The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
8 ||gus, aDM. COPYRIGHTED IN VOL. 145. 1937 BY WILLIAM B. DANA COMPANY. NZWYORK. ,M^wn&3P.?,Y°rCop,~ JUNE 23. 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACTOP MARCH S, COMPANY CHASE THE Public Utility NATIONAL BANK 1844 OF Bonds George V. McLaughlin THE For The served FIRST BOSTON CORPORATION BOSTON NEW YORK chicago White, Weld & Co. Members New York Stock Exchange YORK NEW chase is PHILADELPHIA AND OTHER ^ ' years many Insurance Corporation OF tra- ditionally a bankers' bank. BROOKLYN Member Federal Deposit CITY The President NEW YORK 1B7B. NO. 3776 NEW YORK, NOVEMBER 6,1937 TRUST BROOKLYN Chartered ENTERED AS SECOND-CLASS MATTER it has large number a of banks and bankers as New York correspondent and depository. reserve SAN FRANCISCO PRINCIPAL CITIES Member Federal Deposit Insurance Cor rotation Boston New York Amsterdam London United States Representatives' Offices Buenos Aires Paris B A NK Government Securities °f |1§: New York Brown Harriman & Co. Incorporated V! Hallgarten & Co. 63 Wall Street, New York Telephone: BOwling Green 9-5000 Established 1850 Chicago Philadelphia Boston Washington San Francisco NEW YORK Representatives in other leading Cities London Chicago co m pany Wertheim & Co. 120 HP! The Broadway State and New York Amsterdam London CARL M. LOEB & 61 CO. BROADWAY New\orkTrust Company Barr Brothers & Co. Capital Funds NEW YORK Municipal Bonds . . $37,500,000 INC. Chicago New York Amsterdam Berlin London Paris ioo broadway 57TH ST. & 40TH ST. & EDWARD B. SMITH & CO. Service to Banks and Dealers since BOSTON PHILADELPHIA CLEVELAND MADISON AVE. NEW YORK 1888 New York 31 Nassau Street - FIFTH AVE. LONDON European Representative s 8 KING WILLIAM Office: STREET HORNBLOWER & WEEKS Established 1888 LONDON. E. C. 4 40 Correspondent Edward B. Smith & Co., Inc. Minneapolis CHICAGO St. Louis Wall Street NEW YORK * Members New York, Member of the the New York and of the Federal Reserve System, Clearing House Association Federal Deposit Insurance Corporation Boston, Chicago, Cleveland, Philadelphia and Detroit Stock Exchanges 193? Financial II Nov. Chronicle 6. 1937 BAKER, WEEKS A. G. Becker & Co. 8e HARDEN Incorporated J.&W.Seligman & Co. Investment Securities Established 1898 a Members New York Stock Exchange New York Curb Exchange Investment Securities No. 64 Wall Street NEW YORK Philadelphia Stock Exchange Chicago Board of Trade Commercial Paper 52 WALL STREET, NEW YORK London Graybar Building, New York New York Chicago And Other Correspondents Commercial Trust Bldg., Philadelphia Buhl Building, Detroit Cities 6 SELIGMAN BROTHERS Lothbury, London, E. C. 2 Bourse Building, Amsterdam Foreign Leading Out-of- Town Investment Bankers and Brokers NATIONAL BANK OF NEW ZEALAND, Ltd. Established 1872 Chief Office In New Zealand: Sir James Grose, General Wellington Manager Head Office: 8 Moor gate, London, E. C. 2, Eng. Subscribed Capital..........£6,000,000 Paid up Capital. New MARX & CO Reserve Fund Jersey State & Municipal Bonds Newark Bank & Insurance Stocks The CORPORATION BONDS Bank conducts £500,000 every description of banking business connected with New Zealand. BIRMINGHAM, ALABAMA SOUTHERN MUNICIPAL AND £2,000,000 £1,000,000 ......... Currency Reserve.. Correspondents throughout the World London Manager, A. O. Norwood J. S. RIPPEL & CO. 18 Clinton St. Newark, N. J. Australasia and New Zealand BANK OF DETROIT HARTFORD NEW SOUTH WALES (ESTABLISHED 1817) (With which the Western Australian Australian Bank of Commerce, Ltd., MICHIGAN MUNICIPALS Specialists in Connecticut and Securities CORPORATION BONDS WATUNG, LERCHEN & HAYES Members New York Stock Exch. Detroit Stook Exchange 884 BUHL New York Curb. Assoc. Chicago Stock Exch. BLDG., Paid up Capital.. Reserve Fund... Reserve Liability of Bank are ....... ..... Proprietors.. PUTNAM & CO. Members New York Stock 6 CENTRAL Tel. 5-0151. ROW Exchange A. AND WEST PALM 80th 780 BRANCHES AND AGENCIES In the Australian States. New Zealand, Fiji, Papua, Mandated Territory of New Guinea, and London. The BEACH £8,780,000 6,150,000 8,780,000 Sept., 1936. £115,150,000 C. DAVIDSON, General Manager Bank tralasian PALM Th £23,710,000 Aggregate Assets HARTFORD A. T. T. Teletype—Hartford 35 DETROIT and amalgamated) transacts Banking description every Business. Wool Produce Credits arranged. of Aus¬ and other BEACH Head Office: George Street, SYDNEY London Offices: 29 Thread needle MICHIGAN MUNICIPALS 47 Specializing in Street, E.C.2 Berkeley Square, W.l Agency arrangements the with U. S. FLORIDA BONDS Banks throughout A. Charles A. Pa reel Is & Co. Membara of Detroit Stock Exchange PENOBSCOT BUILDING, DETROIT, MICH. CARLBERG & COOK, INC. Palm Beach—West Palm Beach, Fla. Bell System Teletype: W-Palm Beach No. 84 NATIONAL BANK of EGYPT MIAMI ST. Head Office LOUIS FULLY We buy and eell for PAID RESERVE our ....... CAPITAL FUND . Cairo £3,000,000 3,000,000 .... own account Florida Municipal Bonds LONDON AGENCY 6 and St/\ (jOimiGAN.MnMR eCo. -- a 7, King William Street, E. C. 4 Co. Branches in al INC." SAINT LOU IB Ingraham Bldg., MIAMI principal Towns ao9 ouvc st the in EGYPT and the SUDAN Bell System Teletype MMI 80 Members St. Louis Stock Exchange MILWAUKEE NATIONAL BANK OF INDIA, LIMITED Bankers Missouri and Southwestern WISCONSIN Stocks and Bonds CORPORATION SECURITIES Teletype—Milwaukee 92 Smith, Moore & Co. EDGAR, RICKER A CO. 750 North Water Street, Milwaukee, Wis. St. The First Corp. Boston Wire to the Government in Kenya Colony and Uganda Head Office: 26, Bishopsgate, London, E. C. In India, Burma, Ceylon. Kenya Colony and Aden and Zanzibar Branches Subscribed Capital Paid Up Capital Reserve Fund Louis St. Louis Stock Exchange ..... £4,000,000 £2,000,000 £2,200,000 The Bank conducts every description o* and exchange business Trusteeships banking and Executorships also undertaken Volume 145 m Notices Kingdom of Bulgaria 1Vl% Stabilization Loan 1928 Dollar Tranche. The Trustees of the above-named Loan have received from the Bulgarian Government sufficient for the may To the in foreign exchange to provide sums payment of 32yz% of the interest due November 15, 1937. Bondholders coupon accordingly surrender their payment at this described in rate the under for coupons the conditions League Loans Committee's hills! announcement of December 24, 1936. It will not be possible to provide any sums for Sinking Fund and drawings will purposes, 'herefore not take place. The Trustees nformation of publication also for the since the announcement of announce bondholders of their that Learning that the levee might break, November of 5, 1936, the Director General Bulgarian Debt Administration has the asked the for rates their of consent certain alterations to minor customs and his store, statistical duties whose revenue is assigned to the service of the above-named Loan. In view of the Director General's assurance that the unfavorable the rates new effect assigned should the on not have annual yield explained, of not to the above notice, millions the of be prepared Bonds on $37.50 the and appropriate of the holders coupons for $6.09 of of the each such to get wet," he acts speak louder than words. To people, the telephone—an inanimate v:'. object—is almost the Dollar than three hundred women seek member of the family. More thousand Bell System men and a $18.75 coupons, transmittal, of letter either of of date $12.19 for each surrender upon office to pay 1937, after that coupon coupon, with to 15, or it want he carried it to safety! as Undersigned will, as directed by the Trustees, November "I didn't Such instinctive raise any objection to their adoption. Referring then took his telephone from the wall. any the Trustees did revenues, Arkansas merchant boarded up an in make it to at always your unfailing friend. the Undersigned. Speyer & Co. J. Henry Schroder Banking Corp. American Fiscal Agents. New York, November 4, 1937. EL PASO NATURAL GAS COMPANY Tenth Floor, Bassett Tower . el BELL paso, texas TELEPHONE SYSTEM . NOTICE TO SECURITY HOLDERS accordance In with provisions of Section the 11(a) of the Securities Act of 1933, as El Paso Natural Gas Company has made amended, generally security holders earnings statements for the twelve months' periods ending June 30, available to its Dividends Dividends SOCONY-VACUUM /American Waterworks Electric Company thereafter to 1937. Copies of will be mailed upon 1937 and at the end of each month and including September earnings statements such 30, of the Corporation request to any security holder other interested party. or EL GAS COMPANY NATURAL PASO OIL COMPANY By Paul JCaysbr President Dated November 1, 1937 INCORPORATED incorporated (of Delaware) Dividend Nov. 3, No. 122 Dividends 1937 NOTICE OF DIVIDEND (20tf) a the common been declared payable December 15, 1937 to common stockholders of record at the close of A dividend The Board of Directors has this ISordeM day declared a special dividend of Thirty Cents (30^) per share on the Capital Stock of this Corporation of the par value of Fifteen Dollars($ 15.00)each, payable December 15, 1937, Dividend Common No. in quarterly dividend of forty cents (40 (f. ) per share has been declared A' close of business November o'clock 1937. 15, 1937. L. record business, 18, transfer books The do Checks will be mailed. Bickham, Secretary W. D. Treasurer NOETZEL, business on November 19, 1937. W. K. Dunbar, SOUTHERN CALIFORNIA Secretary. EDISON COMPANY LTD. at three November P.M., close. not The Borden Company E. of close the Checks will be mailed. of stockholders to stock of this Company, payable December 1, 1937, to stockholders of record at the the outstanding common on of twenty cents share, payable in cash, on stock of the Company, has Los Angeles, California regular quarterly dividend of 373^c. per the outstanding Series "B" 6% Preferred Stock (being Series "B" Preferred Stock Dividend The share No. on 55) was declared on 1937, for October 29, payment on December 15, 1937, to stockholders of record on November 20, 1937. Checks will be mailed from Los Angeles December 14th. B. T. STORY, Treasurer. ^ Notices Hong Kong & Shanghai CORPORATION BANKING Chrysler Corporation ' (Hongkong Currency) H$50.000,000 Paid-up Capital (Hongkong Currency) HS20.000.000 Reserve Fund In Sterling £6,500.000 Reserve Fund in Proprietors of kong Currency) - - G. WALL at dividend of three dollars ($J.oo) per share to present outstanding common stock, payable De¬ cember I?, i9?7,to the notes and other claims for pay¬ ment. stockholders of record at the J. A. close of business, November li, I9J7 OLIVER, President. Dated August 30th, 1937. Committee B.E. Hutchinson, Chairman, Finance The HJIO.OOO.OOO - Liability A. a Silver (Hongkong Cur¬ rency) 72 the The Kent National a national banking association, located Kent, in the State of Washington, is closing its affairs. All note holders and other creditors of the association are therefore hereby notified Bank, Chrysler Corporation have de dared on Authorized Capital Reserve ON The directors of Incorporated n the Colony of Hongkong. The liability of members is limited to the extent and by Ordinance No. 6 of 1929 in manner prescribed of the Colony. Notice Is hereby given, that STOCK * COMMON DIVIDEND First National Bank of Fontana, located Fontana, in the State of California, is closing All note holders and other creditors of the association are therefore hereby notified at (Hong¬ H$20,000,000 THE BUCKEYE 26 KELLOGG, Agent PIPE LINE COMPANY Broadway, to New York, October STREET, NEW YORK present the notes and other 27, 1937. Seventy-five (75) Cents per share has been declared on the Capital Stock of dividend A its affairs. JAS. P. claims for payment. BURNEY, Cashier. of Dated August 24, 1937. Company, payable December 15, 1937 to of record at the close of business this stockholders Harper & Turner Situation Wanted November 26, 1937. J. R. FAST, Secretary* INC. PIPE LINE COMPANY NORTHERN 26 Investment Bankers Broadway, New York, October 21, 1937. five (25) Cents per share on the Capital Stock ($10.00 A dividend of Twenty STOCK EXCHANGE BUILDING has Business Established 1912 been declared value) of this Company, payable December 1, to stockholders of record at the close of business November 12, 1937. J. R. FAST Secretary. par PHILADELPHIA 1937 financial services Long experience qualifies me to handle any position with a financial publication or service— make-up, advertising, contacts with advertising agencies, compilation of statistical data for periodicals, make-up and styling for publications in the field. Replies confidential. Box S. 10, Financial Chronicle, 25 Spruce St., New York. manuals or new Write TV oinmerrtal § No. 3776. NOVEMBER 6, 1937 Vol. 145 CONTENTS Editorials page Financial Situation What Next for Boondoggling - _ Bulldozing?... or The Outlook for 2897 2909 Organized Labor? 2911 ___________ 2912 Japan and the Pacific.... Comment and Review X Capital Flotations in the United States in October and for the 10 Months Ended Oct. 31. —2914 Week on the European Stock Exchanges — 2901 Foreign Political and Economic Situation ...2901 Foreign Exchange Rates and Comment.. 2906 & 2953 2918 Course of the Bond Market. Indications of Business Activity 2919 Week on the New York Stock Exchange Week on the New York Curb Exchange 2899 .... .....2952 News 2935 Current Events and Discussions Bank and Trust General ...2951 Company Items Corporation and Investment News ..2998 —3037 Dry Goods Trade State and 3038 Municipal Department Stocks and Bonds ..2953,2957 & 2963 Foreign Stock Exchange Quotations Dividends Declared ... — New York Stock Exchange—Stock New York Stock Quotations ..__.2964 Exchange—Bond Quotations ..2964 & 2974 New York Curb Exchange—Stock Quotations New York Curb Exchange—Bond Quotations Other 2957 ..2997 Auction Sales Exchanges—Stock and Bond Quotations Canadian Markets—Stock and Bond Quotations ..2980 2984 ...2986 2991 Over-the-Counter Securities—Stock & Bond Quotations .2994 Reports Foreign Bank Statements 2905 — Course of Bank Clearings 2953 Federal Reserve Bank Statements General Corporation :. and Investment News 2961 2998 Commodities The Commercial Markets and the Crops 3027 Cotton 3030 Breadstuffs 3035 Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Biggs, Business Manager. Other offices; Chicago—In charge of Fred H. Gray, Western Representative, 208 Booth La Salle Street (Telephone State 0613). London—Edwards & Smith, 1 Drapers' Gardens, London, E. C. Copyright 1937 by William B. Dana Company. Entered as second-class matter June 23,1879, at the post office at New York, N. Y., under the Act of March 3,1879. Subscriptions in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months; South and Central America, Spain, Mexico and Cuba, $18.50 per year. $10.75 for 6 months; Great Britain, Continental Europe (except Spain) Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months. Transient display advertising matter, 45 cents per agate line Contract and card rates on request. NOTE: On account of the fluctuation in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds The Financial Situation of business sentiment. course The question upper¬ IN A LITTLEThe second a week Congress will again more than called by the most in the minds of President, according to general understanding, against of these steps was announced has been: What next ? convene. session the advice of number of his a which few if any purposes wisdom approve or could was counsellors, and for men Just that question is of experience and approve. For several weeks of affairs the preparation of a program of legislation which the ington with President is expected to ask Congress to consider forthwith. Several members of Congress, acting much of either is as or year committees, have likewise is election of the fact that next awareness Answer this question, and the obscurity in which the business outlook an year surrounded would ? vanish. Unfortunately, it is not tion of definitive plans for the extra Precisely regular low immediately. the national once will, whatever be said to it by Adminis¬ and whether it would have it by rather develop abruptly into cate of recovery of succor giving so-called a return to criticized. are and to the promoting has who us resorted all to of a We sensible are revenue told that we "I under-privileged the government always of¬ indeed, tions officially face now to face with this shackles system, have no one-third; interested in vince or, if aware has been of the as an The tain steps with it. lated. in be awake to For the possi< has will the realization Cer¬ injury to their at the obligations in the open that their the paper System buy government market if and to the extent invited liberally by acquiring that ought never to be found market. effect quite opposite to what was ap¬ parently expected, have accomplished nothing at all, have produced but a brief pause in the downward of substantially in fashion a to the law, present "re¬ The capital gains tax. ported" to a Treasury has sub-committee of the House Ways and Means Committee the results of prolonged and these kindred subjects. been told, and may never the be not even than more finding of facts. It must assumed, however, that the Administration has not, or will not the matter, the have, rather definite wishes in and that it will not Congress in its case, Indeed, it is not Treasury has done a study of The public has be told, what conclusions Treasury has reached. known whether the have or un- profits tax case the All of these stock or of hand the sub-committee an begin and that similar action would be taken in the not in the be amended com¬ mitments to In particular, year. would more portfolios of commercial banks, and, either had about regular session early distributed recently, reduced the margins required of long in by Con¬ ly entertained that the fects member banks to extend credit o£ taxation ameliorate the adverse ef¬ considered necessary to provide a credit fillip, various types on hope has been rather wide¬ sooner cause. and the Board of Governors of the ready to have the from impor¬ taken be session stimu¬ Federal Reserve System has let it be known that it stood that either at the special gress next word coming action tant would Some $300,000,000 reduced, program. time past some been Washington those who most gold has been "de-sterilized," rediscount rates have been as loudly pro¬ claim undying interest in their welfare, but who proceed, as do the New Deal managers, to pursue courses that can do only irreparable have been taken would anything awry with plans and his Tax Reform? protecting pitfalls underprivileged worst enemies are manifestly in the hope that business in many con¬ that now a so-called later or adequate understanding of how to cope as government they did not incur, which they cannot carry, and which will destroy their opportunities, deny them their security and deprive them of their happiness—that I have taken my pres¬ ent position." Precisely. fact, of it, has aware his ex¬ if it even President ble; interested that the Administra¬ tion is the there is because I refuse to pass on to your children and mine a staggering burden of debt which convincing evidence no yet his re¬ there contrary, mem¬ impossible to appears in bringing to our present 'life of greater opportunity, of greater security, of greater happiness'; and sundry or ignored. true inwardness of the isting situation, from the financial restric¬ him; interested generation be reason impress the minds of pro¬ less to the despite ports more man which small investor from situation, although it must be said that, with hearten¬ bers of Congress with the lower small business ficially at Washington is, but it must not for On the contrary, it is of the utmost importance to providing jobs for the unem¬ ployed and maintaining jobs for those now employed; interested in encouraging initia¬ tive, enterprise and skill, and in protecting their proper reward; interested in freeing the The Executive branch of that is particularly that ested likewise in What Next? broad in course ing, viding opportunities for better homes, suit¬ able clothing and proper nourishment; inter¬ third of the population. The not them. am willing to meet this issue squarely. precisely because I am interested in the so-called becoming clear apparently being charted by the Administration is ill-nourished.' It is apparently outline. i,n the welfare of the lower one-third population—the 'ill-housed, ill-clad, our a reply at present, al¬ somewhat choose taxation, who now give authorita¬ plans being formulated is interest of ideas of a prefer to place our government upon a payas-you-go basis, and who concurrently advo¬ to collapse a Deal New three*—and Those of situation that threat¬ a ens of not, be faced or close, a Secretary of (1) taxation; (2) confiscation; (3) repudiation. Your government in the past has 'looked at all otherwise the to to and though the general nature former special assist¬ the Treasury, in advancing a plea for a $2,000,000,000 reduc¬ tion in Federal expenditures, explains the rationale of his position in these words: "Funds for paying government expenses are obtainable only from three sources; may officials tration just coming to ant in formal ses¬ more sion it When legislature is possible tive One of the speakers at the Annual Conven¬ tion of the Investment Bankers Association session which is due to fol¬ course Congress when it assembles in Wash¬ vivid a been active in the formula¬ session and for the What by which it is confronted, and what will be the attitude of individuals ruling today. will the Administration follow in the face of the state past the President's aides have been hard at work in as thoughtful observers when each own way program press its desires at its own time. upon In any of the Administration, if it has Financial 2898 developedfone, is at presentfrinknownfoo thejpublic. The President_appears to.be more ,or Jess determined notAtoAconsent to any ehangejn existing^tax laws that will reduce expected revenues, but beyond this little be can definitely said of his ownjpolicies to have been seem impressed with the need of drastic he that re¬ Senator Glass has let it be vision of these statutes. favors repeal of the undistributed surplus tax and important modification of the capital Others gains tax. less are more or record on as favor¬ ing changes that they think will accomplish the results What the outcome of all this will be it would sought. at Nothing that is present be hazardous to guess. believed to have been under serious consideration in Washington depression that be of checking the progressive as a means to be creeping upon us would seems effective than appropriate action more touching these taxes. Situation Not Yet venture the we simple a are vital part is not so to recall the series of steps proposed, some of which were actually taken, during the latter half of the Hoover Administra¬ the tealistically each of them tide, but one was by We may as widely believed likely to turn tax are that unless halt is called it will a be afforded but being made, profits tax and the capital gains peculiarly vicious forms of taxation which or at the very least radically modified. But—and here is the heart of the matter—so as at long expenditures are continued approximately their present level it is ut¬ even terly impossible to avoid taxation much too heavy to be borne comfortably, be difficult if not so impossible for business to proceed A thorough overhauling of the whole system of Federal taxes of render this burden of taxation course as such a necessity of carrying it be altered should intimated it will event prove an of old spend madly and at the reasonable Of case. and even rowing it might enlarge the income for or prove be, to have the Commodity Credit Neither would spreading the will inevitably over fully we we great deal be gained by the foolish period of a shall be excess by utilization of it could sell for such a over bona fide financial affairs less prepared to even course a downward securities, which in the¬ could be continued sum. But for only a rela¬ cious metals derangements fully as unfortunate in the long and feasible figured prominently in the program, confined to those today prevent the normal ad¬ multiplying for exist on with every labor more Tax reform is possible forthwith; tax reduction, which is of of Concentration of attention the former while utterly neglecting the latter, They every-day operation, overhead resulting from onerous ex¬ tax and other reports, inability to obtain marketing flexibility due to the Robinson-Patman of lic Act, direct government regulation activities many and several policies of the past half worse industries, and bent upon Federal a decade. To make mat¬ the Administration is apparently still general wages and hours regulation by the Government. danger of a broadly similar factors imposed by pub¬ Our whole a economy is in governmentally imposed petrification. Let the fact not be overlooked that not only inabil¬ ity to raise capital but natural unwillingness to ask for capital is halting plant expansion at pres¬ ent, and that a profitless industry is not greatly handicapped by any form of tax face. Neither bers of to politically the national nor upon profits. to to be likely, can in the nature of the can the mem¬ legislature afford to falter or attempt evasion of their responsibilities. It would avail them little next year, if Congress must otherwise by that time we are plead acquiescence in Administration or for the programs purpose sion" devised by the of. stimulating re¬ The proof of the pudding will be in the eat¬ covery. ing, when election day arrives, in the throes of real distress, perhaps in the results obtained from the eat¬ earnestly whether seems years. unions, restrictions in such contracts about details pense than four long hand today—wage and hour contracts curtailed upon for the no means justments of efficient business operation have been ing. Many distraught business as now by are growing out of taxation. Rigidities that tend to freeze costs and equal importance if not of equal urgency, must await expenditures. the bill Turning to Congress rather handsome sort of taxation. pay really responsible of business course This in brief is the situation that cause any we mean¬ more care¬ Cost Rigidities difficulties the of the assets that tively brief period and would, moreover, if the pre¬ run as Pay day today. are accumulated—such, for some its mountainous hoards of precious met¬ as als and its accumulations of ory of outgo "ever-normal years. later, and if come sooner or while do not manage our than a of cost granary" system possible to continue period of time either by further bor¬ a the Federal Government has example, time reduce taxation proportions, and such is indeed the course materially the President has as any impossible to continue to same to time the obligations it would offer for the upon purpose. ters about the neck sea decided, enterprise. We have said that it is to load which must in of the man now Corporation apply for its funds directly to the in¬ as burden could be, but noth¬ a ex¬ can the subject. Nor would the on fundamental elements of the situation be ing but reduced expenditures can free business of the require large forthcoming from time public officials dozen other nearly harmless yet been substantially larger than those heavy indeed that it will normally to full and sound recovery. could as matter what the nature of the sooth¬ no ing explanations But They must be repealed viewing plans penditures of funds, not only much larger than inevitably develop untoward effects peculiarly their own. are detail, but it is already quite evident tive. Now the truth of the tax situation is this. Both the undistributed for several others as The agrarian program has not worked out in each proved quite ineffec¬ one well as coming session of Congress with deep mis¬ givings. from it wrell face this situation forward-looking business men for the as as later. now as It is for this reason placed to suppose. It would be well as many appear for the New Deal managers tion ; is of Federal. governmental policies vesting public with the guaranty of the Treasury Simple opinion that the situation of which these two statutes 6, 1937 only half solve the tax problem, and this is case that Meanwhile, influential members of Congress Nov. true of State and local this on subject. known Chronicle or we are whether recent considered men are entering a today asking "major depres¬ sharp recessions are to be merely a relatively minor and probably , Volume Financial 145 temporary interruption business. The large part answer by lift up. us There is was They good no can for our¬ Congress our ills, just President Roosevelt took Deep-seated evils have developed in as a result of New Deal non¬ neither be removed nor remedied can The fact remains, however, that there night. over cannot lift Nor no panacea now economic structure sense. is Of course, we when none office in 1933. our of upward course question depends in a boot straps. our own there as the what is done at Washington during upon the next few months. selves of to such why business should continue in¬ reason definitely to recede, provided, first, that Congress acts promptly to relieve the more urgent situations such caused those as tax and the of mad New Deal legislation ; and, third, that con¬ duly learned at Washington and that hence¬ It appears to be almost hopelessly difficult to con¬ vince the Administration understands what is possibly so but that part of it which really going on, is in conse¬ Not for many turning its eyes to Congress. quence with of these elementary The country, or vital facts. years, has Congress been presented never, great an opportunity to be of enduring serv¬ people. It can meet the test if it will. All ice to the bank stabilization fund to European account , and there is a confirmation of this new trend in the current banking statistics. The Federal Reserve our indicates addition of only $3,000,000 to an the United States monetary stock of gold in the week Wednesday night, although sizable receipts were reported at various ports of entry. This confirms the impression that some of the fugitive capital from European countries at long last is moving is occasioning 788,000. to a in a reversal of the gold flow. The modest our upward trend, and this chiefly responsible for a decline of shows use now circumstance was member bank reserve an balances of $61,787,000. As in previous weeks, a loss of deposits by the member banks themselves lowered the requirements for deposits with the Federal Reserve Banks, and excess reserves declined only $20,000,000, to reserve $1,050,000,000. Deflation of bank credit again was reflected in the statement covering weekly reporting member banks here in New York City. was small, however, loans were as The change declining business and brokers' offset through additions to the portfolio holdings of United States Treasury securities. The combined condition statement of the Federal Reserve Banks portance, other certificate of reflects no 12 changes of im¬ than those already indicated. Gold holdings of the regional institutions re¬ ceded $1,495,000 to flow currency $9,124,896,000, while the out¬ into circulation accentuated the trend toward lower reserves, with the indicated drop $8,879,000 to $9,442,422,000. Federal Reserve notes in actual circulation increased $28,062,000 to $4,284,159,000. deposits by $9,109,000 to $227,by the Discounts System were continued their slow decline with vances marked bankers increased bills a drop of Open market holdings of $98,000 to $19,352,000. $2,000 to and $2,832,000, holdings of United States Government securities were unchanged at quite ratio moved up The reserve $2,526,190,000. to 80.3% from 80.2%. The New York Stock Market STOCKS entered another ending. of dragging de¬ period The New York cline in the week market Total deposits with the regional banks fell $47,853,000 to $7,481,493,000, dull was sions of the with the account now and dispirited in almost all ses¬ week, with holiday influences apparent the start. The interruption of trading for the election, Tuesday, kept commitments to small pro¬ portions, and the effectiveness of the margin even requirement change rather on Monday failed to stimulate Business indices the market. clearly reflected a sharp downturn, which appears to be spread¬ It is ing steadily throughout the economic fabric. still uncertain, however, whether the business reces¬ sion is the chief values, or reason situation is a for the recent collapse now is reflected in declin¬ One obvious requirement of the change in the punitive policy of the Administration in Washington toward business, that on taxation ful and question the keenest interest was mani¬ It became known that the Treasury experts fested. on of whether the stock drop occasioned business caution that are considering alterations in the harm¬ capital obstructive corporate surplus and and gains taxes, and the hope exists that such changes will take precedence over the wages and hours legis¬ lation and other stock The reform of Congress session measures that the special is to consider. • market last Saturday was a sluggish affair, which occasioned few important changes. Most movements were toward lower figures. There was no rency drop of foreign $893,000 higher to $24,319,000, but industrial ad¬ back and gold stock brought the total holdings further record level of $12,804,000,000. Cur¬ addition to a deposits by $11,955,000 to $253,936,000, and ing production. BANKING and foreign exchange developments this week suggest some important transfers of to Treasury general account balance increase of other an a Federal Reserve Bank Statement summary decrease of member bank by $16,780,000 to $110,826,000; stock that is needed is common sense and courage. gold from a by $61,787,000 to $6,888,943,000; increase of the an at constructive attitude will be taken. more a consisting of balances by the undistributed profits vincing evidence is forthcoming that lessons have forth variations reserve capital gains tax; second, that it reso¬ lutely refuses to be pushed farther into the quagmire been 2899 Chronicle change in the situation on Monday, and slow subsidence of the holiday quotations remained the rule. on After Tuesday the drift downward was accentuated, with sizable losses recorded both on Wednesday and Thursday. A modest rally devel¬ curtailed to a however, the market registered a substantial decline. Falling com¬ modity markets contributed to the dulness and pessimism. Almost all commodities slumped sharply as demand dropped away. The foreign ex¬ change markets reflected a growing outflow of funds oped yesterday, and the losses were degree. For the week as a whole, from the United States to European countries, and some large transfers of gold from our fund to resulted. the accounts of European This, of course, is more a matter of faction than of concern, tion of monetary in need stabilization central banks satis¬ for the awkward accumula¬ gold in the United States stands of correction. The listed bond market was a quiet affair, with high-grade investment issues and the more specu¬ lative bonds taking different directions. This is the normal course cumstances of the bond market, but the cir¬ motivating the movements are unfor- 2900 Financial tunately not normal. United States Treasury bonds Chronicle Nov. 6, 1937 speculative 133% against 126; National Cash Register at 20% against 21%; International Nickel at 43% against 47%; National Dairy Products at 15% against 16%; National Biscuit at 20% against 22; Texas departments of the bond market moved lower along Gulf Sulphur at 30 against 32%; Continental Can and best-rated a corporate issues slowly improved on resumption of commercial bank buying, occasioned by the fall of business loans. with stocks. The Foreign dollar issues In the bond market, irregular, were in the stock market, it as evident that Administration sensible attitude than has of assurances a be profitable more at 47% against 52; Eastman Kodak at 158 against 169; at 19% capital market new of funds they use men can see hardly the New touched Exchange three stocks levels. low new On the Exchange four stocks touched 39 stocks touched the N. Y. Stock low new half-day session Tuesday Saturday on last Call loans last on Wednesday, 011 713,910 shares; a holiday on Canada Dry at National Distillers at 23 against 24%. yesterday with substantial United yesterday at 56% against 64 at 64 Inland Steel on States Steel closed Friday of last week; against 72; Bethlehem Steel at 49% against 54%, and Youngstown Sheet & Tube at 39% against 45%. In the motor group, Auburn Auto closed yesterday at 10% against 11% Fri- on day of last week; General Motors at 39% against 43%; Chrysler at 69% against 75%, and Hupp Motors at 2% against 2%. In the rubber group, Good- Tire & Rubber closed yesterday at 22% against on 25% on 128,310 shares; on Monday, Wednesday, 282,120 shares; on on declines for the week. year Exchange the sales Thursday, 259,975 shares, and against the were 159,030 shares; against 21%; on Friday, 1,245,250 on Westing- shares; 1,735,840 On the New York Curb Saturday were 1,029,110 were Thursday, 1,471,440 shares, and shares. high levels and levels. Election Day and was Exchange; new Curb Exchange the sales at the Monday they on New York Exchange remained unchanged atl%. On the New York Stock shares; while 48 stocks year against 9; 18% against 18%; U. S. Industrial Alcohol at The steel stocks closed Stock high levels for the new touched York 9 at Mfg. at 95% against 105%; Lorillard 15%; Schenley Distillers at 29 against 30%, and expected to borrow. On Standard Brands house Elec. & The currently is moribund, and until business their way to was prevailed for the last five badly needed. years are more Friday, 217,290 shares. Friday of last week; United States Rubber 27% at against 30%, against 22%. and B. F. Goodrich at 19 The railroad shares followed the gen- eral trend of stock prices and closed lower for the week. Pennsylvania RR. closed yesterday at 22% against 24% on Friday of last week; Atchison To- peka & Santa Fe at 38% against 42; New York Narrow movements Saturday and stocks Monday selling characterized closed pressure on trading on firm. On generally moderate a scale ap- peared at the opening and prices receded from fraetions to three points on the day. Estimated figures Central at 19 against 22; Union Pacific at 93 against 99%; Southern Pacific at 21 against 23; Southern Railway at 13% against 15%, and Northern Pacific at 12% against 14%. Among the oil stocks, Standard Oil of N. J. closed yesterday at given out by the Steel Institute during the day again 50% against 53% reported Union Oil at 18 against 20%, and Atlantic Refining a decline for the week in steel production and resulted in Tuesday depression of steel shares, Election Day and holiday American Smelting & Refining at 50% against 58%, very Uncertainty continues to stocks closed on Wednesday at practically the day's lowest levels, with market leadsuffering losses of from a one prevailed at the outset on to six points. Thursday and stocks carried to further low levels. mild rally ensued on of Means Subcommittee relative to tax Chairman structure, which In late trading the strength of guarded re- marks the Weak- of were the House a Ways and revision of the favorably interpreted by the speculative fraternity. Yesterday a better tone prevailed, and stocks rallied in moderate fashion, thus checking the downward ment. As are movement for the mo- compared with Friday a week ago, equities somewhat lower. General Electric closed yester- day at 39% against 43% Consolidated Edison Co. on Friday of last week; of N. Y. at 24% against 26; Columbia Gas & Elec. at 8% against 9%; Public Service of N. J., at 35 against 36%; J. I. Case Threshing Machine at 97% against 105; International Harvester buck & Co. at 64 at 71 against 76%; Sears, Roe- against 71%; Montgomery Ward & Co. at 39% against 44%; Woolworth at 39% against 41, and American Tel. & Tel. at 150% against 156. Western 33% at on 159 Union closed yesterday at 30% against Friday of last week; Allied Chemical & Dye against 165; E. I. du Pont de Nemours at Anaconda Copper closed changes were the rule. and Phelps' Dodge at 22% against 27%. dominant factor in the market, and with situation thus, were price yesterday at 27 against 32% on Friday of last week; be ness copper group severe was opened for business. ers In the country that the 22% against 24. the a only major exchange throughout the a at on Exchange, and the Chicago stock market Stock the was further a Friday of last week; Shell on Trade and industrial indices suggest a slow decline of business. continued Steel operations for the week ending today were estimated by the American Iron and Steel Institute at 48.6% of capacity, or the lowest rate since the end of 1935. is with The comparison steel rate of 52.1% last week, 66.1% a a month ago, and 74.7% at this time last year. Pro- duction of electric energy for the week to Oct. 30 is reported by Edison the Electric 2,254,947,000 kilowatt hours kilowatt hours 656,000 in the revenue the previous week week of 1936. at and 2,166,- Car loadings of freight for the week to Oct. 30 amounted 771,655 to in same Institute 2,281,636,000 against cars, according to the Association American Railroads. This was a drop of 1,698 from the preceding week and 42,859 cars of cars from the similar week of last year. As indicating the course of the commodity mar- kets, the December option for wheat in Chicago closed yesterday at 88%c. as against 96c. the close on Friday of last week. December corn at Chicago closed yesterday at 56%c. as against 59c. the close on Friday of last week. December oats at Chicago closed yesterday at 30%c. as against 30%c. the close on Friday of last week. The spot price for cotton here in New York closed yesterday at 7.89c. as against 8.32c. the close on Financial Volume 145 Friday of last week. yesterday on stocks, but base metal and agricultural commodity The spot price for rubber 14.68c. was Friday of last week. Domestic safety afforded by gilt-edged issues, which advanced yesterday with offerings by one custom smelter at 11c., while others held the price at 12c. the dual close modity issues 11/16 pence yesterday, while industrial stocks also improved, In the of matter transfers the foreign exchanges, cable Trading as the Paris Bourse was supended, Mon- days. When dealings were resumed on Wednesday, at the trend was uncertain, with trading on a very against 3.37%c. the close on Friday of modest basis. The initial tone was soft/but moderate gains followed and at the end small gains were cable transfers 3.40%c. on day and Tuesday, in observance of religious holi- yesterday at $4.99 13/16 against $4.96% the close on Friday of last week, and in gold mining shares. London closed on advances were recorded Major yesterday at 44%c., the close Friday of last week. on Gilt-edged issues moved higher from New York. against 19 15/16 pence Friday of last week, and spot silver in New York closed uncertain, although gold-mining ites dipped in accordance with overnight advices price of bar silver yesterday was per ounce as were shares remained in demand. Anglo-American favor- Friday of last week. on per ounce on as steadily. Industrial stocks were irregular and com- against price of ll%c. and 12c., respectively, the In London the 19 as The trend on Thursday was toward the receded. closed copper Anglo-American industrial issues shares declined. against 15.50c. the close as 2901 Chronicle on Paris closed yesterday last week. Sfnrk Market* btoclc M s Furrmpan Luropea more numerous H than the equally small losses. Month- settlementg ^ were effected at 3% against the EDTLE businessthe principal European stock ex- 4%% rate of mid-October, French aided sentiment was done this week on financial to changes in degree. Rentes and which equities showed some markets, and price changes also were modest. closed Paris Bourse was of All Saints Day and Souls Day. All with the tion on on only minor variations, but gold-mining issues were The Monday in observance in This suspension at Paris, coupled ties Much concern again was by the British market. improved. Dealings on the Berlin Boerse were modest during with lower quotations expressed everywhere regarding the decline in New York and its ultimate significance, but European the initial session, Monday, attempt to solve that traders and investors did not puzzle. of that nature were aided the rule among An attitude of aloofness prevailed, and sen- timents by the natural in progress. are sion In some of the European cen- business slump. But trade and in- dustrial reports in Europe remain fairly good, and world business develop- fears the ments of were unfortunate confined to circles with American con- Still another movement nections. The London Stock Exchange was . was resumed for the week, last issues that was an at a on York. British funds were industrial list reThe gold-mining stocks at- quiet demand, and the British some support. tracted attention, but copper, rubber and other com- Anglo-American trading faimproved and some inquiry also was reported modity issues receded. vorites for other international issues. An air of quiet op- London marindustrial stocks attracted support. Some sizable advances were noted in South African and Australian gold mining timism ket. final hour buying orders The fixed-income section was neglected, throughout. In quiet trading yesterday prevailed Wednesday, on the Gilt-edged issues and British appeared in volume. • small gains were registered on New York. Busi- Tuesday, owing to the Berlin, with losses of 1 to 2 points The subsidence was grad- us}y however, and in the indefinite period of easy money minimum toward lower levels devel- recorded in many issues. the British closings at Paris and New ceived oped Thursday, at Monday. Gilt-edged unfavorable week-end advices from in trading industrial stocks moved while international issues declined on the impends. lower, ness as developments inclined London investors to the belief rates dull reflected modest investment demand, as American Declines of fractions to a point or appeared in almost all parts of the stocks joined the downward devaluations would be a by little change. The ses- Tuesday again was dull, and the tone re- list. Bank procession, despite the relinquishment of control by the Reich Government 0f leading Berlin institutions. There was little change in the situation at Berlin, Wednesday, as the tendency toward weakness persisted. Potash stocks were firm? but almost all other groups were marked slightly lower on persistent but quiet liquidation, more possibly impend, and gold mining occasionally were in vigorous demand on the stimulated on mained heavy. gained ground that another severe de- theory that fresh currency than other groups. Fixed- interest obligations showed pression may stocks leading stocks. The potash shares were more resistant apprehensions regarding the several important inSpain and China which now almost all heavy industrial, chemi- Cal, electrical and other ternational conferences on ters the idea commodity International issues were irregular, Rentes and French equities were irregular in a quiet session yesterday, but international issues securities. Paris and Berlin were content to follow the example set French equi- in modest demand, but larger gains were were recorded in gold-mining and a few other The tone was quiet and steady in London, and the exchanges in centers to small proportions. pean A cheerful session followed at owing to strength in franc exchange. closing of American markets for the elec- Tuesday, kept fresh commitments in Euro- on good demand. Paris, Thursday/with rentes up by good fractions Tuesday in observance of , the Boerse. Reciprocal Trade Treaties QOME additional light was thrown this week on O the status of the reciprocal tariff treaty pro- gram, which Secretary of State Cordell Hull is push- ing steadily. Preliminary hearings on the proposed treaty with Czechoslovakia recently were concluded in Washington, where great opposition to various phases of the plan was voiced by many American manufacturers who might find themselves at a competitive disadvantage in the event of drastic lowering of the tariff barrier. It seems unlikely that Mr. Hull will take steps of so drastic a nature that irremediable injury would be inflicted on any large 2902 Financial American groups, obvious that and in the meanwhile it is fairly some decided toward reduc- measures tion of barriers deserve to be taken. in are be themselves hearings that all claims will assurance consideration. into taken treaties an The More than dozen a already have been negotiated, and from any large point of view the contention seems justified Chronicle Nov. Japan will give indicated Tuesday, when notice on key is under contemplation. The usual request made that interested persons to products was submit suggestions as which tariff changes might suitably on be made. dispatches of Tuesday made it clear that frequently discussed Anglo-American reciprocal trade treaty is considered summation, at least by Government. of In the a of course highly desirable debate in the House a Commons, Members of all parties urged the tiation of such a pact as con- divisions of the British some an nego- aid in combating any well buffer-State arrangement to cover Inner a some of the Provinces of China proper The actual administration of such After considerable preliminary skirmishing, representatives of Wednesday, parley 14 for assembled nations the was made at Brussels, hastily convened Nine-Power the Sino-Japanese on session it London the the Nanking State doubtless would rest in Japanese hands, a reciprocal trade treaty with Tur- a of the de- means and may be that Mongolia and pigen that Shanghai, territory, will be made. his purpose was at If the German mediation efforts succeed, it of was the last four months, Nationalist officials could hardly cede the that beneficial results have attended the endeavors Secretary Hull. That he is not to be diverted from over China has gained much "face" by defense 1937 of the vast territorial gains up any made in northern China termined 6, On the war. of the eve sufficiently plain that the great Powers responsible for the conference had faith no in its effectiveness, and the initial discussions fully warranted the pessimistic predictions heard everywhere not the arrangements were made. as Japan did change its attitude toward the gathering, and the absence of that country made the session what awkward. some- The German Government rejected unemployment that might arise from completion of an the British day by Foreign Office predictions that the confer- rearmament program. President of the Board of is Oliver Stanley, Trade, replied that there nothing in public life which he takes for or which he strives hard so seriously so this as proposed It is the earnest desire of the government, treaty. he assured the Members, that preliminary explora- tions in London and Washington with view a to arriving at satisfactory a The difficulties in the way of such were a emphasized by Mr. Stanley, who indithere is idea of no system of Imperial preference. discussion in the clared that there is a "For for real to be reason apprehensive slump, but he admitted that expansion of international trade, confront the world." The barriers British Minister remarked, however, that the worst obstacles are not , apan TMTEW elements nese mediation tariffs, but currency re- were an p. ina mediation offer seems willing to far to an offer of overshadow the inef- Treaty conference, which started German briefly that Chancellor Hitler's promptly. an in at- Government made known accepted by both parties, and it arrange This accept. Wednesday at Brussels, with 14 nations The mediation had been was armistice Ever since the war indicated that would started be near July 7, the German authorities followed made Peiping, the cor- rect diplomatic procedure of strict and rigid neutrality. They are, accordingly, in a position to proffer their good offices to both sides, with lihood of favorable consideration. of mediation, a like- The actual task however, is apt to be exceedingly troublesome and Any action, he said, that ment. dispute depends essentially difficult, for it is hardly likely that can upon be taken in the the United States, He pledged the British Government to the United being left behind." State go as far as States, "not rushing in front, but not In reply, Under Secretary of Sumner Welles declared in Washington the next day that the American purpose is to share in the common task of finding, within the provisions of the Nine-Power Treaty, some solution of the current conflict in the Far East.1 In was view of this preliminary maneuvering, little expected of the conference, and no surprise occasioned dresses. United by the mild The democratic of the tone was opening ad- countries, headed by the States, Great Britain and France, suggested mediation and the restoration of peace on the basis H. Davis, head of the American "equitable adjustment," accept- an able to China and injected into the Sino-Japa- reported fectual Nine-Power to The British Foreign Secretary, Anthony Eden, discussed the problem last Monday before the House delegation, called . by the German Government, which both are efforts previously be expected to arbitrate the Sino-Japanese difficul- ties. of what Norman situation, yesterday, through disputants tendance. to import quotas. - on of the Commons, Mr. Stanley de- concerted effort to reduce economic strictions and on course reason," he added, "it has been the de- international trade I N abandoning the In the policy of the government to play its part in which also room this clared any no disastrous business there is that of Commons, and he placed the responsibility for informed that of nations the gathering squarely on the United States Govern- cated that the United States from the first had been broad since fail, assumed the attitude of "moral judges" could not be concluded at agreement." pact also must ence practicable moment and "negotiations the earliest started invitation to attend, and followed this last Satur- Japan alike. the whole world, and structive nature was urged. the United States had no The war concerns- early solution of an a con- Mr. Davis added that commitments, in entering the conference, other than those expressed in the treaty. Eden French With these sentiments Foreign Secretary associated views British the along Government, similar lines Foreign Minister Yvon Delbos. were while voiced by The Chinese dele- gate, Dr. Wellington Koo, protested that mediation was He of no urged use an to a nation subjected to aggression, effective check upon territorial bitions like those of Japan in China. vinoff, speaking for Russia, also called for "the unity of all peace-loving nations" checking Count aggression. Luigi ous Italian as cause measures a means of representative, Aldrovandi-Marescotti, espoused the Japanese against coercive The am- Maxim Lit- obviously by declaring firmly of any kind. With obvi- reference to President Roosevelt's "quarantine" Volume Financial 145 2903 Chronicle This The toll of life was heavy in Lerida, where 50 children were among the 220 slain, The loyalists completed last Saturday the move- followed ment of their capital to Barcelona from Valencia, by group discussions, in which means were sought and the common front that now has been developed whereby Japan could be induced to attend, or at among least to submit born defense against the insurgents, speech, the Italian delegate scoffed at "talk about a more less or moral quarantine directed against the other of the one or parties to the conflict." inauspicious start of the gathering be could suggestions for terms restored. was which peace on Eight of the leading nations tro the next clay. the loyalist forces probably presages a stub- The international aspects of the conflict also show The London Non- agreed, Thursday, to follow this procedure and hope little change, for the time being. for the best. Intervention Committee, to which the entire prob- ' , • ~ , fight- lem of foreign interference was referred once again ing continued in the most desperate manner, both at Italian insistence, met several times. French officials talked vaguely over the last week-end of opening the border to assistance for the loyalists, While these conversations were in progress Shanghai and in the northern Chinese provinces at that marked out for addition to the has Japan The gains made by the puppet-State of Manchukuo. Shanghai last week were extended only invaders at a little, for fied the new and prepared positions have modi- Only problems of defense. battalion" a small "death left in the Chinese area of Chapei was finally gave up the unequal task when the Chinese defending the irregular line, and that group reinto the International Settlement last of treated Saturday, on direct orders from the Chinese Gen- Early this week the eralissimo, Chiang Kia-shek. Creek, Japanese threw some men across Sooehow Settlement, but the Chinese claimed that the near invaders the Shansi were again forced small that over In northern China, and especially in waterway. the Japanese claimed extensive Province, The provincial capital, Taiyuan, was reached gains. by the invaders Thursday, and the Japanese maintained that the Chinese armies were retreating Almost all rapidly. Tokio assumed is it basis might gained, and to averse on this observers that by informed be not objectives in the Japanese northern China now have been "mediation" from friendly sources, that had as its object a peace that to keep its new acquisitions, enable Japan would Wintry conditions, bitter in north China, now are settling the area, and Japanese troops are not such conditions. The menace of over accustomed to Soviet Russian involvement time goes on, becomes more acute as of warfare also t; • i ™ , suggests that Tokio would be happy to « ,. . . , i I. of terminating * ri o find a means the struggle on its own terms. ALL of the a Spain was tense this week as the start of new and possibly deciding battle between next here and there, skirmishes Madrid sectors, great area of conflict were a fresh assault on the fall of thousands of troops ; at Madrid. week lacking. General assembling his troops loyalist positions, for the Gijon brought the entire Biscayan area into insurgent control and made of especially in the but definite indications as to the Francisco Franco clearly was for There insurgents and loyalists was awaited. were near with gon, withdrawals of volunteers. By this means a new deadlock was postponed, the London correspondent of the New York "Times" remarked. Some concern was occasioned last Wednesday by rumors that the British Government was establishing diplomatic relations with the insurgent regime of General Franco, but Foreign Secretary Eden explained in the House of Commons, Thursday, that only commercial agents were being sent to insurgent Spain in order to protect British interests in the large area now under the control of the insurgents. The Cuban key point in the loyalist while another squadron bombed week to Government made an effort early in the mediation endeavor, but Washington declined with thanks on the ground that non-interference in the internal affairs of other countries is the established policy of the United States Government. A British merchant ship was sent to the bottom of the Mediter- enlist all the American republics in a ranean last Saturday by unidentified airplane marauders. Diplomatic Developments TT™~ • _ . ... . ■ ,, HPIIERE were fresh indications this week of that I _, _ ' . . , 1 alignment of the world Powers into dicta** democratic States which . . „ , . . . , tonal and has been a corn- for several years. The diplomatic aggression of the fascist and other autocratic countries was evidenced by an announcement in Home, Thursday, that a new and enlarged entente would be signed in that city today by representatives of Germany, Italy and Japan. Italy is the newest member of this entente, which ostensibly is directed against communism, but actually seems merely intended to cement under suitable banners and with suitable slogans the policies of countries nearby Barbas- Reich to strike out boldly against weaker Saragossa the insurgents equally indecisive results. which is a Tuesday, however, it was merely decided that both sides in Spain would be requested to permit on defense of Ara- The loyalists assumed the offensive this made, Madrid, but no great progress was * When the committee met that are willing to risk the chances of peace or war in order to make gains of doubtful value. The reluctance of the democracies to bring these matters down to a test of arms has encouraged the aggressive autocrats enormously, and each success made by Italy, Germany or Japan seems to lead only to fresh incursions on the rights and the independence of other peoples. The evidence this week again was to the effect that Italy having gained Ethiopia and its own way in Spain, and Japan having a virtually free hand in China, it is the turn of the German possible the diversion for fighting in Aragon or pressed the battle, The available indications point, however, to the Aragon region near Saragossa as the choice of the insurgents for the next area of conflict. Insurgent bombing planes made an attack Tuesday on the town of Lerida, Near ment on non-intervention. monplace of international affairs Spanish Civil War Jrx daunted by its stinging diplomatic defeat at the hands of Italy, made it known "unofficially" that last Tuesday would be the deadline for an agree- and the need for Japanese relief from financial and economic strain the if an agreement on the withdrawal of volunteers was long delayed. The British Government, un- neighbors. „ 2904 Financial The German demand tor colonies be brought to Mussolini espoused the German Premier last week in cause must be accorded this place in the "African sun." a British the statement Cabinet reply last Monday, in the form of made last To Commons, that Italy might well show the way steer "I do not desire to so anything at this say far in plainly that we do not admit the right of is evidence no for a show to that that count." The Italian Foreign sharply at Great Britain to the effect that not own struck and is back German type that it has found useful in recent years. The Nazi Reich displayed ist gangs, group, took an in¬ creasingly aggressive attitude, with Vienna reports of last Monday reflecting the apprehensions felt by the authorities because of the obvious Austria with the Reich. where the to align City of Danzig, Nazi control last Nazi rule In the Free move party branch took over complete week, all the manifestations of German are appearing. Jews being persecuted are and their property confiscated, while opposition of sort is sternly repressed. Berlin spokesmen any stoutly maintained, however, that Danzig will main a flag. re¬ separate entity and will not fly the German The German minority of Czechoslovakia was (Nazi) party walked out of the Parliament of Czechoslovakia late last week to emphasize their desires. The democratic States of resorted to conferences the dictatorial they appear ent. When whenever the aggression regimes became too pressing, still to regard this the have years nations of who rorists gary, of the Nine-Power formal conference cist was conference," remarked, a to discover ex¬ In¬ years ago. the assassination at Mar¬ over allegedly plotted the murder in Hun¬ an international agreement that would act to prevent incidents of this After nature. almost all extensive ventions which were with Conference for the con¬ placed last Monday before the Suppression of Terrorism. first convention aims at the ment consultations governments, the League drafted two of terroristic acts The prevention and punish¬ directed against heads of States, the manufacture of infernal machines with such lic aims, endangering of lives and damage to pub¬ The second convention provides ma¬ property. chinery for the establishment of court could that The at world criminal a whereunder any signatory apply for redress and punishment of citizens signatories. would Adherence to the latter not be mandatory, even accepted the first convention. delicate who Hague, proposals points was con¬ for States When discus¬ started, Monday, some raised by the British delegate, that the fundamental question of were suggested speech might be involved in the proposed against terrorism. Brussels on second and less a aim just started Monday, in furtherance of aims convention respect to fas¬ of this secret dispatch to the New York "Times" "is interna¬ was freedom of gathered at "The An terrorism repress and started with diplomatic strokes. re¬ their best expedi¬ as Treaty, to the Council in 1934 called for Coffee Valorization Ends Wednesday to discuss the flagrant Japanese viola¬ tion more Yugoslavian King, Alexander, by ter¬ sion of these Europe for expositions of economic under consideration. censed and alarmed of other German on seilles of the vention Sudeten at Almost equally praiseworthy is a now Geneva Deputies the taken are brought that body far conference again encouraged to fight for freedom from Prague, and presumably for alignment with the Reich. The of have still pressed by the League Council three party in Austria, which naturally is linked closely with the German parent aims compilations of the League its extra-nationalistic tional aggressiveness of an admirable The statistical political fields. regard to its smaller European neighbors, the moribund a step toward simple international policing of terror¬ at the Tuesday that economic reprisals on spect in recent years than any of its excursions into domain. With toward information ac¬ sizable stretches of desert some, to Moscow German-Japanese pact against communism. steps part of the former German colonial any the Geneva. Tuesday, in statements on but course, organization at the present time, occasional Italy merely obtained from Great Britain and France and Office its diplomatic are continues ALTHOUGH the League of Nations is any govern¬ government on strongly Government International Terrorism contribution when there prepared to make any contribution Russian careful moment Germany and ourselves," Captain Eden said, "but I must declare ment to call upon us con¬ that assurances against Japan might follow the inclusion of Italy it concerns as The a hinted in making concessions to Germany, since Italy herself benefited territorially from World War settlements. about this claim communications mutual were friendly relations between Italy and England Foreign Secretary Anthony Eden, before the House of All that these summer. desired. declaration by a 1937 Wednesday the purport of the on tained, apparently, bitter a 6, exchange of "love letters" with Premier Mussolini, typical declaration to the effect that the Reich a Nov. berlain revealed apparently is to diplomatic show-down. a Chronicle how closely the BRAZILIAN termination announced last Wednes¬ day the authorities of the long-continued efforts to above keep the price of coffee in world the standards. level indicated markets by ordinary competitive With this announcement another of the world's free democracies will stand together against the newly linked great efforts to control the price and production of they into limbo. dictatorships and to what lengths prepared to are aggression, less." said now conferees at more shame¬ Brussels were coming around to the realization that united front against dictators would keeping aggression within ordinary resisting dictatorial becoming bolder and Belatedly, the to be in go course bounds. go In a far toward the more of diplomatic affairs, however, the democratic countries followed established traditions and bers conventions of closely. At the request of Mem¬ Parliament, Prime Minister Neville Cham¬ agricultural products by governmental decree went a Such efforts are commodity is confined to try. the They case of are wmrld highly dubious where single producing foredoomed to failure where, coun¬ in coffee, production is widespread and im¬ possible of control by the a is aware, a single government. the restrictions ports by Brazil and the burning of ties at the expense of Brazilian merely resulted in elsewhere that a was on as As all coffee enormous ex¬ quanti¬ taxpayers in general stimulation of coffee production bound to affect Brazil adversely Volume in Financial 145 2905 Chronicle long In run. recognition of this belated Changes simple fact, the Brazilian Government announced on stored. break competition The immediate effect was, in coffee of once again re¬ sharp course, a commercial •French 7,331,747,270 8,372,730,476 1,465,551,833 1,254,301,197 810,588,195 3,447,242,797 3,140,762,838 —4,000,000 3,710,151,032 91,336,516,120 87,197,627,560 83,306,170,910 + 1,236,000,000 —544,000,000 17,326,532,707 13,219,371,240 13,509,472,550 + 662,000,000 10,600,037,895 bills discounted., b Bills bought abr'd be from the viewpoint of the this may as Francs 55,805,022,187 64,358,742,140 71,989,792,417 7,830,380 5,464,355 18,699,379 + 3,000,000 No change Credit current accts. Note circulation tunate Nov. 1, 1935 1936 Francs No change Adv. against secure. world markets. on Oct. 30, 1937 Francs Francs Gold holdings Credit bals. abroad. Unfor¬ prices Oct. 28. for Week Wednesday that the price-control program would be abandoned and open COMPARATIVE STATEMENT OF FRANCE'S BANK the cTemp. ad vs. with¬ Brazilian is be to sure coffee producers, the effect on Brazilian finances beneficial, since the vast outlays for burning presumably will cease. Some destruc¬ tion will continue, it is indicated, but only minor b Includes bills discounted abroad, c Rep¬ resenting drafts on Treasury on 10-billion-franc credit opened at Bank. Since the statement of June 29, 1937, gold valuation has been at rate of 43 rr>g. Includes bills purchased in France, a gold, 0.9 fine, per franc; previous to that time valuation was 49 mg. apparent that the coffee valoriza¬ tion scheme destined to go the way was of all such measures; . Bank of Germany ' \- Statement PHE statement for the last quarter ofbullion of October showed slight increase in gold and a A decrease THE statement of athe Bank for the week ended Nov. 3 shows gain of £2,761,000 in note ago, years recorded in was reserves in foreign cur¬ other coin in investments of 17,000 of 219,000 marks, in silver and rency of gold ago year marks, and two England Statement 70,081,000 aggregated 64,514,000 87,785,000 marks. A 27,000 marks, which raised the total to marks. Bank of ■v 26, 1936, 65.5 mg. apprehensions, but more relief, as some it long has been artificial and subsequent to Sept. prior to Sept. 26, 1936, there were per franc; of gold to.the franc.-. Rio de Janeiro indicate that the latest development occasioned 74.36% 64.09% 51.36% —0:33% hand to sight liab. gold Dispatches from grades hereafter will be burned. 26,918,460,497 12,302,601,962 No change out int. to State.. Propor'n of gold on marks, 87,416,000 — circulation and this as attended by was a loss of and marks other in assets There £32,705 in gold holdings, reserves declined £2,793,000. are now in circulation £485,908,000 notes in of which is Public deposits rose £1,793,859. The latter consists of bankers'accounts 4,713,382,000 marks Bank's reserve ratio stands now at 1.49% a comparison with £447,111,863 a year ago. deposits fell off £1,890,000 and other other and accounts increased which respectively The reserve proportion dropped to 26.9% from 28.6% 'a week earlier; a year ago it was 40.40%. Loans on government securities increased £3,175,000 and those on other securities decreased £447,026. Of the latter amount, £288,567 £1,756,415 was and £37,444. from discounts and advances securities. Below rate. we ago year furnished below: Nov. Nov. 6, 4, 1935 £ £ 30.284,000 Public deposits.. Other deposits Bankers' accounts. Other accounts... securities Other securities..... Disct. & advances. Securities Reserves notes & coin Coin and bullion _ Bank rate three years is A STATEMENT Reichsmarks Reichsmarks Oct. 31, 1935 Reichsmarks ; 87,785,000 21,034,000 5,520,000 5,703.000 + 741,226,000 5,584,921,000 4,942,159,000 4,109,587,000 139,856,000 108,345,000 120,549,000 —87,416.000 65,960,000 79,330,000 43,543,000 + 23,596,000 660,789,000 523,892,000 397,912,000 —17,000 724,017,000 576,291,000 723,694,000 —23,858,000 70,081,000 20,055,000 + 27,000 Gold and bullion Of which depos. Oct. 31, 1936 Reichsmarks Assets— Oct. 30, 1937 No change abr'd —219,000 . Other assets 64,514,000 28,5.36,000 5,144,000 +563,000,000 5,275,000,000 4,713,382,000 4,158,594,000 727,976,000 688,773,000 711,480,000 + 84,000,000 Oth. daily matur. oblig. 447,111,863 402,157,517 379,786,990 373,334,951 25,243,845 9,983,923 27,201,594 21,008,522 127,149,173 126,200,009 145,231,608 131,369,838 85,340,417 89,559,105 107,165,239 91,295,138 40,074,700 72,788,095 23,077,376 8,465,914 14,611,462 10,655,231 78,477,842 72,858,663 92,645,853 191,812,793 20,296,764 9,641,533 26.9% 40.40% 36.85% 46.93% 50.10% 2% 2% 2% + 6,007,000 316,219,000 293,935,000 290,147,000 —0.3% Other liabilities 1.3% 1.49% 2.24% Propor'n of gold & for'n curr. to note clrcu'n.. 38,066,369 79,804,835 2% Prop, of res. to liab. Foreign Central Banks Discount Rates of THERE have been no changes the foreign week in discount of of during the central rates the banks. any leading centers are the at rates Present 2% shown in the table which follows: RATES OF FOREIGN DISCOUNT CENTRAL BANKS Bank of France Statement THE statement for 1,236,000,000 Oct. 28 in note expaasion of the week of francs showed an Nov. 5 Established emulation, the total of which is now 91,336,516,120 3H Mar. Austria 3X 4 Batavia .'. 2 Bulgaria... 6 Belgium compared with 87,197,627,560 francs the cor¬ responding period a year ago. An increase was also shown in credit balances abroad of 3,000,000 francs and in French commercial Bank's gold holdings again change, the total remaining at 55,805,- 000,000 francs. showed no bills discounted of 662,- 022,187 francs. The Gold last year aggregated 64,358,- 742,140 francs and the previous year The Mar. 11 Canada ratio is now 51.36%; 64.09% and the year before furnish the various items vious years: a year ago 74.36%. it was Below we with comparisons for pre¬ Rate Dec. 2 1936 2H 4 Hungary 4 Aug. 28 1935 4H 4H India 3 Nov. 29 1935 3 Vi 2H Ireland 3 June 30 1932 3H 7 Italy.. Apr. 18 1936 6 1936 3.66 3 Jan. 14 1937 5 Feb. 1 1935 6 H 1 1936 6 m May 3.29 Japan 1935 4 Jan. 24 1935 4M Java Colombia.. 4 July 18 1933 5 JugoslaWa 3 Jan. 1 1936 . vakia 3M _ 4 5M July Morocco 6H May 28 1935 4H Dec. 5 1936 3H 4 Danzig Denmark 5 Lithuania.. Czechoslo¬ . Jan. 2 1937 5 Norway 4 4 Oct. 19 1936 3X Poland 5 Oct. Aug. 2 June 30 1932 2H Portugal 4 Estonia 5 Rumania.. 4 Vi Dec. Finland Sept. 25 1934 Dec. 4 1934 5H 4 4 H South Africa 3H May July England 25 1933 6 11 1937 7 1934 6 4H 15 1933 10 1935 4 6 M 3 France Germany _ . Sept. 2 1937 4 Spain 5 Sept. 30 1932 Jan. 4 1937 5 Sweden 2H Dec. 1 1933 3 4 7 Switzerland 1H Nov. 25 1936 2 6 Greece Foreign Money Rates Advances against securities reserve 1935 1935 1935 1935 vious 2 Chile 71,989,792,417 declined 4,000,000,000 francs and creditor current accounts of 544,000,000 francs, while bills bought abroad and temporary advances to State remained unchanged. francs. . 10 July 1 May 15 Aug. 15 5 Holland 1 1936 July Nov. Rate ■ Argentina.. Dale Established Effect Country vious Dale Effect Pre¬ Rate in Pre¬ Rate in Country francs, A and 2.24% two years ago. Changes Notes in circulation 126,067.569 89,435,199 36,632,370 41,808,756 36,640,904 103,413,000 81,963,337 87,214,999 28,570,975 27,623,583 23,478,841 7,654,874 10,986,320 7,820,119 19,968,709 12,492,521 20,750,856 62,492,566 54,249,689 42,083,000 327,991,740 249,604,429 196,407,206 against Liabilities— £ 485,908,000 Circulation 8, 1933 1934 £ Governm't 1936 as for Week Advances Nov. 7, 1937 1.3%, « Investments Nov. Nov. 3, year REICHSBANK'S COMPARATIVE Bills of exch. & checks. COMPARATIVE STATEMENT last comparison of the different items for Silver and other coin... BANK OF ENGLAND'S with and 4,158,594,000 marks the year before. Increases were shown in bills of exchange and checks, in advances, in other daily maturing obligations and in other liabilities. The Res've in foreign curr__ parisons for previous years: rose 5,275,000,000 marks, compared now and £158,459 from made in the 2% discount have tabulated the items with com¬ No change was marks. 23,858,000 of 563,000,000 marks, the total Notes in circulation INbills Friday market discount rates9-16% on LONDON open 9-16% as "against for short on were Friday of last week, and on as open at 9-16% for three months' week. Money At Paris the against 9-16% on Friday of last call at London on Friday was lA%. bills market rate remains at 1%. 3%% and in Switzerland 2906 Financial , New York Chronicle Nov. 6, 1937 DISCOUNT RATES OF FEDERAL RESERVE BANKS Money Market Rale in THE New York stable affair money week. Funds quiet and market was a remained this available in huge amounts, but repayments of loans Federal Reserve Bank Previous Rate ' Nov. 5 Boston Date Established Effect on 2 1937 Aug. 27 1937 2 Sept. IX for accommodation, tinued to ties in commercial banks con¬ market in order Commercial build to earnings up and bankers' bill rates paper IX IX Sept. 4 1937 2 May 11 1935 2 IX Aug. 27 1937 Atlanta IX Aug. 21 1937 2 IX Aug. 21 1937 2 Cleveland IX 2 8t. Louis IX Sept. Minneapolis IX Aug. 24 1937 2 Kansas City Dallas IX IX 2 Ban Francisco IX Sept. 3 1937 Aug. 31 1937 Sept. 3 1937 2 2 1937 2 2 unchanged in these circumstances, for there were would be no benefit the and demand was no purchase United States Treasury securi¬ the assets. There same. 1 Philadelphia Chicago just the New York Richmond effected were point in reducing rates of borrowers absence. their The who week's are conspicuous by issue of Treasury dis¬ bills, sold late last week, consisted of $50,- count 000,000 133-day obligations, which 0.226% calculated average, were awarded at bank discount basis. on a Call loans held to 1% and time loans were 1%% for days, while four to six months' dat- maturies to 90 ings remained at 1%%. occasioned indicated The drop in brokers' loans by the stock market collapse is again by the monthly tabulation of the New York Stock Exchange. $313,497,644 to For October these loans fell undertone SINCE Friday, Oct. 29, sterling has shown a firmer than for bankers' between of number a weeks. The sight bills, compared with $4.94 15-16 and $4.96% a range last week. of The for cable transfers has been between $4.96 1-16 range and in this week has been between $4.96 and $4.99% range $4.99%, compared with and $4.96 11-16 The a a range of betwreen $4.95 week ago. price, $4.99%, is It is hard to find a firmer undertone of mercial account total of $725,622,872. a Course of Sterling Exchange lower for even a high for the new year. satisfactory explanation of the sterling at this time. On sterling is seasonally under com¬ pressure throughout the autumn and winter until about the middle of Foreign Money Rates January, when under normal international trade conditions familiar prior to DEALING in detail with call loan rates was~the on the Stock Exchange from day to day, 1% ruling quotation all through the week for both loans and renewals. continues quiet, .this week. 90 no The market for time new money transactions having been reported Rates continued nominal at 1%% up to days and 1%% for four to six months' maturities. The market somewhat for prime commercial quieter this week. has been paper in favor of London. in the action of Bankers' are New York and frequently pointed out, played only a foreign exchange rates since the although in the past year sus¬ the volume of world inter¬ national trade has increased Fluctuations in the limits since and American the appreciably. have rates been held within organization of the British exchange equalization funds, particu¬ larly since the conclusion of the tripartite agreements Acceptances com¬ minor part pension of gold payments b Great Britain in 1931, narrow Rates As mercial transactions have The demand has been lighter and the supply of paper smaller. quoted at 1% for all maturities. the outbreak of the World War the trend turned against a year ago. Perhaps currency the most among important factors favoring sterling at this time THE market for prime bankers' shown change this little or no has been quiet and the There has been quotation as acceptances has week. Trading supply of prime bills limited. change in the rates. no The official issued by the Federal Reserve Bank of New York for bills up to and including 90 days are %% bid and 7-16% asked; for bills running for four months, 9-16% bid and %% asked; for five and sixmonths, %% bid and 9-16% asked. The bill-buying rate of the New York Reserve Bank is %% f°r bills running from 1 to 90 days; %% for 91- to 120-day bills, and 1% for 121- to 180-day bills. The Federal Reserve from Bank's holdings of acceptances increased $2,830,000 to $2,832,000. Open market dealers are quoting the same rates as those reported by the Federal Reserve Bank of New York. The rates for open market acceptances SPOT are AsUd ^ s,6 —150 Days md Asked ^ 90 Days Bid .v, Prime eligible bills FOR 9,# 60 Days— '^slced Bid Asked 716 H and above $35 an parity with the official American price of ounce. The higher prices for gold in the London open market have not only caused ^ ?16 ; Asked »„ direct shipment of gold to London, where for the most part it is taken by hoarding interests and left Since the outbreak of the Chinese-Japanese War Japan has shipped approximately $200,000,000 to New York. More is believed to be en buying sterling, contributing to the present firmness pound. amounted to any bid $39,598,700, the smallest amount for month since July, 1936, when only $8,799,100 in. The October total compared with $67,237,300 received in September and with $182,284,800 received in October, 1936. When during the summer gold in London sold at the dollar equivalent of around $34.75 for no changes this week banks. in the Federal Reserve of the following is the schedule the various Reserve banks: classes route to San Francisco, but it is understood that Japan is also sending gold directly to London. For the past few weeks Japan has been selling its New York gold and came ^ bid rates on deposit with the London banking houses. H 30 Days Bid Asked Discount Rates of the Federal Reserve Banks The decline Imports of gold received in New York in October 120 Days Bid «<7 THERE have been rediscount a in the flow of metal to New York but have stimulated in the DELIVERY WITHIN THIRTY DAYS Eligible member banks Eligible non-member banks sharp curtailment in the gold movement to New York, the increase in the London gold price to parity, DELIVERY 180 Days Btd Prime eligible bills follows: as are the of of rates paper at now in effect the different was profitable for private owners of an ounce, it gold to ship their metal to New York and receive $35 an ounce. In the past few weeks the dollar equivalent in London was frequently around $34.90 and on several occa¬ sions future gold was taken in London at the equiva- Volume Financial 145 lent of $35 an ounce the counter price Another factor of and on Friday, Nov. 5, the over advanced to $35.10 probably bearing the strength sterling is the heavy transactions in American issues in London and Amsterdam not stood It is under¬ by London observers that the volume of trans¬ actions in American stocks in London for American account frequently exceeds the volume of transactions the New York Stock Exchange. on these transactions must set up a While ultimately demand for dollars, the immediate effect is to increase Imports the demand for None $4,231,000 Total The gold reserves a 26.9% from 42% in January, 43% last year, and to the average of approximately 45% for several years previously. The decline in the ratio is not regarded in London as unduly large and is not causing concern. the ratio touched 16.6% which was the Last August lowest since January, 1926. The maintenance of the ratio at a much lower level Change in Gold Earmarked for Foreign Net Account ' Note—We have been notified that received approximately $8,182,000 of gold was Francisco, of which $6,662,000 came San at above figures gold held exports of the metal or change in marked for foreign account. imports Friday that $6,861,300 of gold on $6,628,000 received at San Francisco, of which from Japan came gold held foreign account decreased $1,125,300. reported was was ear¬ On Friday there were exports of the metal, but or earmarked for It ■ for the week ended on are On Thursday there were no imports Wednesday. or from Japan and +•'\r':' ;;+ $1,520,000 from Australia. The \ 4;+' VAj No change no firmer tone to the pound. of the Bank of England are down sterling and thus; giye Exports ■ 1,402,000 from India only for foreign account but also for American account. OCT. 28-NOV. 3, INCLUSIVE GOLD MOVEMENT AT NEW YORK, $2,829,000 from Canada an ounce. on 2907 Chronicle and $233,300 from Australia. Gold held in the inactive fund, as indicated in the daily Treasury statements issued during the week ended last Wednesday, day changes The day-to¬ follows. was as are our own calculations: GOLD HELD IN THE TREASURY'S INACTIVE FUND than has been customary is owing to the fact that England has not considered it necessary the Bank of Daily Change Amount Date— +$343,449 $1,269,883,423 +1,331,915 for this is the Nov. 2 1,272,126,636 good deal of the increased circulation is a Nov. 3__ +203,838 +528,077 +85,142 One circulation. to reason foreign hoarding of British sooner or later and may be fund to recalled that the Bank of England gold at the old statutory price of around 84s. lid. per ounce, while if the gold now held were to price the Bank's gold cover be valued at the current for circulation would be well over Montreal funds and 100%. rate 2: "With Nov. Commons the information at my of a slump and more detailed analyses of prospects of individual industries do not either. In most industries there is no sign of any real check or tension, Mr. Stanley the international stated, he believed that England could look for a further sharp expansion in export confirmed that He conversations Money rates in London, continue weeks. Two- and unchanged from three-months' 9-16%, four-months' bills 19-32%, and 23-32%. All the gold on bills are six-months' offer in the London market during the week is reported to have been taken for unknown destination, but London observers open practically the entire amount was taken hoarders. On Saturday last there was £295,000, on Monday £315,000, on Tuesday report that 1 for account of available Wednesday £421,000, on, Thursday £461,000, and on Friday £569,000.; At the Port of New York the gold movement for £334,000, the week Reserve on ended Nov. 3, as reported by the Federal Bank of New York, was as follows: Thursday, 147.10 2 Nov. 4 Friday, Nov. 5. PRICE 140s. 7d. 140s. 4J^d. Wednesday, Nov. 3 Monday, Nov. 1 140s. 5^d. Thursday, Nov. 4__._140s. 6^d. Tuesday, Nov. 2 140s. Friday, Nov. 5 PRICE PAID FOR GOLD BY THE UNITED 140s. 6d. STATES (FEDERAL RESERVE BANK) Saturday, Oct. 30 Nov. Tuesday, Nov. Monday, $35.00 1_. 2. .... 35.00 35.00 ,__$35.00 35.00 35.00 Wednesday, Nov. 3 Thursday, Nov. 4 Friday, Nov. 5 Referring to day-to-day rates sterling exchange on was previous close. cable transfers firm in limited trading, but off from Bankers' sight was $4.96@$4.96%; $4.96 1-16@$4.96 7-16. On Monday slightly firmer in limited trading. The $4.96%@$4.96% f°r bankers' sight and 3-16@$4.96 5-16 for cable transfers. On Tues¬ sterling was was day quotations were largely nominal, with New York closed because of Election Day and Paris closed in exploratory. bills Nov. 147.32 147.10 147.15 Wednesday, Nov. 3 147.17 .147.15 1 Saturday, Oct. 30 $4.96 informal and market gold price, LONDON OPEN MARKET GOLD being held between the British and American Govern¬ ments with a view to effecting a trade agreement, al¬ recent Nov. Monday, range though at present discussions are only steady. MEAN LONDON CHECK RATE ON PARIS Saturday, Oct. 30....... now are was premium of 1-64% paid for gold by the United States: Saturday last abatement of activity." Should there be any relaxation in trade. Paris, the London open and the price disposal I do not believe in the imminence of a disastrous slump in business. General statistics do not reveal the immence a following tables show the mean London check on Tuesday, Trade, said in answer to questions in the House of during the week ranged between premium of 1-16%. a Stanley, President of the British Board of Oliver Ended Wednesday $2,671,804 Canadian exchange The alarming decline in the reserve. It should also be Increase for Week regarded time gold is available in the exchange correct any 1,272,211,778 notes, additional circulation. The Bank is the concerned by the disparity in the ratio because carries its 30 1,271,598,559 temporary at any +179,383 Oct. 1,271,394,721 which will return less 1,270,062,806 1_... attributable as 29 . Nov. rate of rise in view that 28_ Oct. gold holdings to correspond with the to increase its Oct. observance of sterling was All Saints' Day. On Wednesday firm. Bankers' sight was $4.96%@$4.97; On Thursday cable transfers $4.96 7-16@$4.97 1-16. continued sterling Bankers' sight was very The firm. bankers' transfers. for range $4.99 1-16@$4.99% Closing quotations on Friday were demand bills at was sight and $4.99%@$4.99% f°r cable and $4.99 13-16 Commercial sight bills for On Friday exchange was $4.97%@$4.98%. fers for firm in more active trading. $4.97%@$4.98 3-16; cable trans¬ for cable $4.99% transfers. finished at $4.99%, 60-day $4.98%, 90-day bills at $4.98 9-16, documents payment (60 days) at grain bills at $4.99% closed at $4.99%. $4.98%, and seven-day Cotton and grain for payment 2908 Financial Continental and Other Foreign Chronicle of Economics. Exchange to remain to of aims to hold franc variations in sterling with respect to the dollar as alignment with the pound. nearly as patches All Saints' to of business Friday last to the opening on on influence Official reports from" Paris mdicate~a~more satis¬ ready to offer funds in the market. more Reich and The public disposition, it is asserted in Paris, is much changed and the franc rate is easily maintained. evidence, however, of activity gold hoarders in the London market and of ac¬ quisition of British bank notes by French nationals. On Friday of last week Finance Minister Bonnet addressing the Lille at that New York to from but it was of the Radical SocialistParty gold would soon be shipped congress asserted Paris. No sum specified, was assumed that probably the amount would be several million dollars. The announcement London, Paris and on created enthusiasm in the this side declared, would be significance. It is supposed that the stabilization fund recently French in New York when dollars in the Paris resignation observers Minister as all in centers of are German policy has on He has diminished constantly policy of spending large sums for armaments public works. Belgas again showing are degree of firmness. some this week has been between 16.91 and 17.03%, 16.95 being dollar parity. However, future belga quotations continue at rather Thirty-day belgas 5 to the opposed the are generally discounts. severe at discount a of points under spot and 90-day belgas at a 15-point discount. Despite the political dispute to man¬ as of the National Bank of Belgium agement policies which has been in progress for the past four or five the banking position of the country is entirely business conditions are favorable. years, satisfactory and party congress but the the shipments, financiers in without much finally and definitely declined to Financial The range The market has clear of had vanishing point. factory outlook for the franc and assert that lenders are Berlin dis¬ 18. nevertheless strongly of the opinion that Dr. Schacht's Wednes¬ day. March on Shacht's Economics. Day lasted in France from the close term Wednesday, Nov. 3, stated that the Berlin on Dr. accept assumed at the time that Dr. was President of the Reichsbank after the as Government The market has been extremely limited, however, as the holidays incident 6, mi obliged by the Reich Government expiration of his Paris possible as It Schacht would be FRENCH firmer. have' been ruling issteadier and slightly francs (The better tone due the nrmness Nov. were earmarked gold rather heavily offered exchange market under the influence of the break in Wall Street. Oct. On gold abroad of of National the 28 stock of of Belgium had belgas 1,256,000,000 belgas. and a balances The bank's ratio gold to notes stood at 77.65% and its ratio of gold total liabilities was 68.88%. It is understood that to in recent weeks the bank has lost Netherlands and that have been made from Such Bank 3,377,300,000 some gold to The some transfers of foreign funds Antwerp to France and Switzer¬ shipments, and it is assumed that they have already been made, will be the first movement of land. gold from this country in ing European currencies to the United States dollar: of the tripartite response to currency agreement. the operation previously chosen to bring to this country whatever gold has been acquired through official exchange operations, but it would seem that foreign exchange controls have been hold on bought. the this side whatever metal as content they may gold metal for the actual to Paris give tangible evidence to the that the gold drain checked and that on French people the Bank of France has been France is once again obtaining metal. A feature of M. Bonnet's attack upon speech at Lille was an He de¬ exchange control been in effect since July the country would have lost at least 3,000,000,000 francs of gold owing to the adverse trade balance, whereas in fact it gained several billion francs. pointed out that control would block the He return of capital from abroad and that the bulk of exportable funds has already been exported. He asserted that control would kill the tripartite currency agreement, which is bound up with the entire policy of the French Government, and would not solve the budget problem nor have any effect on the unfavorable trade deficit. No change has occurred in the situation of the German mark. Schacht made journalists on It will be recalled that Dr. a Hjalmar surprise announcement to foreign Oct. 25 of his resignation Range This Week & 3.37 to 3.40% 13.90 16.95 16.91 to 17.03% 5.26 8.91 5.26% to 5.27% Switzerland (franc) 19.30 32.67 23.10 40.20 68.06 55.28% to 55.30 as Minister — Belgium (belga) Italy (lira) New dollar a parity The London check rate at 147.15, against In New York on 147.25 sight bills on 3.39%, against 3.36% cable transfers at to 23.23 before devaluation of the European currencies as between Sept. 23 and Oct. 3, 1936. b The franc cut from gold and allowed to "float" on on June 30. Paris closed on Friday Friday of last week. the French center finished on Friday of last week; 3.40%, against 3.37%. Antwerp belgas closed at 17.03 for bankers' sight bills and at 17.03 for cable transfers, against 16.90% and Final quotations for Berlin marks bankers' in advocates of exchange control. clared that had Parity 6.63 at physical shipment of gold from New York is to have reserves as soon reason (franc) 3.92 to placed under earmark. It is believed that the sole Parity b France not affect gold position of the United States because it is New Dollar Old Dollar Holland (guilder) A shipment of gold to France will is deducted from the American following table shows the relation of the lead¬ The American authorities have the The were 16.90%. 