesting.
Mr.
Lewis complained
that the Commission had adopted a resolution
declaring all meetings executive, and had warned members that disclosure
of What went on behind closed doors would be regarded as a breach of
Commission rules.
The labor representative asked Senator Herring to
assist him in prying out of the Commission a list of personnel, grades,
organization ;
has
"It
considering
fact,
in
short
the
space
I believe that an unusually good job has
the work,
been
also
salaries.
and
classifications
Returns from Annual Vacation in
J. P. Morgan
and Scotland—Is
ness
on
England
Taxation, Busi¬
and Politics
York
New
Non-Commital
Morgan, head of J.
P.
J.
P. Morgan & Co., returned to
liner
in England and Scot¬
Europe on July 19
yacht Corsair, spent the last three weeks of his
Nov. 15 aboard the Cunard White Star
on
Queen Mary from his annual vacation
land.
Mr.
Morgan, who sailed for
aboard his
vacation
return
hunting
his
at
to New York
stock market,
Gas
in
Scotland.
Upon
his
comment on taxation, finance, the
industry or politics.
Sellman
E.
F.
lodge
he said that he was feeling very good,
but refused to make any
Appointed Treasurer of Association of
Appliances and Equipment Manufacturers
of New York, Vice-President of Servel,
appointed Treasurer of the Association of Gas
Appliance and Equipment Manufacturers, a trade asso¬
ciation, the membership of which is made up of 318 manu¬
facturers of gas appliances and accessory equipment. Servel,
Inc., manufacturer of gas-operated Servel Electrolux re¬
frigerators, is a member of the Association of Gas Appliance
and Equipment Manufacturers.
The Association is an affiliate of the American Gas
Association and conducts the exhibits that are held, usually
at Atlantic City, on the occasion of the annual conventions
of the American Gas Association.
The next exhibit of this
kind will be held at the World's Fair in 1939 in a building
to be erected by Gas Exhibits, Inc., of which Mr. Sellman
E.
F.
Sellman,
Inc., has been
is
a
director.
William
P.
Gest Resigns
as
Chairman of Philadelphia
Clearing House Committee—Succeeded by Archie
B.
Swift—Marshall S. Morgan Elected to Com¬
then to Russia.
Austria's financial rehabilitation.
mittee.
issued
Nevertheless, Administration
spokesmen have admitted privately that the President has been viewing
the Commission with a critical eye for some time.
It was hinted tonight
that reorganization might take place after Mr. Hosford stepped out.
The Administration's quarrel,
it was said, is not with Mr. Hosford,
whose work is highly regarded, but with the patronage disputes and the
delay in fixing minimum prices and proclaiming marketing regulations.
Coal operators have complained
that six months have passed since the
Commission started its work, and there is yet no constructive step toward
During the war Hope & Co. was
Netherlands agent for the United States and British Governments.
At
Paris peace conference he devised the well-known ter Meulen plan for
States for several years,
the
Hosford
influenced by dissension
former Senator as one
the fifth Pan American
Chile.
Supreme Court, as special
the oil cases arising
the
member of the firm of Squire,
representing the United States at
Congress, which met in Santiago,
In
Mr.
way
Cleveland.
1923, President Harding named the
of the delegates
F.
Senate, Mr. Pomerene again en¬
of law and became a
Sanders & Dempsey of
under the
became President in 1921.
1923, after his retirement from the
In
reorganized commission appointed
Guffey-Vinson Bituminous Coal Act of 1937.
In tendering his resignation to President Rooseveltjon
Nov. 3, Mr. Hosford also issued a statement explaining his
action; this statement was summarized as follows in a
Washington dispatch, Nov. 3, to the New York "Herald-
named Chairman of the
Tribune" of Nov. 4:
♦
Death of Atlee
3289
Chronicle
mittee
Joseph Wayne Jr., President of the Philadelphia Clearing
House Association and President of the Philadelphia Na¬
tional Bank, announced on Nov. 8 that William P. Gest,
Chairman of the Fidelity-Philadelphia Trust Co., has re¬
Chairman and as a member of the Clearing House
Archie D. Swift, President of the Central-Penn
National Bank, was elected Chairman of the Clearing House
Committee and Marshall S. Morgan, President of the
Fidelity-Philadelphia Trust Co., was elected a member of
the Clearing House Committee to fill the vacancies caused
by Mr. Gest's resignation, Mr. Wayne revealed.
Mr. Wayne commented on the resignation as follows:'
signed
as
Committee.
Mr.
Gest
desired
to
be relieved
of all duties in connection with the
Clearing House, and his resignation was
with exceptional ability
are
accepted with regret.
He served
and the members of the Clearing House Association
greatly indebted to bim for his services.
3290
W.
C.
Financial
Potter
T.
and
J.
surplus
York,
in
banks having
capital
have
and
William
elected
announced
was
Chairman
Board
the
York
Directors
of
Central
of
the
Class A
as
Class
a
A
Guaranty
Trust
Co.,
New
W.
Davison, Chairman of
& Trust Co., New York City,
Bank
Hanover
term
as
Owen
by
City, will succeed George
whose
Potter
years
16
Board.
the
of
C.
beginning Jan. 1, 1938, it
D. Young, Deputy
Mr. Potter, who is Chairman of
Nov.
on
director
expires
Dec. 31.
on
Corp., New York.
Mr.
Nomination of the two—Mr. Potter
Watson—was
referred
Summaries of their
our
careers
issue
of Nov.
6,
and
page
given in these col¬
were
Elmer
York,
died
Jacksonville,
Fla., Nov. 29-30
would
known that the Tennessee Association of Real Estate Boards
will hold its convention in Jacksonville, Nov. 27, in connec¬
regional meeting, while the Florida Associa¬
tion of Real Estate Boards convention, set for St.
Augustine,
Nov. 26 and 27, is planned to immediately precede the
regional convention.
Paul
E.
Stark,
Institutes
southeast
A
convention.
get-acquainted
include
Nov.
on
Wis.,
Divisions
by appraisers, brokers,
will
He further announced:
Madison,
and
regional
home
program
National
President,
heads
and
the
of
the
of
Association, will take part in the
Specialized group conferences are planned
builders, and
planned
is
pre-convention excursion
a
property
to
from
28, where out-of-State visitors
will
Jacksonville to
be
♦
York
State
Winter
The
tenth
the
Jan. 24.
guests
This
St. Augustine
of the Florida
Bankers
have
Bank
noon,
and
annual
of New
the
been
40 years
bank
the
with
Assistant Treasurer.
In
Secretary, and three
Mr.
F.
Jay
Carlisle,
1930 he
next month.
years ago
elected
was
and
became Vice-President.
member of the New
a
been
Trustee
York
Stock
Ex¬
change and senior member of the firm of Carlisle, Mellick &
Co., New York, died on Nov. 17 in the New York Hospital
at
the
68.
of
age
of
the
had
Street,
Stock
firm
of
York
Stock
Y.,
1890.
Mr.
He
Exchange
Carlisle
became
1893
in
during
Exchange, and from
his
long
committees
1928
to
Wall
New
the
on
Mr.
in
York
career
of
1934
a
and
Carlisle, Mellick & Co. in 1908.
various
on
N.
Brooklyn,
College in
active
been
serving
in
Yale
New
the
Carlisle
Born
from
graduated
was
the
Board
of
Association
midwinter
will
on
meeting
be
York,
annual
a
William G. Gallagher, a former member of the New York
Curb
Market Association, died on Nov. 17 at his home in
Merrick, L. I.
He was 64 years old.
Born in New York
City, Mr. Gallagher was a founder of the New York Curb
Market Association, now known as the New York Curb
Exchange, and was a member of the Association from 1911
to 1920.
At one time he was President of the Altar Con¬
solidated Mining Co., and was a former member of the New
York Produce Exchange, the New York Cotton
Exchange,
and the
Chicago Board of Trade.
Charles S. Brown, Vice-President and director of
Brown,
on Nov. 18 was elected a
Director of the Fulton Trust Co. of New York to fill a
Wheelock, Harris, Stevens, Inc.,
S.
Brown, served
44
as
director of the Trust
a
Company for
and at the time of his death in 1935
director of the company.
Mr. Brown is also a
was
senior
director
of
Homes, Co. and The Mercantile Insurance
America, a member of the board of managers of
Mid-
of the New
held in
New
of the
room
of
the
New
York
the
Hold
to
Jan. 24
Poor
and
Association
trustee
a
for
Improving the Condition of
Society of Phipps Houses.
of
York
York
City
Federal
Re¬
William
Greater
Nov.
de
Neergaard
New
York
was
Savings
elected
Bank,
a
Trustee
Brooklyn,
of
N.
the
Y.,
on
12.
business session in the after¬
banquet
the
at
Roosevelt
Hotel
Receivership of the Monroe National
in
N.
evening.
Y.,
was
terminated
ington advices
Society for Stability in Money and Banking (New York)
to Hold Mid-Winter Conference
Beginning Dec. 15
—Advocates
Mr. Brown's father, the late Charles
years
Co.
The program calls for a business session in the
serve
the
;
luncheon in the dining
morning,
Hospital.
City Suburban
Meeting in New York
State Bankers Association
on
York
New
the
at
Before becoming Comptroller, in 1929, Mr. Jacobs had
vacancy on the board.
managers.
precede the convention.
Slate group.
New
was
regional convention of the National Asso¬
Real Estate Boards will be held in
Jacksonville,
Fla., Nov. 29 and 30, bringing together realtors from Ten¬
nessee, North Carolina, South Carolina,
Mississippi, Ala¬
bama, Georgia and Florida, it was announced recently by
Frank C. Owens of Atlanta, Ga., Regional Vice-President of
the Association for the southeast region.
Mr. Owens made
various
17
59 years old, was a
native of New York
joined the bank after he graduated from high school.
and
ciation of
the
Vice-President, Comp¬
Savings, New
Executive
Governors.
The southeast
with
Nov.
on
Jacobs, who
He
Jacobs,
trustee of the Seamen's Bank for
a
founded
Southeast Regional Convention of National Association
of Real Estate Boards to Be Held in
tion
The bank has 12 branches
director.
a
20, 1937
York.
Rand
member
Oct. 2, page 2163.
of
umns
in
to
New
troller and
Mr.
Watson is President of the International Business Machines
2950.
elected
was
Greater
and
$1,999,OOOt have reelected Thomas J. Watson
over
Tunney
Nov.
of the New York Federal
comprised of
director, for terms of three
the
of
Class B director of the Federal Reserve Bank of New
a
as
District,
Directors
Reserve Bank
The member banks in Group 1
Reserve
Elected
Watson
New York Federal
Chronicle
Pensions
for
Governors
of
Federal
Reserve System
Bank
of
Monroe,
recently, it is learned from Wash¬
Nov. 14 to the New York
"Times," which
on
added:
The
and
Monroe National
other
creditors
creditors got
went
received
into
receivership in July,
99.16%
of
total
1932.
liabilities,
Depositors
while
unsecured
87.37%.
At the mid-winter conference of the
Society for Stability
Money and Banking, Inc., New York, the question of
pensions for members of the Board of Governors of the
Federal Reserve System will be* discussed, it was announced
by the Society on Nov. 17. The pensions for the Reserve
Board Governors are advocated by the Society in its
program
for stable money, a portion of which was made
public on
Nov. 17.
The Society's announcement further said:
The Franklin National Bank of
in
"The
most
Federal Reserve Board, which went into office last
year is the
new
powerful credit control in the nation and,
role in security
such, plays
as
an
important
at
same
The
appointment of Governors of the Federal Reserve
same searching preliminary
inquiry in fitness,
investigation by the Senate before an appointment
that is requisite and proper for the appointment of a
justice
States Supreme Court.
careful
should
declining
years.
Aji ample pension
necessity of providing
for themselves, their
widows and their children
during minority, should therefore, be provided
for all except those who may be impeached, or who
voluntarily retire before
their
terms
expire, for personal advantage."
Unlike the original board, on which
were
ex-offlcio the Secretary of the
Treasury and Comptroller of the Currency, the
are
ITEMS
seven
Governors whose
for 14 years, have no other government office.
ABOUT
Arrangements
New
Effective Oct. 29, the First National Bank of
Perth
Amboy, N. J., went into voluntary liquidation.
The institu¬
tion,
the
which
First
capitalized
was
Bank
& Trust
BANKS,
were
TRUST
made Nov.
COMPANIES,
10 for
the
transfer
York
membership
Nov. 17 at
on
the New York
&c.
of
a
The
Cotton Exchange sold
Savings Bank
New York City.
——•
At
Plan
a
$600,000,
absorbed
was
by
of the same place.
approximately $500,000 will be
25, at dates to be set later, to de¬
positors in seven Allegheny, Pa., defunct
banks, it was
announced
recently by Luther Harr, State Secretary of
Banking for Pennsylvania.
The Pittsburgh "Post Gazette"
of Oct. 28,
authority for this, listed the banks, together with
Dec.
details pertaining to each,
Bank
meeting
Industrial
of
the
Bank,
Board
as
follows:
of
Secured Savings,
Pittsburgh, 6,750 depositors,
bringing total thus far distributed to 64%.
The last
Jan.
4%,
payment
27,
$53,336,
was
made
1937.
Carnegie Trust Co., Carnegie, 10,280 depositors,
5%, $192,720, bringing
the total to 23%.
Last payment, January 19, 1928.
Corapolis
State
Bank,
total
to
60%.
Last
of
M.
ing the total to
Fifth
Corapolis,
payment,
220
depositors,
Jan. 6,
5%,
$2,295,
bringing
1937.
Berardini, Pittsburgh, 828 depositors, 7%, $14,424,
bring¬
34.2%.
Last payment, Nov. 1, 1935.
Avenue Bank of
Pittsburgh, 2,005 depositors, 4%, $49,635,
bring¬
Last payment, Sept. 29, 1934.
Franklin Savings & Trust Co.,
Pittsburgh, 5,039 depositors, 4%, $81,491,
bringing the total to 22%. Last payment, Dec. 29, 1932.
ing the total to 49%.
Tarentum Savings & Trust Co., Tarentum,
6,700
to 63%.
Last 'payment, June
bringing the total
depositors, 5%, $67,727,
1,
1934.
»
$11,000, off $500.
Daniel P. Higgins, New York
architect, has been recently
elected a trustee of the Emigrant Industrial
of
at
Co.
amounting to
distributed before
the
Stock Exchange membership at
$75,000.
previous transaction was at the same price, Nov. 9.
A
Nutley of the
♦
Estate
terms
absorbed by the Bank of
place.
Dividends
Board
and the same
is confirmed,
of the United
To permit "the maximum of impartiality in their consideration
of na¬
tional monetary banking problems," says the
Society's statement, "mem¬
bers of the Board should be relieved of the financial
own
was
markets," Dr. Joseph E. Goodbar President of the Society
Involve the
their
Nutley, N. J., capitalized
placed in voluntary liquidation on Nov. 5.
was
■
said, adding that:
for
$100,000,
The institution
Effective Oct. 12, the Valley National Bank
of
Des
Moines, Iowa, was placed in voluntary liquidation.
The
institution, which was capitalized at $500,000, was absorbed
by the Valley Savings Bank of Des Moines.
»
of
Directors of
New York, held
on
the
Nov.
Morris
17, Gene
Concerning the affairs of the closed First National Bank
of Burlington,
Iowa, the closing of which was noted in our
issue
6,
Nov.
of
2952,
page
the
of
"Commercial West"
Nov. 13 had the following to say:
received assur¬
Chair¬
man, that depositors in the closed First National, Burlington, will receive
all their money.
He said the FDIC planned to advance sufficient funds
to pay deposits in
excess of $5,000.
The Senator further announced a
new bank, to be known as the National Bank of Burlington,
would replace
Herring, this week said lie had
Senator, Clyde L.
Iowa's
Crowley,
T.
Leo
from
ance
Federal
Deposit Insurance Corporation
institution, taking over deposit
the old
liabilities.
former
Assistant
Cashier, is being held, it is reported, on charges
the closing of the bank on Oct. 20.
The successor to the First National Bank of
incident to
William
that
added
is
It
Kurrle,
Burlington,
char¬
tered by the Comptroller of the Currency on Nov. 6.
It
is capitalized at $200,000.
John H. Witte Jr. is President
and Mortimer Goodwin, Cashier, of the new institution.
under
National Bank of Burlington, was
title of the
Kendall
G.
Seaton,
heretofore Executive
Vice-President
Ashland, Ky., was elected
President of the institution at a recent special meeting of
the directors, it is learned from Huntington, W. Va., advices
appearing in "Money and Commerce" of Nov. 13.
Second National Bank of
of the
Portland "Oregonian" of Nov.
It is learned from the
12
have been completed for the purchase of
the banking business of the Wallace Bank & Trust Co. of
Wallace, Idaho, the largest bank in Shoshone County, by
the Idaho First National Bank of Boise, announcement to
that effect having been made by John A. Schoonover, Execu¬
tive Vice-President of the Boise institution.
We quote the
that arrangements
banking
were
office will be conducted as a
retained.
The
in
Wallace Bank to Trust
1916,
Jerome
and
J.
Co. was established as an
has deposits of approximately
President; Henry L. Day,
Day,
Cashier and Secretary.
Under the new setup, the depositors of the
Idaho State bank
$3,500,000.
Officers are:
Vice-President; Orville L.
Jones,
of
insurance of deposits
bank will enjoy the benefits
under the Federal Deposit Insurance
Purchase of the Security
Corporation,
State Bank of Spokane,
Wash.,
deposits of approximately $1,500,000, was announced
on Nov. 10 by M. A. Arnold, Chairman of the Board of
Directors of the Seattle-First National Bank, Seattle, ac¬
with
cording to the Seattle
The
under
said A.
"Post-Intelligencer" from which we
following:
also quote the
Spokane banking house will become a
branch of the Seattle-First
of its Spokane and Eastern division.
Mr.
Vice-President and Cashier, will be in charge as
supervision
the
D. Davis,
Arnold
branch
Manager.
The
purchase gives Seattle-First 22
A.
A.
Magee,
branches.
K. C., Acting President of
Barclays Bank
(Canada) of Montreal, since the death of Sir Robert Borden
in July, was elected President of the institution at the
tenth annual meeting of the shareholders on Nov. 16.
At
the same time, H. A. Stevenson, heretofore General Man¬
was
made Vice-President.
Reference to President
Magee's remarks at the annual meeting of the shareholders
is made elsewhere in these columns today.
ager,
THE
CURB
EXCHANGE
and dull trading were the
dealings on the New York
Curb Exchange during the greater part of the present week.
There were occasional periods of activity and small gains,
but the trend of the market, on the whole, has been toward
lower levels.
Public utilities, particularly the preferred
Irregular
price
movements
dominating characteristics of the
advances from time to time
have moved forward and
backward. Oil stocks have attracted some buying but were
somewhat irregular at times.
Industrial 'specialties have
been quiet with most of the changes on the side of the
stocks, have registered small
and the mining and metal shares
session
on
declines
in
excess
brief
small, the
and slightly easier during the
Saturday, and while the changes were
were
of the gains.
canceled before the market closed.
Some interest was
and
numerous
soft spots were
dipped 5 points to 41 and Aluminum Co. of America 4 points
to 81.
Other weak spots were Bell Telephone of Canada 4
points to 160, Fisk Rubber pref. 4 points to 56, Carrier Corp.
134 points to 28%, Consolidated Gas & Electric of Baltimore
234 points to 65% and Humble Oil 2 points to 58%.
Lower security values were apparent during the opening
hour on Friday.
As the day progressed selling became more
pronounced and prices tumbled sharply downward, the re¬
cessions ranging from 2 to 10 or more points.
The losses
were not confined to any one group of stocks but extended to
every section of the list, the high priced specialties bearing
the brunt of the decline.
Outstanding in this group were
Aluminum Co. of America 4% points to 76%, Babcock and
Wilcox 8% points to 63%, Draper Corp. 9 points to 60,
Newmont Mining 5 points to 55, Pepperell Manufacturing
Co. 8 points to 70, Sherwin Williams 5)4 points to 77, Singer
Manufacturing Co. 10 points to 230 and Wagner Baking
Corp. pref. 12% points to 8334As compared with Friday
of last week, prices were sharply lower, Aluminum Co. of
America closing last night at 7634 against 90 on Friday a
week ago, American Cyanamid B at 2234 against 26, Am¬
erican
Gas &
Electric at 24% against 28,
American
Light & Traction at 13)4" against 15,
Carrier Corp.
at 27% against 33, Commonwealth Edison (New) at 26%
against 28%, Consolidated Gas of Baltimore at 63% against
68, Creole Petroleum at 21 against 26, Electric Bond & Share
at 9% against 12%, Fisk Rubber Corp. at 634 against 7%,
Ford of Canada A at 17% against 18, Gulf Oil Corp. at 36%
against 41, Hudson Bay Mining & Smelting at 18% against
22%, Humble Oil (New) at 58 against 61%, New Jersey
Zink at 59 against 64, Newmont Mining Corp. at 55 against
66, Niagara Hudson Power at 7% against 9%, Singer Manu¬
facturing Co. at 230 against 245, Sherwin Williams Co. at
77 against 9134 and United Shoe Machinery at 71% against
76%.
DAILY
TRANSACTIONS AT
^
Nov. 19. 1937
{Number
of
Shares)
CURB EXCHANGE
THE NEW YORK
Bonds {Par Value)
Stocks
Foreign
Domestic
Foreign
Government
Corporate
Total
$51,000
$642,000
51,000
17,000
1,796.000
38,000
45,000
1,311,000
10,000
18,000
1,202,000
1,276,000
1.523.000
$171,000
$7,750,000
$18,000
$573,000
Friday
Sales at
New York
1,228,000
1,153.000
39,000
1,171,000
1,474,000
75,000
31,000
30,000
$7,327,000
$252,000
Week Ended Nov. 19
Curb
Exchange
Stocks—No
1.728.000
178,015
1,275.196
Tuesday
Wednesday .i. .....
219.796
339.510
.
Monday
107.285
257.235
173.355
Saturday..
Total
scattered through the general
during the quiet trading on Thursday.
The de¬
clines ranged from 1
to 4 or more points, the trans¬
fers dropping to 173,705 shares with 62 advances and 312
recessions.
Quaker Oats was one of the weak stocks as it
tumbled downward 4% points to 92.
Royal Typewriter
improved tone of the metal market and there was
some attention given to the oil issues, but the specialties
showed little movement either way. The transfers totaled
approximately 107,000 shares, against 166,000 on the pre¬
ceding Saturday. Babcock & .Wilcox was one of the strong
issues and moved ahead 2 points to 81%; Penn Power &
Light (7) pref. was up 234 points to 73, and Pepperell Manu¬
facturing Co. 1% points to 81%. There were 253 stocks
traded in with 92 on the side of the decline and 72 on the
on
list
apparent in the public utilities, but the advances were light
and without special significance. Mining stocks were steady
due to the
Noteworthy among
the side of the decline were Thew
Shovel, 2% points to 12; Singer Manufacturing Co., 4%
points to 240; Royal Typewriter, 2 points to 46; Pittsburgh
Plate Glass, 2 points to 83; Newmont Mining, 2% points to
62%, and Brown Co. pref., 234 points to 38%.
Sharp price setbacks were apparent in the specialty stocks
stocks closing
the
Thursday
side of the advance.
the session
on
Week Ended
decline.
Curb stocks were quiet
as
Monday, but following the President's message,
the market turned downward, registering declines ranging
from fractions to 3 or more points.
Public utilities were
moving on the up side, but the rally was abruptly terminated
and most of the stocks ended the session on the side of the
decline.
Modest strength was also apparent for a brief
period among the mining and'metal stocks, with New
Jersey Zinc the strong spot.
Oil shares were down and
so were many of the industrial specialties.
Prominent on the
downside were Sherwin-Williams, 3% points to 88; Royal
Typewriter, 2 points to 48; Cities Service pref., 2% points
to 26, and American Potash & Chemical, 3 points to 30.
Dull trading with substantial price concessions in the
morning and a modest buying spurt in the final hour were
the outstanding features of the dealings on Tuesday. Scat¬
tered through the list were a few trading favorites that
moved against the trend but the advances were generally
small. Public utilities were off and so were the mining and
metal stocks. Oil issues were heavy and most of the industrial
specialties were down. Prominent among the declines were
Aluminum Co. of America, 4% points to 85%; Babcock &
Wilcox, 10 points to 70; Childs pref., 434 points to 74%,
and Pittsburgh Plate Glass, 3 points to 85.
Minor gains and losses were the rule as the curb market
dragged along on Wednesday. During the early, dealings a
few active stocks, particularly among the oil shares, showed
modest gains but these were not fully maintained in the late
trading.
Industrial specialties were off and so were the
mining and metal issues.
Public utilities, especially the
preferred stocks, were in demand, and while there were a
few modest gains reported in the first hour, part of these
branch of the Idaho First
National, bringing its branches to 10, all in western and northern Idaho.
Present quarters and equipment of the Wallace Bank & Trust Co. will
be purchased and occupied by the Wallace branch, operated under manage¬
ment
of Carl
L.
Moss, retiring Manager of the Weiser branch of the
purchasing institution, who is being transferred to Wallace.
Orville L.
Jones will be Assistant Manager, and other members of the staff will be
The
evidence
Moderate overnight gains were in
opened
in part:
paper,
3291
Financial Chronicle
145
Volume
of shares.
1937
1936
government..
Foreign corporate
Foreign
Total
1937
1936
1.275,196
3.454,575
96.562.808
116,418,677
$7,327,000
252,000
$13,983,000
$380,680,000
11,209,000
$718,619,000
272,000
171,000
544.000
9,185.000
11,563,000
$14,799,000
$401,074,000
$746,402,000
Bonds
Domestic
Jan. 1 to Nov. 19
$7,750,000
16.220.000
3292
ENGLISH
THE
We
Financial
GOLD
Samuel Montagu
the weekly
circular of
Our booklet
& Co. of London, written under date of
on
reserve
market about £2,500,000 of bar gold
Although offerings
dally fixing during the week.
Af¬
and
merchants
who
sell
abroad.
against notes amounted to £326,406,625
MANUFACTURERS TRUST COMPANY
Oct. 27, showing no change as compared with the previous Wednesday.
In the open
"Foreign Exchange Regulations
manufacturers
GOLD
England gold
1937
20,
fecting Exports" contains valuable information for
Nov. 3, 1937:
The Bank of
Nov.
MARKETS
SILVER
AND
reprint the following from
Chronicle
available at the
PRINCIPAL
OFFICE
AND
fairly substantial,
55
BROAD
STREET, NEW YORK
was
were
FOREIGN
DEPARTMENT:
they were readily absorbed by Continental demand sufficiently strong to
Member Federal Reserve System
prices to rule at a good premium over dollar parity, ranging from 3%d.
cause
Member New York Clearing House Association
beginning of the week to 6%d. to-day.
at the
Member Federal Deposit Insurance Corporation
Quotations:
Per Fine
K
Equivalent Value
Ounce
L
28
29
30
Oct.
Oct.
Oct.
Nov.
140s. 7d.
140s. 6%d.
140s. 4%d.
140s. 5%d.
140s. 6%d.
----—-•—---140s. 7d.
140s. 6.17d.
-
2
-
12s.
on
£1,538,988
Tanganyika Territory—
Kenya
9,783
7,277
British India
196,108
89,081
27,045
70,988
5,012
25,350
3,074
8,920
5,235
Australia
Venezuela.-2
Netherlands
Belgium
France
—
.___
_
Other countries
The
to
Nov. 13
230798
Netherlands
France
Switzerland
Yugoslavia..
Other countries.
Rhodesian
Southern
as
gold output for September,
and 67,040 fine ounces for September, 1936.
SILVER
reichsmark
Greece, drachma.
RESERVE
1937,
INCLUSIVE
Nov. 16 j Nov. 17
.188866
S
.189085*
.189211"
.189200*
.189185*
.170173
.170537
.170476
.170125
.170150
.013000*
.012940*
.012850*
.012840*
.035128
.035214
.035245
.035193
.035196
.222947
.223579
.223566
.223204
.223252
.012850*
993833
>.009208
5 007708
5.001166
i .002250
.022080
.022131
.022108
.022091
.022112
.033877
.033982
.034010
.033960
.033969
:.
.403700
.404453
.404623
.403953
.009146*
.009162
.009178*
.009160*
.009157*
.553110
.553685
.554714
.554889
.554317
.554671
.198125*
.198375*
.198375*
.198375*
.198275*
.198400*
.052628
....
.052626
.052627
.052626
.404134
.052625
.052620
.250433
250897
.251654
.251627
.251208
.251272
.189133
.189166
.189233
.189266
.189266
.189200
.045233
.045116
Spain, peseta
.045150
.007292*
.007292*
045283
.045250
.045216
.007291*
.007271*
.007307*
.007321*
.062437*
Sweden, krona...
Switzerland,
Nov. 19
S
.403288
Portugal, escudo
Rumania, leu
August, 1937
Nov. 18
$
.009150*
Norway, krone
Poland, zloty
carrieg
.062571*
.062500*
.063000*
.063285*
.257450
.258197
.258204
.257750
.257856
.230564
.231153
.231707
.231792
.231375
.231464
.023080*
Yugoslavia, dinar—.
.062625*
.256954
—-
franc
.023080*
.023100*
.023120*
.023110*
.023110*
Asia—
China—
A quietly steady tone has been maintained during the past week,
during
Chefoo (yuan) dol'r
Hankow(yuan) dol'r
.293958
294062
.294166
.294166
.294062
.263958
.294062
.294166
.294166
.294062
.294583
Shanghai (yuan) dol
,293958
.294062
.294166
.294166
.294062
Tientsin (yuan) dol'r
which the cash quotation varied only between 19 15-16d. and 19
%d.,
while that for two months remained unchanged at 19%d.
Sales were made on Continental and also on China account and the
Indian bazaars and speculators both bought and sold.
.294583
.293958
.294062
Hongkong,
India, rupee.
In the absence of buying for shipment to India and with prices
ruling
slightly too high to attract American buying, silver for prompt delivery
has not been in demand, and as a result, prices were
quoted level on three
days of tho week.
FEDERAL
.033845
Germany,
1937, amounted
ounces for
.188785*
France, franc...
£3,044,734
compared with 69,460 fine
j Nov. 15
Bleglum, belga
.169780
Bulgaria, lev
.012850
Czechosio'kia, koruna .035117
Denmark, krone
.222485
England, pound sterl'g 1.984708
.022031
Finland, markka
Holland, guilder
Hungary, pengo
Italy, lira..
SS. Viceroy of India which sailed from Bombay on Oct. 30
68,781 fine ounces
19,
$
Austria, schilling
26,750
22,744
494,875
78,119
129,085
304,699
7,479
Finland
BY
Noon Buying Rate for Cable Transfers in Few York
Valve in United States Money
Europe—
Syria
gold to the value of about £210,000.
CERTIFIED
Unit
Central & South America .£1,502,099
United States of America.
520,234
British India
3,650
£1,986,861
The
RATES
1937, TO NOV.
Country and Monetary
Exports
British South Africa
13,
Oct. 25 to midday on Nov. 1:
Imports
Channel Islands.
NOV.
12s. 1,03d.
12s. 1.10(1.
-—
registered from midday
EXCHANGE
BANKS TO TREASURY UNDER TARIFF ACT OF 1930
12s. l.lfjd.
12s. 1.07d.
the United Kingdom imports and exports of gold,
The following were
Switzerland
FOREIGN
1.07d.
12s. 1.25d.
-
3
Average
Nov.
Sterling
12s. 1.03d.
-
1
Nov.
vof £
dollar..
.294166
.294062
.294583
310765
.310531
.310843
.311312
.311156
.311437
.376196
.377134
.377937
.378137
.377350
.377510
290300
.290854
.291475
.291710
.291233
.291333
.584750
.585750
.587250
.587562
.586125
.586687
Japan, yen.
Singapore (S. 8 ) dol'r
Australasia
.294166
.294583
—
The figures given below show a large import of £3.078,000 in silver coin
from Hongkong and this is the first shipment to arrive of the Chinese
Government owned silver which is being sent to London for safe
custody.
New Zealand,
The following were the United Kingdom imports and
exports of silver,
registered from midday on Oct. 25 to midday on Nov. 1:
South Africa, pound.. 4.940833* 4.946640* 4.963035* 4.961964*
4.953593* 4.955000*
North America—
Imports
Hongkong
,_x£3,078,030
17,648
17,603
Australia.
Germany
Belgium
Aden
26,573
7,637
2,722
France
Other countries.
Exports
United States of America-_x326,840
New Zealand
x 16.874
x3,710
Anglo-Egyptian Sudan
x8,083
Straits Settlements
France
4,170
11,520
Netherlands
Sweden
2,300
2,000
1,172
Norway
Denmark
1
Egypt
x
Portugal
Other countries...
£3,150,213
175
Coin not of legal tender in the United Kingdom.
Quotations during the week:
IN
LONDON
-Bar Silver per Oz. Std.Cash
2 Mas
Oct.
28
Oct.
29
30
19 15-16d.
Nov.
2
19 15-16d.
Nov.
3
19%d.
19.906d.
19.875d.
Nov.
19 15-16d.
19%d.
—
1__
19%d.
Average
IN
NEW
YORK
(Per Ounce .999 Fine)
Oct.
Oct.
19%d.
19%d.
19%d.
19%d.
19%di
19%d.
Oct.
Oct.
Oct.
Nov.
Nov.
45 cents
45 cents
45 cents
45 cents
'
1
45 cents
2
45 cents
The highest rate of exchange on New York recorded
during the period
from Oct. 28 to Nov. 3 was
$4.96% and the lowest $4.95%.
Statistics for the month of October, 1937:
—Bar Silver per Oz. Standard—
Cash
2 mos.
Highest price.
Lowest price
20 l-16d.
19 13-I6d.
19.9423d.
Average
ENGLISH
Bar Oold
140s. 8d.
Tues.,
Wed.,
Thurs.,
Nov. 13
1960-90
Nov. 15
Fri.,
Nov. 16
Nov. 17
Nov. 18
Nov. 19
19 ll-16d.
19%d.
139s.l%d. 139s,lOd.
£76%
£76%
19 ll-16d.
140s,
19 ll-16d.
£101%
£101%
£101%
£101%
£101%
£112%
£112%
£112%
£112%
£112%
The
States
Holiday
price of silver
on
Bar N. Y.
the
same
per
.999166
.999166
.277500
.277500
Newfoundland,
.998046
.998007
.998125
.998191
.998571
.998750
.333337*
.333500*
ounce
Closed
£76%
140s.Id.
.332320*
.333070*
.333950*
Brazil (official) milrels
.087322*
.088023*
.088752*
.088802*
(Free) milrels.Chih\ peso
.057750
.059800
.059942
.059142
.051680*
.051680*
.051680*
Colombia, peso..
Uruguay peso...
.569905*
.569905*
.569905*
.791400*
.791600*
.791600*
.791600*
peso
♦Nominal rates; firm rates not available.
COURSE
OF
.334083*
x
.058625
.058500
.051680*
.051680*
.051680*
.569905*
.569905*
.542560*
.719600*
.791300*
xNo rates available.
BANK
CLEARINGS
Bank
clearings this week will again show a decrease com¬
pared with a year ago.
Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended today (Saturday,
Nov. 20) bank
clearings from all cities of the United States
from which it is
possible to obtain weekly returns will be
16.6% below those for the corresponding week last year.
Our preliminary total stands at $6,069,839,791,
against $7,-
275,498,528 for the
is
a
same
week in 1936.
loss for the week ended
parative
summary
At this center there
Friday of 21.1%.
Our
com¬
for the week follows:
Clearings—Returns by Telegraph
,
Per
Week Ending Nov. 20
1937
1936
Cent
$2,764,750,471
$3,503,651,358
276,909,955
298,446,109
356.000,000
—7.2
336,000,000
191,249,396
88,180,783
91,200,000
135,582,000
114,350,569
101,074,423
93.400,682
64,626,660
231,710,000
94,770,128
—17.5
Boston
Kansas
City
i
St. Louis
San Francisco
Pittsburgh-
-
_
Detroit
Cleveland
Baltimore.
—21.1
—5.6
—7.0
92,700,000
—1.6
127,872,000
120,705,203
94,941,236
81,062,811
61,544,667
+ 6.0
—5.3
+ 6.5
+ 15.2
+ 5.0
Eleven cities, five days..
Other cities, five days.
$4,257,324,939
800,874,890
$5,063,403,512
888,672,150
—15.9
Total all
$5,058,199,829
1,011,639,962
$5,952,075,662
1,323,422,866
—15.0
Total all cities for week.
(in cents) in the United
days has been:
44%
44%
44%
50.00
44%
50.00
44%
50.00
50.00
50.00
50.00
(newly mined)
77.57
77.57
77.57
77.57
77.57
77.57
FOREIGN EXCHANGE
RATES
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.
a record for the week just passed:
1 .001250
£76 1-16
U. S. Treasury
U. S. Treasury
give below
1.000625
South America—
Argentina,
$6,069,839,791
$7,275,498,528
—16.6
cities, five days
All cities, one day
(for¬
eign)
dollar
New York
Mon.,
£76%
.999166
.277500
..000504
Chicago
Sat.,
19%d.
.999166
.277500
.000504
Philadelphia
CABLE
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
140s.Id.
1.001045
.999166
.277500
140s. 4d.
140s. 6.25d.
19.8654d.
FINANCIAL MARKET—PER
Silver, per oz..
19%d.
Gold, p. flneoz. 140s.4d.
Consols, 2%%
Holiday
British 3% %—
W. L
Holiday
British 4%—
1.000709
.999166
.277500
per Oz. Fine
19 15-16d.
19 ll-16d.
The
as
Canada, dollar
Cuba, peso
Mexico, peso........
1,500
1,244
2.198
£88,351
974821*3 .982142*3 .993839*3.993928*3 985104*3
.985000*
.001785*4 ,010416* 4.020982*4.022968* 4.015803*4
.016250*
pound
Africa—
5,565
Arabia
x
Australia, pound
We
—9.9
—23.6
Comolete and exact details for the week covered
by the
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
foregoing will
appear
of the week in all
In
cases
has to be estimated.
the elaborate detailed
present further below, we
results
for
the
week
For that week there
of
clearings for
the
statement, however, which we
able to give final and complete
are
previous—the week ended Nov.
was
a
decrease of
whole
13.
19.9%, the aggregate
country having amounted to
Volume
$5,176,819,381, against $6,462,310,033 in the same
week in
Week Ended. Nov.
Outside of this city there was a decrease of 10.3%,
bank clearings at this center having recorded a loss of
1936.
the
We
Inc. or
1935
Dec.
1936
1937
1934
grouD
following
districts:
we
furnish
■'A'--.
■
Seventh Feder al Reserve D istrict—Chic ago—
,
i
393,602
390,657
+0.8
472,899
407,291
95,712,330
2,961,233
106,414,875
—10.1
96,754,197
3,229,426
1,239,015
1,043,339
21,250,000
1,930,105
5,186,252
20,892,672
1,186,175
8,708,368
3,563,785
—8.3
2,465,557
70,861,990
1,618,196
+ 7.9
1,093,236
MichAnnArbor
Detroit
Grand Rapids.
1,337,495
Lansing
Ind.—It.
855,200
+4.3
1,065,301
732,989
—15.9
16,814,000
14,561,000
—2.2
1,205,580
—5.9
4,337,399
16,833,826
832,409
7,004,474
3,127,248
377,786
275,935,219
Wayne
1,088,390
Indianapolis...
17,875,000
1,888,585
4,880,470
20,070,509
1,087,621
8,039,594
3,059,415
368,840
284,999,162
394,099
—6.4
320,778,209
—11.2
1,024,859
4,025,047
1,365,814
1,034,119
5,217,260
1,428,970
—0.9
710,130
698,255
—22.9
—4.4
3,196,199
1,026,604
3,242,413
Rockford
Springfield
1,289,202
1,458,396
—11.6
989,320
914,619
451,467,168
505,345,722
—10.7
434,241,384
349,922,399
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
—11.6
83,900,000
74,200,000
—6.3
32,754,250
30.702,099
27,573,745 —19.5
22,191,787
Tenn.—Memphis
79,400,000
29,773,657
71,900,000
26,333.807
21,968,040
21,886,936
South Bend
Terre Haute.
Wis.—Milwaukee
la.—Cedar
Rap.
Des Moines
Sioux City
Iil .—Blooming ton
Chicago
Decatur
Peoria
by Federal Reserve
a summary
$
%
districts in which
In the
13
Clearings at-
the cities according to the Federal Reserve
they are located, and from this it appears
that in the New York Reserve District (including this city)
the totals record a falling off of 25.4%, in the Boston Reserve
District of 18.1%, and in the Philadelphia Reserve District
of 13.0%.
In the Cleveland Reserve District the totals are
smaller by 10.7%, in the Richmond Reserve District by
4.8%, and in the Atlanta Reserve District by 7.4%.
The
Chicago Reserve District shows a loss of 10.7%, the St.
Louis Reserve District of 11.9%, and the Minneapolis
Reserve District of 4.2%.
In the Kansas City Reserve
District the decrease is 10.1%, in the Dallas Reserve District
4.1%, and in the San Francisco Reserve District 6.9%.
26.0%.
3293
Chronicle
Financial
145
■
SUMMARY OF BANK CLEARINGS
Total (18 cities)
—3.9
—8.3
—7.7
—14.2
877,827
4,066,333
15,146.510
638,114
6,018,479
3,089,504
476,998
224,948,319
768,362
Inc.or
1937
1936
Dec.
1935
1934
$
Week Ended Nov. 13.1937
$
%
$
S
Mo.—St. Louis..
Federal
Dists.
Reserve
1st
New
York. 13
216,144,399
263,925,339
4,062,592,511
—25.4
3,051,464,491
2,581,391,290
330,104,829
379,397,816
—13.0
334,027,992
282,151,853
250,502,741
"
280,420,451
"
Philadelphia 10
3d
210,178,559
3,029,766,874
12 cities
Boston
2d
236,166,728
—i8:i
Ky.—Louisville..
—10.7
248,471,651
Richmond
6
"
128,726,203
135,259,724
—4.8
122,855,795
107,364,411
Atlanta
10
"
135,780,954
146,663,354
—7.4
128,970,508
Qulncy
x
x
x
x
581,000
649,000
—10.5
463,000
456,000
127,674,886
144,876.995
—11.9
131,604,697
120,576.743
Reserve Dis trict—Minne
apolis+6.6
2,808,061
60,625,540
23,723,309
22,705,088
...
199,948,139
5th
6th
111.—Jacksonville
121,394,573
Cleveland...
4th
5
-
V
Total (4 cities).
7th
Chicago
451,467,168
505,345,722
—10.7
434,241,384
349,922,399
St.
Louis—
18
4
"
8th
"
127,674,886
144,876,995
—11.9
131,604,697
120,576,743
Ninth Federal
9th
Minneapolis
7
"
101,359,601
105,802,636
-4.2
93,548,076
87,124,907
Minn.—Duluth..
"
119,429,943
132,811,012
—10.1
114,655,698
106,807,238
Minneapolis....
4,485,024
64,957,757
St. Paul
25,324,299
10th KansasCity 10
6
"
62,077,854
64,754,122
—4.1
57,227,157
47,927,092
11
"
223,783,929
240,460,351
—6.9
223,619,008
186,816,795
11th Dallas
Fran.
12th San
_
5,176,819,381
5,177,653.185
4,401,603,999
—10.3
2,245,501,534
1,915,950,980
334,561,522
—13.0
288,864,804
308,450,294
32 cities
Canada
We
—19.9
2,508,204,557
290,942,344
Outside N. Y. City
6,462,310,033
2,249,288,135
_112 cities
Total
now
add
our
detailed statement showing last
figures for each city separately for the
815,716
840,438
—2.9
3,010,266
2,906,063
+3.6
101,359,601
105,802,636
D.—Aberdeen
Mont.—Billings
-
Helena.....
Total (7 cities)
—4.9
Tenth Federal
Reserve Dis trict—Kans
+ 7.2
13
as
121,126
2,497,157
—7.1
$
First
$
Reserve Dist rict—Boston
Federal
1,690,829
—1.4
3,282,624
2,824,262
78,691,486
St. Joseph
Colo.—Colo. Spgs
2,360,877
618,527
582,254
90,103,686
3,109,700
+ 16.2
—12.7
Kan.—Topeka...
1935
1934
$
*
594,918
Dec.
462,847
474,649
639,063
1,791,079
184,838,966
1,939,156
—7.6
228,060,700
—19.0
Fall Iliver
662,736
756,137
—12.4
1,643,248
205.585,064
809,943
Lowell-
361,468
516,368
383,340
670,186
—5.7
322,222
—23.0
670,633
Springfield
2,880,540
—18.2
Worcester
1,897,760
9,330,949
3,915,611
—2.9
Me.—Bangor.—Portland
__
New Bedford—
R. I.—Providence
9,060,200
3,519,877
1,955,146
10,724,358
4,142,347
10,654,200
N.H.—Manches'r
414,083
480,829
Conn.—Hartford.
New Haven
Wichita..
Pueblo
Total (10 cities)
2,821,951
182,651,989
592,524
289,545
662,520
2,438,650
1,181,480
9,071,720
Texas—Austin...
—13.0
1,501,220
10,006,536
—5.5
3,427,668
—15.0
9,307.100
—13.9
376,225
2,833,809
8,331,200
349,280
263,925,339
237,166,728
—18.1
Dallas
It.
Worth
Galveston.....
Wichita Falls..
Feder al Reserve D istrict—New
York-
7,934,784
+ 12.5
955,373
988,527
27,600,000
32,800,000
—15.9
Elmira
546,846
683,116
—19.9
613,022
Jamestown
722,737
686,287
+ 5.3
578,685
Bingham ton
Buffalo-
2,927,531,246 3,954,105,476
7,723,919
7,633,474
3,834,691
3,946,077
Syracuse
2,675,341
3,263,776
Westchester Co..
4,690,742
3,568,815
Conn.—Stamford
415,921
*380,000
N. J.—Montclalr
New York
Rochester
16,432,130
27,137,806
18,907,896
28,267,738
Total (13 cities) 3,029,766,874
4,062,592,511
Newark
Northern N. J-
—3.4
980,608
27,400,000
406,378
507,187
—26.0 2,932,351,651 2,485,653,019
Spokane
Yakima.
7,237,131
6,889,839
Ore.—Portland..
+2.9
3,253,689
Utah.S. L. City-
+22.0
3,702,890
2,628,362
3,307,512
1,438,248
2,392,806
Calif.—L'g Beach
+31.4
—8.6
300,000
404,947
—13.1
20,510,908
—4.0
41,376,542
15.671,531
26,711,635
Pasadena
San
366,474
506,511
423,267
495,281
*300,000
+65.1
267,625
Chester
276,101
290.315
—4.9
265,967
.
1,241,542
1,355,439
—8.4
1,007,706
319,000,000
1,527,641
367,000,000
—13.1
1,562,627
2,711,278
—2.2
319,000,000
1,334,408
2,515,755
1,991,535
Scranton
—26.5
890.242
885,780
+0.1
872,560
1,508,276
Wilkes-Barre..
York
1,613,110
—6.5
1,441,797
309,271
X
208,858
796,046
273,000,000
1,068,390
2,184,745
818,695
1,107,848
N. J.—Trenton..
2,667,700
3,256,000
—18.1
6,955,700
Santa Barbara.
cities)
330.104,829
379,397,816
—13.0
334,027,992
282,151,853
Grand
total
Ohio—Canton
X
X
X
X
X
Cincinnati
52,788,777
58,427.000
—9.7
54,002,657
46,906,128
Cleveland
82,152.502
—5.0
Columbus
10,486,200
86,485,137
13,578,200
—22.8
78,873,320
9,629,400
61,235,038
9.021,800
Mansfield
1,325,101
1,304,593
+ 1.6
1,178,722
928,309
Youngs town—
Pa.—Pittsburgh
.
Total (5 cities).
348,731
39,347,658
Richmond
8. C.—Charleston
.
C.—Wash'g'n
Total (6 cities)
250,502,741
2,305,000
Va.—Norfolk
D.
103,750,161
X
120,625.521
280,420,451
i
X
104,787,552
—14.0
248,471,651
—10.7
.
1,140,852
304,003
2,420,000
40,287,652
1,270,595
81,856,864
199,948,139
190,034
152,684
2,336,000
—2.3
41,025,402
2,074,000
35,956,809
—10.2
1,052,218
900,000
66,535,027
24,442,447
—8.7
57,998,982
+ 1.5
20,253,159
52,662,910
15,618,008
128.726.203
135,259,724
—4.8
122,855,795
107,364,411
3,297,778
14,964,650
2,763,986
+5.6
Nashville
15,691,071
16,216,555
—3.2
Ga.—Atlanta
46,600,000
55,200.000
—15.6
1,141,036
1,049.675
1,589,101
—28.2
1,225.024
—14.3
12,479,000
12,461,000
+0.1
19,532,333
1,504,942
Augusta
Ala.—Birm'ham.
17,627,137
1,619,059
Mobile
_
X
X
Reserve
13.840,289
49,600,000
1,287,324
822,412
43,800,000
—9.8
10,868,000
16,388,281
10,553,000
17,681,521
+7.6
1,251,477
1,121,433
X
.
X
1,120,252
839,148
X
169,960
190,878
—15.7
130,179
La.—New Orl'ns.
36,053,400
35,563,348
+ 1.4
30,360,407
116,619
29,558,325
Total (10 cities)
135,780,954
146,663,354
—7.4
128,970,508
District—Da lias—
—14.7
1,098,563
1,032,397
49,807,526
—4.9
43,043,727
37,236,479
6,054,789
3,432,000
+ 14.6
5,834,574
3,965,000
5.064,735
831,345
+6.0
775,044
3,327,555
3,166,282
+ 5.1
2,510,249
1,982,481
62,077,854
64,754,122
—4.1
57,227,157
47,927,092
1,462,180
—33.3
Franci
2,611,000
SCO—
33,583,171
33,348,185
+0.7
30,255,971
9,526,000
1,134,592
27,113,772
14,216,409
3,516,693
3,550,904
124,127,000
3,024,544
1,486,462
11,247,000
1,129,839
—15.3
+0.4
9,396,000
872,445
29,829,581
14,543,500
3,802,041
—9.1
26.111,511
—2.2
4,137,675
—14.2
13,440,990
3,608,575
3,365,501
130,844,259
—7.5
135,630,000
—8.5
2,980,973
1,518,939
2,292,618
223,783,929
240,460.351
—6.(
26,028,629
8.572,000
584,718
21,645,981
11,286,772
2,732,667
2,549,295
2,739,431
1,236,385
1,747,940
108,879,725
1,971,938
1,091,270
1,473,800
223,619,008
186,816,795
—2.1
5,176,819,381 6,462,310,033
+ 1.5
+ 9.2
—19.9
5,177,853,185 4,401,603,999
-10.3 2,245,501,534 1,915,950,980
1936
Winnipeg
Vancouver..—
Ottawa..
Quebec
Halifax
Hamilton
St. John
Victoria
Edmonton
Reglna
Brandon
Lethbridge
Dec.
1935
—15.8
90.185,664
104,571.307
—17.8
76.922,479
51,969,785
89,602,236
13,773,267
15,669,959
4,150,721
1,856,710
3,685,299
6,747,087
1,225,051
1,384,684
13,918,674
4,162,313
2.845.164
—16.9
2,228,093
3,335,523
3,756,905
+32.1
277.571
90,816,275
87,768,456
35,348,979
107.884,093
106,792,795
42,885.712
13,487,093
20.956,351
4,800,482
2,384,191
4,392,431
5,615,735
15,662,828
21,803,265
4,082,771
1,966,207
4,033,442
5,102,665
1,464,614
—13.9
1,440,821
2,122,251
3,489,404
3,397,646
—3.0
309,426
709,368
445,375
+59.3
469,652
323,980
537,322
+ 4.2
1,479,944
644,726
1,503,560
499,253
1,470,191
1,397,895
2,184,926
3,875,801
2,824,760
408,640
—17.6
—3.9
+ 17.6
+21.3
+8.9
+ 10.1
+0.4
+3.0
+ 11.1
1,402,626
1,346,194
Moose Jaw
497,736
637,151
—21.9
Brantford
893,438
733,931
648,334
226,474
563,688
673,824
801,247
659,153
593,827
+ 35.5
536,146
+20.9
697,451
506,817
495,258
200,691
+ 12.8
254,614
Saskatoon
Fort William...
New Westminster
1934
%
Canada—
Montreal.,
11
Inc. or
+ 23.6
652,429
54,410,559
4,048,588
2,335,490
3,511,472
6.163.163
1,534,536
1,382,247
4,003,265
3,835,009
675,557
618,572
447,666
256,840
693,071
611.012
—7.7
534,498
927,040
+ 26.1
573,892
—13.6
807,778
945,099
2,526,004
2,216,043
+ 14.0
1,925,874
Prince Albert
343,013
366,068
—6.3
307,535
1,894,492
317,514
Moncton
713,552
517,049
547,090
638,632
Chatham
Sarnia—
616,097
Sudbury
Peterborough
Sherbrooke
Kitchener..
Windsor
Kingston
Total (32 cities)
x
546,715
723,038
504,372
—1.3
658,491
+2.5
493,192
562,722
492,569
419,228
+ 11.1
403,519
372,039
483,611
376,771
896,667
911,177
—1.6
952,795
804,904
290,942,344
334.561,522
-13.0
288,864,804
308,450.294
121,394,573
Vicksburg
525,241
6,941,517
2,290,000
881,209
1,247,858
47,389,715
1937
Medicine Hat...
a—
3,180,173
Macon
106,807,238
Week Ended Nov.
London...
+ 14.7
—4.8
3,359,616
Fla.—J'ksonville.
114,655,698
Clearings at—
Calgary...—
24,817,306
60,766,656
Reserve Dist rict—Atlant
Sixth Federal
Tenn.—Knoxville
Miss.—Jackson.
X
Reserve Dist rict—Richm ond—
Fifth Federal
W.Va.—Hunt'ton
Md.—Baltimore
X
—10.1
Outside New York 2,249,288,135 2,508,204,557
Toronto
Feder al Reserve D istrict—Clev eland—
1
132,811.012
(112
cities)
2,658,000
Total (10 cities)
Fourth
537,806
2,830,225
—
Bethlehem
Lancaster
479,168
2,504,382
Francisco.
San Jose......
Total (11
Reading....
+2.6
—24.1
—25.4 3,051,464,491 2,581.391,290
+ 19.7
Philadelphia
—19.7
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle—
—1.2
Reserve Disi rict—Philad elphia
Pa.—Altoona
770,476
567,340
9,681,403
Stockton
Third Federal
27,129,325
1,759,152
2,624,706
69,328,727
31,979,546
1.597,400
2,722,499
71,627,698
2,814,990
597,542
—4.4
_
7,038,747
1,119,041
30,700,000
8,926,667
Y.—Albany..
66,434
210,178,559
Total (6 cities).
Second
N.
119,429,943
Eleventh Fede ral
La.—Shreveport.
216,144,399
Total (12 cities)
70,672
1,934,950
1,312,995
_%
—25.7
Mass.—Boston
31,040,479
Omaha
Inc. or
1936
87.124,907
94,099
112,511
2,630,245
+ 27.9
—2.0
2,319,391
29,679,734
1,666,376
Lincoln
-
LvvU/wfyo ill
1937
617,370
525,644
2,282,898
City
85,957
118,709
Mo.—Kan. City.
ni
2,027,704
689,099
2,719,509
93,548,076
109,965
Neb.—Fremont.
liastlngs
/"'/o/iWw/jo
2,408,889
573,669
—13.5
3,148,314
55,817,889
week's
four years:
Week Ended Nov.
—4.7
583,323
2,183,216
N. D.-—Fargo...
S.
4,206,441
68,147,231
26,634,056
2,524,278
544,129
Figures not available.
♦ Estimated.
+23.1
3294
Financial
American Seating Co
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Nov. 15
Nor. 16
Nov. 17
Nov. 18
Nov. 19
Central MIn & InvestCons Goldfields of S A.
Courtaulds S <fc Co....
De Beers.j
Distillers Co
106/3
107/6
5/9
*450/71/3
292/6
47/9
£1244
107/3
18/3
24/5/-
Crown Mines
-
Electrlc& Musical Ind.
Ford Ltd...
Gaurnont Pictures ord.
A
440/70/290/-
Geduld Prop Mines...
Goid Exploration &
17/9
23/3
5/2 /—
195/182/6
2/9
,
„
25/—
Imp Tob of G B & I1.^3/9
IMPS
Holiday 153/9
Mines of Kalgoorlie.
Rand Mines...__
.
Roan Antelope Cop M.
Royal Dutch Co
Shell Transport
....
So Kalgurll Gold M—
Sub Nigel Mines
16/9
68/9
13/3
48/9
£8
17/-
16/9
68/9
13/48/9
£8
16/3
£444
7/3
Band Fr Est Gold—.
£3744
£444
7/3
208/9
45/—
£1144
102/17/6
22/144
5/6
2 /—
5/3
2 /—
192/6
192/6
180/-
182/6
56/-
Unilever Ltd--.----.-
36/3
165/25/3
33/144
16/9
68/9
13/48/9
2/6
24/6
148/9
148/144
Molasses
West Rand Consol M..
16/6
66/9
,12/9
48/144
12/3
46/3
£744
16/-
£744
£37
£37
£4si»
£49i«
7/3
200/57/6
35/3
152/6
24/9
33/144
7/3
198/9
57/35/—
148/9
24/32/6
7/195/56/145/24/31/1044
£644
£644
£644
16/£3744
£421ai
56/35/6
Corp
16/9
66/-
£8
205/-
Triplex Safety Glass—
West
„
63/9
287/6
2/6
2/6
24/6
24/6
151/1044 149/434
151/3
149/444
£38
Palmietkuil Gold M...
Union
103/144
5/~
430/t
Gold
Metal Box
United
103/9
5/3
430/—
65/288/9
45/3
£1144
102/6
17/6
22/9
^
2/9
24/9
152/6
152/6
Hudson Bay Mln <fe 8m
Lake View South
£12
105/6
17/9
23/6
5/6
2 /—
195/182/6 v
106/-
182/6
Finance of Australia.
46/9
47/3
£12
/—
195/-
Te)"-"*
106/3
5/6
440/68/144
290/-
5/6
2
Geduld
155/25/3
32/6
15/9
35/6
Witwatersrand
Areas....
£744
£644
xBld.
■
-
:
■-;
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
from the office of the
CHARTER
ISSUED
Amount
Nov. 6—National Bank of Burlington, Burlington, Iowa
$200,000
Capital stock consists of $200,000, all common stock.
President:
John H. Witte Jr.
Cashier: Mortimer Goodwin.
Succession
of The First National Bank in Burlington, Iowa, Charter No.
13694.
VOLUNTARY
Nov. 5—The Franklin National Bank of Nutley, N. J
$100,000
Effective Oct. 1, 1937.
Liq. Committee: William J. Lee, Jakob
Zimmerer and William Imlay, care of the
liquidating bank.
Absorbed by:
Bank of Nutley, N. J.
Nov. 9—The First National Bank of Perth Amboy, N. J
Common stock
600,000
300,000
—
Preferred stock
300,000
Effective Oct,
29, 1937.
Liq. Committee:
Robert Carson,
Edwin G. Fraser and John M. O'Toole, care of the
liquidating
bank.
Absorbed by:
First Bank & Trust Co., Perth
Amboy,
N.J.
10—The Valley National Bank of Des Moines, Iowa
Effective Oct. 12, 1937.
Liq. Agent:
C. T. Cole Jr.,
Moines, Iowa.
Absorbed by:
Valley Savings Bank,
500,000
Des
Des
Moines, Iowa.
CAPITAL STOCK
INCREASED
5—First
National Bank in Greenwich, Greenwich, Conn.
$150,000 to $200,000; amount of increase
Nov. 10-—To First National Bank of Ferndale,
Ferndale, Wash.
From $30,000 to $40,000; amount of increase
COMMON
CAPITAL STOCK
STOCK
"B"
STOCK
"A"
10,000
From
Telegraph (quar.)
Amparo Mining
From
37,500
DECREASED
Nov. 5—The National Bank of Westfield, Westfield, N. Y.
$125,000 to $62,500; amount of decrease
From
62,500
BRANCHES AUTHORIZED
Nov. 8—The Old National Bank & Union Trust Co. of
Spokane, Spokane.
Wash.
Location of branch, 101 North Main
St., City of Colfax, Whit-,
man County,
Wash.
Certificate No. 1393A.
Nov. 10—Seattle-First
National
Bank,
Seattle,
Wash.
Location
of
619
Monroe St.,
Certificate No. 1394A.
City
of
Spokane,
Spokane
County,
Wash.
.
Dividends
we
are
grouped in two separate
bring together all the dividends
current week.
Then
we
we
show the dividends
have not yet been
paid.
dividend payments in
pany
in
name
our
follow with
a
9
15 Dec.
15
lc
Special
$644 preferred (quar.)
30c
"If
Andian National Corp., Ltd
tables.
In
the
announced
the
second table in which
previously announced,
but which
Further details and record of past
many cases are given under the com¬
"General Corporation and Investment
News Department" in the week when
declared.
The dividends announced this week
Share
Abbott Dairies, Inc.
(quar.)
Abbott Laboratories
(quar.)
Extra
common B
for each sh. of Amer.
Dec.
1 Nov. 15
29 Dec.
Dec. 29 Dec.
*154% Jan.
Nov. 20
Nov. 20
$4
Nov.
Nov. 20
$144
$1.45
Jan.
Berghoff Brewing Corp. (quar.)
Foods, Inc., 7% preferred—.
25c
Dec.
Dec.
4
t$5M
Dec.
Dec.
9
50c
25c
Dec.
Dec.
Dec.
Dec.
—
50c
Dec.
Nov. 26*
--_
40c
Dec.
Nov. 24
$2
Dec.
Dec.
1
Dec.
Dec.
1
$1
Dec.
15 Dec.
1
$144
$144
$144
Jan.
3 Dec.
Dec. 22 Dec.
10
10
Dec.
1 Nov. 24
Jan.
3 Dec.
3 Dec.
_
,2$1
(s.-a.)
B >G
...
Blrdsboro Steel Foundry
Black & Decker Mfg.
(quar.)_____
Blaw-Knox Co. (year-end
dividend)
Boeing Airplane Co. (initial)
Bon Ami Co. class A
(extra)
Class A stock dividend--.
2-200ths of
a
a
sh.
(quar.)
_________
Campbell Wyant &
Canada Cement Co., 644% preferred
Canada Permanent Mtge.
(Toronto, Ont.) (qu.)
Canada Vinegars, Ltd. (quar
!
Preferred (quarterly)
Canadian Western Natural Gas,
Lt., Ht. & Pow.
6% preferred (quar.).
Case (J. I.) preferred
(quar.)
Catelli Food Products Ltd
5% preferred (semi-ann.)
Central Cold Storage Co.
(extra)
Central Illinois Light Co.,
444 % oref
Central Ohio Light & Power,
$6 pref. (quar.)
Jan.
25c
(extra)
t$l 44
$2
30c
M
Jan.
144
Jan.
3 Dec.
*$144
$144
Dec.
1 Nov. 15
1 Dec. 12
25c
3 Dec.
16
16
15
20
13
13
Extra
Dec.
Dec.
6
Dec.
20
Dec.
Nov. 20
Nov. 24 Nov. 15
Dec. 10 Nov. 30
Jna.
Dec.
$144
Chestnut Hill RR. Co.
(quar.)
Chicago Rivet & Machine
75c
-
50c
Christiana Securities Co. (final,
quar.)
Cincinnati N. Orleans & Texas Pac.
Ry. pfd—
Common (semi-ann.)
Common (extra)
City Ice & Fuel Co
Preferred
Clark Equipment Co.
$39.30
$144
$5
$2244
50c
$144
50c
(quarterly)
Cluett Peabody & Co., pref.
(quar.)
Coast Counties Gas & Elec.
Co., 6% pref. (qu.)_
Colt's Patent Fire Arms
Mfg. (quar.)
Extra
Colonial Finance Co.
(Lima, Ohio), 544 % pref_.
Columbia Baking Co
$144
$1*4
$144
50c
$2 44
Dec. 20 Nov. 26
Dec. 20 Nov. 26
Dec.
4 Nov. 20
Dec, 15 Nov. 27
Dec. 15 Nov. 22
Dec.
1 Nov. 15
Dec. 23 Dec.
3
Dec. 23 Dec.
3
Dec. 15 Nov. 30
Dec.
1 Nov. 23
Dec. 15 Nov. 29
Dec. 15 Nov. 29
Jan.
Dec.
Dec.
Nov. 26
3
15
Dec. 20
Dec. 20
Dec.
1
21
Dec.
Dec.
1
1
15
Dec.
25c
Dec.
15 Dec.
$144
$144
$144
Jan.
3 Dec.
Jan.
3 Dec-
25c
Dec.
$1
50c
Commonwealth Utilities Corp., 7% pfd. A
(qu.)
6% preferred B (quar.)
644 % preferred C (quar.)
Compo Shoe Machinery (quar.)
Congoleum-Nairn, Inc. (quar.)
Consolidated Diversified Standard Securities—
$244 non-cumulative preferred (s.-a.)
Connecticut Light & Power (quar.)
Consolidated Investment Trust (quar.)
Special
Continental Can Corp., Inc., $444 pref.
Continental Oil Co
Continental Steel Corp.
(quar.)
Preferred (quar.)
Cutler-Hammer, Inc
25c
3744c
75c
30c
50c
$144
Dec.
15 Dec.
4
Dec.
15 Dec.
1
Dec.
Jan.
Dec.
Dec.
Jan.
$2
25c
...
Feb.
15 Nov. 30
1 Dec. 15
15 Nov. 16
15 Nov. 16
1 Dec. 10*
Dec. 20 Nov. 29
1 Dec. 15
1 Dec.
Nov. 26 Nov. 19
Dec. 15 Nov. 30
Nov. 20 Nov. 16
Dec.
Dec.
50c
70c
Dec.
Dec.
7
20 Dec.
7
15 Nov. 27
20 Dec.
ljNov. 18
50c
$444 preferred
Dominion Textile Co., Ltd.
(quar.)
Preferred (quar.)
Electric & Musical Industries, Am. shs
Electromaster, Inc
Dec. 24 Dec.
38c
Jan.
$2
Dominion Coal Co., Ltd., pref.
(quar.)
du Pont de Nemours
(E. I.) & Co
Debenture
Dec.
$144
$144
$144
$154
-
El Paso Natural Gas Co
19c
5c
50c
15
Dec. 15 Dec.
4
Nov. 26 Nov. 19
Nov. 26 Nov. 19
25c
Doctor Pepper Co.
(extra)
Doehler Die Casting
1
Jan.
Jan.
$1
25c
(uqar.)
15
15
4
25c
25c
20c
Preferred (quarterly)
David & Frere, Ltd. A
(resumed)
Delaware & Bound Brook RR. Co.
15 Dec.
Mar.
$144
15c
(quar.)
Dec.
1
25c
Cook Paint & Varnish Co.
Extra
Jan.
Jan.
14
3 Dec.
15
14 Nov. 22
25 Jan. 10
Jan.
25; Jan. 10
3|Dec. 15
Jan.
15 Dec.
31
Dec.
l Nov. 23
10 Nov. 24
Dec. 29 Dec. 18
Dec. 29 Dec. 18
Dec. 15 Dec.
1
Dec.
20c
Dec.
15 Dec.
Emporium Capwell Corp. (quar.)
Essex & Hudson Gas Co.
(s.-a.)
1
25c
Jan.
3 Dec.
18
$4
50c
Dec.
Dec.
Essex Co. common (extra)
Excelsior Insurance Co. (N.
Y.)
Feltman & Curme Shoe Stores
Preferred (quar.)
Fifth Avenue Coach.Finance Co. of Amer.
(Bait.)
com. cl. A & B-_
1
Foote-Burt Co
15 Dec.
Dec.
15 Dec.
15 Dec.
8
8
2
Ford Motor Co. of Canada,
Ltd., A and B
Foundation Petroleum, Ltd
General Cigar Co., Inc
7% preferred
7 % preferred class A
Food Machinery Corp.
444% preferred
15c
Dec.
25c
Dec.
30 Dec.
15 Dec.
15
4
Giddings & Lewis Machine Tool Co.
Corp. (quar.)
Extra
Glens Falls Insurance Co.
(quar.)___
Dec.
1 Nov. 20*
Dec. 31 Dec. 23
Dec.
1 Nov. 20
Dec.
1 Nov. 20
Dec. 21 Nov. 30
Dec. 21 Nov. 30
Globe Grain & Milling Co.
(resumed)
Goodrich (B. F.) Co. $5 preferred (quar.)
Grand Rapids & Indiana Ry.
Dec. 23 Nov. 26
Dec.
1 Nov. 26
Green Mountain Power Corp., $6 preferred
Gulf Oil Corp
6% preferred (quar.)
Dec.
1
Jan.
Jan.
3; Dec. 15
Dec.
14
4344c
844c
$144
*2 5c
2c
50c
40c
50c
15c
$1.40
30c
t$144
25c
1
14
14
15
6
18 Nov. 27
Nov. 20 Oct. 31
Dec. 15 Nov. 26
Dec.
Dec.
$144
Dec.
24'Dec.
Dec. 241 Dec.
Dec. 24 Dec.
Dec. 31lDec.
Dec. 15 Dec.
Dec.
12 44c
(s.-a.)
Great Lakes Terminal Warehouse
Great Western Electro Chemical.
Nov. 17
Dec. 15
50c
15c
20c
Girdler
Nov. 20
8744c
General Gas & Electric Corp. (Dela.)—
>
$5 prior preferred (quarterly)
$144
Dec.
8
Nov. 24
Dec.
8
1
Nov. 17
15 Dec.
1
15 Dec.
1
$144
25c
Extra
21 Dec.
15c
17
Nov. 30 Nov. 22
Nov. 30 Nov. 22
Jan.
Dec.
'
17
$1
Dec.
Cigarette
Special
American Radiator & Standard
Sanitary
Preferred (quarterly)
15
Jan.
(quar.)
Chesebrough Mfg. Co. (quar.)
Dec.
65c
Jan.
20
50c
Extra
50c
75c
$1
15
3 Dec.
1 Nov.
1 Dec.
3 Dec.
Dec.
Jan.
3c
55c
25c
American Meter Co
Jan.
75c
3 Dec.
75c
20c
15
15
20 Nov. 30
Dec. 20 Nov. 30
$144
$144
Central Tube Co
3 Dec.
744c
1
17
Dec.
37c
Centrifugal Pipe Corp. (special)
Chesapeake & Ohio Ry. (quar.).
3 Dec.
Dec.
Nov. 29
60c
35c
Cannon Foundry
Jan.
Dec.
Nov. 29
Dec.
of
Bullard Co
Bunte Bros., 5% pref.
(quar.)
Calamba Sugar Estate (extra)
Preferred (quarterly)
Jan.
50c
13
Dec.
Dec.
held.
Class B (extra)
Class B stock dividend—l-200th of
class A stock for each sh. of class B.
Boston Elevated Ry. Co.
Jan.
$144
Jan.
sh. of class A stock for each share
75c
$144
17
Dec.
Dec.
Anheuser Busch (extra)
Atlanta, Birm. & Coast Co., 5% pref. (s.-a.)
Atlantic Coast Line Co. of Connecticut
Atlantic Coast Line RR
Avon Geneseo & Mt. Morris RR.
$154
$144
& Cigar Co. held.
Preferred (quar.)
American Discount Co.
(Ga.)
American Electric Securities
Corp.—•
Participating preferred (quar.)
American Hide & Leather preferred
(quar.)-.
American Laundry Machinery Co.
(quar.)
Extra
Dec.
10c
Shoe Stores, pref. (quar.)
Agricultural Insurance Co. (N.
Y.) (quar.)
Alabama Power Co., $7 pref.
(quar.)
$6 preferred (quarterly)
Alpha Portland Cement
American Chain & Cable Co
Preferred
American Cigarette &
Cigar Co. (stock div.j
Payable at the rate of l-40th sh. Amer. Tob.
Holders
Payable of Record
40c
Agnew-Surpass
1
When
25c
Dec.
Jan.
Dec.
Participating stock dividend
Name of Company
20 Nov. 30
Nov. 30
Dec.
Special year-end dividend
Empire Power Corp., $6 cum. pref. (qu.)
are:
Per
Jan.
Nov. 30 Nov. 20
$1
Extra
Detroit Steel Corp. (quar.)
Extra
Dixie-Vortex Co. (extra)
DIVIDENDS
first
6
6
3 Dec.
15c
...
branch,
3 Dec.
Jan.
$244
...
Anchor Cap Corp. common
Extra
37,500
DECREASED
Nov. 5—The National Bank of Westfield, Westfield, N. Y.
$75,000 to $37,500; amount of decrease
PREFERRED
$50,000
REDUCED
Nov. 5—The National Bank of Westfield, Westfield, N. Y.
$75,000 to $37,500; amount of reduction
PREFERRED
American Telephone &
Jan.
$ik
Participating preferred (quar.)
from
3'Dec.
$154
;
American Surety Co
Preferred (quarterly)
Nov.
16iNov. 26
Jan.
Preferred
LIQUIDATIONS
-___
Dec.
50c
(quar.)
(quar.)
(quar.)
The
Nov.
1937
American Stores Co. (omitted Nov. 18,
1937)
American Sugar Refining
Prererred (quar.).
Canadian General Electric
Canadian Cottons, Ltd.
■'.
NATIONAL BANKS
COMMON
20,
received by cable
as
Nov. 13
Canadian Marconi
Nov.
STOCK EXCHANGE
THE LONDON
Quotations of representative stocks
each day of the past week:
British Amer Tobacco.
Chronicle
Dec.
Dec.
15 Nov. 15
15 Dec.
1
15 Dec. 10
15 Dec.
10
Jan.
2 Dec. 15
Nov. 24INov. 18
Dec. 22 Dec. 17
Dec. 20,Dec. 10
Dec.
llNov. 20
Dec. 15 Dec.
1
1 Dec. 31
Dec.
1 Nov. 15
Dec. 15,Dec.
1
Jan.
Volume
Class B debenture, on
Dec. 21
Dec. 21
Dec. 15 Dec.
Gunnar Gold Mines, Ltd
Gurd (Charles) & Co., Ltd. (interim)
Hamilton Paper 6% preferred (quar.)
llammermill
Class B
1
3 Dec.
15
15 Dec.
1
Dec.
Dec.
Dec.
1
Dec.
Corp
Panhandle Eastern Pipe Line (initial)
ParaffineCos., Inc. (quarterly).
Preferred (qnar.)
1
1
(quarterly).
Class B
(extra)...
Hart, Schaffner & Marx
Hartman Tobacco prior preferred (quar.)
Hazeltine Corp.
Dec.
(quar.)
Dec.
Dec.
Dec. 21 Dec.
Dec.
6 Nov. 24
Nov. 26 Nov. 16
Hershey Creamery Co. common
7% cum. preferred (s.-a.)
Hewitt Rubber Corp..
Hibbard, Spencer, Bartlett & Co. (special)
Hilton Davis Chem cal Co. common
Jan.
Dec.
Hollinger Consolidated Gold Mines, Ltd
Extra
Dec.
;
Honolulu Oil Corp., Ltd. (quarterly)
Humble Oil & Refining Co. (quar.)
Dec.
Hudson County Gas Co. (s.-a.)
Hutchins Sugar Plantation Co.
Dec.
Illinois Central RR. Co. leased line
Imperial Oil, Ltd., coupon No. 48
Special.
Registered
Special
Indianapolis Water Co. 5% cum. pref
International Harvester Co. (quar.)..
International Paper Co. 7% preferred
International Paper & Power 5% pref., new
5% preferred new (initial, quar.)
International Petroleum Co., Ltd. (s.-a.)
Special
—
International Safety Razor class A (quar.)
International Salt Co. (quar.)
— ..
...
Public Service of N. J.
Dec.
Nov. 17
SIX
62 He
2H
Jan.
Dec.
Jan.
15 Dec. 20
10 Nov. 26
10 Nov. 26
Dec.
Dec.
Dec.
Dec.
15 Dec.
15 Dec.
Dec.
Extra
Preferred (quar.)
Kansas Oklahoma & Gulf Ry. Co.—
6% series A cumulative preferred-.-6% series B non-cum. preferred6% series C non-cum. preferred
Kaufmann Dept. Stores, Inc., preferred.
Kelley Island Lime & Transport
Ken-Rad Tube & Lamp class A
Kennecott Copper Corp
Special
Kimberly-Clark Corp. (quar.)
Special
Preferred (quar.)
Kingston Products (quar.).
Preferred (quar.)
Lake Shore Mines, Ltd. (quar.)
Dec.
Dec.
1
Dec.
40c
1 Nov. 23
Dec. 31 Dec. 10
1
Dec. 15 Dec.
37 He
50c
$1
10 Nov. 30
Dec. 23 Nov. 26
Dec. 23 Nov. 26
Dec.
—
—
—
3 Dec.
50c
Dec.
$1H
Jan.
14 Nov.
3 Dec.
10c
Dec.
15 Dec.
$m
Dec.
Dec.
1 Nov.
15 Dec.
15 Dec.
tsi
Bonus
Lehigh Portland Cement Co. pref. (quar.)
Liggett & Myers Tobacco com. & com. B (extra)
Preferred (quar.)
Lily-Tulip Cup
Lone Star Cement
Lone Star Gas
-
$1
SIX
37 He
75c
20c
Corp
Louisville & Nashville RR. Co. (extra)
Louisiana Land & Exploration Co. (quarterly)
Extra
$1
10c
Ludlow Mfg. Associates (quar.)---
Magma Copper Co., year-end dividend
Mangel Stores Corp. $5 pref. (quar.) — ----Mapes Consol. Mfg. Co. (quar.).
—
Maryland Fund (quar.)
3*
Dec. 15
15 Nov. 30
Dec. 15 Nov. 30
—
Extra
Memphis Natural Gas, pref. (quar.) — - —
Mengel Co. 1st preferred—
— ------For period from July 1 *37 to Dec. 31 37.
Nov. 23
Mergenthaler Linotype (quarterly)
Meyer (H. H.) Packing Co., 6H % pret. (quar.)
Michigan Steel Tube—
Milwaukee Gas Light Co., 7% pref. (quar.)
Mississippi Valley Public Service Co.—
6% preferred B (quarterly)
7% preferred A (quarterly) —
—
Missouri Utilities Co., 7% pref. (quar.)
Mobile & Birmingham RR., 4% pref. (s.-a.) — Mohawk Carpet Mills (quar.)..
Monarch Machine Tool Co. (quarterly)
10 Dec.
5c
Dec.
2 He
Dec.
15 Nov. 30
Nov. 19
2Hc
SIX
SIX
Dec.
Nov. 19
Jan.
Dec.
31 Dec. 10
20
Dec.
Dec.
Nov. 20
50c
$1%
Dec.
Nov. 20
50c
Dec.
Nov. 30
SIX
Dec.
Nov. 25
Dec.
Dec.
$2
30c
25c
Jan.
Dec.
50c
34 He
lc
Dec.
Dec.
Nov. 24
20
1 Nov. 19
1 Nov. 20
1
3 Dec.
2 Dec.
15 Dec.
10
1 Nov. 23
1 Nov. 23
Nov. 27 Nov. 20
Dec. 15 Nov. 30
Dec.
Dec.
1 Nov. 20
1 Nov. 15
15 Dec.
4
65c
Narragansett Racing Association
National Bearing Metals
National Bond & Share Corp. (special)
National Casualty Co. (quar.)
National Dairy Products Corp
Preferred A & B (quar.)
National Oats Co
National Sugar Refining Co. of N. J
Dec.
12c
50c
75c
Muskogee Co. common.
Mutual Telephone Co. (Hawaii)-.
5
Dec. 10 Dec.
Nov. 26 Nov. 16
Dec.
1 Nov. 18
Dec.
25c
30c
Dec.
SIX
Jan.
Dec.
50c
Dec.
50c
Jan.
National Transit Co
55c
New Bedford Cordage
Ol^bSS 3
—
mm mm mm » mm mm
mont Mining
Corp
New York City Omnibus Corp.
North Central Texas Oil (final)
Northern Oklahoma Gas Co. (initial)
North Pennsylvania RR. Co
(monthly)
Ogilvie Flour Mills Co., Ltd. (bonus)_
Ohio Assoc.
Telep., 6% pref. (quar.)
Oil stocks, Ltd.
(semi-annual)
&
Oklahoma Gas & Elec. 7% pref.
(quar.)
6% preferred (quar.).
Omnibus Corp. (initial).
(quar.)
Ltd. (quarterly)
7% participating prelerred (quar.)--
Preferred
Oneida,
Extra
(monthly)
15 Nov. 30
7
18 Dec.
$2H
Dec.
Dec.
35c
$1
20c
$2
Nov. 24 Nov. 13
Nov. 25 Nov. 15
Dec. 10 Nov. 30
SIX
30c
SIX
JSM
$2
25c
43 He
6 He
Dec.
15 Dec.
15 Dec.
Jan.
Dec.
Dec.
Nov.
Dec.
Dec. 24|
Dec. 24 Dec.
Dec. 15 Nov.
Dec.
Nov.
Dec.
Dec.
15
23
Jan.
1
Dec. 15
Dec. 15
Dec. 15
Dec.
Nov.
Nov.
Nov.
Dec.
Nov. 30
Dec.
1
Dec.
1
Nov. 30
15 Nov. 25
Dec.
21'Dec.
1
Dec. 21 Dec.
1
Dec.
1 Nov. 20
Dec.
1 Nov. 22
2c
Nov. 30 Nov. 19
2c
Nov. 30 Nov. 19
80c
Soss Mfg. Co.
Extra
South Jersey Gas, Electric & Traction (s.-a.)
Southland Royalty Co
37Hc
—
4
1
15
20
16
16
30
30
10
15
30
30
30
20|Nov. 10
20c
Nov.
$15
Nov. 23 Nov. 19
20 Dec.
Dec.
15 Nov. 30
Nov. 20
12c
Dec.
25c
Dec.
20c
Dec.
10c
Jan.
75c
(quar.)
Nov. 20
Nov. 16
Dec.
3 Dec.
14
82 He
15 Nov. 30
Nov. 24 Nov. 17
$1H
(resumed):
Sutherland Paper Co. (quarterly)
Swift & Co
Nov. 29 Nov. 22
40c
Dec.
16 Dec.
30c
.
Jan.
1 Dec.
1
31 Nov. 25
5c
----------
—
—
Dec.
six
(quarterly)
Feb.
15c
Talcott (James) Inc., common
Extra
—-—-
-
-
10c
-——■;
68 He
5H% participating preferred (quar.)-Tampa Gas Co., 8% pref. (quar.)
7% preferred (quar.)..
Tech-Hughes Gold Mines (quarterly)
Texas Gulf Sulphur Co
31 Dec.
31 Dec.
1 Dec.
Jan.
1 Dec.
Dec. 15 Nov.
Jan.
Dec.
Dec.
10c
Dec.
50c
Dec.
15
15
17
15
29
1 Dec. 15
1 Nov. 20
1 Nov. 20
3 Dec.
15 Dec.
10
1
Dec.
(quar.)-
Title Insurance Co. of St. Louis
(increased)Forgings (quar.)
15 Nov. 30
Dec.
1 Nov. 10
Dec.
15 Nov. 26
25c
Co., $6 pref. (quar.)
15 Nov. 30
Dec.
25c
-*--
Dec.
25c
$1H
Quarterly
15 Dec.
1
1 Nov. 20
$1H
Texas-New Mexico Utilities, 7% pref
Thatcher Mfg. Co. (special)
Transue & Williams Steel
Jan.
50c
Extra
Tilo Roofing Co., Inc.
Extra---
6
Dec.
50c
(quarterly)-—
Dec.
50c
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge, class A (quar.)
Dec.
15 Nov. 26
62fcc
-
Nov. 30 Nov. 20
Dec.
1 Nov. 26
1 Nov. 26
15c
Special
Dec.
$1
Dec.
25c
Dec.
20c
Year-end dividend
Dec. 27 Nov. 24
Dec. 27.Nov. 24
— —
-
(quar.)
90c
45c
United Elastic Corp. (Jersey City, N. J.)
United Gas & Electric Corp., com
Preferred (quar.)
15c
$1
$1.08
1X%
2H%
$1H
t$lH
5% preferred (semi-annual)
United Pacific Insurance Co. (Seattle)
United States Leather Co., 7% preferred
United States Playing Card (quarterly)
■
—
------
—
(quar.)
-
Nov. 29 Nov.
Jan.
1 Dec.
1 Dec.
1 Nov.
37 He
10c
$1
Co. (quarterly)- —
-
Viking Pump Co. (special)-Preferred (quar.)
Waialua Agricultural Co—
Washington Ry. & Electric Co. (extra)
Welch Grape Juice, 7% pref. (quar.)
3 Dec.
Jan.
Dec.
Dec.
Dec.
10 Nov.
15 Nov.
15 Nov.
1
1
1
27
10
16
16
15
30
29
29
SIX I Dec. 15 Nov. 29
$ 1.16 2-3 Dec. 21 Nov. 22
-
Valley Mold & Iron Corp., $5H pref. (quar.)Venezuelan Oil Consol., Ltd. (ordinary)
Ventures, Ltd., new—.
Common
15 Dec.
Dec.
$0 Preferred
Western Auto Supply Co
10 Dec.
15 Dec.
Dec.
Dec.
Jan.
SIX
Utah Power & Light, $7 preferred
Victor Monaghan
Victor Oil Co
Dec.
25c
(special)
Preferred
4*
4*
Nov. 30 Nov. 15
Dec. 15 Dec.
1
Dec. 24 Dec.
3
25c
United States Plywood Corp., pref. (quar.)
United States Sugar Corp.
United States Tobacco Co., common-Common
15 Dec.
15 Dec.
v-
Extra dividend is optional cash or stock.
United Amusement Ltd., A & B (s.-a.)
United Carbon Co
Extra--
15
10
Jan.
1 Dec. 20
Dec. 15 Nov. 30
Dec.
20c
20c
(quar.)
Sudbury Basin Mines
Sunshine Mining Co
Superior Portland Cement, participating A
Tide Water Power
1
15 Dec.
31 Dec.
SIX
3H%
— _-.
-
—
1 Nov. 15
Dec.
Dec.
Extra
_
10 Nov. 26
Dec.
1 Nov. 20
Dec. 15
Dec.
——-
Preferred
10 Nov. 26
20c
(quar.)
Extra.
Common
15 Nov. 27
Dec.
Dec.
$4
—
-
Class B
Dec.
12 He
50c
(quar.)
Union Premier Food Stores, Inc.
Extra
15 Nov. 30
1 Nov. 15
Dec.
1 Nov. 15
Dec.
1 Nov. 15
3
Dec. 21 Dec.
Dec. 15 Nov. 30
Dec.
30c
Extras
Onomea Sugar Co.
Otis Co
IX
Dec.
15
15
15
15
75c
15 Nov. 29
3 Nov. 29
1 Nov. 20
1
3 Dec.
50c
20c
(special)
Niles-Bement-Pond Co
Oahu Sugar Co., Ltd.
50c
Dec.
15c
Underwood Elliott Fisher Co., common (quar.)_
Dec.
7% preferred (quarterly)
—
New England Tel. & Tel. (quar.)
——
Newmont Mining Corp
------Year-end div. of 1-lOth of a share of Phelps
Dodge Corp. com. for each share of New-|
Dec.
SIX
15 Nov. 30
15 Nov. 30
Dec.
50c
Dec.
40c
(quarterly)
Simonds Saw & Steel Co
_
Jan.
15 Nov. 30
share class A
a
Stuart (D. A.) Oil Co., participating pref.
65c
3c
;
Monarch Royalties, Ltd
Montreal Loan & Mtge. Co. (quar.)
Monore Loan Society, 5H% pref. (quar.)
Mount Diablo Oil Mining & Development
1
Jan.
SIX
SIX
15 Nov. 30
Dec.
62 He
22c
-
Dec.
for each class B common held.
Standard Silica Corp.
$1
Meteor Motor Car Co
1
1
Nov. 15 Nov.
10c
Sovereign Life Assurance, 25% paid ctfs..
Spencer Kellogg & Sons, Inc. (quar.)
Staley (A. E.) Mfg. Co., $5 pref. (quar.).
7 % preferred (semi-annual)
Standard Oil of Kentucky (quarterly)
Dec.
Dec. 16 Nov. 24
Dec.
1 Nov. 19
Dec.
1 Nov. 19
40c
South Shore Utilities Assoc., $1H Pref.
----
—
H of 1 sh. of funding stk. for each cl. A held
McKenzie Red Lake Gold Mines
McKinley Mines Securities Co
16 Nov. 24
50c
Dec.
15 Dec.
50c
20
1 Nov. 20
Dec.
SIX
sin
Dec.
15 Nov. 30
Nov. 23
1 Dec.
Dec.
—
15 Dec.
15 Nov. 29
Jan.
SIX
Jan.
Dec.
6
15
Dec.
$4
50c
5c
Dec.
4
15 Dec.
3712
-
SIX
Dec.
4
3 Dec.
Dec.
Dec. 31!Dec.
Extra
1*
1*
Nov. 20
50c
3 Dec.
Jan.
50c
20c
Shepard-Niles Crane & Hoist Co., (increased)..
Simmons-Boardman Publishing, pref
Simon (Wm.) Brewery (quarterly)
13
Jan.
$1
—:
Shattuck (Frank G.)
Extra
10
1
Dec.
25c
common
15 Nov. 26
(stock div.) H of 1 sh. of funding stock for each cl. A held
Class A stock dividend
14
7
Dec.
Preferred (quarterly)
McCord Radiator & Mfg. class A
Jan.
60c
Seeman Bros., Inc. (quarterly)
Serrick Corp., class A common
Class B stock div. of l-20th of
Dec.
3%
■
May Hosiery Mills
Dec.
40c
.
5H% preferred (quar.)
(quarterly)..
$2
SIX
Dec.
Dec.
Dec.
6
60c
Extra
Scott Paper
Extra
1
15 Dec.
15 Dec.
Dec.
Dec.
50c
7 % preferred (quar.)
Dec. 22 Nov. 22
Dec. 23 Nov. 29
Dec.
Dec.
SIX
(quar.)
Dec.
50c
20c
—
— .
Dec.
65c
(quar.)
Rutland & Western RR
Schiff Co., common (quar.)
Dec.
5c
Extra
Extra
15 Dec.
Dec. 23 Dec.
Dec.
Dec.
20c
Extra
10c
_——
Extra stock dividend
Dec.
Jan.
Dec.
Jan.
$1.20
SIX
(H,) Mill, conv. preferred
Royalite Oil Co., Ltd. (semi-annual)
14
29
14
1
20
1
Dec.
Jan.
3 Dec.
Dec. 22 Dec.
Jan.
lc
Rollins
Dec.
Jan.
25c
Jan.
$1
Rich's, Inc. (extra)..
6H% preferred (quar.)
Robertson (H. II.) Co
Roberts Public Market, Inc. (quar.)
Rochester Button Co., $1H conv. pref. (quar.
Rollins Hosiery Mills, conv. stock (initial)-.--
1 Nov. 23
1 Nov. 23
Dec.
$3
—
Dec.
20c
Class B
1
1
Dec.
Extra
15|Nov. 26
15'Nov. 26
Dec.
SIX
SIX
Reynolds (R. J.) Tobacco Co
1
Dec.
Joslyn Mfg. & Supply (quar.)
15 Nov. 30
Dec.
—
1*
Dec.
Dec.
Dec.
Dec.
50c
Rayonier, Inc.
50c
$2 preferred (initial quar.)
Reeves (Daniel), Inc. (quar.)
12Hc
Option div. 1 sh. of pref. for each $100 in d iv
Preferred (auar.)
SIX
30c
Reliance Insurance Co. (Phila.)
1 Nov. 19
1 Nov. 22
Dec.
15,Nov. 30
Dec.
Jan.
SIX
Raybestos-Manhattan, Inc
10 Nov. 26
1 Nov. 19
Dec.
Dec.
Jan.
Pullman, Inc. (special)..
11
Jan.
Dec.
70c
25c
Nov. 17
J37Hc
Dec.
Dec.
3
Preferred
Dec.
Dec.
50c
Pressed Metals of America
Protective Indemnity Co
Dec.
Jan.
~$2H
Philadelphia Co., $6 preference (quar.)
$5 cumul. preference (quarterly)
Pittsburgh Screw & Bolt Corp
Preferred (quarterly)
Plymouth Fund, class A (reduced)
Preferred Accident Insurance Co. (quar.)
Prentice-Hall, Inc
Dec.
Dec.
Dec.
Dec.
debs.
—
Nov. 15
Dec. 11
Jan.
Dec.
Dec.
$1
.
Permutit Co
Peter Paul, Inc., new (increased)
Pet Milk Co. (quarterly)
1
1 Dec.
2 Nov. 18
2 Nov. 18
3
15 Dec.
27 Nov. 27
Nov. 20
5 Dec. 27
15 Nov. 26
16 Dec.
1
23 Dec. 10
15 Jan.
3
15 Nov. 15
15 Nov. 15
1 Nov. 20
15 Nov. 30
3 Dec. 15
3 Dec. 15
15 Dec.
1
20 Dec.
1
10 Nov.
2
21 Dec.
1
3 Dec.
1
3 Dec.
1
21 Nov. 26
15 Jan.
3
1 Nov. 15
23 Dec. 11
1 Nov. 20
L Nov. 20
30 Dec. 22
23 Dec. 10
20 Nov. 26
21 Nov. 26
15 Nov. 30
1 Dec. 15
1 Dec. 15
$1
25c
Pennsylvania Salt Mfg
Penn. Water & Power Co., common (quar.)
$5 preferred (quarterly).
Peoples Drug Stores, Inc., 6X% pref.
1
6
6
Dec.
15 Dec.
Dec.
50c
Parker-Wolverine Co
A div. of 75c. payable in 2 % 5-year conv.
Paterson & Passaic Gas & Electric (s.-a.)
Nov. 26 Nov. 22
6
Dec. 15 Dec.
Dec.
Jan.
75c
Pacific Western Oil
1
Dec.
-
Dec. 20 Nov. 30
$1.30
t50c
1st preferred
15 Dec.
Jan.
Dec. 20 Nov. 30
SIX
*-
Pacific Mills (no action Nov. 16,1937)
Pacific Public Service, 1st preferred--
1
Dec.
Paper (increased)
Knitting Co. (quar.)
Hanes (P. H.)
Extra
60c
Otis Elevator Co
Preferred (quarterly)
8
Dec. 21 Dec.
certificate.
each $1,000 certificate.
Share
Name of Company
Payable of Record
Green Bay & Western RR. Co
Class A debenture, on each $1,000
When I Holders
Payable of Record
Per
| Holders
When
Per
Share
Name of Company
3295
Chronicle
Financial
145
—
$1H
Dec.
Dec.
21 Nov. 22
1 Nov. 20
Is
Nov. 27
25c
Jan,
1
Dec.
1
Nov. 23
Dec. 15
SIX
10c
$1H
60c
$1
$14
SIX
25c
40c
—
Dec.
Nov.
Nov.
Dec.
Dec. 15 Dec.
Nov. 30 Nov.
Nov. 30 Nov.
Nov. 30
Dec. 10 Nov.
Dec.
1 Nov.
17
20
19
1
1
20
14
24
20
3296
Financial
Per
Name of Company
When
Share
Wayne Pump Co
Dei.
50c
Jan.
I
15 Nov. 25
2 Dec.
17
Wisconsin Public Service Corp.—
$1H
SIA
SIA
SIA
Nov. 30
Nov. 30
Nov. 19
Dec.
8 Nov. 16
Jan.
5c
Jan.
3 Nov. 24
3 Nov. 24
10c
Jan.
S36A
15 Dec.
1
Nov. 26 Nov. 15
stock.
Yellow Truck & Coach Mfg., preferred
we
Nov. 30
10c
Extra
Interim
(special)
Wurlitzer (Rudolph) Co., 7% cum. pref
Below
Dec. 20
Dec. 20
Dec. 20
Dec.
1
3%
Wright-Hargreaves Mines, Ltd. (monthly)
or common
SI A
Dec. 23 Doc.
15
give the dividends announced in previous weeks
list does not include dividends an¬
being given in the preceding table.
and not yet paid.
The
nounced this week, these
Per
Name of Company
Extra
When
Share
Acme Steel Co. (quarterly)
Addressograph-Multigraph (quar.)
Ahlberg Bearing Co., class B (quar.)
Alabama Water Service Co., $6 pref. (quar.)
Allegheny Steel Co
Preferred (quar.)
Allen Industries, Inc. (quar.)
Allied Laboratories, Inc. (quar.)
$1
35c
5c
$1A
American Arch Co. (quarterly)
Cumulative preferred
American Capital Corp., $5 A Pref. (quar.)
American Chicle Co. (quar.)__
Special
8% preferred (quarterly)
American Envelope Co.. 7% pref. A (quar.)..
American Forging & Socket Co
American General Corp., $2 pref. (quar.)
$2 A preferred (quarterly)
$3 preferred (quarterly)
American Home Products (monthly).
American Investment Co. (111.) (quar.)
American Metal Co
50c
$1H
75c
Smelting & Refining
American Steel Foundries
American Thermos Bottle $7 pref. (quar.)
American Thread Co., pref. (semi-ann.)
American Tobacco Co., com. and com. B (quar.)
American Toll Bridge Co. (quar.)
Amer. Water Works & Elec. Co., Inc., com
Anaconda Wire & Cable
—
Anglo-Iranian Oil (interim)
Archer-Daniels-Midland Co
Arkansas-Missouri Power, 6% preferred
Armour & Co. (Del.), preferred
(quar.)
Armour & Co. (111.)
$6 preferred (quar.)
!
7% preferred (quar.)
Armstrong Cork (interim)
Artloom Corp. 7% preferred
Asbestos Mfg. Co., $1.40 pref. (quar.)
Associated Dry Goods Corp., 1st preferred
$2
si
Nov. 23 Nov.
9
Nov. 23 Nov.
9
Dec.
1 Nov. 15
Dec. 15 Dec.
1
Dec. 15 Dec.
1
Nov. 26 Oct. 18
Dec.
1 Nov. 20
Dec.
1 Nov. 20
of Record
I
;
$1H
Dec.
1
25c
Dec.
1 Nov. 15
50c
Dec.
1 Nov. 17
62 Ac
75c
Dec.
1 Nov. 17
Dec.
1 Nov. 17
f20c
Dec.
1 Nov. 15
40c
Dec.
1 Nov. 22
Dec.
1 Nov. 22
Dec.
SIA
SIA
Dec.
40c
Nov. 2o
Dec.
SIA
1 Nov. 19
1 Nov. 19
Dec.
15 Dec.
50c
Dec.
Jan.
12Ac
SIA
Jan.
2c
20c
6
15 Nov. 15
Nov. 30 Nov.
5
87 Ac
15 Nov. 30
3 Dec. 20
1 Nov. 30
1 Nov. 10
Dec.
Dec.
15 Dec.
Dec.
15 Nov. 19
1
$1
Nov. 20 Nov. 13
Nov. 30 Oct. 29
Dec.
1 Nov. 20
Dec. 24 Dec. 10
Jan.
2 Dec. 10
15c
Dec.
15 Nov. 25
2 Dec. 10
Jan.
Jan.
2 Dec.
50c
Dec.
Dec.
1 Nov. 10
niA
35c
Feb.
1
SI A
Dec.
1 Nov. 12
SIA
Dec.
1 Nov. 12
75c
$1
SIA
25c
(semi-ann.)
S3 A
Atlas Corp., 6% pref.
(quar.)
Atlas Powder Co. (Del.), common
22
Nov.
22
Dec.
10c
37 Ac
Dec.
Dec.
43 Ac
Dec.
5c
Baltimore Radio Show, Inc.
(quar.)
Bandini Petroleum Co. (quar.)
Dec.
75c
-
Dec.
3c
10
1 Nov. 15
Dec. 31 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
Dec. 15 Nov.
75c
Automobile Finance Co
6% preferred
7% preferred
i
3A% cumulative preferred (quar.)
Buckeye Pipe Line Co
Bucyrus-Erie Co., com. (interim)
i
1 Oct.
10
10
10
1 Nov. 16
10 Nov. 30
1 Nov. 10
1 Nov. 10,
1 Nov. 10
1 Nov. 15
Nov. 20 Nov.
Preferred—
3
Jan.
1 Nov. 30
Jan.
1 Nov. 30
3c
Nov. 24 Nov. 12
12c
30c
Nov. 24 Nov. 12
Nov. 24 Nov. 12
Dec.
1 Nov. 17
30c
Dec.
15c
(quarterly)
Bath Iron Works Corp., payable in
stock..
BeaunitMills, Inc., pref. (quar.)
Beech-Nut Packing Co. common
(special)
Belding-Corticeili, Ltd. (quar.)
Preferred (quar.)
Bellows & Co..class A
(quar.)
Bendix Aviation Corp
37Hc
1 Nov. 17
Dec. 30 Dec. 15
Dec.
1 Nov. 15
15 Nov. 22
$1
Dec.
$1
Jan.
3 Dec.
15
$1A
Jan.
3 Dec.
15
25c
25c
Beneficial Industrial Loan
Corp., com
30c
87 Ac
SIA
Preferred series A
Bethlehem Steel Corp
7% preferred (quar.).
5% preferred (quar.,
r.).
Dec. 18 Dec.
1
Dec. 13 Nov. 20
Dec. 20 Dec.
Dec. 20 Dec.
Dec. 24 Dec.
1
13
17
i
Oct.
(quar.)
Calamba Sugar Estates (auar.)
Calgary & Edmonton Corp., Ltd
Campbell, Wyant & Cannon Foundry (quar.)_„
Campe Corp. (quar.)
Canada & Dominion Sugar, Ltd. (quar.)
Canada Wire & Cable, pref
;
Canadian Car & Foundry, 7% preferred
7% preferred (quar.)
Canadian Oil Co.., Ltd., 8% pref. (quar.)
Canfield Oil Co., pref. (quar.)
Carman & Co.. Inc., class A
Caterpillar Tractor (quar.)
(quar.)
Borg-Warner Co. (quar.)
Extra
Boston Fund, Inc
Boston Woven Hose & Rubber
Co., pref
Brewer (C.) & Co., Ltd.
(monthly).
Bridgeport Gas Light Co. (quarterly)
Bright (T. G.) & Co., 6% pref. (quar.)
Common (quarterly)
«.
Bristol-Myers Co. (quar.)
Extra
Brooklyn Edison Co. (quar.)
Brooklyn-Manhattan Transit—
(quar.).
Nov.
3
Nov. 15
Nov. 15
Nov. 18
Nov. 10
Dec. 27
Dec. 20
Dec. 20
Nov. 15
Nov. 15
Nov. 15
$3 A
Central Arkansas Public Service Corp.—
7% preferred (quarterly)
$1A
$1A
-
Central Eureka Mining Co., non-cum. pref
Central Illinois Public Service, $6 pref
6% preferred
Nov. 25 Nov. 15
Dec. 31 Dec. 15
Nov. 15
Nov.
2
Nov. 20
6c
$1
$1
:
Central Massachusetts Light & Power (quar.)>>
Century Ribbon Mills, Inc., preferred (quar.)..
Champion Paper & Fibre 6% preferred.
Chartered Investors, Inc., $5 pref. (quar.)
Chicago Corp., conv. pref. (quar.)
Chicago District Electric Generating Corp.—
$6 preferred (quarterly)
Nov. 20
Oct. 21
50c
SI A
SI A
_
Nov. 20
Dec. 15
Nov.
Si A
75c
25c
Dec.
25c
50c
$3
SI A
1 Nov. 19
Nov. 29 Nov.
9
Dec. 13 Nov. 12
Dec.
1 Nov. 20
Dec.
1 Oct.
SIA
3 Dec. 20
llNov. 10
liNov. 10
15 Nov. 26
75c
15'Nov. 26
(semi-ann.)...
15 Nov. 26
15 Nov. 26
Extra
$15]
Class A (semi-ann.)
Collins & Aikman Corp., common
Preferred (quar.)
15 Nov. 26
Nov. 19
Dec.
6
Nov. 24
Nov. 19
Confederation Life Assoc. fOnt.) (quarterly)..
Connecticut Light & Pow. Co., 5 A% pref.
(qu.)
Connecticut Power Co. (quarterly)
Connecticut River Power 6% pref. (quar.)
Consolidated Cigar Corp. pref. (quar.)
Consolidated Edison Co. (quar.)
Consolidated Oil Corp. preferred (quar.)
Consolidated Paper Co. (quar.)
75c
Nov. 19
31 Ac
Nov. 10
SI A
Novl 15
50c
Nov. 15
50c
Nov. 30
$1
Dec.
S1H
SI A
SIA
Nov. 15
5
50c
Nov.
Nov. 15
Nov. 20
Nov. 20
SI
30c
Continental Casualty Co. (Chic., 111.)
(qu.)...
Continental Telep. Co. 7% partic. pref. (quar.)
6A% preferred (quar.)
Copperweld Steel Co. (quarterly)
Cosmos Imperial Mills
5% preferred (quar.)
Creameries of Aonerica, Inc., pref.
(quar.)
Creole Petroleum Corp
Nov.
30c
50c
Nov. 15
SIA
Dec.
87 Ac
Nov. 30
2c
50c
Nov. 22*
56Ac
Nov. 30*
Nov. 30*
..
Crown Zellerbach Corp., $5 conv.
pref. (quar.)__
Crum & Forster Insurance
5*%c
Shares, A and B
Nov. 13
Nov. 20
30c
SI A
7% preferred (quar.).
8% preferred (quar.
r.b
Cuneo Press, Inc. Preferred (quar.)
Curtis Mfg. Co. (Mo.)
Nov. 20
$2
Dec.
SIA
■
Curtiss-Wright Corp., class A_
Cushman's Sons, Inc., 7% pref.
Darby Petroleum Corp. (s.-a.)_
Dayton Power & Light Co., 4 A % pref.
Deere & Co., preferred
(quar.)
Dentists Supply Co. of N. Y.
(quar.)
7 % preferred (quarterly)
Denver Union Stockyards 5 A%
pref. (quar.)...
Detroit Gasket & Mfg. Co. pref.
(quar.)
Detroit Hillsdale & Southwestern RR.
(s.-a.)„.,
Diamond Match Co
Preferred (semi-ann.)
1
Nov.
6
$1
50c
Nov. 30
Nov. 26
t87Hc
Nov. 15
25c
Jan.
Dictaphone Corp
Nov. 20
35c
Nov. 15
75c
Nov. 20
$15*
Dec. 23
Nov. 20
Nov. 15
$2
Dec. 20
Nov. 16
25c
Feb.
(resumed)
Nov. 12
$2
50c
Dixie-Vortex Co. (quarterly)
Nov. 12
Dec.
Dec.
3
Dwight Mfg. Co.
Dec.
S1$i
Dec.
15 Dec.
Dec.
1
Dec.
1 Nov.
40c
Dec.
1
62 Ac
20c
$3
$1
50c
50c
7 Ac
60c
10c
$2
10 Nov. 26
Dec. 29 Dec.
15
Dec. 15 Nov.
Dec. 15 Nov.
,1 Nov.
Dec. h Nov.
Nov. 30 Nov.
30
30
15
15
Dec.
Nov. 17
Nov. 20
Dec.
4
Nov. 20
Dec.
4
5
(quarterly)
Eddy Paper Corp
El Dorado Oil Works
(quar.)_.
15 Dec. 31
SIA
SIA
Dec.
40c
Jan.
1 Nov. 21
3 Dec.
1
75c
Dec.
1 Nov. 20
Apr. 15 Apr.
.
1
Dec. 10
Nov. 16
Nov. 23
Nov.
5
or,
Electrograpbic Corp. (quar.)
Preferred (quarterly)
Electrolux Corp. (quar.)
Dec.
El Paso Electric Co., $6
pref. (quar.)
Ely & Walker Dry Goods Co
Empire & Bay State Telep., 4% gtd. (quar.)..Empire Capital class A (quar.)
Class A (extra)
Emporium Capwell Corp., 4 A % cum. pf. A(qu.)
Emsco Derrick & Equipment
(quar.)
Nov. 10
Dec.
Dec.
Extra
.
Jan.
6
Nov. 10
Nov. 10
Nov. 20
$6 preferred (quar.)
East St. Louis & Interurban Water Co.
7% pref_
6% preferred
Eastman Kodak Co., common.
Electric Boat Co
Electric Shareholding preferred.
Div. of 44-1000ths of a sh. of com. stk.
at option of holders,
$1A in cash.
10
Nov.i§"
East Shore Public Service Co.
S6A pref. (quar.)
Extra
Dec.
10
Dec.
37Ac
Class A (quarterly)
SIA
Dec. 10 Nov. 26
Nov. 20 Oct. 30
Dec. 15 Dec.
1
Nov. 25 Nov. 20
15
$2
v.
3
18c
4
SI A
75c
1 Nov. 20
15 Nov. 15
50c
50c
14
Dec.
50c
Curtis Publishing 7% preferred.
Preferred
31
Nov. 19
Nov. 30
25c
25c
Extra
5
Nov. 15
Dec. 15
Dec. 15
$15*
SI As
Cresson Consol. Gold Min. &
Milling.
Crown Cork & Seal Co., Inc.
3 Dec.
5
24
Nov. 15
Nov. 15
Nov. 15
62 Ac
Extra
Container Corp. of America (quar.)
Preferred (quar.)
Distillers Corp .-Seagrams
Nov. 19
40c
Special.
Commonwealth Edison Co. (special)
Commonwealth Utilities 6A% pref. C (quar.)..
Compania Swift Internacional (quar.)
Compressed Industrial Gases (quar.)
$2 A preferred (w.w.)_
$2 A preferred (x. w.)
15iNov. 26
1A%
Columbia Broadcasting, class A & B
Columbia & Xenia RR. Co
Columbian Carbon Co., voting trust
3 Dec.
Nov. 15
30
87 Ac
50c
Coca-Cola International (quar.)
Dec.
Nov. 16
1 Nov. 15
1 Nov. 10
Dec.
Extra
Jan.
cash
1
Nov. 15
Dec.
$1A
Chicago Mail Order Co
Chicago Yellow Cab
Chile Copper Co
Chrysler Corp., common
City of New Castle Water Co. 6% pref. (quar.).
Clark Equipment Co. special..
Payable in 7% cum. pref. stock. Scrip ctfs.
will be issued in leu of fractions.
Clearfield & Mahoning Ry. (s.-a.)
Cleveland & Pittsburgh RR. Co. gtd.
(quar.).
Special guaranteed (quar.)
Coca-Cola Co. (quar.)
Class A
1
15
1
Dec.
Payable at rate of 3-100 shs. of 5% pref. stk.
(quar.)
CelaneseCorp. ol Am. 7% cum. lstpf. (s.-a.)
Jan.
(quar.).
Brooklyn Teleg. & Messenger Co. (quar.).
Brooklyn Union Gas
Brown Shoe Co., common (quar.)
Dec.
Dec.
Stock dividend
Preferred
75c
com. or
30
Nov. 12
50c
6% pref
30
Oct.
Preferred (quar.)
Butler Water Co. 7% pref.
25c
Blue Ridge Corp., $3 pref.
(quar.)
Opt. div. payment of 1-32 sh. of
Nov. 19
Nov. 12
Doctor Pepper Co. (Quarterly)
Draper Corp., one sh. for each sh. held.
1
17
Nov. 11
—
Butler Bros
SIA
Bigelow-Sanford Carpet Co
Biltmore Hats, Ltd.,
7% pref. (quar.)
Birmingham Water Works 6% pref. (quar.)
Blackstone Valley Gas & Electric,
Dec. 24
24
Nov. 16
Dec.
1
Dec.
Bullock's, Inc. (quar.)
Bulolo Gold Dredging, Ltd
Burroughs Adding Machine Co. (quar.)
Special
_
62c
1 A%
common
Cumulative preferred
Bankers National
Investing Co. (Del.)
Class A & B__2
60c. preferred
(quarterly)
Barlow & Seelig Mfg
Nov. 15
Feb. 14
Dec.
-
%1A
SIA
Preferred (quarterly)
Atlantic Refining Co. (quar.)
Atlantic Steel Co., 7% pref.
lo
$2
$3
Extra
Preferred
3 Dec.
25c
$1A
i
Bangor & Aroostook RR. Co.,
Company
-
50c
Associates Investments (quarterly)
Preferred
13
21
2 Dec.
Dec. 22 Nov. 30*
Dec.
1 Nov. 15
Dec.
1 Nov. 15
Dec. 31 Dec. 16
Dec. 31 Dec. 15
Jan.
1 Dec. 17
Dec.
1 Nov. 19
5%
,
common
Dec. 27 Dec.
Jan.
35c
1
Nov. 16
4 Nov. 20
27 Dec. 13
Dec.
50c
Preferred (quar.)
American Paper Goods, 7 % preferred (quarterly)
American Rolling Mill Co. (extra)
Borden Co.,
1
40c
1-
Second preferred
16 Dec.
Jan.
t$20
SIA
•q
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
for 10.
American Dock Co
1 Nov. 20
Dec.
75c
American Bakeries Co , 7 % pref (semi-annual).
American Box Board Co
Class A
Dec.
25c
15c
SIA
....
13 Nov. 15
Dec.
15c
(quar.)
Aluminium, Ltd., 6% preferred
6% preferred (quar.)
Aluminum Manufacturing, Inc. (quar.)
7% preferred (quar.)
Amalgamated Leather Cos., 6% pref. (quar.)
American
Dec.
Dec. 22 Dec.
2
Dec.
1 Nov. 20
Dec.
Allis-Chalmers Mfg. Co., common
Extra
Holders
Name of
Brown Fence & Wire Co
Preferred A (semi-annual)
—
40c
—
Holders
Payable of Record
$1*4
'
Allied Stores Corp., 5% pref.
1937
20.
Bruce (E. L.) Co., 7% cum. preferred (quar.)_
7% cumulative preferred (quar.)
6A% cumulative preferred (quar.)
6% cumulative preferred (quar.)
Woolf Bros., Inm, 7% pref. (quar.)
Woolworth (P. W.) & Co., Ltd.—
American dep. receipt 6% pref. reg. (s.-a.)__Less income tax and deduction for dep. exp.
Payable in cash
Nov.
Holders
Payable of Record
SIA
Washington Water Power, pref. (quar.)
Chronicle
Nov. 10
Nov. 15*
Nov. 15
Dec. 31
Dec.
Jan.
Nov.
Nov. 15
Dec.
Nov. 20
Nov.;
Nov.
5
Nov.:
Nov.
Jan.
Dec.
5
23
Nov.:
Nov. 10
Financial
Volume 145
t$23*
$13*
Extra
Dec.
10
Jan.
Dec.
Jan.
Dec.
10
10
$13*
Jan.
Dec.
Jan.
Dec.
10
Jan.
Dec.
10
Dec.
Nov. 30
six
Dec.
—
(quar.)
Fajardo Sugar
Falconbridge Nickel Mines, Ltd
Fansteel Metallurgical Corp. $5 pref. (quar.)—
Faultless Rubber Co. (quar.)
Federal Compress & Warehouse (quar.)
Federal Light & Traction, pref. (quar.)
Firestone Tire & Rubber Co., 6% pref. A
First National Bank of N. Y. (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.)
Freeport Sulphur Co. (quar.)
Preferred (quar.)
General Box Co. (quar.)
General Cigar Co., Inc., 7% preferred (quar.) —
7% preferred (quar.)
7% preferred (quar.)
General Finance Corp. (extra)
Preferred (semi-ann.)
General Motors Corp
Preferred (quarterly)
Georgia RR. & Banking Co. (quar.)
Globe Democrat Publishing Co.. 7% pf. (qu.)_
Nov. 30
Dec.
Nov. 15
25c
Dec.
Nov. 12
25c
Dec.
Nov. 12
SIM
Dec.
1 Nov. 12
1 Nov. 15
Dec.
8
Dec. 30 Dec.
$1
W
Dec.
50c
Jan.
40c
Dec.
$13*
Dec.
(quar.)
—-
Jan.
25c
Dec.
1 Nov. 15
1 Nov. 20
SIX
Dec.
1 Nov. 15
Dec.
Dec.
Feb.
1 Jan.
2c
Dec.
—
1 Nov. 20
1 Feb. 18
June
1 May 20
Dec.
5c
Nov. 20 Nov. 15
30c
Nov. 24 Nov. 20
Dec. 13 Nov. 12
1 Jan. 10
Feb.
1
Jan. 15 Jan.
SIX
SIX
$23*
SIX
Dec.
Dec.
50c
Jan.
Dec.
Dec.
SIX
S2X
Dec.
15 Nov. 30
15 Nov. 15
15 Nov. 15
Nov. 24 Nov. 15
1 Nov. 10
Dec.
Dec.
1 Nov. 12
Dec.
25c
Dec.
1 Nov. 12
1 Nov. 20
1 Nov. 20
1
20 Dec.
the
Dec.
$50
Dec.
15
Dec.
20 Dec.
Dec.
15 Nov. 30
Middlesex Water Co. (quar.)
Midland Grocery Co 6% pref.
Dec.
15 Nov. 30
15 Nov. 30
75c
Dec.
1 Nov. 16
43 Xc
preferred (quarterly)
(semi-ann.)
Hackensack Water Co.
Class A preferred (quar.)
Hale Bros. Stores (quar.)
Dec.
25c
.
31 Dec. 17
Dec.
1 Nov. 25
15 Nov. 26
1 Nov. 12
75c
(quar.)
(quar.)
Hancock Oil of Calif., class A & B (quar.)
Class A & B (extra)
Hanna (M. A.) Co., $5 cum. preferred (quar.) —
Harbison-Walker Refractories Co., common—
Preferred (quarterly)
Hart-Carter Co. $2 conv. preferred
$2 conv. preferred (quar.)
Hawaiian Agricultural Co. (monthly)
Hazel-Atlas Glass Co. (quar.)
Hedley Mascot Gold Mines, Ltd. (quar.)
-
Dec.
SIX
Dec.
25c
Dec.
20c
Dec.
INov. 15
SIX
Dec.
ljNov. 15
l!Nov. 12
50c
Dec.
1 Nov. 15
Dec.
20 Jan.
6
Nov. 15
50c
Dec.
Nov. 15
20c
Nov.
Nov. 24
$13*
t$I
Jan.
Midco Oil Corp.,
Extra.
_
_
-
-■
'-
■
.
_
—
—
—
Extra..
Illinois Water Service Co., 6% pref.
Nassau & Suffolk Lighting
National Automotive Fibres,
Nov. 15
Nov. 12
Dec.
Nov. 20
Dec.
Nov. 15
Nov. 15
National Container Corp.
8
Dec.
Nov.
5
Nov. 24
4
Nov. 10
50c
Dec.
Nov. 24
$21*
June
May 10
Jan.
2
Dec.
Nov. 15
$11*
35c
Jan.
$31*
$33*
Dec.
Dec.
Dec.
10
Dec.
Dec.
10
Dec.
10
10
Dec.
Dec.
10
Dec.
Dec.
Dec.
Nov. 26
Nov.
Nov. 10
_
Dec.
Nov. 20
Dec.
Nov. 15
15 Nov. 15*
Nov. 22 Nov.
8
i/.
Dec.
8
Nov. 22 Nov.
Dec.
1 Nov. 13
Dec.
15 Dec.
1
Dec.
$11*
1 Nov. 19
Dec.
1 Nov. 15
1 Nov. 20
50c
Dec.
$1
SIX
Dec.
22 Dec.
Dec.
18 Dec.
4
16
25c Nov. 20 Oct. 30
Dec.
1 Nov. 15
t$ll*
40c
Nov. 30 Nov.
Dec.
5
15 Nov. 12*
Nov. 30 Nov. 12*
1 Nov. 10
pref. A (quar.)
National Life & Accident Insurance Co., Nash¬
ville, Tenn (quar.)
National Oil Products
...
sh. of com. for each sh. held
(quar.)
Dec.
Dec.
22 Dec.
4
25c
(quar.)
National Lead Co.
Opt. paym't of 1-20
22
Dec.
22 Dec.
4
$13*
Dec.
15 Nov. 26
40c
Dec.
$1
Dec.
1 Nov. 20
10 Nov. 26
15c
Dec.
1 Nov.
1
National Pressure Cooker Co. (quar.)
15c
Dec.
1 Nov. 15
25
National Standard Co. (quar.)
50c
Jan.
3 Dec.
15
Dec. 22 Dec.
8
Dec. 31 Dec.
1
31 Dec.
1
National Supply Co. (Penna.), stock div
1-10th of a sh. of $2 10-year prior preference
stock for each share held.
Central America—
Dec.
Dec.
Dec.
Co., Inc. com
Nov. 15
1
pref. (quar.)
Nov. 15
Interstate Natural Gas Co
Dec.
Nov. 30
Intertype Corp., 1st pref. (quar.)
,
2d preferred (semi-annual)
Iron Fireman Mfg. Co. (quar.)
Ironwood & Bessemer Ry. & Lt.. 7% pref
Jacobs (F. L.) Co..
Payable in five-year 53* % notes.
Jaeger Machine Co., common
Jantzen Knitting Mills, pref. (quarterly)
Jarvis (W. B.) Co. (quarterly)
Jewel Tea Co., Inc. (quar.)
Kendall Co participating preferred A (quar.)
Kemper-Thomas Co.—
7% special preferrred (quar.)
Kentucky Utilities Co., 7% jr. pref. (quar.)
Klein (D. Emil) (quar.)
Preferred (quar.)
Jan.
Dec.
15
Neiman-Marcus Co. 7%
Jan.
Dec.
15
Dec.
Nov.
10
Dec.
Nov.15
Dec.
Nov. 22
Newberry (J. J.) Co., pref. A (quar.)
5% pref. A (quarterly)
—
Quarterly
New Jersey Zinc Co
—
New York Air Brake Co
New York & Queens Eiec. Light & Power..,
5% preferred (quar.)
Norfolk & Western Ry. (quar.)
North American 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
Nov. 24 Nov. 13
Dec.
1 Nov. 25
Dec.
1 Nov. 15
Dec. 20 Dec.
9
1 Nov. 10
Dec.
— _
SIX
SIX
Dec.
1
Nov. 20 Nov.
1
25c
Dec.
62 Xc
72c
Feb.
24 Dec. 14
2 Jan. 20
Dec.
4 Nov. 12
(initial)
Kobacker Stores, Inc., pref. (quar.)
Kresge (S. S.) Co
Kroehler Mfg. Co. 6% pref. A (quar.)..
Kroger Grocery & Baking Co. (quar.)
6% preferred (quar.).
'.)7% preferred (quar..
Knudsen Creamery Co., SIX class A.
Lake-of-the-Woods Milling preferred
Preferred (quar.)
Lake Superior District Power, 7% pref. (quar.).
6% preferred (quarterly)....
Landis Machine 7% preferred (quar.)
Lanston Monotype Machine—
6% preferred (guar.)
50c
lOct.
Dec
1
Preferred
Power Co. 6% pref. (qu.)..
Dec.
Nov. 18
Ohio Public Service.
30c
Dec.
Dec.
1
SIX
Dec.
Dec.
24
40c
c
t37Jl 7
SIX
SIX
six
SIX
$1
-•
Dec.
Nov. 10
Jan.
Dec. 20
Feb.
Jan.
Ogilvie Flour Mills preferred
20
Old Dominion Co
(quar.)
:
8% pref. (quar.)
Dec.
Nov. 15
Old Joe Distilling Co.
Dec.
Nov. 15
Ontatio &
Dec.
Nov. 15
Oshkosh B'Gosh, Inc., common
Nov. 15
Dec.
Dec.
15 Dec.
Nov. 30
5
Dec.
6
Nov. 12
Dec.
Nov. 12
Dec.
Nov. 20
60c
Dec.
Dec.
$1
Dec.
Nov. 20
50c
$2
Dec.
Nov. 19
Quebec Ry. (semi-ann.)
Dec
Nov. 16
Dec.
Nov. 16
Dec.
Dec.
Six
Dec.
Oct.
Dec.
Dec.
10
3
25
3
Dec.
Nov. 15
25c
Dec.
Nov.
29
sm
Dec.
Nov.
16
25c
Dec.
Nov. 12
$1
Dec.
Nov. 20
10
$1
Dec.
Nov.
t$13*
till*
Dec.
Nov. 20
Dec.
Nov. 20
HP
50c
Dec.
Nov. 15
Dec.
15 Nov. 30
Dec.
15 Nov. 30
llNov.
Dec.
l|Nov. 15
Dec.
INov. 15
t$l
Dec.
SI
—
Dec.
50c
58 l-3c
Dec.
$13*
Dec.
llNov. 15
24 Dec.
10
1 Nov. 19
25c
Nov. 22 Nov.
10c
Jan.
$3 Dec.
15
1 Dec.
1 Nov.
5
15
(quar.)
1
$2 preferred (quar.)
(quar.)
$5 pref. (quar.)
10c
(Dec.
1 Nov. 19
50c
Otis Steel 1st preferred
Oxford Paper Co. new
Dec,
S2X
SIX
41 2-3 c
5% pref. (monthly)
6% preferred (monthly)
7% preferred (monthly)
Ohio River Sand Co., 7% preferred-.
Ohio Water Service, class A
Nov. 25 Nov. 10
6
Dec.
Dec.
$11*
(quar.)
SIX
SIX
SIX
pref. (quar.)
6% preferred
Nova Scotia Light &
Ohio Oil Co.
,2jooth of a share
stock.
Dec.
50c
$13*
$11*
$13*
$11*
$11*
$13*
5 X % prior preferred ...
$2 10-year prior preference
Nebraska Power Co. 7%
Dec.
Nov. 10
25
Dec.
Knapp Monarch Co., new
Nov. 10
Nov. 21 Oct.
5% preferred (resumed)
common
8
Nov.
$13*
(Del.)
Gypsum Co., 1st pref.
2d preferred (quarterly)
National Power & Light common
Extra
King-Seeley Corp
Option dividend of cash or
Nov. 20
Dec.
Nov.
Nov. 21 Oct.
6% cumulative convertible preferred
6% convertible preferred series A
International Nickel of Canada.
International Rys. of
Dec.
25c
National
31
Dec.
81yii
$13*
(quar.)
Dec. 20
International Metal Industries, Ltd.—
Interstate Home Equipment
Extra
Preferred
Dec.
Dec.
1
Dec.
30c
25c
25c
National Biscuit Co
Dec.
SIX
(quar.)
preferred
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. sh.
Dec.
Nov.
Nov. 15
10c
Nash-Kelvinator
Nov. 15
Nov. 15
Dec.
25c
Mullins Mfg. Corp., pref.
Nov. 20
Dec.
Dec.
Dec.
Muncie Water Works 8% pref.
Nov. 10
Dec.
Nov. 15
Dec.
25c
Nov. 10
Jan.
Dec.
50c
40c
Extra
Dec.
Inland Steel Co
75c
$11*
1
Dec.
30c
;
(semi-ann.)
Dec.
(quar.)
Nov. 15
$1
Dec.
Imperial Life Assurance of Canada (quar.)...—
Ingersoll Rand
International Harvester Co., pref.
Society (quar.)
Dec.
1
Dec.
$1M
Dec.
Dec.
Nov. 15
$11*
75c
Class B, common (extra)
Preferred (quarterly)
Nov.
Nov. 15
Nov. 10
Dec.
65c
Class A common (extra)
Class B, common (quarterly)
Nov. 26
Dec.
Dec.
Dec.
10c
25c
Nov.
Nov. 17
Dec.
5
Nov. 19
Nov. 15
Dec.
———.—
1
Nov.
Nov.
75c
Nov. 20
Dec.
1
Dec.
Dec.
20c
25c
Dec.
(quar.)
(quar.)
Murphy (G. C.) Co. (quar.)
Muskogee Co. 6% cum. pref. (quar.)
Muskegon Motor Specialties class A (quar.).—
Muskegon Piston Ring
Mutual Chemical Co. of Amer., 6% pref. (quar.)
Nov. 26
Dec.
50c
Nov.
Mueller Brass Co
Dec.
1
Dec.
$1
$1.64 Dec.
Mountain Producers Corp.
(quar.)
Hobart Mfg. Co. class A (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.)
Hudson Bay Mining & Smelting Co
Huntington Water Corp. 7% pref. (quar.)
6% preferred (quar.)
Huttig Sash & Door Co. 7% preferred (quar.)..
Idaho-Maryland Mines (quar.)
1
1 Nov.
15 Dec.
Nov.
(s.-a.)
Motor Wheel Corp. (quar.)
Mountain Fuel Supply Co..
Preferred
Dec.
Dec.
50c
$1
5
Nov. 15
15
Nov. 30 Nov. 30
Dec. 15 Nov. 15
75c
5
Dec.
3 Dec.
Jan.
25c
Motor Products Corp
Nov. 29 Nov. 19
Dec. 31 Dec. 21
17
Minneapolis-Honeywell Regulator (quar.)
Preferred
(qu.)
Missouri Gas & Electric Service Co., common—
Monsanto Chemical Co. $43* cl. A pref. (s.-a.)_
Represents proportion of the s.-a dividend
for the unexpired period ending Dec. 1.
(Quarterly)
—
$43* class A pref. (semi-ann.)
Moore (Wm. R.) Dry Goods (quar.)...
Moran Towing Corp., partic. pref. (quar.)
Morris Finance Co., class A, common (quar.)
Morris Plan Insurance
—
31
1 Nov. 17
Dec. 24 Nov. 30
2
Jan.
3 Dec.
Dec.
Dec.
1
1 Nov. 15
Jan.
Nov. 15
Nov.
Dec.
3 Dec.
1 Dec.
Jan.
$13*
$11*
373*c
SIX
$3
43 Xc
tlOc
Nov. 15
Dec.
Dec.
20,Dec.
Dec.
Dec.
Dec.
__
1 Nov. 10
1 Nov. 10
Dec.
Nov. 30 Nov. 20
Dec. 31 Dec. 20
75c
15c
1
Dec.
Dec.
Milnor, Inc.. increased
11*
share held.
Heyden Chemical Corp. (quar.)
Hibbard, Spencer, Bartlett & Co. (monthly)
Monthly
Hires (Chas. E.) Co.—
Class A common (quar.)„.
Hiram Walker-Gooderham & Worts—
SI.10
1 Nov 15
2 Dec. 15
10 Nov. 26
10 Nov. 26
Dec.
Dec.
Nov. 23 Nov. 12
Dec.
Dec.
Dec.
10c
—» -
_
Jan.
50c
Jan.
Jan.
Hercules Powder Co., stock dividend
Distribution of one additional share for each
1 Nov. 23
1 Nov. 23
75c
15c
Corp.(quar.)
Hein-Werner Motor Parts
Dec.
20
$3
50c
lc
Extra
Dec.
Dec.
$13*
voting trust ctfs. (quar.)
Jan.
SIX
Dec.
50c
Nov. 15
1 Nov. 20
1 Nov. 16
1 Nov. 16
Dec.
Dec.
$13*
Midwest Oil Co. (semi-ann.)
Dec.
Gulf States Utilities, $6 pref. (quar.)
15 Nov. 20
1 Nov. 20
$1
25c
$3 preference (quarterly)
Macy (R. H.) & Co. (quar.)
Madison Square Garden (quar.)
Manhattan Shirt Co. (quar.)
Martin Custom-made Tires, 8% pref. (quar.)__
Masonite Corp. (quar.)
Preferred (quar.)
May Department Stores Co
Mead Corp. (quar.)
$6 preferred A (quarterly)
—
$5 X preferred, class B w w (quarterly)
Mercantile Acceptance Qorp. of Calif.—
6% preferred (auar.)
5% preferred (quar.)
Metal Textile Corp., pref. (quar.)
Mid-Continent Petroleum (interim)
Dec.
10
Dec.
1
15 Dec.
common.
$3
SIX
Greene R.R. Co. (semi-annual)
Greenfield Tap & Die. $6 preferred
27 Dec.
Dec.
$2
$2
Great Northern Ry., pref. (resumed)
Great Western Fuse Co. common
Dec.
$1
Lynchburg & Abingdon Telegraph Co. (semi-an.)
McClatchy Newspapers, 7% pref. (quar.)—
McColl Frontenac Oil (quar.)
Mclntyre Porcupine Mines, Ltd. (quar.)
McKesson & Robbins, Inc., stock dividend
Div. of l-25th of a share of $3 pref. stock
on
1 Nov. 20
75c
63c
Extra
Extra
1 Dec. 20
six
(quarterly)
Great Northern Paper Co. (quar.)
Prelerred
1 Nov. 20
4
15 Dec.
SI
Preferred
Hamilton Watch Co.
4
20 Dec.
Mar.
SIX
SIX
SIX
50c
Great Atlantic & Pacific Tea Co
$53*
13
Dec.
70c
Loose-Wiles Biscuit Co pref. (quarterly)
Lord & Taylor 1st pref. (quar.)
Louisville Gas & Electric class A & B (quar.)
Lunkenheimer Co. preferred (quar.)
1 Nov. 15
1 Nov. 15
six
8750c
1
40c
8% preferred (quar.)...
3 Dec.
Dec.
Dec.
3%
$1
Monthly
22
Jan.
Dec.
$13*
Lock Joint Pipe Co. (monthly).—
15c
873*c
Nov. 30 Nov.
25c
t25c
tl2Xc
(quar.)
3
15c
50c
„
1 Nov. 15
3 Dec. 15
Dec.
SI
Goodyear Tire & Rubber Co., common
$5 convertible preferred (quar.)
Gossard (H. W.) Co
Grand Union Co.. $3 conv. preferred
Original capital
15
Loblaw Groceterias, class A & B
Extra
50c
Golden Cycle Corp——
15
1 Nov. 18
1 Nov. 15*
25c
Globe-W ernicke
17 Dec.
1 Dec.
Payable of Record
Share
Company
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)
Libbey-0 wens-Ford Glass
Life Savers Corp. (quar.)
Special
Liggett & Myers Tobacco Co. (quar.)
Common B (quar.)
Lincoln Stores, Inc. (quar.)
—
Preferred (quarterly)
Link Belt Co. (quar.)
Preferred (quar.)
Little Miami RR., special guaranteed (quar.)..
10
75c
Preferred
Preferred
Jan.
WX
Engineers Public Service $5 preferred
$5 preferred (quarterly)
$53* preferred
$53* preferred (quarterly)
$6 preferred
$6 preferred (quarterly)
Erie & Pittsburgh RR. Co., 7% gtd. (quar.)
Guaranteed betterment (quar.)
Equity Corp., $3 conv. pret. (quar.)
Fairbanks Morse & Co. (quar.)
Name of
Payable of Record
Holders
When
Per
I Holders
When
Per
Share
Name of Company
3297
Chronicle
Dec.
1 Nov. 19
S\%
$11*
I Dec.
Dec.
15 Dec.
1
1 Nov. 15
3298
Financial
Per
Name of Company
When
Share
Paauhau Sugar Plantation (monthly)
Parkersburg Rig & Keel Co. (quar.)
10c
Dec.
Preferred (quarterly)
Parker Pen Co. (quar.)
6 Nov. 15
1 Nov. 20
Dec.
80c
Dec.
Nov. 20
1 Nov. 20
Dec.
$14
Per
Name of Company
50c
Dec.
1 Nov.
374c
Dec.
1 Nov. 10
$1
Dec.
1
Preferred (semi-annual)
Park Utah Consol. Mines (resumed)
34%
Dec.
15c
Dec.
Patterson-Sargent Co. (quar.)
Pender (David) Grocery class A quar.)_.
Penick & Ford, Ltd
Peninsular Telephone, 7% pref. (quar.)
25c
87 4c
25c
Dec.
Dec.
15 Dec.
1
$14
Feb.
15 Feb.
5
Standard Oil (Indiana) (quarterly)
—
—
.
—
Pennroad Corp
$7 preferred (quar.)..
7% preferred (quar.).-*
Pennsylvania Power Co. $6.00 pref. (monthly)
$0 preferred (quar.)—1-_
Pennsylvania KB. Co
Pennsylvania State Water $7 pref. quar.)
Peoples Gas. Light & Coke (resumed)
Pharis Tire & Rubber quar.)
Phila. Germantown & Norristown RR
Philadelphia Suburban Water, 6% pref
Phillips Petroleum Co
Extra
—
1 Nov. 20
Jan.
3 Dec.
20
Jan.
3 Dec.
20
Dec.
Nov. 20
1 Nov. 20
1
Dec.
Dec.
$14
$2
15c
Dec.
10 Nov. 12
Nov. 20 Nov.
5
$14
$14
Dec.
1
Dec.
1
20 Nov. 20
1 Nov. 20
Dec.
Nov. 20
50c
—
.-
Dec.
Nov. 12
1 Nov.
5
25c
—
Dec.
1 Nov.
50c
Jan.
10 Dec.
5
31
Dec.
1 Nov. 19
Dec.
1
Nov.
1
Dec.
1
Nov.
1
40c
Dec.
1 Nov. 15
.
(semi-annual)
$14
Dec.
Dec.
Dec.
$14
04c
62 4c
$14
$14
374c
6% 2nd preferred
(quar.)
Public Service Co. of Colorado 7 % pref.
(mthly.)
6% preferred (monthly)
5% preferred (monthly).
Public Service of New
Jersey, $5 pref. (quar.)
7% preferred (quar.)
preferred (quar.).
6% preferred (monthly).
6% preferred (monthly).
Public Service Co. of Nor. Illinois
(special)
Public Service Electric & Gas, $5
pref. (quar.)
7% preferred (quar.)
Nov. 29 Nov.
Dec.
—
Dec.
1
Nov. 15
1 Nov.
28 Dec.
Dec.
5
15
15
20
6 Nov. 20
Dec.
24 Dec.
Dec.
15 Nov. 24*
1 Nov. 17
3 Dec. 21
Dec.
Jan.
10
1 Nov. 15
Nov. 15
1 Nov. 15
1
Dec.
Dec.
20 Nov. 20
20 Nov. 20
Dec.
20 Nov. 20
$14
$14
25c
-
Nov. 30 Nov.
1
Dec. 20 Nov. 20
Dec.
1 Nov. 10
Dec. 20 Nov. 20
Dec. 20 Nov. 20
Dec.
1
$14
Nov.
10
1
Dec.
1
Dec.
10
10
1
14 %.Jan.
14% Jan.
14% Jan.
15c
Dec.
Dec.
15 Nov. 30
Dec.
21 Nov. 12*
Dec.
21 Dec.
21 Dec.
—
Dec.
60c
Dec.
50c
(quar.)
Dec.
10*
1
15 Dec.
9 Nov. 18
1 Nov. 15
40c
Dec
Nov. 25 Nov. 10
Dec.
1 Nov. 20
Dec.
1 Nov
16*
Jan.
3 Dec. 21*
Dec.
1 Nov. 27
25c
25c
$14
$14
$14
$14
Dec.
1 Nov.
Dec.
Dec.
1 Nov.
23 Dec.
12
12
11
Dec.
1
Jan.
3 Dec.
25c
Apr.
July
1 Mar. 10
1 June 10
50c
DecJ.
1 Nov. 20
25c
25c
Quarterly
Rose's 5,10 & 25c. Stores
(extra)
Roxborough Knitting Mills, Inc.—
3*
30c
$1 4
$14
—I 6% C & D (quar.)
5% preferred E (quar.)_
Rochester Telephone Corp.,
64 % pref (quar.).
Rolland Paper Co. preferred
(quar.)
Roeser & Pendleton, Inc.
(quar.)
....
Participating preferred (quar.)
Rustless Iron & Steel, pref.
(quar.)
Ruud Mfg. Co
(quar.)
Nov.
15
10
8c
1 Nov. 15
Dec.
10c
Dec.
1 Nov. 15
16 Dec.
6
10c
Extra
Dec.
624c
Dec.
Dec.
6
1
Dec.
15
$14 Jan.
Safety Car Heating & Lighting Co-.
Safeway Stores, Inc., stock div.
1
Dec.
15
23 Dec.
15 Dec.
9
Dec.
Dec.
a share of
5% pref. stock for each
share held.
Div. resulting in a fraction of
lass than l-10th of a share will
be
1
paid in
cash not later than Dec.
21; based
5% preferred stock
5% preferred (quarterly)
6% preferred (quarterly)
7% preferred (quarterly)
on
on market
Dec. 15.
Sin Francisco Remedial Loan
Assoc. (quar.)
Savage Arms Corp
2nd preferred
$14
$14
$14
Jan.
1
Jan.
1
Dec.
10
Jan.
1
Dec.
10
75c
...
Dec.
15 Dec.
1
75c
(quarterly)
$14
Savannah Gas, 7% pref.
(quar.)
Sears. Roebuck (quar.)
Seaboard Oil Co. of Dela.
(quar.)
Secord (Laura) Candy
Shops (quar.)
Securities Acceptance
Corp
Payable in $25 par 6%
pref. tock.
Selby Shoe Co. (quar.)
Selfridge Provincial Stores.
Servel, Inc. preferred (quarterly)
Dec.
25c
Dec.
Sloss-Sheffield Steel & Iron (special)
Preferred (quar.)
Dec.
75c
Dec.
50c
Dec.
40c
Dec.
24%
$14
10
1 Nov. 20
15 Nov. 15
15 Dec.
1
1 Nov. 15
24 Dec. 10
Dec.
6 Nov. 24
8 Nov. 16
Jan.
3 Dec.
Dec.
20
Dec.
21 Dec.
Dec.
21 Dec.
Dec.
10c
Dec.
25c
Dec.
Don.
Payable at rate of 2-100th of a sh. of 6%
pref., $100 par, for each sh. of c
6% preferred (quar.)
South American Gold & Platinum Co.
South Bend Lathe Works
(quar.)
15 Nov. 22
30c
Sonotone Corp
Sontag Chain Stores Co., Ltd. (quar.)
Sound view Pulp Co. stock dividend—
Dec.
Dec.
$14
$14
_-
__
$14
1 Nov. 17
1 Nov. 15
50c
(quar.)_
Oil (special)
_
_
—
Sou. Calif. Edison, Ltd.,
6% pref. ser. !
Southern Pine Chemical Co. 6%
pref.—
Spear & Co
-
1st & 2d preferred (quar.)
Spiegel. Inc. pref. (auar.)
Sovereign Investment, Inc
Standard Brands, Inc. $4 4 pref.
(quar.)
Standard Cap & Seal Corp.
(quar.)
Dec.
1
Dec.
Dec.
1 Nov. 16*
1 Nov.
5
1 Nov.
5
25c
Strawbridge & Clothier, 6% pref. A (qu.)
Stromberg-Carlson Telep. Mfg
Preferred (quar.)
Sun Oil Co., common
Common (stock dividend)-.
Dec.
$14
1
$14
Dec.
25c
Dec.
8%
$14
Preferred
Nov. 16*
Dec. 31 Dec
15
Nov .27 Nov. 15
Dec.
1 Nov. 13
Dec.
1 Nov. 15
124c
Sunray Oil Corp
Preferred (quarterly)
Swan-Finch Oil Corp. pref. (quar.)
Swift International Co., Ltd., dep. ctfs
Dec.
Dec.
Nov. 15
1
15 Nov. 24
15 Nov. 24
1 Nov. 10
Nov. 24 Nov.
4
10c
Dec.
684c
374c
50c
28 Dec.
8
Dec.
1
Dec.
1 Nov. 15
Nov. 15
Tennessee Electric Power Co.—
5% first preierred (quar.)
6% preferred (quar.)7% preferred (quar.)
7.2% preferred (quar.)
6% preferred (monthly)-.
6% preferred (monthly)
7.2% preferred (moiithly)7.2% preferred (monthly)
Terre Haute Water Works
Corp. 7% pref. (qu.)_
Texas Gulf Producing Co
Texas Pacific Coal & Oil Co. (quar.)
Tidewater Assoc. Oil Co. (quar.)
Jan.
3 Dec.
15
Jan.
3 Dec.
Jan.
$14
$14
$14
$1.80
3 Dec.
15
15
15
Jan.
3 Dec.
50c
Dec.
1
50c
Jan.
3 Dec.
—
60c
Dec.
1 Nov. 15
60c
Jan.
3 Dec.
1
1 ^
Nov. 20
Nov. 15
Nov. 25 Nov. 15
10c Nov. 24 Nov.
9
*
40c
Dec.
1 Nov. 15
374c Dec. 15 Nov. 20
Jan.
1 Dec. 20
$14
50c
Dec.
1 Nov. 20
lc
Nov. 20
15 Dec.
1
Nov. 20 Oct. 30
Dec.
40c
Dec.
20c
Dec.
40c
Dec.
50c
Dec.
75
Dec.
$2
Dec.
$3
Dec.
1
15 Dec.
1
1 Nov. 15
1 Nov. 15
1 Nov. 15
15 Nov. 15
15 Nov. 15
15 Nov. 15
15 Nov. 15
15
15
1 Nov. 20
$14
Dec.
10c
10c
Dec.
Dec.
25c
Dec.
1 Nov. 10
Dec.
1
75c
Timken Roller Bearing (quar.)
Extra
Dec.
6% preferred (monthly)
5% preferred (monthly)
$6 preferred (quar.)__
Troy & Greenbush RR. Assoc (s.-a.)
Truax-Traer Coal Co., 6% pref. (quar.)
54% preferred (quar.)
Union Gas Co. of Canada (quar.)
Dec.
50c
Nov. 10
Dec.
Nov. 15
1 Nov. 15
1 Dec.
1
15 Dec.
1
Dec.
15 Dec.
Dec.
15 Dec.
J20c
Dec.
40c
Dec.
15 Nov. 20
1 Nov. 15
41 2-3c
Trane Co.
—-------
Union Tank Car Co. (quar.)
United Biscuit Co. of America
Dec.
$14
$14
$14
$14
Dec.
1
1
1
40c
1
Feb.
1 Jan.
18
80c
Dec.
1 Oct.
25
25c
-
Dec.
$14
Preferred (quar.)
United Drill & Toll (payable in div. notes)
United Drug, Inc
United Dyewood Corp.. pref. (quar.)
Dec.
15 Dec.
1
Dec.
10
Jan.
$14
t$l Dec.
Dec.
$14
United Fuel Invest., Ltd., 6% preferred
United Gas Corp. $7 preferred
United Gas Improvement (quar.)
Nov. 15
3
15 Nov. 30
1 Nov.
12
25c
Dec.
24 Nov. 30
$14
Preferred (quarterly)
United Light & Ry. Co., 7% pref. (mo.)
Dec.
24 Nov. 30
58 l-3c
Dec.
24 Dec.
53c
Dec.
53c
-
Dec.
58 l-3c
7% preferred (monthly)
6-36% preferred (monthly)
0 36% preferred (monthly)
6% preferred (monthly)
0% preferred (monthly)
Dec.
1 Nov. 15
24 Dec. 15
1 Nov. 15
Dec.
50c
50c
United Linen Supply $3 4 conv. pref. A—
t874c
United Merchants & Manufacturers, Inc. (s.-a.)
25c
United New Jersey RR. & Canal (quar.)
$24
United Profit Sharing Corp
10c
States Graphite Co.
(quar.)
United States Gypsum Co. (quar.)
Extra
50c
—
—
(quar.)
United States Pipe & Foundry Co
com. (quar.)
United States Steel Corp. (resumed)
Preferred (quarterly)
.
—-
.
$14
75c
$1
$14
$14
$14
$14
preferred (quar.)
(quar.)
50c
50c
Preferred
Preferred
Nov. 10
1
4 Nov. 17
Dec.
4 Nov. 17
2c Nov. 22 Oct. 22
lc Nov. 22 Oct. 22
58 l-3c
Dec.
1 Nov. 15
Toburn Gold Mines, Ltd. (quar.)
Extra
United States Sugar Corp
Preferred (quar.)
23 Nov. 19
$14
Toledo Edison Co.. 7% pref. (monthly)
United
Nov. 15
10c
Extra
—
United Verde Extension Mining Co
$2
1 Nov. 15
15
Dec. 24 Dec. 15
Nov. 20 Nov. 10
Dec.
1 Nov. 15
Jan.
10 Dec. 20
Dec. 15 Nov. 24
8 Nov 24
Dec.
Dec. 31 Dec.
8
Dec. 24 Dec.
8
Jan.
3 Dec.
8
Dec.
20 Nov. 30*
Dec. 20 Nov. 20
Nov. 20 Oct. 29
Jan.
15 Dec. 15
Apr.
July
15 Mar. 15
15 June
15
Dec. 20
Liquidating.
United
Wall
Paper Factories, pref.
$14
(quar.)
Universal Insurance Co
Utlca Clinton & Binghamton RR
Debenture (semi-ann.)
_
Dec.
25c
Dec.
$24
Vanadium-Alloys Steel Co
Dec.
1 Nov. 20
1 Nov. 15
27 Dec.
1st preferred (quarterly).
—:
Vapor Car Heating Co.. inc. 7% pref (quar.)_.
Dec.
2 Nov. 20
$14
$14
$14
Dec.
1
Dec.
Dec.
Vick Chemical Co. (quar.)
Extra
50c
Virginia Coal & Iron (quar.)
Virginian Ry. Co
25c
Dec.
1 Nov. 17
Dec.
10c
Walgreen Co. pref. (quar.)
Warren (Northam) Corp., $3 pref. (quar.)
Washington Ry. & El. Co.. 5% pref. (quar.)
5% preferred (semi-ann.)
Weisbaum Bros. Brower (quar.).
Wesson Oil & Snowdrift Co.. Inc., pref.
spec,
$14
$24
10c
...
gtd
$6 cum. preferred (quarterly)
Western Cartridge Co.. pref (quar.)—;
Western Dairies, Inc.. $3 preferred
Nov. 20
13
1 Nov. 16
Dec.
1
Dec
1
Dec
1
Nov.
Nov. 15
Nov. 15
Nov. 15
9
Dec.
1
1 Nov. 20
Dec.
Dec. 31 Dec.
Dec. 31 Dec.
15
Nov. 20 Nov.
1
1
3-38 Dec. 15
1 Nov. 15
15
Nov. 20 Nov. 10
Dec.
1 Nov.
2
Dec.
23 Nov. 27
Jan.
30 Dec
31
25c
Apr. 30 Mar. 31
25c
July
30 June 30
25c
Oct.
31
Sept. 30
$1
.—
Westminster Paper Co. (semi-ann.)
Westvaco Chlorine Products (quar.)___
Nov. 30 Nov.
$1
Nov.30 Nov.
25c
May
1
«
_
U•
9
9
»
«.
25c
Wheeling Electric Co. 6% pref. (quar.)
r
Dec.
1
Dec.
1
Nov.
Jan.
2 Dec.
9
18
Jan.
2 Dec.
18
Jan.
3 Dec.
18
Dec.
Dec.
25c
Dec.
$14
t$14
Wool worth (F. W.) Co. (quar.)
Dec.
1
1
Nov. 20
Nov. 15
10 Nov. 30
1
Nov. 22
Nov. 20 Nov.
60c Dec
$4,314 Dec.
1
10
Nov. 10
15 Dec.
15 Dec.
11
11
$2
25c
—
W
Nov. 10
$14
$14
$14
$14
$14
124c
Worthington Pump & Mach'y, 44% prior pref. $4,314 Dec.
*
1
23 Dec.
Dec.
25c
——
4 4% convertible preferred
Wright Aeronautical Corp
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Ymir Yankee Girl Gold Mines, Ltd
Nov. 15
$1
tl84c
$14
Quarterly
Quarterly
Quarterly
Westinghouse Electric & Mfg. Co
Whitaker Paper Co
Preferred (quar.)
Whitman (Wm.) & Co., Inc., 7% pref. (qu.)
Williamsport Water $6 pref. (quar.)
Wilson & Co.. Inc., common
Wilson Products, Inc. (quar.)
Wolverine Tube preferred (quar.)
Wood (Alan) Steel 7% preferred
Nov. 15
t$14
$14
$14
+75c
Western Public Service, preferred, A
Westinghouse Air Brakes (irregular)
Subject to approval of stockholders.
Quarterly
-
1
1
1
t$l 4
$14
$14
—
West Virginia Water Service Co.—
$6 cum. preferred--
Preferred
Dec.
Dec.
5c
Dec. 20 Nov. 30
$1,125 Dec. 15 Nov. 26
75c
Dec.
1 Nov 15
(qu.)
West Coast Telephone Co. 6% preferred
West Jersey & Seashore RR. Co. (s.-a )
Nov. 17
10 Dec.
Dec.
$2
20c
6%
16
75c
Van Raalte Co., Inc
-
10
10
15 Nov. 18*
3 Nov. 18
$14
$1,125
-
15
40c
434 c
25c
-—
Dec.
$i4
$1,125 Dec.
Extra
Preferred (quarterly).
Standard Oil Co. (N. J.
.). com. $25 par (s.-a.)
Extra
(semi-ann.)
Dec.
Nov. 20 Nov. 10
Nov. 20 Nov. 10
43 4 c
75c
25c
series AAA
1 Dec.
Nov. 26 Nov. 13
Dec. 31 Dec
18
Vogt Manufacturing Corp
Vulcan Oils, Ltd. (semi-ann.)
$3 4
-100th of
value of
Extra
—
16
$3 Jan.
St. Louis Bridge
Co., 6% 1st pref. (s-a).
3% 2d preferred (semi-ann.)
$1 4
95c
25c
Stix-Baer& Fuller 7% pref. (quar.)
Storkline Furniture Corp. (increased)
10
20c
Regent Knitting Mills, non-cumu.. pref. (qu.)
Republic Insurance Co. (Texas) (quar.)
Republic Portland Cement, 5% preferred
(quar.)
Reynolds Metals Co., common
15 Nov. 15
15 Nov. 15
Dec.
Jan.
50c
Stewart-Warner Corp. (semi-ann.)
1 Nov. 15
Nov. 30 Nov.
1
25c
B preferred
1 Nov. 20
15 Nov. 15
15 Nov. 15
Dec.
75c
t$14
•uecher-Traung Lithograph 74% pref. (quar.)
Sterling Products, Inc. (quar.)
;Special
Dec.
874c
t$314
preferred
Reading Co., 1st preferred (quar.)
15 Dec.
$14
$14
80c
54% preferred (quarterly)
Common $100 par
20
10 Nov. 19
58 l-3c Dec.
50c
Dec.
50c
6% preferred (quarterly)....
Purity Bakeries Corp
Quaker Oats Co. preferred (quar.)
Quaker State Oil Refining Corp. quar.)
Radio Corp. of America, common
Extra
Nov
$2
50c
—
5% preferred (quarterly)
Socony-Vacuum
1
41 2-3c Dec.
Pure Oil Co., common
(Quarterly)
Sherwin-Williams preferred
Skelly Oil Co
Nov. 15
1 Nov. 20
15 Nov. 19
t$1.125 Dec.
37 4c
Dec.
Procter & Gamble, 5% pref.
(quar.)
Public Electric Light Co. 6% pref.
(quar.)
Public National Bank & Trust
Rapid Electrotype Co
]
Dec.
3c
conv. 1st
Dec.
$24
$14
Class A (quarterly)
Prosperity Co.. Inc., pref. (quar.)
Pressed Steel Car 5% 1st preferred
Dec.
—
$14
Mining Co
Pollock Paper & Box Co. 7% pref.
(quar.)
Poor & Co., class A
Dec.
25c
Extra
Standard Steel Construction Co., $3 cl. A
Standard Steel Spring
—
60c
—
Dec.
25c
— -
$14
-
7% preferred (quar.)
Placer Development Ltd.
874c
124c
50c
„
-
$34 cumul.
Dec.
75c
Pillsbury Flour Mills (quar.)
Pittsburgh Bess. & Lake Erie RR. 6%.pf.(s.-a.)
Pittsburgh Coke & Iron, $5 pref. (quar.)
Pittsburgh & Lake Erie RR
Pittsburgh Youngstowu & Ashtabula Ry. Co.—
Polaris
15 Nov. 12
$14
Phoenix Finance Corp.. 8% pref. (quar.).--—
Phoenix Hosiery Co., 1st pref
Pick (Albert) Co
Preferred
55c
Nov. 10
1 Nov. 16
1 Nov. 20
Dec.
25c Dec.
374c
$14
$14
15
1 Nov. 10
20 Nov. 22
40c
-
Holders
Payable of Record
55c
—
Extra
1937
20,
When
Share
Standard Dredging Co. pref. (initial)
Standard Oil of Calif, (quar.)
1
Parker Rust-Proof Co., common (quar.).
Extra
—
Nov.
Holders
Payable of Record
40c
Special
Chronicle
Dec.
Dec.
1
25c
Jan.
3 Dec.
lc
Dec.
1 Nov. 10
14 Nov. 26
Nov. 20
20
Transfer books not closed for this dividend,
t On account of accumulated dividends.
X Payable in Canadian funds, and in the case of non-residents of
Canada,
deduction of a tax of 5% of the amount of such dividend will be
made.
Volume
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing House
New
The
The
weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT
MEMBERS
OF
ASSOCIATION FOR THE
OF
THE
WEEK ENDED
SATURDAY,
13,
NOV.
Net Demand
Deposits,
Average
the corresponding
Time
Deposits,
Rrofits
Capital
Bank of New York at the close of business Nov. 17, 1937,
1937
Undivided
*
Clearing House
York
following shows the condition of the Federal Reserve
in comparison with the previous week and
date last year:
CLEARING HOUSE
YORK
NEW
3299
Chronicle
Financial
145
Average
Surplus and
Members
Nov. 17, 1937 Nov. 10. 1937 No.
18,
1936
S
$
$
Assets—
6,000,000
Bank of Manhattan Co.
20,000,000
National City Bank
Chem Bank & Trust Co.
77,500,000
20,000,000
Guaranty Trust Co
Manufacturers
Trust
13,252, 400
Co
Cent Hanover Bk&Tr Co
First National Bank
Irving Trust Co.-——
Continental Bk & Tr Co
Chase National Bank...
Gold certificates
11,350,000
136 ,633,000
United States
45,075,000
386 ,174,000
25,804, 400
58,932, 400 al,407 ,850,000
Other cash
240 ,354,000
105,095, 400
418 ,199,000
442 ,224,000
7,880,000
Secured
3,529, 900
76,151, 400
47 ,423,000
12 ,708,000
Govt,
obligations,
6,315,000
9,135,000
3,808,000
1,007,000
1,009,000
1,098,000
4,638,000
4,641,000
6,409,000
Bonds.
212,664,000
Treasury notes
2,483,000
5,000,000
9,061, 900
101 ,165,000
28,125, 700
258 ,650,000
34,754,000
Comm'l Nat Bk & Tr Co
7,000,000
3,068,000
7,000,000
7,976 ,700
8,665, 900
73 ,881,000
Public Nat Bk & Tr Co.
74 ,007,000
336,671,000
186,761,000
212,136,000
332,964.000
183,964,000
383,222,000
61,666,000
894,916,300
523,431,000
9,042,758,000
National, Sept. 30, 1937; State, Sept. 30,
736,096,000
729,064,000
645,243,000
companies, Sept. 30, 1937.
Includes deposits in foreign branches as follows:
a
743,849,000
656,558,000
68,000
66,000
85,000
6,451,000
185,599,000
9,987,000
12,685,000
7,168,000
198,309,000
9,987,000
7,462,000
174,336,000
bills discounted.
Bills bought in open market.
Industrial advances
3,288,000
12,500,000
;
S.
2,288,000
1,520,000
Total
51,794,000
1,301, 800
500,000
As per official reports:
U.
6,917,000
2,218,000
3,016,000
d747 ,553,000
10,000,000
*
by
5,958,000
357,000
61,566,000
25,000,000
Totals
3,655,583,000 3,639,943,000 3,386,699,000
direct or fully guaranteed
Other bills discounted
8,092,000
,927,000
C 1,858
Title Guar & Trust Co..
New York Trust Co
United
States Government securities:
Treasury bills
781,866,000
Total U. S. Government securities..
1937; trust
New
Due from foreign banks
"Times"
York
publishes regularly each week
which
are not members of
The
following are the figures for the week ended Nov. 12:
of
returns
a
INSTITUTIONS
BUSINESS
NOT
IN
FOR
NATIONAL
Federal Reserve notes of other banks
banks and trust companies
the New York Clearing House.
of
number
HOUSE
CLEARING
THE
AND
WEEK
ENDED
CLOSING
THE
WITH
NOV.
FRIDAY,
STATE BANKS—AVERAGE
12,
Uncollected items......
Bank premises
All other assets
......
Bes. Dep.,
Other Cash,
FIGURES
Liabilities—
Dep. Other
Pants and
Trust Cos.
Deposits
$
Investments
Pant Notes
938,737,000
$
$
$
Y. and
95,563,000
$
98,706,000
19,579,000
176,446,000
148,146,000
68,484,000
Foreign bank
Other deposits
M anhattan—
852,202,000
948,408,000
Deposits—Member bank reserve acc't.. 3,041,733,000 3,035,501,000 3,016,530,000
10,034,000
64,485,000
U. S. Treasurer—General account
58,070,000
Elsewhere
Including
10,860,000
31,552,000
12,530,000
4,618,429,000 4,611,852,000 4,267,552,000
Total assets.
OF
Gross
N.
Disc, and
161,138,000
1937
F. It. notes in actual circulation
Loans,
100,883,000
3275,620,000; b $92,483,000;
C$125,415,000; d $34,748,000.
The
1 136 000
63,133,000
748,056,000
36 ,908,000
4,095, 300
126,158, 500
Bankers Trust Co
Fifth Avenue Bank
Marine Midland Tr Co..
1,183,000
81,644,000
Bills discounted:
4,318,000
61,140, 100
952,000
84,998,000
f
Total reserves.
52,801,000
24,770,000
17,632, 600
hand and due from
on
Treasury.*........... 3,569,633,000 3,557,116,000 3,322,430,000
Redemption fund—F. R. notes
208,910,000
23,725,000
72,179,000
101,131,000
404 ,593,000
54,330, 900
180,657, 900 51,279 ,165,000
434 ,245,000
44,247, 000
682 ,099,000
68,756, 100
90,000,000
42,661,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
100,270,000
Corn Exch Bank Tr Co.
$
$
$
Bank ol N Y & Trust Co
Grace National
19,712,700
174,400
7,226,300
3,042,000
26,236,000
Sterling National
22,475,000
485,000
7,516,000
1,427,000
27,195,000
5,373,075
301,522
1,912,557
130,717
6,197,701
Lafayette National..
6,317,100
308,300
1,514,900
168,600
7,429,200
Surplus (Section 7)
People's National.
4.895,000
101,000
714,000
243,000
5,338,000
3,371,812,000 3,346,838,000 3,114,627,000
Total deposits.
175,481,000
186,485,000
195,151,000
51,054,000
51,474,000
51,077,000
50,240,000
51,474,000
50,825,000
Surplus (Section 13b)
7,744,000
7,744,000
7,744,000
Reserve for contingencies
Trade Bank of N Y._
9,117,000
2,006,000
9,117,000
8,849,000
2,043,000
7,584,000
Deferred availability items
Brooklyn—
.......
Capital paid in
__
TRUST COMPANIES—AVERAGE
FIGURES
All other liabilities-...
Bes, Dep.,
Loans,
4,618,429,000 4,611.852,000 4,267,552,000
Total liabilities.
Dep. Other
Y. and
Pants and
Gross
Elsewhere
Trust Cos.
Deposits
$
Cash
Disc, and
$
$
N,
Investments
Ratio
of
total
to
reserve
deposit
and
84.8%
934,000
Fulton
Lawyers
11,620,400
4,629,700
208,110
1,485,727
1,160,669
353,500
2,006,968
18,963
4,903,000
4,956,000
10,909,517
*1,004,612
*6,138,600
20,755,100
27,460,800 *10,910,400
263,400
22,889,500
9,201,192
10,710,737
Fiduciary
.....
...
Commitments
10,278,438
22,487,890
15,298,531
73,009,920
78,485,000
3,518,000
41,242,000
59,000 115,326,000
Kings County
♦Includes
2,343,557
31,125,899
amount
with
Federal
Reserve
Empire,
$9,587,100;
ad-
9,016,000
bank's own Federal
Reserve bank notes.
x
.
100
cents
to
59.06
cents,
these certificates
difference, the difference itself having been
Fi¬
under the
duciary, $627,096; Fulton, $5,851,400; Lawyers, $10,236,600.
'
the gold taken
devalued from
being worth less to the extent of the
appropriated as profit by the Treasury
These are certificates given by the United States Treasury for
from the Reserve banks when the dollar was, on Jan. 31, 1934,
over
35,663,991
7,984,758
follows:
as
industrial
t "Other cash" does not include Federal Reserve notes or a
Brooklyn—
Brooklyn...
make
to
vances.
36,979,700
777,900
65,226,242
States
Contingent liability on bills purchased
for foreign correspondents...
70,890,300
53,368,800 *11,653,100
Empire
Federation
United
$
S
85.4%
84.7%
897,000
F. R. note liabilities combined
Manhattan—
provisions of the Gold Reserve Act
of 1934.
Weekly Return for the Member Banks of the Federal Reserve System
,
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Baord of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions",
items of the
immediately preceding which
we
banks for a week later.
also give the figures of New York and Chicago reporting member
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of
described in an announcement of the Federal Reserve Bank of New York of April 20, 1937, as follows:
loans as reported in this statement,
which were
the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
The changes in
Subsequent to the above announcement it was made known that the new items "commercial,
be segregated as "on securities" and "otherwise secured and unsecured."
industrial, and agricultural loans" and
"other loans*'
would each
A
more
detailed explanation of the revisions was published in the May 29,
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN
Total
Federal Beserve Districts—
ASSETS
New York
Boston
1937, issue of the "Chronicle," page 3590.
101 LEADING CITIES BY DISTRICTS, ON
$
$
Atlanta
Chicago
St. Louis
$
Cleveland Bichmond
Phila.
$
$
NOV. 10, 1937 (In Millions of Dollars)
$
$
Dallas
San Fran.
$
Minneap. Kan. City
$
$
$
21,608
1,255
8,754
1,142
1,857
646
553
3,001
659
401
698
516
2,126
9,600
689
4,074
465
716
252
286
1,016
322
191
289
252
1,048
On securities............—......
588
35
251
45
44
15
12
52
52
11
18
13
40
Otherwise secured and unsecured-
4,192
289
1,779
173
254
99
136
575
146
90
164
146
341
481
89
199
22
17
14
4
54
10
7
24
4
37
877
32
718
19
22
3
7
4
3
17
659
35
314
37
40
19
15
90
13
9
14
16
57
1,169
84
242
60
176
29
27
86
46
6
21
21
371
73
6
38
2
3
2
3
6
8
1
1
3
733
64
271
49
119
30
25
47
12
15
10
78
Loans—total
S
$
Loans and investments—total—
...
Commercial, Indus, and agricul. loans:
Open market paper..:
Loans to brokers and dealers
Other loans for
securities
.
...
purchasing or carrying
.
Real estate loans....
Loans to banks
Other loans:
On securities
—
....
46
1
5
13
•
828
55
262
58
41
41
57
60
30
54
28
38
104
Otherwise secured and unsecured..
7,972
415
3,139
314
818
284
155
1,405
193
153
244
185
United States Government obligations
667
23
427
94
61
46
34
188
47
13
49
28
118
Obligations fully guar, by U. S. Govt.
1,128
2,908
128
1,114
269
262
64
78
392
97
44
116
51
293
Other securities
5,309
265
2,662
234
325
129
104
780
139
79
167
110
315
Reserve with Federal Reserve
Bank..
37
80
19
39
20
11
6
12
11
105
147
126
169
131
100
296
96
73
179
143
190
82
554
87
105
41
39
92
23
16
23
29
201
14,657
976
6,418
801
1,056
421
327
2,200
405
269
483
391
910
5,302
—
Other assets—net
272
1,170
287
745
198
185
870
183
122
147
126
997
61
4
2
10
704
237
118
344
186
241
11
64
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government
deposits..
416
18
235
8
9
6
11
318
222
186
1
Inter-bank deposits:
4,980
_
206
1,959
448
.
Foreign banks
259
9
410
3
2
Domestic banks..
Borrowings
21
331
banks
1,755
1,292
Cash in vault
Balances with domestic
1
867
Other liabilities
—
1
15
10
7
3
8
326
89
56
92
81
328
1
7
1
_
Capital account
1
36
25
390
23
17
28
7
23
3,623
237
1,615
227
349
92
89
368
3300
Financial
Chronicle
Nov.
20,
1937
Weekly Return of the Board of Governors of the Federal Reserve System
The following was issued by the
Board of Governors of the Federal Reserve System
showing the condition of the twelve Reserve banks at the close of business
for the
System
as a
week last year.
Reserve Agents
resources
and the Federal Reserve banks.
for the latest week
The Federal
and liabilities separately for each of the twelve banks.
(third table following) gives details regarding transactions in Federal Reserve notes between the
appear
in
COMBINED RESOURCES AND
our
OP THE
NOV.
17,
1937
Geld ctfs. on hand and due from U.S. Treas.x
10.
FEDERAL
Nov.
3,
RESERVE
Oct.
BANKS
AT THE CLOSE
OF
BUSINESS
Oct. 20.
27.
Oct. 13,
Oct. 6,
NOV.
Sept. 29,
1937
1937
1937
1937
1937
1937
?
$
$
%
$
%
S
*
9,123.898
9.287
325,221
9.124,891
9,128,389
9,126,889
9.127.389
9,127,392
9,438
9.646
10,422
10,422
306,008
9,126,391
9,421
315,489
303,903
293,765
300,809
9,440.280
9,442,422
9,451,301
9.439,730
9,430,300
14,711
16,950
17,890
13,193
4,282
6,265
7,369
5,536
5,291
18,696
20,976
24.319
23,426
2,831
19,256
reserves
9.124,896
9,381
308,145
14,414
Other cash
1937
22,
1937
9,458,406
Redemption fund (Federal Reserve notes)
17,
Sept.
1937
$
ASSETS
The comments of the Board of Governors of the Federal Reserve System upon the
department of "Current Events and Discussions
LIABILITIES
Nov.
Three ciphers (000) omitted
Total
Thursday afternoon, Nov. 18,
on
The first table presents the results
Wednesday.
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the
Reserve note statement
returns
on
2,832
19,332
2.832
19,352
9,381
Nov. 18,
1936
S
9,129.890
8,730,839
316,143
8,663
308,416
12,585
258,858
9,438,620
9,453,957
9.446.969
9,002,282
13,268
12.327
11,951
10.729
11,639
13,356
10.839
3,345
10,183
18,484
23,451
23.056
23,590
24,195
5,245
2,830
2,830
19,478
2,830
19,622
3,026
19,450
19,680
3,026
20.601
26,037
Bills discounted:
Secured
by
direct
or
8.
U.
Government
obligations,
fully guaranteed
Other bills discounted
Total bills discounted
Bills bought In open market
Industrial advances
United States Government securities—Bonds..
20,598
.
3,086
738,073
1,158,463
629.654
738,073
1,157.713
738,073
738,073
738,073
1,157,713
1,157,713
1,157,713
629.654
630,404
630,404
630,404
630,404
630,404
1,443,363
606,904
2,536,590
2,526.190
2,526.190
2,526.190
2,526,190
2,526,190
2,626,190
2,526.190
2,430,227
2,595,498
Other securities
738,073
1.158,463
640,054
2,554,715
Total U. S. Government securities
738.073
1.158,463
648,179
Treasury bills
738,073
1,168,463
Treasury notes
Foreign loans
2,813
1,900
2,579,730
2,572,693
2.571.896
2,566,982
2,572,093
2,571,739
2,573,404
2,574.012
2,464,595
738,073
1,157,713
379,960
__
on
gold
Total bills and securities
Gold held abroad
Due from foreign banks
"""173
""173
"~"l73
173
~""l73
"""190
"""190
190
25,427
27,262
581,920
28,526
28,172
622,341
28,431
714.261
27,814
638,847
657,615
633,125
27,419
693,328
45,417
175
Federal Reserve notes of other banks
Uncollected items
23,785
736,957
45,365
42,470
"""221
26,926
718,925
45,365
45,364
45,435
45,455
45,456
45,456
27,370
637,059
45,514
41,720
40,730
40,807
39,679
40,849
39,114
37,952
37,292
41,725
12,902,656
12,771,542
12,710,564
12.760.479
12,834,711
12,774.300
12,756,416
12,775,446
12.824.627
12,302,740
Federal Reserve notes In actual
circulation..
4,249,618
4,277.419
4,284,159
4,256,097
4,270,223
4,291,519
4,284,339
4,246,268
4,253,156
4,134,270
Deposits—Member banks'
6.922,400
135,165
266,227
237,178
6,879,403
139,237
272,742
209,879
6,888,943
110,826
6,950,730
6.938.802
6,918,902
83,231
283,014
7,003,033
7,032,833
243,378
174,745
125.612
6,977,186
193,490
237,332
124.734
6,850,652
76,183
287,311
134,065
7,560,970
7.501,261
742,234
132,505
145,854
27,615
35,709
8,151
642,771
132,541
145,854
Bank premises
All other assets
..
.
Total assets
48,066
LIABILITIES
reserve account
United States Treasurer—General account..
Foreign banks
Other
94,046
265.891
81,557
140,273
50,485
.
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
Total liabilities
Ratio of total reserves to deposits and
Federal
Reserve note liabilities combined
Contingent
liability
on
foreign correspondents
bills
purchased
7,529,346
7,498,933
7,459,892
7,500,592
7,542,096
7.532.742
7,097,732
595,440
624.534
716,041
622,374
132,683
690,025
145,854
132.627
145,854
132,679
145,854
637,764
132,604
720,127
132.682
672,090
132,656
145,854
145,854
27,615
27.615
35,742
27,490
27,490
35,768
35,769
7,579
35,804
35,803
8,582
7,597
27,490
35,803
8.996
7.336
7,567
132,605
145,854
27,490
35,803
6,952
130,224
145,501
27,615
35,742
8,339
27,615
145,854
12,771.542
12,710.564
12,760,479
12,834,711
12,774,300
12.756.416
12,775,446
12,824.627
12,302,740
80.1%
80.1 %
80.3%
80.2%
80.2%
80.2%
80.1%
80.2%
80.2%
80.1%
2,586
2,219
2,326
1.855
1,511
1.365
1,338
1,543
13,431
13,522
14,403
14,488
tl4.554
tl4,654
14,739
14,880
14,970
22,138
16,903
.
7,481,493
2,486
Total deposits
Deferred availability Items
218.679
276,444
202,130
12 902.656
deposits
Commitments
253,936
227,788
18,533
21.534
52,702
143,893
27,088
34,295
13,503
for
to make industrial advances...
Maturity Distribution of Bills and
Short-term Securities—
1-16 days bills discounted...
16-30 days bills discounted
21,956
21,044
16,604
704
650
823
21,744
21,306
456
301
434
426
429
291
403
515
612
21,219
1,429
4,054
180
31-60 days bills discounted
954
277
448
850
347
492
1,012
386
61-90 days bills discounted
Over 90 days bills discounted
824
478
348
436
966
836
556
317
933
318
552
334
234
187
174
141
9
18,696
20,976
24,319
23,426
18,484
23,451
23,056
23,590
24,195
5.245
220
Total bills discounted
1-16 days bills bought In open market
.
Total bills bought In open market
...
I- 3/days industrial
26
26
391
544
232
1,200
297
200
49
1,966
1,016
391
117
222
273
302
196
25
2,310
1,235
116
297
278
2,285
2,331
2,486
1,317
200
2,592
2,831
2,832
2,832
2,830
2,830
2,830
2,813
3,026
3,026
3,086
1,032
1,014
1,086
1.057
960
1,009
1,179
1,133
991
348
232
337
866
.
158
468
257
161
301
290
190
209
916
784
712
818
645
664
572
561
689
791
827
876
830
928
903
696
723
797
16,187
.
Total Industrial advances
16,256
16,259
16,519
16,612
17,961
17,975
23,121
16,788
16,814
780
19,256
1-15 days U. S. Government securities
16-30 days U. S. Government securities
31-60 days U.
171
485
1,919
544
288
.
Over 90 days industrial
advances...
61-90 days U.
297
539
1,451
1,226
.
16-30 days bills bought In open market
31-60 days bills bought In open
market
61-90 days bills bought In open market
Over 90 days bills bought In
open market
advances
16-30 days industrial advances
31-60 days industrial advances.
81-90 days Industrial advances.
479
19,332
19,352
19,450
19,478
19,622
19,680
20,598
20.601
26,037
31,255
29,539
31,255
29,685
31,370
27,349
25,282
27,472
29,685
59,655
57,016
30,190
27,549
61,055
2,352,485
2,350,438
60,168
2.350.146
26,006
25,282
59,729
63,358
2,351.815
49,968
60,168
52,853
30,190
29,539
63,358
Over 90 days U. 8. Government
securities
2,065,069
Total U. 8. Government securities
2,526,190
2,526,190
2,526,190
2,526.190
2,430,227
51,768
145,392
2,294,197
141,932
2,277,987
59,486
139,147
2,266,763
2,352,114
51,7b8
2,351,335
2,554,715
S. Government securities
8. Government securities
31,370
28,285
57,016
2,536,590
2,526,190
2,526,190
2,526,190
32,103
60,794
59,486
139,372
32,521
143,297
*
1-15 days other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities
Over 90 days other securities
■\
......
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve Bank..
4,615,443
365,825
4,609,218
4,604,267
348,756
4,608,405
316,886
4,609,199
324,860
4,602,269
356,001
4,613,505
360,349
4,466,513
320,108
4,612,569
356,472
4,618.979
331,799
4,249,618
4,277,419
4,284,159
4,256.097
4,270.223
4,291,519
4,284.339
4,246,268
4,253,156
4,134,270
4,654,132
4,643,132
20,443
20,000
4,645,132
23,938
4,637,132
4,633,132
4,437,838
22.755
3,534
32.000
32,000
22,822
32,000
22,183
20,000
4,639,132
23,149
32,000
4,633.132
23,186
4,641,132
18,276
4,636,132
18,195
20,000
In actual circulation
32,000
32,000
84,000
4,692,327
4,683,575
4.689,070
4,692.318
4,691.408
4.694.281
4,690.954
4.687.315
4,687,887
4,525,372
332,243
Collateral Held by Agent as
Security for
Notes Issued to Bank—
Gold ctfs.
on
By eligible
hand and due from U. 8
Treas..
paper
United States Government securities
Total collateral.
*
*
"Other
These
cash"
are
cents on Jan.
....
does
not
Include
Federal
Reserve notes,
t
Revised figure.
certificates given by the United States
Treasury for the gold
31, 1934, these certificates being worth less
provisions of the Gold Reserve Act of 1934.
to
taken
over from
the extent of the difference,
the Reserve banks when the dollar was devalued from 100 cents to
59.06
the difference Itself having
been appropriated
as
profit by the Treasury under
Volume
of the Federal ' Reserve System (Concluded)
*'
Weekly Return of the Board of Governors
" »
.
"
'
•'
•
'
'
' « "
.
•
Boston
Total
$
RESOURCES
\
Chicago
S
%
%
$
%
%
San Fran
Dallas
Minneap. Kan. City
St. Louis
«
1
I
1
1
Atlanta
Cleveland Richmond
NOV. 17, 1937
BANKS AT CLOSE OP BUSINESS
EACH OP THE 12 PEDERAL RESERVE
Phila.
New York
S
•'
''' •
.
and
hand
on
986
676
1,277
553
878
283
952
815
127
976
484
9,287
24,871
19,315
12,465
38,255
15,561
8,701
13,474
84,998
21,409
31,369
24,892
703,237
1,280
29,911
325,221
certificates
707,309
331.305
240,922 1,776,278
293,871
202,879
303,438
734,428
514,826
197,928
499,639 3,655,583
255
528
due
•
9,458,406
Total reserves
489,119
467.294 3.569,633
9,123,898
from United States Treasury
Redemption fund—Fed. Res. notes..
Other cash
.
(000) Omitted
Federal Reserve Agent at—
Gold
.1
AND LIABILITIES OP
WEEKLY STATEMENT OP RESOURCES
Three Ciphers
.•1
(|
3301
Chronicle
Financial
145
184,171
281.902
193,694
277,432
227,180 1,737,470
311,314
681,452
Bills discounted:
Secured by U. S. Govt, obligations.
direct and(or)
14,414
1,040
5,958
2,047
821
387
355
357
335
141
128
2,566
1,548
962
515
4,114
401
1,395
6,315
110
99
354
78
201
269
3,620
793
1,829
134
767
239
701
484
1,107
2,844
1,007
4,638
293
80
206
36,108
28,736
2,100
63,920
53,775
23,922
37,873
21,009
57,165
31,711
45,490
25,235
101,192
212,664
336,671
62,400
71,848
38,731
32,418
98,788
186,761
54,800
113,744
63,097
34,014
32,337
51,195
28,399
81.214
85,133
47.226
128,572
71,322
51,324
28,471
111,931
281,108
112,213
82,804
124,984
99,461
221,246
116,278
282,630
112,785
83,866
126,656
101,046
224,091
61,316
2,554,715
186,134
736,096
215,988
248,689
134,061
2,595,498
190.579
748,056
222,283
250,713
136,515
7
6
21
3
5
928
1,415
2,638
1,933
1,990
2,301
62,389
2,719
1,767
31,883
613
27,036
2,201
2,617
100,072
594
6,451
21,636
39,706
36,309
4,610
2,349
2,614
1,627
3,930
1,591
1,510
1,492
3,165
1,870
35,737
1,363
1,515
3,175
476.830
185,599
56,871
69,177
45,365
3,010
9,987
4,847
42,470
2,551
12,685
4,856
6,241
4,564
premises
All other resources.
70,542
766,872 4,618.429
12,902,656
Tota 1 resources
538,187
390,003 2,170,158
444,249
311,998
42 9,926
212,798
164,645
983,215
181,409
138,693
167,509
89,868
345,474
453,325
225,895
991,345
245,725
17,818
9,313
198,818
4,278
130,209
4,532
6,538
3,552
24,571
11,485
7,745
176,446
5,233
26,174
6,193
13,414
3,671
169,682
4,497
9,348
2,907
556,317
359,424
185,667
364,260 3,041,733
58,070
3,092
389,967 3,371,812
6,922,400
135,165
266,227
account
Foreign bank
397,024
509,128
250,364
95,563
19,497
3,118
237,178
-
7,560,970
Total deposits....
Deferred availability items
742,234
70.954
132,505
145,854
9,383
9,826
2,874
1,570
8,151
463
9,117
2,006
Total liabilities
766,872 4,618,429
12,902,656
...
Contingent liability on bills purchased
2,486
181
13,431
1,826
"Other cash"
does
not
Include
Boston
216,693
143,244
260,314
199,428
597,205
37,765
36,484
10,018
26,087
102,511
35,578
20.653
4,391
12,888
3,844
2,888
4,069
3,878
3,116
3,613
3,851
720
4,869
5,616
754
21,504
1,416
4,655
3,422
545
1,003
1,142
1,262
1,691
385
7,694
1,573
1,174
2,020
941
1,847
9,645
2,121
2,037
289
695
1,497
298
538.187
444,249
87
288
75
57
72
177
229
107
72
244
1,675
350
10
183
50
269
3,054
861
115
135
390,003 2,170,158
RESERVE NOTE STATEMENT
Cleveland Richmond
Phila
334,069
S
144,805
6,112
178,730
97,960
11,221
8,092
391,189
45,715
18,560
30,599
13,253
164,645
983.215
181,409
138,693
167,509
345,474
429,926
212,798
89,868
315.509
148,000
399,000
230,000
165,000 1,020,000
99,500
337,000
464,000
180,000
341,000 1,070,000
6,285
1,395
200.632
4,654.132
255
1,075
544
490
401
397
962
242
2,251
188,898 1,020,401
200,887
148,242
181,075
99,897
399,544
hand and due
18,195
20,000
U. 8. Government securities
Total collateral
United
...
-
3,898
20,000
339,251
342,395 1,076,285
4,692,327
Securities
Government
States
York Stock
on
230,490
464,962
the New
Transactions
Exchange—See following page.
United States Treasury
quoted
are
the
at
24 1937.
1 1937
PARIS BOURSE
Dec.
8 1937
0.14%
0.14%
0.14%
0.14%
0.5%
0.5%
Dec.
17&181937
20 21 & 22 1937-
Dec.
29 1937
Jan.
5 1938
Jan.
12 1938.
Jan.
19 1938
— .
26 1938
2 1938
23 1938
Mar.
2 1938
Mar.
9 1938
Mar.
April 13 1938
16 1938
clay of the past
1 1938
|June
8 1938
June
15 1938
June 22
1938
June 29 1938.
6
July
1938.
13 1938.
July 20 1938.
July
Banque de
Des Pays Baa
l'Union Parislenne—
Banque de Paris et
Canadian Pacific.-.—--------Cle Distr d'Electrlclte
Generale
Cle Generale
—
d'Electrlclte
Transatlantique__
Citroen B
-
de France.-
Credit Lyonnalse
----------
Eaux Lyonnalse cap
Energle Electrlque
Energle Electrlque
-
-
;
du Nord
du Littoral--
Kuhlmann
Llqulde
Lyon(PLM)
L'Alr
Quotations for United
States Treasury Notes—Friday,
Nov. 19
NordRy
Orleans Ry 6%--------------Patbe
Figures after decimal
-
point represent one or more 32ds of
point.
Capital
Pechlney
Perpetual 3%--------1917--1918
—
Rentes 4^%, 1932 A
Rentes 4^%. 1932 B
Rentes 5%. 1920
Royal Dutch
—
Saint Gobaln C & C
Schneider & Cle.----Soclete Francalse Ford
Soclete Generale Fonclere
Rentes,
Rentes 4%.
Rentes 4%.
Int.
Int
Maturity
Dec.
15 1938—
Dec.
15 1941_..
Sept
15 1939—-
Dec.
15 1939
June
15 1941...
Mar.
15 1939—.
Mar. 15
1941.—
June
15 1940
Dec.
J5 1940...
Rate
1 y<%
Yx%
l'A%
IH%
l%%
m%
1H%
1H%
1H%
1
Bid
100.30
Maturity
Asked
101
Mar. 15 1940.—
100.3
100.5
Mar. 15 1942...
101.4
101.6
Sept
15 1942.—
15 1939
101.5
101-7
June
100.18
100 20
Sept. 15 1938...
1 1938...
101.9
Feb.
101 2
101.4
June
101-9
101-11
Mar. 15 1938...
101.6
101.8
101.7
15 1938
Rate
1%%
1*4%
Bid
101.19
101.6
Asked
101.21
101.8
2%
102.5
102.7
2H%
2H%
2%%
102.8
102.10
101.30
102
100.24
100.26
2J*%
101.20
101.22
3%
101.8
101.10
Lyonnalse
8oclete Marseillaise
Tublze Artlflcal Silk, pref
Union d'Electrlclte
Soclete
•VCaeon-Lits
1,118
425
235
23,900
647
1,340
45
515
236
23,900
665
1,340
42
515
685
210
685
210
Hollday
227
462
1,430
1,330
405
509
-------
Credit Commercial
6,400
1,092
422
210
230
473
1,450
1,340
A
Courrleres
6,400
687
Comptoir Natlonale d'Escompte
Coty S
Francs
23,900
654
1,346
47
526
Canal de Suez cap
Cle
Nov. 71 Nov. 18 Nov. 19
Franc
Francs Francs
Francs
1,112
430
240
Bank of France...------.
0.22%
0.22%
0 22%
0 23%
0 23%
0.23%
0.23%
0 23%
0 25%
0.25%
0.25%
Nov. 15 Nov. 16
6,400
Francs
21%
0.22%
May 18 1938
May 25 1938
June
Nov. 13
0
4 1938
May 11 1938
stocks as received by cable
week:
0.21%
May
0.20%
0.20%
Mar. 23 1938
1938
April 27 1938
0.10%
0.12%
0.12%
0.16%
0.18%
91938
16 1938
Quotations of representative
each
0.21%
0.21%
|April 20
0.8%
0.8%
0.10%
AiM
0.20%
|Mar. 30 1938
April 6 1938
0.14%
Dec. 15 16
Bid
Asked
0.12%
Dec.
Exchange,
Bills—Friday, Nov. 19
THE
Nov
Stock
York
Averages—See page 3317.
for discount at purchase.
Bid
New
Yearly—See page 3317.
Daily, Weekly and
Stock and Bond
a
$
194,823
13,414
by
certificates on
Feb
S
Agent as security
issued to banks:
held
Feb
San Fran
Dallas
%
S
183,141 1,012,307
29,092
18,496
226,051
460,525
S
S
%
S
$
%
Kan. City
Louis Minneap
St
Chicago
Atlanta
938,737
Eligible paper
Feb.
338,188 1,003,679
281,835
365.825
from United States Treasury
Feb.
260
476,830
804,628 1,039,435
332,760 1,059,083
120,346
50,925
4,615,443
Bank—.
In actual circulation
Jan.
381
4,249,618
Held by Federal Reserve
Rates
351
311,998
New York
1
S
Issued to F. R. Bank by F. R. Agent
186,434 1,039,357
Reserve notes
Total
Federal Reserve notes:
3,606
18,963
18,319
4,886
13,362
4,325
Omitted
Federal Reserve Bank of—
2,464
60.053
FEDERAL
Three Ciphers (000)
306
12,947
14,323
1,007
3,121
4,903
Federal
2,360
68,263
897
correspondents
Commitments to make Indus.advances
6,143
5,585
730
7,744
35.709
8,012
2,395
3,000
51,054
51,474
27,615
30,981
7,745
14.636
38,982
58,419
12,259
186,485
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
338,188 1,003.679
315,509
Deposits:
U. 8. Treasurer—General account.
3,363
938,737
281,835
4,249,618
R. notes In actual circulation
.
804,628 1,039,435
LIABILITIES
Other deposits
12
16
5
68
17
2
13
538
736,957
Uncollected Items
reserve
56,134
23,785
Fed. Res. notes of other banks
Member bank
V
175
Due from foreign banks.
for notes
80
.54
648,179
Total U. 8. Govt, securities
Gold
544
738,073
Total bills and securities
Collateral
398
1,168,463
Treasury bills
*
16
1,108
19,256
Treasury notes
for foreign
158
2,831
U .8. Government securities—Bonds
F
240
18,696
market
Industrial advances
Bank
255
157
951
307
86
2,382
Total bills discounted..
Bills bought In open
100
207
315
4,282
fully guaranteed..
Other bills discounted
292
500
663
1,130
838
835
390
22
2.040
72.00
69.50
68.20
75.90
74.80
95.20
5,580
2,108
1,140
654
1,120
823
817
393
24
2,008
71.60
69.25
68.10
75.60
74.50
95.00
5,460
2,065
1,100
227
460
1,430
1,320
296
504
653
1,110
820
823
392
24
2,020
71.60
69.10
67.90
75.50
74.50
95.00
5,410
2,075
65
118
1,345
470
140
404
68
115
1,335
470
134
396
1,115
68
113
1,316
468
134
400
86
84
83
6,400
6,400
1»10®
424
238
237
23,800 23,500
588
1,340
1,270
40
44
539
685
210
200
227
460
1,400
1,440
1,330
1,330
297
504
....
653
1,110
1,100
816
820
391
391
23
2,020
71.75
71.90
69.30
69.60
68.00
68.40
75.90
76.10
74.80
75.10
95.00
95.40
5,410
5,420
2,057
1,115
66
113
1,328
468
136
410
84
68
——
3302
Nov.
Stock and Bond Sales—New York Stock
20. 1937
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery aalea are disregarded in tht day's range, unless they are the only transactions of the day.
in computing the range for the year.
■
No
account is taken of such sales
United States Government Securities
Below
furnish
the New
on
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 current week.
Quotations after decimal point represent one or more 32ds of a point.
we
a
Daily Record of U. S. Bond Prices Nov. 13 Nov. 15 Nov. 16 Nov. 17 Not. 18 Nov. 19
Daily Record of U. S. Bond Prices Nov. 13 Nov. 15 Nov. 16 Nov.
17\Nov. 18
Nov. 19
I
Treasury
4Mb, 1947-62
115.26
fHlgh
115.31
[Low.
115.26
115.31
116.14
[Close
115.26
115.31
3
5
2
[High
106.22
106.28
106.30
[Low.
[Close
106.27
106.28
106.27
106*30
107
4
35
6
15
111.25
111.28
111.23
111.27
111.25
111.21
111.21
111.24
111.25
111.21
111.27
111.24
111.28
1
8
5
16
2
High
109.28
109.31
Low.
109.27
109.31
110.4
CI086
109.27
109.31
8 lis, 1946-66..
-
4
Total sales in S1.000 units..
107.9
3«S, 1943-47
107.9
ClOS6
107.9
4
53
10
100.3
100.6
20
135
100.12
100.26
100.7
100.8
100.4
100.4
100.8
100.7
100.20
100.4
100.5
100.8
100.12
100.26
8
26
99.25
[High
99.27
408
99.28
100
485
100.2
100.14
Low.
99.24
99.25
99.27
99.25
99.26
99.28
19
20
9
20
22
98.10
98.11
98.10
98.13
98.22
99.2
Low.
98.9
98.11
98.8
98.10
98.14
98.25
[Close
98.9
98.11
98.10
98.13
98.22
99.2
6
12
24
47
—
[High
2^8. 1949-63
Total salts in S1.000 units...
107.14
14
101.12
101.14
'
107.12
107.8
[Low
101
101.6
Close
Total sales in SI,000 units...
107.14
Total tales in S1.000 units...
101
101
100.1
2Hb. 1956-59
27
107.10
101.1
101.1
100.1
110.8
107.8
[High
101
101
Low.
110.8
3
$l,000_tmlb
101.14
100.25
Close
Total salts in SI.000 units...
2Kb, 1951-54-....
111.28
Close
Total sales in
111.25
Low.
101.6
100.31
High
High
4s, 1944-84
101.2
Low
Total sales in SI.000 units..
106.30
106.22
Total sales in SI.000 units..
101.1
Close
2%s, 1948-51
107
106.22
101
100.31
High
116.14
Total tales in SI.000 units_
314s, 1943-46
Treasury
116.14
Federal Farm Mortgage
13
103.1
100.12
100.2
100.14
56
73
[Close
103.8
103.1
[Low.
103.6
103.6
103.8
103.1
(High
3>is. 1944-64
100
99.28
100
103.6
103.8
Total sales in SI.000 units...
9
[High
103
103.6
103.26
102.17
102.20
102.19
102.21
102.29
102.30
[Low.
103.1
103.2
103.2
103.6
103.18
Low.
102.17
102.18
102.17
102.21
[ciose
102.28
102.29
103.1
103.2
103.2
103.6
Close
102.17
102.18
102.19
102.21
Total sales in SI.000 units...
103.26
36
102.29
2
Total tales in Si.000 units...
1
2
14
3
3s, 1961-66
103.3
103.5
103.6
5
High
104.14
Low.
Close
Total tales In SI,000 units...
3S. 1946-48
104.18
104.14
104.16
104.18
104.16
104.18
17
5
55
105.27
105.30
104.27
Federal Farm
105.28
105.31
105.27
105.30
106
Total sales in SI.000 units...
1
4
[High
,..[Low.
106.25
106.25
106.23
106.26
106.27
Close
106.25
106.23
106.26
High
3Hs, 1941-43
Mortgage
106.26
3 Mb. 1946-49.
105.2
105.5
105.9
103.10
103.19
10
32
101.30
101.30
101.30
1
102.19
102.17
102.19
102.20
102.23
102.29
Low.
102.18
102.17
102.17
102.20
102.18
102.27
Close
102.19
102.17
102.17
102.20
102.23
102.29
High
38, series A, 1944-52
Total sales in SI,000 units...
i
55
7
High
Home Owners* Loan
105.13
100.31
100.30
11
7
101
94
100.30
101.2
67
104.30
105.1
105.1
105.1
105.9
105.13
Low.
100.30
100.30
100.30
100.30
100.30
101.10
101.5
105.1
105.1
105.5
105.9
105.13
vClose
100.30
100.30
100.31
100.30
101.2
101.10
5
Total tales in SI,000 units...
25
10
39
6
100.24
100.23
100.22
[Low.
100.24
100.20
[Close
100.24
100.23
6
3
2
57
16
High
105.14
Low.
2^8, series B. 1939-49
Home Owners' Loan
(High
2JiB. 1942-44
105.8
Ol0S6
105.13
Total sales in S1.000 units...
Total sales In SI.000 units...
103
106.21
fHlgh
3148, 1941
103.10
103.10
18
104.30
—Low
Close
Total sales in S1.000 units...
3 Hs. 1949-62.
103.19
103.6
Low.
Home Ownera' Loan
106.27
5
105.1
103.10
103.4
Close
Total tales in SI.000 units...
106.23
104.30
103.6
High
2Jis, 1942-47
18
Total sales in SI.000 units...
High
103.6
27
103.6
Low.
106.27
Close
103.6
Oloflo
Total sales In SI,000 units....
106.1
105.27
-...-[Low
Federal Farm Mortgage
3s. 1942-47
104.27
*3
High
3s, 1944-49
104.23
104.14
High
3%b, 1940-43.
104.18
Federal Farm Mortgage
106.25
106.24
109
60
100.24
100.31
100.21
100.20
100.26
100.21
100.24
100.29
4
71
53
106.28
Low.
106.21
106.22
106.24
106.26
Close
106.21
106.22
Total salts in SI.000 units...
106.24
106.28
1
6
5
20
—
*
Odd
lot sales,
Note—The
t Deferred delivery sale.
above
High
106.17
106.21
106.22
106.23
106.24
106.28
Low.
106.17
106.19
106.19
106.21
106.24
106.27
Close
106.17
106.21
106.22
106.21
Total sales in SI.000 units...
106.24
106.28
3
1
25
6
16
15
56
1
Treas.
1
H. O.
table
includes
only
sales
Treas. 3>£s, 1943-45
Treas. 4s, 1944-54
1
3J4a. 1944-46
fHlgh
100.24
100.26
100.27
100.28
101.1
101.14
[ Low.
I Close
100.20
100.23
100.22
100.26
100.26
100.23
100.23
100.27
100.26
100.30
59
17
40
94
3^8,
of
coupon
were:
106.21 to 106.24
111.14 to 111.14
1944-46
106.17 to 106.17
101.13
25
Transactions in registered bonds
101.9
Total sales in SI.000 units...
bonds.
2^8. 1966-60
L'n2%s, '39-49
304
United States
High
2J48. 1946-47.
103
[Close
102.30
103.4
103.6
102.30
102.31
103.1
103.9
102.30
103.4
103.5
103.12
Treasury Bills—See previous
page.
103.13
102.31
.....Low.
100.29 to 100.29
103
Total tales in SI,000
units...
6
1
99
19
69
United
States
Treasury
Notes,
&c.—See
previous
page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
Saturday
Monday
Nov. 13
Nov. 16
$ per share
36
$ per share
36
*36
*40
4812
*51
57
53
lHs
10%
20*4
11
*2038
*24
*40
21
5134
13s
1168
1134
11
74
158
134
*158
5234
1%
*
74
1158
158
12
1 4
15
15
15
16
15
14l2
1334
*15%
20%
15
15
87S
166
17i2
166
*10
12i4
*1338
14i4
1034
*55
1078
9
162
*10
137s
10%
14
1634
21
914
165
1214
14
11%
57
4512
14i4
56
56
47
46%
1578
*234
2334
6H2
6234
15%
49
15
3
3
*2212
23i2
63
63
*61l4
63
15
151.1
5534
•
56
*20
17%
3
2334
Nov. 17
Nov. 18
Nov. 19
$ per share
36%
48%
36%
*36
37
*32
40
21
40
40
57
4978
4978
48
10
9%
19%
23
20
10%
9%
20
20
24%
23%
*1%
24
50%
51%
*1%
2
1%
1%
51%
1%
52%
1%
24%
*
74
14
*36
48%
134
1%
$ per share
37
*49%
978
10%
74
12
12%
1%
*-...
12%
158
15
14%
14
1178
1%
15
14%
15%
Range Since Jan. 1
STOCK
On
1%
20
134
*1%
48
1%
74
12
1
*
300
10
Abbott Laboratories
Abraham A Straus
600
9%
7,800
Adams
1934
1,000
23
1,800
No par
134
300
50'%
11,800
1%
1%
1%
1%
16,000
1434
13
13%
3,800
14
13
13
1,300
65
Mar
Mar
6
42
85
Aug 13
59
.....No par
Express
9
Oct 19
22% Mar 11
28% Feb 3
No
Address Multlgr Corp
par
10
48
Mar
July
Albany & Susq RR
100
Allegheny Corp
..No par
6H %Pref A with $30 war 100
5H %Pref A with $40 war 100
146
Oct
166
15
500
14
300
2,300
Allegheny 8tee) Co
8
2,600
152% 157
5,800
Allen Industries Inc
1
Aided Chemical A Dye-No par
Allied Kid Co
5
Allied Mills Co Inc
No par
* 8%
159%
158
10
10
13%
10
13%
13%
1334
9%
1338
10
978
8%
9%
14,700
55%
5478
45
40
54%
4434
22,900
14%
13%
14
13
10%
10
10%
*53%
4434
1478
234
56
56
56
*54%
47%
46%
1478
48
44
*22
23
1534
234
64
*58%
61%
*58
2%
*22
65
1534
15
55
55
55
15
59
2%
22
59
65
15
1
14%
278
23%
*60
15%
5634
*56
15%
55
Bid and asked prices; no sales on this
day.
734
10
1334
*
2%
2%
2%
22
19
19
58
53%
*55%
.13%
60
60
14%
55
t In receivership,
57%
14
55
a Def.
500
2,600
400
5^%Pref
A without warlOO
$2.50 prior conv pref.No par
Allied Stores
5%
No por
Corp
No par
preferred
Amerada Corp...
6%
Preferred
New stock,
59
Feb 11
68%
52%
45%
237,
Feb 17
13
Oct 19
6% Oct 19
150
Oct 19
10
Nov 17
10
Oct 19
6% Oct 18
258%
17%
33%
217j
83%
39%
87g
62%
1147,
1
50
..No par
Am Agric Chem (Del)..No
par
American Bank Note..
10
n
Oct 20
Oct 19
Oct 19
No par
40
11
10
10% Oct 19
34
No par
Alpha Portland Cem
3,000
59% Feb 11
85
Aids-Chalmers Mfg
delivery
Aug 10
5% Feb 18
Oct 19
Oct 19
Amalgam Leather Cos Ine
6% conv preferred..
300
Oct 19
50
2,800
300
1
100
2,300
1,900
Apr
2
18%
10
^an
68
13
1778
162
Feb
211,
91
12%
10
35%
37%
*1% Jan
Jan 25
11
50
r
Cash sale.
8% Oct 19
1% Oct 19
19
Oct 20
53% Nov 19
53% Oct 19
10
55
Oct 19
Nov
xEx-dlv.
6
v
Feb 18
Mar 15
Not
177, June
22% Jan
100% Jan 22
15% Feb 25
5
5%
74% Feb
15% Nov
Oct 19
15
158
9
70
Apr
Anr
Mar 11
20
13%
% Oct 19
Jan
4% Jan 26
80% Jan 7
Mar
8
15
11
Nov 19
36
9%
97
*18%
162
Highest
share $ per share
10
Vicksburg RR Co-.100
Alaska Juneau Gold Mln
1578
13%
8
17% Oct 19
16% Oct 19
1% Oct 15
Advance Rumely
No par
Air Reduction Inc
..No par
Air Way Ei Appliance. .No par
19%
*10
1938
8
69
Oct 19
14
159
per
Nov
19
x8
$
Nov 18
*14
87S
share
4p
16
834
$ per
36
14
9%
share
45
20
*11
per
Lowest
25
Acids Steel Co.—
19%
8%
13%
$
Ala A
4,900
12", 600
13%
13%
14
Year
Highest
No pas
Adams-Mlllls
13»8
138
Par
4878
12%
Range for Previous
100-Share Lots
Lowest
Shares
74
11%
Basis of
EXCHANGE
*14%
63
$ per share
36%
*40
5078
YORK
Weet
2438
14%
14%
STOCKS
NEW
the
51%
1134
Sales
Friday
24%
1%
*
CENT
Thursday
50%
1%
*14
20i4
878
5078
IOI4
54
*14
*1534
19l2
*40
11
20%
24%
134
24
2412
134
5234
138
*112
*35%
NOT PER
Wednesday
§ per share
3658
4812
5434
SHARE,
for
Tuesday
Nov. 15
Jan
178 Aug
2%
12%
12%
12%
27
Ool
88% Nov
6%
103
Apr
Nov
17% Sept
195
Mar
Apr
5% Nov
Jan
Jau
61% Nov
60% Nov
Jan
60
Apr
287, July
Nov
54% Nov
40% Oct
Apr 12
Mar
9
157
Jan
245
Aug 14
Jan 16
Mar 6
23
Aug
34
Mar
69
9
6%
20% Nov
Jan
90
Nor
81
Deo
35%
Jan 28
19% May
Mar 15
4
Jan
Oct
31% Nov
34% Nov
5% Dec
39%
Mar 11
75
Jan
101% Jan 22
41% Jan 16
75% Feb 4
49
July
36
Dec
55%
65
Jan
73
Ex-rlght
.
Nov
Jan
Jan 22
Mar 13
Aug
Dec
125% Mar
89
Nov
Apr
Nov
1 Called for redemption.
I
Volume
AND
LOW
SALE PRICES—PER
HIGH
Saturday
Wednesday
Nov. 13
Nov. 15
Nov. 16
Not. 17
Nov. 18
38
38
127l2 *-_
88%
*158
88
158
160
158
23%
*45%
2234
233a
48
23
4512
4534
1834
18
18%
*92
$ per share
$ per share
34
35%
29i8 33
36%
37
*100% 124%
*100% 126
*100% 125
84
88*2
88
87
89
88%
87% 88%
15978
15934 *155
1577s 15778 *15514 15978 *155
22
22
22
20% 21
22i2
2134
22i2
39
40
*41% 45
44l4 44l4
4378
45
18
15%
17%
183s
17%
18
17%
18
1778
*92
150
38
10
*2334
15
15%
17%
17%
1634
84
83
8
1434
16
83
8
14l8
16i2
83%
834
1612
17%
*83
6%
*175
300
47s
578
6%
5%
5%
8%
5%
*63s
*175
83s
538
8%
*63s
*175
300
5%
2734
28
27
27
434
26%
12
123s
12
127s
10%
5
5%
♦20
12
4
4
24
38*4
2's
17*4
9
9
13
26
11
4
3712
*33
*33
2
2
19*2
8%
*16*2
8*4
20
1434
20*2
15
6i4
32l2
32
6*s
3312
102
102
102
5*4
*27*2
5*4
5
2934
2934 3034
*102l2 109
*102l2 109
a60%
60*2
6034
7*2
48is
8*2
5034
7*s
8*8
46
a61*4
734
5012
44i2
50%
44
40
4534
40
42
41
43*2
143S
14
15*4
13%
14%
13%
14*2
40*8
13%
40
14
48
48
13
f
47
24U
25%
24
2534
23%
7934
8134
7978
80
80*4
2114
20*4
20%
20
20
20*2
20*2
15l2
1578
1534
28l2
16
15
1512
15*4
*2878
49l2
15*4
*29
2934
52i2
12914
*128
*50
1214
30
*18
19*8
14958 15134
*6812
69i2
71*2
71*4
*13812 139%
758
7%
15*2
145g
7
534
578
3734
3734
7
7
7*8
6*2
50
50
48
48
18*4
18*4
17*2
18*4
15
147s
*3*2
34
4*4
*3%
*3134
4*4
*3134
34*4
478
*334
*3134
15
15
15%
34U
45a
40
15%
1,000
4,400
*98*2
714
73s
*7014
*99
993s
*4
7212
*
100
7*8
7%
*70 *2
72i2
*
100
71
71
*
100
*40*4
7
678
100
*41*4
6978
*
42
100
*40*
*42**4
44*4
*8i4
9
*7*2
8*4
758
7%
77g
778
*734
*4i2
5
434
5
4*8
438
*4i4
4%
4*4
_4212
4312
93
*80
*80
95g
10*4
10
93
10*4
4134
93
*80
9
9%
*80
9*4
93
*80
8%
9*4
67
*
41
*37*
7%
4*4
39%
7%
4
93
*80
8%
734
9
77
71
71
*65
71
*65
71
71
71
*83i4
95
*83*4
95
*83*4
95
*83*4
95
95
*83%
47
*42
44*2
42
42
*3678
41
4078
*3678
4078
78
78
*78
79*2
78
*74
78
*75
*78
79*2
*77
75*4
*75
78
*75
78
4234
3678
407s
79
79
79
78*2
78*2
26% 2734
*7
7%
14
*12%
22
22%
2134
23*4
23%
23%
*103% 105*2 *10334 1057s
*103% 105
934
10
9%
10*4
10
10%
*41
43
£43
437g
44%
44%
49
49
51*2
*47%
*47
51%
*2734
1434
1
734
27%
*7%
29
14
28%
*7*8
*13%
14
8%
*115
119
*115
119
7
7
7
7
934
934
9
978
3%
334
*3
*24*2
334
24
2778
378
378
3*2
24
119
*115
*78
4
Apr
60
Jan
118
May
122
Jan
6
105U
1101]
Jan
*3
*20
334
8
834
3%
3%
*21
26
-334
3%
8
8%
8%
500
5,800
3
3
400
*20
3%
24
24
20
3%
334
9*4
8%
16
17
17
*35
35%
35*4
*99
100*4
18*4
*99
1734
12%
18%
12
12*2
30
*151*4
15*2
*12
12%
1378
17*4
35%
♦
12%
*110
115
*110
*17
18
17
*91
93
*91
32%
12
15
*35
8%
12%
15
8
8%
12%
1578
36%
*35
99
11%
14%
*35
36%
99
99
99
1878
1678
17%
17%
1234
11%
11%
*11%
30
*25
*
358
8,300
30
*25
15%
14%
147g
14
12%
12%
12%
12%
115
*110% 115
*111
18
"16%
*1678
17%
*17
93
*90
93
*90
93
1434
1478
*18%
1834
42
*32
35
35
*3134
102%
102*2 *100
102% *100
834
834
834
834
9*2
86%
*81*2
*81% 86%
86%
*81%
14
1434
14%
14%
15%
14%
1734
17%
18
1734
1734
1834
39*2
39%
*36*2
53*8
5434
52%
32%
*100
*9
*81*2
*15%
96*2
85
39%
57
38
*36
53
50
15*4
15%
15-%
15%
15%
97
98
98
95%
96
*29
31
*37
52%
100
5% preferred...
78
Oct 20
18
1334
14%
1334
14%
14
No par
..100
6% conv preferred
Atlas Tack Corp
Auburn
No par
No par
Automobile
No par
Austin Nichols
No par
Avia u Corp of Del (The)
3
^Baldwin Loco Works. No par
85 prior A
17%
17%
17%
17%
*16%
17%
64
*54
17%
17%
64
*57
23*2
2378
30
30
*57
22%
*28
64
*54
247s
22%
24
297s
28
28%
Vot
23%
*28
64
25%
Bid and asked prlcce; no
28%
sales on this day.
44
Jan 18
37
Mar 11
29
19
19
19
11234 Oct 20
4i2 Oct 19
6I4 Oct 19
1013s Sept
758 Oct
39% Oct
40i2 Oct
18% Mar
31*2
Oct
64*4 Nov
265s June
36i8
Apr
Sept
1181]
Deo
109
48
Jan
84
NOV
Jan 13
*112
Jan
131
Nov
9
2
1
26
12
29
30
18
17
17
14
June
30>«
Feb
265s June
64 U
Mar
5*s June
10*8
Jan
133
18i8
Jan
36*4 Feb
Sept 25
9l2 Feb
6212 Mar
9U
214 Oct 19
3% Sept 10
3
Sept 11
11U
Jan
Jan
912 Jan
Oct 19
23*4 Aug
8*8 Oct 19
Oct 19
4012 Mar
5
Apr
131]
88% Aug
52% Mar 10
94
Mar 11
1514 Oct 19
2
6
6
116i2 Feb
60
25
Nov 19
42
Oct 19
3514 Feb
Oct 19
Oct 20
20>4 Jan 17
291] June
3
Apr
46i2 Jan
7*4 Mar
2ig July
11*4
Dec
238 July
97s
Dec
Apr
Apr
"27%
Nov
21
41U
Oct
39
Deo
491]
Feb
24*8 Nov
381]
Deo
2*8
nov
28*4
Dec
Jan 21
10
1334
12
11
12
113% *111
17
1634
5H% preferred....
10
13,700
1,300
Barnsdall Oil Co
"""666
Beatrice Creamery
Bayuk Cigars
1st
113%
17
*90
93
*32%
42
"""220
Z9734
98
200
80%
*8112
14
1,500
13
135s
i*3j66
*1714
1734
1,700
37%
36
36%
52%
46 %
50 >8 100,900
17%
1778
37
15%
30
25
25
16
16%
1414
15%
13%
14
1214
133s
17i2
17%
*1712
64
*54
23%
25%
28
28
2278
26%
800
900
1,200
5,600
80
t in receivership,
27i2
a Def.
—
Beech-Nut Packing Co
41~56O
1,500
delivery,
Nt par
100
25
No par
...50
20
Beidlng-Hemlnway
No par
Belgian Nat Rys part pref
6
Bendlx Aviation
47*4 Mar
46
Feb 11
10
914
108
115
Jan
Aug
43% Feb 19
11434 July 14
35
Feb
9034 Oct 19
85
Feb
15*4 Feb
8
13
Dec
16*4 Mar
88is July
4
83
June
89*8 May
73« Oct 19
Jan 16
84
41
14
Nov
No par
9
n New stock.
Jan
32*8
20
Jan
25U
48
Jan
72
45*4
Apr
Apr
77*4
Deo
20
Dec
20
Jan 18
1351] Nov
23
Jan
651]
Dec
28*4
Dec
z34%
Deo
2478
Deo
7
18*4 May
3812 Nov
Jan 16
77*4 July
32i2 Jan
17% Nov 15
94*2
2
Oct
3
167s
Apr
373s
4018
Dec
6318 Mar
Oct 19
4934 Mar
Rra8s..._5
Oct 19
48is
y Ex-rlghts.
*
120
Feb 13
16
21
z Ex-dlv.
Oct
144 July
Jan 21
5
r Cash sale.
16's
107*2 July
Oct
Nov
2978 Mar 10
38
Oct 19
Oct
21%
5
129i2 Feb 16
6934 Feb 10
1312 Oct 19
66
Dec
8
I05i2 Mar 11
Oct 19
Oct 20
427s Oct
112
62*4 Jan
8
Oct 19
105
23*4 Jan
30*2 Feb 11
8I4 Oct 19
Oct 19
Nov 19
Bobn Aluminum A
Deo
28*s Nor
July
18
87
100
22U Nov
115
100
25
Boeing Airplane Co
May
8
5% preferred
20
7% preferred
100
Blgelow-Sanf Carp Inc. No par
Black A Decker Mfg Co No par
Bloomlngdale Brothers. Aro par
Jan
16*4 June
110
9
No par
(Del).No pa?
Blaw-Knox Co
14*8
Jan
28*4 Feb
15
Bethlehem Steel
1
Aug 16
13%
105*4 Mar
13U Oct 19
Nov 10
33
Oct 13
34
Best A Co
8
9
1578
92
Beneficial Indus Loan ..No par
Blumenthal A Co pref
64
2412
preferred-..^
Beech Creek RR
86%
£13%
mc
86 preferred w w
93
42
8%
Ohio
Barker Brothers
~
*
Oct 19
Oct 19
......5
25
*54
13
100
ctfs
Oct 19
9
18
Jan 21
1258
*
tr
5
6512 Mar 17
29
Mar 13
32
900
8*4
14%
Deo
9
7
Feb
104
Oct 19
5% preferred
100
1334
49
June 29
94*4 May
43*s Mar
8,300
103s
25
*25
Oct
21*8 Apr
11
Apr
Feb 18
88
34% Nov 19
Oct 19
20
1634
834
16%
107
106
Nov 12
Fe.-lOO
9
*15*
834
*81%
30
Jan
Nov 19
73
1,100
16%
Jan
77
100
85 pref without warrants
10% Oct 19
99%
*
92
*25%
59
90*4
5% pref with warrants.. 100
Atcb Topeka A Santa
.No par
17%
1434
16
Oot
Assoc Investment Co ..Nt par
110l2 Feb
90%
30
Oct
124
Oct 19
15%
16
112
99
94
*26
Feb
May
277s Nov
Feb
36%
15%
1334
16%
185g Nov
2218
108
Dec
Mar
Oct 19
94
16%
62*8 Mar
671] Feb 18
30
600
15%
16*4
Deo
98
125
35
96%
32*2
Jan
128
96
101
5
Oct 19
35
96*2
16*4
84
9
Nov 15
Nov
35
4% preferred
.....100
Bangor A Aroostook.......60
Conv 5% preferred..
100
Barber Co Inc
10
*15%
*30*2
Jan
Jan
7*s
Jan 28
71
Baltimore A
14
50
Jan
Jan
95
125g Apr
6
17,300
*32%
54%
July 23
11,800
*90
38
71]
17*8 Jan 21
24*4 Mar
Feb
8%
16% Feb 27
100
36,600
*98% 101
102*2 *100
9
9*2
63s Oct 19
47U
70% Mar 13
8%
27
17
18%
2
104
14i8
*25
*32
17%
Mar
6
1H2
Ids
12
12%
113% *111
478 Oct 19
2% Oct 19
95
Jan
73g
11
13%
30
1
126
Jan
Aug
66%
991] Mar
103g
12i2
8%
11
14%
4
Oct 19
13*4 Feb 27
1434
12
100
12%
100
30
*15*
87g
12%
1534
8%
934
12*4
9%
13%
45a Oct 19
Jan
4&g June
96
preferred
Assented
13%
111
100
190
2d
Atlafl Powder
8%
37s
37
8
Mar
400
6%
26*4 Mar
121% Feb
Co
400
6%
Jan
Deo
89i2
Nov
8,300
7
111
Jan
Nov
21%
ar2034
22
22%
22%
21%
104% 1043s *103% 10578 *10334 1057g
9
9
8I2
10
9%
9%
*40
43%
*40
*41
43%
4378
43
47
44%
*45%
49*2
*47%
*6%
May
151]
7
....100
Atlantic Refining
...25
4% conv pref series A... 100
Atlas Corp
1
6% preferred
50
7
97
111
43
All G A W I 88 Lines.-No par
50
Feb 23
Jan
July
300
116
Jan
35
June
400
115
May
28
3
9,300
116
50
Deo
55*s Nov
24
9
6
116
31] July
10U Feb 10
46
Feb 18
His
119
52»4 Sept
37% Jan 12
6
*116
7*8 Sept
Jan 12
Dec
18
27*4 Oct
109*4 Sept
11% Feb
70*4 Feb
7*4 Mar
Oct 19
lUs
100
Jan
Oct 26
6% 1st preferred
80
3,500
92*4
7
7
2612
Apr
96
.....Nt par
Preferred
..100
Associated Dry Goods
.1
500
23%
19is
20
Copper Mining.
86 conv pref
10
27
878June
3
263s Jan
190% Nov
102i2 Feb
104
Feb
150
Mar
86.50 conv preferred.No par
Andes
7%
78
Jan
136
Sept
145
2434 Aug 2
Feb 13
Oct 19
200
22,700
Mar
881] Mar
4
Feb 23
97
Oct 20
10
Artloom Corp
37
87
Jan 28
Apr
79«s Feb 23
900
78
Jan
149l2
8
69% Mar 10
8
39
12%
7
14
9*2
3%
£27% Oct 19
24l2Nov
Jan
14ss Jan 18
Feb
"""166
Apr
Oct
7312 Jan
145U Dec
64
Dec
36
Jan
635s Aug
20*8 Mar
20
96
"MOO
Dec
48%
79
Nt par
77
78
25
Mining..50
7
26
27%
7
834
3%
78*2
3% Oct 19
3012 Oct 19
3U Oct 19
7% preferred
100
Armstrong Cork Co...No par
Arnold Constable Corp
5
77
34*2
38%
78%
1
*11%
26%
*6%
23
84*2
*12
6%
*3
37%
Oct 20
700
—
24i2
129
29i2 Jan 13
107
Feb
1
Oct 19
No par
Atlantic Coast Line RR...100
6%
23
3934
-
Apr
20% Feb
8
No par
700
*75
79*2
75*4
4214
41
*78iS
78
78
40
•'»
Jan
20i2
9978 Feb
Anaconda W A Cable..Nt par
95
*35
*83*4
*3678
133*s
99
414 Oct 19
..100
671] Mar
6
Feb
15012 Jan 26
Oct 20
93
4518 Dec
103
Nov
162*4 Mar
Oct 19
65
*4*866
Jan
66
6812 Oct 19
128i4May 13
258 Oct 19
4%
Jan
187
2914 Nov 19
11634May 4
93
Oct 18
67
Jan
66*4
Oct 19
No par
29,700
253s
136*2
140
7% preferred
100
Armour&Co(Del)pf 7% gtdlOO
Armour A Co of UlinolB
5
6%
Mar 19
257s Jan 25
Archer Daniels Midl'd.Ns par
100
28»4 Nov
6678 Jan 11
No par
Anchor Cap Corp
Apr
14334 Jan 13
Woolen
Amer Zinc Lead A Smelt
18
Oct 11
Oct 19
$6 1st preferred
Preferred
Feb 20
73U Jan 21
26i2 Jan 20
82
A P W Paper
100
8
Inc
39*4
14
100
10
6% preferred
Dec
148
9% Nov 19
2814 Oct 19
10478
Amer Telep A
Nov
31
681] Jan 29
Oct 19
Nov 16
100
37
23*4 July
3
68
2212 Oct 19
.No par
7412 Sept
27«s Jan
1651] Aug
106*4 Mar 11
Jan 28
""966
98*2
*70
38*2
46
125
Refining.. 100
Jan
Feb
154
20
31%
-
6*8
678
7078
6*2
72l2
*70*2
♦
*97
99
*97
99*2
99*2
*99*2 100
7*8
67s
10134
25
Preferred
Feb
18*4 Apr
29
6
100
American Stores
3658
46U Mar 11
Nov 19
Snuff
871] Sept
36
Nov 15
6% preferred
I4«s July
Feb
10158 Aug 18
26i2Nov
Amer Steel Foundries. .No par
Feb
16
647g Nov
Feb
167
Oct 19
44
130
500
14%
4*4
29*4
170
Oct 23
70
Co .No par
61,000
103
*119
Oct 19
1221] Nov
297s Jan
43
1512 Oct 19
25
Am Water Wks A Elec.No par
1734
119*4 *119
914
125
Anaconda Copper
Nov
Oct 19
Am Type Founders
13,400
69
26
100
American
Jan
71]
Oct 19
Preferred
300
x36%
31
Amer Smelting A Refg.Nv par
5,200
July
Jan 13
Jan 18
Jan 12
Feb 3
Jan 21
10,900
2,900
134
Feb 16
100
Amer Ship Building
600
Dec
129i2 Feb
712 Oct 19
5,900
1
118
1612
87%
72i2
29%
4 H % conv pref
American Sugar
27
Apr
Apr
75
American Rolling Mill
4,400
1,900
May
10
Oct 19
140
Jan
15i8 Nov
Dec
21
Oct 20
...100
483s
66
3
Seating Co_.fVo par
42
18*
14%
8
American Safety Razor.. 18.50
'
119
*119
*119
*119
$5 preferred
24
6
Feb
53
Am Rad A Btanu San'y.No par
American
16i2 Sept
95s Apr
No par
No par
f6 preferred....
Jan
23 *a
No pat
Light
$ 5 prior conv pref
17%
103
Nov
100% Nov 19
100
6% conv preferred
Amer Power A
129*206
45
105
104l2 104l2 *102
15
14*4
14l4
*14*4
4*4
4*4
*3*2
*3l2
34
3234
*31*2
*3134
102i2 102i2
102i2 102*2
105
26
No par
Amer News N Y Corp..Afe par
40
18
1734
Amer Metal Co Ltd
Oct 19
3
2% Sept
Apr
Apr
125
Oct 19
10l8 Oct 19
Amer Mach A Metals..No par
3
293sMar 8
135s Jan 20
68«4 Mar 10
14i2 Oct 19
53
100
Preferred
623s Mar
6% Oct 19
Amer Mach A Fdy Co..No par
22,400
4,200
48i2
*45
8% Mar
275s Feb 15
1734 Mar 11
587s Feb 4
14
100
No par
Corp
Teleg Co...100
American Tobacco
25
Common class B
....25
28
Dec
Oct 20
pref
non-cum
Am Sumatra Tobacco.-No par
25%
2H] July
4«4 Mar 16
200
29%
28*4
601] Deo
Jan
1% Oct 19
17*4
*32
40
*32
221]
Apr
13
No par
10
145% 148
67*4
66%
6878
70
69
7134
7034
*137
13834
*136*2 139
7
7*2
778
7%
15
14*4
12%
£14%
84
84%
*84*2 87
5
5%
534
*5*2
35% 37%
37*2 3734
7
6%
6*8
6%
3034
29*2
30*4
28*2
32-%
Apr
25
617s Nov
5*s Jan
470
68
40
*32
40
*32
40
2934
18%
*14U
84l2
8412
6
38
bl
*102
13778 138*2
8
8%
1534
14%
5*2
315s
*51
k*1734
72*4
3734
6
3834
77S
*32
40
303s
69*2
71*2
12
5878 Jan 22
21
Feb 5
46
400
17*4
38% Jan 22
Jan
26%
10%
2978
18*4
*17*4
6878 Jan 18
Oct 19
Oct
400
147*2 149*4
149*4 151
*09
114
114
19*4
*17*4
Oct
60*8 Dec
Jan
Oot
480
29
Feb
9*4 Mar
6% Apr
29*4
Dec
145s
175
458
30,100
24%
9*4
11%
2978
Jan
Oct
175
4
Aug
Sept
85«
Oct 19
734 Oct 19
.10
14,600
2678
10
2978
9*4
Jan 18
Mar
32
101
534 Oct 19
Americas
49*2
31]
1334 Jan 22
2l2 Oct 19
No par
11178 11278
26
12
2978
1117a 114
225
2,300
125
*120
125
17
Oct 19
1,200
125
49%
49l2
49*2
Oct 19
175
Hawaiian 88 Co
6%
4734
44
125
5
100
American Ice
28*2
27
49%
No par
Sees
Apr
Apr
89
2
13i2 Jan 28
99% Mar
17l2 Oct 19
14
13%
126
*120
2734
26*2
*
88
*84
6
75s
73s
*32
12
38*2
39
28*2
47*2
2978
27%
12
29*2
88
*84
6U
6%
20
12
25
12*4
30
29*2
114
*112
*lll7s 114
20
19*4
*17*2
*17*4
149% 151
149*2 15334
70
69%
*6834
68l2
72
7134
71*4
71*4
139
139
138*4 138*4
8
8*4
858
778
15%
1378
16%
14*2
88
*80
*38i2
20
201] July
10U Jan
3358 Jan 21
37
2,600
1412
28*2
30»4Mar31
2
82
16U Dec
363s Nov
71] July
31%
19*606
7634
21
126
50
125
125
22%
3
Nov 19
Oct 19
Preferred
75%
235s Mar
3534 Deo
Nov
27
III4 Mar 13
165
2078
14*4
30
1234
Jan 25
65»4 Mar 13
400
7878
*20
51%
12778
*4912
125
125
30
12
29i2
114
114
*126
50*2
*49*2
133*4
28
123s
30
29*2
51%
128
*125
50
*125
2912
2914
5312
126
50
5012
131
*125
2834
49%
2978
51
125
51%
40%
12
Aug 12
29
2i2 Oct 19
54,500
7,000
7,100
60,200
23%
22*2
7734
24*2
82i2
23*s
7934
24*4
*805s
21%
42
35
*147
10
112
6% Oct 19
8I4 Oct 19
12i2 Oct 19
10
Oct 19
American Home Products...1
150
7*4
41%
165
*147
165
*147
165
*147
165
*147
165
*147
48
Oct
American Locomotive..As par
61
6%
11318
Dec
60i]
20i2 Oct 19
32U Oct 19
700
5
61
61*4
7%
8*4
7*2
Dec
87*8 May
Dec
174
50
4,400
2,600
5,200
26% 27*2
100*2 100*2
2878
101
£101
62
*60
6034
8*4
7*4
493s
14%
5*2
31*2
120*4
2312 Oct 20
Amer Internat
65
14
Nov
90
6,600
18*2
62
14%
5*2
534
6312
*59
17*8
70
14*4
*65
Dec
111
Dec
1371] July
3334 Aug 25
llU Oct 19
2,000
8
1478
70
100
70%
141
American Hide A Leather... 1
100
1834
14*2
*65
65*2
5*2
2
1%
Apr
..No par
Amer
1,500
2,900
8
67
Apr 25
6% preferred
37
*16%
3058 Apr
4
17
500
2
*7%
18%
1,100
2,200
358
23
35*2
17*2
8*2
19*2
*16%
17*2
8*2
1134
3%
4
19
500
23
23*2
37*2
2
8
1834
18*2
65*2
15*2
*57s
2
2
*16*2
4
334
Feb
150
Express Co
16 preferred
2034
11
1134
*21*4
68
32i4
113s
71
104% Feb
Oct 19
36
S7 preferred
—No par
%7 2d preferred A
No par
3,600
2234
15178 Oct 22
15U Oct 19
May
Corp_.20
Amer <fc For n Power
1,600
10
87s
6
*100
24
4
22
16*666
11%
19*2
15
4%
2034
Dec
162
1st preferred
Amer European
Amer
27
22
110
9
100
American Encaustic Tiling. _1
200
7
11%
11%
3734
6%
15,800
27
*2H4
11%
9
Jan
Oct 19
American Crystal Sugar
60
1134
22*2
Jan
174
No par
Am Comm'l Aloohol
300
4
121
86
American Colortype Co
5,100
3,000
28
2234
*67
1434
"i~§66
458
45s
*4
478
45s
4
70
1434
15%
82
*175
300
22l2
207s
20
15
79l2 Oct 19
Am Coal Co of N J(Alleg Co)25
1134
22i2
*16*8
8*2
1934
*08
5%
2834
7%
1478
May
per
100
American Chicle
600
*2334
634
1334
Apr
124
__100
5% preferred
100
share
Dec
40
Feb 18
Am Chain A Cable Inc.Nt par
28
23
2212
37*2
38*2
2*4
*2
2*8
1714
4%
24
*22%
377s
*175
300
5
5%
26%
1134
*20%
*11%
378
1212
*lli4
4
24
38i4
21
21
23l2
*11
5%
*175
300
700
7,200
per
80*4 Feb 18
160
No par
Preferred
share $
per
Mar 25
100
American Car A Fdy
%
28
25
Pre! erred.
200
Highest
Lowest
Highest
8 per share
125
100
conv pre!
American Can
4,000
99% 101%
82
6*4%
5,500
92
92
150
*92
150
101% 10178 *101% 108
*2334 2834
*2334
2834
7%
7%
*7%
8
15
1534
14%
15
16%
16i2
15i2
15i2
*80
*80
83%
83%
5
5
45s
478
*638
8%
63s
638
29
*83
15
8%
*92
150
*10178 108
Previous
Year 1936
share
Oct 19
8
Am Brake Shoe & Fdy.JV# par
3,100
125
*92
150
*101% 104% *101 ~8 108
*2334
29
*2334 29
8%
Pat
38
90
89%
Week
Shares
125
127%
—
Range fo1
1
100-Share Lots
Lowest
Nov. 19
$ per share
$ per share
$ per share
37
38
$ per share
On Basis of
STOCK
EXCHANGE
the
Friday
Thursday
YORK
NEW
for
Tuesday
Range Since Jan.
8TOCK8
Sales
CENT
NOT PER
SHARE,
Monday
*
3303
New York Stock Record—Continued—Page 2
145
Dec
1 Called tor redemption.
3304
LOW
New York Stock
AND
HIGH
SALE
PRICES—PER
Monday
Tuesday
i
Nov. 13
Nov. 15
Not. 16
I
*8018
$ per share
82
*80%
82
*40
41% *....
1.534
*15
16
19%
24
21%
1H8
27
1034
11%
33%
5%
26%
32%
H4
1%
*5
2%
♦9%
12%
25
25%
33
*33%
32
*31
35
3134
2%
9%
12%
9%
13%
3834
24%
♦37
44
10
*38%
22%
*37%
9%
10
10%
10%
10%
94
94
94
5%
5%
58%
51%
4%
934
5%
52
37
36
37%
17
17
17%
18
18
8%
8
8%
20%
3%
♦10
20%
3%
11%
♦1534
9%
5
16%
|
8%
20%
19%
3%
*9%
16%
5%
18%
*3
*934
9%
10
9
22%
4%
11%
22%
23
22
12
4%
12%
40
40
41%
20%
26%
19%
25%
19%
11%
*34%
19%
25%
*24
19%
25%
52
*50
52
22
37s
11%
40
♦19%
26%
3%
♦50
*50
2
2
2%
938
9%
17%
15%
*30
9
17
13%
*30
7%
90
*18
♦4%
*
19%
434
98
4«%
109
5234
*101
98
103
22%
*90
66
28
28
28
65
28
4%
♦100
4%
1234
13%
7
7
100
13%
*63
28
*11
7
*6%
7
*5
7
9
50
9
5038
*7%
9
200
48%
39%
49
4934
49%
49%
4834
52
2,900
39%
39%
39%
40%
38
40
25,500
96
92%
92%
*90
96
♦1%
134
1%
1%
300
3
2%
3
800
1%
1%
1%
600
1%
2%
2
3934
39%
*90%
*1%
*3%
1%
3%
1%
5%
4%
12%
96
2
4%
1%
6
6
1%
*2%
12%
1%
2%
2%
2%
2
6%
6%
13%
*30%
1%
40%
434
13
2%
6%
14%
3134
5%
14
4
*25
31
28
32
16%
16%
*31% 33
16%
16%
*12334 127
121
90
122
*58%
11%
58%
*95%
3178
98
*95%
32
3278
58%
11%
.
105
*33
66
63%
13%
14
1%
1,200
2%
2%
2%
800
9%
9%
300
13%
2,100
1,900
10
13%
534
27
27
*
90
31%
32
15%
16
*124
122
127
115
58%
1134
*58%
10%
98
*94
34%
119
,
59
28%
*
*124
10
99%
*94
33
106
31%
50
64
55%
61
13%
73
*13
67
67
75
*63
75
*3%
26%
17%
16
17
8
8
*10%
8%
11%
16%
28%
*
30%
15%
127
90
15%
16
14%
127
117
10
98
30
80%
20
84
80
*80
*
46
*99
9%
2%
44
8H
10
*78%
16%
17
17
17
16%
*31%
33
*31%
33
*31%
9%
43%
90
47%
100%
9%
2%
46%
80%
*
80%
72
40%
*88%
45
99
9
2%
43
10%
80
9%
*7934
72
"...
41%
~40%
417g
90
"39%
*88%
44%
90
*88
46%
99
■99
99
9%
2%
43
Bid and asked prices: no sales
934
80
on
45%
41%
*97
9%
9%
9
2%
44%
2%
2
44lo
this day,
42%
3,300
180
15
7%
10%
"2", 200
180
40
10
130
1834
9%
*18
700
2,700
1834
82
74%
78
1634
15
31-2
16%
31%
4,900
33
834
9%
82,500
7934
700
9%
80%
72
41
7934
»
"36%
39%
90
84%
88
44
40
42%
*97
97%
99%
9%
2%
43
8%
9
1%
2
40
t Inreceivershlp.
42%
a
Def
"V.ooo
400
7,600
Mar 6
Jan 9
Mar 11
37
Oct 18
Oct
53
Jan
2
45%
Jan
8
87
Jan zlOO
Oct
106
Jan 18
91
Jan
Deo
Nov 18
42
Nov 19
102% July
35%June
9% Apr 20
191% Aug 3
129% Jan 22
100
Feb
I
9
103%
41%May 20
6% May
54%
186
June
143
July
Jan
z91
Nov
Oct 23
Oct 16
5% preferred
100
Central Aguirre Assoo-.N® par
Central Foundry Co
1
24
2
Oct 19
96
June 29
12% Jan 28
107% Jan 26
8
Oct 19
41% Jan 15
4
Oct 19
21 s4 May
24% Jan 11
100
Cerro de Pasco Copper. No par
Certain-Teed Products
1
6%
prior preferred
100
ChampPap A Fib Co 6% pf 100
Common
No par
Checker Cab
par
25
Preferred series A
100
4% preferred
7
54
May
Sept 23
105
Cct 21
29% Oct 19
5
Oct 19
41% Oct 19
31
Oct 19
89%
Oct 19
«4
7% preferred
116
Jan 14
86% Mar 10
23% Feb 10
82
111
Feb 10
Feb
69%
Apr
90% Mar
6
59
Jan
68% Mar
4
51
Jan
100
4
Mar
18% Mar
6
12%May 19
Jan 20
Feb
45
Jan
Deo
5%
Feb
Apr
6% May
4%
12%
24%
Dec
Feb
Oct
Aug 28
9
12%
Apr
1%
Apr
3
Apr
Apr
8
Jan
8
July
8% Mar
8
80
52% Oct 19
11
Oct 19
100
66% Nov
100
60
Mar 11
135% Feb 11
21% Feb 18
9
92
Feb 18
Feb 16
74
July 15
Oct 19
10% Mar
3%
1934
17% Sept
30%
7
Jan
14%
Deo
25
Jan
51
Deo
85%
15%
72%
Jan
Jan
138% Nov
Jan
8934 Nov
45
Mar
1
434
Jan
48
Aug 10
2334
156%
Jan
Oct 18
10234june 21
113
Jan
107%
82
Oct 19
Oct
8
7
Oct
32%
179
23
Fob
Jan
Oct 18
24% Oct 19
48% Aug 16
33
90
Jan
Jan
July
23
Jan
Nov
50
Nov
13% Nov
46% Mar
200
Oct
111%
Deo
47%
Oct
Deo
Jan 14
82
Feb
90
47% Mar 31
5012 Feb 26
48
Mar
51
Oct
27
guar 4%
50
Molybdenum..No par
Cluett Pea body A Co..-No par
Climax
37
48
Apr
77%
Dec
13%
100
Nov 19
Oct 19
123% Nov 19
9334
par
No par
Oct 19
56% Jan 29
No par
8%
100
Oct 19
95% Nov
2034 Oct
No par
5% conv preferred
100
Colonial Beacon Oil
No par
Colo Fuel A Iron Corp.No par
100
Jan
11%
Oct 26
2978 July 15
13278June
3
124
Jan
129
July
170% Apr
2
84
Jan
134
Nov
9
55%
Jan
58
Nov
59
June
25^4 Mar 19
104% Jan
62% Feb
112% Mar
Sept
26
45
Apr
13
June
21%
100
Aug
Apr
106%
Feb
66 34
Nov
39%
Dec
Oct
6178 Feb
8% Jan
28% Sept
30
Oct
48
Dec
5% Oct
27% Mar
19
Dec
36%
Feb
9
Oct
30
Jan
19%
Jan
37% Mar
8%
Colorado A Southern.....100
4% 1st preferred
100
4% 2d preferred
100
Columbia Broad SysIncclA2.50
Oct
29
Jan
16
Jan
36
Oct
32
Aug
18
2.50
17% Oct
31% Aug
125% Apr
74% Nov
Mar
94
Jan
1
Aug
par
10
Oct
39% Jan
31
May
r45%
Jan
preferred-No par
27
Oct
46% Jan
2078 Jan
39%
Dec
51 <4
Jan
par
Columbia Gas A Elec..No par
6% preferred series A.-.100
5% preferred
100
Commercial Credit
...10
*4% Oct
168% Oct
4\i % conv preferred
100
Comm'l Invest Trust.-No par
84% Nov
39% Oct
114
120
71
108
Nov
101
33% Oct
Jan
Jan
69% Jan
80%
Jan
136
14
Jan
90%
Jan
23% July
108% Oct
80%
Jan
103
44
Jan
100% July
Jan
55
Jan
Oct
Jan
97
Jan
5
Oct
21%
Jan
70,900
Common With A Sou...No par
$6 preferred series
No var
14% June
24%
1
Oct
4%
Jan
5%
34
Oct
Apr
59% Apr
New stock.
rCasShsale
z
Ex-div.
75% Jan
y
Ex-rights,
2%
Aug
847# Sept
128
95
n
Jan
3%
2
conv
Deo
12
33% Nov
3% Mar 17
179
$4.25
Feb
Feb
2%
4
33
3%
8%
2%
14%
2%
7% Mar 17
Oct 19
Columbian Carbon v 10 No
Columbia Plct v t c__.No
Nov
77% Nov
10% Feb 19
5
Class B
100
Oct 16
Clark Equipment
No pa;
C C C A St Louis
Ry Co___100
Clev El Ilium $4.50 pf.No par
Collins A Alkman
Deo
Apr
Apr
6% Mar
19% Feb 17
Oct 19
Colgate-Palrnollve-Peet
Jan
1%
2%
Oct 19
No
4
6
May
25% May
3% Mar 18
3
Preferred
1% May
2% Jan
1% Apr
8
32
111
Mar 11
12
Clev Graph Bronze Co (The).l
Clev A Pitts RR Co
Deo
72%
Jan
36
Class A
Nov
19% Mar
22%
Feb 13
25
Coca-Cola Co (The)
Oct
74
48
..No par
..6
108
Deo
Oct 19
6% Oct 19
No par
97% May
47% jau
8% June
57% Sept
38%
27% Jan 14
22% Jan 29
1578 Mar 3
Chrysler Corp
City Ice A Fuel
634% preferred..
City Investing Co
City Stores..
Nov
1% Oct 19
1
No par
10
12
Aug
Oct 19
100
Chickasha Cotton Oil
Feb
Apr
6%
Mar
Oct 15
1
Dec
57
19
3
8
Dec
9%
Apr
4% Mar 16
Nov
Sept
37%
35
13% Mar 17
29
86
Jan
6% Nov
101
Oct 19
634 Oct 19
Dec
Deo
39%
4
Oct 19
Oct 19
110
63%June 10
Oct 19
4% Oct 13
10% Oct 19
7S Oct 19
1% Oct 19
....100
Childs Co.
25%
3
1
1
pref erred... No par
tChlc Rock Isi A Paclflo.-.IOO
6% preferred
Chicago Yellow Cab
14% Mar
2
3
conv
conv
82% Jan
39% Jan 12
par
Chicago Pneumat Tool. No
$2.75
Apr
100
Preferred
$3
Dec
19
Oct 21
95
100
5% preferred
.100
tChlcago A North West'n.100
106
8
36% Nov 19
3% Oct 19
18% Oct 19
tChlc A East III Ry Co... 100
6% preferred
100
tChlcago Great Western.. 100
Chic Ind A Loulsv 4% pf__100
Chicago Mall Order Co
5
tChlc Mil St P A Pac_.No par
9
3% Oct 19
5
Chesapeake Corp
No
Chesapeake A Ohio Ry
June
48% Mar
Oct 19
52
par
115
pf ser *35.No par
Solvents..No par
delivery,
Jan
32%
Commercial
2,300
Feb
9%
Jan
Jan
92%
116
105% Aug 11
Oct 19
17
Nov
2
25,100
600
Feb
18%
Feb
104
No par
6834 Nov
12% May
102
13% Nov 19
278 Oct 19
86% Nov 19
1
Jan
Apr
Apr
Nov 12
85
100
Jan
10%
Nov
3
Jan
8
21
100
72
17%
01%
18%
52%
100
700
19%
19
54
33
5
6% preferred
"4",800
Jan 14
90
100
100
10%
61
Oct 19
6%
38% Mar 19
No par
100
2,500
30
14%
20%
11
75
42%
*88%
7934
10
19%
19%
35
85
*10
7%
20%
10%
30
10%
*10
18%
102%
734
*19%
9%
98
*95%
25%
27%
100% 101
1534
*20
Feb
%
Oct 21
29% Nov 19
6% Oct 25
1
7% gtd.50
2,000
14,900
11%
10
1,900
10
15%
20
90
9%
10%
7%
*10%
201)
16
25
No par
Celotex Co
100
834
10
300
59
16%
20
"1,266
*58%
*8%
20
*32
10%
110% 116%
59
*28%
29%
15%
123% 124
*10%
10%
20%
20%
Deo
Special
*95%
32%
334
25%
1,800
280
90
27
117
98
*
30
*58%
10%
i4o",66o
Oct
Aug
Chile Copper Co
107%
2634
29%
"124
11%
10%
81%
3%
25
107% *106
27%
27%
25
*10
12
4
26%
5%
13%
*106
119% 120
*58%
59
1034
32
4%
29
5%
*33
*63
13%
90
30%
15%
13
5%
50
61%
13%
*67%
6634
75
106
13%
5%
*33
45
73
*26%
10
Deo
Dec
60
Caterpillar Tractor
1,300
2%
*67
*26%
1%
234
234
*63
106% 107%
200
234
67
*4
30%
*2%
*9%
13%
75
4%
2934
4,000
234
30
35
*
50
*28
1%
12
2%
*10
*31%
46%
13%
5%
30%
1%
30
17
46
2%
2%
*934
13%
534
30%
1%
*10
18
9%
1%
30
17%
2%
30%
"101
82
99
1034
102
82%
9
12%
30%
48% Feb 2
52% Sept 29
Deo
30%
5% preferred
100
Colanese Corp of Amer.No par
7% prior pref..
100
1,000
12
102
82
2%
5%
10%
20%
20%
12
99
2
5%
6%
13%
105
8%
21
44%
1%
5%
2%
6
*102
12
20%
90
2
5%
2
13
102
17%
9%
12
46%
2
2,400
3,700
5,200
*10
18
44%
2
102
30
4612
1
1%
2%
9%
4
28
32
*87
1
2%
67
108
72
1%
2
*63
29
♦106
"2", 100
Apr
30% Apr
Apr
Preferred
1.200
5
11%
*1
31
62%
13%
4%
*3%
11%
1%
6
*32
14%
68%
4%
5
12
2%
2
2%
9%
13%
534
75
12
2%
13
*30
5%
5
*3%
1
22
2
9% Oct 19
Carriers A General Corp
Case (J I) Co
100
2%
2
50
5
1234
29%
1%
534
1234
70%
*
*
5
12%
3
84%
79
5
3
14
29%
10%
*1%
5%
234
934
1334
108
*20
3
1%
5%
*2%
12%
3
*63
4%
*20%
4%
*1%
1%
6734
75
*17%
*3%
5%
1%
65%
134
3%
1%
13s
*29
70
*10
1%
2%
934
*13%
534
14
1134
*90%
2
3
3%
234
10%
*12334 127
96
32
29%
88%
33%
48%
45
100
Stamped
Carpenter Steel Co
1,740
30
11
68%
*10
~1~306
*
105%
33
*9
1334
12
30%
105%
29%
29
*32
68
*8%
*
22,500
11
50
*102
105%
33%
"~8", 600
8%
6% Mar
16% Apr
54% June
Jan 11
18% Nov
Preferred
40%
Jan
40%
Canadian Pacific Ry
106
7%
33% Nov
Jan
Century Ribbon Mills..No
3634
16% Nov
Dec
Jan
100
33
1%
121
9
9
31% Nov
Dec
6
800
*9%
48%
3734
*90%
*1%
3%
1%
5%
*2%
12%
1%
*1%
*
*96
4034
Mar
Apr
30
1,700
*3134
*30%
*28%
*
106
8%
32%
Feb 25
Dec
6% Feb 25
Central 111 Lt 4}4% pref..100
Central RR of New Jersey. 100
Central Violeta Sugar Co...J9
260
14%
13%
29%
2%
Mar
20% Jan 12
37% Feb 13
11%
6%
*5
40%
1,700
15,100
3
Oct
9
33%
Oct 19
534
7
9%
36
4%
101
6
43%
20
28%
11
1334
3184
*27
105
*96
100
10%
534
6%
*5
106
62
27%
3%
11%
"""760
32%
1%
2%
*106
1
11%
200
7,000
26
*55
4%
*100% 102
6%
9
34%
26
28%
4
5,800
21
1
2
34%
Jan
Jan
Oct 19
Cannon Mills
400
*94% 103
63
.28%
7
4i%
19%
2,500
11
2
*4%
35
105
*96
9%
36%
600
94%
108
31
96
*63
8%
63
12%
*5
21%
*94% 103
26%
26%
4%
7
1038
21
28%
*11
*104
47%
47
4834
102% 102% *101% 106
101% 102
12%
86%
105
42
65
28%
4%
4%
102
104
4
11%
51%
*1%
5%
98
4
1
Feb
Mar
Mar
34% Mar
Mar 22
4
2%
8%
1
10% Oct 19
13 preferred A
...10
Carolina Clinch A Ohio Ry. 100
90
33
*90%
68%
4%
98
65
39
*31
42
Oct 19
50
1
Capital Admin class A
20
35
*13%
*35
*
Apr
Feb
Mar
Canada Sou Ry Co
10,800
500
25
9
11% Jan 29
12% Oct 19
20% Oct 19
50
Callahan Zinc-Lead
9%
1,100
43
*3
42
7%
30
15
106
*2%
»934
9
86
42
2%
6%
1334
7%
29%
*6%
33
3538 Feb
39
14
Calumet & Hecla Cons Cop..5
Campbell W A C Fdy ...No par
Canada Dry Ginger Ale
5
40
13%
*96
3%
8
*6%
14%
49
4%
97
46
*1%
*5%
*2%
1234
*30
,
13
*45
16
43%
9%
39%
*
14%
45
5% preferred
8,400
11,200
2,300
19,600
*4%
96%
6
50
4
13%
45
734
1%
8%
15%
15
15%
106
*
1%
734
8%
16
17
6
105
1%
2
17
*96
33
No par
18
7
*11
California Packing
86
106
45%
9%
34%
1,000
50
91
*6
44%
8%
23%
50
90
*96
34
22%
*86%
27%
4%
4%
102
13%
*634
25%
52
*84
*63
29
4%
102
No par
200
Deo
Deo
91
Byron Jackson Co
Sept
157g May
115% Sept
59%
Oct 19
1,600
Jan
Jan
35%
Oct 19
17%
85
Dec
Deo
Jan
6
Partlc preferred.
9%
7
22%
21%
115
Apr
24
5
Jan
Apr
100
190
30
Oct
8%
11%
No par
3,000
10
preferred
Butte Copper <fe Zinc
By era Co (A M)
conv
Oct
57
65%
20%
45%
18%
36%
9%
33%
34%
90
98
10
5%
107% Sent
Mar
58% Sept
2
45% Jan 18
18% July 14
5% Oct 19
16% Oct 19
2% Oct 19
34%
16%
10%
*35
*4%
JBush Term Bldg gu pf ctfs 100
51%
Feb
106
8% May
878 Jan
3
65% Mar
1<% Oct 19
834 Oct 19
100
Butler Bros
100
91
4%
N» par
Debentures
19
38
24% Jan 11
Oct 19
*85%
95
24
28
29%
*63
15
JBush Terminal
3,800
16
108%
108
108
49%
51
48%
50%
102% 102% *102% 102%
22
22
22%
22%
*94
103
*94% 103
26% 26%
26% 26%
103
*63
*27
par
1,200
400
50% July
12% Mar
Jan
97% Feb
44% May
45
Sept
7
Jan
24% Feb
Oct 19
*24
108
103
22%
*99
1
91
4%
100
*101
23
103
Burlington Mills Corp
Burroughs Add Mach-.No
Apr
Jan
117% Mar 12
14% Jan 11
Oct 19
7
Mar
40%
50
Oct 19
10%
18
18%
4%
108% 108%
51% 53
54
26
1878
6478
69
Jan
4%
Jan 12
Jan
No par
5% Nov
Dec
41
Feb 15
No par
Jan
53
13
Bulova Watch..
Aug
11%
Dec
98
Bullard Co
32%
33
Oct 19
1,700
6,600
Jan 13
2% Oct 19
3,000
3%
10
42
*
35
3,200
3%
9%
21
3%
Nov 19
2% Oct 19
par
100
No par
3,100
1,200
*35
90
No
7% preferred
Budd Wheel
*50
9
91
Jan
Apr
'8
47
102% Jan 2
62% Jan 14
6% Oct 19
5
Nov
yl2% July
43% Apr
Jan 23
8
Oct 19
5,000
*85*
87
18%
98
*108
i
90
1434
8%
9%
2134
18
33%
*6%
18
16
par
9%
21%
8%
*30
9%
7%
47
36% Nov 19
6
Apr
47
38% Jan 14
Oct 19
7%
18%
2%
934
15%
234
9
8
par
100
Budd (E G) Mfg
230
Oct 19
par
7% preferred
14,400
Oct 19
1
678 Oct 19
34%
18%
8%
1534
49
7%
42
3
11%
9%
14%
30
*6%
*35
18%
2134
3%
10%
*34%
16%
15%
*45
8
30
9%
42
834
8
18%
2%
19%
25%
50%
2%
16
49
734
32
*
9
19%
*934
40
2
5%
59% Feb 11
53% Feb 13
32% Sept 24
19% Oct 19
Bruns-Balke-Collender.No
Bucyrua-Erle Co
50
Oct 19
4%
4%
33%
1634
8
11%
*34%
19%
25%
50%
16%
14%
*46
8
*6%
*35
87
8%
49
7%
42
40
16
15%
*45
32
*638
*35
11%
2%
9
8
9%
*2134
334
11%
3%
2
17
47
8
2%
14%
17%
15%
♦45
9%
22
334
3%
1034
16%
9%
22%
334
7,500
47
18
29
100%
June
1% July
Aug 14
23% Feb 23
3012 Nov 19
par
80% June
39
34
Oct 19
No par
Brown Shoe Co
Jan 22
7
No par
Brooklyn Union Gas...No
200
Oct 19
% Oct 19
18% Oct 19
$6 prerfered series A .No par
3,400
434
Manufacturlng.TVo
Bkiyn-Manh Transit. ..No
100
9%
3
Bristol-Myers Co...—.—.6
Brooklyn <fe Queens Tr.lVo par
$6 preferred
No par
6,200
91
47
36
19
1834
*16
5%
434
Brlggs
2,700
9
6
100
Brlggs & Stratton
800
2134
Corp
Maine RR..
JBotany Cons Mills class A.50
1,000
36%
8%
15
Roller Bearing Co. 17
Bridgeport Brass Co ...No par
600
11%
No par
Bower
9,700
36344
91
52
*34%
8
3%
*934
16
5%
1834
1834
11
16
934
94
4%
36
10%
*34%
20%
36%
8%
9
51
8
Z
12
16%
9
40
4%
18
19
2%
8%
21%
22%
94
35
8
2
8%
9%
52
434
30%
*36%
5%
50%
4%
36%
18%
1,300
600
31
37
21%
94
5%
51
734
3%
*91
1,000
8,200
12%
*34
9%
10
934
94
1834
9%
31%
2%
9%
2%
40
9%
10%
*91
37
5%
*37
9%
18%
33%
*9%
11%
Bore-Warner
Boston &
100
1
9%
23
33
31%
23%
22%
5%
1
10%
2434
31%
39
22%
30
*4
20%
*33
12%
*37
44
6
20'2
9%
9%
12
40
5%
49%
4%
34%
5
9%
2234
94
&>4
♦50%
2
2%
9%
12%
10
*37%
934
10%
25%
44
38%
25
50% Aug 25
1534 Mar 23
4% Jan 11
1%
32
23
Jan 18
share
per
Aug 16
31%
5%
33
2334
25
28
*1
27%
39%
Oct 18
17% Oct 19
24% Oct 19
*4
32%
2%
23%
15
Borden Co (The)
30%
34
♦38%
4612 Apr 13
32%
10%
2%
Oct 19
1,000
20%
9%
93
39
8,300
9,300
10%
12
7634 Oct 19
Class B........—.No par
Bond Stores Inc
1
15
26
2%
Bon Ami class A
180
Highest
share $
per
270
19
20
$
82%
15
10%
share
per
41%
18%
2734
21%
$
81%
1534
21%
10%
24%
share
prr
41%
19%
5
1%
$
Lowest
41
19
*1
Year 1936
Highest
,80%
*15
34
11
13
Par
19%
1%
1937
Range for Previous
100-Sftaro Lots
Lowest
31%
*4%
5
*1
On Basis of
20,
EXCHANGE
19%
19%
3134
5
80
32%
2%
36
32%
♦32
1534
19%
31%
Nov.
Ranoe Since Jan. 1
STOCK
Shares
41%
20
♦3312
$ per share
*80%
19*4
11
$ per share
YORK
Week
*40
1534
19%
33%
5%
1%
22
♦21
Nov. 19
41
1534
32%
*4%
1%
the
$ per share
$ per share
3
STOCKS
NEW
Friday
Nov. 18
40
16
Sales
Thursday
Nov. 17
82
15%
Record—Continued—Page
CENT
Wednesday
'*80%
82
40%
*40
NOT PER
for
Saturday
$ per share
SHARE,
Nov
91% Nov
136
82
Nov
Feb
Feb
Feb
f Called for redemption.
Volume
LOW
AND
HIGH
PRICES—PER
SALE
SHARE,
On Basis of
NEW YORK STOCK
Monday
Tuesday
Wednesday
Thursday
Friday
Nov. 13
Nov. 15
Nov. 16
Nov. 17
Nov. 18
Nov. 19
Week
$ per share
$ per share
$ per share
7
7
*6*4
27
27
27
25
*9
10
*9
10
*9
10
*9*8
12%
24
10
*9
10
*9%
11*4
10%
10%
12%
1338
7%
263s
263s
*9
10
:
*9*4
105s
*9
1034
1234
1234
12*2
13*2
*9*8
12*4
10%
7*2
*66*4
»6834
7*2
73s
73s
73s
73g
*7
68
*66*4
68
*66*4
68
*66*4
*6834
74
70
2
70
♦69
*2
8*2
27*4
2
2*8
8*2
2734
8*8
26*2
96*2
5*4
9578
9534
534
5*2
10
1038
10
*9834 104
4*4
4*2
66*4
4*2
%
*18
23
*19
*80
88
*86
2
178
83
*76
600
7
7%
45,800
1,100
94
96
%
5
*4%
*20%
24
19
19
*17
*80
100*2
*80
87
86
86
83
15%
15%,
14
15*4
10*2
1%
12
12
15%
1212
178
135g
12%
12%
2
2
2
2
81
79
79
*76*2
12
12%
2
79%
47*4
4634
47*2
45*4
46*2
45*4
79%
45*2
11
10*2
11
10
10*2
10
10
29
29*4
1*2
3134
16'8
29*2
1%
2958
1*2
3H2
*16*4
9*2
3
Oct 19
16
Oct 19
52*4 Apr
00
50*2
300
Continental Diamond Fibre, .5
512 Oct 19
2,700
1*4
1*4
1*4
1*4
1*4
3,600
Continental
27*2
28%
26*4
27%
Continental Oil of Del
Corn Exch Bank Trust
28%
440
56
58
58
58*4
57
59
58%
57%
57*2
57*8
165*2
165% *159
165*2 *159
165% *159
165*2 *159
165*2 *159
5
4%
4%
5*4
6*4
5*4
5*4
4%
534
5*4
5*4
5*b
26
25%
27
25
23%
28%
25% 27%
30
30*4
293s 303s
95
96
*94
96
96
94
*94
97
92%
96
*95
95
23
23
22%
23
24
24
23
22%
24
24
22% 23%
8,500
57
15%
15
49%
59%
9
9
97s
38*4
*38
*9
9*4
Co.,20
Corn Products Refining
25
*33
41
*30
41
33
33
*33
35
33
33
*33
1334
13
36*2
1378
*75
78*2
78*2
78*2
12%
75*4
77*2
33
33
31*2
34l2
31%
33
*95
100
95
95
90
90
18%
*18%
18%
18
6%
0*4
48%
63g
49
3%
13
3%
3*2
13%
65
*54%
65
31
*24
31
*54*8
65
*54*8
65
*27
33
*27
31
*27
50
05s
50
378
358
378
13*4
1234
1338
25*2
8
25*2
2012
25
22*2
22*2
15*2
18*2
87S
*22
15*2
18*2
884
*3
15*8
2678
22\
15*2
17
*3
3*4
*54%
65
30
27
27
*24
23%
23*2
8
23
23%
8
8
23*2
25
24
2234
*2134
4,700
80
17*2
17%
600
534
6%
4,000
638
*13%
20%
21%
23%
21%
*143s
15
15
16%
17*4
16%
8*4
7%
*2%
3
3*4
3*8
5
..25
Dayton Pow & Lt 4^ % pf. 100
100
JDenv & Rio Gr West
900
Detrol* Edison
99
98
98%
97%
98
98%
98*4
10
*5
10
*5
10
*5
10
*5
10
19
*13
19
*13
19
*13
19
*13
19
*13
40
*21
22%
*31
32l2
*37
20*2
*31
9
3212
21
*32
21*4
33*2
1,600
33*2
200
0% participating pref
26
8*2
8%
7%
8%
7%
734
1,800
Diamond T Motor Car
Co..2
16;%
69*4
14%
*653s
6,600
Distil
17*2
73
*69*4
75
*69%
17
17
*17
1634
16
10
32
31
31*4
*31
24
225s
4534
23
*21
57g
4634
534
3634
3384
17%
69*4
*16%
3134
*30*8
22
23
47
17
32
*31
21*2
200
1,100
150
32
19%
47*2
47*2
16
69
16*2
16
1,700
21%
49
10,500
5%
34
5%
5*2
5%
5*2
2,700
36*2
*5*2
534
35
21%
47%
47*8
47%
*5*2
75
31%
32%
22i2
4634
534
3334
45*2
578
16
16%
16%
1634
33%
35%
34%
20,900
92
92
90
92
88
90
87
87
85
86
31%
83
*34
35
*32*4
40
*34
40
*32%
40
32%
32%
30
31
500
*1178
15
11
13
11*2
*11%
13
11
11
11
11
1,700
34*2
36
♦12*8
•111
132
111
113
73s
6*2
16234 165
*158
*158
22*2
163
*12
12
♦111
15
*111
113
114
11834
*158
*158
163
20
162
162
21
12
13l2
15
13%
14*2
13%
14%
50*2
45
47%
47*2
4933
45%
48
41*2
4734
43
43
44%
4134
45*8
40
*25*2
26
26
27*2
42*2
26*8
*34
26*2
26
26*4
26
26*4
25*4
*34
2%
*2*2
2034
234
2084
377s
*34
78
377s
106
106
234
20*8
*37
*100
78
234
107
51
9
143g
834
*71
5
5
12*4
*2
11%
30*2
5*4
*
*75 ~
2*2
*2024
*
7*2
8*4
12%
978
5
8%
8%
8*2
1234
*12%
13%
*9
9%
*71
78*2
5
*4%
11%
*178
2
*2
11
11%
178
2*8
23s
*1%
♦2*8
78*2
8%
12%
9%
78*2
11*2
*1%
10
2
12's
11*8
11*2
11%
12*4
11*4
31
30
3134
29*2
30*2
28%
*1%
*1%
2834
82
334
*97*2
*97*2
34*2
34*2
32%
127s
13*2
*11*8
"79"
*95
3%
101*4
378
*4'8
4*8
2i2
22l2
2*2
*2034
258
2278
*
em
84
80*
80
101*4
*95
3*2
378
2%
2034
Bid and asked prlcee; no
3*»
*97*2
*97%
W
3134
32
13
32%
12i2
13
#
84
*77"
*95
*3*2
83
101*4
31%
*11%
*
*95
3*2
4
*43s
4%
23s
2Q34
20*4
2*2
20%
Bales on this day,
•
•
2%
19%
27
Oct 29
Apr
"i97B
Nov
107
Deo
108*4
Deo
27
Jan
323s Nov
Apr
33*2 Nov
Oct 19
6
12% Oct 19
24
Feb
5
90l2 Oct 21
109
Jan
5
8
27
Nov
1
Oct 20
31»4 Mar
5
900
Nov
8
Oct 19
29
5
19*2
13
Oct 19
5838 Mar 17
36®4
Jan
5
Oct 19
24i2 Mar 17
1478
Apr
1®4 Oct 19
107b Feb 18
43b
Jan
Nov 10
Oct 19
97
5
12i8 Oct 15
Nov 19
Jan
22
May 19
4
May
Apr
30
May 13
13
June
70i8 Feb 19
42
30i2 Feb
30 *8
40i8 Feb
37*2
1101a
Jan
23
2
4
Apr 10
No
No
Elec Storage Battery..No
$Elk Horn Coal Corp..No
0% preferred..
El Paso Natural Gas
Endlcott-Johnson
Corp
par
par
par
3
50
5% preferred
100
Engineers Public Service
1
$5 conv preferred
No par
100
4%
1st preferred
4%
2d preferred..
Erie A Pitts RR Co
4%
2,200
Eureka Vacuum Cleaner
4,500
Evans Products Co
1%
100
Exchange Buffet
238
100
Fairbanks Co
100
100
50
5
—5
Corp.No par
25
43
18*4 Apr
Mar
9
93
Dec
Feb
9
19
Oct
27
Oct 19
4114
Jan 25
40
Aug
Nov 19
30
Oct 19
9
Oct 19
I4
Oct 25
i2 Oct 19
1% Oct 19
Oct 19
3
15% Oct 19
334 Oct 19
3% Oct 19
1238 Mar
7714
8
Jan 25
14334 July 13
55
Jan 16
39U
I3g
Jan
Jan
7
6
3i2 Feb 19
0%
Oct 19
41*2
Jan
95*2
25
407s
Jan
Deo
Nov
Deo
61*2 June
Jan
51
Deo
Jan
30*4 Dee
134 Jan
29
5*2
&s May
l*s
Jan
3
Jan
8U
Jan 16
478 July
884
Oct
17i2
Jan 19
13*s Aug
18*4
Jan
120
Deo
114
Feb
Jan 18
133
Apr
184«4 Nov
1351? Feb 19
Nov 18
Ill
129
Feb
136*2
11513
17
Jan 22
Mar
5
123s
Dee
Deo
Deo
150
Apr
185
Aug
4
152
July
100
Mar
Nov
Mar 17
45l2 Feb 11
16
5*2 July
116
Aug 16
37% Feb 11
10
2:111*4 June
Feb 23
28*2
Jan
1578 NOV
47*2 NOV
10
Apr
Apr
5
Dec
205S
Jan 14
03g
Jan
92%
3234
7% Feb
6
Jan
Oct 19
Jan
7
87
Jan
8
29*2
Jan
22
Oct 19
4412
Jan 16
393s
Dec
% Oct 19
2
Jan 19
19
19
8
Jan 18
29
Jan 18
60
Feb 11
40*2 Nov
584 Apr
3034
Oct 19
Oct
14% Oct
3578 Nov
105%June
345g
Jan
Aug
Deo
Oct
Jan
24
li2
40*2
123s
82*4
7*2 Apr
505b
27
par
50
Oct
Oct
Mar 17
164
Light-No par
Deo
25
2
1512 Oct 19
preferred
preferred
Oct
63
96
53s Nov 19
26i2 Oct 19
Feb
Jan
29
83
153
Jan
Oct 15
4034 Feb 17
51
Jan 28
Oct
Feb
9®s Feb
ll7s
Oct 19
Oct 19
5434
23 *s
.7
213g
15
10
Apr
Elec A Mua Inc Am shares...
128
0O12 Oct 20
150
$0
7
684 Oct 19
J)-No par
$7
75s
fan 10
18i2
0% cum preferred
..100
Eaton Manufacturing Co
4
Jan
Jan
2234 Nov
53*2 July
110
Aug
*2
1*2
173g Feb
734 Feb
257s Deo
94*4 Deo
875s Deo
65*4 Jan
15s Feb
6*4 Dec
29*4 Deo
69
Feb
110
July
17
10
1151*
Jan 19
3
Oct 19
17\
Jap 16
7*2
Jan
16*8
Dec
41
Oct 21
78%
Jan 30
45*2
Jan
84»4
Oct
Feb 19
48
Jan
89i2 June
63% Sept 24
134 Oct 19
4% Oct 19
86I2 Feb 10
65
Jan
97
8%
Oct 19
353s Mar 17
5
Oct 19
28*4 Mar 17
45
Nov
3
*75%May 27
81
9«4
Jan 16
235s Mar 17
80
5*4 Apr
11
Apr
Apr
June
1078 Deo
18*4 Sept
34*2
Oct
11®4
Jan
29
Oct
Jan 14
68
Jan
69
Jan
Jan 21
12
Jan
157s Aug
23*8 July
4**8 Jan
407s Jan
8*4 Mar
3
Oct 19
14i8
7
Oct 19
34i4 Mar
1%
Oct 14
1
Oct 19
3
0«4 Jan 21
53» Jan 28
10
25s June
434 Mar
10*4
690
100
7% Oct 18
28
Jan 28
8*2
Apr
25
Deo
28%
5,200
Fairbanks Morse A Co.No par
23% Oct 19
7178
Jan 15
3434
Jan
6% preferred
100
Fajardo Sug Co of Pr Rico. 20
Federal Light A Traction..15
150
Mar 31
210%
Jan 14
12212
Jan
71»4
210*4
Deo
70
Jan 11
Deo
293g
Jan 18
75
27
30
900
10*2
10*2
600
8%
preferred
101*4
......
3*2
3*8
3%
1,300
4*4
4
4
600
Federal Screw Works..No par
23s
Jan
8
20% Nov
109l2 Oct 27
2% Oct 19
100
Co.—100
Preferred
100
Federal Motor Truck_.No par
20
70*2
pf.100
-.3
Jan
30% May
No par
-
Dec
Feb 27
198
Boat
9U Mar
217s
90
02
Oct 19
Eastman Kodak (N
Deo
Nov 17
27
1801s
.6
Jan
Apr
114
Jan
Jan
Sept
Deo
44*2
24U
59
145
Electric Power A
4
10*2
Dec
14U Mar
129
Jan 14
Oct 21
Duquesne Light 5% 1st
Eastern Rolling Mill*
$6
w
*97%
-
101*4
20
Jan
10*4
12
83
6
Deo
26
31%
84
*77"
3%
3%
2%
•
_
4
Deo
33g
86
Oct 20
10*2
"4%
484
*1%
23s
8*4
78*2
*
11
10%
2
12%
8
9
~*4%
5*4
11
12%
8%
*
_
838 Mar
2334 Mar
2
_
Nov 19
Erie Railroad
60
3%
8
Oct 19
8% Oct 19
67% Aug 19
Oct
50'4
99*2 Mar
0
4
107*2
Equitable Office Bidg. .No par
*49%
234
5*4
81
300
Mar
109i2 Jan
Nov
Dec
125
Sept
6%
Jan 11
130
1,100
59
*2%
Jan 12
100
100
3,900
2,000
*50
Jan
I)A Co 20 a:108
preferred
0% non-voting deb
$4.50 pref
8
*51%
♦234
62
3
3
8%
Du P de Nemours (E
2%
65
*71
80
1,600
57
Apr
9
4
173s
143g
127
Jan 19
preferred w w..No par
preferred.—1
No par
*44
Oct 19
234 Oct 19
Oct 28
75
122
200
57
12%
*
10
46
46
*48
33
34*2
14*4
500
6%
58
78*2
4*2
*4
6*4
12
101*4
*3&8
8
47%
31
85
*95
,
23g
11*2
*97*2
*12%
*7%
47%
8
48
3,900
106
*100
106
2*2
1138
■
*33*2
*100
*49
178
2
48
106
400
18
40%
51%
2*8
12
12I4
*178
9
10
*71
17%
*35%
3
14
10
7%
7%
49*2
51%
3*4
13
10*2
7812
18%
40'%
2,000
%
2*4
*50
65
3
*10
7%
*48
51
*51
*100
106
*100
8*2
3*8
9*8
143S
18%
36
49*2
69*8
*2*4
*35%
19%
35%
8
3*8
2%
19
37
*48
*4978
2%
1934
36*4
8*8
51
1*48
234
1934
39*8
49*2
8*8
*48
*2%
21
78
2%
*%
%
*%
%
3,100
13% 129,800
46*2
9,500
45
2,200
4*4
25*4
19*s
1% Sept
Nov 19
Electric
44*4
493s Nov
95% Apr
111
15,400
47*2
58*4 Nov
28
Jan 11
Oct 19
20,800
1438
91*2 Nov
Dec
7% May
10
Duplan Silk
7*2
47
3
3
Jan
44
-.1
..No par
Eitlngon Schlid
No par
Electric Auto-Lite (The)
6
49%
*34
JDuluth S H <fc Atlantic—100
6% preferred
100
Dunhlll International
2,900
1378
14%
Dresser(SR)Mfg conv ANo par
Class B
No par
4,900
47
1234
par
Douglas Aircraft..— No par
Dow Chemical Co
No par
4%
20%
"
4834
35»8 Sept
Deo
40i4 July
81®4 Mar 3
MarlO
1012 Oct 19
20
4%
*4%
15% Mar
435s
3
Jan
135
35
3%
18%
4%
4l2
Jan 15
Oct 20
par
19
4*4
4*2
Oct 19
par
10
4*2
4l2
par
3,700
7
22%
7%
3,900
No
No
No
Dominion Stores Ltd ..No
Class A
163
734
21%
7%
377s Nov
% Oct 19
Doehler Die CastlngCo
158
21%
22%
•7*2
80
6*4
Mar
50*2
10834 Apr 15
Dome Mines Ltd
151
7%
21 %
8*4
700
Corp-Seagr's Ltd No par
5% pref with warrants.. 100
Co
No par
Dixie-Vortex
*160
162
8
24*2
4*2
534
4%
4%
700
115
20*2
4*2
15,500
111% 111%
115
4%
20%
20*2
4*o
113
x!08
131% 131%
19%
20%
4%
60
111
111
113
300
12
12
15
111*4 112
*113
115
115
113*4 113*4 *113
6*2
6%
6%
6%
63s
*6%
162
160
160
161% 2158% 161%
4%
8*8
200
1,300
131% 132
131% 131% *131% 132%
111
111
*111*4 115
5*8
*43s
1*4
2%
114% 117
22*4
2258
778
24*4
*%
2%
*111
119
5
77s
1*4
2%
*12
113
116
%
*38
%
1,600
*%
*%
1*4
3
*2*2
21
2212
5;;: vf 5
24
113
113
7
12
12%
111
163*4 164
'-•••
1*4
2%
85
*2%
%
*%
*%
%
*7g
*2*2
%
*1313S 133
*11058 115
112
112
,
*%
1
118% 12334
12278 123
131
278
12*8
13
113
♦111
7
1
1*4
2l2
2*2
3
*3g
58
*38
*1
10*2
Oct 19
Oct 19
2134
33*2
73
812 Oct 19
Oct 15
35
21%
32%
8%
1758
35
8
4714 Jan 28
25% Apr 13
18%
35
21%
32%
8*8
16*4
Jan 16
5012
30
37
21%
*23
45*2
200
37
9
Oct
2834
35
21%
37
July
1007s Feb
8
5% non-cum pref erred.. 100
Devoe & Reynolds A..No par
Diamond Match
No par
32%
*31*2
I684
—100
Co... 100
Det & Mackinac Ry
"
6%pfl00
39*2
*35
73s Mar
4
41
37
Nov 16
33
_—....
21
21
76
17*4
*73
.
♦31
*35
40
884
1078
878
97*2
97
37% Nov
20
10
100
Delaware Lack & Western..50
Preferred-
Diesel-Wemmer-Gllbert
Delaware A Hudson
Deo
10*4 Mar 16
2:30-% Nov 19
21
3%
*5
82% June
170
50i2 Feb 3
Aug 13
2134 Oct 20
7
Oct 19
20
7,600
99
7114 Jan 15
17D2 Jan 14
Oct
09%
55%
115
No par
Deere & Co new
7%
10
*37*2
f
$8
700
99
19
pref—100
preferred—.....No par
Cushman's Sons 7%
6,200
*514
.
Class A——1
Davega Stores Corp..
Conv 5% pref
99
*13
1
Curtlss-Wrlght
16*4
3
Deo
Apr
Apr
6358 Aug
158
Aug
Feb 13
47
14*8
7%
*2%
Mar
46
Dec
No par
21*4
8
4
447s
25
107s June
Cutler-Hammer TncnewNo par
40
Feb
2i8 Apr
28% June
8
46
1
1,200
300
35% Apr
43
Preferred
Jan
243g Mar
205a Feb 11
2,900
34,000
1,000
Nov
87*4
17i2 June
Oct 18
7%
14
109
Dec
Oct 19
30
23
Nov
Jan
6334
4
15
16%
3
W i.
4
67%
16
21
15
17
8%
*2%
m
353s Nov
Jan
60
Packing
Cudahy
*14
15
8*2
-
-
100
100
21%
_
10
—100
20*4 Mar
Jan
Curtis Pub Co (The).—No par
...
22*4
2434
Deo
63% Jan
35i2 May
Preferred
13,700
7%
8
16*4
8*4
25,500
100
Sugar
Cuban-American
2,900
3%
12%
21
2334
15
9*4
48%
3%
11%
J
334
13
14%
14%
*99% 101
25%
21%
47%
4834
*684
14*8
15*4
*14*4
99*4 *100
101*4
14*s
19
8*2
65
99
15*4
100
*99
6%
434
80*2
18
6%
48*2
12%
*54%
8
8*4
*14*8
334
12%
23%
25
25
85g
49*2
*5*8
4*4
*76*2
4%
Deo
15s
July 19
77
Oct 19
90
Cuba RR 6% pref
5%
6
5*4
3
90
21
(The)
49
23% Nov 19
100
No par
Preferred
110
7734
5
Jan
9%
377s
1038
Jan 9
Jan 23
Jan 23
Feb 11
3558 Mar
Apr 14
Oct 19
153
Crucible Steel of America. .100
Cuba Co
80*2
6
6
,
Oct 19
912 Oct 19
47% Oct 25
50% Oct 20
70
100
19
4958
1412
5,500
Oct 19
%
24
..No par
$5 conv pref
200
76*2
334
100
20,400
...6
Crown Zsllerbach Corp
1
*1858
6*4
1234
14*2
200
31%
*77
.
*%
1
*%
$2.25 conv pref w w._No oar
Pref ex-warrants
No par
89
*84
100
80*2
.
6%
48*2
3%
1238
*54%
*99
28%
3234
3134
*84
1
*%
6%
*6
7
5*4
7734
8*2
98
*76*2
:
1
-.25
Crosley Radio Corp...No par
Crown Cork A Seal....No par
•
600
5
7
5*4
25
33
11%
7734
1834
634
5*8
49%
32
*84
1,100
2,500
4,400
72
*67
5
6*2
678
10*2
12%
72%
No par
....
Co..———
5% conv pref
100
Cream of Wheat ctfs...No par
.
77
*78 A:
6*2
11%
72*4
41
7S
1
19
12%
75%
12%
*74
Crane
900
■■
78
*78
*18%
13
Coty Ino
9,400
35%
41
36*8
4,400
32%
230'%
*35
*32*2
13%
*77
9
34
*32*2
41
*3212
36
100
Preferred
8%
8
9
33
9%
34%
36%
35*2
5
69i8
2534
4234
3%
Oct 19
23
1
Motors
Continental Steel Corp. No par
*159
41
Oct 18
1,900
13%
*38
65
6,000
9*4
48*2
9*2
100
preferred
8%
29*4
50
158
June
1534 May
5% Jan 15
10934 Feb 17
4H4 Oct 19
13
3012
Oct 19
20
48
9%
38*4
1
Continental Can Inc...
15
9&s
375g
No par
Class B—
2,900
1*4
16
1234 Nov
92i2 Aug 16
28*2
15%
4912
15*4
100% June
38 May
373s Apr 13
3734 Jan 14
1%
49*4
Dec
Jan
2
7i2 Oct 19
49*2
50
95s Nov
17%
Apr
12% June
Its Feb 27
6
0
1034 Oct 19
22,300
1,200
50
109
5*2 Sept
80% Oct 19
44
28
Oct
July
Jan
378 Apr
Container Corp of America. 20
29%
30
Feb
483g
11%
Continental Bak class A No par
30
29%
2% Oct 19
% Oct 16
20%
101
Consumers P Co$4.50pfNo par
200
28
30
1
5,000
Continental Insurance...$2.50
29%
Nov
10,200
29*2
1%
1*2
32i2
16*2
29
Oct 19
7
Apr
Apr
102
13% Feb 20
1778 Apr 5
1057s Jan 23
1058 Jan 4
314 Oct 19
101
Feb
7%
15%
27%
Jan 12
108
Jan
4i8 Sept
13% A pr
100
5% preferred v t 0_.
100
76*2
•4<
18'4 Jan 9
4978 Jan 23
Consol Coal Co (Del) v t C--25
V
1%
*72
9*2
45
45%
10*2
163s
178
*75
46l2
50*2
12%
1%
4% Oct 19
1.600
-
1,400
83
16%
10
15%
167s
Nov
Nov
Oct 27
23
4%
85
Mar 11
5®4 Jan 20
93
-
Deo
95
96
Oct 19
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
$5 preferred
No par
Consol RR of Cuba 6% pf.100
^Consolidated Textile. .No par
w «.
19«4
72%
87
Oct 21
1
Oct 19
22,600
»
June
65'4 June
Oct 18
03
1,700
9%
*98% 103*8
4%
h
*2
412
4%
Jan
8
7
05
22
2,700
4%
9*2
*98% 103*8
484
4%
%
434
94%
4%
5*4
9%
33%
July
Jan 15
Mar 2
preferred
Jan
Aug
2534 Mar
I87s
Consol Edison of N Y—No par
$5
Deo
Jan
20
434 Oct 19
No par
12 partlc pref
1,000
25%
15ij
44i2
15
1
0H % Prior pref w w
Consol Film Industries
10
share
per
16
Jan 14
22
Oct 19
8
7
3078 Aug
100
100
preferred
7%
20
1,000
22
81
13*4
13*4
16
1%
6,100
24
9%
5*4
m
6%
5
.
-
7%
5
*2
— ~
-
12%
*19
87
105s
:W
Highest
share
July
per
19% Feb 11
45% Mar 11
1914 Jan 23
Oct 19
9% Nov 8
0®4 Oct 18
Cigar
No par
Conn Ry & Ltg 4^ % pref. 100
Consol Aircraft Corp
1
Consolidated Cigar
No par
share
$ per
share
4% Oct 19
per
21
Congress
-'mm
m-m
26*2
96
*%
Congoleum-Nalrn Jnc.-IVo par
73%
1%
7%
2538
438
Conde Nasi Pub Inc.--No par
68
*09
2
*1%
96
4i2
!■
%
*2 V* %
534
538
*03
74
1%
5*4
10
9%
*98% 103%
434
*4%
66%
5%
*9834 103*8
434
6
13
*69
26%
96
5*8
10
978
7%
8
8
26
96
5
534
10%
24
1638
25%
9534
96*2
1%
8%
26*2
*8
8«4
283s
*9834 104
h
5*2
38
512
2
10%
*6%
74
2
'm
*9%
12%
68
74
800
1,200
24%
6%
22%
*6%
t
Lowest
Highest
Lowest
Par
Shares
6%
6%
24%
*9
♦26
*638
$ ver share
$ per share
7*2
7*4
26
7
100-Share Lou
EXCHANGE
Saturday
7 ;v
Range for Previous
Year 1930
Range Since Jan. 1
STOCKS
Sales
CENT
NOT PER
the
$ per share
3305
New York Stock Record—Continued—Page 4
145
*
—
*72"
*95
2
19
t I** receivership,
84
80
2*4
19
a Pet,
......
300
$0
preferred
Federal Mln A Smelt
4,300
Federal.Water Serv A..No par
900
Federated Dept Stores. No par
delivery,
n
New stock,
f Cash sale.
26
7i2
Oct 18
Oct 19
315s
1834
Feb
01*2
Apr
4
84
Jan
2734
101*2
Deo
Deo
150
Mar 11
37
Aug
92
Mar
129
Apr
6978 Mar
3
103
66% Jan 27
90
Oct 19
2
Oct 19
ll&s Feb 19
73s
2»4 Oct 19
H4 Oct 19
lli2 Feb 25
3
17
Nov
Oct 19
* Ex-dlv.
Deo
6
Jan
2
Jan 14
43®4 Mar
y Ex-rlghta.
4
2*2
20*2
Jan
Apr
Jan
Jani
123*2 Nov
12*4 Mar
6
Deo
6
Oct
46*4 Nov
^ Called fo rredeaptIon.
New York Stock Record—Continued—Page 5
3306
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
NEW
for
Saturday
Monday
Nov. 15
Tuesday
Nov. 16
Wednesday
Nov
Nov. 17
Nov. 18
$ per share
$ per share
$ per share
*70
72
$ per share
13
$ per share
*71
723)
2934
*71
*21
39
*21
*22%
*88*4
36%
18%
23
2278
23
92
91%
91%
3634
36
36
19%
18%
20%
29*4
72%
*22
39
22
*327g
*20
2%
32%
85
85
85
20%
*70%
21%
19%
80
35%
32%
35%
18%
*31%
36
19%
32%
19
*19
22
80
60
*2%
3
33
30%
85
86
30%
86%
2%
5
60
23
5
22%
50%
24
34%
17%
31%
2%
86%
21
50%
2334
23
Filene's (Wm) Sons Co. No par
39
Firestone Tire <fe Rubber—10
300
6% preferred series A—100
90
1,800
21,900
First National Stores. .No par
Fllntkote Co (The)
No par
30
300
Florence Stove Co
No par
31
100
Florehelm Shoe class A.No par
19
*27
1734
32%
*19
23
*2%
70%
28
29
18
100
40
3,100
*105
109
*105
108
106
106
*105
106
32
30
32
29
30
*27
32
*25
32
24%
25
250
15
15
15%
10
14%
15%
15%
15%
14
14
12
2%
5%
2%
*2%
2%
*2
*2%
6%
♦21%
2%
2%
6%
5%
*21%
*15%
23
90
90
23
16
10
90
90%
7%
7%
7%
2%
6%
7%
15%
93
93
93
39
39
38%
8%
39%
8%
*8%
*115
8%
125
4?8
12%
*115
*90
*26%
28
26
28
*75
89
*75
87
*25
27
*25%
16
*20%
16%
*85
90
40
7
3,200
2,400
22
7
37
8
7%
6%
6%
*91
6%
6%
98
36%
8%
6%
*90
37%
97
86
*70
p
84%
*70
84
*70
80
25
*33
40
33
33
*33
50
*33
54
54
51%
52
51
51
51
*
120
119
50
*33
51%
119% *119
123
30
38
39% 40%
40%
36% 38%
37
36% 38
35%
33%
35% 177,000
114
114
115
*113% 114
115
*113% 114
115
115
116
115%
1,300
34
34
*31
34
34
33% 34%
3334
*28
31
33%
33%
1,000
5
*5%
5
578
5%
5
5%
5%
5%
5%
434
4%
3,400
*11%
11%
*11
11% 11%
11%
11%
1134
12
900
1238
11%
11%
*104% 105
104% 104% ♦ 104% 105
*104% 105
20
*104% 105
*104% 105
*2%
2%
*2
2%
2%
2%
2%
2%
2%
2
500
2%
1%
22
21
21
21
2258
21
2234 24
21%
21%
2,700
1834 20
92
*86
2%
♦21
28%
*25
15%
*22
13%
*86
2%
2%
20
23g
20
20
~
20
20
27
27
28
25
25%
26
27
25
25
24
24
23
23
1%
17%
22%
22%
14
14
*14
14%
22%
1234
*14
15
12%
22
22
20
12
10%
12%
10%
11%
10%
62%
15%
14%
15
24
22
22
24
24
1378
12%
13%
12%
12%
11%
*63
11%
11%
12
10%
11%
65
65
65
65
10%
10%
10%
11%
61
*57
60
60
30%
*47
3
59%
23%
50
he
3%
*
28%
I
28%
4034
4034
3
3%
59%
23%
57
58%
223g
2134
90
90
84%
85
5%
2
2%
638
5
5%
66
*61
2
2%
5%
5%
4%
18%
87%
5
2%
4%
4%
2
2
2
2
2
2
1%
14%
14
14
*13
14
17
29
17%
28%
28
29-%
14%
29%
28
29%
29%
29%
13%
16%
28%
13%
27%
29%
132
*50%
*20%
*
64%
21%
*30
14
18
132
*50%
20%
16%
28%
2834
13%
2634
29%
29%
14%
30%
29%
28%
29%
*
64%
132
*50%
20%
20%
*41
60
60
60
60
1138
10%
11%
10%
8%
*1%
8%
134
8%
*1%
8%
134
1%
25
*17
*18
6%
19%
534
*18%
21
18
*27
27%
x27
27
2534
♦32
33
*32
32%
8
8
*23%
*23%
*95
25
17
534
*5%
*32
8
*121
*7
*71%
*234
*90%
73g
128
64%
*129
132
64%
20%
*45
2%
*91
7%
7%
234
*89
*21
23%
*
51
4%
1%
2
900
13
700
15
2,400
27
4,100
4,700
28,900
14%
13%
16%
27
28
12%
1434
25%
13%
26%
29%
13%
27%
29%
25%
27%
*129
300
6%
134
*16
25
*5%
18%
2534
*25
32%
6
18
32
18
9334
25%
128
234
*88
23
*21
93
*
24%
93
13
13
12%
133«
24
24
24
24
*109%
49%
♦27
1238
....
50
29
*26
12%
*52%
54
*82
85
8
49%
8%
51
*2
2%
*6%
7%
6%
2
*109%
50
11%
53%
*82
51%
28%
12%
53%
85
7%
8%
48%
51%
2%
6%
8%
2%
*2
6%
8%
7%
2%
2
12
13
22
21%
41
41%
41
21%
4138
*9
10
*9%
10
12%
*20
♦
12%
22%
*
49
26
25
32
32
7
7
*31%
6%
*22%
24%
22
22
100
*98
99
99
99
10
92
92
*92
25%
128
234
90%
6%
*453g
73g
36
22%
*
92%
12
12%
12%
23%
23% *23
109% 109% *109%
50%
5138
51%
*25
283fj *26
11%
11%
11%
52%
52%
52%
8
44
47
*2%
2%
*6
7
7%
2
11%
*19
40%
*8%
7%
2%
12
21
42
9%
*82%
7%
47
2%
*6
7%
2
11%
19%
*40
*8%
Bid and asked prices; no sales on this day,
B>r;
*20
88
22
92%
*
12%
23%
12%
23%
*109%
X5034
52
28%
*25
12
11%
52%
85
52%
*82%
7%
738
47
8
129
126
48%
46%
87%
88
6%
•
""266
30
2%
2,100
87%
400
7
6,300
91
126
46%
87%
23%
22%
20
20
20
22%
1,200
1,300
70
93
94
11%
U34
23
23%
2,200
*109%
51%
52%
13,200
'
-
-
51%
26
470
1,200
20
28%
11%
52%
49
51
700
85
82
82
200
10%
7%
47
2
6%
43%
2
6
7%
2%
11%
19%
41%
9%
19
19%
39%
8%
40
11%
738
47
100
8,400
24,300
5,200
General Motors Corp
35 preferred
380
734
180
7%
a
111
Oct 25
No par
21%
3%
8%
10334
Oct
Oct
Oct
Oct
No par
General Printing Ink
36 preferred
No par
Gen Public Service
No par
1,000
Pet, delivery,
19
19
19
15
Jan
152
152
Jan 13
64%
3«4
124
65
Deo
33%
Feb
44
Nov
Jan 18
%
Jan
Feb
19
Jan 19
16
33'4
5% preferred
No
Goodyear Tire A Rubb-Ne
35
conv
preferred
13
55% Oct 18
par
16% Oct 19
par
No par
Gotham Silk Hose
77
No par
Oct 19
3% Oct 18
55
100
Oct 19
3,.
Jan 18
Oct 2
47% Mar 11
Mar 11
96
Jan
27*4 Feb
1
8
47% Jan
5
131% Oct 27
50% Sept 14
15% Oct 19
60
Nov 15i
7% Oct 19|
Greyhound Corp (The)-No
6H %
preferred
Guantanamo Sugar
8%
par
..10
7% Oct 19
No par
preferred
% Oct 19
12
100
Gulf Mobile A Northern..100
6% preferred
Hackensack
Oct 15
3% Oct 19
Apr
Jan 12
1% July
3% Apr
10
Apr
24% Aug
28% Jan
42% Jan 2
145% Mar 2
64% Mar 10
39% Mar 10
98
16
Jan
32%
Jan
31
Jan
136
Jan
16% Feb
8
14*4
11% Mar 18
434 Jan 11
Dec
6
30%
Jan
8
30
Jan
62% Oct
347g Deo
7
33
June
20% Feb 10
0
Jan
15%
32
Jan
99
Nov 19
108
Feb 18
*104
Dec
100
June
1
5
Oct 19
0>£ % preferred
Hayes Body Corp
100
w w
70% Nov 19
2
1% Oct 19
Hazel-Atlas Glass Co
25
Hecker Prod Corp v t o-No par
Helme (G W)
25
Preferred
100
Hercules Mo tore
No par
Hercules Powder
89
6
91
140
No par
12.50
Class B
30%
Jan
Jan
17«4 Jan 11
12
Jan
104
Nov
115
4% Apr
99% Dec
12% Aug
9
Mar
133
Mar
107
Feb 26
8
Jan 14
117% Aug 13
15% Jan 25
135% Deo
18% Nov
21%
Jan
Jan
9
117
May
141
Jan
6
150% July
25% Apr
165
Deo
41
Oct
Oct 19
Oct 19
May 22
Nov
15% Oct
Nov
10
Oct
39% Feb 11
185
Feb
3
84
Jan
150
Deo
135% Feb
2
126
Aug
135
Apr
587g Sept
Sept
80
Jan
119
Feb
0734 Jan 21
111
37
Jan 19
June
52'4 Feb
120% Jan
30% Mar
43% Jan
114«4 Mar
102
4
5
30%
Jan
4
108
June
9
Jan
52% Nov
9
7
3
8
23
Oct
41
5
397g June
15% Oct
109
Oct
X3934 Oct
Jan
19%
Jan
49*4
124
33*4
427g
Deo
Deo
Oct
Dec
108
Feb
115
Oct
407
Dec
544
Feb
6
Oct
27% Feb 11
22% July
stk. No par
44
Oct
73
Jan 11
54*4 June
100
82
Oct
94
44%
Feb
Mar 20
5% preferred
Houston Oil of Texas
v
t C..25
Manhattan
100
Howe Sound Co
434 Oct
37
5
Oct
1% Oct
3% Oct
100
17% Jan 22
90% Mar 10
5% Jan 21
1% Oct
15% Jan 21
23% Feb 17
4% Aug 17
100
8
Oct
38
6% preferred series A...100
16
Oct
Leased lines 4%
3934 Nov
No par
Hupp Motor Car Corp
Illinois Central
RR Sec ctfs series A
r
Deo
120
Jan
93
No par
com
55
Feb 26
Feb
Nov
87% Nov
par
Deo
126% Nov
105% Mar
120
f 46%
......100
HoudalUe-Hershey d A .No
5
Aug
Nov
166
125
20
Jan 22
68% Mar
140
37
Deo
6
105
5% conv preferred.-No par
Hollander A Sons (A)
5
Holly Sugar Corp
No par
7% preferred
Homes take Mining
Oct 19
105
Jan
68
Nov 10
May
11
No par
..100
cum preferred
Oct 20
Deo
69% Mar
3434 Feb
14
Oct 19
4*4
19*4 Mar
Feb 16
Oct 26
Not
Jan
July
31
Oct 28
Jan
177g
1% July
Oct 19
18
Oct
9%
24
19
92
95
5
36
123
62% Nov
22% Oct
40% Oct
42% Deo
149% Aug
9
Nov 19
100
Deo
Jan
26% Apr 17
434 Oct 19
6% preferred
Hat Corp of America cl A
44
17% Mar
25
preferred
100
Hanna (M A) Co 35 pf.No par
Harbison-Walk Refrac. No par
Jan
x25% Nov
05
65
25
6%
Feb
Mar
397g Nov
Apr
May
3
Oct 19
10
Deo
Deo
July
22
Mar
59
Apr
50% Mar
12
Hamilton Watch Co ...No par
n New stock,
Deo
8%
25
Water
7% preferred class A
Household Fin
xlOO
100
Hall Printing
6%
Nov
5% Jan 22
28% Mar 8
56»4May 20
Oct
Deo
86%
317g
1057g
14%
90%
4%
11%
6%
Jan
48% Feb
Feb
Feb
35%
June
Oct 19
7%
10%
118
Jan
9
4'4 Feb
15
Nov
Sept
21% July
2
14% Nov 18
25% Oct 19
Preferred
100
Green Bay A Went RR Co. 100
Green (H L) Co Inc
1
Greene Canaea Copper
100
Feb
77
pref series...No par
Granite City Steel
No par
Grant (W T)
—.No par
Oct 19
Jan
6% Nov
5
1% Oct 19
10
37g
116
13% Jan 18
3
23% Oct 19
23% Oct 19
Jan
Deo
13%
1
Gt Nor Iron Ore Prop. No par
55%
66
74
6
Great Northern pref
100
Great Western Sugar. .No par
Dec
52% Sept
37%
87% Mar 11
Grand Union Co tr ctfs
10
92
60% Mar 11
141
Jan
27% Nov
Oct
6% Feb 25
Feb 17
90
Jan
8% Feb 19
115
1% Oct 19
Oct 19
Deo
84
Aug
6*4
9
1
conv
Deo
90% Mar
Graham-Paige Motors
Gran by Consol MSA P
33
71
89
"19% "Oct
Oct 19
Oct 28
Oct 19
July
13% June
1% Oct 19
2
17
'
Feb
Deo
118% Mar
4% Deo
48% Deo
70
6
96
Jan
2
Apr
26% May
33% Apr
32% Apr
June
0%
88% Feb 23
293a Mar 9
58%
Gobel (Adolf)
1
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
57
30% July
51% Jan 28
Oct 25
%2 Oct
110
Apr
Apr
43% Feb 11
Aug 30
20% Feb 1
43
No par
Jan
123% Nov
59% Deo
16*4 Deo
Jan
24
49% Oct 19
20% Oct 19
preferred.—60
conv
Jan
31*4 Dee
44% Nov
No par
Rights
106
Jan 20
734 Oct 19
36 preferred
4H%
6%
..No par
Glldden Co (The)
Oct
Jan
5*4
105
Jan 25
Oct 19
Nov
71
70%
Jan
18%
6
Oct 19
77
3%
Jan
8
Jan
32%
88
56
Aug
118
7
Gillette Safety Razor. .No par
35 conv preferred...No par
123
53%
4
Glmbel Brothers
Oct
5% Jan 13
70% Feb
Oct 19
Jan
July
65% Feb 4
117% Jan 22
48% Jan
8
Feb
14
Mar 20
110
4%
58
1
70% Feb 11
122% Feb 2
60% Jan 9
15% Feb 1
Oct 19
General Tire A Rubber Co.. 5
Deo
34% Apr
9
Oct 19
Gen Theat Equip Corp .No par
Gen Time Instru Corp.No par
Jan
140
Jan 21
Oct 19
13% Oct 19
9% Oct 19
19% Oct 19
Deo
128*4 Nov
59% June
14
1
00%
Jan
18
8
Jan
Deo
Dec
36 preferred
No par
General Refractories
No par
Gen Steel Cast 36 pref. No par
Nov
11*4
28
17
85
Oct 19
Oct
Jan
70%
Railway Signal
No par
6% preferred
100
Gen Realty & Utilities
1
17
Oct
7
49
1% Oct 19
Gen
165
5*4
64% Jan 29
65% Jan 18
31% Oct 19
Deo
Nov
Jan
141
70
20
4
Oct 19
1
Apr
Apr
Apr
Mar
Nov 16
May
Nov
126% Mar 31
52% Jan 23
33
117
Jan
Aug
Nov
4
48
No par
Common
97
Feb 11
44% Feb
10
Gen Outdoor Adv A
15,600
3934
8%
100
14
4
28% Oct 19
% Oct 19
No par
preferred
8I2 May
42%
10*4
Nov
105%
17%
14%
104%
Dec
32% Mar
Oct 19
34
Feb
65
Oct 25
22% Oct 19
110 Sept 27
No par
73s
12,100
In receivership,
100
153
30
Nov
15%
86% Feb 17
19% Jan 14
14% Oct 19
66
No par
5% preferred
Hudson Motor Car
10,800
5
2% Oct 19
6% Oct 19
pref series A. No par
300
11%
18%
10
Nov
Oct 13
....No par
General Mills
6%
9
5
32% Nov 19
100
Gen'l Gas A Elec A
conv
15% Mar
105% Jan
91
No par
5%
18
Feb
11% May
100
1
117
preferred.....
Jan 16
19% Feb
Oct 19
No par
General Electric
33
106% Jan 28
Oct 19
5
cum preferred
Hudson A
*35
Deo
7% Aug
x39%June21
5% Oct 19
5
Class A
300
2
11%
4
..No par
General Foods
1
No par
General Cigar Inc
36
Oct 19
5
38 1st preferred
7%
Oct 19
10%
89% Nov
No par
Baking....
2%
5%
6%
1%
7%
2
*2
26
Gen Amer Investors
34 conv preferred
No par
Hlnde A Dauche Paper Co. 10
Holland Furance
No par
1238
—
20
10
No par
400
200
78
53%
Jan
$6 pf.-lVo par
Gar Wood Industries Inc
3
Oct
Feb
Apr
Jan
conv
Deo
Nov xl35
Apr
preferred
Deo
Feb
97*4
35%
23% July
108
3%
Herahey Chocolate
3,700
Jan 13
Jdar 25
47%
400
23%
2%
12%
t
3,300
*125% 150
1734
14%
15
119
110
115%
6
7
684
*90
50
23
72
2%
87%
7
91
120
150
47
2%
*6%
*66
2%
90%
300
1,700
128
93
23%
....
7
34
634
300
92
21%
*121
71
70%
2%
*87%
6%
*4538
92
24%
128
7
234
90%
7%
*88
93
24
*121
73
*20
7%
25
80
*25
738
23
85
19
4,100
19
88%,
*82%
5%
*16%
*16
48%
88%
23
15
6
26
24%
*121
1%
25
32
*7
7
90
23%
10
5%
1%
17
89
*21
1,600
59
2,000
7
23
23%
19
*46
13,100
*7
90
64%
59
*46
*50%
18%
9
138
1534
*71
48%
1,800
132
64%
19%
19
,
*129
13%
2634
29%
4,000
10%
89
51
132
*50%
13
4%
45%
127
July
31%
Preferred
23,406
834
1%
7
*49%
88%
2
2
*90
*90
91
9134
91
*90
*90
91
*90
*125% 153
*125% 153
*125% 153
*125% 150
*125%
18%
19%
1734
1834
17%
17% *17%
17
18%
*120
130
120
120
118
118
*117
120
*115%
129
*128% 129
129
*126% 128
126% 126% *126
*49
66
1%
4%
9%
75
*2%
2,600
1,400
9%
7
7%
*60
2
434
10%
*71
92
78%
4%
85
5
13,400
1,800
28,300
4%
24
234
92
19%
85%
17%
2
100
7%
56
21
*8%
1%
*16%
*5%
*23
73
55%
10%
*95
*71
2,900
9
24
*7
7%
73
2,000
3
11%
100
25
234
94%
*834
*1%
*23
*121
200
9
*95
128
2%
3
*
66
4,800
21,000
"16%
*13
60
24%
*121
47
10%
100%
*92
9334
25% 25%
*92
27%
18%
1%
14
20
26%
*4%
28%
2934
*50%
300
56%
21%
*60
300
11%
7
*95
24%
100%
*91%
9334
25% 26
13%
21
11%
*734
1634
57
20%
85%
2%
4%
1%
13%
16%
2834
900
3,400
6,500
11,500
47
2%
3%
94%
1,900
10
56%
5
14%
16%
300
"17%
66
2
22%
13%
21%
11%
10%
62%
47
2%
3%
18%
58%
22%
87%
*61
5%
66
1,400
4,200
%.
3
58
21
li:300
2838
95
17%
*60
60
2%
19%
25%
57
9%
%
*2%
3%
20
5%
66
10%
*46%
1i#
95
1834
65
28
%
3
3%
3%
*57
59%
21%
90
5%
28%
*40%
95
69%
22%
*84%
5%
6138
28
%
3%
*
"18%
2
*57
50
%
3%
3%
2%
10%
*62%
9%
28%
%
22%
*1238
10%
2%
12
61%
50
23g
65
28%
19%
*534
100
27
~19%
♦17
*86
20
94
*
100
22%
3%
3%
14%
*86
29%
%•
*60
2%
100
28
11%
*
2%
*86
20
65%
*46
2%
100
28%
27%
11%
28%
*86
22
*60%
11%
♦60
92
117
63
8
7%
123
*119
32%
Oct 19
20% Oct 19
9
4
Bronze
20
Jan
Apr
95*4 July
Jan
13
Deo
Deo
Jan 12
83
4
Oct 19
102
24%
Jan 14
18%
Jan
Cable
1,200
135
7% Mar 3
15% July 19
Gannet Co
Nov
Nov
11% Mar
48% Deo
June
73
General
51
Nov
32
48%
General
8,900
8,100
Dec
1% Oct 18
3% Oct 19
2,900
lOb",700
45
6% Oct 19
10,300
1,400
Apr
25% Mar
3% Aug
54% Feb
Oct 25
234 Oct 19
36 preferred
No par
Gen Am Transportation
6
1,900
40
40% Sept
36% Dee
105*4
68%
42%
66*4
34%
30% Sept
No par
General
20
Mar
Feb
Feb
Mar
Jan
Jan
Gabriel Co (The) cl A..No par
Galr Co Inc (Robert)-.
1
3,700
50
50%
11% Oct 19
10
Feb
115% Nov
49% Nov
98
50
18
6% conv preferred
100
Fuller (G A) prior vret.No par
20%
x24%
100%
9
Apr
58
70
Free port Sulphur Co
Feb
share
per
Dec
38
9% Feb
Apr
Sept
Oct 19
Oct 20
10
Francisco Sugar Co
8
1% Oct 19
No par
No par
Gamewell Co (The)
440
200
24
24
25%
24%
24%
23% 24%
121% *110
121% *110
121% *110
121%
3934
41%
40% 42%
39% 41%
37% 39%
30
30
30%
30% 31
30%
2834 30%
1%
1%
1%
1%
1%
1%
1%
1%
40
200
Oct
Nov 16
27
100
preferred
$6 2d preferred
4,100
200
pref
conv
conv
3,000
36
32%
7%
8
7%
52% 53
*119% 120
120
5
90
7
37
800
16
22
97
38%
8%
86
26%
*110
121% *110
121%
4178
42%
40% 43%
30% 31
30% 30%
1%
1%
1%
1%
*33
7
230
2
5%
21%
16%
7%
*90
105
13%
*85
90
*7%
110
2
2%
5%
5%
104%
7%
125
125
*116
134% *116
134% *116
134%
4%
4%
434
434
4%
4%
4%
4%
12
1234
1234
13%
10
12%
12%
12%
26
26
24% 26
24
24
24%
24%
5%
13%
12%
23
16%
16
*85
7%
7%
37%
8%
125
5
5%
13%
*21%
90
7%
6%
7%
7%
•88
6
15%
*85
7%
6
23
*21%
16
7%
61
104
4Y%%
17
Oct 18
80
F'k'n81mon<feCoInc7% pf 100
500
*29
*104% 109
1 Follansbee Brothers.-No par
Machinery Corp
100
FoBter-Wheeler—
107%
52%
46%
58%
39%
11% Oct 19
Food
140
6,300
70%
4%
50%
22%
*4%
50%
21%
50%
22%
2,100
86%
17
4%
700
2%
86
79
50
34
16%
8
Highest
share <
per
105
39»4 Feb 19
413s Mar 11
16% Oct 19
Nov
I
share
per
108% Mar 9
45% Jan 18
25% Sept 30
"1,700
90%
2%
22%
Oct 19
22% Oct 19
21%
29%
86%
19%
*86
18%
*70%
4%
81
x65
20%
23
5
*70%
*4%
50%
Fed Dept Stores 4M % pf.,100
Fidel Phen Fire Ins N Y..2.50
Lowest
Highest
S
share
per
90%
33%
35%
18%
31%
2%
29%
31
86%
19%
300
2,400
68
29%
*21
3
93
*19
30
19%
80
50
23%
*50%
23%
18%
*70%
*4%
5%
39
Lowest
Par
Shares
21%
*87
19%
2%
2834
21%
93
17%
21%
88
♦85
22
2%
32%
*65%
*21
21%
93
19
34
22
2%
*31%
23%
21%
70
30
1937
Range for Previous
Year 1936
On Basis of 100 Share Lou
Week
share
per
Range Since Jan. 1
YORK STOCK
20,
EXCHANGE
the
Nov. 19
$
70
32%
♦32%
*50%
22%
Friday
29
30
39
35%
*20
5%
29%
*21
39
*85
34
*5
71%
29%
71%
29%
30
29%
Thursday
Nov.
1
100
1000
Cash sale.
*
•
4
6
Ex-dlv.
Oct
Oct
y
Mar 17
6% Jan
48*4 Jan
3% June
8% Apr
13% May
18%
Apr
67% Mar 11
30
June
72
Jan 20
58
Jan
25% Mar 11
11
May
Ex-rights
33
Mar
x78% Nov
137g
Deo
05
Deo
5%
Jan
17%
Feb
22% Nov
29%
Oct
54% Sept
73%
Oct
20
Oct
T Called for redemption.
Volume
LOW AND
EXCHANGE
the
Saturday
Monday
Tuesday
Wednesday
Thursday
Nov. 13
Not. 15
Nov. 16
Nov. 17
Nov. 18
Nov. 19
Week
$ per share
Shares
*8
*22
23
22%
9
9
9
9
22
2334
$ per share
§ per share
$ per share
$ per share
9%
*8%
2134
23
1934
Industrial Rayon
No par
1,100
Ingersoll Rand
No par
78
6%, preferred
Inland Steel
100
132
No par
60
82
82
80
82
78
80
81
81
78
78
p *75
81
138
*132
1S8
*123
128
*132
138
*132
138
*132
138
65l2
1214
1234
434
6
27
26
*98
102
*98
*378
*534
61%,
*378
5%
26%
5%
11%
26i2
64%
61
65
60
61%
"MOO
12
5%
27%
67
13%
*378
64
64%
123g
434
6
12
*26
434
64%
127S
11%
11%
22,900
*378
*378
434
5%
12
434
5%
10%
434
534
27%
26%
2634
26%
*378
534
27
100
4
4
4
1038
11%
3%
97S
4
IH4
10%
10%
312
334
2784
33s
334
3%
3%
3%
10%
3%
4*4
*26
2634
141
140
140
3%
26
70
9%
9
8%
9%
66
87g
8'
3%
26%
22%
3
7%
I
*8%
134
2,100
63
19.600
143
129
13738
4%
9
800
934
143
7%
6%
4%
87S
4;is
7%
4%
8%
8
43
41%
3933
42
41%
4378
43%
43%
4234
4538
4378 4434
134
*127
134
*127
134
*126
*126
135
*126
135
♦126i2 135
11
11%
9%
11%
12%
11%
11%
13%
12%
1378
1338
1378
*478
47%
5134
5%
49%
*20%
49%
*20%
49%
*35
434
36
22%
3578
*22%
24%
*75
80
*20%
77
4%
434
49
50%
*20%
*3434
21%
76%
22%
3578
2334
77
7%
7
7%
7%
7%
48
22%
36
47
21
*21
35
*34%
21%
23%
*76%
80
738
7
73g
7%
7%
37
May
107
Apr
2% Oct 19
Jan
57s
Deo
No par
6
Oct 19
28% Mar 11
9% July
18%
Deo
Agricultural.-No par
2
Oct 19
9% Apr 14
278 July
18% Oct 19
129
Nov 19
63% Apr 14
2234 July
160
Apr
Iron
Interlake
Internat
Prior preferred....
—100
Int Business Machines.No par
.......100
Preferred
25,700
Int Hydro-EIec Sys cl A...25
4,400
Int Mercantile Marine. No par
2,200
Internat Mining Corp.
7%
7%
14
13
88
*78
85
*78
85
*78
85
*78
*11%
13%
*10%
*23%
12%
*10%
12
*10%
12%
*23
*118
125
*21%
5478
833s
25
*23
24
*23
*118
125
*118
125
*118
125
55
55
*52
54?s
83%
84%
*122
123
123
80
80
13%
14%
24
25
125
*118
1334
80
54%
54%
*5378
83
80
*122% 123
122
80
86
123
78
80
7
12
24
14%
14%
7
7
7%
13%
*78
14%
75%
6%
82%
122
80%
80
80
11%
*53
85
*78
11%
*10%
93
93
32
*2%
3634
9%
23%
3%
23
23
94
"34%
93
35%
33%
9%
9%
9%
22%
*2%
*22
23%
234
24%
*1534
17
17%
1734
*678
734
22
17%
17%
13%
14
2434
2534
1638
163s
9%
14
14%
734
*7
26%
26
7%
26
18
'
23%
*118
51
54%
78%
18%
12%
14%
75
76%
78%
12%
9
10
180
*22
25
330
1534
7%
15%
16
*634
14%
8
1534
*6%
1378
15%
9%
1378
21
21
21
*99
125
1%
1%
1%
5%
7%
1%
5%
28%
*11
5%
27%
4334
938
9
26%
26
87%
*86%
90% 90%
*158% 160
*88
z89%
160
534
29
27%
14%
21
125
7%
*1
538
287s
1
1
1%
11
1034
1034
11
11
10%
10?s
27
27
27
27
27
25
26
42%
43
41
43%
38%
834
41
8
3534
38%
45%
9
9
9%
9
26%
26
26%
26
88
87
87
9034
90%
160
18
89
91
9034
*158% 160
18
*17%
*159
*17%
9%
2634
9034
92%
160
17%
27
26%
27
3978
*38%
40
*18
1834
18
18
17%
177s
1734
18
56
61
61%
5884
105% *101
105% *102
20
106
4%
19%
*103
1%
1%
43%
39%
47g
19%
106
18
18
1778
1778
1347g
*130% 1347g *131
18
18%
18%
*17%
58
*56
19%
19%
31
*30
*123%
24
31%
1078
26%
*
56
19%
*30
57%
4
19%
*103
177g
57%
58%
102
1053s
1%
1%
41
41
4%
19%
4%
19%
106
*102
18
55
1%
42%
4%
197g
106
55
20%
19%
19%
19
19%
31
30
30
30
30
28%
*90
93
*87
90
93
160
17%
4,100
500
1%
38%
37g
19%
*102
1734
*30
2%
*1%
2%
*1%
2%
17%
1%
4034
,4
8%
8%
*77g
8%
*7
9
*7%
9
*7
*7
*16
8%
13
*12
*2
2%
7%
9%
21
8
*6%
*15
7%
*7
9%
*15
21
7%
7%
*11%
12%
*11%
2
7%
9%
21
8
7%
12
*178
2
7%
138
36
3%
1%
38
334
20
20
20
*102
18%
31
2
*7
*15
*7%
*11%
178
9io
9%
21
77S
12
2
1%
1%
*1%
1%
*1%
1%
*1%
1%
*5
7
*5
7
*5
7
*5
6%
*5
6
*11%
*178
*28%
11%
11
11%
11
11
2
17g
32
*28%
13%
13
14
1278
13%
14%
14%
15%
1334
14%
11%
*178
2%
*2878
13%
14%
3%
32
3%
34
34
*25%
25%
155
*145
44
44%
6%
*25
6%
26%
*93% 103
15%
15%
11%
*75%
♦
11%
78
4
33%
4%
35
26
26
*145
157
45
534
25
46%
6%
25
*93% 103
15
1478
11
*7578
4
32%
25%
*145
44%
5%
25
11
1078
80
*757g
31
25%
25%
13%
15%
15
11%
80
12%
14%
30
25%
44
6%
*24%
*29
4%
155
5%
*17g
31%
44
25
*7
4
*145
44%
Bid and asked prices; no sales on
2
4%
31%
4%
33
*93% 103
15
11
*28%
1234
14%
32
155
7%
*17g
178
6%
25%
25%
*145
42%
534
*25
50
June
93
Nov
858 Nov 10
36% Jan 18
107% Apr 6
26% Jan 30
30
Apr 15
127
Aug 4
9,.500
6,300
3,300
2,400
"31400
240
17
50
17%
50
17
17%
30
30
123% 123%
20
21%
28%
30%
*9%
10
25
25%
*7
*15
6*4
1,400
700
2,100
400
.50
5,100
10,600
700
2,400
13.J
100
9%
"50
7%
*11%
1%
2
7
800
5,100
""16
90
1%
"1%
40
29
29
1234
11
12%
7,400
143s
13%
1434
9,200
4%
3%
4
1,800
28%
24%
30
2,200
1,200
31
31
25%
155
42%
*145
39%
534
5%
25%
24%
25%
100
155
41
5%
93%
15
*14%
"moo
1,400
25
400
*93% 103
20
11
11
934
*70
80
*76%
this day.
14%
834
78
X In receivership,
Mar,18
126
136
Jan
12184
133
4478 Jan 16
27% Jan 18
82% Nov
7
4
28% Nov 8
5% Oct 19
1
20% Oct 13
par
12
10
par
par
6
Nov 19
14
par
par
Jan
14% Oct 19
15
Oct 19
19% Nov 19
1% Oct 19
par
__
Oct 19
16% Oct 19
35
110
Mar
5
Jan 14
23% Feb 11
109% Feb 4
693s Mar 10
19% Jan 14
No par
Lerner Stores Corp
Llbby McNeill & Llbby
Life Savers Corp
No par
5
Nov
29% Jan
157s Jan 16
458 Apr
Oct 19
47% Jan 23
3534 Aug
51
Nov
14% Oct 19
24% Jan 14
19% June
28
Jan
Oct 19
2778 Jan 14
20% Apr
3378
Jan
32
50% July
5% Oct 19
934 Oct 19
14
Oct 19
100
Nov 12
A—No par
Loose-Wiles Biscuit—
25
5% preferred
100
Lorlllard (P) Co
10
7% preferred
100
Louisville Gas & El A ..No par
Louisville & Nashville
100
Ludlum Steel
1
MacAndrews <fe Forbes
10
Long Bell Lumber
No par
preferred..
No par
Mack Trucks Inc
Macy (R H) Co Inc.—No par
1
Oct 19
18% Jan 18
43%June 10
2138 Feb 11
5858 Jan 9
3
2334 Oct 19
8
23
Oct 19
Oct 19
35% Nov 19
334 Jan 18
79
15% Apr
94% Apr
Oct
Feb
9% Apr
19
Oct
89
May
12
Jan
387s May
47%
Jan
29
6
25
May
4
97
Mar
14
51
Oct 19
Nov 19
101
Oct 19
1
June 22
32
Oct 19
2% Oct 19
18
Oct 19
101
Oct 30
1578 Oct 19
125
Oct 29
14% Oct 19
49
Oct 19
13% Oct 19
2634 Oct 20
123% Nov 19
18% Oct 19
27
Oct 19
Jan 28
175
Jan 13
5
83 % Feb 16
23%May
63
8778 Aug 11
110
2
75% Mar 11
1034 Jan 26
43% Jan 8
110
8
14734 Jan 20
2834 Jan 13
99
Oct 16
Nov 10
Mar 17
4134 Mar 11
36
Feb 11
65
Nov
80% Nov
13
31%
115
Nov
Jan
Jan
116%
Jan
160
Oct
170%
Deo
19
Apr
23%
257g
Jan
36
July
"43"
Apr
A04% Feb
Feb
63% Nov
55
Deo
67% Deo
1087g July
eb
Deo
Apr
35%
3%
*38%
107
3%
Jan
Jan
Oct
617s
45
Jan
May
113
Sept
21% Apr
8-% Mar
26%
151
Jan
Jan
140
Dec
20
May
30%
Jan
102%
Oot
Oct
35
Feb
42
Jan
57%
22% July
33
Oct
134% Nov
132% Feb
9
8
58% Mar 8
15% Jan 20
127%
Jan
62% Mar
27%
Jan
49%
40%
Apr
65% Nov
8%
15%
Mar 10
34%
67
Nov
778 Jan 12
1%
Jan
Jan
Jan
9
Dec
7%
Jan
"35%
Deo
18
Nov
7
7
May 12
28% Feb
63
6
Jan 23
12384 Nov
2184 Nov
9784 Mar
378 Feb
Oct 15
1
Aug 14
2678 July 26
Nov
4
Oct 19
114
180
22
23
113% Feb
Feb
18% Nov
I884 Deo
45% Nov
2684
Jan
2
May
Aug
18% Nov
July
8%
7
18% Oct 19
1% Oct 19
100
100
100
Jan
July
2
10
100
Certificates of deposit...
7%
12
1538Mar
8% Oct 19
Sugar
15% July
Oct 19
Square Gard.-No par
Copper
Jan 16
June
5
15% Oct 19
18% Oct 19
36
Nov 19
No par
Lone Star Cement Corp No par
6
24-% Mar 17
Lily Tulip Cup Corp...No par
Lima Locomotive Wks. No par
Inc
Mar
1734 Mar
2778 Mar 11
51% Feb 1
203
Feb
1
4% Oct 19
34 Oct 19
83% Oct 19
151
May 20
...No parr
32% Nov
Oct 19
82% Oct 19
Liquid Carbonic Corp.No par
Loew's Inc
No par
Jan
4
—.—25
100
No par
Oct
X25
Tobacco..26
Link Belt Co
Jan
63% Nov
61
24
Llbbey Owens Ford Gl.No par
Jan
20% Apr
Oct 19
Lehn & Fink Prod Corp
28%
Jan
2478
107
6
2
35% July
13
50
Feb
Feb
Nov
283g
Oct
No par
5
-1
5
17% Dec
87
33%
Deo
Jan
No par
6% conv preferred
Lehman Corp (The)
19% Dec
36% Nov
110
46%
73g
Lambert Co (The)
Lehigh Valley Coal....No par
Jan
3% May
30
Apr
41% Jan 14
100
60
80
18%
8
Oct 19
Lehigh Valley RR
Jan
Dec
938 Mar 30
71
Feb 30
8
Lehigh Portland Cement—25
Jan
17
Deo
Apr
Apr
48% Aug
4634 Apr 14
20% Mar
100
Lee Rubber & Tire
19%
23%
50%
24%
100
preferred
39% July
1784 June
6
$6.60 preferred
Dap
26
No par
Preferred
Dec
T33?
121
Jan
30
Oct
Deo
Mar 30
Jan 11
21% Apr 6
167g Jan 11
39
Jan 14
7
June
32
Dec
57%
4% Oct 19
16% Jan 20
1278 Dec
23%
Feb
Shirt—-——.25'
Exploration.. 1
9% Oct 19
1% Oct 19
17% May
2484
De°
Midland Corp....-.5
5% Oct 19
1
Sept 10
29% Jan 30
634 Feb 17
14% Feb 13
Pref ctfs of deposit
No par
Modified 5% guar
100
100
Maracalbo Oil
100
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
6%
7% preferred
May Department
Maytag Co
100
Stores—.10
....No
No
preferred ex-warr.No
1st cum pref
No
13 preferred w w
McCall Corp
934
McCrory Stores Corp
100
6% conv preferred
n New
stock,
par
par
par
par
No par
1,900
4,300
a Pef. delivery,
126%
JH
Nov
100
B
Sept
933g Nov
152
13
Kimberly-Clark
No
Kinney (G R) Co
18 preferred
No
$5 prior preferred....No
Kresge (8 S) Co
Kresge Dept Stores....No
Kress (8 H) & Co
No
Kroger Grocery & Bak.No
Laclede Gas Lt Co St Louis
S6
Feb
tut,
75% May]
126
116
Keystone Steel A W Co No par
Marine
Jan
May
88
Mar 17
Kennecott Copper
Magma
Apr
113
Mar 17
Oct 29
Madison
31% Nov
29
4
6%
2234 Apr
46
Oct 19
92
Lott
Jan
121
B
Series
Oct
Jan
15
243a Aug
8
Stores.$12.60
Liggett <fc Myers
107
82
4
5
1
5%
37% Nov
17% Nov
115% Apr
Kendall Co 16 pt pf A-No par
Class
Feb
1038 Apr
Jan
Feb 15
Oct
Feb
19%
Furn—10
L pf ser B No par
100
14%
78
120
53%
11% Sept
58%
87% Jan
155
30
27'
Market Street Ry
1%
5%
Nov*19
Apr
23
72 ^ Oct
preferred
Manhattan
17«
7%
5%
Nov-19
69%
19%
pref-.lOO1
t Manhattan Ry 7% guar.
2,000
12
*1%
Sept 23
51
100 j
Mandel Bros
9%
21
7
9% Oct 20
20% Oct 19
1 Z116
City Southern
X Manatl
*7
Oct 19
Oct 19
Oct 19
J3
*93% 103
15
100
1778
17%
11
*11%
7%
19,000
132% 132%
134
*1%
7%
2,100
106
2%
7%
*1%
7%
Feb 19
1578 Feb 19
Preferred
*11%
12%
2%
*17
106
*1%
9
600
2534
22%
26%
36
36
40
17%
17%
17%
1734
51
55%
55%
57%
*101
10434 *10178 10434
17%
~
21
160
2,300
26%
*2
*8
*159
92
38%
3%
*7%
90%
300
100
*2%
*17
800
1,900
1,300
.
*24
160
1,900
3,300
3,200
81*
25%
18
18
18
1778
130% 132% *130% 131
1734
17%
17%
1734
54%
52% 5334
*53%
18%
131% 132
17%
59
102
110
Octl9
6% Oct 23
9% Oct 19
72% Oct 18
4% conv preferred
II,300
3,300
*25%
91%
2,800
"3" 400
8
♦123% 128% *123% 128% *123% 128% *123% 128%
23
2134 22%
23%
23
24%
22% 23
24%
3034
31
31%
30%
30%
32
32%
30%
31%
103s
zlO-%
11%
11%
11%
11
11%
*10%
11%
28
26% 26%
*26%
26
25%
29%
25%
27%
•
5
27%
11
26
*103
*434
25%
27
3978
41
5
28%
12
41
40%
4%
5
27%
28
29%
40%
4%
19%
20%
125
1
41
1%
18%
*98
125
1%
18
1%
~2~ 500
6%
4234
*1%
1,800
8%
13%
12%
7%
2934
5984
20%
*98
15%
*6%
7%
5%
28?s
Oct:l9
4
4% Sept 25
35
Lane Bryant
15
7%
2934
*3834
*102
*11
7
*17
*17%
28%
17%
1,600
17%
17%
16%
9%
1478
7%
100
600
17
16
8%
5,900
7
*5
*27
24
734
17
29%
7%
22
14
90
29%
24
14
16%
30
*6
24
10%
*9
17%
300
16
*26
24%
20%
65
Kelsey Hayes Wheel conv cl A1
7%
24
*100
Nov
"2" 100
29%
26
29
*25%
17
*21
15%
16
26
8%
1%
5%
2934
4434
2%
24%
3
24%
12%
23
28
2%
16
12%
125
10%
20%
17%
35
I,200
1,400
2,300
8
19%
3
Oct
Apr
Kayser (J) & Co
5
Keith-Albee-Orpheum pf._100
80
61% Nov
15
No par
Kalamazoo Stove &
1,500
Oot
Oct
Jan
47
1
500
4%
Jan
Mar 11
—No par
Kaufmann Dept
3
11%
10%
52
Preferred
700
Jan
Oct 19
No par
Jones & Laugh Steel
300
334
Oct 19
preferred
Kansas
Deo
68% Sept 22
10
Feb 16
16
...100
Kan City P &
Deo
8%
100
590
"1,-500
1478
Jan
19% Oct 19
Johns-Manvllle
30
Jan
1%
Apr
30
Corp
10,800
2%
6
9%
No par
Jewel Tea Inc
jg
Nov
100
Island Creek Coal
$6
Oct'19
Da
60J8 IN o «
136
No par
preferred
Intertype
2%
13534 Jan 5
19% Sept 22
18
Apr 6
43% May
125% Feb
No par
Shoe
""400
8%
9
20%
16
300
76,300
9
24%
liar 10
^Feb
8% Jan 30
57% Feb 16
2834 Jan 25
4938 Jan 4
Preferred
'""266
33%
20%
*2%
*2234
12%
*15%
*6%
30%
93
9
12
*6%
14%
93
21%
14%
21
44
34%
17%
*100
*27%
7%
*26
~
*17%
20
5%
17%
17%
33%
95
17%
125
1%
16
*93
17%
20
29%
3
23%
35
733s
Deo
18%
Foreign share ctfs
No par
Interstate Dept Stores.No par
125
122% 122%
80
3,000
4,100
24
53%
69%
76
81%
*122% 123
18
*101
77s
'
21%
*2%
*2234
16
17%
*6%
25%
17%
14%
9
9
15%
17%
17
29%
33%
34%
21
*1534
*27%
*7
9
93
20%
*2%
23%
95
*93
Deo
100
Inter Telep & Teleg
85
177S
177s
*18
18%
19%
19%
19% *18
19%
19%
19%
*118% 120% *118% 120% *118% 120% *118% 120% *118% 120% *118% 120%
9
9
87g
7%
9
9
10
10
9%
9%
934
934
19
16%
19
19
16%
18%
19
19
1978
1934
*19%
1934
18
*16
18
19
17%
19
*18%
I884
♦18%
1834
*1834 20
14
14%
15
15%
*1478
15%
15%
15%
15%
15%
15%
15%
93
*82%
*82% 93
*82% 93
*82% 93
*82% 93
*82% 93
87S
9%
8%
10
9%
10
10
934
10%
10%
10%
10%
6
61*>
6%
6%
6
7
6%
7
7
7
*6%
6%
*
13%
4% Sept 10
36% Oct 19
preferred
7%
230
38,300
Apr
7
International Silver.
75%
10%
Jan
8%Sept|13
International Salt
'
Apr
18»4
6% conv pref
100
Internat Rys of Cent Am.. 100
International
234
Oct 19
..No par
500
Jan 29
8
No par
100
160
"39% Nov,19
12778May 27
100
7% Oct,19
15
Co
600
Jan
Jan
Inter Pap <& Pow
Class B-...
20
Deo
148%
4%
63~600
22%
34%
7
1678
Int Nickel of Canada.-No par
19
Deo
5
105%
9
! 6
Preferred
Deo
194
4
15% Apr
56,900
34%
7%
Jan
Aug
162
178 Oct 19
57s Mar
565s
Jan
120
Oct 19
3
2%
Jan 18
189
58% Nov 19
143
Nov 19
No par
Internat Harvester
5%
4884 Nov
Sept
112
No par
Rubber
Intercont'l
Voting trust certlfs.-No par
678
Jan
64% Apr 20
5
111% July 16
11% Mar 16
*21.
76%
*21%
77
18%
Oct 19
460
21%
76
21%
Deo
Jan
Dec
1078
Nov 19
47%
35%
Oct
Jan 20
24%
778
Jan
6%
98
47
22%
35
Nov
20
520
48%
478
Deo
122
100
preferred
6%
41,500
4%
48
21
434
140
t Interboro Rap Transit--.100
No par
3%
3%
147
Aug
88% July
1334
45%
41
47%
4
7
778
1478
45%
49
49%
678
7%
7
46%
4%
49%
4534
51%
May
125
6
1% Oct 19
Class C.
50%
106
131% Mar
6% Oct 19
378 Oct 19
Intercbemlcal Corp
Feb
5
Feb
143
8
15% Nov
41% Nov
July 30
144
Nov
share
per
,
4% Jan
25% May
Inspiration Cons Copper...20
Insuranshares Ctfs Ine
1
200
58%
65
1447s 1447s
5
5
23%
334
9
62%
838
734
3%
1,700
22,300
4,200
3%
4
8
Oct 16
Nov
share
per
33% Feb 23
6
Jan 18
50
10%
134
137
65
100
98
2,800
3%
2534
*143% 145
*138% 14812 *138% 148% *138% 145
7%
8
734
81
7%
8%
5
5
434
5
478
5
9
137
"3",400
27
934
28
*27%
135% 139
61%
6534
141
65%
703s
68
26
2734
*98
102
*98
102
5%
5
100
*98
4
10?8
*4
Oct 19
16
4,600
*132
6438
5% Oct 19
10
Indian Refining
20
19
1
share
22% Jan 20
47% Apr 20
S per
$ per share
Highest
Lowest
Highest
Lowest
Par
600
7%
7%
8
213s
7%
9%
2134
of 100-Share Lots
On Basis
YORK STOCK
NEW
for
Range for Previous
Year 1936
Range Since Jan. 1
STOCKS
Sales
CENT
NOT PER
SHARE,
SALE PRICES—PER
HIGH
Friday
Ll per share
3307
New York Stock Record—Continued—Page 6
145
1
100
r Cash sale,
6% Oct 20
Oct 19
10
3
Oct 19
9
Oct 16
3% Mar 29
20
Jan 21
39
Jan 20
1% Oct 19
678 Mar 27
20
Oct 21
9% Oct 19
Oct 19
10
1% Oct 19
20
Oct 18
22% Oct 19
May 17
142
36
Oct 19
4% Oct 19
24% Oct 20
6134 Mar
4
307g Mar 1 o
29% Apr 30
137g Jan 10
74
Feb
2%
Jan
8% Apr
1%
Jan
6% July
1834 Jan
2% July
41
11%
May
Jan
6% Apr
Jan
634 Mar
1234 Aug
3% Mar
23
Nov
45
Nov
7%
Dec
56% Nov
25% Nov
12
Mar
5
42% Nov
8
165
Jan 25
66% Mar 11
15% Jan 11
27% Apr
1537s Jan
43% May
13% Apr
21%
Feb
Feb
4134 Jan
163
Dec
70
Nov
44
Jan 13
43% Dec
55
3
45
Jan 13
44
Nov
50% Apr
93% Oct 21
13% Oct 19
7% Oct 19
111
Jan 22
103
Jan
110%
Oct
2
29
Feb
37
Dec
35
x66
June
Oct 19
x Ex-dlv.
36
Jan
24% Feb 11
106% Mar 2
2% May
92
June
23% Nov
101%
Dec
pEx-rlghts. 1 Called tor redemption^
New York Stock Record—Continued—Page 7
3308
Nov.
20,
1937
-
LOW
SALE
HIGH
AND
PRICES—PER
SHARE,
NOT PER
STOCKS
Sales
CENT
NEW
for
Wednesday
Tuesday
Monday
Saturday
Thursday
Nov. 13
Nov. 15
Nov. 16
Nov. 17
Nov. 18
Nov. 19
$ per share
$ per share
$ per share
$ per share
$ per share
Range Since Jan. 1
On Basis of
STOCK
Shares
10
10
3512
2434
*24
10
10%
37
37
16i2
912
3512
24i2
9%
37%
16i2
10
36
25
10 %
37i4
8%
16*4
*1512
*35
16
16
9ig
36i2
3734
24
25
9%
9
934
367g
834
*15i2
16
*15%
934
934
93g
3714
*24i2
3734
25
37*4
16
93j
3734
25
25
10
10
9%
36%
8%
*36
10%
37
8%
9
97g
36%
9%
*36
9lg
15
37%
23%
9%
35%
8%
77g
8%
*82
90
90
*82
90
*81
90
90
♦81
16
16
15
16<4
14
15
12
*71i2
76
80
80
*6612
80
*53%
53'4
671i
*53%
67i4
*53%
67%
1434
*66%
*53%
15
73
1434
*66i2
15
73
65
*53%
53 >4
*53
54
53
*50
51
6%
6%
6
*82
25
25
25
1712
42%
17%
42%
9%
20%
9%
53
6%
26
67
1%
1%
18%
18
3%
19i«
83i2
*104%
40%
♦25
4212
78
2238
1412
*217S
12
*2
1
1%
1%
18
3
3%
10%
11
2
2%
20%
2234
97
90
95
95%
60
60
*104
7%
1
69
1%
1%
10%
2
2
17
3
3%
9%
1%
1%
3%
6%
6
67
67
*60
14
65%
*13%
65%
*13%
*61
63
61
61
60
60%
*105
107
*105
107
107
65s
7
7i2
71«
*42
48
1234
*1512
*1312
*8%
2034
6%
6%
13
73g
*42
48
6
634
*40
15
107
7
48
12%
13%
117g
16%
16%
*14%
13
14%
13%
7%
8%
7%
21
2134
2034 21%
*153
153% *153
153%
18
18%
1834
18%
12%
16%
13%
734
16i2
14i2
8i2
2H4
13%
*58
*105
6%
*40
11%
47%
2312
11%
12%
7%
143g
12%
15
7,300
13,700
111
190
24
27
*18
8i2
9%
2734
25
108
734
24
8%
25%
*18
7%
24%
22%
8%
*152% 156
*152%
156
154
154
*132
135
*132
*132
135
132
26
9
834
135
*5g
%
3g
93g
*%
38
25%
3g
24
8%
24%
23%
*77
*27
72%
39
75
*70
*38%
99l2
99i2
*98
13
1312
*10%
13%
16i8
17
16%
17%
3412
34i2
33
35
20
205s
19%
21%
*23
24lg
2234
39%
23%
*39i2
2334
41
2334
*5
*1034
1U2
*114
*115
123
*115
*%
*
34
~*3~
6
41l2
*88i4
*37%
38
24%
24%
*4%
11%
5%
232
18%
20%
*35%
23%
*4%
118
115
20%
37
23%
5%
*10
11
118
115
%
19%
*114
11%
*114
32
115
%
73
18%
35%
1,900
23%
4%
10%
18%
33%
22%
4%
9%
9,000
70
470
41%
140
86
86
100
"T%
*90%
*1%
6%
*97
*1%
5
*90
"l%
40
1%
1%
200
200
201
201
200
200
199
199
197
198%
191
196
*107
108
108
108
*106
108
106
106
106
106
106
106
24%
21%
23%
53
52
52
8
*92
*9214
1334
94i4
14i4
*92%
13%
*35
37
*35
37
*238
*1934
127g
2i2
2%
*19%
127g
29%
13%
22
1314
32
32i4
127g
13i4
*91
*92
100
*812
253g
9
1134
8%
2438
2534
*126
130
*126
7%
*97
94
1212
117g
14%
2%
22
13%
33
14%
100
8%
26
130
13
12%
*35
2%
*19%
12%
2834
127g
91
8%
23%
126
11%
Nat Gypsum Co
National
64
*55
15%
*54
1534
1534
50
*40
*114%
68
12
61
7%
100
22% 23%
51% 51%
7%
7%
*97% 100
93%
13%
*92
37
*35
2%
12%
2%
*19%
12%
9312
13%
37
2%
22%
*51%
23%
52
7%
7%
*98% 100
*92%
12%
35
93%
12%
35
19%
51%
6%
98
22%
51%
7%
100
*92%
93%
12%
11
*31
35
2%
*18%
2%
22
12%
27%
13%
12%
2%
18%
12%
12%
12
30
30
30%
29
29
13%
13%
14%
14%
14%
25%
12%
94
92
92
92
90
22
12%
8%
24
8%
23%
126% *126
11%
11%
66
12
123s
97g
*
16
*14
50
*40%
6734
12%
*114%
61%
11
5
1634
16
16
4%
15%
*8%
10
8%
97g
Bid
*55
*14
*40
5%
*5
1634
60
1534
50
*114%
68
59
5%
22
8%
24%
130
12
63%
11%
5
*114%
59%
11%
*4%
15%
*15
8%
*9
62%
16
*90
2%
21
8
8
22%
23%
*126
11%
*55
*14%
*40%
*114%
63
58%
11%
10%
5%
*4%
16
15%
10
8%
50
...
and asked prices; no sales on this day.
jrcsrcaKs
18
10
7% pr< ferred A
100
100
18
National Power A Lt
9
130
11%
1
Newport Industries
N Y Air Brake
No par
New York Central
No par
Oct 27
800
Oct
171
Deo
Jan
147
Nov
Dec
61%
9% May
% Jan
14%
300
24,800
30
1,000
20
15,600
4,700
33,300
190
1,100
7,000
130
10%
11%
20
9,600
*50
5934
200
15%
50
*14
1534
50
4,000
58%
10%
7,200
4%
500
*40%
*114%
60%
54%
11
10%
5%
4%
8%
13
3,400
14
a
80
8
7
X In receivership,
Jan 11
37
Mar 17
41% Jan 18
Nov
6
98% Feb 10
Oct 19
55% Mar 17
Oct
Oct
Jan 22
36%
Jan
95
Sept
3% July
10% May
15
Nov
31% Mar 19
12% Jan 22
Nov 17
137
Mar 12
% Oct 18
2
7
Feb 10
90
Jan
3
Apr
Jan
Oct 23
97
2
Oct 15
9% Mar 8
26% Feb 25
73
9
June
% Oct 19
100
6% Feb 11
19% Feb 11
76% Jan 22
102%May 3
ll2%May 5
484Mar
3
105
80
Def. delivery,
9% Oct 19
Sept 25
34
Norwalk Tire A Rubb.-No par
Preferred..
50
1% Oct 19
15
No par
Oliver Farm Equip
No par
Omnibus Corp(The)vtc No par
Oct 19
40
9
Oct 19
25
Ohio Oil Co
Oct 19
22% Apr 5
73
Apr 20
26% Feb 16
6% Oct 19
8% preferred A
-.100
Oppenhelm Coll A Co.-No par
90
125
100
100
1 st pref.-No par
55
Outboard Marine A Mfg
5
Outlet Co
No par
Preferred
100
48
2d
n
114
1
140
Feb
3
243g Mar
8
154% Oct 25
97
Mar
8
8
28
Jan 12
x
Deo
Deo
7% Feb
15% Mar
99
Sept
104
Nov
1% Aug
23% Apr
5234 Feb
6%
98
Jan
Jan
97% Apr'
23% July
50
Aug
2
Jan
19
Aug
12% Aug
24% Jan
17
July
107
Jan
8
Jan
24% Apr
123
Jan
12% July
70
July
79
Dec
109% Aug
2% Jan
310%
115
Oct
Oct
35% July
59
14%
June
Dec
106% July
103
36%
57
Nov
Feb
Mar
4% Mar
32
Nov
18
Deo
59% Dec
25% Mar
115% Feb
19% Nov
3934 Nov
136
June
2034 Mar
12034 Nov
83% Deo
Jan 26
75
6%
18%
Mar
4
May
115
June
9
47
Jan
70
Nov
114
July
114
July
13
July
103% Aug 11
23
Jan
7
153s Feb
1
3%
40
3
8% July
4
No par
Cash sale,
Feb 13
19% Mar
45% Jan 21
99% Sept
May
93% Apr
934 Oct 19
2% Oct 19
7% Oct 19
5
10
r
114
Jan 18
Oct 13
54% Nov 19
No par
pref
New stock,
Oct 22
14% Nov
Owens-Illlnols Glass Co..12.50
1st preferred
Nov 10
6% Oct 19
112% Jan 23
No par
Pacific Amer Fisheries Inc
Nov 19
5% Oct 19
20% Oct 19
No par
Pacific Coast
Jan 28
36% Mar 11
53% Jan 22
6% Mar 3
Feb
83
Jan
Oct 14
conv
9% Apr
2%
57
May
91
50
100
Telegraph. __50
$5.50
July
105
Oct 27
prior preferred
4
210
Oct 19
Otis Steel.:
73g Apr
8
3
6% preferred
Sept
Jan
93
Elevator
138
Jan
Jan 14
34% Jan 14
1
Pacific
Jan
1
114
No Amer Edison $6 pf.No par
50
North Amer Aviation
Oct
125
272
102
57% Feb 3
173g Jan 21
104% Jan 8
preferred
150
Oct 19
180
100
No par
29% Nov
Jan
Apr 8
14% Oct 19
48%June 18
100
pref
253g Jan 22
69
.No par
Deo
53%
115
Oct 19
Deo
Jan
119
Oct 15
Apr
83
17%
Jan 20
63%June 14
Nov
43
40
Marl7Y
135
3
110
49%
Oct 19
30
Nov
64% Nov
Jan
Oct 19
No par
North American Co
Otis
104% Apr
10% Feb
9
Apr
32% Jan
5
Shlpbldg Corp part stk..l
7% preferred
100
Northwestern
Apr
110
N Y
N Y Steam $6 pref
$7 pref series A
Northern
41
50
Oct 19
12% Nov
13% Jan
2 734
Northern Central Ry Co
22,900
7
22%
109
Nov 18
Oct 19
1
Deo
Sept 21
No par
1NY Ontario A Western. .100
Feb
60
100
Feb
Feb
1%
7% July
10% June
3234 Apr
57% Feb 13
Oct 19
Deo
3
Oct 29
Oct 20
4% Oct 19
36% Nov
54
80% Oct 30
12% Jan 15
Oct 19
6%
Apr
26%June
78
15
Adjust 4%
Mar
37%
137%
13% Feb 25
234 Oct 20
"33%
155
Nov 19
Oct 19
Oct 19
8
June
Apr
31
100
June
24% Nov
57%
30
6% preferred series A... 100
NYC Omnibus Corp..No par
Conv preferred
112
99% Aug 14
26% Nov 12
72
6% preferred
Deo
28% July
112% Mar
Jan
Oct 19'
No par
Oct
Deo
Mar
Jan
Deo
Deo
32% Nov
%
14
New York Dock:
15%
3834
164%
37%
107%
Jan 18
1
N Y Chic A St Louis Co—100
Norfolk A Western
60
16
1
Oct
47%
19%
Jan 29
14®4 Jan 14
2% Jan 18
Oct 19
71%
3%
6%
23%
100
1,300
90
7
22
*126
5M% prior pref
t Norfolk Southern
450
62% Nov
Jan 22
•
61% Jan 22
20% Nov 19
24
—.40
150
Mar 11
Oct 19
55
National Supply (The)PcnnalO
3
Nov 19
%Sept 9
%Sept 11
100
-.25
$2 pref.*.—...
171
July
5
No par
44
Oct 19
127
preferred B
100
67,200
Deo
22% Mar
18% Apr 22
Oct 19
153
6%
Nat Mall A St Cast's Co No par
If 7%
*
4% Oct 19
1
Lead
2,200
36%
90
7%
28
5%
5%
47%
*98% 102
25%
Mar
400
*85
7%
734
*98i2 102
Mar 17
38
1%
41%
*52
35
191
X N Y N H A Hartford—100
90
79% Aug
108
Oct
Oct 19
3,900
1%
1%
Apr
9
Oct
"3", 700
*1%
534
*41%
101% Nov
3634 Deo
10% Jan 28
17
6%
73
1%
102
10
24% Mar
Oct 19
18
2%
2%
6%
1%
73
*1%
*5%
41%
*87
Dec
21
107«4
No par
Nat Distillers Prod
10% pref
50
X N Y Investors Inc
No par
N Y Lack A West Ry Co—100
2%
90
107
5% Oct 19
10
1,400
6%
41%
26% Feb 8
112% Mar 11
112
May 20
Apr
Apr
4
No par
preferred
%
%
6%
52
6%
N Y A Harlem
"2%
52
100 xl0734June 1
104% Oct 19
100
Nat Depart Stores
60
123
%
1,500
7%
112
Oct 19
No par
Pref class A
10
118
*111
115
%
♦
30
21,200
1,500
125,800
16%
*114
10
11%
15%
31%
234
n
12
7%
7% pref class B
Dec
21
10%
10%
29%
15%
103
*10%
137g
31%
234
22%
Nat Dairy Products
Jan
30%
57% Aug 17
38% Feb 25
99% Nov
*99
7
237g
Oct 19
100
103
3
23
13
153
Dec
100
*99
24%
4%
*1%
39
20% May
12% Apr
9% Apr
2834 Oct
100
5% pref series A
X New Orl Tex A Mex
103
Jan
3
103% Feb
87
100
7
*1%
Nat Bond A Share Corp No par
Nat Cash Register
No par
Aug 20
Oct 19
6434 Mar 10
200
50
6%
ll2
90
2
Jan 18
33% Jan 13
Oct 19
70
*38
234
*H8
100
A w w
ser
333gMar
167
Oct 27
70
45
7%
1%
98%
Oct 19
37
75
*38
3%
98%
16
65
*70
39
37%
*95
100
4fi % conv serial pref...100
Newberry Co (J J)
No par
75
39
4%
9%
98
10
;
7% cum pref.
9
Nelsner Bros Inc
23%
98
National Biscuit
Nat Bond A Invest Co.No par
Mar
18% Jan 21
200
37
5%
6% Oct 19
18% Oct 19
145 May 18
No par
28
22%
41%
*85%
24
Nat Aviation Corp
*26%
21%
63g
47% Mar 11
Oct 19
43
•
Oct
Nov
j24% Jan 28
Oct 20
31
*21
90
Oct 19
8
*27%
28
22%
41%
5
10
1
No par
20
*89
6
Nashv Chatt A St Louis.. 100
Nash-Kelvlnator Corp
National Acme..
No par
19
1%
6%
1
National Tea Co
*67
73
Mar
Natomas Co
19%
123
71
500
7%
1%
6%
41%
6i4
41l2
Oct 18
3,200
18%
%
47
No par
9
27g
90
102% July
14
Apr
Oct 19
4
33
*1%
108% Jan 26
20% Feb 11
8
Apr
3
71%
714
17S
*H2
102
9
32
*68
5% preferred..
100
Murray Corp of America...10
4
32
78
44% May
71%
2434
*68
Mar 13
9
3ig
714
Jan
90
4%
10%
*115
May
21
Oct 20
4
15%
%
70
52
C)
(G
*8%
10%
123
500
Jan
No par
Co
9%
15
10%
27
4%
*99
118
15'o
Mar 15
15% Aug 16
993g Mar 19
75
13%
15%
Feb 13
61
36% Feb 11
75
28
20
Oct 20
75
4%
9%
43%
Oct 20
400
13%
%
78
_
4% Oct 19
283g Apr
12
6,500
9%
8j
Nov
2% Nov
38% Jan 15
63
15,800
16%
*114
30
No par
61%
15%
11%
Co class B...1
preferred—No par
Mfg
conv
25%
*10%
114
17
23%
5%
114
1
-
Co
25
41
10%
118
5
Wheel
58%
20%
24%
*5
5i2
Jan
63
103
*10%
15%
34
26%
70
*98
3% Feb 26
24%
38%
32
103
Feb
%M'ay 12
12% Oct 19
8% Oct 19
61
27%
70
Feb
71
23%
26%
27%
*38
68
59%
Jan
63
4%
Nov
Jan
Dec
60%
Motor Products Corp..No par
$7
Deo
Mar
41%
26%
75
40
40
20
33%
103
May
35%
25%
77
79
Feb 17
5% 2d preferred...
National Steel Corp
4%
9%
Jan 23
Feb
Mar 10
900
63%
40%
Oct
Feb
7%
3% Jan
19% Aug
66% Jan 18
%
*75
*66i8
107% Aug 27
109
Sept 24
Feb
4
Sept
46
%
78
*38
Oct 19
2
Deo
69
%
*77
28
Nov 19
1634June
5% Jan
14% Jan
Feb
Feb
8
*%
25
*27
76
105
6% Mar 17
12% Mar 17
Feb
5%
6%
29%
9%
333g
8
%
27
30
34% Mar 17
Deo
2%
Oct 19
%
23
4%
878
9% Mar 17
Oct 19
Oct 13
Oct 19
Oct 19
Nat Rys of Mex 1st 4% pf.100
*26
Apr
Oct 19
5%
1%
1%
14%
94
57% Jan
13g July
2% Aug
234 Jan
Nov
300
27%
34
2
123g Mar
Nov
%
66
25%
87g
135
18
8%
6% Jan
Jan
40
8%
9
22%
4
8
5
5% Mar
48% Sept
24
7%
%
24%
4%
100
*132
132
15
15
19
19
%Sept
1% Oct
% Oct
16% Oct
6%
Nat Enam A Stamping.No par
11,200
20
9,600
*20%
8%
Nov 19
60
16% Mar 11
108
Aug 3
2% Jan 23
30% Nov
131% Mar
50
%
*26%
914
100
Nov
48% Mar
No par
*%
2712
4%
1,800
.100
20
10
%
6d4
247g
4%
*8%
Deo
*%
8%
*%
62%
24%
26%
6134
Nov
120
%
9
*%
*38
64%
70
4l", 600
132
112
Dec
1,600
16,700
78
66
24l2
*26i8
14%
110
108% 108%
7
7%
5
*4%
20% 23
7%
7%
6%
24%
23%
*152% 158% *152% 158%
23%
Apr
119
Mother Lode Coalltlon.Ns par
5% pref
84%
*18
20
400
1,600
7%
132
*24
*18
7%
260
1,900
1,200
15,800
23%
25
*152% 156
25%
8%
19~566
""466
22%
z65
MarlO
100
Myers F A E Bros
18
23%
2714
60
9,400
47%
14
*18%
8%
7%
27
*42
10%
24
1534
111
6%
16
27
111
Mar 17
100
Morrel (J) A Co
Morris A Essex
Murphy
13%
15
15
15%
15%
15%
111% 111% *111
111% *111
109
*107
108% *107
108%
*8
8
8
8%
8%
8%
6
6
*434
*4%
5%
5%
22%
23%
23% 23%
22% 22%
157g
111
*108
109
*1O014 109
9
9lg
8%
9
534
*434
6
*412
120
124
$4.50 preferred
No par
Mont Ward A Co Inc..No par
600
43%
19
Sept
9
98% Oct 19
4% Oct 19
^Missouri Pacific
Mullins
17
*4134
20%
109
Preferred series A
4,400
43%
43%
19
Mar
100
Mueller Brass
19%
153g
111%
43
21%
88
4% leased line ctfs
Motor
18%
45%
Jan 22
100
1,200
4134
*42
Oct 26
106
preferred
7,800
2,400
1,900
19%
45i2
2112
Feb
Monsanto Chemical Co
44
*4212
2078
110
preferred.No par
Munslngwear Inc
12
*75
2
Minn Mollne Pow lmpl No par
2,900
*75
88
xl7% Apr
21% Jan
Jan
5% conv preferred
Mohawk Carpet Mills
84%
41%
*75
5
122
58
40
Deo
Oct 19
91
400
107
Nov
16%
Oct 19
Lt 6% pf—100
56%
5%
Oct
65
41
.100
Minn-Honeywell Regu.lVo par
,4% conv pref ser B
100
13
*105
6%
Oct 19
9
8
Oct 19
8% cum 1st pref
1,200
1,900
88
88
20%
15%
105
3
Nov
4% Oct 19
Jan 13
15
800
105
45
Jan
Deo
Deo
Nov
14
2
57
Jan
Jan
584
Dec
12%
88
10
2
x57
31%
40%
z95
z95
No par
Mid Continent Petrol
Midland Steel Prod
2
*75
*75
15
34
5
No par
5%
Jan 16
72% Mar 5
26% Feb 23
353g Mar 10
47% Mar
No par
68%
Deo
Oct 18
Mission Corp
5
Oct
12
20
Mo-Kan-Texas RR
12%
56%
91
100
1,100
*59
55% Jan
6% May
Feb 16
93% Aug 13
8,100
6
122
3434 Apr 19
163g Feb
2,800
220
Jan
Dec
112% Jan 14
101
86
6
7%
14*4 Nov
Nov
Nov
49%
21%
108%
2884
Oct 25
Mesta Machine Co
conv
24% Dec
493g Jan
Oct
11% Apr
Oct 19
62
Merch A Mln Trans Co.No par
$6.50
June
8% Apr
37% Jan
Oct 19
9
400
Nov 15
16
38%
8
3
3
88
15312
1834
11% Oct 19
Highest
$ par share $ per share
12
Jan
50
Minn St Paul ASS Marie. 100
62"; 500
Oct 19
79
73
19
14
24
17
1
pref
1st
conv
30% Oct 19
19% Oct 19
5% Oct 19
Miami Copper
200
19%
152% 15234
16%
16%
*18
*75
lbjoo
11%
11%
14-%
14%
13%
137g
7%
8%
7%
7%
20% 21%
19% 20%
152% 153
*15234 153%
18
18
17%
17%
*14%
13%
5%
Mllw El Ry A
"MOO
No par
No par
17
13%
*40
Corp.—.
9
65
48
19
3
17
*13
6%
Oct 19
Mengel Co. (The)....
580
*59
7
Oct 19
6
$5.50 pref ser B w w'sNo par
Melville Shoe
No par
530
2%
13%
59%
107
33
1
Stores
S6 pref series A
'""400
65
5%
Mead
Oct 19
$ per share
21
Sept 21
28% Jan
42% Jan
42% Mar
16% Mar
47% Jan
3%
10%
2
6%
4,400
2,500
1%
o
15
70
1,200
15,000
1
*%
1%
*13g
16%
3%
68;
*18
60
3
3%
3%
*3%
3%
3%
*3%
3%
19
18
19IS
17%
18%
*17%
18%
17%
17%
16% 17%
79
76
8334
79% 80
78
82% 85
79%
79% 80%
108
*1067g 108
*106% 108
*106% 108
*107% 108
*107% 108
38
407g
41-%
38
37% 393g
36% 38%
36%
345g 36%
25
24
24
25
*24
25
25
*24
28'g
25
26
42
42
42i2
40
♦41%
44%
41%
41%
41%
41%
41%
1
78
%
%
%
%
%
%
%
%
7«
20
223g
20
18
20% 22
20% *20%
20%
19%
19%
14l2
1434
14%
14%
14%
14%
14%
13%
13%
125g 13%
22
22
23%
*20
*20
19
2234
21%
20
23%
21%
334
6%
1512
60
1
*34
*134
7%
6%
12% Oct 19
9
Lowest
Highest
share
per
No par
preferred
conv
McLellan
510
120
7%
18
3,700
95%
64
120
1%
18
*13
*110
*9234
*60
*60
3%
10%
*68
*153
1634
41%
834
19
*9234
69
*34
*1%
*1%
2
19%
23%
734
17%
8%
*60
69
3734
*104
120
7%
21
""800
5%
2334
18%
*9234 100
64% 64%
8%
5%
9'g
95%
"3^660
80
65
42%
23
I
S3
700
2,400
20
834
42
20
247g
99
*105
120
*17
19%
24
99
99
*34
*134
*1%
3%
3%
11
214
334
1
1%
1134
*2
10%
24
*60
*134
1834
*312
<11%
9%
*105
70
*%
1%
1%
*18
*1534
437g
9ig
7%
*61
1
*a4
*1%
*n2
1634
*42%
8%
7%
72
*61
*1534
24
1634
*9234 100
65%
65%
69
120
77g
712
1634
4212
9»2
20%
2434
*23%
*1534
*96
*9234 100
*105
6812
24
1634
21U
2514
120
*23%
42l2
99
68I4
24
17
24ig
*9234 100
24
10'4
98
*105
5%
44
25
50
5%
9'2
20%
98
65
6
.1
Mclntyre Porcupine Mines. .5
McKeesport Tin Plate
10
McKesson & Robbing
5
$
McGraw-Hill Pub Co ..No par
5,700
1,600
11.600
50
*66%
*53%
50%
McGraw Eiec Co new
2,200
6% conv preferred——..100
1334
578
43
98
50
24%
934
36
8%
700
Par
90
6
5%
*1634
25
20l2
*81
15%
9%
38
Range far Previous
Year 1936
lQO-Share Lois
Lowest
Week
$ per share
YORK
EXCHANGE
the
Friday
27% Feb
2
4%
Oct 19
Ex-dlv.
y
Mar
Ex-rights.
Jan
Jan
22
Deo
15
Deo
32%
29%
Deo
Dec
T Called for redemption.
Monday
Nov. 13
Nov. 15
Nov. 16
15*4
ft.
i
3878
♦133*2
♦14*4
5*2
*8*2
<
i
a
I
„
1*8
54
44
*95
14*2
107*2
13*8
*23*2
i
1
16
*13%
16
*13%
15*4
26
2534
38%
26
25
2534
5,700
3*8
32*4
*20*8
2*4
6%
1134
634
♦2
2%
2%
65s
2*4
7
11*4
1178
11S4
434
11*2
47®
4%
41
41
41S4
76*2
77
70
7734
2l2
41*4
74*4
484
A7S
5
2
0*2
684
♦16
•38
40
•110
6%
534
6%
4%
41*4
40%
41
39
74%
2%
7434
73
74
5
*24l2
5*8
2778
66%
2*i
4*4
a 15*4
16
12
75
2%
2512
25*2
23%
24
2378
243g
38
38
3678
36'8
538
2*4
4%
22
25
♦15
245s
24*4
16
16
15%
23*4
36
36
*3178
•43
♦48
50
iV--
*110% 114
*110% 114
*11012 114
*110*4 114
*110*2 114
35
37
36%
37
37
36*2
37*2 38
3834 40*2
5*2
*4*2
434
*434
5%
434
434
5*2
48®
•478
14
14
*13
14
16
*14
17
♦14
18
18
*13
40
42
43
43
39%
42%
44%
44*2 •43
46*2 *43
•15
♦14
*14%
16*2
•14%
16*2
46
16
*14%
16*2
*14
12*4
1138
12%
*11*2
12
5*2
5%
55g
23%
2534
5%
21%
5*2
25*4
23*2
*5*4
23
24
36
36
36
?534
36
30
36
12
12
12
5*2
24
|»35
*2
*2
2%
•4
*4
434
78
*34
8%
*6*2
5
*3*4
*7
7*2
7*2
•22
"♦6%
•50
169
'
*33
10
9%
10
10 t
V
•11111!! 11134
98
•96
8
50
12%
12%
1*9*2
181
♦1
1*8
*1234
14%
210
*%
1*4
1734
"4" 100
127g
1%
18%
17
♦I27g
147g
1278
8%
9
9%
3
3
*234
234
500
1*8
♦1
3*2
1*4
234
1*8
1
1
900
4%
4%
9%
4%
9%
834
4*4
4%
834
*934
9%
*884
98
46%
116% 115%
98
47
45%
98
10,300
25%
46
1,300
400
4,100
116
180
36
116
5,500
34%
967g
*96%
137
138
138
138
138
*134
142
*134
138
♦111
112%
112
112
90
2934
29*4
13%
117a
12%
12%
127,
87g
14%
14%
7*4
8%
105
14%
52%
97%
5%
5%
35
35
25
25
26
4%
26
*4*2
4*2
81
•
22%
""!%
10
*9
10
*934
11%
15
13%
14%
80
*64*2
14%
15
•64*2
67
*64%
*80%
84
*80%
*
200
134
9»4
934
*934
11%
14
84
84
*80
181*
2«4
2«4
234
19%
18%
20ig
17«4
18%
•70
86
75
75
*71%
82
71
71
71
71
*70
80
15«4
17%
38
♦35
37
•95
120
64
♦60
17%
64
15%
3434
•96
♦60
*17%
18
17
80
81
81
♦81
H®4
1078
11*8
4714
4534
10*4
455s
2%
175S
*75
*70
5
15,600
1,200
2,800
19
34%
200
25
25*8
1,100
300
4
4
*
*8
12%
64%
100
64*2
8,900
100
83*2
234
23g
"lWO
18%
16%
1734 107,700
85
75
75
89
300
70
70
400
14
15
2,900
35
*30
37
*30
37
*25
37
200
120
•96
120
*96
120
95
96
60
*60
65
*60
68
60
60
100
17
17
*16%
17
*81
92
*81
92
15*2
15%
165s
64
17%
92
46
10%
10%
4534
1034
46
15%
978
45%
15%
15
2,900
16*2
*81
45
2,300
97g
8,700
45%
46
46
•61
63
♦61
63
♦61
63
*61
63
*61
63
*61
63
,t, m
«.
*103$
5%
♦10*4
113s
•10*2
11%
*10%
11%
*10%
11*8
*10*2
11*8
'wm,
— -
47g
5%
5,900
♦115s
fil2
1212
5%
*11%
11%
5%
12%
11%
1,200
*48
64
♦47
50%
•22
24
3%
36
•1%
15s
3%
3i2
*6
9
37
•
53s
23*2
•2*2
34%
1%
3
♦5
24i2
3%
36
H2
3%
9
37
6%
5%
5%
5
115s
*4714
1158
*12
12%
*12
50l2
*47*4
52
46%
12%
46%
*21
24%
*21
24
21
21
*2%
9*2
3%
20*4
19
3
*2*2
3*2
*2*2
3%
3334
33*2
33*2
1*2
*1%
1%
3
3
3*2
3*2
3
3
3
3
*5
9
*5
9
*5
9
*5
*10
37
*10
37
-
1,000
mm'mm
9
18
— -
100
46
*42
1%
*2%
32
Bid and asked prices; no sales on
5%
this day.
33
*13g
34
1*2
X In receivership
m
32*2
29
1%
10
4,700
1%
600
*
12
a Def
Ns par
.60
Reading..
50
..60
4% 1st preferred
4% 2d preferred
6
100
Real Silk Hosiery
1
1,500
30
delivery,
& Co.
No par
........100
preferred
Reliable Stores
6
Reo Motor Car
...No par
100
6% conv prior pref ser A. 100
Revere Cooper A Braes
5
Republic Steel Corp
6% conv preferred.
Class A
10
...
100
100
7% preferred
6H %
preferred
Reynolds Metals Co
conv
400
92
934
10*2
457«
fRadio-Kelth-Orph
Raybestos Manhattan .No par
Corp...No par
Rellanoe Mfg Co
10
Remington-Rand
1
Preferred with warranto..25
Rensselaer A Bar RR Co—100
14
66
83*2
2%
No par
$5 preferred B
(3.50 conv 1st pref ..No par
Reia (Robt)
11%
14
*80
Quaker State Oil Ref Corp..10
Radio Corp of Amer...No par
1st
9
*934
No par
""760
10
9
6% preferred
"*l66
2
*1*2
1%
18% conv
Purity Bakeries
Preferred
81
9*2
11%
*80
79,300
1,500
4,000
7%
34%
10
13%
*64%
14%
400
36
5
June ,17
25*2
Octjl9
107*2June 28
85
Oct 18
21%
26*8
110
preferred.....100
100
160
52
4%
22%
103*2 Oct 19
117
Oct 25
132
Sept 29
884 Oct 19
2234
20*2
9%
*934
78
2%
120
"*i%
50%
5%
23
Oct 20
Ne par
400
997g 100
53%
Oct 19
91
Pure Oil (The)
6,000
8%
634
102
......100
7% preferred...
....100
8% preferred
100
Pub Ser El & Gas pf $5.No par
303s
33,700
14
14
.....No par
43*4 Oct 19
114l2 Mar 25
No par
96
7%
14*2
73g
*8
10
♦9
8*4
5% pf (set 01 Feb. 1 '29). 100
Pub Serv Corp of N J..No par
Oct 19
20
No par
100
1
pref...
Reyno ds Spring
Reynolds (R J) Tob class
B.10
10
Common..
El A Pow...
Richfield OH Corp
No par
Rltter Dental Mfg
No par
Roan Antelope Copper Mines
Ruberold Co (The)
No par
Rutland RR 7% pref.
100
St Joseph Lead
10
t St Louis-San Francisco.. 100
Rhine Westphalia
6%
preferred...
100
X St Louis Southwestern.. 100
5 % preferred
100
n New
stock,
r
Cash qAle,
x
684 Oct 19
Oct 20
434 Oct 19
14
97*2 Nov 17
48i2 Oct 19
Dec
4*1 Deo
June
30*i Deo
Oct
9*2 Apr
112*4 Not
Jan
Jan
41*4 Apr
3*4 Feb
1*2 Apr
117g Jan
20
May
22*2 Aug 30
33*8 Feb 4
1178 Jan 22
37S Jan 22
Pullman me...
111**8!
96
94
....5
.-60
No par
110
21
5
1278 Nov 19
19
19
19
19
19
Jan
25«
58*8
Jan 12
3
Deo
14
297f Apr 22
Oct
Oct
Oct
Oct
Oct
5% conv 1st pref.
47*4 Mar
29
1*4 May
Oct 19
16,000
11%
11%
12%
81
*64
3*8
•95
*4
4%
74
278
*36
21
*34%
*25%
81
~*i*~2
10
178
5
31
4*2
*
1%
10
10*2
934
23
36
♦25
4%
81
52%
5%
23%
2278
23%
♦21%
*34%
23
100
55
5*4
23*2
30
*
7%
98%
54
53*8
534
24*4
8*8
14%
7*8
15
*14%
7%
7%
94
87a
8*2
100
*93
56*4
9
1134
1112*3! 11123,, 1112*31
111".! llP'n ♦lllJ»i» 112
97
*95
*94
90
23*2
21%
*8%
10%
934
14%
*2%
Jan 12
12 Oct 19
Deo
Deo
49
8% Feb
1
141
July 14
8*2 Oct 19
Oct
137®
23*2
28
U2
«4
2i2
5i8
6*2
6% preferred
200
8
Oct 19
85 preferred
300
Mar
Oct 22
138 Oct 19
7
5% conv 2d pref
Procter A. Gamble
Jan
187
9
*97% Apr 29
13
400
160
Feb
7*2 Apr
Jan 12
t Postal Tel & Cable 7% pf.100
Pressed Steel Car Co Inc
1
1,100
9
25
115% 115%
357« 36%
♦96% 96*2
37
36%
•97%
8
*8
27
*26
47*2
47%
46*2
115% 115%
3734
36%
8%
*8%
9%
28
♦27
28
4%
Mar
176
MarlO
Poor & Co class B
May
165
8
4
No par
Porto Rlc-Am Tob cl A .No par
Class B..__
...No par
100
Deo
7
122
Plymouth OH Co
.5
Pond Creek Pocahon. .No par
1,900
1%
434
9%
9%
~*I%
7034
1634
14*2
18
3
2
1934
*13%
*%
1%
9%
10%
86
15%
77
Jan
20
Nov 4
Oct 19
100
25
Deo
Jan 18
190
60
1
pref unstamped
100
Pittsburgh <fe West Va._-.100
Plttston Co (The)
No par
18*4
62*8 Aug
Mar
175
100
Conv
96
18%
11
3%
T.566
2%
2%
-
*52
1478
10%
*984
36
165 j Apr 12
1741s Apr 23
4% Oct 19
1
Deo
18*4
37*4
100*2 Aug 14
Oct 19
43
6% preferred
Pittsburgh United
18*
1*9*2
2%
96
18
*1%
84
2%
*52
♦1278
*8*2
1134
2%
10
23
4%
81
18
96
Oct 19
Nov 18
6l2
Oct 19
7% pref cla8sB.__
Feb
Jan
7*8 June
35*2 Apr
8
Pitts Term Coal Corp
100
1%
84
Dec
4984 Dec
No par
Pittsburgh Steel Co
10
50
•40
1*8
18%
*35
25*2
80
*40%
1%
4,100
2,000
8*2
123
5%
23%
♦11%
50
8
8%
13%
Deo
lis® Deo
July
8
2
76*2 Jan 22
14*4 Aug 16
25
No par
100
Mar
5238
275s
18*4 Jan
4i2 Oct 19
z55
88
Jan
70
Feb 17
66
Nov 19
37
7% gtd conv pref
100
Plttsb Screw A Bolt...No par
110
7%
36
*1734
13%
8%
*12%
Oot 19
4
20*4 Oct 19
100
Pitts Ft W & Chicago
123
24
61
9
100
Nov
5*2 July
74i8 Jan 13
20*4 Apr 5
3338 Jan 18
Jan
35s
10184 July
16
38*8
9*2 Jan 20
Oct 19
1
Mar
1678 Mar
May
68
July 26
64
Oct
12
Apr
784
6
87*4 Jan
102i2
Mar
66
Jan 16
20
Oct 19
234 Oct 19
27
1
95*2 Aug 31
Nov 19
55
Jan 12
3*8 Feb
Oct 19
_
$5 conv pref
30
55
2
30*8
Pitts Coke & Iron Corp No par
169
1478
9%
9*2
6684 Dec
545g Aug
Jan
Jan
81i8 Jan
3*4 Jan
81® Jan
U2 July
8
7*2 Feb
14
*2 Oct 15
100
6% preferred
200
110
5478
1634
55
♦160
29
634
24*4
7084
400
32
56*2
1918
32%
7%
7
7*2
500
*11034 112% *111% 112%
29*2
28*2
3034
29% 30*2
5*2
•70
7*2
40
6
5*2
32%
733
35
♦32*8
37
37
40
106*4 Jan
558 Oct 19
pref. .100
Plllsbury Flour Mills
25
Pirelli Co of Italy "Am shares'
Pittsburgh Coal of Pa
.100
113
56*2
3
*21%
Oct 19
65
No par
6
Preferred
127
*92
105
*80*4
22
Oct 18
2*4
No par
Pierce Oil 8% con?
200
June 28
2
No par
Phoenix Hosiery
900
6%
217g
6*8
76
....No par
50
50
^6 preferred
Nov
18*4 Dec
19*8 Mar
10*8 June
20
35
•33*4
7
55
*h
48
96
122
123s June
25%
45*2
7% preferred
Phillips Petroleum
113
9%
14%
Nov
2188 Mar 11
54l2 Jan 14
7% preferred
*123
96
31
13*4 Feb 19
300
3%
169
2%
1%
28
11134 HI84
Deo
Jan
697g Mar 10
Phillips Jones Corp
12%
9*2
16
90
16
Oct 15
100
30%
13%
Jan
Jan 11
Nov 19
9%
Phillip Morris & Co Ltd___10
*110
113
66
25
3
Phila & Read C & I
129
137
8
Oct 15
35
70
*10834 113
137
7
Jan
20
1,400
4,000
♦124
137
*111% 113%
31%
31%
5
Jan
91
11
5
Feb
87
Oct 19
Oct 19
84
128
129
7*2
48*2 Mar
3912 Nov 19
3934 Oct 19
par
No
Oct
58
46*2 Aug
25*8 Apr
64*2 Jan
100
100
;
4%
*125
*125
Jan
4
tPhila Rapid Trail Co
76i4
7*2
*55
*9%
110% 110% ♦10834 113
127
Apr
4
Mar
X»
*166
•1*8
2%
9%
•126
38
6
17
Oct
6912 NOV
II634 June
Feb
65*2 Feb
MUk
45
Mar
Phelps-Dodge Corp.
25
Philadelphia Co 6% pref...50
2%
10
30
110
Oct 19
2%
56
13%
♦40%
18
4%
10%
9
Mar
63
Oct 15
72
169
8%
1%
•1
6
50*4 Mar 17
Oct 19
r100
2734 July
28*4 Apr
11634 Jan 27
Deo
74
June
Pfelffer Brewing Co...No par
934
3*2
1%
*1
*110% 113
*934
7%
♦53%
127g
35
*6
8%
♦160
50
*%
18%
*1278
1034
♦3
17
9
36* Jfcl.100
4
v
*37
35
♦7
8«4
*9%
2%
30
30
30*2
49
*48
46*2
49*2
115% 115% *115% 116
39
3934
38%
38*2
99
98%
98%
*98%
*4*2
7%
*32%
56
12%
♦40*s
*1*8
1478
Oct 25
Jan
Jan
4i2
2884
Feb
112*2 Nov
67a Jan
10*2 Mar
3*a June
3
1,400
39,400
*%
74%
7*2
34
22
40
169
884
19
*10
934
10
25
*37
8*8
32%
8*2
*53%
♦28
•50
40
14
5
23
34
110% Sept 27
73
Mar
76*2 Feb 1
29»4 Feb 10
Oct 19
1178 Apr
17*2 Nov
334 Deo
Aug
69
Apr
10
Jan
60
8
638 Jan 23
12*2 Feb 2
Jan
IO384 Mar
14% Oct 21
...50
No par
1*8
9
64
19
19
19
19
20
Apr
Jan'
65s June
73s Feb 18
Oct 19
Oct
Oct
Oct
Oct
Deo
37*2 Deo
5*4 Jan
47*4 Mar
32U Nov
10*8 May
22
5,600
5%
*2
78%
8%
22%
15
6
•25
♦22
15
♦434
24*4
22%
40
%
7
7
7%
*22
1*4
10%
•85
11*2
•65
2%
■; 5
77%
*7%
35
*33%
36
7%
16
*%
18%
10%
3%
1%
9%
♦14%
778
*4*8
3%
♦55
*1*8
13
10
Petroleum Corp of Am
3%
3%
16
1478
•3
par
50
96
1834
10%
Cement...No
21,500
*51
1%
18*2
par
Oct 19
15
No par
(J C)
Pet
55
96
16*2
♦10
212
37l2
65i2
li4
2%
3
Corp
Deo
2234
4*8
2378 Mar 11
5% Prior preferred
6% preferred
42
234
♦2%
23
Pere Marquette
3
18
*9%
*%
*2
4
*3
♦51
1578
Oct 19
"
96
*55
Oct 19
8
160
55
*166
234
•2%
4
120
39
♦6%
18
*9*4
No par
6% conv preferred
100
People's G L & C (Chic)..100
100
42%
I1*
3
29% Aug 25
Peoria & Eastern
64
14
4434 Feb
Oct 19
Pennsylvania RR
40%
*3%
*33%
*6%
50
Oct 19
Co_|__2.50
Peoples Drug Stores
*55
32%
♦1*8
Oct 19
12
17 conv pref ser A...No par
43%
13%
1
28
Penn Gl Sand Corp v t cNo par
60
50
4084 May
1
Deo
174
8*8 Aug
17*2 Jan
284 July
No par
CM...
Penn-Dixle
58
♦7
1%
2634 Jan 28
Feb
Deo
25
June
200*2 Jan 28
34*8 Jan 5
8*4 Feb 25
No
Penn Coal & Coke Corp
42%
13%
•1*8
69
19
Jan
97*2
109*2
7*8 Aug
Oct 19
8
1
Penlck & Ford
43%
65
*50
ar
Apr
74*2 Apr
July
M
2884 Jan 28
1% Oct 19'
Penney
60
78
♦3
9
67
103
90
7% Jan 14
10*2 Jan 5
Peerless
4034
8
884
10
10978 Mar 18
19
1812 Oct 19
100
10
Inc
Jan
Deo
Oct
20%
4*4
30
19
Patlno Mines & EnterprNo par
*7%
38%
9
884
13*4
1
23*2
1358
Jan
Apr
Pathe Film Corp
60
8
x95
100
138
18*2
4i2 Jan 25
May 13
121
Parmelee Transporta'n.JVo par
"•
-
3578 Nov
Sept
8% Oct
80i2 Oct
No par
Parker Rust Proof
9%
*53% 66
169
*166
57
♦166
Oct 19
1218 Oct 19
100
Parke Davis & Co
*7%
*32
*7
Oct 19
Park Utah
10
40
8%
*7%
1
29
Park-TUford
%
79%
v"8~
8%
42
•32
12*4 Aug
6% 1st preferred
6% 2d preferred
%
79
2278
*
40
Jan
17*8 Jan 20
4% conv preferred
7734
7*2
227®
2278
67g
Oct 19
Paramount Pictures Inc
22*4
35*2
72
♦65
2%
4--Y
434
,
*34
36
36
36
*34
Oct 19
7
Parafflne Co Inc
77
4
*3%
Apr
4
2934 Apr 6
123s Feb 18
II84
_No par
8% conv preferred
70
42
44%
4334
July
J Panhandle Prod & Ref No par
45%
*60
70
*60
"»2*
2*2
♦4
Deo
152
Pan-Amer Petrol & Transp__5
79*2
8%
%
79%
*634
79
79
153
Jan
Packard Motor Car.
5
11
36
Jan
140
Pac Western OH Corp
20
5'%
23
*35%
72
♦*---■
72
"*2
2*2
4%
78
5%
22
118
2
16*2
*14
11%
11%
538
4
Jan
100
r.
43%
43%
16%
Jan
149
1
72
*63
72
*65
46
48
48
48
48
49
*48
152
200
5*2
Dec
Oct 20
Apr 28
2,600
39*4
39*4
•434
47*4
133
300
36
July
6884 July
120
27,400
21%
20
9
4478 Jan
41
100
10
500
15%
♦15
5334 Jan 14
Oct 19
10%
share
3958 Nov
100
6% preferred
40%
71%
400
2*4
434 211,700
23
1,700
114
25*2
No par
Deo
30»4 Jan
4434 Dec
14*4 May
38
x3434 Oct 19
No par
Pacific Telep & Teleg
5,800
8,200
1,700
2,200
5,500
4*4
Corp
Pacific Mills
% 1,500
11%
1134
11*8
4% v'.v: 4
2%
434
2412
15%
*22%
2%
*214
434
*38
2
41%
*11*8
4%
40
25%
17g
6%
11%
4%
2434
534
5*4
26*2
17*2
2478
2
178
28*2
17i2
*2
234
♦214
2
2*4
6%
11*2
434
4114
6*2
40
.
Pacific Ltg
30
3284 Jan 14
Jan 12
Oct 19
22
25
Pacific Gas & Electric
Highest
I per share I per
$ per share
S per share
11
Oct 19
Pacific Finance Corp (Cal).lO
300
26
*1412
15*2
26
Lowest
Highest
Lowest
Par
15
r 122
&
Shares
!
2678
38
2,400
36%
38*4
38% 3838
3834 3834
3878
13
12
1,900
13%
13*2
1358
13%
1438
13*2 14
14%
70
122%
122% *115
♦118
122*2 121*2 121*2 *115
122
12234 *122
230
134
134
134
134
*13334 139
*13384 139
*133*2 139
139
2,200
13
13*4
14-%
1434
1334
*14*8
14
14*8
14*2
14*4
1434
5
5% 46,200
5*4
5*4
533
5*8
534
5*8
53g
558
*8*8 #9.'
1034
*8%
1034
1034
*8*8
*85s
10
♦85s 1034
600
1%
1%
1%
*1*4
1*4
13s
1*4
1%
1%
1*8
1%
260
42
46
48
46%
49
•49
48
52%
54
50*4 63
1,900
41
38%
35*8
40
3978
3978
43
41% 42*4
44
43*4
99%
*95%
*95*s
99%
99*2 *95% 99%
99*2 *95*8
99*2 ♦95
13
111,800
14
1278
1334
11%
13%
14*4
15
13*4
14
1478
98
3,400
102
92%
99'8 101*4
110
10034 10434 102
105
109
12
9,900
1134
10%
117«
12% 1234
1234
12%
13*8
12% 13*2
800
24
24
24
25
*24*8
24%
24l2
25
23*2
2312 23*2
9,300
3
234
3
2-2%
3
3
27«
3
3*8
278
3*4
4,200
30
31*4
32
31% 32
32*4
3238 *32
327S
32*4 32*2
700
18
18
17*4
17*4
19*2 19*2 *18*4 20
20
20*4
20*2
26*4
383s
26%
2658
3884
15
t
15*8
25
16
♦15*2
$ per share
100-Shaie Lots
On Basu of
EXCHANGE
Week
$ per share
$ per share
$ per share
$ per share
$ per share
Nov. 18
Nov. 17
Saturday
Thursday
Range for Previous
Year 1936
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
Friday
Nov. 19
Wednesday
Tuesday
k 15*4
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
Sales
for
9 LOW
3309
New York Stock Record—Continued—Page 8
Volume 145
2784
Dee
26*2 Mar
Jan
29% Deo
4*8
Jan
11*4
Deo
1*4
Jan
334
Deo
12
13*s Dee
28*4 Dee
28*4 Deo
684 May
15*2 Jan 20
317® Feb 11
17*2
31
Feb 10
86
Feb 11
65*2 Jan 15
4
5234 Jan 21
112*4 Feb 8
128*2 Jan 21
140i« Jan 20
162*8 Jan 25
113*8 Jan 25
72*8 Feb 4
118*2 Jan
24% Feb 3
112*4 Feb 27
Oct
1734 Oct
67*2 Oct
40*4 May
11584 Dec
39
Apr
103*2
73*4 Deo
50
130
113*8 Apr
164
367®
July
114
Jan
112
July
144*2 July
Apr
Apr
148
Feb
50*2 Nov
113
July
Feb
128
Dee
122*2
Apr
697®
Jan
Deo
Aug
247® Mar
May
16
103
13334 Apr
Feb 15
91*4 May
117*2 Mar
23*4 Feb 25
187g Jan 21
95a May
16*8 Oct
20*2 Nov
19*4 Oct
12*4 Mar
6
9«4 May
Nov
5
83*2 Jan
68*2 Apr
107
115
80
Jan 15
14*4
Jan
108*2 June
80
July
2U Oct 19
10*8 Apr 19
5
Jan
107® Nov
20
Oct 19
Jan
3838 Nov
Nov 19
37*8 Aug 25
47
Mar
8
287®
19
35*2
Jan
60 84
Jan 11
39
Jan
50
Deo
8
13*8 Jan 16
37
Jan
47
Nov
34*2 Nov 19
25
3*8
50
1
8
Nov
4
Oct 19
Oct 19
Sept 11
Oct 21
8*2 Oct 19
984 Oct 19
8*a Oct 19
8
797g Oct 19
1*4 Oct 19
61*2 Nov
12*4 Oct 19
Oct 19
72
Oct 26
Oct 19
67
9
3434 Nov 16
90
Oct 28
49
43*4 Jan
83
Jan 20
97®
65*8
5
17®
4ig Mar
100
31
Mar
5
8
16
4*8
125® May
22*s Feb
30
9
99*s Sept
9*2 Feb 18
"25"
17*2 Aug
94*4 Jan 30
Feb 18
4*8 July
29*8 Mar
110
47*4 Mar 11
Apr 23
114
78*4 May
493g Apr 14
10
98
Apr 14
24*4 June
Apr 17
90
Apr
95«4 Jan 26
92
1234 Oct 19
80
Nov 12
303s Jan 14
112
Jan
8
Apr
Deo
104*4 Oot
39*4 Deo
79*2 Dec
Apr
139
NOV
297® Deo
128
May
77
110*4 Mar 10
Deo
8*4 Mar
Apr
167®
124
Deo
90*2 NOV
Dec
81
Jan
Deo
24*8 Nov
Aug
35*t Mar 31
Nov 19
60
I684
Jan
Oct
Apr
Oot
138
Oct
Deo
98
Nov
22*2 May
34
Feb
117
Jan
105
Apr
8
Oct 19
34*4 Jan 22
25
July
36*4 Nov
43
Oct 19
58
8
50
Apr
60*a Nov
65
Oct 19
67
Jan 26
10*4 Nov 9
4*8 Oct 19
14
Feb 23
9*2 Oct 19
6*2
Jan
4
31*2 Feb
46*4 Nov 18
17*4 Oct 19
86*2 Mar 10
38 June
4
Oct 19
984 Feb 19
65
Mar 11
1
27*4 Oct 19
1
Oct 19
587g Sept
884 Nov
655s
135s
Feb
Jan
iff*," "Feb
35"
Mar
Jan
7534
Deo
Oct 29
32
"""53® June ""16*2 "Feb
22
50*8
July
Deo
3*8 Mar
484 Mar 17
1*2
1*2 Oct 15
11*8 Feb 25
2*8
Jan
Jan
312 Oct 20
20*4 Mar
778
Jan
15
Oct
Jan
37
Oct
10
Nov
Ex-div.
19'
5
37*2 Mar 11
v Ex-rlghts.
18
6*4
I Called for redemption
II
,
r,
,
,
Deo
New York Stock Record—Continued—Page 9
3310
LOW
PRICES—PER
SALE
HIGH
AND
SHARE,
NOT PER
Nov
Nov
Nov. 10
13
24%
25
92
03
93
253 4
24%
*
"92%
*i)6"
93
2
293 1
811
*
30
29%
81'/
*79
1%
*0%
39%
16',
14%
15
900
29
2534
78%
34
28
5,300
1%
6;%
65>
39'
3
22%
66%
16%
*8%
67
6334
67%
6134
16%
17%
8%
gl534
8%
16
8%
*6
69%
*27%
17%
*97
20%
21
4%
3%
4
500
6034
62%
15%
567g
14%
5%
*4
5%
17%
17%
29%
1734
9734
9734
9734
*97
9
24%
*2%
25%
*8%
24%
247S
3
*2%
3
23%
32%
23%
327g
834
27%
2%
23
2234
3234
23
3434
99%
*90
99%
80
*76
84
106% 106%
20
19%
103
103
17%
*10
80
♦103% 110
21
18
14
17%
12%
16%
10%
*110
115
20
25%
*132% 140
*132
12%
157g
12%
17
115
*110
3
2%
3%
1834
12%
16%
*22
31
2,300
90
90
80
76
78
71
75%
660
112
3
3
26
20
26
*132
*110
115
140
25%
*132% 140
21%
22
22%
203.1
1934
21%
21%
2034
20%
20
2034
21%
147g
13
1334
13%
14
21
19%
20%
3%
♦9%
20%
35
35
4134
*36
3%
4%
20
33%
4%
3%
3%
12
*30
3%
4%
38%
10%
3%
*3%
3%
11%
800
15%
51,700
14%
24
3%
50
3
10
1334
5,600
10
100
75
2l3g
12%
800
14%
1034
13,700
41%
520
12%
12%
1134
12%
11%
1134
10%
11%
20,800
60
62
11%
59%
58
54
56
19%
20%
8%
87g
18%
8%
20
9
2134
8%
23
9
61
58% 5934
21%
20%
21%
9
8%
8%
8%
104% 104% *1037g 104%
3%
3%
3%
3%
5%
57g
5%
6%
11%
127g
12%
13%
26
24% 26
26%
26% 29%
28% 297g
57
21%
13%
61%
22%
*25%
50%
27
25%
25%
57%
58
5834
12
12
11%
1034
10%
1534
*10%
36
48la
2-57
15%
11%
10%
17%
7%
104% 104%
3%
3%
104
104
700
700
3%
5%
5%
3%
47g
5%
14,900
11%
12%
10%
1134
24
22%
23
1,900
27%
*1%
28
24%
*1%
28
10,200
1%
100
30%
30
30%
16,200
42
*41%
1,400
Sterling Products Inc
2,900
Stewart-Warner
5
600
Stokely Bros A Co Inc
1
♦41%
*5%
43%
5%
7
7
8%
*41%
834
7%
1934
*18
43%
5%
7%
41%
4%
31%
8%
7%
1934
5%
7%
Stone A Webster
40%
41%
4%
31%
4%
3078
8
1,500
6%
7
39%
4
12,900
6%
15%
*84
4%
*25
2%
*25
4%
35
5
5
*4%
5
16%
16%
16%
334
15%
16%
4%
17%
14
15%
15%
1534
14%
15
334
35
*2
2%
*4%
16
37g
334
*13
14%
4%
*25
4%
35
4%
2%
*2
5
*4%
15%
15%
16%
37g
2%
5
4
03%
58% Nov 19
93% Jan
13% Feb
z40
Sept
4
3
2
2%
3%
234
1334
*80
14,700
12
2,400
14%
9,100
400
*83
87
83
13
137g
13
13%
1134
13
5234
55%
12%
7%
9%
4%
55%
567g
*48%
1134
47
42
45
11%
1134
11%
67g
834
7
49%
117g
7%
45%
12%
7%
9%
2:49%
1134
50
11%
6%
634
8%
6I.4
8%
11%
67g
8%
4%
434
4%
4%
4
4%
*86
88
24%
*28%
*52
7%
7
934
7%
*9
*6
*86
9
25
32
6%
54
2334
*28%
6%
54
88
7%
10
86
*6%
*8
86
834
4%
*
"~678
9%
*8
25%
23
32%
6%
*2834
32%
23%
*2834
5%
5%
*5%
54
53
53
4%
88
634
24
9
*52
67g
*
83
8%
88
23%
20%
22
26%
6%
*4%
26%
534
9%
9%
934
8%
2%
2%
2%
2%
8%
*2%
58
11%
59%
11%
57
59
563.1
56%
11%
12
11
11
107g
71%
21%
91%
8234
75%
21%
72%
76%
69
21
21%
207g
*92%
94
89%
94
90
*83
85
84
84
*22%
23%
*22%
19%
19%
18%
8234
2234
177g
7434
21%
•
9
2%
56%
50
52
23%
20%
2234
19%
70%
2034
88
82%
22%
187g
8%
2%
56%
107g
72%
2034
*52
53
89%
82%
22%
3,900
4
Oct 19
1,700
Transue A WlHlams St'l No par
8,800
Trl-Contlnental Corp..No par
$6 preferred
No par
5%
3%
Oct 19
Oct 19
22%
27%
11%
109%
20
300
10,600
300
600
90
Bid and asked prices.; no salee on thta day
8
8%
5.900
2%
2%
500
conv
Truax Traer Coal
10
86
No par
4%
10
7%
18%
25%
234
Truscon Steel
20th Cen Fox Film Corp No par
$1.50 preferred
No par
Twin City Rap Trans..No par
Preferred
..100
Twin Coach Co
53
56
1,800
15%
Feb
14% Mar
49
July
Nov
Oct
16
Nov
110
Feb
12% Mar
3%
Jan
8%
24%
Jan
9% Feb
13% Nov
Jan
32*4 July
4%
JaD
Apr
8% Mar
Jan
39*4
21*4
Deo
Jan
27%
Deo
Feb
10%
4,100
Union
20,000
20%
867g
20%
1934
20%
88%
83%
85%
4,200
3,900
82
82
81
82
1,200
22%
2234
19%
22%
17%
22%
18%
900
30,500
Def. delivery.
Nov 16
Oct
Oct
Oct
Oct
Oct
19
16
19
19
19
12
Jan
27%
Apr
Jan 21
Mar
3
94
Jan 20
25
Nov 19
Oct 19
Jan 25
100% Jan 8
18% Sept 17
111
Oct 19
99*4 Jan 13
22%
Oct 19
31% Feb
35% Mar
r
Cash sale
Oct 19
5
r
Apr
28
Deo
8*4 May
65% Jan
109
Deo
2% June
74% June
8%
102%
Deo
Mar 29
u%
78
New stock,
Oct
9% Nov
38% Nov
148*4 Mar 16
»
Jan
47*4 Nov
17% Deo
Oct 19
17%
No par
110
Apr
64% Nov 19
Union Tank Car
Feb
Jan
22% June
83% Nov 19
United Aircraft Corp
4%
7%
Dee
12
31%
Mar 13
17% Jan 22
Union Carbide A Carb.No par
Union OH California
25
.100
93
22%
Jan
50
Union Pacific
4% preferred..
7%
26% Mar 8
40% Mar 13
Oct 19
9
100
74% Nov
10% May
Oct 19
53
Bag A Pap nevr.No par
Apr
14%
8
1%
Under EUlott Fisher Co No par
10
a
8% Deo
44*4 Nov
Jan 22
7
No par
1034
t In recelversblp.
8% May
Jan
Jan 11
Mar
40
1
Ulen A Co
5634
19
Oct
Jan
2
2%
68
85
12%
4
Jan
8*4 June
50
Feb
Aug
Jan
9% June
14*4
17
8%
64%
Jan
26
79
2%
5634
70
Nov
7%
21% Feb 4
98% Aug 13
28% Feb 11
Oct 19
8%
10%
68%
0
33
40% Jan 25
Oct 19
'
9%
*2%
19
19
19
15
19|
5
10
10%
29%
No par
Oct
Oct
Oct
Oct
Oct
15% Mar
28% Feb 11
10% Jan 25
36
*8
*5%
1%
6%
13%
817S
834
par
$3.50 com pref..
No par
Tide Water Assoc Oil..
10
$4.50
8
Oct 19
Transamerlca Corp
2
Transcont A West'n Air lnc.5
1,900
22%
Thomp8on-Starrett Co.No
4% Nov
10
Tlmken RoUer Bearlng.No par
6
28%
Thompson (J R)
25
Thompson Prods Inc..No par
8% Jan 13
7,600
""5%
6
Oct 19
Sept 25
1% Oct 19
2%
36
100
4,800
10
*8
1
10
pref
10,500
100
6%
6%
conv
pref
Timken Detroit Axle
88
9%
23%
31%
53%
Third Avenue Ry
200
14
7
Thermold Co
2,500
83
9
2,800
4%
1134
100
Preferred
$3 dlv
3%
No par
"206
15%
4%
14
13%
5
Deo
48%
14%
4%
Deo
9%
Apr
84
9
13
55%
Mar
14
7%
6*4 May
5% Apr
28% Jan
59
84
7%
*834
4%
Deo
33%
14
12
Deo
15%
1
88
12
35%
20%
Jan 13
35
*2
83
Nov
12% Nov
15
Feb 19
13%
83
13% Nov
26% Nov
1334 Mar
4%
*25
3%
37%
Jan
Apr
Apr
04
30
14%
Oct
Jan
6%
20%
28%
48
58%
12%
Deo
Oct 20
$3.60 conv pref
The Fair
Dec
684 Mar
Oct 19
Thatcher Mfg
100
Mar 30
Oct
42%
Oct 19
Texas A Pacific Ry Co
200
par
Texas Pacific Land Trust...1
900
58%
3%
12%
23
60
Jan
9% July
19
Sulphur
700
v
500
14
3
55
67g
17%
5%
15
"it "Jaii
No par
1
5%
15
Nov
,..No par
25
5%
57% Feb 3
8% Jan 12
16% Mar 3
125
28
63
2%
2334 Jan 20
17% Jan 21
1534 Jan 8
Jan
15% Nov 19
24
68
Oct 19
3378 Mar 31
118
16% Jan 22
15% Jan 28
64% Mar 6
*56
*58%
Oct 19
8
Mar
44
26
67
5
Oct 19
5%
3434
28% Mar
Deo
15%
91
Oct 19
Oct 19
63
"
Nov
4
3
7«4 Mar 2
47% Mar 11
897g Jan 25
20% Jan 20
30%
Jan
Oct 19
*25
70
42
4
Jan
Jan
Dec
Oct 19
*56
70
Oct 19
15% Oct 19
22% Oct 19
434 Oct 19
4% Oct 19
6% Oct 19
125
9%
5%
5h
56
6%
6
14%
70
2
25
*5%
Feb 17
2334
*55
6%
77% Jan 11
No par
*23%
*5%
*58%
4%
20
Oct 19
Texas Pacific Coal A OH... 10
63%
5%
33% Jan 29
Oct 19
Aug
Jan
Apr
Texas Gulf
25
5%
16%
9,100
5,400
*56
634
*17%
65
4,300
7%
*24
5%
7%
Jan 29
Feb 11
Jan
17% Jan 20
734
3%
7%
19%
2,400
47,300
55
7%
1934
78% Nov
24% Apr
75
21
Jan
Mar
30%
30
8%
Deo
Oct
32*4
05% Apr 22
9% Mar 15
37%
31
Deo
70%
40*4
Oct 13
5%
8
31
5
18
5
Feb
Deo
Mar
10
5%
7%
Deo
48
25
9
72%
3*4
47%
48%
Feb
65% Jan
24*4 May
Sutherland Paper Co...
50
5
5
25
Dec
25
1% Oct 19
1
Deo
62
9
Sweets Co of Amer (The)
Swift A Co
5H% preferred
Telautograph Corp
Tennessee Corp
Texas Corp (The)
Texas Gulf Produc'g Co No
24*4 Apr
26*4 Apr
13*4 Mar
9%
27%
Mar
6% Oct 19
Swift International Ltd..
Jan
76
3
Symington-Gould Corp ww_.l
Apr
36% July 12
6134 Feb
Without warrants
5%
9%
18% Nov
19
Oct 19
Talcott Inc (James)
9% July
14
19
19
9
8
3,200
43*4 Nov
Feb
20% July 12
2,500
Apr
Apr
50
Nov
734
Nov
63*4 Mar
Feb
54
50
37
Aug
Oct 19
1,300
24% Aug
2
Oct 19
1,400
Jan
35
9
60
24
7
18
1,400
Oct
36*4
Jan 11
Superheater Co (The)..No par
Superior OH
1
Superior Steel
100
4,900
Oct
92%
Feb 19
Sunshine Mining Co
*
27
4
5,800
44%
30%
72% Jan
2,800
7,300
...
Oct
114*4 Nov
9*4 Mar
50
118
*43
40%
4%
Jan 12
100
10
1,700
Oct
11% Nov
Jan
21*4
14%
8
No par
6% preferred
44
5% Oct 19
834 Oct 19
54
10
Studebaker Corp (The)
1
Sun OH
No par
1,500
5%
1
par
53,400
43%
7%
39%
28% Oct
26% Oct
30%May
42% Oct
22% Oct
10
S_.No
32% July
47% Oct
19
13s Nov 10
Standard OH of New Jersey.25
33,000
42%
25
334
Oct 19
10%
55
15%
14
5534
10%
25
14%
par
10
62
3%
14%
15%
65
10
55%
28
5%
Oct 19
10%
*55
16%
10
Standard OH of CaUf. .No pat
Standard OH of Indiana
25
Starrett Co (The) L
6% Jan
73% June
2934 May
15% Apr
13% Jan
8
par
Standard OH of Kansas
Apr
5*4
8
10%
56%
400
23
*24%
*4*4
14% Mar
32% Mar
1034
27,000
8
Jan 20
Oct 19
*56
200
35
101% Mar
104% Oct 2
12% Jan 22
par
No
$7 cum
No
Stand Investing Corp_.No
prior pref
prior pref
Jan
Apr 28
Mar
5
*10%
14,800
32%
47%
Oct 20
2% Oct 19
2% Oct 19
No par
11
*10
31%
*25%
44%
22%
7%
20%
16%
101
tstand Gas A El Co...No par
$4 preferred
8
7% Oct 19
1
56%
11%
11
10%
16%
33%
32%
48%
23%
20
35
No par
*56%
11%
10%
134
20
*2%
$4.50 pref
Stand Coram Tobacco
56%
11
4%
3034
*25
Nov
56
434
31%
9%
7%
""5"
Nov 19
16
23%
4%
5%
54
1
No par
20
30%
2%
No par
Conv $4.50 pref
*23%
3334
Feb
Mar
Feb 11
26
30
35
28'4
95%
48%
16%
8% Oct 19
2
47
30
*2%
Jan 18
36
43%
*25
Aug 14
50
49
4034
*
35
33%
*25%
48%
43%
4%
71
2334 Jan 12
Oct 20
32%
4834
42%
4%
"5"
Oct 19
14% Oct 19
40
34%
40
*
10
1
par
par
*25%
47%
*23%
8
5%
2
33%
5%
5%
2
Jan
30%
3234
32%
7%
5%
Feb
36
30
8
20%
Feb 26
94
31%
5%
8%
31
30%
*5%
7*4
9%
7%
7
104% Jan 7
9% Jan 28
Oct 19
Square D Co class B...
cum
Oct 19
Oct 19
*1
43%
5%
9%
*7%
1%
20
Standard Brands
$6
Oct 21
76
73% Sept 20
1%
59%
42
1% Oct 19
3514 Oct 19
60% Mar
par
Spiegel Inc
23,000
24
Oct 18
Nov 19
par
15.50 preferred
No
Spencer Kellogg A Sons No
Sperry Corp (The) vtc
Splcer Mfg Co
No
S3 conv preferred A...No
1,100
3,900
27,700
8%
1434
16%
15
1534
16%
15%
157g
13%
7
6%
6%
6%
6%
0%
6%
6%
5%
6%
59
59
58
58
59%
58%
*5734
57
58
57
57%
*120% 125
*120% 125
*120% 123% *120% 122
*120% 122
*120% 122
14-%
14%
1434
14%
14%
14%
14%
14%
14%
14%
14%
13%
28
29
26
27
28*4
2834
26
25
251.1
26%
24%
23%
3
3
3
3
27g
3%
27g
27g
2%
2%
2%
2%
17
17
17
17
16*4
16%
15
*1534
*1534
15%
15%
13%
21
21
21
20
22
22
22
21%
22
20%
*20%
1934
*10
*8%
*834
12%
12%
12%
*8%
12%
*8%
12%
12%
*8%
18
18
17*4
1734
177g
17%
17%
177g
17%
1734
17%
17%
25
25
25% 25%
25%
25%
24% 2434
23% 24%
2234
23%
9%
9%
834
9%
8%
8%
83g
87g
8%
8%
734
8%
7
*7%
7
7%
7%
67g
7%
7%
7
*6%
7%
6%
8
8
*7%
7%
7%
*7%
784
734
8
*7%
1
7%
7%
7
9,700
15
30
Spalding (A G) A Bros .No par
1st preferred
100
Spang Chalfant A Co 0% pflOO
Sparks Wlthington
No par
Spear A Co
1
3
>
25
500
1634
49%
7%
35% Aug
160
82
Southern Calif Edison
334
41%
36
Jan
0»4 July
63% June
100
8% preferred..
36%
3%
36
1734
34%
Apr
160
Deo
43%
31
Jan
17% Nov
July
114
Det
4
13%
134
26
2
42% Jan 12
155
Mar
3% July
20%
1734
*1
Oct 25
12% May
110
59
*41%
317g
3434
20% Oct 19
130
9
63s Feb 20
54%
43%
30%
No par
June
Jan
Deo
Jan
18
32%
34%
So Porto Rico Sugar
23% Aug 14
115
72
"30%
Jan!
*41%
31%
34%
*25%
49%
*25%
Oct 19
Mar 18
U2 Oct 19
Sept
19
18%
1%
13
110
40% June
21
34
43%
31%
2934 Feb 15
6
*41%
1%
Oct 19
934
65% Jan 20
117s Mar 16
77% Mar 17
*17
134
Jan 11
100'
19
29%
Deo
*eb 16
Mobile A Ohio Stk tr ctfs 100
43%
13%
28%
*1%
47%
8
54%
40%
300
*41%
12%
29
Jan
6% preferred..
18%
30
*18
28
Mar
54
4,700
17%
4,000
19
*26
120
Oct 19
Oct 19
70
i
43%
6%
June 17
13
13
Smith (A O) Corp
South Am Gold A Platinum. 1
43%
1334
96
10
Smith A Cor Typewr..No par
Snider Packing Corp...No par
Socony Vacuum Oil Co Inc. 15
Solvay Am Corp 5 M % pref 100
30
20
6
Mar 10
Feb
*7%
*48%
12%
26%
28%
197
Apr
75
12%
Oct 19
23%
12*4
23
6%
Nov
70
25
*21
12%
Apr
85
Sloss Sheff Steel A Iron...100
43% Mar 17
*9%
*48%
31i
6%
132
8
4
05% Mar 11
75
3%
Dec
Sept
Oct
60% Apr 22
102% Feb
32% Jan 13
23%
104% 104%
334
*3%
Oct 19
Oct 19
10
103% 104%
19%
97%
26
Oct 19
Oct 19
*21
21
8*4 July
19*4 Jan
z3% June
9
*50
9%
Nov
Mar 16
4% Apr 21
Dec
1734 Oct 19
10
60%
45
1778 Mar 11
68
4
102
17
75
18
Deo
Deo
28% Deo
127% Nov
14% Jan
48%
Oct
6*4 Jan
105% Feb
Nov 19
No par
Deo
64
100
38%
3%
14%
8
43% Jan
30% Apr
14*4 Apr
104%
11%
100
24
14
Feb
3484 Feb 19
2
Jan
Southern Pacific Co
*21
14
44
4*4
1
Southern Railway
*50
13%
Jan 21
July
26,700
75
14%
Feb
89
Jan
60,200
25
13%
14
65
90
100
1,600
Oct 19
Oct 19
15%
Dec
7% Nov
13
*21
14
Nov 19
MarlO
44
101% Nov
31*8 Nov
19*4 Nov
32% Deo
19%
*50
13%
07
4
Feb
Jan
18
75
*18
Jan
Jan
59%
11
*3%
10
11%
20*4
19
Feb
20
23
*8%
17% Feb 10
2I2N0V
Deo
Deo
132%
20%
23
11%
34
42% Mar 10
247S Oct 20
15% Oct 19
2%
8%
Apr
Oct 19
334
Feb
Jan
15
28%
$6 preferred
2
98% Aug 18
120
4%
20%
30% Aug
3% July
5
1
100
11,500
25
132
11% Mar
Slmonds Saw A Steel_.No par
3
2%
*50
*8%
2,200
8% Jan
54% Apr
2
Oct 19
%
5678 Nov 19
13% Oct 19
6% Oct 19
25
17% Nov
55% Nov
101*4 Mar
1% May
7% June
9
2
94*2 Nov 8
5% Oct 19
17% Oct 19
115
*110
19%
*36
3%
42
700
39
*31
*36%
4%
*334
19
40
15
Dec
Jan 14
45%
2% Jan
47
630
19%
147g
3% Feb
23% Feb 10
3% Oct 19
No par
6% preferred
Nov
June
93
16
No par
10
Deo
114
114% Mar
37% July
13.50 conv pref ser A .No par
Sheaffer (W A) Pen Co.No par
Shell Union OH
No par
Simmons Co
11
99
20%
13%
127g
22%
102
19
2
5184 Mar 17
Skelly OH Co
700
27% Mar
Oct 19
Oct 28
Oct 19
112 Oct 19
No par
No par
Sharpe A Dohme.
108
110% Sept
3534
a4
No par
pref
conv
6
3
49% Nov
21%
2034
1934
13%
23%
98
3
2%
25
26
135
2234
$5
Jan
Feb
9
98% Mar 15
Seaboard Oil Co of Del. No par
Shattuck (F G)
Aug
113
113
11
Seagrave Corp
No par
Sears. Roebuck & Co..No par
Servel Inc
1
Sharon Steel Corp
Dec
Nov 17
share
per
July
96
2412 Oct 19
100
4-2% preferred
27
6
7712 Oct 29
% Oct 19
3*2 Oct 19
No par
Air Line—No par
tSeaboard
100
112
33%
4%
*36%
8% preferred.
Jan 13
Mar
Highest
share $
Nov
92
101
Scott Paper Co
Slmms Petroleum
£29
3
103
5,600
97
115
46
Oct 29
6,800
1.3C0
32
14%
42
234
*102
104% 105
104%
20
20%
19%
19%
15
16
1634
*12%
13%
12%
12%
Zl57g
16%
15%
1534
Oct 19
83g
21%
*16
17
21
92
100
1
100
5H% preferred
JSchulte Retail Stores
$ per
$ per share
share
per
par
22%
234
8
8%
$
5^ % conv preferred
100
Silver King Coalition Mines.5
22%
22
*4
600
32
22%
*35%
3,900
*90
13%
35
'120
10%
973g
97
21%
22%
28
100
16%
234
21%
*30
27
1,800
*90
135
26%
140
20
27g
5%
;
6% preferred
7% preferred
Savage Arms Corp
No par
Schenley Distillers Corp
5
600
97%
24
22%
68
48
17%
234
18%
5'g
100
87g
22%
6,300
2,300
80
33%
34%
*90%
88
9
10,100
8%
48
277g
167g
27,400
15
67
49
27
17%
277g
60%
8
5%
*47
234
18
1934
723g
*08
5%
2%
8%
19%
9734
8%
2234
2234
*70
25%
234
23
1,500
1,300
5,600
18%
8%
35
3
%
98
26
90%
16%
*27
30
%
39
8
49
2%
*90
*110
*47
*46
7a
5% preferred...
600
510
18
834
*12
49%
277g
534
6
6
38%
98
3
*20
*08
*27%
20%
*10%
69%
5?g
49%
98
834
26%
*2%
2234
34*4
68
20%
4,200
6
147g
8%
20%
72%
8%
20%
*4514
49%
29%
1734
8%
21
6
6%
62%
15'4
03%
700
78%
%
3734
78
2%
21%
22%
69%
*45
*4
4%
7i
6%
6%
39
7f
3%
23%
4%
63%
*234
22%
4
7«
63j
16
7j
21%
*14%
39
*38%
%
3
72%
20
79%
45
*69%
80
"92"
28%
235
21%
92
*10134 108
93
*10134 108
Year 1930
Lowest
Highest
100
100
100
No
Safeway Stores..