40.31% for sight bills and 40.33% for cable transfers, and 40.17%. Italian comparison with 40.17% lire closed at 5.27 for bankers' sight bills and at 5.27% for cable transfers, against 5.26% and 5.26%. Austrian schillings closed at 18.85, against 18.85; exchange 3.50%; on on Czechoslovakia Bucharest Poland at 18.95, 2.22, against 2.20. at at 0.74, 3.50%, against against 18.93; and on against 0.74; on Finland at Greek exchange closed at 0.91%, against 0.91. ♦ EXCHANGE on This countries neutral during the the due part to the firm. war is is in move¬ ment of these currencies in but an sympathy with sterling, independent firmness is likewise apparent arising from business improvement and of funds especially from other prosperous. centers. Uneasy Swedish an Continental customarily seek Switzerland for security. inflow business is funds The gold Volume highest point in the history of the institution as Dutch The gold stock of capital continues to return from abroad. bank's Nov. for statement 1,354,600,000 guilders. shows 1 2909 Chronicle of the Bank of The Netherlands have reached reserves the Financial 145 Shanghai at 29%@29 23-32, against 29%@29 11-16; Manila 50 3-16, at 50 3-16; Singapore against at 58%, against 58.30; Bombay at 37.74, against 37.49; and Calcutta at 37.74, against Present Dutch reserves are 37.49. Banks Gold Bullion in European 138% higher than the gold holdings of the bank at the low point in The rapid flow of November, 1936. gold into Holland during the past of the A year ago stood at 684,800,000 further a the has been one outstanding events of the international financial world. that year the gold holdings of the bank It is believed possible guilders. large amount of the metal is held by 300,000,000-guilder equalization fund, some of which be held in the United States reflecting For some weeks there may THE following table indicates the amounts 'at gold bullion (converted into pounds sterling of par exchange) in the principal European banks as of of respective dates of most recent statements, to shown for the are a strong demand for guilders in many quar¬ corresponding dates in the previous four years: , 1937 1936 1935 £ £ 1933 1934 £ Banks of— £ recent Dutch sales of dollars. has been England 327,991,740 293,710,643 196,407,206 575,918.339 249.604,429 France 391.871,164 £ 192.645,853 660,198.061 2,848,900 alone prevent range Bankers' at sight on Amsterdam finished on Friday week; 55,27, against 55.29% on Friday of last cable transfers at 55.27, against 55.29%; and com¬ 3,303,000 88.092,000 42,575,000 90,348,000 90,637,000 a25,232.000 43,537.000 66.712.000 47,491,000 105.134,000 47,560,000 73.547.000 98,669,000 98,883,000 74.160.000 78,631.000 67.834.000 26.019,000 80,129,000 24,243,000 6,552,000 6,603,000 46,707,000 Sweden of 55.27-55.30. 1,844,250 c87,323,000 Italy Netherlands Switzerland the unit from rising above its present 2,501,300 Spain Nat. Belg.. fund Operations of the guilder equalization ters. 21,335,000 15,663,000 Germany b. Denmark Norway 108.391.000 6.548,000 __ 6,602,000 ... Total week against 23.11 and 23.11. Copen¬ transfers Checks on hagen checks finished at 22.33 and cable against 22.16% and 22.16%. Sweden closed at 25.77 and cable transfers at 25.77, at 22.33 76,204,000 73.086.000 77,431,000 61,691,000 14.189.000 7,396,000 6,602,000 17.377.100 90,424,000 6,580,000 7,397.000 6.573.000 Amount held Dec. 31, iy36. latest figure available, b Gold holdings of the of gold held abroad, the amount of which Is now Bank of Germany are exclusive 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 cable transfers, 6.555,000 191,812,793 645,989.539 1,061,618.683 1.044,138,843 1,137,155,545 1,258,221,814 1,262.174,432 1,062.271,038 1,163,671,595 1.131,502.174 1,257,896,119 1.263.300,374 . Pre v. week. a sight bills at 55.21, against 55.23. Swiss francs closed at 23.22 for checks and at 23.22 for mercial reported by special cable yesterday (Friday); comparisons us than within less a year, franc; this was the second change In the gold's values the previous revaluation took place on Sept. 26, 1936, 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 when the gold was 43 mgs., there are about against 25.59% and 25.59%; while checks on Norway at 25.12 and cable transfers at 25.12, 190 francs to £1. What Next for Organized Labor? finished against 24.94% and 24.94%. not Spanish pesetas are quoted in New York. The breakdown of the conference at eration of Labor and the Committee for Industrial Organization EXCHANGE on the SouthofAmerican countries presents no new features importance. These sterling-dollar fluctuations. The exchange position of the South American countries continues to improve steadily currencies move in close relation to because of the expansion of the export trade. closed on Friday, official quotations, at 33.30 for bankers' sight bills, against 33.07 on Friday of last week; cable transfers at 33.30, against 33.07. The unofficial or free market close was 29.65@29.80, against 29.70@29.75. Braz¬ ilian milreis, official rates, were 8.92, against 8.86. The unofficial or free market in milreis as 5.55@5.65, Argentine paper against 5.55@5.65. Washington last week between committees of the American Fed¬ pesos Chilean exchange is nominally quoted at 5.19, against 5.19. Peru is nominal at lic tions which while came as no were exchanged between the two bodies conference was a in such violent surprise either to the pub¬ representatives. The communica¬ to the labor or being arranged were couched language, and the charges and coun¬ ter-charges which they set out were so explicit and uncompromising, that a good deal would have had to be taken back, or smoothed over, or forgotten on semblance of good feeling both sides before even a could be restored. have No attempt, however, appears to been made to temper any of these asperities, committee Committee for Industrial Organization, should consent to confer with a com¬ mittee of three, representing the Federation Council, was not a happy augury for the sessions. At bottom, of course, the success of the conference depended upon its ability to effect a working agreement in which two sharply opposed theories of labor organi¬ zation could be reconciled, but it was politics rather and the of opening debate on whether the ten, representing the „ 253^8, against 25%. EXCHANGE on the Far by the Chinese-Japanese extent disturbed Eastern countries is to some these units move in Figures recently released by the Department of Commerce in Washington show that there has been a considerable retardation of both conflict, but for the most part sympathy with sterling. import and export result of the war. trade of China and Japan as a Since March Japan has shipped approximately $200,000,000 of gold to the United States. It is reported that at least $50,000,000 more will be shipped. A large part of these shipments have weeks the firmness in sterling. been converted into sterling, especially in recent and have contributed to that the yen will be kept to sterling at the rate of Is. 2d. Japanese authorities assert at its present peg -per yen. •'".- •V, "A checks yesterday were Friday of last week. Hong¬ closed at 31.24@31%, against 31.09@31%; Closing quotations for yen 29.12, against 28.93 on kong v than theory on which the On the second conference quickly split. Committee day of the sessions the submitted to the Federation a three-point program embodying the terms on which it was the prepared to The Committee proposed, first, that Federation "shall declare as one of its basic pol¬ make icies peace. that the organization of the workers in the mass-production, marine, public utilities, service and basic fabricating industries be effectuated only on an industrial basis." Second, the Federation was to department to be Industrial Organiza¬ within its organization a create known as the Committee for tion, with which all national, international and lo¬ cal unions now affiliated with the Committee were to be "shall affiliated. be proposed, operating under This department, it was completely autonomous, I 2910 its own rected Chronicle departmental constitution, and shall be di¬ by its properly designated officers." own also to was in Financial have organizations and Third; there should be called, by the Committee and vention "attended the their able national a body, "for the approving foregoing agreement and for working out the the necessary sanfe rules and regulations to effectuate apd to guarantee the fulfillment of the the pro¬ gram." It that this program, once accepted, would put if it were end to the "united front" an championed and exerted itself to maintain. The Federation would be divided into two one branches, of which would not only bear separate name but would also, by specific agree¬ ment, be given complete autonomy controversies to which its union af¬ over filiates and their members and sole jurisdiction over they became parties. It would also involve the withdrawal by the Federation from some of the labor fields, among them various service occupations and public utilities, now represented in its membership, and it apparently left unsettled the controversey in over industries in craft versus which both industrial unionism types of workers are represented. The ■ the national was a All are now members of the Commit¬ tee for the Federation, with the enjoyment of "all rights privileges" which they had before the Commit¬ tee Industrial was organized. through bodies. not Organization were to return to The inclusion of other organiza¬ affiliated with the fected Committee conferences to was representing , be the ef¬ two "Organization and administrative policies mutually agreed to" were to be referred "for fi¬ nal decision" to the next convention of the Federa¬ tion, and "in the meantime an aggressive organiz¬ ing campaign" was forward among the unorganized workers along both to be "continued industrial and craft lines stances may clared, warrant." contemplated united solidified as carried conditions and circum¬ These proposals, it "the labor and was establishment in movement ing within the ranks of labor." of de¬ one America and the termination of division and discord now exist¬ The Committee for * Industrial Organization, accordingly, "shall be im¬ mediately dissolved." The "millions of "membership in kind for of was organized any situation any Workerte" kind of union" that would legitimate labor organize them." to give up and create "the render it organization impossible ever to re¬ It is "merely a reaffirmation of the Federation's former not policy" and "certainly does contemplate the organization of the unorganized into strong unions." tion is tion of on upon, united the only hope of unity lies in labor only pro¬ for front which There can be no autonomy The unity, example, if the Lewis Committee insists complete the idle dream. an reciprocal and substan¬ a tial abatement of demands. within the upon Federation. Not only would the Federation be split into two rival "still It indicates that the Federa¬ determined to prevent" the organiza¬ mass-production and other basic industries industrial probably hostile camps, but an unseemly strug¬ gle would be precipitated for control of the annual convention, where voting is ship. on the basis of member¬ Unity will be impossible, again, if the Com¬ mittee for Industrial Organization continues to "raid" the industries in which unions have been or¬ ganized by the Federation, and asserts jurisdiction craft over alike. some workers The and mass production workers Federation, in turn, will have to show real interest in organizing the mass production industries if it is to win the confidence of the Com¬ mittee, and not content itself with voting expression of interest which is lowed up. not a formal effectively fol¬ The questions of jurisdiction which bulk large in labor union politics do not seem, to an outsider, incapable of solution if the will to deal so lines, "even though it It is possible that the conference, which resumed its sessions at a Washington jarent, however, is for fare and may prevent the on of its dilemma. way out a Thursday, which Dr. find may The outlook at the continuance of union intensification of the an movements" Harold mo- war¬ "aggressive labor Gr. dent of the Moulton, Presi¬ Brookings Institution, in an address at Chicago Oct. 25 before the annual convention of the to on Institute be "the recession." tor these of American primary cause It is matter of Meat Packers, declared of the current business common knowledge that, disturbances, the Committee for Industrial Organization bears far the larger share of respon¬ sibility. No m'ore than ordinary intelligence is needed to show that if the demand for shorter hours and higher wages, irrespective of the efficiency of the worker the state of demand for the or is to go on as it has been and still is strike after leaders lowers even strike is to be product, going on, if precipitated by union responsible at the most only to their fol¬ in and to practice only remotely responsible them, and if agreements made broken at the caprice of leaders ments of the counter-proposal promptly rejected by the Committee representatives. It "suggests abject surrender," their chairman declared. It would com¬ pel such Federation desires will be four- international unions with Federa¬ or tion charters that tions a adjustment of all points in dispute." hopelessly divergent demands are to be amicably and fairly with them exists. reply of the American Federation point proposal of diametrically opposite tenor. and organ¬ and clear at was which the Federation has a If con¬ purpose of possibility of healing the breach in the insisted and inter¬ national unions and local industrial unions" affili¬ ated with either industries." cedure for the agreement between Federation, such ized labor movement" and that it "embraces members." by all of the national 1937 The Federation members, in reply, insisted that the proposal "affords a reason¬ "complete and sole jurisdiction" regard to the workers described in the first point and also in "any matters affecting affiliated 6, organization of the millions of unorganized workers in It of the program, its Nov. rank and law order and and as or are to be of radical ele¬ file, the industrial system, well, will before long break down. Fortunately, it is not yet clear that Mr. Lewis can with reinforce his labor a organization by aligning it national labor party movement. The munici¬ pal election in New York City, on Tuesday, was ob¬ viously a great victory for the American Labor Party and its Communist allies, and while that party is not directly the creation of Mr. Lewis, it has had his support and in turn has supported him. The American from Federation, however, still holds aloof party affiliations, and unless is reached at some Washington it cannot be to support any compromise counted upon labor party movement with which Volume Financial 145 Mr. Lewis is identified. Detroit, mittee in Commerce Interstate the Organization to capture the eral Trade overwhelmingly defeated, sion, the Communications Commission and, in short, was crushing defeat suffered was an ing the past which hitherto have been the Committee in action dur¬ seen seen tion Committee in is _• enough. There is intense opposi¬ industrial centers in the If and when such a exceedingly powerful board or commission the to President is their interests with those of lished to fix wages yet There is much reason to the expect, however, not only that attacks of the Lewis Committee upon business and there are important indications of it. no the American as well as will Federation continue, but that efforts will also be made to strenuous American Labor industry the craft unions of upon develop the Party in preparation for the Con¬ body is created, the same rela¬ tionship and supervision would undoubtedly extend South, and if the Western farmers intend to merge labor party interests, with cold impartiality. which a quasi-judicial agencies supposed to apply the law for persons or concern and judicial and has evidently decided that what it has to the without Each of these cities, it will be year, Commission, the Water Power Commis¬ to all the administrative and Canton, in labor candidate for Mayor was defeated a Jackson, Mich. remembered, has as Commission, the Fed¬ the other hand, the attempt of the Com¬ Industrial city government Ohio, and considered warrantable to issue them, extent it is municipal election in to on for equally In the 29112 Chronicle the States. several Reciprocally, it is understood that these heretofore bodies will be other attempting to have estab¬ and hours of labor throughout independent and uncontrolled permitted, through their chairmen or duly accredited representatives, to explain to the Chief Executive through the medium of the Co¬ ordinator their several attitudes upon and controverted pending questions as well as their aspirations the future. One cannot doubt that, when the gressional elections of 1938 and the elections of 1940. for There is little that is system shall be fully established (perhaps not business or industry if the aggressive campaign for labor domination to go on the cheering in the outlook for through the Lewis organization is It should not be necessary for unchecked. country to learn through hard experience that demands which reduce labor consumption and cut profits to a point where capital investment is dis¬ couraged, and a labor agitation which relies upon strikes and open incompatible lawlessness to attain its ends, are with any reasonable prosperity or after in cluded trained the the to until in¬ of the stronger and abler men now some of these boards membership value their and integrity have passed from scene), such representations would be made with becoming modesty and complete deference. Probably one of the future tasks of coordination expense-creating agencies on the will relate itself to one hand, and revenue-controlling agencies upon the such That other. and method coordination, or of harmony has been woefully lacking purpose, economic security, but the lesson will have to be learned in that way if means are not devised to teach f throughout the whole history of regulation by law and by custom or public opinion is entirely beyond it in some other. successful contradiction. Boondoggling President Roosevelt Bulldozing? or displayed rather less than his customary urbanity when he complained that the daily had quite generally treated the designa¬ press tion of his oldest son, ator," with commissions ment, was as functions involving the bureaus and "first page" news. that the relative tion should have tive James Roosevelt, obscurity of of the as "Coordin¬ independent Federal Govern¬ His counter suggestion unimportance of the designa¬ relegated the item to the compara¬ an inside page. Upon that question the States have United of millstones gross on the other, wages and hours of labor by combinations of public forced sentiment and emotional favor for the earner invisible the visible wage- corporation payroll as against the the on side fixed and limited by rate-making and controlled of been ground between the public regulation—on the one receipts commissions, For five decades, since ^ of the Cullom law, the railroads the enactment wage-earners, and others, who constitute The consequences have had expres¬ fact that, considering as a whole the corporation. sion in the railroad system of the United States or that of any It is possible that the -great section of the United States, the railroads have not, throughout the whole period, prospered to the extent that public interest requires, or even held an event of unusual importance. their own. In the most prosperous times they have, It is true that the title of "Coordinator," under there may be divergent views. appointment of a "Coordinator" on this occasion is Washington, has acquired something less than definiteness of mean¬ ing and its implications have become so uncertain and equivocal as to connote the bare minimum of the present Administration at The chaos of administration under the New Deal, with its innumerable conflicts of ambition and authority, of purpose and policy, possible intention. has had countless coordinators, but all of them have coordina¬ present instance there is little to sup¬ failed, and there has been in fact no real tion. In the plement the name adopted other than the high and held by the President's son, and that he has been directed to allocate two confidential position the fact the problems arising out of this enlargement of the sphere of Presidential preroga¬ tive. Within these two days it will be the peculiar days in each week to to convey Presidential com¬ recommendations, or views, to whatever duty of the Coordinator mands, or at the best, barely earned the minimum essential to economic fare, of which the not be deprived. fair return stability and the general wel¬ Constitution says that they shall In less active times they have in¬ Presidents before variably suffered great losses. Franklin D. Roosevelt have jumped to the crude and illusory conclusion that all that was necessary to avoid this evil was to establish unity in regulation, either of by consolidating effectively the two control or ordination. of branches by compelling their harmonious co¬ No statesman and no qualified student government can accept that superficial Temporarily it might work. relieve a condition in view. Momentarily it might which convergence of the opposed pincers had produced bankruptcy for many and the imminent threat of bankruptcy for all. Nevertheless, to create a combination with nominal capacity to augment expenses for labor indefinitely 2912 Financial and at will, and to collect the bill from the trans- portation-purchasing public, would be at all, not who could be lured to lend inter- revolutions of the vicious circle failure of much effective of attempt was made. they were in before the This, however, is merely be entertained reasons only by hope- one for the existence of by delega- powers legislative dis- purpose as by limiting standards duly prescribed in the grants of power. the That the full legislative delegated has become axiomatic in Amer- jurisprudence. Broad matters of policy involve determined, in national affairs, by the Congress, of legislature may prescribe the general rule empower a policy and subordinate administrative to apply that rule to the facts of particular agency making, for such cases, and determinations istrative agency and can exercising such action is opportunity arbitrary or void and may are Moreover, powers participate. to be set aside by judicial "day in court" regarding right, or process, any claim that lacking in good faith or, to paraphrase as so arbitrary plainly the between record whose was wholly them no may be grave All these If such is the at this time, the consequences purpose and far-reaching. The purpose will, in the end, have to be abandoned or the adminis- trative of obtaining method justice between the vendors and the vendees of quasi-public services will be destroyed. If, in the present instance, fallen into such an the President has it is only another illus- error, tration of the superficial and hasty action to which he is frequently impelled by his implacable deter- mination to override obstacle which may inter- every between the purpose which he has immediately vene in mind and its complete realization. He is lacking neither in patriotism nor in good and upright inten- tions, but he is apparently incapable of perceiving sound reason for the existince of any any impedi- ment to the prompt and full attainment of whatever objective he adoption adopt, may may Commentaries be. no He Sir of matter how sudden such may never William have read the Blackstone, or, if he has, he may have forgotten the great saying of that oracle of jurisprudence that it is always dangerous son to repeal a law without ascertaining the rea- for its original adoption because, after such ill-considered unforeseen repeal, difficulties are likely to disclose the sound reason which supported the repudiated statute, or ===== TU ^ , r The 5utlook for daPan and the Pacific administrative Whatever the outcome of the conference at Brussels—and reports at this writing do not forecast exclude such or partisan policy, policy except the legislative will; and services supplied by those utilities. Presidential conception which could make agents of executive know can any the to be obviously beyond and spirit if not the language of the grant. tribunals from con- of action not in fact authorized language of Chief Justice White, restrictions its lacking in good faith, its acts by the grant of authority them If make of violation of any statutory or stitutional Tliey must act, party in interest must be allowed every to have his he may inquiries own But each admin- record in the making of which all parties a afforded are its purposes, to the facts. as only act, upon notice to the parties in inter- est, upon State creditable, and in appointing his successor explicitly power highest quality of legislative discretion and must but the Chairman of the Public Service Corn- a the to have it become the advocate of the users of the agencies to exercise legislative ican of utilities and the public, but that it was his purpose could cannot be mission and wishful and superficial thinking, quasi-judicial commissions and for the creation closed retirement of declared that he did not intend that the Commis- tion and to execute the be the never sion should function impartially between the public a lessly blind to the true of and truth, the concept of executive coordination in field the services manner a one pressure this York, Mr. Roosevelt, in clearly disclosed to the public, brought about the might be constrained to take by parti- interference In It is not to be forgotten that, when Governor dangerous direction that executive illustration of san The alternative supposition is not less than sinister. attempted before the would leave all parties in condition than worse mere boondoggling. of New for demand patronage 6, 1937 There would be few support to the measure. diversion Nov. nifieant departure from approved precedent is from the selfish standpoint of the even railroad employees ested solution no Chronicle the Congress there can be no any very important action—there is no reason to ex- pcct that the advance of Japan in the Far East will or can be permanently halted. Even a failure of the intermediary; until admonished by the regularly operations at Shanghai or a check to the advance constituted courts from the north would leave virtually untouched the tive purpose as it they must interpret the legisla- disclosed by the legislation which is their function to must act without fear tially as apply for themselves; they or favor and always impar- between all parties to the issue with which they have to deal. influences which urge been charged that glory that may can come Japan forward. After all has be charged to from a a desire for the conquest at arms, there still remain forces to which Japan seems destined Upon this foundation of prin- to respond. The natural desire of an island empire ciple the entire structure of administrative law has for territory on the mainland, pressure of popula- been tion upon a deficient food supply, expanding indus- developed, and when that foundation fails the whole edifice must It may inevitably fall. tries needing markets for their products, a dearth be that the President has not overlooked these conditions and does not intend to If that is the case, ignore them, it must be concluded that the of important raw materials, jealousy of Russia as an Asiatic Power, a belief in the superiority of the Japanese nation in comparison with its Chinese creation of aCoordinator in this field is without real neighbor and resentment at the financial and busi- significance and that the functions to be attempted ness are limited that the so than a designation is little more gesture, or perhaps an effort to find occupa- tion for an ing youth. active mind and an ambitious and deserv- Upon that hypothesis the otherwise sig- the influence in the Far East which Europe and United States have long wielded—all these things will continue to operate, as they have operated in the pan past and are operating now, to urge Ja- along the path of territorial, economic and po- Voium* 145 Financial litical expansion in the directions in which expansion is most naturally and easily to be accomplished, In such movement war, a comes an nor patched-up a incident, and neither acquiesced, drive a temporary check, a in which China nominally peace peace enforced by outside pres- dispose of the inner forces that unite to Japan ahead. Unless a nor would sure however unavoidable, be- China Chronicle No sell if it is to buy and not industrialized nation powers of resistance and erto much greater than it has hith- shown, the world must look forward to time, a can even hope to live wholly within less widely ajar if Chinese production be forced open can The task of the Brussels conference, viewed from and the difficulties not lessened by the fact that are to understand tlier a eign policy is accustomed to take war with Russia is indispensable to that end. firm establishment of chukuo, China the occupation the Yellow as of northern River, and control of seaports would be sufficient not only for political domination but also for the economic etration which access to the Japan desires. If Japan Pacific, it can The situation with gard to Russia is equally obvious. of Vladivostok or some It would not be port that may be developed farther to the north if the only other Pacific that Russia could have Manchukuoan access to the through Chinese was territory which Japan controlled, along these general lines that Japanese pansion re- to curb Russia by depriving it of the port necessary It is pen- control can control the economic life of the vast interior of China. or The Japanese authority in Man- definitive far as the Chinese successful to be moving. ex- for Japanese this angle, becomes both delicate and complicated, putably the dominant Power in the Far East. Neinor a be made goods, politics China can to supplement what Japan itself can produce and perhaps not far distant, when Japan will be indiswholesale conquest of nation must a the most highly itself, but the door will obviously be held less and the Chinese market develops progress in the Far East than elsewhere, of course, more will the door be absolutely closed, for capacity for internal economic and political sta- bility and 2913 as well as economics are involved. It is easy why Great Britain, which in its fora long look ahead, should be strongly averse to doing anything that would irritate Japan ish capital hasten the time when Brit- or have to withdraw from the Far East may and British trade suffer a serious decline. If it is the inevitable that has to be faced, it is better that the inevitable shall used to come for it. prepare gradually and time be The statement of Foreign Secretary Eden to the effect that Great Britain is ready to go Brussels far as was as the United States will go at doubtless intended in part to make clear where the responsibility for calling the conference lies, but since there is indication, at least in no Ambassador Davis's opening speech, that the United States is prepared to do ability of more Mr. Eden's peace, be called precise. There is a than the desir- urge assurance can hardly further impediment to The recognition of considered action in the criticisms which have been the trend goes far to explain the attitude of Great voiced, especialy in Great Britain and this country, Britain in the present Sino-Japanese conflict. appears The of Japan's ruthlessness in warfare, the sporadic at- primary interest of Great Britain in the Far East, tempts to boycott Japanese goods or prevent the and in the purpose sailing of vessels destined for Japan, and the desire Power in that part of the world, is economic, not Something political. of political prestige other rights which for enjoyed, and as it was Even the League of Nations, swayed by the appeal of the Chinese delegation, framed from pronouncing upon the issue of aggression, and the injection of that issue into the deliber- Hongkong. The main interest, howThe imrestment capital in China is immense, anc ume of British trade with China and J apart- and important. ations at Brussels would probably divide the conference again as already. Japanese ambition, it is also to be remembered, of supremacy over capital investment, is greater commercially, for Japan find in the United States their best customer. The democracies is large The interest of the United States, and array against dictatorships is reported to have divided it goes China the effort to the vol- while less than that of Great Britain in th'6 matter both re- have been many years is financial and commercial. of British of Chinese partisans to have Japan formally branded as an aggressor. determined effort would doubtless a be made to hold ever, is, «of involved in the maintenance of territorial course, and of Japan to become the dominant China and resistance to any politi- cal designs in the Far East that Russia may have, It prospect of a Japanese hegemony infJthe Far farther than the establishment of Japanese contemplates also the attainment of an unassail- able position throughout the Pacific. It has already in that direction. Only combina- East, accordingly, raises the question how long the gone a financial tion of naval forces such as, in the present state of which opportunities and commercial advantages other countries, States and Great particularly the part of the world are likely to continue. for economic nomic United Britain, have long enjoyed in that The desire long way Europe, is not a practical undertaking could success- fully challenge the Japanese navy. session Hongkong of a could The British pos- not be maintained eco- against a massed Japanese naval attack, and the policies of Italy and Germany and is spread- Singapore naval base, intended to insure beyond self-sufficiency which dominates the ing rapidly elsewhere in Europe is strongdn Japan, cavil the safety of British possessions in the Far and to the extent that teh aim East, has become isolated. the was realized through occupation of Chinese territory and fie develop- ment of Chinese natural resources and industrial production, the volume of imports from Europe and the United countries States, and in varying degree from other as well, should be expected to decline. Al- authorities Some American naval reported as believing that an Amerof the Philippines would be impractic- are ican defense able, and if that is the case the independence which has been promised to the islands will be held only upon Japanese sufferance. The denials by Japan of ready, in China, the policy of the "open door" has aggressive intentions must be given all the credence ceased to be of that such denials deserve, but few observers doubt shown no practical importance, and Japan has disposition to accept the policy for itself, that the natural result of Japanese expansion will 2914 Financial be to make the Far East Japanese "Monroe Doctrine'7 for the accomplished fact an as far European as American interference is concerned. or It would be pan's ambitions without at least tacit approval are other Powers. The action of the Italian del¬ among for be of ness Japan is entirely in themselves line with Japan's 1937 6, The on the contrary, it seems to well in view of the reported willing¬ to accept Chancellor Hitler as countries whose com¬ European shown have no endangered by Ja¬ relations with the Far East mercial ibinor tween very mediator. alliance is the in China; course egate at Brussels, on Thursday, in opposing joint and China be invited to settle their differences be¬ that working moral pressure upon Japan and urging that Japan Nov. joint resistance to Communism, but there is indication pan's great mistake to assume that Ja¬ a Chronicle the are relatively to entangle disposition no a themselves in less Great Britain and the United States agree to Sino-Japanese controversy. Un¬ opposition to outside intervention. The treaty of al¬ cooperate in something more than moral suasion, liance between the United Germany and Japan, to which Italy States will find itself isolated at Brus- expected to adhere today, provides in terms only was The New Capital Flotations and for the The record of month shows grand a on page 2918) the United States During the Month of October January in Ten Months Since the First of financing in this country during the new October of (Continued total TREASURY FINANCING DURING STATES UNITED MONTHS OF THE FIRST TEN 1937 $195,818,620, of comprising $27,619,620 of State and municipal issues, $129,- Amount Date Due Dated Offered Amount Applied for Accepted Price Yield 099,000 of corporate securities and two Farm Loan emissions The month's grand total amounting to $34,300,000. 71 Dec. 31 Jan. days Dec. 31 Jan. com¬ 273 days 105.265,000 131,040,000 7 Jan. 13 273 days 125.862,000 with $223,502,510 for September; with $183,827,304 Jan. Jan. 14 Jan. 20 273 days 124,392,000 for August; with $343,577,370 for July; with $559,649,812 Jan. 21 Jan. 27 273 days 134,878,000 for June; with $261,441,234 for May and with $317,092,098 for April. 28 Feb. 273 days 191,855,000 Feb. 4 Feb. 10 273 days 179,465,000 Feb. 11 Feb. 17 273 days 154,486.000 Feb. 18 Feb. 24 273 days 134,519,000 pares In March the grand total $382,057,701; in was February it was $521,550,323, and in January it was $617,- total. Jan. Jan. comprised $106,998,920 out of the grand total of $195,818,620, leaving the strictly new capital raised during the month Feb. 26 Mar. 105 days order during the usual the month of October. The month's financing comprised four single Treasury bill issues sold on a discount 273 days Because of the furnish below 98 days 153,617,000 4 Mar. 10 273 days Mar. 7 Decl5'36 12-16 yrs. give particulars of the different issues. days Mar. 11 Mar. 17 273 days 483,910,000 140,722,000 106,662,000 Mar. 17 Mar. 24 days 88,640,000 days 99,782,000 79 days days 122,846,000 178,883,000 Treasury Financing During the Month Secretary of the Treasury Morgenthau offering of $50,000,000 new mature July 6, The bills of Sept. 30 on a 1938. bank discount basis $50,000,000 were dated Oct. 6 and Subscriptions to the offering was 99.669, the being 0.436%. accepted. average rate Issued to replace Oct. 7 announced on a new offering of thereabouts of 273-day Treasury bills. or 50,044,000 Average 99.897 *0.513% days 148 days 50,049,000 Average 50,022,000 Average 50,025,000 Average 99.499 days Apr. Apr. 273 days 159,783,000 126,121,000 154,224,000 134,330,000 141 days 150,313,000 50,300,000 Average 50,024,000 Average 99.787 *0.543% Apr. 273 days 139,477,000 50,052,000 Average 99.458 *0.715% Apr. total.. 135 Apr. 29 May May May May days 273 days 132,280,000 135,389,000 12 128 6 May days 138,172,000 6 May 12 273 days 13 May 19 122 days May 13 May 164,362,000 50,027,000 Average 50,140,000 Average 50,044,000 Average 50,182,000 Average 99.863 50,019,000 Average 99.532 May 20 May 26 115 days May 20 May 26 273 day8 171,119,000 185,551,000 total. May 28 June June days 179,085,000 273 7 June 140,170,000 273 3 June days days 131,178,000 2 years 5 years days June 17 June 273 days June 24 June 273 days 50,112,000 Average 127,407,000 123,676,000 was 99.675%, the average rate on a bank discount basis of being $50,000,000 The bills were or 2,499,349,100 2,496,326,400 total. Morgenthau announced another offering thereabouts of 273-day Treasury bills. June 29 July dated Oct. 20 and will mature July 20, 1938. offering totaled $163,285,000, of which $50,accepted. The average price for the bills was 273 days 8 July 155 days July 8 July 273 days 426,290,000 15 July 15 July 148 days 273 days 50,015,000 Average 156,436,000 142 days 137,791,000 273 days 151,608,000 July July July 99.888 *0.375% 100 50,045,000 Average 50,120,000 Average 133,100,000 120,248,000 141,935.000 144,990,000 July 0.430% 0.617% 1.75% 99.566 *0.572% 99.562 *0.578% 99.531 0.619% 1,153,106.300 July Issued to replace maturing bills. On Oct. 14 Mr. June 99.480 *0.685% 50,030,000 Average 99.574 *0.562% 50,000,000 Average 99.586 *0.545% 100 426,494,300 1.375% 140,238,000 Subscriptions to the offering totaled $134,079,000, of which $50,103,000 was accepted. The average price for the bills July 13, 99.838 *0.479% 400,543,000 108 273 mature *0.531% 99.440 *0.738% 171,777,000 7 June and will 99.801 50,045,000 Average 50,014,000 Average 50,072,000 Average 169,035,000 10 June 13 *0.661% *0.667% 99.776 *0.545% 99.469 *0.701% 99.820 *0.507% 99.452 *0.723% 19 273 days May 99.494 350,516,000 June 0.429%. 99.461 *0.711% 99.901 *0.450% 99.512 *0.643% 273 June Oct. 99.602 *0.525% 99.896 *0.440% 273 8 Apr. June dated 2.50% 99.956 *0.173% Mar. 31 Apr. The were *0.179% 99.656 *0.454% 984,449,000 1938. bills 99.951 79,650,000 May 28 June Morgenthau 99.935 *0.224% 99.695 *0.402% days an¬ maturing bills. Mr. *0.401% *0.373% *0.373% *0.386% 72 April thereabouts of or $183,266,000, of which $50,090,000 The average price for the bills was on Average 50,153, 000 Average 50,004, 000 Average Marc h total. Apr. 29 May 273-day Treasury bills. totaled Average Mar. 31 Apr. 15 Apr. 15 Apr. 22 Apr. 22 October, 1937 will 85 Mar. 17 Mar. 24 273 Apr. a 99.696 99.717 99.717 99.708 Avergae Apr. the first 10 months of the current year and New Average 50,055, 000 Average 50,010 000 Average 100 483,910, 000 50,081, 000 Average 50,012, 000 Average 50,020, 000 Average 50,177, 000 Average 130,196,000 92 Mar. 11 Mar. 17 Mar. 24 Mar. 31 273 importance of United States Treasury issues a summary of the new securities sold during 99.738 *0.345% 50,023 000 Average 50,004, 000 Average 114,519,000 4 Mar. 10 Mar. 24 Mar. 31 ■ nounced 50,385,000 50,025,000 50,027,000 50,024,000 111,863,000 Feb. 26 Mar. Mar. United States Government issues appeared in we 99.726 *0.361% 200,461,000 Mar. $88,819,700. basis. 50,015,000 Average 50,038,000 Average 250,255,000 total. Feb. 99.961 *0.199% 99.760 *0.316% 99.747 *0.333% Refunding operations for the month of October 121,520. at 50,055,000 Average 50,125,000 Average 50,022,000 Average 22 July 22 July 50,010,000 Average 50,060,000 Average 50,000,000 Average 50,136,000 Average 50,015,000 Average 50,012,000 Average 50.032,000 Average 99.628 *0.490% 99.819 *0.419% 99.610 *0.514% 99.837 *0.397% 99.620 *0.502% 99.852 *0.372% 99.632 *0.485% Tenders to the 025,000 was 99.725, the average rate on a bank discount basis being 0.362%. Issued to replace maturing bills. Secretary of the Treasury Morgenthau nounced a on Oct. 21 an¬ further offering of $50,000,000 or thereabouts of 140-day Treasury bills. The bills were dated Oct. 27 and will mature March 16, 1938. Subscriptions to the offering $143,108,000, of which $50,065,000 was accepted. The average price for the bills was 99.899, the totaled average rate on a bank discount basis being 0.261%. Issued to replace maturing bills. In the following show in tabular form the Treasury financing done during the first ten months of 1937. The we results show that the Government of which disposed of $5,416,303,000, $3,711,611,700 went to take up existing issues and $1,704,691,300 represented For October an addition to the public debt. by itself, the disposals aggregated all of which constituted refunding. $200,283,000^ July July total. 350,265,000 29 Aug. 135 days July 273 days 133,795,000 Aug. 129 days 148,448,000 273 days 146,268,000 79,813,000 4 29 Aug. 4 5 Aug. 11 Aug. 5 Aug. 11 Aug. 12 Aug. 18 122 days Aug. 12 Aug. 18 273 days Aug. 19 Aug. 25 117 days Aug. 19 Aug. 25 273 days Augu st 165,122,000 50.000, 000 Average 50,047, 000 Average 50,086 000 Average 50,057, 000 Average 50,018, 000 Average 99.638 *0.478% 99.927 *0.210% 95,371,000 50,048 000 Average 50,043 ,000 Average 99.652 *0.459% 99.892 *0.322% 118,091,000 50.001, 000 Average 99.603 *0.524% 140,846,000 total 103,158,000 Sept. Sept. Sept. Sept. 160,209,000 159,174,000 1 110 days 1 273 days 2 Sept. 8 104 days 2 Sept. 8 273 days 7 Sept. 15 15 mos. 2 years 15 15 273 days 22 273 days 29 273 days 50,072,000 Average 50.028,000 Average 50,224,000 Average 123,622,000 433,507,900 6 273 days 7 Oct. 13 273 days 342,135,800 14 Oct. 20 273 days 99.557 50,015,000 Average 50,116.000 Average 163,285,000 Oct. 21 Oct. 27 140 days 143,108,000 183,266,000 total ♦Average rate 100 50,010,000 Average 134,079,000 Oct. er 99.871 99.666 99.709 1,120,124.700 Oct. Octob *0.211% 99.534 99.861 50,016,000 Average 99.461 433,507,900 100 342,135,800 176,174,000 159,031,000 120,959,000 Septe mber to tal. Sept. 30 Oct. 99.924 400,300,000 Aug. 26 Sept. Aug. 26 Sept. 7 Sept. Sept. 9 Sept. Sept. 16 Sept. Sept. 23 Sept. 99.915 *0.228% 99.646 *0.467% 50,090,000 50,103,000 50,025,000 50,065,000 200,283,000 on a bank discount basis. Average 99.669 *0.436% Average Average 99.675 *0.429% 99.725 *0.362% Average 99.899 *0.261% Volume Financial 145 USE OF New Indebtedness Total Amount Type of Dated Security 6. bills 273-day Treas. bills Jan. tion FUNDS Refunding Accepted Jan. 6. Jan. 13. Jan. 20. Jan. 27. 50,015,000 50,038,000 $50,000,000 50,022,000 50,015,000 273-day Treas. bills $50,180,000 50,125,000 50,022,000 bills 273-day Treas. bills 273-day Treas. $87,210,363, or more than was April it in March it in February 50,038,000 Total. $250,255,000 3 $200,255,000 $50,385,000 273-day Treas. bills Feb. 10 273-day Treas. bills 50,025,000 Feb. 17 273-day Treas. bills 50,027,000 50,024,000 5200,461,000 273-day Treas. bills Total. 105-day Treas. bills $50, 023,000 $50,000,000 $50,027,000 273-day Treas. bills 98-day Treas. bills 50, 004,000 50 055,000 50,035.000 50,030,000 Mar. 10 273-day Treas. bills 50, 010,000 Dec. 2M% Treas. bonds 92-day Treas. bills 273-day Treas. bills 483 910,000 483,910,000 50, 081,000 50, 012,000 50,012,000 "50,081^000 bills 50, 020,000 50,008,000 50.189,000 273-day Treas. bills 50, 177,000 50, 153,000 50, 004,000 50,015,000 5,0142,000 $984,449,000 $733,980,000 $250,469,000 $50,000,000 $50,093,000 15 1936 Mar. 17 Mar. 17 Mar. 24 85-day Treas. Mar. 24 Mar. 31 Treas. bills 79-day Mar. 31 273-day Treas. bills Total. 72-day Treas. bills 273-day Treas. bills 14 273-day Treas. bills 50,022,000 50,022,000 Apr. 21 148-day Treas. bills 273-day Treas. bills 50,025,000 50,000,000 50,325~600 Apr. 21 Apr. 28..... 141-day Treas. bills 50,024,000 50,000,000 Apr. 28 273-day Treas. bills Power Co. 1st mtge. Apr. which $36,$18,000,000 Idaho 3^[s, Oct. 1, 1967, of which $13,650,000 3%s, Oct. 1, 1962, of October was $48,Corp. gen. mtge. 3%s, Oct. 1, 1962, priced at 99, to yield about 3.82%. Other issues of importance were: 200,000 shares of the Continental Can Co., Inc., $4.50 cum. pref. stock, priced at 100; $18,000,000 Idaho Power Co. 1st mtge. 3%s, Oct. 1, 1967, floated at 983^, to yield about 3.80%, and $13,000,000 North Boston Lighting Properties secured notes, 33^% 50,300,000 corporate offering during 364,000 Central New York Power 50,052,000 Apr. In October a year ago the $271,516,500, or more than 71% comprised refunding. 50,076,000 7. 7 was used for refunding, and was The largest $50,044,000 50,049,000 Apr. refunding Power Corp. gen. mtge. 3 3 refunding portion was $203,516,962, Refunding issues worthy of mention sold during October 1937 were as follows: $48,364,000 Central New York 364,500 Mar. 10 Mar. Mar. $224,520,551, or more than 63% of the of that month's total. of 50,027,000 50,024,000 $200,461,000 Feb. 24 $50,000,000 $50,385,000 50,025,000 was nearly 69% of the total. or amount for Feb. it In January the total. 52% of the total; in $86,535,499, or more than 53% of the total; was $181,055,483, or more than 56% of the total; was . $50,055,000 71-day Treas. 2915 Chronicle series, OcL 1, 1947, issued at par. done during the month of Octo¬ Included in the financing May 12 273-day Treas. bills 50,014,000 50,072,000 50,027,000 May 19 122-day Treas. bills 50,140,000 50,064,000 50,120,000 Intermediate and due in four and nine months, offered at a premium over par value. There was also an issue of $1,300,000 Virginia Joint Stock Land Bank of Charleston, W. Va., 3% Farm Loan bonds, May 19 273-day Treas. bills 50,000,000 50,201.000 due Nov. 1, ber $350,516,000 May May May 135-day Treas. bills 273-day Treas. bills 5__ 5... 12 $200,022,000 $150,494,000 $50,045,000 Total. $50,000,000 $50,059,000 50,000,000 50,099,000 128-day Treas. bills May 26 115-day .Treas. bills 50,044,000 50,182,000 May 26 273-day Treas. bills There $400,543,000 Total. $200,064,000 $200,479,000 $50,000,000 $50,142,000 June 2 108-day Treas. bills $50,112,000 June 2 273-day bills 50,030,000 June 9 273-day Treas. bills 50,000,000 50, 000,000 June 15 Treas. notes 426,494,300 300, 000,000 June 15.. IH% Treas. notes June 50, 045,000 1 %% Treas. 16 273-day Treas. bills 426,290,000 50,045,000 June 23 273-day Treas. bills 50,120,000 273-day Treas. bilLs 50.015,000 50 ,015,000 $1,153,106,300 $550,180,000 $50,010,000 552,784,300 $50,010,000 50,060,000 Total. 273-day Treas. bills July 7 July 14 155-day bills 50,060,000 July 14... 273-day Treas. bills 50,136,000 no new or Treas. July 21 July 21 another. wejurnish a complete summary of the newl'inancing—corporate, State and city, foreign^ govern¬ as~well_as Farm Loan issues—brought out in the States during October and the ten months ended _ with October: SUMMARY CORPORATE, FOREIGN GOVERNMENT, AND MUNICIPAL FINANCING OF $50,000,000 28 28... 50,012,000 50,032,000 50,159,000 49,885,000 $200,298,000 $149,976,000 $50,000,000 $50,000,000 $50,047,000 50,145,000 49,998,000 142-day Treas. bills July 50,091,000 273-day Treas. bills 4 135-day Treas. bills Aug. 4 273-day bills 129-day Treas. bills 50,086,000 Aug. 11.. 273-day bills 50,057,000 Aug. 18 122-day Treas. bills 50,018,000 Aug. 18 273-day Treas. bills 117-day Treas. bills 50,043,000 Aug. 25 273-day Treas. bids 50,001,000 Domestic— / Long-term bonds and notes. Short-term 50,083,000 20,099^000 /Common stocks 600,000 600,000 Canadian— Long-term bonds 50,034,000 $200,238,000 Short-term Preferred 1 110-day Treas. bills $50,072 000 1 273-day Treas. bills Sept. 8 104-day bills 50,224, 000 Sept. 8.— 273-day Treas. bills Long-term bonds and notes. $200,062,000 $50,072,000 50,016, 000 50,027,000 Sept. 15. 273-day bills 50,010, 000 1M% Treas. notes 2% Treas. notes 273-day Treas. bills 433,507, 900 342,135, 800 50,015, 000 50,116, 000 50,116,000 273-day Treas. bills $1,126,124,700 $1,025,839,700 Total. Oct. 6. 273-day Treas. bills 50,090,000 Oct. 13. 273-day Treas. bills 50,103,000 Oct. 2C. 273-day Treas. bills 50,025,000 27. 140-day Treas. bias 50,065,000 Grand total. Domestic— Long-term bonds and notes.——— Preferred $200,283,000 stocks of October Corporate 188,397,453 Common stocks Long-term bonds Financing Preferred offerings note that public utility issues announced during October, we accounted for $81,864,000, $139,242,692 October in group September, amounted while $21,306,000 to railroad financing in compared to only as -— — Long-term bonds v- and notes ... Short-term Preferred — stocks a Common stocks 1,087,565,447 1,154,134,818 2,241,700,265 88,250,000 85,000,000 3,250,000 134,000,000 134,000,000 Other foreign government... 362,014,000 231,014,000 132,000,666 Farm Loan and Government agencies... 770,241,381 165,903,675 * 604,337,706 Municipal—States, cities, <fcc 4,800,000 1,500,000 3,300,000 Total corporate — Canadian Government —— - United States Possessions $1,300,000 recorded for September. The total corporate Grand total securities of all kinds put out during ♦ October was, as already stated, $129,099,000, of which $20,699,000 represented stock flotations. The portion of the month's corporate flotations devoted to refunding operations was $69,652,500, or more than 53% of the total. In September the refunding portion was $39,385,636, or more than 25% of the total. In August the refunding portion was $56,136,146, or more than 53% of the total. In July the re¬ funding portion was $56,780,528, or more than 40% of the $108,400,000 comprised total. or more In June the refunding These figures do anv agency portion was $149,341,150, In May the refunding por- Id 1,830,453,153 1,771,552,493 . not include funds obtained by States and 3,602,005.646 municipalities from of the Federal Government. long-term issues and than 35% of the total. 275,003,678 86,606,225 Other foreign— which compares with but $11,- in September. Industrial and mis¬ cellaneous issues totaled $25,929,000 in October, as against 500,000 for that 767,153,851 1,428,086,700 81,100,000 36,823,920 457,509,887 263,550,822 and notes stocks Common stocks—— Making further reference to the new corporate 660,932,849 44,276,080 193,959,065 Canadian— Short-term Features 195,818,620 Corporate- $5,416,303,000 $3,711,611,700 $1,704,691,300 total.. 106,998,920 Ten Months Ended Oct. 31— Short-term $200,283,000 Total. 34,300,000 27,619,620 4,800,000 26,073,200 &c United States Possessions 50,065,000 Grand 1,546,420 1,500,000 88,819,700 ✓* Municipal—States, cities, 50,090,000 50,103,000 50,025,000 Oct. 3,300,000 ✓"karm Loan and Government agencies. $100,285,000 129,099,000 Government Other foreign government..— 433,507,900 69,652,500 34,300,000 59,446,500 Total corporate.—-.----—--Canadian 342,135,800 50,015,000 Sept. 15 Sept, 22..... Sept. 29.. —- „— 50,213,000 50,010,000 Sept. 15... — -.„ stocks Common stocks. Preferred 50,028 000 Treas. stocks Common stocks. ... Short-term $50,028,000 Sept. Sept. Treas. and notes. Other foreign— $400,300,000 Total. 108,400,000 69,652,500 20.099.000 49,983,000 50,010,000 38,747,500 — stocks •/Preferred 50,048,000 Aug. 25 Treas. Refunding Month of October— Corporate— 50,047,000 Aug. 11 Treas. / |/ Total 50,015,000 Total. Aug. New Capital 1937 FARM LOAN y/* V 50,060,000 148-day 273-day Treas. bills July or a the following United $350,265,000 Treas. made convertible feature of conspicuous corporate offerings 50,000,000 bills kind one ment, $602,926,300 1942, offered at par. were October carrying warrants, in In 50 120,000 June 30 1H% debentures, dated Oct. 15, Credit banks 50,019,000 .... offering of $33,000,000 Federal an was the tables on the two succeeding pages we compare corresponding fig¬ five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings, showing separately the amounts for all the different classes of corporations. Following the full-page tables, we give complete details of the new flotations during October, including every issue the ures foregoing figures for 1937 with the for the four years of any preceding, thus affording a kind brought out in that month. 240 3,109,240 5 ,917,492 59,026732 3,109", Total 850,628 850,628 1933 Refundig 3.109,240 Capit l Total 8 0 2,0 ,0 29,0 0 390"0, 3,109,240 1 7,50 .91,740 3,109,240 1 7,50 ,91740 3,109,240 390, 0 390, 0 2,0 ,0 20, 0, 0 "39076 69,0 ,0 _ 31, 90 " Capit l New 31,90 83,0 .0 42,748,75 157,3875 " 3,109.240 1 7 56 2,9 1,740 Refundi g 1933 3,109,240 5 ,06 .864 58,176. 04 New 1 7,50 27,94~0l", $ Total 8 Total 2,0 ,0 2,0 .0 20, 0 29,0 0 9.0 ,0 .. _ Refundi g 2,0 ,0 29,0 0 31,0 0 4",318",92 35,1892 $ 1934 390, 0 Capit l 390, 0 1934 83,0 0 38,42973 12,8973 New Refundi g 2,0 ,0 2,0 .0 20, 0 8 Capit l '•. 8 New 00 29,0 0 9~,b o7 ' 9,b ",6 390, 0 --—-_ "39676 6 -.» — :— - 2,0 ,0 20, 0. 0 —- »— — im 31,0 0 - 390, 0 "39076 6 - - "> • 23,740 17,241961,379,286 Total 1935 25,39 2 38,96150 71,860344,98,0 368,12076 179,3241 23.961,50 12.57,01 3,78,0 219,658.932 Refundi g 163,90475 15,701",946 FINTMOAFCHYRIEEGVBARS bSftrmaFuoatnniecyjhe^pdgdslesrl Capit l 70,8352 1,540, 01,379,286 73.02,81 15,0 0 59,289,0231.70. 0 148,61834 New 381,40.86 1,0 ,0 83.194,067 Refundi g 249,3250 18," 76 3,9 6,0 271,56 0 f,0 076 64,9 1,954 Capit l 59,2140 13",42 52 1,54 14 i5",b ~,6 1930* GFLOAMVEURNICMDPTL, CFOORRPEIGATN, 8 $ New Total 1937 OFCYTEIVBARS $ 108,40 20,976 FTMOOHNRFE 129.0 , 0 34,0 027,619 204.80,0 195,8 620 69,52 0 34,0 0 1,546.201,50,0 106,98 20 60 ,0 0 59,4650 26,07320 3,0,0 8,1970 New obtained Refundi g 5,706,53 "13276 6 4,0 ,0 USNTIATEED 15,701946 ~ 15,701946 169,53786 5,706,53 13276 4",bo"76 179.32,41 " "102,78 1, 46, 98 l",670 6 2,91 ,286 if,09 76 05 ,0 0 102,78 4,689, 63 "35076 6 f,7 b",6 6 73,02.81 Refundi g 24~,08376 4,698,0 8 1936 Capitl 9,150 )5,890 ,230 (New Total 1,"3517 6 1,560, 0 249,3250 8 21,306 081,640 f,b ",6 4,230, 0 ding 16,3810 51,0750 4,925,0 30,84650 1,0 ,0 1,976,0 Refun Capitl 3 87.50 1,957 670 42,60 184 812,50 $ 26," o ",6 " 9 76 20,69 0 21,306 081,640 20,6 760 1,0 ,0 4,230, 0 108,4 0 87,50 2,140 258,70256 6.712,0 4. 54, 0 i,56"o76 271,56 0 4,594,21 49, 639 6 9.150, 05, 85,90 4,259,07 48,237684 812,50 4,760, 0 37,094721 109,8536 \ "9 76 6 129,0 0 _ 2, 5476 New . 4,681,7 2 72,08796 9,150, 0 264,8 40 10,9710 52,678.14 812,50 6,320, 0 7,18 ,712 381,40 86 _ 16, 95062,014,0 3',4"03,6 6,5237506 4,760, 0 32",5076 59, 2140 $ 1937 16, 9750 3,971,07 46,"037184 812,50 9,150, 0247,6890 7,0 ,0 67 5,6 6,320, 0 32.50 76 309, 1390 8 Total \ CORPATE 163,90475 l",670 6 18,621 32 180,643965 ,0 ,0 l"0~2 ,78 10,3964 8 "48276 6 4",bo~76o 1,7 0, 0 25,39 2 " " 8 GORNUEPFIW 15,701946 102,78 1,46,98 New / CAHARNDTE 23,740 if,b lo 5,0 0 3,543,65 350, 0 "ib ",6 6 70.83,52 capitl i 60 ,0 0 153,81946 8 9,25076 "48276 6 8 465.9 3 Governm t. ISINUES co Refundi g 69, 52 0 SOUM AFRY Capital 38,74.50 20".b9"6 1935 THE 109,8536 718.2032", n7aonT 309,1390 31,60452 5,47 514 15.0 ,0 Total Total 4~.b ~.6 10 ,0 0 164",9276 85,0 0 8 69,52 0 2, 5476 16,3810 51,0750 69,52 0 ... 38,74 50 " 9 76 6 20,6 76 20.69,0 4,925,0 30,84650 20,6 76 1,0 ,0 1,976,0 "*9 76 6 59,4650 OCTBER bonandontsdes. stock bonandotses. stock bonanodntesds. stock Governmt governmGavctie,_sM.u&nicpal—StesP,osein ifnunclodste OCTBER &cop ,manufctres. oi buildngs, tht&rroaulddsciitnngg,,,Miscelanous -BNooteasn—ds utiles&scctooepaellr,,,manuft acesori indmauansnutfrcidtrlig -b&uildcng.s, h&ttrroaulddsciinntgg,,,Miscelanous utiles&sccotoepaellr,,,manufcts eori indamuansnutfrcdtlrig b&uildcngs, h&ttroraulddsciinntgg,,,iscelanous utiles&sccotoepall,,,manufctres oi indmauansnutfrcdtlrig b&uildcngs, —h&ttorralucddsiinn.tgg,,,iscelanous sceocrupritate &c. OF Domestic— Long-termShort-emPrefredComstoocnkCandi — Long-termShort-emPrefredComstoocnkforeign- Long-termShort-emPrefredComstocokn corpate USntaiteeds toal Tfidghuerosees MOFONTH Corpate— Can dian foreignLoaann Railroads util es sctoeall,,Equipment Moatonrds MONTH Other Grand Total OtherFarm * * Public Iron, Total Oil. Land,Rub er Ship ingInv. Short-emRailroads PublicIron,Equipment Moatonrds Total Ship ing Other Land, Rub er Inv. Oil Stocks— Railroads Equipment and Total Public Iron, Motors Other Land,Rub er Oil Ship ingInv. M Total— Railroads Public Iron, Equipment Moatnords Other Total Oil Land, Rub er Ship ingInv. M ^ *c 3 to CO S3 qj ... Total $ 13 ,3 2 Refundi g 14,8705 71,52870 32,17 8 $ 1933 f.b '.o 358,92 38 60, 0 75,90",65392,580167 1,40,0 8 ,025 1,60 , 0 138.491,50 8,12870 14,7 5 15,8130 20,316978 60, .0 i2,bo"6o30.9 ,13 32,0719 13 ,3 2 Capit l 23,610 16,0 0 14,7 5 83,5 23 138,60541 New Total 1934 Refundi g % $ Total 1,20 , 0 41,03529 50, 0 6L913,041 725,6014 143,9602 13,705 1,20 ",bo 135.709 "l1,59310 612,4596 1,4269718 47,30 10,4576 12,573.206 1934 1,849570 2 76,0 0 98,317"20 973,8691079.46,0 3,907 259 New Total % 1.68921,50 214,3061 70,9470 75,0 0 3,758,0 16,0 0 250, 0 143,9602 63,9470 52,0 0 2,958,0 15,0 0 Refundi g 104,5 0 3,652 0 2,308, 0 3,50 . 0 Capit l 49,513 0 19,3280 75,0 0 859,269 90 ,0 0 75,0 0 16,0 0 7,0 ,0 3,129,15 "859,269 84,37 04 1,795,120 1,08,56 98,34 10 12,0 0 34,210 3,129,15 84,537 04 1.795,120 1,08 56 138,60541 " 53154,0 10 3,850 2,308,0 4,0 ,0 40 ,0 0 Total 50 .0 0 40 ,0 0 70,34590 7,0 ,0 23,0 0 32,17 8 87,90450 57,960 78 19,5740 12,0 0 36,8956 5,9 460 20,316978 73,12870 2,147, 8 3b,"i7 6 23,610 16,50"60 ib ',6 New 1,830691 Capit l 70,34590 31,50 2,908,0 30,6539 90 ,0 0 75,0 0 75,0 0 859,269 90 ,0 0 89,728 0 94 7. 8 3,129,15 "8259"69,14,60734 1,795,120 1,08,56 130,72.18 9,0450 92,18 978 2,7651 2,0 0 12,43 0 1.795,120 5,9 40 1,08",56 358,92 38 5,9 ,16 5,0 ",65 5170959", 14,8705 7,27,0 23,9520 19,5740 12,0 0 Refundi g 80.627,50 32,5180 1,725,0 Capit l 12,0 0 10,7210 278,6520 50, 0 298,30" 13,245 740. 9,745 $ g}# S1338,"49*150 7,O27,0X39,7520S19,53740.12O.0 ,0 s.ib'ob 92,6750 43,290 10,7625", "9ob",6 5 $ 1933 63,90 0361,590 36 1,40,0 56,495 6 214.3061 65,2 0 2,908,0 30,6539 $ 80 ,0 0 50 ,0 0 58 ,750 16,450 525,0 0 310,20 21,350249 40 ,0 0 525,0 0 310,20 58 ,750 10,5 0 3,27419 24,9601 129,085 0 27,416249 20, 0 10,75 0 41,03529 168,470 86,152 0 5,26,0 19,0 0 134,905 250, 0 58 ,750 31,50 "053,12 525,0 0 310,20 249 New 278,6520 40 ,0 0 525,0 0 310,20 58 ,750 10,5 0 3,27419 56,13 0 42,93 80 2,150249 1,0 ,0 10,75 0 135,70.9 1,68921,50 20, 0 5,0 ,0 6",ob",6 4,730, 0 6,0 ,0 6,0 ,0 47,30 2,487196 21,3 920 "102",78 17,60 248 5,075,0 46.01,80 12,68952 175,6430 983,25 196 23,1 920 14,0378 26,345.78 15,7 0 7,510, 0 4,0 ,0 59,85 0 1,849570 2 4,0 ,0 7, 4 ,0 1,4 761 20, 0 5,0 ,0 2,45,0 6,0 0 6,0 ,0 39,2450 20,71.946 13,7620 1,20 0 19,37180 65,03 746 123,8960 92,0586 18,076 2,4l",6 173,40 635 106,281 50 5,792,0 4,0 ",56 3,1580 10 ,0 0 247, 5329 6,0 ,0 2,485,0 Total 175,6430 940,7680 237,0 0 7",941",50 204.15,0 104,5 0 7,510, 0 4,0 ,0 7,84 ,0 Refundi g 123,89608 ,39 40 19,2456 2,41,0 159, 8635 10,28150 5.792,0 Capitl 51,73 2052,37406 87,543 5,0",60 4,05685 4,218,750 1,78,0 .. 701,546 2,917 6,0 0 8 .5 "20b317,802 9 8,208. 0 2,83659,0 Refundi g 1,4 76,1 39,2450 65,03 746 $ 1935 1935 YFFLMOFATME3INUONIACHAVDCR1RTDPRMNSGL. GFfotvremahordnugnmicpla.elysOFYUSFEITTM3NNSICOHHAAVD1RETRDS. Capit l $ New 247, 5329 8,45,0 35,01 0 12.573,206 3,25186,0 54,70 235,70 64 163, 5032 38,0 0 i5,b "o6 Total — 30,543. 5 109,762" 65,062151,738,0 1,07 9,50 Refundi g 2,61 48, 0 35,762,50 16,8320 15,307 43 30, 0 2,854362,1 48,0 0 5,0 0 32.198,60 317,423 1,750. 0 3,5987 ,25 1,42806,7 8140,0 457,098725,03678 2,4170,2658,250 134,0 036,014 07 ,241.38 4,80,0 Refundi g 76,15381 36,823,920263,5082 86,0 25 - 1.54,381 85,0 0 134,0 0231,04 0 165,9036751,50 , 0 1,08756,47 3,250, 0 132",b 'do 604,37 06 3, 0 , 0 Total CFGOOORVREPERNIGMANTT,, $ % Capit l 60,932849 4,276.08 193,5 06 18,397453 SOUMFARY New OCGNORREPUFPWAITE 1,830.45,13 CAHANR DTE Staneds 8.4 5,0 1.785,2 0 7,549, 20 102,78 6,40 ,248 5,075,0 New 151365314,6 70 4,95 0 32, 0 ,0,0 10,7 0 107,34650 14,85 0 3,056 0 650, 0 250, 0 39,58 0 5,80 , 0 36,850 2,50 . 0 467,50 35,90 81,0 0 91,28 394 ,87 24 12,73453268,01 642 16,849 02 3,~176"9§5 "~9 ",0 095,07960 732,51 65 320,6570 75,09134 27,012 4 1,567,50 23,4 53 37,85.142 308,695302 3,056,0 3.826,90 *349".50 170,542.960 2,4170.265 80 .0 0 682,50 162,850 36,82390 86,31025 4,27.0 162,850 61,25.71 12,0675 ,56 26,391859 350,17 4 125,09 0 638,92 85 98,35 120 4,934,60 93.584,639 139,45 76 23,76,0 29,52359 1,54.381 1,42806,7 Total Refundi g 123,6490 518,0 13 4,076 50 4,934",60 31,58 18,34 0 23,780 3,20 ,50 76,15381 1,450. 034,573920 $ 1937 49,876315 .540,681 26,493752 20,73450 218,47592 58,47321 1,27,0 3,509",30 74,36,5 2,854362,1 60 ,0 0 50 ,0 0 18,70 50 2,768,35 6,59,726 7,462,40 3,961,0 142,9 745 15. 8,594 1,9250 46,17362 237,01823 230-567,8579,4 501 15,63974 9,58,9503,961,0 18.41,98 41,72913 9,072,0 1,9250 20,7305 87.6 283 2, 12,50 245,0 0 60 .0 0 215,6758 75,2 86 108,94282,496,50 3294,649",23,9580378,327,0 156,29"430 631,75 960 15,0 0 1,250, 0 Capit l 8 523,90 7, 50.65 35,76250 42, 6.28 6,198,0 523,90 73,1 3 6 1 , 437 9 3,509,3 0 35,176",03 17, 0973 60 ,0 2931748, 6315 ,4976254 218, 572 0,73450 137, 256 240, 1963 1,27 0 31,42057 2,6»414028, 15,0 0 2,0 ,0 8,125,0 2,87,50 Refundi g $ 1936 1,5460297 26,70 47,583206 51,73 20 54,19310 95,30425 1,60278 52,94 13 9,23,750 1,7 8,0 26,70", 0 30,54.' 50 ,0 0 245,0 0 20341370,4 90 ,573 0 >27, 3, 0 176,82 50 264,0 0 19,5 .0 60 ,0 0 187~,95b"60 3.27186,0 30, .0 1,850, 0 2,0 ,0 8,125,0 4,50 0 7,50, 0 54,70 45,21 63 12,857 26 7,462,40 4,85,0 215,36 081 31,70234 3,509",35 1,9250 81,349653 41,372 96 730,4 90 ,620.41 342,057 26 30,68240 4,85,0 40,31758 30,2 34 20,34 0 4,109,301,9250 27,049653 3.74209,56 Total 87,6 283 21,90 0638,07 540 1,57.0 1,5492 ,83 New 1937 Neil) 403,742 956 8,0 0 5,0 .0 34,09860 95,0 82 3, 25,0 5,1479 08 Capit l 623,75 96018,70,50 73,84 534 148,357289 8,0 ,0 i5,b ",6o 1936 S ~ 682 304,650 35.90, 4,27608 4,978142 40,6 54 12,73453 206,785 91 45,7307 2,49,490 " ~099"6 ,68,16 01 382,56 18 195,6 70 136,9840 128,659 04 1,40,650 18,49 53 284,7350 169,240537 9,678,0 3.14.90 "34*9",0 140,95 601 1,087564 650, 0 2 Capit l 190,8670 128.94187 8.058,90 1,0,0 5.765,40 75,87612 123,49750 9,678,0 "66650",36,8450 60,932849 4,350, 02,76,08 1.70,0 $ New notes. notes. notes. . governmt acies.&_t ,Posein. bifnuocltadyinese O3C1T. Notes— manufctrig h&oldcing, Notes— manufctrig h&oldcing, ;_ &c_. manufctrig h&oldcing, _ manufctrig h&olcdi_ng, O3C1T. boands . stock stock boands . stock stock foreign— bonads stock stock corpateGovernmt Goavndt,Municpal—StesS,taes toal fdignuorest EMNODNTHS LBoongan-tnedrdmsRailroads utiles &sccotoepaellr,,,Equmipnumftent aacensodri.indausntridlOil-. b&uildcngs, ttrraudsintg,,Miscelanous SBhooratn-edmsRailroads utiles &sccotoepaell,,,Equmiapnumfcetrnets. anodi indausntrdl .b&uildncgs, . ttrraudsintg,,Miscelanous Railroads utiles sccotoepall,,,Equmaipnumfcetrnets anodi indausntrdil b&uildcngs, .Shipng.ttrruadsitng,,Miscelanous - Railroads utiles &scctooepall,,,Equmaipnumfcternest anodi indaustrl -b&uildcngs, ttrraudsintg,,iscelanou.s csoercpuritate EMNONDTHS TEN DtCorpae— omestic— Long-term Short-em Pref red Com on Candi — Long-term Short-em Prefred Com on Other Long-term Short-em._ Pref red Com on TotalCan dian Ofotrheiergn Loan Farm United * Grand These Total Total * TEN Public Iron, Motors Other Land,Rub er Ship ingInv. Public Iron, Motors Other Oil.. Land,Rub er Ship ingInv. Stocks— Total Public Iron, Motors Other Land,Rub er Oil Inv. Total— Public Iron, Motors Other Land,Rub er Oil Ship ing Inv. Total M 2918 Financial DETAILS OF NEW CAPITAL FLOTATIONSiDURING Chronicle Nov. The Outlook for OCTOBER, 1937 LONG-TERM BONDS NOTES AND THAN FIVE (ISSUES sels, and Mr. Roosevelt's YEARS) will Burlington & Quincy RR. equip, trust 2^8, New equipment. Priced to yield from 0.85% Offered by Salomon Bros. & Hutzler; Dick & Merle-Smith and Stroud & Co., Inc. Oct. 1, 1938-47. to 2.70%. 16,381,000 New York Chicago & St. Louis RR. Co. 1st M. 3}Ab, Oct. 1, 1947. Refunding. Offered to holders of company's 1st M. 4s, maturing Oct. 1, 1937. Unexchanged portion amounting to approximately $5,200,000 was offered publicly at 99 A in October by selling group headed by Edward B. Smith & Co. 1,275,000 The Texas & Pacific Ry. equip, trust 2^s, Nov. 1, 1938-52. New equipment. Priced to yield from 0.85% to 3.00%. Offered by P. S. Moseley & Co.; Kean, Taylor & Co. and R. W. Pressprich & Co. $21,306,000 PUBLIC UTILITIES 48,364,000 Central New York Power Corp. gen. M. 3%s, Oct. 1, 1962. Refunding, new construction, extensions and improvements. Price, 99; to yield about 3.82%. Offered by Morgan Stanley & Co., Inc.; Schoellkopf, Hutton & Pomeroy, Inc.; Bonbright & Co.. Inc.; Mellon Securities Corp.; Brown Harriman & Co., Inc.; Edward B. Smith & Co.; The First Boston Corp. and Lehman Brothers. Other underwriters were: Blyth & Co., Inc.; Coffin & Burr, Inc.: Kidder, Peabody & Co.; Lazard Freres & Co.. Inc.; Lee Higginson Corp.; E. H. Rollins & Sons, Inc., and Kuhn, Loeb & Co. Co. 1st it seem even Mediation M. 3^8, Oct. 1, 1967. Refunding, reimburse parent company for advances used in constructing generating station and provide funds for other corporate pur¬ poses. Price, 98to yieid about 3.80%. Offered by The First Boston Corp.; Coffin & Burr, Inc.; Harris, Hall & Co. (Inc.); Bonbright & Co., Inc.; Brown Harriman & Co., Inc.; Edward B. Smith & Co.; Halsey, Stuart & Co., Inc., and J. & W. Seligman & Co. Other underwriters were: Blyth & Co., Inc.; Goldman. Sachs & Co.; Lee Higginson Corp.; Leh¬ man Brothers; E. H. Rollins & Sons, Inc.; White, Weld & Co.; Jackson & Curtis; Kidder, Peabody & Co.; W. C. Langley & Co.; Lazard Freres & Co., Inc.; F. S. Moseley & Co.; Stone & Webster and Blodget, Inc.; Tucker, Anthony & Co.; Whit¬ ing, Weeks & Knowles, Inc.; Hale, Waters & Co., Inc., and Mellon Securities Corp. ____ 13,000,000 North Boston Lighting Properties seemed notes7*3A% series, Oct. 1, 1947. Repay bank loans and finance additions and improvements to properties. Price. 100; to yield 3.50%. Offered by The First Boston Corp.; Lehman Brothers; F. 8. Mlseley & Co.; Lee Higginson Corp.; Harris, Hall & Co. (Inc.); Bodell & Co.; Halsey, Stuart & Co.. Inc.; Chas. D. Barney & Co., and White, Weld & Co. ill-considered than it did when more aside, the ultimate aims of Japan would furthered if it consented to be also conference, which the Nine-Power the the play more The Treaty maintain, another was not an of events, as far longer imposes no its signatories. upon issue, for it has already contended, as Treaty is obsolete and course enter has been suggested at Brussels, in as it coulrl then that Chicago pronouncement made. was obligations $2,500,000 Central Hudson Gas & Electric Corp. 1st & ref. M. 3J4s, 1967. Refunding and new construction. Price 102; to yield about 3.40%. Placed privately with Metropolitan Life In¬ surance Co. and Penn Mutual Life Insurance Co. 18,000,000 Idaho Power 2914) page LATER railroads 53,650,000 Chicago Japan and the Pacific (Concluded, from MATURING 1937 6, Whatever happens, be seen, will as can now less satisfactorily into Japanese hands. or penetration of China, halting and imperfect, doubt, but nevertheless persistent, will forcible interference from Japanese quarter, any no without go on domination in the Far East and the Pacific will ad¬ from vance stage to stage, and European and Amer¬ ican influence and trade will decline The happiest outcome would be gresses. which under ment political integrity with Japan pro¬ as China, without an agree¬ sacrificing its independence, could cooperate or Japan in the furtherance of economic common interests, but the intense hostility which is felt in China for Japan seems for the present to put amicable settlement such on lines of out an the question. The Course of the Bond Market $81,864,000 OIL $1,000,000 Kansas Pipe Line & Gas Co. 1st M. 5s, series A, 1952. Repayment of debt, new construction and working capital. Price on application. Offered by Harold E. Wood & Co., St. Paul, Minn. LAND, This has week losses with averages in seen generally a almost all the of declining bond market, lower-grade groups. The for the Baa's, however, did not decline to, the low BUILDINGS, &c. $120,000 Concordia College Corp. (Moorhead, Minn.) 1st M. 4s and 4j^s, July 1, 1938-47. Real estate mortgage. Price, 100: to yield from 4.00% to 4.50%. Offered by B. C. Zieglet & Co., West Bend, Wis. 900,000 De Paul Hospital (St. Louis, Mo.) 1st & ref. M. 3s and 4s', Feb. 1, 1938-Nov. 1, 1947. Real estate mortgage. Price on application. Offered by Dempsey-Tegeier & Co., St. Louis, point of Oct. 19. The Baa rails closest to were while the Baa utilities remained well above it. have revealed moderate strength Governments have remained that low, High grades this week. United States firm. ' MO. ; „ High-grade railroad bonds have shown fractional losses. 60,000 Evenezer Lutheran Church (Columbia, S. C.) 1st M. AHs 5s, Oct. 1, 1938-52. Refunding. Price. 100; to yield 4.50% to 5.00%. Offered by Eckhardt-Petersen & Co., Inc., St. Louis, Mo. and 150,000 Immaculate Heart of the Blessed Virgin Mary Parish (Cleveland, Ohio) 1st M. 4s and 434s, Oct. 1, 1938-49. Refunding. Price, 101-100; to yield from 3.00% to 4.50%. Offered by Festus J. Wade Jr. & Co. 3,000,000 Saks & Co. 4.40% mortgage loan due 1953. Refunding and other corporate purposes. Placed privately through Paul New York 'Central 3%s, 1997, Virginian 3%s, 19G6, at 104% at 94 lost % off % were point, point. while Medium- grade and speculative railroad bonds have declined. & more Ohio os, dropped 6% 1995, fell 5% points to 45. Balti¬ to 45%, and Erie 5s, 1975, Defaulted railroad bonds also Hammond Co. - $4,230,000 m i settled to lower prices. at STOCKS (Preferred stocks of a stated par value are taken at par, while preferred stock L,,, of no par value" and all classes of common stock are computed at their offering prices.) ..ML.... . ■ 19% Chicago & Great Western 4s, 1959, off 1%, while Missouri Pacific 5s, were 1905, lost 2% at 20%. Highest-grade _ utility bonds have tended to were up advance. ~ other"industrial~and'manufacturing $20,000,000 Continental Can Co., Inc., 200,000 shares $4.50 cum. pref. stock. Repay bank indebtedness incurred primarily to carry Brooklyn sumers Edison Power increased inventories and receivables. Price, 100: to yield Offered by Goldman, Sachs & Co.; Chas. D. Barney Brown Harriman & Co., Inc.; The First Boston Corp.; Edward B. Smith & Co. and 4.50%. & Bell bank loans incurred in construction of new buildings, provide new equipment and additional working capital. Price. 15. Offered by Hartley, Rogers & Co., Inc. for Association at 101% 1948, os, advanced have lost Power & Light 5%s, INVESTMENT declined 1949, at 72 3% common at any time up to Oct. 1, 1942, ranging from 5 shares to 1 share of common for each share of preferred stock. Offered by United Investment Assurance Trust to holders of its preferred stock. at rates LOAN AND GOVERNMENTAL AGENCY TSSUES Intermediate Credit Banks 1H% debentures, dated Oct. 15 and due in four and nine months. Refunding. Priced at a slight premium. Offered by Charles R. Dunn, New York, Fiscal Agent. ' 1,300,000 Virginian Joint Stock Land Bank of Charleston, W. Va., 3% Farm Loan bonds, due Nov. 1, 1942. Refunding. Price. 100; to yield 3.00%. Offered by E. H. Rollins & Sons. Inc., and Halsey, Stuart & Co., Inc.; Robinson & Co., Inc.; Nichols, Terry & Dickinson, Inc., and Ames, Emerich & Co., Inc. $34,300,000 107%. Lower Power Puget Sound off 1; Standard Gas & Electric 0s, 1966, fell 3% to 50%. Creditable improvement has been registered by industrial bonds in the high-grade classification. Medium-grade dustrials have been soft and speculative issues weak. gations of food the have processors Products 3%s, 1951 non-ferrous declined, National (w. w.), closing 1 lower at par. metals have lost favor, a General new Oil 4s, 1951, at 90% were off 1. trend of Swift packing & The Most Cable low for the Co. company issues has been a at 75%. The downward one, 3%s, 1950, closing at 104%, off 2. collapse of the coffee control plan brought liquidation Brazilian reacted man Dairy In the steel section, Otis Steel 4%s, 1902, stood out with a loss of 2% into in¬ Oblo- Gains have been recorded among the oils, but Skelly year. 4mA FARM Con¬ England to 83%; to were 5%s, 1947, moving down 2 points to 101, TRUSTS~7TRADING7HOLDING7Ac." stock convertible into $33,000,000 Federal % New ground. ______ $99,000 First New England Corp. 9,000 units, each unit comprising 1 share of 5% cum. pref. stock and 1 share of common stock. General corporate purposes. Price, 11 per unit. Preferred %; 3%s, 1970, gained % at 103%; Southwestern grades, however, of $20,600,000 1906, Telephone 3%s, 1904, Co. Kidder, Peabody & Co. Other underwriters were: Dominick & Dominick; Hayden, Stone & Co.; W. E. Hutton & Co.; Lazard Freres & Co.. Inc.; Lee Higginson Corp.; Hemphill, Noyes & Co.; G. M.-P. Murphy & Co.; Harris, Hall & Co. (Inc.); W. C. Langley & Co.; F. S. Moseley & Co.; Stone & Webster and Blodget, Inc.; Hornblower & Weeks; Bancamerica Blair Corp.; Kleinwort Sons & Co.; Hallgarten & Co.; Ladenburg, Thalmann & Co.; Rlter & Co.; Baker, Weeks & Harden; Bosworth, Chanute, Loughrmge & Co.; First of Michigan Corp.; Piper, Jaffray & Hopwood; Schwabacher & Co., and Kuhn, Loeb & Co. 600,000 Lane-Wells Co. 40,000 shares capital stock. Discharge 3%s, in and bonds, sympathy. while other South American Italians have continued weak. Japanese bonds have remained firm, issues Ger¬ with little change in price. Moody's computed bond prices are and given in the following tables: bond yield averages Volume Financial 145 MOODY'S BOND PRICES (Based, U. S. AU on MOODY'S (REVISED) AU 120 120 Domestic Corporate * 120 Domestic Domes¬ by Ratings Corporate by Groups * tic Averages Corp. Corporate by Groups * tic Aaa Corp.* Aa h. Baa R. V. P. Indus. 30 For- Aa Aaa Baa A R. R. P. Indus. U. 107.49 95.46 73.53 83.19 99.14 107.30 5— 4.25 3.25 3.59 4.27 4.05 3.60 95.78 114.30 107.69 95.29 73.76 83.46 98.97 106.92 4„ 4.25 3.25 3.58 4.28 5.87 5.08 4.06 114.51 107.69 95.78 74.10 83.87 98.97 107.69 3„ 4.23 3.24 3.58 4.25 5.84 5.05 4.06 5.01 3.58 Exchan ge Clop ed 4.24 3.25 3.61 elgns 3.62 96.11 95.78 4— 108.74 3.. 108.64 Stock A 114.30 5__ 108.77 — (REVISED) AVERAGES 1937 120 Domestic by Ratings Domes¬ 2 YIELD (Based on Individual Closing Prices) Daily Govt. Bonds Averages BOND Average Yields) 120 Domestic Corporate * 120 1937 Daily Nov. 2919 Chronicle Exchan ge Nov. 2.. Stock Clos ed 5.89 5.10 108.57 96.28 114.30 107.11 95.95* 74.89 S4.41 99.31 107.30 1— 4.22 5.77 5.01 4.04 3.60 Oct. 30.. 108.60 95.44 114.30 107.30 95.78 75.12 84.55 99.31 107.30 Oct. 30- 4.21 3.25 3.60 4.25 5.75 5.00 4.04 3.60 Weekly— Oct. 29 4.23 3.26 3.63 4.25 5.77 5.04 4.05 3.61 5.60 22 4.21 3.29 3.60 4.24 5.71 4.90 4.10 3.64 5.77 3.29 3.61 4.26 5.74 4.90 4.11 3.66 5.75 1 — Weekly— Oct. 29- 108.60 96.11 114.00 106.73 95.78 74.89 84.01 99.14 107.11 22.. 108.34 96.44 113.48 107.30 95.95 75.58 85.93 98.28 106.54 15— 108.44 96.28 113.48 107.11 95.62 75.24 85.93 98.11 107.17 15-_ 4.22 97.78 113.48 108.08 97.11 78.33 88.36 99.14 107.30 8- 4 13 3.29 3.56 4.17 5.48 4.73 4.05 3.60 5.69 8— 108.39 99.83 107.69 1 4.09 3.29 3.53 4.12 5.40 4.67 4.01 3.58 5.42 3.68 5.39 5.33 108.36 98.45 113.48 108.66 8ept.24— 108.47 98.45 113.27 108.46 79.32 97.95 98.11 1 — 17— 108.36 79.20 88.95 100.00 107.69 Sept.24— 4.09 3.30 3.54 4.11 5.41 4.69 4.00 81.48 98.97 109.24 113.48 99.66 89.25 — 90.59 100.53 108.85 17- 4.02 3.29 3.50 4.06 5.23 4.58 3.97 3.52 5.21 4.56 3.95 3.54 5.38 10— 107.78 99.66 113.27 109.24 99.14 81.74 90.90 100.38 108.46 10.. 4.02 3.30 3.50 4.05 100.70 113.68 100.64 99.66 83.60 92.12 101.58 109.24 3- 3.96 3.28 3.48 4.02 5.07 4.48 3.91 3.50 5.28 3— 108.04 3.27 3.49 4.02 6.04 4.45 3.91 8.50 5 28 5.01 4.44 3.89 3.48 5.33 Aug. 27— 108.28 100.70 113.89 109.44 99.66 84.01 92.59 101.58 109.24 20— 108.86 101.06 114.09 109.84 100.00 84.41 92.75 101.94 109.64 Aug. 27— 20- 3.96 3.94 3.26 3.47 4.00 101.76 114.93 110.63 100.88 84.83 94.01 102.30 110.24 13- 3.90 3 22 3.43 3.95 4.98 4.36 3.87 3.45 5 08 13- 109.12 3 95 5 00 4 37 3 88 3 45 5.09 3.47 5.13 6— 109.49 101.76 114.72 111.03 100.88 84.55 93.85 102.12 110.24 6— 3.90 3 23 101.58 114.72 110.63 100.70 84.28 93.85 101.94 109.84 July 30— 3.91 3.23 3.43 3.96 5.02 4.37 3.89 30.. 109.52 July 3 41 23- 3.90 3.26 3.43 3.95 4.96 4.30 3.90 23- 109.22 101.76 114.09 110.63 100.88 85.10 94.97 101.76 109.24 101.58 113.89 110.24 100.53 85.24 94.97 101.58 108.85 16-. 3.91 3.27 3.45 3.97 4.95 4 30 101.06 109.24 9.. 3.91 3.27 3.45 3.97 4.95 4.29 3.94 . 3.50 5.13 3.52 3.91 108.90 16— . 5.20 3.50 5.15 5.17 9.. 108.59 101.58 113 89 110 24 100 53 85.24 95.13 100.38 109.84 100.00 83.87 94.33 100.18 108.66 2— 3.95 3.28 3.47 4.00 5.05 4.34 3.53 113.68 3.99 2.. 108.39 109.64 99.83 93.87 94.33 99.83 108.66 June 25— 3.96 3.29 3.48 4.01 5.05 4.34 4.01 5.12 100.70 113.48 3.53 June 25.. 108.36 109.24 18- 3.92 3.27 3.45 3.98 4.96 4.29 3 96 3.50 5.13 109.24 11— 3.90 3.27 3.44 3.96 4.92 4.24 3.95 3.50 5.11 109.05 4„ 3.91 3.29 3.45 3.98 4.92 4.27 3.96 3.51 5.19 4.92 4.26 3.97 3.52 18- 108.44 101.41 113.89 110.24 100.35 85.10 95.13 100.70 11— 108.53 101.76 113.89 110.43 100.70 85.65 95.95 100.88 4— 108.59 101 58 113 48 110 24 100.35 85.65 95.46 100.70 May 28- 108.73 ' 101.41 113.27 110.04 100.35 85.65 100.53 108.85 May 28.. 3.92 3 30 3.46 3.98 100.35 95.46 100.88 108.66 21- 3.91 3.31 3.47 3 98 4.89 4.27 6*27 113.07 86.07 3.53 101.58 109.84 3.95 21.. 108.22 109.44 95.13 100.88 108.27 14— 3.93 3 35 3.49 4 01 4.88 5.38 112.25 86.21 3.55 101.23 4.29 107.97 99.83 3.95 14- 95.78 101.23 108.08 7- 3 91 3 34 3 51 3.99 4.81 5.37 112.45 87.21 3.56 101.58 100.18 3.93 108 03 109.05 4.25 7- 106.92 Apr. 30.. 3 96 3.39 3.55 4.03 4.86 4.30 3.96 3.62 5.41 94.97 100.70 4.28 3.96 3.64 5.31 Apr. 30— 107 59 23- 107.17 16— 107.79 95.62 100.70 111 43 108.27 99.48 86 50 100.70 111.23 107.69 99.48 86.92 95.29 100.70 106 54 23.. 3.96 3.40 3.58 4.03 4.83 100.70 106 54 16- 3.96 3.41 3.57 4.03 4.81 4.20 3.96 3 64 5.33 87.21 95.62 3.48 3 61 4.09 4.92 4.33 4.04 3.70 5.33 99.48 107.88 111.03 100.70 9.. 107.23 99.48 109.64 107.11 98.45 85.65 94.49 99.31 105.41 9_. 4.03 95.13 99.83 106.17 2.. 3.99 3.43 3.59 4.07 4.85 5.36 107 49 86.64 3.66 100.18 98.80 4.01 107.19 110.63 4.29 2- 100.70 107.30 Mar.25.. 3 93 3 37 3.53 4.03 4.76 4.23 3.96 3.60 5.33 3.95 3.60 5.20 25.. 108.40 101.23 111.84 108.27 99.48 87.93 96.11 109.32 101.23 111.84 108.46 99.14 87.93 96.11 100.88 107 30 19.. 3.93 3.37 3.54 4 05 4.76 4.23 19- Mar 108.27 12- 3.87 3.32 3 50 3.98 4.66 4.15 3.90 3.55 5.30 97.45 101.76 4 55 3.90 4.57 4.09 3.81 3.49 5.24 89.40 100.35 109.24 12- 110.76 102.30 112.86 5.. 111.82 103.74 114.09 110.43 101.76 90.75 98.45 103.38 109.44 5— 3.79 3 26 103.93 109.84 Feb. 26.. 3.78 3 23 3 42 3.88 4.58 5.13 98.62 4.08 103.93 90.59 4.47 110.83 102 12 3.78 114.72 109.44 19.. 3 77 3 25 3 42 3.86 4.55 4.06 3.77 3.49 5.13 3.46 5.18 Feb. 26.. 112.18 19.. 112.12 104.11 114.30 110.83 102.48 91 05 98.97 104.11 112.20 104.48 114.93 111.03 91.51 99.66 104.30 110.04 11.. 3.75 3 22 3.41 3.84 4.52 4.02 11- 102.84 3.76 110.63 5.. 3.72 3.18 3.37 3.81 4.51 4.CO 3.72 3.43 5.19 ICO.OO 105.04 4.52 4.00 3.72 3.39 5.34 5- 105.04 115.78 111.84 103.38 91 66 29.. Jan. 112.34 112.21 105.41 116.64 112.25 103.56 91.51 100.00 105.04 111.43 29— 3.70 3.14 3.35 3.80 105.79 112 05 22.. 3.66 3.09 3.30 3.76 4.47 3.36 6.39 101.23 3.93 113.27 92.38 3.68 104 30 3.65 3.07 3.29 3.75 4.47 3.93 3.66 3.35 5.41 22.. 117.72 106.17 112.39 Jan. 15.. 112 53 106.36 118.16 113.48 104.48 92.28 101.23 106.17 112.25 15.. 104.48 106.17 112.25 8.. 3.65 3.08 3.27 3.75 4.49 5.43 117.94 101 23 3.35 106 36 91.97 3.66 112.71 113.89 3.93 8.. 106.17 112.45 1937 3 64 3.07 3.27 3.74 4.46 3.92 3.66 3.34 5.08 5.16 4.22 3.75 5.77 100.54 Low 118.16 113 89 104.67 92.43 101.41 93.69 fliRh 1937 112.78 109.64 105.98 93.37 71.15 82.40 1937 107.01 104.48 101.76 122.25 99.48 91.20 103.74 111.03 96.61 104.30 92.43 103.93 109.64 94.97 85.24 78.20 yields on the basis of one "typical" level or the average movement of actual price quotations. They merely serve to yield averages, the latter being the truer picture of the bond market. These prices are computed from average THE 3.67 4.40 3.17 3.35 3.90 4.54 4.03 3.79 3.41 5.60 4.30 3.48 3.78 4.46 5.49 4.95 4.20 3.76 6.3 Yr. Ago 2 Yrs.Ago 2 Yrs.Ago Nov. 4'35 107.68 * 3.48 6.11 3.74 Nov. 5'36 1 116.00 104.67 4.38 High 1937 96.28 1 Yr. Ago Nov. 5'36 111.36 Low OF STATE TRADE—COMMERCIAL Nov. 4'35 bond (4% coupon, maturing In 30 years), and do not purport to snow eitner tne average Illustrate in a more comprehensive way the relative levels and the relative movement of EPITOME the latest week, according to Dun & Bradstreet. Sales for period ranged from 2% to 6% higher than the week before, while the volume of retail distribution was 4% to 15% above the same week last year. Wholesale volume remained unchanged from the previous week at a level of the Friday Night, Nov. 5, Business activity receded further consecutive fifth the weekly "Journal of Commerce." the past week. according decline, A rather severe 1937. This is tli;e to drop was recorded in the business index of this authority, all the various com¬ ponents of the index showing declines, with steel operations automobile and The to "Journal 95.0 activity of Commerce" compared as showing with index a the greatest reductions. figures revised showed a drop figure of 97.1 the and 101.3 for Oct. 31, 1936. A precipitous drop in steel sales for the month of October was reported by the "Iron Age." According to this authority, October steel sales were from 15% to 20% under those for Septem¬ previous week ber, with uled with pig production declining sharply in line drop in ingot output, which is sched¬ 48% of capacity, and buying by all con¬ iron the precipitous this week sumers, at except automotive, is virtually at rock bottom. It the chief decline in sales has been in heavy is stated that The "Iron Age" states there are indications that buying has been checked, but the chances of marked improvement have been lessened by the hand-tomouth buying policy of the automobile companies, upon which much dependence had been placed for a business products. the drop in pick-up. It is stated that the outcome of the New York Show, results of which will be announced this Automobile week, is expected to have a pronounced effect on chases of automobile companies from now on. steel pur¬ "Building construction volume is wTaning, many projects having been shelved because of uncertainty as to Administration policies toward business, as shown by a recent statement of public utility interests." Production of electricity in the United States totaled 2,254,947,000 kilowatt hours in the week ended Oct. 30, a gain of 4.1% over the week ended Oct. 24, 1930, the Edison Electric Institute reported. Output for the latest week showed a loss of 26,689,000 kilowatt hours when compared with the total of 2,281,636,000 last week and a gain of 88,291,000 over the total of 2,166,656,000 in the week ended Oct. 24 last year. Some public utility company officials doubt that power output will fall much below the 1936 level in the remaining weeks of the year, despite the sharp contraction in industrial consumption of current in prospect. Retail sales continued to make headway during 6% to 15% above 1936. Freight car loadings declined 1,698 cars to 771,655 in the week ended Oct. 30. This was a decrease of 0.2% from the previous week and 5.3% below There developments of the past week, according to the government report. The abnormal warmth, abundant sunshine, and but little rain made ideal conditions for seasonable farm work over much the greater portion of the country. However, large West¬ ern areas continue too dry for plowing, and heavy rains in the East were unfavorable for outside operations, though the latter part of the week was warm and sunny, permit¬ ting resumption of activities. Farm work in general is well advanced; crops have matured without extensive frost damage in any section. There was a disturbance attended by general rains in the Atlantic area, with heavy to ex¬ cessive rainfalls in the Middle Atlantic States, causing for the corresponding the total was period of last year. nothing extraordinary in the weather floods moderate in a number of streams. Temperature unimportant during the week. In the East freezing weather extended as far South as West Virginia in the Appalachian Mountains, but along the Atlantic coast temperatures were continuously above freezing as far North as southern Maine. In the interior valleys and Great changes Plains, while were only the northern portions had freezing weather, the Florida Peninsula and the West Gulf area in minimum the week. grees temperatures were above 50 degrees throughout country was 12 de¬ The lowest reported for the at Devils Lake, N. Dak., on Nov. 2. In the New York City area the weather generally was mild, with fair skies. Today it was cloudy and cold here, with temperatures rang¬ light rain the after¬ noon. Overnight at Boston it was 38 to 48 degrees; Balti¬ more, 38 to 54; Pittsburgh, 32 to 48; Portland, Me., 34 to 48; Chicago. 38 to 48 ; Cincinnati, 40 to 54; Cleveland, 42 to 52; Detroit, 38 to 48; Charleston, 48 to 58; Milwaukee, 42 to 50; Savannah, 44 to 64; Dallas, 60 to 72; Kansas City, 42 to 48; Springfield, Mo., 40 to 46; Oklahoma City, 48 to 62; Salt Lake City, 32 to 58; Seattle, 48 to 62; Montreal, ing from 40 to 55 degrees. The forecast was tor and warmer tonight. Saturday colder, clearing in 32 to 38, and Winnipeg, 20 to 42. Selected Income and Steam The Chronicle Financial 2920 Bureau of I Railways for August -Statistics Commission has issued Class Items of Balance Sheet of Commerce held in tion steam railways in the United States for the month of August. figures are subject to revision and were compiled reports representing 141 steam railways. The present statement excludes returns for Class I switching and terminal companies. The report in full is as follows: of American Chicago, state Commerce These 135 TOTALS STATES FOR THE UNITED ing for For the Eight Months of will be The mile. per that so $59,027,132 $74,468,482 $485,481,955 $447,746,390 11,080,029 41,144,706 88,611,488 325,175,488 221,593 248.917 1,858,058 -— Other deductions— Total fixed charges trip for which certain maxi¬ sugar, each J. instance. J. Pelley, Presi¬ statement released to the press, a will be increase 2c. Coast or faces coaches mile. Western points. of $5, Increases is rail¬ on will %c. increase same fares between corresponding also rates. per mile the making various are coach with commutation the lines the round-trip and in Thi3 transcontinental destinations coach fares Pullman per increase in an in their The requesting. intermediate This be made in¬ Chicago adjustments in the round- class intermediate action has income between 25,590,908 will as 30-day is contemplated South are traveling passengers for tourist fares. car $51,662,351 $52,473,652 $415,645,034 $422,155,482 Income after fixed charges change the Pacific between 331,636,855 1,810,572 11.049,240 Interest deductions and 88,708,055 40,391,518 Rent for leased roads freight rates region be increased from 2c., the present rate, to 2%c. rate lines such creases Inc. avail, for fixed charges-. Fixed charges: in will ask that coach rates for No in the Eastern 12,782,732 13,714,552 1,511,178 1,728,504 the level of in coke, lumber, fruits and vegetables, Association, in petition Railroads $60,755,636 $75,979,660 $499,196,511 $460,529,122 MIscell. deductions from income asked roads in the Eastern Net railway operating Income. $50,307,878 $64,636,593 $408,217,220 $364,386,569 Other Income 96,142,553 90,979,291 11,343,067 10,447,758 Total income-- and said: 1936 1937 1936 Commission, without delay, a petition ask¬ including citrus fruits, and mums Income Items 1937 Oct. 29, of the member roads, Associa¬ Railroads, decided to file with the Inter¬ except as to coal (ALL REGIONS) Augus' on increase of 15% an dent of the For the Month of 16% Freight Rate Increase control, the railroads of the United States, at a meeting no showing the aggregate totals of selected income and balance sheet items of Class I from 1937 6, Because of rising costs of operation over which they have Interstate the statement a Nov. Railroads to Ask for and operating expenses has been been forced the upon railroads because squeezed so the margin thin that they 21,994,830 1,014,974 69,836,925 8,227.488 8,117,488 $6,347,307 $20,979,856 $61,609,437 $17,473,420 Commission to 16,451,078 3,871,169 16,114,630 3,056,727 130,317,463 129,041,515 17,798,774 Revenue Freight Car Loadings Again Decline—Off 0.2% 13.859,452 2,172,630 12,995,649 3,036,072 67,532,612 13,097,099 7,364,781 Contingent charges 1,017,474 Net income.• face a real make to Because there is crisis. other no to meet this crisis than way general a increase in rates and fares, the railroads will ask the expedite consideration of this matter. Depreciation (way A structures and equipment) Federal income taxes 27.643,617 Week in Dividend appropriations: On common stock On preferred stock 61,686,308 17,229,044 Balance at End of August 1936 1937 Selected Asset Items— Investments In stocks, bonds, <fcc., other than those of affiliated companies $699,794,826 $688,772,332 430,960,617 443,043,933 11,430,155 33,126,411 169,188,136 1,987,893 Cash Demand loans and deposits — 17.455,110 — Time drafts and deposits 41,560,544 155,063,300 13,551,106 67,515,696 — Special deposits - - Loans and bills receivable.— Traffic and car-service balances receivable Net balance receivable from agents and conductors. Miscellaneous accounts receivable Materials and supplies — ; Interest and dividends receivable Rents receivable-.--.-Other current assets 22,721,114 1,977,140 8,472,419 Total current assets. 2,394,188 6,360,751 Oct. 30 1935. The first 18 major railroads to report for the week ended Oct. 30,1937 loaded a total of 361,266 cars of revenue freight on their own lines, compared with 361,433 cars in the preced¬ ing week and 380,619 cars in the seven days ended Oct. 31, 1936. A comparative table follows: $1,322,294,920 $1,242,404,387 Selected Liability Items— Funded debt maturing within six months.b Loans and 59,658,025 52,003,770 140,361,979 295,442,131 27,407,015 53,579,154 139,013,012 380,425,708 Ended Loadings of revenue freight for the week ended Oct. 30 1937, totaled 771,655 cars. This is a decrease of 1,698 cars or 0.2%, from the preceding week; a decrease of 42,859 cars, or 5.2%, from the total for the like week of 1936, and an increase of 89,657 cars, or 13.1%, over the total loadings for the corresponding week of 1935. For the week ended Oct. 23, 1937, loadings were 5.4% below those for the like weeks of 1936 but 8.8% over those for the corresponding week of 1935. Loadings for the week ended Oct. 16, 1937, showed a loss of 2.0% when compared with 1936 but a rise of 10.6% when comparison is made with the same week of $83,837,698 210,648,782 609,042,706 6,971,092 79,628,188 257,916,939 Miscellaneous accounts payable Interest matured unpaid Dividends matured unpaid 98,298,981 —- Funded debt matured unpaid Unmatured dividends declared Unmatured interest accrued Unmatured rents accrued 477,476,001 - - 15,890,136 107,290,914 33,642,426 22,356,212 - Other current liabilities. - REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (Number of Cars) 220,025,568 78,733,978 218,080,783 97,245,171 493,831,224 6,709,403 bills payable, c Traffic and car-service balances payable Audited accounts and wages payable $188,767,479 448,018,928 14,497,949 107,885,336 33,238,078 23,268,351 Loaded on Own Lines Weeks Ended— Received from Connections. Weeks Ended— Oct. 30 Oct. 23 Oct. 31 Oct. 30 Oct. 23 Oct. 31 1937 1937 1936 1937 1937 1936 Atchison Topeka A Santa Fe Ry. Baitlmore A Ohio RR 27,746 31,500 32,065 Chesapeake A Ohio Ry Chicago Burlington & Qulncy RR. Chicago Milw. St. P. & Pac. Ry. Chicago A North Western Ry 24,841 20,862 22,277 25,372 21,575 24,680 35.059 28,245 20,274 23,132 17,627 16,629 26,313 19,907 7,552 7,772 17,437 11,943 17,894 9,901 V 11,982 9,760 7,108 17,795 12,317 10,161 9,226 8,810 17,870 9,006 12,043 12,272 12,650 v $1,918,900,688 $1,741,796,458 Gulf Coast Lines 3,090 2,879 3,051 International Great Northern RR 1,691 1,603 2,077 2,080 2,690 2,640 Missouri-Kansas-Texas RR Total current liabilities- 1,930 5,460 5,261 3,128 9,876 3.055 3,058 9,904 1,357 Missouri Pacific RR 18.089 17,923 2,398 5,095 18,414 43,955 43,042 46,192 43,645 5,144 4,994 44,484 10,367 23,706 25,206 5,439 26,221 9,862 reported Includes charges of $3,480,268 for August, and $26,2 1 2,720 for the eight months of 1937, New York Central Lines.. New York Chicago A St. Louis Ry Norfolk A Western Ry 4,674 4,804 Pennsylvania RR 4,922 64,355 67,131 71,228 $11,662,436 for the eight 43,215 Pere 44,075 6,938 6,573 7,183 7,469 6,062 6.158 47,241 5,816 5,850 6,652 6,775 32,785 x8,866 x9,294 *9.067 5,884 8,949 8,636 8,874 Tax liability: United States Government taxes Other than United States Government taxes a The net income 116,016,808 153,700,762 72,374,038 157,727,771 as $1,519,201 for August, 1937, 1936, and months of 1936 on account of accruals for excise taxes levied under the Social Security Act of 1935; also Includes charges and credits re¬ sulting In a net charge of $2,640,262 for August, 1937, and $13,050,822 for the eight months of 1937, because of provisions of the "Carriers Taxing Act of 1937," ap¬ proved June 29, 1937, and repeal of the Act of Aug. 29, 1935, levying an excise tax upon carriers and an Income tax upon their employees, and for other purposes. (Public No. 400, 74th Congress.) The charges and credits were not handled In a uniform manner by all the carriers and separate totals are not available. The net income for August, 1936, includes charges of $3,806,654 and for the eight months of 1936 of $23,355,712 under the requirements of an Act approved Aug. 29, 1935, levying an excise tax upon carriers and an Income tax upon their employees, and for other purposes. (Public No. 400, 74th Congress.) b Includes payments which will become due on account of principal of long-term debt (other than funded debt matured unpaid) within six months after close of month of report. c Includes obligations which mature not d Deficit or more other reverse Items. Marquette Ry Pittsburgh A Lake Erie RR 4,942 5,045 32,592 Southern Pacific Lines 33,714 5,724 Wabash Ry 6,065 Total 44,536 10,923 361,266 361,433 380,619 216,390 220,697 223,244 Excludes x 10,023 cars Orleans RR. Co. Interchanged between 8. P. Co .