10
79
3
21%
4,100
16'
*4%
21
24
92
*_.
80',
7i
2234
834
*92"
92
*10234 108'
23%
24%
92
293.:
4%
1634
24
*
Par
16%
23%
33(
Shares
29
23%
*4%
*3
$ per share
Lowest
*79%
%
*6%
39
1
%
$ per share
95
17
%
*278
1
1
Week
30
h
75
395
V
Nov. 19
80'
29%
*79%
15
8
393.
the.
Nov. 18
$ per share
243
24%
"92"
93
163.!
18
17
17
*16%
2&34
*80
Friday
17
*
95
1023i 1023 t *10234 1081
♦1015A 102
1%
*6%
38%
241
24
♦
95
Nov
$ per share
$ vet share
S oer share
92
15
Range for Precious
On Basis of 10O-Share Lots
STOCK
1937
EXCHANGE
Thursday
Wednesday
Tuesday
YORK
NEW
for
Monday
Range Since Jan. 1
STOCKS
Sales
CENT
J v'
Saturday
Nov.- 20,
Et-dlv.
y
Feb 20
28% Feb
Ex-rights.
4
"71% "Jan
20*4 Aug
Jan
Jan
105% Nov
28%
Feb
Jan
4
108%
90%
22%
Jan
31%
Feb
5
20%
Apr
32%
Feb
149*4
100
Aug
June
T Called for redemption.
Volume
LOW
New York Stock Record—Concluded—Page 10
145
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
NEW
Tuesday
Nov. 16
$ per share
$ per share
834
834
11
*20%
*113%
54%
9
8%
11
20%
21
8%
7%
*9
11
$ per share
Shares
20%
*113%
8%
77g
8
7%
55
51
51%
52
53%
51%
53
24-%
24%
25
25
24
24
24%
4%
34%
33%
7%
334
32%
7%
33
7%
3%
53%
24%
33%
7%
4
11
11
*
80
*1
*156
*75
80
1%
9
9%
10%
9%
10%
66
165
*156
8
9
9
165
*156
*934
10
934
40
*37%
42
*36%
21
20%
*6%
10%
6%
6%
*9
6
9%
8%
87g
5%
7
7%
80
1,900
U S Freight
No par
U S Gypsum
20
100
165
8
7%
_w-«.
„
"1,200
8%
35
20%
20%
19%
20%
10,200
6
*5%
6
512
5%
400
884
.
834
5,700
31%
28
7%
6%
3234
634
3134
6%
6%
634
6%
6%
21,500
26%
28
27%
28%
26%
6%
27%
5%
30%
24%
26%
52%
50%
54%
51%
53
47
52
64
61%
52%
62%
52
64
61
63
59
61
56
59%
69
66%
56%
64%
6634
62%
45,600
8,400
65
65
66
66
54%
57%
66%
56%
7
*6634
60%
58%
34
56%
112
31
113
111
3234
30
6634
56%
*66
58%
*65
£54%
110
117% 117%
*116% 117% *116% 117%
109
117% 117% *117
2,900
300
54% 229,800
51%
109
107
109%
109
108% 109%
29%
300
5
*4%
4%
4%
2%
2%
2%
2%
6334
*50
6334
*50
*145
4%
2%
*46
*■'*
434
47g
2%
2%
6334
*50
13
*11%
*52
55
*52
55
52
52
*50%
*136
147
*136
140
*136
140
*11%
*35%
13
12%
38
30
1%
1%
*%
1
1%
*%
27
27
*25%
17
17
16%
26
26
108
25%
*101
*101
36%
37%
*37
*
70
"4%
*27%
*
28%
26
107
107
107
35%
*30%
1%
1%
1
7s
32
*25%
1534
1734
4%
28%
107
4%
4%
4%
4%
13%
1234
12%
118
*110
118
25%
16%
2434
16%
25%
167g
23%
65
4%
25%
*105
4%
37%
*
26
26
107
*105
5
*434
12
12
*1134
*110
118
*4%
108
37%
65
"*4%
12%
4%
2634
107
5
13%
*111% 118
*.
'•«
1,500
4,500
30%
23
8%
22
82
*78
*78
9%
*43%
9%
44%
*17%
18%
*1734
15
*14
8%
15
43
334
3%
*3%
50
*43
8%
8%
8%
*41%
*44%
45
*42%
4%
4%
*4%
14
*12
♦11%
8%
22%
18%
15%
3%
*17%
50
*44
8%
4%
14
24%
16%
17
31
31
29%
31
3
3
1%
*1%
*1%
29%
30%
*74
90
*74
75%
*80
94%
*84
10%
1%
3%
1%
*3%
30%
31
28
28
10434
103
*122%
4%
17%
17%
*
65
"3%
4%
*106
5
6,300
3,000
24%
*1117g 118
*112
118
*14%
*26
30
28%
*2%
3%
*1%
1%
31
30
74%
*73%
15%
30
90
118
118
85%
118
7%
*4
22%
14%
28%
29%
•
31%
28
29
100
17
106%
2534
2534
12%
*11%
2%
*17%
2%
118
90
84%
119
*3%
7%
6%
140
8434
500
1%
234
700
28
9,900
25
27
6,100
1,800
27,800
110
900
500
95
80
26%
27%
25
4,100
25%
26
85
63
60
17%
11%
16
16
10
1034
12
10%
11
2%
17%
2%
15
63
63
16
16
*16
12%
12
11%
11%
11%
11%
11%
11%
*2%
23«
2%
18%
18%
2%
2%
3%
7%,
6%
3%
7%
634
17
2%
3%
7%
6%
*60%
38%
193g
40
21%
20%
22%
*70%
77%
71
71
70
65
65
*50
38%
39
*38
40
54
54
*45
561?,
65
*63%
29
*2%
2%
3%
7%
6%
617g
39%
20%
3%
3%
7%
7%
24%
25%
4334
91
22
3%
6%
1,700
6
7,700
55
800
36%
17%
38%
18'%
11,300
4,100
63%
63%
150
20
20%
19%
20
70
69%
69%.
*63%
70
*50
62
*57%
62
*56
60
*.50
60
38
38
38
*49%
58
*47
*95
,
20
21
33g
3%
Bid and asked prices; no sales on
39%
June 29
Aug
Aug
Oct 16
10% Mar 16
18% Mar 16
2% Aug
2% Oct 19
2% Oct 19
16
Mar 17
4% June
7% Oct 19
19% Feb 11
2
No par
Co..
No par
18
Oct 19
49
75
Oct 20
No par
Walworth Co
Walk(H)Good & W Ltd No par
Preferred
No par
Ward Baking class A
No par
Oct 19
.—100
40
Oct 19
-
-
5
Warner Bros Pictures
4% Oct 19
20%
21%
3%
3%
this day,
*22%
23%
1,100
36%
39%
23,600
81
77
77
19%
3%
20%
3%
18%
3
t In receivership,
100
Jan
5
Jan
Apr
Apr
12% Jan 25
35% Jan 16
4%
15%
Jvn
Jan
21
Apr
6
11% Oct 19
20
38% Feb 19
50% Aug 10
9% Feb 1
2% Jan 6
No par
Wayne Pump Co
.No par
Webster Elsenlohr
1
Wells Fargo & Co
16
Oct 19
Oct 19
2% Oct 19
1
July 15
Wesson Oil & Snowdrift No par
23% Oct 19
No par
74% Nov 10
$4 conv preferred
West Penn El class A..No par
100.
100
preferred
preferred
preferred...
Western Auto Supply
No par
Class A
Westvaco Chlor Prod..No par
30
5% conv preferred..
Wheeling & L Erie Ry. Co.100
6)4% conv preferred-.-lOO'
Wheeling Steel Corp—No par
Preferred
100
$5 conv prior pref
No par]
WhlteJDent'lMfgCo(The SSi20.
1
White Motor Co
White Rk Mln Spr ctf.
-No
pari
Mach...No par
No par
$4 conv preferred
Willys-Overland Motors
6% conv pref
46
56
MarlO
Mar 17
19%
Apr
6%
June
1
Aug
33% June
78
Feb
84
Oct 25
84% Feb 4
108
Aug 26
88
Oct 20
109
Feb 11
96
Jan
76
Oct 23
103
Aug 26
87
Feb
9
8
116%
111%
Jan
Jan
29% July 12
11% Mar 5
~~8%
Apr
Apr
117% Oct 19
110% Apr 9
16
Oct 19
2% Oct 19
5% Oct 19
123% Mar
115% Jan
23% Mar
6
91%
15
Jan
1% Nov
Oct 15
4% Mar 17
1% Oct 19
25% Oct 19
17% Oct 19
11% Mar 17
5% Aug
83% Jan 22
72% May
57% Mar' 6
34>4
Jan
90
Oct 19
167% Jan 22
94%
113
Oct 18
170
Jan 22
123%
Jan
Jan
1
Jan
Jan
34% Jan 7
Apr 13
31% Nov
35%
75
Oct 19
126
6
115
Nov 17
May
Oct 19
Oct 18
Oct 18
14% Oct 19
6
Oct 19
8% Oct 19
1% Oct 19
11
Oct 19
1% Oct 19
1
10
2% Nov 19
6% Oct 19
4% Oct 19
65
Aug 6
Mar 11
126% Aug 14
90% Aug 31
23%May 15
33% Feb 16
18% Jan 25
6% Mar 22
4
6% Jan 25
5% Sept 7
46% Jan
12
Sept
34
99
18%
Oct
91
Nov
July £120
Oct
Jan
21% July
84
33%
Oct
July
94
19
160
32
35%
60
9% Feb
96% Nov
z50% Dec
153% Oct
19'4 June
31% Nov 19
10% Oct 19
39
85
Feb
Feb
27% Feb 23
22% June
Oct 19
4
39
30% Jan 22
24
12%
23% Sept
6ct
10% Oct 19
6
Wilcox Oil & Gas
July
39% Deo
Feb
109%
Feb
13% July
3%
16
2«4
Apr
Apr
Jan
7
6% June
100
10
55
Nov 19
91% Mar
12% Feb 27
2
70
35
Oct 19
65% Jan 20
44%
WorthingtonPAM (Del)No par
Preferred A 7%
100
Preferred B 6%
100
12
Oct 19
47
Jan 22
23%
Apr
56
Apr
Jan
No par
Wilson <fc Co Ino
$6
preferred
Woolworth (F W) Co
Prior prel 4)4%
Prior pref 4)4%
series
10
convserleslO
Yellow Truck A Coach cl
54% Oct 20
40
B..1
Oct 19
112%Mar 25
100
Mar 10
3
39
Nov 13
3
54
Nov
5
Oct 19
128
Mar
6
62%
58% Oct 19
78
Jan
7
63
Aug
23% Nov 19
7% Oct 19
62% Jan 27
33%
8%
Apr
37% Feb 16
Jan 23
21
Oct 19
46% Feb 15
35
Oct 19
70
Oct 25
101% Mar 6
115
Jan 27
No par
12
Oct 19
3%
3,100
Zonite Products Corp
n
New stock,
r Cash sale,
1
2%
Nov
8
142
90
Zenith Radio Corp
Apr
Nov
51
100
9,800
47
June
34% Nov
Wire.-No par
Youngstown 8 A T
No par
6)4% preferred
100
Preferred..
Young Spring A
19%
a Def. delivery,
18
Jan
Apr
1
Pipe
Waukesha Motor Co
White Sewing
10%
2%
47%
9%
Nov 19
Oct 19
10
6%
1
10% Feb 26
99% Mar 2
2% Oct 19
{Warren Bros
No par
$3 convertible pref--No par
6%
Apr
50% Feb
44
36
7%
Jan
Apr
69% Jan 23
No par
$3.85 conv pref
Warren Fdy &
Apr
17%
197g
7% Oct 19
an
30
5%
26%
51% July 15
Oct 20
94
40
Jan
8
18% Mar 11
Oct 19
23%
24%
9%
Jan
3% Oct 19
2
.
.
8
17
......No par
Class B-.
Feb
32
25
38%
5
92% Aug 18
Wrigley (Wm) Jr (Del).Np par
Yale A Towne Mfg Co
25
24%
98
4H% pref with warrants 100
Walgreen
300
*77
Oct 23
Waldorf System
*61%
85
Jan
70
120
63
42
£114%
Mar 12
38
25%
Mar
122% Jan 11
Wright Aeronautical—No par
180
109
2
52
117% Feb
70
10%
Feb 15
Apr
100
1,000
30,500
116
4% Jan
2884 Aug
4
500
94
May
6
Mar
58
9%
72
6
135
55
*80
Mar 27
12% Apr
74% Apr
119% Sept 23
38
11%
80
May
53
*88
*77
Sept 27
4
*45
24
Apr
Feb
14
*36
66%
Jan
40
5
5
58
11%
*24%
mwwm-mmrn
Apr
May 12
Mar
7
38
95
89
*
June
16%
2884
£110%
Jan
62
38
11%
41%
preferred A—
30
39% Mar 11
44% Jan 20
12% Jan
*55
95
25
5%
5% preferred B-...
58% Jan 20
37
*48
11%
38%
100
100
100
{Wabash Railway
Jan
July
Oct 20
60
97
24%
105
1
47
2% Oct 19
18% Oct 19
54%
38
£62%
24%
10%
*77
5,500
39
27%
1034
39%
3
38%
26%
42%
500
39%
*25%
25%
2,600
1,600
2%
39
28
41
2%
15%
55
64%
25%
7%
600
6%
60
12%
6%
3%
2%
2%
6%
5%
200
10,100
59%
*63
93%
3
2
300
60%
6
63
11%
*2%
100
59
6%
60
93
2%
*15%
•
60
6%
63
29
*11
23%
*73
60
*56
12
3%
15%
2%
66
97%
20%
2%
16
18%
65
*93%
*77
2
23g
11%
10%
5%
Weston Elec Instrum't.No par
8
95
11%
100
preferred
Jan
3%
8
66
No par
Apr
Mar
115
Nov
Chem
57%
Oct 19
36
80
4%
734
1%
2%
25%
92
96%
123% 123%
13
15%
31%
33%
14
14%
2434 2434
Oct 19
9% Oct 19
14% Oct 19
16
5
Vlck Chemical Co
1,000
2,300
2,200
17%
4%
47g Jan 13
2% Jan 20
97
1st preferred
100
Co.-.10
Western Maryland
100
4% 2d preferred
100
Western Pacific
100
6% preferred
100
Western Union Telegraph.100
Westingh'se Air Brake.No par
Westlnghouse El <fc Mfg
50
1st preferred
50
105
*75% 105
100
...5
west Penn Power 7% pref.100
17%
% Oct 19
% Oct 19
1
30
*75
27%
50
190
*93
26
153
Jan 18
119
95
29
Jan 19
108
113
105
39%
•
25%
8434
*75
105
May 17
Jan 21
113
*93
27%
86
164
119
94
39%
21%
3%
84%
119
70
100
105
17%
21%
3%
75%
90
94
39
21%
100
*75
11%
80
*73%
2,200
95
61%
*77
29
105
*16
28%
300
1%
28
*90
60
11%
800
*75
61%
28%
3
9434
14
17%
66
*2%
*1%
90
35
12%
70
1,500
3,000
3,500
94
14
64
*61
400
28
90
*33
12
*63
4,100
25%
94%
15
*60
*60
1%
35
*15%
7%
6%
300
95
*61
3%
3
15
12%
2%
45*300
105
*75
Oct 26
Nov 10
Oct 20
11% Oct 18
No par
Preferred-.
mm
1434
*33
*75%
*60%
2%
1,300
■
10%
15
25%
300
22
35
26
49,500
2,500
4
14
15
*25%
734
38%
20
*33
25%
7
38%
3%
22%
15%
28%
28%
28%
26%
27%
96% 100
123% 123 2
15%
1534
*75% 105
*63
64%
19
600
3%
50
10
*73%
*94
17%
*15
4%
3%
*43
13
78
29
30
29% 30%
28
26%
26%
27%
99
103
96% 102
123% 123% *123%
17%
*16%
16%
16%
2534
1,500
1,400
*75
66%
*62
8
40
32
....
17
15%
105
*80
3%
50
1%
*29%
78
91
*85
*43
1%
32
94%
85%
84%
7%
39%
9
3
88
119
78%
3%
94%
15
28%
28
*10
87
35%
95
*88
1%
29%
74%
3%
40
24
50
35g Oct 19
-
Jan
5
Apr
67% May
136
29
100
6%
8% Feb 5
84% Jan 11
21
Jan
46%
No par
Sales
Va-Carollna
72% July
.....100
8
150
77
43%
Oct 19
Oct 25
preferred
100
Virginia Ry Co 6% pref.-.100
Vulcan Detlnnlng
100
Preferred...
........ 100
1,200
21%
75
1
Virginia Iron Coal & Coke.100
1,700
13
15%
9
2% Oct 19
46
Va El & Pow $6 pref...No par
WW
8%
20%
*12
94%
*33
26%
3
8%
21
14
87
*14%
105
*75
28%
8%
21
8
*12
*9
9% Feb
No par
70
12
14
*22%
160
Nov
_
110
4%
12
*13
16
5
,
100
107
4%
12
14
13
Jan
51
Vlck Shreve & Pac Ry Co.100
1,300
8%
42%
18%
23%
169
Preferred
7%
37
*18
94%
35%
*33
15%
Apr 29
Universal Pictures 1st pref.100
107
36%
106
*4%
11%
4%
13%
147
2,900
23
213g
*100
105
4%
100
Apr
Oct
Van Raalte Co Inc
23
4%
131
Vanadium Corp of Am .No par
18
8%
9
30
26
44%
Mar
8,700
25
7%
*37%
136
15%
*17%
8%
Oct 22
25%
65
4%
42%
114
13%
18%
94%
*122%
_
7%
42%
4%
*11%
23%
Jan
No par
25%
18%
3%
115%
{Utilities Pow & Light A
37%
37%
50
126% Mar 11
150
Jan 22
Vadsco
78%
8%
42%
3%
8
100% Oct 10
100
1,300
23%
*-.-.
*42
68%
7,200
9%
3%
75% Jan 18
%
43%
50
Oct 21
13g
*112% 113
112% 112% *112% 113% *112% 113
19
£18
19
18
18
19
19%
19%
5
5
4%
*4%
4%
4%
5%
5%
*8
*8
8
8
9%
9%
*7%
10%
1%
1%
1%
1%
1%
*13g
*1%
1%
3
3
3
3
2%
3%
3%
3%
5%
*8
75%
3%
63
%
8%
85
*118
20
*5
1%
30
13
Jan
50
Universal Leaf Tob
*43-4
*17%
9%
94%
84%
113%
*19
3
8%
8.5
94%
85%
119
119
*112
;
82
45
24
30
22
*78
*43
23%
16%
3
*8%
*21%
82
10%
43%
16%
23%
83g
21%
*78
45
8%
8%
21%
82
47
Mar 11
Universal-Cyclops Steel Corp 1
r
8%
21%
Feb 18
105
200
66
66
66
65
*52%
*52%
*52%
*52%
*65
67% *52% 67%
*118% 125
*118% 125
*118% 125
*118% 125
♦118% 125
*118% 125
3
3
3
3
3
3
3
2%
*2%
2%
3%
*3%
4
5
4%
4%
4%
5
4%
4%
5
4%
4%
4%
4
4
4
4
*4 ;<
*4
*4
4%
#4
4%
4%
4%
*8%
21%
Jan
118
1%
107
Jan
Nov 19
161.1
*100
Aug
Nov 19
32
16
Oct
10
71
Mar 30
56
%
*25%
4%
22% Mar 17
112
Aug
31% Aug
47
1%
1%
%
9
15% Mar 13
-.100
50
200
150
Jan
Jan
100
preferred
193g
113% July
Apr
50%
32
43% Feb
7%
United Stockyards Corp;
1
United Stores class A..No par
8%
Doc
Nov
May
Jan
16%
Preferred
10
8%
49
21%
100
140
160
72% Mar 31
11%
11%
50%
Feb 10
Mar 22
72% Mar 9
19% Jan 12
50
*136
70
23% Mar 22
Oct 19
U S Steel Corp
$6 conv pref. A.
8%
;"0% Nov
87
Apr1
3% Oct 18
Preferred
2%
June
80% May
20
8% 1st preferred
„
4%
2%
50
52%
32
'
W
4%
:
32
%
37
2%
140
13g
30
*145
4%
*50%
%
37
~
-
*136
1%
*22%
•
63%
*11%
38
*100
—
*4%
54
*31
'
2%
*56
12%
136
1%
%
108
*
*145
4%
2%
6334
136
38
*100
37%
*1134
*110
z23
2634
108
79
"4%
4%
*11
12%
mm
~
29% Aug
105
24% June
3
24
U S Smelting Ref & Mln
Preferred
'
*145
*145
*145
10
Feb
No par
U S Tobacco
Feb
16%
Jan
172
Oct 19
Feb
9%
48% Aug
Jan
20
No par
U S Pipe & Foundry
U S Realty & Impt
U S Rubber..
3,700
120% *117% 120%
..100
117
Apr
2
20% Jan 19
34% Jan 13
16% Oct 19
3% Oct 19
6% Oct 19
85
Sept 23
Partlc & conv class A.No par
Prior preferred
"13"
91
Oct 20
z34
Jan
3
154% Nov 4
6% Oct 19
Corp___5
50
109
3% Jan 28
100% Feb
137
Nov
32% June
66% Jan
14% Nov
2
Jan 14
8
54
U S Industrial Alcohol-No par
U 8 Leather..
No par
2,300
27%
32%
33%
6%
27%
54%
63%
5)4% conv pref
86
*70
86
*70
8
7%
8%
8%
86
*70
preferred
U S Hoffman Mach
200
July
17
4% Oct 20
5% Oct 19
100
prererred
650
9,500
35
4
Mar
1137g Jan 14
16% Feb 8
24% Mar 9
% Oct 19
2,400
*156
Jan
9% Mar 11
Nov 19
75
100
No par
7%
9
Jan
Oct 20
8%
36%
15
93
Oct 19
62%
165
26% Apr 19
106% Feb 26
Nov 16
3% Oct 19
6% Oct 19
6%
8%
9
Apr
1034 Apr
9
54%
36'2
Apr
8
101
9
*156
5%
40%
Mar
No par
$6 first preferred
Conv
35% Nov
86% Mar 19
65
8%
Jan
63
U S Dlstrlb Corp
1%
*1%
Jan
96% Nov
22%
Mar 17
Oct 19
U S & Foreign Secur...No par
200
75
75
1%
3,100
73g
5
33% Nov
Oct
Jan
8% Jan 14
258 Oct 19
10
37% Nov
68
Oct 19
United Paperboard
25% Sept
Apr
24% Mar
3
No par
United Gas Improvt
$5 preferred
100
22%
*534
86
*70
108
*70
6
20,000
106
*103
share
Jan
16%
52
No par
per
13
24
United Eng&Fdy
United Fruit
1,100
834
934
21
6
113g
10%
4,300
40
934
*36%
21%
11%
105
8
934
65
165
*156
934
40
5
15,700
80
share $
per
111
Feb
16
6% Oct 19
10
$
share
467g Jan 14
Oct 19
5
6
United Electric Coal Cos
5%
31%
56%
5,
2834
56%
32
112
20
6%
9
934
108
*70
22%
9%
63%
Oct 19
No par
62%
9%
*8%
9%
64%
61%
2
25% Oct 19
preferred
United Drug Ino
100
5534
*1%
35
United Dyewood Corp..
Preferred
29%
*75
1%
Oct 19
40
567g
7%
80
20
1,000
32%
6
91
10
56%
11%
Nov 19
95
32
105
Oct 15
49
*9
5%
5%
110
...
$3
5,100
4,700
7%
15
100
*82
10%
95
*
32
>
7
Oct 19
No par
United Carr Fast Corp No par
United Corp
No par
85,900
3%
3%
30%
10%
6%
*1%
37g
per
24% Jan 12
31% Feb 10
30% Jan 11
117% Feb 6
...No par
United Carbon
800
24
$
share
Oct 19
7
No par
Preferred
40
ver
5% Oct 19
5
United Biscuit..
2,600
*23
32%
7%
*82
33
*75
1%
500
51%
334
7%
56
80
*1%
68
6534
165
*9%
*37%
20%
5%
*32%
57
19%
49
32%
57%
11 %
11%
1134
12%
117g
105
*103% 105
*104% 105
7
6%
6%
6%
6%
8%
7%
8%
8%
8%
*1%
10
8%
10%
6534
82
34
56
5734
*75
1%
10%
534
5%
*32%
35
57%
57%
12
11%
12%
*104%
*104% 105
7
6%
6%
8%
*8%
*8%
10%
80
6
34
57
*75
10
80
3%
33%
7%
10%
•
24%
4%
337g
7%
82
11%
5%
5%
33
33
*7%
4%
85
11
*79%
8634
""5%
4%
3434
7%
9%
United Amer Bosch
*18%
$
Par
1.
Un Air Lines Transport
300
Lowest
Highest
Lowest
12,200
10
*9%
*18%
19%
112% 112% *111%
10%
*9%. 10%
*9%
20
*19
19%
19%
all3% 113% *112% 113%
Year 1936
100-Share Lots
EXCHANGE
.7%
7%
9
54%
*24
On Basis of
YORK STOCK
Week
$ per share
$ per share
Nov. 19
Nov. 17
$ per share
Thursday
Wednesday
Nov. 15
the
Nov. 18
Monday
Nov. 13
Friday
Range for Previous
Ranoe Since Jan. 1
STOCKS
Sales
CENT
for
Saturday
3311
Oct 19
z Ex-dtv
43% Aug 31
9% Jan 16
1/ Ex-rights
Jan
Jan
83% Jan
42% July
41% Jan
105
Jan
11%
Jan
5*4 July
? Called for redemption
Nov.
3312
NEW
YORK
7
20,
EXCHANGE
STOCK
Record, Bond
Friday, Weekly and Yearly
Cash and deferred delivery sales are disregarded in the week's range,
transactions of the week, and when selling outside of the regular weekly range are shown In a footnote in the week In which they
NOTICE—Prices are "and Interest"—except tor income and defaulted bonds.
unless they are the only
No account Is taken of such sales in computing the range for the year.
occur.
Last
Range
Sale
STOCK EXCHANGE
Week Ended Nov. 19
y.
Friday
Bid
Price
Since
Asked
dk
Low
High
No.
Low
A
O
116.14 115.26
116.14
10
113.16121.14
A
O
107
107
60
104.2
J
D
111.28 111.21
111.28
32
109.12115.20
15 1947-1952
15 1943-1945
Dec. 15 1944-1954
Treasury 3Xs---Mar. 15 1946-1958
Treasury 3X8— June 15 1943-1947
Treasury 3s
.Sept. 15 1951-1955
Treasury 3s
..June 15 1946-1948
Treasury 3Xa—June 16 1940-1943
Treasury 3Xs
Mar. 15 1941-1943
Treasury 3Xs—June 15 1946-1949
Treasury 3%b~-Dec. 15 1949-1952
Treasury 3^8
Aug. 16 1941
Treasury 3Xs...Apr. 15 1944-1946
Treasury 2 J^s
Mar. 15 1955-1960
Treasury 2X«—Sept. 16 1945-1947
Treasury 2 Xs—.Sept. 15 1948-1951
Treasury 2%n
June 15 1951-1954
Treasury 2X8—-Sept. 15 1956-1959
Treasury 2Xs..-Dec. 15 1949-1953
Federal Farm Mortgage Corp—
3Xs
Mar. 15 1944-1964
3s
May 15 1944-1949
3a--..
Jan. 16 1942-1947
Oct.
M
J
M
J
S
106.22
2Xs series B--Aug.
2He series G
Price
19
Bid
Range
§2
©
Since
©
Asked
&
Low
Jan. 1
Low
High
High
D
21X 721X
1
21
i
23
4
20
30 X
22
7 22%
3
20
30X
1947 F
A
1952 J
D
1957 F
A
♦7s stamped
1957 F
Cordoba (Prov) Argentina 7b.. 1942 J
A
109.27; 110.8
b 107.14
34
107.12114.9
24
104.28110.18
103.26
53
101
♦Cordoba (City) 7s
104.27 104.14
104.27
80
102.10107.30
106.1
23
104.20107.27
106.27
8
104.30.105.13
87
104.24108.24
102.20 108.24
107.8
105.27
M
106.27 106.23
J
105.13
J
105.13 105.8
F
106.28
105.14
103
102.24108.18
32
104.24108.24
External 5s of 1914
104
109.25
104.30
106.28 106.17 ,106.28
119
101.13
100.201101.14
539
M
103.12 102.30,103.13
101.14 100.25A101.14
194
223
99.2
104.10
100.26 100.1
938
98.4
103.17
99.24.100.14
146
98
175
96.0
101.22
1949 F
100X
77
90
60 I
^86 1
•41
63
86X
44
60
80
6
86
99
21 %
22%
17
21X
36X
21%
M S
J
D
M S
J
M
D
8
100.14
99.2
100.26
103.1,T 103.8
103.8
7
100.18106.16
101.7
106.10
M N
102.29 102.17
102.30
47
100.11105.17
J
103.10 103.4
103.19
62
101.8
105.23
101.30,101.36
1
99.6
104.10
J
8
F
A
101.10 100.30
J
J
100.29 100.20
102.29
241
99.24105.3
101.10
249
98.28103.2
100.31
137
A
J
Sinking fund 5Xs...Jan 15 1953 J
♦Public wks 5Xs---June 30 1945 J D
1951 A O
Chechoslovakia (Rep of) 8s
1942 A O
Sinking fund 8s ser B
Denmark 20-year extl 6s
External gold 5%b
1042
11
64%
103 X
202
103 X
2
103 X 105 X
103 X 105 X
105X
101 %
24
104 X 107 X
25
100
101
24
100X 103X
97X 101X
103 X
1909 A
6Xs 1st series...
;
105
68X
82 X
70
82
65
65
82
09%
71
69
65
81X
81X
75
69 X
—
i
65
♦
*11111
*
*21
60
69X
70
05
45
69
>60 X
*65
*
5Xs 2nd series- .........1969 A O
♦Dresden (City) external 7s
1945 MN
47 X
i
e
O
21
102
4
-i
2d series sink fund 5Xs
..1940 A O
Customs Admins 5Xa 2d ser. 1961 M S
97% 102
102 X
104%
100X
100%
100 X
63 X
Dominican Rep Cust Ad 5 Xs..l942 IVI 8
1st ser 5 Xs of 1920...
1940 A O
1
102
02 %
103 X
104 %
1955
98.16102.31
100 X 105 X
101
104X
—
102
102 X
External g 4Xs
Apr 15 1902 A O
Deutsche Bk Am part ctf 6s...1932
|»Stamped extd.to Sept 1 1935.. M S
99
*105%
*104 X
102
103.18
98.8 M 99.2
A
101X
93
6
,
;r
J
1944 IVI S
1949 F A
External loan 4 %s
99
A
M
ser
90
8
81
1951 MN
31
32
*
95X
95%
"00
20 X
96 X
81X
98%
99
1953 M N
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5s of 1904
106.28
i
106.21
1 1944-1952 M N 102.29 102.17
1 1939-1949
-.1942-1944
♦Colombia Mtge Bank 6Xb— 1947 A O
1946 MN
♦Sinking fund 7s of 1920
102.29
110.8
103*26
J
1 1942-1947 M
May
Week Ended Nov.
Range or
Friday
Sale
EXCHANGE
♦Sinking fund 7a of 1927
Copenhagen (City) 5s
25-year gold 4Xs
D
S
109.26
Home Owners* Loan Corp—
3s series A
STOCK
Foreign Govt. & Mun. (Conl.)
Treasury 3XB--.Oct.
Mar.
Y.
High
Treasury 4s
2«s
N.
Jan. 1
u. S. Government
Treasury 4%b
BONDS
Range
or
Friday
Week's
Last
Week't
Friday
BONDS
N.
19
J
81
26
Ferslgn Govt. & Municipals-
.1948
—1947 F A
1948 A O
♦Gtd sink fund 6s—
Akershus (Dept) Ext 5s
22%
1963 MN
♦Gtd sink fund 6a——
"mi
♦Antioqula (Dept) coll 7s A—1945 J
♦External s f 7s series B
1945
♦External s f 7s series C
J
21
21
99X1100
s
s
f 7s 1st series
s
s
oonv
loan4s Feb--—1972 F
8 f extl conv loan 4s Apr
External g 4Xs of
1972
-1955
7X
8
6
20
6%
7%
0%
4
6
20
8
6
8
5X
6%
14
0
6
6%
14
8
98
98
98%
10
98
92%
90% I 95X
83 %
87
222
A
A
O
J
J
85% J83X
88%
105% flosx *105%
169
6X
20X
17X
10X
16X
102
85
100
1956 M N
J
1957 J
100 % 1100 llOOX
103 %
103X A103X
105
4
106
386
40
47
38
5
X 103 X
83 X
95X
83 X
94X
104 X liox
104X 110
99 X 103 X
104 X
98
90
J
-
Finland (Republic) ext 6s.....1945 M S
♦Frankfort (City of) a f 6 Xs—1953 M N
French Republic 7X8 stamped. 1941 J
7X8 unstamped
56 X
40
101 x
1945 F
1949 M
lb External s f 6s..————1955 J
External 30-year s f 78——1955
Bergen (Norway) extl s f 58—1960
♦Berlin (Germany) s f 0Xs
1950
♦External sinking fund 6s—1958
♦Brazil (U 3 of) external 8s
1941
J
A
w21%w21%
105X5" 106X
S
J
101Xf104
103 %
D
112X1,113
M S
Iioix
*100
'
A
O
J jD
J <D
422
21%
27%
♦External s f 6Xs of 1926—1957 A O *22X
♦External s f 6 «s of 1927
1957 A O 122%
*7s (Central Ry)
1952 J D *24
Brisbane (City) s f 6s
.1957 M 8 1095*
l.
21X
22
21X
$21%
123
5
6
52
24
"~7
4
18X
25 X
105 X 111
101X 110X
112X 118X
99
103 X
18
25%
18X
25
29X
99 X
18
59X
47X
25
118
23
349
208
18
269
1
18
47 X
99X 103 X
103 X
99X
101
105X
1958
1950 J
D
a
f 6s—
*99 X
101X h02%
101%
♦Budapest (City of) 6s
—1962 J D
Buenos Aires (City) 6Xa B-2.1955 J
J
♦Buenos Aires (Prov) extl 6s.—1961 M 8
♦6s stamped
——1961 Mj|S
♦6 Xs stamped
—1961 F A
Extl i f 4H8-4H81977 M S *67X
Refunding s f 4Xs-4 Xs
1976 F A 4 68
Extl re-adj 4Xs-4Xa——.—1976 A O
Extl s f 4Hs-4Hb
1975 MN 4.71 %
1*3% external s f $ bonds—1984 J J
100
23 X
23 X
ioo»»r 100 X
*98
fl 108X
~~6
5
24
22X
100
33 X
102 X
97X 106 X
80
93X
♦5X8 unstamped..
♦6s part paid..
29 X
s
s
J
1967 J
♦Stabilization loan 7 Ha
-
s
f 6a
F
A
♦6s extl
s
I
114X
11"
80X
Extl sinking fund 5Xs—1965 MN
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦Leipzig (Germany) s f 7s
—1947 F
Lower Austria (Province) 7X8-1950 J
69
88
105
15X
104
20X
25X
20
17X
20X
55X
I
<1
19
|
58X
13
O30X
32X
107Xfl08
37
27
99
J
99X
98X
93 X
48X
M
38
38
32X
32X
10
32X
X 132 X
it
,
J
J
98%
J
93%
J
A
|32
I 32
A
MN
£13X
A
O
14
F
A
*14
J
U
M S
M
,
65 X
(Colombia) 6Xs—1954 J
H4X
1
,13%
|14
?13X f 14X
51
9
44
30X
33 X
104 X 110X
109 X 114X
97
101X
98X 103 X
99 X
98
91
95
1
47
00
3
32
54X
X
20X
20 X
30X
♦Assenting 5s of 1899......1945 Q
♦Assenting 5s large
♦Assenting 5s small...
3X
...
40
♦4s of 1904
75
59
73
3
65
9
61
76 X
82
70
40X
21X
65X
215
124
10
8
....
Milan (City, Italy) extl 0Xs
Mlnas Geraes (State)—
♦Sec extl
95
M
S
♦6s series A
....1959 MN
New So Wales (State )extl 5s..1957 F A
External s f 5s..
...Apr 1958 A O
34
12
167
12
25
20-year external 6a
12
25
—.1943 F
...1944 F
Norway 20-year extl 6s
A
48
13X
13X
11X
12
24 X
I14X
13
'nx : i2x
42
12
24
10X
11X
HX
11X
10X
*20 i
30
24X
21X
21X
21X
♦Nuremburg (City) extl 6s....1952 F A
Oriental Devel guv 6s
......1953 M S
Extl deb 5X8
1958 MN
Oslo (City) sf4Xs
1955 A O
22
Panama (Rep) extl 5Xs
1953 J D
♦Extl 8 f 5s ser A...........1903 M N
♦Stamped
...........1963 MN
1961 A O
12%
—1962 M N
12%
10%
;
12X
$ 12 X
111
30
5
12
40 **.
21% 2 21X
O
15%
J
115%
14X ¥16
14X
16
81
70
OX
9X
8X
39 X
18X
14X
14X
42
100 X
0%
6
2X
8X
5%
3
8
11X
3X
11X
11
4%
3X
3X
21X
73
s
f ext loan
Municipal Bank extl
—.1963 F
A
1970 J
59 X
2
3X
5X
4X
li"
2X
69 X
*°59X
57
13
13
17
9
9X
9X
0
13X
13
82
101 %
107
loi""
103
102
12
34
14
128
11
33
60
12
60
76
60
13 X
11
60
13
D
s f 5s
3X
♦3X
A
External sink fund 4Xa
1956 M S
External s f 4Xs.._........1905 A O
12 %
60
12
5
101% *102%
101%
102 X
108X 107 «
106
106 X
103 X
104 X
102 X
103X
101X U02 X
*104
27
68 X
60
101X 105 X
10
101
19
104 X 108 X
16
105X 109
30
101X 106 X
99 X 104X
95 X 102 X
102 X 104 X
35
73
j.
*20
17
1A 62X
60 X
49
52 X
15
47 X
16
97 X
104 X
Tr102X
104X H05X
"45""
"45"
62 X
60
60 X
58
101
100
8
105
25X
85
103$
104 X 107
54
~49X
"15
85
43
76
11X
SOX
26 X
38
38
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s
1947 M S
-.1959 M S
D
♦Nat Loan extl s f 6s 1st ser..1960
♦Nat Loan extl s f 6s 2d ser. .1961 A O
A O
♦Poland (Rep of) gold 6s
...1940
♦Stabilization loan s f 7f .....1947 A O
♦External sink fund g 8s
3317,
1952 A O
f 6Xs
1958
♦Sec extl s f 0Xs.
*..1959 M S
♦Montevideo (City) 7s.——..1952 J D
s
24 X
D
89X
26
3%
3%
*3%
*3%
J
24X
J
62 X
29X
19X
IX
J
12
14
94
82X
67X 100 X
2X
11X
13
For footnotes see page
_.
3X
26
S
85X
5X
♦Assenting 4s of 1904
1954
♦Assenting 4s of 1910 large...
♦Assenting 4s of 1910 small..
♦fTreas 6s of '13 assent (large) '33
J
♦{Small.........
40X
48X
25X
26
115X
93X
60
60
1954
*22
A 5
•/
30 X
27X
02X
7X
3X
J
13 XI 14
l
1
111
74
6
D
13 X j 14
13 X 1 14
14
MN
A
(
22
30X
SOX
92
13%
D
—Oct 1961
66
98X
93 X
48X
«
J
-
UlXlll2X
112X
*99
14
17X
19X
47X
25
20X
107
)
114X
21X
*96 X *104X
D
80X
17
20
40 X
A
68
96% 101X
100X
26
73
74 X
J
49
99
f g——Jan 1961 J
28
*18
A
69X
72 X
98X
♦Chilean Cons Munlo 7*
1960 M S
♦Chinese (Hukuang Ry) 5a—1951 J D
♦Cologne (City) Germany 6X8.1950 M S
Colombia '(Republic of)
^♦0s of 1928
35X
26X
98
68 X
S
♦Mexican Irrlg assenting 4Xs.l943 MN
♦Mexico (US) extl 5s of 1899 £ 1945 Q i
J
1952 M N
10-year 2 bin
--Aug 15 1946
25-year 3Xs
—1981
7-year 2 bis
—1944
80-year 3s
1967
♦Carlsbad (City) a f 8a——1954
♦Cent Agrio Bank (Ger) 7a
1950
♦Farm Loan s f 6s—July 15 1960
S ♦Farm Loan a f 6a—Oct 15 I960
♦Farm Loan 6s ser A Apr 15,1938
♦Chile (Rep)—Extl s f 7s
1942
♦External sinking fund 6a—1960
> ♦Extl sinking fund 6s—Feb 1961
B.♦Ry ref extl s f 6s..
Jan 1961
* ♦Extl sinking fund 6s—Sept 1961
♦External sinking fund6s—1962
**
♦External sinking fundj6s
1963
♦Chile Mtge Bank 6 mb
1957
♦Sink fund 6 Ha of,1920
1961
P*Guar
27X
27
20X
Italian Cred Consortium 7s ser B ,'47 M
Italian Public Utility extl 7s...1952 J
♦Medellln
1968 MN
6s
f 6s
27X
20
v
Irish Free State extl s f 5s. .....1960 MN
Italy (Kingdom of) extl 7s
1951 J D
84X
Canada (Dom of) 30-yr 4s—1960 AO "108
s
34
42
32X
32X
...
f 7s—
M*Guar
29 X
*18
J
.1946
28
21X
23 X
35
27 X
♦Hungarian Land M Inst 7XS.1961 MN
♦Sinking fund 7Xs ser B
.1961 MN
♦Hungary (Kingdom of) 7XS..1944 F A
85 X
7
29X
104
78X
65X
66 X
2
29 X
*30X
*15
80
55
30 X
*21X
166
O30X
33X
23
98
68
54 X
36
25X
27
70
Bulgaria (Kingdom of)—
♦Secured
28X
26 X
1908 FA
78X
70X
54X
25%
33
.....1968
f g
31X
18X
25X
♦30 X
1904
1952
♦Hamburg (State) 0s.........1946
♦Heidelberg (German) extl 7X> *50
Helslngfors (City) ext 0Xs
1960
Hungarian Cons Municipal^Loan—
♦7X8 secured s f g .........1945
♦7s secured
20 X
31X
31X
♦(Cons Agric Loan) 0Xs
1958 J D
♦Greek Government a f ser 7S..1964 MN
♦7s part paid
♦Sink fund secured 6s..
27
23
*20
25X
65X
166X
470X
105 X 130
100
124
# <
I78X
68
V110
25X
124X
119X
25X
26
...1949
German Prov & Communal Bks
82
6
94
101X1102j
1965
,*75
•
17X
102
94
1
06 X
100X
22
♦5X8 of 1930 stamped......1965 J D
♦5Xsstamp(Canad'an Holder)'65
♦German Rep extl 7s stamped. 1949 A O
Japanese Govt 30-yr s f 6 Xs—.1954 F
Sinking fund gold 5s
A
20-year
p.-
F
98
German Govt International—
47
25X
99X
18
"
228
25
A18
110
55 X
105 X 109
104
102X
D
...1949
12
107
*21X I25X
D
Haiti (Republic) s f 6s ser A
♦Bavaria (Free State) 6Xs
Belgium 25-yr extl 0Xa..
106X
94
1949 J
External 7s stamped..
7s unstamped
56 X
100X
*100
106 X
1941
♦7s unstamped
1057 M S
1928
Austrian (Govt) s f 7s
30
100X
20X
6%
6%
4%
5%
6%
Antwerp (City) external 5s
1958
Argentine (National Government)—
8 f external 4Xs
1971 MN
S f extl
97
6
f 7s 3d series.1957
Australia 30-year 5s.—
External 6s of 1927
21
7%
f 7s 2d series. 1957
♦External sec
3
30
25
30
7%
1957
♦External sec
21
6%
f 7s series D——1945
♦External
14
7
1945
♦External
22%
22 %
J
1967
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s.
Agricultural Mtge Bank (Colombia)
1950
J
J
11X
11
30
13
11
10X
*
10X ^*11
IOX n 11%
1
11
28
139
10X
49
10X
20
26
47
02X
60
80
45X
64
"57*"
57
157X
9
*537
67X - 68X
52X *153X
36
6
Volume
3313
New York Bond Record—Continued—Page 2
145
Friday
Friday
Week's
BONDS
Last
Ranee or
Range
N. Y. STOCK EXCHANGE
Week Ended Nov. 19
Sale
Friday
Since
Bid
Price
No.
13m
6
11M
95
95
1
92
21M
1952 A
O
22*
22 m
6
17M
18
107
107m
32
110
22m
Queensland (State) extl
s
f 7s.-1941 A
1947 F
O
107m
21M
A
107
♦Rhlne-Maln-Danube 7s A
1950 M S
♦22
♦Rio de Janeiro (City of) 8s
♦Extl sec 6 Ms
1946
1953
25-year external 6s
13m
11
15
12m
10*
14
11m
13m
131
10M
33
{♦Boston A N Y Air Line 1st 4s 1955
11«K
14*
13*
64
11
32 M
{{♦Botany Cons Mills 6 Ms
15
11M
32 M
40
14
25
63*
20
60
83 M
41m
18
25 M
Bklyn Edison cons mtge
*21m
23*
J
20 M
14
1952
1957
M N
{♦8s extl loan of 1921
1936
J
♦8s external
1950 J
14
14*
10
11*
11*
13m
11
11M
34M
17*
1
17*
95
13*
112
12*
13*
10M
44
43 M
11*
17*
12 *
13 *
10m
59*
50
63
194
50
35 M
34M
98
24
..1956
....1968 J
♦7s extl Water loan
♦6s extl Dollar loan
Secured
s
24
1
19 M
25
S
J
1940 A
f 7s
1945
♦Sinking fund g 6 Ms
1946
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl..
1962
♦7s series B sec extl
1962
♦Saxon State Mtge Inst 7s
J
J
17*
24
15m
22
25
30 m
25
31M
29m
24
31
*22 m
IW N
30
M N
28
27
29
D
1958
J
♦Slleslan Landowners Assn 6«-_1947
F
A
1946
1955
F
A
*94 m
F
A
104 m
♦Silesia (Prov of) extl 7s
Syria (Province of) 7s
Sydney (City) s f 5 Ms
1971
Tokyo City 5s loan of 1912....1952
External s f 6 Ms guar
1961
Trondhjem-(City) 1st 5 Ms
1957
♦Uruguay (Republic) extl 8s
1946
Taiwan Elec Pow s f 5 Ms
50
J J
M S
A O
3*-4-4*% extl read]
57
28
»8M
101M 106
105*
62^
49
55m
1947
li 1st lien A ref 6s series A
Debenture gold 5s
-.1950
k
F 1st lien A ref 5s series B
64
"l7
10
99 *
56
64
50
1934
{{♦Burl CR&Nor 1st A coll 5s
*
1952
{Bush Terminal 1st 4s
4s—.1948
1947
10-year deb 4Ms stamped.. 1946
Adriatic Elec Co extl 7s
—1952
Ala Gt Sou 1st cons A 5s...
1943
1st cons 4s series B
1943
Albany Perfor Wrap Pap 6s—1948
6s with warr assented
1948
Alb A Susq 1st guar 3 Ms
1946
Alleghany Corp coll trust 5a...1944
Coll A conv 5s-.__.
1949
♦Coll A conv 5s
—1950
*58 stamped
1950
Allegh A West 1st gu 4s
1998
Allegh Val gen guar g 4e
1942
Allied Stores Corp deb 4Ms.._-1950
4 Ma debentures
1951
105
49
102*
132
O
92 M
92*
93*
84
M
53*
49
F
A
A
i
52 m
54
50*
78
95m
88
50*
61M
51m
24
39 *
65*
5
51M
93
F
A
96
97
96m
A
....
90
8
103*
"35
103
110
58
58 m
2
51
76
57
61*
2
57
74
110m 115
J
l03"
I63"
J
A
A
"57"
A
*
F
76"
61M
61M
A
»
A
"26""
K
M
O
A
M S
M
"33
65m
17
71
336
31*
♦93
107
101M
108m
99m
"""5
....
72 M
93 m 102 M
24 m
107 * 112M
92
101M
87 m 100*
105
96
58
61
95
95
95*
103*
96 m
96
102 M
55
87 *
2
87
103*
48
99
96*
37
20-year sinking fund 5Ms—-1943
^Convertible debenture 4 Ms-1939
8mb debentures
1961
3*s debentures
.....1966
♦Am Type Founders conv deb. 1950
Amer Wat Wks A Elec 6s ser A. 1975
MN
113
113*
140
>-> 0 0
100*
344
84*
20
78
113*
112A
46
111
24
110* 132*
100*
100
100*
186
J
D
100
100
100*
170
J
J
106
105*
110
113
MN
O
96
96
14
110M
110*
.
97*
16
102*
104
4
O
12*
45
O
107*
19
J
118
117*
F
A
D
F
A
114
100
F
A
91
91
92
69
85 M 100M
J
J
91
91
91*
33
86
A
O
(Del) 4s series B.1955
1st M s f 4s ser C (Del)
1957
Atchison Top A Santa Fe—
General 4s
1995
-1995
1995
1955
Adjustment gold 4s
Stamped 4s
Conv gold 4s of 1909
Conv 4s of 1905..
Conv gold 4s of 1910
Conv deb 4Ms
...—.1955
1960
1948
Rocky Mtn Dlv 1st 4s
-.1965
Trans-Con Short L 1st 4s...1958
Cal-Ariz 1st A ref 4 Ms A
1962
Atl Knox A Nor 1st g 5s
1946
Atl A Charl A L 1st 4 Ms A
1944
1st 30-year 5s series B
1944
Atl Coast Line 1st cons 4s July 1952
General unified 4 Ms A
1964
10-year coll tr 5s
May 11945
LAN coll gold 4s
Oct 1952
Atl A Dan 1st g 4s—
1948
Second mortgage 4s
1948
Atl Gulf A W I S3 coll tr 5s
1959
Auburn Auto conv deb 4Ms...1939
Austin A N W 1st gu g 6s
1941
J
123*
J
J
34
36
21
23
D
J
J
J
J
J
D
♦Cent
39
39*
10
39
2
100
99* 105
99 M
108 M
Nov
M N
107*
*
—
-
108*
88
14
100
103
-
101*
lOOM
101*
J
D
105
105
4
J
D
105
105*
5
J
D
J
D
J
J
J
J
♦112m
M
S
111m
J
D
♦99*
J
J
J
J
"62
104 m
105
105m
105*
104* 109 M
103* 110
104
103*
112
108
104 m 111
ioi"
105
107
114
110
114
112*
111
113*
106
105*
106""
101
102
118* 118*
106
111M
116
101
11
89
93 *
89
105*
75 *
77 m
75
99 *
M N
94 m
94 m
94
106*
MN
77
78 m
77
99 M
M S
J
D
"75*
34
"26"
32
29
54
63 m
62 m
101*
A
J
J
M S
6s
M
—
S
IVI
A
A
J
J
rj
26
26
85 M
99*
99 m 107*
102
104
77*
77
79*
D
42*
42*
49
138
73* 108*
94*
41*
July 1948
1995
P L E A W Va Sys ref 4s
1941
Southwest Dlv 1st 3Ms-5s—1950
Tol A Cin Dlv 1st ref 4s A—.1959
Ref A gen 5s series D__
2000
Conv 4 Ms
—I960
Ref A gen M 6s series F
1996
Bangor A Aroostook 1st 5s
1943
Con ref 4s
1951
4s stamped
1951
Battle Creek A Stur 1st gu 3s..1989
Beech Creek ext 1st g 3 Ms..,..1951
Bell Telep of Pa 5s series B
1948
1st A ref 5s series C
-.1960
O
85*
213
79
3317.
*20
36
15*
14.
"*7~"
-
25
•
^
— —
A
—
24
31
--
-
—
—
23*
U*
18
34
244
69 M
69*
69*
3
67
125*
2
102
96*
96*
*105*
107
36
A
96
107*
23
98
106*
O
75*
28
88*
9
29
78*
118
96
112*
101
108*
38*
29*
96
108$
100*
"7l"
75<jh,
881
*75"
90 jq
117
104*
26
10
*
109
45
48*
;
90
100* 108M
-
—
29
71
MN
—
—
36
IVI N
—
A- —
—
106
....
1
66* 104*
88
95*
76
92
116* 125*
1171 r
67«| I
21
105
105*
12
104* 108
105*
118*
93*
106*
5
105* 109
118*
3
95*
38
116* 128*
93* 102*
92* 102*
64M
S
105*
s
MN
40
90
29*
M
25
4
J
S
—
110W
J
IVI
—
—
164"
104
46
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23*
—
— —1
""
24*
*
-
23*
7
*
-
36*
9*
8*
47 M
General 4s
81*
93
16*
7
A
4s
40
71
"
8*
F
{♦Cent New Eng 1st gu
Central of N J gen g5s
70S
*--.._
O
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8
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S
F
A ref 3 Ma-
Gas 1st 5s
Cent Illinois Light 3 Ms
93
75
7*
J
J
71
6
22 ?!
"I3"
13
J
5s.
89* 106*
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77
*
D
J
4s—
5
69*
20
83*
60
101M 105*
107* 111*
6
87*
"76"
O
J
90* 105*
-
—
101*
107*
......
O
A
56
—'-
93*
64*
94*
21
95 m
94*
55
96*
1
A
J
MN
J
♦102*
82
82
D
J
_
48*
58
..
65*
50
—
72*
58
—-
57
72
48 M
-
A
J
J
J
J
A
J
J
J
J
IVI
S
A
O
28
3H»<
19
28
J
J
104 M
104
105*
22
104
J
J
108 M
108*
109*
9
108* 113*
IVI
S
108M
108
108*
53
F
A
103*
103*
104*
37
F
A
107*
107*
108*
68
.1934 A
O
UVVO
R A A Dlv 1st con g
52
136
146
3
99
12
72
105
58
107*
50
99*
93 M
2d consol gold 4a
1st & ref 5s
B
.1971
series A...
{{♦Chicago A Eaat 111 1st 6s._
3.1951
{♦C A E 111 Ry (new Co) gen 5s
♦Certificates of deposit——
"1982
gold 5s
{♦Chicago Great West 1st 4a__
{♦Chic Ind A Loulsv ref 6s
1947
♦Refunding g 5s series B—
♦Refunding 4s series C
1947
Chicago A Erie 1st
series A
1966
♦1st A gen 6s series B._May
Chic Ind A Sou 50-yr 4s
Chic L 9 A East 1st 4mb
♦1st A gen 5s
Chic Mllw A St. Paul—
♦Gen 4s series A
May
11989
1 1989
♦Gen 4mb series e—May 1 1989
♦Gen 4*s series F...May 1 1989
{♦Chic Mllw St P A Pac 5s A..1975
...Jan 1
{♦Chic A No West gen g 3 Ms—1987
♦Conv
adj 5s
....1987
♦General 4s
♦Stpd 4s non-p
Fed lnc tax 1987
116
106
106
3
103
110M
♦1st ref g 5b—
105*
105*
2
105 m 116M
78 M
60
36*
41*
329
42
41
48
83
38m
-
-
105*
109 *
109*
*106*
113*
-
—
—
—
—
113*
10
109*
109*
*106*
28
;
'
■
1
105* 111*
108
120*
109* 115
108
108*
8
110*
1
110
17*
21*
126
15
51*
17
17
5
16
44*
92 h.
3
13
13
16*
168
m-mmm
12
12
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110
110
92
M S
17*
J
J
----
J
J
J
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------
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7*
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5*
J
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6*
7*
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5*
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J
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124
,
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93
20
——
—
22
43
37
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93
58*
110
107* 117*
102* 116*
107* 119
92
101*
10
46*
9
45*
IVI N
M N
107* 111
—'
—
15
39*
—
—
1
93
93
26*
26*
107*
*
72
*
100
101
-
82 M
93 M
103 m
-----
117*
117*
115* 121M
126*
126*
126*
120
131
♦Gen 4*s
♦1st &
♦1st A
May 1 2037
ref 4 Ms stpd.May 1 2037
ref 4mb ser C.May 1 2037
♦Conv 4*8
series A
*110
27*
110* 112*
112*
29
27*
66
J
1
♦Gen g 3 Ms series B._May
♦Gen 4 Ms series C—.May
111
36*
-
—
4s
1st A ref 4 Ms series
1
47*
.
3Ms-
112*
41
-
ref g 3s.——
Chic Burt A Q—111 Dlv
Illinois Division 4a
General
5s—-.1941
112*
41M
-
Chic A Alton RR
1st g
stpd Fed lnc tax..1987
♦Gen 5s stpd Fed lnc tax
1987
♦4 Ms stamped
...
1987
{♦Secured 6*8
1936
38 m
33
— -
116M
48m 103 M
167
-
4s
*
mrnmimm-m
83*
99*
"29"
29
26
J
36
29
62 M
J
60 M
O
page
98* 110*
60,*
......
M N
Cent 111 Elec A
Warm Spring V
106* 116
112
102
A
gold 5s
Ref A gen 6s series C
50
103*
97*
*40
*80
A
74
J
1st
109* 115*
*
F
5s
Gen mortgage 5s
Cent Hud G A E 1st
12
20
—
Central Foundry mtge
105*
112*
107*
D
C
♦Mobile Dlv 1st g 5s
100
101M
J
series B—.
♦Chatt Dlv pur money g
99*
15
76
♦Consol gold 5s
♦Ref A gen 5 Ms
96*
D
{♦Central of Ga 1st g 6a--Nov
♦Ref A gen 5s series
102*
A
128*
80
102*
______
F
a
20
120
102*
111*
102*
96*
.......
J
23
114*
121
121
118*
116*
116
120
6
87*
M N
deb 5s w w
gold 4b
4 Ms w w
Branch UPlstg4s-_—
Celotex Corp deb
114*
114*
112*
110*
110*
1
116 >.
113c.
D
42 M
39*
Works 5s stmpd.1940
.July 1948
A
1995
Refund A gen 5s series
footnotes see
J
Cart A Adlr 1st gu
117*
86*
......
J
109* 116
113
118*
7
16
124
86*
M S
12
F
34
Jan
MN
Bait A Ohio 1st g 4s
106-i;il9*
118*
123
S
42
4*
116*
113
M
J
73*
102* 105*
mmm
113*
113*
li5*
117*
117*
115*
113*
113M
J
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100
Armour A Co
,
83
57
2
31
90*
43*
2
58 a
110M
S
85
-----
45*
91
M
8*
104*
106
32
10
84*
9*
93
47
3
58
99 * 107
j
101M
104* 105*
16
54*
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45*|
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102
100
104
106
109
108* 112*
J
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106
94
O
J
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115*
122*
84
----
-----
*83
IVI N
q
For
8
mm
103* 107
5
112*
*9*1
200
{Ann Arbor 1st g 4s
1955
Ark A Mem Bridge A Term 5s.1964
Baldwin Loco
52
52
95
A
33
■'
Ill*
*105*
O
J
102 M
96 M 102 *
deb 4Mb 1950
♦Anglo-Chilean Nitrate—
S f Income deb
1967
76
,
105*
105*
8*
A
13
99#
105*
94
96
O
A
85
84
IVI N
96 *
Anaconda Cop Mln s f
101M
"ij
ill2*
Carriers A Gen Corp
83
mm
84
D
100»»»113
O
55
A
J
111* 114
100»*»
A
J
78
----
IVI N
trust 4 Ma
41*
101*
97* 105*
58
104
....
M N
Telep A Teleg—
59
60 i
112*
100
109M
57
63*
72
----
48*
J
86* 106*
103m
93 M
-
62^
57*
*_
A
♦Mid Ga A Atl Dlv pur m
58
—
102 ^
*
62
J
93 M
101
—
161*
101*
34*
41*
*1-11"
J
60*
*98
S
249
7*
A
♦Mac A Nor Dlv 1st g
87*
103*
101M
7*
3
A
7s ctfs.
96 M
87m
101m
87 m
12
10*
A
38
88
108m
A
F
78 m
44
"26"
A
99
98*
"76"
J
4s...1952
105*
79m
79
9*
IVI N
57
86 M
93 * 105*
99 M
76
15
5
J
F
57 m 109*
94 * 106
46
67*
93
Alplne-Montan Steel 7s
1955
M 8
Am A Foreign Pow deb 5s..—2030
J D
American Ice s f deb 5s—.—1953
M N
Amer I G Chem conv 5 Ms
1949
J
Am Internat Corp conv 6 Ms—1949
Amer
65m
91m
91*
85*
10*
*
J
J
100M
*91m
90
49
44*
9*
9M
9*
IVI N
83 M
65*
48
40
20
9M
IVI N
52 M
82
S
124
10
IVI N
112
54*
50*
51
49
O
70*
D
•
Allls-Chalmers Mfg conv
D
107
50*
51*
49
O
99*
89*
"54"
"50*
S
A
J
99* 106*
*107*
IVI N
70 H
108
J
25
101*
D
{♦Car Cent 1st guar 4s.
J
26*
20
----
-----
1
Collateral
M
27
18*
101*
J
Coll trust 4s of 1907
*20
-
18 M
J
J
{{♦Abltlbl Pow A Paper 1st 5s. 1953
'«*
-
28~"
8
11
J
{Bush Term Bldgs 5s gu.
CalPack conv deb 6s
103
RAILROAD AND INDUSTRIAL
COMPANIES
Adams Express coll tr g
•
*
♦Certificates of deposit
80 M
50
95m
51m
O
J
72
53 m
50 *
♦65*
.
22
1957
F A
Brown Shoe s f deb 3*8
1950
J
J
Bruns A West 1st gu g 4s
1938
F A
Buffalo Gen Elec 4 Ms ser B....1981
J D
Buff Nlag Elec 3Ms series C..1967
M N
Buff Roch A Pitts consol 4MS--1957
73 M
100
51
51*
22*
22
20"
78 M
49*
21
50 m
52
7i_.1952 A O
Vienna (City of) 6s
19521 MN
♦Warsaw (City) external 7s
1958 F A
Yokohama (City) extl 6s
1961 J D
1950
1945
Bklyn Union El 1st g 5s
♦Camaguey Sugar
53 m
"53 m
Venetian Prov Mtge Bank
1941
5s stamped
39 H
90M
99 *
"64
M N
F A
1964 M N
1979 M N
♦External s f 6s
40 M
28
60*
*52 m
61m
60*
1960 M N
♦External s f 6s..
51 *
28
21
O
__
1st
Bklyn Un Gas 1st corus g 5s
San Paulo (State of)—
M
1941
3*8--1966
Bklyn Manhat Transit 4Ms.
1966
Bklyn Qu Co & Sub con gtd 58.1491
35 *
Ik
M N
f
1934
Brooklyn City RR 1st 5s
41*
43
27
A
High
"27~" """7
"26""
"27""
♦Certificates of deposit.....
40 m
1953 J
s
1961
4*s series JJ
i6M
Sao Paulo (City of. Brazil)—
secured
1st g
14*
62 m
♦Saarbruecken
♦6 Ms extl
1955
11*
A
f
1967
1st M 5s series II
12 m
O
F
s
1944
Big Sandy 1st 4s
Boston A Maine 1st 5s A C
62 m
A
secured
33
13
1952
1959
extl
34 M
10*
13
1967
♦8s
11
74
F
♦Debenture 6s
1955
♦Berlin Elec El A Undergr 6 Ms 1956 A
J
Beth Steel cons M 4*8 ser D—1960
A
Cons mtge 3*8 series E
1966
D
Rome (City) extl 6 Ms
♦Roumanla (Kingdom of) 7s
(City) 6s
*
Ms—1951
1959
15m
O
J
♦7s municipal loan
25
m
1968 J D
.1966 M N
♦7s extl loan of 1926
♦Deb sinking fund 6 Ms
106 M 113
32 M
20
""39
O
A
♦Berlin City Elec Co deb 6
Low
T
J
D
A
31
•M
J
Since
Jan. 1
No.
High
Low
100
Range
Bonds Sold
Bid
■
Belvldere Delaware cons 3Ms-.1943
16M 25 M
104 M 113M
Sale
Price
A,
•»!
33 M
11
5
F
Rio Grande do Sul (State of)—
♦8s extl loan of 1921..
..1946 A
♦6s extl s f g
Low
27
26*
A
Week Ended Nov. 19
Range or
Friday
<fc
Asked
Last
fel
STOCK EXCHANGE
High
High
14m
11
13m
J
♦Extl loan 7 Ms
1966
Prague (Greater City) 7Ms
1962 MN
♦Prussia (Free State) extl 6Ms.1951 M S
♦External s f 6s
Asked
LOW
D
1961
of) 8s
BONDS
Y.
N.
Jan. 1
11*
Foreign Govt. &Munlc. (ConeI.)
♦Porto Alegre (City
&
Week's
1949
J
27*
28*
J
J
29
29
4
25
57*
J
J
30
30
31*
46
30
69*
J
J
30
30
30*
5
30
J
J
31
31
31
1
31
69*
71*
F
A
9*
9*
8
'36*
A
O
3*
3*
M N
------
11* 1024
735
4*
M N
3
12*
17
18*
47
16
49*
19
17
20
91
17*
52*
18
52*
2
19*
M N
19*
M N
*18*
20*
M N
19*
21*
M N
IVI N
—
------
------
J
D
J
D
J
D
9*
MN
5*
9*
10
— —
19
—
54*
41
18
56
—
37
52
21*
9*
— —
*22*
"23*
9
9*
11*
54
11*
51
9
61
38
36*
11*
111
9
36*
6*
669
5M
24*
10
9*
5*
New York Bond
3314
Record—Continued—Page
Nov.
3
Friday
bonds
N
STOCK
Y.
Week
cBennett 'Bros. & Johnson
Trtrate Wire
112M
112M
113
20
109
108
109
32
O
109 m
Randolph 7711
East Ry Minn
6
104 m
10
N.
Last
STOCK EXCHANGE
Y.
Range or
Friday
Sale
Week Ended Nov. 19
-*0.
Price
Bid
<fc
Range
Since
Asked
Jan
1
.
D
*40
65
53
65
1996 j
D
*38
49
45
48
1995 j
D
*38
55
37
55
Nor Dlv 1st 4s—1948
110
110
101M
101M
*20
106 H
106 H
a
110
107
111
103 M 118M
J03M 107 M
*107
*89
m
102 M
103 m
103 m
1st cons g 58—1995 J
Electric Auto Lite
*50
19m
7m
8m
8m
9M
8M
3
5
5M
66
D
June 15 1951 j
D
1951 J
d
Chic TH4 S'eastern 1st 5s...1960 J
d
M
17M
9M
8M
30
6M
6M
38
1944 A
—
7
Gen
16
*67m
50
107
78
112 m
78
99 M
NY* Erie RR ext 1st 4s
1947 ivi N
91
105m
104m
105m
20
97
1962 M
97 m
92 m
92m
95
1943 a
65
65
Cincinnati Gaa A Elec 3mb
1966 F
1st mtge 3 Ms
1967 j D
Cln Leb & Nor 1st con gu 4s... 1942 M n
Cln Un Term 1st gu 5s ser C... 1957 M N
1st mtge guar 3 Ms series D.. 1971 M N
1943 j
Clearfield A Mah 1st gu 4s
J
Cleve Cln Chic A St L gen 4a.-.1993
General 5s series B
1993
E
D
Cairo Dlv 1st gold 4s
102"
106 m
'io§M
105
106m
*100 M
108m
104m
82
82
J
Series A 4Mb guar
1942
1948 M
1950 F
Series C 3 Ms guar
Series D 3 Ms guar
104m
110
O
129
106m
11
109M
105m
"55
5
*109m
*105m
n
a
*
82
j
J
4s.. 1948 A
91m
94 m
1955 F
Stamped
guar 4
..1942 J D
1951
3Ms A
1961
Consol Edison (N Y) deb 3MB-1946
♦Debenture 4s
105m
.
1st mtge 3Ms
'Ioom
1c2m
17
100
17
D
1943 j
D
6s series B extended to 1946
Del A Hudson 1st A ref 4s
Del Power* Light 1st 4 Ms
A
105m
J
103 m
D
s
Stamped as to Penna
^{♦Den A R G 1st cons
page
98
*1M
*104m
*46
101
101
j
99
99
♦Sinking fund deb 6 Ms
♦20-year s f deb 6s
1940 J
J
42 m
*116m
a
41m
40 h
103 m
103 m
102
102 m
96 m
189
90
107
130
93 M
101M
101M
101M
92
106
89
107 M
Goodyear Tire & Rub 1st 5s... 1957 ivi N
Gotham Silk Hosiery deb 5s w w '46 ivi S
90
10554
9254 105
90
10554
109
11454
99 m 101
9954
104
105 %
105m 112m
10454
100m
10254
9954
27
15
60
5m
"3m
10154
40
4054
71m
110m
107 m
10854
10354
105 m
79 m 10354
9954 10254
97
1944 f
1950 j
a
77
j
*72
Great Northern 4mb series A..1961
106M
*88
J
*100m
103 m
103m
101m 106
30
107m
107
65
61M
84
4
7m
3
11
J
77m
77m
Feb
Feb
Greenbrier Ry 1st gu 4s
Gulf Mob A Nor 1st 5 Ms B
1st mtge 5s series C
Gulf A S I 1st ref A ter 5s Feb
Stamped
*50 m
'io"~
1940 M n
1950 A
O
10
1952
110
118M
111 m
76
107
53
*83
81
95 %
.
J
83 m
108 M
141M
111M
163
26
89 m
101
103 m
103 m
o
1946
o
Hackensack Water 1st 4s
1952
j
♦Harpen Mining 6s
Hocking Val 1st cons
1949
J
1999
j
*115m
1944
o
61
10-year deb 4Ms
g
4 mb
Hoe (R) A Co 1st mtge..
103m
*107
*20
t§*Housatonlc Ry cons g 5s.-.1937 M n
Houston Oil sink fund 5 Ms A.. 1940 ivi N
99
Hudson Coal 1st
D
33 m
32 m
1949 M n
90" ~
s
f 5s ser A—.1962 j
44
107 m
"el""
75
45
43
34
96 M
28
118M
118m
A
52 m
52 m
16m
16m
Illinois Bell Telep 3 Ms ser B—1970 A
Illinois Central 1st gold 4s
1951 j
1st gold 3Ms
..1951 j
O
107 m
*100
J
14
18M
107 M
96
107 M
93
92 M
53 M
23
4
6m
109
46
754
2254
32m
3m
13
254
12
57 m
Springfield Dlv 1st
g
*
j
1955 M n
a
"53 m
54m
47
*
*43""
60
4
25
62
"43""
60
39m
54 M
50 M
47
.
*
1951
*__—_
1951
5
96
90 M
43
90
60
37M
104 M
80
104
109
82
93
98
85 M
*
'♦III
103
84
102M
79 M
82 M
♦
79 M
88
92 M
*
82
90
98 M
—
M
3 Mb.—1951
Western Lines 1st g 4s
"48
110
45
93
95
47
71
M
47
64 M
39m
1950
Loulsv Dlv A Term g 3 MB—-1953
111
98
1953 M n
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3s... 1951
Gold 3 Mb
1951
110
96
1952 J
38
103 M
100
Purchased lines 3 Ms
Litchfield Dlv 1st gold 3s
101M 110
96
Collateral trust gold 4s
Aug 1 1966 F
36 M
108
*96
1955 M n
Refunding 5s
40-year 4mb
Cairo Bridge gold 4s
86 M
J
Refunding 4s
95 m
107
97 M
103 M
o
65
1951 a
28
57 H
116M 124
48
85 M
56 M
O
1957 f
108
114M 126 M
A
ser A.
99 M
105 M
22
29
M
119M
♦Adjustment income 5s Feb 1957
93M
86 M
97M 105 M
102 M 105M
99
Hudson Co Gas 1st g 5s
Hudson A Manhat 1st 5s
106 M
91
100m
.
15
90 M 106 M
81
103M
83
91m
.1966
Gulf States Utll 4s series C
06
65
7M
106
"95"
89
o
89
77M
50
*80
J
1961
f 4Ms
s
109M
88 M
98 M
89
"79
*80
1952
Gulf States Steel
91
81
65
11
81
100M 119M
99
115M
767
93 m
105
*104 m
O
1950
s
654
42
92 m
o
10 m
45
92 m
1952 a
104
15m
J
1951 ivi
10154 104
10454 107
106 m 10854
10654 10854
11
36 m
16
1946
Collateral trust gold 4a
104
14
88 m
100m
1967
98 M
95 M
94 m
88 m
100m
6454
62 M
106m
107
91
j
j
♦Green Bay A West deb ctfs A
♦Debentures ctfs B
95
69
61
107 m
100M
1977
Extended 1st gold 3 Ms
1st gold 3s sterling
10154 108
68
91
95
m
73 m
1946
Gen mtge 4s series H
Gen mtge 3Ma series i
30 M
103 M 103 M
106 M 111
106 M
95
77
21M
103
10534
2
5m
9m
3m
10654
10754
100
107""
7m
108m
100M
15
14
10754
26
1854
10654 108 m
92 54 10754
15
41m
15
41m
96*4
107
106
108m
103m
*103m
105m
*107m
105 m
108
50
J
Gt Cons El Pow (Japan) 78
j
j
101
65
d
1976
102 M
106 M
1947 j
General 4 Ms series D
General 4Mb series E
General mtge 4s series G
10854
100m
303
104 m
94
98 m
107
D
1st & gen s f 6 Ms----
1
89
Gouv & Oswegatchie 1st 6s
1942 j
Grand R & I ext 1st gu g 4MB--1941 j
23
41
98 M 105M
103 M
97m
.98m
103m
1956
99
92
80
93
mtge 4Ms
106
108
102 M
98
93 m
1st
99
55
41M
26
97 M
106
"l"7m
42 M
30
29 M
40M
98 M 105
44 M
52
J
17m
104
30
1
8
50
J
96 m
8
92
1973
107 h
42 m
41h
40m
6
-1952
31
102 M
106 M
38
General 5 Ms series B
104
99
55
General 5s series C
10534
105m
122 M
99
19
50
~50""
Oct 1 '45
121M
7
101 m
40 m
d
1948 M N
119m
101
87 M
100M
25m
*40
65
50 M
90
94 m
42 m
35
d
60
85
a
1947 J
5
110M
93
103m
105 m
103m
107
25m
104 m
91
2M
106M 107M
167"
107
102
2
9M
6M
Goodrich (B F) conv deb 6a.-.-1945
93m 105m
109
112m
99 m 108
103m
99
9
2M
10454 113
9754 11154
35
1951 ivi N
3317
2M
4m
20
46
8
11m
20
20
46
O
m
*3m
*1M
87
6
1
46
j
t*Des Plains Val lstgu 4 Ms.-.1947
12
4
46
J
g 4s...1936 j
{♦Consol gold 4mb
J
1936 j
J*Den ARG West gen 5s. Aug 1955 F a
♦Assented (subj to plan)
♦Ref * impt 5s ser B...Apr 1978 AO
f*Des M A Ft Dodge 4s ctfs...l935 j
J
8M
20 M
m
25m
d
I 5s...1951 M N
tax
7
81M
5M
22
39m
J
140
20
45
1971 J
8m
20
39m
.1943 M N
7m
22 M
46
J
7m
96 M
22 m
j
A
82
60
20
103 m
99 m
100
"99"
n
1969 j
1969 j
4Mb
1st mortgage 4mb
Den Gas A El 1st A ref
92
A
86
Caro A Nor 1st ext 68.-1934
100
103m
100m
j§4Ga
103
103m
97 M 103 M
98 M 104 M
86
105
55
10
31
107m
95M
95M 103M
96
60
11154 115
106""
151
53
1946 j
Dayton Pow A Lt 1st A ret 3 Ms 1960
8
102 m
107
M n
Cuba RR 1st 5s g
1952 J
7M« series A extended to 1946..
J
91
104
102 M
100m
95m
♦Good Hope Steel & Ir sec 78.-1945
77 m
85
100M
64 M
80 M
99
105
103" 11654
40
100M
17m
j
M N
Copenhagen Telep 5s..Feb 15 1954 f
Crane Cos f deb 3mb....
1951 f
Crown Cork A 8eal s f 4s
1950 M
Crown Willamette Paper 6s
1951 j
Cuba Nor Ry 1st 5 Mb
1942 j
94 m
100
60
d
15-year 3 mb deb
-—1951
Gen Pub Serv deb 5 Ms
1939
Gen Steel Cast 5 Mb with warr.1949
81
*18
1966 M n
Container Corp 1st 6s
16-year deb 6s.
f 5mb A_.
s
Gen Motors Accept Corp deb 3a '46 f
96
102 M
*107m
*107m
104m
104m
10
94 m
m
o
♦Gen Elec (Germany) 7s Jan 15 1945 j
111m
89
112M 118M
109
114M
*55
—
♦Certificates of deposit—
Fort St U d Co 1st g 4Mb
J
1941 j
Framerlcan Ind Dev 20-yr 7 Ma 1942 j
J
Francisco Sugar coll trust 6s—-1956 M n
Gen Cable 1st
107m
89
40
114M 119
*25
cons 2-4a
1982
t{♦Proof of claim filed by owner M n
Gen Amer Investors deb 5s A.. 1952 f
109
94 M
93M
41
(Amended) 1st
103
60
18m
M N
94
M n
owner
127
7
104
5
112M
*105m
jc5m
97 m
1956 j
♦Consolidation Coal s f 5s
1960
Consumers Power 3Ms.May 1 1965
1st mtge 3 Mb
May 1 1965
1st mtge 3 Ms
1970
For footnotes see
43 m
*
1955 a
1st* ref
40 m
.1955 j
♦Debenture 4s
90
158
ioom "~4
94
95m
deb 4s..1954 J
♦Debenture 4s
96 m
63
*19
1951 j
1951 j
deb 3 Ms
non-conv
101
93 m
107 h
conv
38
92 m
Consol Gas (N Y) deb 4mb
t*Consol Ry
36
106M
93
104
Consol Oil
86
94 m
♦Certificates of deposit-—
Fonda Johns & Glov 4 Ms
1952
Galv Houa * Hend 1st 5 Ms A.-1938 a
Gas A El of Berg Co cons g 68—1949 j
10454
105
104
91
3 Ms debentures
1956 a
♦Consolidated Hydro Elec Works
of Upper Wuertemberg 7a...1966 j
-
86
East Coast 1st 4 Ma.-1959 j d
1974 M s
10954 113
93
105m
10ih
a
m
100m
♦1st & ref 5s series A—
107
108
"91"
j
f
d
92 M
94 M
98 M 102 M
*95
1943 j
105 j4 11174
110m 110m
104
j
99 m
S
1954 J
*{♦ Proof of claim filed by
*
48
112m
112m
ioom
95 m
Grays Point Term 1st gu 5s
-.1951 j
Ms
s f
i*Florida
100
s
-1946 J
104m 108
104^
110M
62
40 m
235
63
8
...1942 ivi
f 7s
104
108
*105M
100m
a
Commercial Invest Tr deb 3 mb 1951 J
Conn A Passum Rlv lBt 4s
1943 a
Conn Rlv Pow
9854
10654
s
100
47 M
47 M
55
48
89 m 104
104m
97 h
93 m
93 h
O
Conn Ry A L 1st & ref 4 Ms
1st Hen 6s stamped
30-year deb 6s series B
J*Ga & Ala Ry 1st cons5s
Columbus Ry Pow & Lt 4s
1965 M n
Commercial Credit deb 3Mfl—-1951 A O
2 Ms debentures
10754
69 m
103 m
103
104m
e7m
Columbia G A e deb 5s...May 1952 M N
Debenture 5s
Apr 15 1952 a o
Columbus & Tol 1st ext 4s
105 m 10954
101
110m
106
1973
ext g
97 m 10454
104m 106 m
104 m 108M
115m 118
"73 M
80
s
1942 ivi
^♦Fla Cent A Penin 5s
*109
J
1st s f 4mb series C
-.1977
Coal River Ry 1st gu 4s
1945
Colo Fuel & Iron Co gen s f 5s.. 1943
♦5s Income mtge
1970
Colo A 8outh 4 Ms series A
1980 ivi n
16 1961
f 5s stamped
40 m
o
1972
Jan
s
35
34 m
102 M
—
1st 8 f 5s series B guar
1st lien
101
104 %
Gen 4Ms series A
1977
Gen A ref mtge 4mb series B.1981
Cleve Short Line 1st gu 4mb---1961
Cleve Union Term gu 5 Ms
D
Flat deb
j
j
1956 j
Federal Light & Traction 1st 6s 1942 ivi
58 International series
1942 ivi
94
*101M
Cleve A Pgh gen gu 4 mb ser B.1942 A
Series B 3 Mb guar
a
... -1942
95
Fairbanks Morse deb 4s
*
A
108 M
92 m 10554
*
Spr A Col Dlv 1st g 4s.—-.. 1940 M s
1940 J
him
101m 108m
103 m
♦___
J
*80~"
4s
107m
1954 f
44 m'
8
55
89
"73 m
.1990 M n
Cleve-Cllffs Iron 1st mtge 4 M 8-1950 M n
Cleve Elec Ilium 1st M 3M8—-1965 J
j
104
104 m 104 m
j
1939
St L Dlv. 1st coll tr g 4s
Columt>ia AH V 1st
o
1938 ivi
23
D
1977
Cln Wabash A M Dlv 1st 4s. 1991 J
Debenture 6s
f 6s
3d mtge 4 Ms
23
I
a
60
8
*108m
50
H
103
1952 iv! N
41m
44 m
j
104 m 113
5s.
41m
1957 j
3
97
7
98 M
90
17
1952 J
52 m
j
12
--.
52
1975 a
108
D
84M 106 M
64
1955 J
107
-
29
Ref A impt 5fl of 1930
110
Chic A West Indiana con 4s.
85
52 m
*49
..
s
106 M
106
58 m
52 m
50
Genessee River 1st
107 m
.
m
Erie A Jersey 1st s f 6s
50
107
95
103
103 M 107
84m
o
1967 ivi N
99 m
54 m
o
1953
4s series D
54
50
94 M
109 m
M
85
J
O
113M
107 m
W W Val Dlv 1st g
J
1953
86
85
1963 J
Ref A lrapt 4Mb series
....'*102m
105
*86 "~
*
1951
cons
j
1996
Ref A impt 5s of 1927
1963 J
3Ms series E
t*Choc Okla & Gulf
'*102m
1953
4
1st mtge
1st & ref M 4mb ser
101
J
1996
101
139 M
97 M 111
108M 113M
100M 106 M
106M 112
101m
*90m
*90m
1940
4s prior
25 M
22 M
1st mtge 4s series D
Chllds Co deb 5s
cons g
101
O
O
Ernesto Breda 7s
Guaranteed 4a—
guaranteed
D
103m
111m
1940
B
conv
131
*109
1965
1st consol gen lien g 4s
Conv 4s series A..
Series
*131m
100m
100m
-.1965
Erie RR 1st
Chicago Union Station—
3Ms
4mb ser A.---1951 j
Erie* Pitts g gu 3mb ser B
Series C 3 Ms
22 M
A
1941 ivi N
El Paso AS W 1st 5s
42 M
26 M
7M
80
j
1952 f
83 M
43 M
16M
15M
405
*
Dec 1 1960 M 8
5s
113
"m
M N
1960
1951 j
gu
20
8
o
1952 MS
Memphis Dlv 1st g 4s
High
50
18M
17m
7m
...
Cb St L & New Orleans 5s
Too
57
7m
a
1934
♦Certificates of deposit
♦Conv g 4 Ms
3 Ms
Low
4s
conv
Elgin Jollet A East 1st g 5s
72 M
102
o
5s stamped..
♦Certificates of deposit
{♦Refunding gold 4s
♦Certificates of deposit
{♦Secured 4Mb series a.
Gold
High
27
107
1939 j
El Paso Nat Gas
TjOW
J{*Cblcago Railways 1st 6s stpd
Feb 1 1937 25% par paid
J ♦Chic R I & V Ry gen 4s
1988
110
118M
100M 102 M
26 M
1956 M n
Ed El 111 (N Y)
109 M
60
60
1995 j
Ed El 111 Bklyn 1st cons 4s
Week's
101
70
East T Va & Ga Dlv 1st 5s
Fridap
bonds
High
111M 116M
106 M 110M
105M 111 M
*40
J{*Dul Sou Shore A Atl g 5s.—1937 j
Duquesne Light 1st M 3 Ms
1965 j
System Teletype •>- Cgo. 543
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104 m
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D
Detroit Term A Tunnel 4Mb—1961 ivi N
Dow Chemical deb 3s
1951 J
d
135 So. La Salle St.
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A
O
1965 A
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Chicago, 111.
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4s... 1995 j
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I&3
f
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High
&
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fa
Friday
bid
1952 A
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Sale
Price
Low
%AILROAD "BONDS
'
15
Detroit Edison Co 4Mb ser D—1961
Gen A ref 5s ser E
flew York, ^.r.
Last
s*
EXCHANGE
Ended Nov. 19
20
1937
Week's
84 M
84 M
89 M
100M 100M
84 M 101M
Friday
BONDS
N.
STOCK
Y.
Week's
Last
Range or
Sale
Friday
Inter st 1rPeiod
EXCHANGE
Ended Nov. 19
Week
Bid
Price
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L <fe N OA
C
High
48
3 j
D
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3 j
D
.
-
106m
106m
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o
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4s..
4s
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Ind Union Ry 3 Ms series B._.
Inland Steel 3Ms series D
0 A
71
0j
J
6 j
J
48
*100
{Interboro Rap Tran 1st 5s...
♦Certificates of deposit...
6 J
deb 4Ms--
6 IVI
1
87 M
106M 108
6
Int Agric Corp
28
101
54 %
58 X
85
50
97
49
95M
68
13 M
56
1
63
56 X
23X
61X
60
62 m
69
54 M
59
61
29
53
o
71 m
71 m
80
170
67
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99 %
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6
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21
.
22
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J
o
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STOCK
55
4
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20
6
63 X
56
68
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46
90
56
4
51
89 M
94 %
93
95m
65
92 M 102 M
Marlon Steam Shovel
83
82 m
86 m
67
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Market St Ry 7s ser
80 x
82
10
80 M
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1943
1947
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O
A—.April 1940 Q
J
f A I Namm A Son 1st 6s
f 6s
s
"99"
~98%
100 m
31
S
107 m
107M
107 m
26
O
102
102 m
13
F
A
8%
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3
1977 M S
*1%
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4M
52
52
56
81m
81x
83 X
111
74
94 M
55%
60
66
40
80 M
♦Mex Internat 1st 4s asstd
3
20
S
2%
1 IVI
2%
2M
9M
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1977
1956
1914 coupon)..
♦Miag Mill Mach 1st s f 7s
9 J
1st 4s...:
Jones & Laughlln Steel 4Mb A..:
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—
*
33
-
72 X
75 x
49
69
64m
25
58 M
j
108
108
104
104
104
11
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50
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3 m N
J
1J
1
J
J
J
J
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31
35
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j
3
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3
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3
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1st & ref 6Ms
...——3
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3
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3
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{♦Kreuger & Toll secured 5s
Uniform ctfs of deposit
1
Laclede Gas Light ref & ext 5s_]
Coll & ref 5 Ms series C
]
Coll & ref 5 Ms series D
]
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]
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21
25
88m
9
108m
j
.
.
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1
9 f
J
w
_
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_
151
101
*
4 j
J
1 j
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-
-
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146 M 161
J
101x
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100m
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1940
1961
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1971
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1939
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1939
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15
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67
130
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70M
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65
64 x
67
20
54
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A
53 x
53
53 X
6
43
2 f
A
......
23 M
50 M
101
89
1
5
99 M
98
98
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J
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68
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21
69
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2
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35M
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69
104M
98
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4s A—3
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3
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3
1st & ref 8 f 5s
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3
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3
28m
98
1
98
O
m
w.
~
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80
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31
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a
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75
77
44
45
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25
38
A—1962
1962
1978
Jan 1967
A
1965
.....
45
J
39 m
39 m
42
J
40 x
40 X
43
A
O
22%
22%
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60
22
A
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7%
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29
37
38
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O
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.
.
.
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a
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„
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108
108
108
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114
95 m
101X
65
68
79%
100
1
100
106 M
101x
2
101M
103M
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94%
*
s
117
-
101m
~
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s
IVI
J
-
100
100
O
J
-
99 X
97 m
*
136
14
106m
*
—
129 M
126
108
95%
20
91M 106M
92 M
94
12
92 M 104M
125m
126
6
118M
119
33
125M 135
116 M 124M
73
67M 100M
91m
91 m
s
a
1951
5s
5s ser A... 1909
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1966
Louis & Jeff Bdge Co gu 4s.—1945
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Louisiana & Ark 1st
1940
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B
....2003
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2003
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2003
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2003
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1st A ref
Paducah
gold 3s
1980
4Mb
1945
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f
A
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j
m
s
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j
119
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———
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111
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71
93
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91
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91
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85
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.
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1981
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fa
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f
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a
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1951
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1946
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4a. 1990
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A
..—2013
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—.1959
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J
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100
18
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25
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45
23
53
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12
33 m
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70
69 M
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.
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1945
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A
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1983
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1955
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-----
....
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A
....
—-
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3%
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58 X
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lien 4 Mb—
coll s f 4s
{♦Naugatuck RR 1st g 4s
43
92 M
76 m
A
3
.
*2
1914 coupon on
1951
♦4s April 1914 coupon off—1951
♦Assent warr A rets No 4 on *51
43
*72
70 m
*74 x
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57 m
s
101X
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1914 coupon off
1977
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43
D
101M
A
♦4s April
30 X
..
1957
95
90 m
A
♦4s April
43
O
91
90
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1957 J
♦4M July 1914 coup off
1957
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17
*81
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115
88
8
M
f Namm (A I) A Son—See Mfrs Tr
Nash Chatt A St L 4s ser A
1978
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5
17
IVI N
J
Nat RR of Mex prior
20
12 M
15
3Ms.1966
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6
19 X
12 m
S
M S
ref 5s
1941
A
1955
Gen A ref s f 5s series B
1955
Gen A ref s f 4Mb series C—1955
Gen A ref s f 5s series D
1955
Morris A Essex 1st gu 3 Ma
2000
Constr M 5s series A
1955
Constr M 4Mb series B.
1955
Mutual Fuel Gas 1st gu g 5s—1947
Mut Un Tel gtd 6s ext at 5%—1941
1st A ref
12
156
M
21%
83 %
S
M
38
88
MN
Gen A ref s f 5s series
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D
102
O
O
3317
102
112M
A
A
page
105m
106
102 %
A
j
For footnotes see
2
99 M
A
{{♦Manati Sugar 1st s f 7Ms—-1942
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♦Second 48——..—
-
O
IVI n
McKesson A
2
109
104m
104m
J
102
A
f deb 5s_1951
Robbins deb 5Mb. 1950
Maine Central RR 4s ser A—1945
Gen mtge 4Mb ser A
1960
McCror> Stores Corp s
73%
72 M
72 M
4
78
5m
19%
J
Nat
16
19m
O
A
1977
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-.1938
Mohawk A Malone 1st gu g 4s. 1991
Monongahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv
1st mtge 4Mb
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6s debentures
1965
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22 H
M N
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2
20 X
1949
1980
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38
122m
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...
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m N
F
2
128
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212
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86
242
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deposit
76 %
109
116
121
.—-
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96
91 %
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164
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m
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of deposit
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6
17
1978
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6
m
J
J
-
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"
—..1975 m"s
IVI s
—1977
5 Ms
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2
96
..
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8
6
60
37
J
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106M
7
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;
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..
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A
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70
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98
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13
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1949
1978
1941
1959
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1949
1962
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89
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1934
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1940
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-1951
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1979
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114
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100
5
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1st 6s with warr. .1945
J
a
0Q
103
103
103
D
9 J
5 F
12
Asked
Low
J
2 j
Debenture 5s
&
Mfrs Tr Co ctfs of partlc In
95
38 M
73
Bid
Price
40 %
93X 102
97m
*95%
a
Friday
3*
Week Ended Nov. 19
1968
Metrop Wat Sew A D 5 Mb
1950
{{♦Met West Side El (Chic) 4s. 1938
7 F
Range or
Sale
40 M
19 M
Week's
Last
l9
BONDS
17
5%
17m
6 j
5 IVI
Friday
104M
102
42M
4H
17 X
98 M
17 X
5
A. T. A T. Tele. N. Y.
Telephone WHitehall 4-2900
17m
5
J
6 j
f 6s series A
NEW YORK
St.
91
.
.
O
7 A
.
Wall
91M
61
.
2 m
1942
York Stock Exchange
Members New
108
104m
56m
.
2 a
s
98M 105 M
101 m
21
.
2 j
Ref
43
16
2
16
103m
50
-
-
deb 4s
5s stamped
D. H. SlLBERBERG & Co.
96 M 107
102
103m
j
2 a
{♦10-year 6s————.
{♦10-year conv 7% notes
♦Certificates of deposit...
Interlace Iron conv
104 M 104 M
*
a
F
DEALERS
FOR BANKS AND
91M
43
107
16
8
%
o
Ind 111 & Iowa 1st g
Illinois Steel
BROKERS IN BONDS
High
Low
-
45
.
Since
Jan. 1
8
51
43
48
Jolnt 1st ref 5a series
Range
Bonds Sold
Askec
Low
111 Cent and Chic St
3315
New York Bond Record—Continued—Page 4
145
Volume
2
J
D
Hex
D
D
122 M
F
60
49
m
123
121m
105%
106"
A
O
122 m
*120 %
IVI N
A
80
*25
J
J
116%
*25
J
J
106 X
x
IVI N
J
105 x
106 m
106
72 %
J
J
A
O
J
D
j
J
*45"
65
95
94 m
90
94 m
94
95
78
79 x
J
.
.
....
*2
1-1598
New York Bond
3316
Friday
Last
Range or
BONDS
N.
Y. STOCK EXCHANGE
Week Ended Nov. 19
Sale
Range
bid
Since
Atked
dk
Low
High
No.
Low
•25
34
33m
61X
.34 M
35
30
35
A
♦33
1998 F
79 M
A
83*
,
88
88
63
67 M
O
70 *
N
81M
70M
81M
87
91
O
"63"
A
68
256
92*
102*
63^
67 M
81
82*
80 MI
81
91
7
72
72
78
80m
60
66
158
53
77
78 M
8
91*
116
-108
Ml 108 M
5
*109*
48*
~50M
48*
46
O
A
45
45
O
101*
A
O
102
N Y Gas El Lt H A Pow g 5S..1948
D
14
122 M
19
1949
F
A
114
H4M
23
40m
29
113M
N Y A Greenwood L gu g 5s—. 1946 Nl N
♦
N Y A Harlem gold 3 Ms
116% 125 m
109 h 117m
*102
2000 Nl N
1973 M N
4Ms series B
N Y L E A W Coal A RR 5Ms. 1942 Nl N
N Y L E A W Dock A lmpt 5s. 1943
J
N Y A Long Branch gen 4s
1941 M S
{♦N Y A N E (Boat Term) 4s.. 1939
J»NYNHAH n-c deb 4s—. 1947
98
♦88
105*
101*
O
A
21
♦Non-conv debenture 3*0— 1954
♦Non-conv debenture 4s
1955
♦Non-conv debenture 4s
19M
1956 M N
♦Conv debenture 3 Ms
"♦Conv
debenture 6s
1956 J
1948 J
♦Collateral trust 6s
1940 A
O
♦Debenture 4s
19M
21*
■21X
21*
21*
J
1967 M N
J
1927... 1967 J
D
20 X
24 X
*24*
23*
N Y
23
30
21
12
81
47
10M
25
39
83
15
10 M
98 M
*62 M
106 X
106*
{N Y Rys prior lien 6s stamp.. 1958
93
25
100
1947
1st mtge 5s
107*
1951
1st mtge 5s__-
105M
107*
105*
105*
1956
{♦|N Y Susq A West 1st ref 5s.
(♦2d gold 4 Ms
♦General gold 5s
♦Terminal 1st gold 5s
N Y Telep 1st A gensf 4Mb...
ref mtge 3*s ser B.._
N Y Trap Rock 1st 6s
1937
16
1937
.....
*33
1939
106*
1967
K
104M
107*
89 X
107 *
89 *
1950
98
11
1996 O
1961 F
A
guar
41
108
24
1974 IVI
99 X
S
cons g
101H 109 m
91% 105m
100
108*
102 X 108*
98% 107*
98
107 m
13
92 m
91
106x
106
109 m
101
103 %
94 m
77
71X
98
9
112
32 m
31
82 m
122
97
106m
98% 105 %
101x 106 m
95* 107
83
87
72 m
81m
92% 112%
83
112
82
4
79
110
80
31
1965 M N
J
F
17%
Ioom
100*
1946 J
D
95 X
A
D
1963 IVI
J
99M
101
110*
99
M
100 X
116X
97M
97%
100
1952 a
o
101*
93 m
1943 a
o
Peop Gas L A C 1st
cons
1947 M S
Peoria A Eastern 1st
♦Income 4s
cons
%
96 M
13 X
91m 100
109* U2X
95
100%
108
101 x
1990
Phlla Co
"80"
1943 M n
110M
97 m 104
d
"74"
100 X
99% 103m
75
69%
92 m
55 M
54
82
106 %
107 %
103
111
102 %
104
99 % 107*
94 % 100 x
97 M
*63
88
88
93
102"
95
102 X
99
102 m
102 m
105*
102
98 % 104 m
106
108X 108*
97
161%
98 M
65 M
7
78
14
335
3
Series I
cons
cons
guar
50*
8
108*
3
106
102
"87"
87
j
Pitts Y A Ash 1st 4s
120
113
116S
111
110
110
124
111*
110*
111*
103
103*
104m
*
62
d
D
D
62
64*
1960 M S
j
62
110*
119* 124*
55
*
58 m
169
41
104*
51*
105*.
80
80
{♦Providence Sec guar deb 4s.-1957 Nl N
{♦Providence Term 1st 4s
1956 Nl S
Purity Bakeries s f deb 5s
1948 j
j
104
7
48
13*
115
103
13
100
106
4
80
100
801
*6*
85*
75*
108*
88*
9* 45*
4
53%
8
7*
85*
86M
85
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A
stk
(65% pd)._. j
1941 j
28*
90
101
d
(♦Debenture gold 6s
com
Reading Co Jersey Cent coll 4s. 1951
Gen A ref 4 Ms series A
1997
Gen A ref 4 Ms series B
D
96£
96
98
a
o
78
78
j
j
90
90
801
93«|
137
90
j
91
91
Remington Rand deb 4Mb
92*
47
91
108
S
95"
95
97*
54
88
115*
1997 j
w
w.1956 IVI
Rensselaer A Saratoga 6s gu—.1941 IVI N
Republic Steel Corp 4 Ms ser A.1950 M s
Gen mtge 4 Ms series B
1961 f A
conv
5 Ms '54 M n
Gen mtge 4 Ms series C
1956 Nl N
Revere Cop A Br 1st mtge 4Mb. 1956 j
j
♦Rhelnelbe Union s f 7s
1946 j
j
♦Rhine-Ruhr Water Service 6s. 1953 j
j
♦Rhlne-Westphalla El Pr 78—1950 M
♦Direct mtge 6s
♦Cons mtge 6s of 1928
113*
1953 F
2
36
851
105
107m
85*
Rlchm Term Ry 1st gen 5s
♦Rlma Steel 1st s f 7s:
1952 j
112
"7
47
31
26
84* 100
18
99* 106
27*
10
22
32
21*
3
18
27*
1
19
"28*
"2
19*
19*
26*
27*
28*
28*
6
19*
28*
28*
84*
92
*27
28*
28*
86
86
91
104
104
*35
t
46
20 M
1977 M S
1962 Nl
20*
108*
8*
8M
52
3
21*
22
109*
"2
8*
9
*19
♦Stamped
26#
14
1949
14*
*9*
*14*
1st con 4 Ms—-1941
♦Stamped
Safeway Stores s f deb 4s
1947
Saguenay Power Ltd lBt M 4Mb '66
If St Jos A Grand Island lst;4s—1947
St Lawr A Adir 1st
g 5s
2d gold 6s
45
*115
S
({♦R I Ark A Louis 1st 4MB-1934
♦Ruhr Chemical s f 6s
1948
101* 104*
60
53*
91
91*
67*
~50~
j
o
*10
18%
16 *
100*
109
109
*
1996
♦Con M 4 Ms series A
♦Ctfs of deposit 8tamped
34*
15
99* 103*
97
104*
107
112*
94
96
103*
99
1966
1933 Nl N
92
102
56
56
59*
58
55
77
{♦S L Peor & N W 1st gu 58—1948 j
St L Rocky Mt & P 5s
stpd...1955 j
{♦St L-San Fran pr lien 4s A—1950 j
♦Certificates of deposit
♦Prior lien 5s series B
84
15
102
100
50
18*
52*
116* 117
107* 109*
8*
28*
25*
20*
13
32*
13*
15 }
101*
St Louis Iron Mt A Southern—
♦§Rlv A G Dlv 1st g 4s
♦Certificates of deposit
212
100*
99*
24*
"27"
d
Roch G A E 4 Ms series D
Gen mtge 5s series E__
112
110
83* 100
99* 130*
84
A
{♦Rio Grande June 1st gu 5s.. 1939 j
♦Rio Grande West 1st gold 4s__1939 j
♦1st con A coll trust 4s A
1949 a
126*
77* 104*
108*
27*
,
841.
j
1955 f
84
21
105
a
S
116
84
o
1952 Nl
f conv debentures
§
110*
113*
84 M
1952 IVI N
1955 a
♦Cons mtge 6s of 1930Richfield OllCorp—
s
n
n
j
*10*
j
63
89*
88*
19*
20
48
74
75
2
70
85
13
13
15
88
10*
37*
12 7
j
12
14
72
10
33*
11*
10*
36*
33*
33*
30*
1950
j"j
12M
12*
14*
56
11*
11
1978
M~S
10M
9M
10
13*
12*
149
9*
11*
109
9
♦Certificates of deposit
75 X
97*
108
*111
55 M
104 *
j
1951 j
96
62
*108
1977 j
621
A
1974 j
1st gen 5s series C
1st 4Mb series D
Port Gen Elec 1st 4Mb
110* 123*
103
107*
112* 113
64*
96*
"66"
"62"
O
1948 j
A
109
*106
1962 f
ser
Ill
116
1960 A
1st gen 5s series B
30
114*
114*
125*
124*
111
*117
110
Pitts Va A Char 1st 4s guar
1943 M n
Pitts A W Va 1st 4 Ms ser A—1958 j
d
1st nftge 4 Ms series B
1959 a o
1st mtge 4mb series C
26*
108*
110
o
1977 j
4*
109
111
a
1975 a
129
119
107* 111*
109
113*
106
113*
110* 113*
108
11?*
110*
*111
1964 Nl N
d
116
110
108* 117
85* 102
87
100*
d
A
1970 j
73* 101
71
103*
97* 119*
107
113*
105*
1
a
1963 F
4 Ms
106
39
*
1957 M n
4mb
Series J
80
37
110*
*110*
*110*
Gen mtge 5s series A
Gen mtge 5s series B
Gen 4Ms series C
26*
113
12*
o
1960 f
99
5%
106*
1942 a
4s
69
107
13
108
108M
1945 M n
cons guar
110
87
"16
*108
Series H
107
111*
111*
111*
121*
117*
102
5%
N
1949 F
88
96*
97*
82*
116*
15
11
♦Rutland RR
100 x
73 M
89* 103*
115* 126
101
115*
106* 123
130
5M
1953 j
116
101 x
*97%
75
112*
116*
109* 116*
118
S
Series F 4s guar gold
Series G 4s guar
117
103 m 107*
96* 106*
109
16*
6*
11
1942 M n
120
105 M
109* 111
92*
105m
16
16M
O
102
91*
104*
91M
104*
O
Series C 4mb guar
Series D 4s guar
116*
104 %
88
102
105*
103* 107
109
1940 A
♦Rut-Canadian 1st gu g 4s
121 m
123
95* 106*
109
D
A. 1952 IVI
Pitts C C C A St L4Mb A
Series B 4 Ms guar
108 M
115
103* 107*
104* 110
110*
123*
111*
*114
lio"
1949 IVI
108
100
109
107
110
a
1967 j
Phlla Electric 1st a ref 3 Ms—-1967 M
{♦Phlla A Reading C a i ref 6s. 1973 j
110
*
98
*30
101
75%
"98"
1981 j
84 m
73 m
73 M
J
j
7
107
80
96
104
34
S
1977 j
4mb
8jfe
6
D
sec 5s series A
conv
37
69*
j
1974 f
♦Conv deb 6s
1
110*
69*
a
Ms deb.—1952 j
General g 4mb series C
General 4 Ms series D
116*
110
Apr
-—-1980 M
conv 3
174
116*
o
Peoria A Pekln Un 1st 5 Ms
1974 F
Pere Marquette 1st ser A 5s
1956 j
1st 4s series B
——1956 j
1st g 4 Ms series C
86
86
ilOM
33m
105*
97 M
40—1940 a
April
107 m 115
106
114
*118
Pacific Tel A Tel 3*s ser B...1966
Ref mtge 3*s ser C
1966
Paducah A 111 1st s f g 4 Ms
1955
6s
Refunding gold 5s
110X
88
A
j
115»
1938
1955 F
1984 j
116*
'108"
107 %
103 %
99 M
S
177
1115
1938
page 3317.
161
14
109% 109%
96
106m
55 M
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El 4s series G...1964
1st A ref mtge 3*s ser H...1981
1st A ref mtge 3 Ms ser I
1966
Panhandle Eastern Pipe L 4s__1952 IVI
Paramount Broadway Corp—
107m
11
*1107«
S
1962 J
104 %
85
101* 106*
66
100*
Gen mtge 4 Ms series E
Conv deb 3Ms
4s
J
J
82 %
106
78 m 109 %
103
107
J
Q
92*
96m
125*
120
79
13
95
89
96 M
12 4
3,32
11
108
89
o
102*
90 %
11
108
1
1981 a
"12%
85
J
47
237
102 %
72
J
95*
117*
104*
110*
j
61
1943 M S
94 m
j
27
%
111*
1
117*
102*
j
74M
78
'"5
94*
Pressed Steel Car deb 5s
9
40
77*
116* 122*
108
General 4%b series D
Purch money 1st M
*103
113
102*
{♦Postal Teleg A Cable coll 5s. 1953 j
Potomac Elec Pow 1st M 3MS.1966 j
102
78 %
111m
104
111
1948 J
Gen mtge 3*8 ser C
1970 a o
Consol sinking fund 4Ms——1960 F a
General 4 Ms series A
1965 j D
General 5s series B
1968 j
d
Debenture g 4mb
1970 a o
166* "95
112*
112
75
95* 109 %
95
J
U2"
1948 Nl N
108
64 M
O
1948 Nl N
♦109m
100
61
79
100
106
92*
"85"
o
1st 5s 1935 extended to 1950
j
Porto Rlcan Am Ton conv 68—1942 j
72 m
M
j
a
Nl N
22 %
109 m
4m
87
*70
-.2047
Consol gold 4s
4s sterl stpd dollar May 1
103m
*99m
99%
69 %
92 %
Oslo Gas A El Wks extl 5s
Otis Steel 1st mtge A 4Mb
95
61
J
see
101M
J
J
footnotes
5*
F
J
For
46 %
42 %
119
73
1981 j
Series E 3 Ms guar gold
8*
1997 Q
1961 J
f g 3s loan ctfs
99m
2047 Q
2047
1946 J
s
55
82
120
72
5a.-.1946 J
1st M
125
*70
Guar stpd cons 5s
Ore-Wash RR A Nav 4s.
Pao RR of Mo 1st ext
g 4s
2d ext gold 5s
6
S
*
37 m
20
5s—f
Ontario Power N F 1st g 5s
1943 F A
Ontario Transmission 1st 6s...1945 M N
Oregon RR & Nav con g 4s.-.1946 J D
Ore Short Line 1st
48
102
102 X
104
1st mtge 3Ms
1972
Ohio Indiana A West 5s..Apr 11938
UOhlo Public Service 7s ser B..1947
Oklahoma Gas A Elec 3Ms
1966
—
3
101M
J
4s debentures
71
7m
55
103 X
99
-.2047
Ohio Connecting Ry 1st 4s.
Ohio Edison 1st mtge 4s
60
102
2047
1st gu g 4s
14
d
o
60
35
3
117M
101
3
28
104
Nor Ry of Calif guar g 5s
1938 A
Northwestern Teleg4Ms ext.-.1944 J
♦Og A L Cham
Stamped
100
S
A sub coupons. 1945
♦Oct 1937 and sub coupons.-1945
Ref A lmpt 5s series C
Ref A lmpt 5s series D
4
A
♦Oct. 1 1934
Gen lien ry A Id g 3s Jan
Ref & lmpt 4Mb series A
Ref A lmpt 6s series B
107 X
89 X
1963 F
♦Stpd as to sale of April 1 '33 to
April 1 1937 lncl coupons, .1945
North Pacific prior lien 4s
104 *
3
1967 M
1969 NM
4Mb series B
Pennsylvania PAL 1st 4mb—-1981
Pennsylvania RR cons g 4s
1943
Pitts Coke A Iron
45
9
117
161%
148
"~2
d
"56
45
20m
90*
104*
104*
20
7
62
106"
j
20
50
71X
12 M
*40 M
A
1974 M
Gen & ref 4 Ms series A
♦{Northern Ohio Ry 1st
M
9
58—1941 MN
North Amer Co deb 5s
No Am Edison deb 5s ser A
Deb 6 Ms series B
Aug 15
Deb 5s series C
Nov 15
North Cent gen A ref 5s
103 X
80
5
If ♦Norfolk South 1st A ref 5s.. 1961
♦Certificates of deposit
g
106 *
1
47 m
47
16
2
6M
~nx
Niagara Share (Mo) deb 5*s.. 1950
| {♦Norfolk A South 1st
16
16
60
106 X
103 X
103 M
{♦N Y Westch A Boat 1st 4Mb. 1946
Niagara Falls Power 3 Ms
1966
Nlag Lock A O Pow 1st 5s A... 1955
Norf A W Ry 1st cons g 4s
14
26
10
105
18m
7M
1943
1946
Nord Ry ext sink fund 6 Ms
107*
105*
105 M
16 X
1940
1946
6s stamped
1
103
105
(♦Philippine Ry 1st s f 4s.
1937 j
Plllsbury Flour Mills 20-yr 68—1943 A
Pirelli Co (Italy) conv 7s
1952 Nl
68
93
*98
103
d
44 m
100
69
90
A
m
14
N Y A Rlchm Gas 1st 6s A—. 1951
N Y Steam 6s series A
19
98
5*
4s... 1993
Queens El Lt A Pow 3 Ms.. 1965
46 M
19
9
con gu
47
16
40
9
{♦N Y Providence A Boston 4s. 1942
98
20m
7
26M
5*
1955
20 X
22 X
23 X
82
9M
4s—. 1992
g
♦General 4s
98
2
S
f
1952 ivi N
Phlla Bait A Wash 1st g 4s
General 5s series B
21
24
21
""6
ivi
j
*104
Phelps Dodge
101% 108m
37*
9M
38
♦Harlem R A Pt Ches 1st 4s. 1954 M N
{♦N Y Ont A West ref
100
*21*
102
103
5
♦119m
52
99 m 102
105 x 106 m
105*
*97
102
90
-.1963 F
87% 105 m
98
109*
98 *
15
45
S
93 m
97 % 101 %
102
93*
44 m
Nl
91
E trust ctfs
99 m 107
87*
87*
♦Non-conv debenture 3MB-. 1947
♦1st A ref 4mb ser of
95
A—. 1973 M N
ser
60
105*
96*
91
97
105m
97% 105%
72*
93
1968 ivi S
1944 a o
25
72
1
102
102
121 *
A
92
27
"2
95 %
37 m
27
79 m
98*
ser
High
97
77M
106"
100%
90
105m
106
109*
108 m 109*
47 m
72m
8
101M
101*
45
1965
1966
"40
48
Low
93
77M
98
77
90
No.
93
99
70 m 105
77
O
of deposit
N Y Lack A West 4s
98*
97m
High
j
A
99'»,«102*
"12
60
S
96*
81
3
Since
Jan. 1
oa<
S
Penn Glass Band 1st M 4mb—1960 j
Pa Ohio A Det 1st A ref 4 mb A. 1977 a
105
59m
26
Range
Asked
&
1955 j
28-year 4s
101m 108m
121
or
Friday
Bid
Penn-DIxle Cement 1st 6s A.—1941 M S
103
81% 109%
112
O
O
Guar 4s
1937
1947 M
conv debentures
Pat A Passaic G A E cons 5s—1949
♦Paullsta Ry 1st ref s f 7s
1942
Penn Co gu 3 Ms coll tr ser B—1941
Guar 3 Mb trust ctfs C
1942
Guar 3 Ms trust ctfs D
1944
104*
59m
96*
73
76M
3M»
88
90
1951
1938
Purchase money gold 4s
32
91
A
113*
77m 106*
139
115
102 M
N Y Connect 1st gu 4*s A
1953
1st guar 5s series B———1953
N Y Edison 3*s ser D
1st lien A ref 3*s ser E
N Y A Erie—See Erie RR
32 m
91
63
1946
N Y Dock 1st gold 4s
Serial 5% notes
79M
O
.J
55%
62 X
57
110
O
A
4s collateral trust
30
30
51
Paramount Pictures deb 6s
Paris-Orleans RR ext 6 Ms
Parmelee Trans deb 6s
32
^
+110
1946 A
2013 A
2013 A
Conv secured 3lis
1952 Nl
N Y Cent A Hud River M 3*8-1997 J
Debenture 4s.--—--——1942 J
Ref & lmpt 414s ser A
2013 A
Lake Shore coll gold 3 Ms
1998 F
Mich Cent coll gold 3 Ms
1998 F
|*N Y Chic A St L 1st g 4s
1937 A
Ref 5 Ms series A
1974 A
Ref 4Ms series C
-----1978 M
3-year 6s
-----Oct 1 1938 A
10-year 3*8 sec s f
Ref A lmpt 4 Ms series
Ref & lmpt 5s series C
35*
45^
34
34*
Newport A C Bdge gen gu 4*sl945 J
N Y Cent RR 4s series A
42
34 M
♦32 M
»
A
O
Range
Sale
Price
Low
59 x
A
Last
8TOCK EXCHANGE
20,
Week't
High
O
O
1956
1954
Y.
Week Ended Nov. 19
A
1956 F
♦1st 4 Ms series D
♦1st 5 Ms series A
♦Certificates of deposit
N Y A Putnam 1st
N.
Jan. 1
35
♦Certificates of deposit
♦1st 5a series C
Nov.
bonds
1954 A
♦1st 5a series B
5
Friday
Friday
Price
{(♦N O Tex & Mex n-c inc fie..1935
Certificates
Record—Continued—Page
Week't
9*
6
Volume
New York Bond Record—Concluded—Page 6
145
BONDS
N. Y.
Lot
STOCK EXCHANGE
Price
<fc
High
Low
tSt L SW 1st 4s bond ctfs
1989
♦2d g 4a lnc bond ctfs—.Nov 1989
{♦1st terminal & unifying 6a_1952
♦Gen A ref g 58 series A
1990
St Paul A Duluth 1st con g 4s—1968
MN
77M
No.
77m
5
40
1
27
33
52
20 M
24m
75
J
27 m
J
J
20 m
J
D
♦96
J
8
{♦St Paul E Gr Trk 1st 4 Ms—1947 J
{♦St Paul AKCSbLgu 4 Ms. 1941 F
A
15m
"~9m ~~14
9m
Va A Southwest 1st gu
109m
96
8M
Va Iron Coal A Coke 1st g 5s
54
27
J
1940
1972
tPaclflc ext gu 4s (large)
St Paul Un Dep 5s guar
J
J
J
4s
Virginian Ry 3Ms series A
87
89M
109m
28
24
108 M 112m
109
16
105m 110M
109m
108m
♦112m
*19m
103 h
87
115
110
114m
30
16
41k
20
20
19
32
27 m
44
30
25
30
"25"
*
{{♦Seaboard Air Line 1st g 4s..1950 A O
{♦Gold 4s stamped
1950 A O
♦Adjustment 5s
Oct 1949 F A
{♦Refunding 4s.
1959 A
♦Certificates of deposit
♦1st A cons 6s series A
1945 M S
♦Certificates of deposit
l*Alt A Blrm 1st gu 4s
1933 MS
11M
"iTm
3M
3m
7
6m
8
8
7m
"20"
20
15m
4M
7m
9m
8M
6
72
35
66 M
38
44
30
1939
1941
gen
10M
♦Ref A gen 4 Ms series C
11
1978 A O
*21
13M
36 m
Walker(Hiram) GAW deb 4M8.1945 J
13m
1955 A
1939 M S
110
13
11
11
O
♦Certificates of deposit...
20
Warner Bros Pict deb 6s
^♦Warren Bros Co deb 6s
22 H
Warren RR 1st ref gu g 3
38 m
81M
5
78
99 M
84 M
42 M
81M
39
23
78 M
39
O
103 M 109 M
90
67 M
15
71M
40
70
100M
6
30
78
78
1951
1952
1935
1951
Shell Union Oil deb 3 mb
Shlnyetsu El Pow 1st 6 Mb
s
S
F
A
70
77
Washington Cent 1st gold 4s...1948 Q-M
98
100
102 M
106
110M
1941
Ms.-.2000
75
3m
14m
2
4m
14 m
97 m
98
*56 m
m S
J D
7s
deb 4s
""78M
"38
68
O
86
86
91
45
85
94 m
94 m
96
22
106M
106m
1st mtge A ref 4s
Southern Colo Power 6s A
1947 J
Southern Kraft Corp 4Ms
77M
106 M
16
73
25m
82 M
102 m
102m
100M 107 m
94 m
58
130
118
"19
107 m
3
105
107m
5
101m 107 m
102
5
100 m 106 m
93
93
94 m
98m 102
1
96
96M
68M
i68m
72 M
s
72
79
1968
1969
1981
1946
M
S
60
IVI N
59
472
i 60
459
M N
58 M
85M
1950
A
1951 A O
D
1st mtge pipe line 4 Ms
Gold 4mb
Gold 4mb
Gold 4mb
10-year secured 3 Ms
San Fran Term 1st 4s
5s
4s series A
Devel A gen
Devel A gen 6s
Devel A gen 6 Ms
Mem Div 1st g 5s
St Louis Div 1st g 4s
lien g 5s
J
107 m
89 m 100 m
A
1946 IVI
*"~HI
S
A
ioiM
D
99M
D
~67m
J
J
J
M
8
100 m
98 m
67 m
105m
*h4m
99m
"86"
♦105
A
*116m
108 m
109
J
M
O
1937 J
J
31M
J
1952 J
7
Tol A Ohio Cent ref A imp 3M® 1960
1950 A
Tol St Louis A West 1st 48
1942 M
J
1949 M
deb A.. 1953
102
109 m
30
J
62
D
101
100 H 106 m
110
~76m "84
106M
29
166"
95
102
103
103
~88M
51
59 h
9
"l_5
85M
20
84 m
31M
6M
100
18
85m
47
60 M
101
109m
115
118m
105 m 111H
108 m
88
105 m
110
114
128 H
100
22
100 M
89
106 M 115
35 M
10 M
3
"l5"
13
12M
"57
12M
3
12M
32 M
9M
13
6
6M
10M
25 M
12 H
8M
20
i"j
Youngstown Sheet A Tube—
96M
M N
1961
7
96
100
99
96 M
24
7
28
98
7m
91
2
63
Cash sale; only transaction
r
105
week]and|not included in the yearly
during current week,
a
Deferred delivery sale; only
during current week,
n Under-the-rule sale; only transaction during
x Ex-Interest.
{ Negotiability Impaired by maturity,
t Accrued
transaction
current
week,
payable at exchange rate of $4.8484.
f Bonds called for redemption or
nearlng maturity.
{ Companies reported as being In
bankruptcy, receivership, or reorganized
securities assumed by such companies.
Section 77 of the Bankruptcy Act, or
*
♦
z
Friday's bid and asked price. No sales transacted during current week.
Bonds selling flat.
Deferred delivery sales transacted during the current week and not
under
Included
In the yearly range:
No sales.
Transactions
5m
46m
79
101m
96 h
101m
124
102 H
13
101
108m
103
96
Stocks.
Week Ended
Nov.
83
51
Exchange,
New York Stock
the
at
Daily, Weekly and Yearly
73 h
30
62 m
93 m
current
Cash sales transacted during the
e
84 m 108m
19, 1937
Railroad <£
State.
United
Total
Number of
Shares
Mis cell.
Municipal <k
States
Bond
Bonds
For'n Bonds
Bonds
*104 M
102m 107m
1,886,960
6,771,930
Saturday
S
♦116M
♦106M
116
110
104
i*96M
100
90
123
101m
98
90
100
119
$32,853,000
1,445,310
1,269,370
Tuesday
Wednesday
757,670
Thursday
903,120
Friday
Total
Sales
$219,000
217,000
1,593,000
$4,024,000
257,000
$979,000
$2,826,000
5,480,000
5,726,000
5,120,000
5,994,000
7,707,000
509,500
Monday
S
*97
96 M
90
47
83 m 106 h
84m 108
107 m 110M
36 m
79
95M
90
♦108M
Interest
"82M 104" "
105
86
100m
4
-
159
102 M 107m
126
115
106
107m
109"
101H
62
7M
101M 104
95
104M
18
101M
47
12 M
11
23
8H
{♦Sup A Dul div A term 1st 4s '36 IVI N
♦Certificates of deposit
105
12M
7M
95M
113M
103 M
94
44 M
20
1949
1st mtge b f 4s ser C
85
1
94
107 M
106
80
7M
D
1960
♦Certificates of deposit
105
"90M
*15M
1947
{♦WisCent 50-yr 1st gen 4s
25 M
100 M
96
70 M
107 M
89 M
94
Wilson A Co 1st M 4s series A..1955
Winston-Salem 8 B 1st 4s
19
75
72
101M
{♦Wllke8-Barre A East gu 5s...1942 J
Wllmar A Sioux Falls 5s
1938
Conv deb 3Ms
4
31
No sales.
93 m 105
83 m
O
J
63 M 109 M
77 M
range:
D
1955 M N
.1952 F A
103
22
98 m 106m
40
11m
"57
79
79
Too"
D
1953
f 7s
90
88
Tokyo Elec Light Co Ltd—
Tyrol Hydro-Elec Pow 7 Ms.
95 h
104m
116M
S
1960 A
...
80
107 m
J
27
71
21M
90
{♦Wor A Conn East 1st 4 Ms—.1943
22
17m
101H
99m
103
105
100
105
84 m
84m
D
1960 J
Trenton G A El 1st g 5s
84M
90 m
u4m
83m
O
4s.. 1946
101m 105m
3
*
D
1980 J
Toronto Ham A Buff 1st g
99
84 m
99 m
88
104M
J
1979 A O
Tol W V A Ohio 4s ser C
67 m
88 M
104
A
D
1977
1st 6s dollar series
42
102
O
Gen A ref 5s series D
Jan
65m
101m
88 M
D
Gen A ref 5s series C
♦AdJ lnc 5s
81M 112m
85 m
43 m
69
105m
61m 110m
145
S
M
Gen A ref 5s series B
{♦Third Ave RR 1st g 5s
Tide Water Asso Oil 3 Ms
"60
*100
M N
4Mb—1939
1944
Gen refund s f g 4s
1953
Texarkana A Ft 8 gu 5 Ma A...1950
Texas Corp deb 3 Ms
1951
Tex A N O con gold 5s
1943
Texas A Pac 1st gold 5s
2000
55
108
*13m
F
gold 5s
4s
#82"
84 m
107 m
J
A—.1964
61m
#
iolm
38m 108m
100 m 100 m
98
61M
Term Assn of St L 1st g
Tex Pac Mo Pac Ter 5Ms
105 m
ft59
D
74
68M
{♦Wickwlre Spencer St't 1st 7s. 1935
J
J
♦Ctf dep Chase Nat Bank
♦Ctfs for col A ref conv 7s A.1935 MN
59
82
72 M
107M
97 m
I48M
J
73
*111
58 m
82
39 M
65 M 111M
66 M 107 M
1949
119
94 m
11
*68
65m
103 m 109m
72M
40 M
104 M
69
1940 MN
13
98
75
White Sew Mach deb 6s
85m 102m
42
M
68 M
97 h
98
16M
106
69
D
59
89
16
20
99 M
2361
2361
1966
RR 1st consol 4s.
111M
6
51
19 M
22
Funding A real est g 4 Ms
1950
25-year gold 5s...
...1951 J
30-year 5s
1960
♦Westphalia Un El Power 6s—1953
Registered
52
"98M
IVI N
122
48 m
J
J
68
99M
107 M
17M
18M
s
1938 J
Wheeling A L E Ry 4s ser D
92 M
98M
"l8M
IVI
65m
*
J
1947 J
Tenn Elec Pow 1st 6s ser A
sec s
ser
1966
o
1946
1943
♦Studebaker Corp conv deb 68.1945
Swift A Co 1st M 3Ms
1950
Tenn Coal Iron A RR gen 5s—1951
Tenn Cop A Chem deb 6s B._.1944
Tennessee Corp deb 6s ser C
1944
Guar
{♦Western Pac 1st 5s
123M
117
106M 111M
109 M
102
89 M 106 M
108 M
98
"20
89 M
107
A
Wheeling Steel 4mb series A
O
4mb
Trl-Cont Corp 5s conv
99
1943
1946
98
"81M 181m
1961 J
Staley (A E) Mfg 1st M 4s
Standard Oil N J deb 3s
Third Ave Ry 1st ref
89 M
1977 J
1st A ref 5 Ms series A
West N Y A Pa gen gold 4s
60
J
S-western Bell Tel 3 Ms ser B...1964
S'western Gas A Elec 4s ser D—1960 M N
J
♦{Spokane Internat 1st g 6s—1955 J
cons
1st mtge 3 Ms series I
Western Maryland 1st 4s
96 M 100M
5
107 H
107 M
127 M
116
54
120
120
1966 J
1952 A
80
108M 112M
104 M 108M
3
*108M
1961 J
87
?88m
88M
J
M
94m 101m
68 m
99 m
70
100m
6
50
109
100M
100 M
Gen mtge 3 Ms
—1967 J
West Penn Power 1st 5s ser E—1963 IVI
65 m
O
J
1st
10
A
F
4 58m
*85m
O
1938 M S
Mobile A Ohio coll tr 4s
Staten Island Ry 1st
1
121M
100 M
F
ll04m
J
J
1955
1955
1994
1956
1956
1956
—1996
1951
1938
4s
1st 4s stamped
Southern Ry 1st cons g
reor
105M
121M
West Shore 1st 4s guar
So Pac coll 4s (Cent Pac coll)—1949 J
1st 4mb (Oregon Lines) A...1977 M
East Tenn
109M
105 M
Western Union coll trust 5s
Southern Natural Gas—
So Pac RR 1st ref guar
♦107M
109M
1939 J
♦5s assented
102"
107m
107m
101M
107M
J
1945
1945
f 5s
s
1st mtge 4s ser H
101m
'IoIM
1946 J
50 m
18M
"80"
*115m
O
1962 A O
1961 M S
1965 F A
Southern Calif Gas 4 Ms
"61M
♦21m
Socony-Vacuum Oil 3Ms
South A North Ala RR gu 58... 1963 A
South Bell Tel A Tel 3 Ms
60 m
61M
1951 1 J
1950 A O
Skelly Oil deb 4s
100
100
A
A
S
89 m
54m
*98m
J
102
93
60
78
97M
Wash Term 1st gu 3 Ms
1st 40-year guar 4s
Westchester Ltg 5s stpd gtd... 1950 J
6m
4m
1952 A
f 6Ms
♦Silesia Elec Corp 6 Ms
Slleslan-Am Corp coll tr
Simmons Co
4m
4m
J
M
1946 F
1941 F
♦{Siemens A Halske s f 7s
♦Debenture
4M
4M
A
76
IVI
Wash Water Power
A
{♦Seaboard All Fla 6s A ctfs...1935 F
♦Series B certificates
1935 F
40
104M
103 M
70 M
103 M
70 M
D
O
1955 A
Walworth Co 1st M 4s
6s debentures
44
12 M
1980 A
39M
10M
♦Certificates of deposit
23 m
43 M
12
♦Ref A gen 5s series D
20m
41
10M
51
12
44
12
13
.....
41M
10M
3
11M
'uli
A
10
99 M
44 M
10
41
10
1976 F
13
71M
97 M
85
UM
11M
98M
60
55
4s
1941
5 Ma A. 1975
103M
86
82 M
97
106M
81
60
63
♦Toledo A Chic Div g
35 m
17
107 M
70
35M
71
♦Des Moines Div 1st g 4s
♦Omaha Div 1st g 3 Ms
6m
20
20 m
101M
101
46
104M
104M
104M
84
93 M
5m
6m
4
196
110
1941
5
6M
103
78 M
♦Det A Chic Ext 1st 5s
43m
2m
10
67
103
63
♦Certificates of deposit
♦Ref A gen 5s series B
41M
8
104 M 109 M
45
1954
^♦Wabash Ry ref A
High
Low
45
*
1966
1939 IVI N
...1939 F\A
10
13
16
103
J
16
30
71
109M
*40
♦Certificates of deposit.
121
110
♦111m
109M
♦1st lien g term 4s
43
*28
No.
12 H
108 M
O
...1958 A
♦JWabash RR 1st gold 5s
♦2d gold 5s
50
87
109M
2003 J
4s
27
119m
High
10
10
S
1949 M
5s
cons
37
101M 106M
113
124
104
San Antonio Pub Serv 1st
A
7m
118
1943 J J
6s.-1952 J J
San Diego Consol G & E 4s—1965 M N
Santa Fe Pres A Pben 1st 5S..1942 M S
{♦Schulco Co guar 6 His
1946 J J
♦Stamped
J
J
♦Guar b f 6 Ms series B
1946 A O
♦Stamped
A O
Scioto V A N E 1st gu 4s
1989 M N
S A <fc Ar Pass 1st gu g
1st
ser
8
17
St Paul Minn A Man—
J
Virginia El A Pow 4s
74 m
65 m
36
J
1955 M N
Jan. 1
Asked
<k
Low
1942 J
Since
Friday
Bid
Price
D
♦Vertientes Sugar 7s ctfs
100
74
Range
Range or
Sale
II
19
High
Low
40
J
Week Ended Nov.
Jan. 1
Asked
Last
Y. 8TOCK EXCHANGE
N.
Since
Friday
Bid
BONDS
Range
Range or
Sale
Week Ended Nov. 19
3317
Week's
Friday
Week't
Friday
7,290,000
1,296,000
1,306,000
1,379,000
1,101,000
1,629,000
7,279,000
6,729.000
8,353,000
10,437,000
$7,654,000
$3,605,000
$44,112,000
303,000
980.000
m
.1945 M
UJlgawa Elec Power s f 7s
Union Electric (Mo) 3Ms
.1962 J
J
A
.1952
J
4s... .1947
J
3 Ms debentures
June 2008 M S
M S
June 2008
1st lien A ref 4s
1st lien A ref 5s
.1970 A
34-year 3 Ms deb
O
M N
.1971
35-year 3mb debenture
A
United Biscuit of Am deb 5s... .1950
,1952 A
Un Cigar-Whelen Sts 5s
S
~92M
93
{{♦United Rys St L 1st g 4s.... .1934
deb 3 Mb. .1946
J
J
M N
J
U S Rubber 1st A ref 5s ser A.. .1947
♦Un Steel Works Corp 6Ms A.. .1951
J
D
.1951
♦Sink fund deb 6Ms ser A... .1947
.1944
Utah Power A Light 1st 5s
A
{♦Utl 1 Power A Light 5 Ms
.1947
D
.1959
A
A
O
F
A
f 6 Ms series C
J
Utah Lt A Trac 1st A ref 5s
{♦Debenture 5s
Vanadium Corp of Am conv
Vandalla cons g 4s series A
Cons s f 4s series B
{♦Vera Cruz A P 1st gu
{♦July coupon off
5s.1941
1955
1957
4MS.—1934
M N
J
J
J
J
102
2
11
118
8
106
101
m 106 M
110
116m
*105M
31
103
11
92 M
93 m
33
111m 116m
91
101m
93
93 m
52
"24"
108M
102 M
80
24
106
1
60
1
82
55
13,986,912
371.040,940
434,952,252
$9,926,000
$335,278,000
State and foreign
Railroad and industrial
32,853,000
9,733.000
56,304,000
313,256,000
1,889,097,000
$286,554,000
297,848,000
24
108 m
109
102 M
104m
25M
27
91m 101m
2,554,990,000
$44,112,000
$75,963,000
$2,537,631,000
$3,139,392,000
Stocks—No. of shares.
Bonds
Government
105 m 109
60
64 m
Total
72 m 103 m
109
HOM
*25 M
27
6,771,930
$3,605,000
7,654,000
109 m
115m
Exchange
1936
1937
1936
1937
114m
"e
24
106
Stock and Bond Averages
36 m
23
170m
128
Below
102 M 107 m
22
33 m
23m
21
30
19
Jan. 1 to Nov.
19
New York Stock
116M 121M
101
114m
59
Week Ended Nov.
Sales at
23
111m
106 M
♦108M
O
.1944
s
67
11m
60
80 M
D
♦Sec
106 M
106
S
U 8 Pipe A Fdy conv
97 m
69
.113M
105M
O
.1944 IVI
4s
3
105 M
U7M ,H7M
104M il04M
HI M 4111M
O
.1953 M
United Drug Co (Del) 5s
U N J RR A Can gen
78
*11M
105M
O
{{♦Union Elev Ry (Chic) 5s._. .1945
Union Oil of Calif 6s series A... .1942
Union Pac RR 1st A Id gr
77 M
S
32 m
32 m
~26M
25M
26 M
"65
91
91m
25
88
~92M
92 M
94
56
51
51
53 m
52
51
52 m
91
41
82
82
85
13
82
19m
the
daily closing averages of
stocks and bonds listed on
as
representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
88 m 106 M
41
69
51
are
105 m
Bonds
Stocks
67 m
111
10
4
Total
10
First
Second
10
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trials
Rails
Rails
ties
Bonds
5M
4
20
Rail¬
trials
113M
2
Total
20
Indus¬
107M 111
110
10
30
Dale
roads
ties
Stocks
118.13
30.07
20.91
40.05
104.41
101.71
60.13
92.38
19
103.28
Nov.
125.48
32.01
22.31
42.58
104.85
101.90
61.44
92.88
18
103.33
Nov.
22.61
43.32
104.76
102.33
62.23
103.45
93.19
Nov.
17
127.54
32.73
127.98
32.98
22.88
43.57
104.79
102.21
62.60
93.21
16
103.24
Nov.
15
33.23
22.80
43.88
104.78
102.65
63.03
103.31
93.44
Nov.
129.22
13
133.05
34.26
23.43
45.18
104.76
102.78
63.11
103.49
93.54
Nov.
New York Curb
3318
Exchange—Weekly and Yearly Record
Nov.
20,
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 Bales In computing the range for the year.
In the following extensive
week
beginning
list we furnish a complete record of the transactions on the New York Curb Exchange for the
Saturday last (Nov. 13, 1937) and ending the present Friday (Nov. 19, 1937). It is compiled entirely
Exchange itself, and is intended to include every security, whether stock or bond, in
the week covered:
on
from the daily reports of the Curb
which any dealings occurred during
Sales
Friday
Last
Par
Class B
Price
for
Friday
Low
Shares
1
common..5
Corp com
1
Agfa Ansco Corp com
234
20
Air Investors common—*
Conv preferred
20
7
334
2234
7
834
134
"I k
13
134
134
2,400
700
1.100
500
2
24
134
1,600
13
13
634
100
24
Gt Southern..60
$6 preferred..
Oct
Feb
38
May
Oct
22
Feb
4
May
Oct
Sept
Mar
S3 conv pref
Class A
125
57
Oct
80
65
Oct
87
Jan
6024
Oct
77
Jan
lH
Sept
X
Oct
Sept
12
12
100
12
Nov
11
11
11
100
5
Oct
16
Aluminum Goods Mfg...'
16
200
7534
91
2,550
400
109
Oct
15
400
14
Oct
6
50
67
11134
11134 112
6
"7634
70
1424
Aluminum Industries com
Aluminium Ltd common.
1034
"l034 "1234
134
434
65
Oct
Jan
Mar
Jan
24
Jan
1634
2634
17734
11934
1734
1434
July
"Ik "1024
Feb
Jan
Feb
Oct
140
Mar
131
May
3234
334
1
Oct
50
Sept
5
Oct
2454
Oct
11
common—10c
A
4
10c
24
%
34
400
H
75
Oct
*
*
Amer Centrifugal Corp. ..1
2334
2334
2334
100
23 34
Nov
"134 "ik
2~8o6
Common class B
S3 preferred
$5.60 prior pref
78 34
"Th
Jan
Jan
Mar
Apr
Oct
134
Oct
Mar
134
42
8934
534
Feb
Feb
Mar
July
Am Cities Power & Lt—
25
Class A
2834
2834
32
125
2334
Oct
29
Class A with warrants 25
29
200
22 34
Nov
1
"234
224
324
1,600
Amer Cyanamld class A. 10
Class Bn-v
-.10
"2234
22 34
2634
3 34
234
1434
5,700
.2434
2824
10324 105
18,400
Class B
Amer Equities Co com—1
Amer Foreign Pow warr...
3 34
124
Amer P'ork & Hoe com...*
Amer Gas & Elec com
*
14
2434
500
25
2
4134
Jan
47
Jan
8
Oct
2724
1734
334
Jan
7% 1st preferred
34
334
34
100
Breeze Corp
Machine.
Oct
Apr
34
300
34
134
234
1634
Oct
Oct
77
Oct
1234
Mar
31
Mar
2
234
1,000
334
434
900
2334
2334
150
£1
Am dep rets ord reg-.lOs
British Col Power class A. *
Class B
*
Brown Co 6% pref
Brown Fence & Wire
4334
1
6
6
734
com.
Class A pref
*
Brown Forman Distillery. 1
$6 preferred
*
Brown Rubber Co
Bruce (E L) Co
334
5
Feb
Oct
32
Jan
37
Mar
18
18
Amer Lt & Trac com
1334
1334
1834
14 24
Calamba Sugar Estate..20
Canada Cement Co com. *
Canadian Car & Fdy pfd 25
Canadian Indus Alcohol A*
1
25
6% preferred.
27
Preferred
~24k
""l25
1
Amer Meter Co
*
2324
2324
2734
28
28
32
834
»»•
"134
1st preferred
834
934
634
200
134
134
77
2134
600
2
434
224
1,600
4
200
1434
77
Oct
834
10034
Oct
424
634
634
434
724
Oct
1,000
34
Oct
3,600
234
Oct
5934
434
534
834
4234
11034
3
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Oct
Jan
7
7h
Ashland Oil & Ref Co
1
4
4
434
96
Jan
£1
1034
1034
1034
400
434
Oct
Feb
2,600
124
Oct
1534
834
200
1034
Nov
1334
Oct
534
3934
Jan
Oct
he
he
332
34,800
'32
Oct
732
34
34
34
100
Jan
Feb
warrants
34
Atlas Plywood Corp
Austin Silver Mines
*
Class A
%
July
3
Sept
Jan
134
Jan
34 May
84
"ik
434
2834
2834
134
12
1
20
Oct
90
Sept
3
Oct
20
Oct
1334
5734
Mar
15
34
34
1,400
34
Oct
700
134
12
83
700
90
434
30
934
Oct
8,500
34
Oct
234
2
234
1,900
134
Oct
734
734
834
834
1,200
634
Oct
6
Oct
5
9
500
4
2934
334
9
1134
1634
Feb
Jan
Mar
Mar
Feb
Mar
Aug
Tobacco—
10
common
Babcock & Wilcox Co
*
17
17
6334
6334
1834
8134
240
16
Oct
43
Jan
725
60
Oct
156
Jan
10
Sept
1534
Nov
{Baldwin Locomotive—
Purch warrants for
334
com
7% preferred
30
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
Barium Stainless Steel..
Barlow & Seellg Mfg A
7% 1st pref
334
1334
1334
8
8
134
134
2
2
5
1334
834
134
224
7,300
100
$1.50 conv pref
20
Beech Aircraft Corp
i
Bell Aircraft Corp com..
Bellanca Aircraft
"Hi ""424
734
134
1134
1
3
160
1
conv
Blauner's
Crtfs for
u v
13
For
'i1**
footnotes
see
134
734
July
24
Oct
8
Oct
500
2
Oct
20
159
Feb
134
134
June
May
Sept
4,600
916
1124
200
24
Oct
34
900
1134
Oct
9
3034
724
page
724
824
1,400
.834
3",500
"2234 "22k
"160
634
434
634
3323.
Oct
Oct
103
Jan
*18
May
2734 Aug
434 May
1854 July
834 Mar
170
Sept
12534
534
Mar
Mar
19
4
234
1534
3734
100
*
*
""600
90
"28"
734
234
734
76
234
1316
93
3034
200
88
Nov
""loo
25
Oct
Oct
12
Oct
19
Jan
Oct
96
Feb
83
Oct
88
Oct
Oct
2234
9134
634
254
2734
Feb
734
300
100
234
3,000
5,600
15
Oct
75
1
"16
734
Sept
Oct
34
Oct
234
Oct
7
200
15
57
10534
Oct
Oct
6
Oct
Jan
June
Mar
Mar
Mar
Apr
Jan
Jan
Jan
Jan
Oct
3
234
Feb
July
g
2634
Jan
Jan
7
Mar
19
May
98
101
4234
934
200
4234
1034
Cct
1634
Feb
22
Oct
2734
Sept
9534
Oct
50
32
600
7
Oct
7i«
3734
2
2334
3734
2334
4434
250
234
2
27,100
29
3,500
30
Oct
Sept
Oct
134
15
Oct
Oct
Oct
123
Apr
7634 May
1834 July
2 54
92 J
534
60
534
Feb
Apr
Jan
Jan
Jan
13
534
534
Oct
27
Oct
7934
Feb
28
Oct
76
Feb
58
Jan
800
4
Oct
Sept
1534
434
Feb
3
2334
23J4
500
20
Oct
40
Apr
134
134
134
1,600
H
Jan
200
3234
Oct
334
1034
4834
Oct
16
6
3
40
5
5
42
634
Clinchfield Coal Corp.. 100
Club Alum Utensil Co
*
1,500
Oct
2
3
1,300
Cockshutt Plow Co com..*
Oct
34
Oct
12
Cohn & Rosenberger Inc.*
Colon Development ord
734
234
6% conv pref
Colorado Fuel & Iron
334
534
734
234
3 34
534
734
l",500
734
234
5,800
2
Sept
Sept
Sept
3 34
500
3
Oct
634
1,000
51
50
53
60
60
234
400
41
62 34
350
57
534
8,100
Oct
Oct
9
234
22
934
834
434
2434
7434
Feb
Mar
Jan
Jan
Aug
Apr
Mar
Mar
Feb
Feb
Feb
Feb
Apr
Columbia Gas & Elec—
Conv 5% pref erred ..100
Columbia Oil & Gas
1
124
Oct
734
4
900
40
Jan
Feb
Oct
234
*
warr.
Jan
Aug
Oct
7734
13i»
*
Colt's Patent Fire Arms.25
Jan
June
10
£1
Jan
Feb
2
3
28"
1
Cleveland Elec Ilium
Cleveland Tractor com
35
334
10234
9734
6734
1434
38)4
42>4
1034
10
Preferred BB
Cities Serv P & L $7 pref. *
$6 preferred...
*
*
Oct
Oct
134
Feb
Feb
Mar
Feb
1434
July
Oct
15
Sept
Oct
2434
Oct
Sept
2334
2334 May
Jan
234
2634 July
834 July
2,800
1534
34
Preferred B
Columbia Pictures com..*
Commonwealth Edison
25
Commonwealth
7
5
...
Oct
2234
1,200
334
160
Oct
Apr
Nov
Oct
Jan
74
15
"3
Clayton & Lambert Mfg..*
334
Oct
78
1
City Auto Stamping
City & Suburban Homes
Oct
Jan
7234
90
4
Chllds Co preferred
Cities Service common
Preferred
Oct
Oct
34
734
334
Oct
28
334
Cherry-Burrell com......5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
1134 June
1134 Aug
common..*
com
15
Chamberlln Metal Weather
Strip Co..
5
Charts Corp
10
Claude Neon Lights Inc..l
""800
19
6
"""56
Feb
12
Bliss <fe Laughlln
9,700
4
21
4
»
com
33
"734 "734
Oct
com
Bliss (E W) & Co
27
75
Clark Controller Co
*
*
2734
1934
Feb
716
com
50
15
Aug
Blrdsboro Steel Foundry &
Machine Co
85
15
Mar
11334
*
pref
85
100
5
300
224
Nov
334
200
200
3,800
800
8
""266
1134
134
834
15
7 34
160
334
20
134
6
Oct
"""134 ""134
Purchase warrants
$2.50
334
20
134
Jan
Oct
Oct
Feb
Mar
Feb
Oct
Oct
34
15
Conv preferred
100
Conv pref opt ser '29.100
Chic Rivet & Mach
Chief Consol Mining
6
100
1,200
6
Oct
16
common
134
100
warr
Oct
Conv pref
Berkey & Gay Furniture.
6% pref without
7% preferred
134
134
Bell Tel of Pa 634 % Pf-100
Benson & Hedges com...
Blckfords Inc
9
10
5
434
100
com
Bell Tel of Canada
Oct
80
com.. 10
20
75
100
100
Beaunit Mills Inc
2
12 34
10
"ik
Oct
Oct
1
500
8,100
5
Bath Iron Works Corp
1
Baumann (L) & Co com..*
11
1434
334
254
34
2234
.
Centrifugal Pipe
84
34
Automatic Products
5
Automatic Voting Mach._*
Avery (B F)
Axton-Flsher
Oct
3t«
V tc common
Atlanta
Birmingham &
Coast RR Co pref
100
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..50
Atlas Corp warrants
Jan
Feb
76
1
Option
154
534
3234
CentP & L 7% pref....100
Cent & South West Utll 50c
Cent States Elec com____i
534
1,600
Jan
Mar
Oct
Mar
4,500
12,600
Mar
Mar
Oct
Oct
140
1234
Jan
34
86
134
Jan
Aug
434
134
*
Feb
Mar
400
9
1
8
Mar
500
84
834
Oct
Jan
Sept
434
9
*
3834
34
534
Apr
Apr
434
434
8434
.34
134
2
1,500
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
9
Oct
Feb
34
Jan
*
Oct
Feb
June
234
100
1
Aug
Feb
Mar
234
34
1234
1
Assoc Laundries of Amer^*
5
1234
Common....
134
Oct
1234
$5 preferred
2
Oct
Cent Hud G & E com
*
Cent Maine Pow 7% pf 100
Class A
34
1334
1,600
18
1st preferred
Oct
Industries
Amer deposit rets
Assoc Gas & Elec—
Oct
5134
2534
10634
3134
85
$7 dlv preferred..
Oct
2,900
Feb
534
3034
Oct
400
Celanese Corp of America
7% 1st partlc pref... 100
Celluloid Corp common. 15
434
14,400
Feb
Oct
Oct
7,400
*
66 34
7
234
20
common.
1234
1334
1034
2
3
Nov
*
Castle (A M) com....
Catalln Corp of Amer
70
34
*
Carter (J W) Co
Casco Products
Oct
9
534
Carolina P & L $7 pref..
$6 preferred
Carrier Corp
*1534
2834
1234
Oct
Oct
41
134
Jan
Oct
85
20
134
99
4
100
534
common..
934
1,000
134
Carnation Co
234
39
3
334
25c
Class B
Oct
30
32
Carnegie Metals cora____l
60
324
Carib Syndicate
Carman & Co class A
Oct
Sept
134
2234
*
Capital City Products
Jan
Apr
Nov
Feb
90
9
41
2134
*
Jan
400
324
Jan
Jan
32
1,600
1
B non-voting
Canadian Marconi
Jan
1224
324
Mar
3
Oct
6
Elec
934
1034
Apr
Mar
1,500
1,400
_
Oct
234
324
234
53
Jan
Nov
24
300
12
59
Oct
834
3
10224 10334
24
34
"12"
234
Nov
Oct
com
Associated
Oct
Oct
10
Preferred
Oct
1
100
Arkansas P & L $7 pref...*
Art Metal Works
Sept
634
334
*
Common class A
82
21,600
7,800
334
234
Angostura
Arcturus Radio Tube
1
Arkansas Nat Gas com...*
Oct
Oct
20
434
6
Wupperman._l
Apex Elec Mfg Co com
*
Appalachian El Pow pref- *
Oct
34
15
25
1824
Preferred
..*
Jan
200
77
American Thread pref
Anchor Post Fence
Feb
2634
2834
5434
1,200
634
2
Superpower Corp com*
38
Oct
3,200
13ie
Amer Seal-Kap com
Oct
Oct
34
"22"
1
American Republic Corp 10
14
10
79 34
"22"
-.100
Amer Maracalbo Co
Amer Pneumatic Service
Amer Potash & Chemical.*
42
23
3,400
25
Amer Mfg Co common 100
Am
200
Oct
Feb
33
Oct
50
9
Amer dep rets pref shs £1
3634
Oct
800
4
41
Cables & Wireless Ltd—
May
Oct
Mar
60
334
50
8
2234
Mar
25
20
1
com
*20
350
2634
Oct
134
36
100
25
Jan
Jan
Mar
Oct
834 May
36
450
25
1
12
Feb
16
33
100
1334
4834
11234
Oct
May
Mar
2534
2534
400
21
Am dep rets ord bearer£l
Amer dep rets reg
British Celanese Ltd—
20
Oct
Oct
434
Oct
Oct
Jan
Apr
Feb
Feb
1934
2034
*
1134
99
1,200
Mar
Aug
Oct
7
334
British Amer Oil coupon..*
20
2134
5
Oct
2
British Amer Tobacco—
1134
S2 preferred
S2.50 preferred
425
5
3
300
28
20
5
7
3
•
*
Amer Hard Rubber com.60
105
Mar
1,000
2
Amer Invest (111) com
*
Amer Laundry Mach__.20
Preferred
Jan
3034
1434
534
2134
10834
334
734
1634
2334
*
100
$3 convertible pref
*
Warrants
Burma Corp Am dep rets..
Burry Biscuit Corp.. 1234c
Cable Elec Prod vtc
*
*
American General Corp 10c
8
Nov
734
Brill Corp class B
1434
Jan
Feb
Sept
10834
Bunker Hill & Sullivan 2.50
Burco Inc common
*
24
Jan
134
1034
34
2134
Oct
Jan
1134
*
Registered
Jan
Mar
300
100
Brlllo Mfg Co common
Class A
Oct
Feb
34
734
234
3234
1034
3
"1034
Bright Star Elec cl B
10
Jan
8,600
1,200
6
634
50
Jan
234
1034
1
__
Preferred
10
Sept
Oct
Oct
Jan
1434
2
2
13)4
1
Aeronautical
10
10
*
Buff Niag & East Pr pref25
$5 1st preferred
._*
Oct
19
9
400
Buckeye Pipe Line
1
Oct
100
400
Aug
12
Jan
434
Aug
400
5634
1034
34
37
1,100
Oct
434
37
534
434
Jan
1034
34
Oct
Jan
11
Nov
1034
100
2d preferred
Bridgeport
Oct
3434
com.
Brazilian Tr Lt & Pow
Brewster
Oct
300
1,800
11
Oct
Nov
4
Oct
'Th
7% preferred..
American Capital—
Class
Borne Scrymser Co
High
434
4834
4334
134
100
Class A
Oct
i~§66
134
100
Amer Box Board Co com. 1
com
1st preferred
Mar
Nov
MOO
7%
Mar
734
200
8%
American Beverage com..l
American Book Co
Oct
Nov
634
234
11934
550
100
6% preferred
American Airlines Inc... 10
16
7534
June
Low
1,800
•
C) Co
Bowman-Biltmore
100
Range Since Jan. 1 1937
Shares
334
134
3634
834
6
Jan
170
100
preference
Bohack (H
134
3634
134
*
134
7134
Aluminium Co common..*
$3 opt conv pref
Blumenthal (8) & Co..
Oct
12
10
25
Allied Products com
1
{Botany Consol Mills Co.*
6034
Alles & Fisher Inc com...*
Price
Bourjols Inc
6424
Alliance Invest common
Corp com
Jan
68
5934
Blue Ridge
Jan
62
59 34
Week
534
3434
Oct
6834
Allied Internat Invest com*
6%
Jan
62
*
Ala Power $7 pref
for
of Prices
Low
High
Sept
7
Warrants
Alabama
Week's Range
Sale
Par
5634
2434
634
Oct
An
Last
High
Oct
16
*
Sales
STOCKS
Continued)
Range Since Jan. 1 1937
Week
25
Alosworth Mfg
Air Devices
Range
class A
.
_
of Prices
Low
High
20
Acme Wire v t c com
Aero Supply Mfg
Week's
Sale
STOCKS
Jan
Oct
10
Sept
Oct
41
Aug
434
434
Sept
234
29
"2634
"26
34
"2834
8*.400
34
10434
1034
Jan
Jan
39
Jan
2034
Oct
33
Aug
34
Sept
6,100
34
Oct
June
171
& Southern
Warrants
Commonw Dlstribut
he
34
1
Community P & L $6 pref *
Community Pub Service 25
Community Water Serv
1
2534
2534
27
1934
1934
34
Oct
75
13
2034
250
18
34
100
hk
Jan
234
Jan
Oct
Oct
34
64
34
Oct
234
Jan
Jan
Mar
Volume
Sales
Friday
Range Since Jan. 1,
STOCKS
Last
Week's Range
for
(Continued)
Sale
of Prices
Low
High
1937
Week
Par
Price
Cities Service Co.
High
Low
Shares
Common
Compo Shoe Mach—
v
t c ext to iy46
12%
__
UK
900
12%
8%
Oct
17%
Jan
S3 preferred
Consol Biscuit Co
*
1
3%
Consol Copper Mines
5
Consol GELP Bait com *
4%
4K
03 %
63 K
5% pref class A_.___100
Consol Gas Utilities
1
1,600
4%
WILLIAM P. LEHRER CO.,
16,500
1,000
60
10
HA
10
*
4%
Cont G & E 7% prior pf 100
Continental Oil of Mex.._l
1%
5%
75
%
100
Cont Roll & Steel Fdy
K
%
*
6%
Continental Secur Corp..5
Cook Paint & Varnisn
4
6%
4%
id"
*
8K
4%
STOCKS
Copperweld Steel
2,000
Florida P & L $7 pref
Ford Motor Co Ltd—
1,100
2,800
400
S6 preferred A
Cosden Petroleum
*
Oct
5%
IK
IK
14%
11%
Common
£1
11%
4,100
1%
400
13%
11%
11%
Nov
15%
Oct
Oct
Oct
*
50
Gen Outdoor Adv 6% pflOO
"Ik
"200
4%
11%
400
8%
IK
1%
i%
900
16 preferred
Nov
General
Oct
7%
Davenport Hosiery Mills. *
Dayton Rubber Mfg com.*
9%
9%
18%
35
18%
..1
8
Dennlson Mfg 7% pref. 100
3K
3%
10
Oct
11%
20%
500
5
Oct
15%
28%
Oct
33
500
Jan
Apr
Apr
Jan
May
2%
52%
July
Glen Aid en Coal
1
Aug
19% May
500
8H
Oct
13%
Nov
400
1%
Oct
Det Mich Stove Co com.. 1
2%
2%
600
2
Oct
11
Feb
1
2K
3
3%
900
2%
Oct
10%
Jan
*
19%
23%
1,100
Detroit Steel Products
3
19%
Preferred
10
Liquors Corp
5
Dlvco-Twln Truck com_.l
4
Dominion Steel & Coal B 25
4%
1,700
14
4
1
14%
200
12%
14
400
*
Driver Harris Co
59
110
69
18
60
18
200
Dubllier Condenser Corp.l
100
10
Oct
May
Nov
28%
17%
100
Oct
50
55
Oct
96
14
1H
1%
1%
■'600
50
67
67
67
Oct
1%
%
Duro-Ttst Corp com
1
"m
Duval Texas Sulphur
*
6%
10
8%
Aug
Oct
Oct
1%
7%
10%
27%
6
6%
i~500
4
Oct
7%
1,000
6,400
3%
Oct
11%
6%
79
6%
8%
42%
111
Oct
52
Durham Hosiery cl B com *
Eagle Plcher Lead
Oct
105%
.100
Duke Power Co
July
Aug
Mar
Apr
Sept
7
*
4% % prior preferred. 100
6% preferred
..100
Malleable Iron.25
Corp
3%
3%
52%
30
30
4
54
34%
Oct
Vtc agreement
extend. *
Jan
Feb
10%
Jan
150
80
Jan
700
71
Jan
*
7% 1st preferred
100
Gt Northern Paper
25
Greenfield Tap & Die
*
Grocery Sts Prod com..25c
1,600
1%
23%
26%
26
26%
50
5%
800
5
150
Economy Grocery Stores.*
Edison Bros Stores...
2
Hamilton Bridge Co
Elec Light
Hartford
Class A
Elec P & L 2d
pref A
Elgin Nat Watch Co
27
50
20
Oct
29
29
50
22 %
Oct
60
25%
Oct
1%
29
1%
100
Cct
5
15
Empire DIst El 6% pf.100
60
Oct
10
50
70
70
Oct
1%
Preferred
ww
Rubber com
25
41
41
6% preferred..
Emsco Derrick &
Oct
Nov
Oct
38
38
38
50
9
10
400
%
U
29%
30
100
8
24%
European Electric Corp—
%
Option warrants
716
%
100
7%
8%
Falrchlld Aviation
3
1
7%
8%
2%
2%
Falstaff Brewing
1
8
20%
20%
Metallurgical...*
5%
5%
7% 1st pref
100
Nov
Oct
Oct
Aug
2,300
2,200
7
700
20%
100
7,100
Oct
Oct
1%
Oct
5
Oct
55
?
53
55
16%
Oct
400
6
%
%
5%
Oct
Oct
.500
15%
Oct
1,900
%
Oct
40
41
Oct
47%
1%
3%
45%
27%
8%
11%
25%
17%
15%
47%
1%
82%
"32"
113% 114
6%
60
8
4,300
56
25
6%
56
115
Oct
8
Oct
5%
6%
800
4%
Oct
33%
4%
18%
22%
250
54%
Nov
117%
Jan
116%
Oct
128
Feb
Oct
47
Apr
16%
Feb
Feb
Feb
Mar
Mar
Feb
Mar
Aug
Feb
Mar
Feb
Jan
Jan
Oct
16%
57
61
120
25
27
34
550
6%
3%
7
4
700
4
Oct
200
3
Oct
36%
6%
41
7,200
33
Oct
32
Jan
Mar
Jan
6
1%
63%
Jan
90
Feb
Oct
Jan
67
67
67
10
67
78%
78%
79
20
78%
Nov
95
Jan
10
Sept
17%
7%
Apr
....
"1% """7()0
"3
11%
11%
2%
Oct
200
11%
Nov
12
"56%
Sept
15%
Nov
70
8
Jan
Jan
24
54%
......
"56"
Aug
Jan
Apr
5
Oct
7
Jan
32%
300
9%
400
200
9%
6%
300
4%
Oct
7
8%
14%
35%
11%
5%
9
Oct
11
5%
5%
100
4%
20
Oct
10%
Oct
28%
Jan
7%
Oct
16%
47%
July
14%
9
8%
4,000
8%
100
5
Oct
35%
5%
32
12%
15%
Oct
Cct
32%
"12% "12%
""loo
12%
15%
1,100
9
Oct
100
10
Oct
12%
15%
5%
500
6
23%
24%
1,025
12
22%
61%
7
200
52
■
25%
9%
11%
58
6%
xl8%
57%
6%
13,400
5,900
300
5%
%
100
Jan
Aug
45
June
Apr
Oct
Oct
Oct
15%
33%
11%
22%
9
41%
112
Nov
11
Oct
16%
15%
Oct
42
Oct
87
55
Jan
Jan
Feb
Mar
July
Jan
Jan
Sept
Feb
Feb
%
Oct
12%
July
JaD
4%
300
9%
Apr
35
Sept
2%
18%
17
%
Apr
Nov
100
18%
Feb
Feb
Mar
Jan
12%
16
23%
Nov
200
32
36
"12%
23
Mar
2
Feb
Sept
2%
37%
"4%
4%
700
Oct
27%
Feb
Nov
26
Apr
4%
2%
6
8
9
100
Nov
13
Feb
1%
Oct
2%
37%
5
4,000
2%
18%
100
35
Oct
1,700
8
7
16
Ctfs of deposit
8
1,100
3%
16
Oct
Oct
Oct
5%
Jan
Mar
May
33% May
13% May
53%
11%
July
*
10
10
14
750
10
Nov
34
A.*
Imperial Chem lndust—
Am dep rets ord reg_.£l
Imperial Oil (Can) coup..*
Registered
*
Imperial Tobacco of Can. 5
Imperial Tobacco of Great
Britain and Ireland..£1
Indiana Pipe Line
10
Indiana Service 6% pf.100
7% preferred
100
Indpls P & L 6%% pref 100
50
50
50
25
50
Sept
62%
Feb
8% June
9%
Mar
Mar
Illinois
Zinc
Illuminating Shares cl
—
9
9%
400
18
18
18%
5,400
14%
18%
18%
400
14%
Oct
Oct
24%
18%
24
Feb
13%
13%
500
12%
Oct
15
Mar
35%
8
17%
19
87%
10%
Oct
Oct
Oct
Oct
44%
7%
84
Oct
14%
14%
17%
86%
700
5%
200
10%
30
125
Indian Ter Ilium Oil—
1%
1%
200
1%
1%
54%
750
100
Oct
18%
Mar
92
Mar
7%
preferred
Jan
100
Jan
Jan
Feb
Feb
July
Oct
2%
Oct
22%
75%
Insurance Co, of No Am.
10
53
52%
46
Oct
Jan
4%
4%
Nov
Oct
Vtc common
Oct
Jan
39%
105
1%
1%
Industrial Finance—
June
3%
Mar
5%
1%
Jan
15
36
%
*
Non-voting class A
109%
50
Jan
Jan
Nov
5i«
200
Class B
100
1
10%
%
5
Stores—
Fisk Rubber Corp
$6 preferred
10
Oct
Feb
Mar
Jan
Jie
250
24%
22
22
1
(Phlla)
Feb
31%
19%
2%
8%
1
5
1
800
5i«
%
10
10%
3%
8%
%
Evans Wallower Lead...*
81
Oct
K
7,400
29%
First National
Hydro Electric Securities. *
Hygrade Food Prod
5
Hygrade Sylvanta Corp..*
Illinois Iowa Power Co—*
Preferrred
50
7
37%
Eureka Pipe Line com—50
Fire Association
Feb
22
36
1
200
7% pref unstamped.. 100
26
36
19,600
fHylers of Delaware Inc—
Common
...1
Feb
500
Fldelio Brewery
Jan
Mar
10
Corp
Mar
77
9%
Ferro Enamel
5
Hussman-Llgonler Co.... *
Hummel-Ross Fibre Corp
74
9%
Fedders Mfg Co
(Harvey)
Feb
Mar
Oct
1
Fanny Farmer Candy
Jan
Feb
Oct
Aug
200
1%
9
120
57
Inc..-5
Hud Bay Mln & Smelt...*
Humble Oil & Ref
*
24
10c
7% preferred
Ex-Cell-O Corp
72%
Oct
20%
1%
.100
preferred..
Hubbell
150
%
Esquire-Coronet
1
*
(A C) Co com
Jan
26%
Equip..6
Equity Corp com
Heyden Chemical
Co cl A
7% pref stamped
Empire Gas & Fuel Co—
100
6% % preferred
100
7% preferred
100
8% preferred
100
Empire Power part stock.*
Oct
Apr
5%
Class A
87%
11%
27
*
38
*
*
2
25
5
Rubensteln
Helena
5%
J6 conv. pref ww
Jan
Oct
24
9%
Feb
Elec Shovel Coal $4 pref..*
Feb
7*
25c
Hecla Mining Co
Horn & Hardart..
Electrographic Corp com.l
Electrol Inc v t c
1
19
50
Feb
107
18%
17%
80
7%
98%
22%
17%
5%
40%
24
Oct
35%
Hoe (R) & Co class A...
Oct
Sept
% June
2%
14%
Hires (C E)
1%
3%
700
85
800
35%
Jan
4,300
%
50
—
preferred
6%
Jan
3%
20
93
3
Feb
14
2%
Feb
Feb
700
2%
39%
15
6%
1
Oct
9%
Oct
Horn
Common..
300
100
Jan
5
13%
5%
Jan
5
Feb
13
5%
80
Option warrants
Jan
51
cl B com. 1
Hazeltlne Corp
-*
Hearn Dept Store com..5
Jan
Electric Shareholding—
15
Oct
3%
Hewitt
Jan
Oct
24
4
Jan
9%
5
250
Oct
310
4%
Feb
2,200
Oct
1,100
1,400
3%
Feb
Aug
%
4%
3%
45%
12%
28
Oct
Nov
%
37%
1
Elec Power Assoc com
July
8
900
Heller Co com
Jan
Feb
400
3%
57
16
1%
32%
57
Oct
1%
3%
»
6
1
32%
$6 preferred
Nov
1%
5%
♦
51%
Jan
55
1%
2,800
61
*
Apr
Nov
1
1,200
56
S5 preferred
Apr
1
Jan
Jan
Mar
36%
95%
Oct
*
10
*
10
Hollinger Consol G M—5
Holophane Co com
*
Holt (Henry) & Co cl A._*
Hormel (Geo A) Co com.*
1%
9%
51%
11%
Sept
65
Feb
Harvard Brewing Co
Feb
Jan
Jan
24
1%
9%
Sept
Jan
107
Hartman Tobacco Co
4%
28%
1,400
1%
12% 120,500
1
"Ik
com.*
25
1
Elsler Electric Corp.
Elec Bond & Share com..5
50
I
5
26%
6%
82%
82%
13%
25
2
IK
23 H
1%
Gulf OH Corp.
23
11
11
11
*
16 preferred series B___*
Easy Washing Mach B
*
Oct
Feb
Atl & Pac Tea—
Non-vot com stock
Haloid Co
Mar
Mar
Oct
9
19
Grand Rapids Varnish...*
Feb
Jan
May
45
Gorham Mfg Co—
Feb
Jan
Oct
100
24
Hat Corp of Am
1,500
*
$7 preferred series A
3%
*
S3 preferred
25
Gulf States Utll S5.50 pref
*6 preferred
*
Gypsum Lime & Alabas..*
Hall Lamp Co
*
Apr
East Gas & Fuel Assoc—
Common
*
Gorham Inc class A
Great
Oct
8%
175
I
Jan
Mar
Feb
6%
93
*
Gray Telep Pay Station. 10
10%
29%
5%
22%
Mar
3%
22%
51%
29%
Mines.. 1
Jan
30
19%
10
7% preferred.
S7 preferred
Goldfield Consol
Guardian Investors
..100
*13"
*
Class B
Grand National Films Inc 1
Apr
100%
Oct
8
6K
Sept
Apr
15
preferred
100
Douglas (W L) Shoe Co—
Feb
Nov
1
29
.*
Sept
83
12%
& Chem com.*
5%%
64
Jan
43%
100
5
10%
Nov
13
Feb
3% May
Jan
32
35%
16
2%
20
Feb
96%
100
76
8
Sept
9
25
16
16
16
£1
Dobeckmun Co com
Oct
100
100
Oct
Nov
8
July
26
Diamond Shoe Corp com. *
Distillers Co Ltd
15
28%
10%
10
De Vilbiss Co com
900
45
Nov
*32
54%
Godchaux Sugars class A. *
8%
200
Detroit Paper Prod
1%
13%
75
75
*
Gladdlng-McBean & Co..*
1%
9%
14
45
1%
11%
50
Aug
Mar
75
20
*
Preferred
16
87
1%
9
14
75
Gilchrist Company
Oct
IK
14
100
50
*
Nov
89
Feb
25%
1%
*
50
1
1
20
ww...
Detroit Gray Iron Fdy
Oct
23
7
100
ov
Feb
32%
$5 preferred
Gilbert (A C) com
Oct
6%
Oct
Oct
..*
S3 preferred
1,100
10
Oct
Oct
i
Gen Water G & E com
8
500
Nov
1%
85
Georgia Power S6 pref...*
4%
Mar
9%
70%
19
45
Oct
6%
98
Oct
Oct
10%
%
100
6% preferred A
Sept
16
Jan
8%
75
100
44
"Ii%
Aug
500
Jan
Jan
July
Rubber—
'i»
*
Detroit Gasket & Mfg
&
6%
50
50
Derby Oil & Ref Corp com*
Tire
8%
10
10
Oct
10
7%
14%
19
21%
900
1,500
50
44
5,500
%
»x«
Mo
5
Sept
May
10
5
400
75
Gen Pub Serv $6 pref
Gen Rayon Co A stock
30
Cusl Mexican Mining._50c
100
100
Sept
%
4
2%
*
13
Warrants
102
100
Jan
11% June
Feb
14%
Gen Electric Co Ltd—
*
*
General Telephone com_20
S3 conv pref
*
500
7%
100
Preferred
l%r
16%
%
Jan
65%
80
9%
14
5%
..10
Class A
92
9%
14
10%
vtc.*
Dejay Stores
90
100
Gen Flreproofing com
*
General Investment com.l
5%
Crystal Oil Ref com
com
92
*
com
Oct
Sept
10%
Curtis Mfg Co
Nov
%
5%
%
6% % preferred
Oct
11
2%
1
Cuneo Press Inc
14
300
19%
Croft Brewing Co
6% preferred.
150
12%
2%
3
Oct
6%
15%
11
5% preferred
General Alloys Co
Oct
25
300
7%
15
11
Gatineau Power Co
Oct
11,500
2,300
1,800
20%
8%
Preferred
7%
15
19%
%
26%
7
Drug Co com..25c
Oct
Amer dep rets ord reg.£l
300
21
7
*
Oct
4
Oct
%
21
*
(Md)*5
5
»
5
Crown Cork Internet A.
100
200
GamewellCo S6 conv pf._*
Oct
Oct
500
K
7
5%
•
1
Fruehauf Trailer Co
Crocker Wheeler Elec
Crowley, Milner & Co
1
preferred
Oct
Creole Petroleum
K
-
15
Conv
Oct
15
2%
Feb
Froedtert Grain & Malt—
2
72
Cramp (Wm) <fc Sons com.1
Fansteel
2%
Feb
Ford Motor of France—
5%
2K
Eastern
Oct
7
2%
Eastern States
Oct
17
1
2%
7% preferred
Draper Corp
14
25
5
2 %
ar
3,100
Franklin Rayon Corp
1
Domin 1
18
18%
Fox (Peter) Brewing
2
Darby Petroleum
17%
18%
100
20
com
17%
*
Amer dep rets... 100 frcs
2
Mar
Ford Motor of Can cl A..*
200
14 %
Nov
8%
29%
31%
7%
1
5%
65
2,800
6%
50
Oct
5%
10%
20
com
21%
5%
7%
5
5% conv preferred
High
850
5K
6%
Courtaulds Ltd
Low
Shares
37
32
32
2,700
10
Cuban Tobacco
*
Class B
20
Range Since Jan. 1, 1937
for
Week
High
Low
Am dep rets ord reg._£l
100
*
com..
Crown Cent Petrol
Price
50
300
Cord Corp
Corroon & ReynoldsCommon
Distilled
of Prices
7%
*
com
S3 prior preference
Copper Range Co
6% pref
Week's Range
Sale
Par
*
$4 preferred
Crown
Last
(Continued)
100
10
10
Sales
Friday
200
74%
N. V. 1-1943
Teletype:
750
4K
100
Consol Royalty Oil
Consol Steel Corp com
INC.
Street, New York City
Wall
2-5383
400
4 Yb
1%
1
8% preferred
3K
5%
68
112% 112%
1%
1%
51K
54%
Consol Mln & Smelt Ltd.5
Consol Retail Stores
3%
Preferred
and
BOUGHT—SOLD—Q UOTED
Conn Gas & Coke Secur—
Cooper Bessemer
3319
New York Curb Exchange—Continued—Page 2
145
New York Curb
3320
STOCKS
Week's Range
Last
Sale
(Continued)
Par
of Prices
High
Low
Price
International Cigar Mach *
20
20%
for
STOCKS
50
13.50 series
Oct
IX
15
15
A stock purch warr
21
1,400
Oct
3
International Petroleum..*
30
3
4%
29%
18,400
30%
5,800
*
Registered
hi
10
Internat'l Paper A Pow war
International Products—*
3%
3%
Internat Radio Corp
6
7
1
400
Oct
Oct
9%
100
•w
Internat Metal Indus A__*
Sept
2%
23%
31%
2%
28%
4%
44
2%
Oct
Nov
Oct
Oct
%
Oct
Class A
*
—1
200
9
1H
7 hi
1,400
hi
Oct
Oct
.*
SI.75 Preferred
*
13.50 prior pref
New warrants
Mar
38
Mar
Nachman-Springfllled
Nat Auto Fibre
8% Apr
15% May
1%
Feb
Oct
30
38
hi
3%
3%
500
4%
4%
700
2%
3%
6 hi
7 hi
220
1%
Oct
%
International Vitamin—1
3%
Interstate Home Equip.-1
Interstate Hosiery Mills—*
Oct
Oct
Oct
6%
%
7%
7
Mar
X
15 hi
1,000
400
%
11 %
sept
14%
_.l
8%
8%
8x
400
6%
Oct
*
%
X
X
100
%
Oct
'jj
Irving Air Chute
Sept
is4
2,700
4%
Oct
18)1
Feb
100
1%
Oct
14
Jan
Italian Superpower A
Warrants
Jacobs (F L) Co..
Jeannette Glass Co
_.l
z6X
*6%
3%
*
9%
3%
Oct
Jan
Wj?
2%
Feb
6%% preferred
6%
7%
Jonas
Jones
100
preferred..
100
preferred
100
& Naumburg__.2.60
& Laughlln Steel. 100
Julian & Kokenge com
Kansas G & E 7% pref.
Keith (Geo E) Co 7%
68 hi
77 hi
77hi
84
84
3
3H
30
30
37
75
10
72
83
*
0%
6%
12 hi
1
1
30)*
27hi
2%
3
Nov
Oct
10
150
Oct
100
Oct
"700
7% pref.-lOO
Lehigh Coal & Nav
*
Leonard Oil Develop...25
Le Tourneau (R G) Inc__l
Line Material Co.......
Refining
._*
Llpton (Thos J)clA
0 % preferred
60
9,000
45%
Oct
3 hi
1,900
1%
Oct
Nov
88
88
89
200
88
Oct
12 %
12 hi
13
300
Oct
3X
4%
2,700
10%
2%
X
%
2,800
hi
500
13%
,
17
17
18
20
17 H
17 X
20 hi
3,700
Oct
Sept
Oct
Oct
12%
Oct
34
100
12
Nov
13
21
Nov
21%
*
7%
7%
Corp
Long Island Ltg
Common
*
7% preferred
6% pref class B
2
hi
2%
5
Oct
18%
Jan
4
Oct
16%
Feb
5%
Oct
14%
Jan
2%
2%
5,100
1
Oct
230
60
Nov
150
48
Oct
70
100
Loudon Packing..
_*
Louisiana Land & Explor. 1
55
55
59%
2%
300
8 hi
2%
7X
0,600
7
Oct
1%
0%
93
38
200
1X
500
3 hi
"3 k"
1 hi
3%
200
15 conv preferred...
Manlschewltz (B) Co
Mapes Consol Mfg Co
.
Sept
%
2%
Oct
Oct
10%
Jan
Oct
82
Jan
10%
35 hi
Oct
15%
Apr
Oct
20
Communlcatlonordreg£l
Margay OH Corp
*
Marlon Steam Shovel..
*
Mass Utll Assoc v t c
__1
8%
20
20
6
0
_.l
7 hi
100
400
"e"
"~6%
R200
14
14%
16%
800
17
Jan
5
Oct
2
20
.....
Massey Harris common..*
Master Electric Co
Sept
Oct
4%
14
Oct
Oct
May
Hosiery Mills Inc
14 preferred ww
McCord Rad A Mfg B
McWUllams Dredging
Mead Johnson & Co...
*
*
*
53
3 hi
11
3hi
3%
13%
101% 105
4%
4%
11
*
101 hi
Memphis Nat Gas com
6
Memphis P4LJ7 pref..*
4 hi
Mercantile Stores com
Merchants & Mfg cl A
700
1,500
125
1,000
1
24
3%
42
42
hi
Corp com..*
Partlo preferred
42
75
hi
1 hi
1 hi
1,800
100
Mexico-Ohio OH
Michigan Sugar Co
600
6
3
*
10
Mid-West Abrasive....60c
Mar
Aug
65
66
101% 102%
Oct
Nov
100
58
Oct
20
98
Nov
63%
7
Mar
Mar
59
11%
12%
59
67
1%
55
55
1%
67
2,000
2,250
800
"2
1,600
100
10%
Oct
24
Mar
280
53
Oct
90
Mar
Oct
4%
14%
Jan
13
Mar
Aug
88
1
Monarch Machine Tool..*
Monogram Pictures com.l
Monroe Loan Soc A
1
8
15
9
4%
4 hi
5%
13%
1%
15
500
6,000
Jan
135%
Mar
Oct
2%
400
1%
Oct
8%
200
3%
Oct
37
30
150
22
10
300
99%
60
8%
90%
"92%
93
40
90
3%
3%
4
200
4%
200
Oct
Oct
Nov
Oct
6%
16
34
15%
115%
105%
4%
17
20
10
23,260
77
7%
100
425
2%
Jan
Oct
4
16%
Feb
75
69%
98
6%
1%
6%
Feb
500
1%
si«
Oct
600
%
Oct
7
300
*35
l'.Ioo
4%
Oct
Nor Ind Pub Ser 6% pf. 100
7% preferred
100
Nor Sts Pow
10
16
Feb
Sept
98
62
15
Sept
Oct
3%
11%
Apr
Aug
Aug
Feb
Oct
7 hi
550
37
Oct
77
100
23
Oct
51%
Aug
100
25
Oct
50%
Apr
48%
50
Oct
51% June
4%
""loo
%
*10
1,500
•it
172
"T%
1%
103"
50
68
20
100
77%
5%
2,100
12
12%
500
11
Nov
23
600
20
Oct
35%
89%
400
103
106
Oct
Oct
Oct
7
400
Nov
%
Oct
10%
7
21%
i?M
3%
7
28%
67
Mar
Jan
111%
June
100
Oct
Sept
700
6%
Oct
19%
Oct
2%
7~oo5
3%
500
102%
Jan
110
100
3,000
5%% 1st preferred. ..25
lioik
9%
I*
2%
Oct
'"166
40
Jan
1113
1045
143
Feb
145
325
0
Jan
Oct
10
Oct
10%
Apr
Feb
10%
32%
Aug
29%
107%
Feb
Jan
7
Oct
Oct
Oct
101%
Nov
Nov
89
k16
* 4%
2%
Oct
8%
Jan
100
14%
Oct
30
*
600
30%
250
26
Oct
24%
54%
106%
Jan
Mar
15%
4%
18%
5.600
zl5
5%
"35,300
f50 52
101%
Apr
4
100
Oct
.10
*17%
17%
23%
"20% *1*266
23%
20
25
26
150
4
*
4
300
Oct
14%
23%
Nov
53
Oct
43
Oct
12%
30%
20
3%
Oct
Oct
9%
6%
30
30%
Jan
12.80 preferred
*
30
30
50
4
Oct
35 preferred
Penn Mex Fuel Co
*
49%
50
200
49%
Nov
Oct
Feb
Pennroad Corp vtc
1
8*400
3%
2%
Oct
Apr
Pa Gas & Elec class A
8%
6%
*
100
9%
Sept
17%
Montana Dakota Utll
10
5hi
Montgomery Ward A
»
124 hi
Montreal Lt Ht A Pow
*
Nov
*
Moody Investors pref
Moore Corp Ltd com
5%
5 hi
.124 hi 130
.
"~25~
*25~"
Sept
Feb
300
5%
Oct
17
Jan
120
124%
27%
Nov
157
Feb
"i00
25
Sept
37
Jan
Oct
44
Jan
*
27
Oct
100
180
Aug
For footnotes see page 3323.
May
45%
184
Aug
Apr
comlHII*
1
*
30 preferred
._*
Penn Salt Mfg Co
50
Penn Traffic Co
2.50
Pa Water A Power Co.i_*
100
*
Oct
109% May
100
PaPr&Lt 37 pref
Peppered Mfg Co
Perfect Circle Co
19
2%
"2% "3"
9%
"92"
92
9%
93
150
28
Oct
Aug
20% Sept
Oct
15%
I 4
4
2%
3%
98
2%
4%
Jan
6
Oct
25
Feb
20
'5%
Oct
Oct
Feb
20
*
60
Oct
Jan
106
Penn Edison Co—
1
Feb
July
Oct
Jan
2
Feb
Oct
26%
50
Jan
112
Feb
12
200
Jan
35%
Oct
300
7
Feb
Feb
Nov
10%
9%
22
29%
6%
Nov
25%
28%
41
37
89
28%
85
m 2
Jan
103
..100
1
96i
Feb
1033
12% May
75
90
15
Jan
400
98
5
Class B
Jan
Jan
6%
15%
1%
102%
...50
Parkersburg Rig A Reel_.l
Patchogue-Ply mouthMlll8 *
Pender (D)
Grocery A...*
4%
63
Sept
77%
1%
Jan
Oct
72
12
Jan
Oct
3
77%
6%
100
...5
47%
72
89
*
pref
Jan
25%
21
conv
Feb
25
33
6%
Feb
Feb
37%
21
com.
%
2%
25%
48%
33
Oklahoma Nat Gas
S3 preferred
115
2%
38%
X
12
6% 1st preferred
Ollstocks Ltd com
Feb
Aug
4%
12
*
Feb
94
79%
25
cl A.. 100
com
Feb
Aug
30
15
JNor Texas Elec 6% pf. 100
Northwest Engineering
*
com
100
Mar
Oct
91%
"3l"
Oct
5
600
Feb
Mar
Mar
Jan
12%
5%
43
100
1%
Jan
Mar
65
Oct
Oct
16%
11%
Apr
Oct
Nov
Oct
Oct
Feb
Mar
Oct
4
15%
Peninsular Telp
Preferred
5%
2%
Mar
Oct
4
2.50
Mar
Mar
61%
10
1
Jan
13 hi
35
5
98%
92%
5
Northern Pipe Line
31.30 1st preferred
Pacific Tin 8pec stock
05
Jan
Jan
Jan
9%
12% May
3% Sept
3% Feb
28% Apr
Jan
2%
112% Feb
59% Mar
80%
Apr
19% Feb
Jan
19%
Jan
2%
Jan
23%
Jan
89%
6% Apr
Oct
Oct
2
29
10
Pacific Ltg $6 pref
* 1101%
Pacific P & L 7% pref.. 100
Pacific Public Service
*
13 hi
Mar
Oct
10%
z57%
1%
1%
Pacific G A E 6% 1st pf.2fi
04
28
Jan
Feb
Apr
Mar
20
"n"%
10,200
Jan
Oct
-
Jan
Feb
140%
30%
94%
2
10
com..
13
65
2
l
Ohio OH 0% pref.
100
Ohio Power 6% pref... 100
Ohio P S 7% 1st
pref...100
Voehringer
Class A 7% pref
Oct
1%
2%
Oct
100
Oct
4%
Page-Hersey Tubes Ltd..*
79%
Oct
%
200
Pantepec 011 of Venez
1
Paramount Motors Corp. 1
79%
6%
300
Pan-Amer Airways
79 hi
Nov
3
100
1%
Feb
Minnesota P A L 7% pf 100
Molybdenum Corp
78 X
400
8
4%
Feb
1%
27%
Oct
6%
1%
7
100
Oct
Oct
Oct
4%
2
29%
Oct
June
4%
Oct
27%
Oct
"31"
_
Oct
600
7%
1%
%
10%
%
._*
Oct
Nov
1,400
loo
Oct
27 X
Common
5
Class A pref
Nlles-Bement Pond
X
1%
1,500
30
®16
2%
6%
'iL 300
102
1%
200
8
2%
1
14%
100
1,000
300
1%
%
Sept
2d pref cl B
Class A opt warr
Class B opt warr
Niagara Share—
Class B common...
3%
200
Oct
Feb
Oct
1,200
18
July
2%
9
1,100
93
Oct
1 hi
7 hi
"*8 hi "8 hi
Novadel-Agene Corp....*
64
1%
20
X
7%
57%
Oct
65
Parker Pen Co
7 hi
9
Oct
100
%
Midwest Oil Co
10
Midwest Piping & Sup
*
Mining Corp of Can
*
Minnesota Mining & Mfg.*
18%
Ohio Brass Co cl B
Ohio Edison $6 pref
13 hi
1 hi
Sept
%
100
300
3
%
800
100
%
.
19
1st pref
i,400
X
91%
12%
2d pref cl A
2d preferred
hi
3%
conv
pref...1
Midland Steel Products—
<2 non-cum dlv shs
*
Mid vale Co
*
Jan
Oct
*
t c
Mar
Mar
Oct
hi
Middle States Petrol—
Class A v t c
33%
22%
3%
10%
25%
Jan
Oct
2%
Oct
Oct
300
13%
10
Nov
900
3%
5%
5%
5%
5%
Oliver United Filters B_._*
Overseas Securities
*
Pacific Can Co com
*
5,200
"1 %
48%
Oct
1 hi
Oct
3%
6%
7%
Oct
4%
18%
Niagara Hudson Power—
Common
10
X
X
Feb
25
"17"
Oldetyme DlstUlers
4 hi
9
47
Nov
7%
Oct
hi
*
*
Jan
m
%
2%
*
Jan
%
%
55
1*700
6
%
1
11%
2%
78
_io
Preferred
25
31%
*
Michigan Bumper Corp
1
Michigan Gas «fe Oil
1
Michigan Steel Tube..2 50
*
Oct
Nov
26%
Metropolitan Edison pref *
Aug
Oct
Oct
Oct
1
July
Nov
1%
%
27
4,000
*
Oct
4%
2%
Nor Cent Texas OH
Nor European Oil com
Nov
3%
Participating preferred.*
Merrltt Chapman & Scott *
Warrants
22
850
July
13%
19%
13%
Oct
2%
600
18
45
4
6% prior preferred
50
No Am Utility Securities. *
Oct
Oct
65%
25% May
Oct
18
63
37%
Oct
2%
300
22
3%
22%
$6 preferred..
*
North Amer Rayon cl A__*
Class B com
*
C
60
*
0%% A preferred... 100
Mesabi Iron Co
l
90
2%
*
Common
Nov
2%
7%
2%
12
Oct
Oct
Corp—
Oct
Marconi Intl Marine—
2,000
6%
Nor Amer Lt A Pow—
19
"35%
July
Nineteen Hundred Corp B1
Nlplsslng Mines
..5
Noma Electric..
1
Oct
%
1
13%
Founders shares
New York Transit Co
5
N Y Water Serv 6%
pf.100
Jan
Mar
42%
Majestic Radio & Tel
Mangel Stores
13%
Oct
June
8%
"3", 100
13%
N Y & Honduras Rosarlo 10
Mar
Oct
7
""*7% ""9%
Jan
Feb
14% May
Jan
3%
10% May
Oct
5
N. Y. Merchandise
10
N Y Pr A Lt 7% pref..100
$6 preferred..
N Y Shipbuilding
Oct
200
60
Lucky Tiger Comb G M.10
Lynch Corp common
5
1%
7%
City Omnibus—
Warrants
Nov
3,800
2,300
60
7%
900
7
June
9%
Oct
43
N Y
July
2%
10%
8%
8%
10
100
Jud,
Feb
800
7 hi
Mock,
30%
12
7%
Missouri Pub Serv
Aug
21
"io"
v
39
12
»
'"566
Nov
%
61
Newmont Mining Corp. 10
Feb
23
100
New Process common
N Y Auction Co com
Apr
Nov
100
Jan
Jan
Nov
..5
Jan
Feb
13%
4
*
New Mex <fe Ariz Land
13%
2%
21
..1
K! "*10% "i'l'hi
*
Feb
Jan
12
..5
Class B
4%
21
Lockheed Aircraft
I-* Of
I
%
Jan
Apr
20
1
Lit Brothers com...
Locke Steel Chain
Midland Oil
110
Nov
1
ihi
New Haven Clock Co
New Jersey Zinc
Feb
Mar
Feb
52 hi
2%
155%
28%
Feb
Nov
900
•
0% preferred
100
New England Tel A Tel 100
Feb
3
Nov
"5" 166
1
com
Feb
Nov
9%
12%
7
7%
%
Feb
78%
59%
9%
50 %
X
Mar
Feb
Jan
Jan
51%
3%
Jan
21%
25
...
Metal Textile
13%
17%
111%
12%
Jan
Oct
0
%
*
Jan
7%
127
.....
1
Nebraska Pow 7% pref. 100
Nehl Corp common...___*
Mar
Oct
10% Sept
7 hi
200
"i hi
1
*
7% preferred
New Bradford OH
New Engl Pow Assoc
21
""■40
10
7
7
1
1
Nev-Calif Elec
Oct
Oct
133%
9%
4%
Feb
Oct
Feb
6
Oct
H*
1
I
63
Aug
Oct
0%
io'3~-W5
4%
9
*
12
Nov
100
1 hi
2,700
400
*
Mar
1%
2%
»«,«
1,000
5
25
62
36%
27%
Nov
4%
1st preferred
_..*
Nelson (Herman) Corp..5
Neptune Meter class A...*
Nestle-Le Mur Co cl A
*
30
114%
28%
3%
88%
65%
8%
8%
IX
Oct
2%
Lefcourt Realty com
Preferred
Lone Star Gas
Oct
Oct
Oct
1
7,400
1
Lakey Foundry & Mach.
Lion OH
Oct
6%
1 hi
3
Knott Corp common
1
Koppers Co 6% pref.-.100
Kress (S H) & Co pref... 10
Lane Bryant
Jan
Jan
10%
27hi
3 hi
3hi
Jan
9%
126%
700
Klein (D Em 11) Co com..*
Klelnert (I B) Rubber.. 10
Lackawanna RR (N J) .100
Lake Shores Mines Ltd
1
96%
100
300
20
41
2%
Klrkl'd Lake G M Co Ltd. 1
Kreuger Brewing Co
29
500
Jan
Oct
15%
1
Kings Co Ltg 7% pref B100
6% preferred D
100
Kingston Products
1
Klrby Petroleum
1
7
12
12
89
Oct
30
6
Breweries
Oct
Nov
1%
23%
107%
pflOO
Kennedy's Inc
63%
30
1,500
1,500
100
Ken-Rad Tube A Lamp A *
Kingsbury
68
May
9%
22
Nat'l Tunnel & Mines
Nat Union Radio Corp
Navarro 011 Co
Nebel (Oscar) Co com
Jersey Central Pow & Lt—
Jan
13
9
4
National Tea 5% % pref. 10
National Transit
12.60
Feb
5
Oct
9
*
National Steel Car Ltd...*
National Sugar Refining..*
Jan
Apr
300
Nat Service common
Conv part preferred
Feb
Iron Fireman Mfg v t C..10
4%
4%
13%
Nat Rubber Mach
Jan
Feb
100
13
National P A L $6 pref
National Refining Co
Feb
8
6,300
13
Nat Mfg A Stores com
National OH Products
July
42%
24%
National Container (Del).l
National Fuel Gas
.*
Mar
Oct
25
Interstate Power S7 pref. *
Investors Royalty
1
Feb
High
Oct
1
1
National Candy Co com. .*
National City Lines com.l
S3 conv pref
60
Feb
Low
800
5%
9%
1
com
com
Range Since Jan. 1,1937
Shares
2%
4%
6%
127*" *127*
*
National Baking Co com.l
Nat Bellas Hess
Aug
300
4%
10
39%
Sept
*i«
5%
Mountain States Power..*
Mountain Sts Tel A Tel 100
Jan
Mar
Sept
21%
3%
15%
*i«
—
4%
1%
4%
1%
Murray Ohio Mfg Co
*
Muskegon Piston Rlng.2%
9
Oct
8
Price
Mountain Producers
Feb
International Utility
Class B
Week
Moore (Tom) Distillery__1
Mtge Bk of Col Am shs
Mountain City Cop com 5c
Feb
Jan
18%
Oct
4
1,000
Internat Safety Razor B_*
for
of Prices
Low
High
Par
Internat Hydro-Eleo—
Pref
Week's Range
Sale
High
18
Internat Holding A Inv—*
Last
(Continued)
Low
1937
Sales
Friday
Range Since Jan. 1, 1937
Week
Shares
300
Nov. 20,
Exchange—Continued—Page 3
Sale*
Friday
110
Jan
Feb
Jan
July
Feb
Feb
Feb
Mar
Apr
42%
Mar
72
Mar
Feb
Mar
Jan
86
Oct
113
Jan
79%
Oct
112
Jan
139% 143
69
~7o"
69
179
June
70
81%
50
115
Oct
2
143
Sept
"166
62
Oct
95
Feb
550
65
Oct
151
Apr
25
Oct
37
Feb
4%
Mar
Volume
3321
New York Curb Exchange—Continued—Page 4
145
Sales
Friday
Range Since Jan. 1,1937
STOCKS
Last
Week's Range
for.
{Continued)
Sale
of Prices
Loto
High
Week
Pax
Pharis Tire A Rubber
1
Philadelphia Co com
Phlla Elec Co $5 pref
Price
*
3%
3%
7%
800
3%
6%
Oct
QUAW & FOLEY
July
116%
30
3%
3%
Oct
34
2
Oct
15%
Feb
3%
2%
Oct
500
4%
Exchange
Curb
York
New
Feb
June
Phila El Power 8% pref.25
*
Members
Jan
20
111
*
Phillips Packing Co
8%
Nov
200
4%
8%
7%
High
Low
Shares
Mar
30 Broad
New York
Street
Phoenix Securities—
Common
3%
4%
2,100
11%
40
Mar
"360
6%
Oct
1%
'2~506
2%
Oct
Oct
33%
3%
6%
19
10
~10H
*
com
Pines Winterfront
-.1
Telephone HAnover 2-9030
Mar
Oct
'ioli ~uh
3%
1
Conv pref series A
Pierce Governor
.....
Pioneer Gold Mines Ltd-_1
Feb
Feb
Jan
Pltney-Bowes Postage
*
Meter
5H
Pitts Bessemer A L ERR 60
Pittsburgh Forgings
1
Pittsburgh & Lake Erie. 60
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
Plough Inc...
*
Polaris Mining Co
25c
Potrero Sugar com
5
5%
8%
56
63 %
8
"
80
80
90
2%
1H
2%
3%
%
4%
*
17%
17%
21%
2%
2%
2%
%
8
9%
Providence Gas
*
8%
8%
100
6
6%
1,100
%
Common
250
22
Oct
68%
18%
380
10%
Oct
41
74
27%
32%
Oct
117% 120%
120% 120%
*
450
110
Nov
125
115
Sept
27%
14%
Oct
74
60
6% preferred
7% preferred
100
.100
Jan
Mar
Jan
98
Feb
93
120%
117%
Nov
Apr
Service of Okla—
84
84
60
77
92
10
90
103
Feb
Oct
84
92
6% prior Hen pref...100
7% prior lien pref...100
106%
Oct
4%
Jan
Jan
Nov
%
Pub UtU Secur 17 pt pf...*
Puget Sound P & L—
31
31
preferred
$6 preferred
13 %
*
Pyrene Manufacturing. .10
Quaker Oats com
♦
"oi"
40%
13%
20
7%
8
91
96%
135% 135%
550
26
Oct
875
10%
Oct
900
170
6%
91
Oct
Nov
90%
60%
14%
124%
Jan
Jan
Feb
Jan
135%
100
50
12
12
Ry. A Light Secur com—*
20
150
Jan
5%
Standard Cap & Seal com.l
Conv preferred
10
16%
1%
Jan
Jan
500
»,»
%
July
Feb
500
18
15
Red Bank Oil Co
..*
__*
3%
Reliance Elec & Engln'g .5
"3"
Reybarn Co Inc..
%
%
*
1
1,300
300
%
300
%
%
Reynolds Investing
4%
24%
4%
3%
23%
4
Reeves (Daniel) com
Relter-Foster Oil
Rice Stlx Dry Goods
Richmond Radiator
Oct
Oct
Mar
49
1
preferred
Raytheon Mfg com...50c
conv
Reed Roller Bit Co
14
38
15%
5%
5%
2
2
500
Oct
63%
7%
3%
Oct
21%
Oct
46%
21
4
Nov
'"166
"3
%
5%
2%
2%
Oct
Oct
Nov
1,600
%
Oct
%
12%
300
4
Oct
2,200
1
Oct
8%
1%
32%
5%
2%
13%
7%
Mar
Feb
Sept
Mar
Feb
Apr
Mar
Jan
Feb
Mar
Feb
.1
Rochester G A E6% pf D100
95%
200
Voting trust ctfs
95%
50
"13% "13%
'"iOO
95%
Sept
95% Nov
110
Rochester Tel 6 % % pf-100
Roeser A Pendleton Inc..*
%
Oct
13%
Nov
Amer dep rets ord reg.£l
Rome Cable Corp com
5
Roosevelt Field Inc......5
Root Petroleum Co
1%
5%
1%
8
1%
3%
10%
10%
Russeks Fifth Ave
8%
•
38
3
Oct
17%
51
1%
78%
400
36%
2%
Oct
6%
2
800
1%
Oct
8
3%
4%
10,900
"3% "3%
""iOO
3%
•
15%
15%
15%
Manufacturing. .25
27%
27%
29%
1,500
May
Oct
13
Oct
1
Selberllng Rubber com
•
Selby Shoe Co
....*
4%
Oct
55
Mar
109
Oct
Sept
1%
100
1%
1%
800
Oct
Oct
50%
4%
9%
Oct
30
2,000
17%
1%
3
17%
Oct
Oct
1%
1%
2%
2%
1,500
100
%
2
16%
Oct
5%
1
Convertible Stock
1%
6
$5.60 prior stock
11%
50
70
25
70%
700
£1
1
*ie
si«
"li
*
4%
4%
1
Shattuck Denn Mining. .6
Shawlnlgan Wat A Pow..*
Sherwln-Willlama com. .25
1%
1%
4%
2
Sentry Safety Control
com
Seversky Aircraft Corp
Shreveport El Dorado Pipe
Line stamped
25
Sllex Co com
_•
"77"
8%
100
77
91
106% 107%
Common
Oct
Oct
104
Jan
10
Tublze ChatlUon Corp
Class A
1
Jan
Tung-Sol Lamp Works... 1
1
100
5%
2%
5%
5
5
230
Mar
Jan
5% preferred
Unexcelled Mfg Co
Jan
Union Gas of Canada
40
6
21
2%
6
244%
200
Nov
2
Oct
1,800
5
Oct
50
230
Oct
Jg
370
Apr
2
July
16
Oct
6%
100
100
United
Investment
Aircraft
•
United Chemicals
$3
Feb
Oct
400
32
Oct
50
Jan
25
10
Oct
22%
Feb
44
7%
34%
36
15%
34%
15%
Apr
46
Apr
"*7% "*7% ""260
110%
110
110
5%
6%
200
6%
1,200
600
28
28
31
%
%
1%
17%
%
%
1%
17%
4%
7
%
1%
20%
5%
5
4%
17
Feb
119
Aug
Oct
Nov
28
Nov
400
%
Oct
300
,4*
Oct
97%
4%
200
16%
Feb
41
Jan
,/i Nov
2% Jan
5% Mar
Oct
34
Aug
Oct
6%
77%
Feb
July
4%
Jan
Oct
%
7,000
3,200
Mar
Jan
6%
98
5,300
2
Nov
Oct
112
7%
Jan
Jan
9%
9%
1,800
Jan
2%
""iOO
Oct
25% Sept
Oct
Oct
8%
2%
11
10%
5%
18%
10%
55
12%
600
11
Apr
66
2
Oct
4%
Mar
Jan
Jan
July
UH
1%
600
39
37
37
Oct
Oct
18%
3
Feb
32%
Oct
74
July
Oct
105
Feb
Oct
115
Mar
90
*96%
96%
*96%
""16
95
•ic
Jan
Jan
%
"1.
3%
1,200
3,600
Jan
%
Oct
1%
Oct
5%
Feb
5
Oct
13%
Apr
200
2%
5%
%
2%
6%
%
8%
2%
7%
6%
1
600
%
6%
Oct
Nov
8%
10
2,000
6%
Oct
2%
3
700
1%
7
7%
700
6%
2%
300
1%
1%
38
2%
cum
Un
13%
*ii%
2
Feb
Nov
Oct
Oct
Oct
Oct
3
86
11%
13%
9%
6%
%
4%
*
$3 preferred
United
.
•
l»i«
90
3%
3%
25%
25%
20%
4
;.*
$6 1st preferred
4%
94
90
Apr
4
Oct
30% Mar
300
«n
Oct
13%
Feb
52% May
%
2
'7*766
1,200
July
%
Oct
%
Nov
6%
95
1%
90%
4%
36.800
3
400
78
Mar
Oct
Oct
2,600
"u
Nov
500
82%
1%
Sept
22,600
4%
600
2%
32%
12,100
14%
20%
25
2
1%
*11
13%
124
3%
Nov
Jan
Jan
Nov
Mar
Feb
Jan
Jan
94
Jan
Oct
11%
Jan
Oct
Oct
75%
Jan
11%
Jan
17
Nov
45
Feb
55
May
75
Feb
Jan
United Profit Sharing...
8%
Apr
10
Oct
253
Aug
%
United N J RR A Canal 100
Preferred
Jan
July
12%
6%
reg.
Feb
Feb
Feb
Jan
85
Molasses Co—
dep rets ord
Feb
Oct
*11
1%
100
United Milk Products...*
Jan
900
*
United Lt A Pow com A.*
July
%
%
"u
1
May
Jan
9%
47
Cigar-Whelen Sts-.lOc
United G A E 7% pref.
Feb
1*600
4%
•
1st $7 pref non-voting.*
Feb
12%
9%
*
com
A part pref
United Gas Corp com
Aug
1,100
Jan
9% May
31% Feb
85
11%
8
United Elastic Corp
Jan
13%
13
100
United Corp warrants
Feb
Mar
Mar
2
Transport
Warrants
Apr
Jan
Feb
Mar
5~306
Union Premier Foods Sts.l
Apr
Feb
19%
4%
"
Union OH of Calif deb rts._
5% Sept
29%
350
8
Mar
Am
Oct
98
3323
35
28
Sept
2
10
Common class B
21
Oct
Oct
Oct
1
June
Nov
50
Oct
13%
10
300
%
77
800
10%
6%
175
1%
16
Mar
Feb
Mar
10%
Feb
Feb
Feb
6%
27%
5%
33%
4%
Feb
Nov
Mar
10%
%
33%
154%
5%
15%
13%
7%
18%
28%
1
Sept
Oct
6%
28%
13%
40
Oct
Apr
12%
114
Feb
Oct
Oct
Oct
July
Oct
1%
Oct
Oct
Feb
107
4%
Feb
Jan
Mar
Jan
Nov
Feb
11%
Oct
106%
21%
com..*
Oct
3%
Nov
Union
18
4%
100
*
•
2%
230
MH1...
For footnotes see page
1,300
%
14%
3
1
80c dlv preferred
*
Ulen & Co 7% % pref—25
Feb
Oct
%
4
Feb
10
93
"960
*
Jan
Jan
2%
1%
% Sept
21
Sioux City G AE 7% pf
..1
Option warrants
Singer Mfg Co Ltd—
Amer dep rec ord reg.£l
Smith (H) Paper
68%
69%
17
Conv pref
Simmons Hard're & Paint *
300
20%
7
Slmmons-B roadman Pub—
Skinner Organ com...
4%
28%
101%
Nov
10
200
1,800
2,900
20%
7
5% cum pref ser AAA 100
Sherwln Williams of Can.*
Singer Mfg Co.
Oct
Mar
Oct
Feb
%
13%
8
2
Union Stockyards
Selfrldge Prov Stores—
Amer dep rec
Simplicity Pattern com
1
1%
11%
Allotment certificates
Seton Leather
__1
Tri-Contlnental warrants..
Selected Industries Inc—
Common..