-Pacific Lines and Texas A New TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS (Number of Cars) Weeks Ended— than two years after date of Issue, Oct. 30. 1937 Chicago Rock Island A Pacific Ry. Oct. 23, 1937 Oct. 31, 1936 37.788 X Illinois Central System Number of Operation on Nearly 10,000 air-conditioned Class I railroads and Class I had In the senger 53,791 on Not available at press time. The Association of American week ended Oct. 23, on Oct. 1 Loading of Nov. 5. had 5,196, and the Pullman This cars in first nine months on were of 1937, air-conditioned devices 1,784 passenger cars, of which 1,270 pas¬ owned by the railroads and 514 by the Co. a reported as Railroads, in reviewing the follows: freight for the week ended Oct. 23 totaled 773,353 decrease of 42,899 cars a or 5.3% below the corresponding 19.4% below the same week decrease of 186,139 cars or in 1930. Loading of revenue freight for the week of Oct. 23 was a decrease of 36,591 cars or 4.5% below the preceding week. Miscellaneous freight loading totaled 308,882 cars, cars below the preceding week, and 29,965 cars Loading of merchandise a decrease of 560 cars a below week in 1936. decrease of 17,468 the corresponding less than carload lot freight totaled 169,231 cars, below the preceding week, and 1,862 cars below the corresponding week in 1936. Class I railroads order on and 183 year had 171 on revenue was week in 1936 and equipment. cars ger cars 77,718 x by the cars. railroads installed Pullman 56,045 X in operation. These figures include sleeping cars, lounge cars, and other were 16,003 the 4,666 air-conditioned passenger passenger 14,925 Total passenger cars owned American Railroads, announced Co. Cars 16,241 1 Pullman Co. were in operation 1, 1937, J. J. Pelley, President of the Association of Oct. on Passenger Oct. 39,804 St. Louis-San Francisco Ry Air-Conditioned 27,401 35,392 Oct. on Oct. 1 this year had 256 compared with 177 1, 1936. new passenger cars on The Pullman on Jan. Co. order. on new 1 passen¬ this year, Oct. 1 this Coal loading amounted to 156,288 cars, a decrease of 2,848 cars below the preceding week, but an increase of 1,673 cars above the corresponding week in 1936. Grain 1,035 and cars grain products loading totaled above the preceding week, and 3,936 36,958 cars cars, an increase of above the corresponding Volume grain products In the Western Districts alone, grain and week in 1936. 1937 week and 2,826 cars above the corresponding the preceding week, and 131 cars an 29,456,477 38,970,335 3,003.498 Four weeks in April 2,955,241 Five weeks in May 3,897,704 Four weeks in June 2,976.522 3,812,088 3,115,708 3,182,943 23 Five and of 871 cars above the preceding week, September 2 847,245 week Week of Oct. 9 815,122 809,944 week, and 3,418 cars below the corresponding Week of Oct. 37,990 cars, Ore loading amounted to Coke loading amounted to 8,726 cars a decrease week in 1936. Loading of revenue freight in 1937 compared with 1936 decreases FROM Total Loads Total Revenue from Freight Loaded 1937 CONNECTIONS (NUMBER OF CARS)—WEEK ENDED Received 1936 637 595 765 1,124 1,674 8,409 1,822 1,609 8,205 1,246 290 Boston & Maine Chicago Indianapolis A Louisv 1,604 25 22 65 1,474 5,501 1,182 4,398 Delaware & Hudson Delaware Lackawanna & West. 8,916 522 479 124 2,088 2,669 1,281 334 358 13,078 4,361 12,268 191 196 145 Detroit & Mackinac Detroit Toledo A I ronton Detroit A Toledo Shore Line . . Erie Grand Trunk Western Lehigh A Hudson River 4,650 1.534 16,846 2,072 1,177 7,745 43,042 13,301 1,462 4,994 5,073 6,573 7,195 2,743 3,856 2,236 40,753 10,496 1,812 4,709 5.535 6,777 Pittsburgh A Shawmut 432 432 274 28 385 514 331 245 321 1,104 1,416 1,449 1,623 Montour 2,273 . N. Y. N. H. A Hartford New York Ontario A Western N. Y. Chicago A St. Louis Pittsburgh A Lake Erie Pere Marquette 892 97,655 67,885 112,617 107,503 78 44.484 44.297 12,798 1,826 10,807 7,556 5,632 12,348 1,689 10,367 6,624 6,158 896 1,386 5,991 7,551 5,854 476 434 323 199 21,396 21,407 18,596 3,125 709 826 683 487 2,799 2,024 8,032 13,429 2,739 2,082 6,348 12,041 2,222 2,673 3,876 Pacific 4,221 7,730 Chicago Mllw. St. P. A 262 37 18,018 2,313 20,904 3,891 8,578 1,102 Atlantic. Duluth South Shore A Elgin Joliet A Eastern Ft. Dodge Des Moines A South- Great Northern Green Bay A Western 610 1,025 5,724 4,406 5,688 4,210 4,081 8,636 3,368 1,431 1,033 8,927 3,349 156,791 162,712 146,891 171,163 174,452 1,854 1,960 7,215 13,354 Ishpemlng Lake Superior A 662 Minneapolis A St. Louis Minn. St. Paul A S. S. M 838 Wabash Wheeling A Lake Erie 21,178 2,893" 23,006 4,026 10,845 19,102 2,689 21,175 Chicago St. P. Minn. A Omaha Duluth Mlssabe A Northern... 2,562 316 2,189 12,279 3,354 9,226 3,641 785 681 650 Chicago Chicago Great Western 6,279 Rutland . 676 195 Chicago A North Western 648 Pittsburgh & West Virginia Total 393 177 Belt Ry. of 29 Pittsburgh Shawmut A North. Monongahela 1,828 9,574 3,105 4,388 Lehigh Valley— New York Central Lines 467 Northwestern District— 8.349 1,920 8,910 3,146 4,848 2,531 45,534 11,249 1,737 5,493 7,356 6,899 Lehigh & New England Maine Central 444 204 3,211 13,248 5,198 3,512 15,776 8,306 2,123 1,193 8,456 2,816 22,191 7,679 19,881 1.348 362 8,521 Total 151 499 9,195 21,643 4,144 4,507 15,288 Winston-Salem Southbound 8,017 7,183 2,112 1,024 349 Tennessee Central 2,173 9,469 2,019 7,684 6,443 399 394 Southern System 100 1,497 5,369 11,056 1,477 383 361 Seaboard Air Line 2,383 24 Central Vermont 1,179 386 Richmond Fred. A Potomac... 11,118 Central Indiana 1,453 1,328 Piedmont Northern 303 10,798 2,205 1937 District—(Concl.) Norfolk Southern 1,368 1,619 8,091 from Connections 1935 1936 1937 Eastern District— Bangor A Aroostook Total Loads Received Freight Loaded Railroads Southern Ann Arbor OCT. 23 Total Revenue Connections 1937 1935 1936 3,725,686 971,255 954,782 931,105 959,492 undertake to show also the loadings roads and systems for the week ended Oct. 23 During this period a total of only 43 roads showed increases when compared with the same week last year: and 1930 follows: FREIGHT LOADED AND RECEIVED Railroads 3,718,983 4,475,391 3,752,048 for separate compared with the corresponding week in 1930. REVENUE 3,515,733 3,618,960 4,593,449 In the following we compared All districts reported 1936. Total week in 1936. reported decreases except the Central Western week in 23 3,506,899 of 848 cars below the preceding week, and 1,608 cars below the corresponding corresponding 16 Week of Oct. the decrease of 12,113 cars below a preceding week, and 11,776 cars below the corresponding districts • Week of Oct. in 1936. the August Four weeks in 32,883 cars a decrease of 4,344 cars products loading totaled below the preceding weeks in July Four weeks in above the corresponding week in 1936. Forest with 773,353 32,284,509 2,778,255 Four weeks in March increase of 555 cars stock for the week of Oct. In the Western districts alone, loading of live totaled 18,779 cars, an increase All 3,316,886 weeks in January Five above above the corresponding week in 1936. 22,395 cars, Livestock loading amonnted to cars 1930 4,246,552 Four weeks in February in 1936. 488 1936 2,974,553 2,512,137 2,415,147 2,543,651 3,351.564 2,786.742 3,572,849 2,954,522 3,062,378 819,597 820,570 826,525 816,242 increase of 929 cars loading for the week of Oct. 23, totaled 24,259 cars, an above the preceding week, 2921 Chronicle Financial 145 Northern Pacific 277 434 5,325 78 317 291 236 344 1,421 2,682 2,239 1,533 111,156 123,520 106,732 51,262 26,313 3,413 25,354 3,473 22,329 3,127 7,772 2,488 418 440 341 19,907 1,933 13,923 3,002 1,581 19,879 2,340 13,151 3,441 Spokane International Seattle... Spokane Portland A Total. Central Western District— Allegheny District— 436 528 695 838 32,065 36,325 6,809 34,484 17,894 3,856 2,025 Akron Canton A Youngstown Ohio Baltimore & Lake Erie Bessemer A 3,818 17,678 2,847 Atch. Top. A Santa Fe System. Alton.... Bingham A Garfield 354 381 307 7 9 1,521 6,908 1,426 7,118 1,466 5,530 16 14 11,569 11,770 Cornwall 516 817 670 82 49 Cumberland & Pennsylvania. 277 294 383 39 42 Qulncy.. Chicago A Illinois Midland Chicago Rock Island A Pacific. Chicago A Eastern Illinois 50 Colorado 2,707 1,364 Buffalo Creek A Gauley Cambria & Indiana _ Central RR. of New Jersey.. Ligonier Valley* 148 122 173 41 Long Island 617 974 772 2,669 1,488 44,075 17,806 47,376 17,958 Pennsylvania System 1,332 67,131 Reading Co 14,466 1,371 72,362 15,049 Union (Pittsburgh) 10,758 14,538 1,255 61,105 12,444 8,911 3,633 6,569 57 76 73 1 1 4,016 3,896 3,725 6,363 6,865 Penn-Reading Seashore Lines West Virginia Northern Western Maryland 144,420 Total 162,085 131,869 108,546 Chicago Burlington A Fort Worth A Denver Nevada Northern North Western Pacific 0 24,240 21,195 342 321 20,436 18,490 5,940 1,380 11,246 Peoria A Pekin Union Southern Pacific 116.137 ..... 295 21,829 Illinois Terminal.. 466 398 City 1,783 5,323 1,072 1,441 2,042 1,823 1,095 25,785 Western. Denver A Salt Lake.. 5,391 1,047 1,449 1,933 1,564 1,017 116 A Southern Denver A Rio Grande (Pacific) Toledo Peoria A Western Union Pacific System Pocahontas District— 25,372 25.206 Western 27,710 25,491 25,877 21,690 11,982 4,804 1,559 12,714 4,924 1,264 989 Virginian 939 774 4,918 Norfolk A Portsmouth Belt Line 4,271 4,027 987 58,411 19,332 19,793 56,485 Total 692 1,800 130,687 116,829 63,710 5,752 Southwestern District— Southern District— 151 194 741 248 923 224 801 203 1,411 187 1,647 Charleston A Western 670 690 955 803 9,381 8,060 4,560 4,943 2,593 4,613 4,553 442 450 366 1,393 494 Carolina Clinch field 610 9,835 3,570 Line Central of Georgia 207 174 173 222 202 226 199 228 2,879 2,080 2,705 2,761 2,219 Burlington-Rock Island 1,382 Coast Atlantic Western 533 International-Great NorthernKansas Oklahoma A Gulf City Southern Louisiana A Arkansas Louisiana Arkansas A Texas— Kansas 937 1,908 1,773 208 214 145 2,340 1,689 2,233 1,650 1,569 247 277 163 454 342 416 787 845 817 212 168 132 294 5,261 5,719 18,683 5,488 3,055 10,023 Missouri A Arkansas 457 373 398 Missouri-Kansas-Texas Lines.. 172 171 138 379 395 Missouri Pacific 617 548 753 654 Natchez A Southern 52 42 47 94 126 861 1,116 998 1,439 1,662 Quanah Acme A Pacific...... St. Louis-San Francisco Georgia Illinois Central Louisville A 504 2,071 21,869 20,038 1,216 11,550 5,330 12,919 5,599 200 179 218 494 480 Mississippi Central Mobile A Ohio St. L. 206 163 410 289 Wetherford M. W. A N. 1,823 2,892 1,957 2,279 1,995 2,484 year's figures 2,243 2,728 revised. Moody's Commodity 2,220 3,327 Index at New Low sharply declining 154.0 was established this Thursday. were in wheat, cotton, wool, coffee, steel scrap and rubber. Prices of silk, cocoa, hides, corn, copper and lead were also lower. There were advances for hogs and sugar, while silver remained unchanged. The movement of the Index during the week, with com¬ parisons, is as follows: ago. A new low of The principal declines 166 98 4,315 2,548 3,354 3,610 19,031 10,306 3,380 8,415 2,065 7,679 2,673 7,926 5,316 2,567 Texas A New Orleans Texas A Pacific Terminal RR. Assn. of St. Louis 252 265 257 57 17 29 27 39 66,210 58,007 63,357 W Total 5,547 * Previous figures. trend in commodity prices continued this week. Moody's Index of Staple Commodity Prices, closed at 154.2 on Friday, as compared with 161.3 a week The 26 70 157 8,989 3,348 7,929 5,729 2,319 Wichita Falls A Southern.... 205 Savannah Note—Previous 382 22,635 Nashville Nashville Chattanooga A 496 1,944 25,967 24,869 1,159 15,391 51 177 63,499 St. Louis Southwestern 424 24,6.58 System Macon Dublin A 499 17,923 266 47 1,920 Georgia A Florida Gulf Mobile A Northern 1,416 292 Midland Valley 576 Gainesville Midland 2,738 937 Durham A Southern A Greenville 421 1,603 2,640 1,374 2,187 1,195 Litchfield A Madison 1,110 2,988 1,095 Florida East Coast Columbus 3,217 I 300 Alton A Southern Gulf Coast Lines Northern Atl. A W. P.—W. RR. of AIM. Atlanta Birmingham A Coast- 17 597 1,949 133,499 Total. Fort Smith A Alabama Tennessee A 126 409 891 52,638 14 1,220 1,627 1,789 Western Pacific Norfolk A 929 1,581 2,038 1,499 1,269 691 Utah Chesapeake A Ohio 123 9,760 1,075 9,167 2,780 1,417 3,932 18,225 1,572 11,621 2,602 1,651 5,242 161.3 1610 Oct. 29 Oct. 30 Nov. 1 Tues., Nov. 2 Wed., Nov. 3 Thurs., Nov. 4 Fri., Nov. 5 Fri., Sat., Mon., 160.1 Holiday 156.9 154.0 154.2 166.5 2 weeks ago, Oct. 22 Month ago, Oct. 5 Year ago, 1§0.2 183.6 Nov. 5 1936 High—Dec. 208.7 28 162.7 Low—May 12 1937 High—April 5. —228.1 Low—Nov. 4 154.0 Slightly During Index Wholesale Commodity Prices Declined Week Ended Nov. 2 According to "Annalist" Reporting that commodities spent a dull week, the Nov. 4 that its Weekly Index of Prices declined to 89.6 on Nov. 2, "Annalist" announced on Wholesale Commodity 2922 Financial as compared with 89.8 the previous week and 85.1 ago. The 4•Annalist" added: a the steadily during the past month, it is substantially above the low point of were content to way for commodities and that of a year the year. Although the index ago. Compared with the for t4 Non-agricultural commodity prices, "all commodities other than farm products," declined 0.6% during the week and are 2.1% below thtOct.2 Transactions 0.4% to 1.1% below the early October level. industrial commodity prices are up 5.6%. ago. 5,831,000, were 8,936,000. against Trading Grade A coffee fell to 59 contracts last week, as contrasted with Santos coffee to 379 options from 565; hides to domestic sugar from 729 to 392. in speculative interest are 195 in con¬ 497 from 885 and Two important exceptions to the decline rubber and "World" sugar. Both items have been losing steadily in recent weeks and trading in them has been active. THE "ANNALIST" WEEKLY INDEX COMMODITY OF WHOLESALE PRICES (1926=100) Nov. products... 2, 1937 Oct. 26, 1937 91.0 Nov. 3, 1936 89.9 Food products 83.4 84.0 80.1 65.1 *65.6 72.5 89.9 90.7 105.9 105.9 90.2 70.6 70.6 66.6 89.8 89.8 86.3 76.6 76.6 69.5 89.6 Metals *89.8 85.1 Building materials Chemicals .... Miscellaneous Ail commodities.. they Prices of commodities other than farm products are 6.0% higher than Wholesale prices of industrial commodities, measured were a year ago. by the index for "all commodities mm mil other than farm products and Compared with 88.9 In reporting Mr. Lubin's remarks, by the Labor Department also said: an announcement products group index. Quotations were lower for corn, wheat, calves, steers, hogs, sheep, live poultry, cotton, lemons, oranges, seeds, dried beans, potatoes and wool. Higher prices were reported for barley, oats, rye, cows, eggs, apples, hops and onions. This week's farm products index—77.8—the lowest since June, 1936, is 8.9% below that of a month ago and 7.3% below a year ago. Year During Week Ended Oct. 30, According to National Fertilizer Association Continuing the downward trend of the preceding five weeks, the wholesale commodity price index compiled by the National Fertilizer Association, in the week ended Oct. 30, dropped to the lowest point since the early part of December, 1936. Last week the index, based on the 1926-28 average of 100%, stood at 82.2% as against 83.3% in the preceding A month ago it registered 86.0%, and a year ago 80.0%. The highest point recorded by the index this year was 88.8% in July. The high point in 1936 was 83.1 % in the last week of the year. The announcement by the Asso¬ ciation under date of Nov. 1, went on to say: , Declining prices during the week were common to most commodity seven of the principal group indexes declining and none The sharpest drop occurred in the farm product group, with cotton, graihs, and livestock moving downward. The farm product price with advancing. now at foodstuff prices the lowest level reached since during the week were June, 1936. Changes in mainly downward, resulting in the sixth consecutive weekly decline in the food price average. Lower quotations for nonferrous metals and a continued decline in steel scrap caused a further recession in the index of metal prices, making the seventh week this index has moved downward. .the Declines during che week indexes representing the prices of textiles, also registered were by building materials, and miscellaneous commodities. Thirty-eight price series included in the index declined during the week while only 11 advanced; in the preceding week there were 37 declines and 22 in the second preceding week there were 40 declines and 17 advances; advances. Compiled by the National Fertilizer Association. 0.5% (1926-1928=100) Group Preced'g Month gloves, luggage remained steady. Weakening prices for Douglas fir lumber, red cedar shingles, chinawood oil, rosin, butts and gravel caused the building materials group index to fall 0.4% during the week. No changes were reported in and prices of brick and tile, cement and structural steel. Average wholesale prices of crude rubber fell dropped 0.6% and cattle feed declined 0.5%. unchanged at last week's level. 1.5%, and pulp Automobile tires and tubes Week Ago remained Continued weakness in prices of cotton goods and woolen yarns largely a 0.3% decrease in the textle products group index. Whole¬ accounted for sale prices of clothing declined burlap, and The fuel raw and fractionally. Prices of print cloth, Oct. 23, 1937 Oct. 2, Oct. Foods 30, 83.1 Fats and oils... 65.6 Cottonseed Oil Farm products 23.0 lighting materials group index fell 0.3% result a of Kerosene prices rose sharply and anthracite Bituminous coal and coke prices remained steady. Pronounced price decreases in nonferrous metals such as quicksilver, pig zinc, and copper and brass manufactures together with lower prices for steel caused the metals and metal scrap 0.3%. cotton the and heating blankets fixtures accounted for housefurnishing goods were products group index to decline Agricultural implements, motor vehicles, and remained unchanged. Lower prices for Pig tin advanced. plumbing a minor group. decrease—0.1%—in the index for Average wholesale prices for furniture stationary. In the chemicals and drugs group weakening prices for copper sulphate and were counter balanced by rising prices for fertilizer materials and mixed fertilizers with the result that the chemicals and fats and oils index remained unchanged at 80.6% of the 1926 average. The index of the Bureau of Labor Statistics includes drugs group 784 price series weighted according to their relative importance in the country's markets on the average for the year 1926 as 100. and is based the main groups of com¬ Oct. All 94.6 Farm 79.5 Foods Hides 45.5 66.8 75.3 89.5 100.8 91.5 75.5 3, 4. 1934 1933 84.0 84.9 85.2 86.0 86.9 products 81.2 79.8 76.0 70.9 80.7 80.3 82.7 85.4 83.9 77.4 69.9 55.5 83.8 85.0 85.4 86.9 87.8 82.3 83.8 75.4 64.2 106.4 106.9 107.7 108.1 108.2 96.0 95.1 Textile products 85.4 87.6 72.6 72.8 72.8 73.3 73.9 71.6 72.7 69.5 76.1 78.9 79.1 79.2 79.5 79.4 77.3 74.3 74.9 74.6 82.5 & leather products 85.5 86.6 79.7 Fuel & ltg. mat'ls. 85.0 78.9 Metals 67.7 69.5 70.0 95.3 102.0 95.6 95.9 103.6 95.6 95.8 86.4 86.3 85.9 Building 85.5 materials 95.0 95.4 95.9 85.1 95.9 96.2 86.3 87.4 83.2 Chemicals & drugs 85.6 84.9 80.6 80.6 80.9 81.2 81.0 81.5 81.1 76.9 72.6 metal products- 95.6 96.2 Housefurn'g goods 92.6 92.7 73.8r 92.7 92.7 73.8 92 7 83.2 68.2 Miscellaneous 82.0 82.8 81.3 80.5 75.7 76 0 76.3 80.5 76.6 80.4 76 8 71.9 74.6 Raw materials 67.5 69.6 65 3 96.4 Farm machinery 78.7 80.5 80.5 96.4 82.1 83.9 96.4 82.0 X 92.6 Semimfd. articles. 81.5 81.9 82.5 83.4 83.9 76.6 X X, X 87.3 87.9 88.2 88.7 89.1 81.7 X X 80 0 Finished products All commods. other than farm prods. X 85.4 85.9 86.2 86.8 87.2 80.6 80.3 77.3 74.3 84.7 85.0 85.2 85.3 85.6 80.2 78.4 77 8 77.2 . combined 82.2 83.3 86.0 Revised. All commods. other United States Department of Labor Reports Decline in Wholesale Commodity Prices During Week Ended Oct. 30 decline in wholesale commodity prices ac¬ by sharp declines in farm products and foods general of wholesale commodity prices of the Bureau of Labor Statistics, United States Department of Labor, to decrease 1.1% during the week ended Oct. 30, Commissioner Lubin announced on Nov. 4. He stated: The recent decline is the fifth consecutive weekly decrease and it brought the all-commodity index to 84 0% of the 1926 average, the lowest point reached this year. Compared with the week ended Oct. 2, the all-com¬ modity index shows a decrease of 3.3 %. It is 3.4% above the corresponding week of last year. the 10 major commodity groups except chemicals and during the week. The chemicals and drugs group Largely because of pronounced price declines materials group fell 2.2%. during the four-week period Oct. 2 drugs remained in agricultural commodities, Raw material prices decreased 6.2% to Oct. 30, and are than farm prods. & foods x 4.0% below the X X Not computed. September Sales Federal of Reserve Wholesale Firms in New York District 7% Above Year Ago "September sales of reporting: wholesale firms in the Second (New York) District, averaged 7% higher than last year," according to the Federal Reserve Bank of New York, "a favorable year to year comparison than in the previous The Bank also has the following to say in "Monthly Review" of Nov. 1: more two months." the The men's clothing and stationery concerns recorded the largest increases in sales since last May, the grocery and hardware firms showed the most favorable comparisons with unchanged at last week's level. raw 83.8 95.6 73.8 > All groups and 95.6 Fertilizers index Nov. 2, 1935 84.3 Chemica'8 and drugs.. Fertilizer materials.. the Nov. 31, 1936 83.7 Building materials centuated Nov. 2, 1937 78.8 70.0 83.4 85.8 Oct. 9, 1937 77.8 commodities 70.7 46.3 Oct. 16. 1937 101.4 Metals 6.1 .3 Oct. 23, 1937 67.2 1.3 100.0 70.7 Oct. 30, 1937 85.4 7.1 .3 Groups 83.1 _ Textiles .3 Oct. Commodity 77.5 71.5 Miscellaneous commodities. 8.2 81.0 81.8 Fuels. 10.8 85.6 67.4 31, 1936 45.3 ; Livestock 17.3 83.6 Oct. 1937 74.3 Grains the as weakening prices for gasoline. 69.2 Cotton of silk, raw jute advanced. averaged slightly higher. Ago 1937 25.3 Each paper Year Week Total Index decreased sharp Chrome calf leather averaged slightly lower. Prices of shoes and other leather products such as harness, belting, (1926=100) Latest Each Group Bears to the caused as a result of decreases in prices of skins. The following table shows index numbers for Per Cent A pepper, modities for the past five weeks and for Oct. 31, 1936, Nov. 2, 1935, Nov. 3, 1934, and Nov. 4. 1933: WEEKLY WHOLESALE COMMODITY PRICE INDEX r glucose, lard, higher for oatmeal and The current food index—83.8—is the lowest in nearly a year. It is 4.6% below the level of four weeks ago and 1.8% above a year ago. raw sugar. The hides and leather products group declined index is issued macaroni, yellow corn meal, canned peaches, dried apples, raisins, canned corn, fresh beef, mutton, Wholesale Commodity Prices Reached Lowest Point in groups, year ago, Declines of 7.7 % in livestock and poultry prices and 1.4% in grains largely accounted for a 3.6% decrease in the farm cured and fresh pork, veal, cocoa beans, cocoa, coffee, corn starch and coconut oil. Quotations were Revised. week. foods," fell a - Wholesale food prices dropped i.4% during the week largely because of decreases of 3.5% in meats, 1.5% in fruits and vegetables, 0.2% in dairy products, and 0.1% in cereal products. Individual food items for which lower prices were reported were butter, rye flour, 90.3 Textile products.. Fuels declined It is 6.9% above that for the week ended level. oats products Oct. 31, 1936. Speculative interest in the commodities has fallen to almost nothing in For the latest period 174,517,000 bushels of wheat were traded, as compared with more than 200,000,000 two weeks in finished index for the week ended Oct. 2, the current index—87.3—is down 2.0%. leave things as they were. the past two weeks. * com¬ or con¬ Meats and certain dairy products moved into higher ground, but declines in fuels, textiles and other industrial commodities more than offset gains elsewhere. Farm 1937 apparent. Several commodities established new lows for but the majority remained slightly above the old low points. Security prices did nothing to point out the tracts; 6, Semi-manufactured current interest season traders Nov. level for the corresponding week of a year ago. modity prices decreased 0.5% to the lowest point reached this year. The index—81.5—is 2.9% below the index for Oct. 2, and 6.4% above For the most part prices backed and filled with little speculative sumer year Chronicle sales of a year ago since June, and a sub¬ stantial gain in sales occurred in drugs and drug sundries. The advance shown in sales of the diamond concerns was larger than in August, and the decline in shoe sales was smaller than in the previous two months. The cotton goods firms, however, reported a smaller increase in sales than last month, and the paper concerns recorded the smallest gain in sales in almost a year. Sales of the jewlery firms were below the figure of a year previous Volume Financial 145 for the first month since January, 1936, and yardage sales silk goods showed the largest decline since The grocery, increases were jewelry concerns drug, hardware, diamond and than a year last year, following the small The "Review" further says: District "were 4.4% higher than decrease reported for August." continued than last, but the preceding few reporting lines continued at a lower considerably less than those reported in the Collections in practically all months. rate of rayon and June, 1935. larger stocks of merchandise on hand this year to report 2923 Chronicle no to ago. the candy chain stores continued smaller volume of sales. a There reported practically and the grocery chain systems change in sales from last year, while show recorded moderate increases and shoe chain stores The 10-cent and variety in sales over last year, was September, 1936, and September, due to reductions in the by the grocery and candy chains, which exceeded slight decrease between a 1937, in the total number of stores in operation, of Accounts Outstanding Aug. 31, Per Cent Percentage Change Com¬ 1937, September, number of units operated a Collected in September pared with September, 1936 Gro cer ies A . - Cotton goods 41.8 44.1 45.1 62.8 53.0 38.7 35.7 46.0 42.4 Grocery 61.4 53.4 10-cent and variety ~ 6.4* — —2.5 + • Stationery ••: 7.4 +28.1 +16.9 + +21.9 Diamonds 7*0 J + 1.1 —3.8 Jewelry. ) Total Sales Sales per Store —4.8 —0.1 +4.9 + 1.2 + 5.5 +4.3 0 46.8 —4.9 + 7.3 —6.0 —1.2 —1.6 +4.4i +6.1 ... Shoe Candy 22.6 . All types ► * Quantity figures reported by the National Federation of Textiles, Inc., not Included in weighted average for total wholesale trade. ** Reported by Depart¬ 5.8% First in Department Store in Half of October York reports in its "September sales of the reporting department stores in this district were 5.8% higher than last year, a slightly larger increase than in August." Reserve Bank of New The Federal "Monthly Review" of Nov. 1 that Kwh. September Totals 9,984,986,000 The Federal Power Commission Sales During September as Compared with Year Ago Reported by New York Reserve Bank—Increase Over Year Ago Also Noted in Metropolitan Area of New York of Use During Public for Electricity of Production ment of Commerce. Increase +7.3 57.2 58.6 + 7.0 Weighted average Number of Stores Type of Store 20.3 54.0 +4.0 Paper Compared with September, 1936 + 4.7** + 14.4** Drugs and drug sundries Hardware September, 1937 Percentage Change 93.4 41.8 —32.1* Shoes sales per store than for total sales. 90.6 + 10.4 + 13.4 + 5.6 Rayon and silk goods somewhat larger 1937 1936 of Month +2.7 - Men's clothing.. End Stock Net Sales Consequently, of all chains combined was chain stores. 10-cent and variety small increase in the the percentage increase in average Commodity in its monthly electrical report disclosed that the production of electricity for public use in the United States during the month of September, 1937, This compares with 9,722,000,000 September, 1936. For the month, of August, 1937, output totaled 10,378,281,000 kwh. Of the September, 1937, output a total of 3,145,718,000 kwh., was produced by water power and 6,839,268,000 kwh. by fuels. The Survey's statement follows: total 9,984,986,000 kwh. produced in kwh. PUBLIC USE IN THE UNITED OF ELECTRICITY FOR PRODUCTION STATES KILOWATT-HOURS) (IN The Bank also notes: The Rochester, Westchester and Syracus, Bridgeport, Stamford, and recorded the largest gains in sales over last year. Reporting stores in practically all the other localities also showed some increase in sales. The leading apparel stores in this dis¬ trict reported sales 2.3% higher than last year, following two months in which recessions from a year ago had been indicated. Department'store stocks of merchandise on hand at the end of September remained higher than a year ago, though by a smaller percentage than in any month this year; apparel store stocks continued to show a moderate increase General New York over Collections were slightly lower this year the department stores, but were somewhat better in the apparel those of a year previous. than last in Total by State department, stores stores. a of Accounts Year Ago Middle Atlantic East North Central Net Sales LocalUv Hand Feb. to Collected Sept. in 1,194,706,000 448,752,000 592,544,000 524,609,000 626,951,000 616,775,000 1,412,551,000 1,427,843,000 506,959.000 1,312,378,000 10,087,455,000 10,378,281,000 9,984,986,000 Mountain Pacific Rochester Syracuse Northern New Jersey States 332,833,000 kwh., public use in September less than the average daily production In 0 2% The normal change from August. The production 594,817,000 production of electricity for The average daily August to September is +12%. . of water power in September was of electricity by use 32% of the total. of 1936 1937 46.0 parable data for the year In the table +6.0 + 14.2 46.2 +4.4 + 8.2 + 13.4 47.1 43.2 centages +9.5 ... 2,388,760,000 2,353,754,000 614,142,000 1,140,441,000 459,943,000 670,197,000 464,211,000 + 6.6 + 10.4 43.4 45.3 1937 are + 11.0 +3.3 +9.6 Buffalo 2,430,944,000 2,421,559,000 1,130,023,000 +6.0 New'York 613,792,000 West South Central Month Sept. Sept. End Aug. 31 on - 640.554,000 East South Central South Atlantic was Outstanding Stock 1937 609,761,000 2,371,736,000 2,328,779,000 653,241,000 New England West North Central September, August, 1937 July, 1937 Total United Per Cent Percentage Change from Water Power and Fuel Division + 10.0 + 19.4 37.4 + 11.1 39.6 39.8 +5.4 39.4 37.4 +3.1 32.3 comparison has been 33.2 MONTHLY PRODUCTION OF TOTAL made between com¬ 1936 and Table 1 for 1937 as shown In column 6. The remainder of the data in this table those now tabulated in Table I. 37.9 + 7.4 below a special by the per¬ for the year ELECTRICITY FOR PUBLIC USE +5.5 + 10.1 + 4.3 —1.8 —2.3 1937 1936 Northern New York State +3.6 +4.7 Over Over Over Southern New York State +9.4 +4.3 +5.3 + 5.7 1936 1936 1937 1937 1936 +8.5 + 1.0 January +6.4 + 7.4 February— Bridgeport. Elsewhere Central New York State District Hudson River Valley Capital District Westchester and Stamford Niagara Falls +6.4 those of a year 43.0 43.2 + 13.2 9,247,000,000 8,601,000,000 8,906,000,000 8,893,000,000 9.088,000.000 9,160,000,000 9,682,000,000 9.814,000.000 9,722,000,000 10.176,000.000 9,785,000,000 10,528,000,000 12.6 9,849.712,000 8,965,323,000 March 9,957,310,000 9,595,364,000 April 9,718,607,000 May June 9,817,796,000 10,087,455,000 July 10,378,281,000 August 9,984,986,000 September.. yll.7 17.5 13.7 . 39.8 39.2 +6.5 principal departments are previous in the following table: compared 12.6 12.4 9.1 10.5 7.2 October Net Sales Stock on Hand Percentage Change Percentage Change September, 1937 Compared with Sept. 30, 1937 Compared with September, 1936 Sept. 30, Classification +20.6 +21.1 +25.0 + 11.7 +25.7 +21.6 +23.9 Toys ana sporting goods Women's and Misses' ready-to-wear. Men's and boys' wear „ Cotton goods.. —.... Hosiery ...—.. Linens and 1936 handkerchiefs Shoes and drugs Women's ready-to-wear accessories.. Furniture Fome furnishings r Men's furi lshlngs Luggage and other leather goods Musclal instruments and radio Silks and velvets 34 39 43 8 14 43 45 7 13 44 43 7 16 38 36 4 16 33 32 6 14 31 31 3 18 32 31 v 16 33 13 34 15 35 14 Special 36 for respective periods, above tables for the year 1937 corresponding months of previous fuel consumption shown In exactly comparable with similar data for for January, 1937, electrified railroads, and miscellaneous steam Federal, State and other plants were grouped plants, which formerly produced some any except for their own use, have table for 1937 for the entire United States are approximately 4.7% lower than they would be on the former basis. The percentage changes In output from corresponding months of the previous year have been dropped as the electricity produced In any State varies with transfers Of energy from one State to another, with stream flow conditions and other factors, and Is not necessarily an Index of the consumption within the State. In separate tables. Also, all manufacturing electricity for public use but no longer produce been eliminated. The figures, therefore, In the held by electric utility power plants on Oct. 1, 10,290,234 net tons. This was an increase of 4.5% 1937 and an increase of 45.7% over Oct. 1, 1936. stocks increased 4 5% and anthracite stocks increased The total stocks of coal amounted to 1937 over the stocks on Sept. 1. Bituminous 4.5% regarding sales in the Metropolitan area of York during the first half of October, is also from the The following, coal when compared with Sept. Electric utility power September, 1937. 1, 1937. plants consumed 4,030,059 net tons of coal in Of this amount, 3,872,264 tons were bituminous coal anthracite, decreases of 4.0% and 1.6%, respectively, and 157.795 tons were "Review": During the first half of October, total sales of the reporting department York were 3% higher than in the corresponding period of last year, and an advance over the September level was indicated, in keeping with the usual seasonal Tendency. stores In the 36 39 11 comparison between actual comparable data y Compensated for extra Saturday In February, 1936. x Miscellaneous. New 39 15 due to the following changes: Beginning with the report the output and fuel consumption for street and lnterurban railways, + 11.1 +26.4 + 19.9 +27.5 + 1.0 + 6.0 Books ard stationery 11 113602000,000 Total Note—The output and 0 Woolen goods 7 4 11 years +22.1 +33.3 + 15.9 + 5.8 Silverware and Jewelry . December.. are not —0.6 Toilet articles November. Water Power Kilowatl-Hrs. Kilowatt-Hr 8. September sales and stocks in the with 1936 1937 1937 +3.2 +2.3 Apparel stores % Inc. % Inc. % Produced by Inc. x +5.7 +3.4 +5.8 All department stores. 1 Metropolitan area of New Chain Store Sales in New During September York Federal Reserve District Reported 4.4% Above Sep¬ tember, 1936 ^According to the Nov. 1 "Monthly Review" York Federal Reserve Bank, total September reporting chain store systems of the New sales of the in the Second (New York) when compared with consumption in In terms of days' supply, sumption, there was enough bituminous coal on enough anthracite for 256 days' Electric month the current rate of con¬ Oct. 1 to last 69 days and requirements. During Week Ended Oct. 2,254,947,000 Kwh. Production Totals The the preceding which is calculated at Edison Electric Institute, disclosed that the production of 30 in its weekly statement, electricity by the electric light and power industry of the United States for the ended Oct. 30, 1937, totaled 2,254,947,000 kwh., or week 4.1% 2924 Financial above the Chronicle Nov. 6. 1937 2,166,656,000 kwh. produced in the corresponding week of 1936. The Institute's statement follows: Change from Sept., 1936 to Sept., 1937 Class of Construction PERCENTAGE INCREASE OVER PREVIOUS YEAR Major Geographic Week Ended Week Ended Week Ended Regions Oct. 30, 1937 Get. 23. 1937 Oct. 16, 1937 Number New residential Week Ended Oct. 9, Additions, alterations, repairs New England Middle Atlantlo x2.0 0.7 4.1 6.3 1.1 —13.9 + 1.2 New non-residential 1937 Estimated Cost —4.0 + 17.5 —0.8 +7.6 —1.0 - +0.1 4.1 4.8 Total 5.4 Central Industrial.... West Central 2.5 2.1 5.8 5.3 Southern States...... 3.4 4.0 6.8 7.1 Rocky Mountain 3.8 7.0 6.7 Pacific Coast 6.7 9.2 11.0 4.6 3.4 4.1 5.1 5.0 5.1 3.2 Total United States. x 6.3 6.6 7.3 Compared with September, 1936, decrease of 15% was shown in the a number of family-dwelling units provided in these cities. The gains, comparing the first nine months of 1937 with the correspond¬ ing period of 1936, are indicated below: Decrease. DATA Change from First 9 Mos. in 1936 FOR to RECENT WEEKS (THOUSANDS OF Class KILOWATT-HOURS) '. Change 1937 1936 1935 1932 1929 2,294,713 2,320,982 2,154,276 2,280,792 2,265,748 2,275,724 2,280,065 2,276,123 2,281,636 »- Sept. 18 Sept. 25 Oct. 2 Oct. mm 9 mm Oct. 16 Oct. 23 mm Oct. 30 mm Nov. 2,254,947 DATA +8.8 + 10.6 1,821,398 1,819,371 1,832,695 1,839.815 1,809,716 1,752,066 1,827,513 1.851,541 1,857,470 1,863,483 1,867,127 1,863,086 1,895,817 1,897,180 + 10.0 + 8.0 +8.6 +2.6 + 12.4 +4.4 + 6.5 +5.1 + 6.0 + 5.1 2,166.656 6_ + 4.1 2,175,810 FOR RECENT MONTHS Estimated Cost + 12.3 + 11.0 New non-residential +8.1 1,426,986 1,415,122 1,431,910 1,436,440 1,464,700 1,423,977 1,476,442 1,490,863 1,499,459 1,506,219 1,507,503 1,528,145 1,533,028 1,525,410 1,724,728 1,729,667 1,733.110 1,750.056 1,761,594 1,674,588 1,806,259 1,792,131 1,777,854 1,819,276 1,806.403 1,798,633 1,824,160 1,815,749 + 20.3 + 11.2 Total.. 2,079,137 2.079,149 2,093,928 2,125,502 2,135,698 2,098,924 2,028,583 2,170,807 2,157,278 2.169,442 2,168,487 2,170,127 2,304,032 mm _ Additions, alterations, repairs.. 1936 2,261,725 2,300,647 Number + 10.9 •, New residential 1937 from Aug. 7 Aug. 14...... Aug. 21 Aug. 28...... Sept. 4_. Sept. 11 .■»..C + 21.8 Per Cent Week Ended First 9 Mos. in 1937 of Construction + 13.6 The data collected by the Bureau of Labor Statistics show, in addition to private construction, the number and value of buildings for which con¬ tracts were awarded by Federal and State Governments in the cities in¬ cluded in the report. For September, 1937, the value of these public build¬ ings amounted to $11,400,000; for August, 1937, to $8,455,000; and for September, 1936, to $12,998,000. Permits were issued during September for the following important build¬ ing projects: In Boston, Mass., for a school building to cost $500,000; in Glen Falls, N. Y., for an institutional building to cost $500,000; in New York City—in the Borough of the Bronx, for apartment houses to cost over $1,150,000; in the Borough of Brooklyn, for apartment houses to cost nearly (THOUSANDS OF KILOWATT-HOURS) $1,900,000; in the Borough of Manhattan, for churches to cost $740,000 $1,300,000; in the Borough of Queens, for apartment houses to cost nearly $600,000; in Chicago, 111., for factory buildings to cost over $1,200,000 and for store and mercantile buildings to and for apartment houses to cost over Per Cent Change Month 1937 of 1936 1937 1935 1932 1929 cost over $400,000; in Toledo, Ohio, for factory buildings to cost over $200,000; in West Allis, Wis., for factory buildings to cost over $600,000; Wheeling, W. Va., for an office building to cost $300,000; in Lexington, from 1936 in JanuaryFebruary 9,791,969 8,926,760 9,908,259 9,584,251 9,703,394 9,818,888 8,664,110 8,025,886 8,375,493 8,336,990 8,532,355 8,640,147 10,113,071 10,351,661 9,163,490 9,275,973 March April May June July August September + 13.0 7,762,513 7,011,736 + 11.2 7,048,495 + 18.3 7,500,566 + 15.0 + 13.6 7,382,224 7,544,845 7,404,174 + 10.4 7,796,665 6,494,091 6,771,684 6.294,302 6,219,554 6,130,077 6,112.175 + 11.6 8,078,451 7,795,422 8,388,495 8,197,215 8,521,021 + 13.7 9,262,845 9,670,229 9,237,905 9,850,317 October November December Total 107035740 6,310,667 6,317,733 6,633,865 6.507,804 6,638,424 Ky., for 7,585,334 6,850,855 7,380,263 school building to cost $300,000; and in Denver, Colo., for a to cost over 7,285,359 7,486,635 were Government for 7,220,279 a 7,484,727 7,773,878 7,523,395 marine hotel a $500,000. Contracts a awarded by the Procurement court house in Philadelphia of the Federal to cost nearly $3,500,000; for hospital in Kirkwood, Mo., to cost ~ost office in MianL" Division $1,100,000; and for over a each, Fla., to cost nearly $200,000. ESTIMATED COST OF BUILDING CONSTRUCTION, TOGETHER WITH THE NUMBER OF FAMILIES PROVIDED FOR IN NEW 8,133,485 7,681,822 7,871,121 IN 1,521 IDENTICAL CITIES IN DWELLINGS REGIONS OF THE UNITED NINE STATES, AS SHOWN BY PERMITS ISSUED, SEPTEMBER. 1937 93,420,266 77,442,112 90,277,153 New Residential Buildings No. Geographic of Division Cities Building Activity in United States During September Below August, But Slightly Above September Year Ago All divisions New England Middle Atlantic tion of 2,500 or over over a tures." —1.4 3,106,787 —11.7 136 —13.9 Aug., 1937 1937 13,218 —2.3 —32.4 602 —14.2 —35.9 + 0.6 —8.7 2.838 + 10.3 —20.3 —28.1 2,324 —1.9 —27.1 131 —1.9 953 + 11.6 177 7,828,981 —4.4 —3.7 1,927 —15.5 —7.1 70 1,029,005 —18.6 —40.7 447 —8.3 —28.3 indicate that the total value of permits 98 + 1.8 3,389,271 + 8.4 58 1,882,939 + 36.9 +22.6 486 + 2.3 —1.8 8,826,296 —8.8 —10.0 2.490 —5.9 —6.6 New Non-residential + 14.1 1,151 Percentage Change from Estimated Estimated Cost Percentage Change from Aug., Sept., 1937 1936 Sept., 1937 i Aug., September, 1937, no contracts $6,600,000. 1936 $ divisions.. 43,695,788 awarded for PWA housing projects. Compared with August, the total value of buildings for which permits were issued in September showed a decrease of 9 %. The value of buildings for were residential which permits were issued during the month was below the August level. only 1% Considerably greater decreases are indicated by non-residential buildings and for additions, altera¬ tions, and repairs to existing structures. permits issued for New England. Mid. Atlantic. During new —13.6 2,738,301 10,881,713 —3.7 + 8.8 128,510,918 + 73.6 + 6.5 —0.1 East No. Cent. 10,825,329 —18.4 +8.8 Cent 5,766,530 +315.5 + 318.5 South Atlantic 3,297,894 —73.3 —17.9 East So. Cent. 1,210,073 —32.5 —19.7 8,624,328 —8.5 —10.9 33,033,204 —0.7 —11.3 West So. Cent. 3,696.327 +43.5 + 127.9 Mountain 839,218 4,440,403 + 37.5 + 73.6 28,616,370 10,665,300 15,666,775 3,633,545 8,101,398 3,470,355 —19.5 —22.9 16,694,643 West No. Pacific of 1930) Sept., 1937 Public Works Ad¬ amounted to more than Population (Census Cost 1937 was +4.2 Total Building Construction {Incl. Alterations & Repairs) Buildings September. housing projects +0.6 new All +3.4 148 Mountain Pacific.. was 14% lees than in September, 1936. However, private residential construction in September shows a decrease of only 4% in comparison with the same month of last year. In September, 1936, the value of contracts awarded for ministration 1936 —15.1 + 1.5 East South Central.. residential construction Sept., 13.178,297 year ago was new Sept., 11,812,385 3,030,586 due to substantial gains in the non-residential construction alterations, and repairs to existing struMiss Perkins added: The value of $53,584,547 South Atlantic a 8.5% less than in August and 0.1% higher than in September, 1936," she said. "The increase Sept., 1936 372 West South Central. value of permits issued for and for additions, 1937 331 popula¬ issued during the month Aug., East North Central. West North Central. slightly greater than in the corresponding month of last year," Secretary of Labor Frances Perkins announced on "Reports received from 1,521 cities with 1,521 Percentage Change from for 1937 but Oct. 30. Provided Sept., below the level of the previous month, was Change from Estimated Families Cost "Building activity in September, measured by the value of permits issued, Percentage + 71.5 —36.1 —2.2 59,098,695 + 2.8 5,523,556 —3.3 17,911,896 —11.3 14,808,172 + 76.5 4,396,413 + 5.8 5,018,254 —10.1 —12.8 2,087,315 3.119,276 + 9.9 + 32.7 + 23.3 +31.0 1,115,010 17.7 —16.0 5,118,803 — During the first nine months of 1937, the aggregate value of all classes of building construction for which permits were issued in the cities having a population of 2,500 or over which reported to the Bureau of Statistics amounted Labor to Trend of Business in Hotels, According to Horwath & Horwath—Business Slow-Up Prominent in Septem¬ $1,270,870,000. an increase of 14% over the corre¬ All types of construction show gains comparing the first nine months of the current year with the corresponding period of last year. During the first three quarters of 1937, dwelling units were provided in these cities for 140,557 families, a gain of 12% over the like period of 1936. sponding period of 1936. The foregoing is from an announcement issued by the United States Department of Labor, which also said: The percentage change from August to September in the number and cost of various classes of construction is indicated in the following table for 1,521 identical cities having a population of 2,500 or over: ber Horwath Change from Aug., 1937 Number New residential pancy was lower than in the Ever Total cities, The —12.3 + 3.1 There a were decrease of 2.3% change as construction, is shown below for the with same September, 1,521 cities: by class survey of the slow-up in hotel The firm said: the food began in July, 1933, the occu¬ corresponding month of the year before. and beverage sales have been indicating now the occupancy a gives confirmation that the upward broken, at least temporarily. New York City had a three-point decline in occupancy from a year ago despite the fact that during the American Legion Convention the occupancy approached the 100 mark for several days in many hotels. Average rates were up a little more than usual—10%. some large conventions during the month which brought substantial increase in sales and September since —8.5 1936, monthly 1929. an occupancy of 53%, the highest for Cleveland, which last September had the Legion no such boost this year, and accordingly recorded Convention, benefited by a drop in sales. compared with August. compared July, turning point, and a 13,218 dwelling units provided by the permits issued in these percentage since Philadelphia had —13.6 + 1.7 their For the first time since the upward trend —1.4 + 11.8 Additions, alterations, repairs in business that first became evident several months ago was Sept., 1937 Estimated Cost —1.0 New non-residential to Horwath, quite marked in September." trend is Class of Construction & trend of business in hotels, state that "the of The group "all others" had the smallest increase in sales since 1933, and decline in occupancy for the first time since that year. The decreases in room and restaurant sales from months of 1929 are shown in the following: "■ the a corresponding Volume 2925 Financial Chronicle 145 Holland, the United States, Denmark, shown In the output of Great Britain and Ireland, Germany, and Sweden. Holland showed the greatest gain, one of 36,000 tons; and Germany the largest decline. 33,000 tons. How Great Britain and Ireland, the United States, and the other maritime countries, taken as a group, have compared in ship production in the last two quarters is shown by Lloyd's Register in the following table of gross Advances were x3% 23% Sept. Aug July June Sept. Aug. July June 3% x3% 1% reported by Japan, Italy and France; while declines were Restaurant Rooms 25% 21% 23% 19 25 26 15 x46 x7 x7 xl7 Chicago 36 40 39 39 38 46 44 43 Philadelphia 16 1 x3 19 5 2 18 Washington 14 6 20 22 4 3 3 37 Cleveland 15 28 29 6 x28 xl 3 3 Detroit 13 x2 2 4 27 14 10 25 New York City Pacific Coast 11 r tonnage. Sept. 30, '37 15 5 x3 7 28 7 3 27 24 22 10 1 5 7 All others 32 7% 5% 8% 9 30, '37 1 Texas June 9 1,184,635 216,028 1,501,682 United States 22% Same month of last yr. 19% 19% 28 Total 25 27 *1% %% 11 7 Other countries 1,199,173 2,902,345 Great Britain and Ireland 2,882,860 198,654 1,484,233 'x Increase. Horwath Horwath also issued the & following analysis current world production About 40.8% of the carried in Great Britain and on of merchant ships is being Ireland, compared with 41.6% in +8 + 11 +5 68 70 + 15 +24 +7 53 44 —5 —6 —5 57 59 —2 —7 —9 78 83 —2 —8 launched in the last quarter than + 10 + 13 +3 +6 75 74 —6 61 60 + 11 +2 —14 —16 69 74 —7 +7 +3 64 65 +8 quarter. TREND OF BUSINESS IN HOTELS IN SEPTEMBER, 1937, COMPARED SEPTEMBER, 1936 WITH Room Sales Percentage of Increase or Rale Occupancy (+) Percent¬ Decrease (—) age Inc. Same taurant Chicago. Philadelphia Washington Cleveland Detroit —2 Pacific Coast —15 Texas +5 All others This Month +3 +5 +4 New York City Res¬ Rooms Total , (—) Last Year Dec. 71 68 + 10 + 14 +5 +3 +6 +1 65 +9 67 65 Year to + 11 The proportion building in in the previous one, new • the shows gross tonnage: Sept. 30, '37 +7 New Wort,— 421,529 much of the consisted of merchandise imports and exports wholly manufactured products. The follo^ying is the report in full: ANALYSIS BY ECONOMIC GROUPS OF DOMESTIC EXPORTS FROM AND IMPORTS INTO THE UNITED STATES FOR THE MONTH OF or of partly or Other countries .... . World total (Value In 1,000 tons Comparative production of tankers during Lloyd's in the following table, the figures quarter just ended the past two quarters is shown by representing gross tons: Sept. 30, *37 ^ . Month of dollars) United States - _ Value Per Per Per Per Cent Value 1936 75,300 71,790 42,650 Denmark. C ULSS 140,581 Holland 1937 Cent Value Value Cent Cent _ _ . 37,250 36,200 20,220 Italy Sweden. _ Spain (information incomplete) 72,806 58.413 materials Agricultural Non-agricultural Crude foodstuffs Agricultural Non-agricultural Mfd. foodstuffs & bev. 14,393 5,698 5.623 6.6 26.8 2.6 2.6 75 16,791 14,552 8.1 17,647 24.5 472,841 20.0 17.8 324,195 6.7 148,646 6.0 2.5 52,408 41,691 2.4 51,594 2.0 953 .1 814 6.8 21.3 6.3 5.7 107,517 5.0 97,227 .8 121,027 109,789 6.3 5.7 4.0 .6 11,238 17.0 508,126 21.0 .2 304 .1 354 14.6 55,071 18.7 3,092 505,034 21.0 31,753 847,600 49.7 1,185,298 50.0 329 41.2 130,394 372 .2 44.4 .1 89,388 41.0 130,022 44.3 3,633 843,967 49.5 1,181,758 32,057 Semi-manufactures Agricultural Non-agricultural Finished manufactures 89,717 Agricultural Non-agricultural 2,239 55,425 1.3 14.7 15,550 729,049 18.9 .1 16.8 World total About 735,612 67% of the tanker tonnage building is to be equipped with 50.0 100.0 100.0 1,706,210 100.0 2,239,701 Total domes. exports- 217,925 100.0 293,525 26.3 492,211 21.0 449,091 87,524 29.8 36.5 79,520 Agricultural * 78.0 73.7 1,847,490 70.2 1,257,119 63.5 206.001 138,405 of motorized tankers aggregating while all other types of the June period figure; period. .... Motorships now represent over 56% of all tonnage building The contrast for the last two quarters is shown by Lloyd's in the following tonnage table: 43,000 tons in the same vessels declined Non-agricultural Sept. 30, '37 Imports for Consumption— June 1,749,722 Agricultural Non-agricultural Agricultural * Non-agricultural *._ 2.6 359,982 20.3 Semi-manufactures- 13.7 27,406 1,110 11.7 28,409 22,242 12.1 _ _ ' 14.2 18.7 4,654 Finished manufactures 16.5 43,912 7,739 44,825 48,603 2.1 36,163 Agricultural.. Non-agricultural 6,167 52,564 1.0 20.1 14.1 22.4 29,974 Mfd. foodstuffs & bev. 333,426 .4 12.2 .5 13.3 15.0 28,516 .5 9.5 16.1 54,437 492,382 .7 12.7 2.3 20.8 3.3 56,883 3.2 72,622 3.1 19.1 303,099 17.1 334,526 18.9 419,760 413,141 17.4 20.8 Other types. 17.7 .2 383 .2 3,434 .2 4,541 .2 390 48,220 20.6 331,092 18.7 408,600 17.2 19.9 World total While for con¬ sumption Agricultural* Non-agricultural *. Instead of with _ 100.0 2,370,009 100.0 218,425 100.0 234,076 100.0 1,770,025 54.1 956,938 54.1 1,282,183 49.5 53.5 115,804 116,825 101,600 118,272 46.5 50.5 813,087 45.9 1,087,826 Great less of motor group are Therefore, Britain and Ireland are now building 227,000 types, the other countries, vessels than of other constructing an excess of about 625,000 while for Great Britain and Ireland, tons of motorized ships motor vessels represent of the total Current shipbuilding, in the other countries the figure is over 66% Germany, Holland, Japan, Denmark, Italy and France all showed increased production of motor ships during the quarter just ended, while declines were reported for Great Britain and Ireland, Sweden, and the these States .... countries in the last tonnage How motorship production has varied in shown in the following gross two quarters is table: 45.9 Sept. agricultural products. Great Britain and Germany Quarter of Vessels Up Slightly increase, but only 19,000 tons, said which continued in part: Sweden Denmark- .... .. , small one, in the world pro¬ duction of merchant vessels of 100 gross, tons each and upward, is shown in a statement issued Oct. 13 by Lloyd's Register of Shipping, covering returns for the quarter ended September last from all maritime countries except Russia, from which no records have been available for some time past. In comparison with an increase in the previous quarter of 430,000 gross tons, the quarter just ended showed a gain of Another Japan.- a the statement issued by Lloyd's, United States 30, '37 478,650 307,821 187,576 Ireland Holland Lloyd's Shipbuilding Statistics for Third 1937—World Production of Merchant gross tons taken as a only about 40% United Total imports 2,882,860 » 24.1 43,522 Agricultural Non-agricultural 1,252,623 _ 14.5 10,599 17,949 14.2 15.2 344,025 354,657 300,220 8.6 7.7 1,100 13.8 .5 24.8 33,164 31,095 2,069 40,817 8.2 16.8 32.5 58,034 18,745 Agricultural Non-agricultural 194,429 297,887 284,601 13,286 75,984 23.2 31,075 Crude foodstuffs 8.8 30.1 31.8 50,712 30, '37 1,587,063 1,295,797 2,902,345 Motor vessels. 765,803 571,374 32.3 21.3 533,546 377,087 156,459 244,083 234,932 9,151 69,457 Crude materials internal compared to 70% in the June quarter, the current 557,399 gross tons, as against 512,202 tons in the June quarter. Germany is now building 131,720 tons; Great Britain and Ireland, 117,951 tons; Japan, 75,300 (or 100%) of its total tanker output); Holland, 68,790, and the United States, 31,668 tons. Motor vessels, generally, showed an increase of 62,000 gross tons in the total September quarter over 3,540 .2 Other countries. combustion engines, as 5.0 10,290 290,255 2,920 287,335 2,796 15,550 2.0 3.4 - 13.0 3.4 418,194 303,620 114,574 42,644 27.6 89 ■ 14,851 Agricultural * Non-agricultural * _ . 80,930 62,351 18,579 9,984 9,895 33.4 (None) (None) France Domestic Exports— Crude 128,255 158,090 140,765 75,792 69,240 53,350 28,250 46,100 20,220 141,720 Ireland Great Britain and Japan 1937 1936 Ended September Nine Months September 30, '37 June 147,788 Germany. ... 707,008 production of steam and motor tankers, of 1,000 each and upwarsds, (Russia excluded), was shown during the decline in the A slight 1937 SEPTEMBER, 251,992 455,016 660,119 Great Britain and Ireland gross 948,114 263,933 396,186 World total Launchings— Department of Commerce at Washington on Nov. 2 issued its analysis of the foreign trade of the United States in September, 1937 and 1936, and the nine months ended with September, 1937 and 1936. This statement indicates how The 366,338 581,776 637,786 Other countries the United States 30, '37 June 216,257 Great Britain and Ireland Analysis of Imports and Exports of for September work aggregated June quarter. .... Lloyd's Register comparisons for the two quarters in the following tables of 310,000 tons less than in the +7 66 +10 date of (+) or Month Total crude the June the United States is 7.5%, as against 7%; and 51.7% in the other maritime countries, as against 51.5%. Of all the merchant vessels now building throughout the world, an aggregate of 1,701,592 gross tons is being constructed under the supervision of Lloyd's Register and is intended for classification with that Society. Out of this total, an aggregate of 1,018,008 tons is being so built in Great Britain and Ireland, and 683,584 tons in other countries, so that about 86% of all construction in Great Britain and Ireland, and about 60% of the entire world output is being built to Lloyd's class. A slackening in the volume of production, however, is shown by the returns covering new work begun during the quarter just ended and tonnage launched during the same period, in comparison with the previous one, Lloyd's Register points out. While only about 47,000 gross tons less were by cities: 183,810 114,020 94,850 83,150 39,173 33,484 June 30, '37 485,914 302,683 141,614 160,032 138,380 88,715 77,550 42,084 30,424 France There was also an increase during the quarter just ended in the total of oil engines being built for marine use throughout the world, the aggregate rising from 1,852,014 I.H.P. to 1,896,537 . . . . Both in steam turbines andU steam reciprocating engines, however, indicated horse power reported for the last quarter. The aggregate shaft being constructed in all countries receded from 683,955 S.H.P. to 668,495 For steam reciprocating engines, the total indicated horse power for all countries reporting declined from 503,110 I.H.P. to 463,585 declines in totals were horse power of steam turbines 2926 Only Financial Chronicle change occurred in the relative ranking of the various ship¬ building countries during the last quarter. The United States, which had stood one creases ments, fourth, followed by Holland, exchanged places with the latter country. three by holds tons behind the United 20,000 tons behind France. Denmark; but about in Value Sept. 30, '37 Great Britain and Ireland Germany in June 30, '37 ... Holland United States - ... - - - Denmark - Italy.France - - - - about one 95,615 and 77,550 crude as same a of these large ships. increase an lumber year is usual At canning be to houses ending Excess year to year Total Aug., 73 75 74 83 90 91 95 90 89 80 91 97 91 87 79 82 101 96 110 96 103 98 66 64 64 66p 41 38 33 69 70 46 48 44 45 75 69 7lp 95 104 69 62 63 55 33 54 72 68 44p Non-residential building & engineering contracts 104 93 102p 88p 95 156 Revised. * 1913 163 164 147 151 152 160p 152p average=100; not adjusted for trend. Summary of Business Conditions of Governors of September Declines Output in United Federal in Reserve October, output in capacity. mills, showed industrial by System— Industrial Production to Level of Year shoe 75% new were factories little in Re¬ Ago in little from further June change, also at were of in an by the Board's seasonally 111% and at a of the 117 in 1923-25 August. average At steel high level, partly on the activity was reduced to an September. This decline continued year, limited the sugar July the month declines although in to been capacity in week and and had earlier of measured as in volume, is increase and is and estimated September refineries, change in of dealers. Commercial loans nine-month on lowest increased further. Treasury bills in October declined to about since % of last of stocks common of declined sharply to the lowest levels since the 1935. in Various Federal Districts (Boston) Boston, Chicago, and San District activity in New Ehglaml in its was was stated by the Boston Federal Reserve "Monthly Review" of Nov. 1. The Bank * Sales of reporting department stores and apparel shops in New England during September slightly less than in the corresponding month last were year. The total number of facturing establishments employed wage-earners in Massachusetts in in representative September in the at rate about activity at of steel 52% of woolen activity at cotton mills usual at this season. manu¬ 3.7% less August, and a decrease of 4.7% occurred in the amount of aggregate weekly payrolls, according to the Department of Labor and Industries. Both employment due and payrolls largely to curtailment usually increase was between year were therefore of The amount of September was raw production cotton consumed 74,378 bales, as 83,487 bales in September last in August contra-seasonal the shoe and and and textile In¬ by mills in New England during compared with 81,428 bales in August and Cotton consumption in this district year. during the first nine months of 1937 Employment September August orders fourth There in in placed of as the 114 output and production, declined with rate average increasing showed industries. States ber and the first part of October reduced output to the level a year ago, and commodity prices continued to decline. The volume Qf distribution to consumers was maintained at the level of previous months." In its monthly summary of general business and financial conditions in the United States, based upon statistics for September and the first three weeks of October, issued Oct. 29, the Board also had the following to say; in investments further reported: about was 21% larger than in the corresponding period of 1936. The amount of raw wool consumed by mills in this district in September was less than in August and also lower than in September last year. . . . The sales volume of 761 retail establishments of orders September higher prices. banks,- after September, and the changes this According to the Board of Governors of the Federal Re¬ serve System, "declines in industries production in Septem¬ Production days auto¬ than in ... 10 of January. Prices of high-grade bonds showed change in September and October, while prices of lower-gra'de bonds Bank were where and industry," it 27 p General price level* Cost of Uvlng*r the _ 35 of In models lower than in August, after allow¬ ances had been made for custoinary seasonal changes, and a declining rate of activity was prevalent in most lines of lip 71 compared New Credit "The level of general business 37 p 68 84 mills, products. steadier. were $1,000,000,000, during September 79 109p 38 basis member over First 94 New corporations formed in New York State of manufactured some Francisco: 96 94 Residential building contracts index, to 94p 96 76 ....... mail variety 83 90 Employment, manufacturing, United States Employee hours, manufacturing, United States.. Volume in Philadelphia, Cleveland, Richmond, Atlanta, Louis, Minneapolis, Kansas City, Dallas 89 82 98 ........ car and We give below excerpts from the monthly reports on busi¬ of the various Federal Reserve banks. The following remarks are from the reports of the Reserve Banks of 86p 91 Bank debits, New York City.. Velocity ol demand deposits, outside N. Y. CityVelocity of demand deposits, New York City New life Insurance sales as September, ness 86 V 101 94 registrations. Gasoline consumption adjusted in wholesale Reserve 85 87 ... ... Advertising duced seasonally St. Chain grocery sales Other chain Btore sales Board by department stores and' consumers Summary of Business Conditions , Department store sales. United States.r Department store sales, Second Districts sea¬ declined year. being introduced at of reserves the little 74 88 68 r to commodity markets 1937 92 Preliminary, of currently and Rates 1%, Sept., 1937 78 City increased September, the shops, Money Rates and Security Prices middle 1937 and miscellaneous. General Business Activity— Bank debits, outside New York level 25 loans brokers growth, July, Imports Mail order house sales in in changes) Exports Distribution to Consumer— emplojment expand September, repair reporting member banks in 101 leading cities declined somewhat in the four weeks ending Oct. 20, reflecting chiefly a steady reduction throughout the period in loans to security ordinary 1936 Primary Distribution— Car loadings, merchandise Car loadings, other to declines were railroad October. advertising in Sept., p are and and where necessary lor price New passenger Oct. $750,000,000 over life insurance policies. usually Dank the railroads, however, showed a slight reduction from the September level, whereas ordinarily traffic tends to increase at this time of year. Registrations of new passenger cars are estimated at 230,000 units, a decrease of 70,000 cars from the relatively high August figure, which is larger than the decline last year but smaller than the decline in 1935. Less usual decline occurred in sales of new August There factories, establishments than more organized exchanges and of New York showed nearly as large an increase as usual over September, and continued above a year previous. The movement of freight; (Adjusted for seasonal variations .lor usual increased general mobiles in the Metro¬ shown in the volume of in are commodity prices, according to the Bureau of Labor Statistics index, declined from 87.5% of the 1926 average the latter part of September to 85.2 in the middle of October. During that period price declines occurred in most commodities traded in on area was work in sales, in the volume of check transactions throughout the country, and in freight car loadings." The Bank continues: September, and about the public for work Commodity Prices have taken place in the level of general business than the usual seasonal advance and private sales The activity and the distribution of goods during September. Increases of the usual magnitude or greater," says the Bank, "occurred in department store, chain, and mail order house politan from season. shoe considerably above last September Reserve Bank in presenting its During the first half of October, department store trade work of showed about the usual seasonal expansion. Freight car. load¬ ings increased by the usual seasonal amount from August to September. 1 states that "at least the usual seasonal advance appears to awards for change this mills, Distribution of commodities In the June monthly indexes of business activity in its "Monthly Review" of Nov. private residential private volume Distribution Activity of Federal Reserve Bank The New York Federal little at textile at mills. showed Factory payrolls, which continued order of New York—Usual Seasonal Advance in other dollar while ago, decline in for substantially, reflecting principally a reduction in the average number of hours worked by those employed. The levels of employment and payrolls store Indexes of Business moderate a * employment employed sonally. 14 large vessels. was began September, reflecting an expansion in coal petroleum declined somewhat, but continued France, building first the manufacturers most as pro¬ but in contracts awarded, as reported by the F. W. smaller in September and the first half of October than was structed in Great Britain and Ireland, one less than in the previous quarter* Germany, with two such ships under way, shows a similar decrease. are still sharply Automobile of August, volume. number 67,224 low level. a level 1937 packing establish¬ construction the although 198,654 138,720 Twelve large merchant vessels, each of 20,000 gross tonnage or upward8 now building throughout the world. Seven of these are being con" Italy and Holland at high meat increased in preceding six weeks, with Factory are quarter the total for all countries the and models. Output of of smaller 416,881 318,277 188,464 216,028 114,020 103,450 83,150 70,284 - Sweden the 1,199,973 383,468 334,530 224,726 ----- has been advanced building and sharp declines in awards publicly-financed work. Currently the is 1,184,635 ... Japan 1938 output Dodge Corp., following table of tonnage: October mills large volume. place Lloyd's gives the comparison in ship production of these various countries in the last two quarters in the recently decline from a of production. Italy is 13,000 tons ahead of last reported at silk were activity showed weeks Mineral Sweden is 102,000 States, and 10,000 tons ahead of Denmark. output assembling The latter is about 110,000 tons ahead of Holland, which margin of only 8,000 tons over the United States. a where duction Great Britain and Ireland hold first place, with a margin of 800,000 gross tons over their nearest contender, Germany; which, in turn, leads Japan about 50,000 tons. in Nov. 6, September was $21,147,816, reported by these concerns classifications the volume year. amount 3.3% in September, 1936. an was Substantial increases in Massachusetts during larger than the volume In four of the 11 major smaller in September this year than in last were reported in the coal, automotive, and furniture groups. Third (Philadelphia) District Industrial activity in the Third District has shown additional declines, while retail trade sales have evidenced seasonal improvement since early September, it was noted by the Philadelphia Federal Reserve Bank in its "Business Review" of Nov. 1. "Inventories of finished goods generally have increased," the Bank said, and "commodity prices at wholesale have declined." It also had the following to say: Industrial a production during September continued downward, owing to further recession in manufacturing activity. The index number prepared by this bank on the basis of the output of factory products, coal and crude oil decreased to 91 % of the 1923-25 average as compared with 92 in August, 95 in July, 97 in June, 96 in May and this index was 89. . . . a ' high of 101 in April. A year ago Financial Volumt The of value retail sales trade showed a marked the early part of October. Business at wholesale in September, on the other hand, failed to show the usual rate of increase over August but continued well a year ago. Current reports month and ... and sales have declined sharply since compared with last as year. the middle of last The volume of unfilled orders has decreased and is smaller than a year ago in the majority lines. activity described as indicate a continued recession in manufacturing The demand for factory products generally is of this district. unsatisfactory of manufacturing ' steadily by this bank declined in September to 89% of the 1923-25 average as compared with 92 in August, 95 in June and July and a high of 98 in April. A year downward ago The seasonally adjusted index prepared since April. this index was 88. (Cleveland) stated: instances the decline from the extensive that current levels are peak of late summer has been so below last year. facturing lines has been deferred, and Fall buying in manu¬ backlogs have been worked down generally. Retail trade increased more than months In was the 16%. . industrial Department seasonally in September. 15% larger than a year ago and the gain for the first nine . field the contraction that has occurred has affected reduction in the number of hours worked Some actual laying-off is evident in scattered payrolls. general. lines, but it has not been able September figures are the latest avail¬ generally, and they reflect large gains over last year. . . . sharp con¬ traction in steel mill operations in a period when an expansion has occurred in previous years probably has contributed more to the depressed local This District is very dependent on the metal industries, and business factor. feeling than any other single Auto parts and accessory plants industry has been making every . . The 1937 model year was effort to supply dealers with 1938 models (Richmond) District and automobile production Output from construction, as re¬ flected by contracts awarded, fell off further; and the movement of building materials continued to slow up seasonally. Shipments of malleable castings, of stoves, from furniture factories, and from paper mills increased in Sep¬ tember over a month earlier. Among the gains to be recorded over last have been up The following is also from the review: August, and this year developments appear to There was not much net change in employment during the past employers who are especially month, active in the Fall taking on workers reduced the cut down hours of work. . . . adversely affected by inclement weather while orders who are number of persons on their payrolls or although increased slightly. Mills are not receiving many forward orders at present, in the face of very weak cotton prices, and a considerable part of last month's output went into storage. Cotton prices declined between the middle of September and the middle of October, and the Department of Agriculture's forecast of 17,573,000 bales for this year's crop, released Oct. 8, was the second largest on record. Prospects for the cotton crop in the Fifth District improved some¬ what last month, but much less than the improvement for the Nation. Tobacco production in the district is considerably larger this year than last, and prices are slightly better also. The tobacco growers, therefore, occupy a very favorable economic position this Fail, but unless and until cotton farmers secure subsidy payments from the government they are in a weaker Textile mills in the district cotton did not share in last month's upturn, consumption in Virginia and the Carolinas Tobacco manufacturing continued in September at a level higher than a year ago. Retail trade as reflected in department store sales increased seasonally in September over sales in August, and ran position than a year ago. approximately ahead of sales in September, 1936, while wholesale lines was also in larger volume last month 10% trade in four of five reporting than a Favorable weather for harvesting increased prospects earlier. year for 1937 agricultural yields last month. Sixth (Atlanta) District wholesale trade in the increased in September, and there were also small increases in contracts awarded for residential con¬ struction and in the daily average of cotton consumption, according to the Federal Reserve Bank of Atlanta, total contracts warded, however, and building permits issued at 20 cities, declined sharply, and pig iron production in Alabama was smaller. The following was also noted by the Bank in Oct. 31 "Monthly Review:" While the volume of retail and Sixth District retail firms increased 18.1% over August On a daily average basis August was 22.9%. However, the index of daily average sales by 28 of these firms which have reported over a long period of years rose only 16.8% from August to September, an increase smaller than seasonal, and the seasonally adjusted index declined 3.0% from August, September sales by 49 reporting and were 7.8% larger than in September, 1936. the gain over when it was the highest on record. was which is not adjusted for 97.9% of the 1923-25 average, since October, further in September last year. The index seasonal variation, and higher than for any other month 9.3% larger than in September number of sales at wholesale, 1929. . . . payrolls at more than 6,000 f rms in the six States of this District reporting to the United States Bureau of Labor Statistics in¬ creased 0.9%, and 1.7%, respectively, from July 1 to August, and con¬ tinued higher than at the corresponding time of other recent years. The increase in August was smaller than that recorded in August last year. . . . The Oct. 1 estimates of the cotton crop in the six States of the Sixth Employment and September to October, and 28% greater than production last year. The total of 6,875,000 bales the six States, and the estimate of 2,400,000 bales in Mississippi, are largest figures in available statistics back to 1903, and in this period estimates for Louisiana and Tennessee have been exceeded only once. District combined are for the the increased about 13% from the year in September. declined in the period: building in output of malleable in building construction, materials, and in dollar value of paper September were those in automobile production, castings, in shipments of furniture and of stoves, in movement of certain building negligible decrease was shown in A shipments. industrial employment reduced to a some¬ Sept. 15, while payrolls were between mid-August and . Greater than seasonal gains over August were shown in September sales The department store and retail shoe trades expanded more than in the 1927-36 average for September, while the retail furniture trade, for the second successive month, recorded a less than seasonal rise over a month previous. All of these groups had heavier sales of reporting than a wholesale trade groups. year ago, and in several the gains were larger than in August when small. Business in the first three quarters totaled well above the corresponding 1936 period in most lines. they had been comparatively 1937 of Eighth (St. Louis) District Commerce Eighth District during and industry in the September and the first half of October "developed further moderate recessionary trends," according to the Federal Reserve Bank of St. Louis, which, in its Oct. 30 "Monthly not by any means universal, a number of manufacturing lines maintaining, or slightly bettering their favorable records of recent months. Retail trade as a whole was in larger volume in September than either a month or a year earlier and the aggregate for the first three-quarters of 1937 was measurably above that for the comparable period last year. Combined September sales The contraction, however, was important distributive and of manufacturing lines investigated by and wholesaling the while below the volume for that month a year ago, were this Bank, somewhat larger months of the year the total was con¬ siderably in excess of that for the similar interval in 1936. In the case of non-durable goods, notably dry goods, boots and shoes, wearing apparel, certain drugs and chemicals, &c., distribution was much curtailed by unseasonably low temperatures during the early fall. . . . than in August, and for the first nine In the durable the trend was goods industries conditions were downward. outstanding changes during 1 report of the held their own or im¬ September, the only marked increase being in cotton. Crop prospects in this District underwent no As indicated by the Oct. Agriculture the major crops Department of S. mixed, and as a whole • September and early October. U. proved slightly during Ninth The Federal Reserve (Minneapolis) District Bank of Minneapolis, in its "Monthly stated that "the majority of business indicators were higher in September than in the correspond¬ ing month last year." It further noted: Mining activity in the District continued to be larger than a year ago. Review" of Oct. 28, Ore carloadings were copper 28% above the total for September a year ago and ahead of September a year ago. output was 7% general stores in the District were larger City department stores reported an 8% increase and 408 rural stores reported an increase of 7%. The influence of the crop outturn was clearly apparent in retail trade reports from the Sales at in department stores and September than a year ago. different The subdivisions of the District. . . . of retail trade recovered in September The department store sales index rose from 86 in seasonally corrected indexes from their August slump. August to 95 in September. Tenth (Kansas City) District the Oct. 29 "Monthly Review" of the Kansas City Federal Reserve Bank, many lines of activity in the Tenth District have been slower in recent weeks. "While the year to date is still appreciably about the same period last year," the Bank pointed out, "the advantage of the According to current month over a year ago is less marked." The Bank also said: Despite the slowness of the fall buying season in getting under way, dollar in this District showed about the usual seasonal increase in September. However, sales were only 4% larger than a year ago while prices are about 8% higher. . . The value of wholesale sales in this District rose about 11% in September, sales of drugs increasing 16, furniture 20, groceries 11, hardware 13, and paper about 4%. Sales have recently begun to show a rather marked improvement over last year, September sales showing an increase of better reporting department stores volume of sales at reported by 70 firms, increased Wholesale trade, by 11.1% and was low point for steel casting foundries Review," also said: Review" of the Richmond Federal Reserve Bank said that "trade in September normally shows a marked increase over the volume of business done in The Oct. 31 "Monthly some and month mills through September in the middle of the latter averaging about 30 points lower than a year ago, reached the seasonal indicated that September and early of last year. The assembly which is two weeks earlier than in 1936. only surpassed by 1929, despite labor troubles. Fifth good. reduction in output of steel . by the time of the annual show, yields." a well into October, the rate of production October sales and operations were in excess to seasonal was what greater extent. employment chiefly through a and consequently seasonally during than in the corresponding comparison for August. Stocks of wholesalers and of most retail groups showed some reduction in September of the margin of excess over last year. Estimates for Seventh District crops changed little between There operations and con¬ struction activity occurred in the Fourth District in last September and October," reported the Federal Reserve Bank of Cleveland in its Oct. 30 "Monthly Review." It store sales were • merchandising of commodities expanded more than September in most lines, with gains over a year ago larger District "A further contraction in industrial some stated: Sept. 1 and Oct. 1, and the outlook remains Fourth In predominated in the statistics covering the Seventh District industrial activity during September, and preliminary data for the first half of October indicates a further decline in several phases," said the Federal Reserve Bank of Chicago in its "Business Conditions Report" of Oct. 28. "A majority of reporting groups, however, had larger output this September than last." Continuing, the Bank "Recessions >• The factory production in this district has been almost The trend of Seventh (Chicago) District improvement from August to September and there was a further seasonal increase in ahead of 2927 Chronicle than 15%. Crop ... . . District this year, while varying considerably substantially heavier than in 1936 and the production production in the from State to State, of wheat, rye, is grain sorghums, cotton, with the average amounts however, was less favorably The corn crop, ... unchanged and payrolls declined slightly from September. Employment was about 8% larger than in September of last year. Employment was virtually the middle of August to 3% and payrolls and all fruits compares harvested from 1928 to 1932. than half of normal. the middle of Chronicle Financial 2928 Noting that trade and industrial activity in the Eleventh continued active during September, the Federal Reserve Bank of Dallas, in its "Monthly Business Review" of Nov. 1, had the following further to say: EMPLOYMENT 1933 1936 1937 1937 1937 Avge. Group Division March Sept. July Auo* Sept.*' leading cities increased 41% from August to September, and their gain of 12% over the corresponding month 920 14,984 7,415 6,093 6,200 6,066 35,586 45,133 46,949 46,892 47,075 Agriculture 10,650 Forestry and fishing larger than the average for the year to date. Distribution reflected increases of 4% and 12% over the volume for September, 1936. . Further declines allowables The harvesting of weather in dry crops, September prospective yields for * Industrial 1. During the second week of October most sections of the District received good rains, which did some ing to sheep continued in good flesh except in the formerly dry areas of south a from Cattle and 1,580 2,001 11,700 1,473 1,545 777 11,07* 1.290 1,992 1,963 864 939 989 994 995 5,869 7,549 7,187 7,444 7,644 8,949 9,248 1,114 1,367 7,464 9,234 1,428 9,329 1,435 1,429 business "declined in September and, with further contraction indicated during October, is moderately below the post-depression peak reached last spring," it was reported in the Nov. 1 "Monthly Federal Reserve activity Bank of San total in payments wage August, accord¬ increase of 1.3% in the number an employed and decrease of 0.1 a according to of 1% in total announcement an Oct. 27 Department of Labor, which went made by the Division of Statistics and Research Illinois of the to say: on The current August-September change in employment represents a greater seasonal increase while the change in total wages paid represents a decline. For the 14-year period, 1923-36, than Francisco. contra-seasonal inclusive, "At that time," it was records had been stimulated August-September changes noted, "considerable advance buying by price increases and industrial and trade activity had risen to unusually high levels-." The and statistical analysis of the data contained in reports manufacturing and non-manufacturing enter¬ payments," wage District employment 6,301 of persons Twelfth (San Francisco) District Twelfth Noted prises in Illinois "shows and central Texas. the 11,636 1,491 1,868 Illinois during September, as compared with little change in the condition of ranges during September, but the October rains brought about a considerable Improvement. of 10,930 989 in Illinois Increased More During September—Contra-Sea¬ in Payrolls. Seasonal Decline Industrial damage to cotton remaining in the fields, but provided good subsoil moisture for small grains, and prepared the soil for fall plowing and seeding operations. Review" 7,013 2,841 2,416 1,167 7,325 9,160 1,383 Employment Than the 11,071 » Preliminary. sonal In 757 Department of Agriculture reduced the Conditions continued favorable for cotton, 1937. total of 6,097,000 bales on Oct. was 751 Mlscell. industries & services favorable for the very bales to There 725 Service Industries and the indicated production for the Eleventh District was increased 605,000 a 587 but the lack of moisture in Texas damaged late feed and in most instances the crops was 201 16,704 Public utilities again reduced in Texas and New Mexico. were generally 203 16,916 Trade, distribution and finance.. evidenced in the first half of October, as production were 11,763 204 16,957 Transportation The production of crude oil in this district continued at a high level in 11,652 193 15,954 1.087 Manufacturing. September, but declined considerably from the record established in August. 11,662 11,484 136 10.998 Construction . 9,920 268 18,582 _ Extraction of minerals those in August, over . — Total industry of merchandise in most lines of wholesale trade was active, and the com¬ bined sales of reporting firms Division of Statistics and As compared with Research September, show of increases were employed and 0.1 of 1% in total sons review also said: the of in 1.0% the the average number of per¬ paid. wages 1936, that the the September, 1937, indexes show increases In recent months orders have tapered off and output of important manu¬ factured commodities, particularly building materials, has been adjusted downward in conformity with declines in sales. the number of factory employees in Reflecting these changes, California, which record last spring, has decreased since June and in than at time since February, any was the highest on mid-September after allowance for was seasonal lower changes. Crop production estimates recent declines in were increased again on Oct. 1 and, despite prices of farm products, agricultural income continues to exceed that of last season. . . . Output of lumber receded slightly further in September but continued to exceed new orders. . . During . October operating schedules were reduced by several large copper mining and smelting concerns which have been unusually active since last fall. Production of crude petroleum and refined oils was maintained through September at a high rate, and the aircraft manufacturing industry continued to operate at capacity. In the picture industry, activity was maintained at near capacity levels in September, with employment running about 25% higher than a year ago. of 10.7% in employment and 23.1% in total wages paid. The employment for all reporting industries rose from 83.0 in Septem¬ 1936, to 91.9 in September, 1937, while the index of payrolls rose index of ber, from 68.4 One to 84.2 hundred After allowance for seasonal influences, the value of sales of department The substantial year period gains in wholesale sales reported earlier in the months and sales pared with an during September were year have narrowed in recent 8% higher than a year ago, com¬ increase of 13 % during the first eight months. National Industrial tinued in Hours Board During Employment in dustries Continued Manufacturing in the number with August. characterize total 1% and creased decline in employment rather than The average work-week was hours in September. an increase in wage rates. to as a result of an increase in the cost of female living during the month interval. National Industrial Conference Board Reports Number of Unemployed Workers 134,000 from August in September Decreased States in September declined level to an estimated total of 134,000 under the August 6,066,000, reversing the upward swing from July to August a succession of monthly declines since January, ac¬ cording to the latest report of the National Industrial after Conference Board. The Board's announcement continued: Total employment in all fields of private enterprise and in permanent agencies, aggregating 47.075,000 persons in male to workers industries combined; manufacturing For male in the total for non-agricultural August. activities and $15.71 for for number 1,917 of male workers. and $26.73 $16.02 workers for combined, man-hours decreased during September for for earnings averaged $14.38 In the women. were men weekly male and female of male workers Total male female and In women. $27.37 aver¬ manufacturing for female the non- both sexes workers. Compared with August as in all reporting industries, the 1%. Total hours worked by 0.9 of decreased 1.7%, while total hours worked by female workers increased 3.2%. the reported manufacturing man-hours the for total classification male hours and of female worked industries, 2,163 enterprises combined, and1 in these workers 2.0% were less in September than in August. Hours hours worked for In male and the 2.8% in Within male and and In man-hours female or a the an for by firms male industries, decreased reporting man- 2.1% male for workers. 1,678 group, worked of establishments separately female and 1,276 reported increase an female workers concerns showed of combined. increase an increase of 2.7% in the total man-hours worked by respectively. hours worked in September reporting man-hours decrease 38.4 were by 39.0 543,124 workers compared as in with 39.7 the in of 1.8%. manufacturing were workers employees, actual September of 3.3% classification enterprises August, manufacturing female increased total Average 3,841 2,136 in non-manufacturing this as establishments compared with the average 39.7 in hours August, or worked a in decrease 3.3%. In the September, over and number female 1.1%, while total Changes in Man-Hours During September total of combined in all reporting industries sexes earnings $29.26 $30.50 for number of de¬ 4.4%. enterprises, the in 0.9 workers Weekly Earnings—September men industries increased 1% reporting increased male industrial of increased to wages paid 3.5% during the August-September period. weekly average of 2,297 workers women 0.1 in the industry, payments wage of 1.9%. of female paid to 4.1% Weekly earnings for both Government increase of 183,000 and Total wages increase of an o|i 0.8 of 1% and Unemployment in the United male decrease a aged $26.92; $29.46 for workers employed number of workers increased enterprises earnings declined increased classification non-mauufacturing classification but workers workers respectively. payments In reduced from 38.9 hours in August to 38.3 Actual weekly earnings fell from $27.76 to $27.43 The purchasing power of weekly earnings or "real" persons the 1.5%, while total combined; 3.1%. Payroll disbursements dropped 2.6% during the same period. Average hourly earnings were three-tenths of a cent higher in September than in August. This rise in the average, however, probably reflects a an female to manufacturing 4.4%, the wage Number of workers employed declined 1.5% from August to September. Total man-hours worked fell off showed the establishments, the Board's survey showed: 1.6% paid wages Within In¬ employment con¬ ditions covered by the regular monthly survey of the Na¬ tional Industrial Conference Board relating to wages, hours and employment in 25 manufacturing industries. The Sex to of female workers employed during September in comparison Total wage payments to male workers decreased 1.0%, while Average declines Wages Paid, According enterprises which designated the sex of their work¬ ing forces, showed increases of 0.7 of 1% in the number of male and 4.3% workers Reports Con¬ September in Wages, Declines and Employment and Total establishments reported Conference reports Reports from 4,214 In ♦ period. same twenty-four turing and non-manufacturing industries, or 2.6% of the total number of workers reported as employed. The weighted average rate of increase was 7.3 % as compared with a weighted average of 6.6% in August and 6.0% in July. motion and furniture stores declined in September. during the and of wage increases were received by the Division of Statistics and Research during the month of September. Wage increases affected the pay envelopes of 17,750 workers in manufac¬ Changes worked The number of non-manufacturing classification, the average number of hours ' August. aggregated per week during September was 40.8, or 2.8% more than in 35,312,000 during the month and was 72,000 over the total in August. Increases in employment of 200,000 in trade, distribution and finance, 111,000 in agriculture, 81,000 in the service industries and 20,000 in ex¬ persons traction of minerals, more than offset decreases in employment of 183,000 in construction, 29,000 in transportation, 21,000 in manufacturing, and a few thousand in forestry and fishing. The unemployment total in September same month estimates a labor force. last year. During the 12 was 1,349,000 less than in the months, the Conference Board reabsorption of 1,942,000 persons into the Nation's employed The total labor force is estimated to have increased 593,000 persons since September, 1936, and 4,853,000 since 1929. < 47,368 Unemployment total.. Employment total last year was (IN THOUSANDS) 1929 District The business of department stores in 6, UNEMPLOYMENT AND Eleventh (Dallas) District Argentine Sugar Production for 1937 Reported to Be 15% Below Last Year Although the sugar milling season in Argentina closed as September, with the exception of 12 mills in the Province of Tucuman, most milling in that country was closed at the end of August, according to the Foodstuffs Division, Bureau of Foreign and Domestic Commerce, of the end of United States Department of Commerce. As a consequence of the early termination of milling activities, it is now esti- Volume mated Financial 145 the that total 1937 production of Argentine sugar decrease of 64,454 metric tons, or 15% less than produced during the season last year In noting this, an announcement by the Department, Oct. 27, also said: amounted to 369,907 metric tons, which was a of the loss occurred in the Province of Tucuman, where The major part At the end of July, the Argentine Ministry of Agriculture stocks of sugar on hand throughout Argentina have taken a very estimated that totaled 312,921 metric tons. definite turn for the better, and can now be In addition to a gain of 10.7% in employment in the retail general merchandising group, reported a seasonal gain of 20.5% expanded their working forces in September, the trade establishments also Employment in this industry in September registered since October, 1930. important lines of wholesale trade in which gains were interval Increase in In¬ Highest Year—Payrolls Declined from August Perkins Employment in the combined manufacturing and nonBureau a decrease the Weekly payrolls, however, showed a month interval, the over by Secretary of Labor Frances Perkins year, Oct. 26. on month gain in September and was higher than in month of this announced each Statistics, United States Department of of Labor Labor, showed any surveyed industries manufacturing than 190,000 additional workers combined industries between she reported. "More found employment in these August and September, primarily because of seasonal increases in wholesale and Secretary Perkins said. "Aggregate weekly payrolls were approximately $6,300,000 less than in the preceding month due primarily to the decrease in factory payrolls, which were reduced to some extent by shut-downs for Labor Day." She further stated: on September 1937 with September 1936, show a gain of more than 930,000 workers in these com¬ bined industries over the year interval, and an increase of approximately of employment and 17.1%, or approximately 10,000 workers between August and 1932-36 inclusive, was 175,000. the five years Employment in the mining of anthracite and bituminous coal increased about 17,000 this year, whereas preceding five years was about 22,000, the average gain in the manufactuiing there was decline of about a This year in 19,000 workers, whereas in two level which is of industry The other lines receives employment reports cases for which the Bureau of Labor others. increasing slightly in some years, decreasing in show a decline the past, This year they Gains in employment between 8,000 workers. of about Statistics have a less regular seasonal pattern than in the Taken together they have shown little change in noted. reported in metal mining, telephone and telegraph, electric light and power and manufactured gas, electric-railroad and motor-bus operation and maintenance, dyeing and cleaning establish¬ ments, and year-round hotels. These increases were offset by declines in August September and were employment in crude petroleum producing, private building construction, brokerage and insurance. quarrying and non-metallic mining, laundries, and The movement of aggregate ments described in sustained than weekly payrolls confirms the general move¬ Employment was better connection with employment between August and September, payrolls because Labor In September aggregate weekly payrolls in the industries surveyed totaled about $420,000,000, 15.0% higher than in September, 1936, but a decline of 1.5% since August. The seasonal pattern in the movement of payrolls from August to September is lees well defined thqn is that for employment. Retail trade averaged about $2,300,000 more per week in September than in August from 1932-36, inclusive. This year the gain was $2,100,000. Wholesale trade has showed increases ranging from $400,000 to $1,400,000. This year the preliminary figures indicate a decline. In coal mining payrolls, like employment, ad¬ Day fell in the payroll period generally reported. vanced from August to September, but by somewhat less than the average The largest change in payrolls is the decrease which gain in recent years. occurred in manufacturing industries. Employment in manufacturing industries interval indicating a decline between August and September have been shown in 16 of the preceding 18 years of these years While the foi which data are available. In half September index of employment (102.1) is slightly lower than all other months since of 6 9% over and August of this year, it exceeds the levels of November, 1929, except April, 1937, and shows an the September, factory employment has increased 1936, level Since January, 1936, 17-6%, the rise having been particularly pronounced during the first 16 months of this payrolls decreased remained above any preceding levels since Gains in employment between August and September were reported in 52 of the 89 manufacturing industries of non-durable of September, October, 1929. surveyed. goods industries rose 0.4% gain raising the September Employment in the group over the month interval, this index to 107.3, which is 1.3% above the level level of any preceding month since 1936, and above the Seasonal activity in the canning, confectionery, fertilizer, cottonseed oil-cake-meal, millinery, and women's factor contributing to the rise in the clothing industries was a non-durable goods group. In the durable 8% due largely to the declines in the building, steam-railroad lepair shops, saw mills and mill work industries. The September durable goods group employment index (97.3) is 13.5% above the level of September, 1936, and, with the exception of the five immediately preceding months, is above the level of any month since November, 1929. The employment index for the durable goods group indicates that for every thousand workers employed during the index-base period (1923-25=100), 973 workers were employed in September, 1937, while a similar comparison of the non¬ durable goods group indexes indicates that 1,073 workers were employed in September, 1937, for every thousand employed during the years 1923-25. Among the 10 non-manufacturing industries in which employment gains were shown over the month interval, the expansion in a number of these industries was of a seasonal nature. Approximately 175,000 additional workers found employment in the retail trade establishments of the country between August and September, the gain of 5.2% reflecting a seasonal goods group, employment decreased 0 automobile, electric- and steam-railroad car expansion to handle increased volume reported of fall purchasing. The September, a seasonal gain of 2.5%, or 1,300 workers, and Among the non-manufacturing industries in which declines in employment 1.8% each in crude petroleum largest decreases were reported, the were building construction and non-metallic Insurance slight decrease (0.1%), in number of workers over producing and brokerage. Employment in the private industry reported companies a laundries and and 0.8% declined mines reported seasonal quarries losses of 0.6% and 0.4%, respectively. the month interval. In furtherance of the remarks of United States Department of made available the following: Secretary Perkins, the Labor (Office of the Secretary) Manufacturing Industries from August to September, and declined 0.2% Factory employment The decrease in employment is contrary to the usual factory employment having been shown in 16 payrolls fell 3.6%. seasonal movement, gains in The current decline 18 years for which data are available. extent to shut-downs for the Labor Day holiday in payrolls was due to some and other holidays which occurred during the Sept. 15 pay period. index of factory employment In gain of 19.7% over the year of the September, the September, 1936, index (83.6) shows 1937. payroll index (100.1) with a The September, 1937 (102.1) was 6.9% above the September, 1936, level (95.5) and a similar comparison interval. from August to September were shown in 52 of the surveyed, and increased payrolls were reported Increased activity reflecting seasonal expansion resulted 89 manufacturing industries in 38 industries. cake and meal (120.2%), (16.5%), fertilizer (15.6%), canning In the last four industries gains from August to September have generally been somewhat greater than they were this year. Other industries in which substantial seasonal gains in employment were shown were lighting equipment (7.0%), jewelry (5.2%), women's clothing (4.3%), silverware and plated ware (4.2%), clocks, watches, and time-recording devices (3.4%), and hardware (3.1%). The gains in jewelry and women's clothing were less than seasonal. Em¬ ployment in the agricultural implement industry increased 4.4% continuing the expansion which, with the exception of occasional seasonal recessions, has been shown in this industry since the latter months of 1932. The in pronounced beet sugar employment gains in cottonseed, oil, confectionery (28.5%), and preserving (11.9%), and millinery (7.1%). September, 1937, employment level months from 1923 to date, In shipbuilding, there was a 1929. (147.2) stands above the level of all of gain of 3.5% in employment. Among with the exception of the first seven months which less pronounced gains were the industries of major importance in shown were newt papers and periodicals (2.9%), book and job printing (2.0%), engines-turbines-tractors (1.7%), glass (1.4%), baking (1.1%), knit goods (0.2%), and electrical machinery, apparatus, and supplies (0.2%). The increase in machine tools is note¬ worthy, not only because the industry may be considered a barometer for orders placed for power-driven metal-cutting machinery, but also because, with two exceptions consecutive gains have been shown each month since October, 1934. The employment index for this industry has climbed from a low of 33.4 in April, 1933, to the September level of 157.6, this level exceed¬ ing those of all months from 1923 to date, with the exception of 11 months (2.1%), machine tools of 1929. for the worsted goods (10.1%), ice cream (8.5%), boots and shose (4.6%), beverages (3.2%), and butter (2.9%). Temporary shut-downs for change-over in models resulted in a decrease of 5.3% in the automobile industry. Other industries showing large declines were sugar refining (12.7%), tine cans and other tinware (3.9%), fur-felt hats (3.6%), electric- and steam-car building (5.7%), and cast-iron pipe Seasonal slackening of operations accounted in large measure in woolen and The decreases in the two last-named industries resulted primarily disputes. Other industries which employ large numbers of labor from decreased over the month interval were workers and in which employment blast furnaces, steel works, shops (0.5%), steam ture December, 1929. Dyeing 193% above the low point recorded in August, 1932. and cleaning plans (3.1%), period. 3.6%, or approximately $7,500,000, the holiday observances mentioned above depressing the September payroll totals. The September payroll index (100.1) is somewhat below the levels recorded between March and August of 1937, but with these exceptions Factory month since July, 1935, with but year-round hotels also reported a seasonal rise, 1.1%, or 2,600 employees. decreases in employment the increase has amounted to 2 0% or more. the levels recorded in May increase decreased 0.2% over the month of approximately 19,000 factory wage earner s. Increases in factory employment September, Metal mines the gain of 0.6% continuing Employment in this industry in September has reached a exceptions. Gains in employment 1935-36 there were gains of about 162,000. 1.9%, or 6,800 workers. been evidenced each the rise which has of the preceding I 196,000 more people employed in wholesale September than in August, whereas the average gain for This year there were about and bituminous coal took anthracite mines reporting a gain of additional workers in September, also continued to absorb additional employees, payrolls in $55,000,000 in weekly payrolls. and retail trade in drugs and allied and paper and paper products. and bituminous coal mines a gain of retail trade," Comparisons Among the more reported over; the dry goods and apparel, chemicals, were With the approach of colder weather, anthracite Reports dustrial Employment During September to Level This reemployment of 1.5% in employment indicating the approximately 21,000 workers. reached the highest level and supplies, metals and minerals, Labor and ice firms. Wholesale reported by retail furniture, jewelry, and wood, coal products, furniture and housefurnishings, groceries, machinery equipment +. Secretary of which is composed of department, houses, retail apparel and substantial increases were variety, general merchandising stores and mail-order stores month considered normal there, according to the report. above the September 1937, employment index for retail trade (90.7) stands level of any year since 1930. seasonal increase of production fell considerably. Prices 2929 Chronicle and rolling mills (0.1%), foundry and machine railroad repair shops (2.9%), sawmills (2.4%), furni¬ and silk and rayon goods (0.4%), and (0.2%), cotton goods (2.5%), (2.2%. men's clothing The of factory employment indexes industries. average, and payrolls are computed from representative establishments in 89 manufacturing The base used in computing these indexes is the three-year supplied returns by They have not been adjusted for seasonal September, 1937, from 24 870 manu¬ 1923-25 taken as 100. Reports were received in variation. facturing establishments employing 4,943,235 wage earners, whose weekly pay-period ending nearest Sept. 15 were $123,189,418. tabulation shows the percentages of change in the Bureau's earnings during the The following general indexes of factory employment and payrolls from August to Septem¬ 1937 inclusive: ber in each of the 19 years, 1919 to Payrolls Employment In¬ Year 1919 1920 — crease crease crease crease 1929.. 1.9 1.2 — Year 1.0 m m 1920- ' 1921 1922 .. 2.5 1931- 1932- m m — 1922 m m ' 1923 1924 1925 1926 1927 1928 x — .. — — .. - 4.5 .4 1933- 2.4 1934- 1.9 1935- 2.2 1936- 2.0 2.1 1937- 1.1 2.0 No change. -- 4.2 — — m 1925— m - 1926.. .2 .... mm 1929.. .7 1930— .8 1931.. 1932.. .4 3.5 • • mm 1933— mm 1934.. mm mm 3.8 6.1 6.0 _. 6.5 .5 -- 1935— 3.7 1936— .7 1.0 1.4 De¬ crease crease 1.5 4.7 1927— 1928.J Year .5 4.8 1923- 1924 - • In¬ De¬ crease crease 1921- .4 3.3 5.3 .. Year 1919— .9 1930- In¬ De¬ In- De¬ X X 1937— — 3.6 2930 Financial INDEX NUMBERS OF EMPLOYMENT MANUFACTURING (Three-year average AND PAYROLLS Chronicle Nov. 6, IN Non-manufacturing Industries INDUSTRIES The 16 non-manufacturing industries surveyed 1923-25=100.0) and ment for payrolls changes from August, Employment Payrolls Sept. Durable goods Non-durable goods 1937 1936 102.1 — Sept., 1937 All Industries Aug. 102.3 a Sept. Aug., 1937 103.8 1936 INDEXES 85.7 99.4 104.0 100.9 105.9 100.9 103.5 INDUSTRIES Industry P. C. Change from 97.2 113.0 120.4 87.1 Index 121.2 121.4 107.2 129.9 Se.pt. 142.3 Aug., Sept., 97.7 Sept., Aug., 1937 * 87.4 86.7 1937 76.7 96.8 1936 1937 * 100.7 77.4 1937 65.5 - 67.6 65.9 49.3 53.5 44.8 + 1.5 +5.8 78.2 —0.9 + 11.0 Trade—Wholesale Retail. 89.9 + 5.2 + 4.7 74.6 + 3.2 + 12.0 + 10.7 + 5.4 92.7 + 8.2 + 11.9 87.2 + 3.6 +4.5 70.8 + 1.8 + 11.8 Telephone and telegraph Electric light and power 79.9 + 0.1 + 8.5 92.4 +0.3 + 17.2 and manufactured gas.. Electric railroad and motor 98.4 + 13.6 85.1 69.6 General 59.2 69.5 67.1 47.3 Other than general 74.6 101.4 103.1 71.4 Hardware 94.6 93.6 83.9 72.5 76.6 Plumbers* supplies Steam and hot-water 77.5 76.4 72.1 72.2 71.7 113.4 112.6 112.2 97.8 96.9 94.5 82.3 81.4 75.3 83.9 84.7 66.0 113.3 117.9 111.6 123.5 128.8 112.5 98,3 100.4 85.1 103.5 106.7 82.1 171.2 171.3 149.3 169.8 160.7 114.7 69.6 work merchandising. mer¬ chandising Public Utilities: 58.4 Stoves Structural & ornamental metal- 1936 90.7 79.4 71.8 89.8 heating apparatus and steam fittings Sept., 103.9 89.1 72.9 86.8 Index 93.1 - - 92.6 tools bus operation & Mining—Anthracite + 5.2 103.9 + 1.3 73.6 malut. + 0.3 + 1.1 71.5 —2.3 + 7.5 —9.8 a Machinery, not Including trans¬ portation equipment Agricultural Implements Cash registers, adding machines and calculating machines.. 130.7 130.2 107.5 134.3 137.1 94.7 147.2 141.0 93.9 189.2 184.2 136.5 135.0 116.3 146.o 140.0 121.3 121.0 96.5 124.1 126.8 153.6 151.1 113.5 158.8 155.5 112.0 112.5 94.3 114.x 118.9 85.0 + 4.5 + 8.5 +0.6 + 33.0 82.0 —1.1 + 64.1 54.7 —0.4 —0.4 49.8 —6.4 + 11.2 77.8 —1.8 + 4.5 71.3 + 0.8 + 18.0 87.7 + 1.1 + 4.2 b75.7 + 1.7 93.6 —0.6 +4.4 Dyeing and cleaning Brokerage 92.1 water wheels + 15.5 77.1 Hotels (year-round) Laundries 84.3 Engines, turbines, tractors, and 31.5 + 2.8 84.2 —2.0 87.1 + 2.5 +0.4 73.7 + 6.8 —1.8 —1.3 c —2.5 Services: 104.6 Electrical machinery, apparatus and supplies + 1.2 + 1.9 83.9 Quarrying & non-metallic. Crude petroleum producing 87.1 + 17.1 80.3 Metalliferous Wlrework 48.2 Bituminous coal and other tinware Tools (not Including edge tools, machine tools, files and saws) c Insurance Foundry & machine-shop prods. 157.6 154.6 124.1 165.5 160.2 111.2 208.1 203.5 216.3 173.7 175.8 85.8 72.8 85.0 88.2 152.0 121.2 142.8 143.8 112.4 107.0 111.8 87.3 104.3 112.8 76.3 804.4 812.1 606.2 701.7 750.8 118.7 90.3 105.4 115.3 77.3 Preliminary, —0.1 + 1.6 c —2.7 + 3.9 —0.8 +6.1 c —2.2 + 23 2 Less than 0.1 of 1%. b Cash payments only; value *f board, room, and tips cannot be computed, c Data are not available for 1929 base. a 491.5 112.3 + 2.4 c 63.3 151.2 + 10.0 + 11.5 160.9 84.1 * + 12.1 ^. c Building construction Machine tools. - Radios and phonographs Textile machinery and parts- Typewriters and parts Transportation equipment Aircraft Automobiles 68.5 72.7 57.3 79.7 Shipbuilding 52.6 63.3 37.6 55.0 52.6 25.8 102.4 102.4 118.1 118.8 99.4 60.4 62.1 59.3 63.1 67.3 59.2 63.4 * Railroad repair shops Electric railroad 87.4 64.4 105.9 Cars, electric & steam-railroad. Locomotives 63.0 62.4 67.9 68.7 61.3 watches and 62.0 59.1 62.9 67.4 59.1 112.8 102.9 110.2 109.9 88.0 132.6 111.5 135.7 141.2 98.9 was 114.7 116.9 107.1 113.2 116.6 95.2 123.7 130.5 121.9 104.5 95.9 95.3 81.4 74.1 72.2 97.1 - 112.9 101.0 recording devices Jewelry Lighting equipment 90.8 84.9 98.5 86.8 74.8 79.5 76.3 67.1 81.4 72.5 55.0 93.0 92.1 78.0 88.6 92.4 64.0 153.4 153.4 143.4 149.3 157.0 123.0 71.7 73.0 68.2 68.1 71.4 60.3 89.0 89.2 85.0 78.3 79.2 71.1 53.1 56.1 46.5 Silverware and plated ware Smelting and refining—Copper, lead, and zinc Stamped and enameled ware- - Lumber and allied products ' Furniture.-Lumber: as were less than in the corresponding week of National production reported for the week ended Oct. 23, 1937, by 6% fewer mills was 4% less than the out¬ put (revised figure) of the preceding week; shipments 10% below shipments of that week; new orders were that week's 57.1 54.6 55.9 51.9 52.5 56.2 71.9 68.2 69.9 70.5 45.8 58.2 52.3 52.0 50.2 46.5 46.2 39.4 70.0 69.9 65.1 73.0 77.1 61.0 111.1 109.6 99.3 118.8 120.3 91.2 44.9 44.5 45.4 39.7 39.7 37.8 77.2 75.8 75.8 66.7 64.7 61.5 101.6 102.8 103.4 87.1 92.1 83.9 94.9 97.3 95.8 85.3 90.0 80.5 feet 99.4 100.8 90.3 84.5 97.6 82.9 booked orders of 52.6 Glass Pottery Fabrics Carpets and rugs Cotton goods 98.3 Knit goods Corsets and allied garments. 9V.0 95.9 93.8 85.5 88.7 87.5 68.8 87.0 116.5 116.3 120.1 116.9 119.4 81.5 90.8 94.9 f *93.1 76.2 117.1 79.9 80.2 81.5 68.1 65.7 64.5 70.4 78.3 77.9 57.5 68.5 55.4 114,5 113.0 118.4 87.0 92.4 111.0 109.2 83.8 91.8 87.0 80.5 146.2 162.9 106.3 114.7 109.5 81.7 84.5 88.9 127.7 88.1 88.1 127.6 131.5 84.2 96.0 Shirts and collars Leather and Its manufactures-.. 102.4 52.9 63.4 48.9 40.3 50.8 116.0 120.6 103.0 102.8 104.7 92.7 96.6 94.1 71.6 83.7 98.6 94.5 64.5 V8.7 70.7 95.5 116.5 92.5 93.9 98.6 103.8 137.7 132.5 135.9 133.0 131.2 136.8 135.3 131.3 136.1 132.4 117.9 223,3 Baking Beverages 227.1 97.4 230.7 209.6 252.9 273.4 91.5 94.3 86.4 73.8 77.8 278.0 305.4 305.7 293.9 Flour 73.3 88.1 89.0 75.2 77.5 76.9 80.8 80.2 70.9 89.8 77.4 74.0 84.2 67.9 80.8 86.8 90.9 98.0 96.6 - Slaughtering and meat packing. Sugar, beet Sugar refining, cane Tobacco manufactures 91.6 71.3 60.1 81.2 57.2 65.8 55.7 55.2 70.0 66.3 mills produced 230,430,000 shipped 199,514,000 feet; figures for the preceding week combined; Revised 239,587,000 feet; shipments, 222,878,000 feet. regions reported orders below production in the week ended Oct. 23. All but Southern pine and Northern hemlock reported shipments above pro¬ duction. All regions but California Redwood reported orders below those of corresponding week week, and all below that of' similar Lumber orders wood mills same mills. feet, 1936; 1936 for below as reported but shipments Northern pine below reported last year'B production week. the 165,653,000 Shipments all regions reported totaled 13% or of softwood week feet, reported production. or for ended 25% the Production Oct. below same 23, 1973, by 472 soft¬ the production week were of the 191,451,000 219,722,000 feet. 90 hardwood mills give new business as 5,703,000 feet, 47% below production. Shipments as reported for the same week were 8,063,000 feet, or 25% below production. Production was 10,708,000 feet. was Reports from or Identical Mill Reports Last week's feet, and a production year ago it of 464 identical softwood mills was 218,626,000 262,372,000 feet; shipments were, respectively, 238,061,000 feet, and orders received, 164,594,000 was feet and 54.9 o5.1 102.6 103.8 102.6 92.0 101.6 103.4 102.8 98.8 119.1 110.4 117.6 123.8 95.2 81.7 52.2 98.9 96.9 93.2 92.8 89.6 105.9 102.9 103.5 103.9 99.1 97.6 128.5 124.9 119.5 139.1 140.7 112.0 110.6 allied 128.8 124.1 118.8 137.7 137.7 Chemicals 137.4 137.2 127.1 150.9 156.1 Cottonseed—Oil, cake & meal 119.6 54.3 96.9 111.7 47.9 111.8 103.1 127.3 123 0 95.8 91.4 106.4 107.1 89.3 84.6 73.2 77.9 79.0 76.1 132.8 126.7 131.6 135.4 114.0 407.1 403.4 360.1 393.6 400.7 the on Egyptian unusually large crop and the consequent fall in prices, the Egyptian Government will buy a portion of the surplus of this commodity, according to a report to the Department of Commerce by the American Commercial Attache, Cairo, and made known by the Com¬ merce Department Oct. 27. The Department said: 107 2 97.6 to In order to ease the present situation wheat mark* t caused by an 78.4 114.1 • Buy Surplus Wheat to Ease Situation Caused by Large Crop and Fall in Prices 62.1 64.6 106.3 102.6 62.5 ♦ Egyptian Government 119.1 products and petroleum refining— Other than petroleum refining. production, 544 63.3 — and 580; 189,659,000 64.1 56.5 62.8 Printing and publishing: Book and Job— Newspapers and periodicals 1937, feet and 260,261,000 feet. 74.6 78.3 63.6 102.9 Boxes, paper Paper and pulp 23, All 94.9 100.7 76.9 61.8 107.7 Cigars and cigarettes Paper and printing Oct. softwoods 171,356,000 feet. 85.1 84.2 67.2 ... and snuff Mills, orders, and 190,383,000 62.1 Chewing and smoking tobacco ended hardwoods were: feet; 81.4 76.8 Ice cream of 258.9 85.4 - Canning and preserving Confectionery During the week 67.5 310.9 82.2 Butter— was 75.7 94.0 - Leather Food and kindred products Production in the week ended Oct. 23, shown by softwood mills reporting for both 1937 and 1936 as 17% below output in corresponding week of 1936; shipments were 20% below last year's shipments of the same week; new orders were 37% below orders of the 1936 week. The Association further 97.4 56.7 furnishings Millinery. softwood mills. 1937, 88.3 . 119.2 Men's Chemicals 92.4 96.5 111.3 152.6 Wearing apparel Clothing, men's Clothing, women's and shoes 96.0 96.4 109.4 108.6 Silk and rayon goods.. Woolen and worsted goods- Boots 100.8 97.8 Dyeing and finishing textiles Hats, fur-felt and reported: 110.4 Cotton small wares were 10% orders, according to reports to the National Lumber Manufacturers Association from regional associations covering the operations of important hardwood below 55.5 Non-Durable Goods Textiles and their products Ended reported, 72.7 Marble, granite, slate A other products Week last year. Mill work Cement Movement, slightly below the preceding week; shipments and new showed greater declines. Again all three items, Sawmills Stone, clay, and glass products-Brick, tile, and terra cotta.-.- Lumber business 127.9 time- of Oct. 23, 1937 60.2 Brass, bronze & copper products and Report The lumber industry during the week ended Oct. 23, 1937, stood at 68% of the 1929 weekly average of production and 60% of average 1929 shipments. The week's reported pro¬ duction was 34% greater than new business booked and 15% heavier than reported shipments. Reported production 131.0 Aluminum manufactures Clocks Weekly 114.1 Steam railroad. Non-ferrous metals & their prods. 302.4 Druggists' preparations Explosives - --— Fertilizers Paints and varnishes.. Rayon and allied products.- 97.2 120.1 103.1 101.9 106.8 122.1 117.7 100.9 127.4 128.2 122.3 143.4 150.5 116.3 98.0 97.9 94.3 97.4 97.0 78.7 77.1 77.3 75.9 73.2 61.5 shoes, tires, and Inner tubes. 134.5 135.1 124.6 132.5 134.1 114.9 Rubber tires and Inner tubes.. 88.3 88.4 86.6 90.4 S9.8 91.9 Under the present plan the Agricultural Credit Bank will purchase up 1,500,000.000 bushels pending the finding of an to about of Rubber boots and shoes Rubber goods, other than boots, September, 1937, Indexes prellninary, subject to revision. effecetive method disposing of the surplus stocks, according to the report. • 92.2 Soap Petroleum refining Rubber products a Payrolls P. C. Change from 108.7 Forglngs, Iron and steel cans NON-MANU¬ COMPARISON 108.7 Bolts, nuts, washers, and rivets Cast-Iron pipe Cutlery (not including silver and plated cutlery), and edge Tin The IN AND Employment Including machinery.----Blast furnaces, steel works, and rolling mills percentage below. 91.6 products, not and shown PAYROLL TOTALS SEPTEMBER, 1937, SEPTEMBER, 1936 AND Durable Goods Iron and steel and their are the index base, or as EMPLOYMENT AND AUGUST, 1937, 77.2 107.3 - OF FACTURING WITH 08.1 with indexes of employ¬ available, were earlier years is not available from the Bureau's records. 83.6 97.3 1937, 100, in computing the index numbers for the non-manufacturing industries. Information for Sept., 1937 100.1 95.5 September, 1937 and September, 1936. 12-month average for 1929 is used Manufacturing Industries a 1937 Current Beet-Sugar Crop in Czechoslovakia Estimated 3.5% Above Year Ago Czechoslovakia's 1937-38 beet sugai crop, harvesting of which is in full swing, is estimated at 740,000 long tons, raw sugar, York. according to advices received by Lamborn & Co., New This compares with 715,000 tons produced last sea- Volume Financial 145 increase of 25,000 tons, equivalent to 3.5%. Lamborn firm further announced: Chronicle The son, an will be the largest since 1931-32 when 801,000 tons were produced. Czechoslovakia consumes little a The balance of its production is the International May 6, 1937, Czechoslovakia 1937 over 400,000 tons of market. executed was annually. sugar marketed in the world Agreement which Sugar Under London, at on allotted for the year beginning Sept. 1, was export quota of 334,628 long tons for the world market. an Some Curtailment of Rayon Production During Au¬ "Rayon Organon"-Producers Stocks Increased During September—Production in Japan Shows Gain Forecast tumn by Some curtailment in production of rayon yarn is expected during the remainder of 1937, according to the "Rayon Organon," published by the Textile Economics Bureau, Inc., New York. The anticipated increase in autumn demand is expected to be of less-than-normal seasonal proportions, re¬ some further accumulation of stocks in the hands sulting in of producers. No change in prices is expected. ing is also from The follow¬ announcement by the Textile Economics an Bureau bearing on its publication: This sizes of slackened demand, balance their period producers can for the first Deliveries measured of out time in over paper points for rayon must demand teristics of decline. Unlike cotton and wool, and the its consequently "in one various rayon deliveries are producers 660, represents The 691. is paper, between domestic mills by to rayon of as which and deniers year." a by the "Organon's" index of August *index the states stocks in September, as decline from the a inherent "the that out charac¬ be considered in evaluating this reacts quickly to changes in demand subject to rapid fluctuations within short periods of time." Stocks of "The demand of goods place for and running been a corresponding increase, September against 0.2 "A series of discussions by weavers took on on a the advisability of cutting out two-shift basis. According to reached agreement no on the basis three-shift a Retail buying showed third-shift the press, by the end of weaving mills formerly two-shift basis or less. subject September, although it was brought out that many on with stocks goods continues to be spotty, woven rayon September during had showed the end of August. adequate," it is stated. operations there producers month's supply at the end of 0.5 an month's supply at by held yarn amounting to already had dropped to the activity in late September, but was only on an more basis." as-needed Production of rayon yarn and rayon staple fiber in continues to be stepped up Japan sharply, according to the "Rayon Organon." Plans are now being made indicating a produc¬ tion of 750,000,000 pounds (yarn plus staple) for 1938, against an 1937, of estimated production of 500,000,000 pounds for which rayon yarn output will approximate 325,- 000,000 pounds and rayon staple fiber the balance, said the announcement of the Textile Economics Bureau, which added: A recent Japan for of report this to the extent of request wool. Rayon about Japan from Manufacturers Woolen wool today this rayon staple fiber The purpose exchange requirements for imported produced in Japan at the rate of and the substitution mentioned should being is per to substitute of their annual consumption. is to reduce the yen staple 175,000,000 pounds increase that the government has asked the states Association 40% year, belatedly, the Central Committee of California Producers production of in the first yarn rayon on Nov. announced 2 that States for the second consecutive week showed seasonal Being Probed—Texas Lifts November AllowableCalifornia Sets Month's Show Quota—Crude Oil Stocks Slump—Oil Production Sags companies operating on the West Coast three attorneys sent from Washington by Attorney-General Homer S. Cummings. An investigation of the oil situation there by the Department of Justice's anti¬ trust division has been in progress for the past six months along with a similar probe on the East Coast. In announcing this in Washington early this week, At¬ torney-General Cummings pointed out that the Department of Justice obtained a consent decree against the Standard Oil and other major petroleum companies operating on the Pacific Coast, in 1930 and said that the present study is being made with a view toward determining whether there have been violations of the decree or whether more stringent Books of major oil will be examined by control is needed. surprise move, the Texas Railroad Commission on new proration orders for November lifting the allowable 35,272 barrels above the original daily quota of 1,351,677 barrels set less than two weeks earlier. The revised figure of 1,386,949 barrels is still 26,351 barrels below the Bureau of Mines' November market estimate of 1,413,300 In Oct a 30 issued barrels daily for The original total was Texas. 61,625 barrels less than the Federal figure. It also was disclosed Rodessa field have that oil operators in the tri-state proposed by proration regulation joint conference to be attended bodies of Texas, Louisiana and uniform allowable for the wells in respective State's areas. This followed the news that Governor Bailey of Arkansas had made known his intention of asking the State Board of Conservation to suspend its recent order settling the Miller County allowable of Rodessa at 10,000 barrels daily for November which was accepted as an indication of open-well production in that field. Arkansas to settle upon a the " a a a sharp contra- during the Oct, 23 week, the U. S. Bureau of Mines reported on Nov. 3. The total was off 1,341,000 barrels from the previous week to 306,556,000 barrels. The decline was comprised of a loss of 1,313,000 barrels in domestic crude inventories and 23,000 barrels in foreign stocks. In the Oct. 16 week, stocks were off 1,112,000 barrels following a dip of 26,000 barrels in the previous week. Despite a broad gain in Texas production, daily average crude oil output for the Nation as a whole showed a decline of 10,350 barrels during the final week of October to 3,602,950 barrels, the American Petroleum Institute reported. The total compared with the October recommendation of 3,568,100 barrels set by the Bureau of Mines, and actual production during the comparable period a year earlier of 3,043,500 barrels. Oklahoma followed California into lower production levels with Kansas and Louisiana producers also paring their output. An increase of 4,350 barrels lifted daily average production for the Lone Star State to 1,470,800 barrels compared with the Railroad Commission allowable of 1,427,767 and the Bureau's recommended figure of 1,430,300 barrels daily. California slumped 7,300 barrels to a daily average of 697,000 barrels in contrast to the joint State-Federal allowable of 660,000 barrels ruling for October. Oklahoma dipped 3,050 barrels to 586,750 barrels, which contrasted with the State quota of 600,000 barrels and the Federal figure of 629,200 barrels. Kansas was off 250 barrels to 185,600 barrels, against 193,800 set by the State control agency and 199,900 barrels as recommended by the Bureau of Mines. Louisiana was off 700 barrels to 244,000 barrels, against 266,700 barrels and* 254,600, respectively. Feature of the current week's session of the gigantic anti¬ trust law suits going on before a special Federal jury in Madison, Wis., was the testimony of employees of "Piatt's Oilgram," which along with the Chicago "Journal of Com¬ merce" and the "National Petroleum News" was charged "knowingly" publishing false prices for gasoline, that daily gasoline quotations were based upon informa¬ tion ana prices furnished by refiners and brokers rather than by the major companies themselves ascharged by prosecution attorneys. Federal Judge Patrick Stone ruled late in the week that sessions hereafter will last only five hours a day. There were no changes in the crude oil price structure with the this week. Prices of Typical Crudes per Barrel at Wells Corning, Pa__ Illinois - - Western shown) 52.35 Eldorado, Ark., 40 1.25 Rusk, Texas, 40 and 1.27 Darst Creek 1.35 Central Field, Mich Bradford, Pa Lima (Ohio OU Co.) 1.40 Kentucky SI.27 1.35 over 1.09 1.42 . - 1.22 1.22 Sunburst, Mont 1.30 HUDtlngton, Calif, 30 and over 1.43 2 10 Hills, 39 and over Rodessa, Ark., 40 Industry fixed contraction Mld-Cont't, Okla., 40 and above.. Petroleum and its Products—West Coast Oil had 674,600 barrels daily, the same figure as recommended by the United States Bureau of Mines. The new allowable is 2.21%, or 14,600 barrels, above the October allowable of 660,000 barrels daily. Pro¬ duction for October was reported to have averaged approxi¬ mately 700,000 barrels, or 40,000 barrels daily above the suggested allowable which was due to flush production in the Wilmington and El Segundo fields. Stocks of domestic and foreign crude oil held in the United (All gravities where A. P. I. degrees are not seven it November quota for the State at figure by 55,000,000 pounds. months of 1937 totaled 189,563,000 pounds, an increase of 32% over the same 1936 period. July, 1937, production alone totaled 29,468,000 pounds, and the average for the first seven months was 27,000,000 pounds per month. Japanese Somewhat Oil The current season's crop, should the output approximate the forecast, 2931 Kettleman Smackover. Petrolla, Canada and above 1.25 Ark., 24 and over..... 0.90 PRODUCTS—GASOLINE REFINED WIDE FRONT—NEW WEST AREAS HIT—BUNKER MOTOR TIONS FUEL PRICES YORK-NEW STOCKS BREAK ENGLAND ALONG MID¬ AND FUEL OIL PRICES LOWERED— SHOW GAIN—REFINERY OPERA¬ DECLINE Seasonal declines in gasoline consumption weakened the price structure to the point where wide-spread reductions averaging Yi cent a gallon were posted throughout the New York-New England and mid-west marketing territories with the advent of November. Socony-Vacuum Oil Co. on Nov. 3 reduced the tank-car of all grades of gasoline Yi cent a and tank-wagon prices gallon throughout New York and New England. Exceptions to the blanket increase included Boston and Springfield, Mass., Bridgeport, Conn., several Maine cities and Buffalo and Syracuse, New York, where tank-wagon prices were not affected. A reduction of 0.3 cents a gallon in normal wholesale prices grades of motor gasoline to dealers and in tank-wagon prices to consumers was posted by Standard Oil Co. of Indiana-an the same date, also to meet competitive con¬ ditions intensified by declining gallonage totals. The Standard of Indiana reduction affected Michigan,- Indiana, Illinois, Minnesota, Iowa, Missouri. Kansas, the Dakotas of all and Wisconsin. posted prices are subnormal by an amount than the current reduction, there Mil be no change in Where present more the postings, it was pointed out. Under the new schedule, third-grade gasoline to dealers will be 12 gallon, for regular 13.2 cents and for premium 14.7 cents, all taxes included. A reduction of Vi cent a gallon in the State-wide price structure was made immediately by Standard Oil Co. of Ohio with all three grades of gasoline affected. The new Chicago prices for cents a 2932 Financial Chronicle schedule puts third-grade at 16 cents, regular at 16.5 and premium at 18.5 cents a gallon respectively. Standard Oil Kentucky cut prices of all three grades of gasoline by H cent a gallon. Standard Oil Co. of New Jersey on Nov. 3 announced a a and are Week Ended— barrel for Grade C bunker fuel oil Stale Alaska car and tank wagon) reduction a a 14 369 88 92 131 88 170 175 166 141 200 217 * Georgia and North Carolina Illinois. 1,100 1,151 1,023 1,258 1,558 349 374 323 390 520 67 71 77 76 Kansas and Missouri 160 116 134 164 149 161 Kentucky—Eastern 864 864 869 768 1,008 764 188 164 178 170 306 238 Maryland Michigan 32 34 55 35 11 9 10 9 16 28 Montana 74 67 72 72 72 82 Western... New Mexico 26 37 53 58 62 55 72 71 s42 836 537 509 520 512 561 817 2,281 2,307 2,426 1,870 3,000 3,149 115 111 112 17 113 118 15 14 16 15 22 Utah throughout its 98 88 89 84 109 121 327 312 271 253 265 231 Virginia... 26 45 43 38 36 44 68 1,931 1,928 2,025 1,883 2,175 1,488 574 West Virginia—Southern.a gallon in normal making New York $1.25 41 116 Texas Northern, b 612 605 551 764 805 140 139 170 184 1 86 84 8,355 11,354 11,310 146 149 * Total bituminous coal........ * * , 9,450 9.580 9,733 1,150 All coal 1,135 1,035 1,037 1,895 1,968 10,730 Pennsylvania anthracite, d. Nov. 3—Standard of New Jersey reduced Grade O bunker fuel oil 10 cents Atlantic ports, 34 34 17 North and South Dakota Wyoming North 8 69 Other Western States.c all s 366 - wholesale prices of all grades of gasoline to dealers and tank wagon prices barrel at * 398 1,128 Indiana... to consumers throughout its Mid-West marketing area. a 3 * 1 Iowa in Nov. 3—Standard Oil of Ohio and Standard of Kentucky posted State¬ wide reductions of X cent a gallon on all grades of gasoline. s 2 233 92 Washington cut of 0.3 cents a 2 251 Colorado New York and New England marketing area. Nov. 3—Standard of Indiana potted 1923e 2 Tennessee gallon Avge. 1929 109 Pennsylvania bituminous a 1935 256 Ohio... M-cent 17, Oct. 19, Oct. 19, 1936r Arkansas and Oklahoma 070,000 barrels. Representative price changes follow: a Oct. 1937p Alabama refinery operations, the American Petroleum Institute's weekly survey disclosed. A gain of 282,000 barrels lifted the total to 66,836,000 barrels. Refinery and bulk terminal holdings were up, the latter nearly 250,000 barrels, but stocks of unfinished motor fuel slumped around 60,000 barrels. Refinery operations eased fractionally to 82.1 % of capacity against 83% a week earlier, with daily average r.uns of crude oil to stills dipping 35,000 barrels to 3,345,000 barrels. Stocks of gas and fuel oil climbed 1,436,000 barrels to 121,- posted Oct. 9, 16. 1937p Stocks of finished and unfinished gasoline mounted during week of October despite a fractional decline in Oil Oct. Oct. the final 3—Socony-Vacuum 1937 STATES of final annual returns from the operators.) or ports. This makes the New York price Si.25 a barrel f.o.b., terminal, which establishes the same price level as fixed in steamship contracts for 1938 contracts. prices of all grades of gasoline (tank BY are based on railroad car loadings and river shipments subject to revision on receipt of monthly tonnage reports from district and State sources at all North Atlantic Nov. PRODUCTION OF COAL (IN THOUSANDS OF NET TONS) (The current estimates of reduction of 10 cents Nov. 6, WEEKLY ESTIMATED 10,585 10,768 9,392 13,249 13,278 barrel, a f.o.b., terminal. U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery New York— New YorkOther Cities— Stand. Oil N. J._$.07Ji Texas $.07 H Chicago $.05 -.05 X Socony-Vacuum.. .08 Gulf 08 X New Orleans. .06H-.07 Tide Water Oil Co .08# Shell Eastern .07 H Gulf ports... .05H Richfield OllCCal.) .07% Tulsa a Includes operations on the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G. and on the B. & O. in Kanawha, Mason and Clay counties, b Rest of State, In¬ cluding the Panhandle District and Grant, Mineral and Tucker counties, c Includes Arizona, California, Idaho. Nevada and Oregon, d Data for Pennsylvania anthra¬ cite from Weekly Anthracite and Beehive Coke Report of the Bureau of Mines, e Average weekly rate for entire month, p Preliminary. r Revised, s Alaska, Georgia, North Carolina, and South Dakota included with "'Other Western States." * Less than 1,000 tons. 05H-.05M Warner-Qulnlan.. .07 H Daily Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery New York I North Texas (Bayonne).. | $.05 $.04 Los Angeles.. New Tulsa .03HI-.05 (Bayonne)— Bunker C $1.25 I California 24 plus D $1.00-1.25 $.105 Phlla., Bunker C_... 1.35 Gas Oil, F.O.B. Refinery or Terminal N. Y. (Bayonne)— 27 plus I Chicago— I ..$.04 H I Tulsa 28-30 D $.053 $.02 #-.03 I Gasoline, Service Station, Tax Included a New York ■ Brooklyn ■ $.19 I Newark $.1651 | Boston 19 Buffalo... I 18 $1.75 Chicago 1.32 American Commission stated that the total production of soft coal for the country as a whole in the week ended Oct. 23, is estimated 9,465,000 net tons. Compared with the output in the preceding week, this shows a slight decrease—115,000 tons, or 1.2%. Production in the corresponding week of 1936 estimates Institute that the crude oil production for the week ended Oct. 30, 1937, was 3,602,950 barrels. This was a loss of 10,350 barrels from the output of the previous week, and the current week's figures remained above the 3,568,100 barrels calculated by the United States Department of the Interior to be the total of the restirctions imposed by the various oil-producing States during October. Daily aver¬ age production for the four weeks ended Oct. 30, 1937, is estimated at 3,599,350 barrels. The daily average output a The cumulative production of soft coal for the year 1937 to date stands 7.5% ahead of 1936 the cumulative production of all coal during the year to date, is 5.7% ahead of 1936. States Bureau of Mines in its statement said that production of anthracite in weekly coal Pennsylvania continued to increase during the week ended Oct. 23. output is estimated at 1,172,000-tons, production in the preceding week, and a Total gain of 1.9% States ports for the week ended Oct. 30 totaled 1,241,000 barrels, daily average of of both Oct. compared 140,000 barrels, 30 totaled compared with a with a daily of a daily average of 20,000 barrels four weeks ended Oct. 30. Reports received from refining companies owning 89% of the 4,159,000 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, 3,345,000 barrels of crude oil daily during the week, and that all companies had in storage at refineries, bulk terminals, in transit and in pipe lines as of the end of the week, 66,836,000 barrels of finished and unfinished gasoline and 121,070,000 barrels of gas and fuel oil. Cracked gasoline production by companies owning 94.8% of the potential charging capacity of all cracking units indicates whole, on a that the industry as a Bureau of Mines' basis, produced an average of 780,000 barrels daily during the week. over DAILY AVERAGE CRUDE OIL PRODUCTION (Figures In Barrels) B above-mentioned Four of M., Dept. of Week Change Weeks Allowable Ended from Ended Calcu¬ OF COAL AND BEEHIVE State Interior organizations follow: STATES PRODUCTION average daily average of 37,000 barrels for the week ended Oct. 23 and 22,143 barrels for the an the barrels, Receipts of California oil at Atlantic and Gulf Coast ports for the week ended increase of 31.7% when compared with production in the like week of 1936. The consolidated report 177,286 118,000 barrels for the week ended Oct. 23 and 142,214 barrels daily for the four weeks ended Oct. 30. barrel amounted to 9,802,000 tons. ESTIMATED UNITED Petroleum average gross United weekly coal report of the National Bituminous Coal The United Week During Imports of petroleum for domestic use and receipts in bond at principal Weekly Coal Production Statistics at Production for the week ended Oct. 31, 1936, totaled 3,043,500 barrels. Further details, as reported by the Institute, follow: Not including 2% city sales tax. The The daily New Orleans C 2.201 Diesel 28-30 D Oil Crude Ended Oct. 30 Placed at 3,602,950 Barrels .03 #-.04 Fuel OU, F.O.B. Refinery or Terminal N. Y. Average Orleans.$.05 #-.05)4 Oct. 1 Oct. 30 iTerlons 1937 Week lations Oct. 30 Week Ended Cel. 31 1937 1936 0October) Week Ended— Bituminous coal: Oct. 23, 1937 Oct. 16, 1937 Oct. 24, 1936 Oklahoma 629,200 199,900 Kansas 600,000 586,7.50 —3,050 193,800 185,600 —250 Total, Including mine fuel Dally average Pennsylvania anthracite: b Total, Including mine fuel Dally average Commercial production. I c9,485,000 d9,580,000 cl,578,000 1,597.000 9,802,000 1,634,000 North 1,150,000 191,700 1,095,000 890,000 148,300 848,000 73,200 34,,00 217,350 Texas West Central Texas. 1,116,000 52,700 year to date f— West Texas * East Central Texas. 110.200 74,100 +50 34,450 33,800 + 1,650 + 1,000 214,900 170,100 71,100 481,700 262,950 208,500 482,950 + 950 Coastal Texas 268,500 204,900 —1.850 1,430,300 1,427.767 1,470,800 + 4,100 110,950 439.650 169,950 178,100 9,667 1937 1936 1929 North Louisiana +4,350 1,463,100 1,193,950 76,250 Louisiana Total Louisiana + 2,350 167,750 Coastal Total, Including mine fuel Dally average 365,200,000 1.441,000 339,776,000 1,340,000 435,028,000 1,708.000 b Total, Including mine fuel Dally average Commercial production. 1 Beehive coke: United States total P 58,000 9,500 East Texas Southwest Texas 65,300 —3,050 75,050 170,800 157,800 233,250 75,450 a Pennsylvania anthracite: Dally 57,000 8,783 average Bituminous coal: 65,950 163,400 —1~550 • Total Texas United States total Calendar 564,750 75,550 79,000 Panhandle Texas • 1,172,000 195,300 Beehive coke: Dally 589,500 185,850 a average 254,600 Arkansas h39,609,000 h44,151,000 160,700 179,100 g g h58,116,000 235,800 g Eastern 1,248,500 4,935 5,531,100 21,862 Includes for purposes of historical comparison and statistical convenience the production of lignite and anthracite and semi-anthracite outside of Pennsylvania, 244.000 —700 245,850 + 1,700 44,800 28,100 + 1,500 + 50 132,000 117,050 31,200 104,000 48,650 133,300 54,300 57,400 17,650 4,150 103,350 12$,800 43,500 Michigan Wyoming 57,300 Montana 2,803,300 11,080 266,700 36,000 17,600 Colorado 4,.500 New Mexico. 106.400 + 6,150 53,900 58,900 + 150 17,700 + 50 4,250 4,950 —700 103,7.50 83,100 40.400 " 15,750 a b Includes washery and dredge coal and coal shipped by truck from authorized operations, c Subject to revision, d Revised, f Sum of 43 full weeks ended Oct. 23, 1937, and corresponding 42 weeks of 1936 and 1929. g Comparable data not yet available, h Sum of 42 weeks ended Oct. 16. I Excludes mine fuel Total east of Calif. California . 660,000 Total United States. 3,568,100 * 2,905,950 2,908,100 —3,050 2,899,600 2,475,900 .... *660,000 697,000 —7,300 699,750 567,600 3,602,950 —10,3.50 3,599,350 3,043,500 Recommendation of Central Committee of California Oil Producers. Volume Financial 145 Note—The figures Indicated above do not lnolude any might have been surreDtltiously produced. estlmatelofi&ny olljwhlch ' .. ,M , CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL OIL, WEEK ENDED OCT. 30, 1937 Daily Refining Stocks of Crude Runs Capacity to Stills Finished and 8,210 tons, against 8,245 10-month period amounted to 73,450 tons, compared with 61,730 tons in the same period last year. The world's visible supply at the end of October including the Straits and Arnhem carry-overs was 22,863 tons, against 24,014 tons in September. Chinese tin, 99%, was nominally as follows: Oct. 28, 47.000c.; 29th, 46.750c.; 30th, 46.250c.; Nov. 1, 45.875c.; 2d, Holiday; 3d, 44.250c. of Unfin'd Daily Reporting Poten¬ tial Aver¬ i P. Total Rate C. Oper¬ ated fineries Distil. Ac. Straits Tin, New York New York St. Louis St. Louis on 15,258 526 78.6 5,385 11.646 1,189 146 129 88.4 91 70.5 829 926 529 489 92.4 477 97.5 5.619 1,500 4,064 235 Ind.,111., Ky. Okla., Kan., 596 7,410 669 100.0 669 Zinc Lead Electrolytic Copper Fuel Appalachian. East Coast.. QUOTATIONS) ("E. A M. J." DAILY PRICES OF METALS and Dom.,Refy. Exp., Refy. At Re¬ age Total deliveries for the September. Gas of Terms., Nap'tha Finished P. C. during October were United States deliveries tons in Stocks Unfinished Gasoline District 2933 Chronicle /II.525 + Texas Gulf.. 833 797 95.7 725 6,001 377 La. Gulf 174 168 96.6 134 79 8 755 638 445 91 58 63.7 48 82.8 219 97 57 673 1,455 71,791 10.600 48.75i> 5.50 5.35 5.75 11.525 10.650 48.500 5.50 5.35 5.75 Oct. 30 11.525 10.675 48.000 5.50 5.35 10.600 47.625 5.50 5.35 5.75 464 97 \11.775 Oct. 29 3,902 1,925 11,732 3,639 Oct. 28 279 383 84.7 355 Inland Texas 3,585 1,460 72.8 452 Mo 201 56.6 143 71.1 91.0 No. La.-Ark. 389 2,181 129 347 1,741 Mt_. 89 62 69.7 47 75.8 1,227 California... 821 746 90.9 568 76.1 8.620 2,333 Rworted... 3,702 89.0 3,038 82.1 33,700 22,965 Estd.unrepd. 457 307 2,620 720 3,345 3,380 36,320 36,227 23,685 23,437 6,831 121,070 6,890 119,634 z3,005 31,913 19,330 6,423 112,930 Rocky xEst.tot.U.S. 4,159 4,159 Oct. 23 '37 4,159 4,159 Oct. 16 '37 2 Holiday 10.500 Holiday Holiday Holiday Holiday Nov. 3 11,525 10,300 46.000 5.25 5.10 5.75 11.550 10.554 47.775 5.45 5.30 5.75 Average _. xOet. 23 '36 z Estimated Bureau of Mines' basis, z * Domestic copper f.o.b refinery, 11.671c.; export copper, 10.588c.; Straits tin, 48.313c.; New York lead, 5.500c.; St. Louis lead, 5.350c.; St. Louis zinc, 5.750c.; and silver, 44.750c. The above quotations are "M. & M. M.'s" appraisal of the major United States markets, baaed on sales reported by producers and agencies. They are reduced to the basis of caah, New York or St. Louis, as noted. All prices are In cents per pound. prices for 30 are: calendar week ended Oct. based on sales for both prompt and future Copper, lead and zinc quotations are U.S. B.of M. /' 1 Nov. Average 6,551 117,720 280 3,350 5.75 Nov. 11.525 delivery only. deliveries; tin quotations are for prompt Daily London Prices Oct. 1936 daily average. Zinc Lead Tin, Std. Copper Copper, Sid. Electro Non-Ferrous Metals—Copper and Lead Prices Reduced Sharply Lower in Domestic Trade—London • "Metal & Mineral Markets" in its issue of Nov. 4 reported disappointing, and consumers of non-ferrous metals showed so little buying interest in the last week that the question of prices was rarely discussed by sellers. London quotations broke sharply, this time not so much on news from this side as on the un¬ favorable trend in Continental politics. The open-market that industrial and financial news again was quotation for domestic copper was established during the week at 11 %c., Valley, a decline of one-quarter cent on Nov. 3, the price of lead was lowered one-quarter cent. Zinc was nominally unchanged. Tin made a new low for the movement. Domestic antimony was reduced one-half cent a The publication further pound. reported: Copper Sales of copper in the domestic market as reported by the Copper Asso¬ the last week than in the preceding ciation were larger in week, amounting that'a fair quantity is usually booked at the end of each month on contract, the figures do not reflect the actual state of the market. New business booked in the open market in the last seven days was in small volume, especially after the price situation again became unsettled. On Oct. 28 business was booked in the morning and early afternoon at 12c., Valley, but before the close of the day a custom smelter announced that copper could be had at ll%c., and actually sold at the lower level. Over the remainder of the week copper was available at ll^c. The large mine operators maintained their nominal quotations at to 7,271 tons, but, in view of the fact 12c. all week. |* Domestic sales of copper for October came to only 23,238 tons, which compares with 28,936 tons in September. Sales outside of the United States by producers reporting to the Cartel amounted to 97,000 tons in October, against 72,000 tons in September. The foreign market weakened last week chiefly on discouragement over the political developments on the few days has been The committee Continent. Buying abroad in the last dull. representing the foreign group is keeping the position of continually under review, according to Sir Auckland Geddes, who addressed stockholders of Rhokana Copper in London during the last week. copper He'holds that the increase in stocks of copper so far accomplished is by no hand might be advisable in order to take care of positions should a sudden buying wave come. However, he added, with production running at a high rate, the control committee thought it best to give stability to the market by the means further increase in the supply on dangerous and a Spot 3M Spot 3M 209 H 18 H 187,6 17',6 179,6 209)4 209)4 17 17)4 200)4 183,6 17",6 18 K 206 % 17 % 202 202 17 H 17% 16^ 167,6 1613,6 16",6 199H 199)4 17)4 173,6 16^ 169,61 3M Spot 3M (Bid) Spot Oct. 29 43% 48 209 H Oct. 30 48 4H% Nov. 1__ 43316 42% 4313,6 43^ 43316 Nov. 2 41"i« 42 47 419,6 46 41M 3_ Nov. buyer's prices for the first session of the Exchange; prices for copper and tin are the official closing buyers' in pounds sterling per long-ton (2,240 lb.). for lead and zinc are the official Prices Metal London All are prices. Pig Iron Output Drops Sharply: October Daily Rate Down 17.9% Age," in its issue of Nov. 4, reported that production of coke pig iron in October dropped to 2,892,629 gross tons from 3,410,371 in September. The loss in the daily rate amounted to 17.9%, or from 113,679 in September to 93,311 in October. The daily rate last month was the lowest since September, 1936, which was 91,010 tons. The "Iron Age" further stated: "Iron The There of 30 furnaces making iron on net loss a was Nov. 1, the 151 daily, against 181 on Oct. 1, producing 110,260 blown out or banked and two fur¬ naces were put in blast. The United States Steel Corp. took 15 furnaces off blast. Independent producers took 14 off blast and put two in oper¬ ation, and merchant producers blew out or banked three units. operating at 83,850 tons Thirty-two furnaces were daily. tons the following: Two Ohio, one Mingo, two South Chicago (old), two South Chicago (new), and three Gary, of the Carnegie-Illinois Steel Corp.; one Central, American Steel & Wire Co.; one Harriet, Wickwire-bpencer Steel Co.; one Bethlehem and one Sparrows Point, Bethlehem Steel Co.; two Aliquippa and two Eliza, Jones & Laughiin Steel Corp.; one Midland, Pittsburgh Crucible Steel Co.; one Haselton and the United Furnace, Republic Steel Corp.; one Campbell, one Hubbard and one Indiana Harbor furnace, Youngstown Sheet & Tube Co.; one Martins Ferry, Wheeling Steel Corp.; Hamilton No. 2, American Rolling Mill Co.; one Federal, Interlake Iron Co., and the Sharpsville furnace, furnaces Among the Carrie, blown out or banked were Duquesne, two Edgar Thomson, one one Pittsburgh Coke & Iron Co. two furnaces put The Co., and a Weirton DAILY AVERAGE STATES BY in blast were a Monessen unit, Pittsburgh Steel Steel Co. furnace. PRODUCTION OF COKE PIG IRON IN THE UNITED MONTHS SINCE JAN 1, 1932—GROSS TONS 1932 1933 1934 1935 1936 1937 January 31,380 18,348 39,201 47,658 65,351 February.. /•"l V ■ announced recently. 67.448 57,098 62,886 * Lead 80,125 33,251 19,798 45,131 March reduction in output 31,201 April 28,430 17,484 20,787 62,243 57,561 25,276 20,935 28,621 65,900 55.449 55,713 42,166 64,338 51,750 86,208 103,597 107,115 111,596 113,055 114,104 103,584 28,412 24,536 54,134 54,138 74,331 108,876 18,461 17,115 19,753 57.821 59,142 60,742 39,510 34,012 49.041 56.816 83,686 87,475 112,866 116,317 29,935 59,216 91,010 October.......— 20,800 43,754 30,679 63.820 113,679 93,311 November 21,042 17,615 36,174 31,898 68,864 98,246 38,131 33,149 67,950 100,485 23,733 36,199 43,592 57.556 83,658 and little business in the domestic lead market during the week brought another decline in the price. On the afternoon of Nov. 3, the quotation was lowered one-quarter of a cent, from 5.50c., New York, to 5.25c. Sales for the week were small, totaling 1,515 tons, May preceding week. Demand was mostly for prompt metal, owing to continued apprehension over the business outlook. Ship¬ ments to consumers during October may amount to less than 40,000 tons, according to some estimates. An increase in stocks is expected. The price closed the week at 5.25c., New York, which was also the con¬ tract settling basis of the American Smelting & Refining Co., and at 5.10c., -—__ July Declining prices in London against 7,901 tons in the * June - First six months. August September... December... 12 mo8. ... average 65,816 85,432 96,612 St. Louis. Total lead stocks at refiners (including lead 171,146 tons, against 179,396 and 293,506 tons a year ago, according to the United States smelters and PRODUCTION OF COKE PIG tons a month previous American Bureau of Metal IRON AND OF 1937 1936 1936 Zinc - f Sales of zinc were few and far between in the last week. The moderate tonnage sold brought 5.75c., St. Louis, with most sellers not disposed to force business under prevailing dull marketing conditions. Zinc concentrate was reduced in price in the Tri-State district, bringing the quotation in line with the current market for the metal. Official figures on imports of slab zinc into the United States for September show that 14,741 tons arrived in that month. This compares with 3,960 tons in August. Tin abroad during the last week, with quotations making new lows for the movement. Straits tin, New York, declined to 46c. Nov. 3. Favorable statistics for October showing a decline in stocks and the recent announcement of probable curtailment in first-quarter production by the International Tin Comriiittee failed to T Business in tin continued dull both here and thin market. 2,025,885 23,060 24,228 26,765 34,632 34,415 24,766 24,988 22,725 19,667 18,363 15,549 May 3.211,500 2,999,218 3,459,473 3,391,665 3,537,231 June.. 3,107,606 1,823,706 2,040.311 2.403.683 2,648,401 2,586,240 19,706,593 13.528,226 170.857 128,058 3.498.858 3.605,818 3,410,371 2,892,629 2,594,268 2,711.721 2,730,393 2,991,887 2,947.365 23,913 20,205 29,596 20,658 January February — March April-_ Half - year July bolster confidence in a Ferromanganese y Pig Iron x Statistics. 1937 • FERROMANGANESE (GROSS TONS) in'ore, bullion, &c.) on Oct. 1 amounted to - August September October November December Year i These totals do not 27,757 26,100 26,348 15,919 19,805 3.115,037 24,368 25.715 30,618.797 254,728 Include charcoal pig iron, y Included in pig iron figures. 2934 Financial Steel Production Continues Decline—Now at Chronicle 1936— 48% of Oct. Capacity ingot production has declined this week to 48% of the new business. Of the Nov. 30 Dec. points to 44%. points to 54%, the Youngstown In the Buffalo district points to 34K% 21 Dec. 28 1937— Jan. 5 area the Republic plant this week for repairs. "Steel" of ^dis¬ one level, 000,000 tons this year. "Water shipments for the season up to Nov. 1 were 61,171,157 tons, but only about a million tons will be brought down this Howevrr, the movement will be by far the largest since 1929. on. 15% rate rise application and an the carriers prepare their as increase in passenger fares While rail buying is expected this winter, it is believed now that important equipment purchases will be deferred pending a decision by the Interstate Commerce Commission on further rate increases, which probably will not some be announced for at least three months. Meanwhile export orders are aiding rail mills to some extent. The Ensley mill, idle since Aug. 27, has stated rolling 13,000 tons of rails for the Manchurian Railways and Bethle¬ hem has booked 17,000 tons of rails for Chilean railways. generally does not bear that has been instances out quoted on, being low too fabricators will share a Export, buying the promise of the large volume of inquiries the prices offered for ready by foreign here. acceptance buyers in Three many American Japanese order for tanks that will require 13,950 tons of plates. Building construction volume is waning, projects many been having shelved because of uncertainty as to Administration policies toward business, shown by the recent statement of public utility interests. The Bureau of Reclamation will take bids Dec. 10 on completion of the Grand Coulee Dam and power plant, which will require 79,000 tons of steel, including 25,000 tons of reinforcing bars. The battelship 20,000 tons of steel and an piogram will call for about airport in California requires 10,000 tons of piling. markets. Business has shrunk to such small volume that some quotations are nominal. is down 50c. at 1 8 15 22 29 90.7% 89.9% 90.3% 91.3% 5 12 19 Cleveland, in its stated: May 24 May 31 June 7 June 14 Aug. 30 Sept. 7 Sept. 13 76.2 July July 19 July 26 76.6% 75.9% 75.0% 67.3% 82.7% 82.5% 84.3% 2 84.6% 83.2% 83.8% 84.1% 71.6% 80.4% Sept. 20 Sept. 27 -76.1% 85.5% June 21 June 28 July 5 12 Aug. 74.4% Oct. 4 66.1% Oct. 11 63.6% Oct. 18 Oct. 25 55.8% 52.1% 48.6% Nov. 1 of the iron and steel summary buying only to fill in their stocks as a fairly balanced current needs dictate, hopeful factors appear, resumption of buying for as stocktaking as agricultural for that industry ends, season out and fall selling starts. its effect various steel on Delay in demand from the latter products and also on source has had pig iron demand by foundries allied to industry. All indications seem to point to a quiet period over fourth quarter, with production keyed closely to consumption and volume of business depending on the situation in general business and the degree of confidence felt in the It is too early to expect response by railroads to the higher rates granted by the ICC and efforts to obtain ing effect the new results buying from that on a further increase may have some dampen¬ The unequal financial returns from source. rates, giving highest gains to roads largely interested in coal in some carriers handling receiving relatively little benefit. Downward movement of the steel production rate last week was markedly less precipitate than in the previous period, indicating approach to the low point of the been decline. Adjustment achieved in great 51% of capacity, a of production to demand appears The national rate last measure. drop of 2 points from the preceding week. week to was Pittsburgh declined 8 points to 41%, Chicago 2 points to 44, Eastern Pennsylvania 4 to 43 points Youngstown 1 points to 54, Wheeling 8 points to 62, Cleveland 6 points to 59, Buffalo 7 points to 51, New England 40 points to 25, and Detroit 5 points to 90. Cincinnati advanced its rate 4 points to 70%, and St. Louis and Birmingham were unchanfced at 64 and 51.6%, respectively. It is apparent that the rapid fall in steelworks operations is not an index of current or future consumption of steel. Large inventories remaining from the heavy buying of first half, certainty of no price increase and general unsettlement of the business outlook conspired to cause consumers to reply on their steel stocks and consumption at a indicate. soon How delay further buying. Steel has been going into much better rate than shipments of recent weeks would depletion of stocks will force buying depends on con¬ tinuance of demand for manufactured products. Deepest cuts in production have been made by mills whose output is largely in heavier steel, structurals, rails, plates and similar products, while those with large capacity for sheets, strip and light steel better posi¬ are in tion and are able to continue at a higher rate. This division is caused by absence of railroad buying and restricted demand for building purposes on the one hand and such as more active business in automobiles and consumer refrigerators, air conditioning and radios, goods, on the other. About Steel scrap has dropped sharply in all steel 22 90.0% 91.0% 77.4% 17 Aug. 9 Aug. 16 Aug. 23 Nov. 1, on consumers Some have Railroad buying is at rock-bottom minimum case a 8 15 May 92.3% 91.0% 91.2% and automobile builders' needs should become larger when new models are from 15 to 30% below those of September de¬ checked, but the chances of marked improvement have been lessened by the hand-to-mouth buying of the automobile companies, upon which much dependence has been placed for a business pickup. The outcome of the New York Automobile Show, results of which will be announced this week, is expected to have a pronounced effect on steel purchases of automobile now 1 Apr. 26 May 3 May 10 future. were pending upon the company and the product, the chief declines being suffered by the heavy steels. It appears, however, that the drop in buying has been companies from 78.8% 80.6% 77.9% 79.6% 80.6% 81.6% 82.5% 85.8% 87.3% 88.9% 89.6% implement needs is expected Curtailment of Lake Superior ore shipments because of lessened require¬ ments will prevent the fulfillment of the expected water movement of 66,- October sales of steel 11 18 25 1937 6, 1937— meanwhile operating largely from inventory. 48% to 55%, occasioned by the better operations of the leading producer in that district, brought about partly by increased automotive buying. The "Age" further reported: month. 1937— Conditions in the steel market appear to have reached Only in rise in output occurred, from a 4 markets caused partly by the shutting down of was trict, southern Ohio, has as 14 Dec. sharp drop of 18 a 7 Dec. The Chicago district has dropped 2 points to 42 %, Wheeling-Weirton district 4 points to 72%, the Cleveland- Lorain district 6 9 Nov. 23 major producing districts, only at 42%. the 2 Nov. Nov. 16 Pittsburgh has the rate been maintained at last week's level of 26 Nov. coun¬ try's capacity in a further adjustment to the small volume of 19* Oct. 75.3% Jan. 75.9% Jan. 74.2% Jan. 74.3% Feb. 74.7% Feb. 74.0% Feb. 74.1% Feb. 74.3% Mar. 75.9% Mar. 76.6% Mar. 79 2% Mar. 77.0% Mar. 77.0% Apr. Apr. 79.4% Apr. 12 Oct. reported that steel 1937— 5.. Oct. The "Iron Age" in its issue of Nov. 4 Nov. Heavy melting Pittsburgh and Philadelphia and 25c. Chicago. at The "Iron Age" scrap composite has dropped to $14.42, a new low for the year and $7.50 below the year's peak. ' 77,000 tons of plates, shapes, reinforcing bars and pipe will be required for an extension of Grand Coulee dam on which Dec. 10 has been set as tentative date for opening bids. Japanese interests are expected to award with n a few days about 14,000 tons of plates for 45 tanks of 82,000 barrels capacity, to be fabricated in Japan Automobile production last week was practically even with the preceding, THE "IRON AGE" Nov. 2, 1937, 2.605c. a with 91,905 units, compared with 90,155 the week before. COMPOSITE PRICES Finished Lb. Steel Based on steel bars, beams, tank One week ago 2.605c. One month ago.. One year ago.... 2.605c. wire, rails, black pipe, sheets and hot These products represent 85% of the United States output. rolled strips. 2.197c. High 2.605c. Mar. 1937. 1936 2.330c. 1935 plates Dec. Low The iron and steel composite was lowered 14 cents, to $39.33 by the weakness in scrap. 2 Oct. 1 2.124c. Jan. Apr. 24 2.008c. Jan. 2 Oct. 3 1.867c. Apr. 18 Oct. 4 1.926c. Feb. 2 2.037c Jan. 13 1.945c. Dec. 29 2.273c. 1930 Jan. 7 2.018c. Dec. 9 8 Pig Iron Nov. 2, 1937, $23.25 a One week ago Gross Ton Based on average of basic Iron at Valley furnace and foundry Irons at Chicago, $23.25 One month ago One year ago 23.25 Philadelphia, 18.73 Southern Iron at Cincinnati. 1937 $23.25 Valley, }934 Mar. and $20.25 Feb. 18.73 Aug. 11 Nov. 17.83 May 14 17.90 1932 May 16.90 Jan. 27 Dec. 13.56 Jan. 14.81 Steel a One week ago One month ago.. Gross Ton 13.56 Dec. 16.91 Dec. Dec. 16 No. 1 heavy, melting steel quotations at Pittsburgh, Philadelphia and on Chicago. Mar. 30 $14.42 Nov. Dec. 21 12.67 June Dec. 10.33 Apr. 10 2 9 23 13.00 Mar. 13 9.50 Aug. 6.75 Jan. 8 Iron and Jan. 6.43 July 1934 27 +2 A 1933 29 —4H Jan. 6 8.50 Dec 18 11.25 Steel 12 Institute on Nov. Dec. 23 A •27 +1A 29A —5 30 —1 20 +2 33 + 1 —3 52 —3 1929 77 A —2 A 80 -2 1928 87 85 —1 66 +1 69 +2 64 —4 + — A A +3 A —6 88 1927 — A ISA 28 A — A A +2 44 —3 75 —3 +1 Power of New York State Department of Agriculture to Restrict Sale of Milk Upheld by Appellate 9 Division of 1 an¬ industry will be 48.6% of capacity beginning Nov. 1 compared with 52.1% one 66.1% one month ago and 74.7% one year ago. for the week This represents a decrease of 3.5 points, or estimate for the week ended Oct. 25,1937. 6.7% from the Weekly indicated operations since Oct. 5, 1936, follow: 60 78 62 A 19 A 29 Feb. telegraphic reports which it has received indi¬ cated that the operating rate of steel companies having 98 % of the steel capacity of the rates of steel -A 42 « 47 Case nounced that week ago, — Independents 30 6 11.33 15.00 The American 68 A 74 52 A —2 3 8.50 1930 43 Sept. 25 12.25 1931 U. S. Steel —3 1932 17.75 1933 52 1930 Low 13.42 1932 Industry 1937 1931 $21.92 - the nearest 1935 Sciap High 1936 are revised figure of 64% in the preceding corresponding week of previous years, together with the approximate changes, in points, from the week immediately preceding: 1936. 16.58 1935 a The following tables gives a comparison of the percentage of production with 15 15.90 ln„ J937 Leading independents 6 14.79 Jan. Based $14.83 One year ago Jan. Jan. 18.21 Nov. 2, 1937, $14.42 United States Steel is estimated at 43%, against a revised figure of 45% the week before and 49% two weeks ago. 3 16.90 J931 1930 in 16 Nov. 24 16.90 1933 production for the week ended Nov. 1, is placed 52% of capacity, according to the "Wall Street Journal" of Nov. 4. This compares with 55%, a revised figurei for the previous week, and witb 61 % two weeks ago. The "Journal" further reported: at week, and 71% two weeks ago. 9 19.73 5 Finished steel composite is unchanged at $61.70. Steel ingot credited with 60%, compared with Low 18.84 .. 1935 1934 Buffalo, High 1936 steelmaking scrap declined by 91 cents, to $14.46, the level prevailing at the middle,of August. Mar. Mar. 10 1.977c. 1931 last week 2.330c. 2.084c. 2.015c. 1932 18,495 the previous week. Because of drastic adjustment of scrap quotations, especially severe in Eastern Pennsylvania, "Steel's" composite of 9 2.199c. 1933 15,780, compared with 28 2.130c. 1934 General Motors produced 45,225 cars, compared with 44,970, Chrysler 27,775 against 27,675, Ford 1,375, compared wity 765 and other builders a total of New York Supreme Court—Ruling in Brought by Sheffield Farms Co., Inc. On Oct. 27 the Appellate Division of the New York Supreme Court upheld as con Jitutional the power of the State Department of Agriculture to restrict the sale of milk by distributors to limited areas. According to an Albany (N. Y.) account to the New York "Times" from which this is learned, the Court in a test case brought by the Sheffield Co., Inc., unanimously rejected the company's con¬ Farms tention that the restrictions constituted delegation of legislative powers." "an unauthorized The advices further said: Chronicle Financial Vofam* 145 r The Sheffield discriminatory" the Company called "unreasonable and practice of limiting milk sales to areas in which the company milk in March, 1934, except normal distributed Contending that the limitations constituted 1 an to a particular market was . effort to "freeze business," had accepted the licensing reserves of member banks Nov. 3 on were Nov. 3, ;• . ( /uy/v* ' Bills discounted 24,000,000 - Bills bought advances (not all reporting 2,526,000,000 ^Total 000,000 in New York City and $12,000,000 In the Richmond district, and declined reserve Demand deposits-adjusted increased $22,000,000 in the Chicago district clined +17,000,000 $11,000,000. York City and —11,000,000 —7,000,000 +6,000,000 —11,000,000 + 3,000,000 +111,000,000 +1,746,000,000 +93,000,000 —62,000,000 +46,000,000 —4,000,000 111,000,000 Money In circulation Treasury cash +1,000,000 6,889,000,000 6,565,000,000 3,662,000,000 +17,000,000 +196,000,000 +187,000,000 +1,270,000,000 +16,000,000 Treasury deposits with F. R. bank.. Non member deposits and other Fed- Government 745,000,000 —4,000,000 $22,000,000 in New being $55,000,000 in New York City, $14,000,000 each in the Philadelphia and San Francisco districts and $12,000,000 each in the Boston Kansas and Deposits credited to foreign banks declined City districts. $23,000,000 in New York City. A summary of the principal assets and liabilities of the reporting member banks, together with changes for the week and year ended Oct. 27, 1937, follows: Increase (+) or Decrease (- -) Since Oct. 27, Assets— +283,000,000 1937 Oct. 20, 21,694,000,000 Loans—total 9,682,000,000 1937 Oct. 28, 1936 $ $ $ Loans and investments—total +, declined $37,000,000 at all reporting member banks. Deposits credited to domestic banks declined in all districts, the principal . eral Reserve accounts deposits member banks Time deposits de¬ showing a net increase of $15,000,000 for the week. $ $8,000,000 each in Kansas City and San Francisco districts, all reporting the 2,608,000,000 balances of increase net a Holdings of "Other securities" declined $10,- and $10,000,000 in the Cleveland district, and declined (—) 2,559,000,000 Treasury currency banks showing 000,000 in New York City and $3,000,000 at all reporting member banks. .. 12,804,000,000 $8,000,000 in the! Francisco district and all reporting member $37,000,000 for the week. decreases Reserve bank credit Member bank district, San $9,000,000 in the Chicago 13,000,000 Gold stock $57,000,000 at Holdings of United States Government direct obligations increased $50,- 19,000,000 Other Reserve bank credit $38,000,000 declined loans Loans to banks declined $11,000,000 in New York City. member banks. +96,000,000 . agricultural member banks. * Loans to brokers and dealers in securities declined $150,000,000 in New York City and $163,000,000 at all reporting including $14,000,000 commitm'ts—Nov. 3) industrial and in New York City, $19,000,000 in the Chicago district and 3,000,000 U. S. Government securities Industrial +1,000,000 . deposits. Commercial, Nov. 4, 1936 Oct. 27, 1937 1937 p.. agricultural loans 000,000 in deposits credited to foreign banks, and $37,000,000 in Govern¬ ment com¬ or Decrease Since for the week ended Oct. 27: and decreases of $142,000,000 in deposits credited to domestic banks, $25,- parison with the preceding week and with the corresponding found on pages 2962 and 2963. Changes in the amount of Reserve bank credit outstanding and related items during the week and the year ended Nov. 3, 1937, were as follows: (+) the following principal changes of $37,000,000 in holdings of United States Government direct obligations; date last year, will be Increase ended with the and $163,000,000 in loans to brokers and dealers in securities; an increase approximately $1,050,000,000, a decrease of $20,000,000 for the week. Inactive gold included in the gold stock and Treasury cash amounted to $1,272,000,000 on Nov. 3, an increase of $2,000,000 for the week. in limitations without objection for six months. Decreases of $57,000,000 in commercial, industrial and estimated The statement in full for the week.ended Nov. 3, license The condition statement of weekly reporting member banks in 101 leading cities shows be to a close of business Oct. 27: ended Nov. 3 member bank reserve balances decreased $62,000,000. Reductions in member bank reserves arose from increases of $46,000,000 in money in circulation and $17,000,000 in Treasury deposits with Federal Reserve banks and a decrease of $11,000,000 in Reserve bank credit, offset in part by decreases of $6,000,000 in Treasury cash other than inactive gold and $4,000,000 in non-member deposits and other Federal Reserve accounts. During the week Excess fraction of its unconstitutional and argued that the Sheffield Federal Reserve System for the week the The Week with the Federal Reserve Banks a denied that restriction of could not attack the constitutionality of the provision because it company the Sheffield company asked the Court to eliminate the license restrictions expanding growth." The State Department of Agriculture when permission for expansion of territory was granted by the Agriculture Commissioner. 2935 which it said, "prevented the company from —196,000,000 —231,000,000 —823,000,000 + 961,000,000 Commercial, Industrial, and agri¬ Returns of Member Banks in New York Chicago—Brokers' cultural loans: City and 481,000,000 P Below is the statement of the Board of Governors of the Federal Reserve System for the New York City member banks and also for the -163,000,000 —197,000,000 —3,000,000 +2,000,000 —12,000,000 +26,000.000 +28,000,000 726,000,000 829,000,000 7.933,000,000 —1,000,000 z+4,000,000 +37,000,000 -1,341,000.000 1,133,000,000 2,946,000,000 5,404,000,000 334,000,000 1,742,000,000 + 1,000,000 —3,000,000 +36,000,000 + 16,000,000 —45,000,000 593,000,000 4,187,000,000 Open market paper Other 956,000,000 1,169,000,000 81,000,000 — Otherwise secured and unsec'd -6,000,000 -51,000,000 -1,000,000 660,000,000 On securities Loans Loans to Real estate loans Loans to banks.. Other loans: Obligations Loans and investments—total.. 7,913 3,657 industrial, Commercial, 1936 $ $ • Loans—total Nor. 4, 1937 $ 7,914 3,702 8,608 3,389 Chicago Nor. 3, Oct. 27, Nor. 4, 1937 1937 1936 $ $ $ 1,936 1,931 2,051 677 676 587 and 237 Otherwise secured & unsec'd 235 34 * 1,649 * 424 182 186 * 30 Cash in vault 732 779 39 40 23 8 238 76 75 134 134 14 14 2 981 deposits—ad j usted——14,804,000,000 deposits -— 5,274,000,000 471,000,000 deposits 59 131 55 229 197 * 4,946,000,000 24 2 * 14 6 z -142,000,000 —25,000,000 Foreign banks * + 15,000,000 —11,000,000 6,000,000 * * —124,000.000 —319,000,000 + 14,000,000 —71,000,000 —629,000,000 —536,000,000 +209,000,000 +233,000,000 —37,000,000 „, Borrowings 236 Loans to banks banks Domestic banks 39 Other loans for purchasing or carrying securities - Balances with domestic Demand banks Inter bank deposits: * * 424 30 Loans to brokers and dealers. Real estate loans. by - Reserve with Fed. Res. United States Government * 34 Open market paper 1,644 guaranteed Other securities Time agricultural loans: On securities fully United States Government New York City Assets— i On securities Otherwise secured and unsec'd (In Millions of Dollars) Oct. 27. or U. S. Govt, direct obligations CENTRAL RESERVE CITIES Nor. 3, 1937 — purchasing for loans carrying securities ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN brokers and dealers in securities Chicago member banks for the cur¬ rent week, issued in advance of full statements of the member banks, which latter will not be available until the coming Monday: —1,000,000 -1,095,000,000 +25,000,000 + 6.000.000 Comparable figures not available. Oct. 20 figures revised (Boston District). Other loans: Otherwise secured & unsec'd 195 U. S. Govt, direct obligations... 2,907 2,849 3,722 904 21 36 898 } United States Government... 392 389 464 100 100 93 Other securities 957 974 2,539 62 2,624 62 68 458 1,033 2,496 59 76 255 589 29 146 61 257 608 30 145 265 640 35 202 On securities - * * 22 36 * * 1,106 Opening ; Reserve with Fed. Res. banks.. Cash In vault Balances with domestic banks.. 68 462 Other assets—net., > 465 Liabilities— Demand 1,475 452 1,492 452 „ 1,573 436 6,289 591 245 117 47 49 77 1,954 Time deposits 5,941 734 257 1,887 2,496 517 644 437 6 374 453 409 513 6 .... -— .... ---- 375 362 18 18 24 1,480 1,479 1,440 246 245 -38 5,812 736 - United States Govt, deposits— Inter bank deposits: L Domestic banks ► Foreign banks Borrowings .... j...... Other liabilities Capital account... * Comparable figures not - Brussels 6 6 available. As explained above, the statements of the New York and ing the entire body of reporting member banks in 101 cities compiled. In the following will be found the comments of the Board of Governors of the Federal Reserve System respecting the returns of the entire body of reporting member banks of cannot be Conference to Between Japan and China opening session in Brussels, Belgium, on Nov. 3 of the Conference held to discuss the alleged violation of the Nine-Power Treaty, incident to the Japanese invasion of China, Norman H. Davis, the United States delegate, delivered the opening speech. In his concluding remarks he said "we come to this Conference with no commitments At the except those to treaty provisions and to Government of the United States has principles which the repeatedly and em¬ He added: the common of these treaty provisions and principles, which will provide for terminating the Far East and for restoring peace in that area. The Government of the Chicago member banks are given out on Thursday, simul¬ taneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held until the following Monday, before which time the statistics cover¬ Nine-Power H. Delegate, Says Effort Will Be Japan and China Peaceful Processes—Committee Proposed to Seek Peace phatically affirmed." Complete Returns of Member Banks of the Federal Reserve System for the Preceding Week of of Far East Situation—Norman Davis, United States Made to Urge upon 70 61 „ deposits—adjusted in Seek Solution Obligations fully guaranteed by United States is prepared to share in efforts to devise, within the scope a means of finding a pacific solution hostilities in On Nov. 4 Great Britain, France and the United States joined in a new attempt to bring Japan into peace negotia¬ tions, according to United Press accounts from Brussels, which also said in part: Led by the three democracies, eight principal Powers agreed at a private small committee, probably comprising the three two-hour conference that a 'nations, should be appointed to approach Tokio and try to find a peace basis for between China and Japan. The proposal was adopted later by the main body of the Conference. 2936 Financial Chronicle The three Powers also decided that Germany should be asked to join the peace efforts. . . emphasized, however, Italy, the Netherlands, Belgium, Portugal and Russia. All except Russia Paul Spaak, Under Belgium A Japan and offer its "good offices." Count Luigi Aidrovandi-Marescotti of Italy objected, maintaining that the Conference should merely invite China and ferences between Japan to settle their dif¬ This corresponds themselves. with Japan's contention with China. H. Norman Davis, Eden, and Foreign Minister Yvon Delbos, representing the three Powers, rejected the Italian would mean abandonment viewpoint, holding that it of the Nine-Power Treaty, Aidrovandi-Marescotti Count Powers adopted the proposal. was forced to give ever, the eight a the small committee mittee draft recommendation to approach Japan, suggesting that the small Powers, such 1 Associated advices Press from to the Brussels Conference quiclny as as . on the Far Eastern possible and get Japan . . Great Britain and the United States, for mediation if as by the Chinese and Japanese Governments. On Nov. 4 it was reported in a wireless message from Berlin to the New York "Times" that Germany has offered her services for mediation of the Sino-Japanese conflict, and that the offer has been accepted by both powers. that the committee also offer its "good offices" to The Conference adopted the proposals despite Italy's objections. Count Aidrovandi-Marescotti declared that the Conference should go no further The Eight-Power meeting was decided upon by Mr. Davis, Capt. Eden and M. Delbos. While Mr. learned Davis, Capt. that Sir Eden and M. Delbos Robert II. Invasion of Part of International Settlement Brings Apology to United States by Japan com¬ than to try to encourage direct negotiations between China and Japan. were conferring it Clive, British Ambassador to Belgium, Reporting on Nov. 5 that Shanghai had endured another day of constant shaking from a duel of heavy artillery beyond the International Settlement's western borders, wireless advices from Shanghai to the New York "Times" stated that again both Chinese and Japanese official statements con¬ cerning the outcome of the bitter fighting were contradictory. In part the message to the "Times" went on to say: The Chinese admit that about 2,000 Japanese soldiers attained the south was who bank of Soochow Creek Wednesday, slain Nov. 3 but they claim most of them driven back during that night's counter-offensive, leaving only recently had been transferred from Tokio, conferred with Caburo Kurusu, were the Japanese Ambassador to Belgium. three isolated asked Ambassador Sir Robert was understood to have Kurusu whether Japan would be willing to attend an¬ other conference to consider a succeeds in arranging an armistice in the present forces of Japanese aggression in the Far in the danger these forces will the world into a East not are pledged word is not restored, there is over-run the boundaries of China and throw general war from which no important power will be able to also quote: China, the delegate said, will only accept peace which conforms with the stipulations of the Nine-Power Treaty, guaranteeing China's independence and territorial integrity. Dr. Koo spoke after Norman H. Davis, American delegate, had appealed "equitable adjustment" of the an war. Mr. Davis was fully supported by Anthony Eden, British Foreign Secretary, Yvon Delbos, of France, and Maxim Litvinoff of Russia. Italy alone sounded "The delegates of several expressed a a note between my country and Japan and to work for the restoration of peace by agreement," Dr. Koo said. "China, whose love of good will. presence of "As long but know that It is not peace at any price do credit to Capt. Eden held we cannot obtain it in the are determined to continue brief conference with Mr. Davis after the American understood they discussed whether the Ambassador would be willing to act as a channel for the Conference to keep in touch with the was can merely invite China and Japan to enter direct nego¬ Luigi Aidrovandi-Marescotti, representative here, in his speech. Obviously referring to the in which he suggested a Premier Mussolini's ' recent speech of President Roosevelt in Chicago "quarantine" of aggressor nations, Count Aidro¬ vandi-Marescotti said: There be can no question of any direct or indirect coercive measures being speak more or less of a moral quarantine. It is only the parties directly concerned who are in a position to eliminate underlying taken. Nor can we causes. M. Delbos paid high tribute to President Roosevelt, who he said had pu* the United States in the "forefront of the countries working for peace." Success at the Conference, he said, would be the "signal of hope for the entire world." Count Aidrovandi- Marescotti said, however, that without Japan at the any discussion would be useless. Therefore, he added, the Italian Government makes the Conference, fullest reservation regarding any effort by the Powers to adopt a i esolution which merely would show that the countries concerned are powerless to do anything. It would be useless, he concluded, to send a . . a never accomplished vast people were taking place. All the world has been im¬ pressed with achievements effected by Japan and China. When the Nine-Power Treaty was signed, he said, the signatories be¬ lieved that the Chinese had the capacity to establish "During the years which have a elapsed, especially the "new order." more recent he added, "the Chinese have made rapid progress along tends to confirm the faith on which the Nine-Power Treaty "We believe that cooperation between Japan and China a course was which founded. has arrived. The daily landing replacements for the killed Many supply and munitions ships arrive daily, most of unloading at Woosung. A Japanese Army communique declared that there Settlement a was "no new informa¬ ... short distance from the International boundary, British guard outposts reported all projectiles Japanese late units seize the western yesterday crossed suburbs, an Soochow Creek in were drive the to operation which during the day produced an The fighting along the International Settlement's northern and western fringes, which already had plunged the Japanese into friction with the British defense force, led to a series of incidents of dispute with United States a Marines. Japanese bluejackets, trying to stepping stones, seized of the stream at a Soochow Creek by using junks as cross rice-laden junk point where marines a on the International Settlement side guard. were on The junk's Chinese crew was scared away when the Japanese fired a blank The junk volley. was seized, and, with several others, eventually became part of an improvised bridge by which the Japanese passed over the creek. The vigorous protest of the marine commander. Brigadier General John O. Beaumont, brought an apology from Admiral Kiyoshi Hasegawa, com¬ manding the Japanese naval forces here, and would not On a promise that the incident recur. Nov. 3 Japanese troops were said to have gotten through the hitherto impregnable lines of the Chinese 8th Route Army (former Red Army), north of Taiyuan and it was further said that they were closing in on the Shansi Province capital, according to spokesman for Lieutenant General Juichi Terauchi, supreme Japanese commander in North China. The United Press accounts from Peiping on that day likewise said that he estimated the Chinese had lost 30,000 men in a battle raging north of Taiyuan for a week. most He described the battle dramatic of the From gram to as one of the bloodiest and war. Peiping on Nov. 4 Douglas Robertson, in the "Times" stated in part: a cable¬ equals and not as enemies. "The problems underlying Sino-Japanese relations must be solved behalf of Belgium. Describing the fighting as the most severe hand-grenade duels and bayonet fighting of the entire campaign, In was common, the Japanese spokesman said Japanese troops had captured Sinhsien at midnight Tuesday and were fighting. pursuing the Chinese, who were Japanese motorized columns They are assisted by retreating have airplanes been that southward toward active in continue retreating troops. Shansi the attacking^tbe i»i M 4 The Japanese spokesman declared that winter was already well advanced In Shansi, where the troops faced snow and bitter winds, even finding a Big Chinese Losses Listed Paul Spaak, Belgian Foreign Minister, who was elected President of the on ince. several streams and rivers frozen. on basis that is fair to each and acceptable to both." Conference, welcomed the delegates Encountering the strongest resistance offered in any sector of North China since the warfare started, Japanese troops have captured the Chinese defenses of Sinhsien 40 miles north of Taiyuan, the capital of Shansi Prov¬ Taiyuan. is essential to the as three transports are Although the battle raged only which years," best interests of those two countries and to peace throughout the world. We believe that such cooperation must be developed by friendship, fair play and reciprocal confidence. If Japan and China are to cooperate it must be as friends and deadlock . Mr. Davis said that in the Far East important changes in the thought and activities of or wounded. tion from the Soochow Creek front." commission to the Far East study the situation because previous commissions had anything. of weo^ (Nov. 2) a Chinese spokesman (ac¬ cording to associated Press advices from Shanghai declared that China's Army had driven Japanese forces back from the south bank of Soochow Cleek despite a relentless Japanese artillery and aerial bombardment in the attempted encircle¬ ment of Shanghai. From the same advices we quote: Government. Count periods Earlier in the Japanese said continuous front about are Two riers. our that will either render justice to delegate had had luncheon with French Foreign Minister Delbos. Capt. saw Ambassador Saburo Kurusu, Japanese Ambassador, and it The Conference a mile. bring heavy artillery within striking range cf the Chinese positions. Japan at present has 42 warships between Shanghai and Woosung and more just outside the river mouth—including six airplane car¬ Eden also tiation, of those a American protest and a Japanese apology. civilization," he said. a hold now mile to more than nearly 40 traditional, appreciates this gesture of that aggression persists we as being surrounded and falling outside the Settlement. Japanese aggression. resistance. or peace is We desire peace, which is strengthening their entrenchments and bringing up reinforce¬ ments, while the Japanese are straining every effort to repair roads and of opposition. Powers represented at this Conference, have sincere desire to bring about a cessation of hostilities now raging a Apparently another Chinese them we , bank, long, and they say their south bank foothold is of varying depths from two-thirds of and keep aloof for long. From United Press advices from Brussels the south on The Japanese counter these claims by declaring that they have hurled a six miles saying: If the rampant posts large force southward of the creek and fighting. day, Nov. 3, Dr. Wellington Koo, the Chinese delegate, declared that China will continue to fight until Japan halts her aggression. He was further quoted as effectively checked and faith or threatened with annihilation. general Far Eastern settlement if the present On the opening to do Sino-Japanese Conflict—Both Sides Claim Advances— delegate. a reply to the Japanese note refusing to attend the Conference. a Delbos proposed China we want to He stated also that the Conference might suggest the availability of cer¬ it should be desired Davis proposed establishment of China and Japan. for Nov. of and China to begin direct peace negotiations. Conference this afternoon the decisions of the eight Powers were presented, Mr. every "What said the small committee might send a message to Tokio pointing out When at the meeting of the full one He before Italian sources, how¬ that Japan would not be treated as a criminal if she sends M. and way The idea that the Conference should send invitation to Japan to attend was abandoned. new tribunal a high Japanese authority told the Associated Press tonight that Japan's official tain Anthony Secretary Foreign date conflict would be to end the Conference that the other Powers should keep their hands off and let Japan settle her own account be Brussels said: Foreign Minister, proposed on behalf of the three Powers that the small committee approach China and would not is to reestablish peace and law." learned that was the meeting "Our aim is to halt the war, if possible," he said. signatories of the Nine-Power Treaty. However, it that which Japan could be taken as a "culprit." Leaving the meeting, the delegates tried to evade questions about the decisions reached. 6, 1937 Japan's refusal to attend made the task of the Conference difficult. . Besides the three Powers, nations represented at the private meeting were are Nov. He said that In the Sinhsien fighting the Japanese say the Chinese losses totaled.about 30,000 killed and wounded, the original strength being 15 divisions. The Volume Financial 145 Japanese also assert the Chinese troops abandoned immense arms, ammunition and military supplies during their supplies^of Niangtzekwan, are reported severe encounter with the Chinese forces in this Taiyuan after a Although unwilling to discuss the possible time area. fall of Taiyuan, Japanese authorities here are captured of the confident the capital will be soon. ft In the Peiping-Hankow Railway sector Chinese troops counter-attacked but were said to have been repulsed after several hours of severe fighting. The Japanese declare the Chinese are now retreating southward although they admit this was not the first time the Chinese counter -attacked in this reported that Japan and Russia were rapidly in¬ creasing their forces along the boundary between Japan's advices It Siberia. It was I'',-.:,-.