25
1%
13%
"*2% "~2H "*3%
Trunz Pork Stores
23%
1%
Mar
Feb
107
•
Transwestern OH Co
64% May
78%
"n
Trans Lux Pict Screen—
May
40
1%
Jan
Jan
Sept
8
12
8
7% preferred A
100
Tonopah Belmont Devel.l
Tonopah Mining of Nev.l
Feb
26
"""SO
Am dep rets ord reg...£l
July
Oct
23%
36%
•
Segal Lock & H'ware
69
12
Oct
3,400
4%
"*4% "*5%
*13%
2%
Oct
Oct
2%
2%
Am dep rets def reg
£1
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
Nov
3%
*14% *14%
12
Oct
1%
Jan
6
Oct
Jan
109
*
•
Water Service pref
100
Oct
Apr
Apr
Apr
Jan
Scranton Spring Brook
Securities Corp general
Seeman Bros Inc
1,000
1,700
3%
Oct
%
1
Scran ton Elec $6 pref
*
Scran ton Lace Co com...*
11%
Oct
2
15%
38%
58
6
•n
S16
4%
Jan
70
*3%
Feb
3
Apr
11%
117%
6%
25
Tishman Realty A Const. *
Tobacco and Allied Stocks*
Apr
141
Oct
800
Nov
Nov
6
9%
Tobacco Prod Exports
*
Tobacco Securities Trust
73
Jan
500
8%
%
600
%
300
20
69%
400
Thew Shovel Co com. ...5
Tllo Roofing Inc
1
Jan
Jan
Oct
Tenn El Pow 7% 1st pf. 100
Texas P & L 7% pref... 100
Mar
Jan
Oct
3
Texon 011 & Land Co
105%
7%
1
5%
4%
Taggart Corp com
1
Tampa Electric Co com..*
Rights..
Tastyeast Inc class A
Jan
Oct
2%
6% % conv pref
50
Superior Ptld Cement B__*
Apr
Oct
%
5%
4%
5%
80%
7
100
50
1%
24
24
5%
27%
79
1%
16
75
4%
_._*
Sullivan Machinery...
*
July
Oct
100
common
5
3%
3
1%
150
40
38
*
1,500
Mar
Oct
700
Aug
Apr
20,100
1,800
Oct
Stroock (S) A Co
Mar
8
45
Oct
8
Teck-Hughes Mines
Oct
Jan
Aug
Apr
8
50
Taylor Distilling Co
1
Technicolor Inc common.*
5%
500
150
Stetson (J B) Co com...
Stlnnes (Hugo) Corp...15
July
100
9
8%
25%
23%
100% 100%
1%
2%
63%
21%
13%
Q
Jan
55%
Oct
30
Jan
110%
>%
i4%
18% Sept
Oct
14%
Q
1
Nov
Oct
14
1,900
30
Oct
Sept
9
200
17%
20
18
32
100
Schlff Co
13%
38
8
Savoy OH Co
4%
Oct
100
17
50
Nov
500
1
7% preferred
Oct
1
2
16%
"4%
10%
350
7
Samson United Corp com. 1
Sanford Mills com
•
100
Jan
17
30
Sunray Drug Co
Sunray Oil
1
14
*14%
*
preferred
Mar
Apr
Jan
19
100
preferred
1%
12%
4%
93
Swiss Am Elec pref....100
50
7
Ryerson & Haynes com..l
Safety Car Heat & Lt
•
St. Anthony Gold Mines. 1
St. Lawrence Corp Ltd
*
$2 conv pref A
60
St Regis Paper com
6
1,100
Oct
Sept
18
3%
Nov
45%
7
J2.50 conv pref
Ryan Consol Petrol
100
Oct
Oct
4
16%
July
38
38
Rustless Iron & Steel
6%
Mar
27
3%
104%
41
*
2%
Royal Typewriter
1,000
1
23%
20
Sterling Aluminum Prod.l
Sterling Brewers Inc..
1
Sterling Inc......
Aug
Aug
Feb
Jan
Jan
Oct
Oct
5i«
112
27%
15%
"366
9%
*i«
3
10%
*
Rotalite OH Co Ltd
ScovlU
5%
3
J 1.20 conv pref
20
Rossla International....
June
26
42
Oct
16
7
Starrett (The) Corp vto.l
Rolls Royce Ltd—
Oct
500
«
*5% "e
24
$3.30 class A partlcipat *
Swan Finch OH Corp...15
13%
Aug
16
1%
July
Feb
%
56
14
"T%
Steel Co of Canada ord__*
Stein (A) & Co common
*
1st
Apr
Oct
6% > Oct
Wholesale Phosp
Sterchl Bros Stores
Feb
113
35
200
'23%
Preferred..
I
Standard Products Co...l
Standard SUver Lead
1
Rio Grande Valley Gas Co-
7u
36%
17
...»
A Acid Works com
Aug
Mar
73
53
14
Standard OH (Ohio) com 25
5% preferred
100
Standard Pow & Lt.
1
2d
Oct
16%
Standard Invest $5% pref*
Standard Oil (Ky)
10
Standard Oil (Neb)...
25
6%% preferred
Raymond Concrete Pile—
163
Oct
300
18
Standard
2
July
1%
Feb
Mar
16%
Standard Dredging Corp—
$1.60 conv preferred..20
Jan
Oct
83
%
Jan
% June
Common
700
Oct
July
1%
28
*
*
1,800
38%
Jan
8%
1
% May
Spencer Shoe Corp
*
Stahl-Meyer Inc com
*
Standard Brewing Co....*
25
*16
Class 3
600
*H
Nov
Rainbow Luminous Prod-
Class A
2%
7%
2%
7
7
36%
Nov
Apr
Jan
Mar
28
20%
5
25
11
Railway & Util Invest A.
$3
2%
Standard Steel Spring....5
Standard Tube clB
1
125%
Sept
3%
*
15%
6% preferred
Quebec Power Co
33%
154%
10
Common class B
3
10%
65
100
100
Am dep rets ord reg._£l
Am dep rets ord bearer £1
Public Service of Indiana—
16 preferred
Pub Serv of Nor 111 com..*
80
36
West Pa Pipe Llne.Iso
Spanish & Gen Corp—
Y00
$7 prior pref
preferred
400
4%
Jan
Aug
July
41%
29%
Nov
6,600
1,900
So
..100
preferred
5%
Oct
23%
*
Pub Ser of Col 7% 1st pf
J5
25%
200
Southland Royalty Co
South Penn OH
800
Pub
300
24%
3%
Southern Pipe Line
Southern Union Gas
400
Prosperity Co class B
1
*
6%
26%
23%
3%
2
7%
3%
South New Engl Tel...100
Pressed Metals of Amer..*
$6 preferred...
26
23%
7%
1,000
Prudential Investors.....*
34%
26
25
Southern Colo Pow cl A. 25
700
1
Producers Corp
3%
34%
6%
Mar
2%
Oct
Oct
Sept
1%
6%
3%
5% % pref series C
1,700
2,100
Premier Gold Mining
1%
7
Oct
5% original preferred .25
6% preferred B
25
Power Corp of Can com..*
Pratt A Lambert Co
1%
1
J___.
High
Low
Shares
1%
1,100
5,000
4
Price
..1
Soss Mfg com
1
South Coast Corp com.. 1
Southern Calif Edison—
100
8H
%
4
Week
Sonotone Corp
1,700
1%
1
for
of Prices
Low
High
Solar Mfg Co
1,200
1,050
8
.....
Week's Range
Sale
1,900
100
8
Range Since Jan. 1,1937
Last
Par
25
39
7
"56"
5
Powdrell A Alexander
5
39
Sales
Friday
STOCKS
{Continued)
Oct
2
July
8%
Oct
12
Mar
244
AE
New York Curb
3322
Friday
■
Sales
iMSt
Weel's
Sale
of Prices
I Week
Low
High Shares
Par
Price
United Shipyards cl A—1
Class B
1
2H
United Shoe Mach com.26
71X
United Specialties com—1
<
1st pref with
U S
kadlator
1,700
X
800
63
Oct
110
3734
Apr
5
6)4
900
5
654
OH
7X
2,700
4
*»u
300
55
warr....
---*
10
55
1
19 X
19
4
5
U S Rubber Reclaiming..*
3
3)4
300
U S Stores Corp com
X
5%
H
X
200
17
*
1st pref
conv
United Stores
4
534
_.*
v t c
Oct
234
Oct
1H
»«• June
United
Wall
60
5)4
1
2
900
34
234
134
2X
2X
""ioo
10
Universal Consol Oil
Universal Corp v t c
8
Insurance
1
Oct
4734
125
42
Oct
3534
z234
8034
Sept
434
Apr
6
Jan
Nov
2)4
2X
2X
1,600
234
234
43 34
43 X
48)4
350
4334
54
1%
X
100
IX
300
>8
34
4,200
3X
800
2
36 X
15
75
26
800
3%
IX
300
IX
2,000
83 X
83 X
10
8)4
2)4
8X
2X
400
54
100
16
16
pref
-5
Van Norman Mach Tool.5
14
Venezuela Mex Oil Co. .10
Petroleum
3)4
134
..
Va Pub Serv 7% pref.. 100
Vogt Manufacturing.
*
Waco Aircraft Co
*
Wagner Baking vtc
17
2%
34)4
c com.
conv
Venezuelan
7% preferred
(The) Co
2 x
83 X
83 X
83 X
IX.
ays
2834
1034
Oct
73
Nov
33
334
34
7234
Sept
7
34
134
734
534
X
X
IX
IX
Wayne Knit Mills
7
7
Welsbaum
5X
5
1
434
1134
234
5
Wtllson Products
117
Mar
Nov
z32
Feb
July
Aug
9
June
400
7434
134
634
12
7
300
434
X
5X
400
X
400
IX
100
1
Oct
934
1234
134
934
4
2
Oct
i
u
Sept
14
June
12
13
400
12
Oct
24
11
200
11
Oct
1634
6
534
6X
Yukon Gold Co
Oct
Mar
Mar
July
Feb
Jan
Jan
May
May
Jan
10
61
334
Oct
95
Jan
2
Oct
834
1834
1234
Feb
200
OX
734
334
5%
OX
2,500
434
Oct
5
700
Oct
1734
500
734
734
16
1834
134
2
6,300
5
900
16
1734
1534
6
7X
16
5
Jan
1,900
Oct
Apr
34
134
Oct
Nov
Oct
2334
634
834
3034
434
Feb
Jan
Jan
Apr
Jan
Sept
Mar
BONDS
Abbott's Dairy 6s....1942
Alabama Power Co—
1st & ref 5s
*95
10034 $15,000
102
Aluminium Ltd debt 6s 1948
Amer G A El debt 5s. .2028
107
Am Pow A Lt deb 6s__2016
Amer Radiator 434s..1947
10534
106
80
Amer Seating 6s stp..l946
10634
Appalachian Power 5s. 1941
Debenture 6s
2024
107
_
Ark-Loulslana Gas 4s 1951
Jan
9134
39
deposit
Elec Power A
Light 5s. 2030
6734
Elmlra Wat Lt A RR 5s '56
El Paso Elec 5s A
1950
Empire Dlst El 5s
1952
8734
Empire Oil A Ref 534s. 1942
Ercole MarellJ Elec
Mfg—
7934
...1953
*38)4
74
64
Oct
65
54
Oct
7334
Feb
June
10834
9354
Mar
Oct
Jan
103
Sept
Oct
Aug
Sept
10534 Mar
10534 June
93
50,000
72
Oct
100J4
Jan
6,000
73,000
58
82
Oct
Sept
10134
10434
10234
10134
10134
10434
9934
Jan
99
-.
.
3,000
1,000
8954
10254 103)4
10334
63
6,000
Oct
19,000
10034 101)4
Sept
79
89
89
7434
74
*70
2,000
79
2,000
85
16,000
76
__
Jan
Oct
12,000
79
Jan
Jan
9634
Oct
50,000
8154
10054 101
10134
Mar
Feb
7234
88
109
Jan
Jan
Mar
115
10334
88
1334
1234
434
434
9534
J4
10334
9334
7,000
10254
10534
Jan
10934 Mar
10734
Apr
10634 May
!°4
6,000
Gen
58
73
,
Nov
Oct
96
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
79
79
8034
25,000
X
7034
7234
8634
8654
89
Oct
69
70
43,000
14,000
74
70
58
Oct
5,000
23,000
60
Oct
2,000
56
Oct
15,000
90
Nov
105
Jan
Jan
107
June
A Lt 5s.. 1978
♦Gesfurel 6s
Glen Alden Coal
1953
30
10434
Apr
70
69)4
70
60
60
Grand Trunk West 4s. 1950
60 X
90
90
94
*107
110
Gt Nor Pow 5s
stpd._1950
__
128""
Oct
Oct
10534
9934
Jan
Oct
10534 106
10,000
10634 10734
69,000
80
8534 110,000
2,000
10534 10534
102
Apr
104
Oct
96
10534 10634
107
10734
11134 11134
9834 10034
94
9134
39
4334
4,000
25,000
3,000
9,000
68
10334
94
Jan
Jan
Oct
♦Hungarian Ital
Jan
106 34
10334
Oct
10534
Oct
109
Mar
49.000
98
Oct
49,000
61,000
89
Oct
28
Oct
69
55
Oct
35
2334
Oct
Nov
Mar
107
May
11034 June
11934
10234
10434
6734
Jan
1st A ref 5s
Jan
Indiana
ser
34
28
3834
74
21,000
3,000
48,000
3534
39
89,000
3734 139,000
39
3,000
7634
32,000
96
2,000
I 63
73
118
128
11834
122
128
127,000
2,000
19,000
~
3~66O
8334 May
6234
Jan
61
Jan
Indiana Gen Serv 5s.. 1948
6534
6534
Jan
Jan
32J4
Oct
69
Oct
95
Oct
59
Nov
74
Mar
11534
Jan
Mar
124
Jan
7s series E
Mar
125
Jan
7s series F
10734
.2734
101
Mar
61,000
102
Oct
91
Sept
10534
Jan
Feb
11334
July
7,000
2,000
11134
Jan
Aug
Jan
Cent Ohio Lt A Pr 5s.. 1950
Cent Power 5s ser D..1957
99 34
Oct
105
Jan
9334
84,000
8634
Oct
46,000
95
Oct
10434
10434
10334
10434
Jan
9934
91
*9234
91
2,000
9334
8734
88
Oct
Oct
Jan
Jan
4234
1954
4034
Cent States P & L 5)4s '53
Chic Dlst Elec Gen 434s'70
4334
1961
Chicago & Illinois Midland
Ry 4^8 A
1956
69,000
31
Oct
4434 107,000
4634
40,000
31
Oct
7234
7234
7534
Jan
4334
10534 10534
*10534 107
9234
3323
94
1,000
5,000
33
Oct
Jan
10334
10434
Apr
107
Sept
Mar
107
June
9134
Oct
100
Jan
_
*
W
«.
-
4-
2,000
Oct
63
Nov
74
Sept
106
Jan
41,000
8434
54,000
8334
Oct
42,000
79
Oct
75
Oct
Oct
97
10534
Jan
Mar
Jan
Jan
88
Jan
31
Aug
8934
8934
Feb
9434
62
7534
10934
107
10234
3734
2734
10434
10534
10334
3334
8834
8634
Jan
Jan
Jan
Jan
Jan
Oct
Feb
Sept
Aug
Feb
Sept
June
Apr
Feb
Feb
108
Aug
10634
10634
10434
9934
Feb
Jan
Jan
Jan
8734
9234
8934
82
Oct
105
Jan
94
4,000
8534
Oct
10634
Jan
79
80
8,000
70
Oct
8134
3,000
23,000
10634
*10834
78
Aug
Oct
4,000
10554
Mar
111
3,000
10954
Feb
61
106
108
101
111
June
45
Oct
7934
48
Oct
78
1,000
5034
Nov
10534 105)4
40,000
10334
Mar
55
58
4,000
107)4 10734
42 34
46)4 138,000
43,000
27)4
31
Oct
77
Jan
Oct
8334
Feb
Oct
81
Feb
105
Mar
109
May
32
Oct
Oct
7634
6934
Jan
18
Oct
96
Jan
23,000
62
28,000
5834
30,000
92
June
2,000
92
July
Italian Superpower 6s_1963
4534
45 X
46
38
38
38)4
10454
103)4 10434
Jan
Apr
53
96 34
80
Jan
Jan
52
6254
*70
8234
10634
60
3,000
3,000
60
60
Oct
Jan
June
9,000
*55
Jan
10754
22,000
9534
9534
10554 10554
99 X 100
5534
60
9934
99
60 34
5034
5734
5734
5034
94
10554
5s series B
99
4,000
.
81
Iowa Pub Serv 5s
1957
Isarco Hydro Elec 7s. 1952
Isotta Fraschini 7s... 1942
Jan
94
Oct
Nov
64
9534
Jan
Oct
73
96
7354
67)4
1961
Stamped
Jersey Central
63
100,000
4534
5s series B.
Jacksonville Gas 5s
17~,6O5
89
Oct
Nov
25
3034
9834
92)4
8934
Mar
98
9534
434 s series F
1958
Iowa-Neb LAP 6s... 1957
Jan
71
8734
4234
4034
9754
9054
8734
72
72
1956
Feb
70
8734
I)
42 34
Iowa Pow A Lt
434s.. 1958
24,000
92
9834
91
5s series
9634
68
5754
Interstate Power 5s... 1957
Debenture 6s
1952
Interstate Public Service—
Jan
13,000
5,000
64
55
__
International Salt 5s_.1951
Sept
103
10554
Jan
85
10234
-
Jan
1,000
7,000
92
-
99
88
103
-
145
88
1956
-
1952
8834
10134
10434
11434
9634
*22 34
Oct
Oct
Sept
91
91
100
111
1957
11434
Oct
2034
25
*80
81
♦Indianapolis Gas 5s A 1952
Ind'polls P L 5s ser A. 1957
International Power Sec—
6348 series C
1955
113
128
Jan
106
1957
110
Oct
1968
.
„
57)4
Oct
98
_
106
57 X
7334
11334
_
1950
60
9534
„
1963
21,000
113
-
1st lien A ref 5s
27,000
10634
5s
-
7934
Indiana Service 5s
6134
10234
8834
—
Jan
Nov
Nov
23
*77
Feb
8534
106
9034
8734
Indiana Hydro Elec 5s 1958
Indiana A Mich Elec 5s "55
8434
10634
9754
1953
Oct
Jan
Apr
83
10654 107
1951
Oct
69
102
63
1947
B
5s series C__
Oct
9134
10534
3,000
2,000
83
28
77
Corp—
2034
2234
60
103
6348 series
10054
*60
1957
22
60
103
9634
C...1956
Electric
1,000
98
734s*63
534s...May
1 ,000
6,000
*2154
—
98
1949
111 Northern Utll 5s...
1957
111 Pow A Lt 1st 6s ser A
'53
1st A ref 534s ser B.1954
Sf deb
54
83
68 series B
Jan
Jan
Bk
43
Oct
42
*26
Hygrade Food 6s A... 1949
10834
68
Mar
101
10434 10454
83
Houston Gulf Gas 6s. .1943
634s with warrants. 1943
Nov
106 J4
4,000
72
Oct
41
54
1947
10734 June
10834 June
10634
Jan
7134
213*
Oct
Jan
101
41
1977
71
84
95)4
7134
Guardian Investors 5s. 1948
Hackensack Water 5s. 1938
7834
95
30
4s...1965
(Adolf) 434s...1941
Gobel
86
*121
ser F.1967
July
Jan
Pub Utll 634s A. 1956
♦General Rayon 6s A. 1948
Gen Wat Wks A El 5s.
1943
Georgia Power ref 5s.. 1967
2,000
25,000
57,000
11334 11334
nsx
Cedar Rapids M & P 5s '53
Central 111 Public Service—
page
May
85
104 34 104 34
General Bronze 6s
1940
General Pub Serv 5s.. 1953
92
96
River Pow 5s.. 1954
534s ex-warrants
7934
10234
101
10454 104)4
*93
95
87)4. 8954
8734
1941
6s series A
1960
Cent Pow & Lt 1st 58.1956
Cent States Elec 5s
1948
Oct
10454
1956
85
Works—
1981
57 34
10434
Deb gold 6s. June 15 1941
8134
2934
4^s series H
7334 242,000
105
10534
3,000
14,000
10334 10354
8534
22,000
8754
07 X
101%
102 X
5s ex-warr
stamped. 1944
Hall Print 6s
stpd
30
5s series E
Mar
10254 10254
Gary Electric A Gas—
Deb 6s series B
Oct
10034
6934
First Bohemian Glass 7s
*57
Florida Power A Lt 5s. 1954
5s
72
Sept
Sept
23,000
10434 105
Banks 6s-5s
stpd._.1961
Firestone Cot Mills 5s. 1948
Firestone Tire A Rub 5s *42
Oct
Oct
1
134
106)4
*50
1967
Gatlneau Power 1st
134
7854 127,000
Oct
Oct
4
*1
♦Hamburg Elec 7s...1935
♦Hamburg El Underground
A St Ry
534s
1938
Heller (W E) 4s w w.,1946
1968 £30
5s series G
Jan
Oct
98 X
4,000
76
Jan
1950 & 30
Carolina Pr A Lt 5s... 1966
80
52
4,000
106
Jan
Debenture 5s
Canada Northern Pr 6s *53
♦Canadian Pac Ry 6s. 1942
2,000
6
76
10834
Conv deb 5s
1998
July
134
106
105
64
1938
4)4s C...1948
4L$s...__1949 *28)4
Bethlehem Steel 6s
101
Nov
134
334s '65
Oct
Associated Gas & El Co—
Birmingham Elec 4)4a 1968
Birmingham Gas 5s
1959
Mar
July
6
4s. 1956
Oct
94
Appalachian El Pr 5s. 1956
see
of
87
7934
78
For footnotes
♦Certificates
Eastern Gas A Fuel
Edison El 111 (Bost)
97
78
'"84"
1st M 5s series B...1957
9334
98 34
10434
92
54
5)4
♦Certificates of deposit
Aug 1 1952
92
1968
1967
6s series B
6
♦F>eb 7s
58 series A
1956
Convertible 6s
1950
Bell Telep of Canada—
1st M 5s series A
1955
Oct
Oct
Oct
4
1952
32,000
9434
1st A ref
Conv deb 5)4s
1977
Assoc T & T deb 5Xb A'55
Atlanta Gas Lt 4^8.1955
60
10,000
1
96
95 X
1st & ref 5s
Arkansas Pr A Lt 5s.. 1956
Associated Elec 434s._l953
10434
100
1946
....1951
10134 101)4
*95
97
Jan
6034
99 X
7,000
12,000
6
♦6348.---.-Aug
Grocery Store Prod 6s. 1945
Guantanamo A West 6s "58
1st A ret 5s
Oct
Georgia Pow
Woolworth (F W) Ltd—
Amer dep rets
6c
Youngstown Steel Door..*
Nov
11
Wood ley
6% preferred..
£1
Wright Hargreaves Ltd..*
Apr
9534
534
IX
Wise Pr A Lt 7% pref. 100
Wolverine Portl Cement. 10
Wolverine Tube com
2
1
62
5X
*
Petroleum
Oct
Oct
5
1
Winnipeg Electric cl B
Oct
1934
634
X
.♦
Apr
Mar
834
..*
5s series C
7954 128,000
Federal Water Serv
534s '54
Finland Residential
Mtge
J Wll-low Cafeterias Inc..l
Conv deb 5)4s
6734
77)4
97 34
634s series A
Erie Lighting 5s
4)4
4)4s
65
7734
97
Mar
20
118
23,000
Oct
1,500
Jan
*11934 12054
23,000
9
2X
Feb
10934
12554
105
10534
Jan
77 X
10434
10834
101
10234
2134
234
Apr
July
Apr
98 34
4,000
10334
105
Feb
77
Jan
100
101
2 X
Jan
130
105
Mar
....
101
Aug
100
1334
60
Oct
Sept
1950
Oct
76
99 34
A. 1947
ser
234
1
4)4s
City Gas 6s
5s 1st series B
May
Aug
Jan
10634
10434 June
Jan
9034
93
103
54
10734
Apr
July
56
12334
Detroit Internat Bridge—
400
Aug
Apr
Sept
112
Oct
Mar
Oct
Jan
11334
11334
11234
Jan
Jan
Apr
Apr
Jan
Feb
Nov
17,000
15,000
65
4 34
100
100%
*12454 130
6s ser A stamped
Det
Jan
Jan
6834
60,000
70
9834
1954
4
Weyenberg Shoe Mfg
1st A ref
Gen mtge
4.34s
Consol Gas Utll Co—
4
2034
102
16,000
*107
Oct
Williams (R C) & Co
»
Williams Oll-O-Mat Ht..*
1st & ref 6s
65
11034
11034
10734
107%
106
Jan
80
Oct
35,000
10454 10534
10254 10254
96
5s
Oct
20)4
11134 11134
10654 10734
96
(Bait) 334s ser N...1971
Consol Gas (Bait City)
Oct
20 X
1,000
5,000
7,000
65
Conn Light A Pow 7s A '51
Consol Gas EI Lt & Pc
5
*
Broad
11134
Ui
434
West Va Coal & Coke
Locom
UO
2
West N J A Seashore RR 60
West Texas Utll $6 pref..*
Baldwin
JUL
400
Western Tab A Stat
Westmoreland Coal Co...*
Wilson-Jones Co..
2,000
10734
10534
5s... 1960
2,400
Cartridge 6% pf.100
Western Grocery Co...20
Western Maryland Ity—
7% 1st preferred
100
Conv deb
Ait*,
334
1
Oct
463i June
10234
uuiv/
Community P S
534
634
2%
•
34
36
11154 1H34
1981
6 34
West
Conv deb
1st M 4* series F
2X
100
36
85,000
27,000
11234 U234
1
7
5634
57
6734
11234 H234
434s series C...1956
1st 434s series D
1957
1.25
preferred
50
52 34
5,000
98
Oct
Jan
Apr
5,000
Nov
6
103
10434
7954
10254
Aug
Aug
Jan
Jan
Oct
Oct
Oct
102
23
Oct
88
92
10834 10854
Oct
Nov
69,000
21,000
81,000
10834
Jan
X
95
102
Feb
34
Jan
Cuban Tobacco 5s
1944
Delaware El Pow 534s 1959
Denver Gas & Elec 58.1949
10
200
Jan
83
Apr
Feb
Jan
1834
1,400
82
Edison—
934
1034
1334
734
Bros-Brower..l
Wellington OH Co
Wentworth Mfg
Western Air Express
Conv
100
Oct
Oct
Oct
10134
Oct
83 34
45
42
Cont'l Gas & El 5s... 1958
Crucible Steel 5s
1940
Cuban Telephone
734s 1941
Feb
Oct
134
1134
700
Mar
Jan
5,000
Feb
934
334
Oct
Oct
Feb
Jan
Oct
200
*
0M
Oct
6
Class B
Oct
Oct
Jan
3,000
6554
1st
Feb
Jan
Nov
9034
34
52
Commonwealth
Jan
Sept
Waltt A Bond class A..
Walker Mining Co
2
14
20
IX
8934
,*
100
134
100
common
Oct
Oct
90
Jan
Feb
6154 195,000
6634
Jan
Jan
Jan
84
10134
10534
6334
10134 10134
50
534s-
Jan
1134
350
♦
Wahl
Sept
1234
4
Class B
Vot tr
19
100
900
fUtil Pow A Lt common.
7% preferred
Valspar Corp v t
Oct
Oct
"ioo
2
110
Oct
Nov
9434
9434
10134
July
Apr
18
834
2234
17
4
Cities Service Gas 53
Service
Gas
Jan
Oct
Nov
48
87
Cities
Feb
Oct
10534
3,000
56
Feb
16)4
IX
16)4
Utah Radio Products
Utility Equities Corp
Priority stock
Utility & Ind Corp com...6
Conv preferred
7
Jan
2,000
28,000
62
56
Jan
IX
934
334
4
*
Utah-Idaho Sugar
5
Utah Pow A Lt 17 pref.-.*
8934
Service 5s
Conv deb 5s
Feb
47
Universal Pictures com—1
Universal Products
Jan
Mar
6
Oct
High
9034
Cities
Feb
8
1
Universal
Low
5034
90
48
90
Mar
Oct
Range Since Jan. 1 1937
Shares
10534 10534
......
Jan
Mar
134
1834
134
434
Oct
5,800
J&n
Jan
16
Oct
3,200
3
Week
May
14
Oct
X
2)4
~3H
Verde Exten.—50c
3X
2%
2X
United
Paper
1,200
9334
434
3434
Oct
for
of Prices
Low
High
Price
Mar
3
Oct
Week's Rangt
Sale
Aug
1834
Oct
Oct
X
100
15
Oct
55
100
20 X
Nov
X
300
2
2
2 OX
734
434
9634
4734
Oct
75
i*i#
1
com
Oct
40 X
"I
U S Foil Co class B
U S Lines pref
IX
2
400
1
Last
High
71
U S and Int'l Securities.. ♦
U S Playing Card
Loto
39 X
1
"ONDS
(Continued)
2%
2X
--25
Preferred
Range Since Jan. 1, 1937
for
1937
20,
Sales
Fridai
STOCKS
{Concluded)
Range]
Nov.
Exchange—Continued-Page 5
7,000
33,000
10434
Oct
Apr
99
Oct
54
Oct
71
Oct
33,000
3234
11,000
35
9,000
103
13,000
......
8834
10434
Jan
Jan
Feb
10434
Feb
10634 May
10534
7934
Jan
Feb
80
Feb
Oct
71
Feb
Oct
5634
Jan
Mar
10534
10554
Apr
Jan
1942
Pow A Lt—
4348 series C
1961
Kansas Elec Pow 334 s. 1966
Kansas Gas A Elec 68.2022
Kansas Power 5s
104 34
..1947
1947
10354
—
-
10034
*9554
19,000
99
Oct
9334
97
111
111
2,000
100
10034
4,000
June
11034
Nov
98
Nov
98
12134
10434
Oct
Jan
Jan
SE
Friday
Sales
Friday
BONDS
Last
Weet's Range
Sale
of Prices
Low
Hioh
|
Range Since Jan. 1,
for
(Continued)
Weet
Price
Utilities Co—
H
1961
Kentucky
65
99
7,000
93
Oct
85
Oct
823*
93 34
"5,666
1003* 102?*
12,000
99 34
Oct
1834
Mar
"moo
93
81
334s *66
933*
101
♦Leonard Tletz 7348--1946
"94"
Llbby McN & Llbby 5s '42
10234
95
94
Oct
65 34
Mar
93
Jan
9934
107?*
10334
9934
ioi?4
11134
263*
Oct
Jan
Jan
Jan
Jan
Jan
July
Jan
105
10234 103
104
104?*
10334
♦Manitoba Power 534s1951
26,000
15,000
102 34
Nov
106
Feb
100
Oct
107
May
10234 10334
1945
Louisiana Pow & Lt 5s 1957
6,000
29
{2134
Lexington Utilities 5s. 1952
Long Island Ltg. 6s._.
Oct
6,000
90
23,000
102 34
87
Oct
106?* May
80
{....
July
434s.1952
Marlon Res Pow
2234 May
{2134
99
77
99*3*
77
"993*
McCord Had & Mfg 6s '43
77
4,000
10,000
Aug
2734
Oct
101
<Aug
Nov
104
Jan
97 H
76
{89
Milw Gas Light
Minn P &
103
103
Oct
104
Jan
29,000
8034
Oct
118
Apr
22,000
100?*
Nov
9534
7,000
95
Nov
92?*
99?* 101
7334
723*
21,000
86
Oct
10734
9934
9734
10634
102?4
16,000
95
Oct
106
Jan
11,000
68
Oct
Jan
25,000
78
Nov
3,000
107
Feb
99?4
10034
1093*
16,000
70
Oct
10334
{81
85
79
Oct
{69
73
64
Oct
95
1978
"91
100
Mississippi Pow 5s
1955
1957
91
73
Miss Power & Lt 5s
82
82
80
Miss River Pow 1st 5s. 1951
10834 108?4
Missouri Pub Serv 5s.I960
73
70
70
75
Jan
Jan
Mar
Feb
Jan
Jan
Apr
Nov
Dakota Power—
Montana
53
81
1,000
92
86
4HS—1967
434s
84
86
1955
L
1st & ret 58
95
84
1952
Memphis P & L 5s A..1948
Mengel Co conv 434s.1947
Metropolitan Ed 4s E. 1971
Middle States Pet 634 s '45
Midland Valley RR5S.1943
1944
s
♦Munson SS
6?4s ctfs. 1937
Deb 5s series B....2030
Oct
23*
1003*
T.660
•100
Nov
79
8234
21,000
71
Oct
68
72 34
118,000
44?*
44?*
{10834 112
11,000
79
68
{♦Nat Pub Serv 5s ctfs 1978
June
100
10034
2026
Nat Pow & Lt 6s A
92
4
{334
Nassau & Suffolk Ltg 5s *45
5,000
94
933*
44H
Nebraska Power 434s 1981
6s series A..
2022
Oct
67
10034
1434
Feb
Jan
107
Jan
107?*
973*
Feb
Jan
May
51
Jan
June
110
May
44
10634
106 34
{11434 118
Oct
89
92
17,000
89
Nov
75
Nelsner Bros Realty 6s '48
793*
21,000
69
Oct
5,000
113
12634
Jan
110
Jan
Jan
Jan
Apr
9934
12134
"53"
53
60
60,000
4734
Oct
8434
Jan
1948
58
58
61
12,000
45
Oct
85
Jan
.1950
55
55
61
27,000
44
83
843*
43,000
8534
85
86?*
38,000
Nevada-Calif Elec 5s. 1956
75
1173* 11734
New Amsterdam Gas 5s '48
N E Gas & El Assn 5s. 1947
5s
Conv deb 5s.
New Eng Pow Assn 5s. 1948
Debenture
534 s
1954
Oct
84?*
Jan
81
Oct
Oct
10134
10234
Jan
843*
36,000
85
Oct
95?*
Jan
5.000
60
Oct
92
Jan
Jan
New Orleans Pub Serv—
5s stamped
1942
903*
77
90
♦Income 6s series A. 1949
76?*
77
N Y Central Elec 534 s 1950
{99
993* May
102
104?*
Feb
stamped.,1950
434s *67 "l07
E & G 4j4s 1980
9634
N Y P & L Corp 1st
N Y State
N Y & Westch'r Ltg 4s 2004
Debenture 5s
10334
1954
*
Nippon El Pow 6J48..1953
-
«.
-
0334
24,000
94
Nov
1093*
10734
10434
10334 10434
8,000
100
Apr
10434
Nov
11234 H2 34
59
63 34
1,000
11034
Apr
112?*
86?*
July
12,000
102
102 ?4
14,000
102
106 ?4
107
54,000
104?*
95
963*
54
Nov
Oct
Oct
Jan
Aug
Jan
Feb
No Amer Lt & Pow—
534 s series A
Nor Cont'l Utll
40
108?*
1966
C
series
5s series D
1969
434s series E
1970
99
-
«r«»
-
""933*
N'weslern Elec 6s stmpd'45
913*
1945
10434
Ogden Gas 5s
Ohio Power 1st 5s B..1952
1st & ret
9,000
1,000
9834 100
99
99?*
933*
103
91
92
84
35
106?*
10034
6934
Jan
Oct
Jan
108?*
Nov
Oct
107
Nov
Jan
6,000
7,000
8,000
95
95
Oct
89 34
Oct
101?*
Oct
88
Jan
105?*
10434
Jan
Jan
10534
Jan
Oct
105
Jan
Oct
111?*
Jan
Jan
107
Oct
Feb
105?* May
10034
Jan
10834
Jan
13,000
103
60,000
92
46,000
85
Oct
17,000
80
Nov
100
Jan
104
2,000
102
Oct
108
Jan
11434 115
106
1013*
104?*
12,000
Oct
119
Jan
84
5,000
Oct
1023*
Jan
117
Jan
104?* 1053*
95
96 34
963*
86 34
86 34
82
82
104
104
Pacific Coast Power 5s '40
11,000
18,000
1946
debs
conv
Okla Power & Water 5s '48
94
7,000
103?* 105
106
1063*
434s ser D.1956
Gas 434b... 1951
Okla Nat
Pacific
4,000
42 34
103
103
N'western Pub Serv 5s 1957
5s
8434
108?* 108?*
Indiana P S—
Northern
6s
84
40
84
.1956
534s~1948
No Indiana G & E 6s. 1952
-
-
-
-
8 7 3*
823*
4,000
Oct
G*s & Elec Co—
1941
1st 6s series B
84
Pacific Invest 5s ser A. 1948
Pacific Ltg & Pow
Pacific Pow & Ltg 5s..1955
1964
Penn Cent L & P 434s. 197/
1st 5s
1979
'37"
7034
4l", 000
3,000
9934
5,000
30
Oct
37 34
Nov
Jan
65
37
37
86
87 34
95
95
51
Oct
Mar
9334
103
Jan
Aug
83 34
Oct
1,000
95
Oct
10534
105?*
87
1971
Penn Electric 4s F
Nov
10134 10134
65
1938
Palmer CorD 6s
Park Lexington 3s
84
11134
{1123* 113 3*
5S..1942
1133*
8,000
85
Oct
103
Jan
89
Oct
106
Mar
32,000
Jan
1950
6s series A
Deb
534s series B..1959
9534
97
18,000
87-
87
8834
11,000
80
Oct
105?*
Jan
Penn Pub Serv 6s C..1947
1063* 10634
21,000
105
109
Apr
1954
{102 34 104 34
10834 1083*
10034 May
10734 Mar
10634
11134
Jan
"3",606
D
5s series
Penn Water & Pow 5s. 1940
8634
{♦Peoples Lt & Pr 5s..1979
12
534s.. 1972
Phlla Rapid Transit 6s 1962
Pledm't Hydro El 634s *60
Pittsburgh Coal 6s
1949
Pittsburgh Steel 6s
1948
Power
108
June
Oct
100
Jan
15
Oct
Mar
113
146,000
5 34
6,000
108?*
76
4,000
76
63
12,000
52
*105
108
10
"58"
1073*
stmpd-1947
Corp (Can)4348B *59
5834
97
9734
lb'ooo
2134
5,000
58
61
1073* 10734
1073* 1073*
5834
61
{2134
3034
9934
Jan
Oct
Mar
132
132
1333*
.
ser
1978
1980
F.1981
1960
10434
10334
102?*
109 34
105
1966
5s series C
434s series D
434s series E
1st & ref 434s
434s series 1
109
...1956
105
10334 104 34
103
103 34
102?* 104
104
104 34
104?*
9934
Oct
106
Jan
40
Oct
95
Mar
42
Oct
95
Mar
42
Oct
95
Mar
42
Oct
953*
Mar
40
Oct
96
Mar
393*
Oct
96
Mar
Nov
102
60
Jan
35
Oct
96
Mar
Oct
443*
56
2234
13,000
16
44
37
Apr
3934
63
58?*
14,000
96
96
9834
63,000
1063* 106?*
105?* 1063*
10234
1962
108 ?4
534 s *52
633*
883*
108
108 ?4
633*
1956
2434
♦1st s f 6s
1945
United Lt & Pow 6s... 1975
634s
534s
.1974
1959
Rys (Del) 534s '52
United Lt & Rys (Me)—
6s series A
1952
2534
62
6934
10134
74
107?*
1973
6s series A
Utah Pow & Lt 6s A..2022
1944
534s A.. 1946
"8l"
6934
10134
74
1954
1958
Ry & Elec 4s...1951
"88?*
17
10434
West Texas Utll 5s A
1957
West Newspaper Un 6s '44
West United G & E
York Rys Co 5s
Jan
Jan
Nov
81
96
Oct
18
Mar
5834
Oct
7,000
1073*
Oct
17,000
103?*
Mar
9,000
100
Oct
18,000
101
Mar
29,000
10034
14,000
102
Mar
Oct
Oct
Feb
Oct
10434
Jan
Jan
80
10634
109
Apr
Oct
943*
31
Oct
55
111
Mar
Jan
June
11734
7934
Jan
Feb
4934
Oct
2034
1934
Mar
27
July
Mar
28
Aug
47
Oct
53
Oct
9734
Oct
6134
Oct
89?4
94?*
107
Jan
96?*
52
Oct
79
Oct
103
Jan
88
Oct
102
Jan
85
Oct
Jan
81
Oct
10434
10234
75
Oct
101
Jan
June
8934
11
Oct
3234
108
Jan
107
Mar
103
June
Oct
Nov
11434
75
Oct
9934
Jan
4134
4134
4334
8,000
39
Oct
7934
Feb
104J* 10434
10,000
102 3*
Oct
10534
10534
Feb
1073*
{10734
10634
10434 105
II,000
27,000
86
32,000
8934
T05
10734" 26:606
83
903*
Jan
Jan
Apr
108
Nov
10734
Nov
1023*
Jan
103?* June
8134 May
10734
10034
Jan
89 34
{203*
2134
24
2334
2134
-21 ?
Buenos Aires
21
32,000
5,000
Oct
Jan
Nov
293*
18
Sept
25
(Province)—
♦7s 8tamped
1947
1948
♦Cauca Valley 7s
9434
Aug
Nov
96
Sept
Oct
21
Feb
19?*
92
82
82
1,000
7
82
7
1,000
Apr
29
Sept
82
Cent Bk of German State &
{2434
♦Prov Banks 6s B..1951
Danish
1953
20
Mar
27?*
July
4,000
99
Apr
100
..1955
5s
35
{23
2734
1003* 10034
...1952
534s
6,000
97
Apr
1023*
10134
Feb
1,000
50
Apr
77
Feb
20,000
8,000
17
Jan
17
Jan
2534
2534
Aug
Aug
17
Mar
1003*
Danzig Port & Waterways
External
55
1952
634s
♦German Con Munic 7s '47
1947
♦Secured 6s.
♦Lima
634s. 1949
(City) Peru 634s-'58
213*
2134
213*
21
2134
{2134
"21""
20
21
30
18
20
.1958
{163*
{734
17?4
13
1927.,
♦Issue of May
♦Issue of Oct
♦Mtge Bk of Chile 6s_1931
12?4
91
223*
12%
26
Aug
2534
293*
Aug
Mar
Oct
33
July
7
Oct
21
Feb
85
Oct
9634
Apr
3,000
22
Apr
2734
Feb
21?*
934
85
{203*
1927
Apr
Sept
21?*
Oct
ld:666
11
Oct
28
1234
2734
Feb
2134 Mar
133* Aug
1003* June
18
"5:666
113*
9534
July
98
15
10,000
12
Nov
34
1034
1434
Nov
3534
54
25
July
12,000
12,000
9,000
1034
Feb
13
104
♦Rio de Janeiro 634s.. 1959
Oct
Oct
?4
6,000
4,000
6234
68
♦Russian Govt
♦534s-.
..1921
♦534s certificates
1921
♦Santa Fe 7s stamped. 1945
1949
♦Santiago 7s
-.1961
♦7s
34
1919
1919
634a
1
34
?*
{?*
tH
71
103*
{10
Jan
73,000
26
223*
8734
18:666
12,000
2134
7s series E.1951
♦Maranhao 7s
♦Medellin
55
21 %
♦Hanover (City) 7s... 1939
♦Hanover (Prov)
Feb
Mar.
634
833* May
{70
1952
♦734s stamped
Feb
30
2134
12
Apr
Jan
Oct
105
12
July
Feb
93
Mar
105
June
July
Apr
{5
Aug
Jan
10434
1053*
98
11234
105?*
Jan
13,000
28,000
9,000
10,000
stamped........1931
Jan
Jan
Jan
115
103
Mtge Bk of Denmark 5s *72
♦Parana (State) 7s
1958
147
Jan
Jan
102
1951
♦634s certificates
12834
113
60,000
1947
♦20-year 7s
♦Baden 7s
Aug
July
Feb
Nov
98
Feb
—
25
85
Jan
Oct
106
"i:666
102
Agricultural Mtge Bk (Col)
♦20-year 7s
1946
Oct
108
106
FOREIGN GOVERNMENT
AN0 MUNICIPALITIES
Apr
109
80
Oct
8934
1937
1834
Oct
Oct
9234
10234
88
1966
Wise Pow & Lt 4s
Yadkin River Power 5s '41
1734
102
534s '55
Wheeling Elec Co 5s__1941
Wise-Minn Lt & Pow 5s '44
96
Jan
Oct
53
55
Mtge Bk of Bogota 7s. 1947
Apr
Nov
55
88
West Penn Traction 5s *60
Jan
5734
70
106?4
105?*
2030
West Penn Elec 5s
17
10434 104?*
106?* 106?*
10434 105
9734
{95
Wash Water Power 5s 1960
Jan
104
49?4
Jan
106?* Aug
106?* Sept
9834
Jan
853*
Jan
Hotel—
♦5s Income deb
Wash Gas Light 5s...
Wash
Mar
6,000
4,000
1,000
21,000
5,000
2,000
81
..1946
Waldorf-Astoria
Mar
16,000,
1053* 108
6234
63
1st ref 5s series B...1950
6s...
91,000
75,000
I,000
4,000
50,000
36,000
38,000,
40,000
25
62
1,000
8,000
May
1023*
Jan
July
1,000
60?*
634s.'41
♦United Industrial
53,000
37
102
Jan
6,000
11,000
6634
4034
113?*
Conv 6s 4th stamp. 1950
United Elec N J 4s...1949
Va Pub Serv
98
16
Tide Water Power 5s.. 1979
Tletz (L) see Leonard
Un Lt &
10234 10334
>8
2022
107
Pub Serv of Nor Illinois—
1st & ref 5s
Oct
78
108
105?*
23,000
Jan
7634
553*
Jan
Public Service of N J—
6% perpetual certificates
Jan
104
6034
Texas Power & Lt 5s.. 1956
Jan
103?*
74
Texas Elec Service 5s. 1960
87
Nov
51
Jan
Nov
Oct
58?*
United El Serv 7s
10534
Oct
6034
634s.. 1953
Jan
Jan
93
Ternl Hydro-El
Feb
7,000
30
{67
5134
1934
Jan
110?*
87
Tenn Public Service 5s 1970
1940
Twin City Rap Tr
Ulen Co—
108
3934
20
2d stamped 4s
1946
Super Power of 111 434 s '68
1st 434s
1970
Tennessee Elec Pow 5s 1956
Toledo Edison 5s
108
Apr
Mar
10234
3,000
1,000
2,000
4,000
3,000
15,000
6s series A.
Mar
99%
993*
41
♦Starrett Corp Inc 5s_1950
Stinnes (Hugo) Corp—
77
5,000
15,000
55
"5134
Aug
104
63
5534
.
Oct
19,000
{9934 100?*
Electric 6s. 1954
Nov
6334
59
55
Standard Investg 534 s 1939
{Standard Pow & Lt 6sl957
2d stamped 4s
6334
6334
5534
10734
68:60 0
55
Debenture 6s
1951
Debenture 6s. Dec 11966
Jan
Mar
72
101
62?*
Mendoza 4s stamped ..1951
106?*
21
97
...1961
♦Prussian
Mar
76
61
Potomac Edison 5s E. 1956
Potrero Sug 7s
105
76
♦Pomeranian Elec 6s.. 1953
434s series F
2,000
29,000
111?* 112
Phila Elec Pow
Portland Gas & Coke 5s '40
8534
Jan
87
10634 1063*
434s series B
..1968
Peoples Gas L & Coke—
4s series B
1981
May
93
97?*
8234
563*
1935
♦6 series A
Penn Ohio Edison—
96
53
9134
963*
82
434s
New York Penn & Ohio—
Ext 43*s
51
101
♦Convertible 6s
Jan
10934
74?*
10734 10734
105
10534
♦Certificates of deposit.
Memphis Commi Appeal—
Deb 434s
10234 103?*
1033* 104
{♦Stand Gas & Elec 6s 1935
♦Certificates of deposit
101
103
Ref M 33*8. May 1 1960
Ref M 3?*s B.July 1 '60
So'west Pow & Lt 6s..2022
Oct
Oct
21,000
54,000
8,000
1,000
20,000
11,000
8,000
20,000
3,000
5,000
33,000
46,000
12,000
105?* 1063*
S'western Lt & Pow 5s 1957
Mar
70
77
56"dob
3?*s._..1945
Sou Indiana Ry 4s
1951
S'western Assoc Tel 5s 1961
72
26,000
6534 175,000
6534 141,000
92
1st & ref mtge 4s
1960
Sou Counties Gas 434s 1968
Oct
60
83
9334
{8234
High
Low
1,000
60
60
Southeast PAL 6s...2025
Sou Calif Edison Ltd—
Range Since Jan. 1 1937
eet
Shares
High
Low
Sheridan Wyo Coal 6s_1947
Sou Carolina Pow 5s. 1957
Debenture
for
of Prices
So*west Pub Serv 6S..1945
Jan
105
Mansfield Min & Smelt—
♦7s without warr't8-1941
Sale
Price
Sales
,
Range{
Weet'3
Last
High
Low
83
{86
1969
1
5s series
Lehigh Pow Secur 6s..2026
!
80
80
1948
1955
634b series D
53*8 series F
Shares
BONDS
(Concluded)
1937
-
98
1st mtge 5s ser
Lake Sup Dlst Pow
3323
New York Curb Exchange—Concluded—Page 6
Volume 145
11
Jan
Apr
Apr
Oct
Oct
1%
134
l?*
Jan
81?*
Mar
103*
Nov
10%
Oct
2034
20 ?4
Mar
Mar
34
34
1
103*
Jan
2
1
713*
Apr
Apr
Apr
1043* June
104
Nov
105?* May
Pub Serv of Oklahoma—
D. 1950
"6434
434s
ser
15,000
94
73 34
Oct
69?*
63,000
21,000
603*
68
6934
1st & ref
99?*
69
57
Oct
96
Jan
the
67
27,000
5434
Oct
9234
Jan
range,
6,000
91?4
Nov
16,000
2234
Mar
28?*
Aug
Apr
25?!
Jan
Aug
May
99 34
1966
4s series A
Puget Sound P & L 534 s '49
1st & ref 5s series C. 1950
6434
Queens Boro Gas & Elec—
1952
92
92?*
634s. 1953
634s.-1958
Safe Harbor Water 434s '79
{♦St L Gas & Coke 6s. 1947
San Antonio P S 5s B.1958
San Joaquin L & P 6s B *52
Sauda Falls 5s
1955
♦Saxon Pub Wks 6s.. 1937
♦Schulte Real Est 6s..1951
Scripp (E W) Co 5348.1943
Servel Inc 5s
1948
Shawlnlgan W &P 434s '67
let 4348 series B
1968
1st 434s series D
1970
26
26
213*
213*
534s series A
♦Ruhr
Gas Corp
♦Ruhr Housing
—"-i-
10834
10834 10834
8
8
101
101
8
10234
127
{125
109?* 110
1,000
6,000
3,000
17,000
18
Oct
108?*
1834
Apr
107
132
Jan
1113*
Oct
107?*
Nov
Feb
Mar
26
1,000
22
24?*
6,000
24
94?*
993*
33,000
94?*
Nov
105?*
Apr
103 34
103 34 104 34
29:666
10334
1033* 10334
103 34 103 34
40,000
10134
10134
10134
Mar
{107
1,000
♦
Oct
Mar
35
Mar
Oct
105
Oct
10434
10534
Feb
Feb
July
rule
a
Deferred delivery sales not
included In year's range,
n Under
sales
x
yearly range:
No sales,
V
.
Under-the-rule sales
transacted during the current week
and not included in
weekly or yearly range:
No sales.
Sept
47
103?*
Jan
10734 May
No par value,
not included in year's range,
r Cash sales not Included in year's
Ex-dividend,
y Ex-interest.
{ Friday's bid and asked price.
No sales were transacted during current week
♦
Bonds being traded flat.
{ Reported In receivership.
IT Called for redemption.
e Cash sales transacted during the current week and not Included In weekly or
Jan
26
9534
Jan
7
24 34
2434
107
Jan
Jan
10034
10434
125
"7",000
10534
983*
x
delivery sales
Deferred
In weekly or
transacted during the current week
and not included
yearly range-
No sales.
Abbreviations
Used
Above—"cod," certificates of deposit;
*cona," consolidated;
"cum," cumulative; •conv," convertible; "m," mortgage; "n-v," non-voting stock;
"v t c," voting tru£tf ertiflcates "w 1," when issued; "w w," with warrants ;"x-w."
without warrants.
3324
Financial
Chronicle
Nov. 20.
1937
Other Stock Exchanges
Sales
Friday
New York Real Estate Securities
Closing bid and asked quotations, Friday, Nov. 19
Unlisted Bonds
Bid
Alden (The) 6s
Ask
32
1941
Park
7s
Place
Stocks
Bid
Ask
6
1945
90
30
Apt Hotel 6s%
1938
10 East 40th St Bldg 5sl953
250 W 39th St Bldgs 6s '37
6%s
40
1943
am
6
mum
for
Week
Price
__100
20
Inc
78
12
mm-
3
1
National Tunnel A Mines. *
New England Tel A Tel 100
N Y N H A H RR (The)100
Butte
2.50
Baltimore Stock
Old Colony RR
Pacific Mills Co.
Exchange
S.
Calvert St.
1853
39
BALTIMORE, MD.
Torrington Co
Louisville, Ky.
Nov. 13
to
5
York, Pa.
Utah Metal A Tunnel
Stocks—
Far
Range
of Prices
Low
High
Price
Arundel Corp..
16%
Atl Coast Line
(Conn)..50
Bait Transit Co
com v
1st pref v t c
Black A Decker
com
Brager Elsenberg Inc
Consol Gas E L A Pow
22%
65
65
68%
5% preferred
___100
Eastern Sugar Assoc—
1
Fidelity A Deposit
8
8
2(j
Houston Oil pref
2%
Merch A Miners Transp..*
Monon W Penn P S7% pf25
Mt Ver-Wdb Mills pref. 100
New Amsterdam Casualty5
Oct
23%
Oct
54
86
Nov
Oct
9
38
Jan
90
466
Nov
62
28
3
25
Oct
110%
Jan
Bait Transit Co 4s (flat) '75
A 5s flat
1975
Oct
470
5
Oct
Oct
48
Oct
Jan
30%
10
136
117
89
Price
1%
12%
145%
Class D 1st pref std.100
Boston Pere'l Prop Trust.1
Nov
89
75%
Nov
75%
4,000
Chicago Stock Exchange
Chicago Curb Exchange
St., CHICAGO
for
2
Oct
140
15
Nov
24%
60%
10%
1%
185
22
Oct
61
Nov
15
60
2
»
485
8%
1%
1,100
94
21
Oct
Apr
Jan
82
Oct
Mar
18%
2%
Oct
Nov. 13
to
Nov. 19,
Stocks—
both inclusive, compiled from official sales list
Par
Price
Nov
Fen
104
Feb
Common
(new)
Adams (J D) Mfg com...*
Adams Royalty Co com..*
Advance Alum Castings..5
36%
9%
4%
4%
Aetna Ball Bearing com__l
68
Oct
95
Feb
38
10
38
Nov
45
"Io%
Apr
13%
15%
Allied Products Corp com 10
Altorfer Bros conv pref
*
3,196
11
Oct
29%
Jan
Armour A Co common...5
Aro Equipment Corp com 1
Oct
1%
25
27%
$17,500
9.300
22%
Oct
41%
Jan
Asbestos Mfg Co com
Associates Invest com
25
Oct
48
Jan
Athey Truss Wheel cap.—*
93
2,000
1.000
93
Nov
100%
96
Jan
Aug
Aug
102%
1
*
Automatic Products com.6
Automatic Wash conv pref*
Backstay Welt Co
and Tyson
for
50
13
1%
39%
3%
2%
2%
3,442
High
10
1%
12
139%
Nov
Nov
Oct
6%
30
Jan
Jan
187%
Jan
101
Nov
147
Jan
124
Oct
160
Jan
580
135
52%
18%
Nov
19%
12
15
390
13
Nov
Oct
69%
30%
Mar
Jan
56% Mar
18% Mar
Feb
Oct
12%
July
200
250
«19%
20%
23%
Mar
Oct
250
100
1%
2%
10
<
10%
150
9%
15
200
9
13%
250
12%
Oct
Oct
Oct
Oct
Nov
Oct
Nov
500
8%
Oct
2,000
15
4%
Oct
6
Oct
8
8
19%
19%
22%
400
28
28
33%
1,600
24
14
14
14
5%
21%
6%
21%
10%
7%
*
Jan
Nov
600
3%
%
34%
3%
Feb
100
16%
Oct
22
30%
14%
14%
43%
Feb
Feb
Aug
Feb
Feb
Feb
Mar
9
*
conv preferred
9
1
6%
8%
21%
6%
8%
21%
22
10
30
Common
Oct
Nov
5
Oct
100
20
1,300
6
750
1,850
Oct
6%
5%
Aug
Feb
Oct
50%
22%
15%
28%
30%
Mar
13
July
Oct
Oct
Mar
Nov
43
Oct
19
July
Feb
Oct
3%
*81%
Feb
6%
Jan
400
17
Oct
22
200
22
14%.
14
14%
320
12
1
50
1%
52%
250
50
2%
5,800
70
Feb
Feb
18%
36%
22
24%
1
Cent 111 Pub Serv pref-—*
Central S W—
10
14
%
49
Nov
Mar
Feb
Common
1
2
2
.*
33
33
37
40
30
Oct
75
Jan
14
14
50
14
Nov
15
Nov
*
19
Preferred
*
Chic Flexible Shaft com-.6
Chlo A Northwest com.100
Chic Rys part ctfs 3
2
Common
64
*
Commonwealth
Jan
28%
23%
8,900
3%
750
2
Oct
2%
100
2
Oct
1%
10%
20%
17%
Jan
Jan
51
Oct
81
149
26%
Oct
48%
25
26%
21%
3%
Consolidated Biscuit com.l
Consumers
Co
of
111—
100
%
20%
Nov
2%
67%
Curtis Light Inc com
*
Dayton Rubber Mfg com.*
Cumul class A pref.-.35
Decker (Alf) A Cohn comlO
3%
Jan
3
Oct
12
Jan
20
Nov
53%
26%
20%
Jan
%
300
25C
Oct
%
200
18%
%
18%
50
18
Oct
2%
2%
515
2
Mar
35c
Oct
2
2%
27
6%
Mar
Dixie Vortex Co
com
Dodge Mfg Corp com
Eddy Paper Co (The)
Elec Household Utll cap. 5
Elgin Nat Watch
15
Jan
Mar
Jan
13
"18"
3%
Class A
Jan
Oct
Nov
33%
48%
11
Aug
Feb
Jan
6%
60
2%
68
550
100
1%
67%
14%
450
12
Oct
3%
80
3
Oct
10%
10%
100
5%
Oct
18
18
100
14
Oct
Apr
Apr
3%
16%
31%
3%
17
31%
50
2
Oct
28%
32%
11%
200
15
Oct
25
Feb
50
21
Oct
41
Feb
100
14
Nov
150
20
Oct
5
Oct
Oct
Nov
14
*
*
FltzSlmACon DAD com.*
Fuller Mfg Co com
1
20%
21%
2%
67%
12%
3%
6%
*
Feb
400
10%
Cord Corp cap stock
5
Cudahy Pack'g Co pref. 100
Cunningham Drg Stores 2%
3% Mar
Jan
Jan
3%
14%
5%
110%
26%
,
Jan
51
26%
21%
2%
2
B._*
Jan
Oct
%
c
V t c pref part shares.-60
Aug
150
Edison—
New
Conv part shs v t
Hathaway Bakeries—
64
Mar
Oct
Oct
10
18
2%
Oct
Feb
29
25
8%
Jan
37%
Mar
4
15
%
|Oct
Oct
4
356
Jan
8
Mar
1
Oct
299
64
50
50
6%
Mar
4%
12
%
10
Oct
May
Oct
17%
%
10
Feb
Mar
1%
%
77
3%
16%
10%
300
27%
5%
2%
519
30
2
Oct
219
230
77
%
10
Compressed Ind Gases cap*
3%
Oct
Oct
Oct
160
35
Oct
Oet
30%
48
150
1%
5%
30
Mar
650
43
6%
10%
30
Sept
Jan
200
65
32
%
6%
33%
Jan
Oct
Nov
7,750
60
53%
26%
%
1%
33%
9%
23
30
Nov
13,750
2%
1%
Mar
52%
19
50
2%
33%
2
43
50
%
2%
43
2%
33%
100
Chic Rivet A Mach cap. .4
Chi Towel Co—
19
%
com. 5
Chic City A Con Ry com.*
Chicago Corp common
*
2
20
Oct
30
Oct
9%
Oct
4
Nov
1%
9%
4
70
34
*
50
350
2
3%
65
4%
East Gas A Fuel Assn—
5%
Cities Service Co com
*
Club Aluminum liter Co.*
20
5
22
13%
Chicago Yellow Cab Co—*
3%
7
3
23%
43
Oct
1,250
10
9%
13%
12%
13%
Oct
Oct
Chain Belt Co—
230
55
20
12%
13%
1%
3%
2%
Jan
Mar
14% May
6
900
42
Feb
Feb
4%
3,250
7
(New) common.
Cherry-Burrell Corp
19%
3
1%
39%
3%
2%
2%
30
55%
17%
12%
12%
Preferred
Low
53
20
7
7
20
7%
6
6
Oct
490
11%
32
6%
Oct
5%
7%
Castle (A M) common._10
Central Cold Stor com..20
Central Illinois Sec—
131
100
10%
3
7
-
Range Since Jan. 1 1937
1%
11%
Nov
Nov
300
7%
5%
Week
Shares
12%
145% 153%
3%
4%
4%
9%
4%
1
Burd Piston Ring com
Butler Brothers
N. Y. Tel. CAnal 6-1541
Exchange
103
Nov
36
200
1,550
1
Class A preferred
Bruce Co (E L) com
Sales
1%
.5
(New) com
5
Brach A Sons (E J) cap...*
Brown Fence A Wire com 1
Lewlston
12
High
Borg Warner Corp—
St., Boston
of Prices
High
10
200
36%
9%
5%
4%
Bliss A Laughlin Inc cap. 5
Exchange
Low
Low
Berghoff Brewing Co
New York Curb Exchange (Aeeo.)
Week's Ranae
Range Since Jan. 1 1937
Shares
Binks Mfg Co capital
93
3328
9%
4%
4%
32
*
com
Belden Mfg Co com
Bendix Aviation com
1887
7
2%
36
""6%
%
High
100
Feb
133
6%
Int Button Hole Mach-.IO
Low
Abbott Laboratories—
100
8
1
Sales
Jan
27%
Sept
90
Chicago Stock Exchange
Jan
41
6%
Class B
Feb
Nov
Unlisted
1,348
Oct
8
17%
10%
Jan
SECURITIES
10
Oct
%
25
64
75%
7%
2%
Week
7%
14
25
see page
65% $16,000
of Prices
396
Copper Range
For footnotes
Feb
Feb
Week's Range
6
-
Oct
19%
12%
Sale
11
100
Jan
Jan
2% June
46
Last
14
Calumet AIIeel a
*
Mar
98
46%
Oct
Friday
101
4%
33
Oct
Oct
Jan
124% 125%
'"4%
Nov
30
Jan
101
12
41% May
15
235
Jan
124%
53%
19%
Isle Royal Copper Co.—25
255
Jan
Nov
30
12%
2%
4%
4%
7%
%
2%
2%
100
Helvetia Oil Co T C
8%
3%
Aug
100
*
Oct
23%
2,240
%
30 State
Sale
*
51c
Oct
93
Last
Employers Group.
1,053
1%
8%
4%
18
Friday
Gillette Safety Razor
Sept
Feb
Apr
Nov. 19, both
inclusive, compiled from official sales lists
*
64%
37%
Mar
Boston Stock
Preferred
80
27%
21%
20
48%
13%
Portland
1st preferred
100
Eastern Steamship com..*
Common
—*
246
Nov
101% 101%
Bangor
100
28%
Nov
Private Wire Syatem
4%% prior pref
6% preferred
Feb
10%
UNLISTED TRADING DEPARTMENT
East Mass St Ry—
Common
3%
36%
New York Stock
Common
Oct
38
24%
Exchange
Class A 1st pref
100
Class A 1st pref stpd.100
Class C 1st prefstd__100
Oct
1
Jan
Membern
100
Oct
6%
172
Established
_*
10%
100
10%
Townsend, Anthony
Boston-Herald-Traveller
570
Jan
Aug
Barlow A Seeltg Mfg A com 5
Boston A Maine—
Prior pref
Mar
3,179
11%
16%
33%
1
10 So. La Salle
Bastlan-Blesslng Co com.*
-.100
Oct
36%
27
4%
1947
Read Drug A Chem 5 %s.'45
Boston Edison Co
Boston Elevated
3%
Members
Jan
115
Finance Co. of America—
100
470
New York Stock Exchange
New York Curb (Associate)
Nov
89%
Bonds—
Amer Tel A Tel
Boston A Albany
4%
11%
17%
Jan
PaaJ H.Davis &€*>.
Jan
Oct
70%
13%
American Pneumatic ServPreferred
50
1st preferred
--.50
Mar
Apr
38
U S Fidelity A Guar
Par
50
75%
68%
70%
Stocks—
Oct
Oct
Mar
Mar
65
%
Penna Water A Pow com.*
Preferred
25
to
10%
19%
Oct
787
CHICAGO
Mar
%
2
005
Owings Mills Distillery..1
Nov. 13
165
613
Listed and
13%
22%
268
275
9
23%
60%
10%
1%
91%
60%
10%
IK
North American Oil com..
Northern Central Ry
50
Boston Tel. LAP 7010
14%
25
16%
7%
%
2%
2%
1
Common class A
Boston Stock
Oct
16
100
2
Sept
4%
36%
10%
10%
16%
7%
Mfrs Finance 1st pref...25
2d preferred--25
Mar Tex Oil
14
19
18%
99% 102
18 %
Fidelity & Guar Fire...10
Finance Co of Am cl A...*
1%
40c
155
40
1948
High
27
112% 113
.1
Preferred
Low
690
1%
2%
16%
22%
2%
15
Range Since Jan. 1 1937
23
22 %
*
Common
1
2%
15
com.
for
Shares
31
1
*
*
261
30
Eastern Mass St Ry—
Series A 4%s
1948
Week
16%
29
31
t c. *
Mar
Sales
Week's
Sale
Mar
3,735
60c
1
30
*
Series E 6s
z6
142
75
8%
3%
Apr
Oct
Nov
21%
1
Waldorf System Inc.—..*
Warren Bros Co
*
Nov. 19, both inclusive, compiled from official
sales lists
Last
1
Warren (S D) Co
Bonds—
Exchange
Friday
70%
11%
1
27%
21%
70%
_
Jan
Feb
98
38%
United Shoe Mach Corp.25
Preferred
25
Members New York, Baltimore and Chicago Stock
Exchanges
Chicago Board of Trade
New York Curb Exchange (Associate)
Baltimore Stock
*
Oct
2%
Mar
3%
56
25
7
1
28
(new)
64
Oct
9%
2%
29%
44%
50c
1
Union Twist Drill Co
Broadway
NEW YORK
Hagerstown, Md.
*
*
23
719
3
2%
24% May
Oct
Nov
1%
3,835
1%
104
6%
13%
20%
3%
10%
13%
*
com
4
101
20
172
1%
-
50c
25
Shawmut Assn tr ctfs
Suburban El Sec
26
6%
13%
20%
3%
10%
13%
50
Stone A Webster
.
Established
High
8% £Oct
lb
390
2%
3
-
101%
2%
100
Pennsylvania RR
Qulncy Mining Co
Stein Bro s &J3 oyce
6
Low
10%
1%
25
North
on
Range Since Jan. 1 1937
Shares
23
2%
Linotype..*
Narragansett Racing Ass'n
—
Orders Executed
10%
22
»
22
*
Mergenthaler
016 Madison Ave
Bryant Park Bldg 6%sl945
11 West 42d St 6%s__1945
Internat Commerce Bldg—
Common.
Mass Utilities vtc
t c
v
Par
of Prices
Low
High
5% cum preferred.—100
Dodge Corp—
Income bonds
{Concluded)
Week's Range
Sale
Maine Central—
Unlisted Bonds
B'way 38th St Bldg—
Last
Exchange
3%
27
14
22%
3%
23
3%
1,650
27
28%
8%
450
21
Oct
26%
41%
12%
40%
250
5
Oct
20
2%
900
2%
Oct
8
"2%
2%
2%
Oct
Aug
July
Feb
Mar
Feb
Feb
Jan
Aug
Aug
Jan
Mar
Jan
6% May
Volume
Sales
Friday
WeeVs Range
for
Sale
of Prices
Low
High
Shares
Price
Par
1 1937
Range Since Jan.
Last
Stock* (Concluded,)
High
Low
Gen Finance Corp com
23%
19
1,050
Oct
Oct
11,500
1%
Oct
10%
Jan
27
Oct
50%
Feb
200
19%
42%
Mar
350
12%
29%
12X
450
10
11
200
4%
3%
3%
12
2
IX
1%
-
Feb
BALLINGER & CO.
5% May
Gen Household Util—
Common
CINCINNATI
UNION TRUST BLDG.
Tel. Cln. 363
Phone Cherry 6711—BeU Sys.
Godchaux Sugar—
Class A
27X
-_*
Goldblatt Bros Inc com..*
27%
25
_
26
10
com..*
7
7
Oct
Oct
1,100
9
Oct
July
Jan
Friday
Great Lakes D & D com..*
13
8%
14%
5%
13
Last
Week's Range
prf 10
Harrischfeger Corp com. 10
7
7
7%
200
7
Nov
14
Apr
Sale
7
7
50
6
Nov
20
Mar
of Prices
Low
High
Heileman Brew Co G cap. 1
"ex
900
5
Oct
Hein-Wern Mot Pts com.3
5
5
400
3%
com..25
45
45
190
43%
Oct
Oct
Gossard Co (H W)
25
Hamilton Mfg A part
Hlbb Spencer Bart
6%
6%
6%
45%
Hormel & Co (Geo) com A*
16
16
16
150
15
11
11
12X
400
11
Oct
11%
Jan
13% Mar
52% May
Illinois Brick Co cap
111 North Util prel
8
7X
103% 106%
106%
"45 %
Joslyn Mfg A Supply com 5
Katz Drug Co com
1
Oct
23
50
23
400
5
Oct
200
14%
21
950
13%
25
400
19%
*
Formica Insulation...
Mar
Little Miami Guar
107
12%
26
225
24
Oct
36
Feb
35
36
30
35
Oct
49%
Feb
24
Nov
31
97
Oct
106
Mar
10
Oct
20
May
30
23
29%
45
July
50
865
100
10%
"25
30
30
...*
46
45%
Manlschewltz
Feb
Nash
Feb
P & G
Ill*
...
2%
23
19%
20
187
55
Aug
Randall B
Oct
16}
12)
Feb
Mar
Rapid
U S Playing Card
IIlO
Feb
U S Printing pref
..50
8
8
Jan
Wurlltzer
.100
14
13
150
70
57
57
l
10%
Oct
19
Oct
Oct
54
120
4%
1%
M
Oct
5
700
12
Oct
% Oct
1%
Jan
600
28)
43)
Jan
89
20
Jan
Oct
38
Feb
19%
Oct
34%
Feb
6
Oct
21
Jan
14
125
13
Nov
26
Mar
102
2
92
Jan
134
Apr
97
8%
102
102
.100
Preferred
Jan
22
Mar
3%
750
+
65%
11%
Oct
Nov
2%
74
Oct
4
Mar
44
400
2%
22%
2%
22%
39
....
Jan
2
11
51
26%
26%
26%
10
51
Jan
Feb
Apr
25
100
29%
25
12%
10
Oct
115
Nov
35
100
Nov
Oct
Sept
12%
30
12%
26
*
Feb
105
10
11%
9
"50
27
27%
147
107
"""*
Julian A Kokenge
10% May
49
Mar
Nov
125
9
"II*
11*
Gibson Art
Hobart A
Feb
9
9
6
6
107
*
108%
5%
Nov
Oct
102%
6
::io
Eagle-Plcher Lead
Early & Daniel pref... .100
High
Low
Shares
17
650
27
Kerlyn Oil Co cl A com.
105
Dow Drug
Range Since Jan. 1,1937
J?7*
Week
102% 105
Cln Union Term pref.. .100
500
12
Kingsbury Breweries cap
La Salle Ext Unlv com...5
12%
4%
Price
Par
Stocks (Concluded)
Sales
45%
5%
7%
27
"27
50
100
Nov
Aug
19%
Jan
111% Aug
Nov
5%
15%
44%
5%
6%
5%
6%
Kellogg Switch A Sup com*
Ken-Rad T A Lamp comA*
6% preferred
92
24
1
Jefferson Electric Co com.*
Ky Util Jr cum pref
4%
190
5X
14X
17%
14%
17 X
*
Jarvls (W B) Co cap
Oct
Oct
1%
550
23
Indep Pneum Tool v t c._*
Indiana Steel Prod com._l
Iron Fireman Mfg v X c
300
2
2
"~7%
10
100
Jan
23
Sept
Hubbell Harvey Inc com.5
Hupp Motor com (new)..l
Securities
Cincinnati and Ohio Listed and Unlisted
July
Oct
12X
10
.5
1
Trading Markets in
Active
9%
3%
12%
*
New common
Stock Exchange
Members Cincinnati
Week
Gardner Denver Co—
Gen Candy Corp A
3325
Chronicle
Financial
145
Jan
aya.
3% Aug
13% Feb
19% July
15% Mar
2%
4%
2%
4%
3
1,150
5
350
3
Oct
10
8
8
9%
450
8
Nov
Llbby McN A Llbby—10
Lincoln Printing Co—
Common
*
8
8
9
950
5%
Oct
150
2%
27%
2%
Oot
12 %
Jan
Ost
45
Jan
*
Leath & Co com
Le Rol Co com
4%
29%
2%
4%
*
10
29
Lion Oil Refining Co com. *
20
$3% preferred
Lindsay Light com
2%
Oct
2
4%
33%
6%
July
Oct
36
400
26
Oct
20
21
190
18
.Oct
1%
11%
1%
14
3%
25%
4%
25%
2%
7%
2%
1,300
1%
29,200
3%
1%
2%
5%
1%
1,800
%
X
250
%
3%
%
3%
4
300
1%
Oct
Oct
2%
2%
70
IX
Oct
"2%
2%
2%
90
2
Oct
1%
1%
10
1%
Oct
2%
24%
300
21
Oct
10
125
Nov
Oct
12%
Oct
36%
Nov
3%
"i X
Manhatt-Dear'nCorp com*
11%
3%
25%
*
Mer A Mfrs Sec cl A com.l
Prior preferred
Members Cleveland
Aii<?
48%
Feb
%
Oct
4%
9
Oct
30%
3%
Nov
Union Truit Building,
Jan
1,600
Mar
Feb
7
Oct
22
400
31%
2%
Common
6
Oct
Oct
Oct
15%
7%
Jan
Stock
purchase warrants
1%
Jan
12%
Jan
9%
9%
Feb
5
Cleveland Stock Exchange
both inclusive, compiled from official sales lists
Jan
Nov. 13 to Nov. 19,
Jan
Sales
Friday
*
preferred A
Stocks—
Week's Range
for
Sale
Par
of Prices
Low
High
Shares
Price
1,1937
Range Since Jan.
Last
*
Common
566
Jan
Midland United CoConv
Cleveland
A. T. & T. OLEV. 565 &
Telephone OHerry 5050
Mlckelberry'g Food Prod
Middle West Corp cap..
IWOODcio
GILL I SI
Jan
56
4,150
400
Stock Exchange
Mar
Oct
16
100
36
36
Lynch Corp com
5
McCord Rad A Mfg A...*
Marshall Field com
60
150
50
2%
2%
»
Loudon Packing com
20
Ohio Listed and Unlisted Securities
Week
High
Low
Midland Util—
100
100
100
6% prior lien
7% prior Hen
7% preferred A
2
MlUer A Hart conv pref..*
Modlne Mfg Co com
"24"
Montg Ward <fc Co cl A—•
125
Natl Repub lnv Tr
pref..*
a»
"23%
1
%
21%
2%
Noblltt-Sparks Ind com..6
North American Car com20
Northwest Bancorp
N'west Util
2
18
450
7
%
20
1,700
Oct
Mar
8%
46%
J 56
*
14
Clark Controller
1
21
20
Jan
Feb
Feb
......
"14"
Feb
Electric Controller A Mfg
60
60
60%
Jan
Mills...*
*
Greif Bros Cooperage A..*
Halle Bros
5
Preferred
100
Harbauer Co
*
Interlake Steamship
*
Lamson A Sessions
*
Leland Electric
*
Lima Cord Sole A Heel
1
McKce (A G) B
*
24
23
24
8
8
30
30
30
*
20
20
20
12
Oct
%
10
40
450
11
%
4%
150
1%
450
1%
200
%
%
Oct
Nov
Oct
4%
%
1%
50
%
Nov
Oct
Oct
Oct
Jan
54
2%
55
Jan
Feb
24%
7%
3%
5%
3%
Mar
Mar
Feb
Feb
Jan
Preferred
Foote-Burt
Medusa Ptld Cement
100 120»«»»
100 120««t
90
*
133%
100
preferred
7% preferred
Quaker Oats Co com
Federal Knitting
117%120»i»
118%120"«i
4,120
104
Oct
120i«n Nov
1,690
105
Oct
122
Jan
125%
150
97
190
86
Nov
133% 138
160
121
Apr
90
2%
50c
Common vtc
6
6% pref vtc
Reliance Mfg Co com
2%
1
1
10%
10
2%
1%
50
1%
550
%
11
150
1
1,450
%
Oct
Oct
Jan
Oct
6
7%
3%
36%
Ohio Confection A
Feb
Feb
Jan
Rollins Hos Mills—
...1
1
1
Sangamo Electric Co
*
Schwitzer-Cummlns cap..l
Sears Roebuck A Co com.*
27
27
Common
Serrlck
1
Corp cl B com
Slgnode Steel Strap—
27%
14%
150
23%
14
155
"69%
59%
63%
250
11%
59%
Oct
Nov
Oct
Nov
.....
7%
7%
8%
650
6%
Oct
2% July
8% cum pref
SM A Corp
U pson-Walton
98
Aug
14% Mar
30
So Bend Lathe Wks cap..5
South Colo Pow A com..25
•
Convertible preferred..*
Stockllne Fur com...
10
Swift International..... 15
Swift A Co
25
Sundstrand Mach Tool Co*
Standard Dredge com
25
2
Thompson (J R) com
Trane Co
(The) com
Utah Radio Products com
Util A Ind Corp com
Convertible pref
Viking Pump Co com
Wahl Co (The) com
•
5
7
*
*
*
Walgreen Co common
Wieboldt Stores Inc com...
25
•
14%
2%
3%
14
2
Woodall In dust com
16%
3%
4%
16%
14
60
25
Nov
950
12
Oct
60
2
Oct
2,650
2%
450
9%
6%
50
Oct
Oct
(Oct
Nov
Oct
Oct
Nov
Oct
Oct
Sept
Oct
Oct
Oct
35
Mar
7
6%
25%
13
15
~"ix
1%
17
18
"~ix
1%
20%
1%
21%
250
500
18
Oct
49%
13%
100
13
(Oct
26%
5
5%
250
2%
12%
Feb
2,550
4%
5%
Oct
Oct
Nov
2
300
4%
2%
%
2%
4%
4%
5
6
6
6%
2%
2
"18%
18%
22
150
750
4%
11%
1,000
1%
200
%
950
1%
30
16%
950
100
1,905
%
Aug
no
60
Nov
100
Aug
20
Oct
49%
Feb
100
8
Nov
22%
Feb
2
40
Nov
60
4%
2
Mar
Oct
39
39
39
60
39
Nov
50
May
Nov
18
Apr
7%
7%
7%
137
12%
5
40
Nov
340
5
Oct
14
Jan
200
9
Oct
27
Jan
495
4%
70
Sale
Par
Stocks—
Amer
20
Ldry'Mach
*
Amer Products
Amer Prod part
*
Price
18
1%
of Prices
Low
18
1%
*
3
3
80
pref..
Baldwin pref
80
7%
Churngold
Cin Gas & Elec pref... .100
50
Cin Street Ry
7%
95%
-.50
82%
82%
13
13
Cm Telephone
I
Cm Union
Stock Yard. .__*
5
For footnotes sec page 3328.
95%
5
High
20
21
2%
Nov
11%
Mar
4
4
4
100
3
Nov
2%
2%
2%
100
2
Oct
12%
10%
Mar
8
8
74
6
Feb
11
30
12%
18%
37%
646
65
1%
3%
3%
20%
105
20
Oct
10%
10%
10%
37
10
Sept
4%
7%
76
4
Oct
70
6
Oct
3%
775
3%
4
7
3
Oct
14
6%
90
6
Oct
100
2
Oct
15%
5%
Feb
26
90
21
80
Telephone: Randolph 5530
24
5
Feb
Jan
Detroit Stock
Nov. 13 to Nov. 19,
Exchange
both inclusive, compiled from
Sale
Par
Stocks—
Price
%
City Brew com
*
Allen Electric-
Baldwin Rubber com... -1
8
*
21%
*
18%
com—12%c
2%
Nov
Oct
High
%
1%
8
Range Since Jan. 1, 1937
Week
of Prices
Low
for
Shares
%
Oct
1%
675
1%
Oct
8%
1,186
5%
Oct
25%
960
21%
Nov
19
957
16
Oct
3
1,335
2
Oct
18%
57
57
70
16
16
17%
900
Goebel Brewing com
.1
3
3
3%
Apr
Graham-Paige com
.1
1%
1%
2%
4,395
6,479
8
Feb
800
Julv
Grand Valley Brew com. .1
.1
General Finance com
»H
93
4
4
4%
1,445
3
3
3%
800
Burry Biscuit
*
36%
2%
Chrysler Corp com
Feb
*
Jan
Hall Lamp com..
Jan
Hoover Ball A Bear com. 10
Jan
Hosklns Mfg com
179
94
Oct
6%
422
5
Oct
83 a
235
79
Oct
100
Jan
Houdaille-Hershey
13*
50
12%
Oct
22
Jan
Hudson Motor Car com. _*
13%
108
10%
»H
_»
B— _*
High
Low
4,187
%
.5
Brlggs Mfg com
Burroughs Add Mach-.-
7%
96%
5%
official sales list
Sales
Week's Range
21%
18%
2%
18%
High
8
Jan
DETROIT
Buhl Building
Auto
80
Jan
July
Jan
Feb
Aug
5
Feb
New York Curb Associate
Chicago Stock Exchange
Detroit Stock Exchange
July
Apr
43%
34
Jan
Apr
Mar
Members
Bower
20
17%
Apr
Aug
Watling, Lerchen & Hayes
Oct
July
t May
10%
13%
2%
20
Feb
Mar
19
6%
20
Nov
1%
67%
9%
64%
2%
3
6%
2%
Last
10
34
Oct
2%
20
3%
Friday
fOct
Oct
Nov
20
Feb
Nov
16%
Oct
10%
17%
30
Feb
10% May
20% Mar
38
Mar
70
Feb
391
15%
2%
Low
60
3%
Mar
Week
Shares
Oct
30
90
Oct
8% June
68% Mar
Nov
2%
New York Stock Exchange
Range Since Jan. 1, 1937
for
Mar
237
6
12%
5
3%
Mar
Sales
Week's Range
73%
41
5%
12%
4%
5%
Consoidated Paper com.10
Last
7%
Jan
30%
40
41
Mar
both inclusive, compiled from official sales lists
Friday
Jan
28
Mar
Cincinnati Stock Exchange
Nov. 13 to Nov. 19,
Mar
56
25
12
12%
50
18
18
2
*
Weinberger Drug Inc
Mar
......
13
22%
15%
12%
Jan
Oct
Jan
17%
30
*
*
Van Dorn iron Works
Vlchek Tool
Feb
13
20%
1%
950
Oct
14
30
> Jan
May
6%
1,000
31
2,315
5% fJan
20%
15%
33%
28%
28%
15%
26%
22%
17%
12%
4%
18
58%
Mar
27% Mar
6%
Yates-Amer Mach cap...5
Zenith Radio Corp com..*
25
14%
2%
3%
22%
17%
12%
4%
13%
1%
Williams OlJ-OMatlc com *
Wisconsin Bank shs com.*
25
Mar
40
18%
Warren Refining.
Preferred
8
101%
63%
17%
11
1
1
...1
Troxel Mfg.
Feb
Feb
40%
Oct
40
30
*
100
Seiberllng Rubber
Apr
21
Oct
40
*
Rlchman Bros
42
Oct
2%
40
8%
*
Patterson-Sargent..... .
28%
Nov
18
8
Jan
Metropolitan Pavg Brick.*
National Refining
25
National Tile
*
Packer Corp
Raytheon Mfg—
12%
Feb
July
Feb
10
Mar
PubUc Service of Nor 111—
6%
40
9%
16%
14
•
Prima Co com
40
37
40
1%
40
Oct
14
1
(The) com
19%
Oct
100
:
40
16
Oct
1
1%
73
35
16
5%
1
1%
1%
69
35
*
100
*
Commercial Bookbinding.*
Railway
175
5
566
69
Cleveland
Cliffs Corp vtc
96
250
2
110
4%
26
10%
15
4%
Pictorial Paper Pack com.6
Pines Wlnterford com
1
80
2%
250
250
40
100
6% pref
Penn El Switch conv A..10
14%
20%
Cleve Cliffs Iron pref
Feb
58
Oct
Oct
Jan
33%
6
11
2%
2%
Realty....*
Oct
50
1,900
15
15
Cleve Builders
*
Body.5
25
22%
City Ice A Fuel.
Jan
American Coach A
6%
5%
Jan
Feb
Akron Brass Mfg
11%
14
5
5%
6%
11%
6%
11%
13%
Feb
—
7% preferred
100
Peabody Coal Co B com. .6
Potter Co
200
200
25%
2%
7%
12%
12
Oct
1
1
2%
%
21%
2%
7
110
24
23
12
com..*
*
Northwest Eng Co com
125
2%
M
National Standard com..10
Natl Union Radio com
23%
125
5
Airway Elec Appl pref. .100
18%
100
1,431
18%
Nov
2%
3
15%
56%
35
7%
34%
132%
Feb
July
Feb
Jau
Jan
Mar
Aug
Mar
55
Oct
15%
2%
1%
Oct
22
Oct
8
Feb
Oct
4%
Feb
%
Feb
Jan
Oct
2%
4
Oct
5% June
2%
Oct
7
Jan
Feo
13
13
195
10
Oct
22
17%
17%
19%
697
17
Oct
22%
July
11
11
11%
220
9
Oct
27%
Feb
3,800
4
Oct
23
Feb
6%
6%
8
Financial
3326
lAlSt
Week's Range
Sale
of Prices
low
Price
Par
Hurd Lock & Mfg com...l
Kingston Product
Kresge (8 S) com
Range Since Jan. 1, 1937
for
Low
Shares
LOS
High
3*
Oct
13*
Feb
Oct
83*
Feb
173*
1,200
5,250
1,612
163*
Nov
293*
Jan
3*
550
3*
Oct
25*
15*
93*
25*
13*
Feb
5*
33*
17
.1
STOCKS
BANK
ANGELES
Jan
5*
23*
17
1C
1937
20,
Week
High
3*
1
corn..
Kinsel Drug com..
Nov.
Sales
Friday
Stocks (.Concluded)
Chronicle
2
23*
15*
23*
13*
23*
13*
250
23*
Oct
Masco Screw Prod com..l
June
ht
ht
3*
1,230
3,175
13*
1
Oct
500
3*
5*
300
75*
Oct
18
5*
1,100
5*
13*
Oct
Revel Miller
MEMBERS
LOS
650 SOUTH
ANGELES
SPRING STREET
Co.
&
EXCHANGE
STOCK
LOS ANGELES
Mar
Lakey Frdy & Mach com.l
McClanahan Oil com
1
McClanahan Refining com 1
Mich Steel Tube
10
.2,50
com.
Michigan Sugar com
*
Mid-West Abrasive com50c
•
w
-
V
10
10
»
5*
2,175
3,825
4
Oct
4,365
4
Oct
30
3,011
28
Oct
445*
Feb
193*
*
30
Oct
Friday
Last
Week's Range
Jar
Sale
of Prices
Low
High
Week
Stocks rConcluded)
Par
Parker Wolverine com
*
12
12
143*
550
105*
Oct
1
3
3
1,115
*
53*
300
23*
33*
Oct
Pfeiffer Brewing com
33*
55*
Invest com—1
23*
23*
2
549
23*
Nov
63*
5
23*
23*
3
2
Oct
33*
35*
35*
43*
235*
23*
Oct
95*
55*
370
33*
Oct
357
225*
Oct
35
33*
3,149
23*
Oct
103*
Jan
283*
Feb
United Corp (Del)
10
Feb
Price
Warner Bros Pictures Inc.5
Reo Motor com
Rickel
(WW)
-.2
com
,
4
River Raisin Paper com..*
10
Scotten-Dlllon com
4
233*
233*
1
3
3
Tim ken-Det A xle com... 10
12
12
Standard Tube B
com
14
Cities Service Co..
*
23*
23*
23*
100
Jan
Commonwealth <fc South..*
2
2
23*
200
Feb
New York Central RR
*
183*
183*
193*
200
Feb
North American Aviation. 1
63*
63*
73*
500
Jan
65*
Mar
Nov
2
Oct
13*
13*
23*
2,683
IK
Oct
8
6
7
300
13
350
Oct
11
Corp of America. ._*
2
2
19
19
*
23*
23*
23*
203*
23*
1
5*
5*
5*
3
3
Wolverine Brew com... ..1
3
5*
2
100
740
6
19
100
2
855
83*
Oct
125*
Jan
5
5
100
43*
Oct
10
Apr
9
200
83*
Nov
16
Jan
35*
35*
100
3
Oct
7
85*
800
53*
Oct
83*
173*
Feb
Jan
Oct
July
Nov
Members
Feb
75*
lsie
Philadelphia Stock Exchange
Feb
18
York Stock Exchange
New
Feb
PHILADELPHIA
NEW YORK
30 Broad Street
.
Philadelphia Stock Exchange
Nov.
13 to
Nov.
19, both inclusive, compiled from official sales lists
Sales
Friday
Stocks—
San Francisco Stock Exchange
Los Angeles
Teletype L.A. 290
Par
American Stores
100
Hale
Par
Price
Week's
Range
Low
High
Shares
Low
High
1
2
2
2
100
2
Nov
53*
Jan
1
3H
35*
43*
400
23*
Oct
93*
45c
45c
47c
700
35c
Oct
90c
Jan
Apr
Berkey & Gay Furn Co___l
Bolsa-Chica Oil A com.. 10
1
1
13*
23*
200
62 3*c
Oct
33*
Jan
1.200
1.10
Jan
75*
Jan
7c
1,000
5c
Sept
16c
Feb
_
Co
2
Buckeye Union Oil pf v t c 1
Central Investment
100
2
7c
22
Chapman's Ice Cream Co..
7c
22
22
11
5
lh
13*
13*
58 5*
58 K
65 3*
85*
83*
93*
200
22
Nov
500
83*
Chrysler Corp
Claude Neon Elec Prods
Consolidated Oil Corp
Consolidated Steel Corp...
95*
93*
700
200
13*
Sept
Nov
6H
Oct
73*
2?*
Oct
r>K
v t
Dougals Aircraft Co
9
9
100
7
Oct
5
c__l
53*
9
Preferred
Creameries of Amer
5
5
200
4
Oct
53*
363*
363*
Emsco Derrick & Equip..5
8%
85*
9
Exeter Oil Co A
75c.
75c
85c
1
com.
Farmers & Merchs NatllOO
General Motors com
"255*
J
Horn & Hardart
Associated Gas & Elec A.
10
410
410
35 H
Gladding-McBean <& Co..*
9
Globe Grain & Milling..25
5
3*
363*
200
100
200
410
1,400
7
Oct
43
43*
135
123*
175*
17?*
243*
7
Feb
Nov
410
8
Oct
65*
200
5
Oct
353*
Nov
460
70
303*
113*
215*
300
163*
Oct
46
Mar
22 3*
2
500
18
Oct
Westmoreland Coal
100
2
Nov
273*
23*
Aug
2
Nov
10c
Kinner Air pi & Motor
6c
1
Knudsen Cream Co
18c
11
6c
3,000
24c
21,190
6c
18c
11
11
50
Lincoln Petroleum Co.. 10c
15c
Lockheed Aircraft Corp__l
Los Ang Industries Inc...2
7
7
8
23*
23*
2 3*
700
Los Angeles Investment. 10
4h
43*
Mascot Oil Co
1
60c
43*
60c 62 3* c
Menasco Mfg Co
1
1.34
Mills Alloy Inc A
*
1.10
15c
1.34
1.00
15c
5c
Oct
18c
16c June
72 3*c
M
*.
1,066
_
m
«
Oct
53*
5
Oct
145*
Jan
23*
195*
1095*
303*
Oct
55*
Apr
Oct
Mar
Nov
505*
1173*
355*
Oct
353*
4,029
2,723
72
31J*
205*
23*
23*
1,129
20
Oct
18
160
Feb
Feb
Apr
Apr
45*
Oct
163*
Feb
50
25*
Nov
95*
Feb
123*
1,338
53*
Oct
20
28
28
Oct
73*
135*
Feb
24
15*
25*
Oct
43*
75*
25*
3,784
2 5*
11
......
28
10
22?*
Oct
353*
Aug
262
5*
Sept
»i«
Mar
75*
Feb
5*
25*
5*
33*
33*
2,735
43*
33*
33*
2,868
31
29
34
103*
105*
12 3*
105
*
1
400
93*
33*
255*
303*
203*
Jan
83*
463
Jan
13*
Oct
15*
Oct
83*
Jan
Oct
465*
Jan
Jan
25
Oct
173*
327
85*
1003*
Oct
1143*
335
85*
Oct
11
Feb
1 $25,000
53*
Oct
co
Mar
6,348
1043* 1053*
9
J
83*
Bonds—
Jan
Jan
!
Jan
163*
Nov
Feb
.'11
Nov
Mar
5,500
10c
Oct
60c
800
1.34
83*
23*
203*
1143* 115
w
*
21
Jade Oil Co
Apr
—.«•
«.
*
20
Feb
Mar
115
«
50
2
413*
43*
*•
Salt Dome OH Corp
1
Tacony-Palrnyra Bridge..*
To no pah Mining
1
21
Nov
133*
243*
Reo Motor Car Co
20
*
125
Oct
4
Goodyear Tire & Rubber. *
Oct
Feb
Oct
15*
United Gas Improve com.*
Preferred
*
Hupmoblle
Jan
139
1003*
233*
Nov
6
Hancock Oil Co A com
Nov
Feb
5*
4
Jan
703*
43*
65*
Union Traction
445*
35*
50
United Corp com
Preferred
Oct
Feb
Nov
Mar
508
50
Jan
Jan
Feb
•
210
50
Feb
13
1345*
203*
205
Phlla Rapid Transit
Mar
Oct
13*
15*
7% pref
Philadelphia Traction
Mar
Oct
Oct
43*
Feb
Mar
32
Mar
1273*
145*
83*
U'mm
5
50
277
Jan
Mar
4
83*
25*
203*
50
*
23*
25*
595*
35*
215*
355*
Feb
45
63*
..25
25
714
3,175
1873*
Nov
1
Natl Power & Light
*
Pennroad Corp vtc.....l
Pennsylvania RR
Nov
May
192
1,104
265*
63*.
Feb
Mar
500
112
Mar
15*
500
404
Mar
42 3*
19 3*
103*
225
High
Nov
4
Phila Elec of Pa $5 pref... *
Oct
393*
233*
_
Phlla Elec Pow pref
Phila Insulated Wire
Oct
93*
_
•
Lehigh Coal & Navigation *
Lehigh Valley_
50
Mitten Bank Sec Corp. .25
Preferred......
^
m
(Phil)com*
(NY)com*
Feb
50C
Sept
10
Feb
Mar
7
32%
355*
5
43*
*
com
Horn & Hardart
Barnhart-Morrow Consul. 1
Bandini Petroleum
5
General Motors...
1,023
93*
1453*
173*
1153* 117
5
65*
43*
53*
613*
703*
63*
63*
255* 263*
355*
405*
1003* 1053*
233* 233*
1165*
Elec Storage Battery ...100
Low
2,128
1453* 1535*
20
173*
5
Curtis Pub Co
Range Since Jan. 1, 1937
far
Week
of Prices
Range Since Jan. 1, 1937
Shares
12 3*
95*
20
*
Chrysler Corp
Sales
Last
Budd Wheel Co
Week
95*
1453*
Bell Tel Co of Pa pref.. 100
Budd (E G) Mfg Co
*
Angeles Stock Exchange
for
of Prices
Low
High
Price
*
American Tel & Tel
Week's Range
Sale
Chicago Board of Trade
Exchange
Jan
& Townsend
Feb
15*
3*
6
DeHaven
Mar
75*
Oct
23*
200
235
29
Oct
5*
19, both inclusive, compiled from official sales lists
Stocks-
5
Jan
Jan
Established 1874
Mar
Nov
Bankers Securities pref. .50
Los
Oct
35*
Jan
Mar
83*
Last
New York Stock Exchange
Nov.
Oct
7
*
MEMBERS
13 to
16
July
Fph
Oct
15*
376
ow
Wm. Cavalier & Co.
Nov.
53*
43*
543*
173*
Feb
Oct
43*
800
K
6
523 W. 6th St.
Oct
Oct
5
65*
1513 Walnut Street
Lot Angelet Stock
13*
200
8
65*
973*
483*
83*
35*
Radio-Kelt h-Orpheum ...*
*
Standard Brands Inc
Feb
*
Wayne Screw Prod com..4
Radio
High
Nov
13*
100
Jan
53*
55*
53*
35*
Oct
53*
55*
*
Wolverine Tube com
Feb
13
12
*
B
48 3*
6
—
Warner Aircraft com
483*
625
Union Investment com...*
-
483*
2,690
United Shirt Dlst com-.A
Walker & Co A
490
*
43*
3 3*
B
1,135
Low
Aug
53*
Oct
Range Since Jan. 1, 1937
Shares
Caterpillar Tractor Co
35*
Tivoli Brewing com._.___1
Tom Moore Dlst com.
1
Universal Cooler A
3*
Sales
Jan
Feb
Feb
Peninsular Metal com
Prudential
ANA
Aug
6
5
.
SANTA
Feb
15*
13*
6
5
com
•
Teletype: IA 477
FRANCISCO
SAN
Jan
25*
73*
53*
323*
13*
10
Parke-Davis
Telephone: VAndike 2201
Jan
15*
43*
205*
123*
-
Packard Motor Car com. _*
Murray Corp com
Oct
Feb
53*
15*
43*
Oct
163*
Feb
63*
Feb
600
Oct
10
700
50c
Oct
1.45
Mar
300
90c
Oct
4.75
El <ft Peoples tr ctfs 4s. 1945
6
'
7
Jan
Oct
H. S.
EDWARDS & CO.
Feb
1.10
400
60c
Oct
2.25
Mar
Merchants Petroleum Co..
30c
30c
30c
700
30c
Nov
80c
9
9
9
100
63*
Oct
12 3*
Jan
14c
14c
17c
4,300
13c
July
45c
Feb
Occidental Petroleum
,1
30c
30c
31c
1,400
25c
Oct
BANK
UNION
Mar
National Funding Corp. 10
Nordon Corp Ltd
5
Pittsburgh Stock Exchange
New York Curb Exchange (Associate)
Members
80c
Feb
..1
1.15
1.15
1.20
1,400
70c
Jan
2.00
Mar
Olinda Land Co.____.___l
24c
24c
25c
2,000
16c
Sept
40c
50c
50c
55c
400
50c
Nov
BLDG.,
PITTSBURGH, PA
Oourt-6800
120
A
T
BROADWAY,
&T
Tel
Pitb-391
NEW YORK
Mar
Pacific Distillers Inc
Tel.
13* May
Oceanic
Pacific
Oil
Co
Finance
1
10
com
Pac G & E 5 H % 1st pf__25
Pacific Indemnity Co.-.10
Pacific Lighting 6%
pref..*
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
143*
255*
143*
15
200
123*
Oct
32
255*
253*
Oct
283*
Jan
20
255*
205*
200
20
700
15
Oct
35
Feb
102
102
40
102
Nov
107
Mar
Friday
133*
873*c
Feb
Last
Week's Range
Mar
Sale
of Prices
102
Jan
Pittsburgh Stock Exchange
Nov. 13 to Nov.
19, both inclusive, compiled from official sales lists
Republic Petroleum com.l
434
43*
55*
1,900
23*
Oct
Rice Ranch Oil Co
1
18c
18c
18c
500
18c
Richfield Oil
July
*
43*
43*
4,400
43*
Oct
105* May
15*
15*
55*
15*
400
1.25
Oct
3.75
Ryan Aeronautical Co___l
July
I J*
13*
15*
700
1.35
Oct
3 .25
Feb
Samson
Allegheny Steel
2%
25*
2 3*
23*
Nov
65*
Feb
Arkansas Nat Gas
Feb
Armstrong Cork Co
*
Aug
Blaw-Rnox Co
*
Mar
Sales
com.
Warrants
Corp 6% pref.._10
Security Co units ben int..
30
30
Sierra Trading Corp...25c
Signal Oil & Gas Co A
Sontag Drug Stores
*
6c
24
Original pref
24
9 3*
*
So Calif Edison Co Ltd..25
22
300
30 3*
70
6c
2,000
6c
24
93*
100
93*
200
213*
20
1.200
29
Oct
56
Nov
14 3*
Jan
Byers (A M) com
Carnegie Metals
Oct
323*
Jan
Clark (D L) Candy Co..
Oct
41
Feb
Columbia Gas & Elec Co
Oct
29J*
283*
Jan
Copperweld Steel.
Oct
19
.48
35
36
337
263*
263*
200
5 3*% pref C
25
So Calif Gas 6% pref A..25
Southern Pacific Co
100
24
24
24»*
1,000
17 H
283*
175*
283*
203*
2,300
Standard Oil Co of Calif.
30
30
303*
400
32
32
33
300
14 H
145*
143*
100
11
115*
2,000
143*
93*
Nov
II
Oct
163*
173*
Oct
283*
Feb
Oct
183*
July
133*
Apr
Superior Oil Co
25
Taylor Milling Corp.
*
Transam erica Corp
Union Oil of Calif.
25
Universal Consol Oil
283*
10
Wellington Oil Co
195*
195*
100
213*
1,900
7 3*
73*
83*
200
6
1
6
6
100
343*
253*
24
Nov
273*
173*
283*
293*
5
Mammoth
31
Aug
Fort Pitt Brewing
Oct
625*
493*
Mar
Harb-Walker Refrac
Oct
13*c
6,000
lc
Mar
4c
Sept
82 3*c
Cardinal Gold
Feb
1
24c
24c
24c
300
20c
Cons Chollar G & S Mng.l
33*
35*
35*
200
15*
Apr
5
5c
5c
5c
6,050
10c
Apr
12c
Mar
4,000
13*c
Jan
9c
Feb
Gold Ore Mining
1
Oct
4
8?*
95*
113*
475
45*
Oct
203*
Jan
195*
195*
20}*
77
195*
Nov
343*
Aug
10
-
10
12
41
July
»
«
.»
80c
*
180
90c
860
26
155
104
102
351
55*
5
Oct
Oct
60c
Oct
Mar
Feb
85*
1,826
53*
Oct
143*
Jan
13*
13*
200
1
Oct
990
35*
Oct
45*
12J*
Feb
6 3*
23*
2?*
1,750
15*
Oct
10
13*
13*
75
1
Oct
8
23*
.
«
25
25
35
22 3*
Oct
5c
6c
4,000
5c
June
25c
Jan
2 5*
2?*
100
23*
Oct
83*
Feb
25
*
Preferred
24
24
Pittsburgh Oil & Gas
.5
2
Oct
Pittsburgh Plate Glass. 25
Pittsburgh Screw & Bolt. *
85
Pittsburgh Steel Foundry
*
10
.
50
2
23
Oct
100
13*
Feb
5?*
55
81?*
Oct
1473*
Feb
45*
Oct
193*
Mar
100
5
Oct
30
1
32c
32c
100
30c
Oct
48c
Jan
Renner Co
1
5c
5c
13*
13*
5c
13*
900
1
3,000
5c
Oct
15c
Jan
San Toy Mining Co
Shamrock Oil & Gas
1
2c
2c
2c
4,500
2c
23*
Oct
135*
200
Oct
293*
Feb
Standard Steel Spring
*
9
Oct
For 'ootnotes see
page
1
Feb
50
311
Zenda Gold
„
Jan
9 3*
2c
12
29
883*
85*
2c
12
May
*
2c
12
Jan
Mar
15*
25c
Pittsburgh Brewing Co..
32c
*
Jan
13*
585*
1113*
1
Amer Rad & Std Sanitary
Feb
63*
Feb
Unlisted—
Feb
Oct
Tom Reed Gold...
Imperial Development.25c
July
Oct
183*
100
'
*
50
80c
245*
8
43*% pref
Phoenix Oil com
Feb
Oct
*
39c June
Mar
90c
McKinney Mfg Co
Oct
295*
21?*
33*
Lone Star Gas Co
Oct
Oct
42
Mountain Fuel Sup Co.. 10
Natl Fireproofing Corp.. .5
12c
9 3*
559
Aug
5
522
5,319
Mar
1,000
Mar
145*
15*
Mar
17c
70 3*
43*
55
1 3*c
12 5*
Oct
115*
25 3*
17c
Oct
313*
13*
103
1 3*c
35
199
4
*
17c
Mar
43*
443*
105*
Koppers G & Coke pref 100
10c
43
13*
Feb
Penn Federal Corp com.
High
Oct
4
-
.1
com
Low
143*
33*
135*
*
100
75
45*
*
10
205*
Shares
403*
*
_
Range Since Jan. 1, 1937
for
Week
High
195*
.1
Follansbee Bros pref
Oct
Consol.10c
Calumet Gold
Mar
Oct
Mining—
Blk
Low
Corp. _*
83*
24
15c
Price
*
com
Jan
35
..25
Par
2c
26 3*
25
6% pref B
Stocks—
10
3
3
3 3*
2,450
10
10
115*
115
Mar
Jan
Oct
23*
Jan
4c
Jan
7?*
Jan
12
Mar
Oct
3323
9
Volume
Week's Range
Last
Sale
Par
of Prices
Low
High
Price
United States Glass Co__25
Vanadium Alloy Steel
Victor Brewing Co
234
1
Range Since Jan. 1,
for
100
2
40
Oct
Hunt Bros
Feb
634
Oct
100
45
Stocks (Concluded)
for
of Prices
Low
High
Week
Price
Par
10
com
65c
65c
1.25
Feb
Hutch
Westinghouse Air Brake. _*
2634
2834
759
18
Oct
5634
9634 10534
220
8934
Oct
16334
Feb
Jan
Langendorf Utd Bak B__*
Westinghouse El & Mfg.50
234
10
234
Oct
534
65c
Oct
60c
550
ST. LOUIS MARKETS
Enquiries Invited
_.*
ot
10
9
;_.*
Occidental Ins Co..
Paauhau
536%
preferred
Pacific Lighting Corp com *
6%
St. Louis Stock Exchange
Sales
Week's Range
Last
Sale
of Prices
High
Low'
Price
Par
33
10
30
35
21
13
20
Oct
25
22
150
22
Nov
37
Brew common
6
2
2
Nov
2
80
28
28
30
5
3
3
100
Columbia
Brew
com
2534
21
Pepper com.
Falstaff
Brew
21
~~8)4
...1
com
29
Griesedieck-W Brew com.*
Hamilton-Brown Shoe com *
Hussman Ligonier com...*
2434
Hyde Park Brew com... 10
98
Hydraulic Pr Brick pref 100
«ct
48
Nov
32
Nov
106
180
100
105
10
152
25
2434
Oct
436
Oct
24
14
Nov
23
8
Nov
2034
Oct
135
33
11
244
1034
Nov
21
II
11
11
Oct
22
380
12
Oct
3234
Mar
Mo Portl Cement com..25
12
12
12
15
11
Oct
2634
8
8
Oct
13
Aug
*
Knapp Monarch com.
Lacl-Christy Clay Pr com. *
Laclede Steel com
20
Midw Piping A S'ply com.
Nat Bearing Metals com.
National
2534
75
26
25
734
Nov
25
Oct
634
Candy com....*
85c
Airpl com..5
Rice-Stix Dry Goods com. *
Scruggs-V-B Inc com
5
Scullin Steel pref
:__ *
Nich Beazley
~
Inv
w—
L
7
140
5
85c
85c
200
50c
Sept
30
534
Nov
6
534
834
*
-
11
Nov
20
119
Oct
537
39
Nov
18)4
66
36
2264
56
.14
30
32
14
14
1466
15
15
11
11
6% pref. .25
—
..*
2
Oct
5
Oct
100
100
35
100
Nov
102
120
11734 June
128
340
19
Oct
25
25
$1,000
25
Nov
33
Mar
Mar
tScullin Steel 6s. —1941
6134
6134
3,000
6134
Nov
102
Oct
2066
1934
2736
Oct
Nov
300
Oct
734
3634
4866
6966
30)6
1866
Nov
61)4
Mar
260
%
66
Oct
236
Aug
620
28
11
Oct
178
5,816
1336
9%
1736
Oct
1,945
526
23
23
4,000
23
Nov
200
810
345
San Francisco
Oakland
32
Oct
64
3
171
3
Nov
133
San Francisco
BROAD STREET
(Hanover 2-9050)
Members: NewYork Stock
Jan
3436
Montgomery Street,
Exchange: San Francisco Stock Exchange;
& Co.
19, both inclusive,
Tacomo
Stockton
New York
Portland
jpresno
Beverly Hill*
Francisco Stock
Honolulu Los Angeles
Ppsadena Long Beodi
Price
Exchange
Range
of Prices
High
Low
Range Since Jan. 1, 1937
for
Week
Shares
17
Anglo Cal Nat Bk of S F_20
Assoc lasur Fund Inc —10
3A
Eng..r.5
m
80
185 hi
m
18534
6
6
.—5
- *
20c
20c
20c
500
10c
Jan
50c
Feb
2.00
2.95
2,800
45c
-Jan
3.10
Nov
10c
10c
15c
4,000
6c
Jan
50c
Feb
Anglo American Mining—.
American Tel A Tel. —100
American Toll Bridge
1
50c
48c
60c
1,900
40c
Sept
85c
Aug
14534 15334
358
Oct
18634
Jan
71c
com——20
com..*
com-100
Calif Packing Corp com—*
Preferred
—50
Calif Water Service pref 100
Caterpillar Tractor com.. *
x_5
Corp—
10
Co
Clorox Chemical
Anglo Nat'l Corp
_
.
.
-
-
—
Doernbecher Mfg
Co—_*
Emporium Capwell com.. *
50
466 % cum pref w w
Co
20
Insur—25
Food Mach Corp com. -10
Foster A Kleiser com—266
Galland Merc Laundry.
*
General Motors com
10
General Paint Corp com.. *
Gladding McBean A Co—*
Golden State Co Ltd
*
Hale Bros Stores Inc.*
Hancock Oil Co.—
*
Hawaiian Pineapple new.*
Ewa Plantation
Fireman's Fund
—
—
Feb
214
July
Oct
10
Feb
Oct
3436
3236
2336
Mar
Mar
1934
Honolulu Oil Corp
Honolulu Plantation
10
*
20
For footnotes see page
100
1.80
Oct
11.50
3 ?4
5
334
Nov
m
5.-34
12
120
1134
534
1134
100
334
1174
Nov
1534
634
7,291
334
Oct
13M
Jan
2.50
25
1.50
Oct
7 34
Jan
1334
Oct
"1434
1434
Carson Hill
Gold
Oct
Nov
325
Oct
1236
Mar
Oct
14
14
136
4634
4834
Mar
Feb
Claude Neon Lights....
53
Aug
62
Curttss-Wright Corp
Feb
Electric
4
34
200
23
23
34
1534
2434
1,113
22
Oct
5066
6034
51
20
50
May
94
94
95
20
94
Nov
50
50
438
50
Nov
6134
6834
494
6134
Nov
125
32
32
310
32
Oct
10
100
Oct
Jan
10636
9934
61)4
32
31
466
4
400
102)6 10234
11
Oct
31
31
4%
1034
295
31
Nov
5
1,050
4
Oct
7,229
1334
78
70
4
566
HH
2634
53-2
1134
30
30
210
434
2934
534
1234
625
120
650
8J4
6434
236
2234
534
934
Oct
Oct
Oct
Mar
Mar
56
Mar
10636
46
Apr
634 May
25
Apr
Apr
10836
1734
Mar
Oct
59
Oct
9
Sept
3034
934
520
27
Oct
275
73
7634
60
634
6934
Oct
73
Oct
96
30
30
30
27
Oct
Mar
2434
4734
19-34
5736
8 36
2A
30
34)6
8
8)6
4
m
234
3434
8
234
30
30
.
834
334
12
12
223^
2234
24 %
2434
80c
496
Oct
815
2
Oct
7
120
■
28
Nov
31
■
9534
1.45
Nov
2.00
Mar
36c
2,125
25c
Aug
50c
July
23e
1,300
10c
Oct
82c
5
62
5,200
40c
Jan
1.90
Mar
...1
1.70
2,200
40c
Jan
1.90
Mar
3934
3934
234
50
3914
134
Nov
1,811
134
300
70c
Jan
10
175
375
934
23 4
634
Nov
334
1234
Preferred.....
....
2
Cities Service
134
.1
174
1
Bond & Share...4
334
334
934
734
934
10
....
General Metals.....
Gt West Elec
734
770
1,295
8
7
50
6334
110
70c
75c
600
7
7
5
5
'4
1,160
3.60
60c
60c
400
45c
574
61
61
Chem com—
70c
Holly Development ....X
Honokaa Sugar Co
20
2
Maryland Mining. 1
Internat'l Cinema
—.1
Idaho
50c
7
28
Oct
5674 May
Oct
574
334 Mar
1736 Apr
Apr
834
Jan
2834
Oct
1074
Oct
79
Oct
Oct
Oct
1.60
Mar
1734
734
Mar
Oct
1.85
Mar
Oct
1534
Feb
Apr
Mar
Feb
7
Oct
1836
734
1
40c
36c
48c
2,598
30c
Oct
1.25
Mar
2.15
2.15
2.50
1,300
1.45
Oct
734
Mar
23c
19c
24c
4,535
10c June
72c
15c
15c
1,000
10c
Consol—..1
31c
Preferred.
634
i
Kinner Air A Motor
Kleiber Motors
634
8
Oct
50c
Mar
Mar
Feb
974
974
100
934
Sept
1534
29c
32c
7,750
24c
Oct
63c
Schwabacher 8a. Co.
Feb
1.10
36
36
18
18
27)6
2734
1934
2834
2,240
830
100
236
Oct
3134
834
9
Oct
22
Oct
27 %
Aug
Oct
Members
Feb
1934
A pr
New
York Sleek Exchange
111 Broadway, New
York
Cortlaodt 7-4150
3634
Sept
Nov
1.40
Nov
Private wire to own
10
35
Oct
4434
Mar
Santa
756
16
Oct
31
Aug
10
27
Oct
3234
Mar
1,467
14,835
24
80c
Barbara
—
Feb
Oct
Jan
1,595
Jan
J
1
.10
Internat'l Tel & Tel
Itaio Petroleum.
Mar
640
July
Oct
NOV;
545
M J A M A M
2,136
Feb
1.75
1.65
McKesson A Robblns
834
1034
434'
1234
22'4
2534
Mar
Nov
210
Mar
7034
Aug
1.50
Jan
Oct
Oct
1.65
Mar
40
323-4
Nov
1.65
—
Mar
39.34
36
3328.
400
13
20c
Chesapeake & Ohio RR—
2
1834
Oct
35c
——
Central Eureka—
Mar
Jan
Feb
Mar
1.65
Cardinal
2
2
13
Oct
Gold—.......1
1
2
2
8
1.45
Consolidated Oil.
Apr
3)6
%
Mar
160
16
62
62
1.45
3
— -
M Ins Co
3.60
2.50
C'o I
20
80c
Rights
Home F A
25
Oct-
20
70
-
Oct
185
130
2666
*
4
10
775
13
F"eb
1134
57-4
—
...1
Boisa Chiea Oil A
10
Bunker Hill-Sullivan— -10
Calif Ore Pow '27—100
381
—10
-100
-
580
6
296
Feb
2734
334
934
534
Bancamerica-Blair
2034
10 %
preferred
Mar
186
43-6
97c
Oct
..5
—
2234
.5
-—*
Crown Zeiier Corp com.
S3
2
Oct
1234
....5
20
10 2 A
Preferred
Oct
55c
255
60c
American & Foreign Pow__
Feb
3134
734
4,400
15
3.60
—
—
141
13
70c
13
Ark Nat'l Gas A.——.
1934
21K
1st pf 100
Cons Chem Indus A—.— *
Creameries of Arner Inc._ 1
Cst Cos G & E 6%
Di Giorgio Fruit com
Oct
50
Oalifornia-Engels Mining. 1
Calif Cotton Mills
Chrysler
317
334
934
1536
14534
....
1966
21%
20%
3%
H
preferred—.—--20
Cement
300
17 A
17
3)4
Bank of California N A..
Calaveras
1937
High
Low
Shares
2.00
Atlas Corp com
High
Low
High
Low
5
—-25
.—
Alaska Treadwell.
Argonaut Mining
Sales
Week's
Price
AlaskaUnited Gold——.5
Alaska Mexican,
-
compiled from official sales list
Par
Stocks—
Baltimore A Ohio...
7%
Range Since Jan. 1,
for
Fate
Calaraba Sugar
Sales
Friday
(AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
Par
Byron Jackson Co
Exchange
compiled from official sales lists
Week
19, both inclusive,
—
(Assoc.)
Teletype S. F. 138
Francisco Curb
San
Nov. 13 to Nov.
Private Leased Wires
San Fran¬
ofTrade; NewYork Curb Exchange
Exchange; Chicago Board
of Prices
Last
Bishop Oil Co;——
Jan
466 June
NEW YORK OFFICE: 25
Week's Range
Friday
Atlas Imp Diesel
Mar
STRASSBURGER & CO.
|
Stocks-
Feb
4036
30
Sale
Seattle
San
350
Oct
37
Last
Sacramento
13 to Nov.
Oct
Nov
16
3
Feb
4934
i
Nov.
Oct
Oct
275
Exchange, San FranciscoStock Excltange, Chicago Board ofTrade
Members: NewYork Stock
New York Curb Exchange
Oct
Sept
15
3
Aug
Jan
1,334
275
Direct Private Wire
BONDS
Oct
466
336
1066
6
Yosemite Portl Cem pref 10
cisco Curb
Dean Witter
17
Feb
July
49)6 Feb
2166 June
Feb
2136
1666 Aug
28)4 Feb
2934 Nov
1836 Mar
9)4 July
1836 July
Oct
911
Apr
1
Oct
3,239
35
May
f United Ry 4s c-d's
MUNICIPAL AND CORPORATION
Oct
2,075
35
May
^*7 W
33
Oct
20 H
Bonds—
«
Oct
1
Oct
16
300
17.66
Mar
200
-
Oct
1736
Aug
27
w
4
15
12
nA
275
Jan
Jan
390
Steel
10
Yel Checker Cab Co A-50
Mar
121
tCity A Sub P S 5s..—1934
Jan
1,390
21)4
24)4
766
5
275
T.100
Feb
564
1834
89)4
1,610
29
7
7
5
87
534
1736
136
1956
1136
Jan
15266
14
22
5
Jan
Jan
1334 Feb
1966 June
1034 May
408
5)4
15
1936
Jan
24
Nov
12
22
Jan
8)6
Oct
5266
2H
9)6
60
Jan
107
Oct
5
324
5,686
Pacific Co.-.IOO
*
Oct
134
290
55
Oct
Jan
Apr
7
110
2334
12034
2334
Wagner Electric com.—15
120)4 12266
3934
3934
2
134
5)4
566
.
Mar
1336
1934
2934
70
13
834
2,214
28
Western Pipe A
•Mar
2
Oct
1934
2836
Wells Fargo Bk A U
Mar
1334
2
1934
2834
1836
36
36
3034
Preferred.
Mar
70
5,008
10166 103
5
666
18
1964
1,300
Union Sugar Co com
Aug
11
834
11
pref.
100
Southw Bell Tel pref..100
Securities
200
834
Oct
24
Mar
*
*
-
98
——25
Universal Consol Oil....10
Victor Equipment com—.1
Mar
1534
1134
1634
60
1534
•%»
„
180
Union Oil Co of Calif...25
Jan
3534
Shoe com..*
3236
2966
5336
Jan
589
2766
2566
3566
Oct
704
39
24
Standard Oil Co of Calif..*
July
3434
1034
International
2,394
2534
38
24
B
Feb
Nov
29
2536
132
Southern
Aug
1536
4934
Feb
3
2866
17
1
So Pac Golden Gate A.
Feb
26
1734
Jan
17
Feb
6
38
17
Sou Calif Gas
Apr
Nov
134
50
4
Feb
Apr
Mar
1134
4034
Oct
466
1264
434
15.66
D6
Schlesinger Co (B F) com. *
Shell Union Oil com.
*
Feb
98
23
55
Richfield Oil Corp com...*
Roos Bros com
1
Mar
21
134
1436
3
6
11
29
2434
Oct
15
175
834
8
8
5
Huttig SAD com
21
834
2734
134
14
—
270
2634
98
._*
Ely A Walker D G com..25
2d preferred..._____ 100
Dr
Oct
2434
234
1934
Feb
3,101
Transamerlca Corp
Apr
534
3934 May
2
Coca-Cola Bottling com__l
2236
1866
666
436
1234
434
1534
136
1
Rheem Mfg Co com..
Jan
Oct
2664
Super Mold Corp of Calif 10
Tide Water Ass'd Oil com 10
Jan
Oct
18
240
Souhdview Pulp Co com..5
Aug
22
22
Oct
Jan
1266 May
Oct
Oct
220
55
100
Petroleum
Mar
32
1034
Signal Oil A Gas Co A...*
Aug
21
1
*
6%
Republic
'
._*
Mfg common
*
com
20
Mar
16)6
Oct
1066
6 66
560
96
Oct
13
12036
3934
134
536
Ry Equip A Realty com..*
High
Low
Cos
Plg'n Whistle pref
Week
Shares
33
33
.100
Paraffine
Range Since Jan. 1, 1937
for
Nov
966
2066
466
934
10)4
636
25)4
18
Pacific Tel A Tel com..100
Friday
41
Mar
33
60
836
Feb
13)6
Nov
1,180
24
Oct
10
Oct
7
13
5
__._*
Preferred
Oct
Nov
10
8
1366
10134
*
com.*
preferred-
Pac Pub Ser (non-v)
Jan
38.66
1366 May
38
-
25
—25
6% 1st preferred
Feb
Nov
634
41
7
Jan
28
20
8
1236
2336
Jan
5
Oct
634
620
Jan
Oct
8
600
3,840
864
966
Feb
1034
636
2536
2834
2536
..*
Pacific Gas A Eiec com..25
Telephone Central 3350
50
Oct
Oct
13
Pacific Amer Fisheries.—5
Pacific Can Co
1,138
1136
966
41
7
.15
Suear
105
1,343
16
8
Filters B._*
434
36
36
1136
1166
205
66
134
Oct
5
2,240
5
1236
2334
10
Trade
Louis, Mo.
Feb
41
100
10
Chicago Stock Exchange
315 North Fourth St., St.
Feb
4666
1666
766
236
1334
1136
966
634
736
1134
936
634
Oliver United
Board
42
Oct
l
15
534% preferred
Chicago
Oct
36
36
l
.100
North Amer Oil Cons
New York Curb (Associate)
Oct
14
7
North Amer Inv com.. 100
St. Louis Stock Exchange
1)6
3466
615
5
Natomas Co
Securities
100
840
1834
834
7
236
Jan
4%
2
36
18
18
Nat Automo ti ve Fibres new *
New York Stock Exchange
Central
Mar
5
MEMBERS
Inv com.
Feb
25
1
all
on
Southern
Mid-Western and
S Aloe Co pref—.—
8
Oct
2
Market St Ry pr pref.
Meier A Frank Co
1874
Established
Business
Burkart
Oct
14
3536
3534
Marchant Cal Mach com_5
I. M. SIMON & CO.
American
2
40
1
B
A
520
LeTourneau (R G) Inc
Mar
Magnavox Co Ltd.
Stocks—
134
334
1666
Lyons-Magnus Inc A—*
234
*
Feb
436
Nov
1634
2
10
136
300
Lockheed Aircraft
Unlisted—
Pennroad Corp vtc
*
Sugar Plant
Leslie Salt Co
High
Low
Shares
134
334
134
334
1636
10
Preferred
Sept
56
Week's Range
Sale
High
Low
Shares
Range Since Jan. 1, 1937
Last
1937
Week
234
45
*
Sales
Friday
Sales
Friday
Stocks (Concluded)
3327
Chronicle
Financial
145
offices In San Francisco — Los Angeles —
Del Monte — Hollywood — Beverly Hills
3328
Financial
Last
Par
Week's
Sale
Stock* (Concluded)
of Prices
Low
High
Price
Mountain City Copper. _5c
z Occidental Petroelum___l
Range Since Jan. 1, 1937
for
Week
Shares
Low
810
Toronto Stock
High
Nov. 13 to Nov. 19, both
53*
30c
53*
AH
Oct
17 H
Mar
30c
30c
100
25c
Oct
82c
Feb
63*
OH
200
6
Oct
Feb
1.30
1.30
1.45
548
90c
Oct
18 H
4.15
50c
50c
51c
1,200
40c
Oct
Pacific Distillery
Pac Portland Cem pref.100
Packard Motors
50
50
8
745
14
140
20
25
27
im
133*
46
310
27
Schumacher Wall Brd pref.
Shasta Water Co com
15
5H
53*
73*
133*
Radio Corp of Amer
Sou Callf-Edlson
Range
6%
Pacific Clay Products
Pac Coast Aggregates..10
z
Nov. 20,
1937
Sales
Friday
I
Chronicle
July
AH
5H
Oct
Oct
12 H
12 H
13
Oct
27
25
Oct
41X
32 H
Jan
19
Friday
Feb
Jan
Mar
110
Oct
Oct
Oct
Mar
2 6H
23 H
25 H
28 H
~26H
203*
243*
263*
1,019
25
25
29 H
Stearman-Hammond 1.25
60c
57c
64c
3,935
50c
Oct
2.70
Mar
z
Texas Consol Oil
Par
Stocks—
Blssell pref
Brett Trethewey
Week's Range
for
Sale
of Prices
Low
High
Week
Price
100
1
60
60
9c
185
34
40
94,700
5c
*
8
8
Canada
♦
*
34
Canada Vinegars
Canadian Marconi
Low
45
8X
34H
8c
Canada Bud
Malting
Range Since Jan. 1.1937
Shaies
;
High
3c
21c
Feb
Oct
Oct
303*
103*
383*
Feb
21
Feb
17
17
16
Oct
Tio
1.10
1.40
3,070
1.00
Oct
195*
155
193*
Oct
5c
100
July
Oct
7
85
70
Sept
Apr
Jan
z
Sales
Last
Jan
1.80 May
60
Feb
Exchange—Curb Section
inclusive, compiled from official sales lists
5
3*% preferred
6% preferred
24 H
1
1.10
36
4
1
U S Steel com....
1.30
100
Utah-Idaho Sugar
Vlca Co com
H
75c
Oct
36
Nov
225
3
Oct
1.35
2,300
95c
Oct
120
Nov
126 H
51
80
Mar
Jan
8H
Feb
Mar
1.34
1.34
2.00
270
1.50
Oct
3.00
Aug
3.50
25
No par value,
2.00
3.50
1,055
1.00
Oct
3.50
Nov
Cash sale,
A. M. Castle & Co. split Its common stock on
1937.
b Ex-stock dividend,
d Stock split up on a
c
a
two-for-one basis on March 9,
two-for-one basis,
g Stock dividend of 100% paid Sept. 1,1936.
r Cash sale—Not
Included In range for year,
x Ex-dlvldend.
y Ex-rlghts,
2 Listed,
fin default.
% Company In bankruptcy, receivership
or reorganization.
1
Canadian Wlrebound.
Central Manitoba
1
4J*c
8,600
4c
Sept
31c
Coast Copper
5
2.50
2.50
2.50
300
1.95
Oct
10.00
1
lc
lc
1,200
lc
Oct
33*c
Consolidated Press
8X
345
123*
Feb
22
Consolidated Paper
7
8X
8y
.
.♦
*
Corrugated Box pref...100
Dalhousle Oil
DeHavllland
*
27
02 William
7
19
1
6
6
7
7s.
8
8
5
Hansa 88 6s stamped. 1939
6s unstamped
1939
24
Housing A Real Imp 7s '46
23
/21
/21
24
/16
/21
25
Hungarian Ital Bk 7Ms '32
23
5
lHc
Ask
Hungarian Cent Mut 7s '37
/143*
1936
/21
f8
/43*
fAH
/43*
50
AX
43*
Nov 1932 to May 1935
Nov 1935 to May 1937
7
f5
/21
24
1
51
154
Koholyt 63*8
1943
Land M Bk Warsaw 8s '41
/66
Leipzig O'land Pr 63*8 '46
Leipzig Trade Fair 7s. 1953
5
/23
0
/193*
...
Hungarian Bank
73*s
OH*
...1948
/21
f65
0 fill
-
3
/9
f5
*
3
7
83*
Recklinghausen 7S..1947
8
/73*
SA
---
/22
f05
68
Bank
rat
3
/22
133*
(A A B)
63*8.1946-1947
63*8.1948-1949
Hungary 7 3*s
1962
rational Hungarian A Ind
Mtge 7s
...1948
/56
.1947
60
1
/22
/22
/22
26
9
7s
to.
.1945
26
26
/63*
3
73*
/21
5
/21
/21
5
13*c
I5*c
*»*■»
/21
/21
/21
/28
8
5
/21
/28
/21
/21
many) 7s
,57
/21
/30
/34
/II
1946
100
4
/993*
/993*
/993*
7
6s.
0
5
German
Building
.1941
.1941
/18
/ll
/22
6s.
...
...
...
7s ctfs of deposlt.1957
•
•
-
4s scrip
gg___
25
/20
/20
133
/20
/30
/263*
fl2
1948
8s ctfs of deposit-1948
/20
23
8%.
/313*
323*
Scrip.
8
/9 5
40
38
July to Dec 1933..
July to Dec 1934..
Jan to June 1935..
July to Dec 1935..
Jan to June 1936..
July to Dec 1936..
Jan to June 1937..
July to Oct 1937
German scrip
.
/40
...
...
/363*
/353*
-
-
Oct
6.65
Feb
Oct
16c
Feb
Oct
123*c
Jan
122
Feb
43*
60
203*
25*
203*
33*
240
21
23
100
109
*
4
*
♦
Temlskamlng Mines
Thayers preferred
2d series 5s
26
/24
26
fOH
German Dawes coupons:
1956
1956
93*
19
Oct 1932 to April 1935
Oct 1935 to April 1937
/II J*
flA
Certificates
12 3*
15
)
112
/21
/21
/20
/365
55 X
55 X
/42
48
4s
385*
40
1.25
45
1.25
1.25
Oct
30
100
1.20
Feb
93*
Mar
56
J
58o
Mar
25
June
Oct
Feb
623*
Sept
Jan
Feb
500
No par value.
3334.
Administered Fund2ndln c *
Fund Inc
Assoc. Stand Oil Shares.-2
Bankers Nat Invest Corp •
Basic Industry Shares.. 10
Boston
Fund
Bid
Ask
11.07
11.78
3.78
4.19
13*
Inc
153*
93*
14.18
9.81
22.32
24.41
14.96
16.36
Series B-3
Series K-l
15*. 17
15.32
7% gold ruble
10.04
10.99
14.92
16.29
Series S-4
4.99
Major Shares Corp
*
Maryland Fund Inc..-10c
Mass Investors Trust
Mutual Invest Fund
5.53
23*
5.63
6T7
1
18.33
19.45
.45
.60
10
10.22
11.17
21.54
23.04
Nation
Wide Securities 25c
3.06
3.16
123*
133*
Voting shares....;
National Investors Corp. 1
4.72
1
3.35
3.75
20.23
21.75
1
3.20
.1
3.42
73*'
New England Fund
1
N Y Bank Trust Shares.. 1
N Y Stocks Ino—
13
78
88
7H
13
7.67
7.79
8.30
8.43
2.02
Building supplies
6.39
6.92
2.02
2.45
Electrical equipment
Insurance stock
6.07
7.73
2.45
Machinery
6.99
7.57
Metals..
7.48
8.11
25
22
Common B shares...10
23
6.98
Oils
8.24
8.91
6.08
6.59
Steel
26
7.02
7.60
7% preferred
100 109
4.50
Cumulative Trust Shares. *
1.54
Deposited Bank Shs ser A1
2.70
Deposited Insur Shs A
1
2.49
Deposited Insur Shs ser B1
No Amer Bond Trust ctfs.
Pacific Southern Inv pref.*
Class A
3.50
No Amer Tr Shares 1953.*
Series 1955
1
Series 1956
3.35
5.55
25c
1.09
1.21
Eaton A Howard Manage¬
ment Fund series A-l
17.35
18.63
26.66
28.65
273*
16.77
303*
18.06
1
Series 1958
4.95
1
Class B
Plymouth Fund Inc
57
2.00
2.45
2.40
2.20
27
29
8
10
3*
10c
Quarterly Inc Shares._l0c
Representative TrustShslO
Republic Invest Fund.25c
Royalties Management.. 1
9.75
Selected
Amer
Shares-23*
8.67
2.55
2.84
3.07
3.45
Fixed Trust Shares A—10
8.47
.32
.65
9.32
3.79
.61
"".68
13.73
14.45
2.70
Standard Utilities Inc.50c
10
6.61
3.50
3.75
State Street Invest Corp.*
14.88
15.81
Super Corp of Am Tr Shs A
Fundamental Tr Shares A2
4.42
5.00
28.00
30.11
4.32
4.70
AA
1.94
2.84
1.94
C
5.32
D
5.32
Supervised Shares
Agricultural shares
Automobile shares
1.07
1.17
.79
.87
3
8.59
Trustee Stand Invest Shs—
Series C
1
2.19
1.12
1.22
1.08
1.18
Food shares
.73
.81
.78
.86
Trusteed Amer Bank Shs B
.88
.97
Trusteed Industry Shares.
1.02
1.12
U S El Lt A Pr Shares A—
Chemical
—
shares
.57
76
2.83
B
4.02
2.90
.53
73
BB
General Capital Corp
*
General Investors Trust.*
.37
.45
8.55
*
Sovereign Investors
Spencer Trask Fund
Foundation Trust Shs A.l
Fundamental Invest Inc.2
-*
.49
9~. 17
Standard Am Trust Shares
10c
Insurance stk series. 10c
B
13*
.41
Merchandise shares
57
53
*
Selected Income Shares...
Bank stock series
7.66
Railroad equipment....
8% preferred
100 115
Crura A Forster Insurance
Group Securities—
395
23*
Agriculture
Bank stock
1
B
15
1.33
12.19
2.10
Fiscal Fund Inc—
13 X
11.34
1
AA mod
Equit Inv Corp (Mass)-.5
Equity Corp $3 conv pref 1
Fidelity Fund Inc
•
27
1.17
...1
Accumulative series
Series
Series ACC mod
OH
Series D
1
9.34
2.15
Trustee Stand Oil Shs A.l
6.10
Series B
1
Guardian Inv Trust com.*
3*
3*
Huron Holding Corp
1
Institutional Securities Ltd
.42
.82
1.17
1.29
1.21
1.35
5.43
.62
.70
.87
.95
Investm't Banking Corps
Bancamerlca-Blalr Corp.l
Central Nat Corp cl A...*
Mining shares
Petroleum
1943
shares
.99
RR equipment shares
Steel
Tobaoco
7H
J87.29 91.93
24
B
1.78
.64
Bank
Group shares
Insurance Group Shares
Investors. _*
Insuranahares Corp (Del)l
.75
1.13
Un N Y Bank Trust C-3-*
23*
.92
shares
Incorporated
1.08
123*
1.03
shares
1.02
UnNYTrShsserF
*
1
Wellington Fund
1
X
Voting shares
class B
13*"
12.63
53*
30
2
10
11
Schoelkopf, Hutton <fc
Pomeroy Inc com
10c
13*
23
•
No
par
value,
e
Ex-coupon,
x
Ex-dlvldend.
v
133*
1.88
.87
.791
*
First Boston Corp
15.59
23
99
16.69
Series K-2
Series S-2
.69
43*
63*
33*
Ask
36
9.24
103*
3.24
Bid
32
1
.71
.62
Par
Investors Fund C
Keystone Cust Fd Inc B-2
173*
.64
43*
53*
23*
»
Invest Co. of Amer com. 10
f35
/21
96
Investing Companies
1946
f6H
f21
39
17
34
Oct
Nov
16c
55
Jan
83*
Oct
23*
10,600
24
100
♦
Dividend Shares..
113
3
Certificates
1936
107
J
page
24
173*
21
1946
4s
Great Britain <k Ireland-
see
5
f60
/42
/21
/57
/45
/47
tlnnes 7s unstamped-1936
7s unstamped
1
6s.
24
1073*
Oct
23* June
15
21c
*
D
Coupons—
tettln Pub Utll 7s___1946
/9
/18
German Young coupons:
1960-1'
15
65
63*
■
-
109
20c
20c
1
8,995
Investing shares
5s
...
/2 4
.
21
100
Building shares
...
-
-
Feb
2c
C
...
/31
-
.
.1951
...
/323*
-
63*s.
...
/34
.
/12
/.
/83
/r
/58
.
-
6c
Diversified Trustee Shares
13
/58
/55
99
.1947
e
Jan to June 1934..
Jan
Oct
1.25
Crura A Forster com....10
/50
6
Int ctfs of dep Jan 1
For footnotes
60
A
8
4s
100
S2A
/24
/18
103
6s.
12c
13*c
13*c
8eriea AA
fl9H
Bk Westphalia 6s *33
23
2
7
33*c
28,900
Consol Funds Corp cl A.l
23
23
3
French Nat Mall 88 6s
573*
6,000
Oct
Oct
3,000
4
183*
24,000
Commonwealth Invest
/21
rov
23
7
520
Apr
Jan
3c
Continental Shares pf.100
Corporate Trust Shares..1
/21
5s.
...
3
7b.
Jan
40
2c
Century Shares Trust...*
...
9
OH*.
35*
Feb
69c
Oct
Bullock Fund Ltd
/91
/90
70 '36
3
43*o
Oct
32
Canadian Inv Fund Ltd-.l
76
9
Nov
12c
17
British Type Invest A...1
Broad St Invest Co Ino..5
/21
/21
/....
9
5s.
23X
/983*
4s.
7
Costa Rica funding 5s.
63
24
Panama
City Savings $ank
3
lc
1,600
1.90
Amer Gen Equities Inc 25c
Am Insurance Stock Corp *
rat Central Savings Bk of
/II3*
/II3*
-
48,400
13c
1.56
Amer A Continental Corp.
/21
/24
83*
3
7s assented
\Xc
Jan
2Hc
I5*c
Amerex Holding Corp
*
Amer Business Shares-50c
12
(C&D)
Chilean Nitrate 5s...
Apr
3c
Affiliated
/213*
13 3*
-
55c
1.60
Par
23
60
Central German Power
Madgeburg 6s.
191 1
Chile Govt 6s assented...
Oct
1
/41
/20
/55
/22
/21
/21
58
/73*
7
7s_!
I43*c
Closing bid and asked quotations, Friday, Nov. 19
/21
195 3
Call (Colombia)
500
Feb
1
/58
/24
Brown Coal Ind Corp—
Buenos Aires scrip
17c
Oct
24
uneberg Power Light &
Water 7s
196 2
Oct
153*
Coupons—
45*
3
British
7
183*
413*
183*
Apr
240
....1
61
6s.
5
3,350
29
l%c
51
7
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5e. 1956
50
ollv
-
Oct
150
Feb
/24
1948
Brazil funding scrip
Aug
173*
Ilseder Steel 6s
0
43
30
1
*
12
6s.
Oct
50
*
/21
/21
10
9
24
18
*
United Fuel pref
Waterloo Mfg A
/79
/94
/20
/8
8
Apr
140
13c
Preferred
5
7s.
583*
18
100
Shawlnlgan W&P
8s.
7s.
22 3*
Oct
Hungarian Discount A Ex
change Bank 7s
7
Nov
lc
Stand Paving
Bid,
25
/21
/20
Feb
73*
Robb Montbray
Robt Simpson pref
Foreign Unlisted Dollar Bonds
8s
Mar
3.60
Ritchie Gold
Closing bid and asked quotations, Friday, Nov. 19
Antloquia
953*
Oct
24
17c
Oil Selections
Ask
Jan
35c
100
8
1
National Steel Car
Tel. HAnover 2-5422
Bid
89
2,788
223*
8X
8
Rogers Majestic
Anhalt 7s to
193* May
225
7
19
*
.......
BRAUNL
St., N. Y.
Jan
Oct
28
*
Pend Oreille.....
Feb
June
20
51c
27
Pawneo-Klrkland
WALTER E.
Mar
6
7X
*
Mandy
Mercury Mills pref
Jan
31
*
Hamilton Bridge
Hudson Bay M A S
Inter Metals A
50c
50^c
25
2,231
94
*
Dominion Bridge
Dom Found & Steel
90
*
Malroblc
Inactive Exchanges
Jan
195*
AXc
.
Klrkland Townslte
Foreign Stocks, Bonds and Coupons
33*
Cobalt Contact
Feb
2.90
613*
51
Jan
3.75
15
H
1.30
51
200
36
4
...
U S Petroleum..,
*
1.20
1.10
Title Guaranty pref
United Corp of Del
440
Ex-Stock dividend.
33*
13*
13.92
63*
35
5
123*
23*
52 WILLIAM STREET
BUILDING
ALDRED
toronto
CONNECT OFFICES
PR3VATE WIRES
Volume
ROYAL BANK BUILDING
york
new
montreal
3329
145
Canadian Markets
AND UNLISTED
LISTED
Sales
Friday
Provincial and
1 1942
Jan
1 1948
/56 J*
58
5s
Oct
Oct
11956
53 %
55
6s._
Sept 15 1943
5a
July 12 1949
43*s
Oct
4s
June
43*b
993* 1003*
95
963*
1 1953
1 1959
1 1962
May
5s
Prov of British Columbia—
Jan
1103* 1113*
1163* 1173*
15 1965
953*
June 15 1954
92
94
Montreal Tramways
5s
Dec
2 1959
93
95
43*s
1 1941
*
Prov of New Brunswick—
Prov of
Saskatchewan—
763*
106 3* 107J*
68..
June 15
1943
743*
Apr 15 1961
102 3* 1033*
53*8
43*3
Nov 15
Oct
1
1946
1951
72
75
743*
76
Province of Nova Scotia—
43*8
Mar
Canadian Pacific Ry—
Ask
Bid
Canadian
43*8
43*8
Ry—
86}* 87
debentures.
Sept 15 1942 /1063* 1073*
993* 1003*
Dec 15 1944
5s
July
6s
1 1946
Dec
1 1954
973*
1 1960
July
43*8
1023* 1033*
1033* 1043*
Ask
Bid
Canadian Northern Ry—
Canadian National Ry—
43*8
43*s
43*8
43*s
5s
July
53
Oct
5s
Feb
115
123M 123 J*
1143*
Grand Trunk Pacific
1133* 113 3*
1 1969
116
3s
1 1969
118
1 1970
118
Jan
4s
1163*
1183*
Jan
Ry—
1 1962
1 1962
1063* 108
95
953*
Sale
Par
Stocks—
Agnew-Surpass Shoe
Price
of Prices
High
Low
100
104
104
5
2
2
100
14
15
30
123*
103*
123*
123*
Alberta Pacific GralnpflOO
.*
Associated Breweries
12%
103*
Bathurst Power & Paper A*
Bawlf
Bell Telephone
161
160
160
Brazillian Tr Lt & Power.*
13
103*
143*
British Col Power Corp A. *
B
*
323*
32
33
Can Forgnlngs class A
"l9"
3
100
10
25
"l9~"
*
193*
*
25
*
25
Canadian Locomotive
Canadian Pacific Ry
Con Mln & Smelt new
Distill Corp Seagrams
*
d Preferred
Dominion Textile
1
19
1
Enamel & Heating Prod..*
Electrolux Corp
English Electric A
Foundation Co. of Can...*
*
*
Preferred
*
5
*
—100
Oct
15
Oct
253*
11
June
—25
il"
Oct
24
Jan
25
Aug
Preferred
33
Apr
173*
Imperial Oil Ltd
Imperial Tobacco of Can.5
Industrial Acceptance
*
*
Internat-Pet Co Ltd
Oct
153*
10
26
10
Sept
30
Jan
18
55
17
Oct
33
Feb
.100
100
143*
73*
33*
Oct
3
Oct
5
Oct
7
Oct
73*
Oct
4,826
45
Oct
2,065
103*
Oct
Oct
80
15
Oct
255
100
Nov
15
140
Mar
10,682
10
Oct
82
741
53*
Oct
83*
73*
233*
173*
223*
1003*
29
Jan
Jan
Jan
Mar
Mar
Mar
Mar
583* Mar
23j|
118
145
283*
Mar
Mar
Sept
183*
Mar
Apr
91
Aug
1
83
Nov
72
186
70
Oct
25
135
Oct
145
Feb
Oct
20
Apr
83*
1,013
53*
853* July
5.00
Jan
1.35
30
1.25
Oct
133*
33*
143*
33*
1,132
11
Oct
35
2
Oct
32
25
28
Nov
40
July
14
425
9
Oct
31
Apr
93*
693*
103*
83*
63*
73*
378
43*
Oct
14
Aug
Oct
753*
Aug
83*
73*
Jan
18
Mar
Oct
53*
Oct
Feb
Mar
Apr
12
9
69
93*
83*
63*
7
12
123*
15
15
1,461
"393*
30
183*
133*
183*
133*
26
183*
133*
26
393*
30
453*
303*
43*
5
Oct
17
Feb
25
Apr
153*
343*
Apr
103*
Oct
445
13
Oct
34
98
Oct
1,722
143*
Oct
2,238
123*
Oct
25
243*
393*
233*
Oct
4,677
8,634
2,335
Oct
Oct
170
4
Oct
80
163*
80
147
76
Nov
16
17
180
10
Oct
4
Mar
10
-
99
83*
Jan
180
17
99
55
24
153*
183*
183*
70
915
12
123*
170
Oct
25
June
1,784
1,349
43
Oct
98
Aug
140
116
6
116
"64"
*
57
*
23*
23*
50
100
100
100
100
Canada
Canadienne
583*
Montreal
Scotia
883*
Mar
Feb
159
Jan
Oct
Oct
7
Jan
60
Mar
Mar
113*
47
Sept
2
Oct
103*
Jan
Oct
10
Jan
60
June
1.85
135
Oct
55
43
583*
1613*
Aug
23
150
Jan
1583*
1963*
256
153
Nov
211
153
193
148
193
Nov
214
Feb
290
Nov
240
Mar
168
Nov
226
Feb
295
295
300
152
170
100
Mar
10
23*
23*
158
158
1963*
Oct
Jan
Feb
183*
963*
253
40
153
Oct
3
1
583*
Sept
25*
23*
23*
23*
Apr
49
795
40
100
Feb
30
1553*
15
43*
23*
Vlau Biscuit
333*
130
11X
4
United Steel Corp
Apr
Oct
Oct
53
100
57
150
Apr
Mar
173*
15
626
65
63
150
25
pref—100
Apr
1033*
1283*
70
123*
123*
168
175
533
Jan
HANSON BROS Canadian Government
Municipal
incorporated
PllbHC Utility 311(1
ESTABLISHED 1883
255 St. James St.,
56
Montreal
106
243*
153*
383*
733*
39»*
123*
Industrial Bonds
330 Bay St, Toronto
Sparks St, Ottawa
Montreal Curb Market
19, both inclusive,
Nov. 13 to Nov.
Feb
Mar
12
4
International Power
12 3*
123*
6.3*
20
19
lie"
Power.*
Feb
145
393*
203*
of Prices
24
Oct
56
Sale
32
430
12
183*
Week's Range
Oct
100
1,915
20
Last
Mar
100
15
49
Friday
53*
541
Oct
20
Apr
62*
183*
213*
1,770
Oct
"49"
Apr
Oct
83*
83*
543*
173*
313*
183*
Oct
4
18
Jan
July
71
18
95
25
15
63*
183*
Jan
9
8
10
90
99
53*
Jan
2.230
18
97
15
100
Steel Co. of Canada
30
18
100
Preferred
275
24
973*
53*
50
preferred
93*
m
*
Feb
2
3,395
1,135
Apr
49J*
293*
814
2,260
1,040
Feb
Mar
165
Oct
32
99
21
163*
1.35
*
Hillcrest Collieries pref 100
Oct
16
10
31
8
Hamilton Bridge
15
16
Apr
126
72
93*
7,770
333*
483*
205*
1453* 150
69
Oct
Oct
1,145
82
93*
12
153*
Mar
Oct
145
12
570
21
153*
Oct
Oct
8
133*
June
86
110
143*
283*
183*
*
Gypsum Lime & Alabas..*
IntI Nickel of Canada
73
225*
111
Jan
20
50
Curd, (Charles).
Holllnger Gold Mines
Howard Smith Paper
Oct
Jan
347
8
63*
July
23
21
Saguenay Power pref..100
St. Lawrence Corp
*
Mar
Jan
113*
113*
20
50
*
General Steel Wares
7H
303*
393*
106
193*
73*
"123*
158
Jan
115
Rolland Paper vt
Feb
33*
73*
....*
Gatineau
43*
Oct
170
103*
9H
213*
8
*
100
Lake of the Woods
50
8
100
Preferred
205
53*
100
Preferred
15
4
"183*
25
100
Preferred
100
Dominion Steel &, Coal B 25
Dryden Paper
Eastern Dairies....
320
20
4
Dominion Glass
Preferred
2,876
19
53*
Dominion Coal pref
Dom Tar & Chemical
Oct
Nov
4
*
Dominion Bridge
Nov
40
143*
Cockshutt Plow
103*
30
150
53*
•
Class B
Oct
May
18
Canadian Indust Alcohol.*
300
Apr
20
Jan
10
*
Oct
150
*
*
Apr
5.75
43
93*
963*
Mar
16
106
100
Canadian Converters.. 100
170
10
20
Jan
Jan
Jan
23%
Oct
9
Preferred 7%
Cndn Foreign Invest
.25
157
Mar
138
165
Jan
Oct
2
93*
Canadian Car & Foundry. *
—
93*
340
73*
423*
Jan
16
Royal.
Jan
11
4
3
Canada Steamship (new).*
Preferred
93*
Oct
53*
15
*
Canadian Celanese.
7
135
95
95
Canada North Pow Corp. *
Preferred
584
Oct
41
73*
*
100
Preferred
30,428
110
13*
4
*
Building Products A
Canada Cement
553
12
Jan
83*
1053* June
53*
*
Bruck Silk Mills
75
1.35
1.30
*
100
(N) Grain
105
1,290
Feb
53
Quebec Power.
Regent Knitting
Nova
High
Low
15
103*
103*
*
Week
Alberta Pacific Grain A__*
Preferred
1,1937
Range Since Jan.
Shares
83
16
Commerce
for
Oct
Banks—
official sales lists
Sales
Week's Range
373*
523*
Winnipeg Electric A
Montreal Stock Exchange
Last
2,468
2003*
100
Tuckett Tobacco
1183*
Friday
Feb
48
Feb
79
Prefrrred
both inclusive, compiled from
54
153*
B
Nov. 13 to Nov. 19,
Oct
165
100
Preferred
1163*
114
Oct
29
39
200
Canada..*
*
Southern Canada
1 1946
July
63*8
1133* 1133*
Sept 1 1951
June 15 1955
1 1956
Feb
July 1 1957
Oct
17
180
45
100
Sliawlnigan W & Pow
*
Sherwln Williams of Can.*
Guaranteed Bonds
Ask
36
32
45
St Lawrence Paper pref
Bid
33
290
31
St Lawrence Flour Mills..*
Dominion Government
Feb
1.515
31
A
113
112
1 1944
Sept
5s
Pacific
4s perpetual
Ask
Bid
780
Feb
100
423*
433*
573*
Weaving...*
Noranda Mines
*
Ogllvie Flour Mills
*
Preferred
Railway Bonds
May
Jan
363*
Oct
80
Jau
Oct
323*
Price Bros & Co Ltd
1 1960
26
38
1143* 116
Sept 15 1952
5s
Mar
1.603
29
Power Corp. of
15
89
373*
383*
Ottawa Traction..
Apr
30
39
1073* 1083*
83*
253*
783
10
29
Preferred
Mar
87
373*
Niagara Wire
:.Apr 15 1960
43*s
43£s
163*
283*
25
Preferred
15
Oct
10
National Steel Car Corp..*
1063* 108
1093* 111
27
Oct
43*
89
*
100
*
National Breweries
116
109
Oct
4
283*
McColl-Frontenac Oil...*
Mtl L H & P Consol
9
3
1.365
63*
103*
6
Aug
450
4
4
6
High
Low
Shares
133*
13
13
*
*
Massey-Harrls
1053* 1063*
43*s
Mar
4s......—Feb
Aug
Week
Price
Par
Lindsay (CW)
1133* 1143*
2 1950
1 1958
May 1 1961
93 3*
5s
_
1183*
117
for
of Prices
Low
High
Lake Sulphite
Province of Quebec—
Province of Manitoba—
4 34 8
Ask
Bid
Province of Ontario—
Ask
Bid
Stocks (Concluded)
19
Closing bid and asked quotations, Friday, Nov.
Province of Alberta—
Week's Range
Sale
Municipal Issues
1,1937
Range Since Jan.
Last
5s
bonds
industrial stocks and
utility and
canadian
in
specializing
Cable Address Hartwal
NY 1-395
Bell System Teletype
2-0980
association
york security dealers
new
members
Telephone HAnover
Jan
July
Mar
Mar
Jan
Mar
Mar
Jan
98
Jan
433*
Jan
Price
Par
Stocks—
Abitibl Pow & Paper
Co..*
100
6% cum pref
Asbestos Corp Ltd
*
Bathurst Pr & Pap class B *
Beauharnols Pow Corp—*
Beld-Corticelil 7%cm pflOO
Brewers & Distill of Van..*
Brit Amer Oil Co Ltd
*
Calgary Pow 6% cm pf.100
Canada Malting Co Ltd..*
Can Nor P 7% cum pref 100
Canada Vinegars Ltd
*
Canadian Breweries Ltd..*
Preferred
*
Can Dredge & Dock Co..*
Cndn Industries B
*
7% cum pref
100
Cndn Light & Power Co 100
Canadian Marconi Co—1
Can Pow & Pap Inv
*
6% cum pref
*
Can Vickers Ltd..
*
7% cum pref
..—100
Catelli Food Prods Ltd—*
Consolidated Paper Ltd.*
Dom Oilcloth & Lin Co Ltd
Dominion Stores Ltd..—*
Donnacona Paper
B
A
High
Low
1.90
1.90
193*
193*
55
55
43*
63*
130
130
6
"203*
203*
823*
34
109
173*
1.55
15
143*
343*
23*
223*
633*
JB
130
Foreign Power Sec
Fraser
Cos Ltd—
Corp..*
*
ctfs
.*
Freiman (A J) 6% cm pf 100
GenStlWares7% cum pflOO
Goodyear Tire & Rubber. *
Voting trust
No oar vaiue
Oct
15l2
173*
Oct
80
Apr
1,996
40
Oct
92
July
Oct
123*
95*
3,261
7
32*
4
Oct
130
Jan
9
Apr
111
53*
1,473
163*
Oct
18
1.55
153*
36
30
Jan
July
6
343*
Apr
1233*
21
83
Apr
1.85
8,138
13,292
Nov
109
1 1937
High
Low
110
84
Aug
263*
913*
Mar
Feb
245
32
Oct
39
Apr
25
109
Jan
112
Feb
20
Jan
173*
Aug
100
1.50
Oct
4.00
Jan
175
12
Oct
233*
Aug
Apr
47
Mar
25
20
383*
10
200
Oct
248
Mar
157
2
160
Apr
160
Apr
12
12
20
153*
Sept
21
Jan
1.25
1.25
175
1.00
Oct
33*
Jan
23*
1.25
193
157
23*
36
1.50
Sept
7.75
Jan
15
9
Nov
273*
Jan
195
2
Oct
16
20
10
Oct
65
Jan
7
7
4
4
43*
15
15
20
Jan
5
5
272
5
Sept
8
8
10
8
Nov
113*
113*
Feb
Jan
50c
60c
250
60c
Nov
2.50
Mar
1 ;50
1.70
830
1.25
Oct
4.00
Jan
83*
333*
12,548
6
333*
5
40
5J*
5%
100
53*
7
83*
73*
567
5
7
350
5
6
6
6
55
5
5
53*
390
1.60
7
7
-
pflOO
Falrchild Aircraft Ltd.—5
Ford Motor Co of Can A.*
Range Since Jan.
far
Week
Shares
193
*
East'n Dairie87% cm
•
Sales
15
5% cum pref
City Gas & Elec Corp
*
Commercial Alcohols Ltd.*
compiled from official sales lists
173*
173*
18
Oct
243*
Apr
Apr
41?*
Feb
Nov
Oct
125*
193*
Apr
Oct
19
Apr
6
Oct
30
3
Oct
13
Jan
142*
Oct
293*
Feb
95c
Oct
2.50
Feb
75c
75
15
163*
183*
3,160
38
38
38
188
32
863*
88
166
75
76
77
65C
863*
15
Jan
875
153*
"15
Apr
175
15
12 3*
132*
78
Oct
50
Oct
50
Nov
49
Jan
Oct
110
Mar
Sept
92
July
Apr
Apr
3330
Financial
Chronicle
Canadian Markets
Nov.
1937
20,
Listed and Unlisted
Montreal Curb Market
Friday
Sales
Last
Stocks
(Concluded)
Par
Week's Range
for
Sale
of Prices
Low
High
Price
Inter-City Baking Co.. 100
Iml Paints (Cau) A
25
;.*
1.00
Lake St John P & P
125
3
7
Oct
1.00
1.05
36
89
300
36
22%
40%
89
2
2
6%
.
32%
Oct
5
2
3
"hs
88
60%
95
95
95
106
106
85c
pref
cum
*
43
"i8%
104%
5
44%
18%
18%
110
1.00
107
Feb
108
Sale
Par
Stock* (Continued)
Jan
Bankfield Cons
25
Jan
Bank of Nova Scotia.
Bank of Toronto
Oct
3%
51%
Oct
20
July
Feb
Mine*—
Arno Mines Ltd
4,350
l%c
3%c
*
Arntfield Gold Mines
48c
4c
2%c
21,300
500
1
2%c
30c
Base Metals Mining
*
Beaufort
1
Gold
36c
37c
12c
Big Missouri Mines Corp. i
Bobjo Mines
1
30c
62c
.
290
234%
14c
13
Oct
21%
1st pref
100
102
102
10
100
Aug
112
100
99
99
15
99
Nov
105%
300
32c
Nov
Feb
Beauharnois
400
20c
Sept
65c
Feb
Bell Tel Co of
19c
Sept
65c
14%
*
Jan
Apr
Mar
Feb
1.15
6%
Canada
160
Bldgood K'rkland
Feb
Mar
BiltmoreHats
Feb
Blue Ribbon
*
Jan
Bulolo Gold Dredging
26
26
2%
20
Blue Ribbon pref
Feb
Bobjo Mines
Feb
Bralorne Mines
13c
7%c
7%c
1,800
6%c
Nov
18c
12c
I3%e
Oct
47%c
Jan
38c
10,900
20,100
lie
34c
22c
Sept
65c
Mar
Aug
♦
13
2.60
200
2.00
Oct
5.15
Feb
Brit Col Power A
1.50
1.50
400
1.05 June
2.03
Jan
Brown Oil..
6,200
20c
Nov
2.70
Feb
Brown Oil pref
20%
*
Buffalo-Ankerlte
22c
20c
22c
47%
48%
45
36%
Oct
"eke
50%
Jan
Duparquet Mining Co...*
6%c
6%c
5,500
6c
Sept
15c
Mar
1
87c
87c
90c
3,800
60c
Oct
*
1.38
1.78
2.10
7,625
1.45
Oct
Jan
3.60
5.30
625
4.70
Oct
12.75
*
Building Products
*
Apr
2.03
Eldorado Gold M Ltd
Bunker Hill
*
*
Feb
Federal Kirkland Mining. 1
14c
14c
500
8%c
Oct
55c
39c
40c
3,500
16,500
34c
Oct
1.58
Feb
21
32%
37c
„
w
11%C ll%c
2%c
2%C
43
-
16c
12
31%
1,76
Burt (F N)
43
Jan
Jan
40
Oct
29c
Jan
9.00
Feb
4%
Oct
30%
9%
Mar
45
2,293
16%
10
Oct
26%
Mar
29
Oct
39
Jan
23c
200
60
Nov
Nov
Mar
Jan
65c June
75
Oct
850
8.25
Apr
12.50
Feb
2,500
2c
June
6%c
74%
Mar
10c
Sept
20
40
21c 257,250
14%c
12
Jan
Feb
6%
Oct
8c
18200
60
1.70
16%
6.40 May
25
32c
Oct
Oct
23c
Mar
Feb
13
90
12
Nov
31%
33
160
30
Oct
44%
Jan
1.75
2.00
17,585
Oct
6.55
Feb
38c
7,900
1.75
Mar
.
19
Aug
Jan
Francoeur Gold M Ltd__.l
36,954
10%
5%
20%
60
ll%c
Buffalo-Canadian
14%
5%
30
3,200
2,830
33c
.100
Burlington Steel
East Malartlc Mines
10
10c
7.95
32%
*
*
Consol Chibougamau ....1
Dome Mines Ltd
..*
32
10c
7.80
Feb
Nov
9
3%
-
176
Mav
360
10
17
32
-
Brewers & Distillers.. _.-5
2.60
36,450
Jan
9%
Oct
Apr
9%
_
„
Brazilian
47c
4%
154
4
*
B A OH
528
9%
...1
2.28
June
2,250
4
..50
30
Nov
Oct
90c
161
41c
*
1.15
7%
6%
159
42c
72c
20%c
Nov
5.25
Feb
100
2d pref
Nov
Falconbrldge Nick M Ltd. *
1.75
Jan
Sept
*
Oct
Jan
7c
Conlaururn Mines
96c
9c
12c
35%c
Apr
3,910
,
4%c
36c
Central Cadillac G M Ltd 1
Central Patricia Gold M..1
Apr
1.30
14%
1.25
Oct
200
Capitol Itouyn Gold
1
Cartier-Malartlc G M Ltd 1
Feb
12%
Aug
1,850
1.00
65c
24%
Oct
12c
10
1%C
Feb
38,300
70,400
1,120
3,500
27%
Oct
Oct
4%
45
2 %c
30c
12c
95c
Aug
Mar
125
8,100
11
4%
1.27
340
273
4%
10%
*
Jan
Oct
Nov
1.90
7c3
13c
2%cj 6%c
95c
15c
High
1.85
Sept
Oct
8%c
5%c
6
53c
77
_
*
Low
65,033
67
14c
„
70c
Shares
300
*
Beatty Bros A
High
295
Batburst Power A
Bouscadlllac Gold Mines. 1
Brownlee Mines (1936)... 1
Can Malartlc Gd M Ltd-.*
Range Since Jan. 1 1937
for
Week
234% 236
235
*
Base Metals Mln
4,100
30c
15%c 15%c
29c
62c
100
Beattle Gold
48c
Low
.100
Jan
Oct
B
Aldermac Copper Corp...*
Alexandria Gold Mines... 1
Range
of Prices
Price
-__1
17%
46
Sales
Week's
Feb
1.16
32
462
Last
Mar
Apr
15% June
100
WA. 3401-8
Exchange
Friday
1.50 June
65c
1.60
Jan
Sept
34
Toronto Stock
Feb
Feb
Oct
95
West, Toronto.
Mar
Sept
1,100
18
1.55
87%
33
1.00
18
1.55
115
16 King Street
Jan
Mar
9%
30
1.50 June
New York Curb (Associate
Feb
9.00
Oct
Exchange
Commodity Exchange, Inc.
Canadian
Feb
Aug
37%
73%
100%
Oct
7%
Jan
87
1.50 June
205
136
Power 6% cum 1st pref. 100
Sou Can Pow 6% cum pflOO
Walkervllle Brewery Ltd.*
Walker-Good & Worts(H)*
Nov
225
Page-Hershey Tubes Ltd.*
United Securities Ltd.. 100
89
13
2
United Distillers of Can..*
Oct
Oct
70
11
21%
3%
Nov
13%
5
2%
6%
6%
10%
10%
70c
36
75
795
STOCK BROKERS
Members Toronto Stock
Jan
39%
Sept
100
40 %
Mitchell (Robt) Co Ltd..*
Montreal Island Power...*
II
Nov
9
20
McColl-F Oil 6% cm pf 100
Melchers Distilleries Ltd.*
Preferred
25
3%
20
pf 100
cu
High
50
36
*
.
Low
9
9
lnternatl Utilities Corp B_ 1
Massey-Harr 5%
25
■
Range Since Jan. 1, 1937
Shares
3%
Intl Utilities Corp A....
MacLaren Pow & Paper.
Duncanson, White & Co.
Week
Grahara-Bousquet G M..1
Hudson Bay Mln & Smelt *
J-M Consol Gold
1
4%c
19%
18%c
Kirkland Gold Rand Ltd.l
Kirkland Lake Gold
1
4%c
7c
4%C
Nov
60c
Feb
Calroont Oils
19%
22%
265
15%
Oct
41%
Feb
Canada Bread
18 %c
18c
21c
7,700
1,525
18c
Oct
57c
Feb
18c
18c
Nov
45c
Apr
1.64
1.29
1,300
97% c
Mar
51%
51%
51%
250
3%c
3%c
2.300
46%
3%c
Sept
3%c
Oct
27%c
Jan
15%C I5%c
2c
2%c
100
10c
Oct
30c
Jan
15,500
l%c
1,200
3.95
Oct
30%
Oct
Lebel Oro Mines Ltd
.1
Lee Gold
Macassa
1
Mines
"2%c
Oct
59
Jan
7%c
Jan
4.95
4.95
5.05
38%
38%
38%
*
35c
35c
35c
700
25c
Moffatt-Hall Mines
1
2c
2c
2c
2.000
1%C
Oct
8C
Montague Gd Mines Ltd.
Murphy Mines.
1
5c
5c
13c
2,500
5c
Nov
45C
Mar
3c
3c
2,500
2%c
Oct
10c
Feb
McWatters
Gold
1
Oct
Preferred
Canadian Breweries..
Preferred
Normetal Mining
*
Pandora Cad
Parkhlll Gd M Ltd new..l
Pato Gold
70c
75c
500
95C
Oct
2.15
July
65c
65c
2,500
65c
Nov
65c
Nov
16,310
2.45
Oct
13%
2.15 June
4.05
Jan
1.10
Mar
.
4.95
4.85
5.65
2.92
2.92
3.00
600
35c
35c
44c
9,150
20,682
Perron Gold Mines Ltd... 1
Pickle Crow Gold
1
Pioneer Gold Mines of B CI
Development
10c
7%c
10c
2.35
2.20
2.35
1.55
Pend-Orellle
1.55
1.85
Cct
20
70
35
65
Oct
98
Feb
1
140
Sept
160
July
3
113
2
July
7
68
*
„
151
7%c
Nov
42c
—
14%
9%
65%
21%
20
1.70
Oct
3.80
Oct
6.50
Feb
B_
1
60c
Oct
2.51
Jan
5.60
100
4.30
Sept
9.10
Feb
Canadian Oil
3.25
3.25
100
3.25
Nov
6.75
Feb
CPR
100
12
15%
1.20
15%
55
19
Jan
34
Aug
176
151
Nov
210
1.50
16
19
19
32%
5%
34%
5%
5%
*
Canadian Locomotive.
Canadian Malartlc
1.02
22%
32%
9
25
5.60
1.06
3~25
Apr
Aug
9 s
300
1.25
Oct
135
12
Oct
585
3
Oct
120
17
Oct
220
6%
Oct
600
5%
Oct
120
255
1,770
13
29%
3%
3%
Jan
3%
23%
10%
20%
12%
21%
Jan
Aug
Mar
Jan
Jan
Feb
Oct
32
Jan
Oct
47
May
Oct
8%
Jan
Feb
1.25
18
79
5%
9
Apr
July
May
17%
9%
9%
21%
9%
9
Aug
50
158
17%
.
*
*
.
36
110%
73
1.50
14%
Oct
85
68
5
♦
Canadian Dredge
Canadian Ind Alcohol A__*
Feb
1,650
2,100
8,125
3%
9%
151
*
Preferred
Jan
Jan
91
'
20c
Apr
142
*
.
Feb
23
Oct
70
Canadian Canners
2nd preferred
Can Car & Foundry
7%
3
Can Bank of Commerce 100
Jan
720
10%
59%
142
new
Canada Wire A
Canadian Wtre B
9%
Oct
Oct
Nov
3%
42
70
mm.
Jan
1.19
8
91
30c
25
10
1.15
142
*
Canada Packers......
Canada Permanent... .100
*
Can Steamship (new).
Jan
42
8
ITef erred
4
43
3%
43
*
1st preferred
Northern Can Mining
*
O'Brien Gold
1
Pamour Porcupine M Ltd *
Placer
11
33c
3%
50
Canada Cement
Jan
8.50
1
5
Mclntyre-Porcupine
1
*
B
Apr
1.16
1
Lamaque Contact G M_.»
Lake Shore Mines
*
Calgary & Edm
Oct
17
May
4
»
4
4
7%
oO
1
7%
7%
5
5
Oct
Nov
7%
23
Jan
Jan
95c
95c
1.01
11,190
June
2.30
Feb
13%
7%
13%
8%
20
11
Nov
7%
2,983
3
Oct
18%
17%
Mar
3%
390
1%
Oct
*
,25
Canadian Wineries
325
*
~
3
mm
85c
4
Jan
Mar
Preston East Dome
1
90c
90c
200
53c
Oct
1.27
Aug
Cariboo Gold
Read AuthJer Mine
1
3.25
3.45
3,450
2.25
Oct
6.85
Feb
Carnation pref
Castle Trethewey
35%C
46c
8,750
20c
Feb
17,200
4,000
6c
Sept
Sept
2.00
6c
6%c
3c
2%c
13 %c 13%c
22c
Feb
Central Patricia
...1
2.42
2,40
2.60
13.385
1.85
Oct
5.25
Feb
2c
Oct
16c
Feb
9%t
9c
9%e
9,560
Oct
43c
Jan
13 %c
7%c
500
Nov
27c
Feb
Central Porcupine
1
Chemical Research... ...1
*
Chromium Mining
40c
Oct
1.44
Cct
1.47
Jan
Oct
95c
Feb
Oct
22%
Mar
Red Crest
42c
Reward
6C
Ritchie Gd Mines
Ltdf
St Anthony Gold
1
1
Shawkey
3c
13 %c
l
1.60
100
-
-
.
Central Canada Loan. .100
34c
36c
Sherritt-Gordon
6,500
30c
Oct
1.13
Feb
1
1.25
1.25
SIscoe Gold Mines Ltd
Sladen Mai
1.35
Oct
4.00
Feb
3.40
3.40
3.60
2,059
3,930
97c
1
2.25
Jan
86c
86c
2,100
74c
Oct
2.50
Jan
Coniagas Mines
28c
41c
28c
Nov
2.90
Mar
1.00
112,575
1.04
4,550
3.30
3.30
175
..
„
-
l
*
Sullivan Cons Mines Ltd.l
34c
.
SylvaniteGold..
1.00
1
Nov
6.65
...5
Conlaururn Mines
Oct
2.25
Jan
Cons Bakeries
Oct
4.70
Feb
Cons
Chibougamau... ...I
Teck Hughes Gold..
1
5.00
5.00
5.00
Thompson
425
4.50
Oct
Feb
Cons Smelters
1
33c
33c
46c
Oct
2.15
Jan
Consumers Gas
34c
40c
21,500
21,400
16c
34c
19c
Oct
Apr
Cosmos
7.50
73% c
7.35
7.50
325
5.80
Oct
8.10
Jan
Crows Nest Coal
Wood
Cad..
Cad
Wright Hargreaves M Ltd*
6.10
5
945
1.30
50
97%
Oct
3.350
57C
Nov
175
54c
54c
1
50c
54c
8,750
22c
26c
3,100
8
-
-
1.45
15
•
«
*
38
15c
Oct
Oct
1.75
107
1.06
175
Jan
Feb
Jan
Oct
Jan
,
165
7%
2.00
+*
-
175
500
50c
*
80c
2.60
175
64c
26c
♦
10
1.65
99
60c
_
Commonwealth Petroleum*
»
Cockshutt Plow
Stadacona-Rouyn
1.60
99
60c
1
...
2.06
400
1.75
Nov
3.50
1.40
1.65
14.080
1
May
2.14
Jan
16%
265
Nov
23
Feb
21c
4.700
2.68
Feb
54%
15
-
49%
20c
49%
8%
00
15
20c
Oct
Jan
2,915
45
Oct
100%
Mar
100
198
198
55
192
Oct
211
Mar
*
20
20
20
315
20
Oct
.100
35
35
35
35
35
Nov
196%
27%
Feb
50
Feb
Oil-
Darkwater Mines
Calgary & Edmonton
Dalhousle Oil Co
*
Home on Co
Pacalta
*
Royallte Oil Co
*
*
*
1.75
50 %c
1.90
50 %c
57c
1.02
1.02
9%c
9%c
33%
34
1.25
Oct
6.40
Feb
Davles Petroleum....
♦
38c
Oct
3.60
Feb
80c
Oct
4.10
Feb
Dist Seagrams
Preferred
*
1.10
1,500
1,800
4,000
9%c
700
9%c
Oct
16c
Sept
Dome Mines
35
960
24c
Oct
59%
Mar
Dominion Bank
13 to Nov.
Exchange
Friday
Last
Sale
Stock*—
Par
Abltibl
2
6% preferred
Acme Gas & Oil
1...100
for
of Prices
Week
High
2
Copper
Gold
Shares
Low
2%
22%
3,700
2
2,655
18
9%c
3,000
3c
31c 31 %c
*
2%
15
15
2%
17
Oct
15%
Oct
80
Apr
Apr
2c
Sept
10 %c
Jan
Eldorado Mines
22 %c
Sept
57c
Jan
Equitable Life
100
1%
Oct
6%
Jan
Falconbridge..
Sept
43%
Jan
Famous Players
18c
Oct
95c
Feb
Fanny Farmer
30"
Oct
1.89
Feb
Federal-Kirkland
2c
1%
Nov
4%
Jan
20c
28%c
90,400
lie
Sept
31c
Oct
Anglo-Con Hold Dev....*
1.33
1.31
1.45
Anglo-Huronlan
4,600
1.00
Oct
1.50
3.60
Sept
3.60
3.80
1,008
340
Nov
8.75
30c
10,251
Argosy Gold Mines
1
1
Ashley Gold
26%c
25c
1
Astoria-Rouyn
50
Bagamac Mines
1
Bank of Montreal
s ■<
6%c
]
Bank of Canada
100
■
25c'
3c
58
16c
30c
6%c
16c
193
18c
2,800
195
75
Feb
Oct
1.42
Feb
18c
Oct
1.15
Feb
5c
Sept
13c
Feb
25c
Feb
26,400
54
22
3,000
4c
58%
3c
58
3,900
3o
56
150
193
Oct
Oct
Oct
Nov
60
49c
245
Jan
Apr
Feb
70
48
47
195
18%
4%c
_
Frost Steel pref
Gatlneau Power
Preferred
General Steel Wares..
Gillies Lake Gold
Gienora
God's Lake Mine
•
No
d»-
value.
2.95
Oct
40
Aug
10%
66%
Oct
28%
Mar
94%
Feb
Oct
36
Cct
51
195
Nov
250
Jan
18%
60
17
Oct
24
Mar
4%c
500
Oct
20
3 %C
3
Nov
5
20
34%
Nov
44
3
35
12%
5%
14%
4,880
Oct
10
15c
28%
12%
1
*
*
•
♦
Nov
6%
81
Sept
18
20
Nov
116
21%c
23,450
16c
Nov
15c
75,400
12% c
12%c
16
85c
6
17
140
90c
8,100
2.10
22,475
1.81
1.80
5%
5%
10
5.00
5.00
5.30
3,411
18
11c
18
20%
21
21%
9%C
19c
19c
17%
18c
17%
17%c
38c
38c
.100
100
5%
50
81
18c
♦
*
._.1
1.345
7
81
18c
-
9%
70
*
9
9%
1,190
14c 137,800
23c
18
9,300
4,141
20c
39 %c
107% 107%
9%
71
69
Jan
20
116
34%
25
*
Foundation Pete
Francoeur
70
Nov
5.085
12%
5%
85c
Firestone Petroleum.. _25c
Ford A
3
75
48%
19S
34%
*
East Malartlc
1,100
20c
Arntfleld Gold
Eastern Steel
4.500
3%C
5,790
8%
7
♦
Mar
9
♦
East Crest Oil
20c
1
»
25
1
Nov
45
10,540
17%
.100
9c
49c
28%
14
Dominion Tar
2,690
27%c
42c
—
31,000
27
—1
Dorval Siscoe
High
1
Amm Gold Mines
Dom Steel Coal B
23,000
4c 106,000
26c
42c
_
13c
14%
25
Dom Scottish Invest._ .--1
Preferred
__50
Preferred
19%
2%c
1
*
Range Since Jan. 1 1937
9c
20
1
Alberta Pacific Grain pf 100
A P Consol Oils
1
Alexandria
Week's Range
Low
—
Dominion Stores
Sales
*
Afton Mines Ltd
Ajax Oil & Gas
Alberta Pacific Grain
Aldermac
Price
♦
8%c
28
100
_
19, both inclusive, compiled from official sales
lists
9c
100
Dominion Coal pref.—
Dominion Explorers.
Toronto Stock
Nov.
1
9,700
2,700
65
179
150
200
1.22
Jan
Jan
Apr
Apr
Mar
Mar
Apr
Feb
Feb
9c
Oct
Oct
24
Feb
60"
Oct
2.05
Jan
12
1.60
5
4 75
18
Oct
45c
3.65
Apr
8
Oct
12.90
Nov
Feb
Apr
Aug
May
35
Mar
Oct
25%
July
6%c Sept
54c
Jan
Oct
26c
July
Oct
29%
Jan
16%c
Get
1.25
Feb
35c
Oct
1.58
Feb
Sept
109%
16%
16c
15
100
7%
58
Oct
Oct
14
Aug
Oct
75%
18%
Aug
*
10%
10%
13c
13c
16c
33,400
12c
Oct
65c
May
5c
1
5c
6c
3%c
July
30c
Jan
50c
50c
53 %c
20,000
6,900
40r
June
1.02
Jan
8
Jan
Apr
Volume
3331
Chronicle
Financial
145
Listed and Unlisted
Canadian Markets
Toronto Stock
F. O'HEARN & CO.
Sale
Stocks (Concluded)
Par
Week's
Price
Paulore Gold,
MEMBERS
1
Paymaster Cons
OFFICES
1
Wee
Perron Gold
1
Photo Engravers
*
Toronto
Cobalt
Montreal
Noranda
Ottawa
Sudbury
Winnipeg Grain Exchange
Pickle Crow
Hamilton
Kirkland Lake
Montreal Curb Market
Pioneer Gold
Sarnla
North Bay
Owen Sound
Bourlamaque
Canadian Commodity Exchange
Chicago Board of Trade
The Toronto Stock Exchange
Porto Rico
(Inc.)
Jan
Oct
1.38
Jan
50%o
Oct
2.50
1.22
18
Nov
26%
Jan
Oct
9.20
Feb
Oct
6.85
Feb
19,200
18
20
1
pref
"~5~25
5.25
5.60
9,770
4.10
3.10
3.10
3.35
4,300
2.35
99%
99%
10
1.32
16,550
16%
135
100
"l~24
1
*
.
Power Corp
1.20
16
25c
"27c
27c
28c
4,500
1
2.06
2.06
2.19
1,985
*
19
19
21%
244
Friday
Last
(Continued)
Weeb's
Sale
Stock*
of Prices
Low
High
Price
Par
Goldale Mines..
30c
2,200
Apr
9%c
77%
120
4%c
7%c
~4%c
Mining
7c
4%c
10%
12
30
30
32%
6%
Harding Carpets
Hard Rock
1
98c
Harker
*
Oct
57c
Oct
18c
Jan
Oct
Apr
Oct
26%
53%
Aug
8c
80c4
3,000
7c
Nov
18c
Feb
14,600
65c
June
1.25
Jan
18%
Ap
6%
6%
660
6%
Oct
2%c
3%
2%c
1,000
2c
Oct
3%
50
3%
Oct
98c
1.05
Oct
3.44
Jan
12c
14,365
10,100
2,550
70c
11c
8o
Oct
33c
Feb
10c
Oct
90c
Mar
22%
Jan
12c
11c
12c
15%
15%
15%
100
12%
12
3,285
9,615
7,800
17,150
1.00
Home Oil Co
1.00
12%
1.10
Homestead Oil
1
25c
25c
26c
Howey Gold
1
29%c
28%c
30r
Hunts A
*
7c
J an
Jan
7
14
Oct
9%
Oct
15%
Jan
Oct
405
Jan
80
May
3o
87c
Jan
Oct
72c
Jan
21c
11
B
Huron & Erie
20%
Imperial Bank
Imperial Oil
Imperial Tobacco
Int) Milling pref
Intl Mining Corp
200
100
*
---5
100
1
-
Mines.....
Cons
M Consolidated
47
7
Nov
197
Nov
7%
133
201
13%
98
5,840
18%
13%
98
775
Oct
3.25
Feb
47c
Mar
24c
Oct
53c
Mar
1.00
1,700
9,550
196,580
1.62
29r
85c
60c
Oct
2.15
Feb
...1
18c
18c 20 %c
11,700
18f
Oct
59c
Apr
June
99
15
98
Nov
103
June
14c
1
12c
Junt
32c
Jan
5
3%
Oct
14%
Apr
1.52
5,526
1.19
Oct
2.40
Jan
32c 35%c
29c
Oct
1.10
Feb
60c
Apr
1.00
90c
Oct
3.95
Feb
3%
Aug
4%
Aug
93c
1.42
6,900
1,100
19,174
3%
Silverwood Dairies pref..*
93c
1.21
"L21
1
Sherritt Gordon
13,800
1.40
.40
32c
50c
Sheep Creek
15c
5%
3%
195
100
~82~~
Slscoe Gold
1
3.40
3.40
3.60
Sladen Malartlc
1
85c
85c
90c
Simpsons pref
Slave l.ake__
1
Southend Petroleum
*
*
*
Stadacona
Steel of Canada
Nov
6.65
10,550
18,500
74c
Oct
2.49
Jan
16c
Oct
2.50
Feb
5c
NOV
19c
Aug
18c
5c
5c
500
28c
40c
90,905
65
28
45c
13
1~54
Feb
55
5
96
Oct
88
Mar
1.78
*
1
*
2.60
2.55
2.65
500
13c
13c
12,300
2%
2%
25
2%
Nov
Sullivan Cons
1
Too
1.00
1.03
5,800
80c
Oct
3.25
Jan
Sylvanlte Gold
3.00
3.00
3.15
5,225
2.50
Oct
4.80
Feb
Tamblyns
1
*
15
15
45
14%
Nov
16%
Jan
Tashota
1
3%c
3c
4c
Oct
28%e
Feb
5.00
5.00
5.25
43,666
9,045
3c
*
25
Oct
6.00
17c
1.30
....*
50
I
Preferred
1.27
1.35
10,950
12
12
12%
20
2.65
Feb
1.70
Apr
Oct
1.10
Feb
Jan
3c
Oct
28c
Feb
33c
Oct
I 33
Jan
68c
June
1.30
July
10c
Oct
30c
Jan
7%c
3%c
45c
57c
93c
91c
96c
14c
14c
17c
2
69
1
Jan
2c
Nov
19,350
2%
70
66
7,600
28,500
35c
Oct
1.35
Jan
4,835
4 00
Oct
8.40
Jan
7,500
4.70
A...
23
24
518
22
Oct
25
Feb
21%
"
4.70
23%
Little Long Lac...
22
140
19%
Oct
23%
Aug
»
B
4.80
1
440
17
Nov
46
Apr
47%
47%
30
46
Nov
52
Aug
80
80
80
38
78
Nov
110
Feb
3.70
Oct
8.60
80c
Oct
4.85
Jan
37c
Nov
1.20
Mar
4.85
5.20
1.03
1.01
1.10
Madsen Red Lake
1
37c
McDougall-Segur
*
*
16c
East
Preferred
Maple Leaf Milling
16c
500
10c
Oct
2%c
2,500
2c
June
16c
4.00
5
6
Jan
Jan
5
5%
*
Oct
II
Oct
150
61
3
15,300
2,640
12%
Oct
36c
16%
Oct
32
39
41%
300
10
10%
254
8%
June
88%
90
20
86%
Oct
38
4,399
5
37%
35%
McKenzie Red Lake
1
1.08
1.08
McVittie-Graham
1
13%c
13 %C
14c
Mc Watt era Gold
*
32c
35%c
Merland
Oil
*
6c
6c
Corp
*
Mines
*
Gold
1
Model Oils
25c
Moneta Porcupine
1
*
Corp
1.13
4c
156
4c
7,885
6,200
5,700
2,000
1,700
2,200
33c
33c
500
180
156
"
33c
21c
1.70
21c
1.70
24c
1.85
New bee Mines
Nlpissing
5
Naybob Gold
Mines
*
32c
3c
1.81
45
31c
*
75c
1
1.80
3%c
1
Gold
37c
3c
2%c
2.00
48%
45
Nordon Oil
North Canada
11,100
19,400
25
38
38
8%
7%
125% 128
12%
12%
Norgold Mines
_
68c
75c
3c
3%c
16
16
Jan
39c
Feb
5.00
Feb
1.25
Oct
3%c
Nov
v.
Westflank Oil....
We* tons
Preferred
32c
Oct
1.15
21c
Oct
95c
June
15c
Oct
2%c
July
1.98
45%
190
B__.
Wright Hargreaves
88c
10c
Oct
35
42%
Feb
940
6
Oct
11
Apr
40
125
Nov
140
June
90
12%
Nov
21%
Feb
47,550
7,000
2,105
4,013
7,206
8,000
2,700
20c
Oct
1.05
Feb
2 %c
Oct
12c
Feb
1.55
Sept
3.60
Feb
36%
Oct
83
Nov
2.23
2%c
Oct
16% c
14c
Sept
65c
Feb
July
Jan
49c
Feb
*
4.80
4.80
5.70
26,380
2.50
Oct
13.25
Jan
1
85c
95c
4,950
65c
Oct
4.10
Feb
3c
12c
Jan
1.28
Jan
3c
Orange Crush
Ora Plata Mining
*
1.06
52%
July
Oct
20
30 %c
33c
9%
10%
1,385
18%
30 %c
10
•
85
85
25
Oct
70c
Feb
Oct
11%
Mar
lc
Oct
37c
42c
2,700
12,950
30c
Oct
1.60
1.60
20
1.50
Nov
1.05
1.22
29,400
3c
*
88
3.50
Apr
85c June
2.20
Mar
9c
Nov
43%c
Feb
88
13,195
1.90
June
500
42c
10c
24.600
90%
9c
9%c
*
25
Oct
81
Pantepec Oil
1
1
17c
1
9%c
7 %c
3.05
42c
5%
*
1
2.90
42c
2.90
Porcupine
Pandoro-Cadillac
5%
17c
20c
9,925
15c
Oct
8c
10c
19,566
7%c
Nov
5,500
5c
Oct
7c
7%c
Jan
Oct
Oct
36%c
18%
Nov
106%
Mar
Oct
28c
Mar
85
6c
6%c
4,300
5c
l%c
l%c
Jan
6c
Jan
17c
Feb
Oct
3c
4,500
3,000
l%c
3c
3c
Oct
2%
2%
34
2%
Nov
10
2
2%
30
2
Nov
10
34c
39c
7.10
7.50
18c
18c
23c
22,200
12,841
5,700
5%
7.35
Aug
25c
9%
5%
86
Jan
Jan
20c
Oct
77c
Feb
6.80
Oct
8.10
Jan
18c
Oct
52c
Feb
5
Oct
5%
Nov
Exchange—Curb Section
See Page 3328
SECURITIES
CANADIAN
Government
Municipal
•
Private wire connection between
•
Corporation
New York, Montreal and Toronto
Royal Securities Corporation
30 Broad Street
• IIAnover
NY 1-208
New York
•
Ilell System Tele.
2-6363
Industrial and Public Utility Bonds
Closing bid and asked quotations,
ma
Friday, Nov. 19
Bid
Ask
63% MacLaren-Que Pr 5%s '61
'53 f 63
Manitoba Power 5%s.l951
70
Alberta Pac Grain 6s. 1946
63
63% Maple Leaf Milling—
Beauharnois Pr Corp 5s '73
2%s to '38—5%s to '49
113% 114%
Bell Tell Co of Can 5s. 1955
61
Massey-Harris Co 5s_.1947
Burns A Co 5s
1958
McColl Frontenac Oil 6s '49
97
96
Calgary Power Co 5s.. 1960
Minn & Ont Paper 6s. 1945
109
Canada Bread 6s..
1941 108
102% 103% Montreal Island Pr 5%s '57
Canada North Pow 5s. 1953
99% Montreal L H & P (S50
99%
Canadian Inter Pap 6s '49
par valud) 3s
1939
100% 102
Canadian Lt A Pow 5s 1949
93
3%s...
1956
92%
Canadian Vickers Co 6s *47
3%s
1973
112%
Cedar Rapids M A P 5s *53
Montreal Tramway 5s 1941
59
Consol Pap Corp 5%s 1961
Ottawa Valley Pow 5%s*70
5%s ex-stock
1961 /.___ 47
77
78% Power Corp of Can 4%s *59
Dom Gas A Elec 6%s.l945
5s
Dec 1 1957
Donnaconna Paper Co—
Provincial Pap Ltd 5%s '47
75
4s
1956
-
100
2%
Nov
Oct
118
Mar
4.00
Jan
42c
Nov
9%
Jan
35
July
40
■
»
-
East Kootenay Pow 7s
Eastern Dairies 6s
1942
1949
95
97
53
55
100% 101%
Gatlneau Power 5s... 1956
102% 102%
93
92%
Ct Lakes Pap Co 1st 5s
'55
Nfld 5s '68
Lake St John Pr & Pap Co
Int Pr A Pap of
5%8
1961
6s
99
1951
101
4%s A '66
4%s ser B
1966
Shawinlgan WAP 4%s '67
Smith H Pa Mills 4%s *51
United Grain Grow"5s.l948
United Securs Ltd 5%s '52
Winnipeg Elec 6s.Oct 2 '54
Saguenay Power
97
69
Feb
41c
Apr
*
No par value.
! Flat price
n
i
Ask
101% 102%
72
45
96
95
103% 104
37%
102%
38%
...
50%
50
101 % 101%
96
95
-
1 1950
Fraser Co 6s...Jan
Feb
Oct
16%
44%
17%
*
Mills.....*
Feb
Apr
1
4.65
31
10,290
3,563
1,082
6,000
39
18
Toronto Stock
Feb
95c
40c
c>=
1.23
1.23
39
Ymir Yankee Girl
York Knitting
Apr
Oct
1
*
Partanen-Malartlc
2.25 June
Oct
l%c
1
*
..*
1
*
Wiltsey-Coghlan
Winnipeg Elec A
Aug
60c
*
ParkhiU
Sept
-.1
White Eagle
June
9,000
*
Pay ore Gold
9.10 May
90c
1.00
Oct
12o
2%
July
72c
Okalta Oils.
Pamour
Oct
800
1.45
100
..
Whitewater
Feb
56c
67c
Omega Gold
Oils.
*
*
....*
*
*
33%c May
"67c
Olga Oil & Gas
Page Hersey
3.30
1.05
Jan
19
11%
Abltlbl P & Pap ctfs 5s
*
*
1
*
1.18
Sept
Oct
3%c
100
National Sewerpipe
57c
Oct
6c
12c
Oct
15c
*
National Brewing
National Grocers
Feb
Oct
24c
140
2%C
5.10
1.00
4%
4
4
Jan
5
3%c
Waite Amulet
Jan
146
"l6c
1
Preferred
4.70
1.00
14c 14%c
*
*
Walkers
Mar
2.03
25
1
Mar
42%
225
21c
Mar
14%
Oct
33
1
Kirkland
85c
146
100
Murphy Mines
8,300
28,510
74
101
Oct
30
32
32
Union Gas.._w.—
Mar
39
'
Aug
Mar
Oct
88%
*
13%
1.10
Jan
8c
4%
100
100
McColl Frontenac
13%
Feb
50c June
Jan
11c
6%
13%
2.00
13,000
2,240
2,500
3,130
3,970
Nov
3%
3
9%c
95c
United Oils
Feb
75c
2%
1
2%
2%
10c
1
*
82c
United Steel
July
9
20
3%c
82c
Oct
38c
44c June
16c
5
*
*
Preferred
Maralgo Mines
Massey Harris
37c
2%c
3%c
*
10
Maple Leaf Gardens
Jan
7.552
4.85
1
6,200
Wood Cadillac
40,892
51c 118,350
1
Mines
MacLeod Cockshutt
Jan
4.65
Oct
530
48c
Vulcan Oils
Aug
Aug
2.25
40c
Ventures
Pen
9,000
61,620
3c
47c
J
...
Gold
Oct
90C
27
1
Oro
75c
25c
59%
Jan
Jan
2.35
16
4.70
Feb
Mar
Oct
79
Oct
Feb
1.00
10
18%
1
3.30
Oct
Sept
3
47%
2.25
40c
Uchl Gold
39
10%
4
-
17
"18"
Exploration..*
Towagmac
108
45%
1
1
Cap Gold
Toronto General Trusts 100
Oct
50
40% C
Jan
Sudbury Basin
Sudbury Contact
Supersilk Hosiery
Oct
12%
Feb
9%c
Nov
52
6.90
Oct
6,900
1.40
12%
Oct
9c
12c
11%
50
Oct
1.75
11c
104%
37,735
3,900
13,957
15% c
12c
27.599
1,450
Apr
Oct
*
10
105
1.54
Apr
2.85
Oct
Straw Lake Gold
65
14
105
13
15c June
Nov
62%
165
55
55
Jan
2 40
18c
62
Feb
14,210
"33c
25
Preferred
20c
Oct
110
Nov
82
33
87
82
Feb
Lamaque Contact
1
"l
.1
Shawkey Gold
*
Nov
65c
•
25%c
Lapa Cadillac
S"
78
118
1
51%
Pacalta
Jan
July
5%
Toronto Elevators
1
O'Brien
56
102
14c
To burn Gold
*
1
Normetal
9
15
*
San Antonio
Mar
60
70
105
99
1
St Lawrence Corp
Mar
105
Saguenay Power pref...100
St Anthony
227
Oct
24
3,065
35
Feb
48% C
Oct
169
100
Feb
Oct
7o
12,000
Jan
33
Oct
23
45
70
100
Mar
Oct
8%
400
9
9%c
172
33%
100
Preferred
Mar
23%
100
1.05
9
1
Noranda
"34%
*
Royalite Oil
Russell Motors
29%
86c
Gold..
Preferred
9c
169
Tip Top Tailors
Lake Sulphite-
Morris
Feb
9c
100
Royal Bank
Texas Canadian
Lake Shore
A
1
Roche Long Lac
Jan
40c
Oils
*
Feb
1.28
Moore
Riverside Silk.
19%c
1.12
Monarch
Feb
1.78
1.35
57c 72 %c
25
25
63 %c
Oct
35c
Minto
1.95
Oct
Nov
21c
Oct
1.14
Mining
Sept
16C
57c
48c
7c
1.00
McTntyre
200
32.700
3.40
39%
35c
Preferred
5,200
4,800
16,950
Feb
39c
100
1.00
1
Preferred-
Aug
6.85
20c
29%
*
Manitoba &
2.00
Oct
3.25
25,674
6,753
1.17
Macassa
Oct
Nov
21c
1
Jan
50c
1.00
2.25
44c
8%c
9
Feb
5,300
3~25
45%
30%
73%
39%
21%
Jan
36
Nov
19
20,425
♦
39%
1
Loblaw
Mar
Feb
105
4.50
93c
1
8%c
1
Leltch
July
Oct
1.20
Red Crest Gold
8%c
100
Lee Gold
Oct
97
24%
15%
Mar
July
84c
Read Authier
Teck Hughes
Kirk Hud Bay
Lebel
12
61
Kirkland Lake
Lava
Oct
Mar
May
26c
Kerr Addison
Laguna
14%
15%
240
1
...1
1
Kelvinator
Preferred
Mar
18
1
Waite
Mar
18
29c
1.00
84c
~
39%
*
Jacola
19
Nov
13%
Intl Utilities A
Jellicoe
Nov
11
98
International Pete
Jack
11
112
197
18
*
*
B
84
14
7
100
International Nickel
14
11
Feb
Oct
1.47
Feb
23%
*
Hollinger Cons
63c
7
*
Hinde & Dauche
Nov
Jan
Feb
4%c
.-5
High wood Sarcee
Aug
57
87c
8c
*
1
*
Apr
97%
Oct
5%c
417
22c
Oct
4%c
260
July
72%
52%
24,500
2,500
3,350
6%c
"81c
Gypsum Lime & Alab
7%c
85
4%c
1
Halcrow-Swaze
9c
11
i
J
68
55
*
*
Gold
Gunnar
Oct
4%C
*
Preferred-
Grull-Wlksne
22
54
1
Mines
Lakes Paper
Great
Jan
76
1
Mines
Granada
49
55
9c
Graham Bousquet
Grandoro
Oct
76
50
Preferred
*
Reno Gold
15
6,600
49,800
1
Red Lake G Shore
High
Low
Shares
32c
Goodyear Tire
Jan. 1 1937
Week
18c
Gold Eagle
Range Since
for
Range
17c
Goodfish Mining
Preston E Dome
Prospectors Airways
Feb
2.20
33%
1.50
Pressed Metals...
Sales
Sept
June
Oct
75c
12
Premier
Exchange
Jan
103
Jan
96
15c
Prairie Royalties
Toronto Stock
Oct
8c
1
.
Powell Rouyn
Tlmmlns
1.03
18
1.05
46c
33o
3,200
24,450
44c
High
Low
Shares
13c 14 %c
42c
42c
1.-1937
Range Since Jan.
for
of Prices
Low
High
Range
TORONTO
WAverley 7881
11 KING ST. W.
Sales
Last
GRAIN
BONDS
STOCKS
Exchange
Friday
Nominal.
101
101%
104%
97% 100%
102%
-
-
«*
102
100
100%
100
100%
103% 104
102
-
-
66
75
-
-
74%
*
-
~
Financial
3332
New York
a 3a
Jan
a3%s
a3%s
a3%s
a3%s
a3%a
o3%a
X 1977
July
1 1975
«4s
Nov
a4%a Apr
a4%s Apr
a4%s June
a4%s Feb
a4%s Jan
a4%s Nov
a4%s Mar
a4%s May
a4%s Nov
a4%s Mar
a4%s June
a4%8 July
a4%s Dec
a4%s Dec
97%
1 1958
103% 104 %
102 % 103%
101% 102%
104 % 106
108% 110
a4s
May
1 1959
108 % 110
108 % 110
a4s
May
1 1977
108% 110
a4a
Oct
109 X 110%
1 1980
a4%s Sept.
a4%s Mar
1 1960
111 % 112%
1 1962
a4%s Mar
1 1964
111% 112%
111% 112%
1 1966.
112
113%
112% 113%
112% 113%
15 1972.
1 1974.
15 1976.
113
1 1977-
114
113% 114%
113% 114%
15 1978.
1 1981.
Par
114
115
1 1957.
114% 115%
1 1957.
114% 115%
1 1963.
115
1 1965.
Ask
21%
22%
Kings bo ro
55
64
Merchants Bank.
Bensonhurst National... 50
95
125
13.55
Chase
143
100
880
930
First National of N Y..100
1800
Fifth Avenue
1 1967.
Flat bush National
40
45
National Safety Bank. 12%
Penn Exchange
10
13
54
65
28%
30
27
29
22
26
12%
Bid
Companies
Ask
Par
100
106
Fulton
409
416
49
61
Guaranty
Irving
Kings County
Bankers
10
Bronx County
7
Brooklyn
New York State Bonds
Central Hanover
9
_
87
100
20
92
1
1981
62.80 lees
1
3s
World War Bonus—
4%8 April 1940 to 1949.
Canal A Highway—
Highway
5s Jan & Mar 1964 to 71
10
11
100
1660
16%
13%
12
1700
37
12
Manufacturers
..20
Preferred-
36
20
New York
102
Title Guarantee A Tr. -.20
20
47%
48%
22
23
United States
47%
105
6%
Underwriters
10
38
45%
__25
70
7%
80
100 1500
1550
124
110%
113%
Barge C T 4%s Jan 1 1945.
—
14%
Corn Exch Bk A Tr
124
Barge C T 4s Jan '42 & '46
132
129%
58
25
250
240
32
Empire
Improvement—
Canal Imp 4s JAJ '60 to '67
132
Highway Imp 4%s Sept '63
Canal Imp 4%s Jan 1964..
Can A High Imp 4%s 1965
42%
50
Ask
230
235
94
50
Continental Bank A Tr.10
62.10
4s Mar A Sept 1958 to '67
62.90
91
40%
Clinton Trust
Colonial Trust
Ailt
Bid
100
Lawyers
Chemical Bank A Trust. 10
Bid
62.70 less
10%
Sterling Nat Bank A Tr.25
Banca Comm Italians. 100
38 1974
15
9%
50
25
Public National...
45
New York Trust
Par
Ask
_
115
116%
116% 118%
117% 119%
1 1979.
Ask
65
100
Trade Bank
1840
35
.100
Bid
100
Peoples National
28
137
National.. 100
National.—100
National Bronx Bank...50
31%
29%
26%
12%
City (National)
Commercial
115% 116%
115% 117%
151971.
Par
Bid
Bank of Yorktown..66 2-3
Bk of New York A Tr..l00
Bid
1937
New York Bank Stocks
Bank of Manhattan Co. 10
Ask
Bid
99 % 100 %
103 % 104 %
1 1954
May
1 1954
Nov
1 1960
Mar
15 1976
Jan
1 1975
July
1 1957
May
a4a
96%
Nov. 20.
City Bonds
Ask
Bid
Chronicle
Chicago & San Francisco Banks
Par
Bid
Ask
American National Bank
Port of New York
A Trust
Authority Bonds
Ask
Port of New YorkGen A ref 4« Mar 1 1975.
107
Gen A ref 2d
aer
Gen A ref 3d
ser
103% 104%
101% 102%
Gen A ref 4th
Gen A ref
3%a '65
3%s '76
3s 1976
98
3%a
George Washington Bridge
4%s ser B 1940-53.M N
4%a
MAS
1942-1960
4%s
A
Trust...33 1-3
First National
100
1942-1960
MAS
51.00
Par
106% 108%
Aetna Cas A Surety——10
Aetna
10
73%
75%
41%
43%
Aetna Life
10
21%
23
25
66%
18
26%
27%
109% 111%
([United States Insular Bonds
Bid
-.10
106
5s
Apr
5s
Feb
1952
5%8 Aug 1941
Hawaii 4%s Oct 1956—
American
108% 110%
113
116
2%
Re-Insurance. 10
4%s July
115
3.00
d3.7t
109
U S conversion 3s 1946
108
Conversion 3s 1947
3.50
110%
110%
108% 111
IO!!EiM33W9lFederal Land Bank Bonds
JAJ
38 1956 opt 1946
MAN
3%s 1955 opt 1945..MAN
103
70
Importers A Exporters
Ins Co of North Amer
10
52
19%
Knickerbocker
5
10
5
Lincoln Fire
Maryland Casualty
1
11%
28%
30%
Mass Bonding A Ins.. 12%
Merch Fire Assur com
5
8%
18%
20%
38
40
Merchants (Providence)..5
25 i
26%
National Casualty..... 10
National Fire
10
2%
25
75
100
Bankers A Shippers
Boston
525
Camden Fire
5
Carolina
10
2%
Employers Re-Insurance 10
Excess
Bid
4s 1946 opt 1944
4s 1958 opt 1938
Ask
4
110 " 110 %
JAJ
MAN
101'n 101»H
4%s 1958 opt 1938..MAN
103% 103%
103%
6%
5%
78%
535
Bid
Atlanta 5s
26
41
43
35
38
24%
25%
New York Fire
2
15
21%
2%
23%
3%
Northern
....12.50
79
83
....2.50
24
25%
39
42
Fire Aasn of Phlla
53%
Northwestern
National.25
Pacific Fire......
Phoenix
25
10
100
Burlington 6a
California 5b......
/35
Chicago......
100
/5%
.......
Dallas 6a
—
—
65
—
—
•
6%
97
98%
95
.........
97
99% 101
95
7%
8%
26%
28%
97
New York 5s
99
71%
16%
29%
31%
Reinsurance Corp (N Y).2
Republic (Texas)
10
Revere (Paul) Fire
10
20%
.
Ohio-Pennsylvania 5a
Oregon-Washington 5s
101
98% 100
/60
Paclflo Coast of Portland 5s
Pac Coast of Los Ang 5s..
100
100
100
101
Phoenix 5s
107
80
100
92
4%s
Kentucky 5s........
86
101
96
100
La Fayette 5a.
99
Lincoln 5s
86
m
100
100%
75
Southern Minnesota 5s....
Tennessee 5s
Union of Detroit
35%
37%
/14%
22%
27%
8
24%
6
7
Sun Life Assurance
9
23
100
390
440
Travelers
100
392
402
27%
28%
U S
65%
10
58%
26%
67%
60%
U S Guarantee
28%
Westchester Fire
5
28%
105% 108%
Fidelity A Guar Co..2
U S Fire
4
10
2.50
14%
44%
15%
46%
42
46
28%
30
.
mm
30
mmm
83
16
100
4%s
98% 100
Virginia-Carolina 5s
Virginian 5s
10
...10
Home
10
Seaboard Surety
Security JNew Haven
10
Springfield Fire A Mar..25
Stuyvesant
5
78
10
8
14
21%
Hartford Fire
7
5%
183
36
19%
Hartford Steamboller
4%
12%
73
Hanover
Seaboard Fire A Marine. .5
5
175
31
Globe A Rutgers Fire—15
2d preferred
15
109
100
...
St Louis 5s
Southwest 58
81
5
St Paul Fire A Marine...25
Surety Guaranteed Mortgage Bonds and Debentures
100
San Antonio 5s
100
Iowa of Sioux City 4%s...
Potomac 5a
5
Ross la
20
7
22%
20%
■mmm
Pennsylvania 5s..
75
Rhode Island
22
18
6
19
mmm
Pac Coast of Salt Lake 5s..
Pac Coast of San Fran 5s_.
100
Illinois Midwest 5s
65
100
100
100% 102
27%
20
«».
100
100
North Carolina 5a
100
Fremont 5a
•
105
10
Pro vldence-Washlngton
25%
5
121
5
10
Great Amer Indemnity.. .1
Halifax
10
100
99
Greenbrier 5s
Greensboro 5s
111 of Montlcello
Maryland-Virginia 5s
98% 100
First Trust of Chicago 4%s
Fletcher 3%s._..........
Ask
{100
Mississippi-Tennessee 5s.. iioo
100
Denver 5s.
First Carollnas 6a..
First of Fort Wayne 4%a..
First of Montgomery 5s
First of New Orleans 5s
First Texas of Houston 6e.
Louisville 5s
116
100
77%
5
—.5
Great American
Bid
m* m
-
16%
69%
14%
Preferred Accident
54%
75
North River
Glens Falls Fire....
Ask
100
Atlantlo 5s
8
108
9%
20
103
5
7
104
New Hampshire Fire..._ 10
98
-—5
53%
New Jersey
Fidelity A Dep of Md—.20
Globe A Republic
6
51%
19
Gibraltar Fire A Marine. 10
Joint Stock Land Bank Bonds
9%
16
18%
6
General Reinsurance Corp5
8%
4
14%
21%
36
Georgia Home
45
16%
5
Fireman's Fd of San Fran25
4%
40
17%
33
Franklin Fire
3%
40
20
5
Firemen's of Newark
2%
3%
10%
27%
10
10
New Amsterdam Caa.__.2
New Brunswick
...10
8%
53%
11%
37
Merch A Mfrs Fire New'k5
National Liberty
....2
National Union Fire
20
3%
16%
7%
5
11
10
10
Federal
Ask
101% 101%
101% 101%
101% 101%
41%
Ask
2%
14%
10
117
Bid
10
10
25
Eagle Fire...
JAJ
Par
Home Fire Security
Homes tead^Flre
American Surety
10
Connecticut Gen Life...10
Continental Casualty
5
3s 1955 opt 1945
3s 1956 opt 1946
39%
Companies
Ask
Automobile
Baltimore Amer
1958...
1948
July
Ask
63.50
U S Panama 3s June 1 1961
Govt of Puerto Rico—
City of New York
Bid
NTASA.,12%
American Reserve
Bid
Honolulu 59
5s
109
5
Bid
10
American of Newark
Ask
100
101%
101% 103
101% 103
100% 102 |
1959
1952
1955.......
SAN FRANCISCO
Bk of Amer
1.75
American Equitable
American Home
4a 1946
84
192
Insurance
110% 112%
MAS
American Alliance
4%a Oct
4%s July
Ask
325
540
1.75
Agricultural
Philippine Government—
80
187
D
ser
1938-1941
98%
Ask
50.75
MAS
Inland Terminal
Bid
300
500
ser E
1938-1941
108
95
1977
aer
Bid
Holland Tunnel
Par
Harris Trust A Savings. 100
Northern Trust Co
100
195
165
Continental Illinois Natl
Bank
Bid
100
100
100
Bid
ASk
Allied Mtge Cos Ino—
1953
All series 2-5s
83
Arundel Bond Corp 2-5s *53
76
Arundel Deb Corp 3-6s *53
54
Associated Mtge Cos Inc—
Debenture 3-6s
1953
43
Cont'l Inv Bd Corp 2-5s '53
Contl Inv DebCorp 3-6s'53
44
'
mmm
1945
45
76
-
—
-
Inc 2-5s
1953
Par
Bid
100
50
60
New York
100
11
14
100
38
42
North Carolina
100
43
48
100
73
76
Pennsylvania
100
25
(Central
Funding
73
(all
Issues) 2-5s
1953
Potomac Cons Deb Corp—
3-6s
1953
—
86
ture Corp 3-6s
Potomac
Atlanta
1954
Corp
71
41
44
41
44
41
44
Potomac Maryland Deben¬
1953
33
series)
/30
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-68.1953
71
74
41
44
Realty
1953
70
---
Atlantic
Deb Corp 3-6s
Nat Bondholders part ctfs
Atlantic
Bond
---
Mortgage Bond Co of Md
Joint Stock Land Bank Stocks
53
Potomac Deb Corp 3-6s '53
Potomac Franklin Deb Co
3-6s
1953
46
32%
1954
Series B 2-5s
Potomac
Empire Properties Corp—
2-3s
Ask
Corp—
—
88
Interstate Deb Corp 2-5s'55
Bid
Nat Union Mtge
Series A 3-6s
86
41
44
30
Dallas
...
Denver
100
Des Moines
...100,
Par
10
,
15
Potomac
55
100
First Carollnas
Ask
60
San Antonio
3
6
Virginia
Virginia-Carolina
Fremont
100
1
3
Lincoln....
100
2
Bid
Ask
100
65
38
1
100
50
A
Mortgage
1953
42
45
31%
33%
42
5
Bond
deb 3-6s_
70
100
_
Realty
Unified Deben Corp 5s 1955
Telephone and Telegraph Stocks
1%
4
55
Par
Am Dlst Teleg (N J) com. *
Preferred
Federal Intermediate Credit Bank Debentures
Bid
83
Ask
88
100
Bell Telep of Canada... 100
Bell Telep of Pa pref--.100
Cuban Telep 7% pref.,100
115% 117%
Par
New York Mutual Tel. 100
Bid
Ask
20
25
14
18
113% 116%
159
39
161
...
Pac A Atl Telegraph
Peninsular Telep com
Preferred A...
25
*
100
21%
23%
107% 111
Emp A Bay State Tel..100
Ask
Bid
F IC l%s—Dec 15 1937 b .35%
FIC
1%8—May 16 1938
6
15 1938 b .40%
15 1938 b. 40%
F I C
l%s...June 15 1938
6
FIC
FIC l%s...Mar
15 1938 6.45%
15 1938 6.50%
FIC
l%s—July 15 1938 6 .60%
1%8—Aug 15 1938 6.65%
l%s
Apr
59
36
41
100
110
♦
86
88%
So A Atl Telegraph
25
Sou New Engl Telep...100
17
22
144
147
Int Ocean Telegraph...100
Mtn States Tel A Tel-.lOO
83
87
119
122
127
131
S'western Bell Tel pref. 100
Wisconsin Telep 7% pf.100
116
118%
Telegraph
100
.50%
.55%
Rochester
Telephone—
56.50 1st pref
115
Gen Telep Allied Corp—
$6 preferred
F I C l%s.__Jan
F I C 1%8
Feb
F I C
Ask
54
Franklin
Bid
For footnotes
see
page
3334.
Volume
Financial
145
3333
Chronicle
V,
Quotations on Over-the-Counter Securities—Friday Nov. 19—Continued
RAILROAD BONDS
Guaranteed Railroad Stocks
BOUGHT
SOLD
.
QUOTED
.
Monthly
Earnings and Special Studies
3oscpb CUalker $ Sons
Exchange
Mtmbm Nrw York Sunk
Dealers in
4,20 Broadway
Association
Members New York Security Dealers
41 Broad St., N.
2-6600
STOCKS
Y.
co.
e. sloane
john
Tel. REctor
GUARANTEED
NEW YORK
Bulletin
Request
on
-
HAnover 2-2455
-
Bell Syst. Teletype NY
1-624
Since 1855
Railroad Bonds
Bid
Asked
1945
52
54
54
Guaranteed Railroad Stocks
Akron Canton «fe Youngstown 5 Ms
(Guarantor In Parenthesis)
68
100
6.00
68
75
—100
10.50
135
140
100
6.00
70
75
Alabama & Vlckaburg (Illinois Central)
Albany & Susquehanna (Delaware & Hudson)
Allegheny & Western (Buff Roch & Pitts).
Beech Creek (New York Central)
Boston <fc Albany
2.00
32
34
100
8.75
101
104
..100
(New York Central)..
8.50
85
—100
2.85
44
49
100
4.00
83
86
100
5.00
84
88
(N Y Central) ..100
50
Pittsburgh (Pennsylvania)
5.00
90
3.50
78
82
50
2.00
47
50
25
2.00
41
44
(New York Central)
Carolina Clinchfleld & Ohio
(L & N-A C L) 4%
—
—
5% stamped
Cleve Cinn Chicago <fc St Louis pref
<fe
Betterment
Delaware
stock
(Pennsylvania)
pref (N Y Central)
Fort Wayne & Jackson
100
5.50
60
65
Georgia RR & Banking (L & N-A CL).._
Lackawanna RR of N J (Del Lack & Western)
100
10 00
175
183
100
4.00
53
57
50.00
900
1050
39
42
Michigan Central (New York Central)
Morris & Essex (Del Lack & Western)
.
,
3.875
50
,,100
5.00
67
72
50
4.00
4.00
91 M
45
56
4.50
50
56
1.50
38
3.00
(D L & W)
New York Lackawanna & Western
76
78
Northern Central (Pennsylvania)
Northern RR of N J (Erie)
Oswego & Syracuse (Del Lack «fc
Pittsburgh Bessemer & Lake Erie
...60
Western)
50
(U S Steel)
Preferred
——
95
42
—100
7.00
165
170
100
7.00
176
180
100
6.82
80
84
100
6.00
3.00
70
Preferred..
(Delaware & Hudson)
pref (Terminal RR)
Rensselaer & Saratoga
St Louis Bridge 1st
preferred
6.00
141
10.00
238
242
6.00
64
69
5.00
80
5.00
RR)
Canal (Pennsylvania)..
100
Utlca Chenango & Susquehanna (DL&W)
..100
Valley (Delaware Lackawanna & Western)
100
Vicksburg Shreveport & Pacific (Illinois Central) _
United New Jersey RR &
Warren RR of N J (Del
98
48
mmmm
Prior lien 4s
1942
50
54
Prior lien 4 Ms
1944
54
58
Convertible 5s
1940-45
60
91
24
71
75
65
Chateaugay Ore <fc Iron 1st ref 5s
72
/23
1942
96
70
Buffalo Creek lstref5s
5s
Choctaw & Memphis 1st
Cincinnati Indianapolis & Western
55
60
5.00
60
65
3.50
34
38
3.00
58
72
Cleveland Terminal & Valley 1st 4s
CERTIFICATES
Macon Terminal
1st 5s
Bid
Ask
64.00
3.00
5s.
63.75
2.75
5Ms.
63.75
2.75
2.75
Missouri Pacific 4 Ms
63.65
2.75
New Orl Tex & Mex 4Ms..
63 65
2.75
New York Central 4Mb.—
62.90
2.25
3MsDec 1 1936-1944—.
63.60
3.00
62.00
1.25
Canadian National 4Mb—
63.25
2.50
5S...
63.15
2.50
63.20
2.40
Cent RR New Jersey 4^8.
63.00
2.00
Northern Pacific 4Mb
4MB
62.75
2.00
5s..—
61.75
1.00
4s series E
2 Hb series G
1937-49
4.00
4.00
65.50
4.75
Pere Marquette
4.75
Reading Co 4Mb
89
St Louis-San Fran 4s
66.50
5s
Dec 1
86
64.00
3.00
63.75
5s
2.50
63.75
5 Ms
2.25
62.50
RRSMs
1.75
62.60
1.75
4MB
63.10
2.00
2.40
62.00
2.40
1.10
95
98
96
98
2.50
2.00
63.20
2.40
63.20
5s—
2.00
62.75
Southern Ry4Ms
2.40
63.25
Southern Pacific 4Mb
2.00
63.00
-
3.00
62.50
5Ms.
63.75
63.00
St Louis Southwestern 5s..
5s
6s
62.75
63.20
4Mb
Denver & R G West 4 Ms—
2.00
63.10
1937-50
4Mb
5b
Chicago R I & Pacific—
Trustees' ctfs 3 Ms
62.90
non-call
65.00
65.00
5s
1.00
due
Jan & July
Chic Milw «fc St Paul 4Ms.
1.25
61.50
5s
Chicago <fc Nor West 4Ms.
1.20
62.00
Pennsylvania RR 4Mb
Chesapeake & Ohio—
3.00
61.75
5s.
3.00
64.00
N Y N H & Hartf 4 Mb
2.00
64.25
5s
2.60
62.50
N Y Chic & St L 4MB
63.25
2.40
2.40
62.25
Northern 4Mb
5s
1.75
61.80
5s
1.26
Texas Pacific 4s
4Mb
61.80
1.25
1.00
Union
62.25
Pacific 4Mb
5s
63.25
Illinois Central 4 Ms
2.50
61.70
5s
1.00
1.75
3.00
Long Island 4Ms
63.15
2.50
5s
95
100
62.75
2.00
5 Ms
95
100
68
95
1.10
61.75
1.10
Western
63.25
5s
95
Wabash Ry 4 Ms
61.75
2.50
Western
5Ms
Minn St P & S S M 4s
For footnotes Bee page
63.25
2.50
63.75
3.00
-
3334.
5Ms
....
81
78
1951
Missouri Bridge 1st 4s
4Mb
Toronto Hamilton & Buffalo 4 Ms
Washington County Ry 1st 3 Ms
Bid
109
106 M
1957
1966
87
91
1954
48
55
Electric
*
68 M
75 M
pref—*
pref *
77 M
4
7M
7M
109
100
-
62.75
2.25
2.00
64.00
Pacific 5s
Stocks
9M
9M
---
Bid
Par
Ask
67
109
4K
22M
5M
24
3
1
20
24
23 M
100
preferred
61
106
Monongahela West
Penn
Pub Serv 7% pref
25
Mountain States Pr com..*
7%
Ask
59
Mississippi P & L $6 pref. *
Miss Riv Pow 6% pref. 100
Missouri Kan Pipe Line..5
26
pf 100
Pow 7% pref. 100
106
Nassau <fc Suf Ltg 7%
118
108
67
69
Nebraska
100
120
21H
22
New Eng G &
E 5 M % pf- *
25
27~~
N E Pow Assn
6% pref.100
64
65
$7 pref..*
83
86
*
77
81
38
39 M
pf..*
Light—
46 M
47 M
Newark Consol Gas
25
preferred
New Eng
Pub Serv Co—
$7 prior lien
*
pref
New Orl Pub Serv $7
New York Power &
82
84
100
72
74
50 cum
_*
90 M
93
pref.. 100
Consol Elec & Gas $6 pref. *
Consol Traction (N J).100
Consumers Power $5 pref. *
Continental Gas & El—
7% preferred
100
Dallas Pr & Lt 7% pref.100
Derby Gas & El $7 pref..*
76
77 M
7% cum preferred... 100
97 M
99
69 M
72 M
85 M
86 M
$6
100
preferred
preferred
Cent Pr & Lt 7%
100
Federal Water Serv Corp—
$6 cum preferred
$6.50 cum preferred
*
$7 cum preferred
*
Gas & Elec of Bergen.. 100
Hudson County Gas...100
Hudson Gas
Essex
6
9
44
49
92 M
94
73
75
110
114
37
42
178
...
23
25
24
26
27 M
36
120
$6
preferred
*
100
preferred.
interstate Natural Gas.—*
Interstate Power $7 pref—*
Iowa Southern Utilities—
7% preferred
100
Jamaica Water Supply—
7M% preferred
50
Jer Cent PAL 7% pf-100
Kan Gas & El 7% pref.100
Kings Co Ltg 7% pref.. 100
Long Island Ltg 6% pf-100
7% preferred
100
Memphis Pr & Lt $7 pref.*
Mississippi Power $6 pref. *
$7 preferred
*
7%
105
(Del) 7% pref
100
(Minn) 5% pref.......*
*
57 preferred
.*
Ohio Power 6% pref...100
Ohio Pub Serv 6% pf—100
7% preferred
100
Okla G & E 7% pref...100
Pacific Pr & Lt 7% pf-100
Penn Pow & Lt $7 pref...*
Philadelphia Co.55 pref..*
Pub Serv of Colo 7% pf.100
Ohio Edison 56 pref
111
88
98
107 M
89 M
100
108M
87M
89
96
98
100M 102 H
49
62
90 X
92
60
63
101M 105
G & E—
*100
preferred
58 M
60M
108
109
H
Northern States Power—
6%
-
preferred
Queens Borough
178
Idaho Power—
25 M
27 M
3M
Republic Natural Gas...
4M
Rochester Gas & Elec—
6%
preferred C
100
City G & E 57 pf.100
94
95 M
87
89
26 M
28
6
8
39
44
Southern Calif Edison—
54
6% pref series B
25
South Jersey Gas & El.100
178
pf.100
48
50"
100
52
54
95
97
95 M
98
Sioux
52
82
84
107
109
Tenn Elec Pow 6%
7%
preferred
34
38
51
54
7% pf.100
Toledo Edison 7% pf A. 100
60
64
United Gas & El
59
62
46
50
50
65
Texas Pow & Lt
(Conn)
100
preferred
7%
Utah Pow & Lt $7
Virginian
pref..*
100
Ry
79
43 M
140
81
46 M
149
Chain Store Stocks
Par
RK-
Bid
3.00
.*
8
10
7% preferred
100
/G Foods Inc common..*
BIckfords Inc.,
*
88
11M
2M
11M
*
30
31M
Kress (S
B
1M
$2.50 conv pref
3%
4M
common...*
7% preferred
100
Diamond Shoe pref
100
Flshman (M H) Co Inc..*
95
7
9
*
7
9
100
x75
82
Bohack (H C)
Kobacker Stores
7%
preferred
15
Miller (I)
Bid
11M
H) 6% pref—
98
Berland Shoe Stores
3.00
64.00
Par
Ask
100
62.65
Maryland 4 Ms—-
5s
Maine Central 5s
94
56
1.00
62.50
Louisv <fc Nash 4 Ms
90
1st 5s
Southern Illinois <fc
1.00
61.70
Virginia Ry 4Mb
64.00
5s
91
1955
Louis 1st 4s
Shreveport Bridge & Terminal
Somerset Ry 1st ref 4s
1.00
61.50
-
Internat Great Nor 4Ms._
5g
80
87
1.60
61.50
5s
61.75
—
Hocking Valley 5s
88
1951
Buffalo Niagara&Eastern—
5s
6s
85
75
Central Maine Power—
Ask
Canadian Pacific 4 Ms
65
Terminal 4 Ms
*
$7 preferred
*
Atlantic City El 6% pref.*
Bangor Hydro-El 7% pf 100
Birmingham Elec 57 pref.*
63.80
Boston & Maine 4Mb
90
62
—
Rock Island Frisco
7%
2.25
70
60
88
1945
Consolloated 5s
6%
3.00
1946
general 5s
1951
Original preferred
Equipment Bonds
63.75
35
90
Portland RR 1st 3 Ms
Carolina Pr Sc Lt
64.00
91
25
1st mtge 3 Ms
Piedmont & Northern Ry
$1.60 preferred
5s
87
1949
Marie 2d 4s.
45
1955
1st 5s
New York & Hoboken Ferry
61
1951
Minneapolis St Paul & Sault Ste
Montgomery Sc Erie
94
100 M
97
Maryland & Pennsylvania 1st 4s
Meridian Terminal 1st 4s
Associated Gas &
Philadelphia, Pa.
Baltimore & Ohio 4Ms
U
■
Arkansas Pr & Lt 7 %
Stroud & Company Inc.
Private Wires t« New York
Atlantic Coast Line 4Ms._
95
/8
92
$6.50 pref erred.
1.20
92 M
1939
Long Island ref mtge 4s
»B<0* •
Alabama Power 57
Quotations-Appraisals Upon Request
61.90
70
1978
Little Rock & Hot Springs
Public Utility
EQUIPMENT TRUST
100
65
Gulf 1st 5s
Western 1st 4s
Kansas Oklahoma <fc
62
90
1946
Hoboken Ferry 1st 5s
Par
Bid
5s
Georgia Southern & Florida 1st
Gofihen & Deckertown 1st 5 Ms
47
1945
62
(Pennsylvania)
Railroad
1st 5s
Toledo Terminal RR
50
Lack & Western)
West Jersey & Seashore
...»
—50
—
Preferred
Great
98
-1950
Boston & Maine 3s
St Clair Madison & St
100
—100
Tunnel RR St Louis (Terminal
Erie
65
97
96
1957
Birmingham Terminal 1st 4s
Boston & Albany 1st 4 Ms
140
100
(Pennsylvania)
Pittsburgh Fort Wayne & Chicago
Second
63
96
Canada Southern
Cleveland
91
95
,
Boston & Providence (New Haven)
Common
Asked
Bid
52
1939
Augusta Union Station 1st 4s
Baltimore & Ohio 4Mb
Dividend
Par in Dollars
1945
_1953
.-mmrnmmmmmmmmmmmmmmmm
Sons common—*
7
Ask
11H
11
preferred
100
Murphy (G C) $5 pref.100
25
31
105
107
(Daniel) pref—.100
100
6M%
Reeves
---
19
102
United Cigar-Whelan
$5
preferred
Stores
*
20M
23
Financial
3334
Chronicle
Nov.
1937
20,
Quotations on Over-the-Counter Securities—Friday Nov. 19—Continued
Public
Utility Bonds
Bid
Specialists in—
Bid
Ask
66 M
68 M
Federated Util 5 Ms—1957
Green Mountain Pr 5s. 1948
Wk & El 5s '75
86
90
Houston Lt & Pow 3 Ms '66
Associated Electric 5s.J 961
42
Ask
58
Water Works Securities
45
Amer States P S 5M8-1948
77
81
Amer "Utility
Amer Wat
Serv 6s. 1964
Idaho Power 3 Ms
Assoc Gas & Elec Corp—
Income deb 3 Ms---1978
61
101M 102M
103 M
Complete Statistical Information—Inquiries Invited
103 M
98 X
99 M
97
28M
30
Kan Pow & Lt 1st 4 Ms '65
108 M
R.E.Swart & Co.
99
City Pub Serv 4s.1957
■
1967
Iowa Sou Util 5Ms—1950
25
27
27
28M
1978
28
29 M
Kan
Income deb 4Ms_—1978
32
35
Income deb
3M8.--1978
Income deb 4s
—1973
50
Conv deb 4Ms
1973
54
Conv deb 5s
1973
56
59
Conv deb 5 Ms.
1973
66
88
97 M
92
Metrop Edison 4s ser G '65
Missouri Pr & Lt 3 Ms. 1966
104
70
91
Mtn States Pow 1st 6s.1938
95
NEW YORK
Teletype: New York 1-1073
PLACE,
90
Conv deb 4s
Keystone Telep 5 Ms-.1955
EXCHANGE
40
57"
8-year 8s with warr.1940
8s without warrants-1940
INCORPORATED
109 M
94
104M
97 M
98M
Water Bonds
Narragansett Elec 3 Ms '66
103
105
92
93
Sink fund inc 4s....1983
29
Sink fund inc 4MS--1983
30
Sink fund inc 5s
32
North Boston Ltg Prop'*
Secured notes 3 Ms..1947
1983
4s
Alton Water Co 5s.-.1956
1965
-
Sink fund inc 5MS..1983
37
Northern N Y Util 5s. 1955
Sink fund inc 4-5s..l986
29
North'n States Pr 3 Ms '67
S f inc 4Ms-5Ms
1986
Sink fund inc 5-6S-1986
S f inc
Bellows Falls Hy El 5s 1958
102
Blackstone V G & E 4s 1965
Ohio Edison 4s
37
97 H
Ohio Pub Service 4s..l962
Old Dominion par 5s..1951
54
108
1967
Parr Shoals Power 5s. .1952
103
Pennsylvania Elec 5s_1962
100
100M
97 M
91
105
100"~
175
Birmingham Water Wks.....1957
..1954
5 Ms
1954
Calif Water Service 4s 1961
Chester Wat Serv 4 Ms '58
Citizens Wat Co
106 M
68
Pub Util Cons 5Ms—1948
63
65
Sioux City G A E 4s—1966
95M
96 M
5s series
Sou Cities Util 5s A...1958
38
39 M
60
3M
Utlca Gas & El Co 5s..1957
117
Western Mass Co 3 Ms 1946
12%
102 M 103M
Western Pub Serv 5 Ms '60
Wisconsin G & E 3 Ms. 1966
series A
5s
105
Consol E & G 6s A... 1962
42
43 M
41
43
96 M
97M
1962
Cumberl'd Co P&L 3 Ms '66
Wis Mich Pow 3MS--1961
Wisconsin Pub Service—
1st mtge 4s
104M 105M
1961
102 M
1941
100M
1st consol 4s
100 M
Prior lien
62
74
76
1957
104 M
99
Community Water Service
5Ms series B
1946
1946
Reports
4 Ms
1958
89 M
1st mtge 5s
1958
95
98
4 Ms
1942
1942
101
100
1977
150
1954
Bid
Alden 1st 6s
1941
Broadmoor (The) 1st 6s '41
B'way Barclay 1st 2s..1956
B'way & 41st Street—
1st leasehold 6MS-.1944
Broadway Motors Bldg—
4-6s
1948
/34
/38
/22M
Bid
S f deb 5s
38
40
57 M
99
60
64
102
108
5s series A
104
91
103
Terre Haute Water 5s B '56
100
1958
is series A
101
99
Texarkana Wat 1st 5s. 1958
94
102
101M
Union Water Serv 5 Ms '51
99M I02M
W Va Water Serv 4s..l961
86
91
JopifnWw"Co 5s—Il957
95
98
90
94
Western N Y Water Co—
103 M
5s series B
1950
1st mtge 5s_—.,—1951
1st mtge 5 Ms
1950
93
97~"
Westmoreland Water 5s '52
100
101
Wichita Water—
5s series B
1956
101M
58 series C
93_"
92
Monongabela Valley Water
5 Ms
1949
100 M 102 M
104M
Club—
85
102
1960
103 M
Middlesex Wat Co 5 Ms '57
Monmouth Consol W 5s '56
64
1960
1962
99 M 101M
101
103
24
...1960
103M
19491
104
W'msport Water 5s.—19521
102
6s series A
59M
1st mtge 2s stpd & reg '55
1st & gen 6s
1946
52
N Y Eve Journal 6
N Y Majestic Corp—
4s with stock
1956
/32
Dorset (The) 1st 6s...1941
/ 25
34
Ms.1937
N Y Title & Mtge Co—
5 Ms series BK_.
5 Ms series C-2
East Ambassador Hotels—
1947
104
98
104
62
58
1st & ref 5 Ms
95
Lexington Wat Co 5 Ms '40
Long Island Wat 5 Ms. 1955
/21
Chanin Bldg inc 4s.-.1945
Deb 5s 1952 legended
91
82
South Pittsburgh Water—
1st mtge 5s
1955
95
Kokomo W W Co 5s..1958
1945
Chsebrough Bldg 1st 6s '48
Court & Remsen St Off Bid
1st 6s
Apr 28 1940
Equit Off Bldg deb 5s. 1952
91
85
1967
Shenango Val 4s ser B 1961
South Bay Cons Wat 5s '50
Ask
MunsonBldg 1st 6Ms.1939
N Y Athletic
1st & ref 5s A
82
Springf City Wat 4s A '56
Indianapolis Water—
1st mtge 3Ms——1966
Indianapolis W W Securs—
Metropol Playhouses Inc
24 M
98 M 100 M
1958
Water Service 5s.1961
101
Illinois Water Serv 5s A '52
Mortgage Certificates
As*
100
Scranton-Spring Brook
1954
5s
Real Estate Bonds and Title Co.
95
104M 107
58 series B
6s
Bell System Tel.
NY 1-688
Broadway, N.Y.
99 M
Water—
5s
&, CO.
INCORPORATED
85
St Joseph Wat 4s ser A__'66
Scranton Gas & Water Co
E St L & Interurb Water—
5s series B
2360
104M
1950
92 M
5Ms series B___
BArclay 7
Richmond W W Co 5s. 1957
Roanoke W W 5s
Markets
BAKER
104
Roch & L Ont Wat 5s.1938
Huntington
AMOTT,
94
101
Plainfield Union Wat 5s '61
65
108
91
63
62
104"
Pinellas Water Co 5 Ms. '59
60
102
106
Consol Water of Utica—
Hackensack Wat Co 5s. '77
-
98
1948
Phila Suburb Wat 4s..1965
Pittsburgh Sub Wat 5s '58
5s seriesD
1960
Greenwich Water & Gas—
5s series A
1952
5s series B
1952
Issues
..1948
5s
Connellsvllle Water 5s 1939
100 M 101M
102 M 103 M
103 M 104M
97 M 100M
99
101
1st consol 58.......1948
5s series A
Estate
92
1st coll trust 4MS--1966
Peoria Water Works Co—
1st & ref 5s........1950
6s series B
Real
91
102
1954
B
6s series A
Colorado Power 5s.-.1953
Dallas Pow & Lt 3MS-1967
5 Ms
City Water (Chattanooga)
Tel Bond & Share 5s. .1958
Income 5 Ms with stk '52
84 M
City of New Castle Water
Clinton W Wks Co 5s. 1939
Central Public Utility—
6s series B.__
77
M 100
92"
81
74
89 M
Penna State Water—
1951
1st 5s series C
99
General mtge 4MS..1962
73
89
Ore-Wash Wat Serv 5s 1957
102M 104 M
1951
Peoples L & P 5Ms—1941
Public Serv of Colo 6s.1961
71
69
106
Ohio Water Service 5s. 1958
99 M 101 M
(Wash)
5s
91
Central New York Power—
Ohio Cities Water 5 Ms '53
104M
A
88
103
101
103 M
series
90
69
98
103
Butler Water Co 5s...1957
66
102
68
70
86
101
86
G '60
65
1951
New York Wat Serv 5s '51
Newport Water Co 5s 1953
102
Cent Ark Pub Serv 5s. 1948
ser
5 Ms
C
Calif-Oregon Pow 4s-.1966
Cent Maine Pr 4s
......1951
Ohio Valley Water 5s. 1954
5s series
Central G & E 5 Ms—1946
1st lien coll trust 6s. 1946
103 M 104M
100M 102 M
New Rochelle Water—
56
98 M
Perm Telep Corp 1st 4s '65
New Jersey Water 5s 1950
104"
103
103
5s series B
98 M
97 M
98 M
Ask
Morgantown Water 5s 1965
Muncie Water Works 5s '65
102
5s series B
32
5M-6MS—1986
Bid
96 M
101
Atlantic County Wat 5s '58
30
Atlantic City Elec 4Ms '64
93 M
104 M
Ashtabula Wat Wks 5s '58
102 M 102M
103 M
98 M
Ask
Bid
Alabama Wat Serv 5s. 1957
N Y State Elec & Gas
27
Cons ref deb 4 Ms-.1958
102M 103M
Newport N <fc Ham 5s. 1944
Corp
Assoc Gas & EJec Co—
Tel. HAnover 2-0510
fb
60 M
6
62 M
60
50 Bway Bldg 1st 3s inc '46
500 Fifth Avenue—
36
6s
Nov 1947
Film Center Bldg 1st 6s '43
40 Wall St Corp 6s
1958
42 Bway 1st 6s
1939
1400 Broadway Bldg—
Bid
J 04
Sugar Stocks
28M
/47M
/32 M
49 M
/49M
51M
34M
21
Ask
12 M
1
Par
Haytlan Corp Amer
9
18
20
Bid
*
Savannah Sug Ref com
14M
7M
1
Ask
1
M
30
West Indies Sugar Corp__l
32
3M
4M
40 M
/19
..10
Eastern Sugar Assoc.
Preferred
(Phila)
July 7 1939
100
98
27M
/38
19th & Walnut Sts
1st 6s
/47
...
1950
Par
24 M
24M
*
43
6Ms stamped
1949
52d & Madison Off Bldg—
5Ms series F-l
5 Ms series Q
/22M
/22M
No
par
value,
f Flat price,
Interchangeable,
a
b Basis price,
d Coupon,
e
Ex-rlghts.
59
1st
3Ms-6Msstpd..l948
Oliver Cromwell
—
Nov 15 1939
f7
48
39
/5M
7
165 Bway Bldg 1st 5 Ms '51
/43
5Ms stamped...
1961
Realty Assoc Sec Corp—
5s income
to R. E.
1st fee & l'hold 6M8.1940
/45
47
51
36 M
38 M
59
61
Harrlman Bldg 1<R 6s. 1951
Hearst Brisbane Prop 6s '42
37M
40
69
71
Hotel Lexington 1st 6s '43
Hotel St George 4s
1950
40
43
Sherneth Corp—
3-5Ms deb inc (w s).1956
41M
42 M
60 Park PI
1st 6 Ms
Apr 15 1937
Lincoln Bldg inc 5Ms.l963
Loew's Theatre Rlty Corp
1st 6s
1942
60
1936
88 M
82
...
88
fl7
18M
35 M
/22
92 M
Bear Mountain-Hudson
River Bridge 7s
1953
98
Federal Farm Mtge
92
1Mb
Sept
1
1939
IMS
2s
July 1938
_Dac 1940
announce
W.
that
of Swart, Brent & Co., Inc*
Rufus
of their wholesaling department.
in
&
charge of the
new
business
and
syndicate
departments of that firm.
was formerly associated with
Dillon, Read & Co., Peabody, Houghteling
Co., Fred T. Ley & Co. and P. W. Chapman & Co., Inc.
-—Francis I. du Pont & Co.
that "William F. Mills has become
announce
associated with the firm and will be in charge of the municipal bond
depart¬
ment in their Philadelphia office.
For the past 5M years Mr. Mills has
63
headed the municipal bond department of E. W. Clarke & Co.
Textile Bldg—
1st 3-5s (w s)
1958
37
39
nounce
1st 5 Ms
1939
2 Park Ave Bldg 1st 4s 1941
74
78
office.
—Stein Bros. & Boyce, members of the New York Stock Exchange, an¬
that Alonzo B. Sherow, formerly with Paine, Webber &
Co.,has
become associated with them in the bond department of their New York
54M
Walbridge Bldg (Buffalo)—
1st 6 Ms
Oct 19 1938
Westinghouse Bldg—
/18
1st fee & leasehold 4s '48
68
Bank
April 1 1955
Home Owners' Loan
101.3
100.12 100.15
70
104M
—
Corp
101.4
101.10
1 Ms
June 1 1939
Reynolds Investing 5s. 1948
101.3
101.3
100.12 100.15
4s
101
4s serial
101M
Ask
Aug 15 1938
Triborough
s
f
75
78
Bridge—
revenue
1977. A&O
revenue
1942-68
that Edmond J.
105 M 106
62.40
3.60
to
Forkin is
now
in
620 Erie County
Building, Shelton Square, Buffalo.
—Falvey, Waddell & Co.,
Inc.
announced that
Arthur L.
Chambers
elected Vice-President in charge of the company's Buffalo office which
has been removed to
Bid
4s
—
announce
charge of their Buffalo office which has been removed
Henry Hudson Parkway—
2s
lUl.l
name
Co., Inc., Eastman, Dillon & Co., members of the New
Exchange,
40
Ask
93 M
Corp—
Federal Home Loan Banks
1 Ms
April 1938
NOTICES
Brent, formerly VicePresident and Treasurer of Swart, Brent & Co., has been appointed
manager
was
Bid
Now
1950
Miscellaneous Bonds
Associates Invest 3s.. 1946
Swart &
Stock
E. H. Rollins & Sons Inc.
86
Metropolitan Corp (Can)—
1947
v
He
60
1948
6s
27M
Trinity Bldgs Corp—
Metropolitan Chain Prop—
6s
(Newark) 6s '37
25 M
6l"
/43
(Bklyn)
1956
3 M-5s with stock
/40
87
Ex-dividend,
Syracuse Hotel (Syracuse)
1st 6 Ms
Oct 23 1940
60
59 M
t
Since the formation of Swart, Brent & Co. in 1931, Mr. Brent has been
3s with stock
616 Madison Av 1st 6Ms'38
61 Broadway Bldg—
London Terrace Apts 6s '40
Ludwig Bauman—
1st 6Ms (L I)
Roxy Theatre—
York
Savoy Plaza Corp—
1947
1st 6s
CURRENT
—Coincident with the change in firm
57
59
48
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
Lewis Morris Apt Bldg—
When issued,
New York Stock Exchange.
45~"
/54
1946
2M-4s (w-s)
1
Ex-stock dividends,
45
1943
1949
1st
Graybar Bldg 5s
z
70
Prudence Co—
36 M
on
w
t Quotations per 100 gold rouble bond, equivalent to 77.4234 grams of pure gold.
2d mtge 6s_
1951
103 E 57th St 1st 6s...1941
50M
Nominal quotation,
York Curb Exchange,
n
on New
t Now listed
9M
1 Park Avenue—
/43
Fox Theatre
& Off Bldg—
1st 6 Ms
Oct 1 1941
Fuller Bldg deb 6s
1944
1st 6s
selling
(The)—
11
Niagara Street.
—Albert Graef Inc. have opened offices at 70 Pine St., New York City,
where they are specializing in foreign securities, particularly blocked marks
and other German securities.
J. S.
Bache & Co., 42 Broadway, New York City, have prepared a list
of stocks
selling at not
more
than eight times earnings and a list selling above
eight times earnings.
—Distributors Group, Inc., 63 Wall St., New York City, have prepared
short summary of Oceanic Insurance Co., Ltd. and its
common
stock.
a
Financial
145
Volume
3335
Chronicle
Quotations on Over-the-Counter Securities—Friday Nov. 19
Bid
Par
47
49
Petroleum
Extinguisher...*
10
Good Humor Corp
1
Graton & Knight com
*
17
18
32
35)4
Publication Corp com
*
6)4
Remington ^rms com
*
ldre
90
19 H
25
*
pref__100
American Republics com.*
Andian National Corp—*
Art Metal Construction. 10
20)4
14
77
81
V
49
Scovlll
31
33
5
1
1
9
32)4
10)4
46
Harrlshurg Steel Corp
20)4
22
Kildun Mining Corp
%
1)4
7%
8%
1
Sylvania Indus Corp
Taylor Wharton Iron &
8%
)4
Co..20
Lawyers Mortgage
32%
7
15%
100
13
15
8
Burdines Inc common
117
100
50
(Jos) Crucible
*
United Artists Theat, com. *
1%
2%
United Merch & Mfg com *
7%
8%
United Piece Dye Works.*
)4
50
54
Merck & Co Inc common.1
28
30
100
114
*
Preferred
preferred
6%
*
Nat Paper & Type com
37
23
Preferred
52
Northwestern
4
5
3
2
*
49
110
113
4)4
6)4
23
27
21%
*
23%
-
90
52
5
36)4
38)4
*
12
Co
*
Pharmacal
Ohio Match
Pathe Film
2%
:
100
Yeast...100
6)4%
Leather common
Ohio
%
Corp
*
2)4
Am
106
109
95
Wire Fabrics 7s._ 1942
-i
-
«
84%
83%
3)4s.l952
94
36%
37%
90
*
7% pref
7%
95
*
17
9%
98
1940
84
86
Cudahy Pack conv 4s.l950
92
94
1955
95
96
1937
Haytian Corp 8s
1938
Kelsey Hayes Wheel Co—
/69
71
/II
13
1948
75
82
1939
115
1946
/16
Shipbuilding 5s..1946
90
1st conv
3)4
95
s
f 6s
1st 3%s
1
Deep Rock Oil 7s
Conv deb 6s
100
4
(Northam)—
$3 conv preferred
*
Welch Grape Juice com. .5
39
44
Nat Radiator 5s
16
18
N Y
19
21
Scovlll Mfg 5)4s.
95
98
Standard Textile Products.
5)4
(Glenn L)—
Martin
Conv 6s
Warren
S3 cum preferred
1)4
18
*
Wick wire
107
1945
108
1942
/20
21%
Witherbce Sherman 6s 1944
/34
37
1st 6s assented
2)4
21)4
Woodward Iron—
White Rock Min Spring—
$7 1st preferred
20
103)4
100
preferred
7%
West Va Pulp & Pap com.*
Preferred
100
West Dairies Inc com v t c 1
50
Norwich
19)4
2%
45
New Haven Clock—
55
17
13)4
*
New Britain Machine
...
90
12)4
100
preferred
5%
54
.
19
*
75
100
preferred
7%
Tennessee Products
Preferred
Muskegon Piston Ring.2 )4
National Casket
*
47
x
---
Mock Judson & Voehringer
Preferred
50
127
Bonds—
8
2%
33
*
shares
American
6
50)4
..30
Preferred
Foundation Co For shs
120
.
1%
Douglas Shoe preferred. 100
Federal Bake Shops
Trlco Products
Tublze Chatlllon cum pf.10
33
30
100
Draper Corp
110
15
109
preferred
Dennison Mfg class A
Dixon
100
100
106)4 107)4
100
10
Dentists' Supply Co
10
Devoe & Raynolds B com *
Dictaphone Corp
*
$7
Preferred
18
250
6)4
13
$1 cum preferred
*
Continental Can 4 % % pf. *
Crowell Publishing com..*
16
200
5
4%
90
Cont'l Roll & Steel Fdy—
100
100
10
4
10
Chilton Co common
Columbia Baking com...*
80
Chicago Stock Yds 5s_1961
Lawrence Portl Cement
14
10
1
1st preferred
66%
17
Macfadden Pub common.*
Hotels
Bowman-Biltmore
63)4
Bethlehem Steel
8
1st 6% preferred
2d 8% preferred
52)4
12%
preferred
100
Young (J S) Co com...100
7% preferred
100
7%
American Tobacco 4s. 1951
9
7)4
Lord & Taylor com
51
Beneficial Indus Loan pf.*
11)4
5)4
30)4
*
58
*
235
4)4
..*
Steel common
29%
28%
227
Stromberg-Carlson Tel Mfg
7)4
-
6%
*
Corp
Manufacturing..25
Singer Mfg Ltd
Skenandoa Rayon Corp..*
Standard Screw.
20
^
4%
12)4
54
100
York Ice Machinery
43
3%
Singer Manufacturing..100
30
44
Bankers Indus Service A_*
39
Worcester Salt.
Ask
11)4
10
Woodward Iron com
6
45
King Seeley Corp com
Radio
4)4
100
Preferred.
17
American Mfg 5s
Great Lakes SS Co com..*
Great Northern Pa per...25
Amer Maize Products
Belmont
5)4
1%
5%
%
4%
Bid
Par
Ask
Bid
Petroleum Heat & Power. *
Golden Cycle Corp
4M
Par
Conversion...1
*
Garlock Packing com
Gen
59
52
100
cum pref
American Hardware
8%
29)4
Ask
Bid
Par
Ask
26)4
*
American Book
100
American Hard Rubber—
American Arch
Industrial Stocks and Bonds—Continued
Bonds
Industrial Stocks and
Concluded
2d conv
9%
8%
Wilcox & Gibbs com
Spencer Steel..*
50
15
26
102
84
80
18
WJR The Goodwill Sta__5
1962
income 5s..1962
1st 5s
99
93
100
29
3334.
For footnotes see page
Tennessee Products Common
WICKWIRE SPENCER STEEL
EDWARDS & CO
S.
H.
New Common
Pittsburgh Stock Exchange
I
Members
\ New York Curb Exchange (Associate)
Teletype N
Tel. REotor 2-7890
Building,
Bank
Union
fcxpfieAA' [xxJia/iige,
New York
120 Broadway,
Y. 1-869
52 Wall
A. T. & T. Teletype N. Y.
HAnover 2-3080
Non-Farm Real Estate Foreclosures During
Reports Nine-Month Total Below Same
Houston Oil Field Material
Period 1936
During September, the estimated number of non-farm real
estate foreclosures in the United States aggregated 12,123,
9.2%,
or
Prospectus on request
more
brought the index from 57.7 in August to 63.0 (1934=100),"
Mr. Fergus said, "was substantially greater than the cus¬
tomary August to September advance of 2.4% indicated by
the three-year average, largely because August of this year
was a
The
particularly low month."
Mr. Fergus further reported:
ROBINSON, MILLER &, CO.
INC.
52 William Street,
THE BERLIN STOCK EXCHANGE
_
Closing prices of representative stocks as received by
of the past week:
Nov.
Nov.
Topeka, and New York Bank Districts
foreclosures in September than in August while the other 8
showed fewer
N.Y.
15
13
showed
districts
ranging as
increases
August
to
a
66.5%
were
in the Pittsburgh
of Columbia disclosed
totaling 773.
seasonal
unfavorable in 8 Federal Home Loan Bank Districts and
September movements in relation to the average
favorable in 4.
with
as
aggregating 1,795 cases; 2 States revealed no change;
and 21 States showed recessions
change
high
Reports from 25 States and the District
District.
The Des Moines District particularly showed improvement
14% decline, which was counter to an average
rise of 10% for this
period.
foreclosures for the
corresponding month of last year, September activity was 26.4% lower.
All Bank Districts registered fewer foreclosures this month than for the
same month of 1936 except Little Rock and Boston, where advances of
and
respectively,
2.7%,
were
manifested.
Also, each of the 4
by size of communities showed improvement over September, 1936.
The 15.3% decline in foreclosures in the United States during the first
groups
9 months of 1937 from the
year was
the
increases
This
reported an advance over the corresponding
cumulative margin
of improvement in
United States over last year has varied
January
February.
13.7%
Dresdner Bank 4%)
:
Farbenlndustrie I. G.
13.0%
June..
board States from New York down except
12.1%
13.8%
15.3%
9 months of this year than
smaller
for the same
Conversely, a belt of States running north from Texas to
Canadian Border, and all States west of that line except New Mexico,
period of 1936.
Wyoming, California, and Oregon,
Counties with
in foreclosures of
showed more foreclosures than in the
5,000 non-farm dwellings reported an advance
period of this year over
The other three size groups all
3.4% for the January-September
the identical 9 month
registered decreases,
■
.149
....150
.
....
Mannesmann Roehren
Relchsbank (8%)
(4^4%)
.119
—
-
Rhelnlsche Braunkohlen
(8%)...
Salzdeturth (6%)
Siemens &
......
Halske (8%)
211
232
164
...208
118
119
123
144
129
114
158
<
134
168
118
period of last year.
with the large communities
leading with a drop of
22-9%.
Holtday
114
159
123
145
129
114
158
148
149
149
148
148
148
'
80
118
81
210
231
164
208
'
;
....
118
118
211
233
166
208
211
118
—
212
234
167
208
By Adrian H. Muller & Son, Jersey
Wednesday
City, N. J.:
$ per Share
...$195 lot
SI,000 lot
$3 lot
S2 persh.
$3 persh.
Stocks
Co. (N. Y.).
—
2,306 New York Alaska Gold Dredging Corp. (Del.), no par
13 Bay Shore Co. 8% cum. pref. (Fla.), 5100 par
2 Farmers Mfg. 8% cum. pref. (Va.), S100 par.....
54 International Water Co., Inc., pref. (Del.), $100 par
500
Lawyers
Mortgage
By R. L. Day & Co., Boston:
Shares
$ per Share
Stocks
Co., par $10
Associates, Ltd., preferred, par
Middle States Petroleum Corp., class B
50 F. W. Wool worth
536 M. J. Whittall
13
1,000 General Electronics Corp., par $1
100 United Shoe Machinery Co., common, par
$10
-
By Crockett & Co., Boston:
Shares
$ l)er
Stocks
10 Farr Alpaca
Co
------
-
By Barnes & Lofland, Philadelphia:
Shares
CURRENT
Inc., 40 Exchange Place,
New York City, has issued a
grade railroad and public utility
—William E wad inger has become associated
members of New York
19
NOTICES
National Bank, par $20
Trust Co., par $10
2841-3000 Guarantee Trust Co., Atlantic
CURRENT
-
with Chas. D. Barney & Co.,
office.
with J. F. Reilly & Co.
---
City, N. J., pref., par $10
-
9
7%
NOTICES
bond market.
Stock Exchange, in their Easton, Pa.
7%
$ per Share
102%
Stocks
—Joseph H. Hayes,
38%
%
$5 lot
$9 lot
72
-
$25—
5 Philadelphia
circular cn the high
...
165
21),
SALES
AUCTION
following securities were sold at auction on
of the current week:
25 Bryn Mawr
—Homer & Co.,
119
123
145
129
114
158
148
148
119
123
145
129
The
1936.
less than
Elektrizltaetswerke (8%)
...
114
159
....
(7%)
Nordeutseher Lloyd
Maryland and South Carolina,
than Alabama and Texas, all showed a
number of foreclosures the first
first three quarters of
Hapag-.
Shares
Lakes but Indiana, the Atlantic Sea¬
All States bordering on the Great
and the Gulf States other
Hamburg
foreclosures in the
12.1% July
.
12.0% August
11.2% September.
May
March
period of
monthly as follows:
13.6% April.
the
—
Districts. Only
Rock Districts showed adverse movements with
of 34.7% and 0.5%, respectively. Furthermore, in the Topeka
District every State
'
134
168
118
number estimated for the same period of last
reflected in 10 of the 12 Federal Home Loan Bank
Topeka and Rittle
1936.
119
134
168
(6%)
Berliner Kraft u. LIcht (8%)
Gesfuerel (6%).
Compared with the estimated number of non-farm
11.9%
119
134
168
Commerz-und Privat-Bank A. G. (5%).-.118
Dessauer Gas (7%)
.......119
Deutsche Bank und Disconto-Gesell. (5%). 123
Deutsche Erdoel (6%)
145
Deutsche Reichsbahn (German Rys pf 7%). 129
Berliner Handels-Gesellschaft
119
134
168
118
119
17
120
Allgemelne Elektrizitaets-Gesellschaft
Nov.
19
Nov.
16
Nov.
18
129
Nov.
Per Cent of Par
r
increases over August
cable
each day
Des Moines,
Cincinnati,
Company, Inc.
Preferred and Common Stock
than the estimate for the
preceding month, it was announced on Nov. 4 by Corwin A.
Fergus. Director of the Division of Research and Statistics of
the Federal Home Loan Bank Board. "This rise, which
1,022,
was
1-1642
September
9.2% Over August According to FHLBB—
Increased
which
New York City
Street,
Pittsburgh
formerly with Hare's,
Ltd., has become associated
3336
Financial
Chronicle
ment
Nov.
1937
20,
(2-3526) covering interim receipts to be issued in lieu of the bonds.
(For further details see subsequent page.)
Filed Nov. 17, 1937.
Hughes Printing Co. (2-3404, Form A-2,
RIGHTS-SCRIP
Specialists since 1917
Hughes is President of the company.
The SEC has announced
cants it has
to
the request
of the appli¬
the withdrawal of the
Bullard
Co. (3363), covering 40,000 shares of 5% cumul. conv. pref.
(par $40) and an undetermined number of shares of common stock
(no par). Filed Aug. 23, 1937.
Now York Curb Exchange
Broadway, Now York
consented
Filed Nov. 15, 1937.
that
stock
Memhart
120
refiling) of East Strouds-
following
registration statements filed under the Securities Act of 1933.
McPONNELL&rO.
New York Stock Exchange
a
burg. Pa., has filed a registration statement seeking to issue $200,000 of 5%
serial first mortgage bonds due 1940 to 1953. Bonds will be offered at $100.
Colonial Securities Corp. will be underwriter.
Proceeds will be used for
payment of debt, machinery, improvement, and working capital.
G. O.
Commonwealth
Tolophone REctor 2-7815-30
stock
common
Bfll Teletype NY 1-1640
Investment
(par $1).
Co. (3482) covering
Filed Oct. 25, 1937.
858,000 shares
of
Universal Cooler Corp.
(3424) covering 35,000 shares of $1 convertible
participating class A (no par) stock and 100,000 shares of class B (no par)
stock.
Filed Sept. 23, 1937.
FILING OF
REGISTRATION
SECURITIES
STATEMENTS
UNDER
Universal Television
stock (par $1).
ACT
The following additional registration statements
(Nos.
3514-3526, inclusive and 2-3404, a refiling) have been filed
with the Securities and Exchange Commission under the
Securities Act of 1933.
The total involved is approximately
$25,752,500.
Jones Associated Oil Co. (2-3514, Form A-l) of Oklahoma
City, Okla.,
has filed a registration statement
covering 2,000 shares 6% cumulative
convertible prior preferred stock, $100 par, to be offered at
$100 per share.
Proceeds will be used for purchase of additional
properties, for development
and working capital.
Underwriter will be J. W. Goldsbury & Co.
W. K.
Jones is President of the company.
Filed Nov. 11, 1937.
York Corrugating Co. (2-3515, Form A-2) of
York, Pa., has filed a
registration statement covering 92,600 shares of $1 par value common
stock, of which 53,000 shares will be offered to stockholders at $5.75 a
The last
in
P
Brough Lake Molybdenum, Ltd. (2-3516, Form AOl), of Toronto,
Ofltario, has filed a registration statement covering 800,000 shares of $1
par value common stock to be offered at prices ranging from 20 to
40 cents
a share.
Proceeds will be used for equipment, development,
plant, ma¬
chinery and working capital.
No underwriter was named.
Arthur R.
Schaberg is President of the company. Filed Nov. 13, 1937.
P
Lincoln Service Corp. (2-3517, Form
A-2) of Washington, D. C., has
a registration statement
covering 40,000 shares 6% cumulative par¬
filed
ticipating preferred stock, $25
par, to be offered at par.
Proceeds will be
used to liquidate 7% debenture notes and for subsidiaries'
working capital.
Manilow & Co. will be underwriter.
Charles Delmar is President of the
company.
Filed Nov. 13, 1937.
*
Manufacturers Finance
Co. (2-3518, Form A-2) of
Baltimore, Md.,
registration statement covering $2,000,000 4M% collateral trust
due 1942.
Of the notes registered, $1,677,000 are to be
offered in exchange at par for a like amount of
5% series A notes due 1938.
Any of the unexchanged notes are to be offered
publicly, together with
the remaining $323,000 of notes, at
par.
Proceeds will be used to retire
any of the 5%
notes unexchanged and for working capital.
No under¬
has filed
a
notes, series A,
writer
was
named.
V. G.
Dunnington is President of the
Nov. 13, 1937.
P
Low
Cost
company.
Filed
was
given
issue of Nov. 6, page
Abbott Laboratories— Extra Dividend—
quarterly dividend of 40 cents per share on the;common stock, no par value,
both payable Dec. 29 to holders of record Dec. 16.
Similar amounts were
paid Sept. 30, June 30 and on March 31,'last, and previously, quarterly
dividend of 30 cents per share were paid .1 In addition an extra dividend
of 50 cents was paid on Dec. 23, 1936, and'an extra of 15 cents on Sept. 28,
1936.
See also V. 143, p. 3457 for further dividend record.
Registers with SEC—
See list
given on first page of this department.—V. 145, p. 2998.
Abitibi Power & Paper Co.,
Ltd.—Hearing Postponed—
Argument on an application for court approval of a plan for reorganization
of company, was postponed Indefinitely Nov.15 by Justice Charles McTague.
Adjournment was made so counsel for various interests might meet in an
effort to "work out a compromise agreement" and end litigation in the
question of reorganizing the company.—V. 145, p. 2998.
Adams
Express Co.—Bond Substitutions—
The company has notified the Securities and Exchange Commission of
substitutions made during October under the collateral trust bonds.
Under the collateral trust 4% distribution bonds due in 1947 the company
deposited $47,000 of the collateral trust 4% bonds of 1947 and $1,649 in
cash.
The company released 200 shares of Delaware Lackawanna & West¬
ern RR. capital stock and 100 shares of Southern Pacific RR. capital stock.
Cash amounting to $50,316 was deposited under the collateral trust
50-year 4% bonds due in 1948 and $52,000 New York Central RR. secured
3M% bonds of 1946 were released.
Under the 10-year 4%% debentures due in 1946 company deposited
1,300 shares of Union Carbide & Carbon Corp. common stock and $2,538,837 in cash.
The following securities were released: 1,000 shares of Westinghouse Electric & Mfg. Co. common stock; 6,600 common shares of Union
Carbide & Carbon Corp.; 100 shares of Standard Oil of New Jersey capital
stock and 3,600 common shares of Allied Chemical & Dye Corp.—V. 145,
p. 2684.
Adelphia College, Garden City. N. Y.—Receivership—
Housing, Inc.
(2-3519, Form A-l) of Los Angeles, Calif.,
has filed a registration statement
covering 10,000 shares of 4% $25-par
cumulative preferred stock, to be offered at
par.
Proceeds are to be used
for escrow guarantee
deposit, for working capital, and for land and con¬
struction.
No underwriter was named.
O.
R.
Angelillo is President
of the company.
Filed Nov. 13, 1937.
previous list of registration statements
3186.
common
The directors have declared an'extra dividend of 10 cents'per share and a
share and the unsubscribed shares publicly at $7.50 a share. The
remaining
39,600 shares will be offered by certain stockholders at $7.50 a share. The
issuers' part of the proceeds will be used for loans,
machinery, equipment
and plant construction.
Tobey & Co. were named as underwriters.
Dr. C. P. Rice is President of the
company. Filed Nov. 13, 1937.
our
Corp. (3464) covering 500,000 shares of
Filed Oct. 7, 1937.
of
One of New York State's leading colleges for women went into the hands
a receiver Nov. 15 when the Title Guarantee & Trust Co. brought
pro¬
ceedings against Adelphi College, Garden City, L. I.
Mrs. Morgan S.
Smith of Lawrence, L. I., was appointed receiver by County Judge Cort¬
an action to foreclose a $1,000,000
mortgage on the
college.
land A. Johnson in
,
Kinsey Distilling Co. (2-3520), Form A-l) of Philadelphia, Pa., has
filed
registration statement covering 50,000 shares 80-cent cumulative
convertible prior preferred stock, $10 par, to be offered
first to preferred
stockholders at par. Unsubscribed for shares will be
offered to the public
at a minimum of $10 per share and a maximum
of $12.
Registration also covered 40,000 shares $1 cumulative
preferred stock,
$5
par, and 40,000 shares common stock, $1 par, all of which will be reserved
for conversion of an authorized issue of
80,000 shares prior preferred stock,
of which 11,984 shares are
outstanding.
Proceeds will be used for debt
payment and working capital. No underwriter was named.
H. V. Clarke
Is President of the
company.
Filed Nov. 15, 1937.
Laboratories (2-3521, Form A-2) of North
Chicago, 111., has
registration statement covering 20,000 shares
4H% cumulative
convertible preferred stock, $100
par, and 40,000 shares common stock, no
Par, to be reserved for conversion purposes.
A. G. Becker & Co., Inc.,
will be underwriter. Proceeds will be used
for
filed
Air
a
Associates, Inc.-—May Merge—
An agreement has been signed by the officers of this company and
Nicholas-Beazley Airplane Co., Inc., looking toward a merger of the two
companies through an exchange of stock in the ratio of one share of Air
Associates common for each five shares of Nicholas-Beazley common.
Nicholas-Beazley stockholders will vote on this plan at a meeting to be held
on
Nov. 29.
Both companies are manufacturers and distributors of aircraft material
and_accessory equipment.—V. 145,
§518,600 of
15-year refunding mortgage bonds due 1952, of which
$155,100 are to be issued in exchange at
par for 6% first mortgage bonds
of Kuner Pickle Co. and
$363,500 are to be issued in exchange at par for
6H% first mortgage bonds of Empson
Packing Co.
Registration also
covered 14,462 shares of common
stock, $5 par, to be issued in exchange
for accrued and deferred interest on
above bonds.
Proceeds received by
company from sale of its serial notes will be used for
debt payment and
working capital. Brown Schlessman Owen & Co. and others will
be under¬
writers. Karl Kuner Mayer is President of the
company.
Filed Nov. 15,
West
&aJ&°£
Virginia Pulp & Paper Co. (2-3523, Form A-2) has filed a
regisstatement covering $10,000,000 of first mortgage bonds, series due
1952 (due Dec. 1,1952).
The interest
rate is to be
furnished by amendment
®o
Ist^ation statement. According to the registration statement,
$8,500,000 of the net proceeds from the sale of the bonds
are to be used to
retire unsecured bank loans in the
same amount incurred
principally in
connection with the construction of the
company's mill at Charleston S C
The remainder of the proceeds are to be
used to provide for increases in
cash, receivables and inventory and for general
corporate purposes, the
company states.
Brown, Harriman & Co., Inc., of New York N Y
is
the principal underwriter. The price at which the
bonds are to be offered
the underwriting discounts or commissions and the
redemption provisions
are to be furnished
by amendment to the registration statement. Thomas
Luke of New York, N. Y., is President. Filed
Nov. 17, 1937.
>
United Endowment
Foundation, Inc. (2-3524, Form C-l) of New
York, N. Y., has filed a registration statement for 300,000 foundation
trust shares, Series A, to be sold at the market
price for an aggregate of
$1,185,000.
The proceeds, according to the registration
statement, will
be used for investment.
H. C. Williams is President of the
foundation.
Fi ed Nov. 17, 1937.
Mountain
States
Power Co. (2-3525 and 2-3526, Forms A-2 and
D-1A) of Albany, Ore., has filed a registration statement
covering the
issuance of $8,000,000 1st mtge. 6% bonds, series due
Dec. 1, 1942, and
$700,000 of serial notes as follows:
$175,000 4% notes due Dec. 1, 1938;
$175,000 4% notes due Dec. 1, 1939", $175,000 5%
and $175,000 5% notes due Dec. 1,
i941.
notes due Dec.
The company also filed
1, 1940,
a state¬
_____
40 Weeks
Oct. 9 *37
Net loss
x
Oct. 10 '36
Oct. 5 *35
Oct. 6 '34
$274,147
Period—
x
research, building, additional
equipment, debt payment, and working capital. S. D.
Clough is President
of the company.
Filed Nov. 15, 1937.
P Kuner Empson Co. (2-3522, Form
A-2) of Brighton, Colo., has filed
a registration statement
seeking to issue $150,000 of 4% and iti % serial
to 1941, to be offered at $100.
Company also registered
p. 2060.
Air-Way Electric Appliance Corp.—Earnings—
a
$29,757
$215,738
$123,768
After taxes, depreciation, &c.—V.
Alberene Stone Corp. of
Period End. Sept.
a
41
30—
Weeks—40 Weeks Ended——
145, p. 929.
Virginia—Earnings—
1937—3 Mos.—1936
$27,707
$15,890
Net income
1937—9 Mos.—1936
$80,496
$34,558
After operating expenses, normal Federal income charges, depreciation,
and other charges, but before provisions for Federal surtax on undistributed
a
earnings.—V. 144, p. 269.
Alberta Pacific Grain
Co., Ltd.—New Director—
At the recent annual general meeting of stockholders James R. Murray
elected a director, according to an announcement made by H. E.
was
Sellers, President of the company.—V. 145, p. 1890.
Alexander's
Department Store,
Thomas & Griffith, New York, are
of common stock at $6 per share.
Inc.—Stock Offered—
offering 125,000 shares
Transfer agent. Registrar & Transfer Co., New York.
Continental Bank & Trust Co. of New York.
History & Business—Company
Registrar, The
■
H
organized in Sept., 1928, under the
name of Alexander's Ladies Wear, Inc. and has been operating under
present name since August, 1936.
Company operates two retail stores in
the Bronx section of N. Y. City, one of which, established in Sept., 1928,
is located at 2948-2954 Third Ave. and is known as the Third Ave. Store,
and the other, established in Sept., 1933, is located at Fordham Road and
was
Grand Concourse and is known
as the Fordham Road Store.
The original store carried only women's coats and dresses.
The lines of
offered have
been gradually expanded, and now include
children's and infants' wear, boys' and men's furnishings, hosiery, under¬
merchandise
bags, shoes, gloves, sportswear, neckwear, costume jewelry,
toys and various novelties imported from certain European countries. Two
or three lines, such as millinery and certain home
furnishings, including
wear, corsets,
curtains, draperies and linens, are offered through departments rented to
and operated by concessionaires.
p*
Company has earned
a
net profit from the operations of the business in
Sales and net profits have increased
every year since organization in 1928.
every full fiscal year.
Total net sales including
sales of rented departments and total net
profit, after provision for Federal income and undistributed profits taxes,
accruing to the company for the five full fiscal years ended July 31, 1937,
are shown in the
following table.
1199334567
Financial
145
Volume
Net Profits
Net Sales
3337
Chronicle
$1,015,517
$29,459
2,017,017
29,515
2,615,806
54,121
3,646,921
66,948
4,704,414
x85,720
x This amount is equivalent
(after preferred stock dividends) to $0.39
per share on the 210,000 shares of common stock outstanding.
Co.—Earnings—
American Gas & Power
12 Months Ended Sept.
Gross revenues
Operating
$673,535
Outstanding
6%
pref.
conv.
cum.
stock
Being Offerd
(par
4,368 shs. a4.368 shs.
None
b350,000 shs. 210,000 shs. 125,000 shs.
$12.50)
Common stock ($1 par)
8,736 shares of common stock are to be de¬
posited with the company by the present holders of common stock pro¬
portionately according to their present holdings to provide for any exercise
of the conversion rights attached to the preferred stock, which rights are
exercisable at any time up to and incl. Jan. 1, 1943, at the rate of two shares
of common stock for one share of preferred stock. At the expiration of the
period during which the preferred stock may be converted, any and all
shares of common stock not issued in the exercise of conversion rights are
to be returned to the depositors in direct proportion to the number of shares
N
Certificates aggregating
a
deposited.
b In part consideration for services rendered to the company in connection
with its public financing, company has granted to J. Norman Lewis, 42
>
Broadway, New York, an option to purchase all or any part of 15,000 shares
of common stock at any time on or before Oct. 15, 1939, at $4.93 per share,
and this number of shares is to be reserved for issuance in the event of
exercise of said option.
Proceeds—The total proceeds will amount to
proposes to
$582,279 (net) and company
devote same to the following purposes:
stallation
Estimated construction cost of new building
proposed to be
erected
194,662
of in¬
Purchase
and equipment,
of additional fixtures
82,000
28,000
20,000
30—-
Interest paid
General expenses...
1937—3 Mos.—1936
$970,106
$948,853
946,899
947,757
49,981
21,850
1937— 9 Mos.—1936
$2,910,219 $2,854,850
2,841,413
2,849,702
161,570
105,106
$20,754
$92,764
$99,958
$11,152,000 Missouri
$26,774
Net loss
After deducting reserve in respect of interest on
RR 20-year 5H% convertible gold bonds,
Terminal Shares, Inc., 5-year 5>£% notes.
x
Pacific
and
on
$14,245,000
Meeting Postponed—
stockholders called to ratify the proposed merger of this
and Chesapeake Corp., which was to have been held on Nov. 15,
A meeting of
has been
postponed to Nov. 24.
Appeal of the injunction restraining the mergers was argued on Nov. 11
in Annapolis, Md.
The Court of Appeals then recessed for a period of
three weeks and it is hoped that a decision will be ready when the court
reconvenes.
Frank
—b
F.
Kolbe
Sells Holdings in
Corporation Purchased
from Ball Foundation—
Mrs. Robert R. Young and an undisclosed purchaser have purchased the
Alleghany Corp. holdings of Frank F. Kolbe which the latter acquired with
Robert R. Young and Allan P. Kirby from the Ball Foundation.
The
syndicate's share of Alleghany, purchased through Midamerica from the
Foundation gave control of Alleghany and Mr. Kolbe's share represented
about 13 y*Vo of thelparticipation.
y* Mr.
Kolbe sold his Alleghany securities, it is reported, at a private sale
for business ^reasons and also because of disagreement with Mr. Young,
who headed the syndicate, over the plan of merging Alleghany and Chesa¬
peake Corp. and particularly in regard to the„treatment accorded.the pre¬
by Mr. Kolbe does not indicate that
in administration of the affairs of Alle¬
However, the sale of his holdings
there will be~any change in policy
$958,187
90,773
31,102
$876,91/
16,627
Total
$1,164,001
$989,289
240,154
259,658
180.512
263,028
255,571
income
Non-operating expense
Depreciation
Federal, State & local taxes
Net profit
Preferred dividends
Before making
272,647
$373,808
$290,176
178,794
178,794
provision for Federal surtax on undistributed profits
x$391,543
«a
Machinery Co.—Extra Dividend—
to
the
regular
dividend of 65 cents per share in
quarterly dividend of 20 cents on the common
stock, par $20, both payable Dec. 1 to holders of record Nov. 20.
Previous
dividend distributions were as follows: An extra of 20 cents in addition to
quarterly dividend of 20 cents paid on Sept. 1, last; 20 cents
June 1 and March 1, last; extra of 25 cents and regular of 15 cents
paid on Dec. 1, 1936: 15 cents paid on Sept. 1, 1936; 10 cents paid each
three months from March 1, 1933, to and including June 1, 1936, and 30
cents per share paid each quarter previously.—V. 145, p. 1247.
the regular
on
American News Co.
(Del.)—Listing—
The New York Stock Exchange has
authorized the listing of 432,000 shares
of the statutory merger of The
into the corporation, as the sur¬
common.
AccordingTto'a report released by the Securities and Exchange Com¬
mission, Mr. Kolbe sold 253,813 shares of Alleghany common; 473 shares
preferred ex warrants; 4,229 shares of $30 preferred; 652 shares $40 preferred;
572 shares of prior preferred; and $56,O0O par 5s, 1950, stamped.
These
sales were made in August and at that time Mr. Kolbe retained, in his
own "name,
1,400 shares $30 preferred and 100 shares of $40 preferred.
Since Mrs. Young is not a director or officer of Alleghany and also since
her holdings comprise less than 10% of the total it was not necessary for
her to make "any report toHhe SEC.
No ^change in the holdings of Mr.
Young or Mr. Kirby during the same period occurred and it is reported
that .these twoTiave maintained their original commitment in the situation.
—V. 145, p. 2998.
(Mich.)—New Name—
145, p. 2999.
approval to the stockholders of both
Cigarette & Cigar Co.—Stock
the authorized stock of the corporation is 1,000 shares
of common stock (par $100), of which 500 shares are issued and outstanding,
all of such shares being owned by The American News New York Corp.
Prior to the merger, the authorized stock of American News New York
Corp. is 216,000 shares (no par), all of which are presently issued and
Prior to the merger,
dividend of l-40th of a share of common
(Tobacco Co. for .each share of American Cigarette &
Cigar common held. This payment will be made Dec. 15 to holders of
record Dec. 2.
A similar payment was made on Sept. 15, June 15 and on
March 2 last.
A dividend of l-20th of a share was paid on Dec. 2, 1936.
Stock dividends of l-40th of a share of common B stock were paid on
Sept. 15, June_15>nd,on March 16, 1936.
See also V. 145, p. 1247. t
j* 4
The directors have declared a
B stock of American
American Encaustic Tiling
Co., Inc.—Earnings—
—3 Months Ended—
9 Mos. End.
Sept. 30, '37 June 30, '37 Sept. 30. '37
Period—
$9,126
loss
After interest, depreciation
$15,966
$54,403
and taxes.—V. 145, p. 1247.
Equities Co.—Meeting Postponed—
The special meeting of stockholders scheduled for Nov. 18, at which share¬
holders were to vote upon merger of the company into International Utilities
Corp., has been adjourned to Dec. 2.
national Utilities Corp. approved ithe
Pursuant to the provisions
outstanding.
On Nov. 12, stockholders of Inter¬
Iproposed merger.—V. 145, p. ,1574.
of the merger agreement, and
by change in the certificate of incorporation of the corporation, the author¬
ized capital stock of the corporation will become 432,000 shares of common
stock.
The shares of common stock of the corporation owned by American
York Corp. will be
News New
canceled upon the consummation of the
merger.
Upon the becoming effective of the merger, the shares of the capital stock
of American News New York Corp. will be converted into shares of the
common stock of the corporation, upon the basis of two shares of the com¬
mon stock of thejcorporation for each share of the common stock of American
News New York Corp. held.
All properties and all rights, privileges and
interests of American-News New York Corp. will vest in the corporation,
and the corporation will assume all liabilities and obligations of American
News New York Corp.
Upon the becoming effective of the merger, the
216,000 shares of the common stock of American News New
presently outstanding will be converted into 432,000 shares of
stock of the
York Corp.
the common
corporation.
The corporation, upon the effective date of the merger, will control,
through 100% stock ownership, the following subsidiaries: Union News Co.,
Lending Library, Inc., Post Office News Co., American News
Co., Ltd., International News Co., Ltd. '
American
American News New
x
June 30,*37 Dec.
Ac. 7,560,065
Cash
5,679,347
U. 8. obligation.. 1,226,650
...
1,226,650
Fed. Income taxes,
3,524,453
4,200,619
4,423,893
3,992,829
317,418
3,849,708
charges.
392,838
.
dep. & def. cred.
for possible
578,509
3,849,708
286,378
Contingent reserve
170,430
Capital surplus... 1,893,933
surplus— 6,315,505
.
27.500
1,893,933
6,063,281
26,761,098 26,351,947
Total
26,751,098 26.351,947
After {depreciation.
67,500
claims
Earned
x
576,112
Prov.
miscl.
inventory, Ac..
Total
306,717
Customer A agents
330,195
receivable
rec.
327,716
Ac
notes
Inventories
$
Capital stock...10,535.900 10,535,900
6,878,607
7,388,544 Accts. payable, Ac. 6,823,502
108,000
4,853.750 Dividend payable.
y
equipment,
&
31,'36
$
Liabilities—
%
$
Land, buildings,
GoodwiU
York Corp.— Consol. Bal. Sheet-
Dec. 31/30
June 30,'37
Assets—
Represented by 210,718 no par shares, excluding
y
5,282,.shares in treasury.
Change Name, &c.
To
See American
American
News Co. above.—V.
145, p. 931.
Republics Corp. (& Subs.)—Earnings—
Earnings for
Net income after deprec.,
7 Months Ended July 31, 1937
depl., amort, of undeveloped lease¬
Sec., but before surtax on undis¬
holds, net Fed. inc. taxes.
tributed .profits
$427,908
Earns, per sh. on 1,308,049 shs. capital stock (par $10)
Amortization of appreciation of oil producing properties
was
charged.to surplus account.—V.
$0.33
of $195,768
145, p. 3187.
American Public Service Co. (& Subs.)—Earnings—
30—
1937—3 Mos.—1936
1937—9 Mos.—1936
Period End. Sept.
Operating revenues
...
aTotal oper. exp. & tax.Net
$1,556,929
899,823
$1,411,633
810,884
$3,945,680
2,469.840
$3,642,036
2,207,014
$657,105
23,442
$600,749
5,785
$1,475,840
48,451
$1,435,021
21,057
$680,547
286,799
3,575
20,158
$606,534
290,970
7,055
20,469
$1,524,291
865,144
10,621
60,834
$1,456,078
881,904
21,486
62,077
operating income-
Other income (net)
Interest on funded debt-
Dividend—
corporations at meetings to be held on
0#
Doc»
Gross'income
EXSeeJt. & H. Corp. on subsequent page.—V.
approved by the board of directors of the cor-
rork Corp. Oct. 20 and by the board of directors of will be submitted for
?oration on on Oct. 20, 1937. The merger agreementAmerican News New
Deferred
^Allied Products Corp.
$893,545
90,127
260,325
169,283
The directors have declared an extra
addition
companies and continue to^try to]work out his simplification of the holding
company ^structure.
Mr. Kolbe also said that he continues to hold the
Alleghany securities purchased Iprior to the formation of the syndicate as
also does his family and will be chiefly interested in representing on the
boards of the two companies those whom he interested in the stock when
he still was in the brokerage business.
Mr. Kolbe's participation in the purchase of Alleghany stock from the
Ball Foundation amounted to a cash commitment of $300,000 which he
raised through a collateral bank loan.
The total price paid for the control
of the holding company was $4,000,000 in cash of which Mr. Kirby con¬
tributed $3,000,000 and Mr. Young $700,000.
In addition a three-year
note amounting to $2,375,000 was given to George A. Ball forlthe balance
of the payment, with the note secured by 1,200,000 shares of Alleghany
if American
^
5,122,802
Profit
Mtges.
Net
$5,999,720
6,262,321
operating exp—
Non-operating income
ghany nor Jhat anyhiewj)arty which might come into the picture will bring
about anyTsuch change.
Mr. Kolbe states that he intends to remain a director of the two holding
x
$7,220,508
8,559,387
$1,073,228
Cost of sales & other
x
1935
1936
1937
$9,632,615
__
Accounts
ferred A of Alleghany.
American
(& Subs.)—Earnings—
American Hair & Felt Co.
9 Months Ended Sept. 30—
Net sales
viving corporation.
The merger agreement was
Alleghany Corp.- -Earnings—
Dividends & int. rec'd.
11 "
"
of capital stock (no par) on official notice
American News New York Corp. with and
Underwriting—Arrangements for" the "underwriting of "the stock were
originally made with Dwelly Pearce & Co., Inc., New York. The arrange¬
ments made with Dwelly Pearce & Co., Inc. were subsequently terminated
by mutual consent after Thomas & Griffith had agreed to undertake the
underwriting of the .company's common stock.—V. 145, p. 1406.
company
...
,
22,000
164,780.
Balance to provide additional working capital....-.-
Period End. Sept.
Net income
—V. 145, p. 1407.
175,000
including
cost of installation
x
$298,642
—
fch.
40,000
stallation.
(9)
$187,244
485,886
$62,260
Balance, deficit
on reacquired securities
Profit
$574,126
377,336
384,034
$132,402
Conditional interest...
28,000
(6) Purchase of an escalator, including cost of installation
(7) Purchase of two passenger elevators, including cost
(8)
1
$642,760
381,357
393,806
Gross'income
Unconditional interest
American Laundry
$22,500
j
(2) Purchase from affiliate at its construction cost of the new
building, presently in the course of erection on the land and
under option
(3) Purchase from Otis Elevator Co. of an escalator, including
the cost of installation thereof in new building
(4) Purchase of additional fixtures & equipment & cost of in¬
(5)
61,942
1
bt.
Y. 145, p. 1891.'
(1) The purchase from Alro Holding Corp., an affiliate of land
immediately adjoining at the rear the land on which the
buildings presently comprising the Third Ave. Store are
located
$636,068
30,775
expenses
Capitalization
Authorized
1936
1937
30—
General interest
Amor, of bond dis. & exp
Taxes assumed on int. &
miscel.
Paid
Not
c
or
3,750
14,289
11,000
56,117
18,703
220,273
130,931
93,517
$292,811
$209,469
pref. stk.
declared
paid
or
declared..
Balance
a
4,430
72,772
deductions
b Div. on $6 cum.
Including Federal normal income tax for
held by the public,
c Before
Utilities Co.
ments .on,
preferred stock of American
Notes—(1)
It
is estimated that
Utilities Co., had no liability
$353,128
$255,162
1937 only, b of West Texas
cumulative dividend require¬
Public Service Co.
the principal subsidiary, West Texas
undistributed profits tax on its
for Federal
operations for 1937.
No provision has been made by the American Public
Service Co. for Federal undistributed profits tax.
(2) Cumulative dividends
not declared or accrued on preferred stock of West Texas Utilities Co.
held by the public amounted to $363,487 or $7.50 per share on Sept. 30,
1937.
(3) Dividend requirements at full cumulative rate for a three months'
period
on
79,746 shares of American
Public Service Co. 7 % preferred stock
Financial
3338
outstanding Sept. 30, 1937, amounted to $139,555.
(4) Cumulative divi¬
dends not declared or accrued at Sept. 30, 1937, on preferred stock of
American Public Service Co. aggregated $2,970,538 or $37.25 per share.—
V. 145, p. 1088.
American Safety Razor Corp.
Period End. Sept. 30—
x Net profit---:.
Shs. of cap. stkoutstand-
$255,027
—
$851,326
524,400
$1.73
524,400
$0.60
,
,
After depreciation and Federal taxes,
but before provision for Federal
profits.—V. 145, p. 1248.
surtax on undistributed
American Seating Co.— To
The directors have declared
a
no
American Stores Co,—Sales
p.
2834.
Corp. (& Subs.)—Earnings—
9 Months Ended Sept. 30—
Net income
—
1937
b$3,049,335
depletion, depreciation, interest, amortization, Federal income
for possible liability for surtax on undistributed profits.
Louisiana Oil Refining
Corp.—V. 145, p. 1248.
taxes and
reserve
b Including earnings from property acquired from
Dry Goods Corp.—Sales
—
Period End. Oct. 30—
1937—13 Weeks—1936
1937—39 Weeks—1936
Sales
-$14,382,097 $13,773,058 $40,436,763 $37,354,149
V. 145, p. 2834.
Associated
A
statement
Gas & Electric
of
Associated Gas &
—
Corp.—Earnings—-
consolidated earnings and expenses
Electric Corp. and company follows:
(actual
i
1937—4 Weeks—1936
1937—10 Mos.—1936
$8,568,089
$8,394,846 $94,224,427 $93,799,667
Period End. Oct. 30—
Sales
12 Months Ended Sept. 30—
Operating
Power
The directors have omitted dividends for the first time since April, 1920,
American Telephone
Uncollectible oper. rev—
47,499
423,744
25,164
$2,276,672
1,059,612
$2,364,566 $22,198,415 $23,496,322
707,748
7,639,495
7,497,049
$1,217,060
Net oper. revenues.._
Net oper. income
—V. 145, p.
$1,656,818
Commercial...
Industrial
Total
American Thread Co.—New President
11.2
....$13,356,999 $13,106,199
105,098
226,717
Miscellaneous gas
Total gas revenue
$14,558,920 $15,999,273
3000
sales—Gas
$34,361,426
24,680,796
18,270,678
6,706,185
4,330,688
795,786
$100,018,549 $89,932,916 $10,085,633
10,002,822
9,958,982
43,839
1,909,952
1,836,934
73,018
1,444,224
1,310,282
133,942
Total electric revenue
Gas—Residential
Operating taxes
$38,362,321
27,772,435
20,903,204
7,330,784
4,099,655
743,276
11.3
2.5
Total sales—Electric
Miscellaneous electric
$8,562,068 $80,424,831 $79,027,923
6,197,502
58,226,416
55,531,601
11.6
12.5
14.4
9.3
a5.3
.4
4.0
10.2
$250,799
1.9
al21,619 a53.6
$13,462,098 $13,332,917
6,258,019
5,258,347
1,596,303
1,438,731
1,299,369
1,286,929
1,287,634
1,216,258
$129,181
999,671
157,571
12,440
71,376
11.0
$1,241,059
13.5
operating revenues..$123,921,974 $112466,101 $11,455,873
Operating expenses.
53,500,657
48,442,317
5,058,340
Maintenance.
9,126,394
9,617,466
a491,071
Prov. for taxes (incl. Federal
income taxes)
15,325,187
10,975,033
4,350,154
a5.1
Miscellaneous—Transportation
Heating
Water.
—
E. Martin Philippi has been elected President of this company to succeed
R. O. Kerr, who resigned from that office after 20 years of service.
Mr.
Ice
Total miscell. revenue.--.$10,441,327
Philippi has been Vice-President and Director of the company since its
organization in 1898.—V. 142, p. 2306.
$9,200,267
1.0
19.0
1.0
5.9
Total
American Utilities Service Corp.
(& Subs.)—Earnings
Year Ended Sept. 30—
Subsidiary companies:
1937
Operating
Net earns, before provision for retirements
Otherincome—interest, rentals, &c
Net earns., incl. other income, before provision
for retirments
Provision
for retirements
Int. & amortiz. of discount & expense on
$3,539,972
2,558,080
$995,703
18,308
maintenance and taxes
expenses,
1936
$3,638,105
2,642,403
Gross earnings
$981,891
11,198
$1,014,011
368,736
$993,089
333,655
74,050
Net operating revenue
Provision for retirements
Expenses & taxes of American Util. Service Corp..
Int. on funded debt of Amer. Utils. Service Corp..
27,848
10,172
$520,475
63,546
344,691
$34,825,791 $35,169,525
a$343,733
al.O
$19,649
33,856
19.4
$2,073,649
Drl74,147
$1,885,295
$1,899,502
a$14,206
a.7
$36,711,087 $37,069,027
income
a$357,940
al.O
$144,101
Interest
on
funded debt
Interest
on
unfunded debt..
$18,339,277 $17,522,314
1.207,249
1,129,815
115,859
56,608
1,427,129
1,393,064
$816,962
4.7
77,434
6.9
a59,251al04.7
34,064
2.4
Int. charged to constr. (Cr.)
Amort, of debt disc. & exp__
Divs. on pref. stocks paid or
Minority interest in net
earns.
4,517,358
173,600
1
4,200,391
22,273
316,966
7.5
151,327 679.4
Note—No provosion has been made for liability, if any, for Federal surtax
undistributed profits for the nine months ended Sept. 30, 1937, as such
liability is not determinable until the end of the year.—V. 145, p. 1732.
on
Total.
—$25,548,756b$24,211,251
Balance
American
Water Works
& Electric
Co., Inc.— Weekly
Output—
Output of electric
of the electric properties of American Water
Works and Electric Co. for the week ending Nov. 13,1937 totaled 44,513,000
kilowatt hours, a decrease of 6.74% under the output of 47,727,500 kilowatt
hours for the corresponding week of 1936.
Comparative table of weekly output of electric energy for the last five
years follows:
energy
Week End.
1937
48,276.000
47,370.000
Nov. 6
46,531,000
Nov. 13... 44,513,000
—V. 145, p. 3187.
Oct. 23
Oct. 30
1936
1935
1934
50,073,000
49,530,000
48,431,000
47,728,000
42,109,000
42,949,000
42,629,000
43,446,000
34,057,000
33,737,000
34,257,000
$11,162,331
$12,857,775
Corporation interest, &c.:
8% bonds, due 1940
Conv. debs., due 1973.
Income debentures, due 1978
$659,034
1,468,051
4,058,145
Amort, of debt disc. & exp__
74,082
Balance, corporation
$4,903,017
Expenses and taxes of co._..
198,122
1933
32,869,000
32,725,000
31,484,000
33,629,000
30—
$44,368,949 $22,562,262
2,330,189
2,833,316
371,707
1,716,625
128,419
292,201
456,795
286,971
7,402,215
5,401,442
6,546,227
2,036,664
168,233
54,911
$20,099,503
3,069,437
1,524,907
167,274
20,200
6,029,781
1,388,658
43,093
c$26,965,164 c$9,940,132
8,674,338
8,674,338
$3,11
$1.15
Otherincome
1935
$19,284,171
815,332
$7,856,153
8,674,340
5.5
al3^2
Bal. before int. of company
$4,704,895
a$28,167
a4.1
a443,044 a23.2
644,926
18.9
al0t406 al2.3
$6,761,769 a$l,858,752 a27.5
63,820
134,302 210.4
$6,697,949 a$l,993,054 a29.8
Company fixed interest, &c:
Fixed interest debentures
$3,098,914
Sinking fund income debs
Interest-bearing scrip, &c..i
(& Subs.}—Earnings—
1937
1936
$43,036,272 $21,664,309
1,332,677
897,953
Operating income
$1,337,504
a$l,695,444
$687,201
1,911,096
3,413,219
84,488
Amort, of debt disc. & exp._
Anaconda Copper Mining Co.
9 Months Ended Sept.
33,625,000
.9
Fixed charges and other deduc¬
tions of subs.:
accrued
Consolidated net income
5.8
$2,093,299
Dr208,003
Non-operating income
$537,263
45,838
347,325
$112,237
Bal. of net income of sub. cos. applic. to American
Utilities Service Corp
30,566
20,183
34.9
Expenses.....
Gross
39.6
$2,538,450
2,882,184
Operating income.
84,150
10.2
10.4
$45,969,734 $43,431,284
11,143,943
8,261,759
Non-oper. revs, and expenses:
Interest, dividends, &c
funded
debt (less int. charged to construction)
Equity of minority stockholders in net income of
subsidiary companies
Miscellaneous charges—net
;
-
%
a6.6
—
Railways
271,937
$8,826,004
6,549,332
Amount
$99,211,675 $89,145,560 $10,066,115
806,874
787,356
19.517
Municipal
& Telegraph Co.—Earnings-—
1936
$4,000,894
3,091,639
2,632,526
624,599
a231,033
a52,510
.
Electric corporations
Period End. Sept. 30—
1937—Month—1936
1937—9 Mos.—1936
Operating revenues$8,873,503
$8,587,232 $80,848,575 $79,299,860
of
■'
Commercial
usually payable at this time "on account of increased taxes and labor costs."
The company paid 25 cents a share each on Oct. 1 and July 1 and 50 cents
a share each on April 1 and Jan. 2, 1937.—V. 145, p. 2686.
Operating revenues
Operating expenses
1937
basis)
,'m—Increase———
revenues:
Electric—Residential...
Dividend Omitted—
1936
$3,718,312
After
a
Associated
par
5% s.f. gold bonds of the Appalachian
Chicago.—V. 145,
Arkansas Natural Gas
Pay $1 Dividend—
dividend of $1 per share on the common
value, payable Dec. 16 to holders of record Nov. 26.
This
compares with 25 cents paid on July 22, last, and on Dec. 21, 1936, the
company paid a ,50-cent dividend and also an optional payment of $2 in
cash or l-10th of a share of common stock, these being the first dividend
payments since April 1, 1930, when 50 cents was disbursed.—V. 145, p. 3187.
stock,
Bank & Trust Co. of
a
„
1937
Appalachian Electric Power Co.—Bonds Called—
A total of $212,000 first mortgage
$906,525
524,400
$1.62
$314,272
524,400
$0.49
—
Nov. 20,
Power Co., predecessor company, have been called for redemption on Dec. 1
at 105 and interest.
Payment will be made at the Continental National
1937-H9 Afos.—1936
1937—3 Mos.—1936
Ing (par $18.50)
Earnings per share
x
(& Subs.)—Earnings—
Chronicle
Total
146,709
72,767
42,991
26,640
316,376
a$388,153 all.l
73,942 101.6
al6,350
—
Decrease,
$1,116,255
a38.0
316,376
C$3,588,640 c$3,602,826
Balance
a
$3,487,068
$3,095,123
a$14,186
a.4
a$l,978,868 a63.9
b Exclusive of that portion of such charges ranking after
Gas & Electric Co. for the 12 months ended
c Includes no interest on income obligations convertible
fixed interest of Associated
Total income
Interest, &c
Expense of non-operating property
Discount & exps. on bonds & debs
Loss
on
bonds retired
a Deprec.,
obsolescence, &c
U. S. and foreign income taxes
Minority interest
b Net income
Shares capital stock (par $50)
Earnings
per
share—
$0.90
a Includes depletion of
timber, coal, clay lands and phosphate deposits,
b Before depletion of metal mines,
c No
provision made for Federal surtax
on undistributed profits.—V.
145, p. 1409..
Sept. 30,
1936.
into stock at
company's option or charges ranking therewith.
The foregoing statement shows the actual results of opera¬
periods.
Subsidiaries acquired during the two-year period
are included only from dates of such acquisition.
(2) Non-recurring ex¬
penses in connection with the plan of rearrangement of debt capitalization,
investigations, legal cases, &c., amounting to $839,045 for the 12 months
ended Sept. 30, 1937 and $2,692,725 for the 12 months ended Sept.
30,
1936 are not included above.
Since Jan. 1, 1937, however, only the non¬
recurring expense applicable to the recapitalization plan has been excluded.
(3) No provision is made in this statement for Federal surtax on undis¬
tributed profits, if any, for the year 1937.—V. 145, p. 2834.
Notes
tions for
(1)
both
Associated
Gas
&
Electric
Co.—Suspends Interest
on
Convertible Issues—
The
of the assets of the
company has suspended interest payments on $49,567,000 of its
convertible obligations bearing interest rates ranging from 5 to 7%, it be¬
came known Nov.
17.
The cause of such action, it was disclosed, was
Glass
predicated
Anchor Cap
Corp.—Merger—Changes Name—
The stockholders at
See
a special
meeting Nov. 18 approved the acquisition
Hocking Glass Co.
Change in name to Anchor Hocking
Corp. was also approved.
also Anchor Hocking Glass Corp.—V. 145, p. 3187.
Anchor
Hocking
Glass
The company
Corp .—Listing
Application—
has made application to the New York Stock Exchange
authority to list 40,905 shares of $6.50 dividend convertible preferred
stock (no par), and 843,992 shares of common stock (no
par), on official
notice of change of name from Anchor Cap Corp.
for
Andian National Corp., Ltd.—Si Special Dividend—
The directors have declared
special dividend of $1 per share in addition
dividend of like amount on the capital stock,
payable Dec. 1 to holders of record Nov. 20.
Simitar distributions
were made on June 1, last- Dec.
10 and June 1, 1936, and on Dec. 2 and
June 1, 1935—V. 145, p. 100.
to
a
the regular semi-annual
both
Anglo-Canadian Telephone Co.—Larger Dividend—The directors
class A common
have declared
dividend of 17 H cents per share on the
stock, par $10, payable Dec. 1 to holders of record Nov. 15.
This compares
a
with 12 ^ cents paid on ^ept. 1, June 1 and on March 1,
last; a dividend of 16K cents paid on Dec. 1, 1936, and dividends of 12)^
cents per share previously distributed each three months.—V. 145,
p. 3187
upon an increasing tax burden on the company and its subsidi¬
aries and reductions of rates throughout the system's territory.
The convertible obligations of the company were issued in various amounts
from 1927 to 1929 in two series, A and B, and are to fall due on Feb. 15 and
March 1, 2002.
They are a direct obligation of the company as to interest
and principal and may be converted at the company's option at any time
into preferred stock.
For a year the company has been paying the interest
on the obligations in the form of scrip redeemable in 1941.
By this method
all
arrears
on
the issues were
paid up and on June 1 last
a
five-year 4%
interest-bearing
scrip payment was made.
notice sent to holders of the convertible obligations, the company
said that because of the current trend of earnings in the system, a declara¬
tion of interest on its obligations at this time would not be justified, and
In
a
such payments must accordingly be suspended.
Although for the 12 months
ended on Sept. 30 last consolidated gross revenues of the Associated system
were
larger than for the preceding 12 months, it is stated in the notice,
a larger
increase appeared in operating expenses, depreciation and taxes,
with the last-mentioned item shoving the largest percentage of increase—
39.6%.
As a result of this, it is stated, the company's net income, after
interest requirements, for the period recently ended was approxi¬
mately $2,000,000 less than for the 12 months to Sept. 30, 1936.
"When the resumption of convertible-obligatioif interest payments was
announced last year," the notice of interest suspension states, "we expressed
fixed
Volume
Financial
145
3339
Chronicle
Balance Sheet Sept.
hope that these payments could be continued.
We also pointed out
further improvement in net income necessary for their continuance
would be jeopardized if taxation should become more of a burden, or if
further rate reductions should be imposed.
As a matter of fact, reductions
in rates which are at present being demanded of some of our subsidiaries
are the most confiscatory in our experience."
The announcement goes on to say that there has been no relief what¬
30
our
84
■V"
Balance Sheet Sept. 30, 1937 (Not
Corp. (incl. entire
*
a
.
385,453
Cash and special deposits
debt
Unamortized
and expense
Miscell. items in
b Obligationsc
Scrip certificates
....
Funded cebt
discount
6,921,241
suspense17,502
Accounts
Total
$449,059,186
.'
Nov. 12, Associated Gas &
declared a dividend of $5 25 per share on account of
cumulative preferred stock, par $100, payable
holders of record Dec. 9.
Dividends of $3.50 were paid on
Oct. 1, Juiy 1 and on April 1, last; a dividend of $8.75 was paid on Dec. 21,
1936, and dividends of $1.75 per share were paid on Oct. 1 and July 1, 1936.
Accumulations after the payment of the current dividend will amount
to
and
on
the same
this latter
Birmingham Gas Co.—Earnings-—
Midvale,
including
$3,738,624, as compared with
in
October
Int.
$2,172,938 in October of last year.
Con¬
Appeals Court—
Stockholders Lose in
Judges Buffington, Davis and Thompson in the IT. 8. Circuit Court of
Appeals at Philadelphia, have handed down a per curiam decision
the appeal of a group of seven preferred stockholders and affirming the order
of Judge Dickinson, entered Sept. 1, which was the final order of confirma¬
tion of the reorganization plan.
The per curiam handed down by the Court
was brief and merely stated that after argument and du,e consideration had,
the order granting the appeal is vacated and the order of the court below
is affirmed.—V. 145, p. 3189.
vacating
Bangor Gas Light
Co.-
1937
12 Months Ended
Sept. 30—
operating revenues
Operating expenses
$34,791
570
784
6,224
$35,025
15,000
7,098
5,780
>,271
income
Interest on long-term
$34,239
$35,361
income.
Non-operating income
Gross
$134,682
100,442
7,866
Interest on other debt
Provision for retirement and
replacement.
Net income
145,
1410.
p.
Ltd.
dividend
of 5% per annum.
Present common
Barlow & Seelig
Mfg. Co.—Earnings—
1937—Month-*-1936
1937—10 Mos.—1936
$11,888
$38,216
$305,576
$380,580
Earnings per share
—
x After charges and Federal income taxes,
y On
$1.75
$2.38
120,000 shares common
stock.—V. 145, p. 3002.
Bartgis Brothers
Net income
V. 145,p.
After
other
Blaw-Knox Co.—To Pay Year-End Dividend—
have declared a year-end dividend of 50 cents per share
the common stock, payable Dec. 20 to holders of record Nov. 26.
This
compares with 25 cents paid on Sept. 30 and on June 30, last; 20 cents
paid on April 15 last; 35 cents on Dec. 18, 1936; 15 cents paid on Oct. 30,
The directors
and
2,
1, 1932,
1936, and 10 cents per share distributed on July 30, April 30
Jan.
1936, this latter being the first distribution made since March
a dividend of 12^ cents per share was paid.—V. 145, p. 2836.
when
Boeing Airplane
The directors have
common
Bavarian Brewing Co., Covington, Ky.—Sale—
All real estate, including brewhouse, cellars and other buildings, with
150,000 barrels storage capacity, and all assets, equipment and corporate
franchise, supplies and beer on hand, will be sold at public auction by order
of U. S. District Court on Dec. 9, on the premises in Covington, Ky., in
entirety, as a going concern.—V. 137, p. 1243.
Income
Participations, Inc.—Earnings—
Earnings for 9 Months
(interest and dividends)
Ended Sept. 30, 1937
Expenses
Net
131,369
securities.
$130,509
profit for period
l
18 to holders of record Nov.
share on
24.—V.
Bon Ami
Co.—Extra Dividends—
declared an extra dividend on the class A stock of
The directors have
from
authorized the payment at Christmas to employees of
and subsidiaries of extra compensation amountinglto
annual wages.—V. 145, p. 2836.
7}4 % to 15% of the
Boston Elevated
Ry.—New Chairman—
Edward E. Whiting, on Nov.
Public Trustees.
the Board of
who resigned a week
8, was elected Chairman of
He succeeds Henry I. Harriman,
Boston Worcester
Period End. Sept. 30—
Net
profit
carried..
3307.
Rev. fare pass,
—V. 143. p.
& New York Street
1937—3 Mas—1936
$505
$125
540,337
533,758
Bowman-Biltmore Hotels
Ry.—Earnings—
1937—9 Mos.—1936
$6,064
1,846,096
$26,828
1,814,044
Corp.—Earnings—
1937—Month—1936
1937—10 Mos—1936
Net profit
$43,700
$63,971
$168,464
$79,536
x Before amortization and provision for income taxes.—V.
145, p. 1893.
Period End. Oct. 31—
x
Corp.—Outline of Plan of Reorg.
Preferred Stockholders —
Jay J. Livingston (Chairman), Joseph G. White and Charles H. Andrews,
committee for preferred stockholders, propose the following reorganization
Brockway Motor Truck
$9,830
10,690
$860
Loss
Realized profit on sales of
Dec.
3189.
ago.—V. 145, p. 3189.
Bates Motor Transport Lines, Inc.— Trustee—
hearing will be held Nov. 23 before Judge Wilkerson, of the U. S.
Chicago to consider the appointment of William J. Froelich
permanent trustee. A temporary trustee was appointed Nov. 5.
.
p.
Corp.—Initial Dividend—
declared an initial dividend of 40 cents per
stock, payable
$2 cash and 2-200ths share of class A stock for each share held; also extra
dividends of $1 cash and l-200th share of class A stock on the class B stock.
All the dividends are payable Dec. 15 to record Dec. 1.
The stock dis¬
tributions are out of class A stock held as an investment in treasury of
A
Beacon
of directors.—
2836.
on
$0.92
taxes, depreciation
surtax on undistri¬
District Court,
as
preferred and 3,000
and the payment of $34,477 cash.
elected a member of the board
Fleury has been
the parent company
$106,790
107,323 common shares
operating expenses, normal Federal income
charges, but before provisions for Federal
buted earnings.—V. 144, p. 4334.
a
W.
H.
The directors also
Ended Sept. 30, 1937
-
Earnings per share on
and
share of new com.
provide $65,00CTof
For
company.
Co.—Earnings—
Earnings for 9 Months
shareholders would receive share for
of 15,183 shares would be issued.
acquisition of Fleury's, the Bissell Co. is to
principal amount of debentures, 1,000 shares of new
of which a total
145,
Period End. Oct. 31—
Ltd.-—Merger Voted—
pletion of acquisition of assets, will be changed to Fleury-Bissell Co.,
The prasent outstanding capital of the Bissell Co. consists of 2,081 shares
of 7% cumulative preferred shares of $100 par on which the last
payment was made on Jan. 1, 1931, and 10,165 common shares of no-par
value. Under the terms of the compromise, it is proposed to issue to present
holders of the preferred, in lieu of arrears, 1
new preferred shares and
one new common share for each preferred share held.
The new preferred
would be of $100 par and would be entitled to receive a cumulative dividend
the
xNet profit...
$17,987
$3,030
—
Shareholders at a special meeting held Oct. 28 approved a plan of capital
reorganization as well as a contract of purchase by the company of certain
assets of J. Fleury's Sons, Ltd.
The name of latter company, on com¬
$7,145
15,000
debt....
prior year accruals.
1411.
p.
(T. E.) Bissell Co.,
-
1936
99,640
$134,430
Net operating
145,
$81,486
$20,100
...
Received on account of
a
—V.
shares of new common
-Earnings—
Gross
on
Net income
aggregated
for the first 10 months of 1937 were $32,929,060 as
compared with $19,006,435 for the first 10 months of 1936.
On
Oct.
31,
1937, consolidated unfilled orders including Midvale,
amounted to $28,025,553 as compared with $30,531,416 on Jan. 1, 1937,
and with $14,542,677 on Oct. 31, 1936.
All figures are without intercompany eliminations.
reacquired securities—net—
indebt. of Am. Gas & Power Co., accrued..
Discount on
$26,899,889 in
219,671
7,711
(V23.277
a065,211
$531,202
377,523
10,796
185,914
7,261
03,051
a065,229
23,345
debt
Provision for retirements and replacements.
Amortization of debt discount and expense
consolidated group for the
$29,980,680 as compared with
$514,880
16,322
$617,702
373,976
debt
$1,924,041
1,409,161
$611,004
6,698
income
Gross
Interest on other
1936
1,518,628
Net operating income
Non-operating income
Works—Bookinps—
brought the total for the
shipments,
1937
$2,129,632
30—
operating revenues..
Operating expenses
Gross
solidated shipments
a
15 declared a dividend of 50 cents per share on
shares, payable Dec. 15 to holders of record Dec. 1.
share were paid on Oct. 15 and on July 15, last,
being the initial distribution on these shares.—Y. 145, p. 2687.
12 Months Ended Sept.
2639.
period last year.
Consolidated
Machine Co.—Dividend
Dividends of 25 cents per
1936.
10 months of 1937 to
&
the new no par common
the common
orders taken in October by The Baldwin Locomotive
subsidiary companies, including The Midvale Co., was an¬
Nov. 15 as $2,057,433, as compared with $3,092,739 for October,
The month's bookings
Foundry
The directors on Nov.
Pay $3 Dividend—
The dollar value of
-V.
Steel
Interest on long-term
Baldwin Locomotive
1892.
$14 per share.—V. 145, p.
Doubled—
2835.
first
to
Birdsboro
Atlantic Coast Line RR.—To Pay $1.50 Dividend—
declared a dividend of $1,50 per share on the common
nounced
21
Dec
The directors have
Works
7.45
B/G Foods, Inc.—Accumulated Dividend—
stock, par $100, payable Dec. 23 to holders of record Nov. 29.
A dividend
of $1 was paid on Dec. 23, 1936, this latter being the first payment to be
made since January, 1932, when $2 per share was distributed.—V. 145,
p.
4,149,071
7.36
The driectors have
dividend
share was made.—V. 144, p.
4,294,746
accumulations on the 7%
stock, par $50, payable Dec. 24 to holders of record Nov. 29.
A
of $2.25 was paid on Dec. 23, 1936, and dividends of $1 per share were
distributed on Dec. 14, 1935, and on Dec. 15, 1934, this latter being the
first dividend paid since March 10, 1932, when a quarterly payment of $1
per
1937—9 Mos.—1936
loss$55,286loss$129,674
Avge. fare per pass
145, p. 2538.
Electric System reports
declared a dividend of $3 per share on
carried._
—V.
putput of 89,439,213 units
Atlantic Coast Line Co.—To
.
1937—3 Mos.—1936
$13,306
loss$43,697
1,278,444
1,220,908
(cents)
7.47
7.60
profit.
Rev. fare pass,
411 units or 2.1% above
The directors have
2686.
Period End. Sept. 30—
Net
(kwh).
This is an increase of 1,845,the comparable week a year ago.
Gross output, including sales to other utilities, amounted to 99,729,840
units for the week under review.—Y. 145, p. 3188.
net electric
$690,588
...
$902,399 in 1936.
Berkshire Street Ry.—Earnings—
for conversion into stock,
Weekly Output—
For the week ended
Co. of N. Y.—V. 145, p.
..$449,059,186
convertible debenture certifi¬
cFor interest on
$982,168
Total
$690,588
$982,168
Bayuk Cigars, Inc.—Preferred Stock Called—
7% cumulative first preferred stock have been
for redemption on Jan. 15, next, at $110 per share and accrued
dividend ($1.75 per share). Payment will be made at the Guaranty Trust
b Convertible
convertible obligations.
cates, &c., which have been called
into stocks at company's option.
1,000
772,492
A total of 1,750 shares of
Total......
Represented in part by unsurrendered
a
and mlscel.
499,000
1,000
324,684
stock.
called
24,975
79,327
1,220,019
304,109
Accrued interest
Reserve for taxes
653,182
499,000
—V. 145, p. 1576.
226,868
payable
Accrued taxes
599,158
pref. stock.
Class
b Represented
by 31,447 (34,378 in 1936) shares outstanding after deducting 68,533
(65,622 in 1936) shares held in treasury at $1,300,842 in 1937 and $1,246,818
in 1936.
c Represented by 25,000 shares,
d Represented by 25,000 shares
78,248,210
49,522,760
12,030,379
72,275,571
Matured interest
pref. stock
B
partic.
c
••
-y
Market value, $887,121 in 1937 and
a
surplus.$235,126,966
and other contingencies..
$441,734,989
'
\
;
Total
for convs.
Surplus reserved
capital
stock)
3.158
Deficit
Consolidated)
Capital stock and
6,891
799
partic.
d Common
Liabilities—
Assets—
Investment in and advances
to Associated Gas & Elec.
1
\
_r
last year was made after periods at least as diffi¬
believe it is not unreasonable to look forward to
later, of sufficiently satisfactory conditions so that this
again be resumed."
may
157,531
payable.
A
■
return, sooner or
interest
6,697
134,427
9,269
b Class
the present, and we
as
40,705
Notes payable
Accounts
the Associated System
cult
,
Res. for liiiga. exp.
"25
128.571
.
Suspense account-
these interest payments
y
Reserve for losses.
96,000
Furniture & equip.
"unwarranted jeopardy tax assessments which were imposed
in 1935 and for this reason, because of other un¬
certainties faced by public utilities, the problem of financing urgently re¬
quired extensions to facilities of operating subsidiaries is still a major
difficulty."
The necessity for suspending interest on the obligations at this time,
the company states, is extremely disappointing, and "we hope that this
necessity will not continue for an extended period."
Although the present
situation may be adverse as compared with previous expectations, the notice
to security holders says, "it is nevertheless true that the resumption of
a
679,285
885,372
$7,050
$22,495
Reserve for taxes
from the
ever
on
Secutiries at cost
Notes receivable..
a
1936
1937
$11,279
$712
Cash
Liabilities—
1936
1937
Assets—
that
Submitted by Committee for
^
Corporation (the
company) shall be
operating company
debtor) and Brockway Motor Co., Inc.
succeeded by one company. All assets
shall be owned by the new company.
(the operating
of debtor and
All debentures
Financial
3340
and
inter-corporate obligations between
shall
be
Chronicle
A. sscts
authorized to issue the following securities:
Preferred Stock—44,375 shares; to be distributed to creditors for the prin¬
cipal amount of their claims; without par value; dividend $4 per share per
annum, cumulative; convertible into common stock on basis of three shares
of new common for each share of new preferred; redeemable at $100 per
share and accrued dividends; preferred on liquidation up to $100 per share;
voting power.
Stock—Authorized,
375,000 shares;
Common
no
par
value; full voting
power; to be issued as follows: (1) To creditors for interest on claims,
37,511 shares; (2) to preferred stockholders, share for share, 22,905 shares;
(3) to common stockholders, 1 new for 15 old, 14,606 shares; (4) the remain¬
ing common stock to be held in the treasury for conversion of preferred stock,
7
20,
Balance Sheet Sept. 30, 1937
debtor and operating company
eliminated and canceled.
New company shall be
no
Nov.
Liabilities—
Cash in banks and on hand,..
$321,013
Invests, at cost, plus accr. int.
212,447
Gold
bullion
In
(lncl.
transit
premium)
Stores, &c
...
Mining properties
in
advances to
&
otber mining companies
Prepaid insurance, &c
Organization expense...
exercise of warrants, &c.
$76,202
39,936
1,092
160,515 Due trustee
80,019 Res.for Dominion & Provincial
taxes
575,074
x826,926 Res. for repairs & replacements
yl Capital stock (par $1)
Capital surplus—appreciation
of fixed assets due to ap¬
14,561
praisal, less disct. on cap.stk
17,657
22,508 Paid-in surplus—premium on
capital stock
.....
Buildings, mach'y <fc equlpm't.
Mine development
Investment
Accts. pay. & accrued Ilab
Accrued payroll
Unclaimed dividends
1,631
104,951
......
756
701,679
168,128
420,379
...........
Warrants to purchase common stock, 168,965; to purchase common stock
years; at $30 per share; proceeds of exercise of warrants to
be used to redeem and retire preferred stock until all has been redeemed;
Earned surplus
715,968
within seven
to be distributed as follows:
(1) to present preferred stockholders, 22,905
warrants; (2) to present common stockholders, 146,060 warrants.
After payment of preferred dividends, 25% of the remaining annual net
income of the new company, determined in accordance with sound account¬
ing practice, shall be used to redeem or retire, or purchase in the open mar¬
ket, the outstanding preferred stock.
Cumulative voting shall be provided for to permit minority representa¬
tion
the board of directors.
on
JGerald I. McCarthy, 60 Broad St., New York, and Edward J. Bullock,
308 State Tower Bldg., Syracuse, N. Y., are secretaries, and Hiram S.
Gans, N. Y. City, is counse. for the committee.]
The
Total
holders would receive nothing.—V.
reserve
for depreciation of $377,464.
of $1,016,156.—V.
Buffalo,
145,
After amounts written-off
(& Subs.)
Niagara & Eastern Power Corp,
1937—3 Mos.—1936
1937—12 Mos.—1936
$38,467,166 $33,707,136
24,599,133 x20,606,325
Operating revenues
Oper. rev. deductions—
$9,827,382
Operating income
Non-oper. inc. (net)
$3,098,101
Dr3,361
$3,456,334 $13,868,033 $13,100,811
8,596
12,021
17,673
144,
p.
$3,094,740
$3,464,930 $13,880,054 $13,118,484
$8,856,341
x5,400,007
6,729,281
Gross income
Deductions
4335.
Brown
Co,—Plan
Changes Likely—Committee Sees Cowcessions to Bondholders Necessary—Negotiating with Other
Security Holders—
Francis
Adams, Chairman) observes that in its judgment, "important
changes in the company plan for reorganization will have to be made in
order to arrive at a plan acceptable to the bondholders.
"In order to avoid, if possible, the confusion incident to several
plans
being presented at the same time to security holders," the letter states,
"the committee is continuing its efforts to bring about a general agreement
with the representatives of the other interested groups, upon on acceptable
plan which will afford adequate protection to the interests of the bond¬
"Bondholders should take
general agreement upon such a plan.
action pending the outcome of the commit¬
no
negotiations with the other
situation."
groups
Bulolo Gold
The
bondholders' committee declares that it
"desires to
make
has
company
notified
Bunker Hill & Sullivan
Period End. Sept. 30—
x
in connection with
unconsolidated basis, as
new accountants,
the review of the Brown Co. balance sheet, on an
at Nov, 28, 1936.
"This report was prepared entirely from an accounting point of view,"
it Is observed, "and is not an appraisal of assets of the Brown Co.
It
no
account of any increase or decrease in the value of assets which
Market
that
October
Mining & Concentrating Co.
1937—9 Mos.—1936
$2,605,132
$1,549,577
Including other income, but before provisions for depletion, deprecia¬
x
tion and income taxes.—V. 145, p. 2384.
Burco, Inc.—Earnings—
Years End. Sept. 30—
1937
Interest
income.
1936
1935
1934
$56,382
47,596
Dividends
Miscellaneous
The letter also calls attention to the report recently filed with the court
Curb
$346,053
Net prof, on sale of sec..
by Barrow, Wade, Guthrie & Co., the
Montreal
1937—Month—1936
$216,767
Profit
to be available on Nov. 22.
to in the letter.
the
Estimated working profit for October totaled 8,032 fine ounces equivalent
to $281,120 in Canadian funds, taking gold at $35
per ounce.
In September
working profit amounted to $300,755 and in October, 1936, to $305,060.
Production for October, this year, was from 899,600 cubic yards of
gravel against 893,600 in September and 962,200 cubic yards in October,
1936.—V. 145, p. 2384.
"Bondholders should bear in mind the pronounced recession in business
which has taken place recently," the letter observes, "and should appreciate
that estimates or future earnings are after all nothing more than estimates
Corp. bonds and of a split-up in ownership or the Canadian and United
States properties Is serious and far-reaching.
The committee is convinced
that tne issuance of the new Brown Corp. bonds is in itself sufficiently
serious to warrant disapproval of the company plan entirely apart from
any
consideration of other vital factors."
These factors are specifically referred
934.
ounces
clear with
and should not be counted on for immediate working capital and other
immediate cash requirements.
"For the reasons indicated in the committee's letter dated Aug. 24, 1937,
the risk of loss in the event of default under the proposed new issue of Brown
p.
Dredging, Ltd.—October Operations—
l
firm retained
emphasis that it still regards the company plan as unsound and definitely
not in the interests of the bondholders."
The committee is having printed
the full text of the Coverdale & Colpitts report,
copies of which are expected
xo,269,584
x$7,848,900
Sroduction amounted to 11,037 in October, 1936. against 12,838 ounces
ounces of fine gold
September and 12,606
and further clarification of the
Following Its study of the report of Coverdale & Colpitts, engineering
by the court to make a survey of the company properties
4,673.868
$9,206,186
x Changed to give effect to major adjustments made later in the year 1936.
Note—No provision has been made for possible surtax on undistributed
a
tee's
xl ,306,308
$1,982,885 x$2,158,622
1,111,855
profits under the 1936 Federal income tax law.—V. 145,
holders and will be fair to the other security holders.
Meetings have been
It is to be hoped that changes will be
arranged with this end in view.
forthcoming which will result in
gross
Net income
letter dated Nov. 16, the bondholders' protective committee (Charles
a
from
income
See list given on first page of this department.
makes
y
2688.
p.
Period End. Sept. 30—
Brough Lake Molybdenum, Ltd.—Registers with SEC—
the
After
x
$2,230,721
Total
foregoing plan is in opposition to the plan filed by the creditors'
reorganization committee.
Under the creditors' plan, present preferred
stockholders would receive only 7,635 shares and present common stock¬
In
$2,230,721
$40,884
45,210
$41,096
46,044
$34,054
43,170
107
349
333
242
126,637
173,647
99,950
$230,963
30,145
1,160
$260,074
26,412
$187,332
26,779
800
840
$77,331
26,608
1,260
5,730
2,105
4,551
2,455
6,008
2,013
4,999
1,377
4,788
4,964
3,451
3,239
2,769
3,098
3,326
3,391
_
Total income
Salaries
Directors' expenses
Statistical
208
Transfer agents and reg¬
istrars' fees
Rent
Federal and State taxes
paid or accrued..
Legal expenses
Insurance
3,800
3,203
2,246
Interest paid
1,524
905
x2Y,480
5,320
24,384
34,582
8,893
"8,569
$154,782
89.378
$184,407
138,496
$99,110
92,157
y$24,154
Z96.463
$65,404
$45,911
$6,953
def$72,309
Miscellaneous
expenses
-
41
3,437
2,385
Adv. to and for the accfc.
of Driggs Engineering
& Ordnance
Corp.writ¬
ten off as uncollectible
Prov. for Fed. inc. tax..
might
result from an appraisal.
The accountants recommend to the
trustees important corrections in the Brown Co. balance sheet as at Nov.
28, 1936, tne last audited balance sheet, in order that it may conform to
accepted accounting practice.
The effect of these preliminary recommenda¬
tions, if adopted by the trustees, will be to increase the deficit of the Brown
Co. as of Nov. 28, 1936, by about $6,000,000."
Dividends paid.
Earned
Preferred Holders Approve Plan of Reorganization—
WT3L. J. Brown, President of the company, announced Nov. 18 that assents
to the company's reorganization plan
representing 53.33% of the preferred
stock had been received from security holders.
► Declaring that this was substantially more than the majority required
under the provisions of Section 77-B of the
Bankruptcy Act, and that other
groups had previously approved the plan, Mr. Brown said, "Assents are
now needed only from a
minority of tne bondholders to meet the statutory
requirements."
P Pointing out that assents also had been
received from 84.69% of the
general creditors representing claims of $1,296,269 out of a total of $1,-
530,462, from 100% of the common stockholders, and from a large number
of bondholders, the President said:
p "Since the publication of the Coverdale & Colpitts report assents to the
company's reorganization plan have been received from many large bond¬
holders, including one block of $846,000 bonds.
We hope that additional
bondholders will now speedily
approve the plan in order that the reor¬
ganization may be completed and the
$145jpast due Interest on each $1,000
bond paid without further delay."—V. 145,
p. 3189.
surplus
Includes
undistributed
profits taxes,
y Not including net profit on
amounting to $113,633 (1933, $84,628) credited (or
charged) to capital surplus account.
Such net profit (or loss) is com¬
puted by applying sales against the average cost of securities purchased,
z Of which $73,209 was paid out of capital surplus.
Note—Unrealized depreciation of securities owned based on quoted market
prices, except in two instances where the book value of $42,861 has been
accepted tentatively as the market value, at Sept. 30, 1937 was $344,898.
x
sales
of
securities
Balance Sheet Sept. 30
Assets—
Cash
in
1937
hand
on
1936
bank and
Miscell. accts. rec.
~1~788
Prepaid expenses.
Loan receivable
Accr.
int.
&
24,843
15,807
13,031
Securities at cost. .al .751,207
1,722,058
Withdraws
o"
40 cents per share was distributed.
Registration Statement.
ore
in solution
$1,852,757 $1,850,9941
$2,033,154
1,138,776
.
Net
profit from'operations
tten-off
Duty rebate
re
previous year
...»
-
.....
Net profit
y
Earnings per share
x
After
Divid nds paid
1937—9 Mos.—zl9361
$875,752
$1.60
$691,437
$1.27
provision for Federal and State income taxes but before provision
on
undistributed profits and Federal excess profit taxes if
any.
y Earnings per share computed on basis of 546,412 shares of common
stock outstanding,
z Predecessor constituent companies and subsidiaries.
In reporting the lower earnings for the third quarter of this year versus
share on 701,769 shs. capital stock (par $1)
the earnings for the first nine months will enable the
company to show a
substantial profit for the calendar year 1937," Mr. Addis said, "the present
same
period
a year ago,
Edward F. Addis, Treasurer, pointed out that
conditions during the past third quarter became progressively unfavorable
and this downward trend has continued into the fourth quarter.
"Although
distinctly unfavorable conditions indicate that the operations during the
fourth quarter will result in a loss for this period.
Substantial reductions
in inventories and liabilities have been effected during the past four months
and the company is in splendid financial position to take advantage of an
$655,768
417,063
898
6,922
Balance at credit. Sept. 30, 1937
1937—3 Mos.—zl936
$139,430
$473,577
$0.26
$0.87
the
$1,073,730
350,840
Additional workmen's compensation assessment—1936
per
$1,852,757 $1,850,994
,20,830
....
Total
Earnings
52,865
1,300,399
117,995,,
Cost (to date) of sinking shaft No. 5—written-off..
Balance carried to earned surplus
Bal -nee at credit, Jan. 1, 1937
Total
118,269
1,281,480
$897,803
103,210
Net profit for period
Provision for income taxes..*
wr
Dr42,290
94,405
$894,378
3,425
;
Interest earned
Development
Dr49,150
94,405
c
for Federal taxes
revenue
Common stock.
Burlington Mills Corp.—Earnings—
""
Total
346,600
Market value Sept. 30,
par shares,
Period End. Sept. 30—
420
Expenditure
47.203
346.600
stock
1937, $1,406,309.
b Represented by 94,405
Represented by 34,600 no par shares, d Represented by
4,915 (4,229 in 1936) no par shares.—Y. 144, p. 3662.
a
no
x
$2,033,574
Adjustment of value of
Preferred
Capital surplus
Mines, Ltd.—Earnings—
Earnings for 9 Months Ended Sept. 30,1937
Bullion recovery
24,384
22,823
Preferred stock.,
in treasury
See list given on first page of this
department.—V. 145, p. 3190.
Buffalo Ankerite Gold
c
Earned surp. from
Oct. 1, 1934
Total
$4,606
21,480
declared
d
a
since June 30, 1930, when a dividend
1936
Com. stk. dividend
received
b
dividend of $1.25 per share on the common
stock, payable Dec. 22 to holders of record Dec. 10.
Dividends of 25 cents
per share were paid in each of the three preceding quarters; a dividend of
$1.25 was paid on Dec. 22, 1936, and dividends of 25 cents were paid on
Sept. 30 and on June 30, i936, this latter being the first payment made
1937
$39,673
dend declared..
divs.
Bullard Co.—Dividend Increased—
The directors have declared
Liabilities—
Accts. payable, <fcc
$111,472 Prov. for Fed. in¬
come tax
2,185
2,248 Preferred stk. divi¬
559,112
$715,968
...
$0.93
upturn in business, when and as such upturn occurs."—V. 145, p. 1251.
Bush Terminal Co.—Receivers
Discharged—
Judge Robert A. Inch in the U. S. District Court in Brooklyn, Nov. 17,
final reports of the receivers and trustees (James C. Van
Siclen and C. Walter Randall) and discharged them as receivers and
trustees.—V. 145, p. 1893.
approved
the
Volume
Financial
145
Central
(A. M.) Byers & Co. (& Subs.)—Earnings—•
Period End. Sept.
x
depreciation, amortization, &c.
Note—No provision was made for Federal surtax on
—Y. 145, p. 1578.
After
x
$330,793
$76,925 prof$34,891 prof$38,429
Netloss__
taxes,
Calamba Sugar
The directors have
undistributed profits.
Estate—60-Cent Extra Dividend—
declared an extra dividend of 60 cents per share in
quarterly dividend of 40 cents per share on the
additional to the regular
An extra
1, last; extra dividend of $1 paid on Jan. 2, 1937; $1.60 per
Oct. 1, 1936, and extra dividends of $1 per share paid on April
1, and April 1, 1935, and on Oct. 2 and April 2, 1934.
Regu¬
distributions of 40 cents per share have been made since
and including Oct. 1, 1928.—V. 145, p. 1251.
and
April
paid on
1, 1936, Oct.
lar quarterly
Ltd.—Accumulated Dividend—
$1.25 per share on account of
preferred stock, par $100, payable
Similar amount was paid on Sept.
20, last.
A dividend of $1 was paid on June 21 and on March 20Jast, this
latter being the first payment made since June 30, 1932.—V. 145, p. 1251.
The directors have declared a dividend of
accumulations on the 6}4% cumulative
Dec. 20 to holders of record Nov.
1937
1936
$3,077,000
Traffic earnings
—V. 145, p. 3190.
$2,805,000
Foundry
Cannon
&
Co.—Extra
dividend of 25 cents per share on
The directors have declared an extra
the
to holders of record Nov. 30.
Dec. 21, 1936, and extras of
Sept. 30, June 26 and March 31,
1936.
The regular quarterly dividend of 25 cents per share which had
been previously declared will be paid on Nov. 24.—V. 145, p. 2688.
no par value, payable Dec. 20
dividend of 50 cents was paid on
capital stock,
25 cents per share were distributed on
Earnings for Four Months Ended
Sept. 30, 1937
$287,350
338
Revenue from sale of bullion
Revenue from other sources
$287,688
revenue
229,227
Operating costs
Operating profit before deducting depreciation,
depletion, &c_
$58,461
include all expenditures for develop¬
ment, as well as for extensive repairs and renewals.
Anglo American Mining Corp., Ltd., took over control of the operation
of the company on June 1, 1937.—V. 144, p. 3663.
Note—The above operating costs
Caterpillar Tractor Co.—New Vice-Presidents—
Vice-President of the company.
made Vice-Presidents.
Mr.
the company's office
in San Leandro, Calif., as a Vice-President.
Mr. Neumiller and Mr.
Sherwin were director of industrial relations and Treasurer respectively.
D. A. Robinson succeeds Mr. Sherwin as Treasurer.—V. 145, p. 2838.
A. T. Brown has been elected Executive
L. B. Neumiller and D. G. Sherwin have been
Brown succeeds C.
Parker Holt, who will return to
$3,108,629
11,634
$8,433,659
30,293
57.092
Int. & other deductions.
$3,316,792
1,347,731
$3,120,264
1,393,137
$8,463,953
4,052,478
$8,114,236
4,201,705
b Dividends
$1,969,061
618,943
$1,727,126
501,879
$4,411,474
1,843,001
$3,912,530
1.454,825
156,365
283,001
488,508
903,266
oper.
income—.
Gross income
Bal. of div. require'ts on
Balance
c
$1,193,752
*
has been made for Federal surtax on
No provision
Ry.—Earnings—
Income Account Years
1937
(2) Dividends paid in the nine months ended Sept. 30, 1937, on the
prior lien preferred stock totaled $445,400.
Payments of $1.75 per share
on the $7 and $1.50 on the $6 stock, respectively, were made on July 20,
and again on Sept.
30.
Cumulative prior lien and
on
a
per
Earnings of Company Only
Divs.
on
on
pref. stocks of
30
90
90
3,435
7,294
10,858
21,614
$326,300
$7,751
4,729
3,329
$640,119
24,136
9,953
$22,922
7,902
5,094
8,816
11,883
28,966
35,391
15
5,080
15
15,237
$304,471
def$l7,27l
30
bds. of sub. cos—
Total income
& admin, exps
Taxes
payable to
subsidiary companies.
Interest on liability for
Federal inc. taxes, &e_
Int. on notes
Net
£9,865,160
7,158,445
___£ 3,756,892
£2,407,447
1,320,123
1,021,079
£2,706,714 ' £2,659,902
1,228,622
1,004,818
£2,436,769
32,078
£1,386,368
34,816
£1,478,091
33,591
£1,655,083
23,522
£2,468,847
£1.421,184
£1,511,683
£1,678,605
Working expenses
Net receipts
Exchange difference....
Balance
Inc. from investments—
_
Deb. stock interest
Interest
£9,870,864
7,210,962
£9,777,638
7.370,191
1,037,280
119,142
150,900
1,049.637
109,213
113,756
on notes
Other interest. &c—__—
Income tax
1,019,995
119,142
188,861
8,321
998,091
119,142
202,599
income
Note—No provision has been made for
profits.—V. 145, p. 1896.
Central States Power &
£113,862
339,350
£175,361
£.358,772
£175,361
£358,772
£1,196,241
436,308
600,000
Surplus
—V. 143, p. 3309.
Taxes
Light Corp. (& Subs.)—Earns
1?37_
1936
$3,813,094
1.770,571
Net operating re venue
Non-operating income
—
— -
Gross income
debt
unfunded debt
Amortization of debt discount and expense
Taxes on interest and other charges
Rents on undeveloped leases
Minority interest in net income
Interest on funded
Interest on
-
Public Service
30—
12 Months Ended Sept.
dividend of 50 cents per share on
the common stock, par $20, payable Dec. 16 to holders of record Dec. 6.
The regular quarterly dividend of 25 cents was paid on Nov. 15, last.
An
extra dividend of 25 cents was also paid on Dec. 15, 1936.—V. 145, p. 272,
(& Subs.)—Earnings—
S2,142,3ill
121.733
221,037
267,813
811 ,o81
$720,154
4,110
$4,177,459
3,378,000
$799,458
1,952
Operating income
Non-operating income (net)
$801,411
Gross income
Deductions from gross
482,117
income
Other operating expenses
Net operating revenue
Non-operating income (net)
Bond interest
Note—No provision has been made for possible surtax on undistributed
profits under the 1936 Federal Income Tax Law.—V. 145, p. 3003.
Net operating income.
Other income (net)
on
2
$104,450
33
$296,022
7
$265,854
44
$91,680
60,085
414
Gross income
Int.
$91,677
al937—9 Mos.—1936
$1,147,812 $1,124,215
851,790
858,360
Balance
funded debt
General interest
$104,484
61,814
523
$296,029
181,484
1,298
$265,898
186,745
1,529
3,681
3,788
11,104
11,442
1,295
957
2,997
2,106
$26,204
$37,400
$99,144
$64,074
-
—
-
by the corporation's
year.—V. 145, p. 2689.
As shown
Central Vermont Ry.,
Railway tax accruals
Railway oper. income-
equip., rents, &c.
Net ry. oper.
deficit-
Other income
$308,153
227,136
$81,017
of
Inc.—Earnings—
4,670,739
23,323
$792,291
209,959
$149,220
197,363
$15,261
57,148
$582,331
371,051
def$48,143
226,727
$41.887prof$211,280
1,825
30.286
$274,870
21,872
$38,585
$33,020
38,895
$5,875
9,573
1937—10 Mos.—1036
$5,360,561
$4,819,960
4,568,269
$45,481
12,461
Net rev. from ry. opersi
$437,822
227,136
books and subject to audit at end
1937—Month—1936
$507,461
$516,021
461,979
477,435
Period End. Oct. 31—
Ry. oper. revenues
Ry. oper. expenses
196,016
196,069
784,378
$210,686
Net income
Preferred dividend requirements
Hire of
$655,635
298,753
2,412
46,316
41,065
Other deductions
calendar
$649,432
6,203
376
Other interest
x
$319,294
Net income
Central Power Co.—Earnings—
Period End. Sept. 30—
1937—3 Mos.—1936
Operating revenues
$349,218
$347,183
b Oper. exps. & taxes...
257,540
242,732
Federal income
$i,y4U,333
114,436
$724,264
245,000
All taxes including
Gross income
30,1937
;
$1,183,262
1,042,500
17,695
60,843
19,579
14,716
283
Corp.—Earnings—
«9X}S731Q %1 Q4<vm
Provision for retirements
The directors have declared an extra
Operating revenues.
Operating revenue deductions
SI,138,731
1,042,500
15,505
60,843
20,107
18,161
286
Operating revenues
Co.—Extra Dividend—
Earnings for 2 Months Ended Sept.
$1,138,684
44,577
$18,673 prof$27,644
Note—No provision made, or believed to be required for Federal taxes
on income or undistributed profits.—V. 145, p. 1251.
Central Vermont
Central New York Power Corp.
252,601
278,054
289,311
$1,090,625
48,106
-
-
$3,612,116
1.653,465
302,958
242,426
406,513
Maintenance
Central Cold Storage
M
_
and depletion
-
4,154
$577,047 def$49,962
Federal surtax on undstributed
—
Provision for retirements
18,101
Consolidated net deficit
£159,933 def£225.488
Net income
4H% pref. dividend
6% cum. pref. div
$1,218
138
61
Other income
Gen.
$629,032
$322,773
of sub. companies
Int.
1937—9 Mos.- -1936
1937—3 Mos.—1936
of sub. companies
Maintenance
1934
£12,217,048
8,460,156
Gross receipts.
preferred stock dividends
accrued at Sept. 30, 1937, aggregated $9,585,431, equivalent
share basis as fohows:
$7 prior lien preferred stock, $34.12)^;
$6 prior lien preferred stock, $29.25; $7 preferred stock, $39.37)^.
not declared or
Operating revenue—
Operating expenses
Ended June 30
1936
1935
undis¬
tributed profits.
12 Months Ended Sept. 30—
Central Argentine
$8,057,143
$3,306,040
10,752
Net
Other income (net)
Period End. Sept. 30—
Divs. on common stocks
Corp.—Earnings-^-
Carson Hill Gold Mining
Total
Tot. oper. exps.
these columns.
Dividend—
extra
a
Notes—(1)
Wyant
30— 1937—3 Mos— dl936
1937—9 Mos.—d 1936
$8,527,403
$7,713,855 $22,809,062 $20,697,619
& taxes
5,221,363
4,605,225
14,375,402 12,640,475
revenues
$272,000
Ry.—Earnings—
Week Ended Nov. 14—
(& Subs.)—Earns.
Central & South West Utilities Co.
Period End. Sept.
Operating
Increase
—V. 145, p. 3190.
Campbell,
Highway No. 25, opposite Pleasant
Street, approximately 1.7 miles, and a line of railroad extending from this
proposed new track in a northerly direction to the site of the proposed plant
of the Mather Spring Co. on the north side of Stiles Street, approximately
0.6 mile.—V. 145, p. 2839.
$942,245 $2,079,965
$1,554,438
a Includes
Federal income tax.
b Accrued at rates currently paid on
preferred stock of subsidiaries held by the public,
c Before cumulative
dividends on Central & South West Utilities Co. prior lien and preferred
stocks,
d Adjustments made subsequent to Sept. 30, 1936, but applicable
to the three and nine months ended that date have been given effect to in
$142,247
$3,713,069
$3,855,316
Gross earnings
Increase
13 dismissed the com¬
Commission on Nov.
tion, in a westerly direction to State
Eref. by public subs,
stocks of
eld
Earnings of System for Week Ended Nov. 14
1937
1936
Canadian Pacific
Interstate Commerce
30.
Canadian National Rys.—Earnings—
An
The
on
share
Canada Cement Co.,
-Proposed Construction
pany's application for authority to construct and operate a line of railroad
extending from its Elizabethport & Perth Amboy branch, near Tremley Sta¬
stock, par $20, both payable Jan. 3 to holders of record Dec. 15.
of $1 was paid on Oct. 1, last; one of 60 cents was paid on July 1
common
New Jersey-
Co. of
RR.
Denied—
1937—12 Mos.—1936
1937—3 Mos.—1936
30—
3341
Chronicle
Amortization of bond dis¬
count and expense.
...
Taxes assumed on int. &
misc. income deduc'ns
Net income
Adjustments made subsequent to June 30, 1937, but applicable to the
six months ended that date have been given effect to in this column,
b No provision has been made for Federal undistributed profits tax.
Notes—(1) Dividend requirements at full cumulative rates for a three
month's period on preferred stock outstanding Sept. 30, 1937, amounted
to $21,027.
(2) Cumulative dividends not declared or accrued on the
books at Sept. 30, 1937, aggregate*} 183,986 or $15.31 X per share on the
Income
available
for
$3,698
—V. 145, p.
-
def$40,062
107,927
107,031
$241,566
1,082,595
def$252,998
1,080,010
$104,229
fixed charges
Fixed charges
$147,093
$841,029
$1,333,008
2689.
a
stock.
Dividends
7% and 13.12H per share on the 6% preferred
$1.75 per share on the 7% preferred stock and $1.50 per share on the
preferred stock were paid on Oct. 15, 1937, to stockholders of record at
close of business on Sept. 30, 1937.—V. 145, p. 1413.
of
6%
the
Chanin Building, N.
Y. City—Earnings—
,
1937, net
of $148,007,
July 31, 1936,
Inc. <
of outstand¬
the rate
1937 year,
1936
The Chanin Building reported for the year ended July 31,
profit, after regular interest on all three mortgages and reserves,
compared with net profit of $121,102 for the year ended on
according to an operating analysis prepared by Amott, Baker & Co.,
The property earned at the rate of 8.15% on its $6,194,800
ing first mortgage bonds, before interest and depreciation, and at
of 4.33% on its entire bonded indebtedness for the July 31,
against 7.77% and 4.13%, respectively in the July 31,
year.
3342
Financial
Chronicle
There are outstanding at present,
following reorganization of the propertylate in 1934, $6,194,800 of first
mortgage leasehold cumulative 4% income
bonds, $2,962,500 of second mortgage leasehold cumulative 2% income
bonds and $2,500,000 of third
mortgage leasehold cumulative 1% income
bonds.
After payment of all accrued and accumulated interest on the
three
mortgages, income is applied to additional interest and amortization on the
first mortgage and then to an additional
1% interest on the second and
third mortgages in turn.
The building, which is assessed at $10,200,000 for this
year, is currently
about 90% rented and real estate taxes are
paid to date.—V. 145, p. 1413;
Y. 144, p. 4000; V. 142, p. 4170.
if released in
par $100, both payable Dec. 23 to holders of record Dec. 3.
An extra
dividend of $2.50 was paid on June 24
last; one of $23 was paid on Dec. 26,
1936, and an extra of $2.50 per share in addition to the $5 semi-annual
dividend was paid on June 24, 1936.
Cincinnati Street Ry.
x Net
profit
Dividends
...
...
9,000
29,290
No provision for surtax
z
1937, whcich would
amount
to
a
Coast Counties Gas & Electric
and
$1,339,223
exchange for 27,500 shares ($100 par) common of Natural Gas Corp.
in extinguishment of
$1,567,406 debt owing to the parent company.
Part of this debt
y Before Federal income
made for nine months ended Sept.
30,
and
the
of record
quarterly
Dec.
8.
An extra dividend of $1
per share
extra dividend
an
of 70
was
2839.
Chicago Pneumatic Tool
Period End. Sept. 30—
Net profit
Shares common stock...
of $1
per
cents
and
an
also paid on
Co. (&
Net oper. revenue
Other income
from
a
point approximately 261
Ave., St. Louis, in a general
980,997
2,567,049
2,740,826
618,255
638,142
1,853,373
1,993,564
minority interests
Gas & Electric
Corp.
Income of other subs,
applic. to O. G. & E.
c
Corp
St.
Louis
c
Net rev. of C. G. & E.
Corp
Subs.)—Earnings—
income—interest and miscellaneous income
serial notes
United States and Chilean
income
.Provision for depreciation
and
on
Combined
taxes—estimated
$24,256,837
181,037
the nine months ended
come^mounted to $3,966,034
Note
*562 J32
4,299',752
obsolescence
surtax, if any,
fr-Ao
P
1414
2,157,668
1,293.376
3,853,290
.
$1,210,354
$219,996
Dr988
3,991,910
,
$9,384,159
$8,937,752
on
Sept. 30. 1936, consolidated
revenues
Operation
Net operating revenue
Maintenance..
Provision for retirements
Taxes
revenue
c
charges
Net income
dividends
Balance
$5,094,815
15.358
$1,113,349
342,818
$5,110,173
1,215,756
$770,531
500,000
$3,894,417
2,000,000
$270,531
$1,894,417
a Gross
revenues generally do not
include that portion of the
billing
represented by rates under dispute in
pending rate cases, which is credited,
as billed, to
"contingent earnings pending rate decisions."
Such portions
of the billings
applicable to prior years, less Federal income taxes
thereon.
2,435,057
Corp
c
2,636,966
Balance applicable to Col. Gas & Elec.
Corp...$18,867,168 $17,329,935
Increase of other subs;
applicable to C. G. & E.
Z>r88,324
242,616
Total earns, of subs,
applic. to C. G. & E. Corp.$18,778,844 $17,572,551
Net revenue of C. G. & E.
Corp
58,903
198,654
...
Combined
earns,
applic. to fixed charges
G,& E. Corp....
Interest charges, &c. of C. G. & E.
Corp..
C.
of
$18,837,747 $17,771,205
5,168,097
5,328,693
Balance applic. to
capital stocks of C. G. & E.
Corp
$13,669,650 $12,442,512
6,697,377
6,941,729
Preferred dividends paid*
Balance
12 Months
$5,713,825 $24,358,900
2,687,297
11,473,830
473,322
2,127,886
760,591
3,018,476
686,944
b2,643,893
$1,105,669
7,679
Gross corporate income...
Interest and amortization
$24,570,060 $23,669,385
216,004
99,012
Gross corporate income
$24,786,064 $23,768,397
d Interest of subs, to
public and other fixed charges
3,483,838
3,801,495
Pref. divs. of subs, and
distributions.—V. 145,
3 Months
al936
$96,731,061 $88,192,323
61,467,334
55,157,399
10,693,666
9,365,538
Other income
net in-
preliminary consolidated
undistributed profits.—V. 145, p. 1252.
record of previous dividend
1937
revenues
minority interests
$3.94
a
Period Ended Sept. 30, 1937—
Preferrred
Dr217,249
$1,513,373 $13,237,449 $12,929,661
c
Operating expenses and taxes
Prov. for retirements and
depletion
$17,417,722
dividend of $39.30 per share on the
common
<?c< 15 to holders of record Nov. 22.
This compares with
Sept. 16 last; $38,500 in June;
$13.50 paid last March;
16' 1936' and $30.50 paid on Sept. 16, 1936.
See
P
Net operating
Other income
1,248,482
G.&E.Corp
e
Gross
Drll5,639
Balance applicable to
capital stocks of C.
Cincinnati Gas & Electric
Co.—Earnings —
a
$2,458,835
&c. of
C. G. & E. Corp
Christiana Securities Co.—To
Pay $39.30- Dividend—
The directors have
declared
on
211,203
appli¬
Interest charges,
or 90 cents per share.
No provision has been
made in the above
oome account for
paid
earns,
cable to fixed charges
of C. G. & E.
Corp.
b Gross
«24 437 874
I-IIIIIIIIIIIIIIIIIIIIIII
Consolidated net income without
deduction for depletion
Earnings per share on 4,415,503 shares
capital stock
lo^ cAPay-j
$28.50
24,426
$1,629,012 $13,454,698 $12,930,650
■
Total income
Earnings for
Drl69,274
County, Mo.—
Earnings for 9 Months Ended Sept. 30,1937
Operating income
Interest
54,293
Consolidated Income Statements for 12 Months Ended
Sept. 30
Chile Copper Co.
(&
Other
$1,574,719 $13,430,272 $12,719,447
Dr5,365
earnings of subs,
applic. to C. G. & E.
Corp
$2,628,109
on
approximately 6.65 miles, all in
$2,633,474
Total
Nov. 3 issued a certificate
part of the line of railroad extending
feet east of the east line of De Baliviere
V. 145, p. 3004.
$3,193,858 $17,850,694 $17,453,837
Balance applic. to Col.
westerly and northwesterly direction to Lack-
^ttd Junctira,
$3,183,668 $17,644,580 $17,419,792
10,190
206,114
34,045
903,370
undistributed profits.
& Pacific Ry.—Abandonment—
Interstate Commerce Commission
permitting the trustees to abandon
,
$4,155,099
1093.
The
$4,051,816
103,283
and other fixed
charges
Pref. divs. of subs, and
The common stock was
recently split on a two-for-one basis, two new
$4 par shares
being ssued for each old no par share.
See V. 144,p. 1271 for detailed record of dividend
payments on old
common
p.
—
Gross corp. income...
d Int. of subs, to
ubs.
public
a
Chicago Rock Island
Subs.)—Earnings
1937—3 Mos.—al936
1937—9 Mos.—al936
$20,242,905 $17,591,308 $72,386,779 $66,557,880
Oper. exps. & taxes... 13,823,690
12,382,650
46,721,352
42,050,899
Prov. for retire. &
deple.
2,367,398
2,024,989
8,020,847
7,087,188
profits
dividend of 50 cents per share on the new
$4 par common stock,
payable Dec. 15 to holders of record Nov. 27.
This
compares with 45 cents paid on
Sept. 15, last and an initial dividend of
30 cents paid on this issue of
June 15, last.
15 to holders of
15 and Oct. 1, 1936
c
Chicago Rivet & Machine Co.—Dividend Increased—
The directors have declared
Dec.
on
paid on July 1, 1936.—V. 143, p. 3836.
Period—
foreign countries having exchange restric¬
tions.
y After Federal taxes,
depreciation, interest and amortization of
discount on bonds and includes
$35,000 for the three months and $85,000
for the six months earned in
foreign countries having exchange restrictions.
on
both payable Dec.
Similar payments were made
Columbia Gas & Electric
Corp. (&
,
Subs.)—Earnings—
Note—Net profit for 1936 periods is after
surtax
—V. 145, p. 2689.
1.
extra dividend of 20 cents was
b Gross revenues
share were distributed.
Dec. 15, 1936.—V. 145,
per
and exclusive of profits
earned in
145,
2646.
p.
preferred stock, no par value,
record Dec.
share in
1937—3 Mos.—1936
1937—9 Mos.—1936
x$420,486
y$307,195 x$l,281,944
y$789.027
335,320
199,469
335,320
199,469
Earnings per share
$0.72
$0.74
$2.21
$1.57
x After
depreciation, interest and discount charges and estimated normal
Federal income taxes, but before
Federal surtax on undistributed
stock.—V.
by Pacific Public Service Co. in consideration
144,
The directors have declared an extra
dividend of 25 cents per share in
addition to the regular
quarterly dividend of like amount on the $1 cum.
par tic.
cents per share on the common
will be paid on Dec. 14 to holders of
record
distribution will be made on Jan. 1, 1938 to
Previously quarterly dividends
p.
canceled
Columbia Baking Co.—Extra Dividend—
16 declared
The extra dividend
24
was
of the proposed
merger.—V.
$365,671.
quarterly dividend of 75
Nov.
Co.—Merger Authorized
$1,404,770
$7,272,993
1,602,621
188,091
67,382
26,250
Chesapeake & Ohio Ry. Co.—Extra & Larger Com. Div.
holders
145, p. 2690.
special stockholders' meeting held Nov. 10, Joseph H. Alexander and
George B. Harris were elected directors to succeed
George A. Tomlinson
New directors representing dissatisfied groups of stock¬
holders were elected after an intensive
campaign to obtain proxies.—V. 145,
p. 2690.
See Alleghany Corp. above.—V.
145, p. 2220.
stock.
$0.52
b On 475,239
taxes, &c.
and G. G. Wade.
Meeting Postponed—
The directors on Nov.
addition to a larger
depreciation, interest, Federal income
1936
$248,881
$5,454,196 y$5.388,649
4,049,426
4,049,426
$451,545
was
—
Cleveland Ry.—New Directors—
At
Exclusive of results from sale of securities,
taxes,
After
-
shares of capital stock.—Y.
in
$525,245
1937
$183,197
$0.38
Net income
a
$6,161,830
296,858
26,146
83,695
26,707
z274,228
$1,875,054 y$l,801,354
1,349,809
1,349,809
Surplus—.
Corp.—Earnings—
10 Months Ended Oct. 31—
a
1937—9 Mos.—1936
$2,372,742
473,864
62,697
26,077
8,750
33,372
Capital stock tax
Federal income taxes—
semi-annual
The company's chief
operating subsidiary of Pacific Public Service Co.,
will absorb Natural Gas
Corp. of Calif., another Public Service Co. sub¬
sidiary, under the terms of a plan approved by the California RR Com¬
mission.
The capital structure of Coast Counties Gas will
be simplified and a debt
of Natural Gas Corp. to Pacific
Public Service Co. will be extinguished.
The stockholders will vote at a
special meeting Dec. 1.
The terms of
the merger, as approved
by the Commission, inlude the conversion of
10,000 shares of Coast Counties Gas 6% second
preferred, $100 par, into
common stock on a share-for-share basis.
An additional 16,200 common
shares of Coast Counties Gas will be issued
to Pacific Public Service Co.
1937—3 Mos.—1936
i-
regular
of $4 per share were distributed.
In addition extra dividends
of $3 per share were paid on Dec.
26, 1935, and 1934.—V. 145, p. 2840.
Earnings for 3 and 9 Months Ended Sept. 30
x
Previously,
dividends
Chesapeake Corp.—Extra Stock Dividend—
paid
Ry.—$22.50
The directors on Nov. 16 declared an extra dividend of $22.50
per share
in addition to a semi-annual dividend of $5
per share on the common stock,
b Earnings per share
Amort, of bd. dsc. & exp.
General expenses
Nojpro-
undistributed net
on
as
Cincinnati New Orleans & Texas Pacific
The board of directors on Nov. 18 declared an extra
dividend of one-fifth
of a share of Chesapeake & Ohio Ry. Co. common
stock on each share of
this company's stock, payable on Nov. 30 to
holders of record Nov. 26.
Holders of stock entitled to a fractional share of C. & O.
common will
receive in place of each one-fifth share, $7.97—one-fifth
of the indicated
market value of C. & O. common "at the close of
business on Nov. 18."
The board also declared a
regular cash dividend of 75 cents a share
payable on Jan. 1 to holders of record Dec. 8.
The corporation has only
common stock
outstanding.
Interest
1937,
Extra Dividend—
1252.
$1,963,719
17,003
b
period falling within the calendar
the amount of such tax, if any, cannot be determined until the
undistributed net income for the year ended Dec.
31, 1937, is finally
ascertained.—V. 145, p. 1580.
Chesebrough Mfg. Co* Consolidated—Extra Dividend—
Period End. Sept. 30—
Interest & divs. received
taxes
1937
20.
years, are credited direct to surplus,
vision has been made with
respect to Federal
income for that portion of the 12 months'
year
The directors on Nov. 18 declared an extra dividend of
$1.50 per share
In addition to the regula r
quarterly dividend of $1 per share on the common
stock, par $25. both payable Dec. 20 to holders or record Nov. 26.
Extra
dividends of 50 cents were paid on Sept. 30, June 28 and on March
5, last.
The company has paid extra dividends of 50 cents
per share in September,
March and June of each year from 1929 to and
including 1936.
Extra
dividends of $1 per share were paid in December of each
year from 1929 to
1935, inclusive. In addition an extra dividend of $1.50 was paid on Dec.
21,
1936 and a special extra dividend of $5 per share was
paid on Dec. 31, 1934.
—V. 145, p.
Nov.
subsequent
$6,972,272
Earnings
$5,500,783
per share on common shares outstanding
$0.57
$0.47
1936 figures re-stated in present form for
comparative pin-poses,
b It is the general
practice of the corporation and its subsidiaries, when
rate is being
contested, to include as gross revenues only such portion of
a
a
the total amount billed as is
represented by the lower of the disputed rates.
c No
provision has as yet been made for the Federal tax on undistributed
net income for
any part of the calendar year 1937.
Provision for such tax
for the calendar
year 1936 amounted to
to ejqpense in December of that
year.
d Includes interest
paid
$32,638, all of which
was
charged
refunded bonds of subsidiaries for the short
between the sale of the new bonds and the redemption of
necessary time
the old bonds in
on
the amount of approximately
nine months periods ended
Sept. 30, 1936, and
the 12 months
$116,000 in the three and
approximately $221,000 in
period ended Sept. 30, 1936.
Due to the large number of conversions of the
5% cumulative pref.
stock into common
stock, the present annual requirements for dividends on
this pref. stock are
$237,712 less than such dividends paid during the 12
months period ended
Sept. 30, 1937.
If such reduced requirements for
pref. dividends had been in effect for the entire 12 months
period, the
earnings per share for the 12 months period ended Sept.
30, 1937, on
common shares
outstanding at that date, would be $0.59.—V. 145, p. 2386.
e
Volume
Financial
145
Cook Paint & Varnish Co.—Extra Common Dividend—
Columbian Carbon Co. (& Subs.)- ■Earnings—
r
9 Months Ended Sept. 30—
;
Profit after charges & Fed. inc. taxes.
114,470
$3,109,069
826,397
154,885
*$3,686,067 x$2,654,104
$2,127,787
Depreciation and depletion
Minority interests
Profit on sale of securities
w'
Net income
$3,787,555
1,018.981
2,549,552
Dividends paid
Surplus
-
$1,136,515
Before provision for
Federal surtax
$3.95
undistributed profits.
on
Consolidated Balance Sheet
Sept.30,'37 Dcc.31,'36
;
5
Sept.30,'37 Dec.31,'36
Liabilities—
Property account_40,996,530 37,695,688
Invests., less res._
4,011,591
4,331,282
Cash
1,854,914
1,691,687
1,572,799
2,719,581
1,625,566
1,717,892
1,423,981
Notes & accts. rec.
Inventories
Mkt. sees, at cost_yl,167,806
80,720
Treas. stk. at cost.
825,520
Other assets
916,673
Fed.
income
tax,
399,097
630,019
_
1,240,172
Depr. & bftpl. res.21,912,785 20,971,075
Res. for val. of inv
in assoc.
& oth.
300,000
518,000
tax
15,4721 5,045,142
Capital surplus...
52,750,867 50,910,4811
Represented by 537,406 no-par shares, excluding
y Market value $1,281,376.—Y. 145, p. 3191.
x
1,014
in
shares
treasury,
Commonwealth Edison Co.—Exchange Dates Extended—
the Public Service Co.
(Nov. 13) over 80% of the
outstanding stock, both common and preferred, of Public Service Co. of
Holders of both common and preferred stocks of
of Northern Illinois are advised that to date
Northern
Illinois
(including
shares
formerly
held
Commonwealth
by
Subsidiary Corp.) has been exchanged for shares of Commonwealth Edison
Co.
Having reached this percentage no taxable loss or gain, in the opinion
of counsel, will arise under the Federal income tax law as a result of the
exchange of these stocks.
pk In order that holders may still have an
Service company shares under the plan,
Edison Co. have extended to Dec. 21,
such exchanges may be made.
pa The Commonwealth Subsidiary Corp.
opportunity to exchange Public
the directors of Commonwealth
1937, the period during which
on
Nov.
paid on Sept. 1 and on June 1 last.
An extra
dividend of 40 cents was paid on Dec. 19, 1936.
Net sales for October totaled $577,952 compared with $551,341 in the
like 1936 month.
For the 10 months ended Oct. 31, 1937, net sales aggre¬
gated $6,072,904 as compared with $5,182,713 in the
145, p. 1095.
similar 1936 period.
Crosley Radio Corp. (& Subs.)—Earnings—
9 Months Ended Sept. 30—
Sales
13 notified holders of
1937
1936
■
$15,000,520 $17,736,204
14,339,181
152,221
_____________
15,940,004
139,855
65,537
Costs, royalties, ordinary tax and depreciation
Other deductions
266,018
Federal income taxes
Flood loss
340,000
-
$1,390,327
Earnings per share on capital stock
$2.54
For the quarter ended Sept. 30, 1937, net loss was $115,735, comparing
with net profit of $250,875 or 46 cents a share in preceding quarter and net
profit of $117,971 or 21 cents a share in September quarter of 1936.
Current assets as of Sept. 30, 1937, including $333,132 cash, amounted to
$5,556,298, and current liabilities were $713,200. This compares with cash
of $2,040,415, current assets of $6,060,416 and current liabilities of $570,863
on
Sept. 30, 1936.
Inventories were $3,861,338, against $2,660,215.—
$103,581
$0.19
Net profit
V. 145, p. 2841.
Crown Drug
52,750,867 50,910,481
Total..
Extra
record Nov. 19.
dividends of 10 cents were
6,132,490/
Earned surplus
Total
584,286
1,141,757
133,156
current
Minority interest.
Est. 1937 Fed inc.
....
Deferred charges.
Accts. pay., &c___
companies
Goodw., trademks.
&c__
x21.849.354 21,930,474
949,438
937,747
Capital stock
stock, both payable Nov. 26 to holders of
common
—V.
537,411
$4.94
Shares common stock (no par)
The directors on Nov. 12 declared an extra dividend of 20 cents per share
In addition to the regular quarterly dividend of 15 cents per share on the
$2,127,787
537,681
$2,654,104
537,406
$6.85
-
Earnings per share
x
1935
1936
1937
$4,830,019
1,106,914
300,446
Cr263,408
3343
Chronicle
Co.—Sales—
—V. 145, p.
(R.)
1936
1937
Month of October—
Sales
•
$725,732
$725,449
3193.
Cummins
&
Inc.,
Co.,
Creek—Officials
Battle
Convicted—
Associated Press dispatch from Detroit Nov. 12 had the following:
Five officers and stockholders of the company were sentenced Nov. 12 by
Federal Judge Arthur F. Lederle to terms ranging from two to five years
An
in the Federal
penitentiary at Leavenworth, and fined $10,000 each.
They
ago of violating the Federal Securities Act
convicted several weeks
were
The five sentenced are Edward A. Attix,
and the Mail Fraud Act.
Detroit,
President; Harry H. Landay, Vice-President and General Manager; Frank
R. Lane, Secretary-Treasurer; Leonard E. Brown, former Vice-President,
and Samuel La Fata, stockholder.
Judge Lederle said a report by the SEO "reveals that the defendants
have taken $361,000 worth of stock and from what appears to be a dis¬
honest set of beoks it is impossible to determine how much more was
taken."
The
that
exchange the shares for shares of
offer made by the prospectus,
the period during which they may
Commonwealth Edison Co., pursuant to the
^extended to Feb. 15, 1938.—V. 145, p. 3191.
have declared
The directors
a
the larger amount of common
to holders of record Dec. 4.
on
Statement—
tion
See list given on first page
Community Public Service Co.—Listing—
Curb Exchange has approved for listing 177,747 out¬
standing shares common stock, par $25, to be listed on Dec. 16, 1937, in
substitution for an equivalent amount of presently listed common stock
The New York
trust
certificates,
the trust agreement in respect of which
Dec. 15, 1937.—V. 145, p.
1936
$263,375
205,014
122,237
$2.35
all charges
Earnings per share
145, p. 2068.
—V.
Consolidated
Investment
David & Frere,
Trust—Special Dividend—
The trustees declared a quarterly dividend of 30 cents per share and a
special dividend of 50 cents per share on the capital stock, par $1, both
payable Dec. 15 to holders of record Nov. 16.
A special dividend of 35
cents was paid on Sept. 15 last; one of 20 cents was paid on June 15 last,
and one of 50 cents in addition to the 30 cents quarterly was paid on
March 15 last.
On Dec. 15, 1936, the Trust paid a semi-annual dividend
of 60 cents per share and a special dividend of $1.15.
See also V. 143, p.
3463, for further divided payments.—V. 145, p. 1581.
x
9 Mos. End.
3 Months Ended
Sept. 30*37 June 30,*37 Mar. 31/37 Sept. 30,'37
$6,443
$245,562 p/$312,242 xp/$347,403
Period
Net loss—
and
(& Subs.)—-Earnings—
and loans, depreciation, depletion
but before interest on 5%
After interest on 5% secured notes
Federal income and excess profits taxes,
sinking fund bonds.
After provision for interest of $296,166 on 5% sinking
fund bonds, accrued for nine months, currently payable only to extent earned
during the nine months' period ended Sept. 30, last, net profit was $51,237.
h- Note—No provision was made for Federal surtax on undistributed profits.
—V. 145, p. 2068.
Container Corp. of
A
America—Bonds Called—
Continental Cushion Spring
Period Ended Sept.
bonds due June 15,
Dec. 15 at 102% and interest.
National Bank & Trust Co. of
1st mtge. s. f. 6% 20-year gold
total of $59,500
1946, have been called for redemption on
Payment will be made at the Continental
Chicago.—V. 145, p. 2690.
,
Co.—Earnings—
3 Months
9 Mos.
$11,216
$38,387
Federal taxes.—
30, 1937—
a'Net income
a
After
operating
expenses,
depreciation, but before
1897.
V. 145, p.
Earnings per share on 23.000 class a
—V. 140, p. 797.
Sales. less returns, allow¬
Dayton Power & Light Co.—Earnings—
30, 1937—
3 Months
12 Months
revenues
$2,848,939 $12,968,172
ances,
Period Ended Sept.
1,444,833
Expenses—Operation
$1,639,308
&c
depreciation
Selling, admin, and gen.
$1,776,011
$5,498,874
1,251,086
1,246,950
4,050,814
expenses
-
259,519
255,852
_
„
.
$5,034,837
Preferred dividends
Profit.-.
_
Profitbef. deprec., &c.
Provison for deprec
Pro v. for income taxes.
Reserve for advances
partially-owned
_
$128,703
6,399
$135,101
72,552
8,670
$273,209
6,988^
$280,197
77,592
28,605
$655,101
13,828
$668,929
212,915
73,510
_
___
742,482
$697,928
16,048
$714,576
230,447
07,157
.0
nnn
5,000
5,000
18,000
Net profit
$53,879
$169,000
$377^504
$398,971
Earns, per sh. cap. 8tk__
$0.12
$0 37
$0.83
$0.87
Note—Operating statements of foreign subsidiaries have been converted
at the approximate current rates of exchange in effect during the period.
sidiary Haveg Corp.-
Sept. 30, 1937
$890,000 represents
Net current assets on
046,000
of
V. 145, p.
which
1414.
$2,728,070
450,012
687,509
...
$378,085 $2,278,058
undistributed net income for the calendar
year 1936.
No provision has been made in respect to such tax for that
portion of the above period falling within the calendar year 1937, as the
amount of such tax, if any, cannot be determined until the undistributed
net income for the year ended Dec. 31, 1937, is finally ascertained.—V.
Balance.
a
145,
Includes $8,988, Federal tax on
p.
1254.
Deisel-Wemmer-Gilbert Corp. —Earnings
—
1937—3 Mos.—1936
1937—9 Mos.—1936
$163,067
$231,868
$378,034
$145,463
outstand.
196,942
196,942
196,942
196,942
Earned per share
$0.75
$1.09
$1.68
$1.99
x After depreciation, Federal taxes, &c., but before provision for Federal
surtax on undistributed profits.—V. 145, p. 1581.
Period End.
Sept. 30—
Net profit
Shs. com. stk.
x
Denver & Rio Grande
Western RR.—New
Official—
A. C. Shields, formerly General Manager of the railroad, has been ap¬
pointed to the new position of Special Assistant to the Trustees in Bank¬
ruptcy.
Mr. Shields has been succeeded as General Manager by Edward A.
West.—V. 145, p. 2842,
Derby Gas & Electric Corp. (&
Subs.)—Earnings—
1937
$1,523,917
772,618
111,733
Maintenance
,
1936
$1,378,871
$403,298
8,950
Operating revenue
Operating expenses
$409,928
$412,248
.§3,333
184,282
$414,254
250,000
1,844
640,535
113,913
.58,944
145,551
76,195
al60,073
Taxes
Net operating revenue
Non-operating income
(net)
Interest on funded debt
Interest on unfunded debt
-
Amortization of debt discount and expense
Taxes on bond interest
Miscellaneous other deductions—
amounting to approximately $3,cash and government bonds.—
Includes $2,243 provision
for Federal surtax on
for calendar year 1936.
No provision bas
ended Sept. 30, 1937.—V. 145, p. 1254.
Derby Oil & Refining
The
New York
3006.
§ 'III
b,d/y
$129,285
undistributed profits
been made in the nine months
Corp.—Listing
Curb Exchange has approved for listing 61.902 addi¬
stock, no par value, upon official notice of issuance.
tional shares common
—V. 145, p.
4,196
570
$130,969
Consolidated net income
a
4,4io
'
-
to
sub-
$3,415,579
$490,588
112,503
and amortization charges
Net income
7,596
$648,627
158,039
Gross corporate income
Gross income
Other income, net
$3,407,983
3,795
—-
„
3,594,427
«
792,958
645,722
1,088,138
al,631,651
$644,833
Taxes
Interest
6,194,678
169,947
237,817
351,508
Maintenance
Provision for retirements
Provision for retirements
Cost of sales, exclusive of
$0.91
Gross
12 Months Ended Sept. 30-
Continental-Diamond Fibre Co.—Earnings —
Period End. Sept. 30— 1937—3 Mos.—1936
1937—9 Mos.—1936
$20,930
income charges, but before surtax on
Other income
1936
1935
$145,615
y$53,595
1 Earnings per share
$1.02
Nil
x After charges and normal Federal income taxes but before provision for
excess profits tax.
y Before provision for Federal income taxes,
z On
142,189 (no par) shares $1.75 preferred stock.—V. 145, p. 2387.
1937
$245,021
$1.72
—:
Ended Sept. 30, 1937
and Federal
undistributed earnings. shares
Earnings for 9 Months
Net income after deductions for operating expenses
Net operating revenue
Consolidated Steel Corp., Ltd.—Earnings—
Consolidation Coal Co., Inc.
25 cents per share on the class
record Nov. 30. This will be the
when 25 cents per share was also
distributed.
r
9 Months Ended Sept. 30—
xNet profit-.
Ltd.—To Resume Class A Dividends—
The directors have declared a dividend of
$2.15
Shares common stock
last,
50 cents paid on June 15 and March 15, last, and previ¬
ously regular quarterly dividends of 25 cents per share were distributed.
—V. 145, P. 2842.
A stock, payable Dec. 15 to holders of
first dividend paid since Dec. 15, 1931,
1937
$482,614
9 Months Ended Sept. 30—
shares now outstanding payable
and compares with
terminates on
3192.
Compressed Industrial Gases, Inc.—Earnings—
Net profit after
Stock
share
Dec. 15
year-end dividend of 25 cents per
The company's stock was recently split up on a two-for-one basis.
A dividend of $1 per share was paid on the old stock on Sept. 15,
of this department.—V. 145, p. 2840.
the
the
name.—V.
Cutler-Hammer, Inc.—Year-End Dividend on New
Registra¬
Co.—Withdraws
Investment
Commonwealth
charged that the defendants misrepresented that
the same as that which once operated in Kentucky under
144, p. 2295.
Government
company was
same
3344
Financial
Detroit Edison Co. (&
Subs.)—Earnings—
12 Months Ended Oct. 31—
Gross earnings from
Gas
Miscellaneous
Total
Operating and non-operating
Balance, income from operations
Gross corporate income
Interest on funded and unfunded debt
Interest charged to construction
Amortization of debt discount and expense
Electric & Musical
Note—The foregoing figures do not take into account
any Federal surtax
undistributed net income.
With respect to the year
1936, according
to the company's Federal income tax
return, there was no undistributed
net income subject to surtax; on the basis of
present estimates, it is antici¬
pated that no such tax will be payable for the year 1937.—V.
The
145,
p.
3007,
on
Electromaster, Inc.—Smaller Dividend—
directors have declared a dividend of five cents
per share on the
stock, par $1, payable Dec. 10 to holders of record Nov. 24.
The
company paid a dividend of 15 cents per share on
Sept. 10 last.—V. 143,
common
The
$2.25
common
Dr. Pepper Co.—Extra Dividend—
The directors have declared an extra dividend of
70 cents per share in
addition to the regular quarterly dividend of 20
cents per share on the
com¬
mon stock, no par
value, both payable Dec. 1 to holders of record
Nov. 18
—V. 143, p. 3464.
have
have declared a dividend of 50 cents
per share on the
stock, payable Dec. 24 to holders of record Dec. 14.
Similar pay¬
25, July 26, April 20, 1937, Dec. 24 and
Sept. 30
1936, this latter being the first payment made by the
company on the com¬
mon stock since Feb. 1,
1925, when a similar dividend was
distributed.—
V. 145, P. 3194.
Douglas Aircraft Co.,
Evans Products Co. (&
cents
per
1
share
011
the
Operating profit
17,565,803
171 241
Consolidated net profit
—V. 145, p. 3194.
Cash
$i 47/3 992
Assets—
15 declared
a
Sept. 15 and June 15, 1936, and an
Sept. 14, 1935.—V. 145, p. 2843.
1936
res)$16,102,768 $15,410 410
Gross income—..Rents for lease of electric
properties..
Interest charges (net)
895,905
$14,181,927 $14,156,830
181,025
2,447,774
315,940
500,000
120,415
Amortization of debt disct. and expense
Appropriation for special reserve
Other income deductions
foreign taxes on Income
Long-term indebtedness
Reserve for contingencies
14,803
Sundry
Eastern Shore Public Service Co.
(&
12 Months Ended Sept. 30—
316 317
500 000
$6,414,563!
$896,495.—V. 145,
sale of capital assets.
for
bad
©.OH.JD5
164,314
195 851
33*722
186*,848
$820,524
20,427
$787,764,
$840,951
436,395
14,431
51,100
Cr2,464
$794,437
$341,489
215,573
$296,284
215,570
....
preferred stock
436 505
11 544
51*623
Cr 1',520
$125,916
145,
p.
$80,714
on
un¬
1097.
Inc.—Weekly Input—
11, 1937, the kilowatt-hour system
input of
the operating companies which are subsidiaries of
American Power & Light
Co., Electric Power & Light Corp., and National Power &
Light Co., as
compared with the corresponding week during 1936, was as follows;
'
Increase
-
4,342
12,302
$5,415
$9,198
998
1936
Amount
102,098,000
51,381,000
74,850,000
8,066,000
2,600,000
4,326,000
Liabilities—
$327,921
$315,788
800
800
1,203,621
1,160,223
1937
1936
Current liabilities.
$94,050
Purchase obligat'ns
2,452
709,055
825,500
$123,421
3,119
752,145
790,100
8,152
30,938
8,152
41,370
Reserve
71,000
155,000
1
1
Class B stock.
Organizations exps
Prepd. & def, chgs.
1
1
Deficit
4,927
3,754
Total
-V.
$1,608,270 $1,635,567
145, p.
Class
A stock
Total
$1,608,270 $1,635,567
1256.
(The) Fair—Earnings—
9 Months Ended Oct. 31—
Net loss after interest,
depreciation & Federal taxes
—V. 145, p. 1256.
Fairchild Aviation Corp. (&
9 Months Ended
Net profit.
Earnings
1937
$21,527
1936
pf$ 109,175
Subs.)—Earnings■—
Sept. 30—
1937
1936
$124,827
$0.37
per share
$25,116
$0.07
After interest,
depreciation, Federal income taxes, &c.
Consolidated unfilled orders on Sept. 30, 1937, were
$1,251,256,
pared with $1,050,535 on Jan. 1, 1937—V.
145, p. 3195.
x
as com¬
Fanny Farmer Candy Shops, Inc.—Earnings—
Period End. Oct. 31—
Sales
x
Profit
x
%
7.9
5.0
5.8
1936
Notes receivable..
Franchise
Nov.
—V. 145, p. 3195.
5,683
$13,008
$9,023
Comparative Balance Sheet Sept. 30
Current assets
6,672
Note—No provision is made in this statement for
Federal surtax
distributed profits, if any, for the year 1937.—V.
1937
$21,500
and
Investments
x
Balance
1934
$9,757
1937
Property
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Interest charged to construction
1935
10,395
Assets—
1936
Operating income
1936
$15,704
reserve
accounts
Net profit
919 667
Other income
'
8.611312
238,701
53,981,000
79,176,000
1937
$23,403
_
Federal income tax
49,349
Operating Subsidiaries of—
Ltd.—Earnings—
3 Mos. End. Sept. 30— '
Earns, from oper.
and
$2,288,168
Other taxes
$6,414,563
on undistributed
profits,
freight,
y After reserves of
759.
p.
Exeter Oil Co.,
76^570
1 375 000
Total
Note—No provision has been made for surtax
After allowance for doubtful accounts and
1937
American Power & Light Co.-.110.164,000
74,648
x
257,586
Electric Power & Light Corp...
National Power & Light Co
159,150
y794,591
1,542,514
1
Total
996,497
137,875
expenses
ended
1,472,107
miscel.
Property, plant and equlpm't
$2,500,533
revenues
For the week
&
Prepaid insurance, taxes, &c.
Subs.)—Earnings
Maintenance
Provision for retirements
Federal income taxes
Ebasco Services,
1,369,370
surplus
4,949
invests.
Patents and licenses
178 379
*
Balance of income
Earned
105,283
1.52,000
1,220,953
Capital stock ($5 par)
Capital surplus
17,310
434,309
10,167
accounts, less allowance...
TImberlands
2,458.392
1,375,000
8,611,312
—V. 145, p. 2843.
on
42,479
amortization
Common stock
Dividends
5,701
State
108,515
-—$10,616,771 $10,627,170
'
5% cumulative 1st preferred stock
Operating
Operating
1
529,841
Federal,
116,116
Deprec. & deple.,
Net income.
Accruals incl.
and
insurance..
--$16,652,214 $16,306 316
2,470,287
2,149^485
Dividends—cash—
of life
$1,125,000
payable..^
Officers' notes & accounts...
Advs. to affil. companies....
Net oper. rev. & other income (before
appropria¬
_•—
value
allowance
1937
$30,878,590 $26,868 568
14,775,822
11,458,158
reserve
surrender
Accounts
Deposits in closed banks, less
549,446
tion for retirement
reserve)
contracts
Deposit with trade association
Securities owned
-
Appropriation for retirement
on
1,250,777
23,961
Notes payable to banks
Bank advances on drafts
Long-term notes receivable..
70 cents
extra dividend of 35
cents
Year Ended Sept. 30—
Operating revenues
1
Operating expenses, maintenance and taxes
Net oper. rev. (before approp. for retirement
Cash
of
Duquesne Light Co.—Earnings —
Other income (net)
Advances
$1.42
Liabilities—
Cash on hand and on deposit.
$896,153
Customers' notes &accts.rec. xl,358,429
Inventories
end dividend for 1937 of
$2
per share on the common stock, payable Dec. 14 to
holders of record Nov
22.
This compares with $1.50 paid on
Sept. 15 last; $2 paid on June 15 last'
75 cents per share paid on March 15 last; a
year-end dividend of $2
paid on
Dec. 15, 1936, and prior thereto regular
quarterly dividends of 90 cents
per share were distributed.
In addition, an extra
year
dividend
$1,472,107
-
Crl6,871
"
(E. I.) du Pont de Nemours & Co., Inc.— Year-End
Div.
on
on
$1,655,204
183,097
dividends
Balance earned surplus, Sept. 30, 1937
Earnings per share on 244,191 shares capital stock
(par $5)
Consolidated Balance Sheet Sept. 30, 1937
«£mmt
on
$347,816
1,307,387
——
on undistributed profits
applicable to. capital stock of subsidiary
(now 100%
owned) held by the minority interest during part of the
period
paid
paid
(est.)
Total.
281 300
205 000
Surtax
Loss
Nov.
on income
Net profit
Earned surplus, balance, Jan. 1, 1937
$2,117,662
income (est.);
$530,987
27,000
9,490
36,131
110,550
...
Miscellaneous deductions
Provision for Federal and foreign taxes
$2,907,365
789,703
Operating profit
Other deductions (net)
The directors
$475,363
55,624
Total income-.-Provisions for contingencies
Interest expense
$20,473 168
Gross profit
Selling, general and administrative expenses
on
$1,708,438
1,233,076
Expenses
Other income
_
Provision for Federal taxes
Normal income tax
Subs.)—Earnings—
Earnings for 9 Months Ended Sept. 30, 1937
Gross profit from sales
Inc.—Earnings—
Earnings for 12 Months Ended Aug. 31, 1937
sales, less returns, allowances and freight out
Cost of goods sold
was
of 75
directors
ments were made on Oct.
was
dividend
a
Essex Co.—To Pay Extra Dividend—
common
Gross
declared
The directors have declared an extra
dividend of 50 cents per share in
addition to a dividend of $2 per share on the
common stock, both payable
Dec. 1 to holders of record Nov. 17.
Like amounts were paid June 1 last.
The company paid a dividend of
$3 per share on Dec. 1, 1936.—V. 144,
p. 3498.
Doehler Die Casting Co.—50-Cent Dividend—
The
directors
cum.
partic. stock, no par value, payable Dec. 15 to holders of
record Dec. 1.
A like amount was
paid on Nov. 10 last and compares with
50 cents paid on Sept. 15, June
15, and March 15 last, and on Dec. 15 and
Oct. 1, 1936; a dividend of 40 cents was
paid on July 1 and March 16, 1936;
75 cents on Nov. 9, 1935, and 50 cents on
May 20, 1935, and on Nov. 10,
1934.
For detailed dividend record
see.—V. 145, p. 2545.
extra
dividend of 50 cents per share on
stock, no par value, payable Dec. 15 to holders
of record
Nov. 27.
The regular quarterly dividend of 37
y2 cents per share which was
recently declared will be paid on Jan. 3, 1938.—V.
145, p. 3194.
an
;"■:■■■
Empire Power Corp.—Accumulated Dividend—
Dixie-Vortex Co.—Extra Dividend—have declared
1557.
p.
were
Sept. 29 last.—V. 145, p. 2842.
The directors
the
Industries, Ltd.—19-Cent Dividend—
have
The
Corp.-—Extra Dividend■—
The directors have declared an extra dividend of
25 cents per share In
addition to a regular quarterly dividend of like
amount on the common
stock, payable Dec. 20 to holders of record Dec. 7.
Similar amounts
paid
directors
declared a dividend of 19 cents
per share on the
American Shares payable Dec. 1 to holders of record
Nov. 23.
A dividend
of 18 cents was paid a
year ago.—V. 145, p. 3195.
on
Detroit Steel
Stayed—
The Circuit Court of Appeals on Nov. 15
stayed the issuance of a Govern¬
mandate restraining company from using the mails and channels of
interstate commerce in order to permit the
company to apply to the United,
States Supreme Court for a writ of
certiorari.—V. 145, p. 3195.
ment
$10,656,837 $11,194,522
-
Dec.
Electric Bond & Share Co.—Order
$16,664,869 $17,564,101
5,738,653
6,096,522
CV7.400
269,379
280,456
„
Net income
.
$16,544,673 $17,436,230
120,195
127,871
Other miscellaneous income
Co.—Special Year-End Dividend—
purchase warrants
1, 1928, and holders of its 4%% convertible debentures now
outstanding, that, in order to participate in these dividends, they must
surrender such debentures for conversion or exercise
such warrants prior
to the close of business on Dec.
18, 1937.
—V. 145, p. 3007.
issued
$58,895,526 $54,399,352
42,350,853
36,963,122
expenses
1937
Paul Kayser, President of the
company, announced on Nov. 13 that the
directors have declared the regular
quarterly dividend of 50 cents per share
and a special year-end dividend of 20 cents
per share on the common stock,
both payable Dec. 29 to holders of record Dec.
18.
See V. 145, p. 1256
for record of previous dividend
payments.
The company is notifying holders of its common stock
1936
$56,590,453 $52,007,718
1,908,150
1,956,047
387,966
366,538
8,956
69,048
i
-
Nov. 20,
El Paso Natural Gas
1937
operations—Electricity
Steam
Chronicle
1937—Month—1936
$565,314
$484,544
90,823
82,709
1937—10 Afos.—1936
$4,889,557
558,597
$4,146,801
424,422
After depreciation but before Federal income
taxes.—V. 145, p. 2693.
Feltman & Curme Shoe Stores
Co., Inc.—25-Cent Div.
The directors have declared
mon
a
dividend of 25 cents per share on the com¬
An initial dividend
stock, payable Dec. 20 to holders of record Dec. 1.
of $1 per share was paid on Dec.
26, 1936.—V. 144, p.
1599.
Volume
Financial
145
Federal Screw Works
Chronicle
(& Subs.)—Earnings—
General Realty & Utilities Corp. (& Subs.}—Earnings
1«?Irf?QQ^S'~SU3,?62
tacomeTaxSf^Uir°nVl°tereet °a undeposite<i 6« % ^old iotes and Federal
x
N?tvrofitl'9ePt' 30
*863ITui
1947n
Note—No provision has been made for undistributed profits surtax,
[Exclusive of Lefcourt Realty Corp.]
Period End.
y
as
Sept. 30—
,
3 Mos.
6 Mos.
$1,083,867
253,570
122,227
$708,070
817,065
__
$1,388,658
272,011
172,890
$943,757
816,567
$0.81
Federal income taxes.
$1.10
stock.__
share
per
Note—Before Federal surtax
r,„.,
Sept. 30, 1937, of Lefcourt Realty Corp. applicable to stockholdings of
General Realty & Utilities Corp. which share amounts to $137,178 after
making provision for dividends on preference stock, as compared with loss
$1,871,835
816,567
$2.18
^or ^be same period of 1936.
undistributed profits.—V. 145, p. 1257.
on
moT
n£ nrnfif
P
m
v
V.
o
7ir
inoc
1«
$12,847
QQie
143, p. 3316.
Florida
rioriaa
,
.no-
q97
$8,927
J,
n
There has not been included in income the results of
Aq
The consolidated balance sheet qf General Realty & Utilities Corp. and
;
PuLlio
rublic
8PrvirA
Service
frt
Go.
subsidiaries (exclusive of Lefcourt Realty Corp.)
Fnyr^'nno
Earnings
revenues
expenses...
Maintenance.
Provision for retirements
Provision for taxes
shows
.
Operating income
on 4% 1st mortgage bonds
on unfunded debt...
Interest charged to construction
Interest
Bal. available for int.
„
^
Period End. Sept.
inc. deb., &c
on conv.
30—
1937—3 Mos.—1936
t
j
*
•
.
30
x
y
15,750
GY247
'
The directors have declared a dividend of 50 cents per share on the
% common stock, payable Nov. 24 to holders of record Nov, 18. This will be
the *irst dividend paid since July 1, 1931 when 25 cents per share was
distributed.—V.
n
t^pr^nf ft
to
/
o
\
i
o
ttt
3
directors
rfa^res
Q
*
Q
_
Sales
Excluding operations of the State Street store
have
Colorado at Denver, seeking to enjoin the company and its officers from the
sale of stock of that company in violation of Section 17 of the Securities Act
■
of 1933.
.
The bill alleged the defendent offered for sale 89,170 shares of its Class A
stock at &1 a share Proposing to use $25,000 of the proceeds thereof to build
a modern, up to date sample smelting and refining plant capable of treating
$657 121
$0 82
for such
an
amount
Tbe Commission also alleged that the defendents omitted to state in selling
the stock that the proposed method of treatment would not enable commercially profitable operation; that the defendants falsely represented that
Inc.—50-Cent Common Dividend—
declared
a
dividend
50
of
cents
per
share
15 to holders of record Nov
15 last, and
on
^Baiils-and thS thedefendants prop&in? to K
the
Gorp. [Cc Subs.)
JT«
P
Earnings
i!i
cnn
mi
™at placc WaS in^ong lsUna-
9
Federal income taxes
1J43J42
236,353
2,352,891
Other taxes
Grand Rapids Varnish Corp.
2!l98!809
$7,946,332
$8,125,753
Before Federal income and
x
191,939
••
1937
$1,743,833
Graton & Knight
1936
$1,536,468
193,982
180,941
undivided profits taxes.—V. 145,
_
_
„
—
*
Earnings
9 Months Ended Sept. 30—
Sales
x Profit after charges
383,761
2,645,124
income—
*•
dividend of $1.50 per share was paid on Aug. 16, last.—V. 145, p. 1099.
—
Operating income
Sear
Y
The directors have deCided to omit paying the dividend ordinarily due
at this time on the 6% cumulative preferred stock. The regular quarterly
265'081
iofi
N
Gosnold Mills Corp.—6% Preferred Dividend Omitted—
nft
I*421 *151
MO
expensS"
lYovisfon"for"retirementsIIZIIZZIIIIIIIIIIIIIII
in.T.nm? island
w-us
(& Subs V—Earninas-—
Operating
nhnt
g£»gVainly^SSftefthKe nearStmeS SeryS
A like
26.
a
General Gas & Electric Corn
7
and Exchange Commission reported Nov. 11 that it has
filed a bill in equity in the United States District Court for the District of
'chT® Jj?Xcn'n nnn
800,000 shares
145, p. 2075.
V.
1937"
14
Golden Smelting & Refining Co.—SEC Seeks to Enjoin
' Sale of Stock—
dividend of $1 per share was paid
May 1 last, and each three months previously.—V. 145, p. 2693.
Other
,
787,139, compared with $29,490,706 in the like period of the preceding
9 Mos
Mos
$0 26
v
u
stock, payable Dec
o
_
Goldblatt Brothers, Inc.
19^7 less returns, allow-
$/,029,931.
of common stock.
n
143, p. 2209.
....
„JKles for the 39 weeks from Feb- h 1937.t0 °ct- 39» 1937, totaled $37,-
$43,306
Inc. (& Subs.)—Earnings—
"""
amounted,
amount was paid on Sept.
r\
,
year, an increase of 28.1%.
$204 508
General Cigar Co.,
on
$24,200
$154,935
240,000
$12,797
1937
Earnings per share
common
^936
$1,146,365 $1,013,385
,£loke Grain & Milling Co .—To Resume Dividends—
1937—9 Mos—1936
an^M°S^Sa'eSamount^Sdt^^?1ii!^i"^r?bd~3bP^*~39'
The
7
,
.
$410,438
$18,244
Net profit
J
*
^9361937
$24,150
^6Vq uwf8
The Securities
$20,927
Gar Wood Industries,
Period Ended Sent
(par $3)
n. Ar
v. 145, p. diyq.
&
cbarges761.
,
$20,254,224
$385,506
24,932
(& Subs.)—Earnings—
Net loss after deprec.
nH tern hi
.
w
,
1937
of'1he0companhye.StOCkh0l<ierS T°ted '° t6rminate ^ecorpor-
Gabriel Co.
to
T_
P.
(E. A.) Fuller Tobacco Co.—To Liquidate—
11
,
Period—
"—
ate'externa
of Sept. 30, 1937.
as
amounted
Georgia & Florida RR.—Earninqs—
161,037
67,255
167,090
Note—No provision is made in this statement for Federal surtax on undistributed profits, if any, for the year 1937.—V. 145, p. 1098.
<xc.,
cash,
$292,345
Interest
ances,
$557,293
$550,837
240,000
20,840
Cr2.348
!
Gross income
p.
including
assets,
$520,272
30,565
Other income
?rOIV51P
—V. 145,
total
compared with $556,689 and $22,943,090, respectively, on Sept. 30. 1936.
Surplus was $1,520,677 against $1,299,071.—V. 145, p. 1259.
1936
$1,801,198
1,020,309
1937
$2,094,221
1,124,880
164,079
90,769
194,220
operations of Central
Kark plaza Corp. in which company has a one-half ownership. Share of
these net earnings for the nine months period ended Sept. 30, 1937, after
depreciation, amounts to $16,374 as against net of $11,555 in first nine
months of previous year.
$39,419
$46,636
12 Months Ended Sept. 30—
Operating
Operating
S20U181
denr^atinn108^ AfiSr
'hefore
There has been excluded from income the loss for the nine months ended
•—
$1,514,905
817,065
$1.74
Fitchburg & Leominster Street Rv.—Earninas—
p...
hnt
liable to claims on the part of the Treasury Department for normal income
tax and undistributed profits tax, no provision therefor has been made
becamse it is considered that no tax is properly due."
The corporation reports that $2,000,000 of bank loans previously outstanding have been paid in full.
—
$2,750,314
539,345
339,134
$2,295,369
515,855
264,609
•
Netprofit..—.—....
Earnings
$3623.274
ord1narvTaVfis~"^o
$££?, SSS!™ H937' *315'®68 and 1936' S295'393>' bu 1 before
Sept. 25, '37 Sept. 26, *36 Sept. 25, '37 «Sep£.26,'36
.
common
Af?er ^nten«t~
x
Stores, Inc.—Earnings—
Operating profit
Depreciation
Shares
EnM Sepi: 30—
x
Sends S'stlp^KoSSiS aJelulfmMl-V mS7p&7T» Paylng
First National
3345
p.
1419.
,
.
Co.—Earnings—
'317'692
NePt profifS fnTermand Floral Inco.ne taxes.. 12$5?!l20 3|27q!779
Subsidiary companies—Interest on funded debt
Interest on unfunded debt
_
Amortization of debt discount and expense
Interest charged to construction
Dividends
preferred stock
on
Balance
—V. 145, p. 610.
Great Lakes Terminal Warehouse Co.—To Pay 15-Cent
Dividend—
scrip
$5
common
574 376
81
on
have declared a dividend of 15 cents per share on the
stock, payable Dec. 1 to holders of record Nov. 20. Dividends of
10 cents per share were paid on Sept. 1 and on March 15, last.—V. 142,
The directors
Balance
,
419,951
410,956
Cr27,379
1,258,606
$1,588,237
General Gas & Electric Corp.—
Interest on notes and interest-bearing
Dividends
Earnings per share on 80,030 shares of common stk_
$0.17
$1.70
The company had current assets of $3,770,781 and current liabilities of
$253,351, making net working capital $3,517,430 as of Sept. 11, 1937,
which compared with working capital of $3,499,322 as of Jan. 2, 1937.
4,667,321
'300',000
prior"preferred stocklIIIIIIIIIIIIIIIII
I
statement includes for both periods
of all properties now included in the General Gas & Electric Oorp
consolidation, irrespective of dates acquired.
Annual interest and preferred
dividend requirements for the year 1937. as indicated, are computed on the
f
outstanding.
(3) No provision is made in this statement for Federal surtax on
tributed y
profits, if any, for the year 1937.—V. 145, p. 1258.
General Household Utilities
NiuMoss
N|C
—V.
after^taxes '^deoreciation
145,
~
Zbyd.
p.
1
interest
undis-
Co.—Earnings—
x$9957ii7
&c
_
Sales of General Motors cars
and trucks to dealers in the overseas markets
during October totaled 28,576 units, representing an increase of 24.3%
the volume in October of last year.
In the first ten months of 1937 sales of 305,100 represented an all-time
high volume for that period, and an increase of 12.7% over the volume in the
1936.
For the 12 months through October, 1937, sale«
first ten months of
Snnthl ?ndp2d33Ootni3Sr"1q3lfCreaSe °f 12'5% °V6r the volume in the 12
include the products of the corporation's1 Ameriain, Cana.English and German Stories sold outslcfe of the United States and
These figures
Canada.—Y. 145, p. 3196.
^
General
Outdoor
Advertising
Co.
board of directors there -was declared a dividend of
$6 per share on the 6% cumulative preferred stock, payable Dec. 21 to
holders of record Dec. 9.
This completes the payment of all accumulated
dividends on the preferred stock and includes the current quarterly dividend.
See V. 145, p. 1418, for record of previous payments on this issue.—V. 145
p
3196
A-WMtPi-n
RR
.31
1936
was maae on UGC- 3i- iydo.
Cn —Tniprnst Ar Div
Pnvmenfi
Green Bay & Western KK. to.--interest (L UIV. Payments
The directors have declared a dividend of $5 per share on the capital
stock and interest of $50 on the class A debentures and $15 on the class B
debentures all payable Dec. 21. The $5 dividend will be paid to holders of
On Feb. 23, last, the company paid $2.50 on the capital
record Dec. 8.
stock, $25 on the class A debentures and $10 on the class B debentures.
—V. 145, p. 2847.
Green Mountain Power Corp.— Accumulated
0™eJJgg-J-j.
payable Dec. 1 to holders
of record Nov. 15.
A
Dividend—
Kb- «"a—J
like payment was made
Sept. 1, June 1, and March 1 last, Dec. 1, Sept. 1, and June 1, 1936,
^ Dec. 2, Sept. 2, and June 1, 1935, and compares with $2.25 per
share paid on March 1, 1935, and 75 cents paid each quarter from June 1,
1933, to and including Dec. 1, 1934.
Prior to June 1, 1934, regular
quarterly dividend of $1.50 per share were paid.—V. 145, p. 1259.
M
Grocery Store Products Co. (Del.)—Earnings—
Fndpd <spnt
Q
1937
on
Net profit after interest, Fed. income taxes,
1936
142,920
$0 52
126,300
&c..
Xi^ber'of'shares of wlpital stock^outstanding
Number.5'8rb^«e°J_cfI!! I
$6:43
—V. 145, p. 2392.
Inc—Dividend
Accumulations Wiped Out—
At a meeting of the
a similar navment was made 011 Dec
and
,
over
dian
Nov. 3 declared a dividend of $50 per share on the
the year ending Dec. 31, 1937 on
1007
e
on
c^7^„
n
General Motors Corp.—Overseas Sales—
jPz, \
Rau
$3576003
VrZrnprop^^t,Ce-S3
on
stock, no par value, payable for
or before Dec* 15' 19d7* A simUar
basis of securities outstanding at Sept.
now
Pay$.50 Dividend-
Great We8tern Fuse Co
The directors
coiSion
tions
30,1937.
(2) The dividend requirements amount to $3,997,443 annually on the
number of shares of $6, $7 and $8 cum. pref. stock of the corporation
1122.
p.
$1,274,376
the results of opera-
Ba'a,n™
(1) This
Notes
Gulf qjj
Corp.—25-Cent Dividend-
have declared a dividend of 25 cents per share on the
stock, par $25, payable Dec. 15 to holders of record Dec. 1. Similar
payments were made on Oct- L JuIy l and on Apni i, last,
A stock dividend of 100% was paid on Dec. 21, 1936.
,
A special cash dividend.ot.50 centsi per^share m oa ^ Jommon^tock
quarterly dividend of 25 cents per share was paia on tne common stouc
The directors
common
on
F>ec-
193b-—144, p'
3346
Financial Chronicle
(Charles) Gurd & Co., Ltd.—Interim Dividend—
The directors have declared
an interim dividend of 30 cents
per share
the common stock, no
par value, payable Dec. 15 to holders of record
This compares with a dividend of 20 cents paid on Dec.
15, 1936
and one of 15 cents
per share distributed on in
on
.
Dec. 1.
January, 1933.—V. 145,
p. 2227.
The directors have declared an extra dividend of 10 cents
per share in
addition to the regular quarterly dividends of 15 cents
per share on the
and class B common stocks, both $5 par, all
payable Dec. 1 to
An extra dividend of 15 cents was paid on
Sept. 1 last one of 10 cents was
paid on June 1 last; an extra of 5 cents In addition to the 15-cent
quarterly
dividend was paid on March 1 last, and previously
regular quarterly
dividends of 12Yi cents were distributed.
In addition, an extra dividend
of 20 cents was paid on Dec. 1, 1936, and extra
dividends of 10
Harrisburg Steel Corp.—Pays 20-Cent Dividend—
common
Oct. 27 declared
dividend of 20 cents per share on the
stock, par $5, payable Nov. 15 to holders of record Nov. 5.
A
was paid on
Sept. 15, last, this latter being the mitial dis¬
bursement
on
On July 2, 1937 the company's charter was amended
by changing the
par value of its stock from $50 to $5 per share and
splitting up the old
shares 10-for-l.
A dividend of $2 per share was
paid on the old $50 par shares on June
30, last, and dividends of $1 per share were paid on
May 5, last, Dec. 21,
1936, Dec. 1, 1936, Sept. 15, 1936, July 15, 1936, and Feb.
1, 1936, this
latter being the first distribution made since
1929.—V. 145, p. 1587.
Ended Aug.
31,
Net profit after deprec., int., Fed. inc. taxes & other
$1,73
Refunds of processing taxes were not Included
in the above
provision made for Federal surtax on undistributed
■was
p.
$50,668
$2.50
figures,
fuCo., Ltd., London.)
nor
Consolidated Income Account for Years Ended
Aug. 31
1937
1936
1935
profits.—V. 145,
1902.
Net sales
Hamilton Watch
shs. com. stk.
1937—3 Mos.—1936
$456,253
$407,757
(no par)
$1.04
Selling & gen.
Depreciation
1937—12 Mos.—1936
$1,324,704
$751,938
$0.92
premises
$2.90
After charges and Federal income
taxes, but before surtax
tributed profits.—V. 145, p. 2848.
Amortization of leasehold
Balance
Incidental profits
undis¬
on
of
.—Offering to Stockholders—
then
held
of
a
share any of the shares of
treasury
snares.
common
The
stoca
Interest
variety of industrial ap¬
plications, including use in the manufacture
of dynamite,
celliophane,
cigarettes, and pharmaceutical
preparations.
In addition to this list
of
products, the company sells and distributes a
wide range of
chemicals, some
Produced by it and others
purchased by it for resale.
During the year
1936 the company's dollar sales
of products of its own
manufacture amounted
to about 70% of its
total dollar sales for the
year.
the
development of
improvement of its present products ana
Capitalization consists of 10.000
shares
The company maintains
new products and the
processes.
of 7% preferred stock
assets of
$3,565,921,
and
?UProvision
current
$5,223,803,
liabilities $1,413,916.
for Federal taxes
were
Hawaiian Pineapple
Co.,
Pursuant to action taken
on
at
Aug. 31, 222,576 shares
current
Net profits after
SOICl*
The company is
offering the shares for
$20 per share,
on
Oct. 20
pro
at the
date.
No rights to subscribe for
fractions of shares are
being offered and no
subscription warrants representing
rights to purchase fractions of
are being issued.
shares
Full shares
representing fractional interests, and also
shares called for by
subscription
warrants which
are
not exercised, will
sold at public auction to
be
the highest bidder
therefor, at an upset price of
$20 per share, not later than Jan.
10, 1938, at the office of A. H.
Rice &
Co., auctioneers, 227 S. King
St., Honolulu, Hawaii.
The proceeds of the
auction sale in excess of
$20 per share will be distributed
pro rata to the
stockholders of record af the
company at the close of business on
Oct
20
1937, whose fractional interests are
disposed of, and to the holders of the
subscription warrants.
bubscription rights may be exerc sed at
any time on or before Dec. 31
at 12 o'clock noon, bv
presenting and surrendering the
subscription warrant'
and pay ng in cash the
purchase price of the shares subscribed
for and pur¬
chased, at the principal office of Wells
Fargo Bank & Union Trust Co
ftnn Francisco, or at
the office of Castle & Cook
Ltd., Honolulu
unexercised
$4,287,666
59,887
;
$6,251,735
115,548
225,722
22,067
a256,604
127,318
79,570
327,353
176,008
1,026,028
$6,463,633
10,580,959
$4,796,120
8,244,483
$3,486,412
5,220.178
$3,025,743
2,659,250
$17,044,591 $13,040,603
1,000,000
72,354
$8,706,590
$5,684,993
Cr63,526
460,818
990,000
1,288
460,818
3.684
461,131
$15,140,340 $10,580,958
724,004
660,000
$8,244,484
660,000
$5,220,178
660,000
$3.88
Total
Settlement of claims.Excess of life ins. prems
Dom. & Prov. taxes for
y
z
prior years
on pref. shares
Divs.
Divs.
on common
shares
Balance, surplus
Shares
common
Earnings
stock
460,818
1,443.433
per share
$8.29
$6.56
$4.58
The balance of these
profits, amounting to $410,000 in 1936, $103,927
1935 and $170,876 in 1934, was added to
reserve
for contingencies,
x
In
y
Asserted by
U.
S.
Treasury Department,
z Paid in prior
years over
as at Sept. 1, 1935.
a To market value at
cash surrender value thereof
Aug. 31, 1937.
Consolidated Balance Sheet Aug. 31
1937
Assets—
$
Cash
c
1937
$
Liabilities—
sur.
2,311,272
Bank loans
6,015,385
Receivables
Cash
1936
5,140,490
5,676,284
Accts.
25,322,058 18,385,958
value of
life ins. policies.
239,706
217,733
Prepaid & deferred
charges
541,362
583,049
Fire
loss
a
1936
?
1,462,146
2,090,342
1,610,625
1,357,424
payable—
Trade
Res. for all taxes..
Misc. accts.
pay,
1,967,935
& sundry accr'ls
1,756,349
Land, bldgs., pl't
&
$
11,046,712
equipment—13,100,162 11,844,146
645,281
914,354
Dividend payable.
477,207
445,204
Deb. Int. accrued,
suspense
account
42,011
85,000
10-yr. 4conv.
debentures
3,954,000
Res. for conting
1,014,311
8,000,000
991,700
In vest's (at cost)..
Shs. of H. W.-G.
2,906,877
120,447
Int.of minor .share¬
&W., Ltd. (cost)
167,114
175,191
b Preference stock
e
Goodwill,
a
After
holders In subs.
processes
161,854
8,455,196
(460 818 shs.)„ 9,216,360
9.216,360
b Common stock.17,330,180
14,700,000
Earned surplus
15,140,340 10,580,958
62,924,679 49,525,627
Total.....,—62,924,679 49,525.627
and trade marks
to Stockholders—
meetings of the stockholders and
directors,
of common stock
(no par) will be issued and
subscription at
rata to its stockholders of
record at the close of
business
rate of one full share for
every five shares held on that
$4,109,361
216.026
33,421
$8,842,328
107,937
228,922
152,194
56,562
964,958
Total
Ltd.—Rights
xl99,651
204,931
5,000
Net income
Bal. at begin, of period-
$46,865 in 1934, $283,964
$412,318 in 1936.
For the first six months
of 1937 net profits
amounted to $383,395
before provision for
undistributed profits tax and
without provision for such
additional compensation as
may be paid to
officers and other
employees.
Officers are W. A.
Harshaw, Chairman; W. J. Harshaw,
Pres.; R. S.
Wensley, W. B. Lawson, O. J. Hall and W.
R. Wensley,
V.-Pres.; D. T.
Perry, Sec.-Treas., and J. W.
Lerner, Asst. Sec.-Treas.
Directors include
timse officers and A
C Ernst, Ralph I.
Goodwin, J. E. Morley and O. H.
Price.—V. 145, p. 2075.
held
x63,637
153,393
1,500
1,576,475
d Inventories
($100 par)
authorized and
outstanding, and 200,000 authorized common
shares (no
par) of which 118,915 shares are
outstanding.
There is no funded debt.
Balance sheet as of June
30 shows total assets of
in 1935 and
bank loans
investments
chemicals for
treating metallic surfaces used
principally by the automotive
and allied
industries; opacifiors colors and other chemicals
used in the
manufacture of ceramics; driers and
pigments for paints, floor coverings,
plastics and printing ink; tartar
products used in foods and
beverages, and
fluorine derivatives for the
metal, glass and other industries.
The company
is also a refiner of
glycerine.
This product has a
laboratories for
x76,624
264,160
10,500
Miscel. deductions
Prov. for income taxes--
company
chemical products principally for
industrial
consumption and used by some
15,000 customers.
Its products include
on
Debenture interest
that are unsub¬
may allot the
unsubscribed shares in the event that the
applications are for a number of
shares in excess of the unsubscribed
shares.
The privilege to make
applica¬
tion for unsubscribed shares is
non-assignable.
It is understood that the net
proceeds of the sale of these shares,
estimated
to be approximately
$511,026 are to be added to the
company's general
funds to increase its
working capital, and may be applied to the
carrying of
inventories and accounts receivable and
for other corporate
purposes, in¬
cluding the replenishment of funds used and to be used
for various
purposes.
The registration statement discloses
the following information.
The
company, which was incorporated in Ohio in
1897, is engaged in the manu¬
facture and sale of chemicals and
experimental
74,802
238,848
70,092
sales
income--
Amort, of dt. disc. & exp.
Prern. on debs. red
Amt. required to reduce
.
$20
on
materials
Total
Transferable subscription certificates
subscription rights are being issued to stockholders
and
these rights will expire at 12:00
o'clock, noon, on Dec. 16, unless such date
is extended by tne company.
In addition, holders of the common
stock may make application to
pur¬
chase at
including 3,300
200,181
$3,878,084
(net) on disposal
of capital assets
evidencing the
scribed,
61,489
$3,890,831
Profit
share for each five
record.
81,643
$5,900,451
Dividends received
effective, 27,083 shares of
common stock,
3,300 of which are treasury shares, and the
remaining
23,783 are additional stock heretofore unissued.
The 23,783 shares of
additional stock are being offered to holders of
outstanding stock of record
Nov. 16 at $20 per share on the basis of
one additional
shares
raw
Miscellaneous
The company has registered with the
Securities and Exchange Commission
under amended registration statement
recently
full
17,436
$8,425,165
$1.42
x
Harshaw Chemical Co
1934
$63,969,514 $54,729,133 $45,353,470 $21,071,348
45,940,917
40,242,056
33,624,731
12.620,222
expenses.
8,907,809
7,913.918
7,208,579
4,104,272
678,187
591,065
567,839
268,589
Cost of goods sold
Co.—Earnings—
Period End.Sept. 30—
x Net income
Earns, per sh. on 386,585
Pay Off
W. J. Hume, President, in his report to
stockholders, dated Nov. 13 says:
As at Aug. 31, 1937, your
company had bank loans amounting to $11,046,712.
Of this amount
approximately $2,000,000 had been paid off by
Oct. 31. Negotiations have been completed for the sale in
London, Eng., by
Hiram Walker & Sons
(Scotland) Ltd. of £1,000,000 (part of an authorized
issue of £2,000,000) of its
4]4% 15-year sinking fund non-convertible
debenture stock.
This issue is unconditionally guaranteed as to
principal
and interest by your company.
The proceeds of the issue will be applied
further to reduce bank loans.