-/;"yy;V"; Manchukuo and Soviet ; protectorate of added: y;, y'y.-.v authoritatively estimated that 40,000 Japanese troops was taken part in the conquest chukuo. who had of North China had been sent into North Queipo de Llano's reconnaissance planes report General Oct. 30, when, that city from Valencia to set up new headquarters of the government. An item bearing on the Spanish civil war appeared in these it Barcelona became the capital of Spain on is stated, Premier Juan Negrin flew to columns week ago, page a 2766. following we compare the condition of the Canadian banks for Sept. 30, 1937, with the figures for Aug. 31, 1937, and Sept. 30, 1936: In the STATEMENT OF CONDITION OF THE 2766. Gaining on Aragon 4 from (Associated Press) under date of Nov. Hendaye, France (at the Spanish frontier) quoted military dispatches from Insurgent headquarters at Salamanca as reporting the retreat of government troops from several positions on the Aragou front. These advices said: Three of Generalissimo Francisco Franco's crack commanders—Generals Moscardo—are and directing Southern concentrated positions for the on the government lines Aranda, Solchaga Aragon. activities in Today they moved up advance posts and Thousands of reinforcements were massed Teruel sector. the offensive in Eastern Spain, and continual pressure expected. was front quiet. as the year-old siege of the city. Insurgent advance posts the Insurgent line Tanks on were The Associated Press added: attacking and that Government soldiers who had passed into The dispatches said that Government troops had already started told of intensive preparations for the drive. to have aided the preparatory Government assaults siad suburb; on the Cuesta de la Aranjuez, to the southeast. Insurgent positions in the University City Reina sector, 20 miles to the south, and on Insurgent air raid on Leride, 75 An miles west of Barce¬ reported on Nov. 2 in a Spanish Government communique, it is learned from Associated Press account from Madrid, which on Nov. 4 stated: lona, was (Nov. 2) Catalan city of Lerida at 225 dead and more than 700 injured. appeared over Lerida yesterday afternnoon, but dropped no today placed the toll of Tuesday's An official announcement air raid on the Nine bombers bombs. attack yesterday on Barbastro, which reported about 80 persons killed, were city in Catalonia. another the worst attacks on government of the civil war in July, 1936. estimated about 70 children perished in a primary school at Lerida ranked by Madrid newspapers as among territory since the beginning It was when bomb shattered it. a the Spain, Oct. 30, the Associated Press said northern coastal defense notified the Spanish Ministry of Defense that the British freighter Jean Weems had been sunk that day in the Mediterranean Sea by insur¬ which dropped airplanes gent 15 bombs. The account stated: • off the port of Gerona, Catalonia, en route The vessel was 16 miles Marseilles, France to Barcelona when the bombing with a cargo of wheat and from condensed milk Deposits with Bank of Canada Notes of other banks currencies. United States & other foreign Cheques on other banks Loans to other banks In Canada, secured, on observers for the London non-intervention Their names were given as Gustav U. Chesom, of Sweden, (The Jean Weems, a 2,349-ton vessel, appears in Lloyd's American-owned and registered at Baltimore, but Lloyd's London that the freighter had Later advices been changed to British registry said it had not heard of the Register as disclosed at during July. attack.) 72,956,767 United Kingdom. ... Government and Provincial survived the sinking of the British declared today that an vessel and then sank it freighter Jean Weems Italian-made seaplane machine-gunned the with bombs. . Scottish sailor, telephoned an account British of the cared for. He said a plane appeared from the direction of Majorca, Insurgent-held Balearic Island, and, after warning the crew to take to life-boats, dropped Bemeorough, a coastal village where the crew was disaster from a Catalonian 16 bombs. Oct. 29 from Cordoba Spain to had the following to say in part: A wireless message New York "Times" the iron and coal situated in and around of Cordoba, is the prize for which the Rebels Loyalists have struggled for the last three months. . . . Rich deposits of lead, copper, Penarroya, 40 miles northwest and General Gonzalo Queipo de Llano, Commander-in-Chief of the southern day and has assured this important mineral The whole mining area has now been liberated from the threat of Loyalist pressure. The Rebels occupy the whole Sierra Grana, also Sierra Peru and for the first time General Franco's army, area 100,671,568 1,119,772,593 1,118,244,472 1,107.267,951 Government securities securities and Brit¬ Canadian municipal public securi¬ ish, foreign and colonial ties other than Canadian 192,587,428 133,270,530 Railway and other bonds, debs. & stocks Call and short (not exceeding 30 days) deben¬ securities of value to marketable cover 99,933,164 — Elsewhere than In Canada Other current loans & dlsc'ts 63,966,296 770,684,341 172,426,943 In Canada. Elsewhere ... of Canada— governments Loans to the Government Loans to Provincial Loans to. cities, 20,128,052 municipalities towns, and school districts.. Non-current vided for.. 91,648,032 estimated loss pro¬ loans, ........... ..... premises.. sold by bank. premises at not more than cost Real estate other than bank Mortgages on real estate Bank written off Liabilities of customers under letters of less amounts (If any) credit as per contra Deposit 11,611,623 8,710,298 4,239,310 74,326,931 67,196,172 : Minister of Finance circulation... the with for the security of note controlled cos... not Included under the fore¬ going heads has finally gained the for General Francisco Franco. 104,965,842 60,314,783 687,836,073 156,028,254 19,862,964 26,371,644 95,384,940 92,704,840 — Balance due to Dominion ducting adv. for credits, Balance due to Provincial 66,059,572 13,356,416 8.909,674 4,554,604 75,176,183 63,828,086 m 1,981,052 2,040,812 7,028,148 9,092,198 11,095,806 7,025,143 110,939,351 45.136,007 35,712,172 37",976", 774 44,708",256 713,627,549 686,448,383 pay-lists, &c_ Act governments- payable on de¬ Deposits by the public, mand in Canada the ft 1,750,445 payable after 1,574,503,186 In Canada... secured. Including bills In United Kingdom Canada and the Bills payable and letters of credit out¬ standing foregoing heads Dividends declared and unpaid Rest or reserve fund Capital paid up Nov. 33,862^821 647,739,862 425,153,422 ,577,638,802 433,620,529 14,504,962 14,981,823 13,683,503 ,500,864,604 405.640,225 - 15 17,256,408 13,150,703 11,061,490 37,699,635 1,217,569 41,904,640 1,230,474 30,199,333 1,268,333 67,196,172 2,921,611 66,059,572 2,816,902 2,951,298 133,750,000 145,500,000 63,828,086 2,709,686 821,743 133,750,000 145,500,000 800,735 132,750,000 145,500,000 3,321,917,995 3,331,412,953 3,189,950,119 reports, the lootings in the cents In the official with the totals given. Note—Owing to the omission of the above do not exactly agree of 80,185,869 redlscounted.. Deposits made by and balances due to other banks In Canada ............ Due to banks and banking correspond¬ ents In the United Kingdom than 116,282,712 — public, Deposits elsewhere other than in Canada Loans from other banks In Canada, Elsewhere 74,548,355 108,225,813 Govt, after de¬ Advances under the Finance by 11,701,089 8,659,480 4,248,116 3,339,616,384 3,326,347,390 3,204,835,636 Liabilities Acceptances 113,997,829 74,524,801 747,670,894 159,669,042 ..... Total assets.. Deposits 170,681,652 101,557,144 5,975,111 11,039,077 Shares of and loans to Other assets 195,154,187 132,650,931 Canada on stocks, sufficient Paid on Kingdom of Stabilization Loan 1928 Interest to be Bulgaria 73^ % 31) ,v'. William 76,668,501 In Canada and the ents elsewhere than 32^% (Associated Press) from Valencia (Oct. said: A seaman who 4,994,286 26,479,936 correspond¬ Due from banks and banking a 5,375,227 22,780,461 correspond¬ United Kingdom— ents In the Dominion 4,421,761 24,297,260 Canada Total liabilities board were saved. The British Admiralty 47,038,217 173,845,599 5,765,756 23,208,284 114,028,553 due balance and with made from other banks In Due from banks and banking and Arnold Cifif, of Lithuania. All 50,130,788 185,259,248 6,477,775 25,360,108 102,645,050 Including bills redlscounted... Deposits Liabilities not lncl. under occurred, the English captain said: The crew of 26 included two committee. 17,378,381 53,716,466 179,361,600 5,112,944 24,176,317 116,954,863 Notes of Bank of Canada notice or on a fixed day From Valencia, that 9,211,679 Notes In circulation '_V.. bombing of Lerida and a similar The 5,320,819 12,057,562 9,121,338 tures, bonds and other According to advices Nov. 1 from Hendaye (Associated Press) Spanish Insurgent military dispatches from Salamanca said the Government was concentrating troops and equip¬ ment iu the Madrid sector for a general offensive to break S 5,102,920 4,108,759 Dominion notes loans In Both sides described the Madrid $ 5,043,443 4,077,895 Elsewhere Reported Forces 31, 1937 Sept. 30, 1936 5 coin— Current gold and subsidiary In Canada r Front—Spanish Loyalists Said to Be Concentrating in Madrid Sector—Air Raids by Franco Troops—Sinking of British Freighter Jean Weeras —Barcelona Becomes Capital of Spain in ' Sept. 30, 1937 Aug. Assets appeared in our Japanese Conflict Troops Advices BANKS OF THE DOMINION OF CANADA Man¬ Total. Franco's Gen. > Figures of Condition of Canadian Banks Comparative through Tientsin. Reference to the Sino Oct. 30 issue, page , the Loyalists have withdrawn few days reported the movement of Japanese troop Foreign sources had trains northeastward of Penarroya. their artillery, and that the nearest Loyalist batteries are emplaced behind Sierra Trapera, 12 miles northwest of Penarroya, thus enabling the Insurgents to open up the mines. In the last sector. Under date of Oct. 30 the Associated Press in Peiping flying over Sierra Noria, important key position scarlet and yellow flag is six miles northwest retreat. Other Japanese, advancing westward from to be about 35 miles from 2937 Chronicle Speyer & Co. and J. Henry Schroder as American Fiscal Agents for the Banking Corp., New Kingdom of Bulgaria 7Y<i% Stabilization Loan 1928, announced Nov. 3 that Nov. 15, 1937 coupons off dollar bonds of this loan, presented with an appropriate letter of transmittal, will be paid on or after that date at the rate of $12.19 per $37.50 coupon and $6.09 per $18.75 coupon in full settlement for and against surrender of the coupons. This payment represents 323^% of the in¬ York, terest then due. Optional Offer of Exchange Made on German Bonds— Applies to Several Matured Issues Announcement was made on Nov. 1 by the Conversion Off'ce for German Foreign Debts of an optional offer of ex¬ change to holders of matured bonds of the following ;ssues: City of Frankford-on-Main 7 % serial bonds of 1925, matured Oct. 1, 1937* City of Duisburg-Hamborn (City of Duisburg Financial 2938 external gold 7% serial bonds), matured Nov. 1, 1937. Municipal Bank of the Sate of Hessen 7% serial bonds, ma¬ tured Nov. 1, 1937; Free State of Oldenburg (State of Olden¬ burg external 7% serial gold loan cf 1925), matured Nov. 1, 1937; and Free State of Wuerttemberg (consolidated munici¬ pal external serial 7% gold loan of 1925), matured Nov. 1, As to the offer it 1937. Holders of these bonds may of bonds of an amount to be selected announced: was exchange their matured bonds for a like unmatured series of the above issues, such series 1, 1938 or May 1, 1938, respectively attached. Or, as The City of Buenos Aires for redemption on Jan. Payment presentation of the bonds at the New York office of Kidder, Peabody & Co., successor fiscal agent. Funds The for Payment of 32^2% of Nov. 1 State of Maranhao, Brazil, External on 7% Bonds of 1928 German bank authorized to a The State of Maranhao, Brazil, announces that funds have and disposal of amounts use Remitted Coupons the debtor with the conversion office, into an "amortization blocked reichs- foreign exchange operations. par, all of its outstanding 31%-year 6%% sinking fund bonds of 1924, series will be made on and after that date upon external bonds, of the reischsmark equivalent of the principal thereof deposited by mark account" in the name of the holder with (Argentine Republic) has called 1, 1938, at an alternative, they may accept payment, against surrender of their matured transact Nov. 6, Outstanding City of Buenos Aires, Argentine, External 63^% Bonds of 1934, Series 2-B, Called for Re¬ demption Jan. 1, 1938 2-B. by the conversion office, with interest coupons maturing on and after April Chronicle deposited are subject to German Governmental regulation, according to been the announcement. agent, for payment of the Nov. 1 coupons Bondholders desiring to accept this offer should deliver their bonds to the proper & such agent, Speyer being agents follows: as Duisburg-Hamborn issue, Co. Frankfort-On-Main Chase National Bank; issue, Hessen Municipal Bank issue, Dillon, Read & Co.; Free State of Oldenburg issue, Irving Trust Co.; Free State of Wuerttemberg issue, both Chase National No interest accuring after the respective maturity dates will be paid on bonds not surrendered under this exchange offer. Bank the will the rate on of Trust 5*^% Gold Notes due Nov. 1 Co., York a on secured sinking fund 7% accordingly be paid at this rate New York, New bonds of 1928 office of Bankers Trust Company accom¬ to accept such agrees partial payment in full satisfaction Coupons presentation at upon letter wherein the holder special the State of 32%% of the dollar face amount. coupons. by Commerz-und Privat- Aktiengesellschaft Bankers to Maranhao external at panied by Bank and City Bank Farmers Trust Co. Two Alternative Offers Made remitted and discharge of the • Odd-Lot Trading on New York Stock Exchange During Week Ended Oct. 23 On Nov. 4 the Securities and || Commerz-und Privat-Bank Aktiengesellschaft is making two alternative offers of settlement to holders, residing out¬ side of Germany, of the certificates of participation of The Chase National Bank of the City of New York, representing participations in its 10-year 53^% gold note, due Nov. 1, 1937. The foreign exchange restrictions existing in Germany the notice outlining these offers points out, do not permit the transfer of funds out of Germany to pay this note in ac¬ cordance with its terms. An announcement issued in the matter Nov. 1 also said: Coincident with the announcement of these offers, The Chase National Exchange Commission made for the week ended Oct. 23, of the daily figures on odd-lot transactions of odd-lot dealers and specialists in stocks, rights and warrants on the New York Stock Exchange, continuing a series of current figures being published weekly by the Commission. The figures for the week ended Oct. 16 were given in these columns of Oct. 23, page 2621. The data published are based upon reports filed daily with the Commission by odd-lot dealers and specialists. The figures for the week ended Oct. 23 follow: public a summary corrected ODD-LOT TRANSACTIONS OF ODD-LOT DEALERS AND SPECIALISTS IN STOCKS, RIGHTS AND WARRANTS ON THE NEW YORK STOCK EXCHANGE, WEEK ENDED OCT. 23, 1937 Bank of the City of New York as trustee states that it is prepared to furnish holders of the certificates with all information in its possession concerning the trust under which the note is held and the certificates were issued and advises that they obtain this information before taking any action in con¬ nection with their certificates. The first alternative Reichsmarks, for the account of the certificate holder to any bank in Germany authorized to deal in foreign exchange of the Reichsmarks equivalent of the certificates at the official middle rate for American dollars prevailing in Berlin on the date of tender in New York City. Under the second method of settlement, the Commerz-bank will credit its books with on an amount in dollars The doliar account. amounts credited under this alternative may be converted at any time into "blocked" Reichsmarks, which will constitute originally owned "blocked" Reichsmarks, if the holder continuous ownership of the certificate since Oct. 31, 1936 can prove >• Both "blocked" Reichsmarks ceptance of either offer will dollar balances resulting from the ac¬ or be subject to existing and future German foreign exchange regulations. | Holders of certificates desiring to accept either of the alternative offers are required to present their certificates to Schroder Trust Co., New York, not later than 3 p. m., Dec. 1. Nov. 1 Coupons on State of Rio Grande do Sul, Brazil, 7% Gold Bonds External Loan of 1926 to Be Paid 35% of Face Amount—Rulings on Bonds by New York Stock Exchange Ladenburg, Tlialmann & Co. as special agent, is notifying at holders of State of Rio Grande do Sul (United States of sinking fund gold bonds, external loan of 1926, that funds have been deposited with them, suffi¬ Brazil) 40-year J% cient to make a payment, in lawful currency of the United States of America, of 35% of the face amount of the coupons due Nov. 1, 1937, amounting to $12.25 for each $35 coupon and $612% for each $17.50 coupon. An announcement in the matter continued: Pursuant to the United the States Decree of of the Brazil, Chief such of the payment, Provisional if accepted of the bonds and coupons, and of No due the claims present Nov. 1, Government by the of holders must be accepted in full payment of such coupons for interest represented thereby. provision, 1931 to the Nov. notice 1, states, 1933 has been made for the coupons but they should be retained inclusive, for future adjustment. The were the bonds by its Committee on announced on Nov. 3 by the New York on Stock Exchange: YORK STOCK Committee H^That on Value 486,245 44,390 1,310,113 537,694 1,033,622 25,117,916 26,130,132 18,650 449,998 535,566 $12,961,129 25,962,093 14,201,473 13,401,096 15,435,970 4,841,451 $116,680,113 114,918 3,319,616 $81,961,761 46,919 1,144,284 1,097,862 42,986 930,900 Oct. 22 and 23 42,506 Total for week 209,135 19,711 16,273 Member Trading on New York Stock and New York Curb Exchanges During Week Ended Oct. 9 A decrease during the week ended Oct. 9 in trading in Exchange for the account of all members, except odd-lot dealers, in relation to total trading, was made known by the Securities and Exchange Commission yesterday (Nov. 5). During the same week, however, the percentage of trading by members of the New York Curb Exchange for their own account to total trans¬ actions was above the previous week ended Oct. 2. During the week ended Oct. 9, according to the Securities and Exchange Commission, the total round-lot volume of trading for the account of members of the Stock Exchange was 3,318,375 shares, which was 22.06% of total trans¬ actions on the Exchange of 7,522,490 shares. In the pre¬ ceding week ended Oct. 2 the Stock Exchange members' transactions of 3,364,112 shares was 22.70% of total trad¬ ing of 7,408,900 shares. On the Curb Exchange, member trading for their own account during the week ended Oct. 9 was 577,540 shares, or 20.44% of total trading of 1,413,200 shares; this compares with a percentage during the previous week of 19.94%, member trading during that week having amounted to 587,440 shares and total volume to 1,473,035 stocks on the New York Stock shares. The data issued by the SEC is in the series of current figures being published weekly in accordance with its pro¬ embodied in its report to Congress in June, 1936, on "Feasibility and Advisability of the Complete Segrega¬ tion of the Functions of Broker and Dealer." The figures gram the for the week ended Oct. 2 Oct. 30, page 2768. The were given in the "Chronicle" of Commission, in making available Oct. 9, said: The figures given for total round-lot volume for the round-lot sales of stock effected volume reported on on Nov. 4, on Securities . a beginning Nov. 4, 1937, must delivery in carry the Nov. 1, 1931, and subsequent coupons, with the exceptions of the coupons due May 1, 1934, to Nov. 1, 1937, inclusive. Stock by the ticker. The total round-lot volume for the Oct. 9 on the New York Stock Exchange, 7,522,490 shares, 8.5% larger than the volume reported on the ticker. On the New York Curb Exchange, total round-lot volume in the same week, 1,413,200 shares exceeded by The Stock data 6.8% the ticker volume (exclusive of rights and warrants) published are based upon reports filed with the New These reports are classified as follows: New York Stock Exchange Number of reports received 1,074 Reports showing transactions as Other than Initiated as Secretary. on Reports showing New York Curb Exchange 867 \ , specialist*. 205 107 specialists floor 287 no transactions ; 66 326 Initiated off floor ROBERT L. FISHER, York Exchange and the New York Curb Exchange by their respective members. 1937; the bonds shall continue to be dealt in "flat" and to be settlement of transactions made York those exchanges as distinguished from Securities rules that the bonds be quoted ex-interest $1,000 bond New Exchange and the New York Curb Exchange represent the volume of all was 1926, due 1966: per Shares 15,894 Oct. 21 week ended EXCHANGE Nov. 3, 1937. Notice having been received that payment of $12.25 per $1,000 bond is being made on surrender of the coupon due Nov. 1, 1937, from State of Rio Grande Do Sul 40'year 7% sinking fund gold bonds, external loan of The Committee No. Ord. $15,661,854 23,627,962 26,142,249 Oct. 20 the NEW $12.25 Value 634,783 the data for the week ended following rulings Securities Oct. 19 Shares 29,154 47,570 Oct. 18.. equal to the aggregate principal amount of certificates presented, crediting interest from Nov. 1, 1937 in dollars at 4% per annum unless the holder requests that such interest be paid in Reichsmarks to the Conversion Office for German Foreign Debts for his PURCHASES (Customers' Orders to Sell) No. Ord. offer by Commerz-und Privat-Bank Aktiengesell¬ schaft provides for the payment in "blocked" the certificate holder SALES (Customers' Orders to Buy) Trade Dale 130 469 589 Financial 145 Volume f *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 Curb Exchange perform the functions of the New York Stock Exchange odd-lot dealer, as well as those of the specialist. The number of reports in the various of reports received number the classifications may total more than because, at times, a single report may entries in more than one classification. carry YORK NEW FOR ACCOUNT OF MEMBERS Week Ended Oct. 9, Below a STOCKS ALL IN 1937 $ 399,477,668 362,955,569 Nov. 30 Dec. 31 456.612,100 439,457,000 600,199,622 631,624.692' 753,101,103 324,504,713 292,695,852 243,792,915 375,107,915 7,522,490 Total volume of round-lot sales effected on the Exchange. transactions Round-lot members of 31... 29 , Sold i. Total • May 29 31 661,285,603 708,177.287 768.439.342 Dec. 31 7.65 1,150,520 1937 253,050 389,305 Initiated off the floor—Bought. 2. Sold 30 27 4.27 May 29 June 30 July transactions Round-lot specialists of registered—Bought... in In stocks .... .... ...... 762,230 763,770 Total round-lot transaction, of members, except transactions of odd-lot dealers In stocks in which registered—Bought.. Sold Oct. 30 282,985,819 1,051.425.161 307,266.765 340,396,796 1,026,372,092 1,074,832.139 1,158,684,205 1,187,279.384 1,152,212.988 1,186,327,581 1,173.757,608 1,186,449,148 1,039,120,516 - 719,105.327 734.435.343 792,419,705 804,749,884 777,836.642 818,832,335 836,864,420 872,462,148 732,505,016 493,340,168 366,264,500 382,529,500 374.376,346 367,495,246 336,893,088 313,987,000 306,615,500 232,282,704 725,622,87 10.14 H 1,584,940 ,1,733,935 of Value Market Stocks Listed York Stock New on Nov. 1 $44,833,215,320 Compared with $49,034,032,639 Oct. 1—Classification of Listed Exchange 22.06 3,318,875 Total 31 Sept. 30 1,526,000 Total 31 Aug. which ..... Sold 1 30 Apr. 988.543.241 967,381.407 973,784.584 971,531.244 974.928,018 984.004.702 ' - Mar. 31 642,355 Total. Jan. Feb. — 1,063,950.736 969.997,839 407,052,915 396,076,915 381.878.415 372,679,515 313,642,415 275.827,415 571,304,492 591,906,169 598,851,729 Nov. 30 924.704,335 924.320.544 996.894,018 410,810,915 581,490,326 Oct. 569,660 580,860 391,183,500 688,842,821 559,186,924 30 Apr. July of transactions except specialists and odd-lot dealers in stocks in which registered: on the floor—Bought 1. Initiated 418.266,300 i Jan. 31 Aug. 31 Sept. 30 Cent, b Week 772,031,468 781,221.869 792,421,569 846,113,137 938.441,652 372.553.80o 335,809,469 406,656,137 547,258,152 Aug. 31 Sept. 30 Oct. 31 June 30 Per Total for Total Loans Time Loan• * Mar. 31 v compilation of the figures: Demand Loans Feb. (SHARES) furnish a two-year we 1935— 1936— EXCHANGE—TRANSACTIONS STOCK 2939 Chronicle Stocks Transactions for account of odd-lot dealers in stocks in which stock issues aggre¬ the New York Stock Exchange with a total market value of $44,833,215,320, the Exchange stated on Nov. 4. This compares with 1,253 stock issues, aggregating 1,398,144,806 shares listed on the Exchange Oct. 1, with a total market value of $49,034,032,639, and with 1,196 stock issues aggregating 1,349,322,382 registered: i; 509,510 108,010 In round-lots—Bought 1. Sold specialists): 1,005,127 Bought 1,375,645 Sold ;; NEW gating 1,407,888,750 shares listed on 617,520 Total. In odd lots (Including odd-lot transactions of 2. 2,380,772 Total. CURB EXCHANGE—TRANSACTIONS IN FOR ACCOUNT OF MEMBER8 a (SHARES) Week Ended Oct. 9 1937 YORK STOCKS ALL with shares value of $58,507,236,527 on total market a 1936. The Exchange, in for Nov. 1, 1937, said: Nov. 1, Per Total for Cent, b Week making public the figure 1937, New York Stock Exchange As of Nov. 1, 1,413,200 Total volume of round-lot sales effected on the Exchange 1, 1937, there were 1,255 As of Nov. member total net borrow¬ York City on collateral amounted to $725,622,872. The ratio member total borrowings to the market value of all listed stocks, ings in New transactions Round-lot 1. of except members, transactions of these of specialists in stocks in which registered: Initiated on the floor—Bought on 38,150 47,130 Sold Member borrowings are not broken therefore 1.62%. this date, was down to separate those only on listed share collateral from those on other usually will exceed the true relationship between all listed shares and their market values. collateral: thus these ratios 85,280 Total. Sold 112,950 Total. transactions Round-lot specialists of in stocks in As of Oct. 4.00 ... 379,310 to $1,039,120,516. 13.42 industrial average Total round-lot transactions for accounts of all Bought members: ... ... Sold Odd-lot transactions of specialists In stocks York City on collateral amounted The ratio of these member total borrow¬ with price for each: groups ! Nov. 1, and Financial The Chemicals 189,451 Total a term "members" includes all Exchange members, their firms and their partners, Including special partners. Building _ Electrical equipment Farm machinery— only sales Machinery and metals Rubber and tires Stock Exchange Reports Demand loans on Oct. 30 were reported by the Stock Exchange at $493,340,168 against $732,505,016 Sept. 30 and $661,285,603 Oct. 31, 1936; time loans at the latest date amounted to $232,282,704, as compared with $306,615,500 and $313,642,415 respec¬ tively, a month and a year ago. The following is the compilation made available by the below a month and Exchange on a year ago. of business, Oct. 30, The detailed tabulation follows: (1) (2) Trust Companies City of New York 152,220,113 Miscellaneous utilities Aviation 246,081,618 367,505,925 9,554,656 28,988,015 89,934,582 182,437,394 1,488,117,618 28,190,722 680,557,352 1,040,385,204 ... Business and office equipment.. Shipping services Ship operating and building Miscellaneous businesses... Leather and boots Tobacco... Garments U. 8. companies operating abroad Can.) Foreign companies (lncl. Cuba & 44,833,215,320 All listed stocks 26.59 28.07 22.21 31.52 31.40 46.23 18.72 25.20 13.37 90.99 14.24 10.71 32.45 4.56 9.57 15.18 Price $ ' 32.51 3,768,308,160 1,125,665,124 5,762,336,199 21.43 67.22 30.11 640,980,842 1,840,522,266 2,942,283,241 437,965,764 48.13 32.70 41.42 79.51 903,817,997 437,783,318 39,813,496 1,895,995,964 1,902,192,028 5,751,980,873 449,393,475 2,473,259,943 4,213,188,780 2,735,802,272 248,124,884 1,890,405,783 1,334,881,580 3,621,023,974 157,075,876 268,913,297 408,118,537 10,221,547 33,626,984 102,853,533 24.43 7.92 30.23 30.35 30.60 25.32 34.05 35.83 55.32 21.65 26.73 13.74 96.48 14.69 11.71 30.03 4.88 11.10 17.36 26.73 204,626,370 30.00 55.92 1,554,837,138 58.42 16.79 21.23 30,108,444 713,795,095 22.27 27.05 1,129,071,853 29.32 31.84 49,034,032,639 35.07 17.92 market We give below a two-year compilation of the total value and the average price of stocks listed on the Exchange: * $230,582-,704 1,700,000 Average Value Price 1 Dec. 1 Jan. 1 1 1 Apr. 1 1 securities" pledged as collateral borrowings included in items (1) and (2) above June 1 $725,622,872 July 1 1 1 $14,969,280 of the above compilation is exactly the same as in the loan Aug. Sept. Oct. 1 ■ 1936— 1935— $232,282,704 Total face amount of "Government Exchange a month ago. Market Price 1 Mar. 25,708,100 $493,340,168 . Average Value Feb. -.$467,632,068 Combined total of time and demand borrowings (operating) Communications (cable, tel. & radio). May report issued by the *»'«» $43,002,018,069 44,950,590,351 $32.90 34.34 Nov. 1 Dec. 1 $58,507,236,527 60,019,557,197 $43.36 44.20 1937— 1936— Net borrowings on collateral from private bankers, brokers, foreign bank agencies or others in the The scope <» Gas and electric (holding) Nov. Time Net borrowings on collateral from New York banks for the 27.25 7.00 $ Market Demand • •••* total net borrowings on collateral, contracted for and carried in New York as of the close or Railways and equipments Steel, iron and coke Nov. 3: New York Stock Exchange member 1937, aggregated $725,622,872. 35.62 21.16 5,388,434,380 394,261,961 2,298,228,982 3,693,749,420 2,279,475,505 215,489,539 1,788,216,943 1,298,366,557 3,415,198,359 — Retail merchandising..— electric 30.48 69.25 1,709,494,601 1,733,838,538 ...—— Paper and publishing.. Gas and Outstanding brokers' loans on the New York Stock Ex¬ change decreased during October to $725,622,872 at the end of the month, the Exchange made known on Nov. 3 in issuing its monthly compilation. This figure is $313,497,644 below the total for Sept. 30 of $1,039,120,516, and $249,305,146 below the Oct. 31, 1936 figure of $974,928,018. During October demand loans and time loans were both 60.75 26.09 Land and realty foxtsilos Oct. 31, 1936 19.48 379,183,696 35,153,068 Petroleum Outstanding Brokers' Loans at $725,622,872 Oct. 30—Decrease of $313,497,644 from Sept. 30 and $249,305,146 from York $ 28.39 44.75 Amusements Mining (excluding iron) New Value 1,725,931,080 2,755,289,681 376,213,572 925,985,894 manufacturing.. Foods members' transactions to total Exchange transactions. Aver. Market Price 555,287,809 . _ _ . »_ .—- In cal¬ culating these percentages the total of members' transactions la compared with twice the total exchange volume for the reason that the total of members' trans¬ actions includes both purchases and sales while the total exchange volume includes b Percentage of Aver. 3,292,198,920 1,017,633,646 5,241,609,970 accessories r ' Oct. 1, 1937 Value Autos and ^ Market 20.44 84,118 105,333 Sold by leading . 1937 In which registered. Bought this date, aggregate market value the 272,530 305,010 577,540 Total. Exchange member 1, 1937, New York Stock ings to the market value of all listed stocks, on was therefore 2.12%. In the following table listed stocks are classified 190,335 188,975 Total. borrowings on total net borrowings in New which registered—Bought Bold 3.02 44,045 68,905 Initiated off the floor—Bought. 2. 46,954,581,555 50.164,457,052 51,201,637,902 51,667,867,515 47,774,402,524 49,998,732,557 50,912,398,322 35.62 Jan. 1 37.98 Feb. 1 38.61 Mar. 1 38.85 Apr. 1 35.74 May 1 37.35 June 1 38.00 July 1 54.066,925,315 54,532,083,004 40.30 Aug. 1 40.56 Sept. 1 65,105,218,329 40.88 Oct. 1 Nov. 1 59,878,127,946 61,911,871,699 62,617,741,160 62,467.777,302 57,962,789,210 57,323,818,936 54,882,327,205 59,393,594,170 56,623,913,315 49,034,032,639 44,833,215,320 44.02 45.30 45.46 46.20 41.80 41.27 39.21 42.30 40.51 35.07 31.84 Financial Chronicle 2940 New York Stock view to observation facilitating of 1933 (a) of the. market whenever the stock ticker falls behind, the New York Stock a Exchange on Nov. 1 inaugurated a new system of reporting prices whenever the tape is five or more minutes late. Under this Unweighted plan, called "flash" printing, the Exchange will use 16 representative stocks, printing the last sale price of each at regular intervals and continuing the process until Fourth quarter 193 7—First q uarter Third a tion of print, of unusual transactions the market regular at the execution The under When of it stock be may floor. the conditions, the on the on To unable committee the tape to 43.8 value of all issues. keep TABLE facilitate observa¬ last decided has sale These prices will be printed as called "flash" becomes tape this on speed be will III Expenses of Registration and Flotation (Other than Underwriting Commission and Discount) for Selected Issues Registered under the Securities Act of 1933 and Publicly Offered Through Underwriters—July 1,1936, to Sept. 30, 1937 (a) to ' prices of a promptly after Per Total Type of Expense five list will as minutes be other 80 seconds second on until ticker the on then sales operation and on the the on last floor sale and transmitting sent by Proceeds 1.59 .01 2,203,000 452,000 _ 14.80 .09 3.04 .02 2,632,000 2.754.000 About .11 .11 65.62 .34 19.99 .12 9.30 .06 377,000 Total mechanical costs of registration 17.69 $2,975,000 1,384,000 Printing and engraving. 18.50 $8,278,000 Transfer agent word be transmitted. waiting to __ On preceded by the tape, % of Gross $237,000 Revenue stamp State qualifying fees price room. Cent Total 127 Bond Issues— Registration fee late ascertained the to immediately placed "flash," ahead of all In follows: more or equipment be will printing, 1937, and will function 1, the high arrival 45.8 41.4 possible and will appear well in advance of their normal as the first stock special the ticker occur such intervals plan, new Nov. after 48.7 4 Based on Issues of $1,000,000 or more, of which there was a public record of the tape. on 40.7 43.4 23 quarter 43.8 46.1 offering; excluding serial bonds. b Weighted by the dollars of gross proceeds of each issue, thus giving the figure a significance equal to the proportion of the value of the issue to the sent the following notice to activity they as •elected group of 10 stocks. position 41.6 46 for each issue periods with Weighted (b) 46.2 24 — Second quarter 1 members: During 27 1936—Third quarter the ticker is again less than five minutes behind the market. In announcing the new plan, on Oct. 27, the Committee of pace Average Selling Group Commissions (.Per Cent of Gross Spread) Number of Issues Period new Arrangement of the Exchange II Selling Group Commissions (a) Percentages of Gross Spread) Paid to Dealers In the Public Offering of Selected Bond Issues Registered under the Securities Act sentative Stocks When Ticker Runs Behind Market With Nov. 6, 1937 TABLE Inaugurates New Ticker Service—"Flash" Quotations Given on 16 Repre¬ Exchange 2.53 .02 .20 ; whole and the the later the end 16 at list will of of stock will be approximately have been eight minutes the and prices This cycle will be printed. continuously repeated until similarly transmitted, Legal so Accounting Engineering of the immediately the tape is less than five minutes behind Total cost of expertizing word "flash" "flash" next "Flash" normal prices prices only. are selected they will by the committee appear American common; Mining Co., Copper on the tape Telephone capital; New Co., merely superimposed are 12.56 .08 $14,884,000 York, common; New Light Corp., Rubber common, Co., in the capital; common; preferred; Republic Steel York common; Co., Telegraph Corp., Co., Standard Oil Co. common; common; printed below are 100.00 .62 Registration fee $54,000 1.58 450,000 13.31 .09 State qualifying fees 204,000 6.04 .04 Transfer agent 169.000 5.03 .03 .13 order Corp., Anaconda Sears, Consolidated Roebuck Edison General common; Ry. United States capital; Co., Steel Corp., and Douglas Aircraft Co., Electric common; Issues Statistics Based Cost of on Statements on Filed .01 619,000 18.33 $1,496,000 44.29 .30 $991,000 29.34 .20 400,000 11.84 .08 54,000 1.60 .01 $1,445,000 42.78 .29 $437,000 12.93 .09 $3,378,000 Total mechanical costs of registration 100.00 .68 Co. Motors Power Legal Accounting Engineering & Total cost of expertizing United States capital. Miscellaneous Grand SEC stamp Printing and engraving & (New Jersey), capital; General Electric Central total... 71 Preferred Stock Issues— the on Atchison Topeka & Santa Fe Ry. & Chrysler Co., capital; Great Northern Ry. Corp., They Grand Revenue stocks which Co., price, tape. The of 31.82 Miscellaneous will apply only to the price immediately following. given 30 seconds later, will appear after approxi¬ mately two and one-half feet of tape has been printed. The in $4,736,000 $1,870,000 market. The total Issuing Securities— Under Securities Act The Securities and 30, 1937—Commission 103 Common Stock Issues— Exchange Commission announced on Registration fee $32,000 Revenue stamp State qualifying fees.. 242,000 6.41 .09 101,000 2.68 .04 Transfer agent from July 1, 1936, to Sept. Cautions on Use of Data 432.000 11.42 .15 .21 Printing and engraving The first table shows gross underwriting spreads on bond issues of $5,000,000 or over, preferred stocks of $1,000,000 or over, and common stocks of $1,000,000 or over in each of the five quarters. 688,000 15.55 36.90 .50 $1,030,000 27.24 .37 615.000 16.28 .22 69,000 1.82 .02 $1,714,000 45.34 .61 Miscellaneous $672,000 17.76 .24 Grand total $3,781,000 100.00 1 35 fared stock spreads. and common stock issues, This analysis of expenses is exclusive of gross approximate, on esti¬ The fourth table shows, by quarters, the number bond issues, their average coupon rate, and average size of the selected the average number of years to maturity, and the average yield to maturity. All the tabulations are based on registered issues which have been selected on these bases: Their size measured by gross proceeds was $1,000,000 or over; there was a record of public offering; and they were following are Total cost of expertizing a S Based on issues of $1,000,000 or more of which there was some public record o public offering. TABLE IV Characteristics of Selected Bond Issues Registered under the Securities Act of 1933 and Offered for Public Distribution Through Underwriters (a) 3 d Quar. 4th Quar ljf Quar 1936 1936 1937 Period A 2d Quar. 3d Quar. 1937 1937 Number of Issues 28 48 25 27 Average size of Issues ($000,000) 16.2 17.5 22.2 12.9 Average coupon rate (%)— Unweighted Weighted (b) 4.01 3.90 3.95 4.19 3.88 3.54 3.59 3.67 3.63 3.85 22.1 23.3 20.6 16.4 23.3 23 2 26.5 25.8 20.5 23.3 3 96 3.84 3.89 4.23 3 72 3.45 3.52 3.58 3.67 3.69 6 16.1 Aver, number of years to maturity— Unweighted Weighted (b) Average yield to maturity (%)— Unweighted Weighted (b). the tabulations: TABLE Accounting Engineering offered through Investment bankers. The Legal underwriting being based mates, and it should be regarded only as an indication of the actual dis¬ tribution of expenses. Total mechanical costs of registration The second table discloses the proportions of the gross spread paid to dealers distributing bond issues. The third table shows expenses of registration and flotation of bond, pro- .01 $1,395,000 Nov. 1 the publication of some new jtatistical compilations on the costs of issuing securities which were prepared from registration statements filed under the Securities Act of 1933, covering the five quarter-years from July 1, 1936, to Sept. 30, 1937. The Commission warned that the data, contained in four tables, "should be used cautiously as indi¬ cations of trends of underwriting spreads, interest rates, &c., since the changes in the averages from one period to another may represent a shift in the relative importance of one type of company or issue as contrasted with another." In issuing the tables the Commission explained: .84 a I Gross Underwriting Spreads on Selected Issues Reentered under the Securities Act of 1933 and Publicly Olfered—July 1,1936-Sept. 30, 1937 (a) Based on issues of $1,000,000 or more of which there was a public record of offering; excluding serial bonds. b Weighted by the dollars of gross proceeds of each Issue, thus giving the figures for each issue a significance equal to the proportion of the value of the issue to the value of all issues. Average Spread (% of Number Period Bond Issues of $5,000,000 or quarter 18 2.16 2.22 9 or 2.12 2.21 2.08 2.05 3 quarter 2.19 14 2.04 2.01 4 4.23 6.48 5.40 Over— 1937—First quarter 7.76 4.25 9 5.30 2.90 8 7.30 4.14 16 12.80 13.11 11 17.54 15.78 1937—First quarter 14 15.43 15.11 Second 22 13.12 12.50 4 13.58 12.65 quarter quarter Common Stocks of $1,000,000 or Over— 1936—Third quarter Fourth Third quarter quarter quarter a Excludes issues offered to security holders by means of rights, and serial bonds Includes all other registered Issues of which there was a public record of offering. b Weighted by for each issue a the dollars of gross proceeds of each issue, thus giving the figure significance equal to the proportion of the value of the issue to the value of all Issues. New Issues Act Totaling Became The Securities and Oct. 31 that $156,395,000 During Effective Exchange Commission announced $156,395,000 were The comparable same month respectively. on analysis of statements registered under the Securities Act of 1933 indicates that 13 Second 52 3.97 14 of Securities September 2.05 33 quarter Preferred Stocks of $1,000,000 1936—Third quarter Fourth quarter Third Registration Under ... Fourth quarter Second Unweighted Weighted b» Over— 1937—First quarter Third Price) of Issues 1936—Third Public Offering of new securities totaling declared fully effective during September. figures for 1936 are the, preceding month and for the $302,343,000 and $260,080,000, The Commission said that the total of securi¬ ties registered during September, after deduction of issues registered for reserve against conversion, was the lowest for any single month since February, 1935. It explained that included in the amounts for September and August this year and September, 1936, are securities which have been registered but are intended for purposes other than cash for sale Financial 145 Volume the SEC approximately of the registrants, account follows: September, Reserved for conversion convertible of August, September, 1937 1937 1936 $77,884,000 1.759,000 3,655.000 417.000 1,328.000 17.570.000 24,741.000 22~9~06~666 951,000 11,624.000 14.702,000 1,333,000 1,480,000 Registered for the "account of others" To be issued in $22,882,000 2,989,000 $47,879,000 Reserved for other subsequent issuance exchange for other securities be issued against claims, other assets. To &c . 113,000 $69,909,000 $120,712,0001 Total $63,592,000 J stated: Id its announcement of Oct. 31 the SEC further The largest registration the month was fixed-interestrbearing securities repre¬ for purposes other than for 0% and certificates of participation, Common stock issues accounted for 32 of other issues. of this total, Steel convertible for the $48,000,000 issue of Bethlehem debentures, and largely as a result, conversion during covering new securities becoming effective sented 57.0% of the total securities registered preferred stock issues for 9.5% beneficial interest and warrants for 1.5%. The manufacturing companies were dur¬ the largest group of registrants for 76.1% of total securities registered for pur¬ poses other than for reserve against conversion. Next in size were the electric, gas and water utility companies, with 11.5% of these registrations, and the financial and investment companies with 7.7% of the total. ing September, accounting options, &c., securities registered for the "account of others" and securities to be offered for other than cash considerations, $86,486,000 of securities (of which all but $1,511,000 were for already-established enterprises) were Intended to be offered for sale for cash for the account of the registrants. Again reflecting the application of the proceeds of the Bethlehem Steel issue, 65.1% of the proceeds, after payment of commissions, discounts and other expenses of flotation and issuance, was to be used as additional work¬ ing capital. About 22.7% of the net proceeds was proposed to be expended for plant and equipment; 9.6% for the purchase of securities for investment, and 2.6% for all other purposes. No refunding operations were contem¬ plated in any of the issues registered during September, and only $1,235,000 of the proceeds were intended to be used for the repayment of indebtedness, almost wholly for the payment of non-current liabilities. After deduction of securities which were reserved for conversion, statements became fully effective during the month were: Bethlehem Steel Corp., $48,000,000 15 year s. f. convertible 3H% debentures, due 1952; the Gaylord Container Corp. issues of 100,000 shares of 5 % cumulative con¬ vertible preferred stock and 750.000 shares of common stock; Ohio Edison Co., $8,500,000 1st mtge. bonds, 4% series of 1937, due 1967; and the First Investment Counsel Corp. issue of 55,000 shares of class A stock. Among the large issues of new securities for which registration Holding public utility holding companies in their annual reports to the Securities and Exchange Commission of financial condition and results of operation, was announced by the Commission on Oct. 27. An accompanying rule has also been adopted. The informa¬ tion required in the report, the Commission explained, is based upon the provisions of the "Uniform System of Ac¬ counts for Public Utility Holding Companies" adopted a year ago and made effective as of Jan. 1, 1937; reference to the uniform system of accounts was made in our issue of Sept. 12, 1936, page 1640. In its announcement of Oct. 27 Adoption of Form U-14-3 under the Public Utility the SEC also had the following to say: 1937 as to com¬ companies registered after that date the first report will cover the portion of the year during which the Uniform System of Accounts was effective as to such companies. The report form relates to the holding company as a legai entity separate from the holding company system of which it is a part, and therefore does not provide for consolidated or consolidating statements of the holding ■ '"v.;' Total Securities Registered Units of No. No. Type of Security Amount Face Ami. of Ac. tin Dollars) 34 10,042,594 7 653,700 82,620,876 10,262,600 Bonds, Common stock Preferred stock beneficial inter¬ Certificates of participation, 5,515.446 13,775,000 1 bonds Debentures 48,000.000 13,887,463 48,000,000 Short-term notes..... questions designed condition of the company (or period) and as of the close of the income account showing the results of operation during the period balance sheet dates and a statement of surplus showing the comparative balance sheet showing the financial the of as year, an between beginning of the of time. The foregoing financial and reporting the various items in accordance with the prescribed system of accounts. , , > V5 Numerous schedules are provided calling for additional information con¬ statements provide classifying for . and detailed information disposed of during the year, and a the principal balance sheet, income, expense cerning items included in these are a schedule calling for analysis of investments at the close of the year, together with surplus with respect to schedule for investments acquired or dividend and reporting interest revenues The new rule adopted by the Commission follows: day of May in each first the before or Public Utility Holding Companies 14-3—Annual Reports by Rule calendar year, every regis¬ shall file a report with the Commission for the prior calendar year, or for any portion thereof during which there was effective as to such company any uniform system of accounts prescribed tered by holding any company rules of the Commission. Every and shall be prepared in U-14-3 Form such report shall be submitted on accordance with the instructions For appropriate cause shown, the Commission may extend the time within which any such report is to be filed. If any company, after filing such a report, shall submit changes or amend¬ ments thereto by letter, pursuant to instruction 6 of such form, such company shall be deemed thereby to have agreed that the Commission's staff- may indicate the changes or amendments such company desires to make in its report by causing notations of the changes set forth in such letter to be made on the copies of such report so filed and by substituting incorporated in such form. such copies any new pages or in the schedules that may be thus submitted Cent of Total Less Securities Reserved for Per for Sale for Cash for Account of sion Registrants Gross Gross Sept., Aug., Sept., Amount Amount 1937 1937 1936 Type of Security Common stock Preferred stock partic., beneficial Interest, warrants, &c_. Conversion 32.0 41.7 22.5 9.5 29.5 12.3 1.5 $19,901,091 5,129,000 $34,742,010 10.262,600 3.0 7.3 Ctts. of 1.623.588 13.887,463 13,455" 463 12.8 13.6 53.9 Secured bonds 48,000,000 44.2 12.2 4.0 Debentures 48,000,000 $108,515,661 $86,485,554 100.0 100.0 National City Bank of New York in Discussing Business Greatest Need Is "To Get Private Investment Going" The During September, 1937, two statements of this type were registered, stock proposed to be exchanged for out¬ valued at $71,674,000 and one covering an issue of voting proposed to be issued against securities valued at $733,000. standing securities trust certificates for Reorganization and September, 1937 Types of Securities Included in Two Registration Statements Exchange (*) Issues Which Became Fully Effective During No. of (a) September, August, September, 1937 Issues 1937 1936 stock Preferred stock Certificate of participation, beneficial 1 571.673,712 ""*4*4*226 ... notes Certificates of deposit Total 5*974*777 "l *733*289 2 $72,407 001 Reductions in in the wages available. 1-3 of face value where taxes, • needed, are put especially in building, pressure on building costs. and the decline The pinching all business is under as the result of increased coupled with a decline in volume, is one of the this itself will stimulate the search for lower and ' ' the now features, recession is due chiefly to overstocking and special instances intermediate char¬ acter, and past precedents suggest strongly that it is of that type. There is no great body of debt that will be liquidated, no credit stringency, and no overexpansion of fixed investments. Real estate is already deflated, and agriculture is in shape to give industry support. All these are argu¬ ments that the slackening will run itself out in due course, and perhaps is nearer a leveling out, at least, than the markets now appear to believe. and prices are out of line, The $8,019,003 market was not been to shorten up inventories but this policy profit margin that and unfavorable costs. costs has already construction On Represents actual market value or has " production. where costs &c Debentures men is adopted out of the slackening now occurring, rather than any belief that a major depression has begun. In due course the abstention from buying will correct the inventory situation, and the correc¬ tion has started at a rapid pace, both in the markets and in industrial If Common business prudence and recognition of of Approximate Market Value Type of Security continues: The bank most the situation is clearer, until common covering an issue of common of reaction wait and Securities York, "Monthly Letter," undertakes to pessimism." fied Reorganization and Exchange continued unfavor¬ October," the National City Bank of New summarize "the causes of the recession and the policies that will keep it within bounds and get the recovery going again." Ac¬ cording to the bank, "there is no evidence that business sentiment is demoralized; that business men are conducting their affairs with less energy and application; or that any significant number fear a return to 1932 conditions." "On the contrary," it adds, "the most common sentiment is that the stock market, perhaps for technical reasons within itself, has overdone its decline and has spread an unjusti¬ 100.0 Short-term notes Total by reporting company. in its November posed to Be Offered Reserved Instruc¬ uniform reporting to be shown. information th a in detail. precede each schedule which are intended to secure tions of Among accounts. able during for Conver¬ a year changes therein during the same period 156,394.527 (After Other Deductions) Pro¬ Less Securities Short-term ■ to give historical Observing that "the business news has Total, interest \ of the form include: Recession Says 52 Total one to data concerning the com¬ pany, including date and state of incorporation or organization and in¬ formation concerning consolidations, mergers, or reorganizations to which the company has been a party; a list of the directors and of the managing officers as of the close of the year; financial statements, including a ...... Total as 1,623,588 5 5 est, warrants, &c Secured Gross Stock, Ac., of Issues 1; and its subsidiaries. Certain On /v; 1.5%. Jan. at The requirements 1937 ^convertible debentures, the aggregate of fixed-interestr bearing securities represented 57.0% of the total securities (other than issues registered for reserve against conversion), which became effective during the month. Common stock issues amounted to 32.0% of this total, preferred stock issues to 9.5% and certificates of participation, beneficial interest and warrants ■to registered company Statements that Became of $48,000,000 of Bethlehem Steel to be filed will cover the calendar year The first report panies ^ Types of New Securities Included in 48 Registration Fully Effective During September, Largely because of the registration Adopts Form for Use by Public Utility Holding Companies in Making Annual Reports of Financial Condition and Operating Results Company Act of 1935 for the use of registered with issues features Reserved for the exercise of options 2941 Chronicle the other uncertainties in Need of it will be of an Private Investment realistic person would wish to the situation, for they are of a character hand, no minimize the that can be 2942 averted it has as To Financial by facing been sustain flow is of have capital goods and The rate reviewing the accumulation capital To American savings now, and is these and and necessary, the there Many studies normally in industries not overexpanded, are they is greatly influenced quence .j^ New A by government Offering of $50,000,000 Treasury Bills—to be new offering of 127 Day Treasury bills to the up Jr. to 2 p. m., Eastern Standard Time, Nov. 8, was announced Nov. 4 by Secretary of the Treasury Henry Morgenthau the of purpose is ground determining revision. how Other for capital directly operate are through or the business general situation, recovery. self-supporting, and the longer the deficit spending is continued the worse the situation will ultimately be. The choice as between the two alterna¬ be clear. or thereabouts, to which tenders will be re¬ ceived at the Federal Reserve banks, or the branches thereof, on The tenders will not be received at the Treasury De¬ Washington. Treasury bills will be sold on a discount basis to the highest bidders. They will be dated Nov. 10, 1937, and will partment, The mature March 17, 1938, and on on the maturity date the face payable without interest. There is a maturity amount will be of similar securities on Nov. 10 in amount of $50,025,000. In his announcement of Nov. 4 Secretary Morgenthau had the following to say: They (the bills) will be issued Business Confidence of Labor Disputes by Guaranty Trust Co. of New York— Also Comments on Tendency of Government to Sponsor Doctrine of "Economy of Scarcity"—Wage Discussed and Hour Bill denominations number and scope of labor disputes since the begin¬ ning of economic revival and their growing intensity in the last several months have focused the attention of and labor alike on the current effects of these business No tender for influences, as well as on their implications regarding the long-term outlook for economic progress, it was observed by the Guaranty Trust Co. of New York in its issue of the "Guaranty Survey," its monthly review of business and financial conditions, published Oct. 25. "Moreover," said the /'Survey," "a new element of substantial significance injected into the present labor situation by the calling extra session of Congress, which will convene on Nov. 15. The President has stated that this step has been was an taken for the quick enactment of certain legislation, includ¬ ing measures relating to hours and wages." vey" we also quote, in part: The material harm by the is small labor labor recent when confidence that strife in they the with the have is in larger occasioned typical of general on in effects business and while of business many periods of business industries, indirect adverse the last few years has From the "Sur¬ industry important, the weakened quarters. While expansion, the indus¬ been unique in many ways. For one thhig, the labor unsettlement has been considerably more intense and broader in scope than is usually the case. The American labor problem as a whole can hardly be considered as one of deliberate oppression on the part of business, on the one that workers just as of its greed the part of on desire labor stockholders and because of to the failure of other. It is possible rewards for their labor, to protect the investment solvency. one party Disputes to arise understand in the is conducted1 continue to operate There Chief adjustment these among some economic This principle modity will is has that will and other work wages a the in government him to price, to and sponsor, bringing to of a the producer his employees, to wages to absorb power employees. "economy of scarcity." supply of a given com¬ higher pay and an reduced its purchasing greater quantity the supply be that a of increased gives of only economic an transfer of stimulation given a commodity, the less demand. may that by Aggregate raising the not power, business greater group activity an on real of purchasing expansion a output; 60und that basis. . will It is . with is that its powers 40-hour a passage to raise week wages to maximum. would tend the utmost 40c. One toward more hour an of the rigid minimum criticisms of and this to bill costs, thereby weaken¬ ing industry's ability to readjust its position in respect to changing market conditions. It is of importance ployees keep firmly in mind that first the step would in the to closing hour will be opened and public ceptable prices will follow as soon as possible probably Nov. 8,1937, of the ac¬ on the The Secretary of the Treasury expressly reserves the right to reject any or all tenders or parts of tenders, and to allot less than the amount applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance or rejection thereof Payment at the price offered for Treasury bills allotted must be made at the Federal Reserve banks in cash or other immediately availble funds on Nov. 10, 1937. The Treasury bills will be exempt, as to principal and interest, and any or other dispostion thereof will also be taxation, except exempt, from all estate and inheritance taxes. (Attention Treasury Decision 4550, ruling that Treasury bills gift tax.) No loss from the sale shall be allowed as a or are not is invited to exempt from the other disposition of the Treasury bills deduction, any tax now or hereafter sessions. or otherwise recognized, for the purposes of imposed by the United States or any of its pos¬ Treasury Department Circular No. 418, as amended, and this notice prescribe the terms of the Treasury bills and govern the conditions of their issue. Tenders of $173,632,000 Received to Offering of $50,000,000 of 133-Day Treasury Bills Dated Nov. 3— $50,119,000 Accepted at Average Rate of direction of necessitate a that both employers regulation of wages and regulation of all production a Federal control of production Various Joint Stock Land Distributed by Sincere & Co., The and tendered to Taylor. 0.226% offering of Treasury bills, the thereabouts, of 133-day 1937, and maturing March 16, 1938, it was by Acting Secretary of the Treasury Of this amount, Mr. Taylor said, $50,119,000 was Oct. 29 on The tenders to the offering of Treasury bills were received at the Federal Reserve banks and the branches thereof, up to 2 p. m., Eastern Standard Time, Oct. 29. Reference to the offering was made in our issue of Oct. 30, page 2772. following regarding the accepted bids is from Acting Secretary Taylor's announcement of Oct. 29: The Total applied for, $173,632,000 Range of accepted bids: High (Excepting Total accepted, one $50,119,000 bid of $2,000)— —99.922 Equivalent rate approximately 0.211% Low —99.912 Equivalent rate approximately 0.238% Average price —99.917 Equivalent rate approximately 0.226% (3 % of the amount bid for at the low price was accepted) $8,900,000 of Government Securities Purchased by Treasury During September Net market purchases of Government securities for Trea¬ sury investment accounts for the calendar month of Septem¬ ber, 1937, amounted to $8,900,000, Secretary Morgenthau This compares with $12,510,000 of the securities purchased during August. recently announced. The following tabulation shows the Treasury's transac¬ securities, by months, since the begin¬ tions in Government ning of 1935: is costs, which the 1935— 1936— itself. $5 420,800 purchased June February 1, 300,000 purchased 41, 049,000 purchased July August April 21, 900,000 sold September. May hours January March em¬ 23 ,326,525 purchased 8 ,765,500 purchased 47,438,650 purchased October November 27,021,200 purchased 5,912,300 purchased 24,174,100 purchased Banks August Being Chicago brokerage firm of Sincere & Co., Chicago, is distributing analysis of the various Joint Stock Land banks which are compiled individually for each bank in the System, showing the progress of liquidation over the period of one year. It is pointed out that the analysis permits the reader was or accepted. July of $173,632,000 dated Nov. 3, announced June. Analysis on branches thereof up or announcement thereafter, probably following morning. power impossible to increase real wages by granting higher monetary compensation paid out of profits accruing from expanded output. ■ , It is well to take note of the proposed bill, which was passed by the Senate this year, for the creation in the United States of a Board establish / Reserve banks propor¬ purchasing level that is not discretionary company. all tenders received at the Federal labor individual can merely toward or trust Immediately after the closing hour for receipt of tenders primarily for the money they receive, and doctrine of scarcity overlook the fact that money in terms of the commodities and services that it can each system constitutes of employers the doctrine of artifically enable more The smaller amount power any bank the accept command. an between industry. value except tional tendency increase an perform their who no differences the is forthcoming. militating against the to accept, to the products of those an holds that who, in turn, will have Workers accompanied by a deposit A total of of groups lead greater profit of amount less than amount of Treasury bills applied for, unless the tenders accompanied by an express guaranty of payment by an incorporated $50,000,000, extended period unless profit several disconcerting factors over however, are, an multiples of $1,000. 10% of the face are many understanding among the various components of our economic possible until it is generally realized that American business primarily for profit and that no business enterprise will be intelligent or $1,000,000 Tenders will be accepted without cash deposit from incorporated banks position Misunderstandings Cause Differences No mutual will and only natural viewpoint of the other. order only, and in amounts $500,000, and trust companies and from responsible and recognized dealers in invest¬ ment securities. Tenders from others must be effort every maintain the on to obtain the greatest industry ordinarily makes instances and $100,000, hand, of reckless or in bearer form $10,000, gain from the sale directly disputes compared unsettlement trial inflicted $1,000, $1,000 will be considered. Bach tender The price offered must be expressed on the basis of 100, with not more than three decimal places, e. g., 99.125. Frac¬ tions must not be used. < must be in of unsettling of (maturity value). The of amount discouraging working against the reopening of whether they affect the lender or the borrower, .and for encouraged through tax Any policies which on Thereabouts of 127-Day Nov. 10, 1937 Dated government be there not Effect or $50,000,000, unquestionably restrictive of profit, hence of investment, and markets, should 6, determine whether the liquidation emanated from the good or from the inferior assets, and whether the net worth of the bank enjoyed an increase or suffered a decrease as a conse¬ to of and that reduction of government spending is a factor in the reces¬ an argument for its resumption. Renewed spending would merely put off the inevitable. Sooner or later business will have to become tives Nov. depend will say is sion Chronicle the keep fulfilled, and if they do the business are investment system tax they of been business housing, They taxation, working against are have always of conditions by may are enterprise. whether the accumulation including saving and notably policies also half need be prolonged. not of greatest less necessary than heretofore. investment. necessary recession will policies, almost the is to get private investment going. recovery, country it is any industries, savings upon this into productive use indicated that going if the the in Incomparably squarely. throughout the business capital evidence that no to them September 33 ,426,000 purchased 35, 439,000 purchased 60, 085,000 purchased .$30,465,400 purchased 15,466,700 purchased 3,794,850 purchased December 1937— October 17, 385,000 purchased November January February 18, 419,000 sold March December 1936— January February March April May 5, 275.2C0 purchased 14,363.300 5,701,800 119,553,000 11,856,500 April May 18, 546,850 purchased June 4, 500,000 purchased July 32, 702,150 purchased August 19, 025,000 purchased September 15, 794,000 purchased purchased purchased purchased purchased 3.853.550 purchased 24,370,400 purchased 4,812,050 purchased .... 12,510,000 purchased 8,900,000 purchased Volume Financial 145 Returns to Washington President Roosevelt Hyde Park, during which he held conferences dealing with the budget and plans for the special session of Congress called for Nov. 15 was made in our issue of Oct. 30, page 2773. The budgetary the chief topic of conversation on Nov. 1 at a conference in the President's study in his Hyde Park estate problem was Secretary of the Treasury Henry Morgenthau Jr., Acting Director of the Budget Daniel W. Bell, and Chair¬ man Marriner S. Eccles of the Board of Governors of the Federal Reserve System. As to this advices from Hyde Park, Nov. 1, by Coleman B. Jones, staff correspondent of the New York "Herald-Tribune," said: attended by consultation, he had available first-hand information on three phases of the budget making task—the revenue pro¬ spects, the spending program and the general business and financial outlook. Secretary Morgenthau declined to reveal any of the details of his con¬ versation with the President, beyond conceding that the corn loan pro¬ By bringing these officials into had been discussed. gram Mr. Bell, who, with Mr. Morgenthau and other for weeks, had even less to say about his mission here. Mr. Eccles, just before leaving, did, however, disclose that his contribution had been an out¬ line of the general economic situation — conditions which necessarily must be appraised in determining how much can be spent and how much revenue officials and experts, has been may indicated that if taxes entered into his of a number of topics mentioned. Mr. Roosevelt has shown a coolness toward pub¬ lished speculation about prospects for adjustment of the capital gains and surplus profits taxes, which Mr. Eccles and other advisers have urged as a means of relieving business of some of its burdens in the hope of stimu¬ part of the discussion with the President, that was only one Mr. Eccles said his discussion dealt rather a with, broad field." he said, "We Insisting that "nothing President specific" was appraised the situation in many lights." He action reducing margin requirements denied that the Reserve Board's recent was jt was recalled that Mr. Roosevelt was friendly to Mr. La Guardia discussed. friendly to him 19-33, although he did not permit Democratic leaders in ticket in the race that year in an effort Guardia's certain victory then. here to enter the Recovery party La to stave off Mr. inclined to view it as a gesture, the President of heading off third party talk and to keep Mayor La Guardia the President's 1940 plans are definite, to prevent an early Locally, friends of the Mayor were also They ventured the opinion that but differently inspired. desirous was in line until split in the ranks of the various elements 1936. ,,fy. . . President which supported the President in r:;,■ has always been credited locally with a desire to Roosevelt destruction the Hall, an organization he has Tammany of opposed since his first term in the State Senate in 1910. In this he and the Mayor are . . entirely in accord and they . probably men¬ their talk yesterday. tioned the defeat of the organization in IfcThe telegram of the American Labor Party sent to Presi¬ dent Roosevelt through Mr. Rose was given as follows in the 'Times": Franklin D. Roosevelt, President of the United States, v White House, Washington. In this hour of the emergence prime that the sup¬ of the American Labor party as a political factor in New York State politics, let me assure you still one of the basic principles of our party* the shifting picture of local events, we have in the campaign that is just port of New Deal policies is In joined with the other progressive elements to insure over of honest and efficient I resent New the perpetuation government in New York City. made by the reactionary elements in the the interpretations Republican party that the people of the city have repudiated the New Deal. stronghold in the Nation, and the is still its stanchest adherent. York is the greatest New Deal American Labor party ^ ALEX ROSE, Secretary American Labor Party. State Executive From the same paper we take the following: 482,459 convinced politicians of both the old parties that is now holds the balance of power not only in the city the State. Its natural alliance is with the Democratic party rather M The Labor party vote of but in than with the Republicans. President Roosevelt, in Talk with Flying Squadron of People's Mandate for Peace, Points to Beneficial Effect of Latin American Treaties on Other Parts of World—Dr. Mary E. Woolley, Head of Mandate and thus increasing employment. of the economic situation with the lating it to greater activity " Mayor, major Reserve system Chairman covered night, because of the sympathy the President working on the budget in Washington be expected. The regard the meeting as a telephone on election has always had with the arranged, without premeditation, over the gesture accomplish V ■ ■ Previous reference to the President's stay at Intimates7ofthe-" President were inclined to After 11- N. Y. President Roosevelt returned to Washington on Nov. 4 following an 11-day stay at his estate in Hyde Park, N.T., and a brief visit to his town house in New York City. The President left Hyde Park early Nov. 4 by motor and arrived in New York the same day. A conference with Mayor La Guardia on that day is referred to in aD other item in this issue. The President was accompanied from New York to Washington by Postmaster General James A Farley, who recently completed a tour of post offices in many of the States which the President visited on his tour to the Pacific northDay Stay at Estate in Hyde Park, west. 2943 Chronicle At Hyde Park, N. Y., on Oct. 30 President Roosevelt in talking with the flying squadron of the People's Mandate for Peace indicated that private reports to him revealed that establishment of effective machinery for of the the effect in the Western Hemisphere had been very great on other parts of the world, greater than might be realized from the belligerent attitude of some other countries. A staff peace Washington from Hyde Y.—Confers in New York City With Mayor La Guardia Following Latter's Re-electionAmerican Labor Party Re-affirms Loyalty to President Roosevelt Returns to Park, N. President President Roosevelt left his Hyde Park (N. Y.) home for Washington on Nov. 4, and en route held a conference with Mayor La Guardia at the President's town house in East 65th Street, New York City. On Election night, Nov. 2, a telephone message had come from Hyde Park from the President congratulating Mr. La Guardia over his re-election Mayor, defeating Jeremiah T. Mahoney, the Democratic candidate supported by Tammany Hall. Mayor La Guardia headed the Republican ticket, and that of the American Labor Party and of the City Fusion. It is to be noted that on Nov. 3 the American Labor party through Alex Rose, its State executive secretary, sent a telegram to President Roosevelt, reaffirming its loyalty to him and asserting that New York was the greatest New Deal stronghold in the nation and the American Labor party was still the stanchest adherent of the President's policies. The New York "Times", in which this was noted stated that the telegram was in¬ tended as a reply to the contention of William S. Murray, Republican State Chairman, who had said the election results in the President's home State constituted a "repudia¬ tion of the New Deal leadership." The President's conference with Mayor La Guardia in in Hyde Park ad¬ Roosevelt did not specify the warlike nations, but it seemed clear "that he was thinking of Japan, Germany and Italy. From the same correspondent of the New York "Times" vices in reporting this said that Mr. The four women at the Buenos treaties signed of the The conference, which had been previously hour. given part announced by the President, election night congratulating the Mayor on his victory, and it was believed that the meeting was arranged at that time. All through the campaign the President had refrained from showing interest in the election of Jeremiah T. Mahoney, with the result that there was no lifting of the Netfv Deal mantle from the shoulders of Mayor La Guardia, where the Mayor and the President had placed it during followed a telephone call by the President on cooperation. No definite word of what happened at the conference was available. The Mayor told newspaper men that he would see them at City Hall, and then called up City Hall and had Lester Stone, his secretary, convey to them his apologies. It was a social call and the details would have to come from three and a half years Mr. Roosevelt, Mr. Stone The President, where he men of friendly told reporters. B. & O. train for "Washington, night and he did not see the newspaper meanwhile, had boarded a arrived about 9 o'clock last accompanied by about 60 persons on Living James A. Farley, Democratic State and National Chairman, and Harry L. Hopkins, Federal Relief Administrator. However, the President and the Mayor were alone for 10 or 15 minutes of the 29 minutes the Mayor spent at the Roosevelt for a short time at the conference were indicated afterward that "Their conversation was to say," Mr. Farley told reporters. the conference was general. all three had; there is nothing like the one we Treaties to President) pictured people their treaties. the latter point on the tour, the world was ready moment for any immediate needs. remarks, Mr. Roosevelt expressed his pleasure over the Counseling the delegation to stress President declared that to violate them on In the informal treaties were of no use if the whole the spur of the trip which he made to South America last year and indicated displeasure in means of communication between the United present deficiency at the neighbors to the south. States and its representatives should be educational and scientific, Mr. Roosevelt said that he was now working with the Maritime Com¬ mission on a plan to start within a year a line of shipping down the east coast of South America which would take people there faster and with more Remarking that the followed up by many trip of the Mandate other visits, commercial, comfort. Pointing to the good service available to Chile on the west coast, he added with other parts of the west connecting the United States that the service good. of the People's Mandate organization is to coast was not too impress upon all world are against war. Speci¬ fically, it advocates cessation of armament^ use of existing machinery to prevent wars and promotion of International trade to remove economic The aim Governments its belief that the people of the '' barriers. The visitors were presented to Mr. Roosevelt by E. Woolley, President emeritus of Mount Holyoke College and delegates and other Dr. Mary Chairman of the Mandate. Four Making the Flight will make the trip to South America are Mrs. Burton W. Musser of Salt Lake City; Mrs. Ana del Pulgar de Burke of Washington, D. C.; Mrs. Enoch Wesley Frost of Texarkana, Ark., and Mrs. Rebecca Hourwich Rayher of New York. The delegation, accompanied by 10 women fliers piloting their own The members tonight for of the delegation which from Washington. They will leave Miami, whence they will fly to Havana. President Roosevelt Stories As Bad As family home. Mr. Farley their visit to the President. Up to in other parts of the world regarding with admiration the relationships between the three Americas and noting that machinery could be set up for the peaceable settlement of all disputes. These people also had treaties, he said, but were not certain about their provisions being met, whereas in the Americas the Nations would live up He (the planes came here traveling with him. Also present airplane tour of 17,000 Latin-American republics a speedy ratification Aires conference last Winter, were of the squadron, starting an persuade upon 19 miles to as the early afternoon of Nov. 4 lasted about half an Nothing of an official nature as to the conference was out, and the "Times" had the following to say in regarding it: the following: account we also quote President the Newark Airport, Declares Speculation in News Speculation on Stock Exchange Roosevelt's views on speculation in news were his press conference in Washington yesterday made known at 2944 Financial (Nov. 5), Chronicle Nov. President Roosevelt, responding today to a question about his conference In New York yesterday with Mayor La Guardia, referred to news stories He (the President) about the meeting and added: Mr. "Speculative stories are just as bad as speculation news the stock on Roosevelt minimized the importance of the with meeting Mr. to made asked at a his comment on stock market activities when he conference if he planned to take any steps to make press 6tock speculation less dangerous. He said that there not dangerous, labor of looking at that—the everybody would make more dangerous He added that if it CCC for Loans a Corn—To Be Made on Cents 50 Legislation Permitting CCC to Sell Own Obliga¬ a tions The Reconstruction Finance Corporation has advanced $75,000,000 to the Commodity Credit Corporation for mak¬ ing loans to producers of the 1937 corn corp, it was announced on Nov. 3 by Jesse H. Jones, Chairman of the RFC, who said that the loans will be at the rate of 50 cents per bushel of 2 Yi cubic feet for corn with moisture content not in excess 14*$%, and slightly-less bushel for corn with a greater moisture content. President Roosevelt, in a telegram to Mr. Jones under date of Oct. 31, authorized the RFC to make available $85,000,000 to the CCC for corn and other same per time the President said that he had decided to recommend legislation to Congress "which will provide the CCC with ample capital and with authority to raise funds necessary for its operations through the sale of its own obligations. This legislation," the President pointed out, "should authorize annual appropriations to be made available to the Corporation to cover any impairment of its capital as shown by anappraisal of its assets from year to year. Under this plan each year's budget will reflect the losses, if any, sustained by the Corporation." The loans to be made on the 1937 corn crop will bear in¬ terest at 4% per annum, said Mr. Jones, ana will be made on forms pro\ided by the CCC containing terms and con¬ ditions prescribed by the Secretary of Agriculture. Mr. Jones Banks and other lending agencies may make the loans to the producers, In former years, with the definite understanding that COO will take them up on demand, at any time prior to Interest at the rate of 2 H % per Sept. 30, 1938, at par and accrued 1H % the principal amount collected lending on per annum said notes while held by the bank or agency. Banks and lending agencies that wish to handle corn loans should com¬ municate with the loan agency of the RFC serving their district, or CCC at Washington, for information and being taken up tender the notes The by CCC at on or loan forms and may rely upon the loans time prior to Sept. 30, 1938, but should any before Sept. 1,1938. following is the telegram sent by President Roosevelt on Oct. 31 and made public by Mr. Jones on to Mr. Jones Nov. 1: Hyde Park, N. Y., Oct. 31,1937. Hon. Jesse H. Jones, Chairman, Reconstruction Finance Corporation, Washington, There has been under consideration, loans, corn aggregating recommend to Congress approximately as soon as it meets, legislation which will provide obligation. This legislation should authorize annual appropriations to be made available to the Corpora¬ tion to cover any impairment of its capital as shown by an appraisal of its assets from year to year. Under this plan each year's budget will reflect the losses, if any, sustained by the Corporation. This year's budget, as revised estimate of $100,000,000 cover for by my summation of Oct. the CCC, which the needed capital for the fiscal year 1938. should be 18, contains adequate to Pending this legislation, it will be necessary for the RFC to provide for these loans in not to exceed an $85,000,000, the loans to be made by the CCC aggregate of as in former years, with a definite commitment from the RFC to provide CCC with the necessary funds. These loans should only be prescribed by the Secretary of Agriculture with made my under regulations approval. When the legislation referred to has been enacted, the RFC will be relieved of this temporary commitment and reimbursed for any advances made thereunder. FRANKLIN D. ROOSEVELT. The President's to in our budget summation of Oct. 18 was referred time and that there was no three-man been planning particular for reason bar raids on each other's O. and A. F. of L. leaders strongly favored such a truce to O. page ington a deadlock on Oct. 27, reconvened in Wash¬ Nov. 4. on Sub-committee Begins Structure—Revision of Hearings Tax on Undistributed Corporate Profits Tax Favored The Sub-committee of the House Ways and Means Committee named at the last session of Congress to study the Federal tax structure with a view to suggesting revisions and the elimination of any inequities which may exist, began hearings on Nov. 4. The initial session was confined to the undistributed corporate profits tax and following the hearing Representative Fred M. Vinson, Democrat, of Kentucky, Chairman of the Sub-committee, said that "I think it is the general sentiment of Sub-committee that it should look into the undistributed profits tax with a view of relieving hard¬ ships." Other taxes that will be studied are the capital gains and losses tax, estate and inheritance taxes, and the so-called "nuisance" taxes. . Appointment of the Sub-committee last August was noted in our issue of Aug. 28, page 1351. Appearing before the Committee on Nov. 4 were Roswell Magill, Under-Secretary of the Treasury, and Arthur H. Kent, Treasury Counsel. The following bearing on the session Nov. 4 is from Washing¬ ton advices, that day, to the New York "Herald-Tribune" of Nov. 5: Representative Vinson described the meeting today as "an informal dis¬ policies" with some talk of a tax on undistributed corporate cussion of broad surplus. Executive sessions of the group will continue, and decision on the date of public hearing will be postponed indefinitely, as the Committee bill ready before the regular session of Congress In January. "We have requested certain data from the Treasury Department," he said, "giving us the Treasury picture of the income from the undistributed hardly expects profits tax. a What one we hope to do is to take up subject after subject and fair consideration, arrive at tentative conclusions and then go to some other subject." Asked whether President Roosevelt's budget-balancing plans entered into the tax study, Vinson said that the Committee had been informed that the yield from the existing laws would be sufficient for budget balancing. From Washington dispatch of Nov. 4, appearing in the New York "Journal of Commerce," we also take the follow¬ ing regarding the hearing that day: a Treasury officials who its study were met with the Vinson Sub-committee it began as Under-Secretary Roswell Magill and Arthur H. Kent, as¬ Attending the meeting also were L. H. Parker and sistant general counsel. C. F. Stam, of the Joint Congressional Committee on Internal Revenue Taxation. Consideration of changes in the tax laws is being conducted by the Sub¬ committee in secret sessions with all members under an agreement that only. Chairman Vinson shall make announcements. Public hearings later will be held after the Sub-committee has prepared its recommendations been drafted. or a bill has Mr. Magill appeared before the group with a voluminous report of the eight months' survey of the tax structure conducted partment but did not offer any recommendations at this time for changes In No hint was given as to what these recommendations will be. Mr. Magill read only a small portion of his report dealing only with the tax situation in the most general terms before a recess was taken by the Com¬ mittee until tomorrow. the law. According to Chairman Vinson up only one subject at a It is the intention of the Committee to take time and to arrive at a tentative conclusion on that subject before proceeding to the next. Today's discussion centered around the undistributed profits tax provisions and wili be followed by study of the capital gains and losses, estate, gift and nuisance taxes and administrative provisions of the law. j Mr. Vinson said that it addition law. to the revenues not the purpose of the Committee to seek any but only to remove the inequities of the existing a reduction in yields, however, these losses was Where changes make for will be picked up from other sources. ment is in agreement with the He said that the Committee on Treasury Depart¬ this. He added that it is not anticipated that the Sub-committee will complete its studies in time for consideration of a bill during the special session but that in all At a probability it will be March 15 before cussed the reached the bill is ready. hearing yesterday (Nov. 5) the Sub-committee dis¬ no capital gains and losses tax, but reported it had conclusions. Conclusion See Matthew his some issue of Oct. 23, page 2624 President Roosevelt Tells Press Conference He Favors Reunion of C. I. O. With A. F. of L.—President to At of the he had by the Treasury De¬ D. C.: know, COO loans, including $85,000,000. I have decided to as you the CCC with ample capital and with authority to raise the funds necessary for its operations through the sale of its own an member annum. OCO will purchase such loans only from banks or lending agencies which have entered into an agreement to pay the Corporation on a The peace conference of representatives of the C. I. and A. F. of L. which as noted in our Oct. 30 issue, give each added: as is prevent the internecine warfare from interfering with settlement discussions. Maximum at Bushel—President Ask for At the Woll Roosevelt said proposal this afternon which would Both C. I. to to loans. Mr. Mr. money. by RFC for Loans—$75,000,000 Made Available of future. membership pending the outcome of present negotiations. House of indicated in closer to an armistice than they have been since their dispute broke out two years ago. They expected to discuss President Roosevelt Authorizes Advance of $85,000,000 Rate was conferees meanwhile edged 2778, ended in were two ways It is, the less people ought to indulge in speculation. were Mr. Woll for see The meant. The President is also reported to have said that the more dangerous stock speculation becomes, the less people ought to go in for it. The Associated Press further reports: was It the appointment. reporter referred to speculation about further devaluation of the dollar the President said that was an excellent example of what he President near Federation Peace Committee. published accounts of it and dictated his quotation, after saying that he The that statement. labor peace. . felt like inventing a new proverb on speculation. a a policy would be maintained. When other questions were asked about the meeting Mr. Roosevelt noted When upon he knew the administration had taken as The President said he planned to see Matthew Woll, an A. F. of L. Vice- President, in the . . far as part in effecting the negotiations for official quarters that this hands-off He permitted the direct quotation. Mr. declined to expand Roosevelt said that no exchange." La Guardia. 1937 6, Federation of Labor replied that he always had favored such a reunion. Advices to this effect are from United Press accounts from Washington, which added: is indicated in Associated Press dispatches from Washington which we quote in part as follows: as press Woll In conference Near Future yesterday (Nov. Hearings on Proposed Interests Trade Treaty Industries and Labor Oppose Tariff Cuts—Other Industries Urged by President of American- Heard—Treaty 5) President Roosevelt when asked whether he favored a reunion of the Committee for Industrial Organization with the American of with Czechoslovakia—Glass Czechoslovakian Chamber of Commerce With the Darings on conclusion a at Washington, on Oct. 20/ of the proposed reciprocal trade treaty between the Volume States and Czechoslovakia, United The nations Chairman Walsh and F. Henry Henry Cabot Lodge Jr. Grady of Massachusetts. belief the cost member, to undertake the study. v That Declination by the cost of with tariff a manufacturers would be a be selfish in asking for this "We may the to as American mediation Chairman of the committee, present duty was 60%. increase, but we are speaking for a foreign competition. K. Bancroft of the Catalin Corp. of New York City urged protection said, "is in a precarious position." Mr. Bancroft, whose firm makes a product used in the manufacture of buttons, eaid the industry feared Japanese competition more than that of industry, which, he the button X Czechoslovakia. . Shuttleworth, VicePresident of the Mohawk Carpet Mills, Amsterdam, N. Y., said that his mills paid an average wage of 67c. an hour, compared with 12^c. paid to Czech workers. If tariff bar¬ riers are lowered, he asserted, "we wil have to pay lower wages or our mills will stand idle and our workers unem¬ ployed." The Associated Press further reported: At the hearing on Herbert of Guttereon, manufacturers of Oct. 29, Howard L. President of the company. one this is true," "If he said, "it would seem to put forward by the Government of Uruguay in The reply of the United States to Cuba, Washington dispatch Nov. 2 to the New York given in a as "Times" follows: indicate there is a virtual received, has has studied and 21, inviting the Government of lency's note of Oct. all the countries of the associate itself with of offer good their to inform Your Excellency that with the greatest attention, Your Excel¬ directed by my Government have been I it offices for the purpose the United States to American Continent in a joint of arranging an armistice, and the contending forces in Spain. the concern of the Cuban Government in contemplating the deplorable situation in Spain, and its natural desire to find some peaceful method of terminating the strife which for so long has ravaged that unfortunate country. My Government is furthermore aware of the humanitarian considerations which have always actuated the Cuban Government in its firm support of the efforts which have been made to find just and peaceful means for the settlement of international dis¬ putes. At the same time, my government recognizes that the heritage of the Cuban people, shared with the people of many other countries of Amer¬ ica, must lend a peculiar poignancy to the sufferings and misfortunes of subsequently terms of peace, between My Government fully appreciates the Spanish ;v-:; people. Non-Interference ./"i ;; v, ; v, Our Policy people of the United States have followed the progress of the un¬ conflict in Spain with deep sorrow, and the sufferings of the The fortunate have of that country people profoundly distressed the government and earnest hope of my Govern¬ peaceful method of terminat¬ people of the United States. It is the very ment, as it is of the American people, that a this strife may ing Institute of Carpet Manufacturers told the committee that about three-quarters of the of wool, carpets and rugs in Chechoslovakia was in the hands Inc., America, Spain August of last year. D. for in policy of non-interference in the internal affairs of another country." It is pointed out that in observance of this policy the United States "was unable to accept the proposal toward : X "vanishing industry," Thomas Eames of Millville, N. J., of the Glass Bottle Blowers Association, said he saw no reason to include blown bottles in the proposed treaty. He said his industry already suffered strong competition from the machinemade bottle industry, and that foreign goods also were hurting it. Opposing any concession so far as perfume atomizers were concerned, William J. Pitt of the De Vilbiss Co. of Toledo, said that sales of this domestic industry had declined 50% since 1930, and attributed it largely described he what conflict sufferings of the people industry and our jobs." Representing In its reply to the with deep sorrow, and the of that country have profoundly distressed the Government and people of the United States" this Government "has adopted as a matter of principle, the fortunate previously had said he understood the Cook Mr. of a pro¬ Department at Washington while stating that "the people of the United States have followed the progress of the un¬ products were equalized those produced in this country, you in Spanish of the United States, the part on conflict, was announced on Nov. 2. ish encouraged to expand their operations. ask, then," said Henry F. Grady, modest 90% tariff on glassware." "All "is Czechoslovakia.'