(The issue has been sold to Lazard Brothers
52 Weeks
Oct. 31, *36
$1.71
a
Bank Loans—
Hathaway Bakeries, Inc.—Earnings—
$0.62
undis¬
Hiram Walker-Goodherham &
Worts, Ltd.—Subsidiary
to Place
£1,000,000 Loan in London—Proceeds to
145,
^shs. pref
$1.35
on
2694.
p.
deductions._$134.895
53 Weeks
$2.86
for surtax
meeting held Nov. 16 declared a special dividend of 30
per share on the common stock, par $25, payable Nov. 26 to holders of
record Nov.
16.
Similar special dividends was
paid on Oct. 29, last.
The regular monthly dividend of 20 cents
per share which had been pre¬
viously declared will be paid on Nov. 29 to holders of record Nov. 19.
See also V. 144, p. 614 for record of
previous dividend payments.—V. 145,
Note—No provision has been made for surtax on
undistributed profits.
For three months ended March
31, 1937, Hartford Rayon Corp. of Con¬
(predecessor company) reported net profit of $57,882.—V.
Oct. 9/37
$33,948
$0.55
provisions
Hibbard, Spencer, Bartlett & Co.—To Pay Special Div.
necticut
12 Weeks Ended
Period—
Oct. 9, '37
Ocf.31,'36
Net after Fed. inc. tax—
$12,414
$34,463
Earns, per sh. on 19,878
1937—9 Mos.—1936
$890,358
$420,785
cap.
$0 84
The directors at
1936
2694.
on
cents
(Del.)—Earnings —
Earnings for 5 Months
sh.
stock
these shares.
Hartford Rayon Corp.
per
x After
taxes and charges but before
tributed profits.—V. 145, p. 1260.
similar amount
p.
1937—3 Mos.—1936
$260,372
$170,687
.
Corp.—Earnings—
Earns,
a
...
^
Hercules Motors
Nov. 30, 1935.—V. 145, p. 1100.
x
on
_
Period End. Sept. 30—
Net profit
cents were
The directors
.
.
common
on
.
_
(P. H.) Hanes Knitting Co.—Extra Dividends—
Sept. 1, 1936, and
,
^
Hammermill Paper Co.—Larger Dividend—
on
20. 1937
(1) Approximately $2,000,000 will be employed in improving and ex¬
panding plants and other properties and in the purchase of new equipment.
(2) Approximately $1.000,000 will be used n a program for the improve¬
ment and repair of present structures and construction of new
dwellings on
the plantations.
(3) The remainder, approximately $1,422,442, will be utilized as addi¬
tional working capital.
Firm Commitments—Waialua Agricultural Co., Ltd., and Castle &
Cooke,
Ltd., the two largest stockholders, have agreed to exercise the rights which
will be issued to them as stockholders, and to subscribe for and
purchase
their pro rata of the shares to be offered.
As the owner of 411,057 out¬
standing shares of the common stock of the company, Waialua Agricultural
Co., Ltd., will subscribe for and purchase 82,811 of the shares to be offered,
for $1,644,220; and as owner of 226,544
outstanding shares of the common
stock of the
company, Castle & Cook,, Ltd., will subscribe for and pur¬
chase 45,308 of the shares to be offered, for $906,160.—V. 145
D. 3009.
The directors have declared a dividend of $1.50
per share on the common
stock, par $10, payable Dec. 15 to holders of record Dec. 1. This
compares
with dividends of 50 cents
paid on Sept. 15. July 15 and on April 26, last,
and previously dividends of 25 cents
per share were distributed each three
months.—V. 145, p. 281.
paid
Nov.
The approximate date of the issuance of the 222,576 shares is Jan.
11,
1938.
These shares will not participate in any dividends
paid by the com¬
pany on or before Dec. 31, 1937.
».
Use of Proceeds—The net proceeds
(approximately $4,422,442) will be
used for the following purposes:
9,491,525
deducting
reserve for depreciation of $6,919,577 as of Aug. 31,
as of Aug. 31, 1936.
b No par value shares,
c After
d Includes $1,312,179 United States
taxes
1937 and $6,295,055
reserves,
paid on goods in
branch warehouses unsold in
1937 and $1,818,905 in 1936.
©Held by
for United States
subsidiary under option at cost to employee,
4,655 shares in 1937 and 4,880 in 1936.
f Represented by 724,004 (660,000
in 1936) no par
shares.—V. 145, p. 3010.
trustee
Hollinger Consolidated
Gold
Mines, Ltd.—Extra Div.
The directors have declared an
extra dividend of five cents per share in
addition to the
regular monthly dividend of five cent6 per share on the
capital stock, both payable Dec. 2 to holders of record Nov.
18.
An extra
of five cents was
paid on Nov. 4, Oct. 7, Aug. 12, June 17, April 22 and on
Feb. 25 last, and an extra of 10 cents
was paid on Dec. 31, 1936.
Extra
dividends of five cents
per share were paid on Dec. 1, Nov. 3, Sept. 7,
July
14, May 19, March 24 and Jan.
28, 1936, and on Dec. 2, Oct. 7 and July
15, 1935.
See also V. 140, p. 973, for further dividend
record.—V. 145,
p.
2694.
jgi Holly Sugar Corp.—Dividend Injunction Lifted—
WNew
York Supreme Court Justice
McLoughlin has dissolved the tem¬
porary injunction restraining this
company from paying dividends in excess
of $2 a share on the common
stock.
Court granted the company leave to
Volume
Financial
145
3347
Chronicle
an allowance for any damage suffered as result of the temporary in¬
junction.
Injunction was granted to Oliver C. Wagstaff and other preferred stock¬
holders who alleged that company's charter prohibited common dividends
in excess of $10 a share on the old common which was split five-for-one,
or $2 a share on the present common stock, while any preferred stock was
outstanding.—V. 145, p. 2076.
Condensed Consolidated Balance Sheet
geek
Oct. 30, '37 Oct. 31,
$
$
—
Cash
Oct. 30,
'36
780,157
Accts. receivable.. 2,230,187
Inventories
3,442,111
2,227,982
4.179,284
Land
(Charles E.) Hires Co. (& Subs.)— Earnings—
30—
1937
$1,862,851
1,558.595
236,653
$382,826
12,646
$34,210
2,093
201,432
$1,012,357
22.071
Other deductions (net)—
Prov. for U. S. and Can.
Prepaid
c273.591
81,677
a6,365
$288,503
1,605,779
$25,752
1,698,077
$36,813
1,808,732
$2,506,554
dl36,113
Total surplus
$1,894,283
CI. B & managem't stks.
dividenis
91.692
328,552
z
Total
20,467
2,513
20,386
2,846
24,722
2,216
$2,017,731
sh.
per
bined shs.
on
$1,779,610
$1,605,779
$1,698,077
b$5.15
b$2.07
of ciaas
Reserve for undetermined
Hoskins Manufacturing Co.
Period End. Sept. 30—
Net profit after chgs.,
$141,826
$501,082
$393,160
$0.31
$0.29
$1.04
$0.82
387,618
443,969
Cash val.of life ins.
217,159
10,183
Marketable
securs.
Other assets
1937
1936
$3,490,963 $3,490,963
24,439
131,668
735,545
Divs. payable
salaries
287,524 Accrued
commlss'ns, &c_
269,162
289,344 Def'd income on
instalment sales
31,587
24,039 Res forU. 8., &c„
894,786
Mdse. inventory..
Capital stock
y
Accounts payable.
Accounts rec. (less
allowances)
20.285
Patents and copy¬
[Including Houston Pipe Line Co.]
Period End. Sept. 30—
1937—3 Mos.—1936
Gross earnings
$2,149,824
$1,570,942
1
Deferred charges—
Depos.
136,780
106,908
80.150
60,828
1,779,610
60,971
2,017,731
Drl,103,324Drll03,324
$5,033,105 $4,462,632
$1,716,032 in 1937 and
$1,636,487 in 1936.
y Represented by 90,000 shs. cl. A stock and 90,000
shs. of class B stock and 3,872 shs. of management stock,
z Represented
x
After deducting allowance for depreciation of
The
income
$428,401
137,093
50,500
$396,532
146,826
94,399
19,000
$315,933
288,000
$136,306
288,000
$255,334
288,000
143,154
tax
profits.—V. 145,
chges.
Balance Sheet
3~5~972
151,428
Reserve for maint.
1 ,718,347
1,717,662
87,277
82,678
262,262
62,160
295,023
estate
Investments
Other assets
Inventory
44,887
on
500,000
65,000
65,000
profit
43,717
Bank loan
45,165
300,000
real est. sales
107,132
72,000
Dividend payable.
Divs. unclaimed..
323
491
Local taxes, pay'le
20,919
31,183
121,940
140,560
13,972
States taxes, pay'le
121,051
22,934
107,417
17,191
Federal Income tax
50,500
118,895
119,511
Salaries & wages &
and Ins. prem_.
36,316
113,719
expense.
Cash
127,972
Silver bullion
Acct's receivable &
accrd.water r'tis
6,400
receivable
d Other notes rec'le
Int. rec'le accrued
5,300
2,500
3,660
19,000
$7,563,220 $7,306,319
Total
Less reserve for
owned
(& Subs.)—Earnings—
y
After all charges, including taxes
a
(& Subs.)—Earnings—
Imperial Oil,
Ltd.—Extra Dividend—
of 37 M cents per share
semi-annual dividend of 25 cents per share on the
capital stock, both payable Dec. 1 to holders of record Nov. 17,
Similar
distributions were made on June 1, last, Dec. 1 and June 1, 1936, and on
Dec. 2 and June 1, 1935.
An extra dividend of 15 cents per share was paid
on Dec. 1 a*hd June 1, 1934.—V. 144, p. 3336.
The directors have declared an extra dividend
in addition to the regular
Independent (Subway) System of N. Y. City—Earnings
Month
Period Ended Aug. 31—
Operating revenues
Operating expenses
$1,254,294
1,156,557
this department.—V. 145, p. 2076.
Indianapolis Power & Light Co. (& Subs.)—Earnings
1937
851.868
1,477,441
al,745,212
Oct. 30 1937 Oct. 31 1936 Oct.
26 1935
Oct. 27 1934
$60,759,586 $55,806,821 $47,641,333 $33,380,425
Cost of prod, sold, selling
& admin, expenses
Depreciation
54,357,459
280,119
32,035,779
250,859
Portion of sub. loss appl.
Cr2,530
227,986
Cr8,621
160,155
150,204
prior periods
Miscellaneous charges..
53,578
28,373
68,704
24,260
21,998
167,718
$767,387
86,722
$846,711
87,632
$654,707
preferred stock-
$680,664
2,162,735
$759,079
1,878,721
$562,438
1,797.705
Prov. for Fed. inc. tax..
Additional
assessments
for
Divs. on
Net
earns,
Other pref.
applic.
92,270
$2,843,399
474,990
$2,637,800
475,065
Adjustments
$775,865
92,246
$2,368,409
1,590,954
$2,162,735
$2,360,143
476,531
4,890
$1,878,721
$2,274,673
476,967
x
Includes surtax on
$1,797,705
$1,593,773
on undistributed profits
made in the nine months
x
Period Ended Sept. 30, 1937
Net profit after oper. exps.. Fed.
3 Months
9 Months
income, deprec.
$10,191
$75,731
shs. of common stock
$0.10
$0.70
for Fed. surtax on undistributed profits.—V. 145,
and other charges
Earns, per sh. on 99,070
x
p.
But before prov.
1587.
Industrial Brownhoist Corp.—Interest Payment—
the sum of $54,737, representing
interest of 5% on the outstanding income bonds, was released
from the special
sinking fund reserve, payable Dec. 1, 1937, to bond¬
At the directors meeting held Nov. 15,
accrued
475,090
477,020
$1.43
income
------
$1.18
$1.59
$1.43
undistributed profits estimated.
standing (no par)
Earnings per share on
stock (no par)..
net
a Includes
$295 provision for Federal surtax
for calendar year 1936.
No provision has been
ended Sept. 30, 1937.—V. 145, p. 1261.
$683,619
Shs. of common stk. out¬
Ecom.
Miscellaneous other deductions.—
18,492
87,396
41,674
$1,855,549
unfunded debt
1,875,450
20,169
86,503
40,166
19,148
-
funded debt
Consolidated
100
& loss credits
Surplus
on
Indiana Steel Products Co.—Earnings—
to
Divs. on common stock.
on
Interest
Amortization of debt discount and expense
Taxes on bond interest
Cr39
xl61,504
to minority interest-.
Interest
$3,616,786
1,875,450
Gross income
46,519,537
269,297
$3,496,866
119,920
$3,896,987
Net operating revenue
Non-operating income (net)
.
59,477,050
300,107
-
676,387
1,479,835
1,438,087
$3,755,289
141,697
Taxes
(Including Domestic Subsidiaries)
1936
$11,439,493 $10,518,222
3,609,682
3,427,045
-—
Provision for retirements
Net sales
$151,917
pr2849.
Maintenance
(Geo. A.) Hormel & CoEarnings—
$149,848
2,069
$98,622
Excess of revenues over operating expenses
—V. 145,
2 Months
$2,489,980
2,340,131
885
$97,736
Income from railway operation.
Non-operating income
Operating revenue
Operating expenses
Hughes Printing Co.—Registers with SEC—
Fiscal Year Ended—
1936
$2,304,128
appropriations for retirement reserves, Federal income taxes,
interest, amortization, subsidiary preferred dividends and other deductions.
b No allowance was made, the company states, for surtax on undistributed
profits for nine months ended Sept. 30, 1937, since it is impracticable to
estimate it at this time.—V. 145, p. 2550.
After
12 Months Ended Sept. 30—
See list given on first page of
30
1937—3 Mos.—1936
1937—9 Mos.—1936
y$805,097
y$114,916profy258,379 x$2,013,743
[Formerly Illinois Power & Light Corp.l
12 Months Ended Sept. 30—
1937
Net income
b$2,813,648
6,983
4,993
crued expenses..
depreciation of $1,615,054.
b Unimproved real estate
prior to 1913 is valued on the basis of assessed values April 1, 1913;
other properties at cost,
c Non-marketable corporation stocks 1st mtge.
notes receivable (due on demand or after one year), other notes receivable
(due on demand or after one year), account receivable, not current, less
reserve against non-current notes, accounts and non-marketable stocks,
d Due within one year.—V. 143, p. 2842.
a
Nil
Sept.
ended
•
3,937
3,657
$7,563,220 $7,306,319
Total
payable.
other miscell. ac-
d First mtge. notes
30—
100,000
84,788
72,000
Accounts
Prepaid local taxes
Deferred
600,000
Other reserves
Unrealized
months
maturity, reducing the notes outstanding on Sept. 30 to $3,850,000.
$250,575
a
andimpts
b Unimproved real
c
...$2,400,000 $2,400,000
3,897,912 3,865,938
$100)
Surplus—
12
765.
p.
Illinois-Iowa Power Co.
261,325
the
Notes will be further reduced on Jan. 1,1938, when a payment of
will be made.—V. 145, p. 3198.
Capital stock (par
tate
$0.77
Nil
for
1937 includes a nonrecurring loss of $95»240
Factory shipments of 1938 cars started in Oct., 1937 and 15,269 cars
were shipped in that month, which represents a substantial increase over
Oct., 1936 when 9,782 cars were shipped.
Notes amounting to $500,000 which matured on Aug. 1, 1937 were paid
1936
1937
Oper. properties
and equipment.$4 ,741,465 $4,574,578
Improved real es¬
a
$0.17
account
except provision for surtax on undistributed profits.
Note—The figure for the 3 months ended Sept. 30,
Sept. 30
Liabilities—
1936
1937
Assets—
a
$308,731
Profit before Federal income taxes,
x
$391,500
36,900
at
Net income to surp., after all
Dividends
$1,253,824
$7,678,197; operating and general
expenses, including taxes, $3,843,280; income from operations, $3,834,917;
other income. $77,456; amount available for interest, depreciation, depletion
and Federal taxes
$3,912,373; interest on bonds and notes, $444,899;
amortization and Federal income tax, &c., $183,401; depreciation and
depletion, $1,330,161; property retired and abandoned,
$543,857; net
profit, $1,410,056.
•
No provision made in above report for Federal surtax on undistributed
1935
30,492
$509,587
General expense and other charges..
Flood expenses
Federal
-
1936
$366,039
27,391
Total income
$49,938
Gross earnings from operations,
Period End. Sept.
Net loss
1937
$482,196
Int., dividends and miscell. income..
855,461
925,826
$328,411
Hudson Motor Car Co.
Holyoke Water Power Co.—Earnings
Years Ended Sept. 30—
Net operating income
822,680
1,005,504
income
consolidated
follows:
by 44,629 shs class A.—V. 145, p. 1741.
»
288,636
312,919
Net profit
Earns, per sh. on 1,098,618 shs. com. stock—
Class A stock in
Total
$2,090,019
400,720
345,729
Deprec. and depletion.-
bottles,
treas. (at cost)
$5,033,105 $4,462,632
$1,942,328
147,692
$3,082,009
int.,
23,057
13,188
Surplus
z
$2,990,569
91,440
$651,493
amort.& Fed.taxes, &c
coolers, &c._—
126,607
167,378
$609,202
42,291
$1,074,861
Total income...
262,442
on
961,740
$1,049,628
25,233
Operating income
Other income.
leases,
1937—9 Mos.—1936
$4,708,101
2,765,773
$6,111,755
3,121,185
1,100,196
Exp. and ordinary taxes.
Abandoned
22,685
taxes
rights
Total
undistributed profits.—V. 145, p. 1904.
Texas—Earnings—
Nil
Nil
Liabilities—
1936
1937
Cash
1937—9 Mos.—1936
1936
$148,082
Houston Oil Co. of
S2 891,725 $2,698,821
assets
-Earnings—
1937—3 Mos.-
No provision made for surtax on
x
Consolidated Balance Sheet Sept. 30
Assets—
1937 and $1,838,439 in 1936.
Represented by 18,854 no par
z
Earns, per sh. on 480,000 shs.
($2.50 par)
A,
Including Cuban tax.
b Excluding class A shares held in treasury,
c Including Federal surtax on undistributed profits and Cuban tax.
d In¬
cludes $22,685, dividend declared on class A stock, but unapid.
a
Perm
2,162,735
Total
com¬
cl. B. & managem't stk
x
Z>r234,707
-
12,075,243 12,453,399
liabilities in connection with invalidation of
.12,075,243 12,453,399
capital stock
Earns,
14,753
1,445,400
6,116,586
2,368,409
processing taxes.
x After
depreciation of $2,028,636 in
y Represented by 493,944 no par shares,
shares.—V. 145, p. 1903.
x
20,637
3,522
14,714
1,445,400
Common stock.. 6,116,586
Com. treas. stk. Dr234,707
Surplus....
deprec. & Fed. taxes
Employees' group annu¬
ity plan
Sundry adjustments
Mln.Int.in capital
Class A pref. stock
$1,845,546
120,531
$1,723,829
94,817
331,600
Reserves
y
a
Surplus at begin, of year
Miscell. credits
1,171,628
173,283
140,421
331,753
stock of sub
21,800
$716,695
1,779,610
10,249
(estimated)
Net profit for period—
275,571
1,066,528
134,133
Dividends payable
5,001.546
186,157
123,408
138,371
expenses.
$67,603
8,990
$2,567,410
1,987,470
Depreciation
taxes
197,114
$1,843,174
1,591,064
217,900
$4,419,688
3,205,899
Cost of sales & oper. exp.
1934
1935
1936
250,225
Processing tax res
a
Accrued taxes, &c.
x
Years End. Sept.
Net sales
-4
655,978
300,000
Prov. for inc. taxes
149,704
152,524
Bldgs., mach'y &
equipment
5,163,893
Sundry assets
168,001
S
582,355
payable.
Notes payable
585,316
'37 Oct. 31, '36
$
Liabilities—
Accounts
474,990
n
474,990
holders of record Nov. 15,* 1937.
Further
interest
payments
,
,
will be considered by the directors on
completion of the 1937 audit.—V. 145, p.
2695.
_
the
3348
Financial
Chronicle
International Paper Co.—Accumulated Dividend—
The directors
Nov.
on
16
declared
dividend
a
of $2.50
per
Jacksonville Gas
share
on
the 7% cumulative preferred stock, payable
Dec. 10 to holders of record Nov. 26.—V. 145, p. 3011.
$578,727
347,265
$579,969
544,476
Net operating income.
Non-operating income
Subs.)—Earnings
$231,462
3,882
$235,493
4,575
$235,344
$240,068
123,637
3,725
82,125
46,373
Gross
Cumulative conditional interests—Bonds..
Amortization of debt discount and expense
Depreciation
Depletion
Provision for Federal income taxes
pref. stock of subsidiaries
122,344
4,259
81,090
Provision for retirements and replacements.
47,284
Interest
Reorganization
1st mtge bonds.
on
b80,854
expense
Balance loss
Discount
$19,632
26,605
$6,973
indebtedness of Amer.
on
Gas
&
Net income
Received on account of prior year accruals.
b All charged against income in Dec., 1935.- -Y.
a
Accumulative Dividends—
16 declared
Nov.
regular div. of $1.25 a share on the
outstanding cumulative convertible 5% preferred stock for the fourth
quarter of 1937 and an additional dividend of $1.25 a share on the same
stock to apply on dividend arrearages.
Both dividends will be payable
Dec. 10, to holders of record Nov. 26, 1937.
Dividends on this preferred
stock are cumulative from Jan. 1, 1937.—V. 145, p. 2849.
a
International Petroleum
loss$84,763
a3,230
Power
$7,124,881
-
on
$96,647
11,884
a3,194
reacquired securities, net.
on
Balance
Interest
No provision for surtax on undistributed profits.
Directors
interest
other debt
on
Co., accrued..
Net profit
x
-.
Unconditional
$85,208,978
69,384,677
2,717.372
276,036
2,818,497
738,909
x2,095,821
52,785
;
Interest, &c
on
income
$84,284,232
924,746
Other income
Total income
Cost of sales, and expenses
1936
operating revenues
Operating expenses
[Excluding International Hydro Electric System]
Dividends accrued
1937
Gross
Earnings for 8 Months Ended Aug. 31, 1937
Gross sales, less return, &c
1937
20,
Co.—Earnings—
12 Months Ended Sept. 30—
account of accumulations on
International Paper & Power Co. (&
Nov.
Kalamazoo Stove & Furnace Co.Period End.
-Earnings—
1937—3 Mos.—1936
1937—9 Mos.—1936
Net prof, after apprec.,
Fed. inc. taxes, &c—
$383,498
$339,621
$634,901
$577,451
Earns, per share on 300,000 shs. of cap. stock
$1.27
$1.13
$2.11
$1.92
x
Co., Ltd.—Extra Dividend—
-
The directors have declared an extra dividend of 50 cents
per share
in addition to the regular semi-annual dividend of 75 cents
per share on
Before Federal surtax
x
on
undistributed profits.
Net profit for 12 months ended Sept. 30, 1937, was $1,195,080 equal to
$3.98 a share against $1,128,026 or $3.76 a share for the 12 months ended
the comxnon
stock, both payable Dec. 1 to holders of record Nov. 19,
Similar payments were made on June 1, last; Dec. 1 and June 1, 1936 and
Dec. 2 and June 1, 1935.
The company on June 1 and Dec.
on
Sept. 30—
$10,167 loss$81,533
$1,187
$163
145, p. 1743.
Sept. 30. 1936.—V. 145, p. 2395.
■
•
,V|
1, 1934
Kansas
paid semi-annual dividends of 56 cents per share and extra dividends of 44
cents per share.
Regular quarterly dividends of 28 cents per share were
distributed to and including March 15, 1934.—V. 144,
p. 3337.
Period End. Sept. 30—
Gross earnings
common
Dec.
1.
have declared
dividend of 25 cents per share In
cents per share on the
stock, no par value, both payable Dec. 15 to holders of record
An extra dividend of 12^ cents was paid on Dec.
15, 1936.—
an
Amort,
Corp.—Merger Voted—
Net
of—
(tons)
—V. 145, p. 3199.
301937
Operating revenues. *
x$l ,750,674
General & oper. expenses
524,755
Maintenance
70,231
—
on
debt
Sept. 1937
387,217
26,193
260,294
1935
$1,680,330
485,696
82,340
29,554
222,649
Net
HUH
$903,451
254.814
$837,861
317,196
$860,091
313,222
from ry oper.
rev.
x
14,224
14,374
14,578
4,050
25,405
5,964
10~2~665
102,665
30,653
42,842
per
t
1936
Ǥ
*5
plies
mtge.
62,571
90,600
45,093
1,527
251602
2,174,657
14,800
mtge. 25-year
Vk% bonds
5,745,000
1,200 Notes payable
925,000
100 Accounts payable.
57,599
20,885 Consumers' depos.
104,537
322.512
14,800
Dividends deciar'd
71,812
106,666
Retirement reserve
Earned surplus
14,346,777 15,090,7321
65,746
99,786
62,500
79,492
79,045
89,576
Miscell. reserves
Total.
13,290
100,195
14,220
187,408
367,167
961,113
970,904
968,262
23CU27
1,761,023
1,811,653
722,004
145,
p.
Corp.—Special Dividend—
14,346,777 15,090,732
Offer
rejected,
v Segregation of earned surplus representing
rentais bdled to City of New York for period from Jan.
1, 1934 to
1937—in litigation.—V. 145, p.
Jones Associated Oil
12Y* cents
1744.
1937—3 Mos.—1936
$166,452
$176,263
115,505
121,715
$50,947
$54,547
$118,896
73
Dr661
Dr23
$50,971
18,549
15,460
$54,620
19,297
15,505
$118,234
$155,265
58,958
46.495
607
180
3,151
648
1,851
1,107
7,951
2,019
180
$13,022
interest
of
bond
$18,989
$5,013
$47,217
56,068
46,242
disct.
expense
on
1937—9 Mos.—1936
$479,791
$522,103
360,895
366,814
int
Netincome-.
$155,289
575
Note—It is estimated that the company has no
liability for Federal and
State income taxes and undistributed profits tax on its
operation for 1937.
—V. 145, P. 1263.
1589.
hydrant
Sept. 30.
Co.—Registers with SEC—
12 Months Ended
Sept. 30—
expenses
Maintenance
Provision for retirements
Federal income taxes
Other taxes
income.
Interest
on
funded
debt
Interest on unfunded debt
Amortization of debt discount and expense.
Interest charged to construction
Dividends
Balance
on
preferred stock.
1937
1936
$1,299,680
537,604
64,303
94,317
50,910
110,917
$437,103
40,985
revenues
$1,360,827
596,098
61,915
93,968
48,771
122,972
$441,629
49,650
$478,088
Operating
Operating
7,927
6,372
Cr3.766
$491,280
200,000
2,834
6,372
Cr 1,610
$267,555
33,429
$283,684
33,429
$234,126
$250,255
200,000
Note—No provision is made in this statement for Federal surtax
distributed profits, if any, for the year 1937—V. 144, p. 4182.
on un¬
Kimberly-Clark Corp.—Special Dividend—
See list given on first page of this department.
Joslyn Mfg. & Supply Co.—Extra Dividend—
The directors have declared an extra dividend of
$2 and the regular
quarterly of 75 cents on the common stock, both payable Dec. 15 to holders
of record Dec. 1.
The regular quarterly of $1.50 a share also was
voted
thej>referred, payable Dec. 15 to holders of record Dec. 1.—V. 145,
Keystone Public Service Co. (& Subs.)—Earnings—
•
Other
x Includes $968,262
for fire protection from City of New York
accrued
at $45 per hydrant per annum to March
1,1936, and at $40 per hydrant per
annum to Sept. 30,1937.
Rate suspended by City of New York as of
Jan
1, 1934.
Payment offered at $18.50 per hydrant per annum or
$417 996*
$2,632,749
24
funded debt-
on
Taxes assumed
6O0I066
62,500
Taxes accrued
unadj. cred.
Unamort. prem. on
......
84,564
$2,887,055
3
Misc.
Total...
76,766
$294,849
Miscell. amortization
5.748,700
1st
billed In advance
secur.
and
$
1,715,941
1,000,000
1,000,000
30-year
Interest accrued..
Consumers' reven.
Reacquired
operating income-
Interest
5H% gold bond
series A
Misc. curr. assets-
Prepayments
8,132
$429,693
on
Gross income
1936
$
Common stock
1st
1,055,236
Net
General
1,715.941
1,000 Pref. 7M% cum.. 1,000,000
157,876 Pref.$6 8er(no par) 1,000,000
72,488
Deferred debits...
$3,314,253
596,940
share was_distributed.—V. 145, p.
Amortiz.
1937
LiabUUies—
13,409,458
Material and sup¬
Special deposits.
$3,461,139
497,316
Other income (net)
Balance Sheet Sept. 30
Int. & divs. rec
$373,793
70,811
Kentucky Power & Light Co.—Earnings—
to
xl,330,684
$509,713
64,997
a
Period End. Sept. 30—
Operating revenues
Oper. exps. & taxes
102,000
40,775
surplus
$478,078
$332,130
$370,796
$353,172
$246,257 included for fire protection from City of New York accrued
hydrant per annum.
Rate suspended by City of New York as
1934.
Payment offered at $18.50 per hydrant per annum or
$113,894.
Offer rejected.
receiv¬
$4,248,253
934,000
compares with 50 cents paid
March 31, last; 85 cents paid on Dec. 22,
1936; 30 cents paid on Sept. 30
on June 30, 1936; 25 cents
paid on March 31, 1936; 20 cents on Dec. 26,
1935, and 15 cents per share paid each quarter from June 30, 1934 to
Sept. 30, 1935, inclusive.
The June 30, 1934 dividend was the first
paid
on the common stock since Jan.
2, 1932, when a dividend of
x
able.
$4,429,139
968,000
and
at $40 per
of Jan. 1,
53,185
120,500
Nov. 16 declared a special distribution of $1
per share
dividend of 50 cents per share on the common
stock, no
par value, both payable Dec. 23 to holders of record Nov. 26.
A special
dividend of 25 cents in addition to the 50 cents
regular payment was dis¬
bursed on Sept. 30 and on June 30, last, and
to
Net income transferred
Cash
$494,293
Includes charge for Federal tax on undistributed
profits.—V.
in addition
6,166
'
$597,713
88,000
on
6,001
Cr4.101
102,000
7,876
'
1937—10 Mos.—1936
$1,310,158 $11,974,143 $11,359,311
815,864
7,545,004
7,111,058
15,022
The directors
489
income
Release of prem. on debt
jA.3S€tS*mmm
1937—Month—1936
Kennecott Copper
$854,578
10,692
Plant & property.10,582,233
Investments
1,000
$8.14
3011.
7,405
35,696
1937
$8.20
Dr....
Net ry oper. income._
$862,472
322,492
$860,091
to
reserve
$0.75
City Southern Ry.—Earnings—
Ry operating incomeEquip. rents (net) Dr
Joint facility rents (net)
186,427
$837,861
58,782
Accounts
$0.66
on
after inc. tax
Ry tax accruals
x
539,774
27,111
43,136
bondholders
Retirement
$4,515,059
$1,651,028
Miscell. int. deductions.
Miscell.
deducts,
from
Federal income tax
$4,554,568
Ry operating revenues._ $1,402,573
Ry operating expenses._
804,859
1934
45,671
...
gross corp.
share
per
Kansas
459,585
disc't
tax
202",381
$412,815
2,599
Period End. Oct. 31—
Oct. 1936
$857,779
revenue
and expense
Refund of State
90,458
17,897
long-term debt..
of
1936
$1,734,358
519,552
280,011
Operating income
27,039
657,899
term
income
common
Supply Co.— Earnings-
12 Mos. End. Sept.
Total
Oct. 1937
410,761
_
Miscell. rent revenues-Miscell. int. revenues—
"6,633
.
Note—No deduction is made in the foregoing statements for the surtax
on undistributed profits.—V. 145,
p. 2228.
Co.—Output—
Month
Coal mined
Uncollectible bills
185,136
$368,660
of limited
Earnings
The company reports net asset value as of Oct. 30, 1937, based on market
prices for securities and after 15% allowance for Federal income taxes,
was $41.13 a share, comparing with asset value of $64.58 a
share on Oct. 31,
1936 and $47.29 a share on Sept. 30, 1937.—V. 145, p. 1743.
Taxes, State & local
7,915,592
$8,645,466
1,607,831
109,358
2,210,835
investments
Investment Co. of America—Asset Value—
Jamaica Water
8,563,984
$8,983,930
1,400,785
102,046
2,241,591
Fed. & State income tax.
a
Island Creek Coal
667,267
$745,577
131,876
9,115
72,000
Interest charges
Amort, of disc. & prem.
special stockholders' meeting Nov. 12 the merger of American
Equities Co. into International Utilities Corp. was approved,
i* Ralph Elsman and F. W. Seymour have been elected new directors.
i
The special meeting of American Equities Co. stockholders scheduled
for Nov. 18 has been postponed to Dec. 2.—V. 145, p. 2697.
Int.
720,636
$753,251
113,906
8,539
187,544
extra
Depreciation
International Utilities
Amortiz.
1937—12 Mos.—1936
1937—Month—1936
$1,473,887
$1,412,844 $17,547,915 $16,561,059
the regular quarterly dividend of 37
V. 145, p. 2395.
At
:
Oper.exps. (incl.maint.,
gen. & property tax)..
International Salt Co.—Extra Dividend—
The directors
addition to
City Power & Light Co.- -Earnings-
p.
on
1262.
The directors have declared a special dividend of 50 cents
per share in
addition to the regular quarterly dividend of 25 cents
per share on the
common stock, no par value.
The special dividend will be paid on Dec. 14
to holders of record Nov. 29, and the
regular quarterly payment will be
made on Jan. 3 to holders of record Dec. 14.
An extra dividend of 50 cents
was paid on Oct. 1, last.
See V. 145, p. 1264 for detailed dividend record.
—V. 145, p. 2850.
Financial
145
Volume
3349
Chronicle
Kingsport Press., Inc.—Earnings—
Earnings for 9 Months Ended Sept. 30,
Net profit after operating expenses,
WE DEAL IN
1937
Airplane & Motor Corp., Ltd.—Earnings—
$60,956
1936
$97,254
Month
$97,414
76,901
12 Mos.
$1,176,294
967,360
$20,513
14,009
$208,935
124,251
1937
9 Months Ended Sept. 30—
Net loss
—V.
Y., Phila. & Norfolk Stock Tr. 4s, 1948
Lehigh Coal & Navigation Cons. 4}^s, 1954
Missouri Public Service 1st 5s, 1960
Pitts. & West Virginia 1st 43^8, 1958-1960
City of Philadelphia Bonds
$103,664
$2.16
depreciation and other charges
Earnings per share on 20,000 shares of common stock
—V. 145, p. 2080.
Kinner
N.
Federal icnome taxes, surtax,
-
144, p. 4182.
YARNALL & CO.
Kinsey Distilling Co.—Earnings—
Period Ended
Sept. 30, 1937—
Net sales
.
Cost of sales
Gross profit
Expenses
4
...—
A. T. & T.
Net profit
Files
$84,683
$6,504
The company
has filed with the Securities and Exchange Commission a
registration statement covering 80,000 shares of prior pref. stock, 100,000
shares of participating pref. stock, and 100,000 shares of common stock.
The stock covered by the registration statement represents the full author¬
ized amount of each issue, increased authorization having been voted by
stockholders
Oct.
on
21.
To
provide additional working capital, 50,000 shares of the prior pref.
will be offered for subscription at $10 per share to present holders of the
company's outstanding 60,000 shares of partic. pref. on the basis of five
shares of prior pref. for each six shares of partic. pref. now held.
Any
unsubscribed portion of the shares will later be publicly offered by
Clarke & Co. of Philadelphia.
The prior pref., which is en¬
annual cumul. dividend of 80 cents per share, is convertible into
H. Vaughan
titled to
an
pref. and one-half share of common for each one
share of prior pref.
Of the partic. pref. and common covered by the
registration statement 40,000 shares of each have been set aside for con¬
version of prior pref.
The business of the company was established in 1892, and the present
company,
a
Pennsylvania corporation, was formed in January, 1934,
following a repeal of prohibition.
The company manufactures heavy body
Pennsylvania rye whiskey.
Its plant at Linfield has an annual production
capacity of approximately 22,000 barrels and warehouse storage capacity
of 75,000 barrels.
Approximately 90% of the company's output is sold to
rectifiers and blenders, and wholesalers for bottling under private label.
—V. 145, p. 2697.
Kobe, Inc.—Earnings
before Fed. taxes
3 Months
$10,611
9 Months
$112,616
Lexington Water Power Co.—Earnings—
12 Months Ended dept. 30—
Operating revenue—electric
Operating expenses
Promissory notes, in like amount. The notestrustheld in pledge by Provident
'rust Co. of Philadelphia, trustee under
are indenture of the United
Public Utilities Corp.
United Public Utilities Corp. has also filed an
application (File No. 46-78) covering the acquisition of these notes.
Oppor¬
tunity for hearing in the above matter will be given Dec. 3.
29,924
205,250
72,241
349,166
22,570
262,330
32,059
340,247
$1,105,634
$1,064,640
Provision for retirements
Federal income taxes
Other taxes
Operating income
Other
11,635
7,939
$1,117,270
$1,072,579
571,694
212,304
577,726
226,875
26,199
38,008
28,474
$269,064
$200,332
income
Gross
income
Interest
on
5 % first mortgage
Interest
on
5H% debentures
Interest
on
unfunded debt
bonds.
4
Amortization of debt discount and expense
Ba
ance
of income
39,l7l
this statement for Federal surtax on un¬
the year 1937.—V. 145, p. 945.
Note—No provision is made in
distributed profits, if any, for
Liggett & Myers Tobacco Co.—Extra Dividend—
The
directors
common
have declared
an
extra dividend
of $2 per share on the
and common B stocks, par $25, both payable Dec. 22 to holders
The regular quarterly dividends of $1 per share which
previously declared will be paid on Dec. 1.
An extra dividend
Dec. 18, 1936 and extra dividends of $1 per share were
paid on these stocks each March from 1925 to and including 1936.—V. 144,
p. 616.
of $2 was paid on
Lily-Tulip Cup Corp.—Earnings—
1937
$352,150
$1.86
12 Months Ended Sept. 30—
profit
b Earnings per share
Net
a
1936
$385,245
$2.03
After depreciation, Federal income taxes, &c., but before provision for
profits tax and surtax on undistributed profits,
b On 189,539 no
shares of capital stock.—V. 145, p. 1263.
excess
par
Koppers Co.—Earnings—
Lincoln Service
Corp.—Registers with SEC—
first page of this department.
See list given on
12 Months Ended Sept. 30,1937
Net profit after deprec., depletion, amortization, interest and
Federal income taxes but before prov. for Federal surtax on
Liquid Carbonic Corp. (& Subs.)—Earnings—
$3,083,522
$18.83
Earnings per share on 100,000 shares of common stock
—V. 145, p. 2551.
1936
$2,022,412
300,566
Maintenance.
a
profits
1937
$2,045,024
282,808
had been
Knife River Coal Mining Co.—To Issue Notes—
undistributed
Nov. 15 of $26,500 equip¬
of $371,000 taken over by
Dec. 16, 1930,
the company from the Pennsylvania Coal & Coke Corp. on
and cover 500 50-ton steel hopper cars.—V. 145, p. 3200.
of record Dec. 7.
Company, a subsidiary of the United Public Utilities Co., a registered
holding company, has filed with the Securities and Exchange Commission
a declaration
(File No. 43-91) under the Holding Company Act covering
the issuance of two promissory notes.
A 6% note of $112,746 and a
7% note of $93,000, both to be dated Jan. 1, 1937, and to mature in 1945,
are to be issued to United Public Utilities Corp. to refund two demand
Earning for
June 15 and Dec. 15,
Lehigh Valley RR .—Final Payment—■
The company will make a final payment on
ment trust notes.
These notes are the balance
—
Period Ended Sept. 30, 1937—
Philadelphia
dend of $1 was paid on Sept. 15 and June 15, 1936, and quarterly dividends
of 50 cents in addition to extra dividends of 50 cents per share were dis¬
one-half share of partic.
Net income after all charges but
—V. 145, p. 1906.
Teletype—Phila. 22
St.
tributed in each of the eight preceding quarters and on
1933 and 1932.—V. 145, p. 2080.
Registration Statement Covering Preferred and Common
Stock—
Walnut
1528
Years End. Sept.
30—
Net sales
1937
1936
1935
-$18,327,405 $13,705,977 $11,012,808
3,687,714
2,527,125
2,002,298
722,012
646,122
578,471
profit on sales._
Depreciation charges—
x
Gross
1934
$9,210,443
1,303,555
560,812
Kreuger & Toll Co.—Creditors Realize 51.5%—Referee's
$2,965,702
Net earnings
Report Filed—
Other
Holders of the secured 5%
gold debentures have received about $515 for
bond, it was revealed Nov. 15 with the filing in the New York
Supreme Court of a referee's report recommending approval of an inter¬
mediate accounting of the Marine Midland Trust Co. as trustee for the issue.
Of the amount paid on each bond since the bankruptcy of the issuing
company, $288.72 represents the amount realized through the sale of the
collateral for the debentures and dividends received from the American
inc.
int.
on
$1,881,003
$1,423,828
$742,743
rec.,
377,288
503,118
367,227
350,586
$3,342,990
Admin. & gen. expenses.
700,603
Interest, &c
y51,014
Loss sale of disp. assets.
88,055
Kes. for Federal taxes.__
373,000
Prov. for profit sharing183,985
Prov.
for pensions and
group insurance
126,260
Prov. for unemployment
insurance tax
123,329
Federal surtax
27,000
lies, for foreign exchange
$2,384,121
$1,791,054
537,536
$1,093,329
disc,
on
purchases, &c.
each $1,000
The balance represents the approximate value of
the Swedish bankruptcy proceedings.
The report was submitted by Jeremiah T. Mahoney, who had been ap¬
pointed by Supreme Court Justice Miller to investigage the trustee's ac¬
counts.
Mr. Mahoney recommended that the accounts as submitted be
approved.
)t The accounting covered the period from Jan. 1, 1936, to May 31, 1937.
During that time the collateral, which had a face value in excess of $55,000,000, was sold, the trustee realizing a net of $9,218,041, and a great deal of
foreign currency held by the trustee was converted into dollars.
Distribution by the trustee during the accounting period are listed
at $11,796,793, of which $3,052,474 was paid in cash and the balance charged
as a credit against debenture holders who participated in the corporation
which purchased the collateral.
The distribution is equivalent to $193.89
per debenture.
The trustee also distributed $359,105, equal to $23.13 per debenture,
to holders who did not file individual claims in the American bankruptcy
proceedings.
Those who did file claims received an equal amount although
it did not pass through the trustee.
At the end of the accounting period the only assets remaining in the
bankruptcy proceedings.
remittances received
from
hands of the trustee were $674,827 in cash and claims against the American
and
bankrupt estates and against the bankrupt estate of Ivar
Sweden.—V. 145, p. 3012.
Swedish
Krueger in
1937—1 Wks.—1936
$
Sales.
Stores in operation
—V. 145, p. 3012.
Kuner Empson
See list given on
Lehigh Coal & Navigation Co. (& Subs.)—Earnings—
1935
1936
*$546,373
$367,220
1934
$1,630,036
$0.28
$0.19
$0.84
*$1,484,249 x$l,681,369
Earns. per sh. on 1,930
$1,715,792
$1,802,814
1937
lossx$5,921
,-
065 shs. capital stock
(no par)
b Net income
Nil
Earns, per sh. on 1,930,-
065 shs. capital stock
(no par)
a
$0.77
Including company's proportion of
$0.87
$0.89
$0.93
undistributed earnings and losses of
controlled, after interest, Federal
depletion, &c.
r
accruing from direct operations and from rail¬
road rentals, dividends, &c., after Federal income taxes and charges,
x Before surtax on undistributed profits.—V.
145, p. 1263.
subsidiaries whose stock is eitner owned or
Ltd.—SI Extra Dividend—
dividend of $1 per share in addi¬
quarterly dividend of like amount on the capital stock,
1.
Similar pay¬
A quarterly divi-
The directors have declared an extra
tion to the regular
par $1, both payable Dec. 15 to holders of record Dec.
ments were made on June 15 last and on Dec. 15, 1936.
106,694
65,035
237,738
89,222
38,973
—
——_
-
Cr5,980
6,567
CrQ,322
10 648
9,241
7,796
profit avail, for
divs.& prof, sharing $1,655,866
Div, paid or declared.-.
1,242,500
$1,106,823
647,500
$903,273
437,500
$463,212
437,500
$413,366
$459,323
$465,773
$25,712
700,000
350,000
350,000
350,000
$2.36
$3.16
$2.58
Net
Net
prof.bal.after ded.
curr.divs.but before
charg. prof, sharing
Shares com. stock out¬
standing
Earnings per share before
profits sharing
x
After
branch
selling
expenses,
but
before
charging
z
$1.32
depreciation,
Outstanding after two-
Reports 50% Gain in Net and Record Sales for 1937—
Commenting on current business prospects in his remarks to stockholders
accompanying the report, W. K. Mcintosh, Chairman, said that "while
incoming orders for September and October are less than a year ago, with
the exception of 1936 they still are the largest for those two months in the
history of the company." No prediction concerning the business outlook is
possible or would be proper, he said.
Expansion plans for the coming year include a new carbonic plant at
Memphis, Tenn., to be erected at a cost of around $200,000, and the
purchase of additional carbonic cylinders.
During the fiscal year just
closed the company expended approximately $2,000,000 for capital im¬
provements.
As of Sept.
30, 1937, the company reported net working capital, of
$9,601,231 with a current ratio of better than six to one.
Liquid is continuing its voluntary pension plan, Mr. Mcintosh reported,
in addition to the pension plan of the Social Security Act, but it has been
restricted to cover only those who were already participants on Jan. 1,
1937.
During the last fiscal year, the amount charged to income for this
purpose amounted to $126,260. This was in addition to charges of $123,328
on account
of unemployment insurance taxes under the Social Security
Act—V. 145, p. 2081.
income taxes, depreciation,
b Of the parent company
Lake Shore Mines,
180,000
104,508
of profits applic.
to min. interests
$
Co.—Registers with SEC—
Consol. net income
220,000
13,878
fluctuations
Prop,
1937—44 Wks.—1936
18,461,817 210,656,807 199.581,807
4,137
4,212
first page of this department.
12 Mos.End.Sept. 30—
a
519,720
2,229
Includes amortization of discount and expenses,
for-one split-up.
$
$
18,887,405
_____
179
650,168
4,912
16,332
y
Kroger Grocery & Baking Co.—Sales—
Period End. Nov. 6—
Total income
Loft, Inc. (& Subs.)—Earnings—■
Period End. Sept.
y
30—
Net loss
1937—3 Mos.—1936
$471,447
x$170,944
1937—9 Mos.—1936
$967,961
$675,815
only, y After depreciation, amortization and setting
up reserves for taxes and other charges
Sales for the quarter ended Sept. 30, 1937, amounted to $2,304,811
comparing with $2,319,512 in the preceding quarter. For the nine months,
slaes totaled $7,196,151 against $8,089,182 in the first nine months.of 1936.
x
Parent company
3350
Financial
Option Price Cut on Stock for Phoenix—
The company has reduced the option price on the 300,000 shares of its
capital stock under option to Phoenix Securities Corp., and has granted
Phoenix an option to buy an additional 100,000 capital shares, according
to information filed with the Securities and Exchange Commission.
The new agreement, dated Oct. 19, sets the option price at $1.50 a share
for any or ail 300,000 capital shares taken up to Nov. 9, 1938; shares
taken from Nov. 10, 1938, to Nov. 9, 1939, are set at an option price of
$2.50 a share and purchases made under the agreement from Nov. 10, 1939,
to Nov. 9, 1940, will be made at $3.50 a share.
The terms of the eighth supplemental option agreement provide that
Phoenix Securities Corp. may buy an additional 100,000 capital shares
of Loft, Inc., at any time up to Nov. 9, 1940, at the following prices:
Up to Nov. 9, 1938, at $2 a share; from Nov. 10, 1938, to Nov. 9, 1939,
and $3 a share, and from Nov. 10, 1939, to Nov. 9, 1940, at $4 a share.
The company advises the SEC that the consideration for granting the
modification of the option agreement and the additional option was the
agreement by Phoenix Securities Corp. to procure the extension or renewal
of a $100,000 note of Loft due on Oct. 19, 1937, of a $200,000 note due
on Oct. 23, 1937, and a $100,000 note due on Dec. 14, 1937, for a
period
of 90 days beyond the respective maturity dates.
Phoenix Securities Corp. also agreed to indorse any such 90-day note
given in renewal or substitution of the notes and to furnish to the bank
discounting the notes such collateral as may be required as security for the
indorsement by Phoenix of notes given either in renewal or substitution.
—V. 145, p. 1263.
Loblaw
1937—4 Weeks—1936
$1,644,897
73,189
Net profit
x
After charges and income taxes.—V. 145, p.
$7,588,510
300,913
payable Dec. 1 to holders of record Nov. 19.—V. 145,
Manufacturers Finance
See list given on
first page of this department.—V. 145,
Period End. Sept.
$866
litigation.
There has not been included for the nine months ended Sept. 30, last,
and taxes and miscellaneous expenses (before adjustment for loss on foreign
exchange) applicable to Venezuelan properties amounting to $3,939.—V.
145, p. 1265:
Marlin-Rockwell Corp.
Period End. Sept. 30—
Gross
with
annum
new
securities.
provision for
a
an
The
interest rate is fixed
new
additional
1% if earned.
at
3%
per
This rate is in
effect from April 1, 1937, the date of the reorganization.
Fixed interest
at the rate of 3% for the period April 1, 1937 to Sept. 30, 1937 will be
paid
on Dec. 1, and semi-annually thereafter.
»
The committee will no longer be active and all business in connection with
London Terrace will henceforth be handled by the new owning
corporations,
London Terrace, Inc., and Garden Units, Inc., and the new
trustee, the
Empire Trust Co.—V. 145,
Lone Star Gas
The
have
directors
p.
$801,902
18,300
130,326
declared
a
Louisiana Land & Exploration
the
22.
24,
15,
Louisville & Nashville RR.—Extra Dividend—
Low Cost Housing,
Inc.—Registers with SEC—
See list given on first page of this department.
Insurance
Co.
of
1936
Liabilities—
Premium
Cash
Res.
&
399,347
300,024
213,079
29,643
186,440
Prems. in course of
coll't'n
not
over
Otherassets
Total
1936
reserve..$1,524,489 $1,412,945
adjustment
174,867
166,582
165,443
1,000,000
2,202,362
1,000,000
2,441,922
$5,067,161
for
$5,140,565
comms.,
exps.,
taxes
&
other liabilities.
Surplus
119,116
51,282
$5,067,161 $5,140,565
—Y. 145, p.
1937
Losses in process of
Capital
90 days due
Total
1426.
Earnings
jor
Period Emd. Sept. 30—
aNetprofit.
$5.66
Subs.)—Earnings—
1937—3 Mos.—1936
$734,983
$832,502
1937—9 Mos.—1936
$2,485,255
$2,083,205
on com.
stock
After
$765,028
common shares
McKesson & Robbins, Inc. (&
a
$0.25
$0.34
depreciation, interest, Federal income
subsidiaries.
$0.99
$0.69
taxes and preferred divs. of
Period End. Sept. 30—
1937—Month—1936
1937—9 Mos.—1936
Net sales.
$16,070,704 $13,591,895 $126,457,627 $108495,742
—V. 145, p. 3200.
year-end dividend of $1.25 per share on the
common stock, par $10,
payable Dec. 15 to holders of record Nov. 26.
This compares with 50 cents paid on Sept. 15, June 15 and
March 15 last;
a year-end dividend of $1
paid on Dec. 15, 1936, and a regular quarterly
dividend of 50 cents per share was paid on Oct. 15,1936.—V.
145, p. 2853.
a
Mahoning Coal RR.—Earnings—
Period End. Sept. 30—
Inc. from lease of road &
equipment
1937—3 Mos.—1936
1937—9 Mos.—1936
$527,807
17,257
Interest charges.
Other deductions.
_
Net income
Div.—Pref. stk. 1.25%.
$1,258,037
$947,777
51,825
51,772
$486,855
68,843
$1,309,863
184,366
22,608
$999,549
137,151
$458,167
Taxes
$469,597
17,257
$545,064
78,518
7,041
1,338
Other income
Net inc. after div.
$1,319,411
508,866
$1,025,431
508,866
$273,382
$810,545
$516,565
$1.30
$3.89
-Earnings—
xl937
1936
$77,567
1935
$86,954
1934
$201,125
$402,074
477,667
253,835
244,732
332,724
$176,268
2,350
$157,778
$131,599
7,915
$173,918
9,584
$155,276
4,539
$123,684
6,080
5,078
$183,502
Net operating loss
Other income
.
Int. & miscell. charges-_
x
$159,815
$129,763
$68,883
2,502
•
$75,593
11,788
$63,805
Includes Martin-Parry Corp. of Canada Ltd.
Consolidated Balance Sheet Aug. 31
Assets—
y
Land,
1937
zl936
buildings
$805,284
85,760
Accts. receivable..
18,840
112,356
Cash
Inventories
Prepaid expenses.
Liabilities—
x
&c_
equipment,
$742,108
318,349
32,508
22,355
22,809
5,773
$1,045,049 $1,121,093
1937
zl936
Capital stock...$1,400,000 $1,000,000
52,841
18.259
6,320
5,935
Accounts payable.
Accrued liabilities.
Mtge. pay. (curr.)
Mtge. pay. (non-
30,000
current)
Deficit
(earned)..
Total
414,112
318,000
251,101
$1,045,049 $1,121,093
x Represented
by 175,000 (125,000 in 1936) shares no par value, y After
deducting reserve for depreciation of $570,500 in 1937 and $535,674 in 1936.
z Company only.—V. 145, p. 946.
Maryland Fund, Inc.—Extra Dividends—
The directors on Nov. 18 announced the declaration of an extra
distribu¬
tion of 5 cents per share in cash and an additional
3% in stock, as well as
the regular distribution of 5 cents per share in cash.
On the basis of present
valuation, this is equivalent to a total distribution of over 28 cents per share.
Both regular and extras will be disbursed Dec.
15, to holders of record
Nov. 30.
See V. 145, p. 1265 for record of previous dividend
payments.
V—145, p. 2082.
Massachusetts Investors Trust—No
Change in Policy—
That Size Limitation Will Remain at
6,000,000
Shares—
The trustees state that the filing of a registration statement
with the
Securities and Exchange Commission for .2,000,000 shares of the
trust,
announced Nov. 12, does not represent any change of
policy as to limitation
of the size of the trust.
The statement points out that:
"The number of shares which are
auth¬
orized to be outstanding at any one time has been fixed
by the trustees at
6,000,000 shares, such authorization to continue in effect without
regard
to shares which may be repurchased or canceled and
retired, except that
additional shares beyond said 6,000,000 shares limit are authorized
to be
outstanding if and to the extent that such additional shares may be
required
to permit the trustees to offer to shareholders the
right to use any special
$407,344
8,266
8,266
9.258
1,409
*
4,268
28,249
4,516
$1,098,619
24,800
$829,632
24,800
on
pref. stock
—y. 145, p. 1426.
Mengel Co.—October Bookings, dec.—
Period End. Oct. 31—
1937—Month—1936
$644,902
$1,174,766
941,466
987,722
Unfilled orders end of period.
Bookings.
Billings.
1937—10 Mos.—1936 <
$9,006,359
$8,306,685
9,316,578
7,907,806
1,475,799
1,688,644
Preferred Dividend—
The directors have declared a dividend of $1.25 a share on the
5% con
vertible first preferred stock for the period covering July 1 to Dec.
31,1937.
Payable Dec. 31 to holders of record Dec. 10.
An initial dividend of
62H
was
paid on June 30
last.—V. 145, p. 2699.
Michigan Bumper Corp. (& Subs.)—Earnings—
Earnings for 8 Months Ended Sept. 30, 1937
Net loss
x$l33,018
depreciation, amortization, interest, and $122,882 extraor¬
dinary and non-recurring charges.
Above figure includes Oldberg Manu¬
facturing Co. for nine months ended Sept. 30, 1937.—V. 145, p. 2699.
x
After taxes,
Mergenthaler Linotype Co.—Earnings —
Earnings for the Year Ended Sept. 30, 1937
Operating profits not including deprec. & Federal income tax..
Depreciation reserves
Operating loss
Interest on notes, deposits and investments rec..
Dividends rec
Total profit
Reserve for Federal income tax
Net profit
$449,900
$399,077
$1,073,818
$804,831
$14.99
$13.30
$35.79
$26.83
Net inc. per share com.
stock
amount will be 7,500,000 shares, of which 5,180,123 shares are now
out¬
standing. Afterjfthe 6,000,000 share total is reached, shares are to be issued
only to replace shares repurchased and canceled, or if occasion arises for
capitalization of profits from the sale of securities which are distributed as
dividends, according to the trustees' statement.—V. 145, p. 3201.
cents
Magma Copper Co.—Year-End Dividend—
The directors have declared
-
$443,004
169,622
6,172
authorized
10 Months Ended Oct. 31, 1937
Earnings per share on 134,977
—V. 145, p. 2698, 769.
sh.
180,428
on account of net profits from sale of
securities to purchase
additional shares at liquidating value."
With the stock covered by the present registration, the total
Net income after charges and normal taxes
per
$1,212,031
8,766
236,056
distribution
Lynch Corp.—Earnings—
Earnings
$1,564,233
77,879
Martin-Parry Corp.
Trustees State
1937
banks
Phila .—Financial
30—
Bonds and stocks_$4,170,055 $4,287,559
Mortgage loans
113,595
124,720
Real estate
141,440
190,540
in
$522,195
1,312
$3.02
as to whether or not provision for
Federal
profits has been included in item of Federal taxes
Years End. Aug. 31—
Net sales
Total
The directors have declared an extra dividend per share on the common'
stock, par $100, payable Dec. 23 to holders of record Nov. 29.
This com¬
pares with dividends of $2.50 per share paid Feb. 27,1937 and Aug. 24,1936,
$2 paid on Feb. 25, 1936; $1 on Aug. 24, 1935, and $1.50 per share paid on
Feb. 25, 1935, Aug. 25, 1934 and on Feb. 15, 1934, this latter
being the first
dividend paid since Feb. 10, 1932, when $2 per share was disbursed.
On
Aug. 10, 1931, $2.50 per share was paid, prior to which regular semi-annual
payments of $3.50 per share were made.
In addition, an extra dividend
of $1.50 per share was paid on Dec. 23 last.—V.
145, p. 2853.
office
$1,141,917
70,114
Note—No mention is made
surtaxes on undistributed
1937—9 Mos.—1936
$1,527,200
$1,464,127
$0.51
$0.49
taxes, leases abandoned, depreciation and depletion.
b On
2,994,000 shares of capital stock.
The income account for the quarter ended Sept. 30, 1937 was as follows:
Net oper.
& royalty income,
$808,800
geophysical & administrative
expenses, lease rentals, taxes, leases abandoned, &c., $225,700; balance,
Income, $583,100; other income, $100; total income, $583,200; deprec. &
depletion, $64,600; net income, $518,600.—V. 145, p. 1264.
Assets—
$1,491,868
72,365
—V. 145, p. 2853.
Operating loss
After
Lumbermen's
Surplus
Earns, per sh. on 339,244
shs. cap. stk. (par $1)
$497,598
24,597
$1.67
Net profit
Dividends
$1,557,151
71,100
344,134
$398,882
expenses.
394,191
$568,504
169,622
Total income
54,900
111,198
$674,075
4,213
101,358
-
Other income
Co.—Earnings-
Period End. Sept. 30—
1937—3 Mos.—1936
aNetprofit
$518,600
$553,427
b Earnings per share.$0.17
$0.18
Statement Sept.
$1,940,959
23,700
Corp.—20-Cent Dividend—
dividend of 20 cents per share on
common stock, no par value, payable Dec. 22 to holders of
record Nov.
A similar amount was paid on Aug. 21, and April 20, last, and on
Dec.
Aug. 15, and Feb. 15, 1936, as against 15 cents paid on Aug. 15 and Feb.
1935.—V. 145, p. 3200.
a
1937—9 Mos.—1936
$632,496
$653,276
20,799
-
Cost of goods sold, sell.,
admin. & gen. expense>:
1102.
(& Subs.) —-Earnings—
1937—3 Mos.—1936
Depreciation
Selling & admin, expense
Apartments—New Securities Ready—
The exchange will be par for par with present holdings.
The amount of
$1.69 per $100 bond is available for back interest and will be paid with the
issuance of the
1937—9 Mos.—1936
$3,167
$8,713
$1,875
After
Other
The reorganization committee advised bondholders who have given
prox¬
ies to the Buckingham committee that new securities are ready for
delivery
to the bondholders under the reorganization plan.
1746.
ordinary taxes, depreciation, depletion, dry hole expense, lease
abandonments, &c., but before provision for Federal income taxes.
There had accrued to the corporation's interest on Sept. 30, 1937, $2,234
for oil royalties which has not been taken into account because of pending
x
Federal taxes
London Terrace
p.
Corp.—Earnings —
1937—3 Mos.—1936
30—
Profit
x
1591.
p.
Co.—Registers with SEC—
Maracaibo Oil Exploration
$6,531,458
283,644
2698.
1937
20,
McKinley Mines Securities Co.—Extra Dividend—
Profit
1937—20 Weeks—1936
$1,403,530
71,811
Nov.
The directors have declared an extra dividend of 2 H cents per share in
addition to the regular dividend of like amount on the common stock, both
Groceterias, Ltd.—Earnings—
Period End. Oct. 16—
Sales
x
Chronicle
Dividends paid during the year
Balance net gain, retained in surplus
Earns, per share on 241,098 shares capital stock (no par).
$364,270
396,591
$32,321
302,413
336,011
$606,103
45,000
$561,103
489,647
Volume
Financial
145
Balance Sheet Sept. 30
1937
Land
%
c
519,820
2,514,407
2,596.441
2,551,606
and
a
Customers'
equipment.
85,138
671,998
2,463,195
work In process.
For. & domes, cos.
66,207
1,438,116
3.659.349
Cash
1,172,575
4,201,777
Accts. receivable.. 3,227,092
Bills receivable
6.418,309
Inventory
845,304
3,624,521
3,291,845
5,898,662
Miscell.
54,922
12,506
Accrued expenses
bonds &
48.765
Germany
.
$22,591
145, p. 2553.
Missouri Pacific RR.—Plaza-Olive Committee—
ful accounts and
1,241,364
9,952,901
1,241,365
9,882,929
A committee headed by Percy Cowan, Chicago,
has applied to the Inter¬
the deposit of Plazathe depositing bond¬
holders in the Missouri Pacific reorganization proceeding.
Other members
of the committee are Joseph H. ZUmbalen, Washington University, St. Louis
and John F. McFadden, of American Credit Indemnity Co.—V. 145, p. 3201.
state Commerce Commission for permission to solicit
Olive Building first mortgage bonds and to represent
Missouri Public Service
Corp. (& Subs.)—Earnings—
Period Ended Sept. 30,1937—
197~872
24,817,982 24,739,879
Total
24,817,982 24,739,879
Total
930
$41,735
Note—No provision has been made for Federal undistributed profits tax
323,076
216,927
_
$76,688
34,022
401
Net income
d667,497
Deferred charges
14,428
$37,421
on funded debt.
General interest
—V.
10,313
52,309
$365,483
288,796
615,991
Cash in for'n banks
(restricted)
Treasury stock
expenses and taxes
Interest
Reserve for doubt¬
48.765
6.564
7 Months
3 Months
$162,887
125,467
revenues
134
92,084
615,991
.
secure.
Surplus
Adv. to employees
and misc. accts.
221
Reserve for stocks,
contingencies
against
56,969
30,401
111,342
9,027
llab.
Accrued taxes
Mixed Cl'm Com'n
account
curr.
Co.—Earnings—
Period Ended Sept. 30, 1937—
Operating
Operating
Net operating income.
credit
balances
Agents' credtt bal.
Marketable secure.
$
Capital stock. ..12,800,000 12.800,000
20,005
Accounts payable.
19,708
2,219,584
Plant, machinery
Equip. & construe.
1936
$
Liabilities—
519,820
b Buildings
Missouri Gas & Electric Service
1937
1936
$
Assets—
3351
Chronicle
Represented by 256,000 shares of no par value,
b After depreciation
of SI,663,578 in 1937 and SI,571,041 in 1936.
c After depreciation
of $6,312,291 in 1937 and $6,057,502 in 1936.
d Represented by
14,902 shares.—V. 144, p. 617.
a
reserve
3 Months
$392,767
315,298
Net operating income
Other income
-
(net)
9 Months
$1,122,695
889,880
$77,469
Operating revenues
Operating expenses and taxes
$232,816
4,580
1,866
;
reserve
Co.—Larger Dividend—
507
$21,851
General interest
have declared a dividend of $1 per share on the capital
par value, payable Dec. 6 to holders of record Nov. 20.
This
with 75 cents paid on Sept. 10 and on June 1 last; a dividend of
$1 paid on Dec. 1, 1936, and one of 50 cents per share was paid on Sept. 1,
1936, this latter being the first disbursement made by the company since
March 1, 1933, when two quarterly dividends of 12 ^ cents per share each
(or a total of 25 cents per share) were paid.
These latter payments were
for the first half of 1933.—V. 145, p. 121.
The directors
stock,
funded debt
on
Taxes
on
$237,396
166,713
3,775
2,245
$64,662
$79,335
55,571
1,405
Gross income
Interest
Meteor Motor Car
int. and miscell. deductions.
no
compares
Net income
Note—No provision has been made for
—V.
Federal undistributed profits tax.
145, p. 3014.
Monarch Machine Tool Co.—Extra Dividend—
The directors
Nov. 16 declared an extra dividend of 65 cents per share
on
a regular quarterly dividend of 25 cents per share on the com¬
both payable Dec. 1 to holders of record Nov. 23.
Extra
dividends of 15 cents were paid on Sept. 1, June 1 and March 1 last.
An
extra of 20 cents was paid on Dec. 1, 1936; 15 cents on Sept. 1, 1936, and
an extra of 5 cents per share was distributed on March 1, 1936.—V. 145,
P. 2553. ■
in addition to
Metropolitan Edison Co.—Earnings—
12 Months Ended Sept. 30—
Operating revenues
Operating expenses
........
.
-
1937
1936
$12,990,931 $11,865,625
4,975,080
4,551,324
897,389
1,779,904
495,279
1,109,825
Maintenance..........
Provision for retirements
Federal income taxes
......
.....
...
Other taxes
Operating income
Other
$3,733,453
-
1,144,501
1,036,589
431,092
727,037
$3,975,081
1,781.308
1,605,652
$5,514,762
1,752,693
53,463
133,568
Cr1,352
$5,580,733
1,914,900
80,506
126,842
Crl,120
income
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Interest charged to construction
$3,576,390
$2,183,289
preferred stock
Balance
Note—No provision is made in this statemet for Federal surtax on un¬
distributed profits, if any, for the year 1937.—V. 145, p. 2699.
Micromatic Hone
1937
30—
....—.—
1936
$45,949
99,895
$25,977
99,395
$0.46
9 Months Ended Sept.
Net profit
Shares common stock
and Federal income tax, but before provision for surtax on
undistributed profits.—V. 145, p. 2854.
Net from
Dividends—
Subs. cos. consolid't'd:
On
811
$311,371
132,375
32,844
296,241
2,984
$33,954
234,499
16,979
284,457
13,144
$336,279
33,607
$200,658
28,211
$775,816
99,149
$583,034
87,197
8,932
8,746
5,625
12,789
23,664
41,333
18,061
38,778
$144,854
pref. stocks
66,000
15,642
108,711
1,072
On common stocks_
Other companies
b Interest
—
Other income
Total income
Gen. & adminis. exps...
local
State,
Fed.
$13,232
65,625
6,099
114,891
miscell.
&
taxes
Fed. normal inc. tax
a
49,628
29,660
132,646
$124,373
$479,023
but applicable to the
been given effect to in these
subsidiary companies, consolidated, and other companies.—
Adjustments made subsequent to Sept. 30, 1936,
b Of
V. 145, P. 3013.
Profit sale cap. assets—.
$329,270
$3,044,029
$1,677,084
143,084
48,731
103,537
54,388
343,959
146,192
324", 679
75,000
19,000
781,000
231,000
$318,006
$152,345
$1,772,878
$958,243
$0.81
$0.39
$4.53
$2.45
$585,650
Total income
829
Expenses, &c
Depreciation
Fed. inc. & undistributed
profits tax
Net profit
Earns, per
1937—9 Mos.—1936
$2,940,380
$1,570,210
99.232
100,932
5,942
4,417
share on 391,-
sns. com.
stock—
163,162
3015.
Motor Transit
Co.—Earnings—
Month
Income
Balance
- -
Income deductions, except
interest on bonds
income bonds
Provision for interest on 6 ^ %
Amortization of franchise cost
Amortization of
organization and development
Balance, deficit--,
-V. 145, P. 2855.
Mountain
States
Power
Co.,
$41,845
20,743
615
$62,588
12,572
87,106
39,838
6,067
$5,757
and depreciation.
Balance
12 Months
$617,372
575,527
$8,789
1,236
8,711
3,984
—
$65,017
58,825
$6,191
2.598
Period Ended Oct. 31, 1937—
Transportation revenue
Operating expenses, taxes, rents
$82,996
(Del.)—Seeks to Register
Bonds and Notes—
Company on Nov. 17 filed with the Securities Exchange Commission
registration statements (Nos. 2-3525 and 2-3526, Forms A-2, and D-1A)
of 1933, covering the issuance of $8,000,000 1st
mortgage 6% bonds, series due Dec. 1,1942, and $700,000 of serial notes as
follows: $175,000 4% notes due Dec. 1,1938, $175,000 4% notes due Dec. 1,
1939, $175,000 5% notes due Dec. 1, 1940, and $175,000 5% notes due
Dec. 1, 1941.
The company also filed a statement, (File No. 2-3526)
covering interim receipts to be issued in lieu of the bonds.
According to the registration statement, the company expects to enter
into an underwriting agreement to sell the bonds and notes subject to the
condition that holders of the company's outstanding first mortgage gold
bonds, series A 5%. and series B 6% due Jan. 1, 1938, agree to purchase
from the underwriters a certain percentage of the new bonds and on or be¬
a
Middlesex & Boston Street
Period End. Sept.
30—
Passengers carried.....
Average fare
Net loss
—V. 145,
1937—3 Mos.—1936
$536,957
$296,204
48,693
32,097
969
Profit from operations
Other income
$341,740
three and nine months ended that date have
columns,
Corp.—Earnings—
Period End. Sept. 30—
97.257
$235,366
Net income
1,592,133
621,819
650,230
816,293
2700.
Motor Products
Fed. surtax on undistrib.
profits
1,673,176
729,025
748,538
104,291
1,496,300
855,895
948,094
railway
—V. 145, p.
1937—9 Mos.—al936
1937—3 Mos.—al936
1934
$176,513
82,280
80,733
92,632
Net after rents
—V. 145, p.
Corp.—Earnings-
30—
1935
$221,913
95,808
92,893
From Jan. 1—
254
Period End.Sept.
1936
$246,074
119,297
2,173,128
979,166
Net after rents
After charges
Middle West
1937
$225,199
94,515
Gross from railway
$0.26
Earnings per share
x
RR.—Earnings—
Loss sale cap. assets
Corp.—Earnings—
x
Montour
October—
1,276,317
$2,300,073
on
stock,
Gross from railway
Net from railway
$3,459,606
1,276,317
Balance of income
Dividends
mon
under the Securities Act
Ry.—Earnings1937—9 Mos.—1936
6,474,097
6,626,841
9.5c.
9.5c.
$160,378
$43,714
1937—3 Mos—1936
1,806,499
1,815,512
9.7c.
9.8c.
$85,799
$45,364
p.1265.
Minneapolis Gas Light Co.—Earnings—
1937
$4,624,552
12 Months Ended Sept. 30—
Gross operating revenues
3,038,294
Operating expenses.
1936
$4,434,331
2,941,839
specified date accept the interim receipts, and pay for them by the
outstanding bonds at a price which has not yet been de¬
The percentage of the new bond which must be purchased by
the holders of the company's outstanding bonds and the purchase price is
to be furnished by amendment to the registration statement.
The company states that the net proceeds of the issues being registered
will be applied to the payment on or before maturity on Jan. 1, 1938, of all
of the company's funded debt now outstanding, consisting of $8,182,250
principal amount of first mortgage gold bonds, series A and B.
The new bonds are redeemable at the option of the company in whole or
in part after 30 days notice as follows:
Ir redeemed prior to Dec. 1, 1938,
103%; on Dec. 1, 1938 and prior to Dec. 1, 1939, 102 M%; on Dec. 1, 1939
and prior to Dec. 1, 1940, 102%; on Dec. 1, 1940 and prior to Dec. 1, 1941,
fore
a
delivery of the
termined.
$1,586,258
5,457
Gross income
....
Interest on long-term
$1,492,491
Drl ,683
$1,591,714
Net operating income.
Non-operating income
$1,490,809
471,284
7,259
242,171
71,282
455,043
debt..
13,208
246,504
85,980
Interest on other debt
Prov. for retirements & replacements
.
Amort, of debt discount & expense
....
6,787
indebtedness of Amer. Gas & Power Co..—
$784,193
a94,470
$698,812
a71,505
$878,663
142,900
89,718
$770,317
181,127
98,909
$646,045
$29,250
$490,280
$4,010
Amort. of
preferred stock expense
Balance..
Int.
on
101)5%;
will be
on
Dec. 1, 1941 and prior to June 1, 1942, 101%.
No premium
paid if the bonds are redeemed on or after June 1, 1942.
the option of the company on any
date
thereof and accrued interest to
follows; 2% if redeemed prior
to June 1, 1938. the premium decreasing H% on June 1, 1938, and each
Dec. 1 and June 1 thereafter until the maturity date.
The cash offering price of the bonds, the offering price of the notes, the
The serial notes are redeemable at
Net income
preferred stocks
Income payments on partic. units
Divs.
on
divs
a Received on account of prior year accruals
—V. 145, p. 1427.
Net income after preferred
—
.
after 30 days notice at the principal amount
the date of redemption plus a premium as
names
are to
of the underwriters
and the underwriting discounts or
be furnished by amendment to
commissions,
145,
the registration statement.—V.
p.3015.
Minnesota & Ontario Paper Co.
(& Subs.)—Earnings—
lExcluding National Pole & Treating Co.]
36 Week Ended—
Net loss-.
Sep*. 12,'37 Sept. 13,'36
-
a$l,101,218 b$2,112,649
a After
trustees expenses, interest, loss on capital assets, head office
depreciation, &c.
b After expenses, interest, &c„ Including reserve of
$135,519 for redemption of National Pole & Treating Co. stock.—V. 144,
p.
4187.
Muskogee Co.—Larger
Dividend—
dividend of 65 cents per share on the
payable Dec. 15 to holders of record-Dec..4.
This compares with 35 cents paid June 15 last; 65 cents paid on Dec. 15,
1936; 35 cents paid on June 15, 1936; 20 cents paid on Dec. 31, 1935; 25
cents paid on June 15,1935; 20 cents on Dec. 15, 1934; 25 cents on June 15,
1934, and on June 15,1933, and 50 cents per share paid on June 15,1932.—
The
directors
common
have declared a
stock, no par value,
V. 144, p.
3680.
——
3352
Financial
National
ment
Automobile
Chronicle
$285,626; interest, $23,675;
Co. —Financial State¬
Insurance
Liabilities—
Stocks....
Reserve
for
unpaid claims In
of adjustment, but
process
due
not
....
3
Cash on hand and on deposit..
Agents' accts. under 90 days..
453,165
Premium reserve (pro rata)
346,814
Other
Int. & rents due & accrued..
34,780
Bal. due
.......
for sale of
on contract
$1,885,534
94 5,877
219,6t>4
reserves
Capital paid up
Surplus
National
300,000
332,655
reserve for
Lumber
&
Creosoting
Co.—Earnings
Suf¬
ficient to Pay Back Interest Accruals—
46
real estate
1937
doubtful accounts, $30,051; United
States and Canadian income taxes, $32,000 net
profit, $199,900.
Current assets as of Sept. 30,
1937, including $2,069,670 cash and
United States Government bonds, amounted to $5,566,892 and current
liabilities were $660,760.
Inventories were $1,560,117.
Total assets, as
of Sept. 30, 1937, were $12,981,899.
Earned surplus was $553,936 and
capital surplus, $3,889,584.
Mortgage note (4%) due in 1940 was $1,250,000 and 6% sinking fund bonds totaled $746,000.—V. 145, p. 771.
Sept. 30, 1937—
Assets—
Real estate & improvements..
$117,661
Bonds
2,745,786
Nov. 20,
The
Suspense items (reinsur. unpaid
& collections for others)
bondholders' protective committee (E. C. Stuart, Chairman) in a
deposit for the 1st mtge. 5M % gold bonds,
A, states:
The bondholders' protective committee advises that the net earnings of
the company for the year ended Sept. 30, 1937, have been sufficient to allow
payment of deferred interest due under the modified plan of readjustment.
The depositary has received
payment from the company of all deferred
interest due on deposited bonds, amounting to 11%, and is prepared to
make distribution of these funds to depositing bondholders upon surrender
of outstanding certificates of
deposit.
In accordance with the modified
plan of readjustment, the maturity of all deposited bonds has been extended
for five years and new coupons calling for interest at the rate of 5
per
annum have been attached, covering the five-year extension
period.
The extended bonds and interest payment may be obtained by depositors
upon presentation of certificates of deposit by the holders thereof to St.
Louis Union Trust Co., St. Louis, Mo.
The distribution of extended bonds and interest funds completes the work
of the committee and,
consequently, a resolution has been adopted provid¬
ing that the committee be dissolved and the bondholders' protective agree¬
ment dated March 25, 1933, be terminated.
letter to holders of certificates of
Crl4,537
series
Total
—V.
$3,683,719
National Aviation
9 Mos. End.
$3,683,719
Corp.—Earnings—
1937
a$162,641
Sept. 30—
Net profit
z
Total...
1746.
145, p.
1936
x$747,759
-s
1935
y$161,006
Including $816,594 net profit on sale of securities but before provision
for tax on undistributed earnings,
y Including $132,865 profit on sale of
x
securities and after
in
ment
deducting $14,500 provision for probable loss
wholly owned subsidiary,
z After
a Includes $142,836 net profit
income taxes,
on
invest¬
and normal Federal
sale of securities.
expenses
on
The statement for the nine months ended Sept. 30, 1937, shows an in¬
dicated liquidating value at the close of the period of $13.82 per share, after
providing for normal Federal income taxes on unrealized appreciation of
securities held, and based on market value of listed securities in portfolio
and estimated value of securities not having an active market.
This com¬
pares with net assets equal to $15.95 per share on June 30, last, and $16.32
per share on Sept. 30, 1936.—V. 145, p. 947.
Comparative Statement
1
Oct.
National Bearings Metals Corp.—To
The
have
directors
declared
a
dividend
of
75
Pay Larger Div.—
Period—
the
Gross sales
cents
share
per
on
common stock, payable Dec. 1 to holders of record Nov. 18.
This compares
with 50 cents paid on Sept. 1, last; 37 H cents paid on June 1 and on March 1,
last, and dividends of 25 cents per share paid on Dec. 1, 1936 and each three
months previously.
In addition, a special dividend of 55 cents was paid on
Dec. 26, 1936 and an extra dividend of $1.10 per share was paid on Dec. 1,
1936.—V. 145. p. 2399.
National City Lines, Inc. (Del.) (&
Operating
x
Subs.)—Earnings—
x
"14,397,147
$1,434,256
62,130
15,238
18,027
126,384
$375,997
$381,050
106,352
54,246
59,870
11,632
$676,666
111,231
69,520
78,199
6,691
$1,560,640
548,480
297,250
271,476
57,173
$148,951
$411,024
$386,261
interest
have
declared
on
Assets—
9 Months
Sept. 30'37 Dec. 31'36
Consolidated Income Account for
Accounts
y
637,194
Accts. Anotes
Due fr. affil.
Advs.
Cost and expenses
Depreciation
Other income—
$1,287,426
269,417
:
Total income
193,414
149,896
43,383
2,368
12,010
6,181
Federal income taxes
Federal surtax
Subsidiary preferred dividends
Minority interest
Other deductions.,
-
$1,149,591
43,883
1,359,182
178
16,475
3,489
33,507
34,737
Total
$8,582,416 S8,253,723
1937
Assets—
.
1937
S
Lease improvem'ts
Stock of real estate
2,851,836
1
companies
1
2
Goodwill
1
1
1
1
1,526,062
Cash
2,118,885
Tenders
secure.
Notes & accts.
b50,100
rec.
(net)
cos
Interests
1,835,000
822,400
24,002
1,920,000
832,700
Trust Co., will until Nov. 26 receive bids for the
first mortgage 5K% gold bonds, series
A, dated
April 2, 1928 to exhaust the sum of $282,576 at prices not exceeding 103
and interest.—V. 145, p. 1106.
5,863,931
37,753
,475,216
Inventories
5,224,217
Accruals
928,281
5,579,723
Notes, bonds, &c.,
74,978
64,961
123,781
318,611
178,411
228,271
a96,650
value)
f93,002
17,475,697 16,442,0601
40,000
284,202
h Res. for claims-
Other
2,945,352
45,000
due
Other assets
481,097
reserves
75,159
Capital surplus.— 2,321,992
Earned surplus
1,001,100
Total
800,000
248,534
National Oats Co .—Dividend Doubled—
The
have declared a dividend of 50 cents per share on the
stock, payable Dec. 1 to holders of record Nov. 20.
This com¬
paid on Sept. 1, June 1 and March 1, last; $1 paid on
Dec. 1, 1936; 50 cents paid on Sept. 1, 1936, and
25 cents per share pre¬
viously distributed each three months.—V. 145, p.
1106.
3202.
National Pole &
•
1937—9 Mos.—1936
$709,780
capitalization.
surtax
on
undistributed
$0.41
profits.
y
present
The consolidated income account for the
quarter ended Sept. 30.
follows;
Profit after expenses, &c., $331,463;
1937,
depreciation and depletion,
®A0,514; operating profit, $270,949; other income, $14,677; total income,
Stock
10-year
1936
$122,510
(Pa.)-—Listing—
Exchange has authorized the listing of 115,596
preference
stock (par $40) upon official notice of
as a dividend on the common
stock: and 115,596 shares of common
(par $10) upon official notice of conversion of shares of $2 10-year
preference stock, making the total amounts applied for 281,949 shares of
$2 10-year preference stock, and 2,178,648 shares of common stock.—V.
issuance
145,
p.
3203
National Tea Co.—Sales—
consolidated sales for the four weeks ending Nov. 6,
1937, amounted
to $4,632,349, as compared with
$5,221,468 for the four weeks ending Nov.
7, 1936, a decrease of $589,119 or 11.29%.
Sales for 11 periods ending Nov. 6, 1937 show an increase of
1.21% over
the corresponding 11 periods of last
year.'
to
The number of stores in operation increased from
1,213 on Nov.
1,223 on Nov. 6, 1937, an increase of .82%.
7, 1936
Earnings for 16 and 40 Weeks Ended
Oct.
Net loss
x
x
p.
After
interest,
Weeks Ended
9, '37
Oct.
10, '36
$846,638 prof$149,313
depreciation and Federal and
2856.
National Transit
40 Weeks Ended
Oct. 9, '37
Oct. 10, '36
$837,165 prof$172356
State taxes.—V.
145,
Co.—Larger Dividend—
The
directors have declared a dividend of 55 cents
per share on the
capital stock, par $12.50, payable Dec. 15 to holders of record Nov. 30.
This compares with 45 cents paid on June 15
last; 35 cents paid on Dec. 15,
1936; 40 cents paid on June 15, 1936; 35 cents paid on Dec. 16, 1935; 40
cents paid on June 15, 1935; 35 cents on Dec.
15, 1934; 40 cents on June 15,
1934, and Dec, 15, 1933; 35 cents on June 15, 1933; 20 cents paid on Dec.
15 and Sept. 15, 1932, and quarterly
payments of 25 cents per share pre¬
viously.—V. 144,
Natomas
y$0.48
On
York
$2
$222,222
stock
$799,317
After depreciation, depletion, interest, Federal and Canadian
income
before
New
of
16
Gypsum Co.—Earnings —
Period End. Sept. 30— 1937—3 Mos.—1936
x Net
profit—
$199,900
$389,049
Earnings per share on
common par class stock
$0.10
y$0.26
1937
National Supply Co.
The
shares
145,
Treating Co.- -Earnings—
9 Months Ended Sept. 30—
Period—
17,475,697 16,442,060
annual instalments of $57,401 each on
July 30, 1938, and on Jan. 30 and
July 30. 1939, and $229,607 on Jan. 30, 1940, with interest on the first
instalment at 3 %, on the next two at 3 M %
and] on the final instalment at
4%.
h Set up at reorganization for payment of disputed claims, &c.—
V. 145, p. 2084.
National
Corp.—Listing—
The New York Curb Exchange has approved for
listing 9,301.9 additional
shares common stock, par $4, upon official notice of
After
but
directors
pares with 25 cents
2,218,189
deducting depreciation of $193,464 at Jan. 31, 1937. b At cost,
c Represented by 485,578 no
par shares,
d Represented by 480,832 shs.
of no par value,
e Represented by 9,451 pref. shs. and 460 common
shs.
Represented by 9,260 pref. shs. and 310 common shs.
g Due in semi¬
x
of sufficient
The
209,658
102,753
Res. for Inc. taxes.
Current reserves..
(cash
Deferred charges.Stock held by subs.
taxes,
it
to
common
173.665
50,952
Drafts & accts.pay 2,822,995
liquidation
Total
subs,
Other sub.debt
Notes payable
Due from subs. In
a
—
The St. Louis Union
S
1,607,520
1,603,530
Common stock__.c4,899,681 d4,808,320
Sec'd notes pay...
£401,812
516,616
5% notes pay. by
Minority
$8,582,416 $8,253,723
gold bonds
deposited under an extension agreement dated March 25, 1933, as subse¬
quently modified,
y After reserves.
1936
$
Liabilities—
6% pref. stock
a2 ,908.606
&c
Total
Net loss after interest, amortization, &c
—V. 145, P. 1909.
1936
$
I
x Advances from Wood
Preserving Corp. in amount of $392,748 plus int.
accrued thereon, amounting at Sept. 30. 1937, to $88,749, and at Dec.
31,
1936, to $73,912, have been subordinated by that company to the interests
of the National Lumber &
Creosoting Co. 5M% 1st mtge. serial
$1,001,100
Land, bldgs., eqpt.
insur.
3,020,421
2,603,283
issuance.—V.
Consolidated Balance Sheet Jan. 31
Life
413,800
3,201,906
1,357,953
and
notes
Other def'd Items.
192,374
Including sales of leased departments.
U. S. Govt,
413,800
Prepaid items
p.
written-off
Earned surplus at Jan. 31, 1937
147,168
2,480,244
Due to affil. cos..
8% cum. pref. stk.
Com. stk., capital
National Oil Products
Net profit
Proceeds from life insurance policies
Flood losses not provided for as at Jan. 31, 1936, and advances
to real estate subsidiary co. in connection with flood
losses
53,733
6,874
Reserves
accounts
$1,556,843
Interest
466,660
296,930
& earned surplus
Inventories
sale
Operating profit
481,498
412,697
cos
payable
& accrued liabil.
15,218
cos..
timber
on
Sundry
Sept. 30*37 Dec. 31'36
mtge
bonds $1,415,500 $1,428,500
xAdv.fr. allied
552,121
4,382
first
serial gold
422,719
633,786
rec.
contracts
Corp. —Financial StatemH
Year Ended Jan. 31, 1937
$45,258,225
43,776,204
194,595
Liabilities—
5H%
a
Net sales
Sheet
Cash
Corp.—30-Cent Dividend—
National Department Stores
Balance
Investments
dividend of 30 cents per share on the
stock, no par value, payable Dec. 15 to holders of record Nov. 29.
Similar payments were made on April 1 last and Dec. 15 and Oct.
1, 1936,
and each three months prior thereto.—V. 145, p. 2233.
x
$118,913
Prop., plant & eq_$5,828,844 $5,813,101
37,529
37,528
Sink. fund deposits
31,340
9,982
$891,970
$0.95
common
x
bonds
Incl. maintenance, State and local taxes and Federal tax on bonds.
x
figures include National Cylinder's pro rata share of the net
income of only those companies in which it now has an interest of
50%
or more, but does not include earnings of
Carbo-Oxygen, Inc., prior to
merger on Sept. 1, 1937, nor of Texas Oxygen Co., the stock of which was
acquired on Oct. 15 last.
including the net income prior to acquisition of subsidiaries acquired
during the second quarter of this year, consolidated net income for the nine
months to Sept. 30, was $923,007 or 98 cents a share.—V. 145, p. 1593.
directors
100,657
95.859
48,533
12,036
Earns, avail, for add'l
After all charges except undistributed profits tax.
The
*32
$658,639
Amort, of bond expense.
These
National Dairy Products
1
to
"4,095,023
Condensed
$283,620
$0.30
Oct.
$365,812
$0.97
3 Months
Earnings per share on 941,745 shs. capital stock—
'36
"3;425,654
Co.—Earnings—
Period Ended Sept. 30, 1937—
1
to
$313,866
Interest
_$288,218
Consolidated net income
Oct.
Sept. 30 '37 Sept. 30 *37
$4,753,662 $15,831,403
"2.533;il5
Current assets as of Sept. 30, 1937, including cash of $505,202, totaled
$728,417 and current liabilities were $983,203.—V. 145, p. 1267.
x
'35
expenses...
Depreciation
Depletion
Earnings for 9 Months Ended Sept. 30, 1937
National Cylinder Gas
1
to
Operating profit
Non-oper. profit (income
from invest., &c.)
Net profit after int., deprec., Federal income taxes, &c., but before
Earns, per share on 200,000 shares com. stock (par $1)
of Income
Oct.
Sept. 30 '35 Sept. 30 '36
$2,846,981
$3,791,466
Gross profit
surtax
'34
to
p.
3183.
Co.—Earnings—
Period End. Sept. 30—
Net income
Shares cap. stk. (no par)
Earnings per share
x
1937—3 Mos.—1936
$162,201
$224,833
992,920
992,920
$0.16
$0.23
1937—9 Mos—1936
$611,853
$832,410
992,920
992,920
$0.61
$0.84
x After
all charges incl. deprec., deplet., corporate & Fed. taxes, but
before provision made for surtax on undistributed net income.—V. 145,
p.
1267.
Volume
Financial
145
Nebraska
Natural
Gas
Kan.—To Issue
Co., Topeka,
3353
Chronicle
The company, a subsidiary of North American Light & Power Co., and
indirect subsidiary of North American Co., registered holding companies,
Light Corp.—Earnings—
New York Power &
1937—3 Mos.—1936
1937—12 Mos.—1936
$5,842,903 $25,513,576 $24,255,169
4,262,895 17,569,883
16,644,983
Period End. Sept. 30—
Securities—
$6,228,906
4,711,978
Operating revenues
Oper. rev. deductions..
an
the Securities and Exchange Commission a declaration (File
under the Holding Company Act covering the issuance of com¬
promissory note.
The declarant proposes to issue 6,700 shares ($100 par) common stock in
exchange for and upon retirement of the declarant's entire preferred stock,
amounting to 9,000 shares ($100 par) 7% cumulative preferred stock now
held by North American Light & Power Co.; and also to issue an $850,000
6% 10-year unsecured note to refund a 7% demand note in the same amount
also held by North American Light & Power Co.
The exchange of common for preferred would reduce the declarant's
capital by $230,000 which is to be applied to eliminate declarant's deficit
of $232,869.
Company also filed an application (Pile No. 51-7) for authority to declare
dividends on its common stock out of paid-in or capital surplus in not to
exceed the amount of the declarant's net income from Jan. 1, 1937, to the
has filed with
No. 43-891
mon
$1,580,008
Dr4,169
$7,943,693
6,106
$7,610,186
Dr6,732
$1,575,840
1,164,606
Operating income
$1,516,928
Non-oper. income (net)7,778
$7,949,799
$7,603,454
4,654,108
4,671,863
stock and a
Gross income
$1,524,706
1,161,811
Deduc'ns from gross inc.
$2,931,601
has been made for possible surtax on undistributed
Federal income tax law.—V. 145, p. 949.
Netincome
Note—No provision
profits under the 1936
New York State Electric & Gas
Due to changed conditions in the
$3,295,691
$411,234
$362,895
Corp.—Stock—
financial markets, the corporation has
asked permission from the New York P. S. Commission to allow it to make
the terms of the 100,000 shares of preferred stock it proposes to sell to con¬
more attractive. The company proposes to issue shares
visions for $1,50 cumulative dividends and a par value of $24.
with pro¬
Early in
date of filing amendment, reducing its capital, to its articles of incorporation
with the Secretary of State of Nebraska.
Opportunity for hearing in the
sumers
above matter swill be given at Dec. 1.
September the company submitted plans to sell stock with a $1.25 cumu¬
lative dividend and a $25 par value to the Commission, proceeds to be used
New Bedford
for rural electrification.
Cordage Co.—50-Cent Dividend—
The directors have declared
dividend of 50 cents per share on
a
the com¬
value, payable Dec. 1 to holders
Similar payment was made on Sept. 1 last; dividends of
25 cents were paid on June 1 and March 1, last, and on Dec. 1, 1936; a
dividend of 50 cents was paid on Sept. 1,1936, and previously regular quar¬
terly dividends of 25 cents per share had been distributed.—V. 145, p.1107.
mon
and
common
B stocks, both of $5 par
of record Nov. 15.
New Bedford Gas & Edison
Light Co.—Earnings—
$4,536,105
1,870,113
1936 **
$4,447,753
1,890,943
346,240
381,198
162,134
721,152
341,548
322,947
140,130
669,024
12 Months Ended Sept. 30—
Operating
Operating
1937
revenues..
expenses
Maintenance
Provision for retirements
Federal income taxes
__
Other taxes
$1,055,267
28,893
$1,088,038
46,278
;
$1,083,160
32,771
Operating income
$1,112,053
64,223
Other income
The company also has asked authority to issue $500,000 of 4% bonds,
proceeds from the sale of which would enable the company to finance con¬
struction of additional generating facilities.—V. 145, p. 3204.
New York Stocks, Inc.—Dividends—
meeting of the board of directors held on Nov. 8, an interim divi¬
was declared on certain of the series of the special stock of the com¬
pany, payable Nov. 24 to holders of record Nov. 10.
The series upon which
such dividends were declared and the amount per share payable on each
At the
dend
as
are
follows:
Amt.
Div.
Series
per
unfunded debt
on
Cr408
Cr749
$1,042,168
$1,048,579
Interest charged to construction
Balance of income
Note—No provision is made in this statement for
distributed profits, if any, for the year 1937.—V.
p.
Federal surtax on un¬
145, p. 1107; V. 144,
3511.
City Omnibus Corp.—Special Common Div.—•
the
stock, payable Dec. 15 to holders of record Dec. 7.
An initial
of $2.40 per share was paid on Oct. 15, last.—V. 145, p. 3204.
common
dividend
New York Dock
a
special dividend of $2.50 per share on
Co.—Deposit Time Extended—
The company has notified the New York Stock Exchange that the time
within which 5% serial gold notes, due April 1,1938, may be deposited un¬
der the plan of recapitalization dated Feb. 16, 1937, has been extended to
and
including Nov. 30, 1937.—V. 145, p. 2857.
New
Food
.25
New York
Susquehanna & Western RR.—Obituary—
Hudson J. Bordwell, a trustee of the
New York
Operating revenues
30—
1937—Month—1936
1937—9 Mos.—1936^
.$16,965,426 $16,369,630$153,820,856$148,086,064
73,039
70,347
643,059
609,038
$16,892,387 $16,299,283$153,177,797$147,477,026
11,747,329
11,136,727 104,050,865 101,465,905
Operating revenues
Operating expenses
Net operating income.
Non-oper. income (net).
$1,683,655
675,399
$1,741,930 $15,673,051
522,612
6,093,293
$15,353,106
5,148,855
Deduc'ns from gross inc.
$1,008,256
$1,219,318
Net oper. income
—V. 145. p. 2701.
New
$9,579,758 $10,204,251
Operating
1937
$4,469,371
1,412,705
1936
$3,965,636
1,303,787
327,529
544,990
203,768
revenues
Operating expenses
Maintenance
349,562
423,521
529,908
140,755
330,580
$1,630,816
$1,237,083
415,561
Gross income
45,419
$1,669,856
626,400
36,182
45,419
...
CY554
$1,334,656
$962,409
203,565
203,565
$1,131,091
$758,844
"
Federal income taxes
Other taxes
Operating income
Other income
on
on
626,400
39,901
funded debt
Interest
unfunded debt
Amortization of debt discount and expense
Interest charged to construction
Balance of income
Dividends
on
.....
preferred stock
...
Balance
Note—No provision is made in this statement for Federal surtax on un¬
distributed profits, if any, for the year 1937.—V. 145, p. 949.
$2,868,119 $12,474,582 $10,694,125
1,483,127
7,086,758
5,720,912
$1,384,992
$5,387,824
53,404
225,014
$4,973,213
197,196
$1,318,932
284,350
$1,438,396
$5,612,838
1,243,966
xl ,779,215
x413,572
effect to major adjustments made later in
Changed to give
"
Note—No provision has been made for possible surtax on
profits under the 1936 Federal income tax law.—V. 145, p.
Niagara,
Lockport & Ontario Power Co.
Period End. Sept. 30—
Operating revenues
Oper. rev. deductions.-
a
New York & Honduras
Period End.
Sept. 30—
Net profit
Earns, per sh. on 188,367
shs. (par $10) cap. stk.
x
x
After charges
Rosario Mining Co.—Earnings
1937—3 Mos.—1936
$248,328
$185,440
$1.32
1937—9 Mos.—1936
$658,443
$526,883
$0.98
$3.49
$2.80
and Federal taxes.
Note—No mention made of provision for surtax on
undistributed profits.
$642,291
4,477
Deduc'ns from gross inc.
Net income
x
—
-
$793,755
4,565
$2,793,897
17,137
$2,843,614
15,400
$646,768
390,693
Operating income
Non-oper. income (net).
$798,320
388,511
$2,811,035
1,595,554
$2,859,014
1,550,241
adjustments made later in the year
Note—No provision has been made for possible surtax on undistributed
profits under the 1936 Federal income tax law.—V. 145, p. 949.
Nicholas-Beazley Airplane Co., Inc.—May
Associates,
See Air
Inc., above.—V.
North American Oil Co.-
Corp.
(Majestic Apartments)—
of $2,500,000 has been arranged for 10 years
Life Insurance Co. through Charles F. Noyes & Co., Inc.
-Earnings—
8, '37
July 1, '37
Jan.
Sept. 30, '37
8, '37
Sept. 30, '37
Period—
Oil royalties, less
Salaries
June 30,
Taxes—other than income
Professional
services
'37
$83,792
$58,614
$25,178
655
6,716
lifting cost
382
4,160
2,556
1,155
978
2,460
23,843
422
188
1,303
16,920
3,277
1,157
6,924
taxes
(legal, auditing
and
engineering)
Traveling expense
Other expense.
Depletion (27H % of gross income)
(estimates)
_ -
4,042
Taxes on income
273
733
790
765
$43,943
$31,963
$11,980
Note—No provision has been made in the above statements for surtax on
undistributed profits as same cannot be estimated with any degree of
Net profit
accuracy
until the profits for the full year are
ascertained and dividends
Accounts rec
with the Mutua
30, 1937
Liabilities—
Assets—
Cash
arranged in accordance with a plan of reorganiza¬
tion for the Majestic Apartments (Majestic Hotel Corp.), approved last
April, by which bondholders would receive new bonds of equal face value
and stock in a new corporation, known as the New York Majestic Corp.
There are approximately $10,050,000 of these bonds outstanding, the holders
of which will receive, from the proceeds of the new loan, payment in re
duction of the face value of their bonds of 23 cents on the dollar.
According to Wadsworth Garfield, Secretary of the real estate bond¬
holders protective committee, all of the stockholders in the original Majestic
Hotel Corp., predecessor to the New York Majestic Corp. were wiped out
by the the reorganization scheme.
The present loan was made in the name of Milton Handler, Douglas
Vought and George J. Wise, voting trustees of the new corporation.
It
carries interest of 4H % for five years and 4Ji % for the remaining five.
The new financing was
Merge—
140, p. 4075.
Balance Sheet, Sept.
A loan
$1,215,480 x$l ,308,773
x$409,809
$256,075
Changed to give effect to major
1930
determined.
—V. 145, p. 1910.
New York Majestic
$2,500,000 Loan—
(& Subs.)
to
on Nov. 16 declared a quarterly cash dividend of 75 cents
year-end dividend of l-10th of a share of Phelps Dodge Corp.
common stock for each share of Newmont Mining stock held, both
payable
Dec. 15 to holders of record Nov. 30.
Dividends receivable in fractions
of Phelps Dodge shares will be paid in cash.
See V. 144, p. 3511 for detailed
record of previous dividend payments.—V. 144, p. 4190.
share and
undistributed
949.
1937—3 Mos.—1936
1937—12 Mos.—1936
$3,058,794 $3,070,170 $11 ȣ89,582 $10,464,861
2,416,503 x2,276,415
8,795,685 x7,621,247
Corp.—Dividends—
The directors
per
$5,170,409
$4,368,872 x$3,391,194
the year
$1,034,582 x$l,024,824
Net income
Jan.
Newmont Mining
1937—12 Mos.—1936
$1,262,732
56,200
Gross income
Gross income
Interest
Earnings—
(& Subs.)
1937—3 Mos.—1936
432,773
$2,046,377
Provision for retirements
$3,123,579 $27,085,090 $27,548,170
22,041,842
2,038,977
,317,834
2,055,102
Operating revenues
Oper. rev. deductions
x
30—
$2,657,786
Period End. Sept. 30—
1930
Jersey Power & Light Co.—Earnings—
12 Months Ended Sept.
$5,162,556 $49,126,932
Niagara Falls Power Co.
$53,130,011
37,776,905
.
$46,011,121
18,462,951
$5,145,058
2,487,272
Net operating rev
Operating
$6,047,418 $55,759,403
4,305,488
40,086,352
Net oper. revenues...
2857
Uncollectible oper. rev._
$6,295,273
4,611,618
Operating taxes
road, died Nov. 16.—V. 145, p.
Telephone Co.—Earnings—
Operating revenues.
Operating expenses
__
industry __
—V. 145, p. 615.
Uncollectible oper. rev..
revenues
.25
15
.20
.15
.19
Tobacco industry
Railroad equipment
Steel industry
.15
Government bonds
1937—Month—1936
1937—9 Mos —1936
$6,319,438
$6,065,593 $55,915,948 $53,203,974
24,165
18,175
156,545
73,963
Operating
.25
—
—V. 145, p. 3204.
England Telephone & Telegraph Co.—Earnings—
Period End. Sept. 30—
.25
.25
Metals.
Oil industry
Public utility industry
Period End. Sept.
New York
The directors have declared
Machinery industry
Merchandising
.20
.25
.20
.15
industry-
of
Div. per Sh.
stock$0.19
Series
Insurance
Building supply industry.
Business equipment industry—
Chemical industry
Electrical equipment industry.
.
Gross income
Interest
Amt.
of
Sh.
Agricultural industry
$0.30
Alcohol and distillery industry.
.25
Automobile industry
.15
Bank stock
.17
(paid in October)
interests
Organization expense
Royalty
$38,434
28,109
234,930
795
Accrued
taxes,
$302,268
incl.
taxes..
Common stock (par $1)
Capital surplus
Earned surplus
Total
$3,057
Accounts payable
Income
5,045
250,000
223
43,943
$302,268
Total
—V. 145, p. 1910.
North Central Texas Oil Co., Inc.—Final Dividend—
declared a final dividend of 20 cents per share on the
stock, par $5, payable Dec. 15 to holders of record Dec. 1.
A
dividend of 15 cents was paid on July 1, last and on Dec. 16, 1936, and_a
special dividend of 10 cents was paid on Dec. 16, 1935, this latter being the
first dividend paid since Sept. 2, 1930 when a quarterly dividend of 15
The directors hare
common
cents per
share was distributed.
.
3354
Financial
3'Mos. Ended Sept. 30—
Oil royalties
Rentals from mineral rightsLease operations--
$75,581
1,523
340
Total operating income
Administrative and general expense..
Legal and purchase expense
$77,402
12,947
1.614
$56,719
11,531
Depreciation
Taxes, sundry
Depletion and properties charged off-
131
Chronicle
$54,872
1,507
298
130
Net
1937
The directors have "declared
an extra dividend of 30 cents per share in addicents per share on the com¬
stock,»parl$5, both payable Dec. 16 to holders of record Dec. 24.
An
extra dividendfof 10{cents(per share was paid June 21
last, while a special
dividend'of $3twastpaid{on<<Dec. 24, 1936, and extras-dividends of 10 cents
were paidj,on|JulyjlOIandiJan. 20,
1936, and on Jan. 19, 1935.—V. 145,
p. 2237.
tionitoltheIregularjsemi-annual dividend of 20
mon
$21,899
Oliver United Filters,
Period End. Sept. 30—
Net inc. after charges &
Comparative Balance Sheet Sept. 30
Assets—
1937
Cash
1936
IAabUUies—
$69,282
42
62
Accts. receivable..
Marketable secure.
23,495
292
Mineral rights &
leases
1,361,532
Furn. & fixtures.
Deferred assets.—
Deferred charges..
258
Fed. income taxes
Earnings per share
x
DrlOO.OOO
115,572
reserve
for
80,747
Northeastern
Water
Period End. Sept. 30—
Operating
$1,504,059 $1,470,794
Electric
Corp,
1937- -3 Mos.—1936
$546,257
$557,308
370,665
395,382
revenues.,
Oper. expenses, &c
&
-
Operating income
$2,179,019
1,468,985
Oneida, Ltd.—To Pay Extra Dividend—
The directors have declared an extra dividend of
6% cents per share in
addition to the regular quarterly dividend of 43% cents per share on the
7% participating preferred stock, par $25, and a
$2,172,704
1,538,499
$175,591
94,477
$161,925
96,058
$710,034
387,387
$257,984
94,366
769
769
$1,097,421
342,918
3,214
16,814
58,845
67,597
371,108
on
7,155
""517
""527
2,910
$198,335
91,579
$145,507
91,571
$682,377
366,309
$541,923
365,335
$106,756
...
$53,935
$316,068
145,
Northern States Power Co.
Net oper. revenue
b Net income
p.
1594.
(Del.) (& Subs.)—Earnings
1937—9 Mos.—1936
Including other income and after
interest, amort., minority interest,
taxes and retirement reserve,
subsidiary
preferred
b After
dividends,
p.
3205.
Northern States Power Co.
(Minn.) (& Subs.)—Earns.
12
Months Ended Sept. 30—
•
1
■ ■
-
37
-
a
Including other income and /ter taxes and depreciation,
b After in¬
terest, amortization of debt discount and
expense, &c.—V. 145, p. 3205.
Otis Elevator Co.—Dividend Raised
(& Subs.)—Earnings—
12 Months Ended
Sept. 30—
on Nov. 16 declared a dividend of 60 cents
per share on the
stock, no par value, payable Dec. 20 to holders of record Nov. 30.
A dividend of 49 cents was paid on Sept. 20, last one of 25 cents was
paid on
June 21, last and previously quarterly dividends of 15 cents per share had
been distributed.—Y. 145, p. 3017«
Pacific Coast Aggregates,
Period End. Sept. 30—
Net income before taxes
Inc.—Earnings—
1937—3lMos.—1936
$9,500
$45,941
—V. 144, p. 288.
revenue
Total operating revenues...
Operating
$67,102,202 $71,919,752
29,933.662
31,258,125
5,868,272
5,258,391
4,879,107
6,644,708
1,325,647
1,783,610
5,728,840
7,475,510
expenses
Maintenance........
Provision for retirements
Federal income taxes
Other taxes..
Operating income
Other
1937
$56,571,774 $61,132,187
7,924,979
8,141,189
2,605,448
2,646,376
revenue
$19,366,671 $19,499,407
1,267,055
income
Pacific Gas & Electric Co.
(& Subs.)—Earnings—
*•12 Months Ended Sept. 30—
1937
1936
$99,543,242 $94,962,772
44,807,165
40,759,630
13,634,549
12,706,807
Gross operating revenue
Expenses, ordinary taxes, &c
Depreciation
■"Operating income
Miscellaneous
$41,101,528 $41,496,335
370,581
329,309
income
Total
income
Interested discount
Gas
$20,766,462
Annual interest and
pref. dividend requirements on
outstanding securities:
co/n^p an! est—
Subsidiary
Minority interest in
NY P
net
__
"I
21
earnings
860
A§J®Utilities""do".—
Interest
Interest
on
on
$8,678,437
372,920
071,964
469,051
2,963,600
$8,353,558
funded debt
unfunded debt
-—
revenuejin dispute
—
$25,722,371 $23,721,713
248,122
330,384
7,708,489
7,708,423
12,522,535
9,392,127
Preferred dividends. Pacific Gas & Electric Oo
Common dividends, Pacific Gas & Electric Co
HI
"•Surplus
Earnings per share
$5,243,225
-
on common
Company states that
stock—
..**
-*
$2.84
$6,290,779
$2.51
result"of substantial non-recurring deductions
as a
from taxable net income connected with bond refunding
operations, Federal
income taxes in the 12 months' periods ended Sept. 30, 1937 and
1936,
respectively $915,000 and $1,485,000 less than normal.
These de¬
unnecessary any provision for taxes on
undistributed
surplus profits during either period.—V. 145, p. 2555. A
were
ductions rendered
""Pacific Mills—No
Dividend
Action—|
Directors at their meeting held Nov. 16 took
no action on the payment'of
Dividends of 50 cents per share
Sept. 10, June 10 and March 10, last, and a dividend of $1 per
share was paid on Dec. 10, 1936, this latter being the first dividend
paid
since Sept. 1, 1934, when 50 cents per share was distributed.
Prior to then
no dividends were distributed since Dec,
1925, when a quarterly payment
of 75 cents per share was made.—V. 145, p. 1431. 1269.
4>M l
dividend
were
paid
the
on
no
par common stock.
on
jj zA
Pacific Public Service
The directors at
Co.—Wipes Out Accumulations —
meeting held Nov. 16 wiped out all arrears on the $1.30
cumul. 1st pref. stock, no par value.
They declared a dividend of $1.30
per share payable Dec. 15 to holders of record Dec. 6 and a second dividend
of 50 cents per share, on account of arrears, payable Jan. 5, 1938 to holders
of record Dec. 27.
A detailed record of previous dividend payments is given
in V. 145, p. 2400.
a
$820 311
II.I
11. Ill
I
I
Amortization of debt discount and
expense
Dividends on preferred stock
2 750 206
'
96 254
18A14
Balance
$4,668,372
t>a
$41,472,109 $41,825,644
12,692,957
14,738,191
3,056,781
1,753,740
1,612,000
...
Federal income taxes
a
Gross income..
Interest on funded debt
Interest on unfunded debt
Interest charged to construction
Amortization of debt discount and
expense
Dividends on preferred stock
1937—9 Mos.—1936
$48,488
$21,011
■-/)
Subsidiary dividends and minority interest
1936
Gas revenue
Miscellaneous
—
The directors
common
•"Net income
NY PA NJ Utilities Co.
Electric
1936
$2,219,987
Oregon Pacific & Eastern Ry.—Bankruptcy Petition—
1936
$30,882,016 $29,850,971
13,431,361
13,030,816
6,638,435
4,941,026
revenue...
income
1937
$2,347,424
The company has filed with the Interstate Commerce Commission and
the U. 8. District Court for the District of Oregon, a petition to
reorganize
under Section 77 of the Bankruptcy Act.—V. 128,
p. 398.
&c.
Weekly Output—
Electric output of the Northern States Power Oo.
system for the week
ended Nov. 13,1937, totaled 25,854,991 kilowatt
hours, an increase of 2.7%
compared with the corresponding week last year.—V. 145,
b Net
3 Months Ended Oct. 31—
Net sales
1937—12 Mos.—1936
$26,522,070 $25,653,902 $35,715,971 $34,419,203
8,905,312
8,569,311
12,131,821
11,828,267
4.396.409
3,613,079
5,974,146
5,216,763
a
afNet operating
"
Oppenheim Collins & Co., Inc.—Net Sales—
$176,588
Note—On July 14,1937, the company retired
$2,424,600 20-year collateral
6% bonds, unrecovered unamortized discount on which, amounting
to $220,867 has been
charged to earned surplus account.—V.
trust
a
1937.—V. 145, p. 2237*
1,443
3,692
Minority interest
Period End. Sept. 30—
Gross revenues
quarterly dividend of
$12.50, all payable Dec. 15,
—V. 145, p. 3017.
bonds retired
Net income
Divs. on pref. stock
par
payments were made on Sept. 15,
June 15 and March 15, last, and previously regular quarterly dividends or
12% cents per share were distributed on the common shares. In addition,
an extra dividend of 50 cents was
paid on the common stock on Jan. 15,
$1,005,312
386,982
3,674
8,445
25 cents per share on the common stock,
to holders of record Nov. 30.
Similar
$634,204
$270,069
62,002
an initial dividend of $1.80
per share on the
stock, payaole Dec. 23 to holders of record Dec. 10.—V. 144, p.
2494.
(& Subs.)-
Gross income
Bond interest
and expense, &c
Unrecovered discount
x$0.31
The directors have declared
common
1937- -12 Mos.-
Other income
Other interest.....
Amort, of debt discount
z$18,150
Omnibus Corp.—Initial Dividend—
Total
depletion and depreciation of $1,056,891 in 1937 and
$999,052 in 1936.
'
63,146
1,254,487
$1,504,059 $1,470,7941
After
$422,344
y$1.69
$x0.24
Sept. 30, 1937, was $517,666 equal
to $2.02 a share on class B stock,
comparing with $119,476 or two cents a
share on class B stock in 12 months ended Sept.
30, 1936.
x
Earnings per share on 57,950 shares class A stock (no par). y Earnings
per share on 198,891 shares<of class B stock.
Note—No provision has been made for Federal surtax on undistributed
profits.—V. 145, p. 3206.
•
Total
1937—9 Mos.—1936
z$13,926
I* Net income for the 12 months ended
15,700
y
$168,620
y$0.70
$1,708
1,350,000
47
18,429
31,021
x
Inc.—Earnings—
1937—3 Mos.—1936
40,368
.
13,938
Accrd. int. recelv.
1936
$2,642
Deferred credits.
51,062
Com. stk. (par $5) 1,350,000
Treasury stock... DrlOO,000
Capital surplus...
115,572
Earned surplus...
84,783
,,
(cost)
1937
Federal taxes
$105,522
2859.
p.
Oilstocks, Ltd.—Extra Dividend—
300
$35,142
Net income before Federal taxes
Co.—Listing—
outstanding in the hands of the public.—Y. 145,
$21,599
50
-.
1937
The New York Stock Exchange has authorized the listing of
$8,500,000
1st mortgage bonds 4% Series of 1937 due Sept. 1, 1967. all of which
are
3,000
19,683
$35,092
securities
on
Nov. 20.
Ohio Edison
777
3,000
24,617
operatingTincome..
Interest and dividends
1936
-fcii) .Includes operations
of all properties
now
part
of the NY
1429SUrtaX °n undistributed Profits, if
any, for the
Pacific
Telephone & Telegraph Co.—Earnings—
Period End. Sept. 30—
Operating
revenues
Uncollectible
oper.
A,1937—Month—1936
1937—9 Mos.—1936
"$5,744,131
$5,363,817 $50,147,675 $46,564,590
23,700
rev.
utilities Oo. consolidation
irrespective of dates of acquisition, with
annual income on securities
owned and annual
requirements on securities
outstanding, as indicated, at Sept. 30, 1937.
(2) No provision is made in
Operating revenues.$5,720,431
Operating expenses
4,046,194
yrar?937^V
16,800
194,498
153,099
$5,347,017 $49,953,177 $46,411,491
3,599,471
34,962,177
31,355,263
Rent from lease of oper.
FA NJ
145
p
Oklahoma Power & Water
Period End. Sept. 30—
Operating
revenues
Total oper. exp. & taxes.
211,233
$120,610
32
Gross income..
funded debt.
General interest (net)
on
669,220
640i246
$107,088
$353,000
369
$322,737
246
1,512
$120,643
71,274
Crl,096
$107,458
74,237
$353,247
216,270
776
Cr6
$324,249
227,924
2,286
5,605
16,817
16,927
Amortization of bond dis¬
count & expense
Taxes assumed
1937—9 Mos.—1936
$1,022,221
$962?983
5,605
Net operating income.
Other income (net)
Interest
213,618
$1,674,237
int. &
misc. deductions
998
2,003
4,718
_
$43,861
$24,835
$115,447
$72,094
656
655
6,646,934
5,709,991
$928,711
Net oper. income
—V.
70
634,345
$1,113,271
$8,344,722
$9,346,892
145, p. 3206.
Panhandle Eastern Pipe
Directors
share
on
Line Co.—Initial Common Div.
Nov. 18 declared a special year-end dividend of 50 cents per
This is the first dividend to be
the company's common stock.
declared on that issue.
Payment will be
on
made on Dec. 16 to holders of
1
All common stock of Panhandle Eastern Pipe Line is held
jointly by the Missouri Kansas Pipe Line Co. and by Columbia Oil & Gas
record Dec
Earnings for 12 Months Ended Oct. 31
1937
$9,590,263
Gross revenue.
—V. 145, p. 2702.
......
1936
$5,126,888
5,015
Net income before pre¬
ferred dividends..
$1,747,546 $14,991,000 $15,056,228
70
745,596
Operating taxes
Co.—Earnings—
1937—3 Mos—1936
$334,229
$318,321
Net oper. revenues...
property
on
_
Parker Wolverine Co.—Dividend—
Notes— (1) No provision has been made for Federal
undistributed profits
tax.
(2) All outstanding preferred stock is owned by the
Middle West
Corp.—V. 145, p. 774.
The directors have declared a dividend of 25 cents per share in cash and a
of 75 cents per share payable in 2% 5-year conv. debentures.
dividend
The dividends will be paid on
Dec. 15 to holders of record Nov. 15.
A cash
was paid on Sept. 1 and June 1, last, and previously,
regular quarterly dividends of 25 cents per share were distributed.
In
dividend of 50 cents
Volume
addition,
a
Financial
145
special dividend of 17 H cents per share was paid on Dec.
23,
1936.—V. 145, P. 2086.
last, aggregated $16,503,511 compared with
$14,123,112 on Sept.
1936, and earned surplus was $3,272,180 against $3,045,473.—V.
Co.—Earnings—
Peoples Light & Power Co.—Plan Allowed by SEC—
Earnings for 9 Months Ended Sept. 30, 1937
Income from
ore
$1,042,527
33,015
sales
Other income
_
„
$1,075,542
Total income
Mine operations and general expense
715,097
12,500
Property, tax and insurance accruals
26,184
Estimated accrued Federal and state income taxes
Depreciation (estimated)
45,000
.
Net income
Earnings
x
share
per
on
2,093,540 shares capital stock ($1 par)...
30,
145,
1596.
p.
Park Utah Consolidated Mines
3355
Chronicle
*$276,760
$0.13
Before depletion.
Comparative Statement of Net Working Capital
Dec. 31, '36 Sept. 30, *37
$46,885
$360,585
Notes and accounts receivable
101,179
112,240
United States Government bonds
252,578
403,656
Federal land bank bonds
357,696
271,565
Municipal bonds
259,679
239,779
Current assets:
Cash.
The Securities and Exchange Commission on Nov. 16 issued an order
granting the applications and permitting the declarations to become effec¬
tive field by the Peoples Light & Power Co. and its subsidiaries under the
plan of reorganization of the system which previously had been confirmed
'by the U. S. District Court of Delaware.
Favorable action of the Commission on the declarations is believed to
bring to
who
extended period of uneasiness among security dealers
securities of the new com¬
issued basis" following confirmation
an end an
were
faced with substantial losses on the
pany which had been sold on a "when
of the plan by the district court,
i
...
Although the Commission indicated thai, it was questionable whether he
reorganization meets standards of simplicity required in the "death sentence
clause" of the Public Utility Holding Company Act, the company in sub¬
mitting the applications and declarations had acted in good faith, it was
held, and had relied on certain rules of the Commission which made it
unnecessary that the plan of reorganization be submitted to the Com¬
mission prior to its submission to the court.
Further details regarding
SEC decision will be found under "Current Events and Discussions " on a
...
preceding page V. 144, p. 3347.
Paul, Inc.—Larger Dividend on New Stock—
Peter
'
$1,018,018
52,921
$1,387,826
98,881
$965,097
"■Total.
Current liabilities
$1,288,945
$323,848
Net working capital
Increase in working capital—
—V. 145, p. 3018.
Pecos
Valley Power & Light Co.—Earnings—
Period End. Sept. 30—
Operation
Power purchased
Maintenance
State, local, &c. taxes;
Net'oper.
Int.
22,806
24,369
68,720
73,119
Balance
$24,843
$100,176
shares
now
outstanding, payable
A dividend of 50 cents per share was
outstanding.
The company's stock was split up on a two-for-one basis on July 24, last.
A dividend of $1 per share was paid on the smaller amount of stock
previously outstanding on July 1, last, and regular quarterly dividends of
75 cents per share were previously distributed. In addition, an extra divi¬
dend of $1 per
share
was
Period End. Sept.
x
Co.—Earnings—
30—
Net earnings
Shares capital
$230,172
$352,050
390,412
$0.36
429,453
$0.54
390,412
429,453
$0.27
par)
$74,040
$34,187
After depreciation and Federal income taxes,
surtax on undistributed profits.—V. 145, p. 1270.
x
Pharis Tire & Rubber
amortization and trust indenture
Period Ended Sept.
9'Mos. End. Sept. 30—
x
1937
y$580,476
Earnings
3 Months
$158,980
After
allowance
for
1936
$347,782
depreciation,
After
Bonds and
dividend of $3 per share on
the common
stock, par $50, payable Dec. 15 to holders of record Nov. 30.
This com¬
pares with $2 paid on Sept. 15 last; $2.50 paid on June 15 last; a dividend
of $1.25 paid on March 15 last; an extra dividend of $2.25 in addition to a
a
quarterly dividend of $1 paid on Dec. 15, 1936; a quarterly dividend of
$1 paid on Oct. 15, 1936, and regular quarterly dividends or 75 cents dis¬
In addition the following extra dividends were paid:
$1 on July 15 and April 15, 1936, and on June 28,1935, and Oct. 15, 1929.
—V. 145, p. 3207.
tributed previously.
Period End. Sept. 30—
Gross
1937—Month—1936
$360,232
$329,016
269,286
245,174
revenue-
Oper.
x
& taxes-
exps.
Prov. for retire,
1937—12 Mos.—1936
$4,330,373
$3,794,801
3,133,035
2,752,286
276,900
219,600
27,000
18,300
$63,945
27.892
$65,542
29,897
$920,437
323,326
$822,915
358,512
$36,052
17,292
$35,644
14,542
$597,111
188,258
$464,402
174,508
_$21,102
$408,853
$289,894
reserve.
-Balance
1936
$505,838
72,397
65,895
101,811
1,000,000
1,148,024
Premium reserve--
1,000,000
1,332,283
Losses In process of
43,900
78,926
43,900
246,139
176,054
59,353
19,556
50,740
22,495
Real estate
office..
of collection
Other assets
$2,896,129 $2,980,742
145,
p.
exps.,
other
Premiums In course
Total
adjustment
Reserve for comm.,
Cash in banks and
taxes and
liabilities
Capital
Surplus
-
Net
Divs.
income
pref. stock
on
Balance
_
x
No
provision
was
$18,760
_
1936~for
Federal surtax on-undistributed
No provision
in 1937.—V. 145, p. 2401.
made in
Srofits asmade for such tax for that year was distributed,
all taxable income
been
as
Water
Pennsylvania
&
Power
Co.—Larger
Common
$2,896,129 $2,980,742
Total
Philadelphia Rapid Transit Co.—Rehearing Denied—
State Supreme Court has denied the petition of at¬
have charters
was filed
The Pennsylvania
torney General Margiotti for a new argument in his suit to
of P. R. T. underliers revoked.
The order denying the rehearing
Harrisburg Nov. 13.
Margiotti's petition for a rehearing was in connection with
quo warproceedings to dissolve the P. R. T. underliers instituted by him
originally in Dauphin County Court and which that court quashed.
On
an appeal taken by him to the Supreme Court, a decision was handed down
several weeks ago upholding the action of the lower court.
It was from
this latter decision that the attorney general filed a petition on Oct. 27 for a
new argument, and which the Supreme Court in its current ruling has denied.
The directors have declared
a
dividend of $1.50 per share on the common
stock, payable Jan. 3, 1938 to holders of record Dec. 15.
Previously,
regular quarterly dividends of $1 per share were distributed.—V. 145,
p.
3018.
Penobscot Valley Gas
Corp.- -Earnings—
$18,022
10,020
Operations
Maintenance
463
1,958
1,707
$5,017
$5,745
80
96
$5,127
6,270
1,053
$1,381
_.
income
-
-
deductions.
Provision for retirements and replacements.
Net loss
145, p.
—V. 145, p.
2239.
Phoenix Silk Mfg. Co., Inc.—Reorganization—
A plan of reorganization for the company under which $200,000 in new
working capital is to be raised, was approved Nov. 12 by Federal Judge
P. Patterson.
Under the plan, a loan
951
1432.
Pet Milk Co. (&
„
anUnsecured
creditors are to receive a share of stock for each $50 of their
Holders of claims of less than $50 will receive 10% of the total in
cash*
Preferred creditors will be paid in cash, except holders of mortgage trust
claims.
who will be paid on a compromise basis, receiving
erably less than 100 cents on the dollar. '—V. 145, p. 2556.
certificates,
Pitney-Bowes Postage Meter Co.
Earnings for 9 Months
(& Subs.)
Provision for
1937
Profits from British affiliate
174,308
$5,484,529
5,007,916
176,164
$5,932,068
5,388,749
171,505
Depreciation
$584,373
$300,449
$371,814
1,438
224,799
100,b44
2,448
Other income.
$438,336
profits tax)
32,742
and miscellaneous income.
Profit before provision for taxes
Provision for Federal, State and
buted
Earnings
$2,091,749
1,327,969
depreciation
Profit from operations
1934
1935
1936
$8,556,171
7,770,552
201,246
$9,425,812
8,589,186
' consid¬
Ended Sept. 30, 1937
Gross income, less discounts, returns and allowances
Cost of sales, operating, selling and administrative expense
Subs.)—Earnings—
$662,318
Costs and expenses
.
„
Development and research expense
3 Mos. End. Sept. 30—
Net sales
,
,
of $150,000 is to be obtained from the Reconstruc¬
the remainder is to come from mortgage loans
covering physical assets of the corporation.
The new company's capital structure will consist of $438,000 in 5%
30-year income debentures and 42,000 shares of common stock.
Holders of old bonds will receive for each $100 of face amount $50 in new
income debentures and three shares of stock.
,
One share of stock will go to serial noteholders for each $50 principal
tion Finance Corporation;
$5,841
6,270
$2,196
Net operating income.
Non-operating income.
—V.
$17,074
9,160
997
Taxes—local, State and Federal
Gross
1936
1937
12 Months Ended Sept. 30—
Gross operating revenues
Interest
,
tanto"
Robert
Dividend—
76,725
1912.
at
Gross income
s
Int. & other fixed charges
Sheet
1937
$573,897
Liabilities—
1 Q?tft
lQ^7
stocks_$2,47l,710 $2,608,625
Mortgage loans.55,471
—V.
Pennsylvania Power Co.—Earnings—
National Insurance Co.-
Philadelphia
Sept 30—
A oopfi.
Pennsylvania Salt Mfg. Co.—$3 Dividend—
The directors have declared
9 Months
x$135,307
provision of $250,000 for commitment losses and reduction of
inventories to market value.
Note—Net5,earnings for. the nine months before providing for losses for
future rubber and fabric commitments were $114,692.—V. 145, p. 1270.
x
depletion bond charges, &c., and
Income taxes but before allowance for tax on undistributed net income,
y Equivalent to $1.38 per share on 321,860 common shares outstanding
after allowance for preferred dividends.—V. 145. p. 3018.
x
$0.90
but before provision for
Co.—Earnings—
30, 1937—
Net loss after charges and depreciation
Pennsylvania Glass Sand Corp.—Earnings—
1937—9 Mos.—1936
1937—3 Mos—1936
$116,521
$141,043
stock (no
Earnings per share
x*Before provision for depreciation,
requirements.—V. 145, p. 775.
145, p. 447.
paid on Dec. 10, 1936.—V.
Pfeiffer Brewing
$147,160
$49,213
mtge 6H%
gold.bonds, series A__
:x
$168,896
$56,994
revenues
1st
on
1937—9 Mos.—1936
$296,181
$273,773
31,189
31,898
79,150
80,686
'
6,521
4,316
10,424
9,710
1937—3 Mos.—1936
$98,061
$95,727
10,766
12,590
24,993
28,418
2,120
1,728
3,186
3,777
Electric oper. revenues-
70 cents per share on the new
Dec. 10 to holders of record Nov. 2.
paid on these shares on Oct. 1, last,
this latter being the initial distribution on the larger amount of stock now
The directors have declared a dividend of
no-par
—-
$471,078
foreign taxes (excl. undistri-
69,621
_
x$401,457
Equals 44.93 cents a share on 893,491 shares of stock outstanding
Sept. 30, 1937, as compared to earnings of $347,101 for the nine months
Net profits
x
Loss
$584,373
6,833
capital assets
Minority interest
on
Net profit
Preferred dividends
Common dividends
44,815
$373,252
673
48*044
49,308
"""792
807
"""406
$377,753
110", 339
$254,555
21,852
110,338
$275,349
21,887
110,332
$267,414
$122,365
$143,130
$0.85
$0.52
$0.57
l~lb",338
"
Earns, per sh. on 441,354
shs.
com.
stock
(no
$1.15
Par)
ended Sept. 30, 1936, equivalent to 39.15
then outstanding.—V. 145, p. 1750.
551
$511,333
$400,995
Surplus
$300,449
xl63,889
35,091
$664,766
16,887
135,754
Total income
Interest (net)
Federal taxes
Includes undistributed profits taxes.
For the nine months ended Sept. 30, 1937, net
Pittsburgh Screw & Bolt Corp.—Larger
profit was $730,339 equal
the nine months ended
Sept. 30, 1936, of $863,492, equal after deducting $31,663 preferred divs.
paid during the period, to $1.88 a share on common stock.
Current assets as of Sept. 30,1937, including. $898,872 cash, amounted to
$7,863,874 and current liabilities, including $2,400,000 bank notes payable,
were $4,241,174.
This compares with cash of $2,939,699, current assets of
$6,378,526 and current liabilities of $2,094,210 on Sept. 30, 1936.
In¬
ventories were $4,745,518 against $2,437,405.
Total assets as of Sept. 30,
This compares with net profit for
886,648 shares
Dividend—
20 cents per share on the com¬
value, payable Dec. 21 to holders of record Nov. 26.
This compares with 15 cents paid on Oct. 21, July 21 and April 21, last; 40
cents paid on Dec. 21, 1936, and 12H cents paid on Sept. 1, 1936, this
latter dividend being the first distribution made since July 15, 1931, when
the company paid 17^ cents per share. From April 15, 1929, to and includ¬
ing April 15, 1931, quarterly dividends of 35 cents per share were dis¬
tributed.—V. 145, p. 3018.
The directors have declared a dividend of
mon
stock,
no
par
Pittsburgh
x
to $1.65 a share.
cents a share on
&
West
Virginia Ry.—Seeks
RFC Loans—
Extension of
.
applied to the Interstate Commerce Commission for
authority to extend three loans obtained from the Reconstruction Finance
Corporation aggregating $3,725,207.
The company wishes to have aU
three loans, which mature Dec., 31, 1937, extended from maturity for three
The company has
^
The loans
are
%
secured principally by $1,788,000 of Its
bonds of 1960; $8,047,000 of its general
first mortgage
mortgage 6%
3356
Financial
Chronicle
Nov. 20,
bonds of 1952; 4,200 shares of Wheeling & Lake Erie preferred stock; and
28,400 shares of Wheeling & Lake Erie common.—V. 145, p. 2861,
1937
Assets—
Pittston Co.
(& Subs.)—Earnings—
9 Mos. End. Sept. 30—
1937
Net sales
$21,393,937
Costs and expenses
21,988,144
Operating loss
Marketable
1936
1935
1934
$22,754,438 $23,367,370 $26,038,707
22,595,333
23,634,179
25,256,368
$189,831prof$963,528
517,318
509,685
and
i
661,119
35,120
748,745
29,132
815,755
31,570
8,229
163,549
prof5,938
87,927
32,041
262,329
22,457
211,647
$1,889,620
$1,135,817
:$1,848,844
1,177,482
Net loss
350,000
for conting..
State
taxes
on
474,420
490,175
Capital stock... 9,721,800
8,298,975
Surplus...
9,721,800
income
7,194,235
6,861,349
Land,
x
buildings,
44,993
Trade names, trade
marks and good¬
will
For the quarter ended Sept. 30, 1937, net loss was $698,182,
comparing
a net loss of $554,489 in the September
quarter of 1936.—V. 145,
595,157
Total..
1271.
After
x
in
Plymouth Fund, Inc.—Dividend Reduced—
The directors have declared
157,021
in¬
y
382,665
with
1936.
a
share on the class A
stock, payable Dec. 1 to
Previously regular
quarterly dividends of 1H cents per share were distributed. In addition,
the company paid an extra dividend of 1 cent on June 30 and on March
31,
595,157
20,232,434 18.495,625
y
20,232,434
Total
18,495,625
$10,601,686 in 1937 and $10,127,175
for depreciation of
reserve
Represented by 676,012 shares of
40,512 shares
dividend of 1 cent per
holders of record Nov. 15.
last.—V.
4,187,334
1,161.263
396,040
$615,783
Minority interests
lor
Res. for Federal &
and
notes
mach. & equip.. 7,488,960
Prepaid expenses &
deferred charges
86,832
791,201
44,321
sale and demoli¬
tion of property
p.
5,419,244
.
11,584
accounts receiv.
amortization
on
Res.
al4,815
Investments, &c.
Sundry
depletion
Prov. for Federal tax
Loss
wages
come taxes
receivable
Mdse. inventories
Depreciation,
Provision
191,626
257,534
Accrued salaries &
2,313,825
740,768
235,912
1,290,419
2,537.229
secur.
other curr. accts,
z
S
893,794
Accounts payable-
1,630,818
Notes, accts. & tr.
$266,809prof$782,339
76,978
181,189
$514,389 prof$226,945
507,214
502,896
Total loss
Interest (net)
Liabilities—
S
2,157,596
375,298
acceptances rec.
Accrued interest &
1936
1937
1936
$
Cash
$594,207prof$159,105
79,818
67,840
Other income (net)
1937
Consolidated Balance Sheet Sept. 30
of company's stock at
no
par
of $840,012.
cost
Includes
Other current
value,
a
z
accounts receivable only.
50-Cent Dividend—
The directors on Nov. 17 declared a dividend of 50 cents per
144, p. 2842.
share on the
stock, no par value, payable Dec. 15 to holders of record Nov. 30.
Similar amount was paid on Sept. 15, last, and pteviously regular quarterly
dividends of 37Yi cents per share were distributed.
In addition, special
common
Pond Creek Pocahontas
Period End. Sept.
a
30—
.b Earnings
per
Co.—Earnings—
1937—3 Mos.—1936
$42,635
$21,976
Net profit
share...
$0.25
1937—9 Mos—1936
$72,884
$0.72
After depreciation, depletion, Federal income
taxes, &c.
shares of capital stock, no par.—V. 145, p. 2703.
a
Potomac Electric Power Co .—Places
dividend of 25 cents
$121,903
$0.43
$0.13
b On 169,742
Other expenses, net
a
dividend of $1.20
per
share
value, payable Dec. 1 to holders of record Nov. 20. A
paid on Sept, 1, last; regular quarterly dividends of.
paid from Sept. 1, 1936, to June 1, last, inclusive,
and previously regular
quarterly payments of 50 cents per share were made.
In addition an extra dividend of 10 cents was
paid on Dec. 1, 1936, and an
extra of 20 cents was paid on June
1, 1936.
The directors also declared a
participating dividend of 50 cents per share
in addition to the regular
quarterly dividend of 75 cents per share on the
$3 participating preferred stocks, both payable Dec. 1 to holders of record
Nov. 20.
Similar payments were made on Sept. 1, last.—V.
145, p. 1271.
Net
were
Pressed Metals of
Service
(In Tons)
Dissolving pulps
Ordinary grades
Papers
of
Northern
III.—Exchange
San
Date
Edison Co.,
above.
The company has called for
redemption as of Dec. 21 all shares of its 6%
7% preferred stocks at price of $120 a share, plus accrued unpaid
cumulative dividends to that date.—V.
145, p. 3208.
and
Public Service Corp. of New
Jersey (&
Period End. Oct. 31—
1937—Month—1936
$
Gross earnings
Subs.)—Earns.
.
Charles It. Blyth, will constitute the executive committee.
As
10,689,589 126,679,849 121,551,679
7,217,451
88,609,955
83,191,806
Net inc. from oper.._
3,155,064
3,472,137
38,069,893
38,359,873
Ba,V f^rdlV8* ^rplus145,
2,106.650
2,210,318
24,555,153
24,838,511
2703.
p.
(a) Rainier: 1 sh. of capital stock converted into 8-10 sh. of $2 cumulative
preferred stock ($25 par) and 1 2-10 shs. of common stock ($1 par) of the
new
on
Nov.
17 declared
a
Operating, taxes
1936
1935
$2,722,220
$2,848,578
1,714,455
bond int..
on
Am ortiz. of bond
prem.,
discount and expense.
2,359
449,623
mon
1,613,912
3,585
456,399
1,621,095
3,864
456,399
1,630,794
863
456,399
145,
p.
R & H
.
new
company.
Olympic:
were
Assets—
1937
$792,206
$640,862
$760,522
Premium reserve..
common
149,920
350,011
265,273
226,812
27,714
223,690
Capital
48,170
Surplus
Cash in banks and
Prems. in
stock, par $25, and 75,050 outstand-
course
'
$975,131 IL'$870,396
90,801
adjustment
81,107
Reserve for comm.,
office
expenses,taxes &
other liabilities.
of
collection
*1?. s."fres common stock, par $10, with authority to add to the list upon
no^lce of issuance 64,200 additional shares common stock, par $10.
/tv/tsname of the corporation is to be changed to Allied Products Corp.
(Mich.), successor by reincorporation of Allied Products
Corp. (111.),
11936
Losses in process of
88,836
142,856
Real estate
The New York Curb Exchange has approved for listing 64,200 outstand¬
Sept. 30—
1937
Liabilities—
108,857
Mortgage loans
Corp.—Listing and New Name—
ing shares class A convertible
1936
$3,176,589 $3,419,331
Bonds & stocks
2704.
stock converted into 1 7-100 shares
Reliance Insurance Co. of Phila.—Bal. Sheet
33,360
$829,179
common
sh.
stock of the
There
Surplus before deprec.
and income tax
Olympic: 1
1 sh. of common stock converted into 1 2-100^shs. of com¬
new company.
I
issued, upon the effective date of the agreement of consoli¬
dation, on the basis above provided, 626,205 H shares of the $2 cumulative
preferred stock and 963,872 shares of the common stock of the new com¬
pany.—V. 145, p. 3209.
(e)
1934
$2,866,102
1 sh. of
stock of the new company.
of $2 cumulative preferred stock converted into
1 sh. of $2 cumulative preferred stock and 2-100 share of common stock
& other
charges
common
(d)
of the
1937
$3,028,976
expenses..
Grays Harbor:
(c)
of
Quebec Power Co.—Earnings—
revenue
Grays Harbor: 1 sh. of $2 cumulative preferred stock converted into
7-100 share of common stock
1 sh. of $2 cumulative preferred stock and
of hew company.
special dividend of $1.25 per share
£? ^common stock, no par value, payable Dec. 21 to holders of record
Nov. 26.
The regular quarterly dividend of
37^ cents per share was paid
on Nov. 15, last.—V.
145, p. 3208.
9 Mos. End. Sept. 30—
company.
(b)
Pullman, Inc.—Special Dividend—
The directors
provided in the agreement of consolidation, the authorized classes'of
stock of the constituent companies issued and outstanding, as of the effec¬
tive date of the agreement of consolidation, were converted into and con¬
stituted shares of the new company as follows:
'
7,743,570
-V.
Francisco.
Sredecessor companies. E. Vice-President.been appointed President with
D. Zellerbach Executive M. Mills has
These officers, together and
1937—12 Mos.—1936
$
$
$
10,898,635
Oper. exps., mamten'ce,
deprecia'n & taxes...
Exchange
-
Rayonier will have four pulp mills located in the State of Washington
a fifth
mill now under construction at Fernandina, Fla.
The new
company will be engaged in producing special types of wood fibre pulp
used in the manufacture of rayon, cellulose sheeting, plastics and other
cellulose products.
Rayonier will also manufacture bleached sulphite
paper pulp and sulphite printing and writing paper.
The company has
contracts for its products with customers in the United States, Japan,
England, France, Belgium and Italy.
Directors of the new company have been selected from the boards of he
Preferred Stock Called—
Fixed
Sales
121,070
15,658
8,608
Production
—119,035
12,870
9,418
... —
and
See Commonwealth
^
$1.72
Company is the result of a consolidation of Rainier Pulp & Paper Co.,
Grays Harbor Pulp & Paper Co. and Olympic Forest Products Co., which
became effective 011 Nov. 1.
Headquarters of the new company will be in
Extended—
Gross
397,505
$2,285,866
Production and Sales—The company, which, in addition to producing
dissolving pulps used in the manufacture of rayon, cellophane and other
cellulose products, also produces ordinary grades of bleached sulphite paper
pulp and printing and wiring papers, reports the production and sales of its
predecessor companies for the six month period as follows:
America, Inc.—Rights—
Co.
income
Earnings per share on common after pref. div. requirements..
Common stockholders of record Nov. 20 are offered the
right to subscribe
to 15,572 shares of common stock
in ratio of one additional share for
each eight shares held, at $20 a share.
The rights will expire on Dec. 20,
—V. 145, p. 3208.
—V.
$2,683,371
Federal income taxes, other than taxes on undis¬
tributed profits and excess profits taxes
com¬
was
70 cents per share
Public
$2,688,005
4,634
of other income
Provision for
the
on
no par
similar amount
Ended Oct. 31
$3,204,555
516,550
Income before Federal income taxes
Prentice-Hall, Inc.—$1.20 Common Dividend—
have declared
Dec. 15. 1936.—V. 145. p. 1272.
Profit from operations
$5,000,000 of 314% bonds to Metropolitan Life Insurance Co.,
New York, at par.—Y. 145, p. 3208.
stock,
on
Profit from operations
Provision for depreciation
The company has notified the Public Utilities Commission of the
District
of Columbia that it has entered into a contract to sell all of
its proposed new
The directors
paid
Combined Net Income of Predecessor Companies for 6 Months
$5,000,000 Issue—
issue of
mon
was
Rayonier, Inc.—Earnings—
Other assets
152,244
182,967
1,000,000
1,794,643
2,080,772
1,000,000
mu
Total
u
Radic-Keith-Orpheum Corp.—Hearings Ended—
called
to
consider proposed changes
in Mr. Alger's report.
no further
hearings would be conducted and
form, would be submitted to Federal Judge
William Bondy at a date yet to be
determined.—V. 145, p. 3209.
After the meeting he said that
that ms report, in its final
Reo Motor Car Co, (&
Period End. Sept. 30—
RaybestoE-Manhattan, Inc. (& Subs.)—Earnings—
9 Months Ended Sept. 30—
1937
KfcJlS;
oVh"of,
Discounts and allowances
Manufacturing cost of sales—.—
Selling, administrative and general
1,———
expenses
Profit from operations
Other income
Total income..
Other deductions
Provision for Federal & State income taxes.
x Addition to reserve for
contingencies
461,568
10,653,948
2,766,847
$2,742,607
$1,790,478
146,069
$2,948,771
292,181
$1,936,548
442^556
288 752
150,000
186 269
...'
nS?HC°^-,
Dividends paid
$2,064,035
$1,461,526
Income transferred to surplus
Surplus at beginning of period
$1,269,690
7,029,284
$746,614
6,447,621
794,345
Surplus at end of period
Earnings per share on common
x
For the surtax
on
714,912
$8,298,975
$7,194,235
$3.25
$2.30
undistributed profits and other contingencies.
$4,012,819 $4,215,242
Net loss
Subs.)-—Earnings—
1937—3 Mos.—1936
$230,820
$222,188
'
1937—9 Mos —1936
$648,059 ^$417,441
After taxes, depreciation, &c.
Shipments in the September quarter totaled 3,348 units against 2,435Iin
»
567,622
13,424,579
3,157,352
206,165
x
x
1936
$19,892,160 $15,672,842
Total.
The directors have declared an extra dividend of 40 cents per share in
addition to the semi-annual dividend of 30 cents per share on the capital
stock, par $10, both payable Dec. 15 to holders of record Nov. 26. An extra
dividend of 20 cents per share was paid on Dec. 15, 1936, and on Dec. 14,
1935.—V. 145, p. 1434.
Hearings on the proposed plan of reorganization of the
corporation before
George W. Alger, Special Master, were concluded Nov.
15 at a meeting of
counsel with Mr. Alger in the Bar
Building, 42 West 44th Street.
The
meeting was
$4,012,819 $4,215,242
Exrta Dividend—
like 1936 period.
Working capital
a
year
of Sept. 30, 1937,
145, p. 2704.
as
earlier.—Y.
was
$5,315,051, against $6,179,213
Republic Steel Corp.—To Lease and Operate Properties
of Witherbee Sherman Corp.—
A special
meeting of the stockholders of the Witherbee Sherman Corp.,
is to be held Dec. 6, to approve a plan under which Republic Steel Corp.
will take over the control of the Witherbee Sherman properties.
1
Ml 4
These properties comprise operating iron ore mines, a concentrating
plant and a sintering plant at Mineville and Port Henry, New York, to¬
gether with about 100,000 acres of iron ore bearing lands located near Lake
Champlain in Clinton and Essex counties, New York.
«M *
Subject to the approval of the Witherbee Sherman stockholders and
bondholders, a lease has been made with Republic covering the properties
of the company and its subsidiary company, The Port Henry Mining Co.
The lease is for a maximum term of 25 years and is based upon Republic
mining a minimum of 500,000 tons of iron ore annually.
i
Witherbee Sherman or its predecessors have been in business since
1849 and the properties involved have been operated almost continuously
since that time.
Mines were originally worked in this region prior to the
Volume
Financial
145
Revolutionary War, and many of the cannons used by the Colonies were
made from ore taken from these properties.
During recent years the
tendency in the steel industry has been towards integration of operations
from iron ore through to the finished product. The linking of the Witherbee
8herman ore properties to the steel operations of Republic Steel Corp., the
third largest steel producer in the United States, will therefore be beneficia
both to Witherbee Sherman and to Republic.
Pending the approval of the lease by the stockholders and bondholders of
Witherbee Sherman, Republic has entered into a contract with Witherbee
Sherman under which Republic assumed the management of the properties
Nov. 15.
To permit the consummation of the proposed lease a revision of the pro¬
visions of the mortgage securing the $3,600,000 principal amount of out¬
standing income bonds of Witherbee Sherman Corp. is contemplated.
Commenting on the plan, R. J. Wysor, President of Republic Steel
Corp., said:
"The management of Republic feel that the plan will add
materially to Republic's ore reserves and provide it with an additional
rich ore supply for many years to come.
At the same time, the Witherbee
Sherman Corp. will through the plan secure a continuous market for its
ore, which should result in more profitable operation than has heretofore
been possible."—V. 145, p. 2862.
Chronicle
from
St.
San Antonio Gold Mines,
—
Cash & bank
$0.27
$0.46
After operating expenses, normai Federal income charges, but before
provisions for Federal surtax on undistributed earnings.—V. 145, p. 2242.
Rockwood & Co.—Dividends Passed—
The directors have passed the dividends on the 5% prior
Rollins Hosiery Mills—Initial
have declared
Rose's 5, 10 & 25 Cent Stores,
Period End. Oct. 30—
$516,881
Savannah Gas
Operations
60,109
56,918
$179,923
4,946
$193,533
$184,868
46,067
1,219
_
$3,926,036
Non-operating income
Gross
$3,615,072
Income
43,009
1,699
Interest on long-term debt.
Royal Weaving Co.—Stockholders Receive Offer of $78.50.
Provision for retirements and replacements
$148,824
35,409
Amortization of debt discount and expense
3,620
$137,581
28,254
2,315
$109,796
$107,012
Balance
Directors
are in receipt of an offer from Jerome A. Newman of $78.50
share in cash, for all the outstanding stock of the company, or so much
as may be deposited, providing at least 16,800 shares (substantially
70%), or at his option a lesser number of shares of the total stock outstand¬
ing, are deposited with the Rhode Island Hospital Trust Co., Providence,
R. I., on or before Nov. 23, 1937.
Mr. Newman reserves the right to
per
thereof
extend the time of deposit of the stock from Nov. 23 to Dec. 7, 1937.
Payment of the stock is to be made by the Rhode Island Hospital Trust
Co. of Providence, R. I., within 10 days after the necessary number of shares
deposited
and
the
plan
has
been
declared
operative
by
Balance
Cash
Bonds-
470,035
Treasury stock
57,934
Life Insurance
156,440
Accounts receivable
433,965
1,251,876
Merchandise
Capital stock
Net income after preferred dividends.
-V.
.
145,
131
__
Res. for deprec., real est., &c_.
519,582
Res. for deprec. & machinery..
2,228,554
25,524
Res. for taxes, local & State
Res. for taxes—Federal..
Res. for taxes, unempi. Ins., &c
Res. for dividend payable..
6,744
1,824
60,482
Co .—Extra Dividend—
have declared a dividend for
Directors
the fourth quarter of 40 cents
share and an extra dividend of 10 cents per share on the outstanding
no
par value common capital
stock of the corporation, both payable
Dec. 15 to holders of record Dec. 1, 1937.
This makes the total dividends
declared this year equal to $1.55 per share.
See V. 145, p. 788 for record
of previous dividend payments.—V. 145, p. 3020.
per
Scruggs-Vandervoort-Barney, Inc. (& Sujbs.)—Earns.
1,261,843
Surplus, July 1,1937
$77,693
1435.
P.
Scott Paper
.$2,500,000
.
Contingent discount
$106,862
29,170
$81,058
Preferred dividends
the
Liabilities—
___$1,132,970
2,855,457
246,010
150
$109,341
28,284
Net income
Balance Sheet June 30, 1937
Machinery
455
Discount on reacquired securities—net
depositary.
Real estate & buildings
[Successor to Scruggs-Vandervoort-Barney Dry
Total
-V.
$6,604,687
145,
Total
$6,604,687
Years Ended July
Net sales
2557..
p.
bl937
31—
Cost of sales
The directors have declared an extra dividend of 25 cents per share in
addition to the regular semi-annual dividend of 50 cents per share on the
common stock,
no par
value both payable Dec. 1 to holders of record
Nov. 19.
Similar payments were made on June 1, last; Dec. 1 and June 1,
on
Dec. 2,
1935.
June 7, 1935.—V. 144, p.
.
Bad debts.
Net
A dividend of 75 cents per share was paid on
$5,815,337
4,951,085
24,715
$5,130,446
4,465,271
50,887
$4,650,998
4,251,057
77„691
$4,043,645
3,904,700
$839,537
$614,288
$322,249
$72 536
prof, from opers..
61,154
54,619
36,930
56,284
Total
$900,691
$668,907
$359,179
$128,820
indebtedness
125.410
23,747
al58,607
137,771
20,687
69,228
153,671
18,117
182,793
14,908
$592,926
$441,219
$158,680
receivable
Company has concluded the final step in a voluntary reorganization which
completely changed the capitalization of the company and wiped out
accumulated preferred stock dividends of 380,000 and a surplus deficit of
$2,300,000.
Assets have been transferred to a new company of the same
name, with capitalization of 250,000 shares ($1 par). Prior to incorporation
of the old company was changed to Hegewisch Car Co., but while
its corporate identity will be maintained under that name it will be inactive.
name
Objections of stockholders and creditors to the plan of reorganization
voted by the stockholders on Sept. 28 last were overcome to effect the
change.
The 8% cumulative preferred stock ($100 par), was eliminated from the
capital, structure through the issuance of new common in the ratio of 1C
shares of common for each share of preferred with dividend accumulations
of $76.
Common stockholders received the new stock on a share for share
basis.
prof, from opers.
Int. chgs. on serial & coll.
gold notes & current
Miscellaneous charges..
Prov. for income tax
Net income
a
Includes surtax,
the issuance of 50,000 shares
of common, and 127.082 shares are required for exchange of the old com.
Of the latter: 47,501 shares are deposited as collateral on a $200,000 overdue
bank loan.
The remaining 72,918 shares of common authorized, but not
are
reserved for future sale.
Officers
of the company, which remain unchanged are:
W. M. Ryan,
J. D. Ryan, Treas.; and O. F. Lindberg, Sec.
Directors are W. M.
and J. D. Ryan and Ralph Hubbard.—V. 143, p. 2243.
period from Aug. 1, 1936 to June 22,
Operating
1936
$79,141
52,441
$83,265
52,790
$26,701
$30,475
400
expenses
$365,651
473
income—
deductions
.
Net income
Dividends on preferred stock.
Net income after preferred dividends
—V. 145, p. 1434.
St. Joseph
Bank Loans to
$27,101
6,142
3,877
$30,948
6,285
4,036
$17,082
Gross
Interest
Provision for retirements and replacements
4,656
$20,627
4,770
$12,426
$15,857
Railway, Light, Heat & Power Co.—Secured
Meet Maturing Bonds—
Power & Light Co., on Oct. 29
sinking fund 30-year
bonds, due 1946, and deposited these bonds with the Chase National Bank
as security for bank loans of an equal amount, maturing Sept. 28,
1938.
Funds obtained from the Chase Bank's loan were deposited with the Chase
Bank for payment at maturity of $5,000,000 5% 1st mortgage bonds, due
The company subsidiary of Cities Service
issued $5,000,000 of its 5% 1st & refunding mortgage
Nov.
1,1937, trustee for the issue.
1937
Notes payable
Accounts payable.
1936
$150,000
934,227
1,835,048
360,658
Accr'd int.on notes
Inventories
2,378,228
2,200,059
136,000
1st mtge. 6% notes
393,098
$845,151
135,500
2,132,572
in transit
on
hand
current
&
Sundry
notes
18,751
52,048
invest, in Scruggs,
Vandervoort
—stkB., bds., <fcc
b Real
expenses.
103", 993
1,319,500
39,010
100,281
gold notes—
premises..
Total
1st
43,884
95,846
Mln.
int.
In
164,000
75,500
298,500
80,100
com.
231
Btk. of sub. cos.
2,438,739
3,447,252
29,439
39,836
Improve, to leased
Goodwill
14,800
be exchanged
mtg. 6% g. notes
Pref. stock of subs.
Unamort. discount
on
16,225
179.785
7% coll. gold notes 1,304,000
7% serial g. notes
to
equip't
& furn. & fixt's.
44.231
156,193
Dividends payable
230
3)4% cum. pf.stk.
1st pref. stock
2d pref.stock
1,220,800
1,245" 500
993,700
1,016,725
est., bldg.,
delivery
184,435'
Serial real est.
1
Other Investments
Prepaid
41,543
taxes,
Interest, &c
&
Barney Bank
sal.,
Prov. for inc. tax.
5,783
56,350
and
acc'ts receivable
Accr'd
3,904
Cust. notes receiv.
Bal. In closed bank
Net operating income.
Non-operating income
„
„
Liabilities—
$282,092
accts.
&
Notes
Mdse.
1937
,
1936
1937
Assets—
Cash
receivable
-Earnings
1937 (now absorbed by Denver Dry
■
[Stockholders early in 1937 approved a plan of recapitalization which
eliminated a standing deficit ana cleared up accumulated dividends on the
preferred stock.
Stockholders also approved a change in name as above.
See also V. 144, p. 465.]
Balance Sheet as at July 31
a
St. Augustine Gas Co.
def$68,881
b Includes the operations of Scruggs-Vandervoort-
Dry Goods Co. and Mermod, Jaccard & King Jewelry Co. for the year
ended July 31, 1937, and Scruggs-Vandervoort-Barney Realty Co. for the
Pres.
12 Months Ended Sept. 30—
Gross operating revenue
28,711
Barney, Inc., for the six months ended July 31, 1937, Scruggs-VandervoortBarney Dry Goods Co. for the six months ended Jan. 31, 1937, the Denver
Goods Co.).
The exchange of preferred stock requires
issued
66,408
Int. & other miscell. inc.
3189.
Ryan Car Co.—Completes Reorganizing—
the
Goods Go.]
1934
1935
1936
$16,468,882 $14,762,614 $13,657,572 $11,976,118
10,653,545
9,632,168
9,006,574
7,932,474
-
Royalite Oil Co., Ltd.—Extra Dividend—
1936 and
204,010
28,010
$189,263
4,270
Taxes—local, state and Federal
Interest on other debt
been
1936
$468,860
1937—10 Mos.—1936
$498,389
—V. 145, p. 3019.
have
.40
22,659
Maintenance
Net operating income
Inc.—Sales —
4.58
1937
$483,899
211,868
Gross operating revenues
per
8.98
...
Co.—Earnings—
12 Months Ended Sept. 30—
of $4
1937—Month—1936
Sales
Oct" 7", 1937 (10 periods)
(10 periods only) 88,349, per ton.
Cost per ton (exclusive of income taxes and depreciation)
Cost per ton No. 2 Winze to 1,500 foot level.....
—V. 144, p. 1975.
Gold production Jan. 1, 1937 to
Tons milled
preferred and
Preferred Dividend—
initial dividend
$586,995
$793,533
H£ll8JlC6
1452.
share on the
convertible preferred stock, payable Dec. 16 to holders of record Nov. 24.
—V. 145, p. 2404.
an
$669,986
82,991
Less—Accounts & payroll payable.
$46,400
100,000
a
p.
6,533
Accounts receivable
1936
119,394
$32,738
5% preferred stock due at this time.—Y. 144,
50,253
116,879
.........
....
Total
1937
30—
hand
on
in process,,..
Stores & suppllJfc
Earnings —
outstanding
Earnings per share
$449,127
47,192
....
Ore
3 Months Ended Sept.
Net income
Tenth Operating Period
Oct. 7, 1937
.
.
Bullion
Markets, Inc.-
Ltd.—Report—
Statement Showing Liquid Position as at End of
regular
Shares
The directors
Ry.—Court Allows Committee
Reorganization Proceedings—
organization proceedings of the road.
The interveners, who represent bondholders under mortgages of the
Stephenville North & South Texas and Central Arkansas & Eastern,
are
Horace A. Davis, Benjamin S. Lichtenstein and
Sylvan Gotshal,
N. Y. City.—V. 145, p. 3020.
have declared
Roberts Public
a
Southwestern
in
Liquid Assets—
an extra dividend of 10 cents per share in
quarterly dividend of 30 cents per share on the
common stock, both
payable Nov. 1 to holders of record Oct. 15. An extra
dividend of 25 cents was paid on May 1, 1936.—V. 142, p. 3521.
the
and other banks to make the loan
Federal Judge Charles B. Davis at St. Louis has authorized a protective
committee for holders of bonds of two subsidiaries to intervene in the re¬
r
to
Louis
to Intervene
Rhodesian Selection Trust—Initial Dividend—
The directors
Sept. 30 to $7327.000 at Oct. 29.
on
$5,C00,C00 to the St. Joseph Ry, Light, Heat & Power., Cities Service
Power & Light Co., which owns all of the former's common stock, agreed to
forbear payment by the subsidiary to the parent of any of the $401,316
indebtedness of the operating
company due to the parent on Sept,. 30, so
long as the bank loan remains unpaid by St. Joseph, excepting only in¬
debtedness not in excess of $125,000 incurred by the subsidiary to the parent
subsequent to Sept. 30, 1937.—V. 145, p. 3020.
The company paid an initial dividend of 9 cents per share on the Ameri¬
Shares on Nov. 12 to holders of record Nov. 8.—Y. 145, p. 2404.
addition
$2,327,000
As an inducement to the Chase Bank
of
can
Rich Ice Cream Co.—Extra Dividend
3357
The issuance of the additional $5,000,000 1st & refunding mortgage sink¬
ing fund bonds, due 1946, increased the amount of that issue outstanding
95.687
127,437
3
738,200
Common stock..
d820,000 c4,099,875
Capital surplus...
Earned surplus...
651,534
425,164 def853,976
c
4
.$8,034,843 $8,506,824
Total
$8,034,843 $8,506,824
of $119,576 in 1937 and $108,427 in 1936.
depreciation reserves,
c Represented by 163,783 shares of $25
each and 53 shares of $100 each,
d Represented by 164,000 shares of $5
each.—V. 144, p. 4198.
a
After reserve for bad debts
b After
Financial
3358
Schiff Co.—Sales
Chronicle
Nov.
—
IMJ—lO Mos —mji
$1,302,837 $10,820,556 $10,231,972
$1,322,308
—V. 145, P. 2558.
Schuylkill Valley Navigation & RR.— Abandonment—
The
Interstate
Commerce
Commission on Nov. 6 Issued
certificate
a
Sermitting Valley Navigationthe RR. of part of a branch company of the
chuylkill abandonment by
& President, managers and line of railroad
in
Pa., extending northerly from the north side of
162 to the end of the branch, approximately 0.88 mile,
Schuylkill County, Pa., and abandonment of operation thereof by
Schuylkill County,
State Highway No.
all in
Acc'ts
Notes rec. & trade
Pref. divs. pay
Other assets
Deferred
Seaboard Finance Corp.
Years Ended Sept.
(& Subs.)
—
Earnings—
1937
30—
$489,714
Operating expenditures.
$770,600
33,210
330,391
Operat ing income
Reserve for doubtful accounts.
$406,999
145,078
$294,317
Total income.
Discounts on prei
361
64,461
19,590
$261,559
38,051
$210,265
28,911
$223,508
102,265
$181,354
76,667
5,000
Non-recurring expenditures
Net Income from operations.
Normal Federal income tax
Income to surplus
Dividends
on
14,661
preferred stock
Reserve for contingencies
Dividends paid on common
10,000
54,893
stock
Balance to surplus for year
$99,687
$56,350
Consolidated Balance Sheet Sept. 30, 1937
a
on
hand and in banks...
$167,845
Receivables
3,524,118
34,612
10,810
Automobiles, turn. & fixtures.
Other assets and deferred exp.
Current liabilities:
Notes pay. (bks. & others).$1,225,000
Accounts payable
57,675
Res. & deferred Income
265,748
Capital Stock—
b $2 cum. pref. stock
c
$2
cum.
div. conv. pref. stk.
Common stock ($1 par)
Capital surplus
Earned surplus
Total
a
reserve
par
for
Total
1,250,000
178,722
109,920
507,701
142,619
c
1,735,194
Res. for lnsur., con-
801,379
tingencies, &c._
853,176
Surplus.......
20,194,648 18.692,262
reserves
56,325.159 54.214,873
Total
for
Pacific Electric
Co.—Consolidation—
131, 778, 955, 1435.
and ordered for further hearing on Oct. 28.
The securities issue is proposed under an agreement of consolidation
between Sierra Pacific Power Co. and its holding company, Sierra Pacific
Electric Co., whereby the latter will be merged into the former.
Issuance
of the securities Mill effect a conversion of the capital stock of Sierra Pacific
Electric Co. which consists of 35,000 shares of preferred
and 103,000
Power Co. as the
consolidated company in consummation of the merger.
Present holders of the 35,000 shares ($100 par) preferred stock of Sierra
Pacific Electric Co. will receive on the basis of share for share the 35,000
($100 par) preferred stock of the consolidated company.
The 226,000 shares
($15 par) common stock of the consolidated company are to be issued and
to holders of the 103,000 outstanding shares (no par) of common
stock of the holding company on the basis of 2.2 shares of consolidated
for one share of holding company.—V. 145, p. 2088.
delivered
Silver King Coalition Mines
y
'
Tulsa, Okla.—Stop Order—
The Securities and Exchange Commission, pursuant to Section 8(d) of
the Securities Act of 1933, as amended, has issued an order suspending the
effectiveness of the registration statement (No. 2-2131) filed by Seminole
Provident Trust, of Tulsa, Okla.—V. 142, p. 3187.
Serrick Corp.—Stock Dividend—
The directors have declared
a dividend of 1-20 of a share of $5 par class A
on each share of class B stock, par value $1, held, payable Dec. 15 to
holders of record Nov. 25. A quarterly cash dividend of 30 cents per share
was paid on the B shares on Sept.
15, last.
stock
Period End. Sept.
Net profit.
z$238,368
$0.19
After taxes & deprec., but before deplet. y On 1,220.467 shs. (par $5)
common stock,
z This includes $15,852 additional market profit realized
from sale of concentrates produced and valued at cost during the first half
of year representing 1.3 cents per share.
370 tons of lead concentrates,
produced during the quarter, were stored and valued at cost. Net income
production, with product stored during the quarter valued at market
Sept. 30, 1936, rather than cost, would have been $227,635 or 18.7 cents
per share on the outstanding common stock.
Net profit for the 12 months ended Sept. 30,1937, was $1,350,780 before
depletion, equal to $1.11 a share comparing with $804,987 or 66 cents a
share for the 12 months ended Sept. 30. 1936,
Note—Company states that due to dividend payments and depletion,
there was no surtax on undistributed profits for 1936 and no provision has
been made to Sept. 30, 1937, for any current taxes of this nature.—V. 145,
p. 1274.
from
Simonds Saw & Steel Co.—Dividend Increased—
The
directors
the
on
Nov.
Holders of a majority of the convertible $5 preferred stock at a special
meeting held Nov. 15, authorized directors to issue at any time during the
balance of the year, should directors deem such action desirable, up to
8,000 shares as a dividend on the common stock. The directors have not
yet determined whether or not to issue any stock for such purpose.—
V. 145, p. 2706.
$387,287
$0.32
—
1937—9 Mos.—1936
$1,231,357
$649,980
$1.01
$0.53
x
Listing and Registration—
Sharon Steel Corp.—Stock for Dividend Voted—
Co.—Earnings
1937—3 Mos.—1936
30—
Earns, per share
The New York Curb Exchange has admitted the class B common stock,
$1 par, to listing and registration.—V. 145, p. 2088.
new
27.
on
no par
Nov.
a dividend of 80 cents per share
shares payable Dec. 15 to holders of record
of 50 cents was paid on these shares on
15 declared
common
initial dividend
An
Sept. 15, last.
The company's stock was recently split up on a 10-for-one basis.
A dividend of $4 per share was paid on the old stock on June 1, last, and
a dividend of $3 per share was distributed in March, 1937.—V. 145, p. 3211.
Smith-Alsop
Paint
&
Varnish
Co.,
Inc.—Common
Dividends Resumed—
(Frank G.) Shattuck Co.—Extra Dividend—
The directors have declared
an extra dividend of 40 cents per share,
regular quarterly dividend of 15 cents, both payable Dec. 21
An extra dividend of 50 cents was paid Dec. 21,
extra dividend of 25 cents on Dec. 28, 1935.—V. 145, p. 3210.
together with
140,000
1,944,358
177,611
Sierra Pacific Power Co.—Consolidation—
The Federal Power Commission approved Nov. 18 the issuance of 35,000
shares of preferred and 226,600 shares of common stock by the company
for the purpose of effecting a cosnolidation between it and its parent
company, Sierra Pacific Electric Co.
The Commission ordered that the
effective date of the merger for accounting purposes be July 31, 1937.
The application was originally dismissed without prejudice following a
hearing Aug. 2, after which it was reinstated at the company's request
$3,737,386
Seminole Provident Trust,
Less
Sierra
account of $104,411.
b Represented by
Represented by 6,499 no par shares.—V. 145,
doubtful
shares,
140,000
Accrued accounts.
,
See Sierra Pacific Power Co.—V. 145, p.
x
§3,737,386
After
50,000 no
p. 1752.
514.907
shares of common, into the capital stock of Sierra Pacific
Liabilities—
Assets—
Cash
547,784
depreciation,
b Less reserves,
c Represented by
137,139 shares in 1937 and 142,089 shares in 1936 of series AAA 5% cum.
pref. stock, $100 par.—V. 145, P. 3211.
\
a
$504,375
5,383
204,675
—
2,096,445
56,325,159 54,214,873
Total
1936
$689,168
81,432
earned
2,911,694
171,424
officers
and
employees.
Mtges. payable...
payable
Deposits,
8,335,395
19,752,760 16,954,240
3,761,414
3,831,052
509,793
566,404
915,156
915,965
Inventory
Investments
c
232,587
acceptances
227,241
b Accts. receivable 8,817,696
$
$
Preferred stock.13,713,900 14,208,900
Common stock
15,848,175 15,848,175
equip—18,253,461 17,196,871
Pats., trade-marks
1
Cash
6,239,776
4,030,216
Plant A
the Reading Co., lessee.
Interest collected and discounts
Other income
Liabilities—
$
Assets—
a
1936
1937
1936
1937
1937—Month—me
Period End. Oct. 30—
Sales
1937
20,
Consolidated Balance Sheet Aug. 31
a
The company paid a dividend of 40 cents per share on its common stock
Oct. 28 to holders of record Oct. 20. This was the first dividend paid on
on
to holders of record Dec. 1.
the common stock since Dec.
1936 and
tributed.
an
Shawinigan Water & Power Co.—Earnings—
9 Mos. End. Sept. 30—
1937
1935
1934
$9,433,406
$8,962,678
1,744,575
1.145,992
274,480
1936
Gross revenue
$10,943,972 $10,225,470
Gen. oper. & main. exp_
2,438.041
2,217,533
1,357,548
326,026
715,661
Taxes and insurance
U. S. exchange on fixed
1,326,307
310,036
606,510
18,000
2.993,639
Power purchased....
Water rentals..
2,004,724
1.179,771
292.069
542,349
75.000
3,031.714
75,000
3,020,206
491,106
charges
62,322
Reserve for exchange...
Fixed charges
1, .1930, when 12 M cents per share was dis¬
The company recently cleared up all accumulations on its 7% cumulative
preferred stock.—V. 145, p. 955.
Smith Brothers Refinery Co.,
Inc.—Earnings—
Earnings for 8 Months Ended Aug. 31, 1937
Total gross operationg income
earns, after all charges incl. Federal income and surplus tax
Net
(L. C.) Smith & Corona Typewriters, Inc. (& Subs.)—
Earnings for 3 Months Ended Sept. 30, 1937
3,099",402
Surpl. for the period $3,095,057
x
Before depreciation and income taxes.—V.
$2,658,370
$2,319,285
145,
p.
Profit from operations
3021.
depletion
Depreciation,
The directors have declared
a dividend of $1.50 per share on the common
payable Dec. 1 to holders of record Nov. 20.
The company paid a
100% on the common stock, par $25, in common stock on
stock dividend of
June 1 last and at same date
a cash dividend of $1.50
per share was paid.
Previous dividend payments were as follows: $1 on March
1, 1937, $3.50
°n Dec. 1, 1936, and 50 cents
per share paid on Sept. 1, 1936, and in each
of the three preceding quarters, the Dec.
15, 1935 dividend being the first
paid since 1932.—V. 144, p. 4022.
1936
$8,094,006
183,352
1935
1934
$6,911,833
$6,199,985
Total income
®°
$8,852,891
Plant deprec. & maint..
927,861
Loss on pqrm. assets sold
$8,277,358
880,495
$6,911,833
860,094
$6,199,985
784,482
593,657
al,296,417
515,222
994,012
330,167
906,867
386.004
760,000
$6,034,955
18,692,262
$5,887,629
16,146,511
$4,814,704
14,739,942
$4,269,499
12,804,646
Dr24,750
Drl5,425
Dr24,750
Drl.999
Other income...
or
scrapped, prov. for
doubtful acc'ts, &c
Net profit
Surplus Aug. 31
Premium
_
on
pref. stock
$24,702,467 $22,018,714 $19,529,896 $17,072,144
pref. stock
704,257
790,744
893,319
905,868
com. stock
3,803,562
2,535,708
2,060.263
1,426,336
Divs. paid on
Divs. paid on
Adj. of book val. of inv.
in unconsol. Canadian
affiliate to cost
Excess of cost over par
value of treasury com¬
Shares
com.
51,104
stock
out-
standing (par $25).—
Earns, per sh. on com..
sh.
a
633,927
633,927
$8.04
""
$8.41
633,927
$6.19
635,583
$5.29
IncludesJFederal surtaxlonjundistributedJprofits of $204,900.
I
—$218,056
47,778
30,272
Net income
per
share on 276,193 shares common stock (no par)..
$140,006
$0.43
balance sheet of Sept. 30, 1937, shows total assets of
$10,498,431 comparing with $8,826,905 on Sept. 30, 1936; earned surplus
$1,557,456 against $1,129,908 while capital surplus was $585,099
against $631,879.
Ten-year serial debentures outstanding on Sept. 30,
1937, aggregated $1,575,000 as compared with $1,750,000 on Sept. 30,
1936.
Current assets as of Sept. 30, 1937, incl. $527,044 cash, amounted
to $7,516,730 and current liabilities were $2,184,529.
This compared with
cash of $551,171, current assets of $5,799,118 and current liabilities of
$1,081,474 on Sept. 30. 1936.
Inventories were $4,184,463 gaainst $2,906,491.—V. 145, p. 2559.
was
(A. O.) Smith Corp.—Earningi
1937
$2,084,492
1,105,861
Operating income
Depreciation
Net operating income
Other income (net)
—
1936
$1,487,239
1,132,285
1935
$481,737
1,139,050
Total income
Esti. Fed. and State income taxes
$978,631
144,302
$354,954 loss$657.313
xl97,911
105,482
$1,122,933
245,885
.....
$552,865 loss$551,831
114,720
$877,048
$438,145 loss$551,831
on 498,800 shares
capital stock (par $10)
$1.76
$0.88
Nil
x Includes $77,121 profit on sale of machinery and equipment sold or dis¬
carded (net) and $55,885 loss on sale of securities (net.)—V. 145, p. 2406.
$20,194,648I$18,692,262 $16,146,511 $14,739,942
)
Total profit
Interest and other charges..
Federal and Canadian income taxes.
Net income—
Earns, per share
378,700
stock retired
Surplus, Aug. 31
$204,512
13,544
——
12 Months Ended Oct. 31—
Total surplus
mon
Profit..
Consolidated
1937
$8,722,306
130,585
Trading profit.
$247,467
42,955
--
and amortization
Other income
Earnings
Sherwin-Williams Co. (& Subs.)-—Earnings—
Years End. Aug. 31—
.
$2,144,800
Shepard-Niles Crane & Hoist Co.—Dividends—
stock
$3,126,038
2,878,571
Sales.
Costs and expenses
x
$575,066
318,668
—V. 145, P. 131.
Soss Manufacturing
-
Co.—Extra Dividend—
The directors have declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of 12 H cents per share on the
capital stock, par $1, both payable Dec. 10 to holders of record Nov. 26.
—V. 145, p. 1274.
Volume
145
Financial
.
Solar Aircraft
Co.—Earnings—
Earnings for 24 Weeks Ended Aug. 16, 1937
a
Net income..
$181,119
17,312
$0.13
.
share
per
129,640 shares
on
3359
makes
Sales
Earnings
Chronicle
After operating expenses, norma, Federal income taxes, depreciation
and other charges, but before provision for Federal surtax on undistributed
a
earnings.—V. 144, p. 3020.
South American Utilities Corp.—Canadian Interests to
Buy Notes —Reorganization Outlook —
S. Lampard of Lampard, Marston & Co., Ltd., Toronto, Canada,
announces that Canadian interests have entered into a contract to purchase
from the present holders approximately $4,500,000 of the four-year secured
notes of the corporation.
R.
It is contemplated that, subject to the completion of the purchase, a
plan of reorganization may be submitted to the shareholders for their con¬
sideration.
The corporation (formerly Intercontinents Power Co.) is a holding com¬
pany, incorporated in Delaware, for subsidiaries operating in Argentina,
Brazil and Chile.—V. 145, p. 1599.
the Chairman the executive head and the chief administrative
officer of the company.
The board of directors was increased from eight
to 10.
Thomas L. Smith and Jay Holmes were elected to the Board.—
V. 145, p. 2864.
Standard Dredging Corp. (& Subs.)—Earnings—
Consolidated Income Account for 8 Months Ended Aug. 31,1937
[Exclusive of income and surplus of National Dredging Co. (New Jersey)
merged and consolidated after Aug. 31, 1937.]
Contract earnings, after deducting operating expenses
Idle plant expense
$1,932,557
—- «
Net profit from operations
Other income
Total income
Interest--
—Earnings
-
-
$955,912
7,154
178,296
1,223
127,500
-
Depreciation and amortization
Miscellaneous deductions
—
Net profit
tFormerly Broad River Power Co.]
12 Months Ended Sept. 30—
1937
$3,573,034
1,333,843
198,929
486,598
500,394
...
Operating income
income
$1,058,375
510,856
189,174
60,865
Cr3,287
$641,739
Note—No provision has been made for Federal surtax on undistributed
profits.
554,235
149,614
63,348
Cr 757
$352,029
Provision for retirements
Provision for taxes
$992,647
65,728
$1,109,638
...
$3,320,292
1,444.762
228,722
218,576
435,585
$1,053,279
56,368
Operating revenues
Operating expenses
Maintenance—
Other
1936
$291,935
Balance Sheet Sept.
i
Assets—
Gross income.—.
Interest
Interest
on
funded debt...
unfunded debt
Amortization of debt discount and expense
Interest charged to construction
on
Balance of income...
Note—No provision is made in this statement for Federal surtax
distributed profits, if any, for the year 1937.—V. 145, p. 956.
Southern Canada Power Co.,
$409,376
1,181,384
156,545
570,997
Accounts receivable
Contract work in progress
Inventories
Notes & accounts receivable-.
64,918
Fixed assets
x4,231,269
Unexpired insurance & taxes,
40,960
Notes payable
Accounts payable
$141,645
727,290
Accrued accounts
258,218
Marine pref. mtge. 4% note..
Month of October—
$1.60 cum.
(par $20)
$115,398
109,624
Net earnings
Interest, depreciation, amortization & dividends..
-»p-2m
$109,656
108,721
S5'774
—
Southern Natural Gas Co.—To Issue Bonds—
Dec. 6V. 145, p. 1915.
Period End. Oct. 31—
1937—Month—1936
1937—10 Mas—1936
Ry. operating revs
$20,134,249 $19,918,309 $191224,252 $162970,867
JEty. operating expenses- 15,257,125
13,558,436 146,396.271 121,036,963
Net rev. from ry. opsRy. tax accruals
-
$4,877,123
1,450,872
Joint facility rents (net)-
53,030
Net ry. oper. income:
After depreciation
-
Before depreciation
—V.
145,
$6,359,573 $44,827,981
826,215
14.383,852
920,742
9,128,288
47,985
638,520
1,080,574
Equipment rents (net)
x
Standard Gas & Electric
$41,933904
10,499.795
7,587,781
562,228
-_
$4,564,629 $2C,677,321
5,208,744
27,410,290
$23,284,099
29,798,606
3022i
Co.—Weekly Output—
output of the public utility operating companies in the Standard
Electric
Oo.
the week ended Nov. 13, 1937, totaled
105,555,214 kilowatt hours, a decrease of 2.5% compared with the corres¬
ponding week last year.—V. 145, p. 3211.
system
for
Standard Oil Co. of Kansas
9 Mos. Ended
(& Subs.)
—
1936
$883,106
63,014
117,967
89,325
19,568
35,605
5,668
4,011
64,487
33,185
77,242
59,466
100,244
82,712
14,263
33,855
7,000
4,050
58,257
32,478
77,351
21,303
78,284
131,857
$504,619
341,254
$203,285
5,274
$845,873
25,923
(other than Federal income taxes).
Lease rentals paid
Geological, land and exploration expense
Dry Hole contributions
Loss on disposition of capital assets (net)
$208,560
-
Depreciation
Depletion
;
Amortization of intangible developments costs
Intangible developments costs written off
VW
vyp V* VW
VJlup
Non-operating
on
aban¬
surrendered-
.
U1VVJJ1V. mm mmmmm.mmmmmmmmm.mmmm mm mm b mm mm mm mm mm mm m
income
Total
Interest paid
...
Reserve for contingencies
;
Provision for Federal normal income taxes
15,594
140,000
68,060
mention
made
of
Federal
surtax
on
13,438
$611,890
Net income
—V. 145, p.
Earnings —
1937
$1,035,994
Sept. 30—
Gross oper. income—Sales of crude oil, gas, &c
Production and maintenance expense
General and administrative expense
2864.
p.
Southern
&
Note—No
$2,292,647
2,983,800
_
$6,655,449
Total
After reserve for depreciation of $2,271,070.—V. 145, p.
doned locations and leases
Leases and royalties expired or to be
Lines—Earnings—
$179,526
undistributed
John K. Ottley, has been elected
burn, resigned.
a
addition
director succeeding Devereaux Mil-
1937
Gross earnings (est.)
—V. 145, p. 3211.
Jan. 1 to Nov. 7
1936
$
1937
$
2,504,933
—
The directors have declared an extra dividend of 20 cents per share'in
—
—First Week November
Period—
profits.
1753.
Standard Oil Co. of Kentucky —Extra Dividend
Ry.—New Director
2,998,600
464,217
499,623
573,325
——
-
Taxes
Company, a registered holding company, has filed with the Securities
Exchange Commission a declaration (File No. 43-92) under the Holding
Company Act covering the issuance of $650,000 1st mortgage pipe line
sinking fund bonds, 4H% Series due 1952.
The bonds are to be sold at
97 % to a single purchaser.
Proceeds' will be used for plant and equipment.
Opportunity for hearing in the above matter will be given at 10:00 a. m.
Southern Pacific
$6,655,4491
Total—
Electric
1936
$189,351
79.695
pref. stock
conv.
Common stock (par $1)
Gas
1937
$202,234
86,836
expenses
925,000
67,531
M
Res. accident indemnity lnsur.
Paid-in surplus
Other surplus
un
Ltd.—Earnings—
Gross earnings
Operating
on
1,1937
Liabilities—
Cash
_
,
580,390
$925,294
30,618
-
Federal income tax—(Estimated)
South Carolina Electric & Gas Co.
136,845
290,028
—-
Administrative and general expenses
Proportion of profits payable to associated cos. under agreement
covering pooling & use of dredges & other equipment
1936
$
$
2,599.175 114,279,383
quarterly dividend of 25 cents per share on the common
stock, par $10, both payable Dec. 15 to holders of record Nov. 30.
Extra
dividends of 15 cents were paid on Sept. 15 and on June 15 last.
An extra
dividend of 25 cents was paid on Dec. 15, 1936.
See V. 143, p. 3649, for
detailed dividend record.—V. 145, p. 1436.
to
a
Standard Silica Corp.—Extra
107,144,356
Dividend—
The directors have declared an extra dividend of 12 cents per share in
to the regular quarterly dividend of 20 cents per share on the
addition
Southland
Royalty Co.—Larger Dividend—
common
stock, par $5. payable Dec. 15. This compares with 10 cents paid on
Sept. 15, June 21, last: on March 20. last: 5 cents paid on Dec. 31, 1936;
10 cents on Oct.15, and on July 15,1936, and prior thereto regular quar. dlvs.
of five
share were paid.
In addition, an extra dividend of
five cents per share was paid on Jan. 5,1936, and on Jan. 10,1935.—V. 145,
p. 1599.
cents
per
884
raxes
Net income, excl. of results from security transactions
Net profits realized from security transactions after appropriate
charges and taxes
net income and
net
Balance Sheet
$2,549
1,206
profits—-
Assets—
$3,755
Investments—at cost
$13,524
273,484
Sept. 30, 1937
receivable
918
Due for capital stock
675
Accrued
expenses..
$870
Cash
Common stock (par $0.10)
stock
100
Deferred charges
—
Treasury
Paid-in surplus
Income equalization account..
Earned surplus
1,197
26,927
Dr435
254,420
2,411
3,292
$2.10
.
(& Subs.)—Balance Sheet Sept. 30—
$
1.565,284
ceivable, trade—
y
Inventories
z
Other
cur.
assets
341,823
8.547,162
268,247
Non-cur.
invs.
receivables,
res.
sight drafts
trade.
Accts. pay.,
a
194,562
58.405
116,557
717,772
367,958
198,904
225,527
Dealers'
133,994
will & pat. rights
o
per
deps.
10-year conv.
debs.,
Prop., plant and
-
342,717
Other cur. liabllS--
less
equipment
187,383
5,213.555
1,574.943
sales contracts-
used In
11,280
Deferred charges.
Trade name, good¬
6,714,914
1,643,265
506.413
6,264.813 Res. for net loss on
leased prop, not
285,137
&
for losses—
export
Accrued expenses.
Res.
for taxes
Accts. & notes re¬
$
banks,
against
7,997.742
1936
$
Liabilities—
Adv.. from
deposit..— 9,197,405
Sight drafts out¬
standing
1.834,831
x
1937
1936
hand and
on
on
499
Reserve for Fed. & State taxes
479
Real estate
Corp.
$
Assets—
subs, not consol.
capital stock
Nov. 20-^J
$82,708
Inv. in & advs. to
Due for
record
earnings.—V. 145, p. 1915.
Liabilities—
Cash
Dividends
*
holders of
After operating expenses, normal Federal income taxes, depreciation
and other charges, but before provisions for Federal srutax on undistributed
1937
$3,432
to
a
Studebaker
Dividends received and accrued
1
Net income
Earnings per share on 39,346 capital shares
Earnings for Period July 1 to Sept. 30, 1937
Total
Dec.
Earnings for Nine Months Ended Sept. 30, 1937
a
Sovereign Investors, Inc.—Earnings—
Expenses and
both payable
stock,
The directors have declared a dividend of 20 cents per share on the com¬
mon
due
on
6%
Jan.
1, 1945—
6,762,745
15,176,449 13,909,120
1,281,371 Accrd. Int. paym't
1,178,600
def'd
by
6,817,846
prov.
of Indenture
520,484
320,186
2,165,594
2,196.416
Capital surplus.—16,693,687 16,401,734
Earned surplus.
720,737def1,267,076
1
Com. stk. (par $1)
Total
$289,181
—
Total
——
$289,181
—V. 145, p. 780.
-
Springfield Street Ry.—Earnings
Period End. Sept. 30—
Net loss
.1
Total
—
1937—3 Mos—1936
$34,795
$45,874
1937—9 Mos.—1936
$14,707
$25,208
4,668,313
4,787,122
15,998,586
16,179,610
7.78
7.78
7.64
7.66
Revenue fare passengers
carried
Average fare
ger (cents)
per passen¬
—V. 145, p.
1275.
-
Standard
Brands,
Inc.
-New
Chairman—Directorate
meeting of the board of directors held on Nov. 16, Joseph Wilshire,
who has been President of the company since 1925, was elected Chairman
of the Board, a newly created office, and Thomas L. Smith, formerly
a
First Vice-President, was elected President.
Paul W. Fleischmann was appointed First
Vice-President and ■William
was named Assistant to the President.
creation of the new office, Chairman of the Board, the announcement
Klusmeyer, Vice-President,
36,739,080 31,955,154
Total
x After reserve for doubtful accounts and notes of $28,191 in 1937 and
$18,304 in 1936.
y After reserve for obsolescence and other reserves of
$402,401 in 1937 and $124,248 in 1936.
x. After reserve for losses of $12,651
in 1937 and $2,756 in 1936.
a After reserve for loss on demolition, &c., of
$2,229,110 ($2,543,336 in 1936), and reserve for depreciation of $1,897,646
($1,192,591 in 1936).
r «•*
The earnings for the 3 and 9 months ended Sept. 30 appeared in the
^
t
^
a
a
•Chronicle" of Nov. 6, V. 145, p. 3022.
Increased—
At
36.739,080 31,955,1541
The
said.
Standard Textile Products Co.—To
Modify Plan—
Following action of the board of directors on Nov. 15, approving the pro¬
posed modification of a plan of reorganization, Federal Judge Mack ordered
notices sent to bondholders not later than Nov. 17.
The proposed modi¬
fication, involving a reduction from $260,000 to $200,000 in the amount
of working capital to be advanced by Interchemical Corp., was made
following the disclosure that a market loss of $60,000 will result from
executory contracts entered into by subsidiaries of Standard after Interchemical's original proposal was made last May.
Financial
3360
Chronicle
Balance Sheet Sept.
Judge Mack held that bondholders who consented to the plan be approved
September shall have the right to withdraw their consent if they do not
Withdrawals must be filed in writing with the
City Bank Farmers Trust Co. by Nov. 29.—V. 145, p. 2245, 1915.
In
$18,673,290
Unamort. debt dlsct. & exp_.
884,125
Investments
Inc.—Sales—
Participating pref. stock
14,858
187,156
568,312
c
Class A common stock
548,517
Special deps. & working funds
6,600
class B common stock ($1 par)
450,000
75,000
705
30-year 5% gold debentures..
Accounts payable
Due to subsidiary companies.
9,959,000
27,931
216,691
Due from subsidiary cos.:
333,450
receivable..
Accounts
Dividends and interest
Sterling Products, Inc.—Acquisition—
13,494
;
per
1937
$244,687
—V.
145,
allowance for estimated Federal income taxes._
1117.
P.
Gulf
Texas
Producing Co.—Balance Sheet Sept. 30—
1937
dividend of $1.50 per share on the class B
Cash
$
162,002
6,867
5,611
Working funds
Notes receivable..
34,552
9 Months
26
9,489,909
9,417,894
60,650
60,650
Inventories
a
78,803
Fixed assets
Organization expe.
$227,733
$1,076,377
Note—The above figures are subject to adjustment, and include earnings
of the Symington-Gould Corp. and of Gould Coupler Corp. for the periods
above stated.—V. 145, p. 2407.
profits...
60,198
228,601
199,419
(James) Talcott, Inc.—Extra Dividend
The directors have declared
on
the
1937.
stock,
common
This is in addition to
a
Dec.
—
to holders of record Nov. 29,
cash dividend of 15 cents per share which
15.—V.
Texas Gulf
145,
p.
3212.
at
$20 per share to 31,497 shares of additional
one
18 shares held.
common
stock in the ratio
Subscriptions with payment in
agent, 49 Federal St., Boston, before the close of business Dec. 20.
stock offered is not to be underwritten.
The net proceeds to be received by the
company are to be
funds to pay, in part, for the cost of the new high pressure
used to provide
non-condensing
approximately $828,000.
stock,
Authorized
$1,000,000
stock, but excludes 575 shares of
and held in treasury.
ing
Outstanding
$1,000,000
July 31,''37
$2,677,255
1,546,637
Miscell. int. expense...
7,791
Approp. for retirement
Calendar Years-
$3,906,341
2,182,773
10,069
250,833
430,000
430,000
$1,372,282
$1,316,080
of the
by attorneys for small creditors seeking to force a reorganization, representa¬
blocks of the adjustment mortgage bonds moved for a vote of
tives of large
confidence.
This was carried.
C. Douglas Green and Frank
Petition to
Reorganize Dismissed—
Samuel Mandelbaum on Nov.
1937
before income, undistributed profit, & excess
profit taxes & depreciation
deny in detail the alleged insolvency of the company and that it
any acts in bankruptcy, Judge Mandelbaum said, "I am
of bankruptcy or default has been committed
of the company's obligations."—V. 145, p. 3022.
had committed
not
satisfied that any act
in any
Thompson-Starrett Co., Inc. (& Subs.)—Earnings—
3 Months Ended
Oct. 28 '37
Oct. 29 '36
Income tax deduction...
$83,177
the Colorado
$289,191
42,684
42,586
Title Insurance
$333,765
-7-^-"----
Preferred stock dividends
$203,921
10,116
Earned per share on
15,589
$323,649
$3.80
stock
$188,332
com. (based on 85,200
shares)
$2.21
Unfilled orders at Oct. 31,
1937, were $1,378,210 compared with $1,084_
Zoi a year earlier.
stock
Tilo
Land, buildings,
mach. & equip
Sheet
46,961
350,669
1,105,223
inventory
1937
1936
Preferred stock
$383,813
58,992
231,951
813,674
4,710
21,650
Life ins.—cash val.
Real est., not used
in operations
$220,400
x Common stock..
Notes payable
Accounts
payable.
$426"656
375,000
395,000
57,083
560,000
122,547
46,238
1,662
46,237
4,536
penses and divs.
14,004
41,667
348
Deps. in closed bks
Sink, funds for re¬
2,983
tire. of pref. stk.
Roofing Co.—Extra Dividend—
taxes.
107,986
Surplus
42,586
Z481.644
863,052
an
extra
dividend of 25 cents per share in
to the
regular quarterly dividend of like amount on the common
stock, par $1, both payable Dec. 15 to holders of record Nov. 26.
See V.
144, p. 3353, for
detailed record of previous
dividend payments.—
Y. 145, p. 3212.
addition
Tom
Accrued taxes, ex¬
Reserve for income
Miscell. receiv'les.
Corp. of St. Louis—Larger Dividend—
have declared
par
The directors have declared
30
Liabilities—
$503,327
Cash
Accounts receiv'le.
Sept
$41,351
a dividend of 62^ cents per share on the
$25, payable Nov. 30 to holders of record Nov. 20.
This compares with 25 cents paid in each of the two preceding quarters:
12M cents paid on Feb. 28 last: 37H cents on Nov. 30, 1936: 25 cents paid
in the two preceding quarters and dividends of 1214 cents per share pre¬
viously distributed each three months. In addition, extra dividends were
paid as follows: 25 cents on Nov. 30, 1935: 12M cents on Dec. 1, 1934, and
25 cents per share on Nov. 30, 1931.—V. 144, p. 3353
The directors
common
1936
6 Months Ended
Oct. 28 '37
Oct. 29 '36
$86,763
$38,320
in respect of which the amount of loss (in excess of
$100,000 reserve earlier established) or profit cannot be determined before
completion scheduled for 1938.—V. 145, p. 1276.
1936
$501,218
59,468
107,986
Depreciation
Balance
18 dismissed the petition
River Adqueduct,
*,^Kear2 Ended Sept. 30—
Profit
1937
K. Houston were elected directors to fill
vacancies.
Note—These figures do not include results from operations on
Taylor-Colquitt Co.—Earnings—
y
adjustment mortgage bonds on the ground that this was
the future.
a hostile attitude toward the management adopted
matter for
a
Net loss
A &sets—
Able to
its refunding mortgage 4% bonds was expressed by President S. W.
Huff, at the recent annual meeting.
"We believe that the company can
enough to pay interest on this issue," he said.
Mr. Huff declined to discuss the possibility of resumption of payments to
$1,283,500
1934
-V. 145, p. 2865.
common
Company
earn
Period—
Net profit for
Believe
on
430,000
$871,993
Net income
Ry.—Officials
Confidence in the ability of the company to continue payment of interest
company
1935
$4,086,734
2,329,543
11,111
reserve
i>3et
Avenue
Federal Judge
1936
$4,212,020
2,396,629
13,108
Oper. exps. and taxes...
York Stock Exchange of the cancella¬
outstand¬
of three minority bondholders for a reorganization of the company under
Section 77-B
of the Bankruptcy Act.
After hearing counsel for the
Earnings
7 Mos. End.
of 50 cents per share in
par
of Nov. 9, 1937.—V. 145, p. 2560.
as
Third
stock reacquired
common
no
In order to counteract
Common stock (no par)
600,000 shs.
a598,652
■nclU(i08 common stock scrip outstanding (366.86 shares as at July 31,
1937, reduced to 203.86 shares as at Nov. 12, 1937) exchangeable for full
common
Sulphur Co.—Extra Dividend —
The company has notified the New
holders
7% preferred stock series A (par $100)
Gross earnings
10,355,450 10,382,702
tion of 20,000 sub-shares, leaving 1,319,089 sub-shares issued and
entirely
To Be
Statement of
Total
4,151.069
Pay Interest—New Directors—
Capitalization Adjusted to Reflect the Issue of the Common Stock
shares of
3,756.668
quarterly dividend of 50 cents per share on the
value, both payable Dec. 15 to holders of record
Dec. 1.
An extra dividend of 25 cents was paid June 15 last and an extra
dividend of 50 cents was paid on Dec. 15, 1936.—V. 145, p. 2865.
common
The
turbine-generator of a rated capacity of 9,375 kilovolt amperes, two new
115,000 pounds per hour steam boilers and other related auxiliaries now
being installed in the West Jackson Street Power Station of the company,
cost
Surp. arising from
3,859,949
appraisal
4,557,317
Earned surplus
the regular
to
full must be received at office of Stone & Webster Service Corp., transfer
to
633,796
1.519
_
Texas Pacific Land Trust'—Shares Canceled—
given the right to subscribe
are
of
estimated
73,341
1,474
_
Div. credits outst.
have declared an extra dividend
The directors
addition
Tampa Electric Co,—Rights to Stockholders—
share for each
43,024
633,841
b Common stock
15,
Common stockholders of record Nov. 12
new
10,464
1,339,544
216.793
depreciation and depletion reserves of $3,002,331 in 1937 and
$2,323,251 in 1936.
b Represented by 888,132 no par shares in 1937 and
888,087 no par shares in 1936.
The earnings statement for 9 and 12 mos.
ended Sept. 30 appeared in the "Chronicle" of Nov. 6, V. 145, p. 3022.
'
holders of record Dec.
43,946
1
48,569
897,307
179,220
After
a
was also declared on the common stock,
payable Jan. 1, 1938 to holders
of record Dec. 15.
Last previous payment was 15 cents on Oct. 1.
The regular quarterly cash dividend of 68 % cents per share was declared
on the $50 par 5M%
participating preference stock, also payable Jan. 1
to
Res. for contlng..
10,355,450 10,382,702
Total
cash dividend of 10 cents per share
an extra
payable
153,997
Other assets
48,377
Contingent Income
33,013
production
103,059
Federal
taxes
Long-term debt
191,029
Deferred charges..
for
Prov.
86,370
3,053
15,000
Accts. receiv. from
Net profit, before prov. for surtax on undistrib.
52,500
Accounts payable.
Accrued liabilities.
75,711
Securities owned..
$838,887
237.490
$
Notes payable
153,535
Other curr. assets.
$148,930
Other income—Net.....
1,000
578
156,895
92,703
4,101
Accta. receivable
1936
$
Liabilities—
131,155
-
Acer. int. recelv..
Symington-Gould Corp.—Earnings—-
1937
1936
$
Assets—
This will be
20, 1932, when \2lA cents
profit taxes
$42,144
Net profit after
1936
$165,430
Period Ended Oct. 31, 1937—
3 Months
Oper. income after prov. for deprec. of plant, all
selling & gen. exps., prov. for res., for State
taxes, & for Federal normal income & excess
Corp.—Earnings—
Earnings for 9 Months Ended Sept. 30, 1937
distributed.—V. 145, p. 1275.
was
$20,586,801
Represented by 391 no par shares,
b Represented by 3,299 no par
c Represented
by 95,024.4 no par shares,
d Amount reserved
for general contingencies.—V. 145, p. 1600.
a
stock, payable Nov. 29 to holders of record Nov. 22.
share
...
Total
shares,
Ltd.—Earnings—
the first dividend paid on the B shares since Dec.
100,000
1,001,219
$20,586,801
Total
Superior Portland Cement Co.—Class B Divs. Resumed
common
19,092
2,375,653
Surplus reserved
Earned surplus
Tennessee Products
a
165,983
Accrued taxes
d
company on
Chemical Associates,
deprec. & taxes-..
Accrued interest
Reserves
Oct. 27, acquired all the capital stock of Cleveland
Inc., of Cleveland, in exchange for 3,500 shares of
Sterling Products, Inc., capital stock representing an investment of$219,009.
The capital stock of Cleveland Chemical Associates, Inc., was transferred
to Alba Pharmaceutical Co., in exchange for 1,100 shares of Class A com¬
mon stock of Alba, Sterling Products owns all the Class A common stock
of Alba Pharmaceutical Co., representing 50% of all the issued and out¬
standing stock of that subsidiary.
The Class A stock has voting control.
—V. 145, P. 3211.
This
The directors have declared
$5,520,700
b
Other accounts receivable...
—V. 145, p. 2560.
Net income before
30, 1937
7% 1st pref. stock ($100 par)
a $3 1st pref. stock
Acct. receivable from affil.co.
1937—10 Mos.—1936
$4,749,170
$4,338,078
$530,053
Sullivan Consolidated Mines,
9 Months Ended Sept. 30—
1937
31,823
Prepayments <fc deferred chges
Cash in banks
1937—Month—1936
$594,193
Period End. Oct. 30—
Sales
20,
Liabilities—
Assct$~~~"
agree with the modification.
Sterchi Bros. Stores,
Nov.
■
Walker, Inc.—Earnings—
Month
17,711
_
$300,563
201,072
$8,188
Gross profit
Expenses—net.
$1,566,359
1,265,796
$25,898
30,1937—
-
Cost
9 Months
$178,058
152,160
Period Ended Sept.
Sales.
$99,491
44,994
Deferred charges..
18,231
Net
20,767
profit
-V. 145, p. 2710.
Total
$2,093,588 $1,613,381|
35,500
no par
Total
shares,
y
....$2,093,588 $1,613,381
After depreciation allowances
of $389,573 in 1937 and $336,023 in 1936.
z Includes $44,994 surplus set
aside for retirement of preferred stock.—V.
145,
p.
1917.
Transcontinent Shares
T.
Income Account for
Operations and taxes
Net earnings
on debentures
Interest
Amortization of debt discount and expense.
Net income.
.
.
7% 1st preferred dividend..
$3 1st preferred dividend
Shares
and
$609,939
93,925
.$516,014
374,420
32i208
$109,386
81,154
246
Corp.
of Transcontinent
Shares Corp. and
Fiscal
identical with that of the T. I. S. Mangement Corp.
F. D. Crosby, director and President; C. W. Barber,
director and Sec.-Treas.; M. E. Gray, director.
H. T. Wilwerth con¬
tinues with the corporation as Assistant Secretary and Assistant Treasurer
and Lewis Wence is Vice-President.—V. 144, p. 294.
The
boards
Fund, Inc.
the Nine Months Ended Sept. 30, 1937
Gross earnings—Dividends and interest
S.
1.
continent
Telephone Bond & Share Co.—Earnings—
Corp.—New Control—
F. D. Crosby who is also president of
Management Corp., sponsor of Trusteed Industry Shares,
purchased in excess of 90% of the outstanding common stock of the TransAs of the close of business, Oct. 29,
the
are
as
of directors
are new
follows:
Transue
&
Steel
Williams
Forging Corp. — Year-End
Dividend—
The directors have declared
share in addition
on
the
common
to
an
no par
extra
year-end dividend of 15 cents
per
quarterly dividend of 15 cents per share
value, both payable Dec. 1 to holders of record
the regular
stock,
Volume
An extra dividend of 5 cents was
Nov. 26.
p.
Financial
145
paid on Oct. 1, 1936.—V. 145,
2561.
United States Freight Co. (&
Underwood-Elliott-Fisher Co.—Special
Dividend —
of 25 cents per share
share on the common
to holders of record Dec. 4.
A
the $1 quarterly payment was
SI was paid on June 30, last;
of the four preceding quarters
The directors on Nov. 18 declared a special dividend
stock, no par value, both payable Dec. 15
special dividend of 50 cents in addition to
disbursed on Sept. 30, last; a dividend of
dividends of 75 cents were paid in each
Sept. 30—
1937—9 Mos—1936
1937—12 Mos—1936
$30,663,803 $34,208,306 $45,608,457 $45,314,802
Freight & cartage paid.. 22,972,747
27,085,212
34,591,876 35,926,090
Operating costs
7,277,966
6,323,726
10,507,759
8,308,107
revenue
Taxes
quarter from
1933.
Sept. 30,
1932 to and incl.
Sept. 30,
Union Premier Food Stores,
have declared
United American Bosch
$8,477,205
x$325,648
After ordinary taxes, depreciation and other charges but
vision was made for Federal income taxes since it appears that
x
United Biscuit Co. of
Gross
America—Preferred Stock Called—
1936
1935
1934
$2,735,716
$2,148,762
$1,558,479
1,023,000
263,833
879,060
281,690
784,411
630
570,066
$1,363,721
$1,574,965
$1,917,108
——
1,392,598
51,728
544,086
$524,510
397,885
$4.82
$799,089
397,885
$3.96
Surplus
stk. (no par).
After
share
selling,
manufacturing,
deducting
714,058
775,876
$392,599
370,127
$649,663
397,885
$3.43
$2.53
and admin.
gen.
Trade-marks, con¬
1
&
1
1,641,565
tracts, &c
Cash
Notes
864,026
aocepts.,
600,784
Res.
994,167
578,127
& secur..
River
Net sales
x
y
Net
profit
Earns, per sh. on
Deferred charges..
11,303,441
514,264
424,867
290,000
Minority Interest.
443,089
2,883,007
profits taxes.
and
After taxes,
x
29,893,021 27,719,371
Total
Inc. (& Subs.)—Earnings—
1937
$388,130
Net income
After operating expenses, normal
and other charges, but before provision
a
$1.48
Federal income taxes, depreciation
for Federal surtax on undistributed
earnings.—V. 145, p. 3023.
United Electric Coal Cos.—Earnings—
31—
1937—3 Mos.—1936
'
$227,900
$188,581
x$972,343
546,940
x$779,021
110,126
26,092
4,104
46,375
3,121
140,666
188,916
11,835
$52,658
$28,959
$248,981
511,200
306,000
511,200
$0.10
$0.09
$0.49
Federal income tax, &c.
y
Net profit....
com. stk. (no par)
per share
Earnings
x
Includes excess
1937
and
$3,502
1937—12 Mos.—1936
145,046
Interest
Shares
430,871
35,756
$147,399
306,000
,
$0.48
of face value over cost of bonds retired, of $3,387 in
in
1936.
y
Before surtax
on
undistributed profits.—
Y. 145, p. 2409.
United Elastic
The
stock,
This compares
Corp.—15"Cent Dividend—
a dividend of 15 cents per share on the
value, payable Dec. 24 to holders of record Dec. 3.
with 20 cents paid on Sept. 24, last; dividends of 15 cents
directors
common
have
declared
no par
Said in each24. the four preceding June 24, 1936' 20 paid each threeJune 23,
months
Sept. of 1934 to and incl. quarters; 10 cents cents paid on
■om
1934; 25 cents on March 24, 1934, and on
on
Dec. 23, 1933; 20 cents disbursed
Sept. 23, 1933, and 10 cents per share paid each quarter from June 24,
to and incl. June 24, 1933.
In addition, a special dividend of 15
1932
cents was
paid on Dec. 24, 1936.—V. 145, p. 1601.
United
Endowment
Foundation,
Inc.—Registers with
See list given on
first page of this department.—V. 144, p. 1620.
United Gas & Electric Corp.—Dividend
Increased—
dividend of $1.08 per share on the common
stock, no par value, payable Dec. 10 to holders of record Dec. 1.
This
compares with 50 cents paid June 10, 1937, 90 cents paid on Dec. 15,
1936, 60 cents paid on Sept. 25, 1936; 75 cents on Dec. 31, 1935; $1 per
share on Nov. 6, 1935, and 75 cents per share paid on Dec. 31, 1934.—
V. 144, p. 3521.
United Gas Improvement
Week Ended—
Co.—Weekly Output—
Not. 13, '37 Nov. 6, '37
■
of system (kwh.)
90,255,917
90,380,814
Nov. 14, '36
91,137,893
145, p. 3213.
United States Sugar
Corp.—10-Cent Dividend—
Directors have declared a dividend of
10 cents per share on the common
stock, payable Dec. 10, to holders of record Nov. 30,
Dividends of like
amount per share were paid on Oct. 10, June 11 and March 20 this year.
—V.
of the predecessor companies for the four months
1937.
No comparative figures for 1936 are available.—
earnings
United States Playing Card
The directors have declared
145, p. 2092.
an
Co.-—Extra Dividend—
extra dividend of 25 cents per
share in
regular quarterly dividend of like amount on the common
stock, par $10, both payable Jan. 1, 1938, to holders of record Dec. 16.
A
similar extra was paid in each of the 11 preceding quarters, and compares
with an extra dividend of 59 cents paid on Jan. 2, 1935, and an extra of
25 cents paid on Oct. 1, 1934.—V. 145, p. 1440.
addition to the
U. S. Leather Co.—Accumulated Dividend—
directors on Nov. 17 declared a dividend of $1.75 per share on
of accumulations on the 7% cum. prior pref. stock, par $100,
The
7.75 paid
Oct. 1, to
$3.75 of on July 1,
Sayable Jan. 3, 1938 last;holderspaidrecord Dec.last; $1.75 paid on April 1,
10. This compares with
on
last, and a dividend of $4 paid on Dec. 24, 1936, this latter being the first
dividend paid since Sept. 16, 1933, when a dividend of $2 per share was dis¬
tributed.
Regular quarterly dividends of $1.75 per share were paid from
Oct. 1, 1927, to and incl. Jan. 3, 1933.—V. 145, p. 1277.
The directors have declared an extra
dividend of $2 per share in addition
regular quarterly dividend of $1.25 per share on the common stock,
value, both payable Dec. 15 to holders of record Nov. 29.
An extra
of $3.75 was paid on Dec. 23, 1936; one of $2 was paid on Jan. 2, 1936;
extra of $2.25 on Jan. 2, 1935, and a special dividend of $5 per share was
distributed on Jan. 2, 1934.-—V. 144, p. 1817.
to the
no par
Universal
Cooler
Corp,—Withdraws Registration—
See list given on first page
of this department.—Y. 145, p. 2248.
Co.—Preferred Dividends—
dividends of $1.16 2-3 per share on the $7
preferred stock, no par value, and $1 per share on the no par
$6 cumulative preferred stock, both payable Dec. 21 to holders of record
Nov. 22.
Like amounts were paid on Oct. 1, last.
See V. 144, p. 3522 for
detailed record of previous dividend payments.—V. 145 p. 3024.
cumulative
Utilities Power & Light
Corp. —General Protective Com¬
Plan —
protective committee for security holders (Harry Reid,
letter dated Nov. 10 stated that it is unalterably opposed
to the new Atlas Corp. plan for the reasons, among others, that similar
to its predecessor plan, which it amends, "it contemplates the application
to the acquisition of debentures of a large amount of cash of the system and
provides for a drastic and unnecessary wiping out of a large proportion of the
investments of the stockholders, and does not present any solution to the
fundamental and urgent problem of the situation, namely, the prompt
rehabilitation of the corporation's subsidiaries."
The letter further states:
"On Nov. 9, 1937, Chase National Bank, trustee under the debenture
indentures, at the request of Atlas Corp., declared the principal of the out¬
standing debentures immediately due and payable.
The default by the
corporation giving rise to this acceleration was a purely involuntary one.
The corporation had at all times, and now has, ample cash resources with
which to pay all debenture interest due, but was prevented from so doing
by order of the court prohibiting it to pay interest.
This court order was
entered over the opposition of Atlas Corp.
At a hearing before the court
on Aug. 2, 1937. the President of the Atlas Corp. stated that his corporation
did not want to cause an acceleration of the debentures, as such step would
probably force the corporation into bankruptcy.
The present action of
Atlas Corp. causing the acceleration constitutes a reversal of its position
and we regard it simply as an effort to prevent a dismissal of the proceedings
and to force the adoption of its new plan.
"The petitibn of the corporation for the dismissal of the entire proceed¬
ings previously scheduled for Oct. 6, 1937, was adjourned to Nov. 30, 1937,
but the corporation has decided to withdraw the same.
Nowever, a motion
for dismissal made by Associated Investing Corp. will be brought up on
mittee
The
for Security Holders Opposed to Atlas
general
Nov.
30,
a
1937."
"The committee is now soliciting
authorizations from holders of preferred
with a view to representing them
reorganization proceedings involving such corporation.
Such cor¬
poration is the holder of approximately 500,000 shares of class B stock of
Utilities Power & Light Corp. and for that reason the committee regards
the position of such preferred stockholders as substantially identical in
interest with the position of class B stockholders of Utilities Power & Light
stock of Public Utilities Securities Corp.
in
the
Corp."
Chairman, New York
Corp.); Max McGraw, Chicago (Pres. McGraw
B. B. Robinson & Co.),
and Ross & Watts, coun¬
The members of the committee are: Harry Reid,
Electric Co.); B. B. Robinson, Chicago (partner,
with S. O. Sears, Sec'y, 61 Broadway, New York,
sel, Chicago.
Meeting Held Up—
The directors have declared a
Electric output
the
(V.-P. Utility Management
SEC-
—V.
1937, the corporation succeeded to the business of United
ended April 30,
V. 145, p.2248.
Chairman)\in
(& Subs.)—Earnings—
Months Ended July 31,
Earnings per share on 261,859 capital shares
Oct.
undistributed
The directors have declared
Earnings for 7
Royalty, deprec. & depl.
May 1,
Utah Power & Light
159,016
United Drill & Tool Corp.
Period End.
$1.66
$0.53
After allowing for dividends on preferred stock to be issued
outstanding.
reflect
30—
Profit from operation...
y
States Plywood Co., Inc., a New York corporation, United States Plywood
Co. of Delaware, Inc., and Aircraft Plywood Corp.
The above figures
2,629,076
1937—3 Mos.—1936
1937—9 Mos.—1936
$24,584 loss$15,304
$69,637 Joss$26,971
depreciation, &c.—V. 145, p. 1277.
Period End. Sept.
Net profit
$0.62
$0.51
After all charges including Federal income taxes but before
x
320,000
324,240
29,893,021 27,719,371
United Chemicals,
a
for deprec. &
depletion
12,596,560
possible
Represented by 397,885 no par shares.—V. 145, p. 1601.
y
9 Mos. End.
Ended
com.
stock
880,200
880,200
280,408
Corp. stock, &c.
x
11,166
45,000
45,000
Surplus.
Fuel
Total
150,904
Res. for Fed. taxes
274,180
182,780
Inc
Months
Sept. 30 '37 June 30 '37 Mar. 31 *37 Sept. 30 *37
$1,137,056
$1,204,667
$1,098,205
$3,439,928
113,298
134,803
118,667
366,768
U. S. Tobacco Co.—Extra Dividend—
losses, &c
bon Black Export
Miss.
298,414
Res've for
Cap. stock of Car¬
$0.93
Corp.—Earnings—
3
126,566
Miscell. def. liab..
and
notes
accts.
11,952,538
259,725
Deferred income
770,757
Inventories
Sundry
Undist. profs. Fed,
& State inc.tax.
408,382
813,064
.
.
$
$
408,382
868,776
receivable
Accts. receivable
1936
1937
Common stock. .11,952,538
Accounts payable.
285,343
Dividends payable
596,828
Accrued taxes, &c_
159,827
y
23,865,986 23,141,592
&c
wells,
$277,964
$0.15
undistributed profits.—V. 145, p. 2409.
account
Liabilities—
$
$
„
United States Plywood
undistributed profits.
1936
1937
Assets—
82,750
32,612
$44,624
outstanding
Period—
expenses,
Consolidated Balance Sheet Sept. 30
Ld., bldgs., equip.,
215
63,287
70,604
Note—No provision for surtax on
Federal and State income taxes and reserve for expenses.
Note—No provision made for Federal surtax on
$393,325
income
Net profit per share
$$988,413
Preferred
dividends
10,023,391
2.316,513
Interest
On
(& Subs.)—Earnings—
9 Mos. End. Sept. 30—
1937
Total income
$3,203,942
Net profit
dividends
.....
7,195,954
2,370,882
$178,730
Freight and cartage paid
Operating costs
Net income
y$108,081
1,200 shares of 7 % cumulative preferred stock has been called
for redemption on Jan. 15, 1938, at $110 per share plus accrued dividends
Payment will be made at the New York Trust Co.—V. 145, p. 2709.
Deprec. and depletion..
Minprity interests
1937
1936
$9,745,565 $12,733,230
Gross revenue
A total of
United Carbon Co.
$2.54
undistributed profits.
Earnings for 3 Months Ended Sept. 30
before pro¬
flood losses
will exceed current net profits from operations.
No effect has been given
to flood losses in this statement because of salvage work not having been
completed,
y After ordinary taxes, depreciation and other charges but.
before Federal taxes,
z After Federal income taxes, depreciation and other
charges, but before surtax on undistributed profits.—V. 145, p. 1601.
a
$761,803
1935
1936
$10,002,317
z$295,073
Net sales.
per
loss$43.219
Nil
$1.82
(including Federal)
Depreciation....
1937
Profit
com.
$545,705
Nil
Taxes
Corp.—Earnings—
12 Months Ended Sept. 30—
Shs.
income
Net profit per sh. outst'g
Inc.—Optional Extra Div.—
an extra dividend of 90 cents per share in
quarterly dividend of 20 cents per share on the com¬
mon stock, both payable Dec. 27 to holders of record Nov. 24.
The extra dividend is payable at option of stockholders either in cash
or in common stock at rate of one-tenth share for each share held.—V. 145
p. 3213.
Earnings
225,828
92,974
5,519
Note—No provision for surtax on
addition to the regular
Common
247,152
299,370
Federal)...
Depreciation....
145, p. 2708.
The directors
$508,822
176,841
76,822
$413,090
....
4,304
(incl.
$1,080,605
$799,368
218,787
201,640
loss$l 1,642
Gross income
Interest
Net
each
tributed
a
Subs.)—Earnings—
Period End.
Gross
in addition to the regular quarterly dividend of $1 per
—V.
3361
Chronicle
Federal Judge
or
restraining order holding
The meeting was formerly set for
Holly has entered a temporary
up the annual meeting until Nov. 29.
Nov. 13. Hearing to determine whether
not was set for Nov. 19.
The basis for the restraining
the order shall be made permanent
_
,
order is that trustee for Webster
Securities
Corp. has filed a petition with the Court asking that he be allowed to vote
for the 130,000 shares he represents as trustee in the election of a director
at the annual meeting alleging that certain groups have conspired to solicit
proxies of stockholders and get their votes.
Petition to Dismiss Proceedings Denied—
Chicago has entered an order denying the petition
Associated Investing Corp. to dismiss reorganization proceedings of
Utilities Power & Light Corp., for want of jurididction of the Court. There
already is a motion before the Court to be heard Nov. 30, on a similar
petition filed by Associated.—V. 145, p. 3024.
Federal Judge Holly at
of
3362
Financial
Universal
Television
income
2561.
p.
and
1937
1936
$20,263
Viking Pump Co.—Special Dividend—
The directors have declared
a special dividend of $1.25 per share on the
stock, no par value, payable Dec. 15 to holders of record Dec. 1.
Special dividends of 25 cents were paid on Sept. 15, June 1 and on March 15
last and compare with a special dividend of $1 paid on Dec. 15. 1936, and
25 cents paid on Sept. 15 and June 15, 1936, on Dec. 15, 1935 and June 1,
1935, and on Dec. 20, 1934, this latter being the initial distribution on the
issue.—V. 145, p. 1278.
common
Ry.—End of Receivership Sought
deduction in its
expense
—
rate were
paid in each of the six preceding quarters prior to which regular
quarterly dividends were disbursed.—V. 145, p. 2871.
Witherbee Sherman Corp.—Properties to Be Leased and
Operated by Republic Steel Corp.—See latter corporation.
Consolidated Earnings for 9 Months Ended Sept. 30, 1937
(Excl. Port Henry Milling Corp. & Lake Champlain & Moriah RR. Co.)
Net
x
income
After
x$12,679
deductions
for
operating expenses
and
normal
Federal
income
surtax on undistributed earnings.
Wright-Hargreaves Mines, Ltd.—Extra Dividend,—
com¬
stock, no par value, payable Dec. 10 to holders of record Nov. 24.
This compares with 75 cents paid on
Aug. 24 and on May 28, last, and
with 50 cents paid on Feb. 27 last, Oct. 31 and June
mon
The directors
on Nov
10 declared an extra dividend of 5 cents per share
the regular quarterly dividend of 10 cents per share on the
no par value, both payable Jan. 3 to holders of record
Nov 24.
Like amounts were distributed in each of the 15 preceding quar¬
ters, prior to which the company made quarterly distributions of 5 cents
In addition
15, 1936, and on Dec. 15,
1935, this latter being the first dividend paid since 1933.—V. 145, p. 786.
common
Wesson Oil & Snowdrift Co., Inc.—New Director—
to
stock,
Ser share, and in addition paid an extra dividend of 5 cents per share on
2. 1934.
Stockholders at their annual meeting held Nov. 15 elected F. PaL.
lmer,
to the board of directors, succeeding the late F. W. Evans.
—V. 145, p. 2869.
an.
Treasurer,
The
directors
at
later
a
meeting declared
special
a
interim dividend
10 cents per share payable Jan. 15, 1938, to holders of record Dec. 1.
The company paid a special interim dividend of
10 cents per share on the
common stock on Feb. 1, 1937.—V.
145. p 2871
Western Auto Supply Co.—Sales—
Period End. Oct. 30—
Sales
or
charges, but before provision for Federal
dividend of 25 cents per share on the
as a
debt discount and
on
Welch Grape Juice Co.-—2b-Cent Dividend—
1937—Month—1936
1937—10 Mos.—1936
$3,342,000
$2,672,000 $29,807,000 $19,875,000
—V. 145, p. 3214.
unamortized
and expense on bonds redeemed in 1936 which
State income taxes for that year or State income
all of $100 par value, all payable Dec. 20 to holders of record Nov. 30.
Similar payments were made on Sept 20, June 19 and March 26 last, and
Dec. 21 and on Sept. 21, 1936, and dividends at one-half of the regular
Application for leave to file a petition for termination of the road's
receivership, so that bankruptcy proceedings may be substituted, was
presented Nov. 15, to Federal Judge Charles B. Davis in St. Louis.
Attached to the application, presented in behalf of Harry A.
Kimberling,
who holds a $20,000 judgment against the road for personal
injuries suffered
while a jrakeman, was a copy of the petition which asserts:
"There have been practically no proceedings of a constructive nature
looking toward the termination of the receivership."
Judge Davis tentatively set Nov. 23 for a hearing on the application.
Nat S. Brown, General Counsel for the receivers, said he would
oppose
filing of the petition. The road has been in receivership since Dec., 1931.—
V. 145, p. 1755.
a
1936 the
1927
premium
Federal
A ccumulated Dividends.
ruptcy May Be Substituted—
The directors have declared
for
the corporation has claimed
The directors have declared a dividend of $1.75 per share on the
7%
cumulative preferred stock, $1.62M per share on the 6>^% cumulative prefferred stock, and $1 50 per share on the 6% cumulative preferred stock,
that Bank¬
so
returns
no
as
taxes for 1937.
During the period from Jan. 1 to June 30,1936, the corpora¬
made provision for Federal income taxes for 1936 in the amount of
$20,100 which was reversed over the period from July 1 to Dec. 31, 1936.
During the period from Jan. 1 to Aug. 31, 1936, the corporation also made
provision for State income taxes in the amount of $50,000 which was
reversed over the period from Sept. 1 to Dec. 31, 1936.
The amount
included in operating expenses as provision for Federal income taxes in the
consolidated income account for the year ended Sept. 30, 1937 above,
includes $1,995 representing provision made by the subsidiary company for
Federal income taxes for the calendar year 1936, which amount includes
$615 for surtax on undistributed profits.
No provision for surtax on un¬
distributed profits during 1937 is included in the above statement, as it is
estimated that no such surtax will be incurred by the corporation or the
subsidiary company for the year 1937.
loss$26,319
x After depreciation and other charges.
Loss of Vadsco Realty Corp. for nine months ended Sept. 30, 1937, was
$38,715 after depreciation, against loss of $47,341 in corresponding period
of 1936.—V. 145, p. 961.
Wabash
in
1937
tion
1935
^
534,863
tax
redemption
results
(& Subs.) —Earnings—-
9 Months Ended Sept. 30—
Profit
x
145,
Nov. 20,
taxes for 1936 or
Corp.—Withdraws Registration—
See list given on first page of this department.—V.
Vadsco Sales Corp.
Chronicle
(Rudolph) Wurlitzer Co.—Optional Preferred Dividend—
On Nov.
15, the directors declared a dividend on the outstanding shares
7% cumulative preferred stock in the amount of $36.75 per share, pay¬
able, at the election of stockholders, either (a) in 1H shares of common
stock of the company, $10 par value,
plus $6.75 in cash, or (b) wholly in
cash.
This dividend will be paid on Nov. 26, to holders of record Nov. 15.
Written notice of election must be received from
preferred stockholders
prior to the close of business Nov. 22, if such stockholders are to receive
payment of the dividend wholly in cash rather than in common stock and
cash.—V. 145, p. 3027.
of
West Virginia Pulp & Paper Co.—Files
See list given
on
Western Maryland
„
,
1937
$325,536 $15,287,733
Western Pacific RR.—Plans
company
certificates
announced
Reconstruction
finance
trustee
a
$13,743,941
Yellow Truck & Coach
The directors have declared
Certificate Issue—
accumulations
in
18.
The company realized $6,400,000
through the sale of trustee's certificates
and on Nov. 4 received authorization from the Interstate Com¬
Commission to sell $3,600,000 more
certificates, which would bear
not more than 4% interest.
Arrangements for the sale of the securities
are under way.—V.
145, p. 3214.
York
a year ago
merce
Stockholders
at a special
meeting held Nov. 16 approved the plan for
distribution of $2 per share in dividends out of
paid-in surplus.
The divi,toas, Providea by the plan, will be payable as follows: $1.25 a share
Dec. 23, 1937, to holders of record
Nov. 27; 25 cents payable
April 30, 1938,
to holders of record March
31; 25 cents on July 30,1938, to holders of record
tne
2d
York Rys.
Operating
Operating
$0.27
1937—9 Mos.—1936
$316,802
$331,888
$0.99$1.05
$0.28
1937
-
$498,248
26,474
$616,433
24,993
$524,722
3,775
36,203
$641,426
305,300
3,879
36,978
Balance of income
Dividends on preferred stock
$185,887
20,003
$295,268
80,000
$165,884
$215,268
Gross income
Interest
-
1936
$1-275'232
*>'107'633
n+wt£per* in/co^e
1937—3 Mos.—1936
$2,349,271
$2,204,815
1,664,804
1,423,146
$684,466
1937—9 Mos.—1936
$6,420,675
4,169.279
$6,803,071
4,711,201
$781,668
$2,091,869
3,378
10,391
$2,251,395
8,257
$687,980
$785,046
$2,102,261
$2,259,652
o'o^4
357,000
3,514
-^W^come
HSJ1e^iwres>"
1,082,565
1,197.493
2a53
6'810
8-686
8IlSU
93'9°°
254'397
163'345
618
1,375
5,478
10,039
$241,160
$330,617
$753,009
$880,087
2'385
TaSumSrSt.-and
miscell. deductions—_
Net income
Dividend
requirements at full cumulative rates for
a
three-
nan•iod°n Preferred stock outstanding Sept. 30, 1937, amounted
*2793)90. (2) Cuniulative dividends not declared or accrued at Sept.
thft
,976,9u5'0«r approximately $18.66 per share on
and *16 Per share on
the
K
*97Q
on
n«H
6% preferred stock.
—V
145
<pD^)93y
Wisconsin Public Service
Corp. (&
Year Ended Sept. 30—
Operating revenues
Operating expenses, maintanance
Net
Other
Subs.)—Earnings—
Net
oper. revenue and other income
appropriation for retirement reserve)
Appropriation for retirement reserve
*
Gross income.
Amort, of debt discount and
expense
Other income deductions
Net income
un¬
Proposed Extension Agreement Amended—
1,
1937, formerly
from
5% bonds, due
provided for the reduction of outstanding bonds
$6,116,000 to $5,500,000.
In order to provide further protection
for bondholders, it has been decided to amend the extension
agreement, to
provide for
the retirement of additional
bonds to reduce
the issue to
an
amount not exceeding $5,000,000.
Thereafter the company shall have no
right to issue any additional bonds under the mortgage.
J. E. Wayne. President, says:
"The company has recently petitioned the
Pennsylvania P. IT. Commis¬
sion for the right to abandon its street
railway lines and to furnish trans¬
portation service to the same area through its bus subsidiary.
It is esti¬
mated that, if the petition is granted, this
business, which is currently
being handled at a loss in excess of $100,000 a year, can be made to return
a profit to the
company.
This will of course substantially improve the
investment position of the outstanding bonds.
4
"The foregoing are indications of constructive steps which the manage¬
ment has taken to protect bondholders, and we
again urge you in your own
interest to join with other bondholders to extend the bonds which you hold.
"In order to extend your bonds, they should be forwarded to Transfer and
Paying Agency, 41 Trinity Place, N. Y. City."—V. 145, p. 2871.
Yukon Gold
Co.—Earnings—
Period End. Sept. 30—
Pounds tin produced
Net profit
Net profit per share
x
iqor
$7,797,064
4,466,634
$3,547,041
36,589
$3,330,430
$3,295,452
917,500
12.0 cts.
'
7.9 cts.
1937—9 Mos.—1936
3,935,000
3,436,200
$1,014,000
$740,271
28.9 cts.
21.2 cts
profits.—V. 145, 1757.
$3,583,630
931,250
1937—3 Mos.—1936
1,601,000
1,303,000
$421,000
$276,468
depletion.
Dr34i978
x
After charges and
Federal income taxes but before depreciation and
Note—No deduction has been made
Zonite Products Corp. (&
(before
on account
of surtax on undistributed
Subs.)—Earnings—
-1936
$189,612
Interest
Depreciation
$2,652,380
$2,377,952
1.003,095
1,245,606
159,559
25,850
$1,463,875
$1,027,334
17492
Federal income taxes
Prov. for future advert.
24,179
40,000
1937—9 Mos.- -1936
$127,966
1,314
16,701
22,189
$285,249
$87,762
$149,661
$80,748
835,551
$0.18
830,066
51 ?3 66
$172,139
4,403
50,300
36,688
81 011
24,000
Net profit
$108,241
44,222
40,000
Shares capital stock out¬
Note—No provision has been made by the
corporation for Federal income
taxes or for surtax on undistributed
profits for 1936 or for State income
on
The agreement for the extension of the first
mortgage
Dec.
1937
income
298,856
Dividends have not been paid since Jan. 30, 1937.
Note—No provision is made in this statement for Federal surtax
distributed profits, if any, for the year 1937.
$8,391,042
4,344,001
and taxes
9per. rev. (before approp. for retire, reserve)
a™™?* ^ar^/net)-r"V
tax.
funded debt
a
(3) It is estimated
n0 llability for Federal undistributed profits
on
Interest on unfunded debt
Amortization of debt discount & expense
Wisconsin Power & Light Co.
(& Subs.)—Earnings—
Other income
(net)
176,014
234,271
102,748
255,837
Operating income
Products, Inc.—Sales—
revenues
1936
$2,543,734
1,158,430
121,905
294,339
Other income
10 Months Ended Oct. 30—
Period End. Sept. 30—
1937
$2,818,891
1,470,015
162,771
271,611
expenses
Provision for retirements
Federal income taxes
Other taxes.
a
Total oper. exps. & taxes
Co.—Earnings—
revenues
Maintenance-
145,
2^9,000 shares common stock which will be
outstanding when all
preferred stock has been converted
intoicommon shares,
y After
p. 1279.
Operating
Corrugating Co.—Registers with SEC—
Co.—Earnings—
1937—Month—1936
$90,095
$93,716
—vf"i*45 "pT*3214."
Mfg. Co.—Accumulated Div.—
dividend of $1.75 per share on account of
See list given on first page of this
department.
.
charges and Federal taxes.—V. 145,
Willson
a
7% cumulative preferred stock,
Balance
25 C6ntS °Ct" 31' 1938't0 holders of record 8ePfc- 30.—V.
White Rock Mineral
Springs
Period End. Sept. 30—
y Net profit.
x Earns,
per share
the
12 Months Ended Sept. 30—
Westinghouse Air Brake Co.—Dividend Voted—
pU2710
on
par $100, payable
Dec. 23 to holders of record Dec. 15.
Similar amount was paid on Oct. 1,
July 1 and on April 1, last. A dividend of $35 per share was paid on Dec. 26,
1936, this latter being the first payment made on the preferred stock since
Jan. 1, 1928, when a regular quarterly dividend of
$1.75 per share was
paid.—V. 145, p. 3027.
repair
program through the sale
bankruptcy, according to plans
Previously, the company had arranged with the
Finance Corporation to borrow up to $10,000,000 for
issued by
Nov.
this purpose.
to
the
proposes
Jan. 1 to Nov. 7—
1937
1936
1936
$323,840
—V. 145, p. 3214.
of
3214.
Ry.—Earnings—
—Week Ended Nov. 7
,
Period—
Gross earnings
The
Registration—
first page of this department.—V. 145,
p.
standing (par $1)
Earnings per share
835,551
$0.13
830,066
$0.10
$0.09
Volume
3363
Financial Chronicle
145
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
GOODS—WOOL—ETC
PROVISIONS—RUBBER—HIDES—METALS—DRY
Today futures closed 3 poinls down to 1 point up in the
COMMERCIAL EPITOME
Santos contract, with sales of 74 contracts.
Friday Night, Nov. 19, 1937
Coffee—On the 13th inst. futures closed 5 to
net
19 points
higher in the Santos contract, with sales totaling 72 lots.
The
Rio
closed
contract
totaling 16 lots.
7
points higher, with sales
4
to
Strength of Brazil's dollar rate and further
hedge lifting against actual sales aided the coffee futures
market in
traced
Improvement of 350 reis in
today's short session.
the dollar rate
on
top of
rally of 600 reis on Friday was
With regard to
a
elimination of the official rate.
to
Brazil's coffee policy, news of which was
promised for Friday
latest, nothing has yet been heard. Pending this
announcement, some were inclined to limit commitments
the
at
both in futures and in actuals.
4Yz to 63^ francs
The Havre market
later stood
5
contract, with sales of 124 lots.
points higher, with transactions totaling 18 lots.
major portion of the advance
was
The
points.
points
with sales of 12 contracts.
up,
1 point lower to 2 higher in
were
because of the holiday
7.40c.
For Jan .-Dec., 1938,
were scarce
with Santos 4s at from 7.10 to
sustained
premium still existing
on
nearby offers is attributed to the
large part of the two million odd bag Santos
a
New Orleans interests.
sales of actual coffee.
were
quotations
no
Since it
Rio coffee
prices closed
as
follows:
..4.74 March
6.50
4.39 July
4.39
December..
6.50
May..
September
Santos coffee
prices closed
follows:
as
6.60
December
16.65 milreis to the dollar.
was
points higher.
market rate of 1.05
15 to 24
(Monday)
was
In
6.10c., or about
The Saturday quotation of 16.65
milreis
reduction from Wednesday's free
milreis. On the 16th inst. futures closed
represented
a
points net lower for the Santos contract, with sales
totaling 122 lots,
18 to 24
or
6.50
May
July
6.50 September..
6.50
holiday in Brazil, there
the movement of the dollar rate.
New York the rate today
12
was a
Buying
on
Saturday's quotation
to the dollar
was
of
presumed to be against
The Rio contract closed
30,500 bags.
points lower, with sales totaling only 28 lots.
Re¬
6.51
This
was
reported to be
one
of the quietest sessions
Transactions
entirely routine
in character. The coming crop is awaited with much interest.
It is reported that both Brazil and Africa promise to furnish
some interesting news
developments. Local closing: Nov.,
5.85; Dec., 5.86; Jan., 5.84; March, 5.84; May, 5.92.
On the 15th inst. futures closed 4 points higher to unchanged.
in
long while, with
a
no
trades at the opening.
fell to 24 lots, or 322 tons.
The
opening
range was
Operations
were
unchanged to 1 point off.
lowing the announcement in
higher to unchanged, while futures on the
Bank
of
had
Brazil
Meanwhile the bank
was
a
quoting official rates.
offering free milreis at 17 to the
stopped
dollar and nominally were buyers at
This seeming
paradox of selling at a lower rate than at which they were
buyers, was believed to be an effort to stabilize the market.
Outsiders, however; were bidding 16.40 milreis, which is
equal to 6.09%c., against the bank's bid of 6.03 J^c. Havre
was 3M to 6 francs lower.
On the 17th inst. futures closed
8 to 10 points down in the Santos contract, with sales totaling
136 contracts.
The Rio contract closed 7 to 4
with sales of 18 contracts.
that
were
tions but
scored the
previous day, with mauy Santos posi¬
from the extreme lows made last
Hedge selling and local liquidation found the market
week.
almost bare of
17
points down,
The market extended the declines
few points away
a
16.57.
buying orders.
points lower and later
March at 6.57c., off 13
were
Santos contracts opened 5 to
11 to 17 points lower, with
points.
Rio contracts, which did
not become active until near the noon
hour,
were
points lower, with March at 4.38c., off 10 points.
freight offers from Brazil
Cost and
10 to B0 points lower, with
7.40c. Well described %s were
were
Santos 4s at from 7.10c. to
offered prompt at 7.35c.
7 to 10
Santos 4s for January-December#
offered again at 7c. Milds were easier,
with Manizales reported sold yesterday at 9h£c., off ksc.,
and offered at that figure today. In Brazil spot 7s were at
1938, shipment
16 milreis
per
were
10 kilos, unchanged, while the milreis was
192 lots, or 2,573 tons.
Market ranged
ing.
Transac¬
London came in 3d.
tions totaled
the
points net
Cocoa—On the 13th inst. futures closed 4 to 7
lower.
stricted demand and increased selling
became apparent fol¬
cable to the exchange that
stock
by Government agencies which leaves a poor selec¬
tion from other sources.
Havre was 2% to 7 francs lower.
is owned
made at the opening and
mostly through buying for the account
The
shipment, reports again circulated of business at 6.25c.
March
was
Cost and
early afternoon, with July at 4.33c., off 1 point.
fact that
off
unchanged to 6 lower, with Mar. at 6.46c.,
Rio contracts
freight offers from Brazil
50 kilos higher on Saturday.
per
15th inst. futures closed 10 to 15
to 14
closed
On the
points higher in the Santos
The Rio contract closed 9
The Rio con¬
A bank
holiday in Brazil reduced coffee trading, the market moving
little.
Santos contracts opened 2 to 10 points lower and
tract closed 5
Terminal Cocoa
unchanged to 3d. firmer, with 920 tons trad¬
Local closing: Nov., 5.89; Dec., 5.89; Jan.,
5.83; May,
On the 16th inst.
futures closed 21 to 19 points off. Opening sales were exe¬
cuted at a 5-point loss.
Transactions totaled 435 lots or
5,829 tons. London came in 3d. to 6d. lower on the outside,
while prices on the Terminal Cocoa Market ranged 3d. to
7h£d. lower, with 3,180 tons trading. Official freeing of the
Brazilian exchange from any Government control lowered
Bahia cocoa prices sufficiently in terms of dollars to bring
about some fairly liberal hedging of this cocoa on the New
York Cocoa Exchange. The resultant pressure drove prices
5.93; July, 6.00; Sept., 6.09; Oct., 6.10.
off
quite sharply, the market ending about the
lows of the
5.62;
Local closing: Nov., 5.69; Dec., 5.69; Jan.,
day.
the 17th inst. futures
Transactions totaled 430 con¬
May, 5.72; July, 5.79; Sept., 5.88. On
closed 3 to 8
points down.
The market continued to sag
tracts.
under Brazilian hedge
This afternoon the market was 4 to 9 points lower,
December at 5.60c. Sales to early afternoon were fairly
selling.
with
large, totaling 235 bags to that time. Warehouse stocks
continue to decline. An overnight loss of 8,000 bags brought
the total down to
pected
on
Dec., 5.56;
1,237,169 bags, and
a
further drop is
ex¬
Local closing;
March, 5.56; May, 5,66; July, 5.74; Sept., 5.83.
account of small stock afloat.
11 points net lower.
On the 18th inst. futures closed 5 to
totaled
Transactions
478
contracts.
Discouraged
because
expected Dec. squeeze, longs
quoted at 16.57 to the dollar, the rate bid by the Bank of
there is
Brazil
liquidated in the cocoa market or switched out of Dec. to
deferred months.
There was further hedge selling by
yesterday.
On the 18th inst. futures closed 9 to
Santos contract, with
Dec.
contract
14 points down in
sales totaling 45 contracts.
closed 8 points net higher,
The Rio
while the other
Brazilian
forced
options closed unchanged to 1 point up.
Further hedging
sent Santos futures lower, while the Rio contract held about
stood
Contracts for Sept., 1938, delivery were at a
house
unchanged.
new
low, while other months were near the extreme bottoms
established last week.
Brazilian markets were still closed.
The free market exchange rate was
Cost and freight
Again rumors
Santos 4s for Jan .-Dec., 1938, shipment had
to the dollar, an
improvement of 70 reis.
offers from Brazil
circulated that
been done at
as
low
as
quoted at 16.5 milreis
were
difficult to classify.
6h£c., offers for forward shipment were known
6.95c.
Havre futures
were
Y to 3 francs lower.
sign of the
no
cocoa
interests which augmented the pressure
5.^1,
new
total of 325 lots transacted up to
early afternoon.
stocks decreased 20,000 bags overnight.
total about 1,217,000 bags.
futures closed 28 to 24 points
were
down.
trade
actual
Today
futures
weakened, with the result
early afternoon Dec. stood at
in
The
Oct., 5.75.
Transactions totaled
Early gains of 6 to 10 points in cocoa
lost when the stock market
that
Ware¬
They now
Local closing: Dec., 5.41; Mar.,
5.46; May, 5.55; July, 5.64; Sept., 5.73;
451 contracts.
5.11c., unchanged.
buy
On the other hand,
reported that manufacturers continued to
cocoa
and
low ground.
This afternoon Dec.
off 15 points.
Trading was active, with a
prices into
at
once
only from hand to mouth.
Financial
3364
they
drawing heavily
are
on
The stocks
overnight.
now
1,199,000 bags.
was
Refiners
the
totaled
Transactions
selling
109 lots,
The
1,450 tons.
or
largely hedging against actuals for trade account.
were
not inclined to
follow the market for
raws
in
short
Saturday session.
Meanwhile quotations were
unchanged from the close of the previous day.
Excess,
quota raws continued on offer at 3.35c. Definitely offered
were
3,000 tons and 3,750 tons, both December-January
shipment.
It was presumed that interest existed about
3 points under the asking level.
The world sugar contract
closed unchanged to y point higher.
Dulness continued to
reflect London, where raws were offered at the unchanged
level of 6s. 2 yd.
The Terme market closed yd. to iyd.
lower. On the 15th inst. futures closed 2 points higher to 1
point lower. Transactions totaled 153 lots, or 7,650 tons.
Of this total about half the business
in the nature of
was
switches.
A good portion of the business also represented
hedge covering against Cuban selling and scattered liquida¬
tion.
Outside speculation was reported to be light.
There
were
31 notices issued by Czarnikow-Rionda Co. today
(Monday) against the November position, which were
stopped by Slaughter, Horne & Co. November closed at
2.42c., up 2 points.
The market for
trifle easier.
offerings of 1937 quota
sugar at 3.35c., although details of the quantity were not
available.
For 1938 quota sugar, it was known definitely
Trade
consensus was
that bids
there.
were
that there
raws was a
were
solicited at 3.30c. and that refiners
The world sugar contract closed
points net lower.
lots.
were
not
unchanged to 1 y
Transactions in this contract totaled 13
The London
market was yd. lower.
On the
unchanged to 2 points lower. This
approximately 5 points under the top levels of
Friday. The easier tone reflected the raw market, which
sold off to 2.42c. for spots and for 1938
positions was offered
terme
16th inst. futures closed
level
was
down
to 2.38c.
Transactions in futures totaled 142 lots.
The bulk of the selling came from the Wall
Street house
with the leading Cuban producing connection. It was taken
by commission and trade houses that were believed to be
lifting hedges and covering shorts on the scale-down. In the
market for raws American purchased 31,000
bags of Cubas
for early December arrival at
2.42c., cost and freight, a
decline of 3 points in the spot
price. At the close prompt
offerings were held at 2.45c., but it was not known what
refiners would pay. For excess
quota sugar the asking price
was reduced to
2.38c., cost and
freight.
The world
sugar
contract closed
unchanged to 13^ points lower. Transactions
totaled 45 lots, or 2,250 tons.
Asking price of raws in the
London market was 6s.
l^d.,
equal to 1.11 y2e. f.o.b.
Cuba, with freight at 22s. London terme prices were yd.
to Yld. lower.
On the 17th inst. futures closed
unchanged
to 1 point up in the domestic
contract. The market absorbed
substantial volume of selling
coming principally from pro¬
sources.
The market opened 1 point lower and later
showed very little
change from the
a
ducing
opening
range.
One lot
of 1,000 tons of
September sold at 2.37c., off 1 point. In
the market for raws it was believed
further prompt sugars
were
obtainable
at 3.32c., the new
spot price, off 3 points.
price established yesterday when American
bought 31,500 bags of Cubas loading Nov. 20. It was ru¬
mored that sales of 1937
quota sugars had taken place yes¬
terday at 3.30c., and that 1938 sugars had sold at 3.25c.
Refiners are
showing interest, it is said, but not much
anxiety.
The AAA figures on deliveries for
October,
which showed a
drop of 60,642 tons as against the same month
last year, were about as
expected. World sugar contracts
This
was
the
W+e^ei^fUleJ?^ than in
at
1.11, off 1 point.
futures
were
On the
down
in
tracts.
many weeks, with only March selling
Sales totaled only 3 contracts.
yd. to yd. lower
18th inst.
London
sales of 7,000 tons.
futures closed 3 points
up to 1 point
on
the domestic
contract, with sales
This market turned active and
totaling 144
con¬
strong when it devel¬
oped that refiners were willing to
pay higher prices for raws.
November was bid up 6
points to 2.47c., while March rose 2,
with sales at 2.37c.
In the market for raws the
spot price
o°5? ^ Points when the American Sugqr Refining Co. paid
o0r Cubas> equivalent to 3.35c. duty paid. McCahan
•JO
paid 3.38c. for 2,000 tons of Philippines, due Nov. 23. Other
sales were at prices
ranging from 3.32c. to 3.35c. duty
paid basis.
World sugar contracts opened
unchanged and
closed unchanged to
y2 point up, with sales of only 19 con¬
tracts.
In London raws stood at
1.073^c. a pound, f. o. b.
raw
Cuba.
Refined
was
reduced
Today futures closed 3 points
totaled
84
contracts
in
the
iy2d.
net
domestic
per
hundredweight.
higher.
market.
Transactions
The
world
sugar contract was
unchanged to y2 point up at the close,
with sales of 27 contracts.
Sugar futures continued to rise
against the general commodity trend, the lever raising prices
being the active refiner demand for raws.
The spot price,
after jumping 8 points yesterday to
3.50c., advanced 5 more
on
the asked price to 3.45c.
today.
Arbuckle apparently
bought the last 1937 sugars on offer at 3.40c. for 5,243 tons
in port.
In the futures market March sold at 2.38c., up 4
points.
The world sugar contract in slow trading gained
l/2 point to 1.41 y for May. London was dull, yd. lower to
Hd. higher.
July
December.
were as
20,
1937
'ollows:
2.38
2.40 January
2.38 March
2.48 May
...
November
Sugar—On the 13th inst. futures closed 2 to 3 points net
lower.
Nov.
Closing quotations
warehouse stocks ."¥A further
decline of 18,000 bags took place
total only
Chronicle
2.37
2.38
Increase Noted in Sugar Consumption
dom During Crop Year Ended
in United King¬
Aug. 31
Consumption of sugar in the United Kingdom during the
ending Aug. 31,1937, totaled 2,388,598 long tons,
raw value, as
compared with 2,278,005 tons in the previous
season, an increase of 110,593 tons or 4.8%, according to
advices received by Lamborn & Co., New York. The firm
crop year
further announced:
Of the 1936-37 consumption, approximately
22% were home grown beet
aggregated 78%.
In the previous year, home
sugars, while
beet
grown
imported
sugars
sugars
accounted
for
24%,
presented 76%.
while
the imported product re¬
;•
Stocks of sugar in the United Kingdom at the beginning of the crop year
..
on
Sept. 1, 1937 totaled 261,700 long tons,
on
the
same
as
contrasted with 169,100 tons
date last year, an increase of 92,600 tons.
Lard—On the 13th inst. futures closed 5 to 12
lower.
points net
The
opening range was 2 to 5 points higher, these
gains attributed to scattered buying induced by the large
decrease in lard stocks in this country last month.
From
these opening levels prices steadily declined and closed at
about the lows of the day. Lard clearances from the Port of
New York as reported today (Saturday) were moderately
heavy and totaled 211,200 pounds, destined for Bristol,
England. Hog prices at Chicago at the close of the week
were nominally steady.
Total hog receipts at the leading
Western markets today were 16,800 head, against 28,300
head for the same day last year.
Liverpool lard futures
closed unchanged to 3d. lower.
On the 15th inst. futures
closed 20 to 22 points off.
Lard futures ruled easy at the
start of the week due to selling influenced by the weakness
in grains
and hogs.
Trade interests were anticipating
another decrease in Chicago lard stocks for the first half of
November, but in spite of this buying interest was light.
Some selling for trade account also had a depressing in¬
fluence upon the market. Chicago lard stocks report issued
after the close of the market showed that supplies at the
leading mid-West packing center decreased 9,647,000 pounds
during the first half of this month. Trade interests were
looking for a decrease of 8,000,000 to 10,000,000 pounds.
Export shipments of lard from the Port of New York over
the week-end were moderately heavy and totaled 160,160
pounds, destined for Hamburg.
Hog prices at Chicago
closed at 15c. to 25c. lower for the day, due to the very
heavy receipts at the leading Western packing centers.
Total marketings were 104,000 head, against 139,000 for
same day last year.
On the 16th inst. futures closed 5 to
17 points net lower.
The opening range was 2 to 7 points
off from the previous close.
Rather heavy pressure drove
prices down 10 to 20 points further in the active deliveries.
Part of these losses were recovered in the later trading,
though the market showed substantial declines at the close.
Export clearances of lard today totaled 973,435 pounds,
destined for London and Liverpool.
Liverpool lard futures
were Is. to 9d. lower.
Hog prices at Chicago ended 10c. to
15c. lower. Total marketings for the Western run amounted
to 102,500 head, against 112,000 head for the same day last
year.
The top price on hogs at Chicago was $8.65, and the
bulk of sales reported ranged from $8.40 to $8.60.
On the
17th inst. futures closed 10 to 17 points net higher. Opening
prices were 5 points lower on the nearby December, due to
scattered selling prompted by the weakness in hogs. Stronger
grain markets later had a favorable influence on lard values,
the lard market showing substantial gains at the close. Lard
exports from the Port of New York yesterday were mod¬
erately heavy and totaled 207,291 pounds, destined for
Hamburg, Glasgow and Rotterdam! Hog prices at Chicago
closed 5c. to 10c. lower. Total receipts for the Western run
were 77,500 head,
against 107,000 head for the same day
last year.
The top price on hogs at Chicago was $8.60, with
sales reported at prices ranging from $8.30 to $8.55. Liver¬
pool lard futures were 3d. to 9d. lower.
On the 18th inst. futures closed 35 to 40 points net lower.
Lack of support by trade interests was the principal factor
in the severe decline that was registered today.
Prices
started 10 to 15 points lower, but later declined 40 to 42
points below previous finals, which proved to be the lows of
the day.
Trade interests, it is stated, do not appear anxious
to support the market during the period of heavy hog market¬
ings.
Hog prices at Chicago closed 10 to 20c. lower for the
day.
The top price was $8.40, with the major portion of
sales reported ranging from $8 to $8.15.
Total receipts at
the Western packing centers were 77,300 head, against
114,000 head for the same day a year ago.
There were no
lard exports reported today from the Port of New York.
Liverpool lard futures were unchanged to 6d. higher. Today
futures closed 37 to 13 points ne.t lower.
This weakness was
attributed to the further break in the grain markets and the
declining securities market. The movement of hogs was also
regarded
as
a
bearish influence.
DAILY CLOSING PRICES OF LARD FUTURES
Sat.
Mon.
Tues.
December
9.75
9.55
9.50
January
9.45
9.27
9.12
March
9.40
May
9.45
9.27
9.22
9.15
9.07
IN CHICAGO
Wed.
9.60
9.30
9.30
9.22
Thurs.
Fri.
9.25
8.90
8.95
8.90
8.87
8.65
8.75
8.77
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 bar-
•
Volume
Financial
145
Chronicle
3365
(200 pounds), nominal.
Gut Meats: Pickled Hams —
Picnic, Loose, c.a.f.—4 to 6 lbs., 19%e.; 6 to 8 lbs., 18c.;
gradually worked higher
8jto 10 lbs., 1534c.
Skinned, Loose, c.a.f.—14 to 16 lbs.,
2034c-; 18 to 20 lbs., 1834c. 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., 1634c.; 25 to 30 lbs.,
was
rel
16%c.
Butter: Creamery, firsts to higher than extra and
premium marks—3134 to 38c.
Cheese: State, Held, '36—
22 to 24c.
Eggs: Mixed Colors—Checks to special packs —
18 to
3034c.
Oils—Linseed oil
prices are still quoted 10.2 to 10.4c.
lb. in tank wagons. Quotations: China Wood—Resale,
nearby, tanks 15 to 1534c. Futures 1434 to 15c., bid prices
nominal.
Coconut: Crude, November, forward
.0434c.;
Pacific Coast, nearby .04c.; both offered prices.
Corn:
Crude, West tanks, nearby—.0634c. bid," no offer.
Olive:
Denatured: Spot, drums—$1.15 to $1.20; Shipment—$1.05
bid, no offer.
Soy bean: Crude, tanks, West forward,—
.05*4 to .06c.; L.C.L., N.Y.—no bid, offered at .08c.
Edible: 76 degrees—1034c.
Lard: Prime— 1234c. offered;
Ex. winter strained .11c. offered.
Cod: Crude, Norwegian,
per
light filtered—39c. bid, no offer.
Rosins: $6.85 to $8.05.
Turpentine: 3234 to 3634c.
including switches, 180 contracts.
Prices closed as follows:
Cottonseed Oil, sales,
Crude, S. E.. 5J4c.
7.05@
March
6.91 @
April
6.90® 6.92 May
6.90 @
June
November
December
January
February
6.94@ —.
6.95@
69.9 @ 7.00
7.05®
ft Rubber—On the 13th inst. futures closed 31 to 35 points
net lower. The market opened 12 to 18 points net lower and
continued to slip downward, although there was no special
pressure in evidence.
Transactions totaled 1,750 tons. Out¬
side prices were quoted on a spot basis of 1434®. for standard
sheets.
London and Singapore closed steady, but were
lower for the day. Local closing: Nov., 14.75; Dec., 14.77;
Jan., 14.15; March, 15.00; May, 15.12; July, 15.19; Sept.,
15.26.
On the 15th inst. futures closed 9 to 12 points off.
October statistics and further down¬
consumption estimate for the rest of
enough scattered liquidation into the
Disappointment
over
ward revisions in the
the
year
brought
rubber market
to
cause
considerable losses.
There
was
a
rally during the day which brought prices up 25 points above
the opening level. At the opening, futures had shown losses
of 25 points with the exception of the October contract,
which opened 1 point higher.
Transactions declined to a
total of 2,630 tons, which was considerably smaller than
recent volumes.
Outside prices were quoted on a spot basis
of 14for standard sheets. London and Singapore closed
quiet and dull, respectively, prices 34d. to 3-16d. lower.
Local closing: Nov., 14.65; Dec., 14.67; Jan., 14.75; March,
14.89; May, 15.00; July, 15.10; Sept., 15.16; Oct., 15.19.
Onfcthe 16th inst. futures closed 25 to 30 points net lower.
The opening range was 13 to 26 points lower, from which
level there was a slight rally.
The market receded again in
the later trading. Transactions were relatively light, totaling
only 2,540 tons for the full trading session. The outside
market was again a very quiet affair.
Outside prices were
quoted on a spot basis of 1434c. for standard sheets but were
possibly a shade easier during the day. London and Singa¬
pore closed dull and easier, prices declining 34d. to 34d.
Local closing: Nov., 14.38; Dec., 14.40; Jan., 14.48; March,
14.59; May, 14.73; July, 14.82; Sept., 14.90. On the 17th
inst. futures closed 8 to 11 points net higher. Transactions
totaled 144 contracts.
The market ruled steady in dull
trading.
The opening range was unchanged to 8 points
higher. Firmness was partly in sympathy with London,
where the market closed with a firm tone, unchanged to
higher. However, Singapore was 1-32 to l-16d. lower.
shipments from Malaya were unofficially estimated
at 34,500 tons for the first half of November and 61,000 tons
for the full month, compared with 47,342 tons shipped in
November last year.
Local closing: Dec., 14.48; March,
14.70; May, 14.82; July, 14.93; Oct., 15.05.
On the 18th inst. futures closed 5 to 10 points net higher.
Firmer cables created a somewhat better feeling in the rubber
trade here. Futures opened 6 to 20 points higher and were
steady during the morning on sales totaling 1,210 tons. Deccember advanced 12 points to 14.60 and March 12 to 14.82.
Singapore cabled that prices there were higher on short
covering and Japanese buying. C. I. F. offerings "were light
and high.
London closed 1-16 to 7-32d. higher.
Local
closing: Dec., 14.56; March, 14.80; May, 14.91; July, 14.98;
Sept., 15.06; Oct., 15.15.
Today futures closed 22 to 30
points net lower.
Transactions totaled 279 contracts.
Rubber futures were lower in sympathy with easier Singapore
and Liverpool, while strike news from the tire industry was a
contributing factor in causing prices to ease off because it
pointed to diminished consumption.
Trading was fairly
active, totaling 1,820 tons up to early afternoon. December
at that time stood at 14.32c., off 24 points.
London closed
l-16d.
Rubber
3-32d. to 13-16d. lower.
dom rubber stocks had
It was estimated that United King¬
decreased 1,100 tons this week.
the session progressed. Trans¬
pounds. Domestic spot business
reported sluggish. The last trading reported in the big
packer hides included 18,000 September-October branded
cow hides at HKc. a
pound. In the Argentine market there
were 12,500 October frigorifico steers sold at 1334c. a pound.
Local closing:
Dec., 10.55; March, 10.85; June, 11.20;
Sept., 11.51. On the 15th inst. futures closed with drastic
net declines of 55 to 57
points. The market opened with
losses of from 15 to 21 points.
Offerings increased while
buying power was rather weak, with the result that prices
suffered a severe setback for the day. Transactions totaled
5,280,000 pounds. Stocks of certificated hides in warehouses
licensed by the exchange remained unchanged at 817,640
hides. No important developments were reported from the
domestic spot hide market today (Monday). Local closing:
Dec., 10.00; March, 10.35; June, 10.63; Sept., 10.94.
On
the 16th inst. futures closed 32 to 35 points net lower. Heavy
liquidation attributed to unfavorable conditions existing in
as
actions totaled 1,800,000
the domestic hide and leather situation and the weakness in
the securities and other markets forced the hide market to
low levels for the current movement in unusually heavy
trading today (Tuesday). The opening range was 15 to 25
points under the previous close, from which there was no
rally, prices closing at or about the lows of the day. The only
spot hide sales heard of included 12,000 branded cows at
113^c. a pound, unchanged from the last previous business,
but reported to be about 13^c. above the levels indicated
by the hide futures market. The big packers, itds reported,
still have about 1,500,000 hides on hand at present. Trans¬
actions in futures today totaled 11,640,000 pounds.
Local
closing: Dec., 9.65; March, 10.00; June, 10.30; Sept., 10.62.
On the 17th inst. futures closed 20 to 21 points net lower.
The market continued under pressure of commission house
liquidation, opening 10 to 25 points net lower and later dipped
to new lows for the season, with December touching 9.45c.,
off 20 points. Reports that light cows sold at 11c. and lack
of news of a stimulating character caused general selling and
liquidation by disappointed longs. Sales to early afternoon
totaled 3,720,000 pounds, the total for the day being 243
contracts.
Local closing: Dec., 9.45; March, 9.79; June,
10.10; Sept., 10.41.
On the 18th inst. futures closed 74 to 80 points net lower.
The market broke to new low ground under continued
liquidation of commission house accounts by discouraged
longs.
Selling converged against December in advance of
first notice day.
Prices touched the lowest point since
April, 1933. This afternoon December was off 44 points at
9.01c. and March was 69 points lower at 9.10c.
Prices closed
about 14 to 21 points up from- the lows of the day.
Local
closing: Dec., 8.67; March, 9.05; June, 9.30; Sept., 9.61.
Today futures closed 45 to 37 points net lower. Transactions
totaled 327 contracts.
Liquidation of December contracts
continued to weigh heavily on the hide futures market.
The
opening was 15 to 25 points lower and the market declined.
further later in active trading, which to early afternoon
totaled 7,400,000 pounds. At that time December stood at
8.34c., off 33 points, the maximum loss. There was no news
on the spot market.
new
Freights—Chartering has been moderately active
week, with rates in all branches of the trade fairly
steady.
Charters included: Grain: 35 loads, Atlantic range
to Antwerp-Rotterdam, Dec. 5-27, 3s. 3d.
North of Hatteras to Denmark, Dec., no rate.
Saigon to United KingdomContinent, Nov., 41s. 3d. 36 loads, 10%, St. Lawrence to
Antwerp-Rotterdam, Nov., 4s. 6d., option picked United
Kingdom ports at 4s. 9d. 40 loads, 10%, Gulf to Greece,
Dec., 4s. 7 lAd. 42 loads, 10%, Gulf to Antwerp-Rotterdam,
Dec. 10-28, 3s. 6d.
Sugar: Cuba to United Kingdom, Dec.,
21s. 6d.
8,500 tons, Philippines to United States, three
ports loading, three ports discharge, $10, Jan.
Cuba to
United Kingdom-Continent, Dec., 21s. 9d.
Scrap: North
Atlantic range to United Kingdom, Dec., 25s. 6d.
Gulf to
United Kingdom, Nov-Dec., 28s. 6d.
Gulf to United
Kingdom, Nov.-Dec., 28s. 6d.
St. Johns to United King¬
dom or Continent, Nov.-Dec., no rate.
Gulf to Genoa or
Savona, $8.25; Cicitavecchia, $8.50; Pionbino, $8.75 ^note
95c. stevedoring charges), Dec. 20-Jan. 10.
Ocean
the past
Coal—The
movement
below
of anthracite
in
Eastern
centers
earlier
expectations, according to latest
reports.
The recent drop in temperature has apparently
had little appreciable effect on demand.
Reflecting improve¬
ment in the car supply situation, the 100% car rule at coal
mines has been suspended by railroads.
Chicago reports
that more cars are available for coal loadings as a result of
smaller shipments of sand, stone, gravel and other building
materials, together with diminishing shipments from the
East and South to the lower Lake Erie ports for dock load¬
ings.
The Association of American Railroads has restored
the 200% privilege to operators withdrawn last Sept. Total
anthracite production for the six-day week of November 6 is
estimated at 941,000 tons by the United States Bureau of*
Mines, a decrease of 6.8% compared with the five-day week
continues
of Oct. 30.
~
Hides—On the~13th inst. futures closed 4
points higher to
2,Tpoints lower. The market opened weak today (Saturday),
but subsequently rallied, most of the initial losses being wiped
out by .the time the final bell for the session ended.
The
market showed losses at the
opening of 10 to 20 points, but
Metals—The
report
of
Copper,
Tin,
Lead, Zinc, Steel
Iron, usually appearing here, will be found in the
appearing at the end of the department headed
"Indications of Business Activity," where they are covered
and Pig
articles
more
fully.
^
..
Financial
3366
Wool—The wool
topmakers.
It is asserted that some responsibility for the
prevailing low raw material rates is attached to Texas
growers, who for several weeks have been selling their wools
at prices very close to the wool value indicated by the top
exchange of 63c. for Class 3 wool, which includes average
Texas 12 months.
This selling is regarded as having a
marked effect on sentiment as well as detrimental to stability
of values.
It is stated that Boston dealers, irked by the
constant decline in the raw material, have finally taken un¬
precedented action in cautioning the Texas Sheep and Goat
Raisers' Association against selling wool at prices which do
not Represent the true value of the commodity.
It is stated
to be the general belief that the recent sharp decline in wool
quotations was not justified.
Owned wool is in generally
strong hands and the growers of the Northwest have shown
no desire to sell their wool at panic prices.
Silk—On the 15th inst. futures closed
unchanged to lKc.
lower.
The opening range was 2c. down to 3^c. off. February
futures came in for most of the selling. Transactions totaled
Grade D at Yokohama dropped 5 yen to 730
yen and showed 10 yen loss at Kobe, the price there register¬
ing 735 yen. Yokohama futures ranged 2 yen lower to 3 yen
higher, while at Kobe they were 4 to 7 yen firmer. Cash sales
for both Japanese centers were 500 bales, while transactions
in futures totaled 2,540 bales. Local closing: Nov., 1.62^;
Dec., 1.593^; Jan., 1.57March, 1.54U; May, 1.53;
June, 1.53. On the 16th inst. futures closed unchanged to
3^c. off. The opening range was Yic. off to unchanged.
1,460 bales.
Transactions totaled 800 bales.
Grade D at Yokohama lost
bringing the price to 7321^ yen. At Kobe Grade D
lost 5 yen, bringing the price down to 735 yen. Bourse quo¬
tations at Yokohama were 2 to 11 yen higher, while at Kobe
they were 2 yen lower to 2 yen firmer. Cash sales at these
Japanese centers were 525 bales, while futures totaled 2,950
bales.
Local closing: Nov.,
1.62^; Dec., 1.59H; Jan.,
1.573^; March, 1.54; May, 1.53; June, 1.52^. On the 17th
inst. futures closed 2^c. to lc. up.
Steadiness prevailed
in the silk market today.
Transactions were light, totaling
only 350 bales. The price of crack double extra silk in the
New York spot market was up lc. to $1,693^.
At Yoko¬
hama the bourse closed 4 to 9 yen lower, but Grade D silk
outside was unchanged at 732
yen.
Yen exchange was
Vs higher. Local closing: Nov., 1.65; Dec., 1.603^; Jan.,
1.59; March, 1.543^; May, 1.54; June, 1.54.
On the 18th inst. futures closed 3^ to 2c. net lower.
Commission houses liquidated December or switched from
that position into June at a difference of about 6c.
In ad¬
yen,
dition cables
about 2c.
weak.
were
pound
As
result
a
the
market
sold
off
sales of 640 bales up to early afternoon.
At that time December stood at $1.57}^, off 3c. In the New
York spot market the price of crack double extra silk de¬
clined lc. to $1,683^ a pound.
The Yokohama bourse
closed 5 to 9 yen lower, while grade D silk outside was 23^
yen lower at 730 yen a bale.
Yen exchange declined 34$ to
2934. Local closing: Dec., 1.57H; Jan., 1.5534>; March,
1,52; May, 1.5134; June, 1.5134Today futures closed
134 to 234c. down
Transactions totaled 120 contracts.
Raw silk futures opened unchanged to 134c. lower, and
the market continued easy throughout the morning on sales
totaling 960 bales. December stood at $1.5534, off 2c., and
March at $1.90, off 2. The price of crack double extra silk
in the New York spot market was 234c. lower at $1.66.
In
Yokohama Bourse prices were 8 to 15
yen lower.
Grade
D silk outside was 1234 yen lower at 71734
yen a bale.
a
Texas
of
the
bales.
1
Sat.
9,888
6,106
Houston
Mon.
19,506
6,810
Tues.
Wed.
9,451
8,685
7,988
3,185
Thurs.
3,767
3,991
Fri.
6,123
13,056
Total
56,723
41,833
320
160
21
337
228
"321
321
New Orleans
8",805
16",595
21",601
7",060
16",437
8,604
Mobile.
1,584
1,717
885
445
451
815
79,102
5,897
162
~124
222
1,621
3,780
_
Beaumont
Jacksonville
162
Savannah
241
'283
611
36
Charleston
"364
"387
584
70
375
2,104
""6
371
17
371
"~"6
630
638
659
3,703
208
""40
870
Norfolk
"610
208
296
.
Baltimore
Total this week.
Tne
_
1, 1936
28,627
45,717
41,903
20,108
26,017
85
32,662 195,034
following table shows the week's total receipts, the
Aug. 1, 1937, and the stocks tonight, compared
920,749
926,613
41,833 1,164,277
382,477
1,066
65",793
905*532
823~,224
272,756
961
9,426
66,207 1,083,073
144,504
8,214
88,393
16,427
927,785
80,950
14,833
4,013
158,766
75,396
41,287
10,986
25,599
588,465
71.601
27,054
759,379
123,175
9,247
2,721
158,184
64,279
27,732
17,573
31,494
50
City
Houston
Corpus Christi.
321
Beaumont
Hew Orleans...
2,131
7.814
79.102 1,195,938
5.897
136,640
52,560
"324
3,427
107,849
1,621
155,360
3,780
371
67,617
85
5,511
3,703
25,295
Mobile
Pensacola, &c_.
Jacksonville
Savannah
Charleston
Lake Charles..
Wilmington
Norfolk
384
54
76.718
3,516
94,404
127,117
51,462
1,167
4.094
312
1,262
1,789
10,620]
19,22?
New York
100
Baltimore
208
Totals
9,942
465
100
3,150
3,555
950
Boston.
925
9,482
195,034 4,536.852 251,440 4,010,796 3,192,608 2,812,147
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
1937
Houston
New
Orleans.
Mobile
1936
56,723
41,823
Receipts at—
Galveston....
98,607
65.7U3
66,297
8,214
1,167
7y,i02
5,897
1,621
Savannah
1935
1934
1933
67,826
37,349
89.020
70,982
30.598
"
1932
102,195
97,085
54.233
4,406
3,543
39,078
2,624
4,257
259
12,407
7,449
Brunswick
88,436
130,540
44,977
10,412
2,815
1,753
2,245
2,631
"3",780
"4",094
8*318
1,262
1.739
1,105
1,348
4,693
1,026
"2", 075
85
3,703
2,228
1,515
1,748
"2*290
4~,367
"l3", 538
"l"l",413
2b~,034
22,911
195,034
251,440
271,993
133,525
285,757
308,468
Charleston
Wilmington..
Norfolk
Newport News
671
"
All others
Total this wk.
Since Aug. l._ 4,536,852 4,010,796 4,235,814 2,662,660 4,407,909 4,464,525
The exports
for
bales,
19,940 to France,
to Japan, 787 to
of
the week ending this evening reach a total
of which 70,853 were to Great Britain,
24,769 to Germany, 18,102 to Italy, 2,371
China, and 38,409 to other destinations.
the corresponding week last year total exports were 194,934
175,211
In
bales.
For the season to date aggregate exports have been
2,230,088 bales, against 2,059,13d bales in the same period
of the previous season.
Below are the exports for the week.
Week Ended
Exported to—
Nov. 19, 1937
Great
Exports from—
Ger-
France
Britain
Galveston
Houston
.......
Corpus Christi.
Lake
22,162
4,562
China
Japan
8,370
8,463
Other
1,123
27^070
8~6l5
300
"287
5,330
48,529
473
"566
3,149
2,371
42,692
1,169
10,088
2",073
1(L898
M69
335
Savannah
60
25
Charleston
40,409
"266
6,155
875
Charles...
Mobile
Total
11,409
1,898
.
Jacksonville
395
190
366
215
1,275
6,382
16,523
"729
4,378
1,526
21,435
185
975
1,450
"166
"748
70,833
Norfolk........
Los
Italy
mang
9,07V
5,832
5,868
New Orleans
19,940
24,769
18,102
2,371
787
38,409 175,211
2,858
2,762
27,850 194,934
2,614
Angeles
Total
Total
1936
34,581
27,238
21,312
15,475
65,620
Total
1935
55,798
25,761
20,486
8,219
65,318
43,023 221,367
Aug. 1, 1937, toNov. 19, 1937 I
Exports
Galveston
Houston.
France
143,051 103,233
136,096 94,002
81,818 62,982
...
Corpus Christi.
Beaumont
New
Ger¬
Great
from—| Britain
Italy
many
60,227
88,754
49,523
50,705
50,217
3,178
China
Japan
113,248
1,900
28,358
Orleans..
141,346
98,229
64,740
4,703
9,769
39
14,292
3,500
Mobile
49,330
...
Pensacola,
Savannah
-
-
•
67
-
1.879
768
749
-
3,181
*.
2,670
99,120
1,339
14,235
100
2,260
4
4,876
5,761
250
1,065
1,457
1,727
2,555
66,719
5,984
~-
_
420
-.
132
.
«»**
-
.
70
515
13,118
5,629
1,720
.
'
113
Francisco.
69,092
-.'h.
■'mmm.rn.m-.
..
642
39,549
■
'
Los Angeles...
95,406
60
'
142
Philadelphia
28,664
243
9,727
250
York
Baltimore
424,175
9,075
■'
22,231
870
Boston
1,200
648
1,142
Gulfport.
5,278
68,975
14,762
10,056
ioo
25,604
74,219
Norfolk
484,594
325,710
200
_
10,559
112
39,659
Charleston
New
23,644
558,817
'
515
28,535
&c.
53,457
■
1,169
3,588
Jacksonville
Total
23,031
39,629
7,991
Other
5,893 104,807
7,247 94,680
\
Lake Charles..
70
200
7,678
1,162
800
....
15,729
420,464 206,665
93,928
311,410 102,383
271,630 145,833
578,035
577,389
Total
1936
430,784 366,451
Total
1935
537,925236,531
23,403
1,788
....
722,843 382,052
1,676
17,840(
386,296 2230,088
7,993 262,079 2059,135
15,9471 347,961 2133,216
NOTE—Exports to Canada—It has never been our practice to include in the
above table reports of cotton shipments to Canada, the reason being that
virtually
all the cotton destined to the Dominion comes overland and it is
impossible to give
to week, while reports from the customs
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 September the exports to the Dominion the present season
have been 10,169 bales.
In the corresponding month of the preceding season the
returns
concerning the same from
districts
on
the Canadian border
week
are
exports were 14,754 bales.
For the two months ended Sept. 30, 1937, there
16,348 bales exported, as against 24,308 bales for the two months of 1936.
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
Shipboard Not Cleared for—
Nov. 19 at—
Great
Britain
Galveston
Leaving
Ger¬
Francs
Other
Coast¬
many
Foreign
wise
Orleans..
19,400
8,337
16,349
16,700
9,478
19,991
1,912
Houston
New
2",2l4
3,218
45,998
25,016
41,700
48,383
42,708
18,207 43,800
17,131 87,721
34,762 109,729
14,000
2,060
2,147
18,100
15,104
7,378
3,000
1,062
15,209
Stock
Total
71,200
36,041
61,074
Savannah
Charleston
Mobile
Norfolk
Other
ports
total since
Total
with last year:
Total
1936
1937
98,607 1,202,962
1,066
""16
Lake Charles
Wilmington
Week
1. 1937
Since Aug
56.723 1.222,145
—
324
Corpus Christi.
This
Since Aug
Wuk
Galveston
Total
Friday Night, Nov. 19, 1937
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 195,034
bales, against 245,688 bales last week and 263,182 bales the
previous week, making the total receipts since Aug. 1, 1937,
4,536,852 bales, against 4,010,796 bales for the same period
of 1936, showing an increase since
Aug. 1, 1937, of 526,056
Receipts at—
Stock
1936
1937
This
Nov. 19
San
COTTON
The Movement
1937
20.
Receipts to
on
.
Galveston
Nov.
continues mixed, with much
situation
uncertainty prevailing as to the worth of wool from the
manufacturing standpoint.
It is reported that there is a
two-priced market situation for the raw material in the
Boston district.
Advices state, that large holders of wools,
as
well as consignees, are caught between comparatively
low-priced hedge sales being made by an increasing number
of wool concerns and low bids made by manufacturers and
2l/2
Chronicle
Total
1937—
1936..
1935.
_
56,467
7",344
849,549
787,183
866,711
158,766
75,396
73.606
25,599
180,139
19,271 175,659 3,016,949
3,192 175,768 2,636,379
2,141 244,799 2,749,084
Volume
145
Financial
Speculation in
active
the
the
past
doldrums,
outlook lias
of
cotton
week,
with
been
the
future delivery
market
prices
being
was not
more
or
very
less
working gradually lower.
in
The
anything but encouraging to the holders
The
contracts.
for
lower trend
of
all
commodity markets,
together with the depressed state of the securities market,
not to
speak of the uncertainty
ton, have
had
anything but
a
over
legislation at Washing¬
wholesome
effect
on
senti¬
Chronicle
day^s closing levels.
points, and January was 5 points higher at 7.75. The
market opened irregularly, with initial prices one point
lower to two points higher.
A definite upward trend was
noticed in subsequent trading.
Aggressive liquidation in
the
December
although this
The market ruled heavy during most
not
large and fluctuations
this
values.
but
combined
Foreign operators
houses
Bombay
with
was
a
moderate
moderately, but demand
the south to
new
contracts,
liquidation,
depressed
both sides of the market,
on
balance and
bought
not aggressive and there was
Trade
seller.
was
was more
more
outside interest.
houses
The tendency!
n
has deprived the market of its usual
number of contracts and
a
few
place cotton in the government loan, or to hold
for developments,
prices
were on
a
foreign connections sold
comparatively little
it
scattered
with
There
were narrow.
hedge selling, however, which furnished
and
Volume
of the session.
steady
though it
was
government loan at prices above those prevailing in the open
reported from Federal sources that 1,857,869
bales of cotton had been officially placed in the loan up to
Nov. 11 at an average loan price of 8.48c. a pound, bringing
the total amount of money involved to $82,836,210.
South¬
ern spot markets as officially reported, were 7 to 13 points
lower.
Average price of middling at the 10 designated spot
markets was 7.88c.
On the 15th inst. prices closed 7 to 8
market
It
.
was
net lower.
The market continued its downward
course today, influenced by the lower foreign markets, the
downward trend of stocks, December liquidation and absence
points
of any appreciable demand.
The market opened steady at a
decline of 6 to 8 points.
Sentiment was reactionary early,
due to lower Liverpool cables and week-end
Disappointing overseas advices and Secretary Wallace's
speech regarding the unhealthy position of American cotton
also discouraged sentiment abroad. Southern spot markets as
officially reported were 7 to 10 points lower. The average
price of middling cotton at the 10 designated spot markets
was 7.79c.
On the 16th inst. prices closed 1 to 4 points net
higher.
The market opened steady and off 3 to 7 points.
The early heaviness was a reflection of the lower foreign
markets.
A contributing factor in the early declines was an
increase in foreign offerings as well as overnight accumulation
of hedge selling.
This reaction, however, was short-lived
because prices steadied quickly when stocks rallied.
De¬
cember liquidation was an early factor, but later spot in¬
terests absorbed nearby offerings in addition to support from
New Orleans interests, the latter apparently buying on
differences.
Trade price fixing and a dwindling of southern
offerings assisted in bringing about the rallies.
Textile
markets offered little encouragement and spot houses locally
reported a lack of interest.
Southern spot markets, as
unofficially reported, were unchanged to 5 points higher.
Average price of middling at the 10 designated spot markets
was 7.82c.
On the 17th inst. prices closed 8 to 9 points off.
The market advanced slightly in the early dealings, rising
at one time to gains of 4 to 7 points, but later the list turned
reactionary and values lost all of their improvement, register¬
ing substantial net declines at the close. Liquidation of De¬
cember in advance of first notice day Nov. 24, was a factor.
The news from Washington indicated only a good deal of
confusion over farm legislation, with not much expectation
of quick action on it.
Southern spot markets as officially
reported, were unchanged to 10 points lower. Average price
of middling at the 10 designated spot markets was 7.74c.
On the 18th inst. prices closed 3 to 5 points off.
The
followed
market
by the
the late decline of the previous
start of the last hour active
day, and
Interest was displayed in a report that the House
Agriculture Committee had adopted the report of its sub¬
committee on a cotton program for the proposed farm bill.
continued
again
reported at
was
little
a
bill, drafted by Representative Fulmer,
would set up a
system of voluntary production control on a tilled acreage
basis.
Marketing quotas and penalty taxes would be elimi¬
nated.
Because of the absence of a normal
carrying charge
present prices, floor traders are
commitments in the distant positions.
allowance at
withholding
13 to Nov. 19—»
business the list was up 2 to 6 points
from yester-
day's production.
a
Sat.
8.00
Mon.
Tueg.
7.93
7.95
Wed.
Thurg.
7.86
Fri.
7.84
7.83
staple in relation to the base grade, Middling
for deliveries
contract
on
established
Premiums and
on
discounts for grades and staples are the
average quotations
markets, designated by the Secretary of Agriculture,
and staple premiums
represent 60% of the average premiums
over %-ineh cotton at the 10 markets on Nov. 18.
of 10
%
15-16
1 In. &
Vs
15-16
I In. dk
Inch
Inch
Longer
Inch
Inch
Longer
White—
Spotted—
Mid. Fair
.65
on
.90
on
1.14 on
Good Mid
.14
on
.33
on
.54 on
Bt. Good Mid..
.58
on
.83
on
1.07
St. Mid
.05 off
.15
on
.36
Good Mid
.50
on
.75
on
.99 on
Mid
.64 off
.43 off
St. Mid
.35
on
.61
on
.84
on
♦St. Low Mid.
1.48 off 1.32 off 1.18 off
.25
on
.48
2.24 off 2.14 off 2.07 off
Mid
on
♦Low Mid
Good Mid
2.15 off 2.10 off 2.05 off
St. Mid
2.77 off 2.75 off 2.73 off
Low Mid
♦St
Good Ord
♦Good
Ord
Extra
on
.81 off
.36 off
.18 off
1.41 off 1.25 off 1.13 off
♦Mid
Basis
St. Low Mid...
White—
.50
on
.75
on
.99 on
.35
on
.61
on
.45 off
Yel.
♦
2.89 off 2.84 off 2.80 off
Good Mid
2.75 off.2.73 offi2.71 off
1.22 off 1.05 off
2.41 off 2.28 off 2.22 off
Gray.56 off
.36 off
.19 Off
.80 off
.59 off
.43 off
1.40 off 1.26 off 1.15 of
♦Mid...
Not deliverable
.93 of
1.72 off 1.52 off 1.43 off
Mid
♦Mid
St. Mid
'
.36 off
Stained-
Good Mid
♦St.
.13 off
.53 off
2.30 off 2.24 off 2.17 off
Low Mld.
♦Low Mid
.84 on
.29 off
.71 off
1.50 oft 1.39 off 1.27 off
Mid
Even
.25 on
.48 on
St. Low Mid...
.59 off
.35 off
.16 off
Low Mid
1.39 off 1.22 off 1.11 off
•St. Good Ord. 2.13 off 2.08 off 2.02 off
Good Ord
on
.23 off
Tinged—
♦St
Good Mid
St. Mid
future contract.
on
New York
Quotations for 32 Years
The
quotations for middling upland at New York on
Nov. 19 for each of the past 32 years have been as follows:
1937
1936
1935
00.00c.
1933
1932
1931
6.30c.
1930
17.75c.
19.80c.
19.80c.
12.95c.
21.00c.
24.35c.
35.20c.
25.70c.
1929
1928
1927
1926
1925
1924
1923
1922
12.23c.
12.45c.
12.55c.
10.15c.
6.25c.
1934
10.90c.
Futures—The
17.55c.
1913
13.70c.
1912
12.40c.
1911
1910
9.50c.
14.55c.
1917
1916
1915
17.55c.
39.15c.
28.40c.
30.10c.
.20.50c.
11.75c.
1909
14.80c.
1914
7.50c.
1921
1920
1919
1918
1908
1907
9.55c.
10.80c.
1906
11.10c.
lowest and closing prices
week have been as follows:
highest,
New York for the past
at
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Nov. 13
Not. 15
Nov. 16
Nov. 17
Nov. 18
Nov. 19
Dec.i1937)
7.67- 7.77
Range—
7.85- 7.93
7.77- 7.84
7.71- 7.82
7.71- 7.85
7.63- 7.72
Closing
7.85
7.78
-
7.80- 7.82
7.71
7.68
—
7.69- 7.70
—
Jan.(1938)
Range..
7.89- 7.97
7.81- 7.84
7.74- 7.82
7.74-7.89
7.70- 7.74
7.69- 7.76
Closing.
7.89
7.81a
7.82
7.74
7.70
7.72 n
—
Feb.—
Range..
7.73/1
7.75 n
7.72- 7.81
7.75- 7.84
7.81
7.77
7.79
7.93 n
7.84 n
7.79 a
7.80a
7.88- 7.97
7.87- 8.01
7.77- 7.86
7.81- 7.89
7.96- 7.97
7.87
7.82
7.82- 7.84
7.92a
7.84a
7.86a
7.77/1
Range..
7.93- 8.02
7.87- 7.93
7.82- 7.90
7.81-
Closing
7.95
7.87
7.90
7.97 n
7.89 n
7.99- 8.08
7.92- 7.99
8.00
7.92- 7.93
Closing.
'
March—
7.95
April—
Range..
Closing.
May—
Range..
...
Closing
June—
.
.
Range..
Closing.
8.02a
7.94 n
7.98n
7.89 »
7.84 n
7.85 n
8.05- 8.13
7.96- 8.04
7.93- 8.01
7.92- 8.06
7.83- 7.91
7.84- 7.94
8.05
7.97
8.01
7.92
7.87
7.88- 7.89
8.08 n
8.00n
8.04»
7.95 a
7.91 n
7.91n
July—
Range..
Closing.
Aug.—
Range..
Closing.
Sept.—
Range..
8.11 n
8.03/i
8.07 n
7.98 n
7.95 n
7.94n
Range..
8.15- 8.20
8.07- 8.13
8.02- 8.10
8.01- 8.13
7.93- 8.00
7.95- 8.04
Closing
8.15
8.07
8.09- 8.10
8.01
7.98
7.98
Closing
.
v.
Oct.—
.
Nov.—
Range..
Closing
n
.
Nominal.
Range for future prices at New York for week ending
Nov. 19,
1937, and since trading began on
8.15
Nov. 1937—
Oct.
Dec.
1937-
7.63
Nov. 18
7.93
Nov. 13
7.53
Nov.'
Jan.
1938-
7.69
Nov. 19
7.97
Nov. 13
7.50
Oct.
Feb.
1938—
12 1937
Apr.
5 1937
5 1937
8.02
Nov. 13
7.52
Oct.
8 1937 13.97
Apr.
Nov." 18
8~08
Nov. 13
7.60
Oct.
8 1937 12.96
Mar. 21 1937
9.63
Nov. 18
8.13
Nov. 13
7.65
Aug. 27 1937 11.36 July
Oct.
8 1937 11.36 July
27 1937
7.83
V93Nov.l8
1938-
Nov. 18
7W
8?20
Nov.13
7.85
Nov.
8.52 Oct.
16 1937
1938-
July
July
5 1937
9 1937 13.94 Apr.
3 1937 13.85 Mar. 31 1937
7.72
1938-
June
19 1937 12.40
8 1937 13.93
1938-
May
option:
7.69 Nov;
Mar. 1938-
Apr.
each
Range Since Beginning of Option
Range for Week
Option for-
27 1937
Aug. 1938—
Sept. 1938-
Today prices closed 2 points up to
hour of
easiness
The
Premiums and Discounts for Grade and Staple—The
table below gives the premiums and discounts for grade and
Oct.
unchanged. The early
gains in the cotton market were maintained this afternoon
in a limited volume of trading.
At the start of the final
opening,
yesterday, and the vol¬
Total sales this week
than
closely.
The
late
small.
more
Middling upland
positions were 7 to 9
points under the previous close.
Trading was still small
in volume, with the undertone barely steady.
Dealers and
traders continued to follow developments in Washington
the
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
accumulation of
hedge selling. A continuance of quiet conditions in the dry
goods trade and a further reduction in steel operations acted
as a drag when
rallying tendencies appeared. The Liver¬
pool market opened 5 to 8 points lower and closed 6 to 8
points lower.
General liquidation and some hedging were
reported in the foreign market, with demand generally poor.
was
of business
were
generally
admitted that the situation is artificial, brought about by the
of
Liverpool bought moderately.
Worth Street
this absence of selling has given
appearance, even
feature
the
was
was
Continent and
ume
was
contract
partly discounted by trade buying. Com¬
mission houses, New Orleans and the South sold, while the
in
prices closed 10 to 13 points net lower.
December traded at 7.74, an advance
of 6
ment.
On the 13th inst.
3367
1938..
The Visible
cable and
as
afloat
telegraph, is
are
4 1937
made up by
Foreign stocks as well
Supply of Cotton tonight, as
as
follows.
this week's returns, and
consequently all foreign
Financial
3368
figures
Chronicle
1937
20,
Market and Sales at New York
To make
complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only.
brought down to Thursday evening.
are
Nov.
the total show the
1937
661,000
bales.
1936
725,000
1935
454,COO
870,000
141,000
Nov. 19—
Stock at Liverpool;
97,000
76,000
66,000
Stock at Manchester
50,000
15,000
3,000
17,000
7,C00
6,000
485,000
420,000
358,000
222.000
20,000
Stock at Rotterdam.
Stock at Barcelona
...
-
Stock at Genoa
...
Stock at Venice and Mestre
Stock at Trieste.
-
Total Continental stocks
Total European
...
Market
Closed
Closed
Quiet, 13 pts.dec___
Quiet,7pts. dec
Steady, 2 pts. adv__
Quiet, 9 pts. dec
Steady, 3 pts. dec..
Steady, 1 pt. adv
Steady..
Steady
Very steady—
Steady
Steady
Steady
936,000
349,000
150,000
27,000
72,000
42,000
9,000
7,000
656,000
1,287,000 1,242,000
888,000 1,592,000
21,000
91,000
45,000
51,000
650,000
371,OCO
509,000
275,000
Egypt, Brazil,&c.,afl't for Europe
151,000
182,000
159,000
166,000
Stock in Alexandria, Egypt
286,000
347,000
266,000
301,000
Stock in Bombay, India
558,000
593,000
385,000
567,000
Stock in U. S. ports
3,192,608 2,812,147 2,993,883 3,091,918
Stock in U. S. interior towns
2,459,694 2,373,757 2,321,538 1,983,174
U. S. exports today
47,106
39,331
32,135
19,390
stocks
India cotton afloat for Europe
American cotton afloat for Europe
Saturday
Monday
Tuesday
WednesdayThursday
Friday
Total visible supply.
Manchester stock
Bremen stock
Havre stock
Other Continental stock
American afloat for Europe.
U.S. port stock
U. S. interior stock
253,000
53,000
196,000
52,000
95,000
7,400
6,400
509,OCO
101,000
169,000
18,000
Total American
give below
made
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
638,000
68,000
45,000
32,000
24,000
21,000
151,000
286,000
558,000
Bremen stock
Havre stock
258,000
44,000
68,000
36,000
28,000
91,000
182,000
347,000
24,000
48,000
19,000
58,000
45,000
37,000
69,000
25,000
65,000
51,000
166,000
301,000
567,000
\
159,000
266,000
385,000
593,000
Total East India, &c—
Total American
1,557,000 1,861,000 1,262,003 1,919,000
7,095,408 6,190,235 6,337,556 6,127,482
Total visible
8,652,408 8,051,235 7,599,556 8,046,482
4.55d.
6.76d.
6.77d.
6.91d.
supply
Middling uplands, Liverpool
Middling uplands. New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
7.84c.
9.28d.
3.87d.
5.90d.
4.02d.
Peruvian Tanguis, g*d fair, L'pool
C.P.Oomra No.l staple,s'fine,Liv
12.30c.
10.38d.
6.20d.
12.18c.
11.54d.
5.61d.
8.03d.
5.65d.
up
week
of
increase
3,491
45,988
63,175
224,517
404,068
Via Virginia
9,942
3,197
75,175
465
57,445
1,041
1,732
points
Interior
movement—that
the
Towns
is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight,
and the
same
items for the
corresponding period of the previous year—is set out in
detail below:
112,168
61,190
2,467
5,044
66,068
222,520
469,457
npmt
Overland to N. Y., Bos
Between interior towns.
192
..
..
Total to be deducted
4,402
9,482
286
4,582
12,804
138,770
*
4,802
88,314
13,555
152,834
Leaving total net overland *...57,249
315,754
33,916
316,623
Including movement by rail to Canada.
The
foregoing shows the week's net overland movement
has been 57,249 bales, against 33,916 bales for
the week last year, and that for the season to date the
this
year
aggregate net overland exhibits
of 869 bales.
decrease from
a
a
1937
In
Sight and Spinners'
Takings
Receipts at ports to Nov. 19
195,034
57,249
year
ago
-1936
Since
Aug. 1
Week
Since
Week
Aug. 1
19.105,000
4,536,852
315,754
1,885,000
251,440
33,916
125,000
4,010,796
316,623
2,040,000
357,283
72,124
6,737,606
1,638,139
410,356
30,871
6,367,419
1,190,990
Net overland to Nov.
19..
Southern consumption to Nov.
.
J
196,844
consumption to Nov. 1
8,572",589
Total in sight Nov. 19.
*
518,003
441,227
North, spinn's'takings to Nov. 19 41,926
508,080
8,076",412
80,463
586,908
Decrease.
Movement into sight in previous years:
Week—
the
Aug. 1
47,471
208
56.158
Via Louisville
605,926 bales from 1934.
At
1936
Since
Week
12,109
4,700
100
90
4,472
26,000
6,172
6,400
Mounds, &c
Via other routes, &c
216,000 bales.
figures for 1937 show an increase over last
143,885 bales, a gain of 601,173 over 1936, an
of
1,052,852 bales over 1935, and a
gain of
Aug. 1—
.62,051
Via
12.55c.
9.56d.
5.56d.
above
108,330
from telegraphic
Aug. 1
429,407
The
1,856
78",600
Since
Week
Via St. Louis
over
Continental imports for past week have been
300
1937
Nov. 19—
7,095,408 6,190,235 6,337,556 6,127,482
472,OCO
256
mmm —
300
statement showing the overland movement
a
Shipped—
232,000
29,000
281.000
125,000
91,000
275,000
372,000
*
256
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
East Indian, Brazil, &c.—
Liverpool stock
Manchester stock
200
200
1,856
30,330
for the week and since Aug. 1, as
371,000
3,192,608 2,812,147 2,993,883 3,091,918
2,459,694 2,373,757 2,321,538 1,983,174
47,196
39,331
32,135
19,390
U. S. exports today
"600
Overland Movement for the Week and Since
We
and other descriptions are as follows:
289,000
73,000
130,000
190,000
64,000
650,000
bales.
500
"600
Total week.
8,652,408 8,051,235 7,599,556 8,046,482
Liverpool stock
Total
500
Since Aug. 1
Via Rock Island
Of the above, totals of American
American—
Contr'ct
Spot
1934
530,0C0
144,000
93,000
10,000
29,000
70,000
10,000
2,000
822, J00
169,000
205,000
16,000
802,000
175,000
Total Great Britain.—
Stock at Bremen
Stock at Havre.
SALES
Futures
Spot Market
Since Aug. 1-
Bales
1935—Nov.
22
1934—Nov.
1933—Nov.
23
24.......
420,465
301,545
386,167
Bales
1935
7,543,608
5,095,585
7,388,458
1934
1933
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
of the week:
Movement to Nov.
Movement to Nov. 19, 1937
Towns
Beceipts
Ship-
Season
Ship¬
Week
19
Week
Season
Closing Quotations for Middling Cotton
Nov.
Week
Nov.
Stocks
ments
Beceipts
Stocks
ments
Week
20, 1936
20
rr
ccA,
Saturday Monday
Galveston
Ala.,Birming'm
2,705
Eufaula
"940
Montgomery.
Selrna
1,343
4,418
Aik.,Blytheville
Forest City..
64,866
109,443
2,564
,
975
33,017
2,648
New Orleans
7.97
7.65
7.97
10,280
200
7,687
143
10,521
Mobile
7.95
7.88
7.90
421
53,053
552
36.081
1,343
8.05
7.98
8.01
65,683
353
49,880
2,945
66,308
74,466
Savannah
592
35,562
9,200
40,112
Wed'day Thursday
Tuesday
7.70
8.07
Norfolk
8.20
8.10
9,283
147,061
9,355 112,469
1,796
2.C83
26,125
48,925
1,460
1,032
49,061
7.95
8.10
7.85
7.75
6,183
1,523
8,342
2,301
145,912
2,490 14,853
771 31,808
3,281 22,086
1,320 13,259
5,100 121,094
1,197 19,849
2,578 72,440
2,797 24,173
Montgomery
Augusta
Memphis
8.10
7.88
35,732
2,932 107,401
1,262 30,240
Helena
4.000
60,685
4,000
41,420
Hope
2,876
1,458
25,947
784
28,048
51,307
2,857
56,117
Little Rock..
7.884
Newport
2,371
68,350
20,794
111,710
33,442
Pine Bluff...
11,812
121,147
6,673
80,076
Walnut Ridge
Ga., Albany
2.885
43,694
15,322
31,633
77,344
113,758
14,200
35,337
13,932
2,093
37,436
59
19,126
31,229
112
10,695
149
18,129
370
16,470
830
23,017
2,068123.655
1,876136,653
15,663
7.392
93,612
21,904
1,500
14,828
1,000
39,663
28,637
126,145
155,458
2,530, 76,533
2,300
9,076
94,952
2,771
63,520
31,671
207,568
l,087i 32,343
8,553 127.708
1,500 36,404
7.62
7.56
7.52
7.90
7.81
7.88
7.54
7.90
7.78
7.88
7.80
7.79
7.95
7.78
7.91
8.00
7.90
8.06
Friday
7.95
7.80
7.99
8.03
7.75
7.80
7.70
7.65
7.70
7.68
7.71
7.61
7.58
7.59
7.70
7.23
7.23
7.75
7.65
7.26
7.26
7.16
7.22
7.65
7.24
7.16
7.22
7.24
8.06
8.02
8.04
43,099
6,948
1,387
on-
Ejliueu
Nov. 19
Jonesboro
1,254
286
Athens
3,545
Atlanta
9,350
4.563
Augusta
Columbus
1,000
Macon
425
Rome
826
La., Shreveport
4,420
Mlss.Clarksdale
8,081
Columbus..
Greenwood
..
2,298
11,172
Jackson
1,914
1,398
3,004
2,131
6,314
Vicksburg
Yazoo City..
Mo., St. Louis.
N.C.,Gr'nsboro
_
.
11,989
34,032
51,444
50,072
136
Natchez
4,588
97,969
625
25,721
873
9,161! 86,010
40,871
339,071
4,121
46,697
Tenn.,Mem phis 101.0331 ,077,068
Texas, Abilene.
37,706
2,281|
Austin
356
15,740
Brenham
83;
12,923
Dallas
1,617!
74,619
Paris
2,353,
Robs town...
San Antonio.
2,051
Waco
1,688
Total, 56 towns
*
8
1,034
38,825
133,430
6,925
29,713
1,405
117,066
33,665
10,389
214,921
975
54,871
139
8,541
370
12,932
1,750
2,492
21,766
35,519
1,742
32,447
2.465
6.172,
2,458
12,185
45,734
110,899
5,342
84j 2,057
273
4,077 132,778
7,368 138,987
400 34,300
759
35,470
14,428 112,792
1,809 31,218
687
7,572
2.045 20,215
2,672 23,990
609
12,109
425
2,712
81 342
15,65-5
7,221
36,337
80,597
24,666218,711
131,954
13,373
1,995 68.294
3,948
93,258
90.020 606,056 115,1621 ,378,791
2,015
6.841
1.466
32,115
168
745
2,032
12,938
98
329
3,230
4,718
895
17.647
1,360
1,803
25,236
1,140
1,143
100
I
56
13,123 113,406
2,308 70,904
96.887 732,592
1.046
5,061
799
1,554
226
2,832
13,320
222
14,405
11,491
2,013
2,041
630
466
6,454
133
992
789
19,829
1,636
869
1,760
20,764
3,319
30,793
69,103
1,739
13,370
9,024
263,0523,613,805190,92824596941249,1373,657,713218,2662373757
above
totals
show
increased
that
the
interior
same
7.30
7.60
New Orleans Contract Market—The
closing quotations
leading contracts in the New Orleans cotton market for
for
the past week have been as follows:
Saturday
Nov
Monday
Tuesday
Wednesday
Thursday
Friday
Nov. 13
Nov. 15
Nov. 16
Nov. 17
Nov. 18
Nov. 19
(1937)
December.
7 QQ
Jin.
8*00
7.90- 7.91
7.92
7.88
7.92
7.88
7.86
7.91
796b- 797a
7.96
7.90
7.87- 7.88
7.90
8.09
8.01- 8.02
8.02
795b- 796a
7.90
7.94-
7.95
8.12- 8.13
February
7.91
8.06- 8.07
(1938)
8.04- 8.05
8.07
8.00- 8.01
7.94- 7.95
7.96-
7.97
8.20
8.14
814b- 815a
8.08
8.02
8.05-
8.06
•
Bid.
785b-786a
7.91
_
Mtrch
Ap-il
May
June
July
August
September
week last year.
October
..
Bid.
—
Tone—
Spot
Options.
_.
Barely stdy
Steady.
Barely stdy
Steady.
Steady.
Steady.
Steady.
Steady.
"Annual
Cotton
Quiet.
Steady
Steady.
Steady
Handbook"—This
publication now
makes its 67th appearance.
As in preceding issues, this
"Handbook" is a complete statistical record of the cotton
trade as it applies to supply and distribution of cotton.
This makes it indispensable for all who deal in that com¬
modity.
stocks
have
during the week 72,124 bales and are tonight
85,937 bales more than at the same period last year.
The
receipts of all the towns have been 13,915 bales more than
the
7.30
2,794
65,429
60,326
Includes the combined totals of 15 towns in Oklahoma.
The
7.80
Dallas
Fort Worth
...
15 towns *..
..
561
650
Oklahoma—
8. C.,Greenville
Texarkana
700
700
1.085
55,101
34,950
522j 36,137
16,347
23,767
Houston
Little Rock
New
York
Cotton
Exchange
Fixes
Limitation
of
Interest—The Board of Managers of the New York Cotton
Exchange voted Nov. 15 to set the maximum limit of interest
future contracts for the delivery in any one month
by
any member, firm, or corporation, and his or its affiliations,
on
Volume
Financial
145
months up to
Member
New
New
of
York
business,
elected
was
the
membership in
to
Exchange.
Mr. Nemani is a member of the East India
Cotton Association, Ltd., and the Liverpool Cotton Associa¬
tion, Ltd.
Crushed
Aug. 1 to Oct. 31
State
a
meeting of the Board of Managers of the New York Cotton
Exchange held Nov. 15, Umadutt Surajmal Nemani of
Shivnarayan Nemani, Bombay, India, engaged in the cotton
commission
Aug. 1 to Oct. 31
Alabama
224,643
198,984
158,905
Arkansas
California
353,305
99,188
291,709
73,741
159,946
39,707
128(846
30,400
Georgia
294,818
232,694
220,040
Louisiana
184,538
563,194
174,180
603,200
165,232
92,961
220,584
Mississippi
North Carolina
Tennessee
211,447
Texas
through Nov. 11, 1937, showed loans disbursed by the
Corporation and held by lending agencies on 1,857,869
The amount of the loans aggregated $82,-
979,482
96,330
All other States
...
*
Report
85,360
107,140
100.169
602,492
45,124
378,049
41,352
82,563
REPORT
OCTOBER
COTTONSEED
ON HAND
AND
[Cotton In running bales, counting
round as ball bales, except foreign, which
500-pound balesj
Is In
On Hand
1
Crude oil, lbs
1937-38
1936-37
lbs.)
1937-38
meal,/
1937-38
\
1936-37
Refined oil,
Cake
and
tons
1936-37
1937-38
Hulls, tons
1936-37
Linters,
running
1936-37
bales
Hull
1937-38
fiber,
500-
1937-38
1936-37
lb. bales
&c„
500-lb.
'
1936-37
bales
and 7,957,878 and
EXPORTS
Cotton
Oct. 31
In Con¬
Ended
Establish¬ <t at Com¬
Oct. 31
United States
1937 526,464 1,732,681
1.418.602 9,758,419 23,724,272
8,034,194 23,662,464
1937 449,797
1,467,084 1,216,736 9,693,248 17,604,590
1936 546,129 1,553,316 1,249,847 7,986,914 17,387,342
1937
218,740
243,858
62.934
1936
.1
England States
83,721
161,579
132,253
41,775
5,444,236
5,540,236
54,680
1937
13,733
46,857
40,287
10,491
675,446
1936
21,236
58,693
30,503
5,505
734,886
1937
/
States
other
AND
IMPORTS
_,j
5,731
18,980
23,063
11,566
7,863
23,456
12,638
1937
731
2,228
2,943
3,867
1936
1,750
4,798
4,276
2.5J1
54,289
52,810
17,929
23,663
8,213
31,188
27,512
1936
Amer.-Egyptlan cotton...
5,978
1937
1937
72,928
218,843
204,493
1936
/
73,170
208,166
160,810
3,722
8,100
7,995
20,600
OF
COTTONSEED
8,985
of lard substitute,
TWO
FOR
PRODUCTS
1937
1936
64,418
824,603
24,974
411,227
1,054
23,386
839,418
9,281
37,376
Linters, running bales..
Imports—Oil, crude, pounds
Oil, refined, pounds
Cake and meal, tons of 2,000 pounds
Linters, bales of 500 pounds
*19*.644*616
23,955,291
595
3,170
2,766
9,626
...
pounds refined, "entered
directly for consumption" and 100,148 refined "withdrawn from warehouse for
consumption."
No oil was "entered directly Into warehouse."
*
Amounts for October not
Included above are 873,054
by tele¬
to the cotton
by Telegraph—Reports to us
graph this evening denote that no great damage
crop is expected from weather conditions, as
only a small
part of the crop remains in the fields.
It is pointed out,
however, that the present rough weather coming so early
in the winter season will do much toward reducing the
Not Included Above—
Linters
8,136
1937 and Oct. 31, 1937, respectively,
Exports—Oil, crude, pounds
Oil, refined, pounds
Cake and meal, tons of 2,000 pounds
Weather Reports
13,006
21,295
12,220
1936
Other foreign cotton
4,203
MONTHS ENDED SEPT. 30
Included Above—
Egyptian cotton
124,373
15,375
263,735
13,989
Items
1936 651,086 1,855,867 1.412.603
f
249,531
October
(bales)
j
Cotton-growing States
New
(bales)
103,332
118,281
277,826
249,357
Active
(Number)
presses
(bales)
(.bales)
ments
192,085
441,684
398,034,652 pounds of crude oil.
During
Storage
suming
Months
October
Public
In
136,542
517,772
10,505,185 pounds In transit to manufacturers
Spintles
Three
759,698
and 38,420,065 pounds held by refining and manufacturing
establishments and 4,369,480 and 39,231,060 pounds In transit to refiners and
consumers Aug. 1, 1937, and Oct. 31, 1937, respectively.
a Includes
13,349,453 and 9,650,507 pounds held by refiners, brokers, agents,
and warehousemen at places other than refineries and manufacturing establishments
Cotton on Hand
During—
*155,547,539
123,006,689
a332,260,347
310,252,636
Includes 4,272,188
oleomargarine, soap, &c., Aug. 1,
Cotton Consumed
497,961.272
382,093,862
21,321
7,379
2,£91
Oct. 31
Oct. 31
573,358,088
*11,141,266
430,257,248
19,191,508
a441,052,343 b369,678,656
294,353,475
318,873,305
854,288
41,952
644,804
65,053
501,594
43,422
372,214
23,893
437,341
61,547
344,289
43,819
17,750
1,828
88
11,770
1937-38
On Hand
1 to
Aug.
Oct. 31
Grabbots, motes,
b Produced from
Year
Shipped out
Aug. 1 to
Aug. 1
Season
Item
*
ACTIVE COTTON SPINDLES
41,482
21,926 tons on hand
1937 and 1936, respectively.
PRODUCTS MANUFACTURED, SHIPPED OUT,
Produced
CONSUMED, ON HAND, IMPORTED
OF COTTON
AND EXPORTED, AND
148,463
224,843
not 42,394 tons and
Includes seed destroyed at mills but
Cotton Consumed and on
on
The following is the statement:
17.2%.
All
84,570
87,995
247,821
593,016
82,893
384,652
32,369
18,441
20,891
Aug. 1, nor 29,453 tons and 25,275 tons reshlpped for
of 8.48 cents
Hand,
&c., in October—Under the date of Nov. 13, 1937, the
Census Bureau issued its report showing cotton consumed in
the United States, cotton on hand, active cotton spindles
and imports and exports of cotton for the month of October,
1937, and 1936.
Cotton consumed amounted to 526,464
bales of lint and 72,928 bales of linters, compared with
601,837 bales of lint and 73,700 bales of linters in September,
1937 and 651,086 bales of lint and 73,170 bales of linters in
October, 1936.
It will be seen that there is a decrease
in October, 1937, when compared with the previous year,
in the total lint and linters combined of 124,864 bales, or
Census
24,649
68,289
42,035
pound, the Corporation said.
per
64,757
70,296
163,489
44,449
69,339
3,374,986 2,724,374 1,936,899 1,444,693 1,480,481 1,301.607
United States
bales of cotton.
836,210.53 and represented an average loan
96,436
128,156
124,284
115,601
Oklahoma.
108,825
253,567
73,223
1936
68,019
193,743
64,949
77,106
75,917
317,912
55,344
40,216
30,891
104,720
399,862
51,802
129,405
received by it
Nov. 12 that "Advices of Cotton Loans"
on
announced
Commodity Credit Corporation
11—The
Nov.
$82,836,211 Through
Oct. 31
1937
1936
1937
1936
1937
South Carolina
Cotton Loans of CCC Aggregated
On Hand at Mills
Received at Mills*
Exchange—At
Cotton
HAND (TONS)
COTTON SEED RECEIVED. CRUSHED AND ON
all
250,000 bales for delivery in November, 1937, and in
and including October, 1938.
at
3369
Chronicle
carryover.
-Thermometer
Bain
Imports of Foreign Cotton
3
October
Country of Production
Oct. 31
4,911
12,556
14,956
15
38
326
133
582
284
2,687
1,843
Peru
China
4,344
2,780
Mcx co.
"5,817
10,062
857
T.788
High
Low
0.68
76
42
59
72
16
44
78
32
55
76
22
49
86
48
67
80
76
38
59
26
51
86
36
61
74
32
53
59
dry
dry
dry
dry
dry
dry
dry
dry
Amarillo
Abilene
6,276
Egypt
Texas—Galveston
Inches
1
Austin
1936
1937
1936
1937
End.
Mos.
Rainfall
Days
(500-lb. Bales)
Brownsville
Corpus Christi
Dallas
Del Rio
El Paso...
419
Mean
1,931
82
All other
imported during two month ended Sept.
31,757
30, 1937, amounted to
0.42
82
36
2
Palestine.
22,243
9,944
8,743
Total.
2
0.30
76
30
1
Briii-h India.
0.42
78
40
59
84
34
70
18
59
44
dry
San Antonio
1
1
Oklahoma—Oklahoma[City—
0.10
0.82
53
Excluding Linters
Bales—See Note for Linters)
Exports of Domestic Cotton
(Running
Country to Which
Exported
3
October
End.
Mos.
Mississippi-
31
Oct.
1937
1936
1937
1936
United Kingdom.
218,753
France
139,453
171,655
144,801
66,391
45,655
474,614
282,779
158,722
279,450
344,313
828,190
72,675
200,683
39
30
48
40
57
4.14
76
36
56
1.00
72
26
49
1.91
72
30
51
2
Sbrevei
26
66
74
2
Louisiana—
0.54
2
Arkansas—Fort Smith
1.02
2
3
500-pound bales.
52
3
1.16
74
3
Linters
1,766 equivalent
0.43
68
31
26
55
44
68
30
49
0.17
3
—
Italy.
Germany
.
140,280
„
98,928
279
Spain
dry
108,552
26,737
25,256
74,315
Canada
48*136
All other
20,682
253,031
2,350
37,817
7,208
798,921
861,016
Japan
China
Total
56
52
66
51
2
0.22
76
32
42
3
0.38
72
40
56
Atlanta.
1
0.01
66
26
46
Augusta.
1
0.14
49
2
32
28
2
44,085
58,379
208,469
1.13
70
69
441,398
214
2,350
62,346
16,057
64,115
41,366
1.636,780
1,613,127
Included above, were 24,308 bales during October
1936; 61,684 bales for the three months ended Oct. 31
in 1937 and 55,521 bales In 1936.
The distribution for October, 1937, follows:
United Kingdom, 8,180; Netherlands, 581; Belgium, 37; France, 5,538; Germany,
3,788; Italy, 3,291; Canada, 1,270; Panama, 20; Honduras, 2; Japan, 951; South
70
40
55
66
28
47
60
22
41
0.59
70
1.16
0.40
70
64
0.16
64
3
0.42
72
32
32
30
36
28
47
1
Tennessee—Memphis
Chattanooga
1.25
0.38
0.02
3
Asheville.
0.10
1
Carolina—Charleston__
3
2
South
66
68
2
140,751
68,673
Note—Linters exported, not
1937 and 32,135 bales In
Africa, 650.
WORLD
The following statement
Cottonseed Oil Production—On
Nov. 12 the Bureau of the Census issued the following
statement showing cottonseed received, crushed, and on
hand, and cottonseed products manufactured, shipped out,
on
hand, and exported for three months ended Oct. 31,
1937 and 1936:
on
48
51
51
50
50
by tele¬
rivers at the points named at
Nov.
STATISTICS
production of commercial cotton, exclusive of linters, grown
in 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
the year ended July 31, 1937, was 30,820.000 bales.
The total number of
spinning cotton spindles, both active and idle, is about 149,000,000.
Reprt
has also been received
graph, showing the height of
8 a.m. of the dates given:
19, 1937
Nov. 20, 1936
Feet
The world's
Census
38
2
29*,937
Belgium
Other Europe
n
74
80
0.62
2
Miami.
.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge.
Above zero of gauge.
.Above zero of gauge.
Above zero of gauge.
Above zero of gauge.
Feet
2.6
4.7
3.5
14.3
9.7
9.6
14.6
5.4
7.0
16.9
-The following table
the Plantationseach week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Receipts from
indicates the actual movement
3370
Week I
Financial
Beceipts at Rorts
Stocks at Interior Towns
BecelvedfTom Rlantat
Chronicle
one
Alexandria, Egypt,
Ended1937
1936
I
Nov.
1937
1937
20,
1936
1935
275,000
4,086,397
3.911,956
Nov. 17
1935
I
1937
1936
1935
1937
1936
|
1935
Receipts (cantars)
Aug
This week
20-
149,210
76,336
96.074
27.
21.570141,365159.138
788.4081.132.1761.094.124 141.468 63.862! 92.915
806.649 1.140.7811.119.686,239,811 149.970184.700
Sept.
10.
I
'
300.222201.842188.943
309.808271.456215.017
836.7391.219.831 1.178,879 330.292 280.892 248.136
918.1781.339.682 1.274.081 361.614 391.307 310.219
17-
347.270 340.815265.021 1.050,914 1,499.275
24.
411.538314.287330.897 1.245.5391.677,862 1,610.2221606.163.492.874 532,516
3.
Oct.
1.414.604|480.006,500.408
This
405.544
2.220,751|47l. 196
245.688 264.096 330,485j
i2,342.886,2.316,783 406,335 305,198,359.714
GALVESTON—To
193675
or
amounts
Takings,
1,681
13—Endicott~,~4,562"._~.Nov.T7- -Wiegand,
11,580
-
66
Nov.
17—City
of
2,967
4,040
200
1,053
3.504
1,431
5,868
To Susak—Nov. 13—Laura
C., 1,431
15—Daytonian, 5,868
850
15—Cardonia, 501
Havre—Nov. 15—Cardonia, 1,993
Rotterdam—Nov.
15—Cardonia, 1,612
Japan—Nov. 15—Mecklenberg, 1,123
Puerto Colombia—Nov. 15—Genevieve
Lykes, 377
Hanava—Nov. 15—Genevieve, 200.
Genoa—Nov. 17—City of Omaha, 1,238
Naples—Nov. 17—City of Omaha, 125
To
To
To
To
Week
1,114—-
587
To Manchester—Nov.
1936
Season
13—Toronto,
To Ghent—Nov.
15—Cardonia,
To Antwerp—Nov.
Week and Season
Week
To
Season
850
501
1,993
1,612
1,123
-
377
200
1,238
125
HOUSTON—To
Visible supply Nov. 12
8,508,523
Visible supply Aug.
1
American in sight to Nov. 19.
Other India snip'ts to Nov. 18
Alexandria receipts to Nov. 17
Other supply to Nov. 17 *b—
4,339,022
8,572,589
10,000
Total supply
40,000
14,000
55,000
12,000
96,000
797,200
130,000
To
4,899,258
8,076.412
236,000
162,000
818,200
150,000
441" 227
180.00G
56.000
9,030,930 14,114,811
8,652,408
8,051,235
378,522
273,522
5,462,403
3,894,603
1.567,800
489,494
388,494
101,000
6,290.635
4,977,435
1,313,200
To
To
To
To
8,051,235
Total takings to Nov. 19-fl-_
Of which American
Of which other
105,000
To
Gdynia—Nov. 13—Uddeholm, 378
Gothenburg—Nov.
Toronto, 78
To Japan—Nov.
To China—Nov.
"
5,761
394
100
3,301
3,056
Nov. 10——'Toronto,
13—Uddeholm,
571.1-Nov.
1.764
"16—
649
12—Mecklenburg, 300
12—Mecklenburg, 287
To Susak—Nov. 15—Laura
C., 469
To Valparaiso—Nov. 13—Genevieve
300
287
469
Lykes, 22
To Puerto Colombia—Nov.
To Marseilles—Nov.
*
Embraces receipts in Europe from
Brazil, Smyrna, West Indies, &c.
a This total embraces since
Aug. 1 the total estimated consumption by
Southern mills, 1,885,000 bales in 1937 and
2,040,000 bales in 1936—
takings not being available—and the aggregate amount taken
by Northern
and foreign spinners, 3,577,403 bales in 1937 and
4,250,635 bales in 1936,
of which 2,009,603 bales and 2,937,435 bales
American,
b Estimated.
1,266
,
To
8,540,729 14,341,870
8,652.408
Deduct—
Visible supply Nov. 19
Copenhagen—Nov. 13—Uddeholm, 558
Nov.
10—Toronto, 708
Bremen—Nov. 15—Wiegand, 4,050
Nov. 17—Youngstown
1,711
Hamburg—Nov. 15—Wiegand, 394
Lisbon—Nov. 17—Youngstown, 100
Venice—Nov. 15—City of Omaha, 1,190; Laura
C., 2,111_.
Trieste—Nov. 15—City of Omaha, 1,061; Laura
C.,l,995__
7,978,502
429,407
19,006
8.00G
Bombay receipts to Nov. 18--
22
13—Genevieve, 323
12—Mongola, 61
Genoa—Nov. 12—Mongioa, 2,106
To
323
61
2,106
To Oslo—Nov.
10—Totonto/100
To Havre—Nov. 18—San
To
Liverpool—Nov.
100
Mateo, 4,177
12—Tribesman, 441
4,177
Nov.
17—Tigre,
6,609
7,050
1,594
17—
Tigre, 11,048
15,112
To Ghent—Nov. 18—San
Mateo, 587
587
To
Antwerp—Nov. 18—San Mateo, 50
50
NEW
ORLEANS—To
Liverpool—Nov.
10—Sahale,
10,876
Nov.
11—Hohan Malkenburg, 6,481
Nov.
12, Day¬
tonian, 3,017
20,374
To Manchester—Nov.
12—Daytonian. 6,696
6,696
To Varburg—Nov.
13—Svanhilde, 119
119
To Wass—Nov.
13—Svanhilde, 200
200
To
Gdynia—Nov. 10—Uddenholm, 730
Nov.
13—Svan¬
hilde, 600
1,330
To Gothenburg—Nov.
10—Uddeholm, 600
600
To Abo—Nov.
10—Uddeholm, 100
100
To China—Nov.
6—Mecklenburg, 500
500
To Rotterdam—Nov. 11—Johan
Malkenbuhr, 200
200
To Bremen—Nov.
15—Youngstown, 4,587; Koenigsburg, 5,770 10,357
To Hamburg—Nov.
15—Koenigsburg, 541
541
To Japan—Nov.
16—Vinne, 200
200
To Valparaiso—Nov.
17—Cefalu, 600
600
To Marseilles—Nov.
17—Arda, 875
875
CHARLESTON—To Liverpool—Nov. 9—Nordlys, 96
96
To Manchester—Nov.
9—Nordlys, 4.282
4,282
To Copenhagen—Nov. 4—Ada
Radcliffe, 210
210
To Antwerp—Nov.
9—JSordyls, 605
605
To Hamburg—Nov. 4—Ada
Radcliffe, 589
589
To Bremen—Nov.
9—Nordlys, 140
140
To Rotterdam—Nov. 4—Ada
Radcliffe, 460
460
MOBILE—To Manchester—Nov.
13—Wacosta, 1,855
1,855
To Havre—Nov.
12—Hastings, 2,073
2.073
To Liverpool—Nov. 10—West
Madaket, 6,160
6,160
NORFOLK—To Liverpool—Nov.
17—McKessport, 300
300
To Havre—Nov.
19—Schodack, 185
_
To Dunkirk—Nov. 18—San
Mateo, 1,594
To Manchester—Nov.
12—Tribesman, 4,064
India Cotton Movement from All Ports
1937
1936
1935
Nov. 18
Beceipts—
Since
Week
Bombay
19,000
Since
Aug. 1
Week
180,000
Since
Aug. 1
40.00C
Week
236,000
For the Week
Aug. 1
43.000
Since Aug.
278,000
1
n
•
Exports
From—
Great
Conti¬
Jap'ndc
Britain
nent
China
Total
1,000
13,000
3,000
4,000
15,000
9,000
Great
Conti¬
Japan &
Britain
nent
China
4,000
58,000
7,000
63,000
7,000
83,000
123,000
191,000
184,000
Total
Bombay—
1937
3,000
2,000
6,000
Other India-
185,000
261,000
274,000
1,000
7,000
8,000
28,000
1,000
13,000
14,000
63,000
99,000
4,000
4.000
53.000
87,000
12,000
29,000
32,000
126,000
123,000
281,000
70,000,
162,000
13,000'
170,000
191,000
184.000
423,000
60,000
1935
68,000
96,000
162,000
140,000
Total all—
1937
1,000
10,000
1,000
1936
1,000
15,000
10,000
13,000
3,000
1935
414,000
Manchester
Market—Our report received
by cable to¬
states that the market in
yarns is
dull but steady, and in cloths is
steady.
Demad for yarns
night from Manchester
is poor.
We give prices today below and leave those for
previous weeks of this and last year for comparison.
Nov.
185
To
Hamburg—Nov. 19—City of Havre, 975
To Manchester—Nov.
17—Mackessport, 66
LAKE CHARLES—To Venice—Nov.
11—City of Omaha, 380
To Trieste—Nov.
1—City of Omaha, 789
CORPUS CHRISTI—To Ghent—Nov.
16—Elizabeth von Belgie,
473
975
66
380
789
-
1937
473
To
1936
Havre—Nov. 16—Elizabeth von
Belgie, 566
Dunkirk—Nov. 16—Elizabeth von Belgie, 1,332
JACKSONVILLE—To Liverpool—Nov.
6—Schoharie, 335
To Antwerp—Nov.
10—Shickshinny, 45
To Rotterdam—Nov.
10—Shickshinny, 15
SAVANNAH—To London—Nov.
12—Shickshinny, 25
To Antwerp—Nov.
12—-Shickshinny, 155
To Rotterdam—Nov.
12—Shickshinny, 35
566
To
8% Lbs. Shirt-
Cotton
ings, Common
32s Cap
Twist
Middl'g
to Finest
d.
s.
d.
Uvl'ds
8.
d,
8% Lbs. Shirt¬
d.
d.
Cotton
ings, Common
32s Cap
Twist
Middl'g
Upl'ds
to
s.
Aug.
20-.
27-.
12%@13% 10
11%@13% 10
3
@10
1%@10
6
5.78
4%
5.63
Sept.
10%@11%
10%@11%
Finest
d.
8.
d.
e.
10
1%@10
4%
6.74
10
1%@10
6
LOS
6.70
3_.
11%@13
10
6.56
10
10H&UH
10
11%@13
1%@10
1%@10
4%
10..
1%@10
4%
4%
10% @12
10
11%@13
11 % @13
10
1%@10
4%@10
5.33
7%
0
10
0
3
@10
3
10
1%
4.89
@10
0
@10
3
1-.
10
0
@10
3
7.02
10
0
@10
3
6.86
10
4%@10
7%
6.99
4.89
10%@12
10
3
@10
6
4.83
6.96
10%@12
10
9
@11
0
6.81
11%@12 %
9
8-.
11%@12%
9
15..
11%@12 H
11%@12%
11%@12%
9 10%@10
1%
4.82
9
10%@10
10%@10
1%
1%
22-.
29..
9
10% @10
9
@10
4.75
Nov.
5_.
10% @12
9
10%@10
1%
4.55
11
@12
10
12..
10% @12%
9 10%@10
1%
11
7%@10 10%
6.92
4.63
@12%
10
9
19..
10% @ 12
9
@11
0
4.55
11
@12%
10
3
@10
6
6 76
Alexandria
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the
corresponding week of the
previous two years:
ceive
weekly
dria, Egypt.
a
35
ANGELES—To Liverpool—Nov. 12—Pacific
Reliance, 2,504.
500
To India—Nov.
2,900
2,504
110
1,450
100
748
9—-Roseville,
Nov.
12,598; Hoegh
15—President Pierce, 1,025
Light",
Silver
16,523
Total
175,211
Cotton
York,
Freights—Current rates for
cotton
furnished
by Lambert & Barrows,
follows, quotations being in cents per pound:
as
6.71
1 Vi
10% @10
15
Pierce
6.73
10%@11%
11
@12%
11
@12%
Oct.
45
25
155
Manchester—Nov. 12—Pacific Reliance, 110
Bremen—Nov. 12—Eete, 1,450
To Venice—Nov.
15—Fella, 100
To Japan—Nov. 12—Kano
Maru, 248
Nov. 15—President
6.98
5.08
10%@11%
10% @11%
10
335
To
6.99
4%
1,332
To
6.70
5.46
17..
24..
were
detail.*
ID
13—. ..aura C., l,990_.-Nov.
17—City of
Omaha, 2,050
13—Toronto, 200
To Gdynia—Nov.
13—Toronto, 914; Ouderholm, 139-To Gothenburg—Nov.
13—Toronto,
1,900
Nov.
15—
Ouderholm, 1,604
To
1937
72,131
48,565
12,000
To Venice—Nov.
To
Cotton
1
Aug.
To Oslo—Nov.
of
out
gone
Shipments
7,018
To Hamburg—Nov. 17- -Wiegand, 66
To Trieste—Nov.
13—\<aura C., 1,749
Omaha, 1,218-
from which statistics
sources
obtainable; also the takings
sight for the like period:
43,000 369,966
___
To Bremen—Nov.
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
are
33,000 292,789
Copenhagen—Nov.
Nov. 15-
World's Supply and
from all
9,000
22,000 241,214
8,056
22,666
_
Week
1
Bales
(1) That the total receipts
from the plantations since Aug. 1, 1937, are
6,184,308 bales;
in 1936 were 5,190,479 bales and in 1935 were
5,417,000
bales.
(2) That, although the receipts at the outports the
past week were 195,034 bales, the actual movement from
plantations was 267,158 bales, stock at interior towns
having increased 72,128 bales during the week.
seasons
8,179
29,000 338,457
Shipping News
The above statement shows:
for the last two
11,000 60,453
9,000
55,490
13,000 168,667
Aug.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Nov. 17
280,000 can tars and the foreign shipments were 29.000 bales.
195.034251,440271,9932.459.6942,373,757*2.321,538l267.158282.31li276.748
,
Since
59,099
53.081
218,455
7.822
Week
1
Note—A cantar is 99 lbs.
385,111372,149|2,129,804 2,266,371j2,253.100 391,329
5_. '263.182259,641363.6862,226,9232,301,7842,287.654 388.719
295,054.398,140
19
This
Since
7,000
Total exports
493,570
471.919,404,498
This
Aug.
To America
Nov.
12.
Since
490.000
Week
To Liverpool
To Manchester, &c
To Continent and India.
8. .441,721 330.033 387.0601.715.693 1.980.336 1.990.723 666.850 478.343
593.294
15. 379.066370.723 372.945|l.904.0352.098.733 2.132.345 596.889
489.120514.566
22. 323.319378.683 405.164 2.051.912 2.179,563
483.163
29., 313,437
4,020,268
Exports {Bales)—
.'479.801319.754326.262 1.490.5641.832.026:1,784.489 724.8261473.918500.419
1.
280.000
Since Aug. 1
High
Density
Liverpool
.52c.
Manchester. 52c.
Antwerp
52c.
Stand-
High
Stand-
Trieste
d.45o
.60c.
Piraeus
.67c.
Flume
d.lot-
.60c.
Salonica
.67c.
Barcelona
•
Havre
.52c.
.67c.
Japan
»
Rotterdam
.52c.
.67c.
Shanghai
•
d.45c.
ard
Genoa
Stockholm
♦
.60c.
Bombay
.58c.
Oslo
.73c.
.63c.
.78c.
No quotations.
x
•65c.
Bremen
.52c.
.67c.
Hamburg
.52c.
1.00
.85c.
1.00
d.85c.
1.00
Copenhag'n.57c.
•72c.
d.45c.
.60c.
Leghorn
d.45c.
.60c.
.57c.
.72c.
.67c.
Only small lots,
ard
85c.
Naples
.50c.
x
as
Stand
Density
Venice
*
New
are
High
ard
.67c.
Density
from
Inc.,
Gothenb'g
d Direct steamer.
Volume
Financial
145
Total stocks
323,000
62,000
33,000
211,000
135,000
Of which American..
Total imports...
Of which American
Amount afloatOf which American
Nov. 12
56,000
781,000
334,000
72,000
25,000
351,000
274,000
Nov. 5
66,000
769,000
336,000
58,000
39,000
Oct. 29
58,000
770,000
It fehtfi
290,000
203,000
Nov. 19
58,000
802,000
362,000
85,000
56,000
352,000
288,000
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
The tone of the
each
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Quiet.
Spot
Quiet.
Quiet.
Quiet.
Quiet.
Quiet
Market
12:15
<
P. M.
Futures.
Market,
opened
Quiet,
Quiet, un¬
1 to 5 pts. 5 to 6 pts. changed to 1 to 4 pts.
advance.
3 pts. dec.
decline.
decline.
1
4
2
to
8
Quiet but
pts. st'y, 2 to 3
decline.
pts. adv.
Quiet but
Quiet, st'y,
pts. stdy., 5 pts stdy., 6 to
7 pts. dec.
advance.
decline.
unch.
1
to
pt. dec.
Liverpool for each day are given below:
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
6
to 5 to
dec.
pts.
Prices of futures at
Nov. 13
6
pts. stdy.,
decline.
P. M.
7
4 to
Quiet but
Steady,
Quiet but
Quiet,
Market,
Quiet,
Barely stdy
Quiet,
4.55d.
4.53d.
4.58d.
4.53d.
4.56d.
4.66d.
Mld.Upl'ds
Noon Close
Close Noon Close Noon Close Noon Close Noon Close
d.
d.
d.
New Contract
December (1937)
4.41
-
—
«.
W
d.
d.
d.
d.
d.
dr
4.47
4.54
4.39
4.46
d.
----
d.
4.39
January (1938)..
4.57
4.49
4.51
4.45
4.45
4.49
4.50
4.44
4.43
4.46
4.43
March
4.63
4.54
4.56
4.50
4.50
4.54
4.55
4.50
4.48
4.52
4.48
May
4.69
4.59
4.61
4.55
4.55
4.59
4.60
4.55
4.53
4.57
4.53
July
4.72
4.63
4.64
4.59
4.58
4.62
4.63
4-.58
4.56
4.60
4.57
October
4.77
4.68
4.69
4.64
4 64
4.68
4.69
4.64
4.62
4.66
4.62
December
4.80
4.67
4.65
....
4.66
„
4.67
....
4.68
4.72
•
-
_
•»
4.69
4.75
-
-
-
4.72
4.74
January (1939)..
4.83
March
4.85
4.77
5.72
4.77
May
4.86
4.78
4.73
4.78
4.72
July
4.87
4.79
4.74
4.79
4.73
.
.
—
.
-
—
-
--
•
«.
-
-
--
4.71
4.70
....
higher.
has doubtlessly suffered an important loss, according to
observers, hopes are getting stronger of a
wider export market for United States hard winter wheats.
Some fairly substantial trade in North American wheat was
worked today
(Wednesday), although 1,000,000 of the
1,500,000 bushels believed sold were Manitobas.
About
400,000 hard winters sold for Gulf shipment, and nearly
100,000 bushels of Pacific Coast wheat.
On the 18th inst. prices closed 3 to Sy^c. net lower.
The
predictions of new serious frosts in Argentina failed to
materialize, and as a result prices of wheat on the Chicago
Board plunged down about 4c. a bushel maximum today.
Virtual stoppage of North American wheat export trade
for the time being resulted also from the sudden switch
of Argentine weather conditions, a change that promised
larger wheat yields in Argentina and that acted as a bearish
factor here.
New low records for corn values and the
year,
well-informed
depressing state of securities markets played their part as
influences in the weakening wheat markets.
There was
wholesale unloading of
to
Nov. 19
grain markets as much as the 5c. limit
While private advices varied on the seriousness of
the latest visitation of frost, the knowledge that this crop,
which is the balance wheel of the world supply situation this
North American
Liverpool—Imports,[stocks ,l&c., for past week:
Forwarded..
3371
Chronicle
4.73
4.74
tumbles of
Buenos
contracts on the Chicago Board as
Liverpool quotations signal¬
Aires and
ending of the Argentine frost scare.
said temperatures today were
warm, 59 to 70 at 8 a. m., and that there had been very
little frost the previous night.
ized at least temporary
from Argentine
Dispatches
net lower.
The market
influenced largely by the
sharp drop of 2c. in values at Winnipeg and the lower trend
of the securities market.
Favorable crop reports from
Today
prices
closed 1%
to 2c.
again experienced severe declines,
An official government
Australia also attracted attention.
originating in this country, said the Australian
crop is expected to reach 163,000,000 bushels compared with
150,000,000 last season.
Rising temperatures in Argentina
and slowness of export business in North American wheat
were
bearish factors here.
Shippers said very few sales
of Canadian and United States wheat were confirmed over¬
estimate,
BREADST UFFS
Friday Night, Nov. 19, 1937
values recently have
Latest reports state
that the standard grades of bakery flour broke 15c. per
barrel, while the advertised family grades fell a like
amount.
Semolina was off 25c. and rye flour 10c.
While
new business continues to lag, the trade here was heartened
by the settlement of the trucking strike that had tied up
Flour—The sharp declines in wheat
effect on the flour market.
had their
flour
DAILY
wheat
to Congress had no discernible influence on
A decrease of 4,316,000 bushels in
market.
the
the
of wheat was larger than ex¬
also without any apparent effect on prices.
December wheat bore the brunt of selling pressure in Chicago
and fell to 89c., against 91 %c. at Saturday's finish.
On the
16th inst. prices closed ]/% to %e. up.
There were a number
of bearish influences operating against values today, but
towards the close sudden upturns in Chicago wheat values
United States' visible supply
pected, but
was
took place.
Price jumps at Buenos Aires, where frost
damage fears were again prevalent, acted as a stimulus to
late rallies of wheat prices on the Chicago Board.
Forecasts
pointed to the likelihood of frost
tonight in southwest areas
important wheat-growing
It was further reported that harvest
weather in northern Argentina was anything but favorable,
with rains impeding field operations and threatening to
reduce the quality of wheat.
A disturbing influence in the
early session was the unsettlement displayed in the stock
market.
Much notice too, was taken of persistent dearth
of active export demand for wheat from North America.
Toward the close, however, attention focused chiefly on mis¬
Buenos
section of
Aires
Province,
an
Argentina.
givings in regard to Argentine crops.
On the 17th inst.
prices closed 4^ to 5c. per bushel net higher.
The general
assumption that Argentina wheat crop had suffered further
damage from overnight frosts, and prediction of further
freezing temperatures for last night, drove prices on most
OF WHEAT IN NEW YORK
CLOSING PRICES
Mon.
Sat.
PRICES
CLOSING
DAILY
WHEAT
OF
Thurs.
Wed.
Tues.
FUTURES IN
Mon.
Fri.
110% 107% 105^
106% 104% 105
No. 2 red
Sat.
closed % to l%c. down.
The market, at one stage, broke as much as 2c. a bushel,
but rallied shortly before the close on buying attributed to
millers and shorts, so that net losses for the day were not
at the extreme declines of the session.
After export takings
of wheat, estimated at 2,000,000 to 3,000,000 bushels Thurs¬
day and Friday, trade interests reported business fell flat.
This discouraged some dealers who had hoped the unfavorable
crop news from Argentina would stimulate domsetic exports.
Though late cables confirmed frost visitation in parts of
Argentina and were verified by the Government itself, they
also expressed belief crop losses might not be as heavy as
indicated earlier and reported warmer Weather.
Liverpool
closed
to %c. higher as a result of improved demand for
Australian grain and Argentine reports.
Buenos Aires was
unchanged to
off.
On the 15th inst. prices closed
2^to 2%c. lower.
Wheat broke a maximum of 3c. a bushel
in Chicago today (Monday), showing at no time any real
tendency to rally. With assertions persistent that crop
conditions in Argentina were better than expected and with
export demand for North American wheat almost nil, the
wheat market here broke badly.
A severe jolt resulted from
a fall of as much as 4^c. in Liverpool quotations and from
an increase of 2,500,000 bushels in stocks of wheat afloat for
Europe.
The weakness of the stock market and uncertainty
regarding probable legislation at Washington, contributed
to
the
wheat
market weakness.
President Roosevelt's
message
lc. higher to lc. lower.
102,809,000 bushels.
closed
wheat
Open interest in wheat was
shipments.
Wheat—On the 13th inst. prices
of
Liverpool
night.
CHICAGO
Thurs.
Wed.
Tues.
Fri.
December
91 %
89 %
89%
94%
91 %
90%
May
July
92
8634
89%
8i%
9034
84%
95
88%
92
85%
90
84%
Season's
December
High and
131%
122%
105%
May
July
Season's
When Made
DAILY CLOSING PRICES
and
When
8434
Nov.
Made
8, 1937
8534
8134
Nov.
Nov.
8, 1937
8, 1937
Low
6,1937 December
July 29, 1937 May
Sept. 28, 1937 July
July
OF BONDED WHEAT IN
Mon.
Sat.
Tues.
WINNIPEG
Wed.
Thurs.
Fri.
119% 116%
115% 11234
November
December
120% 117% 11834 123
116% 113% 113% 118%
May
July
113 34 11034 110% 115% 112% 109%
107% 104% 105% 110% 107% 105%
closed J^c. to l^c. down.
low level for the season during
Corn—On the 13th inst. prices
December
corn
today's session.
of 437
cars were
struck
a new
Hedging pressure accompanied by receipts
depressing factors and traders largely ignored
reports of a little more export business.
On the 15th inst.
prices closed l/ia. to J^c. lower. Corn prices touched new low
levels for the season in today's session.
A huge increase in
the
corn
visible supply was a
bearish item, but this was
purchases of 300,000 bushels
In view of the extreme weakness of the wheat and
countered somewhat by export
of
corn.
markets, corn was regarded as holding up comparatively
today's session. On the 16th inst. prices closed M to
y8c. net higher. After touching new season lows in the early
trading, corn prices rallied with wheat and showed a net
improvement for the day.
On the 17th inst. futures closed
%G. to lFgC. net higher.
Corn staged a strong showing of
its own, the cash and export demand continuing good.
The
latter reached fully 1,000,000 bushels, with some estimating
as high as 1,500,000 bushels, mostly to Holland, although
United Kingdom bought some.
On tlie 18th inst. prices closed 1% to l%c. down.
Pur¬
chases of corn to arrive in Chicago were the largest yet
this year.
Corn values touched new lows for the season
in today's session.
With favorable weather reports from
Argentine, a declining stock market and pronounced weak¬
ness in
the wheat market, it was only natural that corn
should reflect these depressing influences.
Today prices
closed *4 to %c. down.
Trading in this grain was rela¬
tively light, but values showed no disposition to follow
the sharp drop in wheat and rye.
There was a steadier
undertone in evidence in the corn market today.
Open
interest in corn was 46,239,000 bushels.
rye
well in
DAILY CLOSING
PRICES OF CORN
Sat.
No. 2
yellow
DAILY CLOSING PRICES
7034
Mon.
OF CORN
Sat.
IN NEW YORK
Tues.
Wed.
Thurs.
Fri.
68% 68%
FUTURES IN CHICAGO
69%
Mon.
6934
Tues.
7034
Wed.
Thurs.
Fri.
53 %
53% 55
53 % 53%
57% 56% 57
58
56% 66%
jiy:::.v.:::::::::::::
58% 57%
58% 59% 57% 57%
Season's High and When Made
I Season's Low and When Made
Dec. (new)... 86%
July
8, 1937 Dec. (new)... 53
Nov. 16,1937
May
74
July 29, 1937 May
56% Nov. 16,1937
July..
66%
Sept. 30, 19371 July
67% Nov. 7,1937
December
5434
May
Oats—On the 13th inst.
was
off. There
in this market, prices being
prices closed 34 to %c.
nothing of particular interest
3372
Financial
Chronicle
influenced largely by the heaviness of other grains.
On the
15th inst. prices closed Mc. off to J^c. up.
There was very
little of interest in the action of this market, trading
being
or less routine.
On the 16th inst. prices closed l/% to
34c. higher.
The improvement in this grain was influenced
largely by the upward action of the other grains.
On the
17th inst. prices closed 34 to %c. higher.
This improvement
was
largely in sympathy with wheat and corn.
Total
grains in its
This
other
Today prices closed % to ^c. lower.
There was very little of interest in this market,
trading
being light and fluctuations narrow.
course.
OP
FUTURES IN CHICAGO
Mon. Tues.
Wed. Thurs. Fri.
30 %
30%
31
30%
30%
Sal.
December
30
20%
28%
High and
41 %
May
July
33%
32%
29%
28%
29%
28%
Season's
When Made
July
6,1937 December
July 29, 1937 May
Oct.
2,1937 July
Low
30%
29%
28%
29
and
When
27%
28%
29%
28%
Made
Oct.
Oct.
13, 1937
13. 1937
Nov.
6,1937
28
DAILY CLOSING PRICES OP OATS FUTURES IN
WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
November
47%
44%
43%
December
May
46
44%
43
46%
44%
43%
47%
45%
44%
4.7%
45%
46%
44
demand and the bearish influence of other
grains, all of which
registered losses at the close.. On the 15th inst. prices closed
1 to 3c. net lower.
The extreme weakness of wheat and
downward tendency of most other markets,
especially the
market—had their depressing influence on the
rye market.
On the 16th inst. prices closed unchanged to
134c- higher.
There was no news of importance concerning
this grain, and prices
generally followed the upward trend of
the other grains.
On the 17th inst. prices closed 134 to 234c.
net higher.
The pronounced strength in wheat and corn
had its effect on rye, this latter
grain showing exceptional
strength throughout the session.
securities
the
18th
ticular
wheat
tina
cause
be
and
as
the
CLOSING
for
this
outside
bearish
concerns
DAILY
%c. lower.
to
responsible
ascertained
the
York...
130,000
641,000
24,000
58,000
11,000
Newport News
1,000
24,000
New Orleans *
wheat
of
the
December.
May
July
96
84
70
par¬
rye
FUTURES IN CHICAGO
Mon. Tues.
Wed. Thurs. Fri.
70%
69%
67
When
no
that
heaviness of
marked
71%
70%
..
High and
was
in
RYE
Sat.
Season's
There
weakness
crops.
OP
„
December
May
July
65
Made
70%
70%
DAILY CLOSING PRICES OF
Low
and
70%
70%
64%
When
64%
Nov.
63%
Nov.
62
Nov.
FUTURES IN
Mon.
May
57%
were as
69
64
Made
8, 1937
8, 1937
8, 1937
Tues.
72%
73%
77%
Thurs.
74%
Fri.
72%
56%
57%
55%
follows:
Total wk.1937
....
68%
No. 2 white
43%
Rye, No. 2. f.o.b. bond N. Y.. 84%
Barley, New York—
47% lbs. malting
55%
Chicago, cash
38-62
of the last three
years:
Wheat
Corn
bbls 196 lbs bush 60 lbs | bush 56 lbs
Chlcago
210,000
Minneapolis..
Duluth
Milwaukee...
15,000
Toledo
Indianapolis..
St.
Louis
Peoria
Kansas City..
109,000
37,000
15,000
Omaha
St.
Joseph...
Wichita
Sioux City...
Same wk.1935
Since Aug. 1—
1937
1936
1935
598,000
28,000
66,000
9,000
315,000
30,000
848,000
142,000
52,000
144,000
2,000
386,000
422,000
408,000
3,403,000
1,254,000
600,000
345,000
98,000
497,000
728,000
931,000
572,000
1,123,000
94,000
bush 32 lbs
517,000
292,000
592,000
16,000
50,000
114,000
Rye
145,000
5,226,000
Week 1936.;
324,000
4,510,000
Since Jan.1'3613,147,000116,150,000
663,000
8,829,000
139,000
36,000
17,000
6,782,000
4,352,000
3,733,000
443,000
♦
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
on
The exports from the several seaboard
ports for the week
ended
Saturday, Nov. 13, 1937,
shown in the annexed
are
statement:
Exports from—
New
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
York
760,000
127,000
45,785
Blatimore
New
147,000
112,000
15I666
3781666
162,000
488,000
34,000
17,000
1,000
57I666
Fort William
Orleans
1,000
392,000
1,314,000
Galveston
Montreal
"31666
6,000
"i'ooo
781666
Halifax
11,000
5~51~666
Sorel....———
Three Rivers
271,000
-
Total week
1937—
3,346,000
Same week 1936
133,000
138,785
3,758,000
1,000
112,000
146,051
The destination of these exports for the week and since
July 1, 1937, is
below:
as
Flour
Wheat
Corn
Exports for Week
and Since
Week
Since
Week
Since
July 1
Nov. 13
July 1
Nov. 13
Juiy 1
1937
United
Week
Nov. 13
July 1 to—
Since
1937
1937
1937
1937
1937
Barrels
Bushels
Bushels
Bushels
Bushels
Kingdom-
983,644
So. & Cent. Bmer.
70,795
20,490
12,000
194,755
243,500
West Indies
29,000
Continent
794,000
18,000
127,000
20,577,000
446,500
1,000
97,571
2701666
3,340,000
3,758,000
179,000
407,000
"elooo
133,000
49,761,000
160,000
740,000
8761666
1,905,970
2,159,926
visible
supply of grain,
60,957,000
1,000
comprising
the
stocks
in
principal points of accumulation at lake and
at
granary
27,502,000
7,000
138,785
146,051
Total 1937
Total 1936
The
1,914,000
1,154,000
6~506
Brit. No. Am. Col.
Other countries...
seaboard ports
Saturday, Nov. 13,
were as
follows:
GRAIN STOCKS
Corn
Oats
Rye
Barley
Bushels
United States—
Bushels
Bushels
Bushels
Bushels
Boston
2,000
10,000
107,000
42,000
162,000
1,331,000
68,000
New York
afloat
Philadelphia
Baltimore
...
1,710,000
New Orleans
309,000
Galveston..
6,413,000
1,637,000
bush 56 lbs bush 48 lbs
28,000
248,000
41,000
77,000
764,000
677,000
465,000
106,000
8,000
6,000
9,000
36,000
62,000
112,000
43,000
22,000
27,000
44,000
6,000
2,000
334,000
539,000
2,403,000
947,000
1,239,000
«...
78~,o66
64,000
106,000
37,000
47,000
35,000
32,000
41,000
68,000
3,000
30,000
1,000
891666
"if,666
29,000
27,000
313,000
Sioux
2591666
14,000
5,000
5,075,000
26.310,000
761666
92I660
62",6o5
8,000
775,000
1,720,000
707,000
1,468.000
233,000
7,097,000
48,000
24,000
180,000
814,000
Omaha
478,000
32,000
117,000
9,000
6,000
654",000
City
St. Louis
0,055,000
946,000
239,000
3r,000
Indianapolis
1,730,000
696,000
625,000
10,000
46,000
19,000
12,280,000
1,286,000
517,000
5.673,000
3,614,000
1,252,600
5181666
821666
loolooo
Peoria.
...
........
Chicago
"
On
afloat
Lakes
2,332,000
10,913,000
Duluth
8,536,000
Detroit...
160,000
Buffalo
"
8,796,000
afloat
2,259,000
313,000
On Canal
Total Nov. 13, 1937..114,648,000
Total Nov.
6, 1937.-118,961,000
Total Nov. 14, 1930..
68,516.000
722,000
424,000
99,000 13,935,000
786,000
2,397,000
2,000
5,000
855,000
1,068,000
368,000
84,000
242,000
101,000
14,721,000 25,221,000
9,179.000 25.573,000
4,688,000 44,158,000
1481666
104,000
682,000
1,306,000
5,460,000
1,676,000
1,944,000
2,000
105,000
659,000
738,000
69,000
62,000
m
m ^^
m
m
21,000
5,910,000 10,275,000
6,211,000
9,970,000
5,865,000 17.376.000
f* Note—Bonded
grain not included above: Oats—On Lakes, 165,000 bushels;
165,000 bushels, against none In 1936.
Barley—Duluth, 167,000 bushels:
35 000; Buffalo, 34,000; on Canal, 21,000; on Lakes, 758,000; total,
915,000 bushels, against 3,778,000 in 1936.
Wheat—New York, 422,000 bushels;
New York afloat, 162,000; Buffalo, 1,080,000; Buffalo afloat, 503,000;
Duluth,
10,000; on Lakes, 3,796,000; on Canal, 273,000; total, 6,246,000 bushels, against
total,
New York
bushels
in
1936.
Wheat
Corn
Oats
Rye
Barley
Bushels
Canadian—
Bushels
Bushels
Bushels
Bushels
Lake, bay, river and sea¬
board....
Ft. William & Pt. Arthur
898,000
78,000
523,000
13,617.000
18,589,000
887,000
2,729,000
1,732,000
363,000
6,612,000
Other Canadian <fc other
34,416,000
9.462,000
Total Nov. 13, 1937— 66.622,000
Total Nov.
6, 1937— 68,445,000
Total Nov. 14, 1936- 67,829,000
10,883,000
elevator stocks
10,832,000
5,313,000
1,328,000 11,073,000
1,268,000 11,801,000
1,296,000
6,838,000
Summary—
114,648.000 14,721,000 25,221,000
68,622,000
10,883,000
6,910.000 10,275,000
1.328,000 11,073,000
Total Nov. 13. 1937—181,270,000
14,721,000 36,104,000
9,179,000 36,405,000
4,688,000 49,471,000
7.238.000 21,348.000
7,479,000 21,831,000
7,161,000 24,214,000
...
Canadian
10,958,000
5,091,000
3,592,000
—
4,898,000
American
15,000
8,031,000
5,663,000
6,054,000
•.
2,000
38,000
192.000
1,106,000
1,000
3,596,000
Fort Worth
Wichita
Barley
-II.
3,000
204.000
Total Nov.
534,000 2.547,000
366,000 1,662,000
344,000 2,182,000
5,943,000166,800,000 59,781,000 57,757,000
16,993,00043,508,000
6,675,000115.013,000 55,463,000 37,019,000
7,464.000:48,297,000
6,215,000204,602,000 34,643,000 76,440,000
10,529,000,40,110,000
9,443,000
123,000
28,593,000
241880,000
Oats
4,561,000
Buffalo..
Total wk.1937
Same wk.1936
607,000
629,000
158,000
5.691,000
3.741,000
82,102,000
Milwaukee...
regarding the movement of grain
—receipts, exports, visible supply, &c.—are
prepared by us
from figures collected
by the New York Produce Exchange.
First we give the
receipts at Western lake and river ports
for the week ended last
Saturday and since Aug. 1 for each
Flour
376,000
297,000
Minneapolis
Oats, New York—
All the statements below
Receipts at-
15,000
Since Jan. 1'3712,234,000
St. Joseph
Kansas City
GRAIN
Corn, New York—
No. 2 yellow, all rail..
1,000
6,000
57,000
271,000
Hutchinson
56%
FLOUR
No. 2 red, c.i.f.. domestic
105H
Manitoba No. 1, f.o.b. N.Y..146
66.000
16,000
11,000
WINNIPEG
Wed.
Spring oats, high protein .6.25@6.50 Rye flour
patents
4.55@ 4.80
Spring patents
-_5.70@5.95 Seminola, bbl., Nos.1-3- 6.80
Clears, first spring
...5.50@5 80 Oats, good
2.45
Soft winter straights
_„„__5.00@5 05 Corn flour
2.05
Hard winter straights
5 35@5.50 Barley goods—
Hard winter patents
5.55 @5.70
Coarse
4.00
Hard winter clears
5.00@5.20
Fancy pearl, Nos.2,4&7 5.25@5.60
Wheat, New York—
127,000
2,000
Fort William.
69%
77%
74%
75%
79
76%
74
DAILY CLOSING PRICES OF BARLEY
FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed.
Thurs. Fri.
November..
62
60
61
60
59%
59%
December
59
58
57%
57
57%
56%
May
15,000
is'ooo
Halifax
88,000j
14,000
Wheat
RYE
Sat.
76
December
72%
72%
66%
65
Season's
May
6, 1937 December
Aug. 10, 1937 May
Oct. 21, 1937 July
Closing quotations
7~8~666
Barley
20,000|
36,000
129,000
720,000
1,314,000
551,000
Sorel
Boston
10.000
43,000
31,000
3,000
Galveston
Montreal
Rye
bush 56 lbs bush 48 lbs
Barrels
reports from Australia and Argen¬
PRICES
Cats
bush 32 lbs
Philadelphia..
prices closed 1% to 234c. off.
This
being a bread grain, it appeared to reflect more than the
other grains the pronounced weakness of wheat
values.
could
Corn
bush 56 lbs
Baltimore
inst.
Today prices closed 1%
Wheat
bush 60 lbs
43%
44%
Rye—On the 13th inst. prices closed 134 to 2c. net lower.
This grain showed more
pronounced losses than the other
grains, and was attributed to larger receipts, weak spot
On
New
Flour
bbls 196 lbs
OATS
May
July
Season's
Receipts at—
Three Rivers.
DAILY CLOSING PRICES
December
receipts of flour and grain at the seaboard ports for
Saturday, Nov. 13, 1937, follow:
the week ended
more
On the 18th inst. prices closed % to %c. net lower.
market appeared to be influenced entirely by the
1937
20,
6. 1937—187,406,000
Total Nov. 14. 1936-136!345,000
The world's
shipment of wheat and corn,
as
furnished by
Broomhall to the New York Produce Exchange, for the week
ended Nov. 12 and since July 1, 1937,
shown in the following:
and July 1, 1936,
are
Volume
Financial
146
3373
Chronicle
handle.
Wheat
Truck, minor
mostly fair to good.
Corn
Week
Since
Nov. 12,
July 1,
1937
1937
Exports
Bushels
Since
Bushels
!
Bushels
Bushels
Bushels
Bushels
4,999,000
44,074,000
1,892" 000
14,978,000
27.072,000 25,354,000
9,120,000;
4,368,000
Nov.
India
48,000
Oth. countr's
32,736,000
21,715,000
12,
1936
Eastures. fair to good. good advance and harvest nearing completion,
livestock Picking cotton
Arkansas—Little Rock: Cotton picking delayed by rains first and last
days of the week and much cloudy weather.
Much corn and other feed
16,000
crosp were gathered.
Weather very favorable for growth of wheat, oats,
pastures, and winter truck; all in good to excellent condition.
9,688,000
Tennessee—Nashville:
Frequent rains eari7 Part delayed harvesting
corn; conditions improved after Thursday and harvesting re¬
Plowing and seeding made little headway.
Winter grains grow¬
ing well and stands good; moisture sufficient; some yet to be sown. Stripping
tobacco made good progress.
cotton
(11,771,000 169,744,000186,233,000
Total
Weather
6,861,000 186,629,000 168,035.000
Nov. 17—The
of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Nov. 17,
follows:
general
Report for the Week Ended
and
sumed.
summary
THE DRY GOODS TRADE
New York, Friday
The
"highs" and "lows" appearing on the weather map during the
week were mostly irregular of path and retarded in motion.
There was
no marked change in temperature over wide areas, but much colder weather
prevailed at the beginning of the period in the Midwest, attending an
area of high pressure which moved eastward to the middle Atlantic area
by the 10th, when freezing temperatures were reported in Appalachian
Mountain sections.
Warmer weather prevailed in the Northwest, but at
the close of the week there was a reaction there to much colder, with tem¬
peratures close to zero in parts of North Dakota.
On the morning of Nov. 9 a depression was charted over eastern Texas.
It moved thence in an irregular path to northern Florida by the morning
of the 12th, attended by some heavy rains in the Gulf States; Palestine,
Texas, reported 3.92 inchest on the 9th, several stations in the lower
Mississippi Valley from 1 to 3 inches on the 10th, and heavy falls in east
Gulf and south Atlantic sections during the following 2 days.
On the morning of Nov. 13 a disturbance of marked energy was cen¬
tered over Maryland, with heavy rain over the middle Atlantic area:
Baltimore reported a 24-hour fall of 4.18 inches.
This disturbance moved
northeastward attended by heavy rains in north Atlantic sections.
The temperature for the week averaged above normal in practically all
<)arts ofMountains, th$ extreme Southeast, extreme Southwest,in the Appaachian
the country. The weekly means were near normal and extreme
Northwest, but elsewhere the averages were mostly from 2 degrees to as
11 degrees above usual.
The greatest plus departures from normal
many as
in the Great Plains and the Rocky Mountain States, most pro¬
appear
nounced in northern sections.
southern
The
limit
of
freezing
Atlantic coast south of New York.
not occur along the
Inland from the coast freezing tem¬
weather, did
peratures were reported as far south as southwest Virginia, while in the
interior the freezing line extended only to Indianapolis, Ind., Cairo, 111.
and southern Oklahoma.
The lowest temperature reported was 2 degrees
Lake, N. Dak. on the 16th.
North of the Plains States, in the
Canadian Provinces, subzero readings were reported at a few stations.
Rainfall was generally heavy in the South and the Atlantic States, with
at Devils
the weekly totals ranging mostly from an inch to around 4 inches.
The
heaviest falls occurred at Baltimore, Md., 4.2 inches, and Shreveport,
La., 6.9 inches.
Moderate to heavy rains fell also in north Pacific districts
and light to moderate falls were rather general in the more northern sections
the Lake region westward.
In the interior valleys, the central and
southern Great Plains, and central and southern Rocky Mountain sections,
as well as the far Southwest, there was practically no rainfall, except in
from
limited areas.
The generous rains that occurred in the South Atlantic and
westward to eastern Texas were decidedly helpful for winter
Gulf States
crops and,
sections, for conditioning the soil for plowing.
Also, sub¬
stantial falls in the more Northwestern States, including northern Idaho,
in
some eastern
Washington, Oregon and northern California, were beneficial, while lighter
Nevada, Montana and States to the
east.
Otherwise the moisture situation has changed but little.
East of the Mississippi River and also in the west Gulf area and Arkansas,
the situation is generally satisfactory.
In other States between the Mis¬
sissippi River and the Rocky Mountains unfavorable dryness continues.
In Iowa the water shortage has become acute, with many wells failing,
amounts were somewhat favorable in
while
Cattle
Warm, except cold closing day, with firs*
killing freeze of season in west; crops mostly gathered and little damageLight to moderate rains in west, but heavy to excessive elsewhere.
Prog~
ress and condition of winter wheat fair to very good,
except grubworms
doing some damage in several western counties; wheat affording good
1,000
715,000
207,000
9,184,000; 10,672,000 2,339,666 41,617^666
488,000
and ranges need moisture in south.
City:
7,868,000
2,791,000
4,299,000 141,506,000 150,478,000
65.230.000, 91,388,000
4,344,000
...
1,
July 1,
1937
July
1937
1,
North Amer.
Argentina...
Since
Since
Week
1936
July
Black Sea
Australia
crops,
Oklahoma—Oklahoma
.
moisture
is generally needed in Missouri and from northwestern
Kansas and eastern Colorado northward.
In western Colorado
conditions are excellent.
Farm work was delayed somewhat by rain in the South and East, and
the soil is too wet for working in the north Pacific area.
Otherwise sea¬
sonal farm operations
made good advance.
The mild, open weather
was
especially favorable in the Rocky Mountain States and northern
Plains.
There were no harmful temperatures.
While the first killing
frost of the season overspread western Oklahoma, no damage resulted as
crops have generally matured.
Texas,
Small Grains—Winter wheat is in fair to good condition in the Ohio
Valley and is reported well rooted and sturdy in central and southern
parts; surface moisture is now generally adequate in Illinois, but the sub¬
soil is dry in some central and northern sections.
There was no precipi¬
tation of importance in most of Missouri and Iowa, but wheat made fair
Adverse
weather
Night, Nov. 19, 1937
conditions
prevailing during the earlypart of the week, held down retail sales in many sections of
the country.
A further retarding factor was the growing
curtailment in industrial activities, only partly offset by the
improved economic condition of the farm population. Later
in the week, sales picked up perceptibly as the advent of
lower temperatures served to stimulate consumer buying of
seasonal apparel lines.
Relatively best sales results were
again reported from the Southeastern sections, whereas the
New England districts and the industrial parts of the Middle
West appeared to suffer from the reduced buying power of
factory workers.
Early forecasts of sales results for the
month of November predict declines in the dollar volume
ranging up to 10%, although account should be taken of the
fact that last year's comparative figures were particularly
gratifying.
Trading in the wholesale dry goods markets continued
quiet. A large number of fill-in orders for the holiday season
was
received, but their total remained disappointing, as
merchants maintained their previous waiting attitude, being
bent on further reducing existing inventories. While the slow
movement of goods in distributive channels does not au£ur
well for an early revival in sales, the belief persists in some
quarters that a sudden spurt in holiday buying may easily
result
in
a
rush
of
last-minute
orders
which it
would
be
difficult to fill in time for the holiday buying season. Business
in silk goods improved slightly as buyers showed more in¬
terest in printed fabrics in the higher price brackets. Trading
in rayon yarns remained dull.
Surplus stocks in producers'
hands registered a further increase, and additional reports
to hand pointing to a growing disposition on the part
of producers to curtail operations.
Temporarily, a slightly
better demand existed for acetate weaving yarns but interest
came
in
knitting
yarns
remained at low ebb.
Cotton
Goods—Trading in the gray cloths
previous desultory fashion. Although
the news from Washington pointing to a friendlier attitude
on the part of the administration towards business, caused
an improvement in sentiment, the slowness in the movement
of finished goods and the failure of raw cotton values to show
any sustained betterment, served to restrict buying activities
to a minimum.
The continued and spreading curtailment
measures of mills failed to cause "buyers to abandon their
Domestic
markets continued in its
waiting attitude, although it was admitted that stocks of
goods are being reduced gradually and that many
finished
converters have been able to cut
west-central Texas where it is
8rogress. In Texas and Oklahomatoo dry good proper germination of late
fair to for advance was made, except
levels.
seeded.
their inventories to normal
moderate improvement as
l
Moderately heavy snows were beneficial in central and southeastern
Kansas, but wheat is at a standstill elsewhere, although the reseeded is
coming up slowly to good stands.
Progress and condition were very good
in Nebraska under the influence of the warm weather, but moisture is
needed below the soil freezes; some damage was done by high winds and
drifting soil.
In
Northwest
the
fairly
abundant precipitation occurred, with
early-
seeded wheat growing nicely and seeding progressing where the soil is dry
Winter grains are in generally good condition in Southern and
enough.
Eastern
the more eastern States husking and cribbing corn were
In the interior valleys the weather
generally mild and fair, facilitating field work.
About half the corn
crop has been husked in Indiana and from two-thirds to three-fourths
in much of Illinois, Missouri and Kansas.
In Iowa husking has been
was
practically finished in the northwest and is three-fourths done in the south¬
east, but strong winds knocked many ears off to the ground.
Cotton—Rainfall was rather heavy in nearly all of the cotton belt.
Interfering more or less with picking where this work has not been com¬
Also, there was more or less additional damage to cotton still in
in Mississippi Valley sections.
Picking is nearing completion in
pleted.
the western belt.
The Weather Bureau has furnished the
following
resume
of conditions in the different States:
Carolina—Raleigh: First part warm and favorable for market¬
ing tobacco and harvesting crops.
Rain Friday retarded work, but bene¬
to soil and growing crops in southeast.
Fall truck, pastures, and
meadows good.
Picking cotton good advance.
ficial
South
.nd
Carolina—Columbia: Mostly warm, with considerable cloudi¬
to heavy rains.
Favorable for small-grain germina¬
and ginning in
moderate
and southern truck growth.
Local cotton picking
north.
Too wet for outdoor work last par of week.
tion
Mississippi—Vickesburg: Moderate temperatures.
Rain at beginning
and close, mostly heavy, and damaging cotton remaining in fields and
delaying picking.
Week beneficial to pastures and truck, with some fall
plowing.
Orleans: Overcast, rainy weather in extreme north
with farm work and picking over cotton fields, but only scat¬
Louisiana—New
interfered
tered showers in central and south,
permitted good progress in harvesting
sweet potatoes, and corn.
Rice threshing
Oats, truck, and cover crops made good progress.
to improve quality of cane.
cane,
practically completed.
Cooler weather needed
Texas—Houston: Averaged quite warm, although cool last
rains
in
as
milles hesitated to concede the demands for
price concessions.
Closing prices in print cloths were as
follows: 39-inch 80's, 6%c.; 39-inch 72-76's, 6^c.; 39-inch
68-72's, 5M to 5^c.,38K-inch64-60's, 4^ to 4^c.; 38^inch 60-48's, 4 to 4 l-16c.
extreme
fnortheast; mostly light elsewhere.
day.
Heavy
Practically all cot¬
in, except scraps.
Early planted winter wheat coming up well gen¬
erally {and latejplantedlmaking good progress, except in west-central where
too dry for proper/germination: rain needed in this area and also in Panton
Goods—Trading in men's wear fabrics remained
Although the movement of goods in distributive
channels benefited somewhat from the advent of colder
Woolen
inactive.
weather, clothing manufacturers continued to stay out of the
market, partly because stocks of goods were reported to be
still
ample for present requirements, and also owing to the
uncertainty with regard to the price situation and
the general outlook for business.
Some fill-in orders on over¬
coatings were received, but the present lull in general sales
resulted in further wide-spread curtailment measures on the
current
Reports from retail clothing centers made a
served to
stimulate the sale of winter garments.
Business in women's
wear
fabrics continued quiet.
While between-season in¬
fluences are having an adverse effect on sales, the outlook
for spring business appears fairly promising, inasmuch as the
statistical position in the women's wear division appears to
furnish little cause for misgivings.
part of mills.
somewhat better showing as lower temperatures
North
ness
slight expansion.
summated
indications of an early
inquiries for combed goods showed
Few actual sales however were con¬
States.
Corn—In
hindered to some extent by heavy rains.
fields
a
Business in fine goods gave
Foreign Dry Goods—Trading in linens improved sub¬
stantially, notably in the household division where numerous
orders for the holiday season were received.
While reports
from foreign primary* centers continued to stress the present
lull in business, it was thought that the gradual reduction of
stocks in merchants' hands may portend an early revival in
buying.
Business in burlap remained negligbte, and prices
showed an easier trend, in sympathy with lower Calcutta
quotations.
Domestically lightweights were quoted at
3.80c., heavies at 5.15c.
3374
Financial
Chronicle
Nov.
Name
Page
Maturity
Rate
Amount
2725 Fredonia, Kan
2729
Specialists in
5A
3A
2A
Fuquay Springs, N. C
Gallatin Co. H.
S. D., Mont
1940-1949
1940-1940
1939-1948
2723
Gibson City, 111
3A
Glade Spring Road Dist., Va
.2 A
2428
CHICAGO
314 N.
WIRE
Green Lake County, Wis
2732
ST. LOUIS
Greenville Twp. S. D., Pa
2.60
2894 Hamilton Co., Tenn. (2 Issues).-.4
2588
Hamilton Twp. S. D., N. J
3A
3
IN
Hardwick, Vt
OCTOBER
We
present herewith our detailed list of the municipal
bond issues put out during the month of October, which the
crowded condition of our columns prevented our publishing
at the
usual time.
The review of the month's sales was
given
3038
of the "Chronicle" of Nov. 6.
The total awards during
the month stand at $27,619,620.
This total does not in¬
clude Federal Emergency Relief Administration or Public
Works Administration loans or grants actually made or
promised to States and municipalities during October. The
number of municipalities issuing bonds in October was 294,
and the number of separate issues was 326.
2680
Name
Rale
Addison School Township, Ind___5
Albany, Ga
3
Allendale, N.J
3
Allen County, Kan
2A
2724
Alexandria, Ind
Page
2724
2420
*
2890
.
1938-1952
$12,000
155,000
104.29
1938-1950
rl 18,000
100.57
Basis
113.03
3.14
Alliance. Ohio
Altamont, 111
Anoka County, Minn
2731
Ardmore, Okla. (4 Issues)
2887 Augusta Sch. Dist., No.
Avon, N. Y
100
3.75
100.26
2.20
—3 A
.4
1-11 years
11,000
r4,000
100
5.00
1939-1947
1939-1952
2,500
<*15,000
100.12
3.97
100
4.00
2
2A
2A
2587 Kennedy School District, Texas..
2580 Junction City, Kan
Kansas City,
100.18
105.26
2~95
2585 Kenton, Ohio
100.09
2.98
100.02
Kingston, N.Y. (2 issues).
1.80
2890 Klrkwood School District, Mo...2A
1939-1948
19,900
100.10
3~48
2433
100.76
2.87
2888
2724
La Clede Township, 111
loo""
3.00
2895
La GrullaS.D. No. 1, Texas
2887
Lake County S. D. No. 64, 111—4
1939-1948
45,000
6,000
1940-1948
1943-1947
35,000
<*61,270
1938-1952
59,000
Belmont. N. C
1J4
6A
134
3 A
—3)4,
Miss
2584 Binghamton, N. Y
Iowa
2724 Bloomfleld, Iowa
2887 Blairsburg,
Ohio
2". 50
2731
2.66
2431
Lane County
2580 Larrabee, Iowa
2890 Laurel, Miss
Neb
2584 Boiling Springs S. D., N. C
<*370,000
100.67
2.92
<*1,000
101.74
2.60
2887
Lenox School District,
100.04
5.49
2726
Lexington, Mass
3.97
2895
1940-1948
27,000
18,000
25,000
100.19
3.72
2430 Lindenhurst, N. Y
55,000
101.42
2.77
2731
Linn County
1938-1942
100.29
1.15
2725
Little
1939-1943
100.10
2426 Boundary Co. S. D., class A,
4, Ida
2585 Bowbells, N. Dak
1939-1964
175,000
lbblu"
1~45
2889
Little Falls, Minn
0,000
100.10
3.49
2731
Long Creek, Ore
<236,000
20,000
100.65
3.10
2885
Los Angles County, Calif
104,000
100
2~.50
2580
Louisville,
2893
Lower Merlon Twp. S. D.,
1940-1944
ibb"o3"
1938-1957
39,000
10,000
100
35,000
100.10
No.
—3A
40,000
2725
5.00
4A
1942-1957
'
4
1938-1953
16,000
2730 Brown S. D. No. 16, N. Dak
5
2893
Brookvtlle, Pa..
2580
Caldwell, Kan
2426
Calhoun County, Iowa
2,000
3,500
550,000
15,000
--
2%
2732
Calhoun County S D. No. 8, Iowa
2891
Cambria, N. Y
2726
Cambridge, Mass
2.70
2
2890 Camden County, N. J
4A
__
3,000
4-5
2723
Center Township S. D., Pa
2587
Chambers
4 J*
3Y*
Car ml, 111
2893
2432
Charles County, Md
2430
Cheektowaga, N. Y
102.73
3.55
2726 Maiden, Mass. (3 issues)
2889 Manistique, Mich
100
5.00
2724
Marion Township, Ind
2724 Marion Township, Ind
101.09
2.04
2428
100.07
2.65
2428 Marshall, Minn
2726 Massachusetts (State of)
Mich
Marine City,
100.61
1.88
2427
4.23
2427 Matfield Green S. D., Kan
Maryland (State of)
2587 Menard, Texas
2727 Meridian, Miss
Calif
2578 Mendocino County. Calif
2578 Mendocino
44,000
4
3 A
3.40
Chelsea, Mass
2680 Cherokee County, Iowa
2580 Cherokee County, Kan..
2%
2%
2A
Clark County, Wash
Malheur Co. S. D. No. 24, Ore...5
of)
101.35
3.37
2725
County,
4
<250,000
25,000
100
4.00
2890
Miles
104.39
3.09
2578
Millsboro.
10,306
120,000
T-55,000
100.27
3.35
3
~3A
3A
100
2.75
<218,900
City,
-
4
4A
4
Mont
3
Del.i
100
2.75
2887
Monticello,
2.25
2889
Moorhead Ind. S. D., Minn
2891
Mount Klsco,
Too
1938-1946
1938-1947
1942-1953
1940-1957
1938-1947
1939-1948
1957
1939-1940
1939-1943
111
N.Y. (2 issues)
1940-1959
1940-1943
1938-1942
1944-1945
1938-1942
1941-1950
yrs
1937-1946
1941-1953
1969
1940-1962
10 years
1948-1950
1938-1948
1938-1947
1939-1952
1939-1951
1939-1948
1940-1950
4
3
2.70
5
1941-1961
10 years
1962
1938-1947
1938-1947
1938-1947
1938-1942
1938-1957
3
2A
2895
Dawson
County, Tex
2725 De Soto Parish, La
5
1938-1942
7,500
2893
3A
1940-1946
2431
1-4
7,000
30,000
3A
2%
1940-196l"
1938-1947
20,000
2890
East Hanover Twp, N. J
4-4 A
East Pennsboro Twp. S. D., Pa__3
Easton S. D., Kan
3
1938-1949
T-73,000
50,000
Doylestown, Pa
Duncan, Okla. (2 issues)
2724 East Chicago S. D., Ind
2891 East Hampton, N. Y
2890 Edgewater, N. J
1939-1962
2887
El Dorado, Kan
2733
El Paso, Texas...
Eudora, Kan
2A
...3^-4
1939-1947
1947-1952
2727 Evart, Mich
Everly Ind. S. D., Iowa
3
2582
Farmington S. D., Miss
6
2889
Fenton Twp. S. D., Mich
Ferndale S. D.. Pa
2732
2427 Ford County, Kan
2579
2730
2733
5,000
18,500
<2rl39,000
19,000
15,000
2731
1942-1953
7*36,000
3
1937-1943
10,000
22,000
2 A
1939-1944
100
2.25
100
100
2427
Framing ham, Mass. (2 issues)
2
1938-1947
Frederic, Wis
3A
1940-1957
30,500
21,500
2886
2732
2891
100.28
2.97
2894
2588
100.07"
2~97
2585
2725
2585
100.69
100.69
2728
3.43
2895
20,000
100.74
250,000
101.28
2.62
22,000
100.17
3.40
100
3.50
210,000
53,000
7,250
7,250
18,000
101.19
1.80
100.44
100.12
1.90
3.23
100
3.00
101.60
2.98
100.36
3.45
100.27
2.23
104.79
2.16
22,000
<135,000
100.28
4.97
107.05
3.68
113,000
32,000
175,000
101.56
105,000
107.79
36,648
100.41
rl7.000
850,000
85,000
3.82
....
3.70
'
3.0
100.002
100.60
2.38
100
2.19
20,000
105.40
20,000
100.12
2.96
155,000
100.37
2.65
<*2,420
100,000
100.57
2.93
103.12
2.89
r76,000
4.50
0.99
4
3
4A
3
1939-1948
1941-1957
1938-1952
25.000
115,000
70,000
20,000
100.35
2.97
98.56
3.15
No. 117, 111...4
2.70
Ottumwa, Iowa
2A
Paola, Kan
3
Palmyra, N. Y
2.40
Papineau, 111
4A
Pasquotank County, N. C
4
Paris, Texas
-4
Pauling School District, Ohio
3
Payette Co. S. D. No. Ill, Idaho
15 years
1938-1947
1938-1940
100.39
100
100.13
2.04
3.00
2.38
100.02
3.99
69,000
100.62
3.44
25,000
r217,000
100.16
1.85
100
4.25
Park,
111
Texas
4A
Pa...3H
1.90
Perkins County, S. Dak
4A
Pierce County S. D. No. 80, Wash.4
Pocola Sch. Dist. No. 7, Okla
4H
Polk County, Iowa.
-2A
Ponca City School District, Okla
Pondera County, Mont
3A
Port Arthur S. D., Texas
2^-3.45
1939-1958
1938-1953
1940-1945
1939-1948
1938-1967
1939-1958
Penn Township Sch. Dist.,
Peekskill. N. Y
100.38
20,000
10,000
158,000
rl2,420
32,000
12,000
20,000
41,000
120,000
30,000
25,000
2724 Pendleton Township, 111
3166
45,000
10,000
2896
2.95
2.14
2.08
2584 Orchard Park, N. Y
3.00
101.39
100.14
2724 Onarga Sch. Dist.
lbolse"
3.15
100.01
100
2.76
100
100.92
100.02
102.68
2887
4.00
2.49
r22,000
11,000
30,000
2580 Old Town Water District, Me
2729
100
100.05
275,000
5~.66
2888
1,250,000
950,000
100.50
1939-1955
100
2.71
4,000
100.000
33.000
1957
1938-1940
2585 Norwood, Ohio
3A5
9,000
N.Y. (3 Issues).—2.10
4A
1-1
2887 Oak
100.20
2.86
3.45
2588 Odessa,
10II0T"
3.25
100.11
2.23
2887 North Muddy Twp., Ill
16,000
3
2580
110,000
7,500
3 A
2426 Edison S. D., Ga
2725
3
2726 Norfolk County. Mass.
4.00
104.90
4,500
100.10
2579 Nokomis, 111
101.94
10,000
25,000
100.25
4.00
100
2.41
100 48
7,380
5.50
8,000
4.50
100.35
689,000
rl9,000
2.37
15,967
100
24,000
1939-1946
1938-1947
1938-1956
New Boston, Ohio
New Rochelle, N.
100
100,000
r65,000
3,500
3A
Y. (4 Issues)—2 A
4
2731
104.29
1938-1953
II"
2.84
100
4
3.00
101.88
2.90
900
50,000
100
5,000
100.87
18,000
3
<*10,000
40,000
30,000
1938-1946
1942-1947
4 50
1938-1949
1942-1952
4
2887
4.00
~2~62
100
106.34
2891
98~55~
4 00
r4,000
5,000
2887 Newton, 111
2584 Niagara Falls,
2889 Dearborn, Mich
2893 Decatur Twp. S. D., Pa
2723 Denver, Colo
2432
100
2.41
100
100,000
2728 Neosho, Mo
1
2887 Nevada School District, Iowa
26,000
50,000
30,000
100.41
30,000
1938-1957
1938-1957
1938-1947
1940-1962
1943-1945
1938-1955
<244,000
25,000
3,000,000
100,000
4
4
2-23 yrs.
3.72
1938-1967
1940-1952
1-10 yrs.
1952-1957
1943-1957
Nanticoke School District, Pa
1951-1952
2 72
9,000
Muscatine, Iowa
5.00
100.31
100.33
1940-1951
2887 Nashville, 111
2887 New Castle, Ind
100.70"
1~.77
253,000
250,000
1,000,000
2580
100
_
100.14
1939-1948
2432
68,000
50,000
18,800
2,500
100.35
<240.000
1.65
295,000
35,000
1-10
100.84
1943-1962
6,000
5,300
65,000
1938-1956
100.50
I
100.73
40,000
r35,000
3 03
100.101
2884 Cochise
1938-1952
102.90
40.000
--
3A
3A
Minneapolis, Minn. (3 lssues)..2.20
2424 Monterey County, Calif
2A
100
lbb""
2.72
22,000
2884 Cochise
County, Ariz
4A
County, Ariz
3%
2727 Columbia, Miss
3A
2586 Coopersburg School District, Pa__3
2582 Copiah County, MLss
5
2895 Cowlitz County, Wash
4
2887 Crawford County, Kan...
3
2725 Cumberland, Md
--2 A
2725 Cumberland, Md
3
2586 Curry County S. D. No. 17, Ore..5J4
2890 Daniels County S. D. No.l, Mont_4
100.34
15,000
2A
2A
2%
5
2889
20,000
50,000
4-20 yrs.
2
3A
Middles borough, Ky
2425 Milford, Del
2581
2888
Maine (State
100.28
30,000
2A
3A
2A-3
2A
2A
2A
3A
3A
2
1
2725
County Road Precinct
No. 3, Texas
Lyon County, Iowa
200,000
Canyon School District, Texas.-.4
2585 Carbury S. D. No. 50, N. Dak—
Carlinville, 111. (2 Issues)
Lyons, Kan
McDowell County, N.
115,000
rl41,000
1,500
270,000
2895
Pa
C
2425 Madera County, Calif..
rdl 8,000
Boyd Co. 8. D. No. 36, Neb
Ky
2427
100
1-10 yrs.
6
2585
100.57
__
3%
4A
2A
IA
4
2.90
Drainage
5
4
2885 Los Angeles County. Calif
"""
2,000
2582
Tenn..
Bayou
Gravity
District, No. 1, La
200,000
r9,000
S. D. No. 5, Ore
1940-1962
1942-1953
1938-1957
4K-5
5
County,
1938-1942
3,000
2725 Bossier Parish S. D., No. 3, La
Lincoln
Iowa
30,000
rl42,000
Blue Springs,
2424 Booneville, Ark__
No. 76, Ore...3
8. D. No. 90, Ore...
1938-1949
"
55,000
4
Lane County S. D.
100.30
1942-1947
--
2A
2889 Blue Earth Co., Minn
Labette County, Kan
1939-1949
—3%
2580 Bell Township School District, Pa.3
3%
2A
..4
Knox County, Tenn
1937-1956
-
2888 Beverly, Mass
2891
lbTl2"
__
1953-1956
1938-1939
—
23,000
2.43
64.000
Kan
2580 Kansas City, Kan
9,250
10,000
1949-1951
2.75
2.55
45,000
2426 Joliet School District No. 86, Ill_.3Ji
2725
100
r15,000
Texas
Johnson County,
100.33
103.26
95,000
.
1948-1950
3.07
_
47,000
45,000
10.000
2A
2580 Irwin Con. School District, Iowa.2^
2890 Jaffrey School District, N. H
10,000
Can
2892
2733
2A
Iowa
3.62
45,000
2725 Hutchinson S. D. No. 50. Kan
Iowa
2.86
_
......
10,000
20,000
3
5A
2889 Bedford Twp. S. D., No. 3, Mlch_4
2880
1938-1947
1-18years
1938-1952
1947
3
Bloomvllie,
2A
2A
3
Howard County, Md
1940-1945
13, Kan.2^
2.70
1,
Bay St. Louis, Miss
2731
5
4
4
100.20
12,000
2428 Hudson Twp. S. D. No. 7, Mich
2733
3.44
14.000
Hopkinton, R. 1
D., Kan
2887 Humboldt County,
.
_
50,000
50,000
23,000
2725 Howard 8.
2426 Ida County,
100.58
1940-1953
1942-1967
1938-1947
1938-1948
(2 issues).
Highland Park S. D., N. J
2728 Hill Co. S. D. No. 67, Mont
2731 Hollaway, Ohio
2732 Hooversville, Pa
2732
6,000
110,000
3%
2
...,2A
3.10
2586 Heppner, Ore.
2581
2.55
100.01
1938-1947
Idaho-2727
2582
Y
3.46
100.20
100.58
100.69
2729
3*67
2426 Bannock Co. S. D.f class A, No.
2727 Biloxl,
N.
100.20
100.97
1940-1949
2581
2887 Baxter Springs,
Haverstraw,
12,500
15,000
500,000
60.000
3A
3
3%
3
1-3 A
Alma, N. Y
2723
2430
Price
2430
2.34
50,000
3
2585 Alfalfa 8. D. No. 4, Okla
2731
Amount
page
Haverhill, Mass
2.98
103.46
30,800
4
.
2893 Alex School District, Okla
2729
Maturity
on
Haverford Twp. S. D., Pa
2.40
100.14
,—
Hatton, N. Dak
2732
100.89
1940-1952
Hartsvllle S. D. No.32, S.C—3)4-3%
2889
2.95
45,000
1939-1947
1939-1955
1938-1947
3
2433
2892
SALES
BOND
100.14
300,000
1940-1977
1938-1947
1938-1959
1938-1947
2580 Hamilton County, Kan
2426 Harrison County, Iowa
MUNICIPAL
3.75
12,000
3
3A
2430 Hamburg S. D. 8, N. Y
2583
5.49
'
100
7,000
1938-1957
1939-1958
Greenburgh S. D. No. 7, N. Y...3
Greenfield Con. S. D. No. 4, Mo..
2434
Broadway
100.03
100.36 2
29,000
19,000
25,000
4
2888 Gloucester, Mass
DIRECT
7.500
8,000
2727 Gibbon, Minn
STIFEL, NICOLAUS &. CO., Inc.
Tj Basis
'
99.50
100.18
66.000
—
2730 Garrison, N. Dak
2433
105 W. Adams St.
Price
6,500
10,000
1938-1947
3
2892
2725 Garnett 8. D., Kan..
2891
1937
9,500
3
Fredonia, N. Y
2582
Illinois & Missouri Bonds
20,
1939-1961
1938-1942
4,850
1942-1947
1941-1943
1943-1948
20 years
1938-1957
6,500
404,000
200,000
60,000
325,000
100.83
—...
100
Volume
Financial
145
Page
Name
*Rate
2724 Potomac Twp. H. S. D. No. 329.
►
111
:
3%
2889 Prior Lake,
2578
Minn.
.4%
Pueblo, Colo
Amount
Maturity
1939-1966
250,000
1938-1947
30,000
2434 Racine. Wis
3
1951-1954
2885 Redding,
3%
1940-1959
Calit
1-10 yrs.
3
2426 Reynolds H. S. D. No. 129, 111
2730 Richfield.
Otsego,
Exeter, <fec.,
School District No. 1, N. Y.,_3%
2431 Rlttman. Ohio
3
2734
River Falls, Wis.
—
3%
1942-1966
3%-3%
1942-1961
2
3%
4
3
2%
2%
—2%
3%-3 %
1941-1943
1941-1963
20 years
2434 Rlverton, Wyo
2579
River Forest Parks District. Ill
2722
Riverside County, Calif
-
2727 River Rouge, Mich
Rock County, Wis
2434
2894 Rockwood, Pa.....
2887
Roodhou.se, III
2725
Royal Ind. 8. D„ Iowa
2725 Russell, Kan
Sac County, Iowa
2427
•
2890 St. Charles S. D„ Mo
1939-1957
u
1948-1950
1943-1957
2886
Sal Ida, Colo
2427
Salina. Kan
2424
San Bernardino
County, Calif
2%
1947
2722
San Bernardino
County, Calif
2722
1940-1944
1938-1953
1938-1949
1938-1947
1941-1959
2-30 years
1938-1947
1938-1947
1938-1952
2430
3%
Santa Barbara, Calif
2-2%
Santa Barbara County, Calif
3%
Santa Cruz County, Callf__.._2-4
Seattle, Wash
...4
Seattle. Wash
.-4
Sedgwick County, Kan—
2%
Sedgwick County, Kan
2%
Sharon, Pa
2%
Sheridan Co. S. D. No. 22. Wyo..6
Shelley, Minn
3
Sherman Co. S. D. No. 15, Neb..3J4
Sherrill-Kenwood
Water
Dist.,
N. Y__
.4%
Sierra County, Calif
3%
Silver City S. D. No. 1, N. Mex_.
Snohomish, Wash. (4 issues).—-6
South Lyon, Mich
4
Spencerport, N. Y
2)4
2888
Stafford County, Kan
2895
Stamford S. D„ Texas
3%
1-20 years
Stevens Co. S. D. No. 49, Wash__4
2-20 years
Stickney, S. Dak.—
—
San Luis Obispo County, Calif
2723
2425
2885
2588
2588
2725
2725
2432
2734
2727
2728
2730
2425
2583
2588
2428
2895
2433
Sulphur Springs, Texas
4%-4J4
Summerhill Twp.. Pa..
3)4
Sumpter Twp., IU
-4
Teaneck Twp. S. D., N. J
4
Tishomingo, Okla
-5%-6
Toppenteh, Wash
3)4
Troy Grove Twp. S. D., Ill
4)4
Tryon, N. C
4%-5%
Tunica Co. Sup. Dlst. No.2, Miss.3%
Tupper Lake, N. Y
2.40
2588
2894
2724
2583
2893
2434
2579
2585
2890
2730
6
2.80
Union Township, Ind
3)4
Valentine, Neb
—4
Vance County, N. C_.
3%
Vermilion Parish, La
4
Wadena Co. S. D. No. 5, Minn...4
Washington Parish, La........—5
Webster, Mass..
.......
-2
Wellesley, Mass
1%
Wellsville, N. Y
2%
Westfield, Ind
4)4
West Virginia (State of)
_2 )4-3 )4
West Alexander S. D„ Pa
3
Westmere Fire District, N. Y
2.90
Wllberton Township. Ill
— .4)4
Will County S. D. No. 68, 111
4)4
Wilson County, Kan
2%
2728 Union, Miss..
2429 Union County, N. J
2579
2728
2730
2427
2582
2580
2581
2428
2892
2887
2895
2587
2892
2887
2724
2427
2895 White Salmon, Wash
1942
1938-1943
.— --
1947-1958
1938-1947
1944-1949
1938-1949
1939-1948
1961
1940-1964
1938-1949
1942-1951
1938-1947
1938-1962
1938-1965
1952
1938-1947
1-25 years
1938-1957
1939-1943
1938-1947
1938-1942
1941-1961
1941-1957
1938-1962
1938-1957
1938-1941
1939-1948
1938-1947
1938-1956
2588 Wirt County, W. Va.
2)4 1938-1947
(294 municipalities,
Wyandotte County, Kan
Total bond
sales for October
2888
3.24
100.01
3%
2428 Redwood Falls. Minn
Basis
Price
47,000
18,000
280,000
125,000
200,000
24,000
50,000
1939-1956
1938-1957
55,000
725,000
23,000
110,000
715,000
350,000
23,000
60,000
28,000
12,000
250,000
130,000
rl37,000
r31,000
195,000
7,000
30,000
62,000
60,000
70,000
750,000
300,000
75,000
40,000
80,000
15,000
10,000
9,000
5,000
33,000
100,000
6,509
12,000
20,000
5,000
756,000
33,000
3,000
r65,000
8 000
12,000
5,000
30,000
30,000
11,800
20,000
15,000
20,000
35,000
1,242,000
34,000
10,900
20,000
25,000
dlO.OOO
50,000
40,000
65,000
105,000
12,500
1,000,000
10,000
4,000
4.50
100
FLORIDA MUNICIPALS
100
3.50
100.80
2.94
loo"""
3".66
100.27
3.23
100
3.00
Thomas M. Cook & Company
Harvey Building
101.69
WEST
3.50
100
ibb".7o"
3.50
100.27"
2.97
100.75
Arkansas—Survey Prepared on Highway Obligations—
Although it has in the past experienced the "growing pains"
of too rapid expansion of public debt, results of the past
4*
101.32
2.62
100.53
2.71
lbb~.34~
2~43
100.70"
3" 10
three and
100.002
2.65
105.01
100.02
4-.60
fob""""
101.27
100.20
2.46
101.57
2.53
fob""""
3"50
100
4.50
100.01
3.24
103
101.09
•
m
'■
m
100.13
2.47
100
4.00
fob*
4.00
102.08
3.87
—
—
100
Municipal
Bankruptcy Act Held
Invalid—Federal
Judge Leon Yankwich on Nov. 13 ruled the Federal Munici¬
pal Bankruptcy Act was unconstitutional on the ground that
it inferered with State rights, according to a United Press
dispatch from Fresno, Calif.
3.25
100.08
2.38
100
6.00
100.24
2.78
constitutional.
the 1934
POSSESSION BONDS
4.00
100
3.24
100.08
100.39
■
100
4.00
IOO.79"
T.85
100.34
1.13
2886 Hawaii (Territory of)
The following
....
100
2.75
5.00
95.27
100.10
2.55
100.56
2.94
100.07
2.87
99"90"
1
1
1
1
1
1
1
1
1
•
1
I
New Jersey—Municipal Finance Report Issued—Munici¬
palities of New Jersey, except 13 which failed to report in
time for inclusion in the quarterly statement of State Auditor
Walter R. Darby, had total assets of $313,712,676.50 last
Sept. 1. Total liabilities were $32,995,480. Assets included
$39,879,173.97 in cash, taxes receivable for 1937 and all prior
years, outstanding tax title liens and money due from other
funds-account advances.
Outstanding 1937 taxes receivable
Comparable figures for Sept. 1, 1936, showed outstanding taxes for that
Price
100.08
100
Basis
2.68
3.20
number of the issue of our paper in which reasons for
be found:
these eliminations may
Rate
Wash.
Amount
Price
$5,000
;
.—.
..
...
15,000
_—...
....
Calif. (ToSch. Dlst. Issue), Augsut.
2889 Dearborn, Mich. (Sept.)
100,000
learned of the following additional sales for
previous months:^
;
Rate
Name
Page
2426
2, La
5)4
Daytona Beach, Fla. (August)...4
Gilbert, Minn
4
Hobart, Ind
3
2585
Jamestown, Ohio..
2580
2578
2428
Basis
——...
panga
We have also
Maturity
—
(September)
2424 Los Angeles County,
Bernice Cod. S. D: No.
—
No. 69, Ore..3.43
2431
Lane County 8. D.
2579
Lebanon, Ind
2581
Pine Grove & Bloomlngdale
S. D. No. 5, Mich
Maturity
1939-1957
1956-1958
Amount
$25,500
25,000
20 years
1940-1593
1938-1951
18,000
21,000
25,000
25,000
27,000
1938-1962
„4
3)4
2583
Sea Isle City, N. J
South St.Paul, Minn.(2 lssues)2%-3
2432
Umatilla Co. S. D. No. 80,
2431
Waurlka, Okla
2426
Waveland, Ind....
....
Price
>
Basis
4.23
97
year of $112,706,459.60, or 47.72% of a total levy of $236,191,981.54.
The liability figures in the statement do not include the local school
4.00
3.00
100.16"
Ore__3J4
4-4%
...5
1938-1947
1939-1944
1940-1949
1939-1945
25,000
r5.000
66,000
6,000
r20,000
2,200
100
4.00
100
3.50
""
3.50
105T0"
3.87
100
have been
All of the above sales
(except as indicated) are for Sep¬
additional September issues will make the
total sales (not including temporary or RFC and PWA
loans) for the month $48,370,338.
These
DEBENTURES
SOLD
BY
CANADIAN MUNICIPALITIES IN OCTOBER
Rate
Name
Page
4
3)4
2434 Aylmer, Ont
2434
Brampton, Ont
2588
Maturity
1-20 years
1-5 years
Canada (Dominion of)
Canada (Dominion of)
2434 Cobourg, Ont
3236
2896
La Tuque, Que
2896
Saltfleet Twp., Ont
2896
Sorel, Que
$90,000
20,000
101.75"
*25,000,000
*25,000,000
—
—3
4
—4
4
Price
Amount
1-10 years
1938-1952
20 years
1-10 years
Basis
3". 12
98
6,648
80,000
96.03
4.46
97.52
22,000
46,400
....
Legislative Session Leaves Relief Ques¬
Governor—The State Legislature, convening in
special session on Nov. 15 after a recess of five and a half
months, failed to meet the problem of financing emergency
relief for the remainder of the year, when they sidestepped
the question by suggesting that Governor Hoffman divert
S3,000,000, the sum needed, according to a special dispatch
from Trenton to the New York "Herald Tribune" of Nov. 16,
up
to
which continued in part as
*
Canadian debentures sold in October.
Temporary loan; not
appropriation.
"If the Legislature passes its responsibilities on to me,
he said, "I'll accept it.
There will be no starvation in New Jersey. But
tapping of surpluses this year will only make the problem harder for the
1938 Legislature."
The Republicans favored relief appropriations, but the Democrats are
in control of the House, and action was impossible without their coopera¬
tion.
Neither side has a working majority in the Senate.
The Demo¬
crats, it was said, were disposed to let the problem rest until next year
when the Republicans will be in control.
Hopes of action were dispelled this afternoon when Assemblyman Fred
W. De Voe, of Middlesex, Democratic Majority Leader, issued a statement
after leaders of both parties had met to consider relief, saying that means
of providing funds were available and that additional legislation was not
necessary.
$265,048
_
statement,
$2,000,000 a month to
man,
the statement said,
money;
/
^
saying the Governor had the power to divert up to
meet "any relief needs which may now exist or
develop," continued: "We see no relief crisis now."
Governor Hofi-
The
Included In total for month.
follows:
Hoffman, earlier in the day, said he would take money from
finance relief if the I egislature failed to make any
wherever available to
may
Total long-term
paid over
New Jersey—Special
tion
Governor
tember.
levy
$71,464,926.80. About 20% of this levy or better
by the end of September.
Neither do the
liability figures include the fourth quarter of county taxes, approximately
$10,000,000, based on a total levy of $40,791,850.46.
State school taxes and soldiers' bonus taxes are not reported in the
liabilities.
These are not due and payable until Dec. 15.
Defaults in bonds, notes and interest payments, aggregating $15,632,552.77, were shown in reports from 31 municipalities.
They were dis¬
tributed as follows: Cities, $9,853,189.26; boroughs, $4,507,912.36; town¬
ships, $1,271,451.15.
Cities in default were: Asbury Park, $7,675,023.35; Brigantine, $1,692,321.94; Wildwood, $354,978.16; Somers Point, $125,365.81; Cape May,
$3,500 and Garfield, $2,000.
Refunding operations are under way in
Atlantic City, Linwood, Northfield and Sea Isle City.
Borough defaults included: Fort Lee, $3,838,130; Avalon, $282,974;
Runnemede, $220,515.92; Kenilworth, $112,000; Elmer, $12,000; Hi-Nella,
$13,320; National Park, $9,000; Barnegat City, $3,000.
Most of the township defaults were for small amounts.
The larger were:
Delaware, Camden County, $1,061,830.84; North Bergen, $53,326.35;
Deptford,
$89,303; Lyndhurst, $25,400; Hamilton, Atlantic County,
$11,211.92; East Hanover, $10,500.
County reports showed total assets of $17,478,897.36 and liabilities of
$6,224,815, an excess of assets over liabilities of $11,254,082.26.
Among
the assets were cash balances aggregating $12,672,737.40.
of 1937-38 amounting to
.
100
100
Twp.
2582
Municipal Bankruptcy Act in May, 1936.
Holding that the Act interfered with States' rights, Judge Yankwitch
was bound by the decision of the United
States Supreme Court
on the original law to find it invalid.
The ruling opens the way for a direct
appeal to the highest court under provisions of the new Judicial Reform Act.
The attack on the constitutionality of the new law was brought by
bondholders of Tulare
County Strathmore-Lindsay Irrigation District
aggregated $110,387,171.42, or 45.89% of a total levy of
items included in our totals for the previous
eliminated from the same.
We give the
Page
Name
2896 Campbell Co. S. D. No. 3,
un¬
Court outlawed
$240,534,532.32.
months should be
page
act has been declared
of California.
ISSUED IN OCTOBER
Rate
Maturity
Amount
2.70 1939-1947r$l,500,000
.3.10 1939-1956 3,300,000
an
The United States Supreme
said he
100.64
should
STATES
conclusively, in the opinion of
This is the second time such
100
call In and during the earlier years and to mature in the later year.
$27,976,354 temporary loans of funds obtained by States and
municipalities from agencies of the Federal Government,
r Refunding bonds.
UNITED
half years prove
The firm has prepared a review of the State of Arkansas Highway fund
obligations in which it points out that of a total debt of slightly less than
$160,000,000, more than 90%, or about $145,000,000 is represented
by
obligations which are provided for by State Highway revenues.
"Further¬
more," the review states, "included in these Highway Fund obligations are
about $41,000,000 of Road District Refunding series A bonds which were
issued in exchange for outstanding Road Improvement District Special
Assessment Obligations, which latter were assumed by the State under the
terms of the 'Martineau Road Law*.
In effect, this Road District Refund¬
ing operation has increased the State's highway fund obligations, but
relieved many debt ridden communities of an equal amount of over-lapping
special assessment debts carrying higher interest rates. The major portion of
the Highway Fund is being derived from gasoline taxes under what is
termed the 'painless method of pay as you ride'."
Highway revenue for the past three fiscal years ended June 30 (net after
deducting County turnback and cost of collection), were reported as follows:
1934-35, $9,709,886; 1935-36, $10,724,168; 1936-37, $12,045,040.
The
present revenue rate, the firm points out is over twice the 1939-40 interest
peak, which is calculated at $5,913,813.
100
including
Page
Name
2886 Hawaii (Territory of)
a
Scherck, Richter Co., St. Louis, that with conditions main¬
taining normal expectancy, the present bonded indebtedness
of Arkansas, from a point of interest and maturities, is not
too heavy a burden.
d Subject to
jc Not
FLORIDA
BEACH,
News Items
1~83
100
*$27,619,620
covering 326 separate Issues)
PALM
100.605
15,000
58,800
9,500
30,000
33,000
80,000
3375
Chronicle
"has the legal responsibility to appropriate this
in hand and in excess of budget estimates.'
these moneys are now
Financial
3376
According to the statement the income from the tax on
alcoholic bever¬
$875,000 more than the budget's estimate of $8,500,000, income
from inheritance taxes $4,325,000 over the budget estimate of $7,200,000
and income from the gasoline tax $976,000 over the budget estimate of
ages was
The statement also cited the "expected two or three million
(Arthur Brisbane) estate.
<
of Union, leader of the Senate Republic bloc,
said this action by the Democrats made it impossible to do anything on
relief.
He said the legislature would reconvene Dec. 20 to consider the
$21,000,000.
from the Brisbane
E.
Charles
Loizeaux,
report of 12 year-old
commission on the revision of laws.
State—Comptroller Attacks Proposal to Tax
Previously Exempt Securities—Proposals before the House
Ways and Means Subcommittee to invade the tax exempt
security field in an effort to increase Federal revenues was
decried by Comptroller Morris S. Tremaine of New York
State as a measure which may have ill effects on both
York
New
revenues
and
ultimately
employment.
on
did not question the right of the Federal government
various local governments, but he contended
that the fair way to do that would be to amend the Constitution.
"We are at present attempting to encourage new commitments of capital
in an effort to stimulate employment," he said,
"and it seems hardly
the time to discourage that investment by undermining contracts which
have been made in the past.
We cannot encourage new contracts by
destroying the attractiveness of older ones.
"The State authorizes municipalities to issue bonds and makes them
tax exempt.
It has at various times made exempt bonds for public entities
like the Port Authority, Saratoga Authority, and others.
It is my view
when the legislature does this, it establishes a contractual relation between
the municipality and the investor.
"If I read the Federal Constitution right, it says no State may pass a
law to impair the obligation of contract.
Therefore, I believe even a
soverign State could be restrained by the Federal courts from violating
definite provisions of the Federal Constitution.
In fact this had happened.
The comptroller
to
future issues of the
tax
Chronicle
Nov. 20.
1937
York State.
The largest pro¬
posal to meet defeat was the $54,250,000 San Francisco
subway and sewer program, followed by the $42,000,000
institutions issue put forward in Pennsylvania.
In connection with the above results, we quote briefly as
follows from an article which appeared in the Chicago
"Journal of Commerce" of November:
stitutions financing for New
The tone of recent elections has convinced bankers in the municipal
lending market that earUer hopes for an expansion in city and State bor¬
rowing operations are not likely to materialize.
Voters in most instances
in which major improvement projects have been considered have expressed
themselves in favor of public economy.
That attitude has been shown
toward Doth proposed bond issues and projected tax levies for specific
improvement purposes.
Some borrowing for relief purposes is expected during the winter and
issues are likely to reach the market during
the next few months, but bankers admit that there is no reason to look
minor school and road building
for an early end to the restricted scope of operations that has held down the
supply of new tax-exempt issues since midsummer.
Refunding operations by cities and States are not expected to reach
important proportions during the remainder of the year.
In most banking
quarters the market is regarded as not yet sufficiently settled to absorb
large offerings, although smaller issues have been moved easily.
Short-term borrowing is expected to comprise most of the activity in
the municipal banking field during weeks immediately ahead, but the
investment opportunity afforded from that source is expected to fall far
short of demand, since investors continue to confine their enthusiasm
to near-term
maturities.
Water Revenue Bonds
Reviewed—A brochure has been
prepared by Lewis, Pickett & Co.,Bankers Building, Chicago,
111., giving the views of Mr. Henry Raymond Hamilton, one
of their customers, on the points of interest to be considered
investing in water revenue bonds.
It is stated that Mr.
Hamilton is not in the investment business and has no in¬
in
New York
State—Banking Commissioner Urges Broadening
of Legal List—The banking laws of other States are being
by the New York State Banking Department
with the view of making recommendations to the State Legis¬
lature for expansion of the list of legal investments for savings
banks and trustees.
William R. White, State Banking
scrutinized
Superintendent,
so
appraised
a
meeting of the Erie-Niagara
Counties Bankers Association in Buffalo on Nov. 18.
"We have In mind," Mr. White said, "the possibility of permitting
State Banking Board, under certain conditions, to supplement the
existing legal list with securities of accepted standards for high grade in¬
the
vestments."
He declared that there is no particular magic in the list and that it is
merely
a
terest in the sale
of such bonds but he has made
a
careful
study of the subject and owns water revenue bonds issued
by 25 different municipalities, affording him valuable ex¬
perience as a purchasing guide.
This highly attractive booklet presents various interesting highlights
municipal water systems and includes several comparisons of
municipal water bonds with private utility bonds and with general municipal
bonds.
Some of the features dealt with include: necessity of water; col¬
relative to
depreciation of equipment, marketability of bonds, &c.
the operations of several municipal water
by Mr. Hamilton, making it clear that certain
securities of this type can be regarded as prime investments.
lection
of bills;
In order to illustrate his points,
departments are utilized
legalistic expression of what was once regarded as sound investment
Its greatest weakness lies in its complete lack of flexibility,
standards.
with the result that it fails to keep pace with changing conditions and chang¬
ing needs.
This fact can be amply demonstrated, he added, by making a
comparisons of trust estates held by well managed institutions having
reliable investment information.
"We find that distinctions in portfolios which are limited to the legal
list and those which are left to the discretion of the trustees are becoming
more and more pronounced," he advised.
"Certainly there could be no
better evidence of the need for revising the present statutory standards."
Bond
Proposals and Negotiations
few
ALABAMA
access to
Session to Study Relief Plan—A special
Legislature is scheduled to convene on
work out the details of a poor relief program,
Ohio—Special
session of the State
Nov. 29
to
according to
newspaper
Governor Martin L. Davey,
local relief funds
a
measure
on a
reports.
who has proposed the matching of State and
50-50 basis, is to recommend to the legislature that
be passed requiring cities and counties to raise their portion of
the cash by voting additional real estate taxes on a
of the 65% affirmative minimum now required.
majority vote instead
retire
Carey (poor relief) bonds be made available for 1937
relief expenditures.
He also said he would recommend that cities be
permitted to borrow money immediately from the State general fund to
meet November and December relief requirements.
Loans thus made
would be deducted from next year's allotments.
"I
tion
am
to
convinced that there never
of relief unless
the
cost," the Governor said.
000 for relief.
I
am sure
can
"Advertiser" of Nov. 11—
W. W. Brooks, Financial Secretary to Governor Graves, announced
yesterday the retirement by the State of another $416,000 of Alabama
refunding bonds, effecting a further saving of interest payments had the
bonds retired remained outstanding to maturity, of $15,600 a year.
On the second call to be made this year for tenders of these bonds to be
retired out of the sinking fund provided in the State treasury for that pur¬
pose, the State purchased the $416,000 par value bonds for delivery to the
treasury on Nov. 15 at prices showing a yield to maturity, it was made
known, ranging from 3.05 to 3.16%.
Maturities accepted extended from
1955 to 1965.
The Governor also will recommend to the legislature that surplus funds
collected
ALABAMA, State of-—ADDITIONAL INFORMATION—In
connec¬
of Nov. 13, that the State had pur¬
$416,000 3)4% refunding bonds—
V. 145, p. 3226—we give herewith a report taken from the Montgomery
tion with the report given in our issue
chased for its sinking fund a total of
be fair and economical administra¬
local
governments are required to pay half the
"Last year the State of Onio furnished $27,000,that at least $9,000,000 of this was thrown away."
It
was
bonds
pointed out by Mr. Brooks that while only $416,000 par value of
taken on the second call, compared with $550,000 last June,
was
just tendered was $1,128,000 par, Whereas in June it was only
$866,000.
Bonds were offered the State, he said, at yields as low as 2.90%.
Computations made for Mr. Brooks by W. Barrett Brown, fiscal con¬
sultant show, it was made known, that of the 416 bonds of $1,000 par value
retired, ranging in maturity from 1955 to 1965, the largest number 107,
matured in 1958.
There were 76 bonds retired due in 1963. also 64 due in
the amount
1965, and 47 due in 1959.
By yield, the largest number of bonds accepted was 114 at 3.06%, the
largest was 102 bonds at 3.05%.
It was noted, however, that an
larger amount of bonds were tendered at yields from 3.04 down to
2.90% indicating, it was stated, a belief on the part of bondholders that
notwithstanding recent fluctuations in the bond market, Alabama bonds
are gaining in investment regard.
next
even
Pennsylvania—Changes in Eligible Trust Investments—
The following notice, issued as of Nov. 1, 1937, is taken from
the Nov. 13 issue of "Money and Commerce" of Pittsburgh:
(Disclaimer—The Committee
Bankers
on
ASHLAND, Ala.—BOND SALE—The two issues of 5% coupon semibonds, aggregating $8,000, offered for sale on Oct. 15—V. 145, p-
Trust Investments of the Pennsylvania
the following changes in the list of invest¬
legal investments for trust funds under the provisions
of Section 41 (a) of the Fiduciaries Act of June 7,1917,P. L. 447, as amended
by the Act of July 2, 1935 (Act. No. 206), and the Act approved July 2,
1935 (Act No. 204).