! Mediate proposal, the United States, in a note delivered on Nov. 2 to the Foreign Office at Havana by J. Butler Wright, the United States Ambassador, and made public by the State ,.V'..'-V' ;••••' duties on glassware in a proposed predicted that, if the cost of foreign Cook Mr. Nations American posal by the Cuban Government made to all the American Governments to become a party for mediation of the Span¬ 50% increase in recipiocal trade agreement with All Conflict On Oct. 28 Harry H. Cook of told the Committee on Recip¬ rocity Information that "cheap foreign competition" was responsible for serious unemployment in the glassware in¬ dustry. In part, the Associated Press added: Mr. Cook, International Vice-President of the American Flint Glass Workers Union, eaid his organization considered appealing to Congress for adequate tariff protection. He said that about 50% of the workers in the hand-blown glass industry were either unemployed or working part a Government United^States Declines Proposal of Cuban Mr. Grady said it( was difficult to com¬ 30, page 2775. "demanded" "a loss to , Toledo, Ohio, a labor leader, He States did 1. Commission, of which Mr. Grady is a than a year. During hearings concluded yesterday on inclusion of industrial products in the proposed agreement with Czechoslovakia, every industry represented protested against any lowering of tariffs. The Washington hearings were referred to in these time. the proposed treaty, George Boockever, American-Czechoslovakian Chamber of business." Mr. Boochever, according to the Associated Press, said the Czechs wanted to do business with this country and that a reciprocal trade agreement would increase business as soon as possible. ; ' plete such statistical studies in less columns Oct. the of American agriculture and the by Informa¬ weeks, expressed could not be completed before Jan. survey resolution directed the Tariff The of support imports from other most-favored-nation clause. iCcmmerce, declared on Oct. 28 that if the United not enter into an agreement the result would be of the Committee for Reciprocity predicting negotiations would be started within two tion, In 'President would result in a flood of of the through application Prague determine differences in labor and other costs in was ordered in a Senate joint resolution introduced David I, Senators the to survey, countries, two with to Czechoslovakia concessions government officials in¬ Government would start in a few weeks, before completion of surveys ordered by Congress to determine shoe production costs in this country and in Czechoslovakia. As to this, Associated Press accounts, Oct. 30, from Washington said: negotiations that dicated 2945 Chronicle Financial 145 be found. The Government of the United States, however, has adopted, as a matter principle, the policy of non-interference in the internal affairs of another country, and with respect to the unfortunate conflict in Spain, my Gov¬ ernment announced in August of 1936 that "in conformity with its wellof established policy of non-interference with internal affairs in another coun¬ time of peace or in the event of civil strife, this Govern¬ will, of course, scrupulously refrain from any interference whatsoever the unfortunate Spanish situation." In observance of this policy my monopoly." try, either in tariff, H. V. Blanckensee of the I. Ginzkey-Maffersdorf, Inc., New York City, importer of wool chenille Axminster rugs, declared that imports in 1936 were less than 1% of domestic production. He said wages constituted the only difference in cost of production In the United States and Czechoslovakia, asserting manufacturers of both countries purchased raw materials on the world market at the same price. About 25% of Czech production costs, Mr. Blanckensee estimated, went to labor. Therefore, he said, a 25% to 30% duty would cover labor differences rather than the present 70% duty. "The present tariff is prohibitive," he said. Mr. Blanckensee saidbthat total domestic production in 1936 amounted ment In support of reduced while imports from Czechoslovakia were only $200,000. Vice-President of Alexander Smith & Sons of Yonkers, of present duties would curtail a large business in raw materials, which the carpet and rug industry now buys abroad. He esti¬ mated that $50,000,000 would be spent by the industry this year for to $130,000,000, Griggs, Maitland said not obtainable in this country. told the committee imports of foreign gloves threatened to break down the wage scale Mr. Roucoules, Chairman of the joint council in the American industry. of Fulton County, N. Y., lowest of any industry at the present time was the fall season within the past 25 years. A Johnstown (N. Y.) glove manufacturer, Elmer Little said employment in the any reduction, asserting that to imports gloves, he Jr., protested there should be a 300% duty against Czech protect the domestic glove industry. A tariff reduction on said, would eliminate domestic producers from the high-price range. Mary Rehan committee of the Steinberger Glove Corp. of recommend continuation of the imported gloves but New York City asked that present specific duties on elimination of ad valorem duties. would not lose by this concession. Representatives of 6ome pencil companies told favored tariff reductions. R. J. Urmston of the Pencil Importers Association, She said American industry the committee they New York, eaid "our reductions even though the bulk of our membership imports German pencils." Irving P. Favor of the Koh-I-Noor Pencil Co., New York, said Czech pencil imports amounted to only about Vz of 1% of domestic production. He added all the cedar wood used in the manufacture of Czech pencils organization comes On the asks from the the Lead other United States. hand, W. A. Pencil Association, McDermid of New York City, President of said that pencil manufacturers feared Inc., was unable to accept the proposal looking toward mediation Government of Uruguay in August of last year, and it ha3 subsequently been forced to decline participation in other proposals for joint intervention in that conflict. The Government of the United States feels confident that in the light of put forward by the foregoing the Government the which ations preclude it from of Cuba will fully appreciate the consider¬ associating itself with the action proposed by that government. S. Supreme Questioned by Florida Oil Companies in Eligibility of Justice Black to Serve on U, Court that lowering carpet wool, which, he said, was John Roucoules of Gloversville the in Government Petitioning Court for Rehearing of Case Involving Right of SEC to Subpoena Telegrams petition seeking a review of the ruling of the United Supreme Court on Oct. 18 in which it declined to interfere with efforts of the Securities and Exchange Com¬ mission to subpoena telegrams, was filed with the Supreme Court on Nov. 3 by Frank J. Ryan and the Ryan Florida Corp. of Tampa, the Florida Tex Oil Co. of St. Petersburg and the Income Royalties Co. of St. Petersburg, Fla. Ac¬ cording to a Washington dispatch Nov. 3 to the New York "Times" three points were raised in the request for a rehear¬ ing, viz: A States New statements concerning the seizure of telegrams Justice Black's alleged constitutional ineligibility, claimed on the ground that Justice Van Devanter is still a court member; the contention that Justice Black increased the pay had a that Justice Black subpoenaing of tele¬ of a Justice while a Senator, and the assertion "personal interest" in the ruling affecting the grams Supreme Court's decision of Oct. 18 was referred to Justice Black, the petition filed this week contended, (said the Associated Press) had The in our issue of Oct. 23, page 2627. obtaining telegrams and was fixed bent of mind toward said questions." Reference was made in the petition, to the fact that the Justice, while chairman of the Senate "settled views" with respect to "unable to disassociate his strong and 2946 Financial Chronicle Lobby Committee, had sought to use certain telegrams which had been obtained by the Communications Commission. balances Nov. 6, 1937 are withdrawn," in a study entitled "The Balance Payments and the Flow of Gold," issued by Tri-Conti¬ Corp., and made public Oct. 31. The tremendous movement of gold to this country, beginning in 1934 and of nental Repeal Urged by Senator Glass of Undistributed Profits Tax and Modification of Capital Gains Levy A recommendation continuing through the first nine months of 1937, the study indicates, represents almost entirely a net inflow of capital that the undistributed profits tax be repealed and that the capital gains tax be modified was made on No/. 2 by Senator Carter Glass (Democrat) of Virginia, as a means of aiding employment and business conditions. The Associated Press, in thus noting the views of Senator Glass, referred in advices from Washington on Nov. 2 to the for the purchase of securities trade. 1936 ment has on companies with deficits and debts. developed also for lowering the tax on earnings withheld to part obviously such . here Surveys Opera¬ tion of Undistributed Profits Tax concerns replying to its inquiry, only two expressed opinions indicating that advantages of the tax outweighed disadvan¬ In both cases amendments to the law were considered necessary, the Board pointed out. As to the advantages and disadvantages of the tax, the Conference Board's an¬ tages. nouncement had the following to Advantages mentioned and the say: number So short-term or reporting them if foreign first in nine inflow of short-term funds in the here for temporary reasons and that is, in a real sense, "hot," subject to were quickly after here is partly frightened money take advantage returns in tighten rates taken also says: money confidence interest probably be in home, perhaps $300,000,000 had repatriated in 1934 of the Europe unusual (and London, with when a money exchange France), portion of these funds American promptness. the or foreign notably in funds gold price was finally fixed. But when and if heavy withdrawals of either short-term or long-term capital occur, the first outflow of gold to meet them can now come from the "inactive gold" fund. Not until the latter is exhausted by such demands (and the amount in the fund is now more than banking system banking system. uncertainty, to the buy the gold for the real of companies money only temporarily to situation. will The National Industrial Conference Board announced on Oct. 30 the results of a survey to ascertain the general atti¬ tude of business executives toward the undistributed profits tax. The Board said that of 360 representative business the the came The study The short-term Board of first half of 1937 early recall. Industrial Conference in have been nearly $1,500,000,000 more. of 1934-36, plus those of 1937, the which have created the "gold problem" for ing corporations to accumulate too large surpluses. National is $2,000,000,000; and Treasury and the banking system. It is stated although the amount of "hot money" resulting from gold imports is open to question, the study indicates that a taxed to death." ^ almost wTere $1,000,000,000, imports to proper use. he added, But if surpluses are put they should be allowed to continue "rather than be they of international $1,200,000,000, it were 1937 they gold substantial Representative Tread 1935 excess of exports aspects the American expand way of Massachusetts, ranking Republican on the committee, told reporters that he saw "a little justification" for not allow¬ normal that Senti¬ improve plants. or of the in exceeded study asserts, Representative Vinson (Democrat) of Kentucky, Chairman of the sub¬ has favored changes in the tax on undistributed corporation the burden they is other Monetary imports in 1934 months It for or pointed out; committee, ease imports over proposed meeting Nov. 4 of a sub-committe- of the House Ways and Means Committee to consider the revision of the tax laws. In part these advices said: earnings to the transfer of short-term or funds, rather than for debt payments, for the to withdrawn 13) need Under these low rate for the freedom Treasury $1,200,000,000 been Sept. on of and of interest action paid fund" which the the fund Federal follow: and withdrawals circumstances, and in "inactive to from any is be placed of in the from made world a the currency by the Treasury for the funds perhaps a small price to pay possession of that fund provides, Reserve System. both Number of Companies Advantages— Reporting Prevents withholding of dividends when there is 1. for not 2. no reason declaring them 14 Stops accumulation of unneeded cash One company cited the organizations in Opinion of Fairman R. Dick 7 large amounts of cash securities speculation in 1928 and 1929 as an ~The problem of restoring sound credit to American roads undergoing reorganization will be solved as soon used in illustration Blocks manipulation of earnings to suit the tax exigencies of 4. Checks unwarranted expansion large stockholders 5. Adds to consumer 4 3 purchasing power purchasing power. in the replies to the inquiry are: Number of Companies Disadvantages— Reporting 1. Hinders expansion from earnings 2. Prevents accumulation of reserves for lean years 3. Discourages debt retirement and penalizes companies with long-term debts 138 135 4. 61 Penalizes small, growing, new and weak corporations 5. Will tend to accentuate depressions Replies mentioning effect of the tax this out the employees and the immediate suspension or reduction of dividends in the event of a business decline. on the capital market deficit or a policy— 9. 10. incurring a capital 1 of sound financial 1 — In amounted of 24 net income that paid the tax, it on An increase in the proportion of earnings reported by 193 corporations. distributed Those corporations as dividends was furnishing information the amount of increase because of the tax reported an increase of 51 %. Dividends equal on the average of 76.8% of earnings after deduction of all taxes other than the undistributed profits tax porations. This compares with were reported by 272 cor¬ an average of 64.8% for all corporations other than finance reporting net income during the five-year period 1925- 1929. by Tri-Continental Corp. of "Balance Payments and Flow of Gold" of Treasury in sterilizing gold, examined against the background of why gold has been coming to the United States, is described as "an ingenious and simple method of insulating the banking system against the shock as are in general me that these assumptions completely untrue. are not The true facts are based on the direct "Railroad debt has not been increasing relative to the plant, it has been Fixed charges have not been increasing relative to the plant to the service performed, they have been decreasing. Capital structures or have not outgrown the demand for service represented, let has far transportation, measured by us say, by gross gross revenues, outstripped capitalization. "In 1894, the debt of the railroads was 54% of their road and equipment 52% of their investment; in 1923 it was 50%; in 1929 it was 45%. In other words, the debt ratio has not been rising but continually declining. This is due to the conservative policy followed by the railroads as a whole of ploughing back earnings and financing in part by stock. In 1901 it account. "If much we the was examine fixed same picture. charges in relation to plant investment, we get very In the decade ending in 1910, fixed charges were next decade they were 3.56 of the 4.15 of the railroad plant account; in the plant account; in the following decade they were 3.25, and at the present time they are approximately 3.00. It is clear, not been The action of the of gold withdrawals from this country when and retained therefore, that railroad debt and railroad fixed charges in relation to the investment in plant have ..4 Study am decreasing. the average to 3.6% of net income before Federal taxes A substantial number of corporations paid dividends equal to or in excess of earnings and were not subject to the tax. on but revenues, but the demand for 196 corporations with Railroads, by which I no opposite of these assumptions. shown: case of American "My studies have convinced by the following results of the the re¬ asserted: fact 26 The practical effects of the tax were also covered Conference Board's survey. The were bring of service fixed charges, that the demand for rail trans¬ portation has diminished and that the country is overbuilt with lines. Denying the soundness of these contentions, he 39 Prevents accumulation of working capital from earnings Places a penalty on thrift and prudent management, and fosters extravagance in operation tax method not 42 deficit in the surplus account. excess be added which will It was pointed out by Mr. Dick in his address that many security holders were criticized for an unwillingness to ack¬ nowledge their losses on the ground that the railroads con- temporary credit accommodation. Induces payment of dividends in can greatly improved position in regard to many of the matters which I shall discuss in this address. capital and 7. Fails to provide any allowance for losses of prior years It was pointed out that this was particularly disadvan¬ 8. the Association Financial Advisor, has taken tax would consequently place the average corporation a less favorable position to obtain new of corporations and entirely clear be¬ cause and Several of these companies expressed the opinion that the case effective I wish to make it clear, that in stating my views to you today, I am giving merely my personal opinion. I want to make this 43 tageous in the develops, amendments an you the banks in time organization as compared with former practice." In in¬ dicating that what he had to say was an expression of his own views, Mr. Dick stated: on Encourages increased reliance responsible for the delay in solving the problem. "It is my belief, not as a lawyer but as a layman, that the purpose of the Act is sound," Mr. Dick said, "and that, about the financial structure of corpora¬ tions and the fact that lack of adequate reserves would necessitate the quicker discharge of 6. on Nov. 4. Mr. Dick, who is Advisor on Finance and Credit to the Association of American Railroads Chair¬ man of the Railroad Securities Committee of the Invest¬ ment Bankers Association and Senior partner of the invest¬ ment firm of Dick & Merle-Smith, of New York, declared that in his opinion Section 77 of the Bankruptcy Act is not as 52 47 disadvantage pointed it monthly meeting 2 Two companies declared that the tax increases consumer Disadvantages of the tax mentioned rail¬ as is realized that the trouble is inadequate earnings and not the burden of debt, Fairman R. Dick told members of the Cham¬ ber of Commerce of the State of New York at their of this advantage. 3. Inadequate Earnings and Not Section 77 of Bankruptcy Act Responsible for Delay in Solving Railroad Re¬ as foreign increasing, but continually declining. "In the decade ending in 30% of the gross period 1900, fixed charges consumed approximately operating revenues; in the 7-year period from 1900 to 1907— of the greatest approximately 24% of railroad prosperity— fixed charges consumed operating revenues. In 1936, fixed charges required slightly less than 17% of gross operating revenues. "A gross sound comparison of fixed charges in relation to operating revenue** should be made by taking period of depression years and comparing it witn another period of depression years, or a period of prosperous years and Volume charges is approximately 40% less than it was Furthermore, we find that the burden of charges that of the 90's. prosperous years years Comparing like burden of in the last major depression, therefore, we find that in this major depression, the with like, in the of the 20's was approximately 50% less than the prosperous from 1900 to 1907." Mr. Dick said fail to increased while most security holders that troubles of the railroads are not realize that the charges but the declining net earnings available to pay them, Discussing the question of salary mentioned two cases, which he tions that, under the original credit conditions, attempting to treat a It is my opinion that the problem of railroad credit not only can be solved but will be solved as soon as it is fully realized that the disease is inadequate earnings and not is meeting serious difficulties today because it is symptom of the disease the burden and not the malady itself. past 50 years, certain railroad burdens have been railroad credit con¬ ditions in the past, double this amount, or 30 cents, was available. "The reason I do not feel pessimistic as to the ultimate outcome is because I do not believe there is any economic obstacle to an adjustment of rates and expenses which will permit the restoration of a sound relationship be¬ tween railroad revenues and expenses. This means, of course, that I do not regard truck or waterway transportation as a serious barrier to ac¬ complishing the desired results. The most important factor in accomplish¬ ing such a result, in my opinion, is a realization of the true nature of the problem by the public at large and Governmental bodies in particular." the period of sound for net but 15 cents, whereas during v Problem of cussed ■' Intergovernmental Tax Exemptions Dis¬ Roswell Magill, Under Secretary of by Conference—Would Remove Tax Federal and State Bonds as to Salaries of Government Employees "Hardly Worth the Candle." An address on "The Problem of Intergovernmental Tax Treasury, at Tax Exemption Feature from —Removal of Exemption • y Under Secretary of the Taxation in Oct. 28, held under the auspices of the Exemptions" by Roswell Magill, Treasury, featured the Annual Conference on Baltimore, Md., National on In Association. Tax his opening remarks Mr. Magill stated that "the history and scope of the intergovern¬ mental exemptions from taxation have been discussed and defined so often that it is quite impossible for me to give this gathering of experts any new light upon part he went on to say:| these topics." In recommendations of successive Presi¬ Treasury for 20 years, the exemptions remain dents and Secretaries of the embroidery which has been added to the previously. The persistence of the original design might lead an observer from another planet to either of two con¬ clusions: that the doctrine of intergovernmental exemptions is basically sound, and its modern development a logical necessity; or that whether sound or not, the doctrine, having been developed by the Supreme Court, and not the Congress or the State legislatures, upon the basis of the neces¬ sary, though unexpressed, implications of the Constitution, is practically incapable of modification or repeal under our constitutional system. The current agitation for change, which has led to many proposals for consti¬ tutional amendments and legislation, make a discussion of those two latter unchanged, except for the judicial original design blocked out long propositions appropriate. exemptions of interest and such questions as I intend to discuss only the intergovernmental employees' compensation, and not to touch upon of articles intended for essential lessees' incomes from Government-owned the exemptions of sales governmental use, or of private ' -■! property. the removal of the tax exemption from all Federal and State bonds. Mr. Magill said, In advocating features in part: debt of the United States was $35,000,000,000 upon which the annual interest charge is $915,000,000. The net outstanding issues of Stat® and local subdivisions was nearly $17,000,000,000 on June 30, 1936, and the annual interest charge is esti¬ mated at $718,000,000. Since many of these bonds are held by exempt corporations, such as educational and charitable institutions, and by tax¬ payers not subject to income tax; and since a large part of the interest on the Federal bonds is now subject to surtax® though not normal tax®, the additional tax® which would be due if the tax exemption on th®e out¬ standing bonds could be pr®ently d®troyed are not as great as has been sometim® supposed. Although exact data as to the distribution of State and local bonds by typ® of inv®tors are not available, the b®t information which we have available leads us to ®timate that if the Federal Government were authorized to collect Federal income tax® upon the inter®t on State and local bonds now outstanding, the additional revenue at current levels of income and under the provisions of the pr®ent revenue law would be As of July 1, 1937, the net outstanding approximately $70,000,000 annually. The existence of this large mass of exempt property and income, however, problem of greater significance than th®e figur® indicate. Progressive surtax® cannot be made to operate effectively so long as Gov¬ ernments themselv® provide this easy mode of ®cape from them. The exemption is rightly regarded by the bulk of taxpayers as undmirable and unsound. Finally, since Federal and State bonds alike are and must be sold to many persons to whom the tax-exfemption feature is not important, the inter®t rate is not reduced by an amount precisely equivalent to the worth of the tax-exemption privilege. The elimination of the tax exemp¬ tion from some Federal and State bonds, but not from others, would no doubt necessitate a somewhat higher inter®c rate on future taxable issu®. pr®ents a fiscal governmental issues were uniformly taxable like other bonds, the and State Governments might expect ultimately to gain more in Federal tax® than they would lose in increased inter®t. "For reasons Court has consistently followed did not extend the taxing the amendment to new subjects." power In part, Mr. Magill also stated: published rulings and decisions on being pr®ented all the time. Moreover, the game is hardly worth the candle from the governmental point of view. There are about 2,500,000 State and local employe®, but their average compensation is about $1,430, over $1,000 l®s than the exemption accorded a married person by the Federal law. Hence, if they were all subject to Federal income taxation, the increased revenue would be, it is ®timated, less than $15,000,000 at the 1936 rat®. The litigation is all out of proportion to the revenue significance of the exemption. Altogether there have been over 300 general and qu®tion, From Mr. new are cas® Magill's address we also quote the following: quoted Pr®ident Nicholas Murray The newspapers recently Butler of for the Congress to propose an amend¬ taxation of the inter®t on State and municipal bonds, Columbia University as saying that ment to authorize the and of State and local officials' salari®, would make this country the laugh¬ ing-stock of the world, since the Sixteenth Amendment clearly contains the had advo¬ method of change, primarily to remove any doubt of the validity of the proposed tax, when imposed, with the possible unsettlement of the bond market while the Neverthel®s, the Treasury in recent years constitutional amendment rather than the statutory authority already. cated the t®t cas® were proceeding through the courts. exemption of taxation, at least two other less sweeping chang® pr®ent themselv®. The Congr®s might adopt again the method approved in Flint v. Stone-Tracy Co.: transform the corporation normal tax on income into a corporation privilege tax, measured by income, including inter®t from all sourc®. Such a change would bear with particular severity, of course, upon financial institutions with large holdings of State and Federal bonds. Moreover, since the present exemp¬ tions have a 25-year standing, Congr®s would have to decide whether any change should apply only to the inter®t on future issu® of bonds; or to the inter®t on all issu® received after the effective date of the law. Similar Aside from repeal of the pr®ent statutory the outright inter®t from Federal income State and municipal bond taken the latter course. might adopt the general idea changes by the Stat® have As to individuals, the Congress sanctioned Maxwell v. Bugbee. take all taxexempt income into account in determining the rat® to be applied to the individual's taxable income. Or to put it another way, instead of treating an individual's taxable income as subject to the low®t rat® in the surtax scale, and thus his tax-exempt income in effect as excluded from taxation at the next higher rat®, reverse the process. Place his tax-exempt income at the bottom of the surtax scale, and super-imp® e his taxable income thereon. The tax-exempt income would not be taxed; and the taxable income would be subjected to the higher rat® applicable in the light of the taxpayer's by the Court in a different connection in entire income status. This Glass advanced by the Secretary of the Treasury Carter for 1919, in which he said ... I call urgent necessity of revision of the revenue law so as to proposal was in his attention to annual report the require that, for the purpose by Notwithstanding the unanimous If all that view of debt. increasing; taxes, for example, have gone up 10-fold and labor and other costs likewise have advanced very materially, and this increasing burden of costs, other than interest, has been somewhat obscured by the decreasing burden of interest. The increases in burdens other than interest have been such that out of $1.00 of gross revenues received today, the railroads have left over "For the Constitution, the salaries of respectively exempt from were other governments. But the Supreme cerned. this j^'The purpose of reorganization, that of restoring sound exemption Mr. Magill said "established the proposi¬ already given," said Mr. Magill "the Sixteenth Amendment might have been thought to change this situation, so far as Federal income taxes on State officials' salaries were con¬ regard to bonds never in the past questioned, in an attempt to restore credit which the present selling price of the securities indicates cannot be restored in satisfactory or adequate degree., /.• : ; I : ^ reorganizations demand of the investor sacrifices in "Present taxes of the the income the were Federal officials and State beginning to sense a fallacy in proposals which cut as deeply into capital structures as many of them now do. Citing the cases of the St. Paul, Chicago & North Western, the Rock Island and the "Monon" as examples, he said: they 2947 Chronicle with another period of prosperous years. it comparing Financial 145 a taxpayer, of ascertaining the amount of surtax payable and municipal bonds shall be reported and the portion of his inqome which is his income from State and included in his total income, specified in the Act in r®pect to a total income of such amount. ... It is intolerable that taxpayers should be allowed, by purchase of exempt securiti®, not only to obtain exemption with r®pect to the income derived therefrom, but to reduce the supertax® upon their other income, and to have the supeitax® upon their other income determined upon the assumption, contrary to fact, that they are not in possession of income derived from State and municipal bonds. "A qu®tion has been raised concerning the right of the Federal Govern¬ ment under the Constitution to tax the income from State and municipal bonds, but there can be no doubt of the constitutionality of such an ad¬ ministrative provision. The proposal is not to tax the income derived from State and municipal securiti®, but to prevent evasion of the tax in r®pect to other income. The principl® involved are abundantly ®tablished in the decisions of the Supreme Court sustaining tax® upon corpora¬ tions, bank stock, etc., computed after taking into account income derived from Government, State, and municipal bonds." The validity of the prop®ed provision is not assured, in the light of prior decisions of the Court; but since it is inherently fair, and eliminat® glaring inequaliti® in our pr®ent system, the proposal certainly merits the m®t subject to taxation taxed at the rat® careful consideration. Some of thme alternativ® are now of constitutional amendments, to the seri® been referred pending in Congr®s, notably a differing in scope, which have the Senate. The pr®ent situation is difficult for a prompt solution. Since the members of the Judiciary Committee of and confused, and press® National Tax Association are at once cerned with its pr®ent individual and collective intelligence upon Sumner Welles, and con¬ the application of your familiar with the problem, effects, I venture to ask it. Acting Secretary of State, Indicates Purpose of Participation by United States in NinePower Conference on Far East Situation—Con¬ ference Not Called at Instance of United States Washington of State, indi¬ cated that the purpose of participation by the United States in- the Nine-Power Conference on the Far East (which opened at Brussels on Nov. 3) is to share in the common task of finding, within the provisions of the treaty that guarantees the territorial integrity of China and the policy of the Open Door and in accordance with the principles of peace that have been repeatedly stated here, some pacific solution of the Sino-Japanese conflict. This explanation of Mr. Welles was, it was stated in special Washington advices Nov. 2 to the New York "Times," designed to clear up mis¬ understandings incident to early press reports from London on Nov. 1 that were in error in certain important particulars In the on course of an Nov. 2, Sumner informal oral statement at Welles, Acting Secretary 2948 Financial Chronicle the Far Eastern statement made in the House of Com¬ on by Anthony mons Eden, the British Foreign following is Secretary. From the "Times" Washington dispatch Nov. 2 further: 18.5% the accounts that appeared In the morning newspapers today had 68,7% stated that they disposed 25.4% reported, Mr. Welles pointed out, that Mr. Eden had said the United States Government had taken the initiative in convoking the con¬ ference. When the official text of his speech was received by the State was Department last night it discovered that what he had said was tions 26.4% stated ture initiative as League of Nations. who were from the came members of the After the decision had been reached by them to suggest the convoking of the conference, the United States Government, the signatories, in accordance with treaty obligations expressed its willing¬ to attend such conference a on of |or the purpose of consultation envisaged in the treaty. The British Government as one Mr. sense Eden's statement as finally reported desirable, entirely was correct. Black-Connery Wage and Hour Bill Criticized in Report of Committee of New York Chamber of Commerce—Holds Methods Whereby Proposals Are Planned to Be Accomplished Strike at Foundation of Nation's Economic Structure report bearing a establish bill, maximum on issue York with hours of labor and minimum wages, that "no fair-minded person can take proposal to end oppressively long wage levels so low that decent standards states any hours of work sound or living cannot be maintained; but the methods by which to accomplish this in the Black-Connery bill, in the opinion of your committee, strike at the very founda¬ of the Nation's economic structure, welfare of industry and labor alike." of enactment at the last session of brought conclusions ternal of the Trade Hasler is Chamber and Nov. 15. group—the Committee Improvements, failed measure Congress, but will be which of Chairman—are embodied in The In¬ on Frederick E. report acted upon monthly meeting of the organization on Nov. 4. According to the committee, "any legislation, no matter a at the how worthy its objective, belief and that raise nation a the may which has be can foundation the on solve its unemployment problem merely by decreasing the employment, is wrong in theory of labor to spread foredopmed to failure." There its standard of living hours and little or no The committee also says: objection, in principle, to maximum a hour law designed eolely to protect labor from exploitation, but this aim appears secondary in the Black-Connery bill to the real purpose of shortening the hours to spread the work and create additional employment. The fallacy of the theory that the people of any nation can be enriched by working less has been exposed too often to bear repetition. to be Neither is minimum there anything wrong, law. wage Its as a humanitarian general application over principle, with a a country as large as radically different conditions and costs of living however, makes it a dangerous weapon to wield, if economic dislocations, which would injure instead of help the very persons most deserving of higher wages, are to be avoided. the in United States, various with sections, In criticism of that feature of the Black-Connery bill which provides that two of the five members of the proposed Labor Standards Board would constitute a quorum at all times, the committee said: While the edicts and United States members of welfare of Circuit the sections in its scope of judgment some rulings of the Board great of the are Court subject to review by the of Appeals, it would authority to issue orders Board- employers and industries whole country, is a and to give two economic perhaps the concentration that affecting the seem very economic life of of power too unlimited and too fraught with danger of possible misuse, through error or outside influence, to be attempted, except in the face of emergency. No such emergency exists at this time. Besides Death of of United States R. P. Hill, Hasler, the Chairman, Representative in Manufacturing Companies Seriously by Surplus Profits Tax, According to Survey by National Association of Manufacturers Affected representative cross-section of manufacturing in the United States by the National Association of Manu¬ facturers today indicated that employment in the manufac¬ a turing companies of the country is being seriously affected by the surplus profits tax. In their replies to a question¬ naire, according to ciation of an announcement by the National Asso¬ Manufacturers, one-quarter of the manufacturers definitely that if the tax was lifted and they were thus allowed to devote taxes to plant expansions and pur¬ chase of new machinery, they were stated Hill of to the House from the 25th Illinois Congressional District serving from 1913 to 1915. In November, 1936, he was elected to Congress from the Fifth Oklahoma District mittee. as member of the House a "positive" more Judiciary Com¬ In the New York "Times" of Oct. career was summarized as 30, Mr. Hill's follows: Mr. Hill was born in Ewing, 111., April 18, 1874, and studied at Ewing Admitted to the Illinois bar in 1904, he practiced at Marion in his College. native State. Mr. Hill police magistrate at Marion in 1903 and 1904, was City Attorney from 1907 to Representatives from 1910 to 1912. 1909 and a member of the State House_of +. Death of Henry Mauris Robinson, California Banker and Financier—Adviser of Three Presidents— Member of Many Government Commissions Henry Mauris Robinson, well-known California banker economist, died in the Huntington Memorial Hospital', Pasadena, Calif., on Nov. 3, as the result of a spinal injury suffered last July. He was 69 years old. Mr. Robinson was born in Ravenna, Ohio, and was educated at Western Reserve Academy, Hudson, Ohio, and Cornell University. Later he read law in Youngstown, Ohio, where he practised and from 1890 to 1900. He then went to New York, where he successful ir financial and business contacts in the merger from 1901 to 1905. During this was era period he was interested banking, coal, steel and, for a time, newspapers in Boston and Kansas City. In 1906 he moved to California, where he engaged in the development of Western enterprises involving lumber, copper, the telephone industry, hydroelectric power in and finance. At the time of his death he was Chairman of the Board and Vice-Chairman of the executive committee of the Security-First National Bank & Trust Co. of Los Angeles* Chairman of the Board of the Newport News (Va.) Shipbuilding & Drydock Co.* Chairman of the Pacific Southwest Realty Co., a Director and member of the execu¬ tive committee of the Pacific Mutual Life Insurance Co., a Director of the General Electric Co., Union Oil Co. of Cali¬ fornia, &c., &c. An outline of Mr. Robinson's career printed, in the New York "Times" of Nov. 4, further said in part: Mr. Robinson Hoover. ment was He held the nearest he a ever friend and adviser to Presidents Wilson, Coolidge and Commissionership on the United States Shipping Board, permitted himself to approach being a regular Govern¬ official. The least publicized member of the American committee to investigate Germany's finances, under the Reparation Commission, be served with Charles G. Dawes and Owen D. Young, His colleagues credited him with performing much of the work in evolving the Dawes plan. Mr. Robinson's career as a statesman began during the in 1917, when President Wilson called him to the Council Defense, of the on which he became a dominating figure. Supreme Economic Council friendship with In the took same over year Mr. Robinson German ships. Labor was a World War of National as a member 1919, Herbert Hoover, grew. Conference was a member of the committee He represented the United States Conference, which League of Nations, and He served at the Peace Conference in Paris in another member, At Labor created the labor member of President at the bureau that First of the Wilson's Second In¬ dustrial Conference. In 1920 he was Chairman of the Government's Bituminous Coal Commission to investigate whether the miners were en¬ titled to increased pay. 4| After aiding in the drafting of the Dawes plan in with Owen D. 1924, he coUaborated Young, Agent General for Reparation Payments, in the in¬ stallation of the Dawes plan. In 1927 Mr. Robinson, under appointment by President Coolidge, was Chairman of the American delegation to the International Economic Con¬ ference in Geneva. Mr. Robinson was a member of President Hoover's Economic Stabilization Conference in . . 1929. he served The following year as a member of the executive committee of the National Business Survey Conference of the United States Chamber of Commerce, man and of the Financial Division of the National as a as Chair¬ Drought Relief Commission member of the President's organization on unemployment relief. em¬ Urged ployees would be required. Another quarter indicated that if the tax was lifted their demands in the labor market would probably increase. Of the 405 replies received, the P. elected International poll of R. Representative from the Fifth a hospital in Oklahoma City, Okla., after suffering a heart attack. He was 63 years old. Mr. Hill was one of the few Representatives in Congress ever to be elected from two States. He was first the Reis. A handicapping and Democratic the Employment state¬ Oklahoma District, died on Oct. 29 in where his Mr. following are committee: William C. Dickerman, John W. Hiltman, Archie H. Loomis, George Nichols, Arthur M. members a adversely affecting business and reemployment throughout the country." endangering the This at the special session called for up if such capital expendi¬ same appear," the Association said in of it is planned tion exemp¬ facturers has made in surveying and studying the effects of and also served the Federal Government's plan to particularly on an analysis of the Black-Connery committee of the Chamber of Commerce of the State a New if men from taxation. this tax had indicated that it is seriously and based of more Oklahoma—to Congress by two States This Government then suggested that it felt Brussels would be In employ surplus profits tax is either repealed or drastically amended. Every approach which the National Association of Manu¬ place for holding the conference. that would Oct. 6 advised the United States Government of the initiative that had been taken with regard to the convoking of the conference and inquired of this Government what its views might be as to in they expansion. they probably would do the exempt debts. prevented "that there can be little real expectation of sound business expansion and further employment gains until the tp the convocation of the conference group of signatories of the Nine-Power treaty and that plant off pay which laws ment, Mr. Welles outlined the facts substantially as follows: the was for "Thus it would United States had taken the initiative in suggesting where the conference ness allowed were State paying out uneconomically large dividends. were definitely and form of dividends. that the was should be held. The stated in the earnings used to on by contracts earnings their business: on by the tax handicapped the distribution of of the misapprehensions that had arisen. It were issued by the N. A. M. of the effects tax law handicapped were 4.7% Mr. Welles expressed regret over the earlier reports, but pleasure that a summary Of the surplus profits quote we 1937 Aid to Depositors Mr. Robinson helped the President with the intricate financial problems' which arose payments. in connection with the first moratorium on war debt reparation He advocated creation of a fund under the He played in framing President Hoover's proposal to create a part important an "Times," Nov. 1, quoted Mr. Corrigan as discount banks. On Aug. 26, 1932, Mr. Robinson became Chairman of a permanent Central Committee created by the National Business and Industrial Con¬ system of home loan ference , Until . . Government and business efforts toward recovery. coordinate to the very long-distance Robinson, Roosevelt's inauguration, of President eve Mr. and the capital, California between commuter Among the numerous tributes to Mr. Robinson was one from former President Herbert Hoover, who was Associated Press advices citizens of our country. All his life his business occupation was an incident to We service. quoted in saying: as "Henry Robinson was one of the most useful constructive public ill afford to lose such men." can Naturally we optimistic about the outcome are spirit that both Nicaragua and Honduras have accept negotiations to It might Laws First Need Doctor and Honduras Nicaragua, Capital degree of Doctor of Laws was on Oct. 30 con¬ Carter Glass, Democratic Senator of Virginia, and on of expressing to your of Cordero I recall with some sentiment, too that Alexander the first and foremost of the soldiers of George "Alexander Hamilton," he "I repeated, "I could fervently wish that of them in the Nation's capital today and was a great man and this there then the country than we receive. college is worthy of him. also glad to come to the place am in sense a an eloquent examples In the course of the discussion regarding boundaries duras, accepts with pleasure the good offices which the Government of Of all these things I am glad. member "My conception of a United States Senator is somewhat different from think, that that means observations to the will of the populace. officer should be thankful if he finds the distinction that it may confer; but go in it because you want to serve than selfishness." In the same The conferment stated: was took place at a special capacity audience of undergraduates, had It from deferred been The following last citation President of the College, to was convocation in the presence of commencement. ^ ^ read by Frederick C. Ferry: in conferring the degree, according Clinton advices to the New York "Times": "Born in Virginia, that State of few rivals in its tinguished men to the higher tasks of the formal education in public and contribution of dis¬ Nation; acquiring your brief private schools, but gaining in a news¬ and culture which others Daily News and The Daily Advance—those two papers which have long entitled Lynchburg to wide recognition in the press; drafted in 1899 to represent your fellow citizens in the State Senate; following four years there with 17 years in Congress and a year as Secretary of the Treasury in the Cabinet of President Wilson; now in the 18th year of a most notable career in the United States Senate; one of those rate men who have in no instance sought public office, paper office the thorough intellectual training presently editor and owner still of The seek in college; but have been sought by it to their own surprise; never a politician serving but always a statesman functioning effectively through obedience to the dictates of a conscience clear and insistent for what it sees to be right; respecting you for that independence of thought a party organization, and courage in action forever essential to representative government, College of Elihu Root begs you to for its highest P. Frank the find a place among your many honors award." Corrigan Named by President Roosevelt to Rrepresent United States in Conference to Consider Boundary Dispute Between Honduras and Nica¬ ragua—Venezuela and Costa Rica Also to Par¬ ticipate The Rica tender of their by the offices United States, Venezuela and Costa in seeking a solution of the long¬ between Honduras and Nica¬ ragua was formally accepted by both of the last-named nations in notes to the State Department at Washington on Oct. 22. On that date also it was announced that Presi¬ dent Roosevelt had named Frank P. Corrigan, Minister to Panama, as representative of the United States in the negotiations. Mr. Corrigan, who has been on leave of absence at his home in Cleveland, conferred in Washington on Oct. 22 with Sumner Welles, Acting Secretary of State. On Nov. 1 Mr. Corrigan boarded a train at Mexico City for San Jose, Costa Rica, where the initial conference on the standing boundary dispute the success of the promises of ever-renewed assurance of my cablegram from Managua,. for a the called Nica¬ following to say: leaders of all parties to the conference to discuss economic and political and specially the Honduras-Nicaraguan dispute. The President that all party lines must be forgotten and the best international said to Costa Rica, seat of the mediation board, represent Nicaragua. libraries send any further informa¬ tion relative to the boundary since early colonial days. However, in this respect Nicaragua is somewhat handicapped, as many records were lost or burned in the disastrous earthquake of 1931. has been made also that United States of Dr. Leon de Bayle, Named Minister from Nicaragua Bayle, Leon* de Dr. Anastasio who on Somoza as Newly Oct. 22 was appointed by Minister of Nicaragua in Carlos Brenes Jarquin, resigned, planned to leave for Washington in a few days. He was met, with his arrival in New York, by Luis Somoza, son of the President of Nicaragua, who is in school in the United States. Dr. de Bayle, in commenting on Nov. 2 on the proposed conference to be held in furtherance of the adjustment of the Hon¬ duras-Nicaraguan boundary dispute, to which we refer else¬ Washington to replace Dr. New in arrived York on Nov. 2; he where, said: The Nicaraguan the United the settle to notables and friends of the college. June's a lawyers and engineers be sent to of advices it Somoza Anastasio President Presidential House today Go in it from higher motives country and your respective people. 28, to the "Times" had the President Any himself In accord with the sentiment of his people, but he never should get in accord by a sacrifice of his intellectual integrity or of the enlightened con¬ science, and these I always undertake to observe in deciding public questions. "And let me say to you, young men, if any of you have aspirations for public service never go into it through motive of pecuniary gain or simply of a Under date of Oct. ragua, of my convictions. I think and in par¬ life. United States Senator or public gratitude for Its noble endeavors directed to the maintenance, the blessings of peace which were on the point of highest consideration. Arrival in I do not think and never have thought, never want that of some others. enlightened government the profound Your Excellency's being lost, as well as to assuring on the continent Buenos Aires, I beg Your Excellency to accept the characteristics that belong to every upstanding man ticular to any one in public your In expressing to for Nicaragua and Honduras, of of me that I have manifested an Independence of disposition and a courage to which I have the honor to answer. -■ .. of Senator "It has been said in various citations are He United States, humble member of the House, while be was the foremost Tells Conception with Hon¬ the United offer to it, together with the Government of Vene¬ of Costa Rica, for the ends indicated in Your Excellency's telegrams, States has been good enough to The request where Elihu Root was born. associate of mine in the Congress of the of the United States Senate. those said in his problems would not be disturbed by the expenditure of more money I being an Nicaragua, stating to Your Excellency that the Government of Nicaragua, faithful to its traditional policy of sincere devotion to peace, of which it has given Hamilton was Washington who Yorktown." shed his blood on Virginia soil at was of acceptance: of the Nlcaraguan Government Hamilton Minister Foreign the Reyes, In addressing the gathering, Senator Glass declared that "had we some Alexander Hamil¬ tons in the Congress of the United States, we would not have gained the reputation of being a lot of legislative spend¬ thrifts." A dispatch from Clinton, N. Y. to the New York "Herald Tribune" also quoted Mr. Glass as follows: Secretary of the Treasury. may this noble and friendly step. of the Government of Honduras for zuela and that were good offices and I take Excellency's enlightened government, as well as Costa Rica and Venezuela, the profound gratitude government accepts with pleasure the United States, Costa Rica and Venezuela, to the enlightened Governments M. glad to President of the Republic, I am Being authorized by the Constitutional former Secretary of the Treasury by Hamilton College, of Clinton, N. Y. named after Alexander Hamilton, the first "And from ring to the terms of the offer, said; a among telegrams in I take pleasure in The honary ferred said: Oct. 22, to the "Times" their Foreign Min¬ isters to Mr. Welles, accepted the tender of good offices with pleasure. The note from Julio Lozano, Foreign Minister of Honduras, after refer¬ Both the liberty of from Hamilton College—Latter Named After Secretary of Treasury—Mr. Glass Expresses To-Day of Many Alexander Hamiltons in of involving 10,000 miles of territory. Advices from Washington, Inform Your Excellency that my Degree Receives Glass Carter commit himself on how to settle the dispute, take of the governments of the Senator displayed in their willingness gratifying. is added that he refused to was long it square Hoover in handling the banking situation. assisted Mr. place Nov. 2. A the New York follows: of the conference. The boundary dispute was scheduled to take wireless message from Mexico City to Comptroller of Currency to tied up in defunct banks. whose savings were assist depositors 2949 Chronicle Financial 145 Volume the two de Dr. prefer is to countries in San Jose, Costa Rica, the two by its decision. "Times" of Nov. 3 we quote: have agreed to abide nations the From pleasure the good offices Venezuela and Costa Rica, and we, of course, dispute by diplomatic means. The mediation board representatives of with meet and Government has accepted with States, New York Bayle has been in the diplomatic service of his country for nine although his last post, as ccr bel for the National Bank of Nica¬ ragua, was of a non-diplomatic natvwe. Before entering the service he studied diplomatic law for 10 years in France. He said this was his first visit to the United States, although two of his brothers are well known in this country. Luis Manuel de Bayle was formerly Foreign Minister in Nicaragua and Henri de Bayle was Charge d'Affaires of the years, in legation The cial said that Anastasio Somoza, President of Nicaragua, was great deal of attention to structure and enhancement of mission cial Washington. Minister devoting a was sent to improvement of the country's finan¬ economic conditions internally. A the United States several months ago to study finan¬ organization. Trading and SEC—Resignation of David Saperstein as Director Accepted, Effective Dec. 1 Announcement was made on Oct. 30 by the Securities and Exchange Commission that Ganson Purcell had been named Acting Director of the Trading and Exchange Division, and that the resignation of David Saperstein as Director of the Division has been accepted, effective Dec. 1. Mr. Saper¬ stein tendered his resignation on Sept. 13, as noted in our issue of Sept. 18, page 1837. Mr. Purcell is at present Assistant Director of the Division in charge of investigation and enforcement activities under the Securities Exchange Act of 1934, the Commission explained. It added: He joined the Commission in September, 1934, as attorney on the staff Ganson Purcell Named Acting Director of Exchange Division of the drafting of the trading odd-lot dealers on the exchanges. acted In an advisory capacity to the Regional Administrators in the San Francisco and Seattle Offices at the opening of those two offices of the Commission. Since 1936 he has served as counsel for the Com¬ mission in the conduct of the manipulation case involving Charles O. Wright, et al. He was appointed to his present position in October, 1936. Mr. Purcell Is a native of San Gabriel, Calif., later lived in Pasadena, Calif, and in Buffalo, N. Y. He is a graduate of Williams College, class of 1927, and the Harvard Law School, class of 1930. In 1930 Mr. Purcell became associated with the Office of the Legislative Counsel to the United States Senate, first as law assistant and subsequently as Assistant Legislative Counsel. His work in that office was largely in of the General Counsel, rules for floor In 1935 he where he participated In traders, specialists and 2950 Financial connection with the drafting of financial legislation. In his capacity Chronicle Assistant Legislative Counsel, he participated in the drafting of the Se¬ Exchange Act of 1934. curities It Mr. Purcell is of the member a Bar of the Courts of the Columbia and the Supreme Court of the United States, *. District New York of E. McNabb United States Tariff both in Edwards Retires General as Counsel of Commission—Had Served nomic and The officer attorney, and for of received Columbian at The the 3. laws, its he in Chamber adviser been to ranks assist the in in the the Tariff of 1917. spring by the field of Commission He thus at the Congress in Commission enacted in and became in the first Acts the Tariff complete revision and elsewhere basis Act the the became customs beginning of its first President legal also confidential was possessions military toms and the of of the 1922, as board before the ments of basis; the of since 1799. revised and procedural This re-enacted with many. While in matters problems of vessels; of affecting the the the some the customs, thereby reorganization entry for in tariff he suggested docking of and These changes necessary of of tariff in Cuba made putting them with some collection of fees solely a and Tariff in in other Commission, salary ports, and of afterwards, legislation being customs courts their Practice cases. preceded for his work now as seven years General the in Counsel new for Semi- recently made by the Chamber of the com¬ State of New York regarding difficult continue to examinations Hepburn, at without financial aid. under an endowment time President one presented by the of the Chamber. These can test their potential abilities and the value of experience and education. The examinations a given twice are year, in a period of about two weeks. January and in May, and They are of two grades, junior covering respectively the work of high school and of college If all the requirements are fulfilled a Commercial Credential is grade. awarded by the Chamber with the consent of the Regents of the State of New York. A certificate of accomplishment is given to all those who have met less than the full requirement. All examinations need examination period, and failure to one clude the them. from which he is it subjects, such persons extend over the Department of government court York and senior, consolidation or New of Barton Cus¬ emolu¬ as of Hepburn Fund was the State Examinations—Scholarships examinations are designed to aid business workers and students in appraising their knowledge. By taking the Chamber's examinations in one or more ship¬ on on districts, abolishment years Under commercial late A. during the of of Since 1919 the New York Chamber of Commerce has conducted semi¬ insular new reorganization abolishment customs delivery, were * year, find annual changes Justice, Mr. McNabb suggested the creation Appellate Court in customs litigation and a legal staff to represent an the the of Later, deposits, States, the The text of the Chamber's announcement follows: provisions some a would lawe report of the administrative Bureau; the taking of passengers' declarations a collectors and sub-ports adviser complicated occupation. Division United the the Chamber. The examinations are given in January and in May, and there are a limited number of scholarships available for candidates enrolled in an approved school of business of collegiate grade, who twice Treasury Department he suggested changes in methods of keeping In addition to other duties during the Spanish-American War, accounts. he that mercial examinations, conducted under its supervision, and under an endowment by the late A. Barton Hepburn, a former 1930. In of the the Tariff Commerce Commerce of tariff acquired a broad knowledge of customs law and procedure, and of facte respecting commodities in litigation in which he took part as attorney. His knowledge and experience enabled the Commission soon to place before in chartering Commercial Awarded ha3 so remained for the past 20 years. Previously he had the Treasury Department and the Department of Justice, where he embodied states holiday on the banking structure and the earnings assets of banks and their rela¬ Announcement Commission and in also bank of Annual said, in part: career government asked was organization issued announcement outlining Mr. McNabb's Outstanding published by that bank. Association the tion to business and government. testimonial luncheon at the Willard Hotel a An by bank the of the changes in expressions of regret. His friends and associates in the Tariff Commission and elsewhere throughout the service Nov. of (now Georgej Washington) Univer¬ accepted Mr. McNabb's retirement Commission will tender him Bank manager banking, bank failures, guaranty of bany history of effects with on as statistical publications announcement branch the past 20 years chief law Mr. McNabb was born in Baltimore, Md., and was educated at schools, public and private, in the District of Columbia. His legal training he sity. 1919 Mr. In National the by Mr. Edwards published by the Economic Policy Commission include such subjects as chain, group and Tariff Commission. the York with studies Government—30 years in junior grades, eight years trial a New New York. and associated of its service depart¬ ment, having charge of advertising, publicity and the eco¬ Years in Government Posts States During the war bureaus of the Liberty Loan organ¬ Washington became Commerce in 58 Charles E. McNabb, General Counsel of the United States Tariff Commission, retired on Oct. 31, at his own request, from active duty after 58 years in the service of the United as 6, 1937 office of the Associated Press. he served with the press - ization Charles Nov. New York "Herald Tribune"; did some special work for the New York "Post," and at the, time of the war was with the as taking of the secure a same examination at later cent or better is the established grade. periods. be taken at Seventy-five per Under certain circumstances and in certain subjects, fully authenticated school or college grades will be allowed as credit in place of examination. From the the Hepburn Fund there are a limited number available each academic year for candidates enrolled in retiring. not passing grade does not pre¬ an of scholarships approved school of business of collegiate grade, who would find it difficult to continue their studies without financial assistance. T. J. Watson Renominated York Federal Reserve for Class A Post of G. Announcement Bank Deputy Chairman, of W. Davison made was Reserve Class B Director of New Bank—W. C. Potter Named as New of on Oct. 30 by the Federal York, through Owen D. Youn^, the renomination of Thomas J. Watson, President of the International Business Machines Corp., New York, as a class B director, and of the selection of William C. Potter, Chairman of the Guaranty Trust Co., New York, as candidate for i^e post of class A director, to succeed George W. Daviscflj Chairman of the Central Hanover Bank & Trust Co., New York, whose term expires Dec. 31. Both Mr. Potter and Mr. Watson, whose present term also expires at the end of this for nomination year, were recommended by the sp#eial committee appointed for the by the Bankers Associations of New York State, New Jersey and Connecticut. If elected, they will serve from Jan. 1, 1938, to Dec. 31, 1940. Summaries of the careers of the two nominees appeared in our issue of Oct. 2, page 2163. purpose The election of the directors is confined to member banks in Group 1 of the New York Federal District, this is, member banks with capital and surplus over $1,999,000. The polls opened by the Reserve Bank on Nov. 1 and will remain open until 12 o'clock noon Nov. 16. were Gurden Edwards Named Director of New Research Council of American Bankers Association In announcing the creation of a new Research Council to coordinate and expand the research activities of the Amer¬ ican Bankers Association, Dr. Harold Scholarships are awarded in June of each year, and are paid in two installments, the first half in September of the current year, the second half in February of the following after year, plans for the coming semester have been submitted to and approved by the Director of Commercial Examinations. As a rule preference will be given to those candidates who take at least three of the Chamber's examinations. commercial Further information may be had from R. C. McCrea, 65 Liberty Street, New York City. Government Expenditures to Be Discussed at Annual Academy of Political Science in New York Nov. 10—Secretary Morgenthau and Senator Byrd of Virginia to Address Dinner Meeting— Meeting of S. Parker Gilbert to Preside The general topic of the annual meeting of the Academy of Political Science, to be held on Nov. 10 at the Hotel Astor in New York City, will be "Expenditures of the Federal Government." This will be the topic at the annual dinner meeting at which Secretary of the Treasury Henry Morgen¬ thau Jr. and United States Senator Harry F. Byrd of Vir¬ ginia will speak. S. Parker Gilbert, partner of J. P. Mor¬ gan & Co., will preside at the dinner meeting, which will be held at the Astor the evening of Nov. 10. It is announced that the dinner session and part of the afternoon session will be broadcast by tlie National Broadcasting Co. over a coast-to-coast network and stations associated therewith. The topic at the afternoon session, at which Dr. Mitchell, Professor of Economics at Wesley C. University, Columbia Director of the National Bureau of Economics Research and President of the Academy of Political Science, will preside, will be "The Future of the Federal Budget." The speakers Stonier, Executive Manager of the Association, stated on Oct. 31 that Gurden Edwards, Public Relations Director of the A. B. A. for the last 15 years, has been named Director of the Council. Mr. Edwards joined the American Bankers Association in 1922. fessor In addition to being Public Relations former as Director, he has Secretary of its Economic Policy Commission He is the author of a number of studies published by that Commission and has on served since 1928. banking subjects been a contributor of many articles to financial and general publications. activities as Secretary of the Economic His "The directorship of the Stonier. Mr. new Edwards is a former newspaper man. He is a Californian and a graduate of the University of California. Coming to New York in 1909, he entered newspaper work as a night district man for the New York in general "American." Later he was reporting for the New York "Tribune," engaged now the follows: as Consequences of of Harvard Political Reducing Economy, Expenditures," Alvin Graduate School of H. Public Hansen, Pro¬ Administration, University. "Vested Interests in Government Spending," General Hugh S. Johnson, Administration, National Recovery Act. "The Consequences of Increasing Taxes," George O. May, partner of Price, Waterhouse & Co. "Will Revenues Be Adequate to Balance the Present Scale of Expendi¬ Balanced?", Roy Blough, Professor of Economics, University of Cincinnati. % tures Policy Commission led naturally to his selection for the Research Council, according to Dr. announced were and to Discussion of Political Keep under It the 10-minute rule: James Harvey Rogers, Professor Economy, Yale University. The scheduled speakers at the topic will France Great tional and the United Britain—Harley Finance Princeton the morning session, at which be "The National Budgets of Great Britain, Section, University. L. States, 1928-37," Lutz, Department Professor of of are: Public Economics and Finance, Social Interna¬ Institutions, Volume France Robert M. Haig, Political of Professor Economy, 3%' of Columbia States—Fred United ' under Discussion from man D. and Ohio, of Hutton, Editor of Assistant the London School at Hollister, ex-Congrees- B. John rule: In criticism of TVA cost is me 1938 ciation Be to to Make Plans for Financial Advertisers Asso¬ Appointed of Convention Held into consideration the Commerce") Vice-President of the Fort Worth National Bank, is already making plans for the entertain¬ ment of the convention 1by the bankers of Fort Worth. The dates of the convention will be announced later. William Lewell Lafferty, Assistant in the White Sulphur Springs also said: Neal, President, has appointed Chairmen for a number of committees of the Financial Advertisers Association. ; Convention Association, '• "f.';..V77"7" ciation, Vice-President Extension Committee—Richard H. Richmond, Trust Co., "We are too close to Co., New York City. 77'-77' Anderson, President Merrill Anderson : 7777' 77'.:' 7777:77. ''7 Cooke, Assistant Cashier First National Committee—Guy W. addition In Gruenwald, Director Public Rela¬ Contact Commission—A. R. Milwaukee, Wis. Wisconsin Bankers Association, the to appointed, heads of the committees Advertisers Association, (N. Y.) convention, will direct the functions of their respective divisions as follows: Trust Development Division—Victor Cullin, Assistant Secretary Missis¬ divisions of the Financial various elected at the recent Syracuse Valley Trust Co., St. Louis, Mo. sippi Division—0. Development Commercial National Bank, consists of the development of these divisions advertising, publicity, of Beane, New York, N. Y. Division—J. J. Harris, Fenner & work The new public relations work in these business and every phase of specialized fields. Annual Convention of Investment Bankers' Association Regulation of Power Industry Criticized by Alex Dow of Detroit Edison Co. and Upheld by Frank R. McNinch—Co¬ operation With SEC Urged By G. C. Mathews — Remarks of President E. B. Hall Change in America—Government of Provides By-Laws Rigid More The Public Utilities Discussion of session of the Annual Convention Restriction on .7,. 7 .777./ Members featured the Nov. 4 of the Investment Bankers' distress to feel certain that Mr. Mathews if all the data now available," v'7." 77; /7'.7 '7■.•"''"7 urged the bankers to co-operate with the and in the formulation of workable and efficient rules which would not impair the flow of capital said the Associated Press which added: In an interview later Mr. Mathews said that the Commission was pre¬ paring for the big job in power company regulation which it faces when the part of the Public Utility Holding Act requiring the unscrambling of big holding companies becomes effective January 1 next. But he added that the Commission was awaiting in part for the court test of the con¬ stitutionality of the Act, and in the event it is upheld, the job would not be done so suddenly or drastically as to jeopardize sound investment. SEC in self-regulation In an informal discussion of the new capital market on Edward B. Hall, President of the Investment Bankers' Association said that not only had the recent break in security values delayed the public offering of new securi¬ ties, but that it had resulted also in complete abandonment of proposed financing by many corporations. This was noted in advices from the Convention to the New York "Times" Nov. 3 from which the following is also taken: This was particularly true in the case of proposed refunding operations, as the downward readjustment in values had eliminated any possible benefits from refunding, he said. In the case of new capital flotations, Mr. Hall expressed the opinion that there existed no real obstacle to that type of borrowing at the present time provided the issuer was willing to pay a Nov. National 7777-.7■ '■ hestated. First President McCann Jr., Advertising Manager Division—John J. Savings Bank, Albany, N. Y. Savings Investment Brockway, E. Sharon, Pa. explanation. the times of market appraised calmly and accurately, even for their ultimate listing and measuring were could be necessary Chicago. Association tions, causes Committee—Merrill Advertising Finance regulation fused, he said, to attempt any Publicity Manager Fifth Third the Landis address of subsequent break in the securities markets. that he "would outline theories conclusions as to the causes of the market break and whether of trading practices has a place among those causes." He re¬ admitted that his listeners might expect and state State-Plant¬ Decline today made no reference to but did refer to the year ago He Va. Co., Cincinnati, Ohio. Trust Bank of 7 7 Wells, Assistant Cashier Publicity Committee—Thomas J. Kiphart, Union a of the Asso¬ Winters National Bank & Trust Co., Dayton, Ohio. Bank & Refers to Stock Commissioner Mathews Ochs, Third Vice-President Committee—Henry C. Research the convention at Augusta 77"77777 77 7.- H. Fifield, Second Vice-President of Vice-President Barnett National Bank, Jack¬ Assistant sonville, Fla. ers Citizens Bank & Trust Committee—Stephen Association, v and last year, when the recent Chairman of the Commission provoked wide discussion by seeking to lay the burden of responsibility for healthy security and capital markets upon the shoulders of the investment bankers. bankers' investment the First Vice-President of 77::s Y. Membership the Everett, Vice-President of the First Assistant N. Utica, Co., in r ;. 0. Committee—George tepor of Commissioner Mathews' statements was conciliatory contrast to that of the address delivered by James M. Landis at The of the following com¬ mittees have accepted: by which promote "an effective system of self-regulation" business. In part the advices to that paper from to H. states that all Chairmen Convention heard the Securities and Exchange with the Commission (we quote from the dispatch to the "Journal of and an immediate program of study of methods convention city of the Mr. Neal attendance at the George C. Mathews, member of Commission, urge co-operation Following the selection of Fort Worth, Tex., as the 1938 Financial Advertisers Association, J. quickly explained. Ontario advantages was On Nov. 3 those in Worth, Texas Fort in which is set and preferences Were taken taxes and asserted when difference in wages, Chairmen Committee of the Federal Government accounting practices, he asserted, permit it to go past as justifying his approval of an offering of securities to investors." He mentioned as No. 3 perplexity the claim that the publicly owned Ontario power project provided cheaper power than his company in Detroit before Hollister of Cincinnati, the "London Economist" J Economics. of and pay it to perplexed when the setup of the shining example such that no member of your Association would "I surely am Stettinius and Taft, yardstick. power \;• 10-minute the and commercial users he said, was the operation His No. 2 puzzle, Yale Professor of Political Economy, Fairchild, ■ partner Graham lecturer former R. 7- . bills" from myldomestic gross the Federal Government." University. University. 2951 Chronicle Financial 145 3, higher coupon rate. • Frothingham of Coffin & Burr, Inc., Boston, in commenting said the problems confronting investors bankers would be given careful consideration. He stressed the futility of a standstill policy on the part of investment bankers and expressed the opinion that much would be gained Francis E. on the objectives of the convention, as well as those faced by the investment tremendous task of is slated to be cooperating with the regulatory bodies in their provisions of the law. Mr. Frothingham by administering the Association, which opened at White Sulphur Springs, W. Va., on Nov. 3. Criticism of the Public Utility Holding Com¬ the next from Alex Dow, President of the Detroit Edison Co. who referred to the act as treating the "guilty and the guiltless" alike, and asserted that the cost account¬ ing setup of the Tennessee Valley Authority yardstick was such as none of the investment bankers would accept as the capital-gains and surplus-profits taxes, which he asserted were "seriously disrupting" business. Revision of the Association's constitution and by-laws, justifying an issue of securities. Frank R. McNinch, who until recently was Chairman of the Federal Power Com¬ mission, (and is now head of the Federal Communications Commission) commented on the fears of Government com¬ petition through the yardstick projects, was quoted in the New York "Journal of Commerce" as saying: investment business was Act pany came who feel that Federal projects either now authorized, in process of construction or completed and in operation, constitute some sort of threat to the private power industry. This is said to account in part for the timidity of certain leaders in the "I am power not industry to respond to the factual history of a constantly demand for construction of additional rising tide of private power company of revenue, It sums up that the industry is unprecedented prosperity and there is ahead of it an imme¬ ever-increasing demand for meeting the nation's requirements and net, during the past few years. experiencing diate and of electric power. This is a challenge to put aside skepticism now forward to the duty and great the consuming public." 7 go of Stating plexities" from that Mr. discredited by facts and opportunity of responding to the Dow enumerated some demand of the "per¬ the industry, Associated Press advices Sulphur Springs further indicated as follows facing White what he had to say: Referring to the Public Utility Holding Company Act, he recalled that early as wrongful holding company practices as 1925, and complained that the blanket requirements of the act he had warned against discriminate between He listed as "No. be served as President Mr. Hall urged Congress to revise designed, it is said, to place rigid restrictions upon member¬ and permit more aggressive self-regulation of the ship announced by the Board of Gov¬ according to the Associated Press, which said that the program, which was the work of a special committee appointed last May, was announced to the convention after receiving unanimous approval at a meeting ernors yesterday (Nov. 5) of the Governing Board. unmindful that there are sortie generating facilities to meet the rising requirements of consumers. "These ill-founded fears and forebodings find answer in the recital gross President of the Association. In his annual report as "the guilty and the cheaply as failed to guiltless." demand that the electric power use'1 possible, while "I am required to collect a tax of 1 perplexity" the ITEMS ABOUT BANKS, TRUST COMPANIES, &c. Nov. 4 for the transfer of a membership at $80,000. The previous transaction was at $61,000, on October 19th. Arrangements were made New York Stock Exchange A authorization granted it Oct. 18 by the New York State Banking Department, and noted in these columns of Oct. 30, page 2783, the Central Hanover Bank & Trust Co., New York, will open, according to plans made known this week, a branch office in London, England, at 7 Princes St., about March 1 next year. This new office will be the Central Hanover's first complete branch office abroad, and Under the represents a definite expansion of its foreign service. At maintains two offices in London in charge representatives. One of these offices, at 144 Leadenhall St., will be disbanded with the opening of the new branch, while the other, at 27 Regent St., will be retained. The new branch office to open next March will be under the direction present, the bank of Chappell, an Assistant Vice-President of the been for several years associated with the foreign department in the main office in New York. W. A. of Hubert B. bank and who has 2952 Financial Nichols, now London representative of the institution, will be Manager and F. F. Beer, formerly representative in Berlin, will be stationed in the new branch and will act as general European representative. The Central Hanover also has a representative in Paris, but has no other foreign agencies. • aboard the Italian liner Conte di Savoia while on his way to Italy. He was 70 years old. Born in Washington, Mr. Miller graduated from Georgetown University in 1888. He engaged in the real estate business in Washington with Thomas E. Weggaman & Co., for a number of years before coming to New York in 1897 as a Vice-President of the Equitable Securities Company. In 1905 he left that firm and became senior member of the New York banking firm of Boissevain & Co., which represented Adolph Boissevain & Co. of Amsterdam. Boissevain & Co. was merged in January, 1926, with Hallgarten & Co. and Mr. Miller be¬ came a partner of the latter firm, continuing as partner • until his death. He was a Director of the Anaconda Copper Mining Co., Andes Copper Mining Co., Chile Exploration Co., Chile Copper Co., Atlantic, Gulf and West Indies Steamship Lines, Fisk Rubber Corp., National Railways of Mexico and the United States Leather Co. Frederick Gore King, former Secretary and Treasurer of now extinct Knickerbocker Trust Co. of New York and member of an old New York family, died on Nov. 1 at his City at the of 85. age He was a great- frandson from NewKing, one oftwicefirst two United States of Rufus York and the Minister to England. enators who graduated was from Harvard in 1875, entered the banking business with James G. King & Son, his father, Archibald G. King, was a member. The firm was founded by his grandfather, James Gore King. He later joined the Knickerbocker Trust of which Company with which he was Edward J. associated until his retirement in 1907. Maguire, a on Nov. 3 at the home a long illness. old, was a Federal bank examiner for ten years and from 1926 to 1929 was President of the Fallkill National Bank of Poughkeepsie, N. Y., a istitution. Sosition he left to become associated with the Mount Vernon Directors of the recent a South Hills Trust Co. of Pittsburgh, Pa., meeting, elected Nelson R. Black Secretary and Treasurer of the institution to succeed the late E. U. John¬ it son, which is Hifl first at Ninth German For and JJe learned added from Street and past Auditor for in seventeen has many & Commerce" Oct. of 30, in the Second National Bank then located was Liberty Avenue. Banks and "Money part: banking position National the was in special He specialized also was with the Black bank in has been a and Public Accountant examinations bank and Auditor of the bank of which he is years Diamond capacities. Mr. years, now taxes. Secretary aand Treasurer. From "Money & Commerce" of Oct. 30, it is learned that new Secretary and Executive Man¬ of the Morris Plan Bank of Toledo, Toledo, Ohio. For John M. La Porte is the ager the past 15 years, Mr. La Porte had the Buffalo Industrial Bank, Buffalo, affiliate, where he directors named of the was Morris been connected with N. Y. Vice-President and Plan Bank Byron W. Lenz, Assistant of a Morris Plan Secretary. Toledo have The also Secretary of the institu¬ tion. Mr. Lenz was formerly connected with the defunct Ohio Savings Bank & Trust Co. of Toledo and for the last few years has been associated with the consolidated bank liquidations of that city. « than a million dollars worth of highway bonds in the past 18 months. forward Burlington, Iowa, reported lington had failed advices that the bank's $100,000, Oct. 20 to National the Bank count. ment institution, which is capitalized at temporarily placed in charge of R. M. Mackey, The » The 115th semi-annual statement of the Yokohama Specie Bank, Ltd. (head office Yokohama), covering the six ended at June their 30, 1937, and presented to the share¬ half-yearly meeting on Sept. 10, has just Total assets of the institution 1,798,238,478 as compared bank's fund sum the directors per annum, are given in the state¬ with yen 599,001,304 paid-up capital is yen on the earlier date). 100,000,000 yen, and its The reserve (including 400,000 yen. the 1,750,000 yen ^mentioned above) 134,Toshikata Okubo is Chairman of the Board of Directors and President of the institution. THE CURB EXCHANGE Unsettled price movements and quiet dealings were the dominating features of the trading on the New York Curb Exchange during the present week. The general tendency toward lower levels, and while there were a few of the active of the market leaders that resisted the trend, the gains were not particularly noteworthy. especially the preferred group, were fairly changes were generally in minor fractions.. moderately active and the mining and metal some speculative attention. out the week. Public utilities, steady but the Oil stocks were issues attracted Trading has been quiet through¬ Light trading and erratic price movements were the out¬ standing characteristics of the brief period of dealings on Saturday. Public utilities held a prominent place in the day's transactions and some of the more active stocks in the registered modest gains during the first hour, group their advances before the market closed. Mining shares were slightly higher, but the industrial issues and specialties were comparatively quiet. Oil -stocks held fairly steady but within a narrow range. The transfers for the day were down to 128,000 shares, against 273,000 on the previous Saturday. Prominent among the stocks showing moderate gains were American Potash & Chemical, 6 points to 36; American Superpower pref., 2^4 points to 20%; Babcock & Wilcox, 3 points to 73; Childs Co. pref., 1 point to 50; Parker Pen, 3A points to 19J4; Pittsburgh Plate Glass, 1A points to 92; United Light & Power Pref., 1 point to 27y%, and National Power & Light (6) pref., 1 point to 63. Lower prices were again the rule on Monday, and while there was no concerted selling movement, there was a long list of stocks that ended the session Except in on the side of the decline. few scattered instances, the changes were small and without special significance. The transfers were down to a 160,030 shares with 392 issues traded in. list of declines were Outstanding in the such market favorites as Aluminum Co. of America, 3 points to 94; Babcock & Wilcox, 3]/2 points to 69y2\ Cities Service pref., 2 points to 2534; Empire Gas 7 pref., 3 points to 50; Humble Oil, 3 points to 62; Newmont Mining, 2 points to 65; United Light & Power pref., points to 2524, and Gulf Oil Corp., 1 point to 43. The New York Curb Exchange, the New York Stock Exchange and the commodity markets were closed on Election Day, Tuesday, Nov. 2. Reactionary price movements were again in evidence on Wednesday, and while the largest declines were apparent among the stocks in the higher brackets, there was a steady chipping away at prices in the general list. In the morning dealings trading was listless, but after mid-day offerings rapidly increased and prices tumbled sharply downward. There were occasional exceptions scattered through the list but these were, for the most part, among the regular specu¬ The transfers for the day totaled 280,620 shares, against 160,030 on Monday. The declines included others Babcock & Wilcox, 4*4 points to 6534; Carrier Corp., 334 points to 3034; Childs pref., 4 points to 46; Humble Oil, 334 points to 5834; Jones & Laughlin Steel, 4 points to 34; Niagara Hudson 2d pref. (5), 634 points to 70; Sherwin-Williams, 3 points to 88, and United Gas pref., 4 points to 90. among of First National Bank of Molalla, Ore., was placed in voluntary liquidation recently. The institution, which was capitalized at $25,000, was absorbed by the First National Bank of Portland, Ore. holders this were toward lower levels the Bur¬ Federal Conservator. months of bills, brought (as compared with 1,538,032,807 yen on Dec. 31, 1936), of which cash in hand and at bankers amount to 72,474,702 yen (as against 66,174,571 yen on Dec. 31), while total deposits are shown at 656,174,781 yen (as of The , Out dividend at the rate of 10% on calling for 5,000,000 yen and to add 1,750,000 yen to the fund, leaving a balance of 10,745,727 yen to be car¬ ried forward to the current half-year's profit and loss ac¬ Chicago to funds. was debts, rebate inclusive of 10,708,920 yen Curb market movements on First open for business on that day, follow¬ ing the holding of its Assistant Cashier, William C. Kurrle, for the alleged embezzlement of approximately $400,000 of the profits for the period, after doubtful from last account. to pay a propose • "Tribune" net 1937 lative favorites. Taylor A. Worley, partner in the investment firm of Vieth, Duncan, Worley & Wood, Davenport, Iowa, died on Oct. 29 at his home in Urbana, 111. He was 34 years old. Mr. Worley was a bond salesman and specialized in township highway bonds and had negotiated the greater part of the more of 17,495,727 yen, etc., but lost part of Vice-President of the First National Bank of Mount Vernop, N.Y., died of his brother in New Rochelle, N. Y., after Mr. Maquire, who was 47 years at shows 6, more the King, It providing for all bad and was ~4 Mr. hand. to come Nov. reserve Andrew J. Miller, a partner in the banking firm of Hallgarten & Co., New York, died of a heart attack on Oct. 31, home in New York Chronicle during early trading on Thursday followed by a slight hardening prices as the day progressed. The recessions ranged from fractions declined to as issues. 10 or more points, and a wide list of stocks selling extended to many of the slow moving Singer Manufacturing Co. tumbled downward 8 points to 239 and Derby Oil pref. dropped 10 points to 52 A on a small turnover. Other noteworthy recessions included Great Atlantic & Pacific Tea Co. n v stock 10A points to 65; Babcock & Wilcox 334 points to 69; New Jersey 7inc 2 points to 64; Sherwin Williams 2 points to 86 and Pittsburgh Plate Glass 3 A points to 86. Stocks moved up and down without definite trend during the early trading on Friday, but considerable profit taking and general selling developed toward the end of the session, and as prices sagged, many shares that had registered mod¬ erate gains earlier in the day cancelled a goodly part of them before the market closed. registered among There were a number of advances the slower moving issues but with^few Volume 2953 Chronicle Financial 145 EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE TREASURY UNDER TARIFF ACT OF 1930 OCT. 30, 1937 TO NOV. 5. 1937, INCLUSIVE FOREIGN exceptions these were fractional. ' The transfers for the day were down to 217,000 shares against 260,000 on Thursday. As compared with Friday of last week prices were lower, Aluminum Co. of America closing last night at 90 against 98% on Friday a week ago; American Cyanamid B at 25 against 25%; Carrier Corp. at 30 against 33%; Creole Petroleum at 24% against 26; Electric Bond & Share at 10 against 11%; Fisk Rubber Corp. at 7% against 8%; Gulf Oil Corp. at 41 % against 44; Hudson Bay Mining & Smelting at 19% against 22; Humble Oil (New) at 58% against 65; and Sherwin Williams at 85% against 108. BANKS TO Cable Transits in New Noon Buying Bate for Value in United Siates Country and Monetary Unit Nov. Oct. 30 Europe— Nov. 2 Nov. 1 Nov. 3 4 Nov. 5 $ S S $ S $ York Money .188200* .169084 .188200* .169248 .188333* .188383* .012875* .169234 .012850* .169734 .012850* .170169 .012802* .035004 .035005 .035005 .035004 .221506 Denmark, krone England, pound sterl'g 4.961541 .021862 Finland, markka .221429 .221645 .222200 4.960750 .021887 4.966375 .021915 4.978333 021955 .033710 .033714 .033754 .033830 .033937 .401733 .401823 .402000 .402488 Greece, drachma.- .009076* .009075* .009075*, .009096* Holland, guilder .552871 .552850 .552864 .552860 .403058 .009125* .552717 .197425* .197425* •197425* .197475* Austria, schilling Belgium, belga Bulgaria, lev Czecboslo'kla, koruna France, franc relohsmark Germany, Stocks i , Bonds (Par Value) - (Number Week Ended Nov. Hungary, pen go. 128,310 159,030 $773,000 $7,000 $13,000 914,000 30.000 22,000 $793,000 966,000 Wednesday-------Thursday--—.- 282.120 20,000 21,000 1,714.000 1,407,000 217,290 70,000 22,000 27,000 Friday 1.673,000 1,310.000 1,283,000 31.000 1,336,000 Saturday Monday Holiday Tuesday 259,975 - .012862* .035004 .222970 4.995000] .255991 .230982 .023045* .256620 .023050* .052603 .052604 .052606 .249325 .249231 .249475 .250089 .189033 .044925 .007285* .063062* Poland, zloty .189066 .189000 Portugal, escudo .045045 .044879 .189000 .044879 Rumania, leu .007357* .007353* .007353* Spain, peseta .062437* .062437* Sweden, krona .255790 .255725 .231130 .023070* Switzerland, franc Yugoslavia, dinar.—. .062437* HOLI¬ .231207 .023040* DAY .022040 .197475* .052641 .250933 .188925 .045100 .007289* .062437* .257500 .232098 .023050* .052603 Norway, krone Total Corporate Government Domestic 188283• Italy, lira Foreign Foreign of Shares) 5, 1937 . .231332 Aflla— ABIH $5,953,000 1,046,725 Total $6,216,000 $114,000 $149,000 China— Chefoo (yuan) dol'r 1937 1936 1937 .293958 .293645 .293958 .294062 Hankow(yuan) dol'r .294062 .293958 .293045 .293958 .294002 Shanghai (yuan) dol Tlentsin(yuan) dol'r .294062 .294062 .293958 .293645 .293958 1936 New York Curb Exchange .294062 5 .923958 .293645 '293958 .294002 .294062 .310225 .309890 .310015 .374587 .374571 .374912 .308062 .375765 .289766 .583500 Jan. 1 to Nov. 5 Week Ended Nov. Sales at Hongkong, dollar.. 109,847,523 1,046.725 2,965,580 93,953,942 $5,953,000 $366,020,000 $691,910,000 149,000 $11,796,000 207,000 10,804,000 15,622,000 Australasia— 114,000 138.000 8,879,000 10,507.000 Australia, pound Stocks—No. of shares- Japan, yen Bond* Domestic . government Foreign India, rupee — Foreign corporate .289220 .288983 .289140 Singapore (8. 8.) dol'r .582000 .581750 .582000 New Zealand, $718,099,000 $385,703,000 $12,141,000 $6,216,000 Total 3.986145* 3.995758*4.009107* Africa— South Africa, pound.. 4.913571* 4.913515* 4.919642* 4.932500* 4.949285* stocks each day . Thurs., Fri., Nov. 4 Nov. 5 Courtaulds 8 A Co De Beers £12 J* Central Mln & Invest. Crown Mines — Electric A Musical Ind. Ford Ltd Gaumont Pictures ord. A (E) Geduld Ceduld Prop Mines Exploration A Cold Hudson Bay Mln A Sm I— Imp Tob of G B A IMP S. Lake View South — Fr Est Rand — Gold 182/6 180/- 180/- 190/- 3/3 3/6 26/3 152/6 154/45* 152/6 154/15* ' . „ . » 151/105* 5/2f- 3/26/- 12/9 46/3 45/75* Ltd Corp United Molasses West Rand Consol M_. £395* £83,6 16/£38 X £8 £43'32 £45i? 7/3 205/- 7/6 207/6 160/- 58/6 37/6 162/6 7/6 208/9 59/37/3 165/26/3 33/9 7/6 215/59/36/9 170/26 /3 34/45* £65* £75* « . - M - — 26/6 «. 