Although the changes stated below are based upon
data which has been carefully prepared and which is believed to be accurate,
neither the Committee on Trust Investments nor the Pennsylvania Bankers
Association assumes responsibility for any errors in the statement of any
such changes or for any omission to include other changes.
The Committee
and the Association call attention to the fact that every trustee must exer¬
cise his or its own judgment in regard to any investment made by such
trustee.)
Association submits
ann.
ments believed to be
2577—were purchased by a local investor, at a price
about 4.39%.
The issues are divided as follows:
of 101.25, a basis o>
$5,000 water system bonds.
Due $1,000 from Oct. 1, 1938 to 1942, incl.
3,000 funding bonds. Due $1,000 from Oct. 1, 1943 to 1945, incl.
JEFFERSON
SALE
last
COUNTY (P.
O. Birmingham), Ala.— WARRANT
connection with the sale of the $108,000 school
DETAILS—In
warrants to
Ward, Sterne & Co. of Birmingham, as noted in these columns
August, it is stated by the Judge of Probate that the warrants were
as 2^8, at a price of 98.32, a basis of about 2.99%, divided as follows:
$40,000 capital outlay warrants.
Due on Sept. 1 as follows: $1,000, 1938
and 1939; $5,000, 1940 to 1942; $4,000, 1943; $5,000, 1944; $4,000
1945, and $5,000 in 1946 and 1947.
68,000 refunding warrants.
Due on Sept. 1 as follows: $1,000, 1938 tjo
1940; $5,000, 1941; $3,000, 1942; $7,000,
1943; $4,000. 1944;
$5,000, 1945 to 1948; $19,000, 1949 and $7,000 in 1951.
sold
Additions
Central New York Power Corp. general 3^s, 1962
Equitable Gas & Electric Co. of Utica 1st 5s, 1942
Utica Electric Light & Power Co. 1st 5s, 1950
Utica Gas & Electric Co. ref. and ext. 5s, 1957
MOBILE, Ala.—BONDS PURCHASED—It is stated by H.
Syracuse Gas Co. 1st 5s, 1946
Syracuse Lighting Co. 1st 5s, 1951
•
Northern New York Utilities, Inc. 1st lien and ref. 7s, A, 1946
Northern New York Utilities, Inc. 1st lien and ref. 6s, B, 1947
Atlantic City Electric Co. Gen. 3^s, 1964
Bridgeport Hydraulic Co. 1st 3j^s, G, 1971
Rochester Gas & Electric Corp gen. 3%s, H, 1967
G. Ziegler,
City Comptroller, in connection with the report given in these columns
recently, that he would receive sealed offerings of outstanding bonds on
Nov. 15 for purchase by the city, for the account of its interest and sinking
funds—V. 145, p. 2884—that he purchased a total of $159,000 refunding
bonds for the sum of $108,000.
ARIZONA
Great Northern Ry. equip, trust B, 5s to 1938
Great Northern Ry. equip, trust C 4j^s to 1939
Great Northern Ry. equip, trust D, 4^8 to 1940
MARICOPA COUNTY SCHOOL DISTRICT No. 44 (P. O. Phoenix),
OFFERING—On Nov. 29 at 10 a. m. the Board of Super¬
visors will receive bids on an issue of $12,500 bonds of Maricopa County
Ariz.—BOND
Great Northern Ry. equip, trust 2s to 1947
Western Fruit Express Equip, trust D,
4Hs to 1944
2^s to 1952
trust G, 2)^s to 1952
2^s to 1952
trust D, 2)4 to 1946
trust E, 2^s to 1941
Union Pacific RR. equip, trust E, 234s to 1952
School District No. 44.
Clinchfield RR. Co. equip, trust A,
Louisville & Nashville RR. equip,
Pennsylvania RR. equip, trust H,
Wheeling & Lake Erie Ry. equip,
Wheeling & Lake Erie Ry. equip,
These changes with
ARKANSAS
the date thereof should be entered in your
(to be labeled "official copy") of Trust Investments in Pennsylvania.
BONDS
Largest Retail Distributors
copy
United
States—Complete Results of Balloting on Bond
Issues—Figures on the basis of returns up to the present
municipalities throughout the country,
WALTON, SULLIVAN & CO.
time from States and
our
tabulation
shows that at the general election
Nov. 2, the voters approved the issuance of
a
held
LITTLE
on
ARKANSAS
868,925 in bonds for
a variety of purposes, while at the same
they turned down proposals calling for an aggregate
issuance of $136,524,598.
The only issue of major propor¬
tions which received popular support was the $40,000,000 in¬
time
ROCK, ARK.
total of $57,ARKANSAS,
State
of—BOND SETTLEMENT EFFECTED
estimated at $500,000, the
approved
a
WITH
COMPANY—Carrying a pledge of general property tax
United States District Court at Little Rock has
settlement between the State of Arkansas and Woodmen of
INSURANCE
Financial
Volume 145
of bonds and
Improvement
the World Life Insurance Co. for the payment of $1,166,000
$360,731 of interest due on debts of Pulaski County Road
The general property levy, which will be applicable on
that includes Little Rock and North Little Rock, will be imposed
District No.
an
area
some
10.
three years hence.
The
judgment
provides for issuance of refunding bonds of
Union National Bank, Little Rock, will be custodian.
The
will submit refunding bonds on tenders when purchases are
the State Refunding Board, and procedes of such sales will
which the
bank as agent
announced by
be credited on
Income from general property taxes will pay the balance
of the $1,526,731 judgment returned by the Court.
When District No. 10 was organized in 1922, the Woodmen of the World
Life Insurance Co. purchased its entire issue of $1,747,000.
With passage
of the Martineau Act of 1927, the State assumed payment of bonds of this
and other road improvement districts and payments were made until
default occurred in May, 1932.
After passage of Act No. 11 of 1934,
by which the $155,000,000 highway debt was refunded, the fraternity
filed suit for enforcement of its original contract with the district.
The
Court, however, with the plaintiff's consent, delayed action to permit the
State to make an adjustment in the district's behalf.
By terms of the
decree, the fraternity will be paid in accordance with its original contract
with the district and not within provisions of Act No. 11 of 1934.
the judgment.
SPRINGS SCHOOL DISTRICT NO. 6 (P. O. Hot Springs),
OFFERING CONTEMPLATED—'The Board
HOT
Ark.—REFUNDING BOND
of refund
$626,000 of bonds on which the rate ranges from 5 to 6%.
We understand
that the outstanding issues were marketed over a 20-year period and
the final maturity is scheduled for Jan. 1, 1956.
The proposed refunding
issue would carry a pledge of revenue from a six-mill general property tax,
of Education is said to be completing
plans to offer a 4 H % issue
sparely settled districts of the city, which developed very
We understand that in some of the districts taxes have not been
said issues
cover
slowly.
paid for long periods and the city cannot dispose of the properties for enough
to cover the taxes.
Inasmuch as the city is striving to maintain its credit
standing, it would have been necessary to add about $700,000 to next
year's general taxes in order to prevent default in some of the special district
obligations.
By retiring all of the special impt. bonds and getting out a
refunding issue the city will be enabled to extend the maturities of all bonds,
including those on which default seems probable.
GLENWOOD SPRINGS, Colo.—BONDS SOLD—It is stated
City Clerk that $(69,000 refunding water bonds have been sold.
by the
PUEBLO, Colo.—BOND CALL—It is reported that bonds numbered
being called for payment
Dated Dec. 1, 1923.
101 to 120, of Water Works District No. 2, are
First National Bank, Pueblo, on Dec. 1.
at the
ROCKY
FORD, Colo.—BOND SALE—The $375,000 coupon general
obligation water refunding bonds offered on Nov. 16—V. 145, p. 2886—
awarded to a syndicate headed by Bosworth, Chanute, Loughridge
& Co. of Denver on a bid of 100.07 for 3 3^s, a basis of about 3.49%.
Dated
Jan. 2; 1938.
Due $20,000 yearly on Nov. 1 from 1943 to 1960, incl.
were
CONNECTICUT
DANBURY, Conn.—PLANS REFUNDING ISSUE—A special town
meeting will be held within two weeks to consider the recommendation of the
Board of Selectmen that an issue of $260,000 refunding bonds be authorized,
DARIEN, Conn.—NOTE SALE—The $250,000 tax anticipation notes
on Nov. 19—Y. 145, p. 3227—were awarded to R. L. Day & Co.
on a
.44% discount basis.
Dated Dec. 1, 1937, and payable
May 15, 1938.
The First National Bank of Boston bid .47% discount,
plus $3 premium.
offered
of Boston
according to report.
CALIFORNIA
INYO COUNTY (P. O. Independence), Calif —LONE PINE SCHOOL
BONDS OFFERED—As already reported in these columns—Y. 145, p. 3227
County Clerk, will receive bids until 10 a. m. Dec. 7
of $13,000 school building bonds of Lone Pine Union
High School District.
Interest rate is not to exceed 5%, payable semi¬
annually on Jan. 1 and July 1.
Denom. $1,000.
Dated Jan. 1, 1937.
Principal and interest payable at the County Treasurer's office.
Due
$1,000 yearly on Jan. 1 from 1939 to 1943.
Certified check for 5% of
amount of bonds bid for, payable to the Chairman of the Board of Super¬
visors, required.
—Dora Meritbew,
for the
purchase
Calif.—BOND OFFERING SCHEDULED—It was
announced on Nov. 16, by officials of the Department of Water and Power,
at the conclusion of discussions in New York regarding new financing, that
tenders will be received on Nov. 30, for the purchase of an aggregate of
$10,200,000 electric plant revenue bonds.
The following is the text of the official release on the offering:
"Representatives of the Department of Water and Power of the City
of Los Angeles, now in New York, state that they expect to receive proposals
on Nov. 30, 1937 for the purchase of $10,200,000 Electric Plant Revenue
Bonds of the Department, consisting of two issues designated as the Second
Issue of 1937, in the amount of $9,000,000, and the Third Issue of 1937,
in the amount of $1,200,000.
The two issues will be offered on a all or
none
basis.
Both issues will be serial bonds.
The Second Issue will
run from 1 to 40 years with maturities such that the aggregate of principal
and interest payable in each year will be approximately equal.
The Third
Issue will run from 1 to 12 years with annual maturities of $100,000.
The
proceeds will be used for the addition of facilities to the municipal electric
system made necessary by rapidly increasing demands.
The Department
has heretofore issued similar revenue bonds, including the $22,799,000
Refunding Issue of 1935 and the $47,000,000 issue of 1937.
The proposals
will be received and opened at the office of Messrs. Thomson, Wood &
Hoffman, bond counsel for the Department."
LOS
3377
Chronicle
STAMFORD (Town of), Conn .—NOTE
SALE—The issue of $600,000
anticipation notes offered Nov. 17 was awarded to the First Boston Corp.
0.55% discount.
Dated Nov. 15, 1937 and due June 15, 1938.
Other
tax
at
bids
were
follows:
as
Discount
0.59%
0.593%
Bidder
First National Bank of Boston
Leavitt & Co^
Chace, Whiteside & Co
0.628%
-
Wrenn Bros. & Co
0.64%
Halsey, Stuart & Co., Inc
0.66%
ANGELES,
DELAWARE
of)—BOND OFFERING—^Charles L. Terry Jr..
Secretary of State, announces that the Governor, Secretary of State and
State Treasurer will receive sealed bids until noon on Dec. 1 for the purchase
of $150,000 not to exceed 3% interest coupon, registerable but not reconvertible, improvement bonds of 1937.
Dated Dec. 15, 1937.
Denom.
$1,000.
Due $15,000 annually from 1938 to 1947, incl., provided, however,
that on and after Dec. 15, 1943, any of the bonds outstanding may be re¬
deemed at a price of 104 on any interest date, upon 30 days' public notice.
Bidder to name a single rate of interest, expressed in a multiple of y% of 1 %.
Principal and interest (J. & D. 15) payable at the Farmers Bank of the State
of Delaware in Dover.
A certified check for 5% of the bonds bid for,
payable to the order of Ernest C. Blackstone, State Treasurer, must ac¬
company each proposal.
The public faith and credit of the State of Dela¬
ware is expressly pledged for the full and complete payment of the debt,
principal and interest, and upon the sale and delivery to the purchaser the
legality and validity of such bonds shall never be questioned in any court of
law or equity by the State of Delaware or any person or persons for its use
DELAWARE
or
(State
in its behalf.
ANGELES COUNTY
(P. O. Los Angeles), Calif.—BOND
ELECTION IN MANHA TTAN BEACH SCHOOL DISTRICT—An election
will be held in Manhattan Beach School District on Nov. 30 to vote on a
LOS
FLORIDA
building bonds.
LOS ANGELES COUNTY (P. O. Lo« Angeles), Calif.—HUDSON
SCHOOL BOND OFFERING—L. E. Lampton, County Clerk, will receive
bids until 2 p. m. Nov. 30 for the purchase at not less than par of $40,000
building bonds of Hudson School District.
Bidders are to name rate of
interest, not to exceed 5%.
Denom. $1,000.
Dated Jan. 1, 1938. Prin¬
cipal and semi-annual interest payable at the County Treasury.
Due
$4,000 yearly on Jan. 1 from 1939 to 1948, incl.
Cert, check for 3% of
amount of bonds bid for, payable to the Chairman of the Board of Super¬
proposition to issue $50,000 school
visors,
Clyde C. Pierce Corporation
Building
Bf.r-.eM:
Calif.—MERQUIN SCHOOL
Clerk will receive bids on an
$25,000 bonds of Merquin Union Elementary School District.
rate is not to exceed 5%.
Dated Oct. 1, 1937. Due serially from
of
to
1962.
First
National
Bank
building
T. S. Pierce, Resident Manager
FOR
OFFERED
BONDS
INVESTMENT—The
offered the above bonds for general investment
2.65%, according to coupon rate
PLACERVILLE,
improvement bonds
successful bidder re-
at prices to yield from
Co., and Dean Witter &
Co., both of
FRANCISCO (City and County), Calif.—BOND OFFERING
CONTEMPLATED—It is expected that an offering will be made in the
near future of a portion of the $2,850,000 airport bonds approved by the
voters at the general election on Nov. 2, as noted in these columns.—V.
145, p. 3041.
SAN
MATEO COUNTY
(P. O. Redwood City), Calif.—BOND
IN HALF MOON BAY SCHOOL DISTRICT—An election
will be held Dec. 14 in Half Moon Bay Union High School District for the
SAN
ELECTION
of voting on a proposal to issue
$150,000 school building bonds.
COLORADO
BOULDER, Colo.—BOND SALE—The
offered on Nov. 16—V. 145, p.
$27,000 bridge refunding bonds
3227—were awarded to the
of par for 2Hs.
Dated Feb.
follows: $1,000, 1939; $2,000, 1940 to 1949; and
Bank of Boulder on a bid
Feb. 1 as
National State
1, 1938, Due on
3,000, 1950 and
1951.
SCHOOL DISTRICT NO. 3 (P. O. Paonia),
NOT HELD—We are informed by the District
high school building bonds were not submitted to
a vote at the election which was scheduled for Nov. 9, as noted here recently
—V. 145, p. 3041—because no election was held.
DELTA
offerings of
COUNTY
FORT
MYERS-IONA SPECIAL
JACKSONVILLE, Fla.—CERTIFICATES AUTHORIZED—'The City
9 unanimously approved a proposal to issue $1,000,000
indebtedness for completion of an impt. program
on
the municipal electric light plant.
It is said that these certificates
will mature $100,000 annually for 10 years.
Council on Nov.
worth of certificates of
MIAMI, Fla.—CITY AGREES TO BOND REFUNDING PROGRAM—
taken from a special dispatch out of Miami to the
Journal" of Nov. 19:
Proposal for refunding Miami's $28,800,000 bonded indebtedness has been
accepted by the City Commission by a vote of three to two and the bond
syndicate to Soucy, Swartwelter & Co., First Cleveland Corp.. and Schlater,
Noyes & Gardner, Inc., is expected to start work on the city financial struc¬
ture in the finance department office immediately.
Earnest E. Swartswelter, member of the Boston firm, and Emil LeGros, of the Cleveland
firm, who have been in Miami for two weeks have returned north.
"Under this plan we estimate Miami will save about $23,000,000 interest,"
Mr. Swartswelter said.
"Each year's interest savings of $300,000 can be
used to retire bonds, further reducing the bonded debt, which in turn en¬
hances the value of the outstanding bonds and also decreases interest pay¬
ments because there are less bonds to pay.
The saving to the city will be
The following report is
"Wall Street
and the operation of the plan is
Colo.—BOND ELECTION
1% on $28,800,000
remain in the control of
Colo.
(City
and County)—SPECIAL
IMPROVEMENT
informed by our Western
correspondent that the city and county is drawing up a contract with 19
Denver investment houses under the terms of which a total of $4,200,000 of
refunding bonds covering special impt. districts will be underwritten by
DISTRICT BONDS TO BE REFUNDED—We are
these firms.
We understand that
the city is planning to
call in all of the outstanding
special Impt. bonds, of which only the last 20% carries the
The bonds outstanding are said to average 5H% int.,
city's guarantee.
which are to be
replaced by 3% bonds for the early maturities and 4s on the remainder.
The city has proposed to set up a small revolving fund to insure retirement
of the early maturities.
Under the contract, tne new bonds will run 13
years, and will be retired numerically as funds are available.
The city will not save any money on int., since we are advised the bond
dealers have agreed to take the new bonds for a premium of about 1A %.
which is reported to represent the difference in int. between the old and
new bonds.
A leading firm of Denver bond attorneys is preparing an
opinion on the issue, it is stated.
_
. . .
The city's action in proposing to call in the outstanding special Impt.
bonds, according to city officials, is a protective measure.
Some
of the
ROAD AND BRIDGE DISTRICT
(P. O. Fort Myers), Fla.—BONDS NOT SOLD—The $100,000 issue of 6%
semi-ann. road bonds offered on Oct. 6—V. 145, p. 2106—was not
sold as no bids were received, according to the Clerk of the Board of County
Commissioners.
Dated Feb. 1, 1926.
Due from Feb. 1, 1951 to 1954,
coupon
Clerk that the $33,000
DENVER,
State Board
and bridge or highway bonds, time warrants,
certificates of indebtedness or negotible notes of the following counties of
Florida and of special road and bridge districts located in these counties:
Bay County, Brevard County, Broward County, Charlotte County (except
McOall Special Road and Bridge District), SeDoto County, Glades County,
Hardee County, Indian River County, Jensen Road and Bridge District,
Martin County, Monroe County, Okaloosa County, Okeechobee County.
Palm Beach Special Road and Bridge Districts Nos. 3, 8, 9, 17 and 21, and
Cross State Highway Bridge District.
1.90%
and maturity.
Calif.—BOND SALE— The $50,000 issue of sewer
offered for sale on Nov. 15—V. 145, p. 3227—was
purchased jointly by Donnellan &
San Francisco, according to report.
purpose
FLORIDA
FLORIDA (State of)—BOND TENDERS INVITED—The
of Administration will on Dec. 3 at 10 a. m. receive sealed
matured or unmatured road
OAKLAND, Calif.—BOND SALE—The $300,000 harbor bonds offered
on Nov.
18—V. 145, p. 3227—were awarded to Brown, Harriman & Co.,
Inc., at par plus a premium of $51, equal to 100.017.
The successful bid
provided that $22,000 bonds maturing in 1943, 1944 and 1945 bear 5%,
and the remainder of the issue 2H%. Dated July 1, 1926.
Due on July 1
as follows:
$5,000. 1943; $10,000, 1944; $11,000, 1945 to 1950; $13,000,
1951 to 1965, and $24,000 in 1966.
to
FLORIDA
Branch Office: TAMPA
required.
Interest
1938
National Bank
JACKSONVILLE
MERCED COUNTY (P. O. Merced),
BONDS OFFERED—On Dec. 1 the County
issue
BONDS
the city
commission/'
such that it will always
Highlights of the Plan
Highlights of the plan are: New refunding bonds to mature serially within
and bear interest averaging not more than 4 %; estimated interest
over the life of now outstanding bonds Is $38,000,000.
Estimated
interest cost on new refunding bonds is $15,000,000; refunding to be started
immediately with expectation of completion within two years; city has
option to cancel two-year contract witn syndicate after nine months from
date of bond validation in event at least 25% of the refunding has not been
completed by that time.
'
Refunding bonds will be marketed by the syndicate through exchange and
sale in amounts up to $10,000,000 at a time depending on the ability of the
market to absorb them.
The city reserves the right to fix the rate of in¬
terest and maturities on each block of bonds as issued.
30 years
cost
Syndicate's Compensation
3% of Face
50% or more of
the balance of
The syndicate upon receiving exchange agreements for
each blotdc of bonds guaranteed to submit a bid to purchase
'
Syndicate's compensation will be 3% of face value of refund¬
ing bonds issued and to become outstanding.
Syndicate will pay all costs
in connection with the refunding.
__
'
.
The syndicate Is represented by the law firm of Thomson, Wood &
Hoffman of New York and Casey, Welton & Spain of Miami.
such block.
,
3378
Financial
Chronicle
The
plan submitted previously by the syndicate including B. J. Van
Ingen Co.. John Nuveen Co., A. C. Allyn Co. and Stifel, Nicolaus & Co.,
Inc., has been withdrawn recently.
William A. Grigsby of John Nuveen
Co., member of the Van Ingen syndicate, who was present at the meeting
which accepted the new plan, said that if his group believed the city com¬
mission was ready to act on a bond refunding proposal at this time, the
Van Ingen plan would not have been withdrawn or a substitute plan would
bonds offered, will not be considered.
(d) Tenders accepted shall obligate the Forest Preserve District of Cook
County to accept delivery of the bonds, and to pay therefor such amount,
?lus accrued i iterest to the date of delivery,
such tender.
(P. O. Sarasota), Fla.—BONDS VOTED—At the election held on Nov. 4
145, p. 2579—the voters are said to have approved the issuance of
bonds.
It is reported that plans for the offering
(e) Right is reserved to reject all tenders and any tender not
complying
with the terms of this notice will be rejected.
Tenders may be submitted in the alternative or may be conditioned
upon
the acceptance of all or none of the bonds offered.
—V.
the $35,000 in construction
under consideration.
#
WALTON
COUNTY SCHOOL DISTRICTS
(P. O. De Funiak
Springs), Fla.—BONDS NOT SOLD—The two issues of bonds aggregating
Tenders must be enclosed in sealed envelope, addressed to the Treasurer
of the Forest Preserve District of Cook County, Room 547
County Building,
Chicago, 111., and marked on the outside—
"Tender of Refunding Bonds of 1936— Series 'A' and Series 'B'—"
$25,000. offered on Nov. 16—V. 145, p. 2723—were not sold as no bids
were received, according to the Secrtary of the Board of Public Instruction.
The bonds
are
divided
as
'
follows:
All tenders shall remain firm until 11 o'clock
$15,000 Special Tax School District No. 13 5% bonds.
July 1, 1938 to 1952.
10,000 Special Tax School District No. 7 4% bonds.
as will yield to the Forest
reserve District of Cook County income, at the
average yield stated in
such tender, but in any event not more than the
price in dollars stated in
SARASOTA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 8
are now
1937
Tenders stating the highest average yield to maturity, will be con¬
sidered the tenders offering bonds at the lowest
prices.
(c) Tenders stating a price in dollars which exceeds the par value of the
(b)
been submitted.
have
Nov. 20,
a.
m.
on
Nov. 27, 1937.
Delivery of bonds must be made on or before Nov. 29, 1937 at the office
of the Treasurer of the Forest Preserve District of Cook
County, Room 547
Due $1,000 from
County Building, Chicago, 111., against payment of the agreed price plus
delivery.
accrued interest to the date of
GEORGIA
BASTONVILLE
CONSOLIDATED SCHOOL DISTRICT
(P.
O.
Stapleton), Ga.—BONDS SOLD—It is reported by J. I. McNair, District
Secretary, that
the
Public Works Administration approved a loan of
$9,000 for building construction and the bonds have been sold locally.
SCHOOL DISTRICT (P. O. Edison), Ga .—BOND SALE
now reported by the District Secretary that the $5,000
bonds purchased at par by a local investor, as noted in these
columns in October—V. 145, p. 2426—were sold as 4s, and mature $1,000
from 1950 to 1954 incl/
EDISON
DETAILS—It is
building
FORT
VALLEY, Ga .—BOND SALE—The $80,000 3M% semi-ann.
paving improvement bonds offered for sale on Nov. 12—V. 145, p. 3041—
were awarded to a syndicate composed of the
Robinson-Humphrey Co. of
Atlanta, Johnson, Lane, Space & Co. of Savannah; J. H. Hilsman & Co.;
Clement A. Evans & Co., and the Trust Co. of Georgia, ali of Atlanta,
paying a premium of $6,000, equal to 107.50, a basis of about 2.96%.
Dated June 1, 1937.
Due from June 1, 1939 to 1967, inclusive.
McDONOUGH
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
SOLD—The $40,000
coupon
building
bonds offered on Nov. 16—V. 145, p. 2263—were awarded to the First
National Bank of McDonough at par plus a premium of $1,785, equal to
104.462.
Dated Oct. 1, 1937.
Due on Jan. 1 as follows:
$1,000, 1940 to
1955, and $2,000. 1956 to 1967.
(McDonough),
Ga.—BONDS
IDAHO
ADA
COUNTY
(P. O. Boise), Idaho—BOND SALE—The $195,000
courthouse and jail bonds offered for sale on Nov. 16—
145, p. 3041—was awarded to the Harris Trust & Savings Bank, of
Chicago, as 2Ks, paying a premium of $1,147.00, equal to 100.588, ac¬
cording to Stephen Utter. County Clerk.
DuPAGE COUNTY SCHOOL DISTRICT NO. 45
(P. O. Wheaton),
III.—BOND CALL—The Board of Education announces the call
forredemption on Dec. 1, 1937, at the Continental Illinois National Bank & Trust
Co.,
Chicago, of
a
1 to
numbers
block of $10,000 4%, series of 1936, refunding bonds,
being
10, incl.
They are part of an authorized issue of $229,000,
dated Dec. 1, 1936 and in $1,000 denoms.
HOLLAND TOWNSHIP (P. O. Mode), 111.—BONDS
SOLD—Vieth,
Duncan, Worley & Wood of Davenport purchased an issue of $20,000 bonds.
KENILWORTH, III.—BONDS AUTHORIZED—On Nov.
of Village Trustees passed an ordinance
sewerage
Bond
Election—The
for their
1 the
Board
authorizing the issuance of $340,000
bonds.
revenue
above
approval at
an
bond issue will be submitted
election scheduled for Dec. 28.
the
to
voters
KIRKLAND SCHOOL DISTRICT NO. 415 (P. O.
Kirkland),
BONDS SOLD—The Kirkland State Bank purchased the issue of
school building bonds which
was
approved at
election
an
on
III.—
$44,000
May 29.
MANITO, 111.—BONDS SOLD—An
to the Stiers Bros.
due
and
in
Construction
Co.
issue of $6,000 4% bonds was sold
of St. Louis.
Dated May 1, 1937
1949.
SOUTH ELGIN, 111.—BOND ELECTION—The
Village will hold a
special election Dec. 18 for the purpose of voting on a proposition to issue
$20,000 water system bonds.
WABASH COUNTY ROAD DISTRICT NO. 3 (P. O. Mount
Carmel),
111.—BONDS SOLD—An issue of $15,000 4M % road bonds has been sold.
Dated Oct. 15,1937 and due serially on Oct. 15 from 1938 to
1942, inclusive*
issue of coupon
INDIANA
V.
The following is an official list of the other bids received:
BATESVILJ.E, Ind
will receive
Sidlo, Simons, Roberts & Co., Denver; Charles A. Hinsch & Co., Cincinnati,
and Seasongood & Mayer, Cincinnati—2?4%: premi.m, $1.12 per bond.
Halsey, Stuart & Co., Inc.—2%%; premium, $1,190.
Wells-Dickey Co., Minneapolis; Edward L. Burton & Co., Salt Lake; First
Security Trust Co., Salt Lake; Sudler Wegener & Co., Boise—2.65%;
Dec.
noon
2
for
.—BONDOFFERING—The Town Clerk-Treasurer
purchase of $36,500 sewage
the
•
Bidder—
$125,000 and 234% on last $70,000.
Bancamerica-Blair Corp. and Childs & Montandon—234 % on first $103,000
and 2*4% on last $92,000.
Idaho First National Bank, Boise—2A%\ premium, $100.
A. S.
struction
bonds approved recently by the voters, as announced in these
145, p. 3041—we are informed by George Booth, County
Auditor, that these bonds were voted with the explicit understanding that
they would not be issued unless a Public Works Administration grant for
about $33,000 was forthcoming. According to advices received
by the
county from the regional PWA headquarters on Nov. 12, the project is,
is, for all practical purposes, dead.
columns—V.
PAYETTE COUNTY INDEPENDENT SCHOOL DISTRICT No.
IX
(P. O. New Plymouth), Idaho—PRICE PAID—We are now informed
that the $30,000 building bonds purchased by Childs &
Montandon, of
Boise, as noted in these columns recently—V. 145, p. 2886—were sold as
4s, at a price of 100.918. Due in from 1 to 15 years.
Idaho—BOND SALE—The $30,000 issue of city building
bonds offered for sale on Nov. 13—V.
145, p. 3041—was awarded to
Edward L. Burton & Co. of Salt Lake
City, as 3>£s, paying a premium of
$35, equal to 100.11, a basis of about 3.47%.
Dated April 1, 1937.
1, 1939 to 1947; redeemable after April 1, 1942.
Due
from April
FALLS, Idaho—BONDS DEFEATED—At
the election
held
on
Nov. 9—V.
145, p. 2426—the voters rejected the proposals calling for the
$380,000 in bonds, divided as follows:
$160,000 water supply;
$50,000 library building, and $170,000 street improvement bonds.
issuance of
Int. Rate
Premium
2)4 %
2%%
2%%
$41.25
181.00
27.00
Huyck & Co., Chicago
Fletcher
Trust Co__
Salem Bank & Trust Co., Goshen
GILLAM
TOWNSHIP, Jasper County,
Ind.—BOND OFFERING—
Elmer E. Pullins, trustee of both units, will receive sealed bids until
11
on
CASSIA COUNTY (P. O. Burley), Idaho—BOND ISSUANCE NOT
CONTEMPLATED—In connection with the $65,000 court house con¬
'
ELKHART COUNTY (P. O. Goshen), Ind.—OTHER BIDS—The
$22,300 refunding ponds awarded Nov. 8 to the Indianapolis Bond &
Share Corp., Indianapolis, as 234s, at par
plus a premium of $172, equal
to 100.77, a basis of about 2.33%, as
previously reported in these columns
—V. 145, p. 3228—were also bid for as follows:
*
premium $59.00.
Boettcher & Co., Inc., Denver; Richards & Blum, Inc., Spokane, and Con¬
tinental National Bank & Trust Co., Salt Lake
City—2%% on first
TWIN
until
disposal plant bonds.
Names of Other Bidders and Price Bid—
RUPERT,
bids
Dec. 4, for the purchase of the following
a. m.
3%% bond issues:
$20,000 School Township bonds.
Dated Nov. 1, 1937.
Denom. $500.
Due as follows:
$1,000 on July 1 from 1939 to 1943, incl.; $1,500
on July 1 from 1944 to
1950, incl.; $1,500 July 1, 1951; $1,500 on
Jan. 1 and July 1, 1952.
16,000 Civil Township bonds.
Dated Nov. 1, 1937.
Denom. $500.
Due
as follows:
$1,500 on Jan. 1 from 1940 to 1944, incl.; $1,000 on
Jan. 1 from 1945 to 1948, incl., and $1,500 on Jan. 1 from 1
949
to 1951, inclusive.
Both principal and semi-annual interest
(J. & J.) payable at the State
Bank of Rensselaer.
INDIANAPOLIS
PARK
DISTRICT,
Ind.—BOND OFFERING—
H. Nathan Swaim, City Comptroller, will receive sealed bids until
Dec. 1 for the purchase of $62,000 3)4%
noon on
Indianapolis Park District bonds,
issue No. 1 of 1937.
Dated Dec. 1, 1937.
Denom. $1,000 (60) and $100
(20).
Due $3,100 on Jan. 1 from 1940 to 1959, incl.
Both principal and
semi-annual interest (J. & J.) will be payable at the
City Treasurer's office,
and constitute an obligation of the
Indianapolis Park District.
A certified
check for 2)4% of the bonds bid for, payable to the order of the
City
Treasurer, must accompany each proposal.
KNIGHT SCHOOL TOWNSHIP (P. O.
Evansville), Ind.—BOND
SALE—The issue of $85,000 school building bonds offered Nov. 10—V.
145, p. 2724—was awarded to the City Securities Corp., Indianapolis, as
234s, at par plus a premium of $231, equal to 100.271, a basis of about
2.71%.
Dated Sept. 1, 1937 and due as follows:
$3,000 Sept. 1, 1938;
$3,000 March 1 and Sept. 1 from 1939 to 1951, incl. and $4,000 March 1,
1952.
Municipal Bonds of
ILLINOIS INDIANA MICHIGAN IOWA WISCONSIN
Bought—Sold—Quoted
tffnc.
State 0840
Teletype CGO. 48T
CHICAGO,
RARK
DISTRICT,
111.—CERTIFICATE
111.—BONDS
sometime
of
1937.
awarded
to
Halsey,
ago
SALE—The
works system certficates of indebtedness
offered
were
Stuart &
Co.
an
SOLD—Paine,
issue of
$400,000
$20,000
334%
water
on Nov. .15—V.
145, p.
of Chicago at par plus a
f24,200, equal to 106.05,
Due May 1, 1952.
at a price of
107.25.
a basis of about 2.98%.
Dated May 1
The bankers reoffered the certificates
to investors
COOK AND LAKE COUNTIES SCHOOL
DISTRICT NO.
4
(P. O-
Barrington), 111.—BOND SALE DETAILS—The $30,000 funding school
bonds sold sometime
ago
to the
H.
C.
Speer & Sons Co. of Chicago, as
previously reported in these columns, bear 4M%
interest, are dated Nov. 1.
1937 and mature $5,000 annually from 1947
to 1952, incl.
Denom. $1,000.
Coupon bonds, interest payable J. & D.
COOK COUNTY FOREST PRESERVE
DISTRICT (P. O. Chicago),
111,
TENDERS WANTED—William J.
receive
11
a.
sealed
m.
on
Int. Rate
Premium
2%%
2%%
COUNTY
(P.
O.
Crown
$108.00
57.00
—V.
145,
p.
3042—were
awarded
to
Point).
the
Ind.—BOND SALE—
on
Nov.
15
Bancamerica-Blair
Corp., and
Co., as 2)4s, at par plus a premium of $217.75, equal to
100.072, a basis of about 2.24%.
Dated Dec. 1, 1937.
Due $30,000 each
Jan. 1 and July 1 from 1942 to 1946, incl.
A joint bid of $303,071.70 for
2 34s, submitted by the Illinois Co. of Chicago, the First Michigan
Corp. of
Detroit and Blair, Bonner & Co. of Chicago, was second high.
C.
F.
Childes &
Indianapolis), Ind.—BOND OFFERING—
Charles A. Grossart, County Auditor, will receive sealed bids until 10 a. m.'
Nov. 29 for the purchase of $745,000 not to exceed
4% interest advance¬
on
Chicago purchased
Shelter House construction bonds.
3041
follows:
MARION COUNTY (P. O.
ILLINOIS
Ji1 9E£ORI
Webber & Co. of
as
The $300,000 tuberculosis sanatarium extension bonds offered
MUNICIPAL BOND DEALERS
w
were
Indianapolis Bond & Share Corp
Bryan R. Slade & Co.. Evansville
LAKE
&lc4in6<m
1S» So. La Sallo St.,
Chicago
Other bids
Bidder—
tenders
Nov. 27.
of series
A
and
Gormley, District Treasurer, will
refunding ponds of 1936 until
B
Subject to the following terms and conditions,
legally accepted tenders
received offering bonds at the lowest
prices will be accepted in amount or
amounts sufficient (exclusive of accrued interest
payable under said tenders)
to exhaust the sum of not to exceed
$907,000 available for the purchase of
said bonds by the Forest Preserve District of Cook
County.
(a) Tenders must state the amount and maturity or maturities of and
the rate or rates of interest payable on the
bonds offered, and the
average
yield to maturity on said bonds at the price at which
they are offered and
also the price in dollars (exclusive of accrued
interest) at which they are
offered.
ment fund
bonds, series B of 1937.
Dated Dec. 1, 1937.
Denom. $1,000.
$37,000 on June 1 and Dec. 1 from 1939 to
1945, incl.; $37,000 June 1 and $38,000 Dec. 1, 1946; $38,000 June 1 and
Due semi-annually as follows:
Dec. 1 in 1947 and 1948.
Bidder to
name one rate
of interest
on
all of the
bonds, expressed in a
certified check for 3%
multiple of }4, of 1%.
Interest payable J. & D.
A
of the bonds bid for, payable to the order of the Board
of County Commissioners, must accompany each proposal.
The joint
approving legal opinion of Matson, Ross, McCord & Clifford and Davis,
Pantzer, Baltzell & Sparks, bond counsel of Indianapolis, will be furnished
by the county.
No conditional bids will be considered.
The bonds will
be ready for delivery Dec. 1,1937, and the successful bidder will be required
to accept delivery and make payment for the bonds on that date, either at
the County Treasurer's office or at such bank in the City of
Indianapolis
as shall te designated by the purchaser.
Said bonds are being issued under
the provisions of Chapter 117, Acts of 1935, for the
purpose of securing
funds to be advanced by the county to several townships thereof for poor
relief purposes, and are the direct obligations of the county, payable out
of unlimited ad valorem taxes to be levied and collected
property within the county.
Other bids were as follows:
Bidders—
John Nuveen & Co
2%
2%
234%
234 %
234 %
234 %
Huyck & Co
Ross T. Ewert Inc
Indianapolis Bond & Share Corp
McNurlen & Huncilman
Fletcher Trust Co
MARION
COUNTY
(P.
all of the taxable
Int. Rate
.
A. S.
on
O.
Indianapolis),
Premium
$184.10
35.35
79.00
42.00
16.75
37.00
Ind.—BOND SALE—
The $26,990 refunding bonds offered on Nov. 12—V. 145, p. 2887—were
awarded to the City Securities Corp., Indianapolis, as lMs, at par and a
Volume
premium of
1937
$39, equal to 100.144, a basis of about 1.70%.
Dated Dec. 1,
Dec. 15 as follows:
$5,000 from 1938 to 1941, incl. and
due
and
$6,990 in
NEW
Financial
145
1942.
HAVEN, Ind.—BOND OFFERING—On Nov. 22 at 10 a. m. the
town will offer for sale an issue of
$6,000 bonds.
3379
Chronicle
(P.
O. Marysville)
Kan.—BOND SALE
DETAILS— It is stated by the County Clerk that the $14,500 work relief
bonds purchased by Stern Bros. & Co. of Kansas City, at a price of 100 49,
as noted here recently—V. 145, p. 3043—were sold as 2Hs, and mature on
Oct. 1 as follows: $1,000 in 1938, and $1,500, 1939 to 1947, giving a basis of
about 2.41%.
MARSHALL
COUNTY
PITTSBURG
SCHOOL
DISTRICT,
Kan.—BOND
SALE—The
$156,000 building bonds offered on Nov. 15—V. 145, p. 3229—were awarded
Northern Trust Co. of Chicago and the First State Bank of Pitts¬
IOWA
to the
OFFERING—A. B. Cobb, Town Clerk,
the purchase of $26,000 coupon
$1,000.
Dated Dec. 1, 1937.
Principal and semi-annual interest (June 1 and Dec. 1) payable at Allerton.
Due yearly beginning Dec. I, 1939.
The bonds and the legal opinion will
PTALLERTON,
Iowa—BOND
will receive bids until 2 p. m. Nov. 23, for
water works
bonds.
Denoms. $500 and
be furnished by the town.
AMES SCHOOL DISTRICT, Iowa—BOND OFFERING—On Dec. 2 at
will offer for sale an issue of $175,000 school
2 p. m. the board of directors
building bonds.
AVOCA, Iowa—BONDS VOTED—A proposition calling for the issuance
plant bonds was approved by the voters at
of $20,000 water purification
a recent election.
CONSOLIDATED SCHOOL DISTRICT, Iowa—
C. Thomas, Secretary, Board of Directors,
p. m. Nov. 29 for the purchase of $10,000 school
The bonds and the attorney's opinion will be furnished
BEEBEETOWN
BOND
OFFERING—Chester
will receive bids until 2
building bonds.
by the district.
CEDAR
burg at par plus a premium of $1,125. equal to 100.721.
The award is
made subject to rejection of the bonds by the State School Fund Commis¬
sion.
The Mercantile Commerce Bank & Trust Co. of St. Louis was second
high bidder, offering a premium of $795.60.
Dated Nov. 1, 1937. Bonds
1 to 48, due from 1938 to 1943, will bear interest at 24%',
bonds numbered 49 to 96, running from 1944 to 1949, will bear Interest at
24%, 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.
numbered
RUSSELL, Kan.—BONDS SOLD—It Is stated by the City Clerk
sewer bonds were sold on Aug. 31.
tha4
$21,980.46
SUMNER COUNTY (P. O. Wellington), Kan .—BONDS
OFFERED—The Small-Milburn Co. of Wichita, is offering
PUBLICLY
for general
investment $14,000 24% putlic assistance bonds.
Denominations $1,000
and $500.
Dated Oct. 15, 1937.
Due on Oct. 15 as follows: $1,500, 1938
1945. and $1,000 in 1946 and 1947.
Prin. and int. (A. & O.) payable
State Treasurer's office.
Legal approval by Long, Depew, Stanley,
to
at the
Weigand & Hook, of Wichita.
FALLS, Iowa—BOND OFFERING— On Nov. 22 at 8 p. m.
issue of $60,000 river dam bonds.
the City Council will offer for sale an
Iowa—BOND SALE—
The $25,000 issue of warrant funding bonds offered for sale on Nov. 15—
V. 145, p. 3042—was awarded to the First National Bank of Mason City,
as 24s, paying a premium of $115.00, equal to 100.46, according to the
County Treasurer. Dated Sept. 1, 1937. Due serially on and after May 1,
CERRO GORDO COUNTY (P. O. Mason City),
TOPEKA
SCHOOL
DISTRICT, Kan.—BOND SALE—The $87,725
school bonds offered on Nov. 12—V. 145, p. 3043—were awarded
jointly Beecroft, Cole & Co. of Topeka and the Small-Milburn Co. of
Wichita, as 2s, at a price of 100.901, a basis of about 1.81%.
Dated Dec.
1, 1937.
Due on Dec. 1 as follows: $8,725 in 1938: $9,000, 1939 to 1945,
and $8,000 in 1946.
The Central National Bank of Topeka bid par for 2s.
coupon
to
WICHITA SCHOOL DISTRICT,
Kan.—BOND ELECTION—An elec¬
the proposed issuance
tion will be held on Dec. 7 for the purpose of voting on
1943.
of
10 the City Council
Corp. and Veith,
Iowa—BOND SALE—On Nov.
DAVENPORT,
$688,314 school building bonds.
$95,000 bonds, listed below, to the White-Phillips
Duncan, Worley & Wood, both of Davenport:
sold
$10,000 2^%
street and sewer maintenance
KENTUCKY
Due in 1940, 1941
bonds.
85,000 3 4 % refunding bonds, at a price of par plus a
equal to 102.058.
Due serially from 1954 to
premium of $1,750,
1957.
EARLING, Iowa—BOND SALE—The two issues of
Clerk that $12,250 grade
Bank of Campbellsville,
Due
bonds aggregating
$14,278.97, offered for sale on Nov. 17—V. 145, p. 3228—were purchased
by the Carleton D. Beh Co. of Des Moines, according to the Town Clerk.
The issues are divided as follows:
$9,000 funding, and $5,278.97 street
follows:
as
PADUCAH, Ky.—BONDS VOTED—At the general election on Nov. 2
reported to have approved the issuance of the $200,000 flood
the voters are
wall bonds by a wide margin.
PIKESVILLE,
bonds.
improvement
Ky.—BONDS SOLD—It is stated by the City
school building bonds have been purchased by the
as 4s at par.
Denom. $1,000, one for $1,250.
$4,250 in 1938, and $4,000, 1939 and 1940.
CAMPBELLSVILLE,
1942.
and
Ky.—BONDS
DEFEATED—At the election held on
defeated the proposal to issue $45,000
No. 2—V. 145, p. 2725—the voters
EMMETSBURG, Iowa—BOND SALE—The $79,000 4% coupon gas
system revenue bonds offered on Nov. 15—V. 145, p. 3228—were awarded
to the Gas Service and Engineering Corp. of St. Louis at par.
Denom.
$1,000.
Dated Nov. 1, 1937.
Interest payable May 1 and Nov. 1.
Due
serially on Nov. 1 from 1940 to 1952; redeemable on any interest payment
date.
-
nGILLETT GROVE CONSOLIDATED
SCHOOL DISTRICT, Iowa—
Secretary, Board of Directors, will
Dec. 1, for the purchase of $25,000 4% building
bonds.
Bidders may name a lower rate of interest.
Due $2,000 yearly
on Dec. 1 from 1938 to 1948, and $3,000 Dec. 1, 1949.
BOND OFFERING—G.
H. Campbell,
in
LOUISIANA
ASSUMPTION
KNOXVILLE, Iowa—BOND SALE—An issue of $14,500
2*4% swim¬
Due
Jackley & Co. of Des Moines.
LAICE PARK, Iowa—BOND ELECTION—An election has been
for Nov. 30 for the purpose of voting on a proposal to issue $15,000
works extension bonds.
called
water
SCHOOL DISTRICT (P. O. Mason
City), Iowa—BOND ELECTION—The directors have ordered an election
for Dec. 13, at which a proposal to issue $120,000 school building bonds
MASON
CITY INDEPENDENT
will be submitted to
vote.
a
Iowa—BOND OFFERING—As previously reported in
Walsh, Town Clerk, will receive
purchase of $40,000 electric plant revenue
bonds.
Interest rate is not to exceed 6%, payable annually.
Denoms.
$500 and $1,000.
Dated day of sale.
Principal and interest payable at
Morning Sun. Due $500 each of first two years after date of issue, $1,000
the following two years, $3,000 from third to 11th years, and $4,000 from
12th to 15th years. The town will furnish the printed bonds.
MORNING SUN,
these columns—V.
145, p. 3042—E. J.
bids until 10 a. m. Nov. 29 for the
SCHOOL DISTRICT (P. O. Norway),
Iowa—BOND OFFERING—Sealed bids will be received until 7.30 p. m.
on Nov.
29, by Henry Thomas, District Secretary, for the purchase of a
$15,000 issue of building bonds.
Bidders should specify the interest rate,
and all other conditions being equal, preference will be given to the bid
of par and accrued interest or better, specifying the lowest interest.
Dated
Nov. 15,1937.
Due on Nov. 15 as follows: $2,000,1939 to 1944, and $3,000
in 1945.
The bidder must agree to furnish the bonds for execution and
the District will furnish the approving opinion of Chapman & Cutler of
PARISH
SCHOOL
DISTRICT
NO.
1
(P. O.
Na-
poleonville), La.—BONDS VOTED—At the election held on Nov. 9—
p. 2580—the voters approved the issuance of the $400,000 in not to
exceed 6% site-purchase and construction bonds.
V. 145,
receive bids until 2 p. m.
ming pool bonds was sold recently to
serially for 10 years.
park bonds by a count of 636 "against" to 372 "for."
La.—BONDS SOLD—The $15,000 issue of water works
offered for sale on Sept. 28—V. 145, p. 1618—was
BENTON,
bonds
construction
purchased by a group composed of the Bank of Benton, the Bossier State
Bank, of Bossier, tne First National Bank of Plain Dealing, and the
Commercial National Bank, of Shreveport, according to report.
Dated
Oct.
Due from Oct. 1, 1939 to
1, 1937.
1957, incl.
CHARLES FIRST SEWERAGE DISTRICT (P. O.
Lake
La.—BOND SALE—The $160,000 issue of public improvement
bonds offered for sale on Nov. 16—V. 145, p. 2725—was purchased by the
LAKE
Charles)
Whitney National Bank, of New Orleans, according
1937. Due from Nov. 1, 1939 to 1957 incl.
to report. Dated Nov. 1
LAKE COVE SUB DISTRICT (P. O. Ville
Platte). La .—BOND
ELECTION—It i s stated by the Clerk of the Police Jury tnat an election
will be held on Dec. 7 in order to vote on the issuance of $20,000 in road
and bridge bonds.
NATCHITOCHES PARISH
ROAD DISTRICT NO.
Natchitoches), La.—BOND ELECTION—An election will
district
on
Dec. 7 to vote on a
A-ll (P. O.
be held in the
proposal calling for the issuance of $20,000
road bonds.
ORLEANS, La.—TAX COLLECTION REPORT—The following
has been made available by Jess 8. Cave, Commissioner of
NEW
information
Public Finance:
NORWAY CONSOLIDATED
Record of Tax
Collections for Nine Months Ended Sept. 30, 1937
Real Estate—
1937 collections if 100% collections are made
1937 collections actually collected to Sept. 30,
Total
Total
-.$8,813,002.35
1937,
approximately 824% of total possible collections
1937, made in the first nine months of 1937-
or,
Personal Property—
Total 1937 collections
for
...
if 100% collections are made
1937 collections actually collected to Sept. 30, 1937,
approximately 904% of total possible collections for
1937 made in the first nine months of 1937
7,254,856.96
3,172,329.71
Total
Chicago.
or,
OTTUMWA, Iowa—CERTIFICATE CALL—The
certificates, numbered
water revenue
Board of Water Works
Dec. 1, all of its
161 to 318.
Trustees is said to be calling for payment on
outstanding
PANAMA, Iowa-MATURITY—It is stated by the Town Clerk that
*4 % semi-ann. judgment funding bonds purchased by the Carle-
the $5,000 3
ton D. Beh
recently—V. 145,
1940, 1942 and 1944 to 1951.
RINGGOLD COUNTY (P. O. Mt. Ayr), Iowa—BOND ELECTION—
The County Supervisors have called an election for Nov. 29 for the purpose
of submitting to the voters a proposal to issue $425,000 primary road bonds.
SIOUX CITY,
Iowa—BOND OFFERING—Edgar V. Moone, City
Clerk, will receive bids until Dec. 1 for the purchase of $300,000 Floyd
River flood control bonds, $88,000 street paving bonds and $35,591.32
of Des Moines, at par, as noted here
Co.
3228—are due $500 on Nov. 1 as follows:
p.
street
improvement bonds.
TAMA
a recent
SCHOOL DISTRICT, Iowa—BONDS
election
VOTED—The voters at
approved a proposal to issue $12,000 school
building bonds.
If
COWLEY
COUNTY
(P.
O.
Winfield), Kan.—BOND
SALE—The
EUREKA, Kan.—BONDS DEFEATED—A proposition to issue $135,000
bonds was defeated by the voters at a recent election.
filtration plant
GEARY
COUNTY
sold
(P. O. Junction City), Kan .—BOND
issue of $8,500 2% poor fund bonds to
an
croft, Cole Co. of Topeka at a price
SALE—
the Bee-
of 100.631.
City Clerk,
$18,000 3%
coupon bonds.
Denom. $1,000.
Interest payable Jan. 1 and July 1.
Due yearly on July 1 from 1939 to 1954. Certified check for 2% of amount
JOHNSON CITY, Kan —BOND OFFERING—Elam Hilty,
bids until 2 p. m. Nov. 30, for the purchase of
will receive
of
bid, required.
plus a
Kan— BOND SALE— The city has
sold an issue of
Callendar, Burke & McDonald of Kansas
premium of $392,32, equal to 101.072.
City, Mo.,
LIBERAL, Kan.—BONDS REFUNDED—The city has issued $110,350
4% refunding bonds through Beecroft, Cole & Co. of Topeka and the
Sullivan-Brooks Co. of Wichita.
The refunded bonds carried 5%, 54/"
and 6% coupons.
to
for a
2,872,891.00
pamphlet entitled "New Orleans
a
New Orleans is now on a
year.
history has
cash basis, and for the first time in its
borrowed not a dollar against current revenues.
At the same
paving and other constructive work has been done than
in any
ST.
previous year.
FOURTH WARD SCHOOL DISTRICT NO. 1
La.—BOND SALE—The $60,000 issue of school building
MARY PARISH
(P. O. Franklin)
offered for sale on Nov. 16—V. 145, p. 2725—was awarded
Boagni, of Opelousas, as 4^s, paying a premium of $76.00,
equal to 100.12, according to the Secretary of the Parish School Board.
Dated Jan. 15,1938. Due from 1938 to 1964, incl.
coupon bonds
to Charles F.
SUNSET,
La.—BOND ELECTION— On Dec. 7 the village will hold
bond proposals, one to issue $25,000 gas plant
other to issue $15,000 gas plant extension bonds.
election to vote on two
WEST
Grove),
CARROLL PARISH SCHOOL DISTRICTS (P. O. Oak
La.—BOND SALE DETAILS—In connection with the sale of
$45,000 Consolidated School District No. 1 bonds, as 54s, at par,
and the $25,000 Epps School District No. 1 bonds, as 6s at par, noted in
these columns recently—V. 145, p. 3043—we are now informed that the
different bidders combined their offers into one successful tender, which
was submitted by Scharff & Jones, Inc., of New Orleans.
The $45,000
issue matures on Nov. 2, as follows: $1,000, 1938 to 1942; $2,000, 1943 to
1947, and $3,000, 1948 to 1957.
Prin. and int. (M. & N.) payable at the
Manufacturers Trust Co., New York..
the
MAINE
BANGOR, Me.—BOND OFFERING—R. L. Waymouth, City Treasurer,
will receive bids until 10 a. m. Nov. 27 for the purchase of $108,000 2^%
coupon water flume bonds.
Denom. $1,000. Dated Dec. 1, 1937. Prin¬
cipal and semi-annual interest payable at the Eastern Trust & Baking Co.,
Bangor.
Due $6,000 yearly on Dec. 1 from 1938 to 1955.
the bonds is approved by Raymond Fellows.
Legality of
KANSAS CITY,
$36,563 2)4% bonds to
at par
write
interested,
construction bonds and the
$20,000 2)4 % poor relief bonds offered on Nov. 15—V. 145, p. 3229—were
awarded to the Columbian Securities Corp. of Topeka on a bid of 101.645,
a
basis of about 2.18%.
Dated No.v 15, 1937.
Due $4,000 Nov. 15,
1939, and $2,000 yearly on Nov. 15 from 1940 to 1947.
Stern Bros. & Co.
of Kansas City, Mo., bid 101.392 for the issue.
The county has
are
time, more street
an
KANSAS
you
Today."
This graphically tells the story of how, under the business
administration of Mayor Robert Maestri, the city has collected old debts
and effected economies in government which have made it possible to reduce
the indebtedness of the city more than $12,000,000 in a little more than
The new bonds will mature yearly on
1954.
Aug. 1 from 1<
MARYLAND
BALTIMORE COUNTY
(P. O. Towson), Md.—LOWERS TAX
RATE—The Coitnty Commissioners have reduced the general tax rate
for 1938 from $1.49 per $100 of assessed valuation to $1.40.
Total assess¬
able basis was increased from $169,828,920 to $192,477,885.
Financial
3380
will pay next year a new ad valorem
tax of 10 cents in addition to the general county rate in order to place the
department's affairs on a sound basis for future operation in furnishing
water and sewer facilities to areas adjacent to the city.
Metropolitan
district
residents
Chronicle
Nov.
1937
20,
Oct. 27, 1938, at The National Shawmut Bank of Boston, in Boston,
Mass. they will be ready for delivery on or about Nov. 22, at that bank.
Notes issued will be in denominations to suit the purchaser.
The notes will be authenticated as to genuineness and validity by The
on
National
Shawmut Bank of Boston, under advice of
Storey, Thorndike,
Palmer & Dodge, and all legal papers incident to this issue will be filed with
MASSACHUSETTS
said bank, where
BEVERLY, Mass.—NOTE SALE—'The $200,000 revenue anticipation
temporary loan notes offered on Nov. 17 were awarded to the Second
National Bank of Boston on a .30% discount basis, plus a premium of
$1.25.
Notes are dated Nov. 17, 1937 and mature March 15, 1938. The
Beverly National Bank bid .31% discount.
B1LLERICA, Mass.—NOTE SALE—The First National Bank of Boston
was awarded on
Nov. 16 an issue of $25,000 notes at 0.64% discount.
Due Nov. 15, 1938.
Other bids were as follows:
Discount
0.68%
0.695%
Bidder
National Shawmut Bank
Wrenn Bros. & Co
0.74%
0.87%
Second National Bank of Boston
National Rockland Bank
— —
BOSTON, Mass.—BOND SALE—'The $2,307,000 coupon or registered
15—V. 145, p. 3229—were awarded to a syndicate
bonds offered on Nov.
composed of Phelps, Fenn & Co., Inc., Goldman, Sachs & Co., Stranahan,
Harris A Co., Inc., and Spencer, Trask & Co., all of New York; Schoellkopf,
Hutton & Pomeroy, Inc., Buffalo; Whiting, Weeks & Knowles, Boston;
W. H. Newbold's Son & CO., Pittsburgh* Milwaukee Co., Milwaukee;
Wheelock & Cummins, Des Moines, and Martin & Chambers, of New
York,
on
bid «f 100.231 for 2^s, a basis of about 2.455%.
a
The sale
consisted of:
$2,257,000 municipal relief bonds.
Dated Dec. 1, 1937, and due on Dec.
1 as follows: $226,000 from 1938 to 1944, incl. and $225,000 from
1945 to 1947, incl.
50,000 Boston Airport improvement bonds.
Dated Dec. 1, 1937, and
due $5,000 on Dec. 1 from 1938 to 1947, incl.
,
_
A syndicate headed by the Chase National Bank of New York was second
high in the bidding, with an offer of 100.77 for 2%s.
Others in the account
Salomon Bros. & Hutzler, R. W. Pressprich & Co., both of New York;
Northern Trust Co., Chicago; L. F. Rothschild & Co., and Roosevelt &
Weigold, both of New York; Kelley, Richardson & Co., Chicago, and
Newton, Abbe & Co., Boston.
were
banking syndicate headed by Phelps, Fenn & Co. and including Gold¬
man, Sachs & Co., Stranahan, Harris & Co., Inc., Spencer Trask & Co.,
Schoellkopf, Hutton & Pomeroy, Inc., Whiting, Weeks & Knowles, Inc.„i
Boston; W. H. Newbold's Son & Co., Philadelphia; The Milwaukee Co.,
Milwaukee; Wheelock & Cummins, Inc., Des Moines, and Martin & Cham¬
bers, is offering new issues of city of Boston 2 H % bonds aggregating $2,307 ,000.
The bonds are dated Dec. 1, 1937, and mature Dec. 1, 1938 to 1947,
inclusive.
They are priced to yield from 1% to 2.45% for the 1938 to 1945
maturities, and the 1946 and 1947 maturities are priced at bar.
The bonds
are legal investments for savings banks and trust funds in New York and
Massachusetts and are free from direct taxation in the Commonwealth of
A
Massachusetts.
'
they
be inspected.
may
Financial Statement
BRIDGEWATER, Mass.—NOTE SALE— The Bridgewater Trust Co.
on Nov. 12 an issue of $50,000 notes at 0.448% discount.
Due
amounts of $25,000 each on July 25, 1938, and Aug. 12, 1938.
in
CAMBRIDGE,
Mass.—BOND SALE—The issue
of $200,000
coupon
street bonds offered on Nov.
17 was awarded to Halsey, Stuart & Co., Inc.
price of 100.035, a basis of about 1.24%.
Dated
Nov. 1, 1937 and clue $40,000 each Nov. 1 from 1938 to 1942 incl.
Other
of New York, as 1 Ks, at a
bids
Gross
debt
Sinking funds
Notes outstanding for
None
year
1936
None
129,817.22
Tax titles held
Borrowed against tax titles
on hand
None
Cash
224,424.09
1935
$1,999,140.00
5,011.54
Tax levy
Uncollected taxes
1936
$1,971,945.00
54,367.44
Int. Rate
Bidder
Goldman, Sachs & Co
Rate Bid
—1)4%
—1 H%
1 H%
100.538
100.49
100.429
1)4%
1)4%
First Boston Corp
100.399
100.377
Tyler & Co
Whiting, Weeks & Knowles
Newton, Abbe & Co
First National Bank, Boston.
Harris Trust & Savings Bank
Bancamerica-Blair Corp
R. L. Day & Co. and Estabrook & Co
Chace, Whiteside &Co
1 )4%
—
100.366
13f %
100.31
1H %
1)4%
1)4%
100.277
100.246
100.029
100.054
1H%
EASTHAMPTON, Mass.—NOTE SALE—The Second National Bank
of Boston was awarded on Nov. 16 an issue of $75,000 notes at 0.424%
disco.unt.
Due April 12, 1938.
Bidder—
Other bids were
as
follows:
Discount
Jackson & Curtis
New England Trust Co., Boston
Merchants National Bank of Boston
R. L. Day & Co. (plus $1 premium)
0.429%
0.43%
0.44%
0.46%
0.463%
0.48%
0.495%
0.51%
First National Bank of Boston
Frederick M. Swan & Co..
Mansfield & Co
Wrenn Bros. & Co
Bancamerica-Blair Corp
0.567%
West Newton Savings Bank
0.60%
'
GREAT BARRINGTON, Mass.—NOTE SALE—The $65,000 coupon
schoolhouse addition notes offered on Nov. 19 were awarded to Newton,
Abbe & Co. of Boston on a bid of 100.5199 for 2s, a basis of about
1.94%
Dated Nov.
1, 1937.
to 1957.
HAVERHILL,
$1,825,551.00
511,433.42
Board of Alder
Nov. 9 passed an order authorizing the issuance of $60,000 Works
Progress Administration bonds.
men on
SPRINGFIELD, Mass.—LOAN AUTHORIZED—The State Emergency
Finance Board has authorized the city to borrow $58,000 on tax titles.
WATERTOWN, Mass.—BOND SALE—The $50,000
relief loan
bonds
offered
Nov.
on
Jackson & Curtis of Boston
on
a
Dated Nov. 1, 1937.
1.19%.
15—V.
145,
p.
Due
coupon
municipal
3229—were awarded to
bid of 100.186 for
lj^s,
basis of about
$10,000 yearly on Nov. 1 from 1938
a
to 1942.
WORCESTER, Mass.—BOND SALE—The $447,000 bonds offered
Nov.
17
were
awarded to Lazard
Moss & Co. of Boston,
about
1.60%.
jointly,
Freres &
as
l^s, at
on
Co., New York, and Preston,
a price of 100.809, a basis of
The sale consisted of:
$345,000 municipal relief bonds.
Due Oct. 1 as follows: $35,000
to 1942, incl., and $34,000 from 1943 to 1947, incl.
55,000 municipal relief bonds.
Due Oct. 1 as follows: $6,000
to 1942, incl. and $5,000 from 1943 to 1947, incl.
47,000 municipal relief bonds.
Due Oct. 1 as follows: $5,000
to 1944, incl. and $4,000 from 1945 to 1947, incl.
All of the bonds are dated Oct. 1, 1937.
Other bids were as
from 1938
from 1938
from 1938
follows:
Bidders (All for 1%% Bonds)—
Newton, Abbe & Co
First Boston Corp
GoldmaD, Sachs & Co., and H. C. Wainwright & Co
Brown Harriman & Co., Inc
Stone & Webster and Blodget, Inc
Tyler & Co., and Arthur Perry & Co...
Halsey, Stuart & Co., Inc
Rate Bid
100.779
100.76
...
100.523
100.539
100.513
100.399
100.486
Washburn & Co..
Harris Trust & Savings Bank
100.469
100.30
100.149
...
Debt Statement and Borrowing Capacity Nov. 13, 1937
Average valuation less abatements for 1934,
193o and 1936.
Debt limit 2^% of the same
$284,118,150.00
$7,102,953.75
Total bonded debt
$11,715,800.00
Exempt—
Park debt...'
$250,000.00
838,000.00
2,754,800.00
Relief debt
3,076.000.00
Financial year ad j ustment loan
648,000.00
Flood damage loan
200,000.00
Memorial auditorium debt
Water debt (serial)
7,766,800.00
$3,949,000.00
Brown Harriman & Co
$3,000, 1943
1937
SOMERVILLE, Mass.—BONDS AUTHORIZED—'The
follows:
were as
$58,655,580.00
58,695,070.00
54,494,060.00
1,325,000.00
951,000.00
;
Net debt
on
purchased
of Nov. 13, 1937
valuation, 1935
valuation, 1936
Assessed valuation, 1937
Assessed
Whiting, Weeks & Knowles
BOSTON, Mass.—NOTE SALE—The issue of $6,000,000 notes offered
Nov. 17 was awarded to Halsey, Stuart & Co., Inc., New York, and the
Marine Trust Co., Buffalo, jointly, at 1.64% interest, at par plus a premium
of $33.
Dated Nov. 19, 1937 and due on Nov. 1, 1938.
The successful
bidders re-offered the notes to yield 1.30%.
as
Assessed
Due Nov. 1 as follows:
$4,000, 1938 to 1942,
Tyler & Co, of Boston bid 101.299 for 2Ms.
Mass.—BOND SALE—The $18,000 water loan
Total
sinking funds
$433,390.46
Less—
Park loan fund..
250,000.00
183,390.46
Borrowing capacity within debt limit
Taxes and Other
3,765,609.54
$3,337,344.21
Information
Real, personal, poll and motor vehicle taxes committed for collection for
1937 amount to $10,549,043 of which $7,643,610 or over 72% has been
collected to the close of business Nov. 9, 1937.
Taxes of 1936 of all kinds outstanding at the close of business Oct. 30,
1937, $101,201 or less than 1% of the total committed.
Real estate taxes
for 1936 were over 99.2% collected as of the same date.
Taxes of 1935 of all kinds were 99.9% collected at the close of business
Oct. 30, 1937.
No taxes of any kind for 1934 or previous years remain unpaid.
Tax rate 1935—$35.80
Tax rate 1936—$35.80. Tax rate 1937—$37.20.
Valuation for 1937, including estimated valuation of motor vehicles,
$285,000,000.
After deducting water debt and
sinking funds from total debt, based on
figures of 195,311, the per capita bonded debt of Worcester
13, 1937, $43.66.
The net bonded debt figured in this way
which is a net bonded debt of 2.99% of the 1937 valuation
above mentioned.
We invite comparison of our per capita debt with the
per capita debt of other cities in the country of comparative size.
Our sinking funds on Nov. 13, 1937, were $433,390 and they exceed the
debt which they are to pay by $183,390.
During the year 1937 to date Worcester had paid off $2;090,700 in bonds
and has issued $1,757,000 including this issue.
A total of $2,306,700 in
bonds will be paid off during 1937.
On Nov. 9,1937, tax titles were $493,534 and tax title loans were $266,200.
1930
census
was, on Nov.
is $8,527,610
ana
bonds
We
offered
on Nov. 17 were awarded to the Bancamerica-Blair Corp. of Boston
bid of 100.0213 for 2 3£s, a basis of about 2.24%.
Dated July 1,1936.
Due $2,000 yearly on July 1 from 1938 to 1964.
Tyler & Co. of Boston
bid 100.599 for 2^8.
Buy for Our Own Account
on a
MICHIGAN MUNICIPALS
LYNN,
Mass.—BONDS AUTHORIZED—The City Council recently
adopted an order authorizing the issuance of $75,000 welfare bonds.
MEDFORD
Mass .—RELIEF FINANCING—'The
State
Emergency
Finance Board has authorized the borrowing of $120,000 for welfare and
Cray, McFawn
Company
DETROIT
other relief purposes.
Telephone CHerry 6828
A. T. T. Tel. DET 347
MIDDLEBOROUGH, Mass.-—NOTE SALE—The $39,000 coupon notes
on Nov. 16—V. 145, p. 3229—were awarded to the
Middleborough
offered
Trust
Co., Middleborough,
as
1%b, at 100.633,
a
The sale consisted of:
1943 incl.
All of the notes
dated Nov. 1, 1937.
1938 and June 30,
1938.
Chace, Whiteside & Co. of Boston bid
RANDOLPH, Mass.—NOTE SALE—The Merchants National
was
Due
awarded
Nov. 10,
Bidder—
on
1938.
Nov. 17
.391%
were
as
follows:
Discount
0.635%
0.64%
0.64%
0.66%
0.74%
Home National Bank of Brockton
First National Bank of Boston
National Shawmut Bank of Boston
Tyler & Co
Bank of
issue of $50,000 notes at 0.60% discount.
an
Other bids
Wrenn Bros. & Co
W
purchased on Nov. 3 in accordance with the receipt of tenders
$1,000,000 callable refunding bonds, as folllws:
Amount
Name
'
Yield %
1,000
4.576
13,000
11,000 First of Michigan
4.584
25,000
11,000 First of Michigan
4.599
25,000
11,000 First of Michigan
4.61
10,000
7,000 First of Michigan
4.61
50,000 Chase Nat. Bank..
4.59
few
10,000
50,000 Chase Nat. Bank
4.58
50,000 Chase Nat. Bank
4.57
5,000
50,000 Chase Nat. Bank
4.56
3,000 Chase Nat. Bank
4.55
8,000
100,000 Bankers Trust Co
4.601
29,000
35,000 Bankers Trust Co
4.581
69,000
25,000 Bankers Trust Co
4.571
59,000
4,000 Bankers Trust Co
4.571
100,000
24,000 Bankers Trust Co.....4.571
20,000
38,000 Bankers Trust Co
4.561
12,000
25,000 Bankers Trust Co
4.551
12,000
50,000 Braun, Bosworth & Co.4.5601
20,000
2,000 Robert N. Tuller Co...4.60
6,000
5,000 Robert N. Tuller Co...4.60
2,000 Robert N. Tuller Co
4.60
$1,000,000
25,000 Robert N. Tuller Co...4.60
$11,000 First of Michigan
discount.
Boston
DETROIT, Mich.—BONDS PURCHASED—'The Sinking Fund Com¬
mission
Amount
are
QUINCY, Mass.—NOTE SALE—The $500,000 revenue anticipation
temporary loan notes offered on Nov. 18 were awarded to the Second
National Bank of Boston on a .373% discount basis.
The notes are dated
Nov. 18, 1937 and will be payable $250,000 on each of the dates,
May 26,
N>
MICHIGAN
basis of about 1.62%.
$33,000 schoolhouse loan notes.
Due Nov. 1 as follows: $4,000 from 1938
to 1940 incl. and $3,000 from 1941 to 1947 incl.
6,000 water loan notes.
Due $1,000 annually on Nov. 1 from 1938 to
_
SALEM, MASS.—NOTE OFFERING—Charles G. F. Coker. City Treas-
urer, will receivejbidsfuntil Ufa. m. Nov. 22 for the purchase at discount
of $500,000 jrevenue anticipation temporary loan notes.
WThe notes are dated Nov. 22, 1937, and payable $100,000 on March
>
24,1938, $100,000Jon April 21.1938. $100,000
on
May 26,1938 and $200,000
Name—
Yield %
Robert N. Tuller Co...4.60
Dick & Merle Smith...4.59
Dick A Merle-Smith...4.58
Dick A Merle Smith...4.56
Mercantile-Commerce
Bank A Trust Co...4.57
Mercantile-Commerce
Bank A Trust Co...4.57
Mercantile-Commerce
Bank A Trust Co
4.55
Harper, Laurence A Co.4.56
Harper, Laurence A Co. 4.5 6
Harper, Laurence ACo.4.56
R. W. Pressprich A Co.4.57
Robt. Winthrop A Co.4.567
Merchants Nat. Bank.4.56
Merchants Nat. Bank.4.57
Merchants Nat. Bank.4.57
Wilmerdlng A Co
4.56
Hemphill, Noyes A Co.4.56
total
Volume
ADDITIONAL
Teachers'
Financial
145
PURCHASES— Edward M.
Lane, Secretary of the
Fund Board, reports the purchase by tender of
Retirement
$100,000 noncallable city bonds at a yield of
4.45% to 4.655%.
ECORSE TOWNSHIP SCHOOL DISTRICT NO.
Mich.—REFUNDING
PLAN
liens,
1967, and
will
be paid at the rate of 3% from Sept. 1, 1937 to Sept. 1, 1941; at 4% there¬
after until Sept. 1, 1946; at 4H% until Sept. 1, 1948, and from that date
to final maturi ty at the same rate provided for in the bond surrendered for
Refunding bonds will be issued of the same par value as the original
dated Sept. i; 1937.
Series a, B, C and D will mature Sept. 1,
series E. F. and G are due Sept. 1, 1952.
Interest on the new bonds
ft"Hgo,
: •*'
*•
V >'
4% of the principal
amount of said
bonds or notes
amount equal to the unpaid interest
accrued to and including Sept. 1, 1937, at the coupon rate, less the amount
of cash to be paid as provided above.
3aid certificates of indebtedness
shall be dated Sept. 1, 1937, shall mature Sept. 1, 1947, and shall bear
Certificates of indebtedness in an
3% per annum, payable annually on the first day of
Sept. of each year.
„ ^
Certified copy of the opinion of Claude H. Stevens of the firm of Berry
and Stevens, Detroit, Mich., approving the legality of the issuance of
refunding bonds.
Both the bonds and certificates of indebtedness are callable March 1 and
interest at the rate of
said
Sept. 1 of any year at par and interest on
EVART,
Mich.—BOND
SALL
30 days' published notice.
DETAILS—Bernice Stillwell, Village
bonds sold recently, as reported
by the First National Bank of
Clerk, informs us that the $15,000 paving
in these columns at the time, were taken
112.60. Dated
Oct. 30 from
Evart, as 4s, at par pius a premium of $1,890, equal to
Oct. 30, 1937.
Coupon in $500 denoms.
Due annually on
1938 to 1942, incl.
Interes
payable annually.
SCHOOL
DISTRICT,
Mich.—BONDS SOLD—An
school bonds was sold to Robinson & Co. of Chicago.
$500, 1936 to 1939 incl. $1,000, 1940 to 1950 incl.;
$1,500 from 1951 to 1960 incl. Principal and interest (J. & D.) payable at
the Gales burg Bank.
GALESBURG
of $28,000
issue
a
Dec.
Due Dec. 15 as follows:
Mich.—BOND CALD—Harold C. Lindholm, City
Clerk, announces the call for redemption, on the dates indicated at a price
of par, of the following bonds:
On Dec. 15. 1937—Refunding bonds of 1934, series A, numbers 46 to 53,
1938—Refunding bonds of 1934, series B, numbers 28and 29.
be presented for payment at the City
specified. Interest accrual wil cease after
On Jan. 1,
Bonds
in
each instance should
Treasurer's office on the dates
the call dates.
SCHOOL DISTRICT NO. 7 (P. O. Lansing,
Mich.—BOND SALE—The issue of $15,000 4% building
1—V. 145, p. 2889—was awarded to the Central Trust
Co., Lansing, at par plus a premium of $75, equal to 100.50, a basis of about
3.86%.
Dated Oct. 1, 1937, and due $3,000 on April 1 from 1939 to 1943,
LANSING TOWNSHIP
R. F. D. No. 2),
bonds offered Nov.
inclusive.
'VA
,
MICHIGAN (State of)—STATUS OF
LOCAL REFUNDING PLANS—
Guardian Bldg., Detroit, reports the following
municipalities for which he is acting as refunding agent:
a Net Refund¬
ing Bonds
Exchanged to Date
Matthew Carey, 2149 Union
as
to
Bonds Available for
Authorized
Exchange—
%
Amount
$142,000
42,000
100
88
201,750
16,000
10,500
155,000
16,000
77
100
"2,059,480
64,000
2,008,480
64,000
98
100
Troy Township, Oakland County.$142,000
Warren Village, Macomb County
48,000
School districts:
Ecorse
Twp. No. 9, Wayne Co.—
Series A
Series B
Series C
(includes Ecorse Town¬
ship School District No. 5 and
10), Wayne County—
LAKE
Series B
Livonia
33,000
33,000
100
bl,286,000
115,000
1,274,000
115,000
99
100
67,000
70,000
67,000
69,000
100
99
41,000
41,000
$4,153,730
$4,026,480
Oakland Co.
Series A
Series B
Taylor Twp. No. 5, Wayne County.
Warren Twp. No. 8, Macomb County
Waterford, W. Bloomfield and White
Lake Townships. No. 2, Fractional
Oakland County.....
....
Sub-total
a
Net
Village, Macomb Co..
Oak Park Village, Oakland Co
Royal Oak Township, Oakland Co
St. Clair Shores
3s, at par plus a premium of $230, equal to 100.511, a basis of about
2.94%.- Dated Nov. 15, 1937.
Due on Nov. 15 as follows: $2,000, 1940,
1941 and 1942, $3,000, from 1943 to 1947, and $4,000, 1948 to 1953; redeem¬
able on any interest payment date.
MINNEAPOLIS, Minn.—BONDS TO BE OFFERED—It is stated by
Sinking Fund Commission, that the Com¬
Nov. 30, a total of $650,000 city bonds in
which the sinking funds of the city have been invested.
Details of sale
and bidding blanks may be secured by writing O. J. Turner, City Comp¬
H. C. Brown, Treasurer of the
mission will offer for sale on
troller.
■.
MOUNTAIN
675,000
124,100
49,500
Pending
$520,000
Pending
Pending
Total
DISTRICT (P. O. Red Wing), Minn.—BOND
bonds offered for sale on Nov. 17—
awarded to Kalman & Co. of St. Paul, as 2Ks, paying
a premium of $1,601.00,
equal to 101.601, a basis of about 2.31%.
Due
$2,000 from Dec. 1. 1938 to 1944, and $7,000 due each six months there¬
after until Dec. 1, 1950, and $2,000 on June 1, 1951.
RED WING SCHOOL
SALE—The $100,000 issue of building
V. 145, p. 3044—was
ROBBINSDALE, Minn.—BONDS
has passed a resolution
funding onds.
'
refunding
for taxes
SCHOOL DISTRICT (P. O. Onton¬
OFFERING—Edward Carroll, Secretary, Board of
Nov. 29 for the purchase of $60,000
4% school building bonds.
Denom. $500.
Dated Nov. 1, 1937. Princi¬
pal and semi-annual interest (May 1 and Nov. 1) payable at the office of
the District Treasurer.
Due on May 1 as follows: $6,000, 1938; $13,000.
1939 and 1940; and $14,000, 1941 and 1942.
The district will pay the cost
of printing the bonds, but will not pay for legal opinion.
TOWNSHIP
agon), Mich.—BOND
5%
CLAIR, Mich.—BONDS NOT SOLD—The $69,500 not
interest bonds offered on Nov. 15—V. 145, p. 2889—were
to exceed
not sold.
The total inclides:
$54,500 special assessment bonds.
Due Oct. 15 as
1939, and $7,000 from 1940 to 1945, incl.
15,000 general obligation paving bonds.
Due
from 1939 to 1944, incl. and $3,000 in
Each issue is dated Oct. 15, 1937.
WOODSTOCK, ROLLIN. SOMERSET
follows: $12,500 in
Oct. 15 as follows: $2,000
1945.
AND WHEATLAND TOWN¬
SHIPS
SCHOOL
DISTRICT NO. 7,
Mich.—DEBT PAYMENTS
CURRENT—F. Willis Rogers, President of the Board of Education, an¬
nounces that debt service payments are now current on the
District's in¬
debtedness.
ROSECREEK, Minn.—BOND SALE—The two issues
gating $10,000, offered for sale on Nov. 15—V. 145, p.
by the State Bank of Rose Creek, as 4s at par,
Village Clerk.
The issues are divided as follows:
chased
$7,000 sanitary sewer system
to
JACKSON SCHOOL
to
the First
DISTRICT, Minn.—BOND SALE—The
$110,000
offered on Nov. 12—V. 145, p. 3044—were awarded
National Bank & Trust Co. of Minneapolis, as 2?4s, at par
construction bonds.
1947.
bonds.
of bonds aggre"
3044—were pur~
according to the
Due from Oct. 1, 1938
,:AA
■
3,000 sewerage disposal plant
v..
1943, incl.
'
A'A;:
1, 1938 to
Due $500 from Oct.
•
•
PAUL, Minn.—BOND OFFERING—Harold
Comptroller, will receive bids until 10 a. m. Dec. 1 for
less than par of the following coupon bonds:
ST.
F. Goodrich, City
the purchase at not
$500,000 water works bonds, to bear interest at no more than 4%.
on Dec. 1 as follows: $21,000,
1948 and 1949: $22,000, 1950
1951; $23,000, 1952, 1953 and
Due
and
1956 and
1954, and $24,000, 1955,
1957.
bonds, to bear interest at no more than 6%.
Due
$8,000, 1948 and 1949; $9,000, 1950 to 1955,
and 1957.
Bidders are to name rate of interest, in a multiple of H,% of 1-10%Denom. $1,000.
Dated Dec. 1, 1937.
Interest payable semi-annually.
Certified check for 2% of amount of bonds bid for, payable to the City,
required.
Approving opinion of Thomson, Wood & Hoffman of New
York and of Walter Fosnes, St. Paul, will be furnished by the city.
The
bonds will be furnished by the city, but delivery will be made at purchaser's
expense.
A: ';A"4 ,A
AA
A
;:A.
200,000 general impt.
on
Dec. 1 as follows:
$10,000,
ST. PAUL,
1956
Minn.—BONDS VOTED—On Nov. 16
the voters of the city
proposal to issue $435,000 airport bonds.
COUNTIES JOINT SCHOOL DISTRICT
NO. 73 (P. O. New Prague), Minn.—BOND OFFERING— It is stated by
C. J. Yackley that sealed and oral bids will be received until Nov. 29,
at 8 p. m., for the purchase of a $20,000 issue of refunding bonds.
Interest
rate is not to exceed 3%, payable J. & J.
Denom. $1,000.
Dated Jan. 1,
1938.
Due $4,000 from Jan. 1, 1939 to 1943 incl.
Subject to redemption
on Jan.
1, 1939, and any interest payment date thereafter, at par and
accrued interest.
Prin. and int. will be made payable at any suitable
bank or trust company designated by the successful bidder.
The ap¬
proving opinion of Junell, Fletcher, Dorsey, Barker & Colman of Minne¬
apolis will be furnished.
A $500 certified check, payable to the district,
gave
their approval to the
SCOTT AND LE SUEUR
must accompany
the bid.
WILLMAR, Minn.—CERTIFICATE OFFERING—Hans Gunderson,
City Clerk, will receive bids until 7 p. m. Nov. 22 for the
following 4% certificates of indebtedness:
$2,100 sewer main extensions certificates of indebtedness.
yearly on Dec. 1 from 1938 to 1942.
^
1,500 water main extensions certificates of indebtedness.
yearly on Dec. 1 from 1938 to 1942.
5,500 street
improvement
certificates of indebtedness.
yearly on Dec. 1 from 1938 to 1941, and $1,500 Dec. 1,
Dated Dec. 1, 1937.
Interest payable June 1 and Dec. 1.
Principal
and interest payable at a local bank.
Certified check for $50,
to
the City Treasurer, required with bid on each issue.
Due $420
.J??
Due $300
Due $1,000
1942.
payable
Offerings Wanted:
LOUISIANA &, MISSISSIPPI
MUNICIPALS
Bond
•
Department
WHITNEY NATIONAL
NEW
BANK
ORLEANS, LA.
Raymond 8408
N. O. 182
BILOXI, Miss.—BOND CALL—V. A. Tucei, City Clerk, states
total of $25,000 6% semi-annual refunding, series P of 1934 bonds,
bered from 25 to 49, are being called for redemption on Dec. 1, on
date interest shall cease.
These bonds are said to be part of an
issue of $1,641,000, and are due from June 1, 1954 to 1962.
The
of said bonds should present them for payment at the place of
designated therein.
that a
num
whic"
authorized
holders
payment
COLUMBUS, Miss.—BOND
Secretary-Treasurer, will receive
purchase of the following bonds:
OFFERING—T, W. Lewis,
bids until 7.30 p. m. Nov.
$15,000 street intersection refunding
Due $1,500 yearly on Jan. 1
bonds.
1938.
$1,000.
$1,000 yearly
Dated Jan. 1,
Hanover
of
Principal and semi-annual interest payable at the Central
Co., in New York.
Certified check for 5% of amount
of bonds, payable to the City, required.
Bank & Trust
issue
Jr., City
23 for the
Denoms. $500 and
from 1940 to 1949.
refunding bonds.
Denom. $1,000. Due
on Jan.
1 from 1940 to 1949.
Bidders are to specify rate of interest, not to exceed 6%.
10,000 general
COPIAH COUNTY (P. O. Hazlehurst), Miss.—BOND SALE DE¬
TAILS—In connection with the sale of the $68,000 5% semi-annual second
Supervisors' Road District refunding bonds to Kenneth G. Price &
McComb, at par, noted in these columns in October—V. 145,. p. 2582-it is now reported that the bonds are in the denominations of $500 and
$1,000, are dated Oct. 1, 1937, and are payable as to principal and interest
at the County Depository.
As previously recorded, they mature from
Oct. 1, 1938 to 1956 incl.
Legal approval by Charles &
Co. of
Trauernicht, of
St. Louis.
by J. H.
19, for the
$1,000. Due on
1949 to 1957.
submit an alternate
HATTIESBURG, Miss.—BOND OFFERING—It is stated
Clerk, that he will receive sealed bids until Nov.
McCaar, City
MINNESOTA
school building bonds
AUTHORIZED—The Village Council
issuance of $18,000
i; .
providing authority for the
•' .•
MISSISSIPPI
Education, will receive bids until 1p.m.
ST.
(P. O.
Efteland, District Clerk,
Nov. 27 for the purchase of $15,000 coupon
bonds.
Interest rate is not to exceed 4%.
Interest payable semi-annually.
Due $1,000 yearly on Jan. 3 from 1939 to 1953.
77%
266,000
a After deducting sinking fund
holdings to be canceled when
is completed,
b After deducting $30,000 authorized but used
prior to refunding.
ONTONAGON
SCHOOL DISTRICT NO. 81
OFFERING—Taylor
Minn— BOND
Ball Teletype
$3,282,560
$7,436,290
Sub-total
.■
will receive bids until 6 p. m.
%
Pending
Pending
Circular 10-28-37
School districts:
421,000
;■
:
Minn.—CERTIFICATES SOLD LOCALLY—An
certificates has been sold tp local investors.
NORMAN COUNTY COMMON
Shelly),
Amount
379,553
■■
LAKE,
issue of $8,000 water revenue
97%
Authorized
$899,407
508,000
No. 2, Macomb County.
Royal Oak No. 7, Oakland County..
Troy No. 6, Oakland County
Troy No. 7, Oakland County..
Troy and Royal Oak No. 11, Frac¬
tional, Oakland County
dis¬
12—
as
Written Consents
Lake Twp.
Minn.—BOND SALE— The $45,000 electric
plant construction bonds offered on Nov.
CRYSTAL,
p.
Refund¬
ing Bonds
Plans Not Yet Available—
$6,000,
of Minne¬
2889—were awarded to tne Northwestern National Bank &
Trust Co. of Minneapolis and Piper, Jaffray & Hopwood of Minneapolis,
145,
100
Twp. No. 6, Wayne County.
Royal Oak Twp. No. 8,
The Wells-Dickey Co.
purchase of the
Lincoln Park
Series A
1957.
premium of $1,475 for 2%s.
tribution system and power
V.
IRON MOUNTAIN,
both incl.
Dated
premium of $1,476, equal to 101.341, a basis of about 2.62%.
1937.
Due on Dec. 1 as follows: $5,000, 1940 to 1943;
1,
1944 to 1951. and $7,000, 1952 to
apolis bid a
for the following:
Payment in cash of interest equal to
plus
11, Wayne County,
EFFECTED—C. E. Huyette, refunding
agent, 1859 National Bank Bldg., Detroit, announces that as holders of
about 90% ef the bonds involved in the program for refunding the district
debt have signified consent, the plan has now been declared operative.
It is anticipated that refunding bonds will be signed and available for
delivery within the next week.
The notice is dated Nov. 20 and accom¬
panied by a letter of transmittal for use in forwarding bonds to the Detroit
Trust Co., depositary, for the purpose of effecting the exchange of bonds
and for the collection of interest in accordance with provisions of the refund¬
ing plan.Holders of certificates of deposit issued by the Detroit Trust Co.
representing certain past due coupons are asked to forward them, en¬
dorsed in blank, with the bonds.
Exchange will be made as promptly as
possible after receipt of bonds to be refunded and immediate action in
depositing bonds is requested of creditors.
The plan, in brief, provides
m
3381
Chronicle
purchase of a $75,000 issue of refunding bonds.
Denom.
Dec. 1 as follows: $1,000, 1942 to 1947; $2,000, 1948; $3,000,
and $4,000. 1958 to 1967.
Bidders are requested to
bid wherein the city may pay this issue in full on any interest
payment date
3382
Financial
after
Dec. 1, 1943.
Payable at the Central Hanover Bank & Trust Co.,
New York.
A certified check for 5% must accompany bid.
(This report supplements the offering notice given in our issue of Nov.
13—V. 145. P. 3230).
.
LAFAYETTE
COUNTY (P. O.
Oxford), Miss.—BONDS SOLD—
reported that $30,000 6%% semi-ann. refunding bonds have been
purchased by Leftwich & Ross, or Memphis.
Dated Nov. 1, 1937.
It
is
NATCHEZ, Miss.—BONDS VOTED—At the election held on Nov. 12
145, p. 2890—the voters approved the issuance of the $300,000 in
industrial plant construction bonds by a count of 1,345 for to 56
against.
It is stated that the company interested in occupying the said
—V.
plant is
awaiting the outcome of a suit to test the validity of the Industrial Con¬
struction Act, which is scheduled to be heard soon at Winona.
PRENTISS, ma*.—BOND ELECTION— It is reported that
will be held
Dec. 3 in order to vote
on
on
an election
the issuance of $11,000 in water
main extension bonds.
SCOTT COUNTY (P. O. Forest). Miss.—SCHOOL DISTRICT BONDS
OFFERED—George J. Taylor Sr., Clerk Board of Supervisors, will receive
bids until Dec. 6 on the following two issues of school district bonds:
$6,500 6% Ring Gold Consolidated School District bonds.
Dated Jan. 1,
^
1938.
Due $650 yearly for 10 years.
5,000 6% Good Hope Consolidated School District bonds.
1937.
Due $500 yearly for 10 years.
Interest payable semi-annually.
Dated Dec. 1,
SENATOBIA SEPARATE SCHOOL DISTRICT
(P. O. Senatobia),
Miss.—BOND SALE—The $57,000 4% building bonds offered on Nov.
17—
V. 145, p. 3230—were awarded to E. E. Moore,
representing local in¬
vestors, at par plus a premium of $513, equal to 100.90, a basis of about
3.90%.
Dated Sept. 1 1937.
Due on March 1 as follows: $2,000, 1938 to
1942; $3,000, 1943 to 1957; and $2,000 in 1958. The next high bidder was
Claude Veazey of Senatobia, offering a
premium of $465, and the third
high bidder, the First National Bank of Memphis, offered a premium of
$414.
Chronicle
Nov. 20, 1937
date of issue.
The bonds will be sold for not less than their
par value with
accrued interest, and all bidders must state the lowest rate of interest
at which they will purchase the bonds at
par.
All bids other than by
or on behalf of the State Board of
Land Commissioners must be accompanied
by a certified check in the sum of $1,640,
payable to the order of the Clerk,
which will be forfeited by the successful bidder in
the event that he shall
refuse to purchase the bonds.
REXFORD
FIRE
DISTRICT, Lincoln County, Mont.—BOND
OFFERING—Eldon J. 8chuck, District
Secretary, will receive bids at the
house in Libby until Dec. 6 for the
purchase of an issue of $3,000
court
water
system bonds.
Interest rate is
Dated Dec. 6,
on
not to
exceed 6%.
Denom. $100.
1937.
Interest payable annually.
The bonds will mature
the amortization plan, subject to call on
any interest payment date.
SHERIDAN SCHOOL DISTRICT
(P. O. Sheridan), Mont.—BOND
OFFERING—Sealed bids will be received until Dec. 9. by E. M.
Connelley,
Superintendent of Schools, for the purchase of a $32,800 issue of building
bonds.
Dated Dec. 1, 1937.
Due in 20 years; optional in five years.
These bonds were approved by the voters at an
leection held on Oct. 23.
TWIN
BRIDGES, Mont.—BOND OFFERING—Julian A. Knight,
Clerk, will receive bids until 8 p. m. Dec. 15 for tne
purchase of
$6,000 water system improvement bonds.
Town
Amortization bonds will be the first choice and serial bonds will be
the second choice of the Council.
If amortization bonds are sold the entire
issue may be put into one bond or divided into several
bonds as the purchaser
may indicate in his oid and as the Counsil may determine
upon at the time
of the sale, both
principal and interest to be payable in semi-annual instal¬
ments during a period of 20
years from the date of issue.
If serial bonds
are sold they will be in the amount
of $300 each; the sum of $300 will become
due and payable on July
1, 1938, and a like amount on the same day of
each year thereafter.
The bonds, whether amortization or serial
bonds, will bear date July 1,
1937, will bear interest at a rate not exceeding
6%. payable semi-annually
Jan. 1 and July 1, and will be redeemable at
the expiration of five years
from the date thereof, and on
any interest date.
on
MISSOURI
Markets in all
Said bonds will be sold for not less than
their par value with accrued
interest to the date of delivery, and all bidders must state the
lowest rate
of interest at which
they will purchase the bonds at par.
All bids other than on behalf of the State Board
of Land Commissioners
of the State of Montana must be
accompanied by a certified check in the
sum of $600,
payable to the order of
BONDS
State, County & Town Issues
19376
the Town Clerk.
WHEATLAND COUNTY SCHOOL DISTRICT NO. 16
(P. O. Har .
SALE DETAILS—We are now informed by the
District Clerk that the $55,900 registered school
building bonds purchased
by the State Land Department, as 3.70s, as noted in these columns—V.
145, p. 323C—were sold at par.
KaLman & Co. of St. Paul, offered a pre¬
mium of $81.00 on 3% s.
lowton), Mont.—BOND
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING,
ST.
LOUIS, MO.
She states that this sale cancels the loan of like amount
approved by the
Public Works Administration in August.
MISSOURI
GREENFIELD
CONSOLIDATED
SCHOOL
DISTRICT
NO.
4
(P. O. Greenfield), Mo.—BOND SALE DETAILS—It is now
reported by
the District Clerk that the $12,000
gymnasium bonds sold in October, as
noted in these columns—V.
145, p. 2428—were purchased by the Citizens
Home Bank of Greenfield, as 4s, and mature
$3,000 from 1941 to 1944.
HERCULANEUM, SCHOOL DISTRICT, Mo.—BOND SALE—The
Board of Education has sold
$17,000 school building addition bonds to the
Bank of Pevely.
KIRK WOOD, Mo.—VONDS VOTED— On
Nov. 6 the voters of the city
a proposal
calling for the issuance of $150,000 sewer
approved
system
bonds.
.
LE MAY FERRY SANITARY
SEWER DISTRICT, St. Louis
County,
$170,000 sewer bonds offered on Nov. 12—
Mo.—BOND SALE—The
V. 145, p. 3230—were awarded to
Callendar, Burke & MacDonald of
Kansas City and Barcus, Kindred & Co.
of Chicago as 4s at par
plus a
premium of $1,989. ecual to 101.17, a basis of
about3.88%.
Dated Dec. 1,
1937.
Due 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 in 1956 and 1957.
Stifel, Nicolaus & Co. of St. Louis
bid $170,510 for 4s and R. Rubert &
Co., St. Louis, $172,176 for 4^8.
LICKING CONSOLIDATED SCHOOL DISTRICT
(P. O. Licking),
Mo.—BOND SALE—An issue of $22,000
4j^% school building bonds has
been sold to Callendar, Burke &
Macdonald of Kansas City at par.
MISSISSIPPI COUNTY (P. O.
Charleston), Mo .—BONDS VOTED—
By a vote of 593 to 64 the voters of the
county on Nov. 9 approved a pro¬
posal to issue $45,000 jail construction bonds.
PLATTSBURG,
works bond issue
Mo.—BONDS VOTED—A
approved by the voters at
was
UNIVERSITY
CITY,
culvert bonds offered
on
proposed
a recent
$18,000
water
election.
Mo.—BOND SALE—The $25,000 bridge and
Nov
17—V
145,
p.
3230-—were awarded to the
Mississippi Valley Trust Co. of St. Louis as 2^8, at
par plus a premium of
$33, equal to 100.132, a basis of about
2.49%. Dated Nov. 15,1937.
Due
?? J?n™15 as follows: $4,000, 1952 to 1956; and $5,000 in 1957.
The
Harris Trust & Savings Bank of
Chicago bid a premium of $44.72 for 2
jfs
bonds.
WASHINGTON SCHOOL DISTRICT (P. O.
Washington), Mo.—
BOND OFFERING—Charles
Augustine, Secretary, Board of
Education,
wjO receive bids until 4 p. m. Dec. 1 for the purchase at not less than par of
$36,000 3% school bonds.
Denom. $1,000.
Dated Nov. 1, 1937.
Prin¬
cipal and semi-annual interest (Feb. 1 and
Aug. 1) payable at place de¬
signated b#- the purchaser and
approved by the Board of Education.
Due
?n Jeb i
1956
$1400 1939 to 1942; $2,000, 1943 to 1955; and $3,000,
axKi.1957.
Cert, check for $1,000, payable to the District, required.
The district will furnish the
legal opinion of Charles & Traurnicht of St.
Louis and will pay the cost of
printing the bonds.
BROKEN
NEBRASKA
BOW,
Neb.—BOND
BELT, Mont.—BOND OFFERING—Sealed bids will
c* ' !?y ®ditji
Johnson, City Clerk, for
of
iin'nnA®11
issue
$10,000
exceed
water works
improvement bonds.
6%, payable J.
& J,
Dated Jan. 1, 1938.
will be the first choice and serial
bonds the second
be received until
the purchase of a
Interest rate Is not to
Amortization bonds
choice of the Council.
Thebonds, whether amortization or serial, will be
redeemable at the option
of the city on any interest
payment date from and after 10 years from the
date of issue.
A certifified check for
$500, payable to the City Clerk, must
accompany the bid.
'
•
FAJRVIEW, Mont.—BONDS
N0T SOLD—The $5,000
exceed 6% semi-annual
refunding bonds offered
2890—was not sold as no bids were
on
Nov.
issue of not to
15—V. 145
p
received, according to the City Clerk.
HILL
COUNTY
SCHOOL
DISTRICT NO. 57 (P. O. Simpson)
BOND SALE
The $2,850 issue of
5% semi-annual refunding bonds
offered for sale on Nov. 9—V.
145, p. 2582—was purchased
Board of Land Commissioners.
by the State
Due in 10 years.
No other bid was re¬
ceived, according to the County Treasurer.
MADRON COUNTY SCHOOL DISTRICT
OFFERING—Olive
bids until 8 p. m.
NO. 5 (P. O. Sheridan),
District Clerk, will receive
Dec. 8 for the purchase of
$32,800 school building bonds.
Burnet,
Amortization bonds will be the first
choice and serial bonds will be
the
serond choice of the School Board.
If amortization bonds are
sold
the
entire issue may be put into one
single bond or divided into several
bonds,
as the Board of Trustees
may determine upon at the time of
sale, both
principal and interest to be payable in semi-annual
instalments during a
period of 20 years from the date of issue.
If serial bonds are
issued, they will be in the amount of $500 each
except
the last bond, which will be in
the amount of
$300; the sum of $1,500
will become payable on Dec.
1, 1938, and a like amount on the same
day
each year thereafter,
except that the last instalment will be in the
Of $J,o00.
amount
AUTHORIZED—The
GER1NG
SCHOOL DISTRICT (P. O.
Gering), Neb .—MATURITY
the $50,000
high school bonds purchased by the Greenway-Raynor Co. of Omaha, as
3Hs, as noted in these columns recently—V. 145, p. 3045—were sold at
par, and mature as follows: $2,000,1943 to 1947, and $4,000, 1948 to 1957.
—It is stated by the Secretary of the Board of Education
that
GORDON. Neb.—BIDS FOR REFUNDING ASKED—
Sealed bids were
the City Clerk until 7:30 p. m. on Nov. 18 for refunding all out¬
standing bond obligations of the city that can be refunded at this time.
The c?ity will required the successful bidder to take
care of all legal and other
expenses entailed in the refunding program.
received by
LINCOLN COUNTY DRAINAGE DISTRICT NO. 1
(P. O.
Hershey),
Neb.—BONDS SOLD TO RFC—In connection with the
report given in
these columns recently that the Board of
Supervisors had authorized the
issuance of
$144,500 in refunding bonds—V. 145, p. 3045—we are now in¬
formed by the Secretary of the Board of
Supervisors that practically all
taken by the Reconstruction Finance
Corporation, except a small
part to the State of Nebraska on an exchange basis.
were
NEW
HAMPSHIRE
BERLIN, N. H.—BOND SALE—Brown Harriman & Co., Inc. and
F. W. Horne & Co., Hartford,
jointly, have purchased an issue of $75,000
3% coupon permanent public improvement bonds.
Dated Dec. 1, 1937.
Denom. $1,000.
Due $5,000 annually on Dec. 1 from 1938 to 1952, incl.
Principal and semi-annual interest payable at the National Shawmut Bank
of Boston.
Legality approved by Storey, Thorndike, Palmer & Dodge of
Boston.
The bankers are
making public re-offering of the bonds
at
prices
to yield from 1 % to 3 %,
according to maturity. They are legal investments
for savings banks and trust funds in the State of
Connecticut.
Financial Statement (Nov. 12, 1937)
Assessed valuation (1937)
Basis of assessment
Total bonded debt (incl. this
Water bonds
$18,193,020
About 70%
1,266.300
issue*)
557,000
Net bonded debt (Oct. 31, 1937)
Debt ratio
709,300
3.8%
Tax Collections
Year—
Rate
1934
$33.50
1935-.-.,
MONTANA
ISSUANCE
State Board of Educational lands and Funds is said to
have granted the
village officials permission to issue a total of $215,000 3H%
refunding
bonds.
Due in 20 years.
37.50
37.50
39.00
Total Tax Levy
Uncollected on
(Due Dec. 1 Each Year) Nov. 17, 1937
$637,476.32
$2,718.77
711,983.50
3.875.69
708,216.65
5,578.10
730,166.53
588,115.79
CONCORD, N. H.—BOND OFFERING—Carl
H. Foster, City Treasurer,
will receive bids until noon Nov. 26 for the
purchase at not less than par
of $135,000 coupon storm sewer bonds.
Bidders
are
to specify rate of
interest, in a multiple of M%.
Denom. $1,000.
Dated Nov. 1, 1937.
Principal and semi-annual interest (May 1 and Nov. 1) payable at the
National Shawmut Bank of Boston, in
Boston, or at the City Treasurer's
office.
Due Nov. 1 as follows:
$8,000, 1938 and 1939, and $7,000, 1940
to 1956.
The bonds will be engraved under the
supervision of and certified
as to genuineness
by the National Shawmut Bank of Boston, which bank
will further certfiy that the legality of the bonds has been
approved by
Storey, Thorndike, Palmer & Dodge of Boston.
A copy of the attorneys'
opinion will be furnished to the purchaser without cost.
All legal papers
incident to the issue, together with an affidvait
certifying to the proper
execution of the bonds, will be filed wit*
Boston, where they may be inspected.
ASBURY
the National Shawmut Bank of
NEW JERSEY
PARK,
N.
3.—ACCRUED INTEREST PROVISION IN
REFUNDING PLAN—The following is the text of a letter sent
by Judge
Kremer to the Municipal Finance Commission and was included in
the
minutes of the meeting of the commission on Nov. 12:
"I have yours of Nov. 5 with enclosure of a letter from Mr. J. A.
Rippel
Municipal Finance Commission relative to the Asbury Park Refund¬
ing Plan.
The question is whether accrued interest prior to Jan. 1 would
to the
be paid at the contract rate.
I have talked with Mr. Cassman about the
matter this
morning and we are in agreement that interest unpaid for the
period prior to Jan. 1, 1934 would be paid at the contract rate.
Therefore,
if a coupon due on April
1, 1934 is unpaid, the last three months of 1933
would be paid at the contract rate, and the first three months of
1934 at
3%."
The
bonds, whether amortization or serial
bonds, will bear date of
1, 1937, and will bear interest at a rate not
exceeding 6%, payable
semi-annually on June 1 and Dec. 1 in each year, and will be
redeemable
in full on any interest
payment date from and after five
Dec.
years from
the
BURLINGTON, N.. J.—BONDS APPROVED—The State Funding
Commission has approved an ordinance providing for the sale at
public
offering of $146,000 not to exceed 4^% interest general refunding bonds.
It was originally proposed to limit the rate at 3
%.
The City Solicitor
Volume
Financial
145
3383
Chronicle
Statement of Bond and
,
„
Term bonds:
MUNICIPAL BONDS
New
Note Indebtedness as of Oct. 31, 1937 After Giving
Effect to This Financing
$1,178,600.00
Municipal
869,704.00
117,000.00
School
Water
Jersey and General Market Issues
^
^
c
$2,165,304.00
j
Serial bonds:
B. J. Van Ingen
57 WILLIAM STREET.
& Co. Inc.
$7,147,701.65
Municipal..
1,767,216.19
98,000.00
School
Water
Telephone: John 4-6364
N. Y.
$11,178,221.84
Total terra and serial bonds
Newark Tel.: Market 3-3124
A. T. & T.: N. Y. 1-730
Tax revenue
200.000.00
bonds, due in 1938
.$11,378,221.84
Gross debt
Deductions:
$1,426,428.64
Sinking funds (not including water)
215,000.00
200.000.00
Water bonds
Tax
MUNICIPAL BONDS
NEW JERSEY
revenue
bonds
Bonds to be retired through 1937 budget__
130,000.00
1.971,428.64
$9,406,793.20
Net debt
Bond maturities 1938 after giving
Term bonds
Colyer, Robinson $ Company
1180
York
Tax
MArket 3-1718
Raymond Blvd., Newark
New
A. T. & T. Teletype
NWRK 24
Wire:
REctor 2-2055
revenue
NEW
and
$899,790.62
O. Jersey City), N. J.—BONDS SOLD—
On Nov. 10 the Board of Freeholders authorized the sale of $750,000
tuberculosis institution bonds to the County Sinking Fund Commission.
JERSEY
the commission that after a
it
others
was
conference with investing agencies
deemed advisable to incorporate a
maximum rate of
4^% in the ordinance.
DISTRICT, N. J.—BONDS SOLD—An issue
$100,000 4% school bonds has been sold to the Rutherford National
CARLSTADT SCHOOL
of
Bank, Carlstadt Branch.
COUNTY
is
LEE,
N.
reprinted herewith in full text:
.?
J.—
Borough of Fort Lee, N. J., and
the committee for security holders of the Borough of Fort Lee and the
School District of Fort Lee, Bergen County, N. J., representing New Jersey
holders of a very substantial amount of Fort Lee bonds, have both rejected
the plan of refunding offered by the State Municipal Finance Commission
To Creditors of the Borough of Fort Lee, N.
The committee for bondholders of the
19345
under date of Oct. 8.
represented by either of these com¬
mittees should be informed as to the reasons why this committee took the
decided stand that it did in rejecting this plan.
This might be best accomplished by citing facts given in testimony given
under oath in proceedings before Federal Judge Clark in Newark, N. J., on
Nov. 8, 1937, none of which was denied.
The total debt of the Borough of Fort Lee is $3,373,941.00, of which
$3,065,200.00 will be due by Jan. 1, 1938, the balance maturing annually
up to and including the year 1952.
Aside from the revenues produced by taxation, the borough owns tax
title and assessment title liens in excess of $3,000,000. A plan, whereby the
borough would have received $2,000,000 net for these liens—equivalent to
$3,000,000 gross—was rejected by the borough officials on the grounds that
the offer was not a fair one—in view of the increase in the value of these
assets—during the preceding few months.
By raising the Iocat tax rate to 7.33—the borough could pay off all of
Its past due debt (over 93% of the total debt) together with all unpaid
accumulated interest to date—in 10 years with interest at the legal rate of
6%. Absolutely disregarding any receipts from the vamaole assets above
mentioned, by anticipating $225,000 a year from the sale of these assets—
the same result could be accomplished in 10 years—with an average tax
rate of a little over 5.00.
This compares with an average tax rate of better
than 5.65 for the year 1937—in 25 neighboring municipalities in Bergen
County, all of whose tax rates exceed 5.00.
It, therefore, must be perfectly obvious to every bondholder that there
Is no necessity for, nor equity in his agreeing to take a new bond, at a much
lower rate of interest than that borne by his present obligation.
Judge Clark stated in the course of the proceedings that unless a com¬
promise could be effected before Nov. 22, he would order the sum of $230,000, placed in the 1938 budget for debt service.
It is the opinion of this
committee that while such an order would in no way measure up to the
capacity of this municipality to pay—and would produce a tax rate much
lower than the average of its neighbors—nevertheless—an annual appro¬
priation of such an amount, entirely apart from any dedication of proceeds
received from the sale of the properties represented by the $3,000,000 of
liens—would retire the total funded debt of Fort Lee in less than 38 years—
with interest at 6% per year. Compare this with the offer of the Municipal
Finance Commission to refund the present debt over a period of 40 years—
with interest at 33^% for five years—and 4% thereafter.
In tne light of these facts—we most certainly feel that it would constitute
a rank betrayal of trust—were we to recommend that those bondholders
whom we represent in a trust capacity, accept any such obviously unfair
proposal.
We, therefore, strongly urge that other bondholders who have
not had an opportunity to become as well informed—adopt a similar policy—
and reject this plan in its entirety.
We feel
that holders of bonds not
GLASSBORO,
N. J.—BOND ISSUE NOT APPROVED—It now
develops that the State Funding Commission did not approve the borough's
plan to issue $198,000 general refunding bonds, as was reported in these
columns last week.
Moreover, in refusing its approval, the Commission
pointed out that the resolution provided for certain transactions which could
not be taken in accordance with the statutes and directed the Secretary to
inform the Borough Council of its views in the matter.
HOBOKEN, N. 3.—BOND SALE—The issue of $84,000 street improve¬
ment bonds offered on Nov. 16—V. 145, p. 3046—was awarded to Schlater,
Noyes & Gardner, Inc., New York, and MacBride, Miller & Co., Inc.,
Newark, jointly, as 4 Kb, at par plus a premium of $478.80, equal to 100.57,
a basis or about 4.17%.
Dated Nov. 1, 1937 and due Nov. 1 as follows:
$5,000 from 1938 to 1947 incl.; $6,000 In 1948, and $7,000 from 1949 to
1952 incl.
Other bids
follows:
TOWNSHIP
(P.
O.
Lakewood), N. 3.—BONDS AP¬
Township Committee on Nov. 15
adopted an ordinance on first reading, which authorizes the issuance of
$750,000 general refunding bonds.
Final consideration will be given the
Nov. 26.
measure on
MULLICA
bonds
TOWNSHIP (P. O.
Elwood), N. 3.—BOND SALE— The
Funding Commission has approved the sale of $30,000 4% refunding
to Christensen & Co., Atlantic City, at a price of $28,600, equal to
95.333, a basis of about 4.49%.
Dated Sept. 1, 1937 and due as follows:
$1,000, 1938 to 1950 incl.; $2,000 from 1951 to 1957 incl. and$3,000in 1958.
North Bergen), N. J.—BONDS
composed of B. J, Van Ingen & Co., Inc.
NORTH BERGEN TOWNSHIP (P. O.
PUBLICLY OFFERED—A group
Schlater, Noyes & Gardner, Inc.; E. H. Rollins & Sons, Inc.: A. C. Allyn
& Co., all of New York, and C. A. Preim & Co. of Newark, is making public
offering of $250,000 refunding bonds, bearing interest rates of 4% and
4K%. Dated Dec. 1, 1936. Denoms. $1,000, $500 and $100. Due Dec. 1.
1975.
Redeemable in whole or in part by lot on any interest date at par and
interest on 30 days' notice. Principal and interest (J. & D.) payable at the
Central Hanover Bank & Trust Co., New York, or at the Seaboard Trust
Co., Hoboken. The bonds are direct general obligations of the township,
payable from unlimited ad valorem taxes on all its taxable property
through covenants between the township and bondholders.
and
further secured
They carry approving legal opinions of Hawkins, Delafleld
and Thomson, Wood & Hoffman, both of New York City.
OCEAN
CITY,
N. J.—BONDS APPROVED ON
& Longfellow,
FIRST READING—
City Commission on Nov. 17 adopted on first reading
authorizing the issuance of $138,000 refunding bonds.
The
an
ordinance
PALMYRA, N. 3.—BOND APPROVAL DEFERRED—The State Fund¬
ing Commission recently deferred approval of an ordinance providing for
the issuance of $28,500 funding bonds on the ground that the plan as sub¬
mitted. by the borough was not "adequate and workable,"
The Com¬
mission questioned the necessity of dsiposing of the issue at a discount of
$1,000, adding that the financial position of the borough would warrant
a puolic sale with the possib lity of a par bid, particularly if the funding is
complete and the borough is placed on a cash basis.
It was also noted that
with the limited amount of refu ding
collection experience must be much improved.
TOWNSHIP (P. O. Boonton, R. D.),
N. J.—BOND OFFERING—Harold W. Bates, Township Treasurer, will
receive sealed bids until 9 p .m. on Nov. 22 for the purchase of $106,900 not
to exceed 6% interest coupon or registered water bonds, divided as follows:
$20,0CO series A bonds.
Due $1,000 on Nov. 15 from 1938 to 1957, incl.
86,900 series B bonds.
Due Nov. 15 as follows: $3,900, 1938; $3,000 in
for the
borough to operate successfully
proposed at this time the tax
PARSIPPANY TROY HILLS
1940 to 1959, incl.
15, 1937.
One bond for $900,
1939, and $4,000 from
Each issue is dated Nov.
^
^
others $1,000
interest, expressed in a multiple of
& N.) payable in lawful money at
The price for which the bonds may
be sold cannot exceed $107,900, and cannot be less than par.
A certified
check for $2,138, payable to the order of the township, must accompany
each proposal.
Tne approving legal opinion of Reed, Hoyt & Washburn
of New York City will be furnished the successful bidder.
,
Bidder to name a single rate of
v of 1%.
Principal and interest (M.
the First National Bank, Morristown.
each.
SHIP BOTTOM BEACH ARLINGTON( P. O. Ship Bottom), N. J.—
SALE—The State Funding Commission has approved the sale of
$94,000 general ref rading bonds to the First National Bank of Barnegat,
Beach Haven National Bank & Trust Co., Beach Haven, and the Ocean
County Trust Co., Toms River.
mk
BOND
FWEST
Town
J.—BOND OFFERING—Ronald C.
sealed bids until 8:15 p. m. on Nov. 30
N.
ORANGE,
Clerk, will receive
Alford,
for the
registered bonds, divided as follows:
not to exceed 6% interest improvement bonds.
Due Dec. 1 as
follows: $6,000 from 1938 to 1945 incl.; $8,000 from 1946 to 1949
purchase of $124,000 coupon or
$83 000
1950.
■■
6% interest sewer bonds.
incl. and $3,000 in
20.000 not
to exceed
^
•
^
.
Due Dec. 1 as follows:
$2,000 from 1938 to 1945 incl. and $1,000 from 1946 to 1949 incl.
21,000 not to exceed 4% interest municipal building bonds.
as follows: $2,000 from 1938 to
1946 incl. and $1,000 from 1947
to 1949 incl.
Due Dec. 1
All
rates
will be dated Dec. 1,
expressed in a multiple of K
of the bonds
to be
1937. Denom. $1,000. Interest
of 1%. Although different rates
all of the
D.)
National
each
be named on the respective issues within the limits named,
bonds of each issue must bear the same rate. Principal and interest (J. &
payable at the First National Bank, West Orange, or at the Chase
Bank, New York City.
A certified check for 2% must accompany
proposal. The approving legal opinion of Hawkins,
of New York City will be furnished the successful bidder.
may
Delafield & Longfellow
NEW
MEXICO
$71,267,500.00
ALBUQUERQUE, N. Mex.—BOND OFFERING— Sealed bids will fc«
received until 7:30 p. m. on Nov. 30, by Ida V. Malone, City Clerk, tc?
the purchase of a $280,000 issue of refunding bonds.
Interest rate is not to
exceed 4%, payable J. & D.
Denom. $1,000. Dated Dec. 1, 1937. Due
on Dec. 1 as follows:
$11,000, 1938 to 1961, and $16,000 in 1962. The
bonds will not be sold for less than par and accrued interest to date of
delivery
Prin. and int. payable at the City Treasurer's office or at the
Chase National Bank, New York.
The approving opinion of Pershing,
Nye
Bosworth & Dick, of Denver, will be furnished.
A certified check
for 5% of the amount bid, payable to the City Treasurer, is required.
$86,877,417.00
were as
was
Int. Rate
Bidder—
—
-
Premium
434 %
434 %
434%
434 %
$437.60
248.39
595.56
571.20
—
Weil, Roth & Irving Co
J. S. Rippel & Co
B.J. Van Ingen & Co., Inc
H. L. Allen & Co
59,261
Financial Information
Population, census of 1930
Assessed Valuation 1937—
Real property
Second class railroad property
10,849,617.00
4,760,300.00
Personal property
Tax Collections
Total
Uncollected
Uncollected
Tax Levy
Year—
End of Each
Oct. 31, 1937
Year
$4,194,238.11 $1,737,323.20
$267,299.36
4,432,283.31
1,552,687.88
481,764.15
4,473,827.76 1,731,975.41
691,618.24
4.928,938.22
♦2,594,080.13
$615,528.76 second class railroad tax not due and
-
-
1936.
1937
*
LAKEWOOD
(P.
PROVED ON FIRST READING—The
State
3.—COMMITTEE EXPLAINS REASONS FOR RE¬
JECTING REFUNDING PLANS—The committee for bondholders of the
Borough of Fort Lee sent out under date of Nov. 17 a letter to creditors
explaining the reasons for its rejection of the plans proposed by the State
Municipal Finance Commission for refunding the debts of the borough and
the school district.
Secretary of the committee is W. D. Bradford, 115
Broadway, New York City. The committee's statement, signed by Chair¬
man Edwin H. Barker and Messrs. A. G. Christmas and W. H. Donner,
FORT
$123.9-54.00
575.836.62
200,000.00
bonds
Total
HUDSON
informed
effect to this financing:
Serial bonds
INCORPORATED
Note—Includes
payable until Dec. 15, 1937.
Tax title liens uncollected Oct. 31, 1937..
..$1,816,291.77
NEW MEXICO, State of—BOND SALE—The $1,360,000 issue
highway debentures offered for sale on Nov. 16—V. 145, p.
awarded to a syndicate composed of Lazard Freres & Co., Inc.,
o?
2891—E. H.
Rollins & 8ons, Inc.; Eastman, Dillon & Co., all of New York; Wheelock
& Cummins, Inc. of Des Moines; James H. Causey & Co., Inc. of New
York* Brown, Schlessman, Owen & Co. of Denver, and William R. Compton
& Co'., Inc. of New York, at a price of 100.0499, a net interest cost of about
2 964%, on the bonds divided as follows:
$250,000 as 2Ks, maturing on
State
Nov.
in
3s, maturing on Nov. 1 as follows:
1950, and $360,000 in 1952.
1,1945, and $1,100,000 as
1946, 1948 and
2 60% to
2.80%, on
100 for the 1952 maturities.
the 1950, and
$250,000
INVESTMENT—1The successful bidders refor public subscription, at prices to yield from
the 1945 to 1948 maturities, and priced at 100K tor
BONDS OFFERED FOR
offered the above debentures
3384
Financial
Chronicle
YORK
NEW
BATH COMMON SCHOOL DISTRICT No. 12 (P. O. Bath), N. Y.
—BOND SALE—The issue of $5,000 school site bonds offered Nov. 12—
V. 145, p. 3231—was awarded to the Farmers & Mechanics Trust Co..
Bath,
registered school building bonds.
Dated Nov.
1,
1937.
Denom.
$1,000.
Due Nov. 1 as follows:
$10,000, 1940 to 1952, incl.; $12,000
1953, and $15,000 from 1954 to 1967, incl.
Prin. and int. (M. & N.)
payable at the Livingston Manor National Bank, Livingston Manor,
with New York exchange.
The bonds are direct general obligations of
the school district, payable from unlimited taxes.
A certified check for
$7,000, payable to the order of Harry Voorhass, District Treasurer, must
accompany each proposal.
The approv ng legal opinion of Clay, Dillon
& Vandewater of N. Y. City will be furnished the successful bidder.
or
as
to 1948 inclusive.
BINGHAMTON, N. Y.—BONDS SOLD—The City Water Emergency
Fund purchased on Nov. 6 an issue of $13,000 flood control bonds.
The $13,000 flood
June
mature
1
control bonds bear 1H% interest, were sold at par
follows:
$3,000 in 1937, and $2,000 from 1938 to
as
SAVANNAH, N. Y.—BOND ELECTION—'The Village Board has called
1942, inclusive.
FREE
SCHOOL
DISTRICT
NO.
5
(P.
N. Y.—BOND SALE—The $140,000 coupon or registered
school building bonds offered on Nov. 17 were awarded to Sherwood & Co
and Rogers, Gordon & Co., Inc., both of New York, jointly, as
2.902,
at a price of 100.50. a basis of about 2.855%.
Dated Nov. 15, 1937
and due Nov. 15 as follows:
$4,000, 1938 to 1942, Inch: $6,000 from 1943
1962, incl.
to
Other bids
were
H.
Int. Rate
Rollins
&
Sons,
Inc.
A.
and
C.
Allyn
Co., Inc
a
proposition
to issue $22,000 water
8
mature Aug.
indebtedness, bear 2 Hi % interest and
Bank
issue of $6,000 certifi¬
an
1,
1938.
YONKERS, N. Y.—NOTE SALE—The $650,000 notes offered on Nov.
16—V. 145, p. 3232—were awarded to the Bank of The Manhattan
Co.,
New York, as 1Us, at par plus a
premium of $67.50, equal to 100.01.
The
sale consisted of:
Rate Bid
2.90%
2.90%
100.36
100.333
$300,000 public works project notes.
350,000 focal improvement notes
All of the notes are dated Nov. 19,
1937, and mature May 19, 1938.
100.33
2.90%
3%
3%
3%
Traders
Trust
Co.
and
100.328
Jackson & Curtis and Wrenn Bros. &
Co., both of Boston, were asso¬
ciated with the Bank of The Manhattan Co. of New York in
the purchase
of the notes.
One other bid was
Sage,
Bancamerica-Blair Corp
Gertler & Co
Halsey, Stuart & Co., Inc
J. & W. Seligman & Co
Ira Haupt & Co
AND
on
TUCKAHOE, N. Y.—CERTIFICATE SALE—'The First National
Inc. and Roosevelt &
Rutty & Co
CHILI
vote
2.90%
George B. Gibbons & Co.,
Wei gold
&
26 to
& Trust Co. of Tuckahoe purchased on Nov.
&
-----
Marine Trust Co. and R. D. White & Co
Manufacturers
Nov.
cates of
follows:
as
Bidder—
for
supply bonds.
O.
Caledonia),
E.
election
an
UNION
CALEDONIA
1937
20,
in
3.80s. at par plus a premium of $12.50, equal to 100.25, a basis
of about 3.75%.
Dated Oct. 1, 1937 and due $500 on Jan. 1 from 1939
and
Nov.
DISTRICT NO. 2 (P. O. Livingston Manor), N. Y.—BOND OFFERING
—Wilfred F. Smith, District Clerk, will receive sealed bids until 2 p. m.
on Nov. 23 for the
purchase of $352,000 not to exceed 5% interest coupon
submitted, this being
100.61
130.52
3%
Buffalo.
NORTH
BRIGHTON
COMMON SCHOOL DISTRICT NO.
9
Y.—BOND SALE—The $74,000
coupon
or
offered on Nov. 16—V.
145, p. 3231—were
awarded to the Manufacturers & Traders Trust Co. of Buffalo on a bid of
100.32 for 3^s, a basis of about
3.22%. Dated Nov. 15, 1937. Due Nov.
15 as follows: $2,000 from 1938 to 1953: and $3,000 from 1954 to
1967,/The
Union Trust Co. of Rochester, second
high, bid for 3.40s.
CORNWALL, N. Y.—TO ISSUE$42,000 BONDS—Milton W. Coldwell,
Town Clerk, informs us that the Board of Trustees will consider
on Nov. 15
plans for the issuance of $42,000 funding bonds which were authorized at
the Nov. 10 election.
a
premium
M
100.21
(P. O.
Scottsville), N.
registered building bonds
CUBA CENTRAL SCHOOL
DISTRICT,
The voters of the district on Nov. 12
offer of
100.18
3.20%
an
of $65 for 2.70s made by a
group composed of Lehman Bros., BancamericaBlair Corp., both of New York, and the Manufacturers &
Traders Trust Co.,
100.453
CAROLINA
CHAPEL HILL, N. C.—BONDS NOT OFFERED—It is stated
by the
Secretary of the Local Government Commission that the $16,000 improve¬
ment bonds, mentioned in these columns
recently—V. 145, p. 3047—were
not offered for sale on Nov. 16, as had been
incorrectly reported.
CONCORD, N. C.—BOND SALE—The $120,000 coupon bonds offered
Nov. 16—V. 145, p. 3047—were awarded to Ii. 8. Dickson
& Co. and
the Interstate Securities Corp., both of
Charlotte, as follows:
on
$22,000 sanitary
to
sewer
100.113.
bonds,
Due
on
$4,000, 1943 to 1946.
as 3 Ms, at par plus a premium of $25,
equal
Dec. 1 as follows: $2,000, 1940 to
1942, and
N. Y.—BONDS VOTED—
a proposal calling for the
approved
issuance of $297,000 school building bonds.
ELMIRA, N. Y.—BONDS AUTHORIZED—The City Council
15 authorized the issuance of $55,000 golf course bonds.
on
HAMBURG COMMON SCHOOL DISTRICT NO. 3
(P. O. Hamburg),
Y.—BOND SALE—The issue of $2,640 registered school bus
bonds
offered on Nov. 15—V. 145,
p. 3231—was sold to the Bank of Hamburg.
Dated Dec. 1, 1937 and due Dec. 1 as follows:
$500 from 1938 to 1941,
and
$640 in
1942.
,
ISLIP UNION FREE SCHOOL DISTRICT NO. 1
(P. O. Bay Shore),
N. Y.—BOND SALE—The
$990,000 coupon or registered school
building
on Nov. 19—V.
145, p. 3231—were awarded to a syndicate
by Halsey, Stuart & Co. and including the Bancamerica-Blair
Corp., Stranahan, Harris & Co. and Morse Bros. & Co., all of New
York,
on a bid of 100.456 for
2.90s, a basis of about 2.97%.
The bankers are rebonds offered
headed
1958 to' i 967.
(The official advertisement of this
reoffering appears
on
page
000
of
JEFFERSONVILLE
CENTRAL
SCHOOL
DISTRICT,
N.
Y.—
BONDS VOTED—The voters of the district Nov. 8
approved a proposition
$229,625 school building bonds.
to issue
JOHNSON CITY, N. Y.—BOND SALE—The
$15,000 coupon
street improvement bonds offered on Nov.
15—V. 145, p. 3231—
awarded to the Workers Trust Co. of Johnson
City, as 1.90s, at par
plus a premium of $25.80, equal to
100.172, a basis of about 1.87%.
Dated
Nov. 1, 1937.
Due 1942.
were
Other bids
BMdw—
were as
follows:
Int. Rate
.
Bonbnght & Co., Binghamton
J- &W. IBeligman & Co
R. D. White & Co
Bacon, Stevenson
MT.
& Co
VERNON, N. Y.—BOND
bonds was sold
for 10 years.
on
Nov.
Premium
Par
.
1.90%
2%
2%
2.20%
2.25%
__
Sherwood & Co
$4.50
3.60
15.15
10.50
SALE—An issue of $200,000
3% welfare
Fund No. 4.
Due $20,000 yearly
16 to Sinking
O. Mineola),
N.
Y.—TO ISSUE BONDS—
an offering of
$1,500,$750,000 bridge and $250,000 inlet and channel im¬
The county will be in the
market about Dec. 2 with
000 land acquisition,
provement
bonds.
NEW YORK,
it
nnn
until
issuance of the following:
Due April 20, 1938.
Due Oct. 20, 1938.
corporate stock notes.
2% 8Pecial revenue bonds of 1937.
1.500,000 2% tax notes of 1937.
Due Oct. 20, 1938.
5,000,000 2% temporary certificates of indebtedness
relief.
Due
April
20,
for
work and home
1938.
11 a. m. on Nov. 30 by W. E.
Easterling, Secretary of the Local
Government Commission, at his office in
Raleigh, for the purchase of two
of coupon or registered bonds
aggregating $150,000, as follows:
issues
$115,000 water works extension bonds. Due on Dec. 1 as follows:
$3,000,
1939 and 1940; $4,000, 1941 to 1944; $5,000, 1945 to
1950, and
$7,000, 1951 to 1959.
35,000 sewerage extension bonds.
Due on Dec. 1 as follows: $1,000,
1939 to 1945, and $2,000 from 1946 to 1959.
at
place of purchaser's choice..
A separate bid for each issue (not less than
Bids must be on a form to be furnished
par and accrued interest) is required.
with additional information by the
above Secretary.
These bonds were
approved by the voters at an election held on Oct. 4.
The approving
opinion of Masslich & Mitchell of New York will be furnished.
A $3,000
certified check, payable to the State
Treasurer, muct accompany the bid.
HENDERSON, N. C.—BOND OFFERING—Sealed bids will be received
11 a. m. on Nov. 23, by W. E. Easterling,
Secretary of the Local
until
Government Commission, at his office in Raleigh, for the
purchase of two
issues of coupon bonds aggregating $42,000, divided as
follows:
$17,000 refunding bonds.
Due on Dec. 1 as follows: $1,000 in 1938, and
$2,000, 1939 to 1946 incl.
25,000 funding bonds.
Due on Dec. 1 as follows: $1,000 in 1938, and
$2,000, 1939 to 1950.
Interest rate is not to exceed 6%, payable J. & D.
Denom. $1,000.
Dated Dec. 1, 1937.
Principal and interast payable in legal tender in
New York City.
Bonds may be registered as to principal only.
Delivery
on or about Dec.
10, 1937, at place of purchaser's choice.
There will be
no
auction.
A
separate bid for each issue (not less than par and accrued
interest)
Bidders are requested to name the interest rate or rates not
exceeding 6% in multiples of H of 1%; each bid may name one rate for
part
of the bonds of any issue (having the earliest
maturities) and another rate
for the balance, but no bid may name more than two rates for
any issue, and
each bidder must specify in his bid the amount of the
bonds of each rate.
OFFERING
EXPECTED—State
understood to have discussed with
investment bankers
recently a plan to make public offering during December
of an issue of between
$10,000,000 and $15,000,000 5 j-year serial
grade
crossing elimination bonds. The current strength of the market for high
grade municipals and the lack of an
appreciable floating supply of such
liens
have
influenced
the
belief of the Comptroller that now
is the
time to
conclude necessary
financing.
n«PlfKAYUNA (P* °* Schenectady),
966.85
N. Y.—BOND SALE—The $94L-
coupon or registered bonds offered on Nov.
19—V. 145, p. 3231—
were awarded to the
Marine Trust Co. of Buffalo and R. D.
White & Co.
of New York,
jointly
The sale consisted of:
as
2.70s, at
a
price of 100.45,
$28,600.00 Water District No. 5 extension bonds.
a
basis of about 2.65%.
Due May 1
as
follows*
I1.500
«« o««
in 1938 and $1,500 from 1939 to 1956. incl.
6b,366.85 Sewer District No. 1 extension bonds.
Due May 1 as follows*
$3,366.85 in 1938 and $3,500 from 1939 to
1956, inclusive.
Each issue is dated Nov.
1, 1937.
.■
Nl
Y.—CERTIFICATE
&
C°* of New York purchased
certificates at 1.10% interest.
on
Nov.
bonds will be awarded to the bidder
offering to purchase the bonds
at the lowest interest cost to the City, such cost to be
determined by deduct¬
ing the total amount of the premium bid from the aggregate amount of
interest upon all of the bonds until their respective maturities.
Bids must be on a form to be furnished with additional
information by
the Secretary and must be accompanied by a certified check
upon an in¬
corporated bank or trust company, payable unconditionally to the order
of the
NEW
YORK
(State
of)—BOND
Comptroller Morris S, Tremaine is
PEEKSKILL
at par.
bids will be received
The
N. Y.—OCTOBER FINANCING— During the month of
A««enc'ty borrowed $13,000,000 through the
5,'$M££2% special
.
GREENVILLE, N. C.—BOND OFFERING—Sealed
is required.
NASSAU COUNTY (P.
r
2% % and $64,000 314% public improvement bonds
or^££-
tered
t-,
Bank & Trust Co. was second
high bidder.
The bank
offered to take $6,000 2H% and $16,000
3% sewer bonds at par and $34,000
Denom. $1,000. Dated Dec. 1, 1937. Interest rate is not
to exceed 6%,
payable J. & D.
Rate to be in multiples of M of 1%. Prin. and int.
pay¬
able in New York City in legal tender.
Delivery on or about Dec. 17, 1937,
from
this issue.)
Dated Dec. 1, 1937.
The Carbarrus
N.
incl.
1944; $9,000, 1945; $10,000, 1946, and $15,000 in 1947 to 1949.
Prin. and int. payable in legal tender in N. Y.
City.
Nov-
15
SALE—William
R.
Corapton
issue of $25,000 street paving
DatedNov. 15, 1937, and due in one
year
Dillon & Vandewater of N. Y.
City.
The
Marine Trust Co. of Buffalo was second
hign bidder, naming a rate of 1
%.
an
Legality approved by Clay,
RICHFIELD, OTSEGO, EXETER, COLUMBIA AND
WARREN
CENTRAL SCHOOL DISTRICT NO. 1
(Otsego and Herkimer Coun¬
ties), N. Y.—BONDS PUBLICLY
OFFERED—Adams, McEntee & Co.,
Inc., New York, are offering $142,000
3X% bonds due April 1,1952 to 1966
inclusive.
The bonds, which are
priced to yield 2.75 to 2.90%, are
exempt
from all present Federal income taxes
and are legal
investment, in the opin¬
ion of the bankers, for savings banks and
trust funds n New York State.
State Treasurer for $840.
The approving opinion of Masslich &
Mitchell, New York City, will be furnished the purchaser.
IREDELL COUNTY (P. O. Statesville), N. C.—BOND SALE— The
$419,000 issue of coupon refunding road and bridge bonds offered for sale
Nov. 16—V. 145, p. 3047—was awarded to a syndicate
composed of
R. S. Dickson & Co. of Charlotte, Stranahan, Harris &
Co., Inc., of To¬
ledo; the First National Bank, of St. Paul; Lewis & Hall, of Greensboro,
and McAlister, Smith & Pate, of
Greenville, paying a premium of $41.95,
equal to 100.01, a net interest cost of about 4.69%, on the bonds divided
as follows:
$340,000 as 4His, maturing on Dec. 1: $20,000, 1949 to 1953,
and $40,000,
1954 and 1959: the remaining $79,000 as 4^s, maturing
$40,000 in 1960, and $39,000 in 1961.
on
RALEIGH,
N. C.—BOND OFFERING—Sealed bids will be received
on Nov. 30,
by W. E. Easterling, Secretary of the Local
Commission, at his office in Raleigh, for the purchase of an
$80,000 issue of coupon refunding bonds.
Interest rate is not to exceed
6%, payable J. & D.
Rate or rates to be stated in multiples of H of 1%.
Denom. $1,000.
Dated Dec. 1, 1937.
Due $10,000 from Dec. 1, 1946 to
1953, incl.
No bid may name more than two rates and each bid must
specify the amount of bonds of each rate.
The lowest interest cost to the
city will determine the successful bid.
No bid of less than par and accrued
until
11
a.
m.
Government
interest
will be entertained.
Prin. and int. payable in lawful money in
New York City.
Bonds are registerable as to principal only.
Delivery on
about Dec. 15, at place of purchaser's choice.
The approving opinion
of Reed, Hoyt & Washburn, of New York, will be furnished.
A certified
check for $1,600, payable to the State Treasurer, must
accompany the bid.
or
WAKE FOREST, N. C.—BONDS VOTED—We are informed
by the
City Attorney that $20,000 paving bonds were approved by the voters
proceedings to issue will be expedited.
and
NORTH
ROCHESTER,
N. Y.—BOND SALE—The $1,000,000
coupon
tax
bonds of 1937 offered on Nov. 17—V.
145, p. 3232—were awarded
syndicate composed of Lazard Freres & Co., New
York, the First
National Bank of N. Y., Starkweather &
Co., New York and Newton
Abbe & Co., Boston, on a bid of 100.468 for
lHs, a bas's of about 1.35%!
Dated Dec. 1, 1937.
Due $200,000 yearly on Dec. 1 from 1 >3ft to
DAKOTA
revenues
to
a
Barr Bros. & Co. of New York bid
1942
a
premium of $4,590 for 1
ROCKLAND,
CALLICOON,
LIBERTY,
CHESTER, ANDES AND HARDENBURGH
1
offered by the V. W. Brewer & Co. of
Denom.
$1,000.
$13,000, 1942
COL¬
SCHOOL
i
Dated
June
15,
being
Minneapolis, for public investment.
1937.
Due
on
June
15
as
follows:
to 1945; $15,000, 1946; $10,000, 1947 and 1948; $12,000, 1949
$14,000. 1953 to 1957.
Callable on any interest payment date
on one
month's notice.
Principal and interest (J. & D.) payable at the
Bank of North Dakota, Bismarck.
to 1952. and
NEVERSINK,
CENTRAL
BURLEIGH COUNTY (P. O. BDmarck), N. Dak.—BONDS PUB¬
LICLY OFFERED—An issue of $205,000 3%% funding bonds is
Volume
3385
Financial Chronicle
145
PUBLICLY—
public
subscription an issue of $109,000 4% funding bonds.
Denom. $1,000.
Dated July 1, 1937.
Due on July 1 as follows: $6,000, 1942 to 1944, and
$7,000, 1945 to 1957.
Principal and interest (J. & J.) payable at the
N. Dak.—BONDS
DUNN COUNTY (P. O. Manning),
Brewer Co. of Minneapolis,
OFFERED—The V. W.
of North Dakota, Bismarck.
legal approval
Dorsey, Barker & Colman, of Minneapolis.
Bank
is offering for
by Junell,
Fletcher,
1940: and $5,000,
required.
of issue,
!
TOWNSHIP
MADISON
Cert, check for 1% of amount
1941 to 1948.
DISTRICT (P. O. Mt. Perry),
$22,500 for school construction
election.
SCHOOL
Ohio—BONDS VOTED—A bond issue of
was
approved at the recent general
MARION TOWNSHIP SCHOOL DISTRICT (P. O. Leipsic), Ohio—
VOTED—a proposal to issue $85,000 school addition bonds was
approved by the voters on Nov. 2.
BONDS
proposal
GRAFTON, N. Dak .—BONDS VOTED—At a recent election a
to issue $15,000 winter sports building bonds was approved by the
voters.
MONROEV1LLE, Ohio—BONDS VOTED—The voteraof the village on
approved a proposition to issue $15,000 water works improvement
Dak.—BONDS SOLD—It is now reported by the City
offered for sale without success
on July 12, as noted here at that time, have been purchased by the Elk
Valley State Bank, of Larimore, as 5s at par
Nov. 2
Dak .—BONDS PUBLICLY
OFFERED—An issue of $200,000 4% funding and refunding bonds is being
offered by the V. W. Brewer Co. of Minneapolis, for general investment.
Denom. $1,000.
Dated Aug. 1, 1937.
Due on Aug. 1 as follows: $11,000,
1940 to 1955, and $12,000 in 1956 and 1957.
Principal and interest (P. &
A.) payable at the First National Bank & Trust Co., Minneapolis.
Legal
approval by Junell, Fletcher, Dorsey, Barker & Colman, of Minneapolis.
by the voters on Nov. 2.
INKSTER, N.
Auditor
$5,000 building bonds
the
that
(P. O. Stanton), N.
MERCER COUNTY
COUNTY
MOUNTRAIL
(P. O. Stanley), N. Dak.—BONDS PUB¬
Brewer Co. of Minneapolis, is offering for
bonds.
DISTRICT, Ohio—BONDS DEFEATED—
$340,000 school improvement bonds was turned down
MT. VERNON SCHOOL
A proposal to issue
—
NEW LYME TOWNSHIP
RURAL SCHOOL DISTRICT
(P. O. NeW
Lyme), Ohio—BOND SALE—The issue of $25,000 school building bonds
offered on Nov. 15—Y. 145, p. 2893—was awarded to Saunders, Stiver &
Co. of Cleveland as 3 Ms, at par plus a premium of $344.44, equal to 101.37,
a basis of about 3.10%.
Dated Oct. 1, 1937 and due $625 each six months
from April 1, 1939 to Oct. 1, 1958, inclusive.
NEW
KNOXVILLE
DISTRICT,
SCHOOL
LICLY OFFERED—The V. W.
DETAILS—In connection with the previous
feneral subscription $285,000 4% funding andinterest (J.
1,000.
Dated July 1, 1937.
Principal and refunding
SALE
of the
Ohio—BOND
report in these columns
sale of $78,000
the Bank of North Dakota,
Bismarck.
Dorsey, Barker & Colman, of
Legal approval by
bonds. Denom.
& J.) payable at
Junell, Fletcher,
Minneapolis.
(P. O. Lisbon), N. Dak.—BONDS VOTED—
the voters approved tne issuance of the $60bonds, according to the County Auditor.
Dated
Due from 1939 to 1957.
It is said that these bonds will be
after the first of the year.
COUNTY
RANSOM
At the election held on Nov. 9
000 in 4%
court house
Oct. 1, 1937.
offered for sale
SCHOOL
VIKING
DISTRICT (P. O. Hillsboro), N. Dak.—BOND
building bonds offered for sale on Nov. 16—
SALE—The $3,500 school
National Bank
according to
145, p. 3048—were purchased by the First & Farmers
of Portland, as 4s, paying a premium of $4, equal to 100.11,
the District Clerk.
No other bid was received.
V.
SCHOOL DISTRICTS (P. O. Minot), N. Dak.—
four issues of not to exceed 7% school
indebtedness aggregating $7,500, offered on Oct. 30
—V. 145, p. 2730—were not soli, as no bids were received.
The issues are
divided as follows:
$2,000 Burlington School District No. 7; $1,500 Hilton
School District No. 149: $3,000 Roosevelt School District No. 58, and $1,000
Tolgen School District No. 139 certificates.
WARD COUNTY
CERTIFICATES NOT SOLD—The
district certificates of
exceed 7%
offered on
received. The
issues are
School District
No. 80; $1,200 Lund School District No. Ill; $5,000 Ryder Special School
District No. 138, and $1,500 Stammen School District No. 26 certificates.
SOLD—The four issues of not to
CERTIFICATES NOT
school district certificates
aggregating $13,700,
of indebtedness
145, p. 2892—were not sold as no bids were
divided as follows:
$6,000 Hartland Special
6—V.
Nov.
school bldg. bonds as 3Ms, we are advised that they were
purchased by the State Teachers' Retirement System at par and a premium
of $525, plus right to call small balance still outstanding from previous bond
issue.
The bonds just sold, which were approved at the Nov. 2 election,
are dated Nov. 15, 1937.
Coupon in denoms. of $1,950.
Due in 20 years,
callable after 10 years.
Interest payable J. & D.
(P. O. Barberton
the district on Nov. 2
school building bonds.
PERRY TOWNSHIP SCHOOL DISTRICT (P. O. Columbus), Ohio
—BONDS DEFEATED—The voters of the district on Nov. 2 defeated a
proposition to issue $140,000 high school bonds.
PERRY TOWNSHIP SCHOOL DISTRICT (P. O. Zanesville R. R.
No. 8), Ohio—BONDS VOTED—The voters of the district on Nov. 2 voted
approval of a bond issue of $19,000 for school construction.
PIERPONT TOWNSHIP SCHOOL DISTRICT (P. O. Pierpont),
Ohio—BONDS VOTED—On Nov. 2 the voters of the district approved a
proposition to issue $15,000 school bonds.
r ROSEVILLE SCHOOL DISTRICT (P. O. Roseville)
Ohio—BOND
SALE—An issue of $40,000 school completion bonds which was approved
by the voters on Nov. 2 has been sold to Fox, Einhorn & Co. of Cincinnati.
TOWNSHIP SCHOOL DISTRICT
Ohio—BONDS VOTED—The voters of
NORTON
R. R. No. 1),
approved
a
proposition to issue $25,000
Ohio—BONDS VOTED—On Nov. 2
$25,000 storm sewer bonds.
P SHELBY,
the
electorsjapprovedfca
proposition to issue
SCHOOL DISTRICT, Ohio—BONDS VOTED—The voters
Nov. 2 approved a proposal to issue $80,000 school ad¬
SHELBY
of the district on
dition
bonds.
SILVER LAKE,
Ohio—BONDS VOTED— On Nov. 2 a proposal to issue
and sewer bonds was approved by the voters.
$17,000 street construction
(P. O. Bellof the district
school bonds.
VOTED—A proposed $13,000 sewerlbond
SUGAR CREEK TOWNSHIP SCHOOL DISTRICT
brook), Ohio—BONDS VOTED—On Nov. 2 the voters
their approval to a proposition to issue $35,000
gave
VANDALIA, Ohio—BONDS
approved by the voters on Nov.
issue was
2.
to issue $959,198
plant bonds were
WARREN, Ohio—BONDS DEFEATED—Proposals
storm and sanitary sewer bonds and $80,000 incinerator
*
rejected by the voters on
Nov. 2.
WASHINGTON TOWNSHIP
OHIO
SCHOOL DISTRICT (P. O. Curtice), Ohio—
VOTED—On Nov. 2 a proposal calling for the issuance of $100,000
ALLEN TOWNSHIP
BONDS
school
bonds received
the voters approval.
Ohio—RESULT OF BOND ELECTION—On Nov. 2 the
voters turned down proposals for the issuance of $47,007 street improve¬
ment bonds, $18,000 city hail improvement Donds, and $3,199.67 sewer
bonds.
At the same time a proposition to issue $15,000 fire equipment
bonds received the voters' approval.
ATHENS,
TOWNSHIP (P. O. Brookfield), Ohio—BOND OF¬
Clerk, Board of Trustee, will receive bids until
issue of $6,500 4% bonds.
Denom.
$650.
Dated Nov. 1, 1937.
Interest payable semi-annually.
Due $650
each six months from April I, 1938 to Octl 1, 1942
Cert, check for $65,
payable to the Township Trustee, required.
BROOKFIELD
FERING—C. C. McMaster,
noon
11 for the purchase of an
Dec.
CALL—Jessie B. Brown, Secretary of the
Sinking Fund Trustees, announces that $68,000 4% Liberty Street bridge
bonds will be redeemed on Dec. 1, 1937, upon presentation at the Irving
Trust Co., N. Y. City, or at the Provident Savings Bank & Trust Co.,
Cincinnati.
Interest will cease to accrue after the call date.
The bonds
called are in $500 denom., dated June 1, 1889, payable in 1939 and optional,
are
numbered from 1 to 136, inclusive.
CONVOY, Ohio—BONDS VOTED—A proposition to issue $24,000 sewer
disposal system bonds was approved by the voters at the Nov. 2
and sewage
election.
COSHOCTON,
voters
approved
a
but turned down a
Ohio—RESULT OF BOND VOTE—On Nov.
proposition to issue $25,000 hospital addition
proposed $15,000 fire department bond issue.
2 the
oonds
■
school bonds.
DISTRICT (P. O. Clinton), Ohio—
$15,000 for school addition and repairs
was
district on Nov. 2.
WEST UNITY, Ohio—BOND SALE—The $43,000 bonds offered on
Nov. 15—V. 145, P. 2731—were awarded as follows:
_
_
FRANKLIN SCHOOL
bond issue of
approved by the voters of the
WEST
BONDS VOTED—A
$28,000 water works system
construction bonds were sold to P. E. Kline,
premium of $242, equal to
1, 1937, and due $700
1 from 1938 to 1957 incl.
Inc., Cincinnati, as 3M», at par plus a
100.86, a basis of about 3.15% . Dated April
on
April 1 and Ozt.
15,000 first mortgage water works
Stranahan, Harris & Co. of
system construction bonds were sold to
Toledo as 4s, at par plus a premium of
of about 3.98%. Dated Dec. 1, 1937,
Dec. 1 from 1939 to 1953 incl.
$27, equal to 100.18, a basis
and due $500 on June 1 and
DISTRICT (P. O.
building
Saunders.
WILLIAMSFIELD TOWNSHIP RURAL SCHOOL
Williamsfield), Ohio—BOND SALE— The issue of $30,000 school
offered on Nov. 15—V. 145, p. 2893—was awarded to
Stiver & Co. of Cleveland, as 3 Ms, at par plus a premium of
to 101.377, a basis of about 3.10%.
Dated Oct. 1, 1937,
each six months from April 1, 1939, to Oct. 1, 1958. incl.
bonds
$413.13, equal
and due $750
WILLOUGHBY, Ohio—BONDS
SCHOOL DISTRICT,
Ohio—BONDS DEFEATED—
rejected a proposition to issue $135,000 high school
DANVILLE
DISTRICT (P. O.
proposition calling for the issuance of
by the voters on Nov. 2'
WASHINGTON TOWNSHIP SCHOOL DISTRICT (P. O. Ney),
Ohio—BOND SALE—The issue of $60,000 school building bonds offered
on Nov. 15—V. 145, p. 3233—was awarded to the State Teachers'
Retire¬
ment System as 3s, at par plus a premium of $185, equal to 100.308.
WELLSTON SCHOOL DISTRICT, Ohio—BONDS VOTED—At the
recent general election the voters approved a proposal to issue $70,000
CINCINNATI, Ohio—BOND
and
RURAL SCHOOL
Ney), Ohio—BONDS VOTED—,-A
$60,000 school bonds was approved
On Nov. 2 the voters
bonds.
AUTHORIZED—The Village Council
passed an ordinance on Nov. 8 providing for
ceed 3lA% interest refunding bonds.
Dated
on Oct. 1 from 1943 to 1951 incl.
an issue
of $36,000 not to ex¬
Oct. 1, 1937, and due
$4,000
TOWNSHIP SCHOOL DISTRICT (P. O. Apole
Creek;, Ohio—BONDS VOTED—On Nov. 2 the residents of the district
voted approval of a proposition to issue $41,000 school addition bonds.
EAST
UNION
R. J.
EDON, Ohio—BOND OFFERING—Claire Nihart, Village Clerk, will
bids until noon on Dec. 4 for the purchase of $23,000 4%
water works system bonds.
Dated Nov. 1, 1937. Denom. $500.
Due as follows: $500, April 1 and Oct. 1 from 1939 to 1955 incl.;
$1,000,
April 1 and Oct. 1 from 1956 to 1958 incl. Interest payable A. & O. Bidder
may name an interest rate other than 4%, provided that where a fractional
rate is named, such fraction must be expressed in a multiple of M of 1%.
This issue was approved at the Nov. 2 election.
A certified check for 1%
must accompany each proposal.
receive sealed
EDWARDS, Inc.
coupon
FLAT
ROCK TOWNSHIP
Municipal Bonds Since 1892
Oklahoma
AT&T
SCHOOL DISTRICT (P. O. Florida),
Ok Cy
City, Oklahoma
Long Distance 158
19
the general election JSov. 2 the voters of the
district approved a proposal to issue $44,GOO high school addition bonds.
Ohio—BONDS VOTED—At
GENEVA SCHOOL
DISTRICT, Ohio—BONDS VOTED— On
district gave their sanction to
remodeling bonds.
the residents of the
school building
SCHOOL DISTRICT (P. O. Kenton), Ohio—
BONDS DEFEATED—The vote on Nov. 2 on a proposal to issue $150,000
school bonds resulted in rejection of the proposition.
HARDIN DENTRAL
TOWNSHIP SCHOOL DISTRICT (P. O. Defiance
Ohio—BOND SALE—The $65,000 building bonds approved
HIGHLAND
R. R. No. 8),
Teachers' Retirement
$955, equal to 101.469.
JEWETT SCHOOL DISTRICT, Ohio—BONDS VOTED—A proposed
$10,000 school bond issue was approved at the Nov. 2 election.
LOUDON-HOPEWELL SCHOOL DISTRICT (P. O. Tiffin RR.
No. 5), Ohio—BONDS DEFEATED—A proposal calling for the issuance
of $180,000 school building bonds was rejected by the voters on Nov. 2.
LUCAS
COUNTY (P. O.
Toledo), Ohio—BOND OFFERING—
Adelaide E. Schmitt, Clerk, Board of County Commissioners, will receive
bids until 10 a. m. Dec. 6 for the purchase of $51,900 4% Interceptor Sewer
No. 181 bonds.
Denom. $1,000, except one for $900.
Dated Oct. 1, 1937.
Principal and semi-annual interest (April 1 and Oct. 11) payable at the
County Treasurer's office.
Due on Oct. 1 as follows: $6,000, 1939; $5,900.
by the voters on Nov. 2 have been sold
Fund as 3Hs, at par plus a premium of
to the State
OKLAHOMA
Nov. 2
the issuance of $46,000
Okla.-7iO.N7)
13—V. 145,
Trust Co. of Oklahoma
100.053, basis of
1942 to
DURANT SCHOOL DISTRICT (P. O. Duront),
SALE—The $42,000 coupon building bonds offered on Nov.
p. 3048—were awarded to the First National Bank &
City, as 3 Ms, at par plus a premium of $22.50, equal to
a
about 3.24%.
Dated Nov. 15, 1937. Due $3,000 yearly from
1955.
OCINA
JOINT
CONSOLIDATED
SCHOOL
DISTRICT NO. 9
of school
O. Delhi), Ok 1 a.—BONDS NOT SOLD—The $6,300 issue
on Oct. 26—V. 145, p. 2731—was not sold, reports C. C.
Morgan, District Clerk.
Due $1,000 from 1940 to 1945, and $300 in 1946.
(P.
bonds offered
TULSA,
Okla.—BOND ELECTION—It is reported that an election will
14 in order to vote on the issuance of $600,000 in water
be held on Dec.
system
bonds.
OREGON
DESCHUTES COUNTY (P. O. Bend), Ore.—BONDS
At the general election held on Nov. 2, the voters defeated
issue $150,000 in county-city building bonds, according
Clerk.
DEFEATED—
the proposal to
to the County
3386
Financial
Chronicle
PORT OF COOS BAY (P. O. Coos Bay), Ore.—BOND OFFERING
On Dec. 13 the Commission will offer for sale an issue of
$25,000 refunding
bonds.
Due $5,000 yearly on Jan. 1 from 1940 to 1944.
Payments
and
above year ago, totaling $6,098,170
against $5,991,707.
A total of $6,801,875 of the
city tax levy remains still to be collected and
$3,905,058 of the schoo levy.
date called.
TUALATIN SCHOOL DISTRICT (P. O. Sherwood), Or*.—BONDS
PHILADELPHIA SCHOOL DISTRICT, Pa.—SUPREME COURT
AMENDS LOWER COURT RULING ON TAXING POWER—The State
Supreme Court, in a decision handed down Nov. 16, ruled that the Board or
Education could levy a maximum tax of
9234 cents per $100 of assessed
valuation for the years 1938 and 1939.
This is the rate now in effect for
VOTED—At an election held on Nov. 6 the voters are said to have
approved
the issuance of $20,000 in school construction bonds.
The date of offering
has not been fixed as yet, we understand.
WASCO COUNTY (P. O. Dalles City), Ore.—BOND CALL—3. R.
Johnson, County Treasurer, is said to be calling for payment on Dec. 1
and 2, a total of $37,000 road refunding bonds. Dated June 1 and
2, 1933.
1937.
The decree in effect modified the
ruling of Common Pleas Court
No. 2, which was delivered on Oct. 22 and held that the
Board was restricted
to a maximum rate of 85 cents
per $100.
It was this decision which the
Board appealed to the Supreme Court.
The lower Court ruling was made
WASHINGTON
COUNTY SCHOOL DISTRICT NO. 48
(P. O.
Ore.—BOND OFFERING—Sealed bids will be received
8 p. m. on Nov. 24, by Althea Haulenbeck, District
Clerk, for the
purchase of a $38,500 issue of coupon building bonds.
Interest rate is not
to exceed 4%, payable J. & D.
Dated Dec. 1, 1937.
Due on Dec. 1 as
follows:
$3,500 in 1939. and $5,000 from 1940 to 1946, incl.
Prin. and
int. payable at the County Treasurer's office or at the fiscal
agency of the
State in New York City.
These bonds were approved by the voters on
Feb. 1, 1937.
The approving opinion of Teal, Winfree, McCulloch, Shuler
in
Beaverton),
105.390 & Interest
to
Net
brought by Mayor S. Davis Wilson,
3.30%
1520 Locust St., Philadelphia
1938, budget appropriations for
that period will necessarily have to be
sharply reduced in order to main¬
tain the levy within the figure of 92
34 cents allowed by the Supreme Court.
That the high Court would not seek to "embarrass
the Board
by arbi¬
trary judicial limitation of its taxing power" was indicated in remarks made
by Chief Justice John W. Kephart, following hearing of
arguments on Nov.
The Justice said:
"This Court does not propose to embarrass school
districts.
"If we sustain the ruling of the Court
below—and I am not saying we
will sustain it—we have the power to
modify its decree.
We will exercise
that power.
We will see that the school teachers are
paid their salaries.
We will see that the bonded indebtedness of
the school district is taken
care of."
12.
PHILADELPHIA
BADEN, Pa.—BOND OFFERING—The Borough Secretary will receive
p. m. Dec. 6 for the purchase of an issue of $10,000 coupon
Bidders are to specify the rate of
interest, in a multiple of 34%.
Denom. $1,000.
Interest payable June 1 and Dec. 1.
Due $1,000 yearly
from 1938 to 1947.
Certified check for $500 required.
of Education
taxing power
bids until 8
Title Bank
bonds.
1933-1937 school
BENTLEYVILLE, Pa.—BOND SALE POSTPONED— Date of sale of
the $75,000 water works
system bonds has been postponed from Nov. 19
to Dec. 6.
Bidder to name the rate of interest and
the issue to mature
Dec. 1 as follows: $3,000 from 1941 to
1950 incl. and $5,000 from 1951 to
1959 incl.
p. m. Nov. 29, for the
purchase of $175,000 coupon bonds.
Bidders are to name rate of
interest,
in a multiple of
3£%.
Dated Dec. 1, 1937.
Interest payable June 1 and
Dec. 1.
Due on Dec. 1 as follows:
$7,000, 1940 to 1948, and $8,000,
1949 to 1962.
Certified check for $3,000, payable to the
District Treasurer,
required.
Approving opinion of Burgwin, Scuhy & Churchill of
Pittsburgh,
will be furnished by the district.
CONNEAUT LAKE SCHOOL
DISTRICT, Pa.—BOND OFFERING—
Hazel Huntley, Secretary, School
Board, will receive bids until 8 p. m.
Nov. 29 for the purchase of
$18,500 3% coupon registerable as to
principal,
bonds.
Denom. $500.
Due $1,000 yearly on Nov. 1 from
1940 to 1957,
and $500 Nov. 1., 1958.
Cert, check for $500,
required.
HOUTZDALE
general
SCHOOL
election
the
DISTRICT, Pa.—BONDS VOTED—At
voters
of
$15,000 school bond issue.
the
district
approved
a
the
proposed
MORRJS TOWNSHIP (P. O. Waynesburg), Pa.—BOND
—Thomas
OFFERING
F, Ealy, Township
Secretary, will receive sealed bids at the
of Ambrose
Bradley, Township Attorney, First National Bank &
Trust Co., Bldg,,
Waynesburg, until 7:30 p. m. on Nov. 27 for the purchase
of $17,000 coupon or
registered funding bonds.
Dated Dec. 15, 1937.
Denom. $500.
Due Dec. 15 as follows:
$1,000 in 1938 and 1939, and $1,500
from 1940 to 1949, incl.
This is a Councilmanic loan
and both principal
and interest (J. & D.) will be
payable at the First
office
National Bank & Trust
of the bid, payable to the
Co., Waynesburg.
A certified check for 2%
Phillips, District Treasurer, must
accompany each proposal.
The approving opinion of
Saul, Ewing, Remick & Saul of
Philadelphia will
order of T. G.
be furnished the successful
bidder.
PENNSYLVANIA (State of)—LOCAL
ISSUES APPROVED—The De¬
Municipal Affairs, has approved
partment of Internal
Affairs, Bureau of
the following bond issues.
amount and purpose
Information includes
of issue and date approved:
name
SUES
FOR
&
Trust
Co.
restricted to
was
of
85 cents per $100, the Land
a refund on its
Philadelphia hat demanded
taxes for the
Keystone Bldg.
The complaint, filed with
Frank Willard, as receiver of school
taxes, seeks the return of $17,355.95,
the difference between what the
bank, as as trustee for owners of the
building, paid under the school board's past tax levies (934 mills in
1933,
934 thereafter) and the 834 mills which the court held was the maximum
levy permitted the board under the legislative act of 1919.
The Acts of
1921 and 1927, which governed the
higher rates fixed by the board, were
held unconstitutional
Township School District, Westmoreland
County—Equipping and furnishing a new high
school building;
erecting an addition thereto..
Coalport Borough School District, Clearfield
County—Tearing down grade school building;
building new school building,
equipping and
furnishing same
New Castle Township School
District—Schuyl¬
kill
County—Funding judgments
Cresson Township School
District, Cambria Co.
—Paying operating expenses
East Pennsboro
Township School District, Cum¬
of the
municipality,
County—Constructing and equipping
addition to the present high school building
in the court's decision.
The City Solicitor's office
on the action, stated that the
bank and other taxpayers
redress unless their complaints were filed at the time the
Township, Delaware County
floating indebtedness, $20,000;
improvements, $30,000
there
fact and not
in
law.
According
to
newspaper
accounts,
similar
actions
possible for refunds totaling about $30,000,000.
PITTSBURGH, Pa .—SUED
FOR DEBT OF ANNEXED BOROUGH OF
OVERBROOK—The city will present an argument
probably in January to
the State Supreme Court that it should not
have to assume a $332,602 debt
by the former borough of Overbrook before its annexation to the
city.
Judge John P. Egan of the County Common Pleas Court held that the
city
must pay the debt which the
borough owed to the Iron & Glass Dollar Sav¬
ings Bank of Birmingham, Southside.
Judge Egan held that the city as¬
sumed the borough's debts when it annexed
the community.
'
owed
RANSOM TOWNSHIP SCHOOL DISTRICT
(P. O. Clarks Summit,
R. D. 2), Pa .—BONDS NOT
SOLD—According to C. D. Lacoe, District
Secretary, the sale of $23,000 334% funding bonds scheduled for Nov. 6—
—Y. 145, p. 2732—was not held.
Dated July 1, 1937 and due $1,000 on
July 1 from 1940 to 1962, inclusive.
STROUDSBURG, Pa.—BONDS DEFEATED—At
the proposal to issue
UPPER
$85,000 sanitary
PROVIDENCE
sewer system
TOWNSHIP
Mont
the Nov. 2 election
bonds
SCHOOL
was
defeated.
DISTRICT
(P.
O.
Clare), Pa .—BOND OFFERING—William J. Epprecht, District
Secretary, will receive sealed bids until 8 p. m. on Dec. 7 for the pin-chase
of $55,000 2, 234.
234. 234. 3, 334. 334, 334 and 4% coupon, registerable
to principal
only, grade school bonds. Dated Dec. 1, 1937.
Denom.
$1,000.
Due Dec. 1 as follows: $2,000 from 1938 to 1957 incl. and
as
is
also
from 1958 to 1962 incl.
Bidder to name a single rate of
interest, payable
J. & D.
The bonds and interest will be
payable without deduction for
any
tax or
taxes, except succession or inheritance taxes, now or hereafter levied
assessed thereon under
any present or future law of the Commonwealth,
all of which taxes the district assumes
and agrees to pay.
No bid for less
than par and accrued interest will be
considered.
A certified check for 2%
of the bonds bid for,
payable to the order of the District Treasurer, must
accompany each proposal.
Legality to be approved by Townsend, Elliott
& Munson of
Philadelphia,
or
WEST
HAZLETON
SCHOOL
DISTRICT, Pa .—BONDS VOTED—
$69,000
sewer
Nov.
8,1937
8 000
Nov.
8,1937
101,000
Nov.
9, 1937
4,000
WHITE TOWNSHIP
The voters of the
bonds.
(P. O. Beaver Falls), Pa.—BONDS VOTED—
township have approved a proposal to issue $20,500
WILKES BARRE TOWNSHIP SCHOOL DISTRICT
(P. O. Wilkes
issue of $40,000 334%
funding bonds has
Employees' Retirement Board.
Barre), Pa.—BOND SALE—An
-
Nov. 12. 1937
50,000
50.000
a
conditional
The approvals announced
are for
a
continuation of
the
$65,000,000 State improvement
program which is being made possible
by
by PWA s cash grant allotment of
$10,000,000 and additional conditional
grants already announced
depending upon the amount of certified relief
Tabor employed.
PHILADELPHIA, Pa.—TAX COLLECTIONS EQUAL
84% OF
—A total of
LEVY
84.30% of the city tax levy and 83.83% of the school
tax levy
wascollected in the first ten months or
1937, the monthly report of Frank
J. Willard, receiver of
taxes, shows.
Collections from all sources in the
period amounted to $78,992,997 compared with
$81,499,527 in the corre¬
sponding period of 1936.
This compared with
$81,499,527 in the corre¬
sponding period of 1936.
The $3,406,530
drop in receipts was accounted
for by falling off in
delenquent payments.
City tax collections totaled $36,182,194
compared with $36,107,791 year
ago, while school levy
payments were $20,045,095 against $20,042,155.
Personal property receipts increased
$348,561. amounting to $3,363,514.
mistakes
are
8,1937
grant which
provides that for every dollar spent for
certified relief labor at the site of
construction, the authority will receive $1.33 1-3 from
PWA provided that
this bonus plus the
outright grant does not exceed 45% of the total
cost
of
construction.
to
Nov.
PENNSYLVANIA GENERAL STATE
AUTHORITY, Pa.—PWA
APPROVES PROJECTS— Public
Works Administrator Harolcl L. Ickes
has
announced the approval of
plans for 19 additional projects
proposed by the
Pennsylvania General State
Authority under allotments which have been
2?£°,ulicecL These will make possible construction estimated to cost
$17,416,000.
Public Works Administration's
outright grant for the con¬
but
tax
was paid".
Attorneys for the bank replied that the claim had been filed
"as protection" in event the
Supreme Court sustains the recent decision.
The School Board's legal department stated that the law under
which the
bank filed its claim is controlling
only in case of mistakes in
Amount
Nov. 13,1937
Nether Providence
$2,679,000,
no
Date Approved
berland
totals
"have
The residents of the district have
given their approval to a proposition to
issue $100,000 school bonds.
Mumcipahly and Purpose
Penn
struction
Pa.—BANK
$3,000
NORTH CHARLEROI SCHOOL
DISTRICT (P. O. North
Charleroi)
Pa.—BOND SALE—The $36,000
coupon bonds offered on Nov. 16—V.
145, p. 3234—were awarded to
Singer, Deane & Scribner of Pittsburgh, as
3 Ms, at par plus a
premium of $261, equal to
100.725, a basis of about
3.18%.
Dated Nov. 1, 1937.
Due $2,000 yearly on Nov. 1 from
1940
to 1957.
Johnson & McLean of
Pittsburgh bid a premium of $438 for 334s.
sewer
DISTRICT,
commenting
BRADDOCK SCHOOL
DISTRICT, Pa .—BOND OFFERING—Stephenh
Andolina, District Secretary, will receive bids until 8
—Funding
SCHOOL
TAX REFUND—As an aftermath to the recent
Common Pleas Court de¬
cision (being appealed to the State
Supreme Court) under which the Board
PENNSYLVANIA
xt
taxpayer, who contended
general power to modify the injunction granted by the court of original
jurisdiction.
The decision also held that the claims of
taxpayers for re¬
funds of payments made in previous
years over the basic rate of 85 cents
could not be enforced, and that taxes still due are
payable in the full amount
levied.
In fixing a rate of 9234 cents for 1938 and
1939, the Court pointed
out that this will obviate the
necessity for a special session of the General
Assembly to remedy the situation.
Moncure Biddle & Co.
recent
as a
In its decision the Supreme Court sustained the
lower tribunal's ruling
that the Legislative Acts of 1921 and 1929 were
unconstitutional, but in
view of the "threatened
emergency of serious proportions," exercised its
4% Bonds due November 1, 1946
Price:
suit
cretion
&
City of Philadelphia
a
that the Legislative Acts under which the Board
fixed rates at its own dis¬
were
unconstitutional.
Inasmuch as it was indicated that the
Board proposed a rate of about $1.10 for
until
Kelley, of Portland, will be furnished. A certified check for $1,000 must
accompany the bid.
(This report supplements the offering notice given in our issue of Nov. 13
-V. 145, p. 3234.)
20, 1937
Personal property
delinquency payments showed improvement, amount¬
ing to $346,265 compared with $190,025.
Water rent collections were
Ore.—BOND 'CALL—William Adams, City Treasurer,
Is reported to be calling for
payment at his offce in Dec. 1, on which date
interest shall cease, numbers 701 to 900, of 5% improvement
(Rebond)
bonds, dated Nov. 15, 1934.
Denom. $1,000.
The par value and accrued
on
tax
Nov.
delinquent city taxes were $6,521,724, a drop of $2,804,752
delinquency payments dropped $1,560,928, totaling $3,-
$565,582.
PORTLAND,
interest will be paid upon presentation of said bonds
school
on
been sold to the Public School
RHODE
ISLAND
PAWTUCKET, R. I.—BONDS AUTHORIZED—On
Council authorized
works bonds.
the
issuance
of
$350,000
highway,
Nov.
sewer
10 the City
and water
PROVIDENCE, R. I.—CASH DEFICIT PUT AT
$749,341—Although
the city closed its books for the fiscal
year ended Sept. 30 with a net deficit
of $249,341.99 and a cash deficit of
$749,341.99, City Auditor William F.
Brown, who released the figures
recently, saw a bright spot in the financial
picture. The statement, he said, was the best
since seven years ago when
the city ran into its first deficit.
Had not additional
appropriations been called for during the
year, Mr.
Brown said,
"we surely would have lived within our
incorre.
However,
certain unforeseen
emergencies arose which required the additional
appro¬
priations and these additions have caused the
deficit."
Total expenditures for the
year amounted to
$15,432,180.99, while total
receipts were $15,182,839, according to Mr. Brown.
While expenditures thus exceed the
receipts by $249,341.99, the amount
of the net deficit, the
receipts announced by Mr. Brown include,
however,
the sum of $500,000 borrowed
by the city in anticipation of taxes. When
this sum is subtracted from
the receipts, the actual tax
deficit is raised to
$749,341.99.
Mr. Brown pointed out that
against the $500,000 borrowed in anticipation
of taxes, the
city has uncollected taxes amounting to
$679,073.39 for 1936
on which no tax sale
has as yet been held.
Last year the city closed its books
with a net deficit of
only $116,556.97
but with a cash deficit of
$816,556.97. Included in this cash deficit were tax
anticipation notes for $700,000 against
outstanding uncollected taxes of
$749,000 at the close of the fiscal year.
The net deficit at the close of the
1934-35 fiscal year was only $127,402.78
but the cash deficit
amounted to
$800,000 in anticipation of
$537,000.
taxes as
$927,402.78, including
borrowing
of
against outstanding uncollected taxes of
The fiscal year 1934-35 was the
first year in which
money in anticipation of taxes because of revenue
the city
borrowed
deficiency problems
Volume
Financial
145
3387
Chronicle
The net deficits during the three fiscal years prior to that were as follows:
1933-34, $236,661.33 1932-33, $150,420.12; 1932-32, $170,890.67.
The City of Providence has no accumulated deficit and this deficit will
be cared for as in the past, by inclusion for payment in our next annual
budget, Mr. Brown said.
awarded jointly to the Fidelity Bankers Trust Co., and
both of Knoxville, paying a premium of $265.00, equal
to the City Recorder.
Dated Nov. 15, 1937. Due from
Booker & Davidson
to 100.31, according
1938 to 1953.
SPRINGFIELD, Tenn .—BOND SALE— The $138,000 4% coupon city
on Nov.
15—V. 145, p. 2895—were awarded to Robinson,
Securities Corp., the Cumberland Securi¬
ties Corp., the Equitable Securities Corp., and J. W. Jakes & Co., all of
Nashville, at par plus a premium of $1,065, equal to 100.772, a basis of
about 3.92%.
Dated Nov. 1, 1937.
Due on Nov. 1 as follows: $5,000,
1939 to 1941; $6,000, 1942 to 1945; $7,000, 1946 to 1949; $8,000, 1950 to
1952; $9,000, 1953 to 1955; and $10,000 in 1956 and 1957.
bonds offered
Webster & Gibson, the Nashville
CAROLINA
SOUTH
COUNTY (P. O. Spartanburg), S. C.—BOND
SALE POSTPONED—It is stated by R. H. Ashmore, Clerk of the County
Board, that the sale of the $130,000 highway bonds, scheduled for Nov. 29
as noted in these columns on Nov. 13—V. 145, p. 3234—has been postponed.
He reports that the bonds will be readvertised for sale in the near future.
Datea Dec. 1, 1937.
Due $13,000 from Dec. 1, 1945 to 1954, incl.
SPARTANBURG
TEXAS
BIG
SOUTH
SCHOOL
INDEPENDENT
COUNTY
CLARK
DAKOTA
DISTRICT NO.
15
(P. O. Clark), S. Dak.—BOND OFFERING-—Sealed bids will be received
7.30 p. m. on Dec. 3, by Ann Brown, District Clerk , for the purchase
of a $10,000 issue of school bonds.
Interest rate is not to exceed 5%,
payable J. & D.
Denom. $500.
Dated Dec. 1, 1937.
Due on Dec. 1
as follows:
$1,000, 1939 to 1945, and $1,500 in 1946 and 1947.
These
bonds were approved by the voters on Nov. 1.
A certified check for 5%
INDEPENDENT
SPRING
SCHOOL
DISTRICT
(P.
Big
O.
Spring), Texas—BOND OFFERING—It is reported that sealed bids will
be received until Nov. 22, by the Secretary of the Board of Education,
for the purchase of the $65,000 5% semi-ann. building bonds that were
approved by the voters at the election held on Nov. 2, as noted in these
columns—V. 145, p. 3235.
until
of the bid is required.
1
(These bonds were originally scheduled for sale on
Dec. 26.)
POINT
INDEPENDENT
HURON, S. Dak.—BOND OFFERING—William H. Olson, City Treas¬
will receive sealed and auction bids until Dec. 6, for the purchase
a $230,000 issue
of 4% semi-ann. municipal auditorium bonds.
Denom.
$1,000.
Dated July 1, 1937.
Due on July 1 as follows:
$1,000, 1939 to
1944; $15,000, 1945 to 1956, and $14,000 in 1957.
The bonds are being
sold subject to a resolution of the Board of City Commissioners, dated
Oct. 19, 1937.
The city will furnish the printed bonds. A certified check
for 2%, payable to the City Treasurer, must accompany the bid.
(This report supersedes the offering notice given in our issue of Nov. 6
—Y. 145, p. 3049.)
urer,
LAMRO INDEPENDENT SCHOOL
S.
DISTRICT No. 20 (P.O. Winner),
OFFERING—Dorothy Kares, Clerk, Board
will receive bids until 7 p. m. Nov. 27, for the purchase
Dak.—BOND
tion.
of Educa¬
of $34,000
refunding bonds.
MISSION, S. Dak.—BONDS SOLD—It is reported by the Town Treas¬
that the $2,000 5% semi-annual community hall bonds offered for sale
success last April, have been purchased by local investors.
urer
without
ROSCOE, S. Dak.—BONDS NOT SOLD—The $6,000
system bonds offered on Nov. 15—V. 145, p. 3235—were
Nov. 1, 1937.
Due $500 yearly on Nov. 1 from 1939 to
SOUTH DAKOTA, State
with the reoort given in
5% water works
not sold. Dated
1950.
of—BOND SALE DETAILS— In connection
of the $1,000,neaded by Phelps,
these columns of the sale on Nov. 9,
refunding bonds to a combined group of bidders
Fenn & Co. of New York, and the Wells-Dickey Co.
000
of Minneapolis, as
3%s, at a price of 100.01, a basis of about 3.87%—V. 145, p. 3235—we
are now in receipt of the following additional information:
The group headed by Phelps, Fenn & Co. received 60% of the issue.
Associated with this firm were: Stranahan, Harris & Co.; E. H. Rollins
& Sons; Eldredge & Co., Inc.; R. H. Moulton & Co., and Wheelock &
Cummins, Inc.
of the sale, in¬
& Trust Co.,
The Wells-Dickey side of the operation, involving 40%
the following participants: First
National Bank
cluded
Minneapolis; First National Bank of St. Paul; Northwestern National Bank
& Trust Co., Minneapolis; Illinois Co. of Chicago; Allison-Williams Co.;
Piper, Jaffray & Hopwood- Bigelow, Webb & Co., and Justus F. Lowe Co.
WAGNER
S.
Wagne~,
INDEPENDENT SCHOOL DISTRICT (P. O.
OFFERING—Sealed bids will be received until
Dak.—BOND
2 p. m.
Nider, District Clerk, for the purchase of an $18,000
school bonds.
Denom. $500.
Dated June 1, 1937.
Due as follows:
$1,000, 1940 to 1944; $2,000. 1945 to 1949, and $1,500 in
1950 and 1951.
(The Public Works Administration has approved a loan
of like amount for the construction of an auditorium and gymnasium.)
Nov. 22, by F. M.
issue of 4% semi-ann.
on
INDEPENDENT
now
INDEPENDENT
DALLAS
CONSOLIDATED SCHOOL DIS,
TRICT NO. 3 (P. O. Elk Point), S. Dak.—BOND OFFERING—Mabel
Leyman, Clerk Board of Education, will receive bids until 1 p. m„ Nov. 22
for the purchase at not less than par of $50,000 coupon registerable as to
principal, school building bonds.
Bidders are to name rate of interest,
in a multiple of M%. but not to exceed 5%.
Denom. $1,000.
Dated
Nov. 1, 1937.
Interest payable semi-annually.
Due yearly on Nov. 1
as follows:
$2,000, 1940 to 1974; $3,000, 1948 to 1953, and $4,000, 1954
to 1957.
Certified check for 2% of amount of bonds, payable to the Clerk
of the Board, required.
The sale will be made subject to the approving
opinion of Chapman & Cutler of Chicago.
ELK
SCHOOL DISTRICT (P. O. Canyon),
reported by the Secretary of the Board of
bonds purchased at par
by the State Board of Education, as noted here recently—V. 145, p. 2895
—are due from 1938 to 1965
CANYON
Texas—MATURITY—It is
Education that the $141,000 4% semi-ann. school
Texas—BOND
9. it
Nov.
was
OFFERING—At
SCHOOL
a
meeting
Nov. 19, for the purchase
of
an
ELECTRA Texas—BOND TENDERS INVITED— It is stated by E. W.
Presson, City Secretary, that he will receive sealed offerings until 5 p. m.
on Dec. 15, of refunding bonds, series of 1936, dated Dec. 1, 1936.
Subject
to the right of rejecting any and all bids for offerings, the city will use
$7,000 of surplus funds for the purpose of purchasing and canceling refunding
bonds at the lowest prices offered up to an amount sufficient to exhaust
such surplus.
•
SOLD—The
Superintendent
Tenn.—BOND TENDERS
Bramley, County Judge, that in accord¬
the county on
at 11 a. m., for
general refunding and funding bonds of 1936, series C to H incl., for the
account of its interest and sinking fund.
The tenders so made to be in
amount not to exceed $10,000 par value, and the price at which the bonds
CARROLL COUNTY (P. O. Huntingdon),
the provisions of bond resolutions adopted oy
Oct. 5, 1936, sealed tenders will be received until Nov. 29,
with
value and accrued interest.
are accepted on tenders shall be shipped for delivery on
Bank of Huntingdon.
The county reserves the right to
reject any or all tenders.
Tenders must stipulate the series and numbers
of bonds and bonds so delivered must be identical with the bonds tendered.
tendered not to exceed their face
Bonds
6,
which
to
the
CARTER COUNTY (P. O. Elizabethton), Tenn,—BOND ISSUANCE
APPROVED—The Court of Appeals is reported to have upheld a ruling of
the Circuit Court approving the issuance of $54,303 in funding bonds to
take care of the county's floating indebtedness.
ISSUANCE
Tenn.—BOND
COLUMBIA,
Commission is said
to
APPROVED—The
have approved recently the issuance
$147,000 in refunding and school
City
of a total of
building bonds.
Due in 30 years.
The bonds were originally voted in the amount
$16,000 last May, but the election was declared illegal and new bonds
at par.
of
voted later.
were
FORT
STOCKTON
INDEPENDENT SCHOOL DISTRICT, Tex.—
has been called for Nov. 20 at which
BOND ELECTION—A special election
a
proposal to issue $50,000 school
building bonds will be submitted to a
vote.
Texas—BOND
GALVESTON,
missioner of Finance and Revenue,
OFFERING—A.
is stated by T. R. Preston, Chair¬
that he has purchased for sinking
bonds.
outstanding bonds—V. 145, p. 3049—it
man of the Sinking Fund Commission,
a
total of $28,000 4^ % road
JOHNSON
CITY,
Tenn.—BONDS
Cumberland Securities Corp., Nashville, is
PUBLICLY
OFFERED—The
offering for public subscription
$617,000 4H% waterworks refunding bonds, at 104.50 on the earlier ma¬
turities and 104.00 for the later years.
Coupon bonds of $1,000 denomina¬
tion.
Dated March 1, 1937.
Due serially on March 1, from 1950 to 1967
incl.
Prin. and int. (M. & S.) payable at the Chemical Bank & Trust Co.,
New York.
Legality approved by Chapman & Cutler of Chicago.
These
bonds are said to be secured by a first lien on water revenues.
It is also
reported that they are part of a
J.
Peterson,
Com¬
26
will receive bids until 10 a. m. Nov.
Bidders are to
$1,000. Dated Jan. 1,
1938.
Principal and semi-annual "interest (Jan. 1 and July 1) payable at
the City Treasurer's office or at the National City Bank of New York,
in New York.
Due on Jan. 1 as follows:
$15,000, 1939 and 1940; $16,000,
1941; $17,000, 1942 and 1943; $18,000, 1944; $19,000, 1945 and 1946;
$20,000, 1947; $21,000, 1948; $22,000, 1949; $23,000, 1950; $24,000, 1951;
$25,000, 1952; $26,000, 1953; $27,000, 1954; $28,f00, 1955; $29,000, 1956;
$30,000, 1957: $31,000, 1958; $32,000, 1959, and $26,000, 1960. Certifeid
check for 2% of amount of bid, payable to the city, required.
Approving
opinion of Thomson, Wood & Hoffman of New York will be furnished by
the city, which will also engrave, lithograph or print the bonds at its own
for the purchase of $5C0,000 series C coupon school
name rate of interest, in a multiple of
%. Denom.
bonds.
expense.
Groesbeck have
works bonds.
GROESBECK, Tex.—BONDS VOTED—The citizens of
approved a proposition to issue $80,000 water
INDEPENDENT SCHOOL DISTRICT, Tex.—BONDS
VOTED—The voters of the district recently approved a proposition to issue
$40,000 high school gymnasium bonds.
MIDLAND
MISSION,
Texas—BOND
EXCHANGE
DETAILS—In
connection
of which $401,500 were exchanged with
reported to us recently by R. J. Rome, City Secre¬
tary-Treasurer, and noted in these columns—V. 145, p. 3235—it is now
stated by Mr. Rome that the bonds bear 4% interest for the first three
years; 4p£% for the next two years, and 5% on the remainder to maturity.
Denominations $500 and $1,000.
Dated Jan. 1, 1937.
Due on Jan. 1 as
follows:
$5,000, 1942; $6,000, 1943; $7,000, 1944; $8,000, 1945; $9,000,
1946; $10,000, 1947; $12,000, 1948; $14,000, 1949; $16,000, 1950; $18,500,
1951: $20,000, 1952; $21,000, 1953; $22,000, 1954; $23,000, 1955 to 1957;
$24,000, 1958 and 1959; $25,000, 1960; $26,000, 1961; $27,000, 1962 to
1965, and $31,000 in 1966.
Prin. and semi-annual int. payable at the
Chase National Bank, New York.
with the $475,500 refunding bonds,
the original holders, as
issue
of $80,000
Christ!), Texas—BONDS OFFERED
& Beane of New Orleans are offering to investors
3lA% road refunding bonds at prices to yield from
3% to 3.40%, according to maturity.
Denom. $1,000. Dated Sept. 1,
1937.
Principal and semi-annual interest (March 1 and Sept. 1) payable
at the State Treasurer's office in Austin.
Due $20,000 on Sept. 1 in each
of the years 1943, 1944, 1947 and 1948.
ROCKPORT, Texas—BONDS VOTED—At a special election held Oct.
the issuance of $55,000 water bonds and $50,000 gas
30 the voters approved
plant bonds.
WELLINGTON
BONDS
INDEPENDENT
SCHOOL
DISTRICT, Texas—
issued $9C,000 4%
REFUNDED—The Board of Education has
refunding bonds to the State
amount of
Board of Education in exchange for a like
5% bonds.
UTAH
OGDEN, Utah—BOND OFFERING—M. L. Critchlow, City Auditor,
is offering to local investors a total of $135,000 Curb and Gutter District
No. 136 and Paving District No. 158 bonds.
Of the total, $25,000 will be
sold on Nov. 18 and $110,000 on Dec. 15.
The bonds will bear interest
at 6%, and will be sold at par.
Denoms. $100 and $500. Due in from
one to
PUR¬
HAMILTON COUNTY (P. O. Chattanooga) Tenn .—BONDS
CHASED—In connection with the report given in these columns recently,
that sealed tenders would be received until Nov. 16 for the sale of various
funds,
of
school bonds were sold to the State Board of
an
INVITED—It is stated by Adrian
Dec.
O. Floyd), Texas
Schools reports that $12,000
Education on July 7, as 4s
FLOYD INDEPENDENT SCHOOL DISTRICT (P.
—BONDS
NEUCES COUNTY (P. O. Corpus
are
1 p. m. on
issue of $150,000 school bonds.
TO INVESTORS—Fenner
TENNESSEE
ance
DISTRICT (P. O. Dallas),
of the City Council held on
ordered that sealed bids will be received until
five years.
PROVO, Utah—BOND OFFERING—Mayor Mark Anderson announces
that on Nov. 24 the City Commission will offer for sale $40,000 6% special
improvement paving bonds.
SALINA, Utah—BOND
SALE DETAILS—In connection with the
sale
bonds to the Lauren W. Gibbs Co. of Salt Lake City,
noted in these columns recently—V. 145, p, 3049-rIt is stated
by the City Recorder that the said firm purchased an additional $25,000,
the entire issue being sold as follows: $15,000 as 2^s, maturing $3,000
from Dec. 30, 1938, to 1942; $10,000 as 3 Ms, maturing on Dec. 30: $3,000,
1943 to 1945, and $1,000 in 1946; $5,000 as 3 Ms, maturing on Dec. 30:
$2,000 in 1946, and $3,000 in 1947; $30,000 as 4M», maturing on Dec. 30;
$3,000, 1948 to 1957. incl.
of the $35,000 water
at par,
as
VIRGINIA
total refunding program involving $1,12a,000
bonds.
KNOXVILLE, Tenn.—BOND TENDERS INVITED—R. Rex Wallace,
he will receive sealed tenders offering for
refunding bonds to the city, dated Jan. 1, 1933, and maturing on
Jan. 1, 1958, to the amount of $25,000, for the purchase by the Sinking
Fund Board in compliance with the law authorizing same.
Sealed tenders
will be received until 10 a. m. on Nov. 30.
Tenders shall be accompanied
by a certified check for 1% of the face amount of bonds tendered for
$25,000
Director of Finance, states that
RICHMOND, Va., Registered 4s
sale
Due
July 1, 1945 @ 2.00% basis
F. W. CRAIGIE &
purchase.
If desired, that their tenders are for the purchase
bonds tendered, and shall state the time and place for
delivery of the bonds, the interest rate and number of bonds offered.
The city prefers that dehvery be made at the Hamilton National Bank,
Bidders may stipulate.
COMPANY
Richmond, Va.
of all or none of the
Phone 3-9137
A. T. T. Tel. Rich. Va.
83
Knorville.
MARION
COUNTY
(P.
O.
Jasper),
Tenn.—BOND ELECTION—
22 for the purpose
The County Court has ordered an election to be held Nov.
of voting on a proposal to issue $90,000 school bonds.
MARYVILLE,
semi-ann. building
SALE—The $85,000 issue of 3M%
offered for sale on Nov. 15—V. 145, p. 3235—was
Tenn.—BOND
bonds
RICHMOND, Va.—REVENUES SHOW SLIGHT DECREASE UNDER
FIGURES—Revenues collected by the City from all sources in the first
1936
or $71,342 below the
the comptroller s report
10 months of the current fiscal year are $5,443,640,
total cash receipts as of Oct. 31, 1936, according to
to
City
Council,
3388
Financial
The decrease is
Chronicle
in effect.
was
Most other
sources
of revenue show
a
slight increase.
Canadian Municipals
Total estimated
will come in
receipts for 1937 are 9,146,000 and the heaviest collections
December, when the last half of the year's real estate licenses
Licenses this year have netted $507,765 as against $460,966 at this
Information and Markets
time last year.
Receipts from gas and water sales to October 31 are $1,514,505 as against
$1,537,390. year ago.
Temporary loans so far this year amount to $900,000 as against $1,000,000 a year ago.
BRAWLEY, CATHERS & CO.
25
KING ST.
VERMONT
VERMONT
WEST, TORONTO
basis of about
1.66%.
Dated Nov. 1, 1937 and due $50,000
from 1939 to 1948 incl.
on
CANADA
have
SEATTLE
SAN FRANCISCO
Teletypes SEAT 187, SEAT 188
Teletype SF 290
WASHINGTON
BENTON COUNTY SCHOOL DISTRICTS
(P. O. Pro.ser), Wa.h.
PAID—In connection with
the sale of the
$750,000 4% light and power bonds to a syndicate headed
by Drumheller,
Ehrlichman & White of Seattle, noted in these columns in
October—
V. 145, p. 2588—it is stated
by the City Comptroller that the bonds were
sold at a price of
97.00, a basis of about 4.29%.
Dated Oct. 15, 1937.
Due from Oct. 15, 1941 to
1959, inclusive.
90-day option
as
stated
by Mr. Carroll
additional $750,000 of bonds has not been
on an
yet.
SKAGIT
be received until 10 a. m. on
Dec. 4,
for the purchase of a
$50,000 issue of
VANCOUVER, Wash.—BOND
SALE—The $23,000 general obligation
park improvement bonds offered on Nov. 15—V.
145, p. 3050—were
awarded to the State Finance Committee on a
bid of par for 3Ms.
Payable
annually, beginning two years after date of issuance.
WEST
WEST
VIRGINIA
(State
VIRGINIA
of)—BOND
SALE—The $360,000 3)4%
St. Marys-Newport bridge
Nov. 13—V. 145,
p. 3235—were awarded to
Young, Moore & Co. of Charleston and C. W. McNear & Co. of
Chicago,
Parkersburg-Belpre,
Marietta-Williamstown,
bonds offered
revenue
on
2?La,?.36% Interest basis.
$20,000, 1939
to
holders are requested
Wilbrod Lucas, in Chandler.
to
The Commission further declares that the
communicate
with
Secretary-
bonds to be exchanged as
ready shortly, at which time interest for two months
as at July 1,
1937, on bonds issued under By-law No. 8, but not yet due,
will be paid to holders of said bonds.
new
per agreement will be
LONGQUEUIL, Que.—BOND OFFERING—Sealed bids addressed to
D. Viger, Secretary-Treasurer, will be received until 5
p. m. on Nor. 19
the purchase of $41,700 4% and 4)4
% improvement bonds, dated
Nov. 1, 1937, and due serially in 25
years.
Payable in Montreal and
Longueuil.
MIMICO,
Ont .—COUNCIL
ADOPTS
REFUNDING
PLAN—The
Town Council on Nov. 8 adpoted a
refunding plan made up of the following
provisions:
1. Settlement of five years' arrears of interest
by payment from cash on
hand of this at 50% of the contracted rate.
(2)
Payment in cash of the
Prudential Insurance Co.'s debenture holdings.
(3) Using the balance of
cash on hand, which it is estimated will be
approximately $106,000, to
pay in cash an equal amount of debentures, which for convenience likely
would be part of the debentures held by the bank.
This payment would
reduce the capital indebtedness to $1,500,000/ (4)
Issuing new debentures
for this amount at 4%, payable in equal instalments over a
which wouid necessitate
an
annual payment
25-year period,
of $112,000; these debentures
to be
COUNTY
SCHOOL DISTRICT NO. 306 (P. O. Mount
Wash.—BOND OFFERING—It is reported that sealed bids will
by George Dunlap, County Treasurer,
4% semi-ann. school bonds.
Vernon)
Non-registered
Treasurer
for
—BONDS SOLD—The $22,500 school district bonds offered on
Nov. 13
—V. 145, p. 2895—were awarded to the State
of Washington on a bid of
par for 4s.
The total includes: $17,500 School District No. 6 bonds
and
$5,000 School District No. 29 bonds.
Dated Nov. 1, 1937.
also
Due serially in 10 years.
Canadienne Nationale, of sufficient fluids to cover
payment of coupons
due May 1, 1937 and July 1, 1937, and interest accrued and due at
July 1,
1937, on past due bonds issued under By-laws Nos. 8 and 31.
^mrntalW, Ehrlurhman & IDhtfe
OPTION NOT EXERCISED—It is
basis of about 3.38%.
Que.—BOND
INTEREST PAYMENT—The Quebec
Municipal Commission, under date of Nov. 2, has advised creditors of
Chandler, Que., that it has authorized the deposit in the local Banque
Washington—Oregon—Idaho—Montana
SEATTLE, Wash.—PRICE
a
CHANDLER,
NORTHWESTERN MUNICIPALS
exercised
6438
BRANTFORD, Ont.—BOND SALE—R. A. Daly & Co. of Toronto
purchased an issue of $100,000 3)4% improvement bonds at a price
May 1
of 100.60,
BOND
that the
ELGIN
(State
of)
BOND SALE—The issue of $500,000 2%
public welfare bonds offered Nov. 17 was awarded to Brown Harriman &
Co. and First Boston Corp., both of New
York, on a joint bid of 102.10,
a
1937
chiefly to smaller collections of delinquent taxes
$487,895 so far this year as against $709,300 last year,
which amount to
when a moratorium
fall due.
Nov. 20,
due
Dated July 1, 1937.
Due
July 1
1941; $25,000, 1942 to 1947, and $30,000, 1948
on
as
follows:
to 1952.
exchanged for outstanding debentures of an equal amount.
(5) All
debentures to be callable at par at the option of the
municipality on
such terms, as to notice and time as may be set.
(6) The town shall be
under only limited supervision by the
Department of Municipal Affairs,
new
and
(7) All borrowings to be subject to the department's
Reeve Robert Ainsworth said he was satisfied with the
approval.
present financial
position of Mimico.
"This
new
settlement plan is
based
on
declared.
the people's ability to pay," he
URGES ASSESSMENT SURVEY—11 The town of Mimico is in a
deplor¬
able condition as far as its assessment is concerned, and at
present it appears
to be done on the basis of
guesswork," said Councillor J. P. O'Donnell at
the Nov. 8 meeting.
"It is 12^% higher than that in any of the other
municipalities in the urban section of York County," he added, urging that
a thorough investigation be made of
the systems in other towns.
A special
committee
was
struck to make
a
complete survey along the lines suggested.
NEW BRUNSWICK (Province of)—BONDS PUBLICLY
OFFERED—
A banking group made public
offering in Canada on Nov. 15 of a new
$6,500,000 bonds, including a series of 3s, due Nov. 15, 1940,
priced to yield 3.09%, and a block of 4s, maturing Nov. 15, 1947, and
offered to yield 4.03%.
The 1947 bonds are callable after Nov. 15, 1945.
Both maturities are payable in Canada and New
York, according to report.
Of the proceeds $5,000,000 will be devoted to road
improvement, $910,000
to refund a maturity of that amount on Jan.
1, 1938, and the rest for
unemployment and funding purposes.
issue of
WISCONSIN
DANE COUNTY (P. O.
Madison), Wi«.—NOTE SALE—The $400,000
1)4% corporate purpose notes offered on Nov. 16—V.
145, p. 3236—were
awarded to the Marine National
Exchange Bank of Milwaukee and the
Harris Trust & Savings Bank of
Chicago at par plus a premium of $730,
Harley, Haydon & Co. of Madison bid a premium of
$720.
The notes
are dated Nov.
16, 1937 and will mature June 15, 1938.
.DRESSER
JUNCTION,
$11,000 water works bonds
when
bids
no
FORT
were
Wis.—BONDS
was
NOT
SOLD—An
offered for sale without success
received, according to report.
on
issue
of
Nov. 16,
ATKINSON SCHOOL
The voters of the district
calling for the issuance
of
DISTRICT, Wis.—BONDS VOTED—
on Nov. 1
gave their approval to a proposition
$100,000 school building bonds.
i^r%,££?£U?C!
BONDS SOLD— It is SCHOOL DISTRICT (P. O. Grantsburg), Wis.—
stated by the District Clerk that the
$25 ,000 refunding
improvement bonds approved
by the voters on July 12, as noted in
these columns, were
purchased by the State Trust Fund.
and
KENOSHA, Wi«.—BOND OFFERING—Sealed
bids will ber eceived until
A m-on Dec. 3, by A. E. Axtell, Director of Finance, for the purchase
pf refunding bonds aggregating $33,500, divided as follows:
2,
$11,000 school, 2d series of
1925; $10,000 school, series of 1929; $5,000
school, 2d series of 1930, and $7,500
grade separation bonds.
Interest rate
te not to exceed
4%, payable J. & D.
Denom. $1,000, one for $500.
Dated
Sept. 15, 1937.
Due on Dec. 15, 1951.
No bid for less than par and ac©d interest will be
considered.
Principal and interest payable at the
City Treasurer s office.
The city will furnish its own
completed bonds and
the legal opinion of
Chapman & Cutler of Chicago.
A $500 certified
check,
payable to the city, must
accompany the bid.
alA^5i?/fHS?L*DISTRI9T
(P* °* Lake), Wis.—BOND
• fn
izQ
The Attorney General is said
$43,500 issue of school construction
bonds.
,
STEY^NS PO!NT>
ihe
Wi8.—BONDS TO BE
$17,000 city hall
to
LEGALITY
have approved recently a
OFFERED OVER COUNTER
building fund bonds recently authorized
by
City Council will be offered for
sale over-the-counter at
par or better.
the
UNION
GROVE, Wis.—BONDS VOTED—H. E. Moe, Village Clerk,
$27,000 sewage disposal plant bonds were
approved by the
August and will be sold locally.
VERNON COUNTY
(P. O. Viroqua), Wis.—NdTES SOLD— It is
reported that the Milwaukee
Co. of Milwaukee, has purchased
$150,000
states
that
voters
m
1938^
P^Pose notes at 1 )4 %, plus a premium of $150.
WAUKESHA
COUNTY
(P.
O.
Waukesha)
Due
on May 15,
Wi.
SALE—
semi-ann. court house and
jail bonds offered
p. 3236—was awarded jointly to Brown
Inc., and F. S. Moseley & Co., of New
York, paying a
premium of $5,774.75,
equal to 102.309, a basis of about
2.04%. Dated
April 1, 1937. Due from April 1. 1940 to
1947.
The $250,000 issue of
2)4%
for sale on Nov.
16—V.
Harriman
145,
&
Co.
The underwriters
consist of tne Bank of Montreal, The
Royal Bank of
Canada, The Bank of Nova Scotia, The Dominion Bank, The Dominion
Securities Corp., A. E. Ames & Co., Wood,
Gundy & Co., Bell, Gouinlock
& Co., McLeod, Young, Weir &
Co., Mills, Spence & Co., Cochran, Murray
& Co., Eastern Securities Co., T. M. Bell & Co. and
Irving, Brennan & Co.
All of the bonds are dated Nov. 15, 1937. The 3s mature Nov.
15, 1940 and
are priced at 99.75, to yield
3.09%; the 4s are due Nov. 15, 1947, although
callable only in their entirety on Nov.
15, 1945, or on any subsequent
interest date on 60 days' notice at
par and interest.
These bonds are priced
at 99.75, to yield 4.03%. Both
principal and interest (M. & N. 15) payable
in lawful money of Canada in the cities of
Halifax, Chariot tetown, Saint
John, Fredericton, Montreal, Toronto, Winnipeg or Vancouver, or at the
option of the holder in lawful money of the United States in the
City of
New York.
Coupon debentures, registerable as to principal on payment of
registration fee, will be available in the denomination of
$1,000 only in the
case of the 1940
maturity, and in the denominations of $500 and $1,000 in
the case of the 1947 maturity.
Legal opinion:
Messrs. Long & Daly,
Toronto.
ONTARIO
Government
(Province
has
of)—NEW
announced
a
new
LOAN
ANNOU'NCED—Ontario
issue
of $25,000,000 of bonds, con¬
bonds due 1945, and 3 M% bonds
due 1951.
Proceeds will be used for
refunding and other purposes and
will be offered shortly by a large syndicate of Canadian
financial houses
sisting of 2%
bonds due 1941, 2 )4%
and banks
OWEN
SOUND,
improvement bonds
Toronto, at
instalments.
a
Ont.—BOND SALE—An
issue
has been sold to the Dominion
price of 102.07, a basis of about 3.20%.
of
$90,000
Securities
3)4%
Co.
of
Due in 15 annual
QUEBEC, Que.—BONDS PUBLICLY OFFERED—A syndicate headed
by L. G. Beaubien & Co. of Montreal is offering for
public investment in
Canada $1,099,800 3)4% bonds, due
serially on Nov. 1 from 1938 to 1945,
incl., and $1,588,400 4s. due Nov. 1, 1949, and callable in whole or in
part
on any interest date, on three months'
notice, at par and accrued interest.
The maturities from 1938 to 1942, incl. are
priced at par; 1943, at 99.50;
1944
99; 1945, 98.50; and the entire issue of 4s is priced at par.
The
current offering is part of a total authorized amount of
$4,461,200, of which
$1,773,000 334s, due Nov. 1, 1938-1957, are destined for the city's
sinking
funds.
Proceeds of the entire financing will be
applied to the funding of
capital expenditures; to refunding of 5% issues, and to funding of certain
deficits and of direct relief expenses.
The entire $4,461,200 bonds are
dated Nov. 1, 1937.
Principal and interest (M. & N.) payable in lawful
money of Canada in Quebec, Montreal and Toronto.
Registerable as to
principal only.
Denoms. $1,000, $5G0 and $100.
Legality to be approved
by J. Eugene Chapleau, K.C., for the city, and of Dupre, de
Billy, Prevost
and Home, for the selling agents.
,
Associated with L. G. Beaubien & Co. in
underwriting the bonds are the
Banque Canadienne Nationale; Wood, Gundy & Co., Ltd.; The
of Canada; Greenshields &
Co., Inc.; Royal Securities
Corp., Ltd.; Hanson Bros., Inc.; Ernest Savard, Limitee; Credit
AngloFrancais Limitee; Rene T. Leclerc Inc.; Dute. Leblond &
Compagnie, Inc.;
J. C. Boulet, Limitee; Garneau,
Boulanger, Limitee; McTaggart, Hannaford, Birks & Gordon, Ltd.; W. C. Pitfield & Co.,
Ltd.; McLeod, Young,
Weir & Co., Ltd.; Bell, Gouinlock & Co.,
Ltd.; R. A. Daly & Co., Ltd.;
Lagueux & Darveau, Limitee; Ross Brothers & Co.,
Ltd.; J. E. Laflamme,
Limitee; La Corporation de Prets de Quebec; Lucien
Cote, Inc.; Jos.
Morency, Limitee; Bruno Jeannotte, Limitee, and Canadian Alliance
following:
Provincial
WYOMING
ROCK
SPRINGS, Wyo.—BOND OFFERING—On
offer for sale the
following bonds:
$75,000 3)4%
flood
control
bonds.
10 years.
Dec. 6 the city will
Payable in 30 years; redeemable in
20,000 4%
paving Improvement District No. 22 bonds.
Payable in
five years; redeemable in one
year.
2,500 4% Curb and Gutter District No. 2 bonds.
Payable in five years;
redeemable in
one year.
SHOSHONI,
that
here
Wyo.—BONDS SOLD—It is stated by the
City Clerk
the $37,000 refunding water bonds
authorized last May, as noted
at that time, have been
purchased by the State of Wyoming as 4s
at par.
Bank
Corp., Ltd.
(It was previously reported that the city had contracted
$4,500,006 bonds.)
to sell a total of
WOODSTOCK, Ont.—BOND SALE—An issue of $19,318 3*4%
improvement bonds has been sold to the Dominion Securities Co. of
Toronto
at a price of 102, a basis of about
2.67%. Due in four annual instalments.
@FedFRASER