33/15* 33/15* £65* £65* CABLE closing quotations for securities, &c., at London, reported by cable, have been as follows the past week: .055911 .051680* .569905* .051080* .051680* .569705* .569705*1 .569905* .791100* .791600* .791100* Bank clearings 19^d. Cold, p. fineoz. 140s'6Hd. 140s.5Md. 140s.7d. Holiday 745* 74 13-10 Consols. 2X%- 19 13-10d. 140s.7d. 1015* Holiday 1005* 1005* 111H MX MX V The price of silver per ounce (in States on the same days has been: Y.(for.) U. S. Treasury. 112 1125* cents) in the United \ 445* 445* 445* 50.00 60.00 50.00 50.00 50.00 50.00 77.57 77.57 77.57 77.57 77.57 77.57 Closed Holiday 445* R. Treasury (newly mined) 102 101 Holiday ... 140s.6d. 765* 76tf 75X British 4% 1960-90 19 ll-16d. 1408.6 J*d. British 3H% W. L Foreign Exchange currencies orders transacted in all quoted in the New York market. MANUFACTURERS TRUST COMPANY PRINCIPAL OFFICE AND 55 BROAD Member FOREIGN Pursuant to the FOREIGN DEPARTMENT. STREET, NEW YORK Federal tieserve System Member New York Member Federal Clearing House Association Deposit Insurance Corporation EXCHANGE RATES requirements of Section 522 of the Tariff Federal Reserve Bank is now certifying daily to the Secretary of the Treasury the buying rate for cable transfers in the dfferent countries of the world. We give below a record for the week just passed: 1930, the .791200* .055444 .051680* .569905* .791200* not available Clearings this week will show a decrease compared 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. 6) bank clearings from all cities of the United States from which it is possible to obtain weekly returns will be 4.6% below those for the corresponding week last year. Our preliminary total stands at $5,704,967,779, against $5,981,965,552 for the same week in 1936. At this center there is a loss for the week ended Friday of 3.3%. Our comparative summary with a year ago. for the week follows: Per Clearings—Returns by Telegraph 1937 1936 $2,611,833,238 260.787,451 $2,701,863,109 259,327,652 274.000,000 212,219,161 274,000,000 Week Ended Nov. 6 New York Chicago Philadelphia Boston Kansas 77,872,063 74,000,000 City.. —3.3 +0.6 —0~.4 +4.3 +0.3 73,800,000 123,797,000 103,340,163 104,082,509 75,652,186 59,017,540 102,156,047 73,011,295 63,458,791 51,628,092 $3,973,440,311 $4,025,004,040 744,050,490 —1.3 —0.3 950,827,963 $4,769,055,130 1,212,910,422 —21.6 $5,704,967,779 $5,981,965,552 —4.6 San Francisco. Pittsburgh Detroit Eleven cities, five days Other cities, five 226,721,000 74,641,054 Cent. 120,636,000 St. Louis 780,699,505 days Total all cities, five days day $4,754,139,810 AU cities, one Nov. 6 Nov. 4 19 15-10d. 19%d. lOXc. Sliver, per oz_. Fri., Thurs., Wed., Nov. 3 Tues., Nov. 2 Mon., Nov. 1 Sat., Oct. 30 Act of .087338* .055777 Baltimore.... FINANCIAL MARKET—PER The daily U. .332858* .087305* .055377 .051080* Cleveland ENGLISH Bar N. .331766* .087238* .055611 £45* + Bid. as .331016* .087238* Course of Bank ~ bo nx 16/9 £395* Wltwaterarand Areas .330691* .087255* •Nominal rates; firm rates 17/15* 70/13/9 17/- £75* £5 Triplex Safety Glass .330775* Brazil (official) mllrels Chile, peso 3/3 26/155/— 155/- mix 70/12/6 48/15* 17/15* 70/12/6 17/70/- 7/6 206/3 59/37/9 165/27 /3 33/1 J* Gold M Sub Nigel Mines West 187/6 190/- 18/23/6 5/21195/187/6 £40 Shell Transport. Union 23/6 17/9 Cop M. Royal Dutch Co Roan Antelope Unilever /9 5/2/- £75* Rand Mines... So K&lgurli 23 /3 71/9 12/6 45 nx Box Palmletkuil Gold M .998066 107/6 18/- 17 DAY .997832 £127,6 106/6 18/6 HOLI¬ Gold Mines of Kalgoorlle. Metal £125* 107/3 ; 3/6 26/3 153/153/9 Finance of Australia. £125* ■ 108/6 18/9 24/6 5/2/185/180/- Distillers Co .997695 (Free) mllrels 108/9 Cons Goldflelds of 8 A. .999166 .277500 .997500 Uruguay, peso Wed., Nov. 3 Marconi .277500 .277500 .997056 Colombia, peso Tues., Nov. 2 106/105* 107 6 107/6 107/6 5/3 5/3 5/6 5/6 5/9 470/450/445/— 440/440/75/73/15* 71/105* 71 /10X 71/105* 290/282/6 280/277 /6 277/6 49/3 49,6 49/3 49 HX 49/3 Canadian .277500 .277500 Argentina, peso Mon., Nov. 1 British Amer Tobacco. .999166 Mexico, peso Sat.. i 1.000372 .999166 Newfoundland, dollar Oct. 30 ■ 1.000204 .999166 South America— of the past week: ■ 1.000084 .999106 Cuba, peso received by cable as 1.000516 1.000132 Canada, dollar EXCHANGE LONDON STOCK .290705 .585000 3.955892* 3.967083*3.981919* 3.955446*3.952946* pound. 3.981875*3.982812* North America— THE .310843 .376940 Total, all cities for week —2.6 + 1.2 + 41.4 + 19.2 + 14.3 +4.9 Complete and exact details for the week covered by the foregoing will appear in our issue of next week. We cannot furnish them today, inasmuch as the week ends today (Saturday) and the Saturday figures will not be available the last day today. Accordingly, in the above of the week in all cases has to be estimated. until noon which we give final and complete week ended Oct. 30. of 1.2%, the aggregate of clearings for the whole country having amounted to $6,006,595,475, against $5,934,788,958 in the same week in 1936. Outside of this city there was an increase of 4.1%, the bank clearings at this center having recorded a loss of 0.9%. We group the cities according to the Federal Reserve districts in which they are located, and from this it appears that in the New York Reserve District (including this city) the totals record a decrease of 0.7% and in the Boston Re¬ serve district of 2.0%, but in the Philadelphia Reserve Dis¬ trict the totals register an increase of 5.9%. In the Cleve¬ land Reserve District the totals are larger by 6.3%, in the Richmond Reserve District by 9.4% and in the Atlanta Reserve District by 3.9%. The Chicago Reserve District shows a gain of 1.9% and the Minneapolis Reserve District of 11.1%, but the St. Louis Reserve District records a loss of 2.1%. In the Kansas City Reserve District there is an improvement of 2.3%, in the Dallas Reserve District of 5.5% and in the San Francisco Reserve District of 7.9%. In the following we furnish a summary by Federal Reserve In the elaborate detailed statement, however, present further below, we are able to results for the week previous—the For that week there was an increase districts: . 2954 Financial Chronicle SUMMARY OF BANK CLEARINGS The * Inc.or Week Ended Oct. 30,1937 1936 Dec. 1935 1934 % % % ? following compilation Reserve * 1st Boston 2nd New 3rd Dists. 12 cities < York. 13 Cleveland.. —2.0 3,534,912,078 -0.7 3,453,288,588 3,223,191,688 1936 Shares No. 1935 Shares No. 1934 Shares Shares No. 271,468,065 Month of January 67 201,745 19,409,132 60,884,392 14,404,525 15,850,057 54,565,349 56,829,952 29,900,904 " " 381,634,691 360,322,597 384,804,383 299,881,108 February 315,633,052 296,868,843 +5.9 +6,3 58,671,416 50,248,010 245,622,055 196,628,303 March 50,346,280 " Richmond .6 Atlanta 10 6th 276,296,869 3,510,863,616 " 51,016.548 142,676,250 130,388,375 +9.4 126,544,393 106,404,409 151,307,521 First quarter 159,265,706 179,102,685 49,663,714 141,296,205 Month of April 34,606,839 18,549,189 16,449,193 39,609,538 22,408,575 29,845,282 20.613,670 21,428,647 30,439,671 22,336,422 25,335.680 16,800,155 PhlladelphialO 4th 6th No. 270,698,246 278,735,125 the clearings by months covers 1937 Federal 1937 since Jan. 1, 1937 and 1936: m 1937 Nov- 6> 5 " 114,259,390 Chicago ...18 " 503,402,364 493,976,935 +3.9 +1.9 130,470,577 7th 444,256,029 8th St. Louis... 335,407,742 4 " 149,330,894 152,512,658 —2.1 143,208,937 9th 124,551,111 Minneapolis 7 " 112,995,966 101,682,264 + 11.1 97,536,593 10th Kansas City 10 11th Dallas 6 83,392,712 " 131,691,306 128,760,533 +2.3 126,350,955 100,795,086 " 69,119,785 65,541,886 42,786,022 " 261,389,536 242,218,399 +5.5 +7.9 55,096,065 12th San 6.006,595,475 5,934,788,958 + 1.2 2,614,773,173 2,512,115,538 376,031,120 343,428,624 Fran..11 Total 157,159,769 112 cities Outside N. Y. City Canada today month of October. for the +4.1 1,968,805,523 352,061,500 Second quarter 188,988,490 5,087,754,128 +9.5 304,469,009 there was Inc.or October The Dec. 1935 York. 15 * f 15,423,370,609 " % 1,252,086,668 16,582,801,138 * —7.0 16,044,501,321 " 1,821,536,338 —3.0 1,613,613,139 1,106,754,274 Atlanta " 771,239,914 754,915,078 Chicago ...31 640,324,582 " 15,659,921 2,309,008,472 —1.1 " 1,860,051,587 7 693,973,685 734,417,559 -5.5 MlnneapollslG 10th KansasClty 18 " 605,968,859 538,336,549 508,104,831 +5.9 484.723.150 " 568,727,440 809,587,143 " $ $ 431,012,825 +1, 88,227,824,684 80,685.596,090 +9.3 36,395,525,412 30,844,729,915 + 18.0 + 7.3 12,037,903,347 10,326,237,123 + 16.5 + 6.5 12,744,647,797 10,863,640.546 + 17.3 28,697,184,405 28,599,694,452 2d qu. 84,120,741,435 80,445,906,517 + 4.6 37,203,519,223 32,464,138,522 + 14.6 mo8. 172348 566,119 161131 502,607 + 7.0 73,599,044,635 63,308,868,437 + 16.3 +0.3 12,420,968,079 11,274,260,853 + 10.2 6 July 28,792,060,433 27,302,371,638 Aug... 24,766,234,335 23,567,963,759 Sept.. 26,773,041,608 26,404,298,953 +5.5 12.691,807,678 11,854,065,151 + 5.1 11,645,643,608 10,789,275,911 1,232,466,480 +4.0 1,080,388,932 908,283,626 Canada 32 cities 27,533,079,277 28,657,231,290 —3.9 26,337,645,767 12,622,761,338 +0.4 10,784,198,434 1,837,016,465 —10.7 1,582,531,388 1,541,012,916 BANK Inc.or 10 Months 10 Months 1930 Dec. 1935 S let Boston New 8rd 5th Phlladelphlal7 Cleveland..19 Richmond. 10 " 0th 6,319,828,987 Atlanta " 7,059,927,608 11,745,095,551 163,067,900,220 162,339,352,625 17,525,308,375 16,187,183,907 14,842,785,549 7th Chicago ...31 " 8th St. Louis.. 7 " MlnneapollslO 10th KansasClty 18 " 4,775,979,318 " " 8,416,093,664 5,032,085,206 " 12,111,938,951 9th 11th Dallas 11 12th San Fran..20 Total 11,199,783,527 22,872,513,119 6,443,525,224 12,549,368,471 5,604,647,684 - 6,027,465,928 20,438,727,300 Canada... 15,573,041,335 1 Oct. to 31 Chicago Philadelphia St. 1935 1934 1937 1936 1935 * S % % $ $ 14,865 16,034 15,553 12,287 157,544 157,371 1,440 1,474 1,191 1,017 14,302 12.796 992 1,069 978 906 10,018 9,608 1,667 1,728 1,547 1,261 16,569 15,303 Boston 12,549,426,090 8,531,557,021 1936 Louis 409 414 357 317 475 4,763,477,167 374 4,279,333,705 San Francisco 4,038 6,249. 686 658 603 5,160,827,253 496 4,463,014,709 Baltimore 6,576 321 328 271 241 3,037 2,716 Pittsburgh 599 613 1934 $ 151,950 135,775 10,742 8,612 13,882 3,235 3,680 5,400 5,914 2,736 2,338 9.241 8,105 12,008 2,863 3,686 4,294 5,272 4,506 2,401 2,014 2,365 2,770 2,199 1,748 3,024 2,479 17,014,293,948 14,364,960,080 Cincinnati 274 260 218 5,041,113,318 184 4,458,697,106 Kansas 421 411 397 320 Cleveland 4,472 3,433,260,848 5,773,389,881 466 404 319 255 Minneapolis 346 4,235,532,564 + 18.8 3,940,106,667 6,744,159,001 3,418,874,508 322 +12.9 182 166 136 9,355,662,373 3,081,502,340 8,150,626,110 195 10,726,936,576 New Orleans Detroit 4,288 3,078 466 471 386 283 Louisville 150 155 130 106 Omaha 144 140 144 52 53 46 93 95 74 65 Buffalo 913 845 679 573 163 161 139 St. Paul 120 126 123 1,120 100 154 1,382 1,049 1,195 1,208 106 +9.8 4,319,016.023 +10.6 7,568,880,326 + 11.2 122,668,089,599 109,692,593,250 32 cities 9,890,703,698 +0.4 5,866,473,317 194 cities 280,212,981,772 267,063,368,247 Outside N. Y. City 14,473,546,443 Jan. 1937 s % t % +4.9 10,012,795,903 9,345,806,684 +0.4 156,451,415,963 139,722,277,103 +8.3 +18.3 + 12.8 + 17.1 + 11.9 12,668,089,599 12,622,761,338 -Oclober- omitted) New York f —3.9 clearings at leading cities of the country CLEARINGS AT LEADING CITIES IN OCTOBER 1934 2nd 10 of bank (000,000 10 Months Federal Reserve Dists. " course for the month of October and since Jan. 1 in each of the last four years is shown in the subjoined statement: ten months for four years: 1937 " +4.0 36,401,739,126 33,760.963,475 + 6.0 110000 783,761 97,069,831,912 + 13.3 Oct... 27,533,079,277 28,657,231.290 showing the clearings by Federal 10 Months " 80,331,336,376 77,274,634,350 252679 902,495 238406 136,957 mos. The 1,641,113,815 Reserve districts for the 14 cities + 7.8 +7.1 3d qu. 9,077,155,716 We append another table York. 15 + 8.5 9 21,364,051,053 12,668,089,599 + 7.9 + 1.4 12,064,287,840 11,117,622,413 .. 361,837,100 1,281,921,126 194 cities 1936 * $ % 12,400,970,597 10,876,517,032 + 14.0 26,070,426,220 24,084,886,600 +8.2 10,750,471,638 9,502,491,474 + 13.1 32,233,110,651 28,937,356,633 + 11.4 13,244,083,177 10,465,721,409 +26.5 Feb... Mar.. 620,924,582 527,555,245 +3.6 +4.9 759.650.151 553,285,226 " Total the on Clearings Outside New York 398,716,663 838,752,482 11 Outside N. Y. City..... properties 1937 505,412,361 Fran..20 11th Dallas share 1936 Jan... 29,924,287,813 27,663.352,857 528,384,643 691,003,959 in % 1,526,441,683 704,220,253 43,995,282 transactions Clearings, Total All 543,148,906 2,283,819,532 St. 4th of 1937 878,667,854 7th 12th San 46,658.488 51,127,611 volume 1,317,190,765 1,433,748,379 0th 9th 50.439,918 263,717,240 Month 12,731,616,774 1,767,276,002 1,506,199,572 " 10 107,079,790 231,928,172 1,043,426,096 8th Louis.. 92,229,688 352,984,228 June.. 1,141,929,507 +5.1 + 1.9 +2.2 5th 71,789,026 MONTHLY CLEARINGS $ —6.5 " ■ 34,726,590 New York Stock Exchange for thaten months of the years 1934 to 1937 is indicated in the following: 1934 1,170,684,327 42,925.480 300,659,953 Month of October... October 1930 Federal New 21,113,076 16,690,972 12,635,870 Nine months 1st qu. October 1937 Phlladelpbial7 34.793,159 26,563,970 30,872,559 29,427,720 33,854,188 Aprll.. 28.818,231,387 27,067,061,596 May_. 26,605,325,643 24,779,150,469 October Cleveland.. 19 Richmond .10 20,722,285 17,212,553 Third quarter decrease a 4.0%. 2nd 71,981,117 213,277.322 of the clearings for the For that month 5.5%, but in the Minneapolis Reserve District the totals record an increase of 5.9%. In the Kansas City Reserve District there is an improvement of 3.6%, in the Dallas Reserve District of 4.9% and in the San Francisco Reserve District of 8rd 75,184,668 124,848,382 August aggregate $28,657,231,290 In the New York Reserve Dis¬ trict the totals record a loss of 7.0%, in the Boston Reserve District of 6.5% and in the Philadelphia Reserve District of 3.0%. The Cleveland Reserve District shows a gain of 5.1%, the Richmond Reserve District of 1.9% and the At¬ lanta Reserve District of 2.2%. In the Chicago Reserve District the totals register a decrease of 1.1% and in the St. Louis Reserve District of 4th 81,651,855 260,754,540 September a summary entire Reserve Dists. Boston 14 cities 69,605,221 228,870,927 Six months body of clearing houses of 3.9%, the 1937 aggregate of clearings being $27,533,079,277 and the 1936 1st - Month of July 32 cities We also furnish 226,210,336 5,712,124,036 2,371,401,478 May.,.*. June 15,705,307,495 +4.9 246,266,976,342 218,153,851,677 + 11.8 94,316,479,384 82,378,890,343 —0.8 13,716,574,965 13,047,054,283 City Providence Milwaukee 324 259 3,930 3,452 2,734 1,381 4,364 1,324 1,368 2,527 1,155 2.242 1,019 3,684 1,135 2,959 123 1,623 4,927 1,488 1,348 1,236 1,161 41 473 433 373 339 976 below: of shares. 102 1,021 854 79 64 45 801 697 595 490 199 185 175 Memphis 1.735 1,495 128 1,375 159 1,271 117 104 847 802 651 602 175 167 135 110 1,682 1,429 74 1,188 74 62 53 703 610 527 443 49 51 51 37 517 490 454 361 Indianapolis Richmond Ten Months Total 1937 Stocks, number 129 81 220 Denver Salt Lake City Hartford Month of October Description 145 1,596 1,111 1,383 Seattle Our usual monthly detailed statement of transactions on the New York Stock Exchange is appended. The results for October and the ten months of 1937 and 1936 are given 1936 51,127,611 43,995,282 1937 Other cities... 1936 351,787,564 396,979,510 Railroad & mlscell. bonds $184,201,000 $284,422,000 $1,799,584,000 State, foreign, &c., bonds 28,825,000 31,117,000 294,365,000 U. S. Government bonds $2,403,783,000 Bonds 14,476,000 Total bonds 22,380,000 273,206.000 253.311,000 $227,502,000 $337,919,000 $2,422,038,000 $2,930,300,000 CLEARINGS FOR • Clearings 328,089,000 SEPTEMBER, SINCE Month of October Inc. $ First Federal Reser ve Maine—Bjfngor 3,072,054 9,766,878 992,301,763 3,150,676 1,865,584 1,765,730 3,522,401 15,485,205 9,703,904 49,210,831 18,601,481 7,726,200 51,890,800 2,620,820 Portland Mass,—Boston Fail River Holyoke Lowell New Bedford Springfield Worcester Conn.—Hartford New Haven Waterbury R. I.—Providence N. H.—Manchester Total (14 cities) District—B 1,170,684.327 1936 $ 970 .. 27,533 28,657 26,343 21,364 280.213 267,063 246,306 218,154 Outside New York.12,668 12,623 We now add for each 10,784 9,077 122,668 109,693 94,316 82,379 detailed statement showing the figures city separately for October and since Jan. 1» for two years and for the week ended Oct. 30 for four years: our JANUARY 1, FOR WEEK ENDING OCT. 2. Week Ended Oct. 30 or Dec. % —8.6 —8.8 1,068,986,482 2,916,077 —7.2 1,818,213 1,714,552 +2.6 +8.0 + 3.0 3,463,084 15,094,944 9,778,416 51,252,993 19,317,084 8,283,100 52,539,200 2,855,525 —8.2 1,252,086,668 —6.5 + 1.7 +2.6 —0.8 —4.0 —3.7 —6.7 —1.2 Inc. 1937 1936 $ $ oston— 3,359,299 10,707,699 all 853 ..24,756 25,969 24,167 19,517 254,034 244,126 226,311 201,867 2,777 2,688 2,176 1,847 26,179 22,937 19,995 16,287 Ten Months Ended Oct. 30 at— 1937 Total 966 29,380,621 91,030,336 10,018,462,829 29,544,332 16,514,189 17,088,535 31,094,522 142,717,475 92,653,812 516,949,482 187,309,355 75,570,900 472,596,800 24,182,363 27,470,928 91,361,903 9,607,381,725 27,342,868 15,544,448 15,283,362 29,455,671 131,119,593 76,121,328 490,051,374 167,464,900 63,708,400 433,129,500 24,347,527 11,745,095,551 11,199,783,527 or Dec. Inc. or 1937 1936 Dec. 1935 % $ $ % 5 + 7.0 516,069 580,368 —11.1 2,015,583 232,659,542 2,382,085 240,076,671 —15.4 +4.3 +8.1 672,578 670,318 +0.3 626,295 "446", 991 "43l", 178 +3*7 "39 8*766 445*537 1,379,107 3,695,268 1,577.499 + 7.0 1,147,923 3,511,317 1,808,618 12,067,362 —4.6 3,729,038 10,521,755 3,119,458 10",002", 400 8*.l"49",460 —0.4 —3.1 +6.2 645,813 1,964,675 242,387,032 1934 $ 529,717 1,641,248 239,116,066 864,675 " + 11.8 + 5.6 770,741 876,864 —12.1 + 8.8 3,698,874 2,252,003 11,520,801 3,669,001 3,225,418 2,324,297 10,772,149 3,846,318 + 14.7 11,896,200 579,863 10",523",000 + 13.0 —0.7 588,203 —1.4 445,886 428,335 +4.9 270,698,246 276,296,869 —2.0 2 78,735,125 271,468,065 + 21.7 + 5.5 + 11.9 —3.1 + 18.6 + 9.1 Volume Financial 145 2955 Chronicle CLEARINGS ( Week Ended Oct. 30 Ten Months Ended Oct. 30 Month of October Clearings at— Inc. Inc. or Inc. or or 1937 Dec. 1937 1936 Dec. 1937 1936 Dec. $ % $ $ % % $ % $ L'tica Westchester County Conn.—Stamford. N. 3,701,462 ., Oranges Total (15 cities) +37.0 —0.9 + 17.3 468,199 392,011 3,340,722,558 3,118,948,603 6,796,492 3,304,078 7,818,444 + 9.4 4,036,061 2*,3*54*065 +*13*4 2*.*705*301 f,3*18*664 2,997,721 + 40.1 2,665,496 2,669,230 +25.4 274.082 + 7.0 21,701,005 18,237,945 + 12.4 32,060,484 28,865,245 + 9.5 176,716,283 31,736,538 141,128,445 + 17.4 + 12.3 2,670*245 157,807,122 + 19.9 16,865,957 +8.3 4,200.509 382,485 305,008 818,104,014 1,420,200,248 + 7.3 20,357,588 +6.0 32,382,119 19,023,740 28,804,829 38,283,035 + 1.7 —7.0 163,067.900,220 162,339,352,625 +0.4 356,365,676 209,489,595 37,260,219 + 7.1 + 9.9 158,457,981 + 23.7 Q.6 189,153,811 18,274,112 877,510,011 1,505,803.297 38,922,783 + 1.8 —9.5 —7.7 15,423,370,609 16,582,801,138 —12.7 + 18.0 325,534,102 + 7.7 + 11.4 20,872,783 3,456,205 1,846,927 87,907,534 149,136,617 3,951,321 *89,511,001 658,014 +0.1 15,541,172 134,939,018 3,645,595 901,671 3,391,822,302 3,422,673,420 6,937,066 8,188,257 5,090,524 5,570.528 +32.5 16,006,474 "" Northern N. J 28,100,000 33,260,680 1,835,360 Newark 868,667 32,500,000 620,085 593,603 —7.3 157.544,108,412 157,370,774,997 17,075,943 J 918,369 + 10.0 +21.6 19,807,627 . „ J.—Montclair —18.0 +2.2 3,044,217 23,255,092 Syracuse 1,139,576 33,100,000 607,821 28,548,553 25.097,476 + 0.5 +0.9 14,864,989,678 16,034,469,952 35,685,984 38,437,787 Rochester 934,673 36,400,000 530,645 1,381,738,907 3,701,815 New York + 11,0 + 1.5.5 49,703,127 1,596,174,616 29,177,219 5,099,876 161,196,944 2,981,015 Jamestown —41.9 —19.1 5,124,472 162,640,430 Eimira 12,727.533 11,220,294 357,113,821 + 25.7 6,673,100 6,522,594 418,794,029 55,147,779 41,604,117 2,410,230 Buffalo $ York 52.295,uyy Bingham ton -. ■ District —New erve N. Y.—Albany 1934 1935 $ Second Federal Res 1936 + 18.5 3,510,863,616 3,534,912,078 495,021 —0.7 3,453,288,588 3,223,191,688 m ..... Third Federal Rese rve District— Philadelphia 2,202,104 1,949,306 . Bethlehem + 6.0 696,393 1,533,365 —54.6 11,411,680 9,089,954 6,726,218 +25.5 Chester Harris burg Lancaster 6,366,717 2,394,303 1,062,578 1,667,000,000 6,621,622 10,329,220 4,467,203 Lebanon Norristown Philadelphia Reading Scranton Wilkes-Barre York 7,556,177 1,601,104 657,786 3,193,684 14,691,331 23,474,100 Potts vllle Du Bo is Hazleton Del.—Wilmington N. J.—Trenton Total (17 cities)..... Fourth Federal Res 22,205,985 23,791,620 14,439,517 + 13.0 *2,650,000 *2,500,000 Pa.—Aitoona 1,767,276,002 District erve 2,110,539 2,481,591 1,729,000,000 6,586,591 11,549,508 + 14.2 516,046 459,209 + 12.4 483,420 + 17.0 585,316 *350,000 +67.2 +41.6 249,007 320,019 308,463 8*9 1,*0*84*251 *8*31*332 * 423,332 298,943 1,3*70*766 1,258*215 369",bob"000 348*,"o~o~o"666 + 6*6 373*,*0*00*666 288*,'o"ob"66b 1,405,631 +2.2 1,455,260 2,435,622 —3.4 2,225,123 —8.6 1,170,318 3,046.082 1.045,190 2,004.978 —3.9 915,193 930,054 —1.6 1,104,636 915,609 + 18.1 1,497,284 1,550,294 —3.4 1,417,050 1,208,149 13,731,823 + 5.2 86,990,033 + 14.3 54,303,997 + 13.5 17,572,845 + 18.8 22,638,538 15,306,000,000 —4.8 —3.6 99,453,926 61,652,257 20,874,835 21,540,832 16,569,000,000 + 0.5 64,028,350 54,526.199 + 17.4 103,870,764 48,447.621 64,325,162 13,923,627 4,965,328 —5.3 + 13.4 —20.9 —10.6 5,101,043 —12.4 7,216,933 1,769,496 + 4.7 —9.5 595,805 + 10.4 , 106,122,214 47,057,574 75.997,515 3,572,481 .—10.6 + 12.9 13,007,508 +40.2 16,746,000 14,893,980 6,046,016 28,939,579 157,037,575 192.226,600 —3.0 17,525,308.375 1,821,536,338 322,387 19,444,618 20,330,800 + 8.3 + + 7.0 + 21.8 28,071,052 + 3.1 141,149,790 + 11.3 186,891,800 +2.9 3,696*666 3*.*585*666 +3*1 2*.929*600 5*.2*4*5",666 16,187,183,907 +8.3 381,634,691 360,322,597 + 5.9 384,804,383 299,881,108 —Cleveland— X X 12,209,883 10,648,271 + 14.7 106,333,869 85,645,398 + 24.2 Cincinnati 273,632,697 259,506,166 + 5.4 2,336,216,127 + 16.2 59,117,964 56,925,009 +3.9 465,741,384 404,221,399 + 15.2 3.452,825,686 + 24.2 87,583,364 + 19.6 Columbus 58,822,000 55,989,100 + 5.1 536,605,900 + 9.8 104,772,884 12,843,900 11,497,800 + 11.7 51,625,746 70,229,619 9,829.500 40,547.539 56,987,021 Cleveland 2,715,723,603 4,288,069,700 Hamilton 2,645,613 2,552,126 +3.7 23,600,783 Lorain 1,746,906 1,255,687 7,244,088 14,215,672 6,065,893 22,771,932 + 39.1 16,448,448 1,802",500 1,464*229 +2*3*1 1,347*029 *895*168 877,284 + 19.5 517,901 + 19.6 Ohio—Canton 8,575,250 Mansfield 14,576,306 Youngs town 6,798,278 Newark 23,845,692 1,048,081 Toledo Pa.—Beaver County.. + 15.7 52,889,069 201,473,411 7,794,329 +24.7 + 4.7 5,101,157 15,053,362 6,248,665,408 + 25.9 1,041,536 —2.9 5,139,326 + 0.8 8,682,006 8,975,233 —3.3 1,506,199,572 1,433,748,379 City Warren Ky.—Lexington W. Va.—Wheeling (19 cities) Fifth Federal Reser ve + 6.3 —2.3 —3.9 4,722,981 12,738,328 5,400,006,437 65,669,131 93,801,755 +8.2 + 50.6 + 36.8 + 15.7 + 5.1 14,842,785,549 12,549,368,471 + 18.3 +21.5 16,396,495 119,892,000 11,748,061 105,387,000 1,494,763,999 48,710,735 +39.6 74,706,699 D. C.—Washington 45,768,055 145,760,109 2,736,197,770 14,486,401 Sixth Federal Reser Tenn.—Knox vide Nashville Ga.—Atlanta Augusta Columbus Macon Fla.—Jacksonville Tampa Ala.—Birmingham Mobile Montgomery ve 58,778,333 +3.5 —0.7 83,380,132 51,534,717 153,654,072 —2.2 3,036,726,246 + 12.3 17,480,566 103,532,241 —0.7 1,047,315,970 927,118,855 + 13.0 6,319,828,987 5,604,647,684 + 12.8 District— 18,599,132 81,628,460 262,900,000 5,888,677 4,251,983 4,297,184 70,555,299 4,660,433 96,859,193 7,619,424 4,736,128 691,003,959 —14.2 + 1.9 La.—New Orleans Total (16 cities) Seventh Federal Re + 5.4 + 11.0 + 20.7 + 11.8 168,950,699 142,420,620 + 18.6 +5.6 783,055,229 2,389,300,000 657.304,507 + 19.1 260,800,000 +0.8 —15.7 55,606,493 2,092,200,000 49,287,644 + 14.2 6,986,159 3,874,963 4,855,005 + 9.7 40,096,027 30,892,217 315,633,052 296,868,843 +6.3 245,622,055 196,628,303 324,859 +7.7 192,162 157,212 —4.9 +20.4 +3.5 2,456,000 44,057,799 1,148,206 2,595.000 38,286.548 1,195,259 301,514 2,728.000 41,814,601 1,155,046 49,553*004 —11.5 43,435,074 766,106,048 37.989,366 + 14.3 619,6/3,379 +23.6 2,594,000 50.338,625 + 12.8 66,650*182 66*.0*6*9*586 +0*9 59,242,256 18,319^628 + 17*8 19.44L970 14,829,214 142,676,250 130,388,375 +9.4 126.544,393 106,404,409 2,452.709 3,270,291 16,578.402 + 10.9 —1.8 3,011,699 13,290,170 54,100,000 3.627.494 16,285,044 55,700,000 1,168,538 +3.0 49,800,000 43,400,000 1,228,009 / 11,552,982 *1,700,000 —31.3 1,382,103 956*941 *934*897 +2*4 *9*12*, 156 *8*78*492 14,977,000 12,597,000 + 18.9 11,659,000 10,292,000 21,117*480 21",950*2 70 —3*8 16*.8*79*290 16*.*61*7*391 1,634,195 1,282,195 +27.5 1,305.129 1,098,565 " + 13.7 62,035,945 5,344,379 102,573,354 —12.8 54,248,796 —5.6 883,717,085 6,898,788 + 10.4 6,063,884 —21.9 75,787,085 37,492,939 49,956,000 66,567,505 50,118,353 747,465,333 59,732,831 36,713,556 +8,2 + 18.2 +26.9 +2.1 40,785,000 61,454,372 + 22.5 + 8.3 13,728.784 + 7.1 —15.7 14,709,635 7,459,133 6,397,304 + 16.6 182,444,378 + 7.1 1,623,429,860 1,381,302,662 + 17.5 754,915,078 +2.2 7,059,927,608 6.027.465,928 + 17.1 + 9.7 5,006,000 —1.4 —43.4 1,781,825 1,027,342 —6.9 195,379,990 771,239,914 X X X X X * *164*775 "*192*861 —14*6 "ib 1*403 *12*0*914 41,528,302 38,701,605 + 7.3 32,039.627 26,618,328 157,159,769 151,307,521 +3.9 130,470,577 114,259,390 Detroit District —Chicago— Flint Grand Rapids Jackson Lansing Muskegon City Ind.—Ft. Wayne.. Gary 2,034,234 466,076,557 5,764,997 1,853,701 470,992,409 17,042,342 4,926,969,170 15,565,093 4,363,641,562 + 9.5 395,353 397,591 —0.6 357,986 733,527 —1.0 + 12.9 116.429,343 110,299,125 + 5.6 99,956,573 64,425,984 5,188,028 + 11.1 52,460,095 46,880,753 + 11.9 13,929,163 2,297,207 7,505,241 3,128,397 3,373,502 Mich.—Aim Arbor 13,526,821 + 3.0 139,488,261 119,566,291 + 16.7 3,096*508 2*.7*16*326 + 14*6 2*.548*326 1,675*888 2,069,671 6,595.393 + 11.0 21,333,609 69,856,727 18,528,108 62,503,952 24,456,359 24,189,683 + 15.1 1,473/729 —12*2 1,443^856 ""881*266 + 23.0 4,941,657 16.741,506 Wis.—Madison 80,870,713 7,297,744 23,581,234 5,493,280 Milwaukee 92,719,852 Indianapolis South Bend Terre Haute + 13.8 2.764,636 + 13.2 29,336,840 2,657,549 + 26.9 29,751,719 5,042,309 —2.0 48,955,905 13,736,810 +21.9 +28.5 156,200,769 801,293,473 65,699,604 218,403,733 48,624,342 —1.9 912,854,098 78,541,000 5,883,403 22,908,534 4,276,468 94,501,238 2,050,411 3,522,840 495,225 + 3.0 +24.0 + 2.9 + 8.5 21,150,619 —18.9 31,521,592 5,056,548 + 11.8 1,293*950 +20.0 + 7.5 45,558,840 117,840,120 + 15.0 52,681.620 + 24.7 + 7.3 1,1*66*765 —4.1 1,0*5*7*955 ""753*921 18*.857*600 16*.48*1*666 + 14*4 14".7*7l"666 13*.*9*4*7"660 1,714,694 1,156.020 5,373,643 + 48.3 858,249 649,169 5,469,642 + 1.8 4,249.142 3,630.243 18,651,141 17,303,672 + 7.8 16,556,161 14,388,545 1,118*918 +32.6 696,506,000 203,537.712 38,604,241 844,963,714 18,659,481 29,041,296 4,808,725 , + 26.0 +8.0 + 13.4 Oshkosh 2,225,485 Sheboygan Watertown 2,855,543 483,255 Manitowoc 1,070,402 1,465,849 —27.0 13,404,857 13,006,642 + 3.1 5,382,569 4,718,300 + 14.1 44,350,596 + 9.4 38,655,333 15,158,229 790,928 3,759,992 37,743,675 +2.4 15,910,214 —4.7 355,798,400 143,599,026 6,409,174 16,477,768 18,130,278 12,795,942,270 34,232,884 181,354,556 45,186,130 51,207,910 5,498,116 20,438,727,300 Des Moines Sioux City Ames 111.—Aurora Bloomington ... Decatur Peoria Rockford Springfield Sterling Total (31 cities) —2.4 5,076,026 + 24.5 + 12.2 559,013 5,406,170 561,394 —0.4 48,517,245 375,989,332 136,113,151 7,838,708 26,212,691 19,027,502 14,302,241,293 41,142,221 177,037,530 62,315,665 60,283,111 6,390,367 2.283,819,532 2,309,008,472 —1.1 22,872,513,119 Iowa—Cedar Rapids._ Chicago 983,431 21,573*325 +29.8 11,314,351 serve +20.7 16.634,090 1,659,720 866,291 Vicksburg + 16.1 77,274,615 4,938,000 Meridan 1,734,670,456 + 13.8 Atlanta— *6,400,000 Miss.—Hattiesburg Jackson 88,831,335 + 12.6 + 5.0 704,220,253 Total (10 cities) 112*,590*16! + 11.6 + 10.5 8,895,397 6,275,302 24,331,984 328,021,519 1,698,645 102,799,707 Frederick —1*7 + 17.1 198,937,590 6,349,211 5,384,138 24,168,184 Md.—Baltimore 139*.39*8",441 + 23.2 320,928,040 1,907,372 Greenville N. C.—Durham 137,095^804 + 12.3 92,806,881 1,414,070 6,663,710 9,204,606 X X + 21.4 7,143,882 51,065,533 79,253,066 11,548,000 Columbia X + 10.1 219,898,537 Richmond X +8.0 + 18.2 1,717,959 S. C.—Charleston ' +21.1 11,548,000 Va.—Norfolk x District— Richmond— W. Va.—Huntington.. 9,367,300 + 23.5 5,182,125 Erie. Bay 113,318,779 65,297,077 244,012,085 9,716,449 72,330,621 113,883,992 8,025,790 62,928,564 Pittsburgh > 131,055,048 1,571,359 613,409,806 7,183,010 10,562,590 Greens burg Total 87,126,812 +2.5 + 12.1 619,296 1,669,671 599,189,006 6,904,337 13,300,000 1,011,141 Franklin Oil + 18.4 488,861,000 21,815,702 10,923,136 63,704,721 1,584,712 1,440,353,938 4,835,348 17,964,765 6,321,680 6,063.056 + 5.9 746,873 1,848,900 + 103.4 1,746,049 —9.2 1,473,791,880 3,727,541 —2.3 +29.7 19,659,155 —8.6 + 8.5 + 5.2 l",157*395 l",069*238 + 8*2 *944*509 "774*47! + 5.7 9,390,009 2,956,490 8,298,330 3,659,806 + 13.3 —5.2 —19.2 9,123,362 2,991,380 2,439,555 6,956.706 +22.3 + 59.1 " + 4.9 317*718 *387*919 —1*8*1 *354*446 *554*56! + 11.8 318.824,787 316.684.201 + 0.7 1,092,738 3,374,580 1,431,579 1,205,257 778,809 + 40.3 283,163.763 751.677 218,833.103 +20.2 4,334.698 —22.1 3,166,835 2,615.194 617.687 —2.4 + 37.9 + 17.7 616.136 1,059,409 +35.1 944,491 1,336,660 —9.8 1,018,318 914.852 493,976,935 + 1.9 444.256.029 335,407,742 + 16.2 + 11.9 503,402,364 2956 Financial Chronicle CLEARINGS Month of October Nov. 6, (Concluded) Ten Months Ended Oct. 30 Week Ended Oct. 30 Clearings at— Inc. 1937 1936 $ Eighth Federal Res or Inc. Dec. 1937 1936 408.867.009 Cape Girardeau Independence Ky.—Louisville Tenn.—Memphis 3,601,422 461,803 149.715.280 413,961,025 3,311,011 466,855 155,193,782 Inc. 1937 1936 | 4,037,680,743 3,680,171,873 +8.8 35,447,025 5,257,966 29.908,968 4,669,627 1,324,301,009 802,378,010 —3.5 128.353,488 267.683 158,929,260 273,626 —2.2 2,707,000 2,282,000 + 18.6 1,488,443,079 846,970,782 2,956,629 26,769,000 693,973,685 734,417,559 Minneapolis - —5.5 6,443,525,224 13,6/2,903 + 14.0 + 7.6 158,428,464 3,077,870,543 12,996,890 III.—Jacksonville Quincy Total (7 cities) Ninth Federal Kese l —1.2 District rve Minn.—Duiuth —19.2 ,321,913,425 Rochester 15,592,960 346,443,056 1,396,518 St. Paul 126,409,923 122,517,425 +3.2 1,110,749,786 1.705,590 1,827,373 622,722 10,944,774 1,107,000 —6.7 15,245,927 —8.9 + 14.4 856,795 + 13.7 5,166,307 95,191,462 9,924,000 9.206,287 29,873,856 64,525,360 6,024,310 29,846.508 34,807,091 Minneapolis Winona Fergus Fails 567,268 11,500,807 N. D.—Fargo Grand Forks 1,266,000 Minot. S. 1,553,424 974,000 3,427,842 6,771,133 676,800 D.—Aberdeen 13,527,229 241,368 508,104,831 — Huron Mont.—Hillings 3,691,154 Great Falls 4,144,901 Helena, Lewis town Total (16 cities) Tenth Federal Rese rve Neb.—Fremont $ Omaha — — Parsons Topeka Wichita Mo.—Joplin Kansas City St. Joseph Carthage Okla.—Tulsa. Colo.—Colo. Springs- ------- Denver Texas—Austin Beaumont— Dallas El Paso Fort Worth--—— Galveston Houston Port Arthur — Wichita Falls Texarkana La.—Shreveport Total (11 cities) Twelfth Federal Re Wash.—Belllngham — . Seattle— Spokane-.—-— Yakima - -- — -- -- - Ariz.—Phoenix Calif.—Bakersfield Berkeley.. Long Beach Modesto Pasadena Riverside -— San Francisco San Jose Santa Barbara Stockton Total (20 cities) 18,7981069 2,329,747 2,250,979 +3.5 2,135,480 1,849,818 6671488 +2l3 599,815 "4981630 +6.2 + 19.9 +23.5 + 13.4 —8.4 5,901,488 27,382,343 32,342,908 108,763,666 " 682,808 +2.1 + 9.0 803,611 "6571202 +2213 575,666 "430",575 2,795^569 2,838,151 —ll5 2,532,392 2",47~5",4(j5 +7.6 2,457,329 30,451,475 79,902 64,106 1,944,236 2,087,170 3,171,174 1,457,077 +43.2 2,664,394; + 4.5 1,382,760,087 +29.4 28,612,249 13,076,401 30,242,285 11,555,516 + 13.2 809,587,143 +3.6 8.416,093,664 7,568,880,326 6,008,029 + 5.9 61,500,419 51.078,450 47,137,104 2,233,852,038 342,809,608 342,809.608 119,375,000 1,798.830,101 21,077,414 40,018,715 + 17.2 2,973,430 69,119,785 65,541.886 eserve Distric + 6.2 —21.4 + 6.8 + 3.3 + 15.7 + 2.4 + 13.9 ' 3,705,847 +32.0 250,398,330 29,891,421 29,891,421 +0.3 + 10.5 15,669,000 —4.7 179,515,342 1,755,026 3,307,708 2,156,768 15,882,661 553,285,226 District +2.8 +25.4 + 8.9 527,555,245 -San Franc! 2,070,915 175,162,265 46,867,000 2,812,010 166,844,139 51,250,000 6,194,982 6,459,654 1,247,000 155,921,990 3,886,163 74,248,112 17,382,820 9,947,633 65,2931066 2,707,213 2,641,844 + 18.7 +6.0 495,937 515,419 —3.8 209,329 353,708 51ll252 6451414 —6.3 5061825 5931387 +11.2 131,691,306 128,760,533 +2.3 126,350,955 100.795,086 +20.4 1,564,161 1,099,839 +42.2 1,045,072 776,664 53",4841406 51,1971833 4l5 42,666,743 33,7871973 + 15.8 —5.4 —11.7 —2.4 + 1.1 + 30.2 +3.4 —7.1 + 0.5 + 13.0 +48.6 161,229,263 77,698,736 + 4.5 218,426,694 + 6.5 182,574,036 39,035,343 176,426,390 + 10.3 + 6.5 1,232,466,480 + 4.0 12,111,938,951 + 14.2 +8.1 + 4.2 + 9.1 3.9 Dec. + 13.7 —4.7 —8.1 —30.7 —7.8 —21.5 19,174,113 + 1.3 17,502 ,842 28,580,000 1,705,500 2,314,953 —38.8 8,639,145 —23.0 3,788,393 4,331,739 3,196,861 2,996,299 —23.3 1,261,430 2,740,109 2,703,491 4,784,118 + 12.4 2,813 ,045 3,280 ,963 4,934 ,096 13,639 639 11,671,613 1,934,322 3,344,340 2,576.568 2,161,709 1,982,625 4,059,465 1,815 816 3,808 131 2,842 853 3,309 211 2,158, 115 4,704, 828 7,4581690 6,3391229 17l7 5,654,636 4,273,842 2,720,000 2,939,000 —7.5 2.814,000 1,828,000 655,198 + 40".3 883,169 3",3101787 —10l2 2,032,445 2,119,543 +5.5 55.096,065 42,786,022 +21.1 919,098 + 17.4 + 17.7 37,222,701 33,949,299 + 9.6 29,463.496 23,036,382 +3.0 10,245,000 10,418,000 1,235,298 —1.7 9,070,000 8,018,000 1,263,768 +2.3 1,012,915 566,018 + 11.5 +26.6 1,212,694,124 32,140,270 + 14.9 +4.6 31.725,244 29,227,415 +27.0 23,643,207 20,914,183 609,721,568 + 15.3 15",444,192 14,4671427 +615 12,1811274 13,608,642 2~,51ll284 131.662,490 55,473,759 184,574,989 169,834,619 31,913,581 145,954,409 35,440,128 5,914,218,860 113.164,107 +22.5 + 40.1 + 18.3 + 7.5 3",7141682 3,244,884 + 14.5 3,126,552 3",6921091 2",953,443 +2516 2,830,829 2",1221832 150,700,000 3,153,206 140,6661409 +7.1 139,180,442 113,5371434 +22.3 +20.9 + 8.5 + 11.2 + 12.8 +6.4 1,587,417 2,641,23b + 17.2 3,001,503 1,139,507 1,560,611 2,498,506 867,048 + 13.6 2,677,488 1,124,323 2,254,413 + 17.8 60,634,689 86,900,496 10,726,936,575 + 12.9 261,389,536 242,218,399 +7.9 226.210,336 188,988,490 109,692,593,250 +41.2 1,308,166 +4.9 6,006,595,475 5,934,788,958 + 1.2 ,712,124,036 5,087,754,126 + 11.8 2,614,773,173 2,512,115,538 +4.1 ,371,401,478 1,968,805,528 + 7.6 —0.5 +4.0 + 14.2 +20.5 + 6.0 + 15.9 + 5.9 + 2.7 +21.4 + 3.1 + 16.9 + 6.1 + 13.9 + 10.3 + 53.1 + 8.9 Week Ended Oct. 28 Inc. 1937 1936 5,263,621,348 4,856,299,693 1,708,309,269 820,515,154 885,745,299 214,610,525 109,552,279 234,862,244 252,227,470 82,816,946 70,264,181 121,476,736 169,092,611 157,358,429 13,665,181 20,136,550 58,705,071 25,785,681 41,414,120 33,182,167 28,892,735 10,099,515 27,017,084 29,185,810 46,705,430 131,475,830 15,122,412 33,832,592 24,157,397 24,559,016 20,607,169 41,745,391 5,246,252,733 4,322,991,211 or Dec. % +0.3 + 12.3 2,517.417,824 782,237,720 922,930,538 176,511,259 98,293,783 —32.1 192,889,722 254,139,838 +21.8 74,692,912 72,123,199 120,230,846 160,727,765 + 10.9 181,091,411 —13.1 +4.9 —4.0 +21.6 + 11.5 —0 8 —2.6 + 1.0 Inc. or 1937 Dec. 1935 1934 128,311,608 109,780,124 + 16.9 111,925,513 46.923,131 96,942,058 55,912,332 + 15.5 109,040,717 92,973,192 —16.1 67,820,449 46,718,805. 18,849,2S2 18,682,701 5,124,240 17,782,629 18,300,447 4,247,588 2,148,053 + 6.0 14,885,578 +2.1 17,476,951 15,104,665 +20.6 4,426,127 + 16.9 1,993,789 2,510,020 6.137,675 7,365,072 1,849,360 1,549,344 3,178,742 4,460,855 3,376,049 4,311,160 +42.4 4,046,850 6,296,400 + 17.0 9,855,251 1,761,679 1,419,323 2,241,811 3,896,382 4,977,005 + 5.0 1,537,984 1,480,000 2,645,372 4,054,110 6,356.856 + 9.2 + 41.8 114,550,027 84,622,262 3,970,304 3,029,318 1,902,564 3,424,649 6.085,324 1,530,245 1,355,595 13,373,979 19,496,435 +2.2 +3.3 652,326 473,007 +37.9 527,994 63,243,971 +7.2 1,389,049 —16.9 1,997,938 25,418,713 + 1.4 560,594 1,672,111 752,818 —25.5 588,616 2,439,274 3,929,601 4,138,385 299,605 427,372 1,573,422 721,592 37,128,071 + 11.5 + 5.2 409,605 319,677 + 14.5 —32.2 +28.1 350,846 +21.1 690,136 611,048 + 6.3 1,007,585 893,431 831,923 31,210,592 590,625 +51.3 +8.7 774,969 + 15.7 —2.2 320,886 669,954 289,092 545,319 637,005 664,039 26,568,287 10,329,622 26,772,938 24,684,101 + 11.0 327,996 231,544 +0.9 591,626 + 10.9 723,923 + 18.2 663,894 533,504 554,193 + 19.8 +3.7 560,234| 558,856 355,758 575,841 45,028,228 114,804,151 1,095,432 3,372,165 831,923 +31.7 941,344 1,107.523 + 14.5 2,086,548 1,727,234 +3.8 343,823 2,461,529 353,202 +37.0 14,563,861 —2.7 385,851 30,083,454 23,064,649 20,034,064 + 12.5 833,871 696,147 + 19.8 711,734 327,600 657,268 +4.7 611,204 566,985 510,258 + 19.8 511,750 457,817 +22.6 476,250 + 19.1 396,159 + 6.0 498,963 366,540 + 36.1 381,301 461,745 345,268 1,028,880 + 16.7 884,493 783,548 +9.5 352,061.500 304,469,009 + 11.2 1,201,120 1,837,016,4651 —10.7| 15,573.041,335| 15,705,307,495 —0.8 376,031,120 + 15.9 1936 % 19,432,487 37,539,131 Figures not available. + +33.8 Ten Months Ended Oct. 28 19,416 ,376 1,417 ,769 +29.4 + 16.5 +22.6 + 19.5 or Edmonton 3,172 751 +20.0 39,705,986 50,125,404 8,652,000 % 3.706 ,699 + SEPTEMBER, SINCE JANUARY 1, AND FOR WEEK ENDING SEPT. 30 1936 4,593 ,427 +24.2 + 14.3 390,332,000 280,212,981,772 267,063,368,247 +0.4(122,668,089,599 13,835 ,097 1,641,113,8151 85",6941973 —8.5 25,164,097 1,428,628,999 + 5.0 —8.6 London Kitchener.. + 1.2 2,990,619 22,209,779 1,682,055,683 402,103,000 47,439,989 55,877,127 10,954,000 1,393,748,416 33,633,524 702,879,704 —26.4 + 17.0 Sherbrooke 88,5541613 2,737,107 SCO— + 10.2 Peterborough 89,602,425 + 1.8 —4.9 + 18.8 38,455,762 6,576,325,715 127,632,300 64,497,102 98,736,389 6,651 ,067 2,906 ,810 1,576,969 1,948.230 + 13.8 4,235,532,564 13,746,503 6,279,313 10,664,137 1,947 ,070 2,788 ,513 1,447,100 2,532,249 5,821,206 5,032,085,206 + 19.4 7,769 264 + 19.0 133,150,182 + 4.9 10,714,833 Medicine Hat + 5.7 14,364,439 4.187,581 15,296,062 3,243,934 657,709.905 8,059 256 26,299,638 +4.2 +2.0 + 13.2 + 7.1 156,266,123 +22.1 958,000 150,822,018 4,184,099 73,869,202 15,378,270 6,692,932 19,246,537 16,696,684 83,366 2,430,218 30,661,232 + 38.9 + 3.5 +27.1 21,786,776 30,793,811 8,101,166 8,096,577 12,172,189 New Wesminster —1.5 +8.4 —6.3 + 17.9 —12.1 + 15.9 25,485 089 33,144 239 Victoria 1.4 37,955,074 1,953,714,263 265,007,898 265,007,898 102,442,000 1,466,911,305 15,754,928 33,057,100 12,231,135 133,323,782 6,390,172 20,118,386 17,621,138 5,000,343 17.465,848 3,507,115 685,601,952 15,159,154 6,847,953 11,360,485 St. John + 9.5 -Dallas— 6,444,318 4,891,630 251,045,234 34,632,250 34.632,250 14,936,000 195,541,030 2,229,181 4,039,793 1,896,141 16,432,479 serve —10.1 Hamilton 25,354,314 83,392,712 11,805 578 x 1~7~.7 + 78,450 Hallfac Estimated, 23,783,151 +2.2 97,536.593 + 8.5 * 27,991,108 +5.9 —0,8 + 11.1 21,822,410 I 1,964,243 57.375,972 —12.4 23,673 159 Total (32 cities) + 9.3 +2.9 92,442 88,952 2,622,929 29,229,274 Quebec.. Sudbury.,. 68.391,188 + 12.6 101,682,264 86,868 736 — 124,551,111 2,863,359 63,475,567 80,983 96,454 Ottawa Sarnla 143,208,937 + 16.7 + 6.4 79,613 783 - —2.1 3,094,105 112,995,966 542,921,725 547,158,574 322,526,270 86,344,065 110,631,276 Kingston Chatham 152,512,658 3,610,357 74,782,766 —5.5 517,134 ,170 Windsor 149.330,894 +27.8 + 14.5 502,775 ,789 223,539 734 Moncton + 9.8 123,970,320 2,733,751,123 12.626,479 1,049,278,948 14,920,861 5,207,685 89,657,701 8,274,000 7,454,163 26,336,811 70,441,641 2,885,045 Toronto Prince Albert 5,866,473,317 145,097,737 2,676,036 1.252,590 Montreal... Winnipeg Vancouver.. - x —4.1 —5.5 S Fort William 486,000 512,000 + 10.6 38,029,638 1937 Brant ford.... 469,000 555,000 4,831,302 5,482,416 121,706,161 1,367,933,326 120,525,192 4,966,081 7,666,562 92.919.672 133,510,440 19,735,286 3,930,000,956 Inc. Moose Jaw +8.4 +20.5 —19.8 +2.2 Month of October Lethbridge 23,899,879 21,165.232 2,705,886 Clearings at- Saskatoon 37,052,677 22,287,260 4,319,016,023 —15.0 CANADIAN CLEARINGS FOR -- +9.0 -24.2 4,775,979,318 638,125 12,668,089,599'12,622,761,338 Brandon 28,977,058 33,223,600 x —10.0 27,533,079,277 28,657,231,290 Regina 31,390,526 25,185,368 113,687,598 2,434,929 13,705,965 Outside New Calgary +5.6 + 5.9 13,381,936 2,083,545 410,593,655 Grand total (194 cities) Canada— 79,000.000 3,062,891 1.621,242 1,281,921,126 York 83,400,000 —32.2 488,761 552,529 12,862,271 139,913,523 15,387,966 492,706 i 899,127 8,745,988 6,045,200 Idaho—Boise Ore.—Eugene Portland..— Utah—Ogden Salt Lake City —3.2 +2.7 356,602,031 27.649.673 1,194,582,039 . Total (18 cities) Eleventh Federal K + 1.9 + 12.0 89,800,000 4,633,061 6,002,591 116,348,512 1,347,856,877 167,453,923 5,853,760 7,823,207 98,240,647 151,184,820 21,130,782 4,471,702,172 135,558,120 5,535,323 423,116,777 29,304,355 Pueblo Wyo.—Casper —4.8 + 12.4 +4.7 2,823,830 22.220,000 92,200,000 + 18.5 + 12.6 838,752,482 — Kan.—Kansas City Manhattan + 11.9 —11.6 District— Kansas City- 391,993 564.772 11,560,611 143,825,604 16,339,807 617,744 706.773 9,340,350 13.827,445 2,411,322 420,589,587 12,956,035 457,601 43,303,722 2,727,741 154,447,242 Hastings Lincoln + 5.1 3,062,777 7.659,432 710,800 3,622,393 3,699,653 13,978,164 355,771 538,336,549 Sioux Falls —10 + 9.7 1934 1935 % % —1.1 or Dec. -St. Louis— Mo.—St. Louis or Dec. % District erve 1937 343,428,6241 Volume THE We Financial 145 ENGLISH GOLD Samuel NATIONAL BANKS MARKETS SILVER AND Montagu & Co. of London, written under date of information regarding National banks is The following weekly circular of reprint the following from the 2957 Chronicle Comptroller of the Currency, Treasury from the office of the Department: Oct. 20, 1937: GOLD ' VOLUNTARY LIQUIDATION . . Amount The Bank 406,625 on of England gold Oct. 13, showing no £326,- against notes amounted to reserve with the previous change as compared Oct. 22—The First National Bank of Molalla, Ore Effective Sept. 30, 1937. Liq. Agent: J. H. Maclde, Wednesday. the liquidatingbank In the open market about £2,300,000 and political unrest has again been evidenced by a good demand from the dollar parity varying from l^d. to 3d. 140s. 4Md. 140s. 5Hd. 140s. 6Kd. Equivalent Value Equivalent Value of £ Sterling 12s. 1.29d. 12s. 1.25d. 12s. 1.29d. 12s. 1.25d. 12s. 1.16d. 12s. 1.07d. 140s. 4.83d. 12s. 1.22d. Per Fine ■ Ounce ■ 140s. 4d. 140s. 4Kd. 140s. 4d. Oct. 16 Oct. 18 Oct. 19 Oct. 20 Average Kingdom imports and exports of The following were the United registered from mid-day on the 11th instant to mid-day on the £2,022,047 West Africa 164,650 11,042 21,914 Tanganyika Territory Kenya 342,491 22,779 1,000,000 British India Australia Greece gold, £216,282 1,003,916 2.520 United States of America British India 23,086 773,252 133,623 176,639 Finland France Switzerland Switzerland Yugoslavia 11,067 Other countries 6,576 The SS. Corfu which sailed from Bombay on value of about £126,000. The following are the details of of United Kingdom imports and exports gold for the month of September, 1937: Southern Rhodesia British West Africa 37,029 Kenya Tanganyika Territory 34,147 - 983,776 404,694 71,419 24,390 566 52,457 British India Australia New Zealand. British West India Islands and British Guiana United States of America Venezuela £60.450 Soviet Union 2,998",894 1,645.253 266,554 1,127 365.720 115.822 22,329 610,241 27,388 132,714 75,598 13,878 Netherlands. . France-.. Finland 131,404 Switzerland Yugoslavia 35,156 Other countries. £15.439.327 £21,645,913 SILVER There for two months delivery brought in a The following were the silver, the 11th instant to mid-day on the 18th inst.: United Kingdom imports and exports of registered from mid-day on £10,047 37.823 2,345 5,292 Germany. Belgium... Japan Argentina 3,156 Other countries Straits Settlements £6,255 Ceylon.. 1,050 14,470 Germany 2,590 9,950 Sweden France 6,937 Other countries 3,477 £44,729 £58,663 Quotations during the week: IN IN LONDON Oct. 20 19 15-16d. 20d. 19 15-16d. 20d. 20d. 20d. 19.979d. YORK 45 45 45 45 45 45 Oct. 13 19Hd. 19Kd. \9%d. 19Vsd. 19 15-16d. 19 15-16d. Average NEW ((Per Ounce .999 Fine) Bar Silver per Oz. Std. Cash ' 2 Mos. cents cents cents cents cents cents 19.895d. 14 Oct. 15 Oct. 16 Oct. 18 Oct. 19 The highest rate THE Oct. 14. Oct. 16 Oct. 18 Oct. 19 $4.96M and the lowest recorded during the period $4.95)4. BERLIN STOCK EXCHANGE Closing prices of representative each — Oct. 15 of exchange on New York from Oct. 14 to 20 was day of the past week: stocks Oct. Nov. 30 1 as received by cable Nov. Nov. Nov. Nov. 2 3 4 5 Per Cent of Par Ailgemelne Elektrizit aets-Gesellschaft „.... Berliner Handels-Geeellschaft (6%) 121 134 ...168 119 Deesauer Gas (7%) 118 Deutsche Bank und Dlsconto-Gesell. (5%). 123 Deutsche Erdoel (6%) 143 Deutsche Relchsbahn (German Rys pf 7%)-129 Dresdner Bank (4%) 115 Farbenindustrie I. G. (7%) 159 Gesfuerel (6%) ......147 Hamburger Elektrizltaetswerke (8%) 145 Berliner Kraft u. Licht (8%) Commerz-und Privat-Bank A.G. (5%) 81 Hapag Relchsbank (8%) Saizdeturth (6%) x 168 118 117 123 141 129 115 156 146 145 — _— (8%)... Ex-dividend. ... ... Dec. ... ... ... ... ... ... ... ... ... ... (quar.) — 205 ... Collins-Morris Shoe Co. 6% cum. 30 1 Oct. 28 Dec. 15 Nov. 26 15 Nov. 26 1 Nov. 19 1 Nov. 19 1 Oct. 26 Dec. 13 Dec. Dec. Dec. 15 Nov. 30 Nov. 15 Oct. Dec. Dec. 6 31 6 Nov. 22*" 15 Nov. 30* Nov. 15 Nov. 10 Dec. 1 Nov. 13 Nov. 30 Nov. 20 Nov. 30 Nov. 20 Dec. 1 Nov. 12 1 Nov. 12 8 Nov. 15 Nov. Jan. 15 Dec. 31 Eastern Utilities Assoc., conv. Nov. 30 Nov. - 30 Nov. 24 Nov. 10 Nov. 15 Nov. 5 5 Nov. 15 Nov. Nov. 15 Dec. — — 5 Nov. 15 Oct. Employers Re-Insurance (quar.) Emsco Derrick & Equipment (quar.) Ewa Plantation Co. (quar.) Fajardo Sugar. ...— •— Faultless Rubber Co^Jquar.) Federal Compress & Warehouse (quar.) Federal Light & Traction, pref. (quar.) Fishman (M. H.) Co..Inc. (quar.) Fitz Simons & Connell Dredge & Dock Florida Power 7 % preferred A (quar.) 7% preferred (quar.) Fort Worth Stockyards (quar.) 5 Nov. 30 Nov. —— Class A (extra) —»'—-—- 1 Nov. 15 Dec. - shares El Paso Electric Co., $6 pref. (quar.) Empire Capital class A (quar.) 50c 40c $1)4 15c Jan. Dec. Dec. Nov. 18 Dec. Nov. 15» — Dec. Nov. 15 •25c Dec. Nov. 20 Dec. Nov. 15 Dec. Oct. Oct. Feb. (quarterly) Nov. pref. (quar.) 129 129 129 Graniteville Co. 114 114 114 Great Atlantic & Pacific Nov. 153 143 144 147 Gulf States Utilities, $6 pref. 1 Oct. 15 15, 1 Nov. 10 1 Nov. 1 Dec. 1 Nov. 12 Dec. 1 Nov. 12 15 15 Nov. 30 i 15 Nov. 30 1 1 J Nov. 15 Nov. 1 Nov. 15 ' Dec. Dec. Dec. (quar.) Dec. (quarterly) pref. (quar.)-. 1 Oct. Dec. Great Western Fuse Co. common 145 26 Dec. Tea Co 145 26 13 Nov. 12 10 1 Jan. Nov. (quarterly) 145 Nov. 15 27 Oct. 27 Oct. 15 Nov. 15 15 Nov. 15 Dec. (quar.) 155 15 $154 87 He 37 He 37 He (quar.) Dec. General Motors Corp. . 10 Nov. 24 Dec. 121 202 Nov. 10 Oct. Nov. preferred 141 231 15 Nov. 20 Dec. 121 230 15 Nov. 20 13 Nov. 12 Jan. 3 Dec. 20 Dec. 15 Nov. 26 Dec. 15 Nov. 26 Dec. 15 Nov. 26 Dec. 15 Nov. 26, — 138 206 1 Nov. 15. Dec. Dec. Dictaphone Corp Preferred (quar.) $5)4 preferred 27 Dec. class A & B. Columbia & Xenia RR. Co .. Compressed Industrial Gases (quar.) Corporate Investors Ltd Crown Cork & Seal Co., Inc., common (quar.) — $2)4 cum. preferred (quar.). ———— Crown Drug Co., 7% conv. pref. (quar.) —... CrownZellerbach Corp., $5conv. pref. (quar.) — Cram & Forster Insurance Shares, A and B 7% preferred (quar.). Cushman's Sons, Inc., 7% pref ... A.) Co., $5 cum. preferred (quar.).. Harbison-Walker Refractories Co.,I common... Preferred (quarterly) Hart-Carter Co. $2 conv. preferred $2 conv. preferred (quar.) —Hazel-Atlas Glass Co. (quar.) Hanna (M. 10 Dec. 1 Nov. 15 Nov. 1 Dec. 20 Jan. Nov. Columbia Broadcasting, Hammond Clock Co. 6% Jan. Dec. 122 203 50c $15) 139 161 203 . pref. (quar.).. Collins & Aikman Corp., common Preferred (quar.) — Preferred 1 1 Nov. 22 Nov. 10 Dec. $5)4 preferred (quarterly) Goodyear Tire & Rubber Co., common $5 convertible preferred (quar.) Grand Union Co.. $3 conv. preferred 204 50c Dec. (quar.) General Public Service, $6 81 Nov. 15 Nov. Nov. 15 Nov. (semi-ann.) Preferred 24 1 Nov. 11 (semi-ann.) — 24 3 Dec. t50c Extra E xtra 3 Dec. Dec. Extra . 28 1 Nov. 20 Jan. Jan. Chrysler Corp., common Clearfield & Mahoning Ry. (s.-a.) Coca-Cola Co. (quar.) 117 80 3 Oct. $1)4 Franklin Coal 6% pref- 169 114 1 Nov. 15 44c , W.) Co. 6% non-cum. 117 70 Dec. m11 A —Service, $6 pref. 168 78 28 1 Nov. 15. t50c 8 % preferred (quar.) Carman & Co.. Inc., class 118 113 39 1 Oct. Dec. 50c 7 % preferred 167 114 10 Nov. 26. Nov. 50c 7% preferred (quar.) — Ltd. (quar.) — 118 53 Dec. Nov. 15 Oct. Dec. Canadian Oil Cos., 133 155 10 Nov. 26. Nov. -—. . 117 117 15 Nov. 22 Dec. Corp.' (quar.) 133 116 Dec. 10c 133 116 1 Nov. 15 U 50c — 60c L.) Co., 7% cum. preferred 3)4% cumulative preferred (quar.) Bullock's, Inc. (quar.) Byron Jackson Co — Class A 1 Nov. 30 8 Nov. 16 Nov. $2 Bruce (E. Coca-Cola International 1 Nov. 151 Nov. 30 Dec. Jan. Jan. 50c Brown Shoe Co., common Chicago Wilmington & 1 Nov. 10 1 Nov. 10, 62c Extra Chase (A. Nov." 16" 1 Dec. Dec. 5c (quar.) Bristol-Myers Co. (quar.) Central Illinois Public Nov. 15 Dec. 50c Canadian Car & Foundry, Dec. 1 Nov. 30 15 Nov. 30 15 Nov. 19 1 Nov. 15 37 He 43Hc Boss Mfg. Co., common Extra-..—. Dec. 10c Bourne Mills 118 230 116 231 161 206 t$lM 13.322< Extra 80 117 83 (4)4%) Rhelnlsche Braunkohlen (8%)........... Siemens A Halske 118 134 —208 Mannesmann Roehren Norddeutscher Lloyd Dec. Bangor & Aroostook RR. Co., common Cumulative preferred Bankers & Shippers Insurance (quar.) Beaunit Mills, Inc., pref. (quar.) Beech-Nut Packing Co. common (special) . Dec. Jan. 20c Automobile Finance Co Class A Egypt Oct. 40c Artloom Corp. 7% preferred Associated National Shares A Exports Imports Dec. (semi-ann.) Elec. Co., Inc., com Amer. Water Works & 1 Nov. 15 1, 15 Dec. 1 15 Dec. Nov. 1 Oct. 22. Dec. 15 Nov. 15 Dec. American Steel Foundries 6% preferred yesterday's rise to and and sold little selling on China Buying has been chiefly in cover of bear commitments. are no indications of any important change in the near future. 19 15-16d. account. be quiet and the tone steady, the past week having been only l-16d. bought American Thread Co., pref. i: Conditions in the silver market continue to have American Paper Goods (quar.) American Rolling Mill Co. (extra) 15 30 1 Nov. 15> Dec. 1 Nov. 15 9 Nov. 23 Nov. Dec. 1 Nov. 15 $2 50c Special 1 Oct. Nov. Nov. 10 Oct. Dec. 25c $1 Co.. American Chicale Co. (quar.) Brooklyn Daily Eagle Properties 6% preferred (quar.)— 3,970,340 Germany H pref. (quar.). American Capital Corp., $5 American Forging & Socket Extra. 17,177,388 802,328 Japan Bazaars 6% preferred (quar.) American Box Board Co Borg-Warner Co. (quar.) Central and South America (foreign) the variation in prices during Aluminium, Ltd., 6% preferred 7 % preferred Baltimore Radio Show, Inc. £6.196,301 412,748 415,129 Union of South Africa t$20 6% preferred Exports Imports J25.102c shares A 7% pref. (qu.)__ 87 He All Canadian Common Stock trust Allentown Bethlehem Gas Co. 203,357 - — £2,561,251 Oct. 16 carries gold to the £3,683,566 Indian When. Holders Payable of Record1 Per Share Name of Company 22,000 Syria Netherlands Other countries The are bring together we 18th inst.: Central & So. America 85,000 2,576 Netherlands Belgium first Exports Imports British South Africa British grouped in two separate tables. In the all the dividends announced the current week. Then we follow with a second table in which we show the dividends previously announced, but which have not yet been paid. Further details and record of past dividend payments in many cases are given under the com¬ pany name in our "General Corporation and Investment News Department" in the week when declared. Dividends Quotations during the week: Oct. 14 Oct. 15 DIVIDENDS result, prices ruled at a Continent for gold for holding purposes and, as a over Ore., Charter No. 1553. Lack of confidence due to general economic daily fixing during the week. premium of Portland, of bar gold was disposed of at the $25,000 of Absorbed by The First National Bank care Dec. Jan. Dec. 1 Nov. 121 6' 20 Jan. 1 Nov. 15 1 Dec. 1 Nov. 15 ' Jan. 3 Dec.f ll*-4 2958 Financial When Per Share Name of Company Hiram Walker-Gooderham & Worts, Preferred (quar.) $1 Dec. 25c Dec. Dec. Interstate Natural Gas Co 40c Allied Stores Corp., 5% pref. Dec. Aloe B.) Co. (quarterly) Keystone Custodian Fund, B-2 (semi-ann.) Kresge (8. S.) Co /_ -Lake Superior .District Power, 7% pref. (quar.). 6% preferred (quarterly) Louisiana Oil Producing Co Louisville Gas & Electric class A & B (quar.) 50c ... - Lunkenheimer Co $1.03 30c Nov. 37Hc 5c 5c 25c 81 1 Oct. 25 Dec. 24 Nov. 30 Nov. 15 Nov. 5 Nov. 1 Oct. 25 Nov. 15 Nov. Nov. 15 Nov. 1 Dec. (quar.) - American Envelope Co., 7% pref. A (quar.) American Dec. Dec. (quar.) . 50c Dec. Dec. 4 Dec. Preferred (quar.) Ohio Public Service. 5% pr hio Service, 5% pref. SIX SIX t$lX t$l H $1H Dec. Dec. Dec. Dec. 41 2-3c (monthly) 50c 58 l-3c (monthly). 7% preferred (monthly). Ohio State Life Insurance Co. (quar.) 25c Orange County Telep. Co. 6% pref. (semi-ann.) Oshkosh B'Gosh, Inc., common (quar.) $2 preferrod (quar.) Oxford Paper Co. new $5 pref. (quar.) Parker Rust-Proof Co., common (quar.) ... Extra Preferred (semi-annual) Park Utah Consol. Mines (resumed) 10c 50c SIX 37Ti 31?s Peoples Gas, Light & Coke (resumed) Phila. Germantown & Norristown RE Phoenix Hosiery Co., 1st pref Pills bury SIX 87Xc Flour Mills (quar.) Pittsburgh Bess. & Lake Erie RR. 6% pf.(s.-a.) Polaris Mining Co Public Service Co. of Colorado 7% pref. (mthly.) 6% preferred (monthly) >-/0 yreitsrreu 5% preferred (monthly), rity Purity Bakeries Corp Corp - . 70c Partic. preferred class A (extra) 70c Republic Insurance Co. (Texas) (quar.).: Republic Petroleum Co., 5H% pref. A (quar.). Reynolds Metals Co., common 5H % cum. preferred (quar.) Rochester Telephone Corp., 6H % pref. (quar.)_ Rose's 5,10 & 25c. Stores (extra) Seaboard Oil Co. of Dela. (quar.) Sierra Pacific Electric, pref. 30c 68Mc 25c SIX 50c 25c (quar.) Socony-Vacuum Oil (special) Sonotone Corp Sou. Calif. Edison Co..Ltd., 6% pfd. ser.B (qu.) Standard Dredging Co. (special) Dec. Dec. $1H Dec. Dec. Dec. Nov. 1 Nov. 15 1 Nov. 10 1 Nov. 10 Dec. 1 Nov. 10 Dec. 20 Nov. 22 Dec. 10 Nov. 12 Dec. Dec. Dec. Dec. Jan. Trunz Pork Stores, Inc Union Tank Car Co. (quar.) Dec. 37Hc Dec. Dec. Dec. Dec. 10c 75c SIX 58 l-3c 50c 41 2-3 c 50c 40c United Drug, Inc 25c United Linen Supply $3 H conv. pref. A f87Hc United Wall Paper Factories, pref. (quar.) SIX Universal Winding Co., 7% pref. (quar.).____. SIX Vanadium-Alloys Steel Co 75c Van Raalte Co., Inc 1st preferred (quarterly) SIX Vogt Manufacturing Corp Vulcan Oils, Ltd. (semi-ann.) West Jersey & Seashore RR., 6% spec, gtd Western Dairies, Inc., $3 preferred Western Public Service, preferred, A Westminster Paper Co. (semi-ann.) West Virginia Water Service Co.— $6 cum. preferred $6 cum. preferred (quarterly): 20c 5c $1H t75c tl8Hc 25c t$lH Whiting Corp., 6H% pref. (quar.)__ & Co., Inc.. 7% pref. (qu.) Worthington Pump & Mach'y, 4H% prior pref 4H% convertible preferred Ymir Yankee Girl Gold Mines, Ltd Nov. 16* 3 Dec. 21* Dec. 40c t$lH - 1 Dec. 23 Dec. 11 Dec. 1 Nov. 20 Dec. 15 Dec. 1 Nov. 1 Oct. 26 Dec. 75c Extra Toledo Edison Co., 7% pref. (monthly) 6% preferred (monthly) 5% preferred (monthly) 1 Nov. 20 1 Nov. 19 1 Nov. 15 1 Nov. Oct. 25 OctT~21" Oct. 25 Oct. 21 Nov. 25 Nov. 10 Nov. 15 Nov. 5 55c ; 28 31 1 Nov. 19 1 Nov. 19 Dec. 10c 25c Standard Steel Construction Co., $3 cl. A Texas Gulf Producing Co Timken Roller Bearing (quar.) 1 Oct. 1 Oct. Dec. Dec. 25c (quar.). 15 Nov. 30 1 Nov. 15 1 Nov. 15 1 Nov. 15 Nov. Dec. Dec. 30c 40c Standard Oil (Indiana) (quarterly) 1 Nov. 20 1 Nov. 20 1 Nov. 15 15 Nov. 30 Dec. 1 Nov. 15 Six Nov. 29 Nov. 5 58 l-3c Dec. 1 Nov. 15 50c Dec. 1 Nov. 15 41 2-3 c Dec. 1 Nov. 15 15c Dec. 1 Nov. 15 30c Suarterl.v income class B (increased) ainier Brewing, Shares, Inc. (quar.) Preferred (initial) Standard Oil of Calif, Extra 40c 1 Nov. 12 1 Nov. 12 SIX 15 Nov. 18* 3 Nov. 18 15 Nov. 20 1 Nov. 20 1 Nov. 20 15 Nov. 15 15 Nov. 15 Dec. 15 Nov. 15 Dec. 15 Nov. 15 Jan. 1 Dec. 15 Dec. 23 Nov. 19 Dec. 4 Nov. 17 Dec. 4 Nov. 17 Dec. 1 Nov. 15 Dec. 1 Nov. 15 Dec. 1 Nov. 15 Nov. 10 Nov. 5 Dec. 1 Nov. 15 Dec. 15 Dec. 1 Nov. 20 Nov. 10 Dec. 1 Nov. 20 Nov. Dec. Dec. 1 Oct. Dec. 29 2 Nov. 20 1 Nov. 17 1 Nov. 17 1 Nov. 16 Dec. Dec. 20 Nov. 30 Dec. 1 Nov. 15 Nov. 20 Nov. 10 Dec. 1 Nov. 2 May 1 Dec. 31 Dec. 15 Dec. 31 Dec. 15 Nov. 1 Oct. 27 Jan. $4.31 X Dec. $4.31 X Dec. lc Dec. 3 Dec. 15 18 15 1 Nov. 10 Below we give the dividends announced in previous weeks and not yet paid. The list does not include dividends an¬ nounced this week, these being given in the preceding table. Name of Holders Company Acme Wire Co Adams (J. D.) Mfg. Co. Extra Nov. (quar.) Adams-Millis Corp (quarterly) Alabama Mills, Inc., common Alabama Power Co., $5 pref.(quar.) Mining (quar.). Alaska Packers Assoc. (quar.) Albany & Vermont RR. Co ! of Record 15c 30c 50c Oct. Nov. Nov. Oct. Oct. 30 15 Oct. 15 22 SIX Nov. Oct. 22 60c Nov. Oct. Oct. 15 15 9 SIX Nov. Nov. 15c Nov. Oct. 30c Nov. Oct. 9 $2 Nov. Nov. Oct. 30 SIX Noy. 1 1 Nov. 15 Nov. 20 Nov. 1 Oct. 1 Oct. 1 Oct. 1 Oct. 15 Nov. 40c 50c Smelting & Refining (quar.) SIX SIX Nov. 1 Oct. 7 15 15 Dec. 1 Nov. 19 Dec. 1 Nov. 19 Nov. 15 Nov. 5 Dec. 15 Dec. 5 Nov. 15 Oct. 29 Nov. 1 Oct. 15 5 Nov. 30 Nov. Oct. 30 Oct. 8 25c Nov. 1 Oct. 75c $7 pref. (quar.) American Tobacco Co., Nov. 1 Oct. 20 3 Dec. 20 87 Xc and com. B (quar.) (quar.) American Zinc, Lead & Smelting, prior pref SIX com. 2c Jan. Dec. 1 Nov. 10 1 15 Dec. 1 Oct. 20 20 Nov. 13 1 Oct. 15 30 Oct. 29 15 Oct. 15 15 Oct. 15 24 Dec. 10 Nov. 68 Xc 5% Nov. Anaconda Wire & Cable Nov. Anglo-Canadian Teleg. Co., 5X% pref. (quar.)_ Nov. 10c Armour & Co. SIX .— 15c (111.) SIX SIX Armstrong Cork (interim) Asbestos Mfg. Co.. $1.40 pref. (quar.) Associated Dry Goods Corp., 1st preferred preferred 50c 35c $1H SIX : Associated Telephone & Telegraph, 7% 1st pref. $6. 1st preferred 49c 42c - Atlantic Coast Line RR. Co., 5% pref. (s.-a.) Atlantic Refining Co. S2X — 25c (quar.) 50c Corp Bandini Petroleum Co. (quar.) Bankers & Shippers Insurance (N. Y.) Barber Co., Inc Barber (W. H.) Co. Nov. Dec. $3 $6 preferred (quar.) 7% preferred (quar.) Atlas Plywood Nov. 15c Extra Arkansas-Missouri Power, 6% preferred Armour & Co. (Del.), preferred (quar.) 3c HP 75c 25c (special) Iron Works Corp., payable in stock.. 3% SIX Beacon Mfg. Co., 6% pref. (quar.) Belden Mfg. Co. (quarterly) Belding-Corticelli, Ltd. (quar.)— Preferred (quar.) Bellows & Co. class A (quar.) Beneficial Industrial Loan Corp., com.. Preferred series A Best & Co 15c Jan. Dec. Jna. 2 Dec. 10 15 Nov. 25 2 Dec. 10 Jan. 2 Dec. Dec. Feb. 1 Dec. 1 Nov. 12 Dec. 1 Nov. 12 10 1 Nov. 10 Nov. 15 Nov. 15 Nov. 10 Dec. 15 Nov. 1 Nov. 1 Oct. 23 Nov. 22 Nov. 15 Oct. 25 Nov. 20 Nov. Nov. 16 Nov. Nov. 16 Nov. 9 Nov. 15 Nov. 1 3 8 Dec. 30 Dec. 15 Nov. 15 Nov. 1 Nov. 15 Nov. $1 Jan. SIX Jan. 3 Dec. 3 Dec. 25c Dec. Dec. 1 Dec. 1 30c 87 Xc 62Xc — Bethlehem Steel Corp 18 Dec. 20 Dec. 20 Nov. 15 Dec. 15 15 Dec. 13 Oct. 25 Dec. 17 Jan. Dec. 3 25c Jan. Dec. 3 $1H 7% preferred (quar.) 5% preferred (quar.) Birmingham Water Works 6% pref, (quar.) Blackstone Valley Gas & Electric, 6% pref Blauner's (quarterly) Preferred (quarterly) Blue Ridge Corp., $3 pref. (quar.) Opt. div. payment of 1-32 sh. of com. or cash Borden Co., common (quar.) Boston Fund, Inc Bourjois, Inc., preL Brewer (C.) & Co., Ltd. (monthly) Dec. Dec. 1 $3 Dec. Nov. 16 25c Nov. Nov. 75c Nov. Nov. 1 75c Dec. Nov. 5 1 40c Dec. 18c Nov. 20 Oct. 30 Nov. 15 Nov. 1 Nov. 25 Nov. 20 68Mc (t|uar.). $1 Brewers & Distillers of Vancouver :$i Bridgeport Gas Light Co. (quarterly) Bright (T. G.) & Co., 6% pref. (quar.) Common (quarterly) Brompton Pulp & Paper Co., Ltd. (resumed) Brooklyn Edison Co. (quar.) Brooklyn-Manhattan Transit— Preferred (quar.) Preferred (quar.) Brooklyn Teleg. & Messenger Co. (quar.) Brooklyn Union Gas Brown Fence & Wire Co., pref. A (semi-ann.) Buckeye Pipe Line Co Buck Hill Falls Co. (quar.) Buffalo Ankerite Gold Mines, Ltd. (quar.)__ 50c 50c 7Xc $1.10 $2 1 Nov. 15 Nov. 15 Oct. 15 Dec. 29 Dec. 15 Dec. 15 Nov. 30 Dec. 15 Nov. 30 Nov. Nov. Nov. Nov. SIX SIX SIX Jan. 40c J an. $1 75c 12 He Feb. |12Hc Nov. Nov. 1 10c Noy. Nov. 1 37Xc Nov. Nov. Oct. Dec. Dec. Oct. ..... Bonus I Bunker Hill & Sullivan Mining & Cone. Co.,com. Burlington Mills Corp Burroughs Adding Machine Co. (quar.) Special 25c 25c 50c Butler Bros 15c Preferred (quar.) Butler Water Co. 7% pref. (quar.) 37 He $1X 40c 5c Calamba Sugar Estates (auar.) Calgary & Edmonton Corp., Ltd-.California Packing Corp. (quar.) 37Hc Preferred (quar.) 62 He California Water Service, pref. (quar.) $1H Campbell, Wyant & Cannon Foundry (quar.).. 25c Canada & Dominion Sugar, Ltd. (quar.) T37Hc Canada Iron Foundries, Ltd.. 6% pref $1H Castle (A. M.) & Co. (quar.) 50c . 20 Dec. SIX Anglo-Iranian Oil (interim) Argo Oil Co. (semi-ann.) Bath 1 Nov. 25 Dec. SIX Extra Second Dec. Nov. 50c American Toll Bridge Co. 50c Ohio Oil Co 10 Nov. 26 11 18 SIX — American Thermos Bottle Dec. 22 Dec. Oct. Nov. 26 Oct. 50c (quar.) Preferred $ih - Preferred American 25c 50ct. 25* Nov. 37m Light & Traction Co. (quar.)_ Preferred American News N. Y. Corp. (bi-mo.) American Paper Goods, 7% preferred (quarterly) American Reinsurance Co. (quar.) American ShiD Building Co Dec. Opt. paym't of 1-20 sh. of com. for each sh. held Nebraska Power Co. 7% pref. (quar.) 6% preferred (quar.) Northwestern Public Service Co. 7% pref 6% preferred Nova Scotia Light & Power Co. 6% pref. (qu.)_- Nov. 15 50c 30c American Metal Co National Oil Products Nov. 19 Dec. lol 20c 15 Nov. 15* Nov. 22 Nov. 8 4 Jan. $1* $1h American Machine & Foundry, common Dec. 22 Dec. Oct. Dec. special div. payable in cash or In conv. pref. stk. at the rate of one Nov. 22 Nov. 25c Nov. Oct. for 10. American Investment Co. (111.) $2 pref. (quar.)- 1 Nov. 13 1 Nov. 20 Nov. 30 Nov. 5 Dec. 15 Dec. 15 Oct. 16 $1 10c Mullins Mfg. Corp., pref. (quar.) Muskegon Motor Specialties class A (quar.) National Automotive Fibres, Inc., new com Payable at option of holder in cash or shs. of 6% cum. pref. stock ser. A, SI00 par, at the rate of l-400th of a pref.sh. for each com. sh. National Gypsum Co., 1st pref. (quar.)__, 2d preferred (quarterly)-- 15 Dec -. May 10 8 Oct. Dec 75c 30c 25c • Nov. *3$1 (quar.) Opt.div.. l-32dsh. cl Bstk. or cash. American Cyanamid Co., cl A & B com. American Gas & Electric Co., pref. (quar.) American Home Products (monthly) 6 Nov. 15 21 75c American Cities Power & Light $3 cl. A Nov. 15 Oct. 28 Nov. 20 Nov. 10 25c 211 50c June J, Dec. Oct. 50c , a 13 Jan. Nov. 75c American Arch Co. (quarterly) American Bakeries Co 7% pref (semi-annual) American Can Co. common (quar.) This is 11 20 13 J SIX 12 Xc Nov. 20 Nov. 8 Oct. 27 Dec. ~ 25c 15c SIX - - 5% cum. 1 16 16'Dec. 1 Nov. 1 Oct. Nov. 1 Oct. Dec. 27 Dec. Dec. 27 Dec. Dec. 50c (quar.) (A. S.) Co. (quar.) Altorfer Bros., prer. (quar.) Aluminum Manufacturing. Inc. (quar.) 7% preferred (quar.) Amalgamated Sugar Co., 5% pref. (quar.) Amerada Corp. (quar.) 1 Holdersl Payable of Record Dec. SIX SIX Nov. 15c Nov. ya t75c Mountain Fuel Supply Co Mountain Producers Corp. (semi-ann.) Mueller Brass Co.. Alaska Juneau Gold Extra Allied Laboratories, Inc. Plxtra Nov. 15 Nov. 10 Dec. Nov. 15 75c Morse Twist Drill & Machine Co Motor Products Corp (Wm.) 1 1 Nov. 15 1 Nov. 15 lc — 6% preferred 1 1 Nov. 15 Dec. Extra-- Extra- Dec. Dec. Managed Investments, Inc. (quar.) Matson Navigation Co (quar.) May Department Stores Co Metal Textile Corp., pref. (quar.) Mid-Continent Petroleum Corp.. Minnesota Valley Canning Co. 7% pref Monsanto Chemical, pref. A (semi-ann.)__, Dec. Nov. 15 Dec. 13 Dec. SIX 37Hc six Mai lory Hat Co. 7% pref. (quar.) 31 Dec.il5 Nov. 30 SI .60 Jarvis (W. Preferred Allegheny Steel Co Preferred (quar.) Allied Chemical & Dye Corp. common (quar.). Allied Kid Co., common (quarterly) 50c 15c Share Company 25c 37Hc - Extra Whitman 15 Nov. 26 15 Nov. 26 1 Nov. 17 When Per Name of Dec. 1 Nov. 10 Nov. 24 Nov. 20 Nov. 10 Oct. 30 Dec. 31 Dec. 1 10c — Honolulu Plantation (monthly) International Nickel of Canada Extra. Nov. 6, Holders Payable of Record 37Hc Hobart Mfg. Co. class A (quar.) Holt (Henry) & Co., class A Homestake Mining Co. (monthly)-- Chronicle ... Extra 50c Caterpillar Tractor (quar.) 50c Stock dividend — Dec. 31 Apr. Apr Dec. Nov. 21 Dec. 1 Feb. i 14 Dec. Nov. 16 Nov. Nov. Nov. 1 20 5 30 Oct. Dec. 30 Nov. 12 Dec. Nov. 12 Dec. Dec. 1 Jan. Dec. Dec. 15 Nov. Nov. Oct. Dec. Oct. 1 30 30 Nov. 15 Oct. 31 Nov. 24Nov. 3 Dec. llNov. 15 Nov. 15 Oct. 31 Nov. 10,Nov. 1 Nov. 10,Nov. 1 Nov. Nov. 15 Dec. Nov. 15 Payable at rate of 3-100 shs. of 5% pref. stk. Preferred (quar.) Cedar Rapids Mfg. & Power (quar.) CelaneseOorp. of Am. 7% cum. lstpf. (s.-a.) Central Cold Storage Co. (quar.) Central Eureka Mining Co., non-cum. pref Central Massachusetts Light & Power (quar.)— 6% preferred (quarterly) Centrifugal Pine Corp. (quar.) Century Ribbon Mills, Inc. Pref. (quar.) ... SIX 75c $3H 25c 6c 50c $1H 10c 10c SIX — Chain Belt Co. (new) 25c Champion Paper & Fibre (quar.) 6% preferred Chartered Investors, Inc., $5 pref. (quar.)__ Chester Water Service Co $5 X pref. (quar.) Chicago District Electric Generating Corp.— $6 preferred (quarterly) Chicago Mail Order Co Nov. Nov. Nov. 15 Oct. 30 Dec. Dec. Nov. 15'Nov. 15 5 Nov. 22 Nov. 2 Nov. 30 Oct. 21 Nov. 15,Oct. 30 Nov. 15 Nov. fi Nov. 15 Nov. 6 Dec. 1 Nov. 20 Nov. 15|Nov. 5 50c $1H $1X $1H $1H , - I Nov. 15 Oct. 30 Jan. IjDec. 15 Dec. 1 Nov. 1 Dec. 25c Dec. Nov. 15iNov. 5 llNov. 15 LNov.JlO Volume 2959L. Chronicle Financial 145 25c Dec. 50c Nov. 29 Nov. Dec. SIX SIX $3 City of New Castle Water Co. 6% pref. (quar.) City of Paris Dry Goods Co. 7% 1st pref. (qu.) Clark Equipment Co. special Payable in 7% cum. pref. stock. Scrip ctfs. 1 Nov. 20 Hedley Mascot Gold Mines, Nov. 15 Nov. 10 Oct. 30 Dec. Clear Springs Water Service Co., $6 pref Cleveland & Pittsburgh RR. Co. gtd. (quar.).. Continental Can Co., Inc., common Continental Cushion Spring Nov. Dec. Nov. 10 Dec. Nov. 10 25c Continental Telep. Co. 7% Oct. Nov. Oct. $1 Nov. Oct. SIX 68Jic Nov. Oct Nov. Nov. 68 He Nov. Nov. Dec. Nov. 10 Nov. Oct. , 31Hc Nov. 15 Dec. Nov. 15 Dec. *50c Nov. 15 Dec. 30c Nov. 5 Oct. 15 Nov. 15 Nov. 5 75c Nov. Oct. 259 Nov. 20c Dec. SIX 5Xc Nov. Oct. 30 sik Jan. Dec. SIX Jan. Dec. 15 15 six Nov. Oct. 50c 25c Nov. 30 Nov. 15 Nov. Oct. Jan. Dec. 31 $1M ; — 6% cumulative convertible 30 Iron Fireman Mfg. Co. Nov. Sept. 23 Oct. Nov. Oct. 30 30 Dec. Dec. Dec. Dec. 75c Dec. Nov. 20 SIX SIX Dec. 30c 26c Dec. 75c (quar.) (quarterly) Mar. Feb. Nov. Oct. X 5X % pref. (quar.)_ Dominquez Oil Fields (monthly) -Dominion Tar & Chemical, Preferred 15 Jan. 31 Dec. 10 Jan. Dec. 20c Doctor Pepper Co (Q"arterly) Dominion Bridge Co., Ltd. (quar.) 10 Dec. 30c ts\x Nov. 6~ctT~3o" Nov. Oct. 29 Oct. 22 Oct. Nov. Nov. 1 Nov. Nov. 1 15c Nov. Nov. 4 1 — - (quarterly) East Shore Public Service Co. $6X pref. (quar.) $6 preferred (quar.)__ _ East St. Louis & Interurban Water Co. 7% pref. Eastern Utilities Assoc. Nov. Nov. Nov. Nov. Nov. $h1 $1.35 Eddy Paper Com El Dorado Oil Works (quar.) 40c Electric Shareholding preferred Div. of 44-1000ths of a sh. of com. 9 Dec. Nov. 10 Dec. Nov. 10 Dec. Nov. 20 Dec. Nov. 20 Nov. Nov. Dec. Dec. Nov. Nov. 16 Nov. 1 10 5 stk. or option of holders, SIX in cash. Electrographic Corp. (quar.) Preferred (quarterly) at Dec. Nov. 10 Dec. Nov. 10 Dec. Nov. 20 75c 56 Xc Nov. Oct. Jan. Dec. XS2X Jan. Dec. 10 SIX Jan. Dec. Jan. Dec. 10 10 Jan. Dec. 10 t$3 Jan. Dec. 10 six Jan. Dec. 25c — Empire & Bay State Telep., 4% gtd. (quar.) — Empire Power Corp., participating stock Emporium Capweil Corp., 4X% cum. pf. A(qu.) Engineers Public Service $5 preferred $5 preferred (quarterly) _ $5 X preferred $5H preferred (quarterly) $6 preferred 56 preferred (quarterly). Equity Shares, fnc_. Erie & Pittsburgh RR. Co.. 7% gtd. (quar.) — Guaranteed betterment (quar.) Fairbanks Morse & Co. (quar.) M HU Preferred (quar.) Fansteei Metallurgical Corp _______— S5 pref. (quar.)— Farallone Packing Co. (initial) Finance Co. of America (Bait.), class A & B (extra) Payable in class A 7% cumul. pref. $5 par, stock one share of pref. for each 10 shares of class A or B held. Scrip ctfs. issued for common Nov. 30 Dec. Nov. 30 25c Dec. Nov. 12 25c Extra Dec. Dec. Nov. 12 Dec. Nov. 12 Dec. Dec. Nov. Oct. SIX SIX 5c 50c fractional shares. Philadelphia (semi-ann.) Extra Fireman's Insur. Co. of Newark (N. J.) (s.-a.)__ N. Y. (quar.) (Toms River, N. J.) (qr)-Forest Cleaners & Dyers, Inc — Freeport Sulphur Co. (quar.) Pr0fcrr6(l ^QU3ir«) General Acceptance Corp., conv. pref. (initial)— $1H preferred (quarterly): General Box Co. (quar.) General Cigar Co.. Inc., 7% preferred (quar.)— 7% preferred 7 % preferred (quar General Foods Corp. (quar.) General Metals Corp., new (initial, quar.) General Tire & Rubber, new (special) Georgia RR. & Banking Co. (quar.) Globe Democrat Publishing Co.. 7% pf. (qu.)_ Golden Cycle Corp Gorham Mfg Co., common Gossard (H. W.) Co Graton & Knight 7% pref. (quar.) $1.80 prior preferred (semi-ann.) Great Lakes Dredge & Dock (quar.) First National Bank of First National Bank (quar.^. Extra pref. (resumed) Great Western Electro-Chemical Co Greenfield Tap & Die. $6 preferred Grocery Store Products Co. (initial) Gurd (Chas.) & Co., Ltd., 7% pref. (quar.) Hackensack Water Co. (semi-ann.) Class A preferred (quar.) Hale Bros. Stores (quar.) Hamilton Watch Co. (quar.) Preferred (quar.) Hancock Oil of Calif., class A & B (quar.) Great Northern Ry., > ■ Class A & B (extra) Harrisburg Steel Corp 16 31 5 Nov. 15 Nov, Nov Oct. 22 50c Nov. Oct. 22 20 $1 15c Nov. Oct. $25 Jan. Dec. 15 87 Xc Jan. Dec. 22 30c Nov. Nov. 50c Dec. Nov. 15 SIX Feb. Jan. Nov. Nov. Nov. Nov. 5 Dec. Dec. 4 30c 37 ^c 1 13 5 SIX SIX SIX Nov 20 Mar. Feb. 18 June May 20 Dec. on Jan. 1 Dec. Nov. 20 Midland Grocery Dec. Nov. 30 Midwest Oil Co. Nov. Nov. 25c Nov. 25c Nov. 30 5* Nov. Nov. Nov. Nov. 15 75c Dec. Nov. 16 43 Xc 25c Dec. Dec. SIX 17 Calif.— (interim) Co 6% pref. (s.-a.) Dec. 5 3 1 Dec. I Nov. 16 Nov. 10 Oct. 30 Nov. 10 Oct. 30 25c t50c SIX SIX Nov. Nov. 15 Dec. Nov. 20 Dec. 3^ Dec. Dec. 27 Dec. 20 Nov. 16 Dec. SIX Nov. 16 Dec. Nov Jan. $1 50c Dec. 15 15 Dec, 50c — (semi-ann.) increased Minneapolis-Honeywell Regulator Preferred Nov. 15 Mutual Nash-Kel vinator Nov. Nov. Nassau & Suffolk Lighting IIS Nov. 17 _ Nov. 15 Oct. Nov. 15 Oct. — preferred 30 22 Dec. 2 Nov. 15 Oct. 30 Jan. SIX 30 Dec. 15 Nov. 15 Oct. Jan. $1 25c SIX 50c 20c SIX 43 Xc tlOc 5 Nov. 15 Nov. Nov. 15 Nov. 10 Nov. 3 Nov. Nov. 5 Dec. Nov. 30 Nov. 19 6 Nov. 15 Nov. _ Nov. 30 Nov. 30 Dec. 15 Nov. 15 I Nov. 15 Dec. 1 Dec. 50c 15 Dec. 1 Dec. Dec. Dec. 40c Nov. 15 Nov. Nov. 15! Nov. 10c 1 1 Nov. 10 1 1 8 Nov. 18 Nov. Dec. 10 Nov. 15 1 Nov. 15 Dec. Nov. 15 Oct. 31 5 Dec. 25c 5 Dec. Nov. 15 Oct. 30 5 Nov. 15 Nov. %\X" 15c 26c $3 50c $1 pref. (quar.)- — — Chemical Co. of Amer., 6% pref. (quar.) Nov. 15 Dec. 25c 15c (qu.) Dec. IIS 75c (quar.) Missouri Gas & Electric Dec. Nov. 15 Oct. 29 Dec. 17 Jan. SIX $1 Milnor, Inc.. 20c 20c Nov. 30 30c —-— 7% pref. (quar.) — class A & B (quar.)_ Mid-Continent Petroleum 25c 5 Nov. 15 15c 50c SIX SIX Dec. 25c 37 Xc Muskogee Co. 6% cum. SIX l2Xc Nov. 30 25c Nov. 12 5 $1 SIX Nov. 26 Nov. 6 Nov. 10 75c Nov. 25 Nov. 6 Nov. 10 25c 25c Dec. 1 $1 20 15 , Dec - Dec. SIX Co. (semi-an.) Dec. 3 Dec. l.Nov. 15 1 Nov. 15 10 Nov. 26 $1.10 ,Dec. 10 Nov. 26 Nov. 10 :25c Dec. Nov. 10 tl: !HC Dec. 5c 75c jNov. 30 Nov. 20 75c Dec. 31 Dec. 20 -— Dec. 31* $2 Jan. Dec. 3 Nov. Dec. 1 Jan. _ Nov. 15 Nov 26c 75c Nov. Nov. 1 Nov. 10 3 Dec. 20 Dec. Service Co., common—j Monmouth Consol. Wire Co., $7 pref. (quar.).. Monsanto Chemical Co. S4X cl. A pref. (s.-a.)_ (Quarterly)... — Represents proportion of the s.-a. dividend for the unexpired period ending Dec. 1. Montgomery & Erie Ry. Co. (s.-a.) Montreal Light. Heat& Power Co. (quar.) Moody's Investors Service pref. (quar.) Moore (Wm. R.) Dry Goods (quar.) Morris Plan Insurance Society (quar.) Muncie Water Works 8% pref. (quar.) $2 Dec. Dec. Ins. (Phila.) (quar.) — 5% preferred (quar.) Mercantile Stores Co., Inc., Merchants & Mfrs. Security Prelerred (participating) Jan. 30 Jan. _ lOct. 1 Dec. Dec. 31 Dec. 24 Feb. Extra 29 30 1 14 20 Jan. 40c ...— Marlin-Rockwell Corp. (special) Masonite Corp. (quar.) Preferred (quar.) Meadville Telep. Co. (quar.) Mercantile Acceptance Corp. of 6% preferred (auar.) 30 Oct. 24 Dec. Feb. 50c SIX (monthly) Manufacturers Casualty 25 Oct. 31 Nov. 10 Nov. 15 62Xc (quarterly) (quar.) Oct. iNov. 15 Oct. Nov.$20 Nov. Dec. the common. $3 preference Oct. Nov. 1 Nov. 10 25c Manhattan Shirt Co. Oct. Nov. 1 Nov, 10 Dec.l SIX 37 Xc SIX six (quarterly) — $5 non-cumul. preferred (quarterly) Macy (R. H.) & Co. (quar.) Madison Square Garden (quar.) — Magnin (1.) & Co. (quar.) 6% preferred (quar.) VtcClatchy Newspapers, 7% pref. (quar.)...— McColl Frontenac Oil (quar.) Mclntyre Porcupine Mines, Ltd. (quar.) McKesson & Bobbins. Inc., stock dividend Div. of l-25th of a share of $3 pref. stock Nov. 90c Dec. SIX (quar.) 1 Nov. 25 Dec. Nov. 15 Nov. 15 1 Nov. 15 Nov. 50c Mac Millan Co. Nov. Nov. SIX SIX SIX (quar.)— $6,1st preferred (quarterly)-Lynchburg & Abingdon Telegraph Lynch Corp Nov. 1 1 Nov. 15 Nov. Nov. 24 Nov. 13 50c Monthly 8% preferred (quar.) Loew's, Inc., S6X preferred (quar.) — Loose-Wiles Biscuit Co pref. (quarterly) Lord <fc Taylor 1st pref. (quar.) Ludlum Steel Co 1 — Lumberman's Insurance Co. (Phila.) (s.-a.) LunkenheimerCo pref. (quar.)— Luzerne County Gas & Electric, $71st pref. (qu.) 50c im 50c preferred A (quar.) — 3 V 1 Nov. 15 Nov. Nov. 15 Nov. 5c ... 25j _ 50c $1 25! 1, Nov. 15 Nov. 1 Nov. 10 Dec. (quar.) (quarterly).. 25c 50c 5 Nov..'21 Oct. Nov. 21 Oct. .... (quarterly) 15 isix mx Co Lock Joint Pipe Co. Nov. 878^ 15; 62 He 30c — Extra 30 23 10 Nov. 5 10c 22 8 1 Dec. J 1 |Nov. Dec. 1 Nov. Nov. 10 Oct. Lansing Co. (quar.) Lanston Monotype Machine Lee (H. D.) Mercantile Co — Lehigh Coal & Navigation (semi-ann.) Leslie Salt Co. (quarterly) Le Tourneau, Inc. (quar.) Lexington Utilities, preferred. . ... Preferred (quarterly) Lexington Water Co. 7% pref. (quar.)._ Libby, McNeill & Libby pref. (semi-annual) Liggett & Myers Tobacco Co. (quar.) Common B (quar.) Link Belt Co. (quar.) Preferred (quar.) Little Miami RR., special guaranteed (quar.).. Original capital Loblaw Groceterias, class A & B (quar.) Nov. 17 60c Dec. 6% preferred Eaton Manufacturing Co Dec. 1 Nov. Nov. 11 Oct Nov. 15 Oct (quar.) 7% preferred 82.8c SIX six SIX Nov. 10 Oct. 30 Nov. 15 Oct. 30 Nov.' 8 Sept. 22 Jan. 3 Dec. 31 Landis Machine 50c (special) Dwight Mfg. Co Dec. 1 Nov. 15 Dec. 30 Dec. 20 Knapp Monarch Co., new (Initial) Kroehler Mfg. Co. 6% pref. A (quar.) Kroger Grocery & Baking Co. (quar.) 6% preferred (quar.) 7 % preferred (quar.)_ Lake-of-the-Woods Milling preferred Preferred 25c 75c SIX Dow Chemical Co Dec. 1 Nov. 12 1 Nov. 15 Nov. Dec. 1 Nov. 15 1 Nov. 10 Nov. Dec. 1 Nov. 15 preferred A Kentucky Utilities Co., 7% jr. pref. Keokuk Electric Co. 6% pref. (quar.) Klein (D. Emil) (quar.) 21 5 Nov. 10 Nov. Dec. 1 Nov. 15 20c (quar.) Kemper-Thomas Co.— 7% special preferrred Ken-Rad Tube & Lamp 1 Nov. 20 Nov. 15 SIX 37 Xc 62Xc Jan. * Preferred (semi-ann.)_____ Kayser (Julius) & Dec. 20 Nov. 16 $2 Dec. 1 Nov. 15 Nov. 15 Oct. 29 Dec. 1 Nov. 10 Dec. (quar.) (quar.) Kendall Co participating Dec. 23 Dec. 23 Dec. Dec. six Jaeger Machine Co., common Jantzen Knitting Mills, pref. (quarterly) Koble Bros. Co. 6% preferred(quarterly) 6 Nov. 30 Jan. 4 Nov. 15 Jan. Nov. 19 50c 10c Extra 1 Nov. 25c Nov. 15 Nov. SIX Island Mountain Mines.. Jackson (Byron) Co. 14 Dec. Nov. Jan. Oct. Dec. 25c . 6% convertible preferred series Nov. $1 25 Nov. 50c ... Interstate Hosiery Mills, Inc 35c --- 25 International Match Realization Co. (liquids.). International Metal Industries, Ltd.— 20c 50c Oct. 20c (monthly)--. International Harvester Co., pref. Dec. $2 six 4 Inland Steel Co 20c (quar.) (quar.) Diamond Match Co Fire Assoc. of Nov. 10c Diem & Wing Paper Co. 5% pref. Dixie-Vortex Co. (quarterly) (quar.) 24 30 1 Nov. $1 50c (N. Y.) pref. (quar.) Hummel-Ross Fibre Corp. (quar.)_ Huntington Water Corp. 7% pref. (quar.) 6% preferred (quar.) Huttig Sash & Door Co. 7% preferred (quar J.¬ Idaho Maryland Mines (extra) Illinois Water Service Co., 6% pref. (quar.) Illuminating & Power Securities (increased) 7% preferred (quarterly) Imperial Chemical Industries (interim) Imperial Life Assurance of Canada (quar.) Indiana Pipe Line Co Ingersoll Rand Inglewood Gasoline Co Nov. 15 Dec. 7% preferred Darby Petroleum Corp. (s.-a.) Deere & Co., preferred (quar.) Dentists 8upply Co. of N. Y. (quar.) 7% preferred (quarterly) — Denver Union Stockyards 5X% pref. (quar.) Detroit Gasket & Mfg. Co. pref. (quar.) Detroit Hillsdale & Southwestern RR. (s.-a.) — Dow Drug Co Duke Power Co. Dec. Oct. Dec. Nov. 20c Horn & Hardart Co. Nov. 6Zi%c Curtis Publishing Preferred Nov. 15 Dec. Cruin & Forster 8% preferred Class A Dec. t50c SIX Ltd. (quar.) Cuneo Press, Inc. Preferred Curtis Mfg. Co. (Mo.) Dec. 50c 1 Nov. Nov. ... Son. (quar.) Dec. Dec. Nov. Holophane Co., Inc Honomu Sugar Co. (monthly) Hooven & Allison Co. 5% pref. (quar.) SIX Crown Central Petroleum Crown Cork & Seal Co., Extra Hollander (A.) & 5 1 Nov. lc Monthly 20 3 3 Jan. 3c 25c -- Hires (Ohas. E.) Co.— Class A common (quar.) 15 Novl 15 4c partic. pref. (quar.). 6X% preferred (quar.) Cooksville Co., Ltd., 5% pref. (quar.) Copperweld Steel Co. (quarterly) Cosmos Imperial Mills (quar.) 5% preferred (quar.) Cresson Consol. Gold Min. & Milling 20 20 20 Nov. $1 (quar.) Nov. Ltd. (quar.) Hershey Chocolate Corp. (quar.) Preferred (quar.) Heyden Chemical Corp. (quar.) Hibbard, Spencer, Bartlett & Co. 5 Nov. 50c t$lH Special guaranteed (quar.) Corp., common 6% cum. preferred series A (quar.)... 5% cum. preferred (quarterly) 5% cum. preference (quarterly) Columbia Pictures Corp,, S2X conv. pf. (quar.) Columbus Foods Corp., S3X pref. A_„ Commonwealth Edison Co. (special) Commonwealth International Corp. (quar.) Commonwealth Ut lities 6H % pref. C (quar.) — Compania Swift Internacional (quar.) Confederation Life Assoc (Ont.) (quarterly) — Concord Gas Co. 7% preferred Connecticut Light & Pow. Co., 5H % pref. (qu.) Connecticut Power Co. (quarterly) Connecticut River Power 6% pref. (quar.) Consolidated Cigar Corp. pref. (quar.) Consolidated Edison Co. (quar.) Consolidated Oil Corp. (quar.) Preferred (quar.) Container Corp. of America (quar.) Nov. 24 Nov. Heileman (G.) Brewing Co. (quar.) Hercules Powder Co. preferred (quar.) 87 He Columbia Gas & Electric Nov. 75c Extra will be issued in leu of fractions. 1 Nov. 20c Hawaiian 9 Nov. t75c 1st pref Agricultural Co. (monthly) Hawaiian Commercial Sugar Havana Electric Utilities 6% Nov. 19 Chicago Yellow Cab Chile Copper Co Payable of Record Share of Company Holders When Per Name Payable of Record Share Company Holders When Per Name of -- Nov. 15, Nov. Nov. Dec. Jan. Dec. 5 8 3 Dec. 22 15 Nov. 15 1 Nov. 15 Dec. 4 Nov. 20 Nov. 1 Nov. 20 Dec. 1 Nov. 15 Dec. $1 1 Nov. 15 Nov. SIX 1 Nov. 10 $1.64 Dec. 50c Dec. 15 Nov. 25 Oct. 31 2 Nov. Oct. 30 75c Nov. Nov. Jan. Jan. Dec. Nov. 26 17 c SIX 11 Nov. 1 2 1 Dec. Dec. Dec. Nov. 15 Dec. SIX 16 Oct. 30 Nov. 15 "lie1 Nov. mX iDec. Dec. 2960 Financial Per Name of Company National Acme Co National Biscuit Co Preferred 25c Nov. 12 Sou Southern Canada Power Co., Ltd. com. Southern Pine Chemical Co. 6% pref lMc Nov. Oct. Nov. Nov. 1 Nov. 26 $2 % National Power & Light common (quar.) Neiman-Marcus Co. 7% pref. (quar.) Neptune Meter Co., 8% pref. (quar.)—. Newberry (J.J.) Co., pref. A (quar.) 5% pref. A (quarterly) New Jersey Zinc Co (Quarterly) U 50c 25c $1 Preferred (quar.) — Northern RK. Co. of N J., 4% pref. (quar.)— Northeastern Water & Elec. $4 pref. (quar.) Northwestern Life Insurance (Minn.) Oahu S Jgar Co. (monthly) Occidental Insurance Co. (quar.) Ohio River Sand Co., 7% preferred Ohio Water Service, class A •Jfi I! 15c 20c 30c t$43 A $i% Nov, Dec. Nov. 5 Dec. 3 Dec. Oct. 25 Oct. 11 Nov. 15 Nov. 1 Nov. 15 Nov. 5 Nov. 15 Oct. 26 Dec. 22 Dec. 3 Nov. 19 Oct. 30 Dec. 1 Nov. 15 Dec. 10 Nov. 29 Dec. J Nov. 16 Dec. 1 Nov. 12 Dec. 1 Nov. 20 Dec. 1 Nov. 10 Nov. 10 Nov. 1 Nov. 15 Nov. 5 Nov. 15 Nov. 5 Dec. 1 Nov. 15 Dec. 24 Dec. 10 10c Nov. 15 Nov. 5 Dec. 15 Dec. 1 Nov. 15 Oct. 30 Dec. 6 Nov. 15 SIM 1st preferred (quar.) Owens-Illinois Glass Co., common Paauau Sugar Plantation 5 75c (monthly) Nov. 12 Nov 37 %c Nov. 15 Oct. (quar.) 5M % preferred (quarterly) Pacific Lighting (quar.) 30 30 20 20 34He Nov. 15 Oct. 75c Nov. 15 Oct. 50c Pender (David) Grocery class A quar.). Peninsular Grinding Wheel Co. (quar Peninsular Telephone, 7% pref. (quar.) 7% preferred (quar.) Penmans, Ltd. (quar.) Pennroad Corp Nov 50c Extra Parker Pen Co. (quar.) Dec. 1 Dec. 1 87 He 5c SIM 81% 75c Pennsylvania Power Co. $6.60 pref. (monthly) $6 preferred (quar.) Pennsylvania State Water $7 pref. quar.) Pepeeko Sugar Co. (monthly) quar.) 55c SIM SIM 10c 15c Philadelphia Suburban Water, 6% pref Phillips Petroleum Co SIM Dec. Dec. 50c 12Hc Pitney-Bowes Postage Meter (quar.) Polloc Paper & Box Co. :k 7% pref. (quar.). Poor & Co., class A , (quarterly) Procter & Gamble Co. (quar.) Prosperity Co., Inc., pref. (quar.) Pressed Steel Car 5% 1st preferred 5% 2nd preferred Public National Bank & Trust (quar.) public Service of New Jersey, $5 pref. (quar.)__ 7% preferred (quar.) 8% 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.) Pullman, Inc. (quar.) Pure Oil Co., common 5% preferred (quarterly).-, 5M % preferred (quarterly). 6% preferred (quarterly) Quebec Power Co., com. (quar.) Quaker Oats Co. preferred (quar.) Quaker State Oil Refining Corp. quar.) Rapid Electrotype Go. (quar.) Reading Co., 1st preferred (quar.) - . - Regent Knitting Mills, non-cumu,. pref. (qu.)._ Republic Portland Cement, 5% preferred (quar.) Rochester Gas & Electric 6% C & D (quar.) 5% preferred E (quar.) Rolland Paper Co. quar.) Preferred (quar.) Roeser 8c Pendleton, Inc. (quar.) Quarterly 1 Nov. 20 Jan. 1 Nov. 5 1 Nov. 5 10 Dec. 31 1 1 Nov. Nov. 15 Nov. 1 91A Dec. 1 Nov. 20 91% Nov. 15 Nov. 10c 1 5 91% Dec. 1 Nov. 20 81% Dec. 15 Dec. 15 tSl.125 Dec. 1 Nov. 15 37 He Dec. 1 Nov. 15 50c Nov. 15 Oct. 25 91A Dec. 6Ac Dec.* 6 Nov. 20 Dec. 24 Dec. 10 62 He 37Hc 91A 81% $2 50c 50c 80c P 37 He Jan. Dec. Dec. Dec. Nov. Dec. Dec. 28 Dec. 20 3 Dec. 21 20 Nov. 20 20 Nov. 20 20 Nov. 20 30 Nov. 1 20 Nov. 20 1 Nov. 10 Dec. 20 Nov. 20 Dec. 20 Nov. 20 Nov. 15 Oct. 25 25c Dec. 1 A% Jan. 1 Nov. 10 1 Dec. 1 Dec. 10 10 1 M% Jan. 1H % Jan. 1 Dec. 10 Nov. 15 Oct. 25 Nov. 30 Nov. 1 25c 91% 25c 60c 50c 50c 40c 91H 81% 91A 25c 91% 25c 25c Quarterly 1 Nov. 20 1 Nov. 20 1 Nov. 25c Roxborough Knitting Mills, Inc.— Participating preferred (quar.) 15 Nov. 12 Dec. Dec. 50c Pittsburgh Coke & Iron, $5 pref. (quar.) Pittsburgh Suburban Water Service Co.— $5H preferred (quarterly) Pittsburgh Youngstown 8c Ashtabula Ry. Co.— 7% preferred (quar.). Nov. 15 Nov. 20 Nov. 15 Nov. 10 Nov. 20 Nov. 5 Dec. 1 Nov. 12 50c _ 8c Dec. 15 Nov. 30 15 Dec. 1 Dec. 9 Nov. 18 Nov. 11 Oct. 14 Dec. 1 Nov. 15 Dec. 1 Nov. 20 Dec. Dec. Dec. 1 Nov. 12 1 Nov. 12 Nov. 15 Nov. 5 Dec. 1 Nov. 15 Jan. 3 Dec. 10 Apr. July 1 Mar. 16 1 June 10 10c Dec. 1 Nov. 15 Dec. 16 Dec. 6 Dec. 16 Dec. 6 t$l Nov. 15 Nov. 1 $3 Jan. 1 Dec. Jan. 1 Dec. 20c Nov. 15 Nov. 75c Dec. 15 Dec. 75c Nov. 20 Nov. S1H Nov. 20 Nov. 43 He Dec. 1 Nov. 40c Nov. 15 Nov. 75c Dec. 15 Nov. 40c Nov. 15 Oct. 50c Dec. 24 Dec. (quar.) 15 15 10c ______ Corp , preferred St. Louis Bridge Co., 6% 1st pref. (s-a) 3 % 2d preferred (semi-ann.) San Carlos Milling, Ltd Sin Francisco Remedial Loan Assoc. (quar.) Savage Arms Corp (quarterly) Savannah Gas, 7% pref. (quar.) tock. (Quarterly) Shawinigan Water 8c Power Co. (quar.) Sherwin-Williams (quar.) Preferred Series AAA (quarterly) Sign ode Steel Strapping (quar.) Dec. Dec. Dec. 25c Extra Phoenix Finance Corp., 8% pref. (quar.) Pick (Albert) Co Preferred 15 Oct. Nov. 15 Oct. 26 Nov. 15 Nov. 5 Feb. 15 Feb. 5 Nov. 15 Nov. 5 25c Dec. __ - 40c II Preferred (quar.) Sllex Co— HI Sioux City Gas & Electric Co., pref. (quar.)" Solvay American Corp., 5 M % pref. (quar.) South American Gold & Platinum Co 20 5 10c Otis Steel 7 % prior preferred Servel, Inc. preferred (quarterly) Nov. Nov. 22 Nov. 5 Jan. 1 Dec. 15 $3 Dec. 1 Nov. I $1H Nov. 15 Oct. 31 Distilling Co. 8% pref. (quar.) Ontatio & Quebec Ry. (semi-ann.) Ontario Steel Products, 7% pref. (quar.) Scotten-DIllon Co Sears, Roebuck (quar.). Seaboard Surety Co Securities Acceptance Corp Payable in $25 par 6% pref. Selby Shoe Co. (quar.) Selfridge Provincial Stores 25c $1 25c Old Joe 2nd preferred t2ii 91% t$l Old Dominion Co.. Oct. 2H% 81% 25c *20c $1 I South Bend Lathe Works (quar.) Calif. Edison. Ltd.. common (qu.) $1A 62 He 62 He 25c Dec. Dec. Jan. 2 1 10 10 20 5 15 30 10 6 Nov. 24 8 Nov. 16 3 Dec. 20 Dec. 1 Nov. 17 Nov. 15 Oct. 27 Nov. 15 Oct. 30 Dec. 1 Nov. 15 Nov. 15 Nov. 1 Nov. 15 Nov. 1 Nov. 10 Oct. 30 91% Nov. 10 Oct. 30 81% Nov. 15 Oct. 15 10c Nov. 24 Nov. 9 37 He 120c Spiegel. Inc. pref. (auar.) Sovereign investment, Inc Dec. 2° 15 Dec. 1 40c (s.-a.) $2 $3 31 Ac 81% 40c 25c 25c 43 He S1H 12 He 91% 2Hc 25c 10c - 68 He 20c 37 He 25c 56c Preferred A (quarterly) Tennessee Electric Power Co.— 5% first preierred (quar.) $1H 18 1 5 Nov. 5 Dec 15 Nov. 13 Nov. 15 Dec. 1 Dec. 31 Dec. 1 Dec. 1 Dec. 1 Nov. 15 Nov. 15 Oct. 30 Dec. 15 Nov. 24 15 Nov. 24 Dec. 1 Nov. 10 Nov. 24 Nov.. 4 Dec. 28 Dec. 8 Nov. 15 Oct. 25 Dec. 1 Nov. 15 Nov. 15 Nov. 1 Nov. 15 Oct. 29 Nov. 15 Oct. 29 Jan. Dec. Jan. Dec. Dec. 15 15 15 15 $1.80 50c Dec. Dec. Nov. 15 Jan. 60c Dec. 60c (qu.). Jan. 50c ; Terre Haute Water Works Corp. 7% pref. Texas Pacific Coal & Oil Co. (quar.) Thatcher Mfg. Co., pref. Jan. Dec. 15 Nov. 15 Dec. 15 10c Tobacco Products Export Corp Toburn Gold Mines, Ltd. (quar.) Extra Trane Co Nov. 20 Nov. 10 Nov. Oct. 25c 10c Extra Dec. Dec. 90c (quar.) Tidewater Assoc. Oil Co. (quar.) Dec. Dec. SIM 30 Nov. 10 1 Nov. 10 27 He Nov. 15 Nov. 1 2c Nov. Oct. 22 lc Nov. Oct. 22 25c Nov. Nov. 1 $1 Dec. Dec. 1 Dec. SI Dec. 1 Dec. Dec. 1 Dec. Dec. 1 Nov. 15c Nov. 10 $6 preferred (quarterly) Troy & Greenbush RR. Assoc. (s.-a.) Truax-Traer Coal Co., 6% pref. (quar.) 5H% preferred (quar.) Corp. (new) 12Mc J20c Nov. Nov. 40c Extra United Biscuit Co. of America Preferred (quar.) United Corp., Ltd., $1H class A United Drill & Toll (payable indiv. notes) United Dyewood Corp.. Nov. 30c 25c (quar.) Dec. Dec. Feb. S1H t75c Nov. 15 Nov. 20 Oct. 25 Oct. 25 Nov. 15 Jan. 18 Nov. Oct. 30 Dec. Jan. Oct. Dec. 25 10 50c Nov. Nov. 6 SIM Nov. 80c pref. (quar.) Engineering & Foundry Co. (quar.) SIM (quarterly) United Fuel Invest.. Ltd., 6% preferred United Gas Corp. $7 preferred United Gas & Electric Corp., common United Gas Improvement Dec. Dec. 75c Nov. Dec. 25c Dec. 91 y 58 l-3c Dec. 58 l-3c Dec. S1H1 (quar.).. 7% pref. (mo.) 7% preferred (monthly) 6.36% preferred (monthly). 53c 6% preferred (monthly) United New Jersey RR. & Canal (quar.) United Profit Sharing Corp United States Graphite Co. (quar.) United States Pipe 8c Foundry Co.. com. (quar.) United States Steel Corp. (resumed) Preferred (quarterly) - - Dec. 53c 6.36% preferred (monthly) 6% preferred (monthly) Dec. 50c Dec. 50c Dec. $2H Jan. 10c Dec. 50c Dec. Dec. 75c $1 Dec. Nov. 6 Nov. 30 Nov. 12 Nov. 1 Nov. 30 Nov. 30 Nov. 15 Dec. 15 Nov. 15 Dec. 15 Nov. 15 Dec. 15 Dec. 20 Nov. 24 Nov. 24 Nov. 30* Jan. ■Debenture (semi-ann.) Vapor Car Heating Co., Tnc. 7% pref. (quar.).. Virginia Coal & Iron (quar.) Extra Apr. July June 25c (quar.) (quar.) Universal Insurance Co Utlca Clinton 8c Binghamton RR Nov. 20 Oct. 29 Dec. 15 SIM United States Sugar Corp preferred (quar.) Dec. Nov. 15 SIM Dec. Dec. 25c Dec. Nov. $1,125 Dec. 75c Mar. 15 Dec. Dec. 15 16 1 Nov. 20 Nov. 4 Nov. 26 Dec. Nov 15 Nov. Washington Ry. 8c El. Co., 5% pref. (quar.) 5% preferred (semi-ann.) Wayne Pump Co., special Oct. 30 Dec. Dec Nov. 15 Nov. Weisbaum Bros. Brower (quar.) Wentworth Mfg. Co., preferred (quar.) Wesson Oil 8c Snowdrift Co., Inc., pref. (qu.)West Jersey & Seashore RR. Co. (s.-a.) 6% Special guaranteed (s.-a.) West Penn Electric 6% pref. (quar.) 7% preferred (quar.) Oct. Nov. 15 Dec. Nov. Nov. 1-3Dec. Nov. 9 1 Nov. 15 Dec. 15 Nov. 15 Oct. 22 Nov. ... 13 Nov. Dec. West Virginia Pulp & Paper Co., pref. (quar.) Western Cartridge Co., pref. (quar.) Western Maryland Ry., 1st preferred Western Tablet & Stationery (quar.) Nov. $2H SIM 75c Walgreen Co. pref. (quar.) Warren (Northom) Corp., $3 pref. (quar.) Washington Gas Light $4H cum. conv. Preferred (quar.) Oct. 22 Nov. Nov. 1 Nov. Nov. Nov. Nov. 5 Dec. - Nov. Nov. Westinghouse Air Brakes (irregular) Subject to approval of stockholders. Quarterly Nov. 27 Jan. Quarterly Quarterly Quarterly Westinghouse Electric Apr. July 1 1 Dec 31 Mar. 31 June 30 Oct. & Mfg. Co Preferred Westvaco Chlorine Products (quar.) Whitaker Paper Co Preferred (quar.) White (S. S.) Dental Mfg. Co. (quar.) Will & Baumer Candle Williams (J. B. ) Co. (quar.) 75c. preferred (quar.) Williams port Water $6 pref. (quar.) Wilson & Co., Inc.. common Wilson-Jones Co. (year-end div.) Wood (Alan) Steel 7 % preferred Wool worth (F. W.) Co. (quar.) Worcester Salt Co., 6% pref. (quar.) Wri^ley (Wm.) Jr. Co. (monthly) not closed Dec. 31 Jan. SIM 6% preferred (quar.) 7% preferred (quar.) 7.2% preferred (quar.) 6% preferred (monthly) 6% preferred (monthly) 7.2% preferred (monthly) 7.2% preferred (monthly)*. •Transfer books Dec. Nov. 15 Nov. 1 Nov. Dec. Dec. 8% $1H • 1 Nov. 15 15 Nov. 15 15 Nov. 15 Dec. 15 Nov. 15 Dec. 15 Nov. 15 Nov. 26 Nov. 13 Nov. 15 Oct. 30 Dec. 50c Preferred 30 Dec. 50c - 75 Sunray Oil Corp Preferred (quarterly) Super Mold Corp. (Calif.) (quar.) Swan-Finch Oil Corp. pref. (quar.) Sylvania Industrial Corp Tampa Electric Co. (quar.) Preferred (quarterly) United Light & Ry. Co., Dec. 40c Stix/Baer & Fuller 7% pref. (quar.) Stcawbridge & Clothier. 6% pref. A (qu.) Syfomberg-Carlson Telep. Mfg Preferred (quar.) 'Sullivan Consol. Mines, Ltd Sun Oil Co., common Common (stock dividend). Union Gas Co. of Canada Union Oil Co. of Calif Nov. 15 Nov. 5 Dec. 15 Dec. 1 Dec. 1 Nov. 15 Dec. 1 Nov. 15 $1,125 Stanley Works (The) 5% preferred (quar.) ntecher-Traung Lithograph 7H% pref. (quar.). Stein (A.) & Co. Stewart-Warner Corp. (semi-ann.) Twin Coach Co Union Bag & Paper Nov. 20 Oct. 20c Preferred (quarterly) Standard Oil Co. (N. J.), com. $25 par Extra Common $100 par (semi-ann.) Extra Standard Steel Spring Preferred Preferred 2 3_ $2 Extra- Preferred 1 Nov. l*o Nov. lh Oct. Nov. 15 Oct. Jan. 1 Dec. lc Stamford Water Co. (quarterly) Standard Brands, Inc. $4H pref. (quar.) Standard Cap & Seal Corp. (quar.) United Holders Payable of Record Dec. 40c (quar.) Extra 1 North American Edison Co. preferred (qu.) North River Insurance Co Northern Oklahoma Gas Co. 6% pref. (qu.)... Northern Pipe Line Co Nov. 16 Nov. 20 Nov. SIM each 10 shs. of Niies-Bement-Pond held. Nineteen Hundred Corp., class A (quar.) (Quarterly.)..--Nonquit Mills Norfolk & Western Ry. (quar.) Nov. 16 , Nov. "8 — 1 Nov. Si 5% preferred (quar.) Nilee-Bement-Pond Co. stock dividend Dividend in stock of Shepard-Niies Crane & Hoist Corp. at rate of 1 sh. Shepard-Niies for Ruud Mfg. Go Extra St. Lawrence Nov. Nov. 20 Nov. 1 Dec, Dec. 50c 20c pref (quar.). (Quarterly) 30 Dec. Dec $1A $1A New York & Queens Elec. Light & Power Class A 51 Dec. Nov. — & Rubber Dec. 15c New Mexico Gas Co., common re Nov. 1937 6, When Share 25c ----------- Pharis T Per Name of Company Nov. 12 Oct. 30 Nov. 10 $1M0 National Credit Co., A (quar.) — National Credit Co.(Seattle, Wash.)5% pf. (qu.) National Lead Co.pref. A (quar.) Pacific Fire Insurance (quar.) Pacific Gas & Electric, 6% pref. Holders Payable of Record Nov. Dec. 40c (quar.) cum conv. Nov. Nov. Nov. Dec. ——- National Casket Co. (semi-annual) National Container Corp. (Del.) 6% When Share Chronicle 25c Sept. 30 Nov. Nov. Nov. Nov. Dec. 9 9 Nov. 10 Jan. 30c 10c 25c 25c SIM 12Mc Dec. 18 Jan. Nov. Dec. 18 Oct. Nov. 30 Nov. 1 Nov. Nov. Nov. Nov. Dec. 8 8 Nov. 20 Dec. Nov. 15 50c Nov. Nov. t$lM Nov. 8 25c Dec. Nov. 10 Nov. 10 Nov. 5 Nov. 20 25c Jan. Dec. 20 60c Dec. SIM Nov. for this dividend, t On account of accumulated dividends. J 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 OF ASSOCIATION MEMBERS FOR New York City ENDED * • Clearing House the condition of the Federal Reserve Bank of New York at the close of business Nov. 3, 1937, The following shows NEW YORK CLEARING HOUSE SATURDAY, OCT. 30, 1937 THE OF THE WEEK Net Demand Members Average comparison with the previous week and the corresponding date last year: , Average , 1937 Nov. 4, 1936 Deposits, Undivided Capital in Time Deposits, Surplus and York New The weekly statement issued by the Clearing House is given in full below: STATEMENT Condition of the Federal Reserve Bank of York City Weekly Return of the New Clearing House 2961 Chronicle Financial 145 Profits Nov. 3, 1937 Oct. 27, •$ Assets— Gold certificates on hand and due from Bank of N Y A Trust Co Bank of Manhattan Co. National City Bank 20,000,000 77,500.000 Chem Bank A Trust Co. 137,350,000 13,252,400 399,012,000 25,804,400 58,932,400 alf451,645,000 6,000,000 20.000,000 410,225,000 54,330,900 180,657,900 61,316,591.000 449,195,000 44,247,000 684,295,000 68,756,100 90,000,000 Guaranty Trust Co Manufacturers Trust Co 42,661,000 Cent Hanover BkATr Co 21,000,000 Corn Exch Bank Tr Co. 15.000.000 First National Bank 10,000.000 Irving Trust Co 50,000,000 241,182,000 425,294,000 463.693,000 39,274,000 17,632,600 105,095,400 61,140,100 11,256.000 46,012,000 202.228,000 17,416,000 71,510,000 97,511,000 53,191.000 24,762.000 4,242.000 7,481.000 8,223,000 3,586,525,000 3.608,896.000 3,247,400,000 1,304,000 1,515.000 u 1,183,000 56,604,000 82,278,000 77,819,000 United States Treasury.* Redemption fund—F. R. notes ' Other cash t 3,665,527,000 3,692,689,000 3,305,308,000 Total reserves BLls discounted: Secured by U. S. Govt, obligations, 100,270,000 Chase National Bank 500,000 Fifth Avenue Bank Title Guar A Trust Co.. 25,000,000 10,000,000 Marine Midland Tr Co.. 5,000,000 Bankers Trust Co 12,500,000 7,000,000 28,125,700 266,588,000 Comm'l Nat Bk A Tr Co 7,976,700 72,459,000 Public Nat Bk A Tr Co. 7,000,000 8,665,900 76,863,000 New York Trust Co 9,200,822,000 894,916,300 523,431,000 Totals 6,646,000 2,417,000 3,195,000 2,675,000 9,736,000 9,063,000 5,580,000 Bills bought In open market. 1,009,000 Industrial advances 4,647,000 1,016,000 4,672,000 1,098,000 6,495,000 Bonds 211,830,000 211.830,000 100,883,000 Treasury notes 332,485,000 Treasury bills 4,095,300 126,158,500 el,854,116,000 47,683,000 3,529,900 <*754,405,000 76,151,400 13,145,000 1,301,800 97,807,000 9,061,900 4,000,000 Continental Bk A Tr Co 180,714,000 332,485,000 180,714,000 383,222,000 161,138,000 725,029,000 725,029,000 645,243,000 740,421,000 739,780,000 658,416,000 66,000 56,000 84,000 6,764,000 7,636,000 152,666.000 7,988,000 119,735,000 10,860,000 30,264,000 7,061,000 direct or lully guaranteed Other bills discounted 58,493,000 Total bills discounted. 3.192,000 48,673,000 2,446.000 3,283.000 33,932,000 United States Government securities: 2,231.000 59,635,000 755,717,000 Total U.S. Government securities.. ♦ National, Sep As per official reports: companies, Sept. 30, 1937. Includes deposits In foreign branches: 301,000; d 538,471,000. 30, 1937 . a State, Sept. 30, 1937: trust c $128,- 6 $95,402,000: $275,990,000 Total bills and securities. Due from foreign banks "Times" publishes regularly each week returns of a number of banks and trust companies which are not members of the New York Clearing House. The The New York following 123,825,000 9,987,000 12,221,000 Uncollected Items Bank premises All other assets 10,005,000 12,075,000 4,558,811,000 4,614,907,000 4,132,655,000 Total assets. CLEARING HOUSE WITH THE CLOSING BUSINESS FOR THE WEEK ENDED FRIDAY, OCT. 29, 1937 NATIONAL AND STATE BANKS—AVERAGE FIGURES OF IN NOT Federal Reserve notes of other banks... ended Oct. 29: the figures for the week are INSTITUTIONS 2,385,000 Liabilities— 856,764,000 947,960,000 961,352,000 2,918,851,000 Deposits—Member bank reserve acc't— 3,037,275,000 3,109,994,000 7,796,000 31,005,000 48,739,000 U.S. Treasurer—General account 17,018,000 95,972,000 91,899,000 Foreign bank .... F. R. notes in actual circulation Res. Dep., Other Cash, Loans, Due. and Y. and Banks and Oross Trust Cos. Deposits N. Including Investments Dep. Other Bank Notes Elsewhere Sterling National 23,148,000 475,000 5,626,191 349,886 Trade Bank of N. Y. 94,484 Brooklyn— Lafayette 304,500 TRUST 714,000 Fulton total reserve to deposit and 85.1% *931,687 4,441,700 1,878,945 17,622 71,217,300 10.720,102 10,252,712 294,300 23,592,300 15,171,711 3,627,000 2,346,694 Includes amount with Federal Reserve as ciary, $548,668; Fulton, $6,222,400; Lawyers, 10,095,238 follows: make Industrial 4,934,000 ad- t "Other cash" does not Include [85.i% 9,267,000 bank's own Federal Federal Reserve notes or a Reserve bant notes. . .. _ . . Treasury for the gold taken over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from 100 cents to 59.06 cents, these certificates being worth less to the extent of the difference, the difference Itself having been appropriated as profit by the Treasury under the provisions of the Gold Reserve Act of 1934. * 55,000 111,115,000 37,654,710 36,856,000 to bances n 955,000 4,969,000 Commitments 37,937,700 70,702,711 1,438,100 85.0% 780,000 liability on bills purchased for foreign correspondents.. $ $ Brooklyn— ♦ of Contingent 594,300 *6,529,500 20,728,900 27,267,000 *13,601,200 64,181,376 21,322,890 Kings County Ratio 12,172,600 1,411,721 1,329,983 10,672,840 1.885,000 4,558,811,000 4,614.907,000 4,132,655,000 Total liabilities Deposits 7,744,000 9,117,000 124,211,000 50,246,000 50,825,000 7,744,000 8,849,000 7,722,000 Gross Trust Cos. $ 53,862,300 *11,096,400 208,030 9,204,299 78,519,000 31,073,366 51,474,000 All other liabilities Bants and % Federation Brooklyn 51,077,000 51,474,000 7,744,000 9,117,000 -1,877,000 F. R. note liabilities combined Fiduciary.. United States 148,226,000 51,077,000 Surplus (Section 13b) Reserve for contingencies Dep. Other Elsewhere $ Manhattan— Lawyers 5,409,000 Y. and N. Cash 130,292,000 Deferred availability items Capital paid In Surplus (Section 7) 7,567,000 Res. Dep., Loans DUc. and 82,629,000 3,345,878,000 3,397,424,000 3,026,294,000 Total deposits 27,299,700 27,776,000 6,332,756 COMPANIES—AVERAGE FIGURES Investments Empire 274,000 302,000 1,471,900 94,000 6,389,000 4,904,800 National. People's National 160,453,000 167,965,000 Other deposits 2,988,200 1,211,000 7,366,500 7,955,000 1,991,190 135,200 20,723,300 $ $ $ $ $ Manhattan— Grace National Empire, $8,984,300; Fidu¬ $12,985,900. Weekly Return for the Member Banks These are certificates given by the United States of the Federal Reserve System Following is the weekly statement issued by the Board of Governors of the resources and liabilities of the reporting member banks in 101 leading Federal Reserve System, giving the principal obtained. always a week behind those for the Reserve banks themselves. The comment of the Board of Governors of ihe Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later. items of the cities from which weekly returns are These figures are 19, 1937, various changes were made in the breakdown Federal Reserve Bank of New York of April 20, 1937, as follows: Commencing with the statement of May described in an announcement of the of loans as reported in this it was made known that "on securities" and "otherwise secured and Subsequent to the above announcement would each be segregated as A more detailed ASSETS AND explanation of the revisions was published In the loans" and "other loans' IN 101 LEADING CITIES, BY DISTRICTS, Cleveland Richmond Phtia. ON OCT. 27,1937 (In Million* of Dollars) St. Louis Minneap. Chicago Atlanta Kan. City San Fran Dallas $ S $ $ ASSETS New York Boston Total 21,694 Investments—total I $ $ 1,877 647 553 2,992 657 403 514 8,790 1,146 704 1,283 253 283 1,010 316 187 287 248 1,047 2,128 9,682 702 4,155 464 730 m P* 44 44 15 12 53 52 13 253 18 38 n 593 JHF40 99 134 568 144 339 262 144 1,777 173 161 296 90 4,187 198 19 14 4 54 11 7 4 86 23 25 481 Loans—total 4 7 48 5 1 4 3 24 Commercial, Indus, and agrlcul. loans: On securities Otherwise secured and unsecured.. Open market paper Loans to brokers and dealers Other loans for purchasing or 36 16 956 35 790 19 90 13 9 660 19 15 56 37 40 16 316 14 35 176 27 86 46 6 371 60 30 21 242 20 84 55 2 3 1 2 6 6 carrying securities — 1,169 Real estate loans Loans to banks 81 ... ' 4 M 1 ti 48 30 46 11 10 83 262 26 10 65 120 15 726 41 60 28 53 1104 829 58 56 37 262 42 29 59 1,397 249 185 674 424 159 7.933 1,133 2,946 5,404 194 Other loans: On securities unsecured.. United States Government obligations Obligations fully guar, by U. 8. Govt. Otherwise secured and Other securities 823 289 163 96 60 40 189 47 13 118 434 34 30 23 65 73 100 44 289 264 396 51 1,141 270 119 134 319 2,732 '139 116 228 167 251 75 3,060 316 332 129 100 816 49 21 Other assets—net 12 64 104 89 64 195 176 303 151 127 127 174 132 568 88 107 37 23 17 207 80 92 29 40 23 1,087 2,241 404 263 *913 792 332 397 6,487 420 484 984 197 867 126 746 185 147 1,143 287 122 273 184 5,274 — 40 12 11 18 19 13 80 100 14,804 domestic banks 38 1,742 1,311 Bank.. Cash In vault 6 334 Reserve with Federal Reserve Balances with the new items "commercial, industrial, and agricultural unsecured." "Chronicle," page 3590. May 29,1937, issue of the LIABILITIES OF WEEKLY REPORTING MEMBER BANKS Federal Reserve Districts— Loans and statement, which were been changed primarily to show the of purchasing or carrying York City and those locatea "acceptances and commercial present. in the report form are confined to the classification of loans and discounts. This classification has amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose securities. The revised form also eliminates the distinction between loans to brokers and dealers in securities located In New outside New York City. Provision has been made also to include "acceptances of own bank purchased or discounted" with paper bought in open market" under the revised caption "open market paper," instead of in "all other loans," as at The changes 11 11 7 2 24 5 471 66 17 12 214 183 696 230 3 LIABILITIES Demand deposits—adjusted Time deposits United States Government deposits.. Inter-bank deposits: 997 41 t, 113 344 192 \. 243 199 1,952 261 319 492 9 455 3 1 1 6 Foreign banks 1 1 1 22 7 3 """333 367 57 92 328 872 Other liabilities.. 10 4,946 Domestic banks Borrowings Capital account 265 ---- 25 ""388 24 19 29 6 3,620 237 1,612 227 349 92 89 7 1 Financial 2962 Chronicle Nov. 1937 6, Weekly Return of the Board of Governors of the Federal Reserve System The following issued by the Board of Governors of the Federal Reserve System was showing the condition of the twelve Reserve banks at the close of business for the System Reserve Agents Thursday afternoon, Nov. 4, The comments of the Board of Governors of the Federal Reserve System and the Federal Reserve banks. appear in our Nov. Three ciphers (000) omitted FEDERAL RESERVE Oct. 20, Oct. 1937 $ 1937 $ BANKS AT THE CLOSE Oct. 6, Sept. 29, 1937 13, 1937 * S % 9,128,389 9,126,889 9,127,389 9,438 9,646 10,422 303,903 293,765 300,809 9,451,301 9.439.730 9,430,300 9,438,620 16,950 7,369 17,890 5,536 13,193 13,268 5,291 10,183 23,426 18,484 23,451 2,832 ... .......... 9,126,391 9,421 315,489 24,319 ——.— Total reserves.. 9,124,896 9,381 308,145 9,442,422 Gold ctfs. on hand and due from U. S. Treas.x * 27. 1937 $ ASSETS OF THE Oct. 3, 1937 Redemption fund (Federal Reserve notes)— the upon department of "Current Events and Discussions AND LIABILITIES RESOURCES COMBINED The Federal (third table following) gives details regarding transactions in Federal Reserve notes between the for the latest week Other cash on The first table presents the results The second table shows the resources and liabilities separately for each of the twelve banks. Reserve note statement returns Wednesday. whole in comparison with the figures for the eight preceding weeks and with those of the corresponding as a week last year. on 2.830 2,830 19,478 2,830 OF Sept. BUSINESS NOV. 22, Sept. 1937 1937 1937 S 9,127,392 10,422 15, 3. 1937 Sept. 8, 4, 1936 $ S * Nov. 9.129,890 9.129,890 316,143 8,663 308,416 9,192 296.320 8.830.890 8,964 271.248 8,650,837 11,354 249,355 9,453,957 9.446.969 9,435,402 9,111,102 8,911,546 12,327 11,951 13,356 10,729 11,639 10,839 13,151 10,047 12,187 11,372 4,142 2,935 23,056 23,590 24,195 23.198 23,559 7,077 2,813 3,026 3.026 3,067 3,076 20,709 3,087 26,474 Bills discounted; Secured by direct or S. Government obligations, U. fully guaranteed .... Other bills discounted Total bills discounted Bills bought in open market 19,352 19,450 738,073 738,073 Treasury bills 1,158,463 629,654 1,158,463 629,654 Total U. 8. Government securities 2,526,190 Industrial advances United States Government securities—Bonds— Treasury notes 738,073 1,157,713 19,622 19,680 20,598 20,601 20.603 738,073 738,073 738,073 738,073 1,157,713 738,073 1,157,713 630,404 630,404 738,073 1,157,713 630.404 1,443,363 606,904 2,430,227 1,157,713 1,157,713 630,404 630,404 630,404 1,157,713 630,404 2,526,190 2,526.190 2,526.190 2,526,190 2,526,190 2,526,190 2,526.190 2,526.190 2.571,896 2,566,982 2,572,093 2.571,739 2,573,404 2.574.012 2,573,058 2,573,534 • 379,960 Other securities Foreign loans gold on ... ——— 2,572,693 Total bills and securities 2,466,865 Gold held abroad """173 Bank premises All other assets. Total assets... .... """231 """22I 220 28,526 28,431 27.814 28,172 27,370 27,419 29,143 622,341 714,261 657,615 633.126 637,059 693,328 859,544 45,435 45,455 45,456 45,456 45,514 45,417 45,428 40,807 39,679 40,849 39,114 37,952 37,292 36,704 23,057 569,257 45,425 46,931 24,852 556,847 48,067 40,255 12,710,564 s Federal Reserve notes of other banks 173 27,262 581,920 45,364 40,730 Due from foreign ba U ncollected Items.. 12,760,479 12,834,711 12,774,300 12,756,416 12,775,446 12,824,627 12.979,510 12,369,527 12,048,652 4,284,159 4,256,097 4.270,223 4,291,519 4.284,339 4.246,268 4,253,156 4.271,313 4,295,483 4,134,747 6,888,943 110,826 6,950,730 6,938,802 81,557 6,918,902 7,003,033 6.977,186 6,864.732 83,231 76,183 287.311 193,490 347,686 283,014 237,332 124.734 199,837 6,693,359 94,549 46,778 153,316 173 173 ""190 """190 190 LIABILITIES Federal Reserve notes 1 n actual circulation.... Deposits—Member banks' 227,788 218.679 276.444 202,130 174,745 134,065 7,032,833 140,273 243,378 125.612 112,978 6,709,993 130,390 200,427 113,616 7,481,493 7,529,346 7,498,933 7,459,892 7,500,592 7,542.096 7,532,742 7.525,233 7,154,426 6,988,002 Deferred availability Items 595,440 624,534 716,041 570,618 132,683 132,679 637,764 132,604 834,534 132,682 145,854 132,605 132,590 132.588 145,854 145,854 145,854 145.854 145,864 145,854 145,854 575.644 130,232 145,501 27,615 27,615 27,615 27,490 27,490 35,742 622,374 132,627 145,854 27,490 690,025 Capital paid In Surplus (Section 7) Surplus (Section 13-B) Reserve for contingencies 672,090 132,656 35,769 35,803 35,804 35,803 27,490 35,803 27,490 35,768 35,803 27,490 35,838 7,579 8,582 7,597 8.996 7,336 7,567 6,952 6,693 7,230 13,201 12,710,564 12,760,479 12.834,711 12.774,300 12.756,416 12,775,446 12,824.627 12.979,510 12,369,627 12,048,652 80.3% 80.2% 80.2% 80.2% 80.1% 80.2% 80.2% 80.0% 79.6% 80.1% 2,219 2,326 1,855 1,511 1,365 1,338 1,543 1,579 1,727 14,403 14,488 fl4,554 fl4,654 14,739 14,880 14,970 15,021 15,236 22,574 21,956 21,534 21,422 5,250 United States reserve account Treasurer—General account.. 94,046 265.891 253,936 Foreign banks Other deposits Total deposits... ... .... All other liabilities . Total liabilities.. 27,088 ^4-237 Ratio of total reserves to deposits and Federal Reserve note liabilities combined Contingent liability on foreign correspondents bills purchased for Commitments to make industrial advances... Maturity Distribution of Bills and Short-term Securities— 1-16 days bills discounted 16-30 days bills discounted 21,044 16,604 650 21,744 21,306 456 301 291 434 445 706 429 515 21,219 1,429 21,223 823 81-60 days bills discounted 612 824 850 788 492 1,012 1,024 448 954 854 61-90 days bills discounted Over 90 days bills discounted 478 348 318 436 556 603 333 234 187 174 141 73 74 319 155 23,590 24,195 23,198 23,559 7,077 391 1,200 1,271 69 83 . 836 Total bills discounted . 18,484 23,451 171 26 26 . 23,056 544 1,016 391 391 1,555 264 302 168 174 2,310 1,235 723 25 278 2,285 2,331 2,486 1,317 200 682 1,284 2,566 2,830 2,830 2,830 2,813 3,026 3,026 3,067 3,076 3,087 1,086 1,057 960 1,009 1,179 887 908 257 161 1,133 301 290 190 209 422 445 712 818 645 664 572 561 423 462 1.035 457 677 827 . Total Industrial advances 876 830 928 903 696 723 728 667 949 16,259 _ Over 90 days Industrial advances. 49 273 784 1- If days Industrial advances 16-30 days industrial advances 200 222 468 . 297 117 1,014 Total bills bought in open market 232 1,966 2,832 81-60 days bills bought In open market 61-90 days bills bought In open market Over 90 days bills bought In open market.—. 31-60 days industrial advances 61-90 days Industrial advances. 334 23,426 297 1-16 days bills bought In open market 16-30 days bills bought In open market 552 24,319 ... 565 16,519 16,612 16,788 16,814 17,961 17,975 18,143 18,227 23,356 19,352 1-15 days U. S. Government securities 16-30 days U. S. Government securities...... 81-60 days U. S. Government securities...—. 61-90 days U. 8. Government securities Dver 90 days U. 8. Government 29,539 31,255 59,486 139,147 2,266,763 19,450 • 19,478 19,622 19.680 20,598 20,601 20,603 20,709 26,474 29,685 30,190 27.349 25,282 27,472 31,370 60,168 52.853 29,539 63.358 29,685 30,190 27,549 26,006 25,282 59,655 57.016 60,794 61,055 59,729 103,105 26,006 55,472 2,280,813 34,319 49,968 168,653 26,739 2,150,548 2,352,114 51,768 2,351,335 2,352,485 59,486 2,350,438 60,168 2,350.146 2,351,815 2,526,190 2,526,190 2,526.190 2,526,190 2,526,190 2,526,190 2,526,190 2,526,190 2,526,190 2,430,227 4,604,267 320,108 4,612,569 4,618,979 4,609,199 324,860 4,624,774 356,001 4,613,505 360,349 4,620,315 348,756 4,608,405 316.886 4,602,269 356,472 349.002 329,291 4,397,757 263,010 4,284,159 4,256,097 4,270,223 4,291,519 4,284.339 4,246,268 4,253,156 4,271,313 4,295,483 4,134,747 4,645,132 23,938 20,000 4,637,132 4,641,132 4,633,132 4,633,132 4.632.132 4,619,132 18,276 32,000 4,639,132 23,149 4,636,132 23,186 32,000 22,822 22.183 22,755 32,000 32,000 32,000 22,807 32,000 4,369,838 5,289 32,000 32,000 93,000 4.689,070 securities Total U. i. Government securities 28,366 27,472 57,034 59,655 2,353,663 4.692.318 4.691.408 4.694.281 4.690.954 4.687.315 4.687,887 4.688.939 4.674.298 4,468,127 63,358 60,794 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 In actual circulation Collateral Held by Agent as Notes Issued to Bank— Gold ctfs. on By eligible Security for hand and due from U. 8 Treas— paper. United States Government securities Total collateral • x "Other cash" does not Include Federal These are cents on Jan. Reserve notes, f Revised figure. certificates given by the United States Treasury for the gold 31, 1934, these certificates being worth less the provisions of the Gold Reserve Act of 1934 to 23,166 taken over the extent of the difference, from 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 of the Federal Reserve System ( Weekly Return of the Board of Governors Three Ciphers (000) Omitted 9 RESOURCES Gold certificates on hand and due 682,931 492,071 1,319 629 895 495 293 566 624 141 908 13,578 37,065 16,702 7,525 21,078 1,300 28,624 17,642 17,379 16,383 24,404 329,901 239,039 1,1780,407 288,618 204,791 712,855 707,842 199,140 517,383 300,595 496,324 3,665,527 322 1,688 1,085 262 214 1,028 431 255 3,375 455 7,061 1,855 70 1,091 43 148 139 167 205 191 2,675 1.353 381 1,071 1,028 308,145 29,946 9,442,422 Total reserves 182,464 279,376 196,771 271,021 224,142 1,742,713 311,898 689,634 9 9 9 t 9 1,183 77,819 9.381 Other cask » 9 San Fran. Dallas Louis Minneap. Kan. City St Chicago 9 465,350 3,586,525 9,124,896 from United States Treasury Redemption fund—Fed. Res. notes- Atlanta I 1 1 9 1 Richmond Cleveland Phila. New York Boston Total Federal Reserve Agent at— OF BUSINESS NOV. 3, 1937 FEDERAL RESERVE BANKS AT CLOSE EACH OF THE 12 AND LIABILITIES OP WEEKLY STATEMENT OP RESOURCES 2963 Chronicle Financial Volume 145 Bills discounted: Secured by U. 8. Govt, obligations, guaranteed.. 16.950 7 "774 7,369 direct and (or) fully 785 Other bills discounted i. 461 3,543 1,155 110 99 353 2,832 269 54 1,009 293 78 206 2,855 4,647 3,629 798 1,866 145 19,352 Bills bought In open 9,736 579 446 1,559 3.580 455 24,319 Total bills discounted 211,830 332,485 180,714 62,330 97,832 market Industrial advances 738.073 ..... Treasury bills 84,429 629,654 Treasury notes 53,791 1,158,463 U .8. Government securities—Bonds. 45,889 38,868 112,775 61,296 61,007 33,159 213.336 245,922 133,034 110,991 696 486 1,120 2,102 32,543 24,010 127,668 69,391 32,428 50,899 27,664 239 81,339 51,079 27,763 37,684 20,482 36,267 56,921 28,816 45,233 24,585 64,000 100,451 54,598 278.398 71,851 53,174 725.029 184,109 2,526,190 Total U. 8. Govt, securities 111,385 82,176 124,127 98,634 219,049 126,046 100,215 222,423 30,939 83,372 112,157 188,729 740,421 220,838 247,568 135,471 114,778 280,675 2,572,693 2 5 7 5 16 3 66 17 21 13 6 173 31.745 3,010 43,127 4,847 4,673 53,755 45,364 9,987 28,120 2,349 24,022 63,462 6,764 123,825 1,771 34.345 3,010 535 1,209 1,076 459 615 2.213 27,262 581,920 Total bills and securities Due from foreign banks Fed. Res. notes of other banks Uncollected items Bank premises LIABILITIES 284,461 4,284,159 Deposits: 54,331 2,719 4,395 2,088 22,658 2,201 3,882 83,354 4,610 1,548 3,738 1,525 1,510 1,437 3.165 1,749 1,362 1,449 3,363 3,022 2,537 467,676 326,652 976,430 . 19,176 528,606 382,318 2,156,687 434,985 311.364 165,902 982,308 181,296 139,477 167,433 346,355 215,628 91,126 432,208 996,225 18,002 29,415 1,459 199,572 128,195 184,096 532,624 1,937 7.259 6,832 245,357 2,624 7,354 3,699 7,354 2,453 18,004 316.613 961,352 456.887 222,704 168,058 9,818 23,329 3,117 1,357 356,593 5,894 24,851 6,606 12,764 10,904 5,193 5,869 2,715 200 227,788 361,357 3,037,275 48,739 2,639 91,899 18,511 167,965 1,795 182,084 1,045,101 255,535 573.344 241,918 197,602 502,798 144,001 7,481,493 393,944 214,986 384,302 3,345,878 84,364 28,117 18,490 2,891 34,729 26,802 32,065 4,069 3,613 1,142 3,878 3,851 10,168 3,116 1,003 1,262 1,847 284 695 326,652 976.430 6,888.943 Member bank reserve account U. 8. Treasurer—General account. 110,826 Foreign bank 253,936 Other deposits Total deposits 8,875 3,794 21,521 4,391 5,616 7,608 595,440 61,684 130,292 47,345 53,949 56,082 Deferred availability items Capital paid in 132,682 9,384 51,077 9,826 2,874 1,570 61,474 12,947 14,323 4,877 4,869 Surplus (Section 7) 145,854 27,615 35,742 7,744 12,259 13,362 4,325 3,000 3,422 1,497 1.690 7,721 1,174 2,027 941 9,117 1,007 3,121 360 1,376 214 673 359 1,877 652 368 408 313 7,579 Surplus (Section 13-B) Reserve for contingencies All other liabilities Total liabilities 791,500 1,021,026 754,509 4,558,811 12,710,564 __ Contingent liability on bills purchased 872 164 780 1,833 4,969 144 "Other cash" does not Include Omitted In actual circulation 467,676 52 65 65 160 10 1,033 51 115 269 3,070 S S 9 9 % 9 9 San Fran. Dallas Louis Minneap. Kan. City 193,422 12,126 145,028 5,551 177,084 9,651 98,173 7,047 389,353 42,998 27,061 183,706 1,008,860 26,552 17,804 983,308 181,296 139,477 167,433 346,355 215,628 165,902 91,126 432,208 196,632 1,320 399,000 1,070 461 381 381 578 455 3,573 168,000 1,020.000 1,155 3,284 101,500 230,000 180,000 464,000 148,000 337,000 197,087 181,320 400,070 230,461 191,284 1,021,155 101,881 464,578 148,381 340,573 284,461 961,352 316,613 341,000 1,060,000 9,721 1,559 342,559 1,069,721 320,108 St. Chicago Atlanta $ 459,269 4,604,367 ■ , 228,136 12,508 329,312 12,699 4.645,132 Agent Bank 311,364 68 STATEMENT % S 334,080 1,057,844 96,492 49,619 4,284,159 Held by Federal Reserve 434,985 354 Cleveland Richmond Phila. I S S Federal Reserve notes: RESERVE NOTE 9,645 2,121 2,037 261 . New York Boston Total Federal Reserve Bank of— Issued to F. R. Bank by F. R. 1,416 545 Federal Reserve notes FEDERAL Three Ciphers (000) 4,655 79 1,683 2,219 3,844 5,741 16,975 382,318 2,156,687 97 14,403 12,897 21,504 754 528,606 207 221 correspondents Commitments to make Indus .advances * 12 3,640 6.241 . F. R. notes In actual circulation " 791,500 1,021,026 754,509 4,558,811 12,710,564 Total resources 12,221 2,436 40,730 All other resources for foreign 201 80 80 769 . held by Agent as security for notes Issued to banks: Collateral Gold certificates on hand and due from United States Treasury 23,938 Eligible paper U. 8. Government securities 4,689,070 Total collateral United Government States 20,000 20,000 — Securities on the New Exchange—See following page. York Stock Transactions at Daily, Weekly and Stock and Bond United States Treasury Rates quoted are Averages—See page 2979. Bills—Friday, Nov. 5 for discount at purchase. Quotations of representative each day of the past week: 0.25% Mar. 23 1938. Nov. 10 1937 0.15% Nov. 17 1937 0.15% 1938 0.25% Nov. 24 1937 0.15% 0.17% 0.17% 0.17% 6 1938 0.25% April 13 1938 April 20 1938 0.25% 0.25% April 27 1938— 0 0.17% Dec. 1 1937 Dec. 8 1937 181937 Dec. 20 21 & 22 1937. Dec. 15 16 17& Mar. 30 April Oct. May 0.17% 4 1938 May 11 1938 0.20% May 18 1938 1 Francs , Nov. 2 Francs Nov. 3 Francs 6,300 1,080 Bank of France... 25% 6 1938 de Paris et Des Pays Baa Banque de l'Unlon Parlslenne— Ban que 0.29% 0.29% Jan. stocks as received by Nov 30 Francs 0.29% 29 1937 Dec. PARIS BOURSE THE Asked Bid Asled Bid the New York Stock Exchange, Yearly—See page 2979. Canadian Pacific , 425 249 24,800 633 1,330 47 511 680 210 229 454 1,420 1,350 296 — Canal de Suez cap — 12 1938— 0.20% May 25 1938 0.29% Cle Dlstr 19 1938 June 1 1938 0.32% Jan. Cle Generate d'Electrlclte Jan. 26 1938 June 8 1938 Cle Generale 13 1938 0.32% 0.32% 0.32% 0.32% 0.35% 0.35% July 20 1938 0.35% Jan. Mar. 2 1938 Mar. 9 1938 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.23% 0.23% Mar. 16 1938 - 0.23% 2 1938 Feb. Feb. 9 1938 Feb. 16 1938 Feb. 23 1938 June 15 1938 June 22 1938--....-. June 29 1938 6 July July 1938 d'Electrlclte Citroen B Transatlantlque. . ........ Comptolr Natlonale Coty S A d'Escompte Courrleres Credit Commercial de France.. Credit Lyonnalse Eaux Lyonnalse cap Energle Electrlque du Nord—. Energle Electrlque Hollday L'Alr Llquide Lyon (P Quotations for United States Friday, a Figures after decimal point point. Treasury Notes— Nov. 5 Rate represent one or more Dec. 151938— Dec. 15 1939... 15 1939—. Dec. June 15 1941... Mar. 15 1939. Mar. 15 1941 June 15 Dec. .. — . 1940 15 1940... 100.29 99.30 15 1941... Sept IH% 32ds of Asked Rate Maturity 100.31 Mar. 15 1940—. 100.2 Mar. 15 1942 —_ 15 1942.„ 1H% 1H% 1H% 101.1 101.3 Sept 101.1 101.3 June 15 1939... 100.15 100.17 1 H% 101.6 101.8 Sept. 15 1938... Feb. 1 1938... 1X% M% 1H% 100.28 100.30 June 101.2 101.4 Mar. 15 1938... 101 101.2 Hollday LM) NordRy - Orleans Ry 6% Pechlney —-— Perpetual 3%.-.--..— 1917 Rentes4%. 1918 Rentes 4H%. 1932 A Rentes 4H%, 1932 B Rentes, Rentes 4%. Int. Bid Hollday Pathe Capital— Int. Maturity 502 668 1,140 775 780 365 24 2,050 72.40 69,00 68.50 75.70 74.60 94 50 du Littoral.. Kuhlmann 15 1938 Bid Asked 1920 Royal Dutch Saint Gobaln C A C— Schneider <fc Cle Rentes 5%, IH% l %% 101.12 101.14 101.2 101.4 2% 2H% 2H% 10128 101.30 102 8 102.10 101.30 102 2'A% 100.25 100.22 2H% 101.22 101.24 3% 101.10 101.12 5,880 - ; 1,02f 65 113 1,335 Francalse Ford Generale Fonclere—. Soclete Lyonnalse Soclete Soclete Soclete Tublze Union ---- Marseillaise Artlflcal Silk, pref d'Electrlclte—- Wagon-Lits , — 133 400 89 cable Nov. 4 Francs 6,500 1,128 431' 246 24,600 660 1,370 48 534 689 220 237 462 1,440 1,370 301 501 675 1,160 805 799 367 24 2.040 73.00 70.10 69.00 76.30 75.20 95 50 Nov. 5 Francs 6,400 "243 24,600 1,360 48 220 1,440 1.350 1,150 "373 o 5,760 ?don ' 72.50 69.60 68.40 76.00 74.90 95.10 5,670 68 66 113 1,373 139 414 91 2964 Nov. Stock and Bond Sales—New York Stock 1937 6, Exchange DAILY, WEEKLY AND YEARLY Occupying Altogether Sixteen Pages—Page One NOTICE—Cash and deferred delivery sale* are disregarded in ths day's range, unless they are the only transactions of the day. computing the range for the year. ... account is taken of such sales in . United States Below furnish Ne V ■ Government Securities on the York Stock New . . ., . 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 '62ds of a point. we a Nov. Oct. 30 Daily Record of U. S. Bond Prices 1 Nop. 2 Nov. 3 Nov. 4 Nov. 5 Daily Record of U. S. Bond Prices Oct. Oct. [High 115.14 115.17 115.20 115.25 115.23 {Low. Treasury iH*. 1947-62 115.14 115.17 115.15 115.21 115.23 Treasury 294s. 1948-61 115.14 115.17 115.18 115.25 115.23 9 *5 I Close Total sales in <1,000 units... 106.24 106.25 High 1 Close Total sales in <1,000 units.. *3 30 Nov. 1 Nov. 2 Nov. 3 Nov. 5 j Nov. 4 [HJgh 100.23 100.21 100.25 1 {Low 100.23 100.21 100.23 100.25 100.29 100.23 100.21 100.25 100.30 100.31 5 3 99.29 99.31 100.30 100.31 5 8 High 3*8, 1943-46 106.20 106.20 Low. 106.19 106.18 106.20 106.22 106.25 Low. 99.29 99.30 106.20 106.20 106.23 106.25 99.30 30 9 2 Close Total sales in <1.000 units. 99.29 2 6 18 118 6 9 111.16 111.18 111.23 111.26 High 99.22 99.22 99.24 99.26 99.27 Low. 99.18 99.19 99.22 99.26 99.25 Close Total sales in <1,000 units. 99.22 99.19 99.24 99.26 99.27 9 6 9 16 6 106.23 (-/lose 106.19 Total sales in <1.000 units... 51 High 111.13 Low 111.13 111.13 111.14 111.21 111.13 111.13 111.18 111.23 111.26 1 15 27 12 12 .... .... 109.30 294s. 1961-64 111.24 Close ... 109.26 4s. 1944-64 Total sales in <1,000 units... . , High Stfs. 1946-66. Low. 109.30 109.30 109.26 8 1 • 107 (High -(Low 394s, 1943-47 106.31 106.31 107 106.31 106.31 294s. 1949-63.. 107.5 Federal Farm Mortgage 107.5 12 99.31 100.5 100.2 100.1 100.2 100.3 100.4 98.6 98.9 98.10 98.12 98.5 98.5 98.6 98.8 98.10 98.5 98.8 98.10 98.12 273 86 64 Low. 103 Close Total sales in <1,000 units... 103 104 102.25 103 High 394s. 1944-64 2 100.3 98.5 Low Close Total sales in <1,000 units... 107.5 106.31 107 Close Total sales in <1,000 units.. 106.31 98.8 [High 109.26 Close Total sales in <1.000 units... 294S, 1966-69 100.1 102.30 102.25 103 102.30 103 102.30 102.25 103 1 2 fHlgh 102.10 102.10 {Low. [Close 102.10 102.10 102.15 102.18 102.10 102.10 102.16 102.18 Total sales in <1,000 units... 7 5 40 1 HOLI¬ 5 13 DAY 102.28 102.28 Low. 102.28 102.28 102.29 102.3 103 Close 102.28 102.28 102.29 103.3 103 5 2 [High 104.15 104.15 High 3s, 1961-66 Total sales in <1.000 units. 3s, 1946-48 102.29 103.3 Federal Farm Mortgage 3a. 1944-49 103 10 104.16 104.15 *2 104.17 Low. 104.15 104.9 Close Total sales in <1,000 units..* 104.15 104.9 High 105.21 105.20 105.28 Low. 105.21 105.20 105.22 105.30 Close Total sales in <1,000 units... 105.21 105.20 105.26 3 22 2 394s, 1940-43 ........... 104.11 104.12 104.16 Low. 102.26 102.29 104.16 104.17 [Close 102.26 102.30 8 31 51 Total sales in <1,000 units... 2 13 DAY 106.15 ---- 106.15 Low. [Close Total tales in <1,000 units... Home Owners' Loan 106.16 106 15 3 104 26 3s, series A, 1944-62 105 105 1 Low. 104 26 104 25 104.29 105.1 104.28 105 105.1 26 7 High Low. 104.15 104.15 7 13 50 8 100.23 100.27 100.31 101 100.22 100.21 100.23 100.30 100.31 .Close 100.22 100.21 100.26 100.31 100.31 2 20 11 35 34 High 100.17 100.17 100.18 100.22 100.22 LOW. 100.17 100.15 100.18 100.20 100.21 Close 100.17 100.15 100.18 100.20 100.22 2 5 100 10 29 Home Owners' Loan 104.22 5 7 Total sales in <1.000 units... fHlgh 106.15 394s, 1941..—.......... Low. 106.17 104.22 294s. 1942-44 Total sales in <1.000 106.20 * 106.15 106.17 106.17 [Close 106.15 106.17 Total sales in <1,000 units... 1 15 High 106.13 106.16 106.19 106.19 106.21 Low. 106.13 106.13 106.15 106.17 106.18 Close 106.13 106.16 106.19 106.19 106.21 5 34 5 2 9 units... 42 Odd lot sales. 106.17 *1 102.17 102.19 Total sales in <1,000 units... 104.22 ClQQQ 3Hs. 1949-62. 104.15 102.17 102.18 100.22 60 43 102.19 102.12 102.16 High 105.4 3 102.20 102.10 102.11 294s, series B. 1939-49.. Low. 105.2 104.26 -— 102.16 102.11 102.12 Total sates in <1,000 units. Home Owners' Loan 105.4 Close Total sales in <1,000 units... 102.11 Low. Close 1 104 28 102.12 High 106.16 High :::: fHlgh 294s, 1942-47 106.16 .... Low. 3HB, 1946-49.. Federal Farm Mortgage 105.30 Ojo&o Total sales in <1,000 units... 102.18 102.30 104.15 HOLI¬ 1 High 394S, 1941-43 102.26 fHlgh 105.30 7 Federal Farm Mortgage ' 3s. 1942-47 102.16 394s, 1944-46 ' , Total sales in <1,000 units... 2 %B, 1966-60. (High 100.23 ..-j Low. I Close Note—The 100.22 100.24 100.27 1 2 above table includes only Transactions in registered bonds sales of coupon were: Treasury 394s, 1943-1945 Treasury 2%s 1956-1960 106.22 to 106.22 .100.16 11 Home Owners Loan 3s, 1952 to 100.17 102.17 to 102.17 100.26 100.17 bonds. 100.18 100.19 100.23 100.23 100.19 Total sales in <1,000 units... 100.21 100.24 100.27 100.25 19 10 49 19 fH,eh 102.21 102.24 {Low. 102.30 102.19 102.20 [Close 102.29 102.27 102.19 102.24 102.29 103 10 32 5 ....... _ 2948, 1946-47 _ , Total sales in <1,000 units... 57 United States Treasury Bills—See previous page. 103 5 United States Treasury Notes, &c.—See previous page. New York Stock Record LOW AND HIGH j SALE PRICES—PER Saturday Monday Oct. 30 Nov. 1 < per share < per share *38 38% *49 58 *49 60% *58 11% if. 19% 20% &*1% 23% 1% < per share &23% 57 1% ^ » 11% 1 a 55 57% 1% 85 11% 138 . 11% 38% Nov. 4 Nov. 5 < per share 38% 37% 58 49 49 59 58 58 10% 11% 20% 23% 24% 55% 1% 1% 16% 15% 17 1% 1% * 14% 16 15 1512 18 18 21% 21% 11 10% 163% 165 11 11 15 15% 11% 12% *59 64 47 49 *15 "1*4 "l% 18 *15 17 *25 66 14 26% 66% 3% *23 66 66 16% 16% *55 58 • Closed— 12% 17 Election 3% *64% *64% 14 1% 13 14% 13% 13% 15% Day 16 14% 18% 20 10 11 155% 161 *11 12% 15 15% 10% 59% 11% 59% 41 46% *12% 3% 1% 13% 2% 25% 65% 67% *22 60 64% 15 16 I *55 58 I 14% *55 3% 24% 64% 64% 15% 58 Bid and asked prices; no sales on this day 1% 14 *12 16 16 155 *11 14% 9% 14% 19% 9% 156 12% 14% 10% 58 59 41% 12% 2% 22% 43% 12% 2% 22% 59 60 64% 13% 64% 14% *55 58 23 *1% 50 1% 12% 54% 10% 21 23 1% *12 13% 18% 9% *20 24 37% 58 54% 10% 52 85 1% 13% *40 21% 1% 11% 37% 10% 1% 51 * 85 *12 23 1% 11% Exchange 16% 15% 15% 20% 21% 10% 10% 161% 162 ♦11% 12% 15% 15% 11% 11% *59% 62 46% 47% 15% 3% *20 24% *1% 53% 1 H 9% 20% 1% 56% Stock < per share 38 59 11% Range Since Jan. 1 On Basis of IQQ-Share Lou Week *49 21 STOCKS NEW YORK STOCK the 38% 85 Sales Friday < per share 11% 111* 19% 22i2 1*4 CENT Thursday Nov. 3 65 11% PER Wednesday 58 *54% $ 3812 SHARE, NOT for ^Tuesday HNov. 2 1% 52 1% * 1% 1,000 20 300 6,100 800 1,600 200 6,900 3,400 85 34~700 1% 14% *12% *12% 14% 1% 29,600 ,5,500 16 300 17 100 14% 20 10 10 156% 159 *11 14% 100 14% 2,000 15,600 11 55 44% 15 800 15,000 400 62 2% 1,600 24% 64% *22 100 65 *60% 14% 57% t In receivership. 1,700 3,300 1,600 3,500 12% 10% 54% 41% *12% 2% 14% 58 a Yeas Par 2,900 400 3,400 20 Del. delivery. [ per Highest share Lowest < per share Abbott Laboratories.-_Na par Abraham A Straus No par 55 1936 69 Mar 26 45 Oct 19 85 Aug 13 ...No par 9 Oct 19 < 22% Mar 11 per Highest share < per share Mar 49 Acme Steel Co Adams Express Adams-Miiils No par Address Multlgr Corp Advance Rumely 37% Nov 17% Oct 19 16% Oct 19 1% Oct 15 36 Nov 5 % Oct 19 Mar 11 Oct 19 5% Jan 25 100% Jan 22 16% Feb 26 Oct 166 146 1 5 Oct 19 70 Apr 74% Feb 15% Nov 17% June 22% Jan xl% Jan 58 Apr Jan 4% Jan 26 8 Mar 9% Apr 28% Feb 97 No par 42 59 1 80% Jan par Vicksburg RR Co..100 Alaska Juneau Gold Mht 10 Albany A Susq RR 100 Allegheny Corp Nov 50 10 No par Air Reduction Ino ..Ne par Air Way El Appliance..No Ala A 13% 20 Lowest Shares 12% 15% Range for Previous EXCHANGE 2 Jan 91 Aug 10 Mar 13 July 178 Aug Not 35% 37% Feb Oct 21% Jan 88% Nov 6% Apr 103 Nov 17% Sept 195 Mar 5% Feb 18 694 %Pref A with <30 694 %Pref A with <40 2% Apr 11 5% Nov war 100 Oct 19 59% Feb 11 11 Oct 20 59 694%Pref A Jan war 100 10 61% Nov 60% Nov <2.60 prior cony pref.No par No par 12% 12% 12% Jan war 100 10% Oct 19 52% Feb 18 27 Apr 13 Oct 19 46% Mar 15 20% July 6% Oct 19 23% Apr 12 268% Mar 9 17% Aug 14 33% Jan 16 without Allegheny Bteel Co Allen Industrie* Inc... Aided Chemical A 6% 1 par 150 Oct 19 5 11 Oct 29 No par 10 Oct 19 Dye.No Allied Kid Co Allied Mills Co Inc Allied Stores Corp ..No par 6% Oct 18 245 Aug 34 Nov 21% Mar 6 Oct 19 85 9 69 Jan 83% Jan 22 35% Jan 39% 19*4 May 8% Oct 19 1% Oct 19 1 Jan 28 8% Mar 18 . 6% 4 Jan Oct 20% Nov 90 81 Nov Deo 34% Nov 5% Dec 60 19 Oct 20 59 Oct 25 62% Mar 15 114% Mar 11 31% Nor No par Amerada Corp aNewstock. Jan Aug Oct 19 par Nov 23 50 Mar 60 54% Nov 40% Oct 157 34 75 Jan 63% Oct 19 101% Jan 22 49 July 38 Dec 65% Apr 65 Jan 73 Nov Am AgrioCbem (Del)..No par Preferred Jan 100 Alpha Portland Cem No Amalgam Leather Cos Inc 6% ooiiv preferred.. 6% 68% Feb 17 No par preferred Aids-Chalmers Mfg American Bank Oct 19 Feb 11 10 10 Oct 19 41% 60 Note 56 Oct 15 75% Feb rCaahsaie. x Ex-div. y Ex-right Jan 16 . 4 39% Dec 125% Mar 89 Nov f Called for redemption. HIGH AND SALE PRICES—PER Saturday Monday Tuesday Wednesday Nov. 1 Nov. 2 Nov. 3 Nov. 4 $ per share 3 per share 3 per share 39 39»2 3934 3984 ♦12784 130 *12734 130 93l2 9534 917g 9234 *155 *156 158 24 233s 47 1914 I8I4 *87 150 9 1778 1778 *86 87 478 5iS *683 *175 734 5 1734 87 *175 300 *2334 29 *85i2 434 *6% 15 9918 29 878 99% 914 81* 14l2 13U 22 17 17i2 85 85i4 *638 25 26 1034 11% 1234 ; 2H4 2112 11 1112 *2 2% 20 178 2 *16% 18 *1712 21 21 74 72 72 14i2 1334 6% 3434 14% 14% 612 3434 6% 34*4 734 2012 18i2 19i2 18i2 20 69 65i4 68is 14l2 500 1378 6778 1434 68is 14U 19 1478 6,300 Amer Mach A Fdy 6 2,700 3,000 Amer Mach A Metals.-No par 65 29 109 *100 67 *10318 £63 65 7 6 63 64 45 49 49 48 44l2 4634 4314 4414 41 42 40% 40% 38i2 40'8 38 39 13l2 12% 13% 12 1278 3738 11«4 38i2 13U 123s 12 1212 *145 *145 150 26% 81 81 81 23 23 22% 22% y; 1534 15 16 301* 58% 30 31% 567g 58 61 130 *125 77l2 78 22 21% 2II4 *2138 147g 1558 54 51 51 130 130 400 50 lO^OO 29% 12% 12i2 12i2 12 12 12 12 33 30 30U 30 30% 30 30i2 115 153 20 *18 15212 69i2 72 73% 73% 73 7334 137 138% *70*4 7% 12*4 137* 6 6% 63g '*41 6% 8 8% 8% 40 40 40 317g 30 *46 50% *101 101 100 13 13 108 *4% *4% 3434 36% 98% 7% 98% 7% 98% 778 73 73 98 *93 44 *80 95 472 * 4234 100 "39" 778 534 *80 10% 107g 10% 40U 9 534 534 44 8% 10 5% 100 *80 94 9% 11 8ig 434 514 94 *80 8% 103s ♦ 434 85 85 28 7% *817g *103 104 17 23% 103 10 *43 9% 44 934 24% 27 14 7% 14 24 80 87 26% 77g 28% , *13% 2378 7934 *43% 25% 24 7% 8% 16% 22% 24 *7% *13% 23% 102% 103 87g 934 43% 44% 3712 *81 1434 9% 103 80 *71 40i2 82 78 22% 103 8% 9% 44 437g 55 *50 54 *52 54 50 50 119 115 115 115 115 *114 117 7 7 7% 1034 7% 1034 *3% 247g 734 1134 3% 2478 3% 334 2434 247g 4% 4% 4% 4% 934 1034 3% 23 67g 9% 10% *3% 334 23 23 50% 10 100 100 *22 22",400 600 9 5,100 44 850 50% 300 50 115 7 700 10% 2,700 334 700 2778 70 *3% 334 23 100 10 6% preferred Oct 19 187 66 Oct 19 99 .... .... 1438 87S 133s 37g 4% 37g 37g 37g 4 8 9ig 1378 18 18 1714 173g 9i2 914 9 778 8% 8 8% *34 3434 *3414 9,000 *100 12% 18% 175s 1314 13i2 13 30 30 I6I4 157g 12% 15% 13 1578 1534 17 34 34 33% 3434 500 10378 80 1734 8,300 12% 900 1838 1314 31 13% 16 34% *100 10378 99 I8I4 16ig *2912 16 13 13ig 13% *110 111 *17 19 * 975g 37 *30i2 105 *95 "i35g *8034 19% 1934 30 13% 14% 12% 12 12 110% 110% *110 111 17% *95 9% 33% 104 9% * * 30 "33" *95 9 15 17,400 12 12 1,600 110 110 30 18 500 95 95 100 33 *32 104 *95 9% 80 34 102% *9 mim ++ m •> - 934 3,600 15,200 137g 12% 13 87% 13% 1978 19 19% 18% 18% 18% 19 2,600 37 37 500 84 *81% 42l2 41 41 41 41 39 39 5434 56 5318 543s 47% 50% 49% 52% 59,000 1534 1534 15«4 49% 15% 53% 1534 15% 15% 157g 15% 15% 9734 32l4 99 94 96 92% 92% 93 93 32 3214 30% 32 30% 30% *25 29 700 1912 18 1812 16 18 16 17 1,100 3,800 9912 100 32 ♦18 13 135s 1334 *16 13 17 13% 12% 13% 133s 14 18i2 *18ig 23 *18 22 *18 20 *18 23 I8I2 70 *61 70 *60 70 *59 70 *59 70 *63 1314 24i8 31 • 22 30>4 3014 Bid and asked prices; no sales on 23% 28 2314 31 233s 21 30 this day, 21% 23 2234 28% 28% 29% f In receivership. 24% 30% a Jan 881* Mar 104 Jan 150 Mar 18 Deo 136 87* June 1021* No par 82 Oct 20 3% Oct 19 143s Jan 18 76g Sept 111* Feb 79 Jan 12 52*4 Sept 70*4 Feb 20 Feb 23 86 1st preferred American Woolen.....No par 100 Preferred Amer Zinc Lead A Smelt 1 25 Mining..60 $5 prior conv pref Anaconda Copper Anaconda W A Anchor Cap Corp Andes Copper 7% preferred. 100 ArmourACo(De!)pf 7% gtdlOO Armour A Co of Illinois 6 4% Oct 19 30% Oct 19 3% Oct 19 19ig Apr 92*4 Jan 31* July 27*4 Oct 109*4 Sept 7*4 Mar 60 Dee x27i2 Oct 19 79»8 Feb 23 24 May 2434 Oct 19 69i2 Mar 10 28 Jan 66*8 Nov Feb 23 35 Jan 2434 Aug 2 Feb 13 891* Deo 26*4 Mar 97 10 Oct 19 31 11634May 93 , 4 Oct 18 458 Oct 19 No par Oct 20 7% preferred ......100 Armstrong Cork Co.--No par 96 Feb 30 Oct 19 $6 conv pref Corp..——6 Corp...——No par Preferred ......—100 Associated Dry Goods 1 6% 1st pref erred...-.-.100 7% 2d preferred 100 Assoc Investment Co.-No par 6% pref with warrants..100 $5 pref without warrants 100 Atch Topeka A Santa Fe..l00 5% preferred .100 RR.—100 Ati G A W I SS Lines..No par 5% preferred ......100 Atlantic Refining 25 4% conv pref series A...100 Atlas Corp ...—1 6% preferred — 60 Atlas Powder ...No par 5% conv preferred.— ..100 Atlas Tack Corp No par Auburn Automobile—No par Austin Nichols—..—No par $5 prior A No par Avian Corp of Del (The)...-3 {Baldwin Loco Works.No par Atlantic Coast Line 478 Baltimore A Ohio .——100 4% preferred Bangor A Aroostook.......60 Conv 5% preferred 100 Barber Co Inc.——— Barker Brothers 10 No par % preferred.........60 Co...........5 Barnsdall Oil No par 1st preferred—....—.100 Beatrice Creamery 26 $5 preferred w vs....No par Bayuk Cigars inc Beech Creek RR__ Beech-Nut Packing Co Belding-Hemlnway Bendlx —.50 .20 No par pref... No par Bethlehem Steel (Del).No par Best A Co 5% 7% preferred...—......20 preferred —..100 Blgelow-Sanf Carp Inc. No par Black A Decker Mfg Co No par B law-Knox Co No par Bloomlngdale Brotbers.No par pref..—100 Boeing Airplane Co 6 Bohn Aluminum A Brass 5 Def. delivery, n New stock, r Cash sale, Oct 19 Mar 2 63s Oct 19 75 Oct 19 96 35 Nov 78 Nov 5 85 5 Aug 5 Oct 19 35 Oct 19 78 Oct 20 18 Oct 19 111 13«4 Feb 27 991* Mar 126 Jan 1 6 701* Mar 13 16% Feb 27 173g Jan 21 July 23 100 2434 Mar 6 Jan 151* 66% 104 Jan Aug 47U 71* 81* Feb 95 Jan Jan Jan 125g Apr 7*8 84 Jan 128 Deo 62*8 Mar 185s Nov 22 >8 108 Feb May 277* Nov Jan 28 101 95 Dec 112 Oct 9 98 Feb 124 Oct Mar 125 671* Feb 18 106 Feb 18 88 June 29 881* Aug 94»4May 9 69 Jan Feb 7 90*4 Jan 107 Oct 215s Apr 49 Dee 104 651* Mar 17 29 Mar 13 5 Oct 19 9 Oct 19 44 Jan 18 18 Oct 19 37 Mar 11 6 6 62% Mar 10 101% Sept 29 1161* Feb 7% Oct 19 11 Apr 131* Apr 265* June 109 Sept 311* Oct 64*4 Nov 36'* Apr 1181* Deo 181* Mar 39% Oct 19 40'2 Oct 19 11234 Oct 20 4i2 Oct 19 6% Oct 19 2 Sept 25 94 Mar 11 48 Jan 84 Nov 133 Jan 13 *112 Jan 131 Nov 9 2 1 14 June 1818 Jan 36»4 Feb 9i2 Feb 26*8 June 5*8 June 30% Feb 64% Mar 10 'a 1514 Oct 19 621* Mar 26 914 Jan 12 291* June 3 Apr 46i* 2% Oct 19 ID4 Jan 29 91* Jan 30 2ig July 2% July 11*4 3% Sept 10 3 5 Sept 11 Oct 19 2334 Aug 18 8% Oct 19 401* Mar 17 10 Oct 19 30 Oct 19 47*4 Mar 17 45 Feb 11 99 Oct 19 10% Oct 19 9 Oct 19 1101* Feb 42 Oct 19 35U Feb 9% Oct 19 108 Oct 20 20U Jan 13% Oct 19 Oct 20 33 97* Dec ~27% Nov 21 Apr Apr 39 Deo 4114 491* Oct Feb 24H Nov 381* Deo 13U Jan 14*8 Jan 16*4 June May Aug 110 28*4 Feb 10534 Mar 18 Jan 100 Aug 115 Jan Deo 2h NOV Jan Oct 19 10 95 *167* J an 7*4 Mar 8 438gMar 9 Jan 21 32 28 Deo 28»* nov July 105 427* Oct Oct 13 43U Feb 35 11434 July 85 Feb 73g Oct 19 84 Jan 16 15*4 Feb 13 Dec 16% Mar 88ig July 83 June 89'* May 8% Oct 19 301* Feb 21&8 Jan Oct 19 23*4 Jan 20 Jan 32% 25% Jan 48 Jan 72 45*4 Apr Apr 15 37 Nov 5 62*4 1051* Mar 41 Oct 19 14 Oct 19 87 Oct 20 1291* Feb Oct 25 13i2 Oct 19 9 Oct 19 69*4 Feb 38 Jan Oct 26 2 Oct 19 28 „ 18 66 16 21 Oct Oct 19 x Ex-dlv. 20 Jan 16i* Feb 28]4 Deo 22U Nov 115 9034 Oct 19 Aviation—.......-5 Beneficial Indus Loan..No par 4 2% Oct 19 95 13 —.100 Vot tr ctfs Blumeotbal A Co 22,400 1,500 111 65 1,100 1,300 *40 26*8 190% Nov Feb Feb Mar 87 2018 Feb 3 291* Jan 13 107 Feb 1 Founders Inc Belgian Nat Rys part 127g 87% 13% *81% 1378 *81 Sept Oct 19 10 "14% *17% 17% Jan Aug 63*8 8 Am Type 2,100 95 17% 17% 98 "33% 84 1334 *20 157g 10 865g 1378 19i2 984 * 30 * 34 16% 11% 13 12% 109 * 16% 15*4 *11% 14% 13i8 934 9 100 18 12 * 96 *3214. *96 100 10378 16 11% *11018 111 17i2 1712 * 13% 17,400 33,900 15% 34% 3434 99 12% 4 160i2 Jan 26 20% Mar 1491* Apr 36 145 Am Water Wks A Elec. No par .... 1334 997g Feb 68l2 Oct 19 128%May 13 Jan 129 2578 Jan 25 Jan 8 Jan 28 140 Assented .... 48U Apr Jan 11 667s Dec 24i2 2612 Jan 20 143>4 Jan 13 28% Deo Jan Jan 2278 *6*4 678 10 Teleg Co...100 American Tobacco.......-25 Common class B 25 Amer Telep A 10l2 Oct 19 Oct 19 10478 Oct 11 14 Oct 19 Jan Deo 64 Jan 10578 8 115 Am Sumatra Tobacco..No par 201* Apr Feb 148 Jan 6,500 1,900 3,000 5,400 15 44 44 55 100 Preferred 73U Jan 21 1 2212 Oct 19 Nov 731* 145U 60 300 277g 87g 834 *115 *7% ; 8 22% No par American Stores American Sugar Refining.. 100 6 671* Mar 133*8 Jan 681* Jan 29 1101* "MOO 14 *103 Sept 24 Artloom 83 23 162*4 Mar 127 Arnold Constable *8038 103 103 Jan 46 100 1,800 84l2 8 Jan 4512 Oct 19 122 80 1434 Jan 66*4 Nov 3 Oct 19 Amer Steel Foundries.-No par 3,300 7934 26 26*8 1361* 26 5 3934 26 Mar 19 10634 Mar 11 154 Jan 28 Oct 27 27 Snuff 878 78 * 68 28«4 Nov 451* Deo Apr "6366 4034 "37" 80 Apr 130 Preferred 600 39 80 18 May 47 37i2 827S Feb 20 37 100 *76i2 29 106% Jan 45* June 100 ► 7i2 Oct 19 118 96 41% 39*4 6 77 81 Dec 8 96 81 31 Mar 28,200 10 *40 3 100 Amer Smelting A American Feb Co.No par Refg.No par Amer Ship Building Oot 36 12114 Feb 77 42 Seating Co..No par Nov 17i2 Oct 19 Jan 96 40% American 37 1015s Aug 18 Nov 77 81 1651* Aug 23*4 July 4514 Mar 11 1512 Oct 19 Oct 19 70 Nov *85 *75 Jan .25 170 Oct 23 7 *7514 43% Feb 18*4 Apr 167 721* Oct 19 43 80 82 Jan 12 29i* Feb 3 Jan 21 365g 140 111 96 81 Oct 19 100 9U Nov July *85 42% 26 871* Sept 74i* Sept 27*8 Jan 3 *75 *75 Feb 10U Feb 10 46 Feb 18 80 *.— 14*8 July 43 Feb 15 258 Oct 19 96 42 Feb 87% Jan 18 75 May *85 47 69 16l2 Jan 13 Oct 19 June *75 *42 Jan Oct 19 9 96 47% Oct 20 97 80 *42 71* 647* Nov July 371* Jan 12 *85 47 *351* Feb 134 Oct 19 *75 *42 Dec Oct 26 92 914 118 7 300 9 15 27 1 1291* Feb Mining 20 A P W Paper Co No par Archer Daniels Midl'd.No par 300 *80 92 1221* Nov 2978 Jan Apr Apr 600 72i2 *814 5 May 10 Oct 20 100 8% 21 135g Oct 19 7% "39" 4058 8 6834 Mar 10 Oct 19 10 ~9~9% "1,900 7% 72i2 73 *7212 74 *__.. 4234 45% 9% 714 5 Jan 20 Jan 39 5 9912 4 293s Mar 958 96 *119 9834 16i8 Nov 48«8 Deo Apr 2318 Apr 66 Apr 125 Oct 19 3 24 587g Feb Feb 1412 Oct 19 Jan 161* Sept Cable..No par No par 34 *3i2 4»4 Mar 16 275s Feb 15 17'4 Mar 11 65s Oct 19 Jan 558 2% Sept $6.50 conv preferred.No par 3,500 16 33 36 7 7&8 73 74% 100 4 4 617g Nov 190 200 44 *12l2 13 9734 71* 28% 101,200 *119 98 98% 77g *72% *92 ... 38 267s 44 46 Jan 3 300 38 46 *3378 36 *3378 *119 *119 734 38 13 4i8 4 4% *33% 434 3434 387s 7 28% 46 103 14 14 13% 2,700 4,400 29,100 534 18i2 *1712 17i2 17i8 110 102i2 102l2 *102 I8I2 17la 103 Oct 20 Oct 31 400 83 38 714 2678 497g *46 1234 534 39 *36i4 30 27i8 19% 13% *119 6i2 7 1134 *82 55s 5&8 38i2 77s 38 *35 Day 60 1834 19 18% 612 4034 7 7234 634 83 55s Election 31 *46 82is 70 7178 12 385s Closed— 40 31% m8 85 *82 40 39% 42% 7% 1234 IP4 16,700 1,000 3,600 1,300 4,500 16,000 138i2 13812 7 658 200 70 7l34 71U 138i4 138l2 14 Oot 37 3 53 300 18 15014 152i2 69 69 7334 1381a 13812 7 7l2 Exchange 88 *81 86 *81 778 13% Stock 900 2,200 118 18 18 149l2 15134 713s 71% 7134 72 118 117 18 1912 150 *137% 138% 778 8% 13% 117 117 *112 115 154 *18% 20 83* Mar 45g 31 ig 623s Mar 10% Oct 19 ...... 6% preferred 28% 154% 156l2 Jan 11U Mar 13 No par 130 12% 32% 117 *18% 700 28 Deo 22i* Deo 65«4 Mar 13 19 19 19 19 Oct Oct Oct Oct Corp..No par 300 26i4 13 Feb 21 734 Oct 19 2i2 20*2 32% U8 53 pref 100 American Safety Razor.. 18.60 290 50 2634 26 5 17 par 4conv 24,200 1278 327g 327* Oct 19 50i* Deo 2H* July Oct 22 American Rolling Mill 53 % *125 50% 50U *125 2812 2634 *127 60*8 Apr Oct 19 Preferred 12834 50i8 5234 136 Jan Apr 29>i Jan 18 .No par $5 preferred No par Am Rad A Stand San'y.No par 3,800 28 28 28% £5012 *125 131 *125 130 28 29i2 57l2 29l2 130 14l2 Feb Oct 9*4 Mar 61* Apr 25 29 $6 preferred. 24,300 2,400 23i2 1412 155s 14l2 Deo 175 12 105 Amer Power A Light 7834 291* 28% *12% *108 '■■. ylv':' 133% 133% 52 *50*4 51 *125 8OI2 7834 21U 81 16% 31 59 *133i2 136 2334 78 Oct 687* Jan 22 100 Amer News N Y 25is 243g 4 8% I45g Jan 934 175 381* Jan 22 No par 28,000 2,600 2,900 31,200 165 *148 165 Mar 6878 Oct 19 100 Co..No 31* 1334 Jan 22 Amer Metal Co Ltd 20 23% 25 23% 257g *148 150 150 150 24% 26i2 No par Preferred ""580 678 63a 44 7% 100 American Locomotive..A# par 109 6% 4778 67g 225 6% conv preferred 3014 *100 6334 578 678 534 30 2914 109 Amer 1,100 7,800 778 7% 6 5&8 32 68 66 65 638 578 31 *103% 109 *103% 109 1378 6% No par pref Internat Corp 2 13% Jan 28 17 Jan 18 35*8 Nov 534 Oct 19 60 non-cum 4 2% Oct 19 19 No par 712 *67 35 100 Oct 19 2 6% Sept 175 American Ice 100 101 Oct 19 6% preferred 2,000 Apr Apr 5 *1634 ■ y 2 89 99% Mar No var American Home Products... 1 19 Aug 335s Jan 21 2 8U 21% 74 37i2 32 Oct 19 $6 preferred ..No par Hawaiian SS Co 10 400 Jan 2 No par Deo 16U 7i* July 12l2 Oct 19 Express Co Deo Oot 3534 Deo 16U 85 8ecs Deo Deo 201* July iOO Nov Deo 60i* Nov 27 Dec 1371* July 3 235g Mar Encaustic Tiling..1 American Hide A Leather... 1 900 111 ' 70U 141 30*4 Mar 31 6I4 Oct 19 8I4 Oct 19 1634 2 2 1712 8% 8% 8% Jan 25 Amer 8,600 2312 37i2 Aug 12 29 1634 2 *1618 8i2 2178 8i2 38 38 112 1st preferred 17 preferred 500 4 23i2 Oct 19 2312 Oct 20 17 2d preferred A ...No par 1,300 11% 378 24 2334 38 38 39% *11 37g Oct 19 90 Co)25 10 Corp..20 Amer A For n Power 3,700 23 22 1114 3% 25 25 26 203s 2038 *11 4i2 334 6% American 11,100 1,800 478 4% 4i2 414 5 86 67 10412 Feb Oct 19 llU Oct 19 American Colortype Co Amer 25 *38% 11318 Amer European IOI4 39i2 120*4 100 No par American Chicle 300 *175 300 *175 300 4i2 *39% Nov 87% May 30% 4 3334 Aug 25 150 Apr 25 Am Chain A Cable lne.No par 9 *638 25 26i2 100 4,700 414 4l2 9 HI4 26 Apr Apr 200 43g 4 2714 *25 4 American Crystal Sugar....10 17 85 *175 :Y' Feb per 36 100 Preferred 1,100 1634 85 4% 9 *63s 23% 11% 4% 71 share Deo 174 Am Comm'l Aloohol 86 412 10U 11% May Am Coal Co of N J(Alleg 17l2 5 '■4% Dec 162 3,300 86 9 *22% 110 9 "aw 8I4 14 8% 1314 24l2 4i2 9 Jan 100 — American Car A Fdy...No par 13 125s 12 Jan 174 $ 26 . 5% preferred 2712 25 121 7,900 434 4% 79i2 Oct 19 15178 Oct 22 1514 Oct 19 """206 12 *11 May 400 27i2 *23 124 3,900 5% 1234 Feb 18 Preferred 42i2 28l2 1278 2812 Apr 160 pre! American Can 14% 1778 478 300 40 Mar 25 700 21 778 13i2 734 per 28 125 *87 150 *87 I 100 conv 5,800 1734 1812 161a 1758 *87 150 150 99% ' 993s *100 *2334 29 *2334 29 1878 17 1878 150 *2334 87S 14I4 1734 9% 1434 4512 Highest $ per share share 80»4 Feb 18 per share Oct 19 130 42i2 21 4412 1934 *4014 $ Am Brake Shoe A Fdy.N* par 2,200 160 160 160 23i2 4412 *9834 *98% 10312 *2334 29 160 160 22U 23i2 47 19 *89 9U4 158 158 24U 48 *45 128% 88 Lowest Highest Lowest Par Shares 3714 3834 38 127i2 12712 *127i2 130 8734 89 8612 8834 37U 128 On Basis of Week 6 per share 3 per share 3 per share 38 39 EXCHANGE Friday Nov. 5 Thursday Oct. 30 Range fw Previous Year 1936 1 100-Share Lou Ranoe Since Jan. STOCKS NEW YORK STOCK the CENT NOT PER SHARE, Sales for LOW 2965 New York Stock Record—Continued—Page 2 Volume 145 1071* JulF 112 77% 20 23 Jan 651* Deo *34i* 247* 32i* jan 141* July 18U May 941* Jan 77U July 49*4 Mar 48% Feb 167* Apr p Ex-rlgbts. 4018 Dec Oct Oct Nov Deo Deo 1351* Nov 28*4 297* Mar Deo Deo Deo Deo 381* Nov 120 37% Oct Dec 631* Mar 1 Called for redemption New York Stock Record—Continued—Page 3 2966 LOW HIGH AND SALE PRICES—PER SHARE, NOT PER CENT Sales STOCKS for Monday Tuesday Wednesday Thursday Friday the Oct. 30 Nov. 1 Nov. 2 Nov. 3 Nov. 4 Nov. 5 $ per share $ per share $ per share $ per share $ per share Range Since Jan. 1 STOCK Shares 80 80* *40*4 42 *10 107) 41 81*8 81*8 81 81 40*2 ♦1534 40*2 10*4 41 41 1534 1534 15 197g 31*2 *4*2 1*4 2078 3312 5*8 1*4 20*8 31*4 22*2 22i2 17 *1534 205g 33% 21 lj 20*8 34*2 81*) 411, *80*8 343 207) 20 343) 5 1*4 23*2 ♦5 5*; 6 *1*8 IB *1*8 23*2 10*4 23*: J Hi 303j 29*4 2934 3034 30 3634 30 36*4 33*2 2*2 10*4 22 40 24 *11 *95*4 10 1034 26 28 34 34 31*2 2*2 *9*4 1234 31*2 2% 234 123g 145g 43 39 39 9 10*2 9% 10*4 98i2 *95*4 0*8 56*4 6*4 038 50*4 *95*4 558 6*8 5l4 49*4 434 3734 1734 03s 57 6*2 37s 12 *16*4 10*2 23*2 4*8 115s 167s 54 5*2 3*2 *11*4 *11*4 9i2 5*4 9 12 16*4 1038 10*2 2312 24 4 4*4 3*4 113s 40*4 10*2 385g 20 203g 20 *26*2 27*2 26*2 52 2*8 2*4 9*4 9% 1958 15*8 1934 X19*2 1934 17 16*2 15*2 10*2 14*8 *50 49 3478 *39 42 834 - - *46 8*2 *33*4 ♦8*4 - •. - . .: *50 v 49 45 90 89 434 8*8 3312 101 62 106 60*2 *102 26% 2412 104 62 *85 *57*2 02*2 *25 22l2 28 0212 26*2 4*2 *103 104 28 26*2 4*8 98 Stock *11*2 8 7 *0*2 0*4 Exchange 29 31*2 38 11*4 334 *11*8 7 ♦ 20*2 37g 4 9434 97 10858 1085s 106 43*2 67g 32 2 15g 158 6*2 *25g 14*4 5 *3 5 *3*4 13g 5*g *25g 1434 14 14 6 5 14 14 44 634 7 28 28 31 10 *9 90 90 2 2 400 3*2 700 13g *138 1*2 900 5*2 2*8 23« 2*8 23g 23g 2 *2*8 2*4 57g 6 *1*2 1*4 134 *1*2 35g *2*4 3% 3*4 *234 11*4 3*2 27S *234 3 3 3 *3 318 113s 27g 234 234 14l2 11% 12*2 12l8 13 3,700 32 31 31 31 31 1434 73 74 74 *63 75 43g 438 32*2 *31*2 32l2 107"" 30 83 28*2 36*4 16 17*8 *127 *127 117 97 3434 *101 102 *10 116*2 119*2 9512 95l2 35 33*4 *101*2 102 32 *10 18*8 9*4 18*8 *9*4 14 *11 23*2 *10 18 9*4 884 20*2 203g 20*2 *20 88*2 87 18 18 *30 38 9*8 *7978 17*2 *31 9 984 82 79 "45*4 4084 *85 79 * *99 101*8 9 9*4 2*8 44*2 43 • *99 87g 17g 437g 4*4 4*4 30 108 28 4*4 30 28 20 1,000 4*4 *29 30 700 «r 31 14*8 86 1434 127 117 58*2 12*4 28 11*8 3234 147g 2,600 86 ...... 1,800 5,900 14*4 *12334 127 118 58*4 280 29 32 32i4 127 *• 10478 106 + 120 58*4 113s Oct 19 Oct 23 21 Oct 16 9i2 Apr 20 191*4 Aug 3 129*4 Jan 22 100 Feb t 3,300 59 600 11*2 7,400 400 31 17 *10 15*4 834 7 131 *10 16 31 16*8 8*4 7*4 17 8*2 *9*2 11 10 10*4 20 20 20 20 197g 19*4 1934 1984 86 81 81 81 *10*4 12 30 8*4 *80 18 1038 19*4 82*4 16*2 30*2 84 .17*2 30 *10*4 30 9ig 8*8 16*4 *31 8*2 80 80 79 71 71*2 40*8 88*2 4458 88*2 4534 48 ♦ "42" *99 101*8 8*2 17g 41 8U2 87g 2 43*4 day, *82l2 4414 40 17*4 87g 320 30 60 1,100 300 1,200 3,200 400 31,700 90 *8234 46 100*8 8*2 134 39*2 t In receivership, a 80 600 73 42i4 41 ~1~706 60 43 * "42" 4534 *99 101*8 838 8*2 2 178 12 35 83g 797s 10 ' 21 105g 1112 4,700 " 6,800 89 4634 100*8 87g 178 4012 200 9,000 100 11,000 37,300 3,700 Def. delivery, 53 Jan 2 Nov Oct 103*4 Dec ~ 6*4 May "Feb 9*4 54*4 Jan 180 June Jan 143 July Jan 9212 116 *91 Nov 105 U Aug 11 41*4May 20 115 21*4 May 32U Jan June 9 106 Dec 8 19 Apr 397a 7 54 May 25*8 Jan 0*8 Nov 37*2 Dec 9*8 Dec 35 Apr 57 FeB Apr 12 Nov 97i2 May 47*4 Jail 8*4 June 5712 Sept 108 Oct 74 Nov 100 52 Oct 21 Central Agulrre Assoc.-No par Central Foundry Co 1 Central 111 Lt 4H% pref.,100 Central RR of New Jersey. 100 24 Oct 19 39U 2 Oct 19 12*8 Jan 28 96 June 29 110 Dec 107U Jan 26 95 Common 105 No par Checker Cab 5 31 25 100 Oct 19 89*4 Oct 19 Jan 12 115 82 111 3 Jan 14 Feb 10 Feb 4 101 Mar 19 Aug Feb 13 90*2 Mar 687s Mar 100 6 4 1 Oct 19 3 Oct 15 4l2 Oct 13 10*2 Oct 19 78 Oct 19 preferred... No 1*8 Oct 19 Mar Jan 20 3*4 Mar 18 7*4 Mar 17 1 Oct 19 Oct 19 19*2 Feb 17 par 684 Oct 19 33 Feb 2912 Oct 19 45 1 4 9 Oct 16 10*8 Feb 19 Oct 19 12 Oct 19 3 Oct 19 25 36 Oct 19 80 6*2 Oct 19 Chrysler Corp 5 City Ice A Fuel ..No par 634% preferred... 100 City Investing Co 100 City Stores 5 Clark Equipment.....No pa; 52l2 Oct 19 Mar 11 135*4 Feb 11 Dec 12 Jan 3 8 Jan Feb 8 July Dec Dec 7 Jan 325$ 30*4 14*4 25 Jan 51 Oct Jan 23 89*4 Nov Feb 16 74 July 15 2 Oct 19 23 10*8 Mar 48 Oct 19 82 Oct 45 Mar 138*4 Nov 50 4*4 Jan 13*2 Nov 23*4 156*2 107*4 Jan 46*8 Mar 7 Jan 200 Jan 111*4 Dec July 47*2 Oct 33 8 90 Jan 14 82 Feb 90 50*2 Feb 26 48 Mar 51 37 48 Apr 77*4 No par Oct 19 Aug 11 Oct 19 Jan 29 Oct 19 6% preferred Collins A Alkman No par 5% conv preferred Colonial Beacon Oil 100 100 Sept 25 No par 26 Jan 18 100 95*2 Nov 1 2034 Oct 19 Colo Fuel A Iron Corp.No par 1U4 Oct 19 5i2 Oct 19 100 170*2 Apr 29 2.50 17*2 Oct 19 v t c No par 75 Oct 19 c No par 10 Oct 19 preferred.No par Columbia Gas A Elec_.No par 27 Oct 19 conv z45s Oct 19 s68i2 Oct 19 71 Nov 4 33i2 Oct 19 4conv preferred 100 Comm'l Invest Trust..No par $4.25 conv pf ser '35.No par 88*2 Nov 1 39i2 Oct 19 32 124 Jan 129 July 84 Jan 134 Nov 55*8 Jan 58 Nov 6 8*4 30 Oct 28*4 Sept 48 Dec 19 36*4 Feb Jan Dec Jan 377g Mar Jan 36 31*2 Aug 125*4 Apr Mar 2 1 94 Jan 39*2 Jan 20 40*8 Jan 20 2078 Jan 14 31 May 39*2 Dec 14 Jan 108 Jan 8 90*2 Jan 101 Jan 14 80*4 Jan Jan 44 Jan 69*4 114 8 Jan 12 80*4 Jan 26 Oct 19 21*4 Jan 21 Oct 19 4*s Jan 13 Oct 19 y Feb 66*4 Nov 19*8 Oct 19 Ex-dlv. Dec 106*2 16 34 x 21*4 Aug 39*2 Apr 2 1 No par June Jan 14 5 Solvents.-No par Commonw'lth A Sou...No par 13 100 Jan 25 Aug 95 Commercial Oct Dec 9 02*4 Feb 13 112*4 Mar 11 45 Apr 12 517s Feb 10 27*4 Mar 5 30 Oct 19 Deo 2 25*4 Mar 19 Oct 19 9 18 June 104i2 Jan 8*8 Oct 21 100 4% 2d preferred 100 Columbia Broad SysIncclA2.50 Oct Oct 26 297g July 15 1327sJune 3 59 Nov 1 48*8 Aug 16 13i2 125U 9334 56*2 8*2 Nov Aug 10 47*8 Mar 31 28i2 Oct 19 100 rCajshsale. Apr Jan 24i2 Oct 19 par 6% preferred series A... 100 6% preferred.. 100 Commercial Credit ...10 1*2 3*2 Apr 3*4 Apr 19*4 Jan 17*8 Sept Deo 60 No par Colgate-Palroollve-Peet Oct Apr Jan Special guar 4% 50 Climax Molybdenum..No par Cluett Pcabody A Co..-No par Coca-Cola Co (The) Class A 125g 247g 12*2 Jan Oct 18 New stock. 145s 337g Nov 27g Feb 67g Feb 47g Feb 15*4 Jan n Jan Deo Feb 85*2 179 $6 preferred series Jan May 3*4 8*g 25s 727g 113 $2.75 Nov 77*4 Nov Feb 18 Oct 18 Columbian Carbon Columbia Plct v t Apr 09*g 100 21*8 Feb 18 179 Class B Deo 92 Oct 19 Nov 10234June 21 Colorado A Southern 4% lBt preferred Deo Deo 38*4 5 11 69 Clev El Ilium $4.60 pf-No par Clev Graph Bronse Co (The).l Clev A Pitts RR Co 7% gtd.50 No 4 0 25*8 May 112 Apr 27g Apr 2*2 Apr 6*4 May 3*8 Mar 17 1*8 Oct 19 1 ..No par Preferred 721* 111 >ug 28 par 6*8 Mar 8*4 Mar 8 27*2 Jan 14 22*8 Jan 29 157aMar 3 Chile Copper Co 19*4 Mar 1*8 May 2?g Jan 1*4 Apr 8 3 7% preferred 100 6% preferred 100 Chicago Yellow Cab...No par Chlckasha Cotton Oil 10 Chllds Co Jan Jan 18*4 Mar 0 12*8May 19 32 Jan 69 4*4 Mar 10 100 Preferred 22*4 51 13*2 Mar 17 4 Sept Mar 11 Oct 19 Oct 19 84 *' 0i2 63*4 June 10 48 86 Dec Jan 11 14*2 Mar 2 JChlcago A North West'n.100 oonv Oct 19 4U2 Oct 19 par Chic Ind A Louisv 4% pf..l00 6 *3 Oct 21 29l2 Oct 19 6 Chesapeake Corp No Chesapeake & Ohio Ry Sept 23 3i8 6% prior preferred 100 ChampPap A Fib Co 0% pf 100 20 122 *58*4 11*2 Bid and asked prlcee; no sales on thlB 63 1978 79 9*8 *• 8 9*2 2*8 45*8 63 10*2 *9*2 20'*8 18 48*2 101*8 69 75 *79*2 3412 153g 16 87 88*2 13 71 *106 28*2 *10 35 88*2 14 70 96 95*2 95*2 *95 99*8 31 32*4 30 32 29*g 101*2 101*2 *101*2 102 *101*2 102 12 47*2 2 11*2 2038 20*4 49*2 30 733fi 141,000 13*2 1,300 360 69*4 30*4 9*4 45*2 50 6918 96 * 19*8 79 4*2 m 58*2 12 "445s 300 13*2 1175s 119 36 90 49*8 1412 *127 12*2 97 *87*2 17*4 58 3434 *41 3,300 400 *63 86 33 .... 12*8 4 35*sJune C C C A St Louis Ry Co...100 " 58 7158 106 26*2 13 133g 6*8 45 31*2 * 58*2 45 68 73l2 106 30 36 Oct 19 17 JChlc Rock Isl A Pacific... 100 900 200 6*2 *10 6*8 53 43s 86 *34*2 6 75*4 75 31 106" IO7" * 1338 14 *63 32*2 13% 15S 3% 212 10*2 133g 2i2 10 612 71 75 45g 10 14 14 73 *1*2 1U2 *4312 6978 Oct 19 5214 Jan 48U Mar 821* Jan 500 *63 *4% 6 31*2 7512 Jan Feb Jan *100 91 100 Chicago Pneumat Tool.No 1*8 158 7634 87 53*2 Oct 19 102l2July 9 JChlc Mil St P A Pac.-No par 6% preferred 100 1*4 6 6 8 Jan 18 100 1,600 2,600 3,400 1,100 1*8 2U 14 45*4 Feb 100 2?8 Oct 19 Chicago Mall Order Co " 1212 034 2 102 1 No par l'ooo 5 14l2 1*4 Feb 18*2 8 89 Caterpillar Tractor....No par 1,900 5*2 *258 14*2 12*4 May Oct 18 108*8 Nov 6% preferred 100 Celanese Corp of Amer.No par 6 5*4 5 14 *1*2 53 18i2 Mar 11 Aug 16 68*4 Nov Oct 1 tChlc A East 111 Ry Co... 100 6% preferred 100 JChlcago Great Western.. 100 4% preferred 100 12 15 Oct 25 Nov 60 Jan Apr 33 100 Preferred series A 3*2 1*4 23g *10 37 90 100 Preferred " 334 1»4 612 *43*2 7312 1434 1,300 13,100 2 31*2 ♦14 300 3734 *1*2 53 70 48 367s *8934 7 1138 15*8 678 Carriers A General Corp 3 88*2 Oct ..5 Case (J I) Co 2,200 115g *44 4634 3734 13*2 3*8 370 32 7 *32 7,100 5,400 105*2 105*2 31 13*2 31*2 1338 32*4 18 9 86*8 Mar 10 106 42*4 Mar 18*2 Nov 40*4 Apr 30*4 Deo Jan 01*2 Jan 23*8 Feb 10 *95 43*4 634 Oct 9 Apr 107t Oct 19 1812 Oct 19 214 5*2 Carpenter Steel Co 10*8 6 40*2 Oct 19 106 34ig 33*2 Dec 31*4 Nov 16*4 Nov Jan 54 Jan 14 17i2 Mar Preferred 100 Cerro de Pasco Copper.No par Certain-Teed Products 1 37g 2*8 2*8 6*2 13 preferred A 10 Carolina Clinch A Ohio Ry. 100 Stamped 100 *8 61 41*4 Jan 15 10 Dec Dec 29*8 Dec 88*2 Dec 33*4 Oct 48*4 Deo Oct 25 33 1 pref. Mar 33*4 Nov 6*8 Mar 38*4 Mar 19 24*4 *2 6*2 700 678 Oct 19 No par 5% preferred • 12,000 Oct 21 45 25 Capital Admin class A 7% prior Celotex Co 14 Jan Oct 19 *3*4 2% mm Sept 59*8 35*2 Jan Oct 19 1% 2*4 6i2 mm ""500 115 Dec 6 3*2 Oct 19 2*4 Dee 1578 May 115*2 8ept Apr Dec 30 8 4*8 Deo Jan Jan 12 4 4*8 1*2 *6*4 *1*8 6 100 Canadian Pacific Ry Cannon Mills 20*s par *8*2 22*8 21*4 Jan 37*8 Feb 13 Centra] Vtoleta Sugar Co...J9 *2 5*2 *25g «« Oct 19 10*2 Oct 19 9*2 Oct 19 Century Ribbon Mills.-No 1*2 14 2,000 2,600 11,350 4 Calumet A Hecla Cons Cop..6 Campbell W A C Fdy..Ao par 200 *44l2 Jan Jan 6*8 Feb 26 200 05g Oct 52 >8 Sept 29 Oct 19 Canada Dry Ginger Ale 70 2 Mar 22 1 800 438 13 1,100 5,200 4814 Feb 50 1 534 2*8 2*2 200 2 6*2 1*2 6*2 23g 20 " Jan 11 34*8 Mar 12*4 2*8 4*4 1*4 1,000 9 6*4 *5*2 534 42 Oct 57 1012 Apr 64is June 22 Apr 30*4 Apr Feb 25 Mar *11*2 6*2 31 11 10*8 1*8 900 12ig Oct 19 20*2 Oct 19 14*8 13*8 29*8 2*8 2 3 12 *95 75g Mar Mar Sept 65*8 Apr 2*2 8*4 1 Mar Mar 60 Callahan Zinc-Lead Canada Sou Ry Co.. "~9"§66 4 6*2 *88% 20*o No par 5 5% preferred + m 30 12 90 *20 91 preferred 98*2 *887g *10 Oct 19 conv *96 367g 58*2 12*4 24 2,100 25,100 27 *5*2 46l2 30 4514 Feb 100 61*2 334 29 27*2 28 105l2 *10534 106 28 105 * *58 Oct 19 No par 8,300 14,200 104 *25*2 4 10 Byron Jackson Co 109 6134 10 5i8 Oct 19 10i4 Oct 19 214 Oct 19 6% Jan Jan 25 1 96 6*2 6 July 100 8*8 Apr 11*2 Jan 20*4 Apr 2 Feb California Packing 45 2034 tBush Term Bldg gu pf ctf# 100 Butler Bros 85 Jan 18 39 Oct 19 ± m 28 312 100 9*8 7 35*8 Feb 9 11*4 Jan 29 1®4 Oct 19 834 Oct 19 No par 107*2 Sent Feb 15 6 90 *85 13 2i2 Oct 19 No par 300 - *25*4 Burlington Mills Corp. Jan Byers Co (A M) Par tic preferred 270 87*2 *18*8 2034 *4i8 4*2 97*2 101 109 No par 98 96 *95 634 *38 * 4812 23g 39 90 87*2 25 11*2 91 7 Wheel Oct 19 Butte Copper A Zinc 2,100 8.% 33*2 7*2 33 * *58 6*2 12 8 2*4 35 5,700 49 *46 7 39 1*4 2l2 49 9414 par 100 3,700 2*8 8*2 8% 33*2 47 91 87g 62l2 26*2 4*8 6 31 » 2 28 Day 8 *50 2*8 No I8I4 30U 914 33*4 26 *245g ■m m Budd 800 35g 10*2 36*2 2134 15*4 37*2 117 2,500 23 3% 10*2 10*2 8*g 33*2 49*2 *35*2 16*4 370 934 958 100 . 7% preferred Debentures... 16*4 15*4 *22 7% preferred Budd (E G) Mfg 700 9*8 17*2 40*2 30 1171s Mar 12 14*s Jan 11 {Bush Terminal 104 Election 1057s 1057g 343g 3478 1134 107" Oct 13 Oct 19 1,900 3*4 11 16 49 *.._. 24*2 Jan 11 24U Feb 3 50*2 12*4 51*2 58*4 Dec 18*g July 14 17*4 3834 *877g 7458 14*4 Oct 19 Oct 19 1434 51 6*2 6 6*2 Oct 19 5 Oct 19 16*2 40 *14*2 Bruna-Balke-Collender.No par Bucyrus-Erle Co 7 7 19*4 3*4 35 40 *43*2 Jan 15 9 834 19 21 49l2 *10 Jan 14 1 *85 98 2 Jan 52*4 50 Burroughs Add Mach-.No par *25 734 6*4 46 758 105 2*8 102*2 Oct 21 45U 28 26*2 378 106 8 2*8 32i2 Sopt 24 19U Oct 19 par par No par 0514 Mar 104 * 13 45 4714 *1*8 40*4 Jan 97*4 Feb 44*2 May 45 Sept 8*8 May 87a Jan Jan 12 Feb 647g Mar 69 Apr Jan 53 Oct 19 "l878 Jan 4i2 8 37 Brown Shoe Co 220 60 57 56 56*4 56*2 10434 *103 10434 *103 10434 24 2112 2234 22*2 2334 *58 Closed— 41 33 Oct 19 25 ♦18* Jan 13 Oct 19 20 39 Jan 23 8 IOI4 26 43g *95 106 *887g $6 prerfered series A. No Brooklyn Union Gas No 47 38*2 Jan 14 26 *80 98 13*2 11*4 Oct 19 No par ♦ 90 5734 105*4 253g 29*2 31*2 Oct 19 1 _ ylJis July 678 Oct 19 No par Bklyn-Manh Transit. ..No par No par 45 *46 887g "1984 1934 43g 4*2 96*4 101 *10834 109 109 *30 29 5 $6 preferred Bulova Watch 8*4 16*2 42 *39 434 99 105 Bristol-Myers Co.. Brooklyn A Queens Tt.No par Bullard Co 14 343g 734 734 20*2 109 7*2 Dec 8,100 4,800 1,300 2,500 5,400 2 812 IH2 Jan 6*2 Nov Apr 47 5*4 1934 49 ♦ 104 47 43*4 53*2 Feb 13 17 25 9*4 * *80*2 20*2 4% 8*2 *1085g 109 *7*4 5978 Feb 11 37 3*2 17*2 157g *40 3414 9*4 * 21 *558 Oct 19 Oct 19 17 9 10 2*4 8*2 *39 914 89 *96 *50 2 8*4 *3334 7*2 90 *12" Oct 19 18 434 35*2 22 *35 Apr 33 7 Nov 32*8 Aug 1*8 July Aug 14 23 U Feb 23 5 3*8 117g 157g 9*4 3% 11*8 385s 20*2 20l2 6 4i2 Jan 11 19,700 355« 17*8 9 47 "25*8 "Jan 1534 Mar 23 95*4 3 22 100*4 Apr June 34 55g 50*2 95*4 53g 55s • 23g * 4,900 5,400 Roller share per 80*8 June 39 50*8 Aug 25 Oct 19 12 Oct 19 18*4 Oct 19 50*2 98*2 *1034 15*2 23 40 958 4*8 934 3 100 Jan 18 51 195g 35g 9*2 113s 02 5 Maine RR 28 20 19 11*2 16*4 10*8 227g 4*4 1178 9*8 *25 10 9*2 17*8 28*2 314 *4778 2*8 *55 4,700 1,800 100 9*2 35 9*4 20*4 11 1078 20 *50 3,500 1,600 25,000 38 9*4 17*2 1934 10*4 16*4 2734 *29 2234 9*8 37 355g 17*4 3878 26 40*2 85g Corp 17*8 Oct 19 24*4 Oct 19 Jan 22 Highest share % Bearing Co. 17 Bridgeport Brass Co No -par Brlggs Manufacturing-No par Briggs A Stratton No par 800 25g *37 9*8 55 5 2U4 35g 24 *102 Oct 18 15 ' 9*2 20*4 104 3934 23*2 40 38 1034 9*2 2078 *20*2 *4l2 14 2234 98*2 9*2 20*8 3*2 *87 13*2 39*2 10 1734 » 11 1334 *37 *95*4 37 *46 32 11 2234 23 38 11 317g 2% 11 2*2 Borg-Warner 7,300 8,200 1,000 10*8 123g 12% __1 - JBotany Cons Mills class A.50 34 32 93 401* Apr 13 25 Aug 16 Boston A 1,000 $ per Oct 19 200 Bower share per 15 400 22 $ 39 1*4 27 227« 18 20 22 share per 76*4 Oct 19 5 1*8 *21*2 934 38 37*2 *26 32*2 *4*2 1*4 $ No par Borden Co (The) 31 11,500 16,700 34 24 18 38 15*2 203g 25*2 1484 11 20 4*2 Year 1936 Lowest Highest No par Class B Bond Stores Inc 11 27g Bon Ami class A 80 29 13 Par 120 357g 3214 38 10*8 *99 6*4 *5414 5*4 36*4 , 23 1134 pno*2 ' / Lowest 400 35 10*4 • *37 2414 38 *37 4*2 *1*8 21*2 1937 EXCHANGE 41*2 27 . 33 *32*4 25g 11*4 14*8 40*2 33*5 2h 1134 13fa 12*4 37*2 11 1078 30 82 ♦80*4 41*2 6, Range for Previous On Basis of 100-Share Lots Week $ per share , YORK NEW JW Saturday Nov. 120 75*8 Jan 25 Jan 13 Ex-rlghts. 100*4 July 55 Jan 97 Jan 14*4 June 2*4 Apr 59*4 Apr 136*2 Aug x45*2 Jan 51*4 Jan 23*g July 108*4 Oct 103 Aug 847g Sept 128 Nov 91*4 Nov 136 Nov'; 245g Feb 5*2 Feb 82 Feb T Called for redemption. LOW AND SALE PRICES—PER HIGH NEW Saturday Monday Oct. 30 Nov. 1 8i4 $ per share 8% 2534 11 1034 12% 8% 25 *1014 ♦10 12% 8% Thursday Friday the Nov. 3 Nov. 4 Nov. 5 Week 8 per share $ per share 7% 8% 8% 25 1034 10 13 13% 11% 7% 12 10% 9% 13 784 9% 12% *7% *10% 8% 8% '7 24 10% 10 7% 2334 *10% *85s 7% 25 11 200 9% 4,900 7% 12 900 *7% 7% 75 *66 75 *66 72 *66 72 68% 69 *68% 74 *68% 74 *6884 74 70 68 68 75 69% *68 2% *60 2% 8% 26% 8% 2578 9734 5% 5% 11% 1034 104 4% 6 *21 24 *8034 82 1734 18 81% 17% 13% 2 24 25 97 96 97 x23% 96% 97 96% 5% 4% 10% 934 104 *100 *100 4 4 21 85 *8134 83 xl6% 17 16% 13% 12 12% 1234 2 Dec I 93 Oct 27 1 Oct 19 ...100 65 Oct 18 48 5,800 Continental Can Inc 41% Oct 19 Continental Diamond 5% Oct 19 23 Oct 19 8% 200 10% 10 10% 10 10 29 29% 1% 2,400 16% 14% 32% 14% 3134 15 1584 50% 50% 49% 50 50 51% 55 56 55 55% 56 57 30% 3,500 19,400 2,000 470 3,700 165% *157% 165% *157% 165% 5% 5% 5% 5% 4% 27 28% 29% 32% 28% 2934 *157 "5",500 5 preferred 20 Fibre..5 Continental Insurance...$2.60 Continental Motors 1 Continental Oil of Del 5 Continental Steel Corp. No par Corn Exch Bank Trust Co..20 Corn Products Refining 25 Preferred 100 1,300 2834 29% 1% 33% 1584 6,600 5% conv pref 9934 98 98 95 98 92 95 92 92 800 25 24% 2434 24 24 23% 24 24 1,100 11% 10 934 10 39 10% 4034 36% 38 *31 41% *35 41 *35 41 100 36% *33 37 *33 37 1378 14% *32% 12% 37 1334 *77% 80 200 30 32 4,900 *93 100 4034 *32% 37 1434 14i2 76 100 *93 80 *76% 31% *93 13% 12% 79% 30 33% 3234 34% 3334 *9314 100 14 12% 84 *75 84 *81 40 37 30% 29% 100 100 *92 13". 600 ""160 I ♦78 *% 1 *% 1 *% 1 *5% 6% 6 6 584 6% 6% 6% 5% 5% 4% 5% 434 5 5 5 80% 78% 78% 19 I884 1834 684 6% 49% 4% 4734 13 1134 5% 514 I *75i8 80 *76% 19 19 19 63s 6% 49% 49% 49 4 4% 13% 4 6% , $5 conv pref Crucible Steel of Cuba Co 78% *76% 78% 1834 18% 900 6% 6 6% 47 6% 4734 1834 6% Preferred 30 1834 *77 48 4,800 4 26,200 1234 48 10,800 *55 70 *55 70 *55 *55 65 *55 65 *32i2 35 32 32% *30 55 *30 32 *30 55 40 25% 2434 25 23 3,200 9 25% 9% 16 22% 9 8% *14% *8% 98% 2334 9: 16 98% 25% *22% *14% 23 15% ■,1634 8% 8% 1734 8% 1278 25% 9 12% Stock Exchange *1418 *14% 16 *97% 8034 23% 98 98 98 82 «2 6% 27 23% : 23% 23% 14% 14% 14% 18% 19 14% 193s 19% 9% 934 :.*3% i ■■■>;. 9 . *14% 98% 98% 23 24% 14% 22% 14% 23 Election 26% 23% 15% 17 18 1534 1734 9 8% Day 9% ' Ik 8% 3 3 99 v' 100 *13 19 *13 *40 55 *40 55 41 2IS4 31% 2034 31% 32 2I84 3184 10% 10 10 15% 76% 15 15% *70 18 *33 35 *2312 4334 *578 247g 44% 6% 36 35 213s 2,800 Diamond 30% 30% 1,100 9% 900 6% participating pref Diamond T Motor Car 9% 16% 33% 33 33 21 2234 45 47 4834 • 40 46% 4634 *5% 6 534 *5% 6 35% 3234 35% 534 32% 34% 32% 95 91 91 91 34 34 89% 3334 *13 14 35 14% 14% *3g % *1 1% *1 1% *3 3% 3% *12% 3% *2% 3 163 1% 3 2% *12% *1 *3 3% *12% 13 '«* m *. 163 163 163 104 23% 24% 21 23 20 21 578 5% 5% 5 24% 7% 4% 2534 23 1,000 160 5% 4334 4334 38 39 40% 2534 % 2534 25% 25% 24% 25 24 25 243s % *84 278 1934 278 234 2434 % 234 1934 19% 40 47 *40 *106% 108 8 8 40 40% *106% 108 *106% 108 *7 7% 6% *42% *47 60 *46% 60 *45l2 *45% 60 60 45 *50 70 *48 *48 70 3% 3 3 93s 9 884 9% 8 13% 14 13% 13% 12 ♦93s 1034 9% 9% *3% 78% *71 - *71 *27g *884 *71 78% 434 5% 5% 5% 4% 13% 1334 1234 13% 11% 2% *2 2% 2% II II 31% 3134 2% *2 10% 3034 *2 2% 2% 2 10 II 28 31 83 19% 19% 40% 39 39 106% 106 6% 6% 2,700 1,300 2,100 500 10 1,000 *42% 48 45% *42 48 *43 48 65 *45 55 *45 65 3 3 2% 2% 300 8% 8% 8% *71 5 4% 11% 1234 *2 2% 12 12% 834 9 9% 600 78% *71 78% 2% 2 2 9 2 10% 9% 20% 30 27% 32 11% 10% 32 33% 10% *11% 12% *75 7734 *75 7734 75 75 *75 82 *75 82 *75 85 ♦92 105 *92 105 ♦10% * 4% 12 2 2 9% 28 ~2~30() 4,600 2 2 10 700 180 200 2884 3,000 32 32% 33% 2,100 13 10% 10% 300 78% Inc Am shares... Electric Power & Light-No par preferred.. ...... No par $6 preferred No par Elec Storage Battery ..No par $7 Endicott-Johnson 85 *75" $6 preferred Federal Min A Smelt 85 Preferred *92 101% 4% 4% 4% 4 4% 3% 3% 3% 101% 334 "2,800 434 4% 2% 434 4 4 4 4 4% 4% 1,300 Federal Screw 434 2% 2% 2% 2% 238 1,400 Federal. Water 2% 2% ♦238 * 2% Bid and asked prices; Arc no sales on this day. 101% *92 t to receivership, 11% 13 June 21% Jan 70% Feb 19 42 Jan 63 Deo 36% Feb 2 40% Feb 4 23 Apr 10 684 Oct 19 10 Oct 19 30% 37% Oct Oct 43 May 29 Mar 25 Feb Jan 40% Aug 18% Oct 19 34% Dec 95% Deo Oct 40 Aug 40% Deo "41% "Jan 41% Jan 25 4084 Feb 17 51 Jan 28 Apr 19 9 9 16% Oct 19 Oct 19 35 Oot 93 Mar 17 90 60% Oct 20 15 Oct 15 Jan 61% June Nov 25 Deo 8 7% Apr 12% 20% Oct 19 77% Jan 25 60% Jan 82% Oot 5 14334 July 13 55 Jan 10 29 Jan 51 Deo Jan 36% Deo 534 12% Mar Oct 20 89% Nov Oct 19 30 7 5 5% 3% Feb 19 1% 39% Jan Oct 19 9 138 Jan % Oct 25 % Oct 19 1% Oct 19 10 Oct 19 % May Jan 134 Jan 3 Jan Oct Jan 16 4% July 8«4 17% Jan 19 13% Aug 18% 8% Jan Deo Jan 19 114 Feb 120 113% Oct 19 130 Oct 20 180% Jan 18 135% Feb 19 133 Apr 18434 Nov 129 Feb 136% 107% Oct 21 110% Nov May 28 ,122 112 2% Oct 19 145 Oct 19 150 Apr Deo 4 115% Jan 22 17 Mar 6 109% Oct 27 zlll% June 5% July Deo 116 Deo 12% 198 Aug 16 156 Apr 185 Aug 164 2 a Def. 3 Nov 4 152 July 160 Mat 40% Nov 334 Oct 19 3% Oct 19 6% Oct 19 27 Oct 19 100 1 Oct 19 24 Oct 19 22 delivery. Federal Motor n % Oct 19 734 Feb Feb Jan 25% Deo 7 8 3234 Jan 94% Deo 29% Jan 87% 44% Jan 16 2 Jan 19 39% Dec 55% Deo Jan Jan Jan 2234 Nov 53% July 110 Aug 1% Feb 6% Deo Apr 6 7% Feb 92% Jan 87 Jan 8 Jan 18 29 Jan 18 Oct 15 60 Feb 11 37 % 1% 17% 29% Deo 69 Feb 116 July l05i2June 10 115% Jan 19 Oct 19 17% J%o 10 7% Jan 78% Jan 30 81 Feb 19 45% Jan 8484 48 Jan 89% Juno 86% Feb 10 55 Jan 97 934 Jan 15 23% Mar 17 11 35% Mar 17 16 3 28% Mar 17 80 Jan 14 14% Jan 21 34% Mar t Oot ID4 Jan 29 Oct 68 Jan 69 Jan 12 Jan 15% Aug 23% July 40% Jan Jan 8% Mar 2% June 484 Mar Apr 25 Deo 71«4 Deo 210% Jan 14 70 Jan 11 122% Jan Jan 210% Deo Deo Deo 293s Jan 18 Mar 129 Apr y Deo 18% Sept 8% 150 Ex-dlv. 34% 3434 60% Jan 27 90 Oct 19 2 Oct 19 Oct 19 1% Oct 19 10% Apr Oct June 71% Jan 15 Jan 2% 6% Apr Apr Deo 4% 103 Nov 3 16% 684 Jan 21 5% Jan 28 28 Jan 28 3 75 ..100 Co—100 100 rCash sale, Dec 0% 10 1% Oct 19 14% Oct 19 Truck..No par Works..No par Serv A.-No pa* New stock. 6 26% Jan 14 Feb 23 16 41 Oct 21 preferred—.No par 45 Nov 3 %5Yi preferred w w..No par 63% Sept 24 $6 preferred No par 134 Oct 19 Equitable Office Bidg. - No par 4% Oct 19 Erie Railroad..-.—.....100 8% Oct 19 4% 1st preferred 100 5 Oct 19 4% 2d preferred 1—100 Erie A Pitts RR Co 50 x75%May 27 3 Oct 19 Eureka Vacuum Cleaner 5 7 Oct 19 Evans Products Co ---5 1% Oct 14 Exchange Buffet Corp. No par 1 Oct 19 Fairbanks Co 25 7% Oct 18 8% preferred. 100 23% Oct 19 Fairbanks Morse A Co. No par 150 Mar 31 6% preferred 100 26 Oct 18 Fajardo Bug Co of Pr Rico.20 7% Oct 19 Federal Light A Traction.. 15 4 *92 3 Corp...-50 5% preferred Engineers Public Servloe 30 78% *75~ 4% 1234 *95 *95 33 200 113s 4% Apr 30 27 Feb May 4 12% Oct 15 38% Oct 27 18% Oct 19 30 Oct 15 $5 conv 3,900 1,600 12 3 Boat.—. 2,000 6 78% Feb 153 128 19 May 13 22 Gas—r.' 55 9% 9% Jan 4% 10% Feb 18 7 116% Jan Oct 19 Corp..No par ...50 6 7% 11% 834 100 JElk Horn Coal 6% preferred *42 8% 12% Mills 6 Kodak (N J)-No par El Paso Natural 7 3% 5% 1st pf.100 800 500 52 *32% 11% 33 19 *106% 108 *95 *95 *95 *39 Feb Elec & Mus 38 39 Oot 23% Electric 38% 18% 5434 5,400 81.400 38% 19% 33% Nov Jan Apr 13,800 41 1934 Apr 14% Jan 7% 41 *84 19% 30»4 24% Mar 17 4% 13 234 5 583s Mar 17 Oct 19 15% Nov 43 % 29 Oct 19 47% Nov 40% 2% Oct 19 13,200 12% *34 Deo Jan 40% 2% 32% Nov Apr 39% 34 Jan 1 5 684 12% 2% Nov 4 Oct 20 3034 Apr 43 % Jan 27 3134 Mar 108% 28% 11 2% 18% 27 5 109 Deo 45% Feb 11 23% % 107~ 37% Feb 11 16 Mar 17 40 3 6 Oct 19 44 0% 4% Nov Feb 19% Nov 7% Apr Jan 16 18% 24 15% Oct 19 12% 4% Oct 19 15% Oct 19 43 7% 4l2 No par Eltlugon 13% 634 deb---.-100 Eaton 2,700 46 7% Jan 4 4,900 5% 4% 11% 7% 434 23 4 Jan 70% 36% May Oct 29 Schtld.No par Electric Auto-Lite (The)--.-5 22% 4% 12% 25% 7% 4% 1278 45% 24 Feb 27 27 134 Oct 19 Oct 19 (E I)& Co 20 6% cum preferred Manufacturing Co 50 20% 5% 22% 0% 434 22% 6% 4% 10% 5% Eastman 90 5 Eastern Rolling 2,500 9% Mar 21% Deo 8 100 Duquesne Light 4,100 Deo 114 13 25 preferred Jan Apr 24% Jan 62 21 No par 6% non-voting $4.50 pref Deo 44% Sept 59 96% Oct 21 fDuluth 8 8 & Atlantic..-100 6% preferred 100 Dunhlll International.. 1 Du P de Nemours 14% Mar Jan 4 10% Jan 14 23 *u No par CastlngCo No par Dome Mines Ltd ..No par Dominion Stores Ltd ..No par Douglas Aircraft ... No par Dow Chemical Co No par Dresser(SR)Mfg conv A No par Class B No par 8% 0 86 6 Class A 500 2384 Mar Deo 20 129 99% Mar 6 4 12% Oct 19 Doehler Die ... 9,400 Oct 19 109% Jan 83s Mar 22% Nov Taynolds A. .No par Match.....-No par Duplan Silk 13 *164 164 24% 578 25% *.•» M 300 *112% 114 *112% 114 118 122% 117% 120% 134 134 1333s 133% 110 110% 110% 110% 109% 110 111% *111 111% 111% 111% *111 7 6 034 6% 63s 6% 160 158 161 167% 155% 160 169 *24 4002 % 133% 133% . *162l2 163 400 34 120% 125 109% 109% *109% 110 110% 110% *110% 111 7 7% 7% 7% 169 700 13s *1 16,100 *112% 114 *112% 114 12234 125 *132% 134% 169 13% *12% *38 % *% 100 - 14 *12 3% 13% 1% 14 34 *3234 % *% *1 168 20,300 34% 95 2,200 20% Feb 11 Deo 3% Deo Sept 67% Aug 19 30 Sept 20 Co..2 Distil Corp-Seagr's Ltd No par 5% pref with warrants.. 100 Dixie-Vortex Co. No par 10 6% *34 133 300 17% 17% 17% 21 15 126 100 20 40 114 11,600 70 *33 15 133 10 70 *16% *34 *112l2 125% 15% 75 16% 16% 97% 14 15% *70 22 *95 *12% 9% 9% 14 75 34 97% i 40 21 30*4 45 34% :. *38 21 30% *33 *95 *% 40 20% Devoe & Oct 18 Oct 6034 125 0% Jan 03% Jan 35% May 16% June 8% Oct 19 5% non-cum pref erred.. 100 39 9 4 Oct 19 5 41 Apr 95% Apr 1% Sept 4 2 68% Nov 49% Nov 19% Deo Dec 28 10 4 Nov 91% Nov 7% May 127 98 19 300 173s Jan "37% 35% Sept 44 143s jan 12 Jan 11 43 Mar 1 ...100 *13 8 Jan 11 3 Oct 19 Ry Co...100 Det & Mackinac Mar 15% Mar 43% Jan 46% July 108»4 Apr 15 8I84 Mar 3 135 MarlO 284 Oct 19 Oct 28 6 % pf 100 Detroit Edison.. --- 19 20% 16% >■ JDenv A Rio Gr West 800 21% f 15 34 *33 23% 44% *57„ 10 *5% 23% 16% *17 600 ■'m,*** *13 *70 76 7,000 19 9% IOI4 1412 *67is 800 1,100 5,100 100% *99 8 22,800 "§5" 50% Jan 75 1 1 Cushman's Sons 7% pref-.100 $8 preferred No par Cutler-Hammer Tnc newNo par Davega Stores Corp.. ..5 Conv 5% pref 25 Dayton Pow & Lt 4>fc % pf_ 100 Deere & Co new No par Preferred 20 Dlesel-Wemmer-Gllbert 10 Delaware A Hudson 100 Delaware Lack & Western..50 ""116 7% Mar 50% Deo % Oct 19 Class A. Deo 170 Oct 47% Jan 28 25% Apr 13 Oct 20 Curtis8- Wright. 700 2% 2% 234 100 *5% 19 32 15 234 98 8 *6% 9 *6% *14% 98 *13 *31 8% 16 24% 23% 9 2134 23% 22% ' • 1134 98 ■■*7 2184 12 Closed— I 3% 3% 100 100 3% *9912 102 23% 8% 9% 16 334 334 3% 11% 09% Oot 82% June July Jan 16 Oct 19 Nov Apr 40 Dec Aug 13 Oct 19 47 Mar 4 2834 Jan 15 100% Feb 3 90 3 Feb 4 44% Deo 41 37 812 Oct 19 Cudahy Packing Curtis Pub Co (The)...No par Preferred ...No par 7,800 48% 4 12% 69% 334 Sugar Cuban-American 46 Apr Apr June 3 115 70 100 10 100 ...50 Cuba RR 6% pref 190 4,700 Nov 10% Mar 16 50% Feb 21 ....No par (The) 71% Jan 16 171% Jan 14 31% Oct 19 38 Nov 1 35 Oct 29 No par America..100 100 Nov 87% Jan 24% Mar 55% Apr 63% Aug 158 Aug Feb 13 77 4 109 June 25 8 35% Mar 2134 Oct 20 7 Oct 19 5 Crown Zellerbach Corp.. Preferred 7 I *578 Deo Deo 20% Mar Jan Dec 07% 6334 17% 35% 2% 28% July 19 9% Oct 19 $2.25 conv pref w w..No par Pref ex-warrants No par 38 38 *32% 41 40 *38 9% 37% 35% Nov Feb 17 Jan 9 Jan 23 Jan 23 Feb 11 47% Oct 25 50% Oct 20 153 Apr 14 3 Oct 19 27 Oct 6 90 Oct 19 Crosley Radio Corp..-No par Crown Cork A Seal No par 4,000 6,200 10% 15% May Jan 1% Jan 49 78 Oct 19 Oct 19 Cream of Wheat ctfa...No par 11 23% 9% 36% 984 9% 37% 103s 10934 69% 2534 42% 3% 24 No par 25 100 Coty Inc Crane Co 2434 *97iz June 5% Jan 15 ...No par Class B 47 34% 3s May 2 92% Aug 16 48 1% 106% June 12% Nov 1% Jan Jan 12% June 3734 Jan 14 30 • Oct 19 373„ Apr 13 10% 5534 Oct 19 7% Oct 19 29% 1% 32% 5634 38 Oct 16 3 16 Deo 17% Apr 5% Sept 1034 Oct 19 11% 555s 4 1% Feb 27 13% Apr 6 52% Apr 6 10% Jan Feb Oot July 9% Nov 3% Apr 11% Feb 109 Jan 101 80% Oct 19 313s *155i2 165% *155% 165% 6 65s 6 5% 32 32% 3214 32% 2% Oct 19 7,400 1% 20% 483s 102 105% Jan 23 Nov 1% 76% 1% Nov Apr 27% Apr 13% Feb 26 17% Apr 5 1 7 1% 76% 2 Nov 7% 15% Co$4.50pfNo par 11 5034 Oct 19 3% Oct 19 101 77 1% Nov 95 94 72% 534 Jan 20 1834 Jan 9 49% Jan 23 108 Jan 12 4% Oct 19 preferred 85 Jan 73% Feb 4% Sept 5 Continental Bak class A No par 29% 158 34% 1678 1 Oct 19 Consumers P 1% 17% Mar 6534 June Mar 11 92 Container Corp of America. 20 11% 51 96 1 Oct 19 Nov 68 22 300 313s 35% Oct 21 63 2534 Mar 7 July 18% Jan 15 87 Mar 2 5,300 15S 17 20 434 Oct 19 65 Oct 18 9,100 17% 13% 11% 50*2 Oct 19 8 No par Consol Laundries Corp 5 Consol Oil Corp No par $5 preferred No par Consol RR of Cuba 6% pf.100 JConsolldated Textile. .No par Consol Coal Co (Del) y t c._25 5% preferred v t o. 100 313s 35 22 47 83% 50% 1% 35 167s 5034 56 634 Oct 18 77 2 49 19% 200 81% 17% 52 51% 21 13 *77% June 500 21 20 83 Jan 8 2,500 *83 5% 33% 3,100 5 20 5 Aug 100 4% % *% % 4% 4% *19 81% 16% , I Jan 15 4,700 5 % 16 Jan 14 37,000 *3% 4% *3% % % 4% 104 Jan 30% Aug 19% Jan 23 $5 10% *100 104 44% 45% Mar 11 Oct 19 Cigar Consol Edison of N Y..No par 9% 10 19% Feb 11 Oct 19 10 36,700 2,400 4% 4% 434 9% 81% 18 14% 2% *78 5234 2534 24% 24 2 2% 84 6214 8% 24% 4% % 5% *21% *78 8 5% 14% 2,500 9 101 6 14 8% 8% % % 8 2 *4 4% 1,800 2 11 101 % 2% 2% 25% 98% 5% 98 *514 1078 *101 2% 2 9 834 25% 98 70 2% 2% per share 4% Oct 19 $ Highest $ per share $ per share 7 July 15% Deo $ per share 21 Congress 90 12% 9% 1034 Year 1936 No par Conn Ry <fe Ltg 4J4 % pref-100 Consol Aircraft Corp —1 Consolidated Cigar No par 7% preferred 100 6H % prior pref w w 100 6}^ % prior prf ex-war.. 100 Consol Film Industries 1 $2 partlc pref No par 3,900 *10 1034 Lowest Congoieura-Nalrn Inc..A% par 24 69l2 *66 Par No par Conde Nasi Pub lac 600 7% Highest Lowest Shares 8 per share 8 per share 7% 25% 24 25% Ranoe for Previous EXCHANGE Wednesday Tuesday Nov. 2 On Basis of STOCK YORK 1 Share Lou Range Since Jan. STOCKS Sales CENT NOT PER SHARE, for $ per share 2967 New York Stock Record—Continued—Page 4 Volume* 145 11% Feb 11% Feb 0 4 11 2 19 25 Jan 14 Ex-rlghta. Feb Apr 01% 1834 84 Jan 101% Deo 37 Aug 92 Mar 31% 09% Mar 7% 3 2% Jan Apr Jan 27*4 123% Nov 12% Mar 0 Deo 0 Oct T Called to rredenptlon. 1 New York Stock 2968 LOW AND HIGH SALE PRICES—PER SHARE, NOT PER Record—Continued—Page CENT Sales STOCKS NEW YORK for Saturday Monday Tuesday Wednesday Thursday Nov. 1 Friday the Oct. 30 Nov. 2 Nov. 3 Nov. 4 Nov. 5 Shares $ per share 23 9 per share 23 39 76 76 31 31 39 *221$ »22i2 25i2 92I2 33>4 17% 9 per share 22% 74 74 30 30 *22% 23% 90% 29 *22 33l2 33 33 33 33 18 1634 17% 1534 16% 3712 *34 *75 15% 3434 *32% 25 *20 26 5% 5% *55% 2212 ,108 114 *24 29 12 13 5% 1314 27g 7% 2478 15i2 1934 4% 22% 105 12 7 8 95 24 15% 15% 90 90 91 42l2 918 *90 95 *88 94 39 9 5 3934 5 38% 8% 9 8% 125 *108 4% 434 412 1034 2214 13 11 1134 10% 25 23% 25% 23 *73 83 *73 * 42 57 57 *118 120 ♦118 427$ 4312 112% 11212 28 6 4134 6 23g 2% 2234 2234 ♦ 20 30 303s 27% 153s 27 15% *22 1334 15 14% 67 60 3 2134 *617s 2478 89 23s 6I4 *2ls 15i2 19 ♦3U2 1378 2934 2978 *125 *5012 22*4 113s 584 64 22 3 35s t *19* 66 5 *64 2i2 5% 2% 834 30 *20 7 22 22 *20 684 *18 27J4 34 77$ *73i2 3% *96i8 714 *92 *130 18l2 ♦25 *_ 26i2 26% *121 7?8 *73 3i8 98% 7% 98% 154 7% *92 [ 2978 2012 105s 21 1158 9 18 6% 2U2 1078 IO84 llSg 884 2,300 *18 2678 *26 884 *H2 1584 18 6 *18 2714 34 33 7 2714 32% 734 33 8 7 24l2 *23 2412 101 *23 95 128 8 234 98% 75s 18 *125 131 *125 131 128 128 128 128 128 7l8 *73 3 96 26% *92 73g 2414 *121 7i8 *73 3 234 96 *93 7% 718 * 128 25 *121 718 *73 278 *50 53 *50 53 *50 53 *9114 93l2 93 93 *2118 2314 23 93 *21% 25 2334 *9184 *21l2 2034 * 94 133s *82 8% 54 2i8 *684 934 2% 85 8% 54 2% 8 10 284 *82% 8I4 5H2 2i4 634 983 *2012 24 212 12l2 *20% *43 4512 *44 13 *8l2 * 1314 9l2 *734 1334 22 4814 29% 1334 5978 85 884 5214 238 7i2 9% 2% 2714 32% * 2312 23U ♦ 94 "12% 2184 *21i4 2012 1,800 26 13l4 94 "Ii34 95 2514 128 718 * 125s 26 1314 58% 12l8 12i2 5678 58 *82l2 778 48i2 2i8 6% 814 2i4 85 55 *8278 8i2 5U4 218 612 9% 2% 85 7i2 4634 *2i8 *512 8i8 214 300 50 300 2H2 2078 100 12U 2,900 "2",466 1,300 24,200 25U 300 1278 6,900 54 55 *8212 85 4834 2i2 7 1*2*966 46 48 3,700 218 *5i2 214 83g 87s 11,300 2% 23g 5,400 14,800 884 212 1178 800 8 - „ 1,000 $4 12 13i8 22l2 4412 912 1914 43l2 20 19 19 20 20 42 43 43l2 *712 4312 Bid and asked prices; no sales on tnis day, 9i2 t *714 9i2 In receivership, lll2 1214 delivery, 301$ July 77s Oct 19 6*4 84 Mar 11 Oct 92 66 213$ July *100 434 Oct 19 Deo 81$ Apr Jan 4*4 Feb 9 2 June Jan 12 13$ July 31$ Apr 6&$ Jan 22 16 1 6 Apr 241$ Aug 281$ Jan 8 16 8 473$ Jan 281$ Mar Deo 44 Dee 31 Jan 136 Jan 1491$ Aug 32% Mar 10 Mar 10 Feb Jan 501$ Mar Apr 14*4 8 65 22 Deo 397$ Nov 177$ NOV 15$ July Jan 9 24 g 6 914 301$ 8 30 Jan 36 7 33 June Jan 208$ Feb 10 July 6 Oct 4*4 66 Dee Dee Jan 19*4 Mar Jan 621$ Oct 347$ Dee 37 Aug 151$ Deo Jan 19 Oct 19 31 Feb 16 14 Jan 101 Oct 27 108 Feb 18 xl04 Deo 92 1251$ Nov Oct 26 105 Jan 22 100 June 18 1051$ Mar Oct 19 123 Oct 28 5 Oct 19 7134 Oct 19 581$ Mar 140 6 Oct 20 Oct 19 30i$ Jan 55 Nov Dee Feb 26 120 Jan 12 Jan 104 Nov 115 Jan 43$ Apr 995$ Deo 123$ Aug 9 Mar 133 Mar 107 Feb 26 8 Jan 14 lla Oct 19 89 5 32 17% Jan 11 1171$ Aug 13 157$ Jan 25 1361$ Deo I8I4 Nov 21*$ Jan 92 Nov 4 126 Feb 9 117 May 141 Jan May 6 166 Jan 6 165 Dee ..No par No par 11 Oct 19 I6OI4 July 25i$ Apr 41 Oct 105 Oct 19 100 125 May 22 No par 49 Oct 19 395$ Feb 11 185 Feb 3 84 Jan 150 Dee 1351$ Feb 2 126 Aug 135 Apr 587$ Sept 102 Sept 80 Jan 119 Feb 6734 Jan 21 Oct 19 111 37 6% conv preferred..No par Hollander 4 Sons (A) ...5 Holly Sugar Corp..—No par 7% preferred ..,..100 Homes take Mining 12.60 94 Oct 20 10 Oct 19 15i2 Oct 19 Houdallle-Hershey oi A. No par Class B No par com stk.No par 6% preferred Houston Ol) of Texas 100 v Howe 8ound Co Hudson 4 Manhattan t C—25 —.5 100 5% preferred 100 15l2 Oct 19 109 Oct 19 X3934 Oct 19 23 6 Oct 19 Oct 19 Jan 19 June 6234 1201$ 303< 431$ 1148$ Feb Jan Mar Jan Mar 501$ June 29 41 Jan 30i$ Jen 108 June 9 Jan 19U Jan Feb 115 Oct Dec 644 Feb 397$ June 277$ Feb 11 22U July 64*4 June 44 Oct 19 73 Jan 11 Oct 12 94 434 Oct 19 37 Oct 19 U8 Oct 19 3% Oct 19 4 Oct 19 171$ Jan 22 901$ Mar 10 57$ Jan 21 157$ Jan 21 23% Feb 17 41$ Aug 17 6*$ Jan 48*i Jan 31$ June 81$ Apr 131$ May 8 16 Oct 19 671$ Mar 11 30 June 41 Oct 18 72 Jan 20 58 Jan 6 Oct 19 251$ Mar 11 11 r A .1000 Cash sale. * 44U 33 Feb Mar Mar 20 6% preferred series A... 100 Leased lines 4% 100 RR See ctfs series Deo Deo 33*4 Oct 427$ Deo 108 5 82 49*4 124 407 Hudson Motor Car ..No par Hupp Motor Car Corp 1 Illinois Central 100 New stock, Deo July Feb Mar Jan *25% Nov 2 Jan Mar Jan 171$ Mar 591$ Mar 3431$ Feb Oct 15 n Apr 2 56*4 May 20 421$ 1451$ 64U 391$ 167$ Oct Dee Nov 6214 Nov 22*$ Oct 46*$ Oct 4214 Deo 111$ Mar 18 4*4 Jan 11 2678 Oct 23 26i2 Apr 17 351$ 861$ 317$ 1057$ 145$ 961$ 41$ 1114 6*$ 77 59 Oct 19 jan 5 15 71$ Feb 1014 Feb 118 Sept Jan Deo Feb Jan 27*4 Feb 481$ Feb Nov 66% 37$ Jan 6i$ Nov 135$ Oct Jan 271$ Nov Dec 521$ Sept 131$ Jan 18 96 90 Jan 371$ 473$ Mar 11 Oct 19 314 Oct 19 12 Deo '1*9*4 13% June Aug 70 9 Oct 15 78 Deo 89 Aug 30 141 88 9i2 a Def. 50i2Septl4 1512 Oct 19 7i2 Oct 19 31*4 Dee 441$ Nov 71 July 140 preferred Household Fin 17 74 21 180 *734 IH4 2312 Oct 19 23i2 Oct 19 131i2 Oct 27 481$ Deo 60i$ Mar 11 87% Mar 11 No par 500 44 Oct 19 Feb Dee 1181$ Mar 47$ Dec 261$ May 33U Apr 321$ Apr 116 Hlnde 4 Dauche Paper Co. 10 Holland Furance ..No par 400 13 conv Apr June 6*$ 25 Hershey Chocolate 92 l67g Oct 23 2512 Oct 19 12 57 Feb 17 Oct 19 Oct 19 10 110 2 7 Jan 115 Oct 19 1% Nov 100 Hercules Motors.. Hercules Powder 6% cum preferred 100 25U 12% 8 Helme (G W) Preferred 2*200 3 10 Aug 77 Jan he Oct 2 67$ Feb 25 8i4 Feb 19 Oct 19 123 Jan Jan 6 13s Oct 19 1 6H % preferred w w 100 Hayes Body Corp 2 Hazel-Atlas Glass Co 25 Hecker Prod Corp v 10-No par Oct 19 Oct Jan Jan 20 90% Mar 3i2 Oct 18 Feb Jan jan 106 611$ Jan 28 681$ Jan 18 16i8 Oct 19 10 Hat Corp of America ol A "i:666 94 12 26 1234 10 400 100 9178 2112 2014 25 Harbison-Walk Refrao. No par 6% preferred .100 8,800 2II4 2114 2ll2 22 *109% 110l2 *109l2 11012 *109l2 11012 48% 60 4784 49i2 495g 53 27 5.100 53 .....26 Hamilton Watch Co—No par 6% preferred 100 Hanna (M A) Co $5 pf.No par 80 75 3 100 7% preferred class A Hall Printing 600 7l2 22 27 40 93i2 *51 2314 2034 6% preferred. Hackensack Water Jan 22 33^4 Jan 25 437$ Feb 11 Oct 19 10 Guantanamo Sugar No par 8% preferred 100 Gulf Mobile 4 Northern.. 100 200 784 92 *92i2 96 92i2 *91 93 *125i8 154 *125l8 154 j ♦1251s 154 18 1734 18 1634 17 18 *120 12812 *122 127 124 124 *127 *12612 129 129 *127 129 63 *13% 200 714 7% 9312 ♦2134 22% 2134 *109l2 11012 *109l2 46 47 4714 *26 *26 29?8 14 1384 1314 *5614 60 *5612 900 *278 9312 95 *50 23 70 1934 par preferred 1,300 7% 75 *9H4 2312 9412 1334 15g Greyhound Corp (The).No 101 "9412 2434 7*8 75 512 * 20 10 1534 57g No par Preferred 100 Green Bay 4 West RR Co. 100 Green (H L) Co Inc ..1 2,700 14,400 578 20 30 22 884 19 15s 15s I84 25 1,300 133 5012 22i8 95 75 Gt Nor Iron Ore Prop.No par Great Northern pref 100 Great Western Sugar..No par *50% 64i2 *90 128 2,800 35,800 ♦ 133 *5012 101 24l2 13i2 27i2 29l2 27 100 ♦125% 154 18 13U 2578 2912 1314 2534 2912 *90 26% Grant (W T) 293g *94 27$ *92 18l2 24 1,000 18 3134 1278 714 26 3H2 18 31 13 43$ 71 701$ 31$ Apr 321$ Apr 4 6 Dee 1231$ Nov 691$ Dee 15*4 Deo 105 4 88 5514 Oct 18 1 P 5 Grand Union Co tr ctfs 1 S3 conv pref series...No par Granite City Steel No par 300 Oct Oct 28 55 Graham-Paige Motors Granby Consol M S 4 6,100 j2 Jan Jan 183$ 5*4 Jan 13 Feb 487$ Jan 70U Feb Oct 19 96 100 Preferred— 637$ Jan 19 53$ 651$ 1171$ 63$ Oct 25 77 1,100 2,100 *1312 110 Oct 19 par Nov 1 li8 Oct 19 No par No par 214 15l2 18U 3184 4 1812 64i2 43,700 2 1314 30 20 2i8 514 95 conv preferred Gotham Silk Hose Dee 44 9 2 par 65 69i$ June Mar 20 24 1 6% preferred No Goodyear Tire 4 Rubb.No 33,200 1,100 1,600 66" *60 31 133 237g 8712 *514 2 100 *73$ 75 2678 *33 8I4 2 101 ♦94* 100 5I4 64 14 614 22 8I4 87 1334 1734 *878 1% 134 25 *33 8% 2534 400 162 7$ 207$ Feb 1 881$ Feb 23 293$ Mar 9 ' Gobel (Adolf) Jan 341$ Apr 333$ Feb 118 Oct 19 43 50 140 701$ Feb 11 1226$ Feb 2 49i2 Oct 19 20U Oct 19 No par preferred Goebel Brewing Co 1 Gold 4 Stock Telegraph Co 100 Goodrich Co (B F) No par 15*566 2% 147g *5012 20'8 105s 9 634 20 69 conv 605$ Deo 128*4 Nov Jan Oct Oct 19 7«4 Jan Jan Dee Dec 16 Oct 19 Rights 2,700 59 514 133 64% 2D2 ID2 4H% 17 701$ 1 8 No par Glidden Co (The) 12,900 5,100 2278 87l2 484 2978 133 16 *19* 578 27 96 preferred 2,400 8 11*4 28 Jan 56 preferred...No par Brothers No par Oct Oct July 13i2 Oct 19 912 Oct 19 1912 Oct 19 conv Glmbel 96 1834 2i8 1458 15 *878 15s 138 *6014 96 200 58 5i8 66 8,000 235s 434 30 11 223g 8512 3,800 700 314 3&8 * 214 13 21 31s 358 2 31 *2912 "1734 *57 ' '»6 3i8 358 96 23s 18% *50*2 20 I 2l8 19l2 3212 13»4 ♦125 1178 128 33s 358 9712 21% 89*2 5*4 1 *16 278 312 2434 8912 5% *267$ *121 46 60 % 34 26 27 46 29 64i2 2334 101 27 46 32l2 13% 30 15,500 *58 26% 2234 89l2 14% 303s 600 12 46 5978 19 65 28 25 2l4 5% *2is 1434 11 155 Jan 14 Oct 19 Gen Time Instru Corp. No par General Tire A Rubber Co 5 Gillette Safety Razor..No par Jan 68 Oct 19 300 Dee Nov 3<4 Jan 18 19 14 Apr 76 49 9 151$ Feb Oct 19 Aug Nov 20 7 Jan 13 6012 Jan Oct 19 Jan 5*4 647$ jan 21 Feb Nov Nov Apr 141 521$ Jan 23 152 30 10*4 Apr 4 19 19 18 11 59% 17 Dee 1061$ 177$ 148$ 1041$ Dec 97 42U 4 19 15 Genera] Refractories...No par 65 45 65 *33 2534 *58 Oct Oct Oct Oct Gen Steel Cast 16 pref. No par Gen Tbeat Equip Corp.No par 2212 14i4 115g 5914 2712 334 27U •94* 59 10% % 100 *2584 8I4 10% 22 2l2 512 23s 15i2 1934 3212 *634 65 12% *64 90 1% 1134 6684 *603s 24% 89i2 584 26i4 133 14 21% 312 8i2 10334 15s 78 81$ May Feb 11 124 Oct 25 540 3,900 13% 11% 6584 11% 14 117 111 Oct Feb Apr 53i$ Feb 7«$ Aug Nov 1514 64i2 Jan 29 657$ Jan 18 4,200 700 Feb Oct 22 Oct 26 20 27i2 5 Oct 19 10 General Printing Ink 1 96 preferred ..No par Gen Public Service No par Gen Railway Signal.—No par 9 Jan 100 1 38 May 31% Oct 19 Jan 111$ May Jan 28 48 ..100 No par Gen Outdoor Adv A...No par Common No par Jan 16 Feb Mar 4414 Feb No par 96 conv pref series A. No par General Mills No par preferred General Motors Corp $5 preferred 3 28% Oct 19 »4 Oct 19 Oct 19 1334 12% ...No par 6% 473$ 311$ Apr 33$ Jan 32i2 Mar Oct 19 1 14 1434 34 94 28 22i2 100 ..No par Gen'] Gas A Elec A 4 8 65 Mar 4 Oct 25 .1263s Mar 31 66 365$ Nov *136 Jan 163 22l2 Oct 19 110 Sept 27 6% preferred 100 Gen Realty A Utilities 1 96 preferred No par *8,766 2 27% Day 400 2,000 27 25 2II4 65 884 20 35s *93 2234 5*4 64 3 37« 100 214 *1914 26l2 24 % 33g 46 30 45 28% % 300 1934 59 Election 3,500 27 11 Closed— 5,900 ""366 26 26 13% 11% 7,500 "*1% *1834 100 No par Feb 231$ July 108 861$ Feb 17 19i2 Jan 14 2l2 Oct 19 6% Oct 19 1414 Oct 19 No par preferred 7% preferred General Electric General Foods 700 21 cum 70~,666 2 ♦65 Exchange 12 28% 45% 19% *22 12% 60 Stock "*1% 7% 127 97*4 7i$ Mar Oct 13 par Dee 153$ July 19 *39%June 21 Oct 19 ..6 General Cigar I no 73 3812 Oct 19 5 Deo Mar 453$ Dee July 481$ Jan 5 117 63 Mar 26 33 Nov 9 3214 Jan 13 117 106U 19i2 15i2 105U 6 ...No Jan 1018 Oct 19 91 June 241$ Apr 95*4 July Jan 14 83 Oct 19 No par Class A Dee Dee 183$ Jan 12 4 897g Nov 1 4 ) Oct 19 6% Oct 19 3 Baking ""666 93 13% 11% 378 2l4 203s 20 S6 pf-.No par Cable 105 ¥ 93 26 12 3 2% 21 25% 13% 67 % *2 20% ♦ 26 1214 46 2% 23 95 Nov Oct 19 Bronze 30 584 121g 12% 105 136 234 Oct 19 50 Oct 19 General 30 5i2 12 *1134 ♦104% 105 29 60 *86 2% 23 * 26 29l2 5 5% 12% 105 25 15 14 % 5 5% 12% 105 Oct 25 70 par 18 General 123 30 lli2 Oct 19 102 ~~2~i66 39l2 4118 182,900 11212 11212 1,000 27 19% 27% ♦22 29% *4512 27 2734 1234 *59 40% 112% 112 28 2 68 12 38% 112 3 General 2,300 5534 *120 "1% 15 15 42% 123 2% 19% 30% 19% 29% 27% 26 14% 121$ *66% 3934 *120 112 95 "2" 21$ 20 120 541$ Feb 3,200 40 *54" 82 Gen Amer Investors. —No par 16 preferred No par Gen Am Transportation 6 80 * 56 *27 6 * 95 "2* 42% 28% 6 *74 40 *56* 5534 120 12% 12% 10484 10434 2% 2% 22% 2284 105 40 *55% 112 *27 13 *1278 *103 * 56 120 112 28 82 25% 25 25 *25 26 121% *110 121% *110 12112 39% 41% 38% 40% 3912 4H2 3034 31% 30% 30% 30l4 303g 1% 1% 1% 1% *ll4 138 *110 42 *55% *73 1 Deo Nov Nov 9 10 5,200 412 12 23 Dec 3 No par $8 1st preferred 2434 *110 *39 83. 834 46 Feb 3,100 40 4% 12U 25 83 100 5 9 Apr .100 conv 301$ Sept Feb Mar Sept 10 preferred...No 40<$ Sept Apr 68 Sulphur Co Gannet Co 6 Feb 40 98 Gar Wood Industries Inc 125 11% 23% 13 26 25 25 25% 121l2 *110 121% 4234 43% 41% 4234 3234 33i4 31% 32% 138 D2 1% 1% 900 8i2 *115 *4% 13 25l2 39 8% 125 26 *73 7 91 6I2 39 *115 90 l Oct 19 6% Oct 19 118 Oct 18 3% Oct 19 390 36% 10634 685$ 42*$ 56*4 34U 11*4 481$ Jan Oct 20 20% Oct 19 1,400 Jan Feb 27 conv preferred 6% 46% 68% 391$ 97$ 8 Apr 1153$ Nov 49*4 Nov 80 F*k'nSlmon<fcCoInc7% pf 100 Free port Oct Fuller (G A) prior pref-N© par 800 7% 91 11% Oct 19 31 96 2d preferred No par Gabriel Co (The) cl A—No par Galr Co Inc (Robert) 1 13 preferred 10 Gamewell Co (The) No par 91 714 conv Oct 18 9 46U Nov 38 413s Mar 11 107% Feb 5214 Mar share Jan Dec 20>4 z247$ 1001$ 45*8 Jan 18 39*4 Feb 19 3 30 3,600 12,500 1512 7 17 Nov 201$ 106 100 Foster-Wheeler Francisco Sugar Co Oct 19 Sept 30 Oct 19 Highest S per share 9 per 100 Machinery Corp 4H % conv pref 20 24 90 7 125 5 *23U Year 1936 Lowest share t per share Oct 19 *433< Mar 4 Oct 19 1087$ Mar 9 300 2i4 6l2 90% 7% 7% 7 9 3,600 12 15 7% 41 4034 130 15% 7 *108 125 1,200 2l8 6i8 Range for Previous Highest 2212 Oct 18 1% Oct 19 par Food 100 434 597s 2234 12 24 7% 95 73 45s 2% 6% 7% *90 *65 6,500 *5014 22% 12 2% 5% 23% 15% 90% 7% 24 16 897$ 734 7*2 784 24 18% 1937 251$ Mar 37$ Aug t Follansbee Brothers. .No 10 2284' 13% 234 6% 15 2,300 114 107% *105 23% *23% 2812 23% 2% 5% 33 434 ♦105 12 13% 2% "lT^OO 90 50%| 29 284 18 30 Floreheim Shoe class A .No par 32*4 18% 50 *24% 100 *86% 73 22 105 29 2% 7,900 90 434 55% 16 32 70 23 16 2% 3134 *86% 17% 73 24 90 434 34 55 108 2i2 634 2% 90 434 64 108 2% 73 23% ♦23% 884 234 32% *87% 1734 75 64 First National Stores. .No par Fllntkote Co (The) No par Florence Stove Co No par 22i2 25i8 1612 90^2 Fllene'B (Wm) Sons Co .No par 3434 *20 75 2314 42 IA84 *32% *65 6% preferred series A—100 2,300 33 25 77 ♦90 3234 36 35% 87% 20% 7*8 33 32«4 per 17 Firestone Tire A Rubber... 10 500 $ Fldei Phen Fire Ins N Y—2.60 4,200 ~ 90% *20 35U 87i2 1934 *7i2 91 *90 Par Federated Dept Store®. A'0 par Fed Dept Stores 4>4 % pf 100 1,200 *3234 207$ ♦85 30 29% 2234 22% 90*2 3 90 15 30 *22 27% 23 Lowest 600 26 35% •871$ 203s 241$ 74 37% 3 234 684 30 22% 91 73 3 2678 3 6i8 25 74% 6, EXCHANGE 500 *22 37% *2234 64 22 i *71% 913$ 92i2 *2278 22 30 25% 9134 ♦36 *108 *22 73% 2934 25 2578 hare 9 per $ per share 23 2234 73i2 2912 Nov. Range Since Jan. 1 On Basis of 100~ Share Lots STOCK Weet % per share 21 21 5 U2 Oct 19 Ex-dlv Oct 19 9 38 Ex-rights Mar 17 183$ Apr May *783$ Nov 137$ Dee 65 Deo 67$ Jan 173$ Feb 223$ Nov 291$ Oet 54*$ Sept 73% Oct 20 5 Called for redemption. Oct Volumt LOW AND HIGH SALE PRICES—PER On Basis of YORK STOCK NEW Saturday Monday Tuesday Wednesday Thursday Friday Oct. 30 Nov. 1 Not. 2 Nov. 3 Nov. 4 Nov. 5 Week $ per share % per share $ per share % per share % per share 9% 9% 9% 8% ♦8% 24 24% 2134 8% 23% 9% 24% 21 2I84 21% 86 86 85 86 84 85 81 83 *126 134 *126 134 *126 134 *126 134 80 9% 70 69 12% 1234 10% 4 4 4 4 6 5% 5% 6% 68% 12% 4% 684 *4% 5% 2934 30% *102 110 *4% *102 3% 29% 143 *102 110 43g 3% 26 76% 78% 76% 7734 *146% 161% *146% 151% 7% 734 7% 8% 434 6% 5% 6% 8% 8% *8% 8341 47% 47% *133 .... 45% *149 6«4 13% 14% 13% 14 11% 13% 60% 64 51 53% 45% 61% 45 Oct 19 Agricultural--No par 2 Oct 19 Oct 19 189 Jan Oct 19 120 Aug 144% Apr 30 162 .100 Int Hydro-Eleo Sys cl A...25 6,800 7,200 Int Mercantile Marine-No par 1% Oct 19 Internet Mining Corp 6 64,900 Int Nickel of Canada—No par 127%May 27 Inter Pap A Pow Co Class B .15 7% Oct 19 No par 884 Sept 13 4% Sept 10 36% Oct 19 2% Oct 19 Preferred Class C 50% 33,200 5 670 49% No par .100 5% conv pref Internat Rys of Oent Am.. 100 860 *5% 6 5% 5% 5 634 484 434 49% 50 50 84 51% 47 48% 21 21% 21% 21% 22 47% 21% 48 21 44% *20% 20% 20% 700 ♦36 37 36 36 37 37 *35 36 36 36 300 International 22% 22 22 300 International Silver 75 73% 73% 70 7% 7% 7% 27,400 14% 14% 25 25 24 24 *21 80 *75 80 *75 *20 2234 *74 83 7% 7 7% 16% 16 *75 15 24 14 77% *77 88 *77 12% *11 12 *11 12% 400 *22% 24 *22 24 800 120 *113 53 24 24 125 *113 125 *113 125 *51 55 55 55 53 53 84% 85% 79% 84 82% 123 123 % *122% 123% *123 *113 52% 52% 78 *122 79% 5,400 83 81 81 82 82 78 80 77 79 430 20 80 *19% 19 19% 18 19 1734 18 18 18 1,200 *11834 120% *11834 120% *11834 120% *8 934 *8% 934 9% 9% *118% 120% *11884 120% 10% 10% *20 22 *20% 21 10 10% 22 *17 20% 17 ♦87 93 83 87- 16% 82% 11% 7% 7% 11 11 10% 1034 10% 92 95 37 35% 10 10% *26 27% * 95 9% *26 "31% 36% 3 26 17 17% *16% 17% 934 17 17% 17% Exchange 17% 9 Closed— 2934 *29 *29 234 9% 2«4 234 *22% 23% 16% 16% *16 17 17% 16% 17 17% 17% 9% ♦73s 9 *6% 9 *73s 20 I884 19% 13 13 13 Election 13 ♦21% 24% 2I84 2134 16% 16% 8% 15% 16% *7% 8 18 19% 13 19% 13 17% *29 18 19 20% 16 12% *8 *20 20% *20 13 22% 126 Jan 100 4% preferred —.100 Kaufmann Dept Stores.fl2.50 Kayeer (J) A Co 6 Kelth-Albee-Orpheum pf._ 100 No par 1,800 Keystone Steel A W Co No par 5% Oct 19 600 No par Kinney (G R) Co 1 $8 preferred No par $5 prior preferred—-No par Kresge (8 S) Co 10 Kresge Dept Stores No par Kress (S H) A Co No par Kroger Grocery A Bak.No par Laclede Gas Lt Co St Louis 100 22% Oct 25 I84 Oct 19 20% Oct 13 700 40 120 6,200 ....-- 3,500 . 90 Kennecott Copper Klmberly Clark 27 25 26 25 26 26% 26% 48 43% 834 47 44% 43% 4438 9% 43% 834 9 8% 26% 25% 26 *25% 26 600 85% 85% 85% 86 87 87 800 Liggett A Myers 87% 88 10 10 26 26% *26 *86 87% 85 9% 26% 85 87% 87% *157 159% *155% 159% *17% *17% 18% 18% 28% 29 30% 31% *88 90 44 43 19% 20 *19% 63% 64% *43 •993s 105 1% 1% 39% 39 4% 43s 4% 21 20 102 19 1834 125 1834 19 *18 60 62 60 21 20 32 20% *30 158 *30 8734 87% 160 *158 17% 27% 40% 39% 40 18% 59% 18% 18% 1,500 61% 18,100 41% 19% 18% 5784 63% 105 1% 3534 4 19% *102 183s 1% 38 4 20% 106 18% ♦120% 128% 104 104 1% 34% 3% 1% 35% 334 20 20 *102 105 18% 126 18% 126 59% *100 1% 34% 3% 1934 *102 18% 105 ------ 2,900 800 100 20 10,900 3,800 2,100 1,000 105 150 1% 3534 334 18% 3,300 ♦126 129 140 ♦17 18 900 5634 67 1,600 Louisville A 2084 18% 19 193s 19% 5,200 Ludlum 32 30 30 30 30 200 34 35 z33 3334 34 1134 1134 11% 11% *11 11% *11 11% 300 28 28 25% 26 24 25% 26 26% 1,400 3 *2% *2% 3% *2% 3% 24% 234 25% 3 *284 3% 200 2% *2% 2% ♦2% *2% 2% 13 10% 1034 10% 10% 10 234 2% 10% 15 *6 15 *634 1234 *684 10% 7% 7% *6% 10 *7% 19 19 18 12 « *8 9% *14% 7% 17 8 14% *14 2% 2% 7% 8 *784 17 8% *13 2% 734 9% 18% 834 93s 13% 7% *1% *5% 7«4 12% 2% 13% 35 33 15% 15 2% 8 1% 1% 1% 1% 8% 8% 13% 8% 13 2 2 *33% 34 15% 1534 14% 15 *4% 4% 30% 30%. 26% *26 *2% *33 14% 14% 4% 30% 25% 18% 12% 1% 9 13»4 7 12 17% 14% 2% 4% 30% 26% 2 11% 11% 82 ♦ 11% *75% 11% 83 Bid and asked prioes: no 7% 600 3,100 1% 170 8% 60 13% 13% 770 33 33 33 13% 14% 13 13% 15 13% 13% 14% 334 4 29% 24% 2% 4% 30% 24% 43 *72 2,300 7% 42 15% 2 73s 43 15% 9% 13% 2 *5 43 *93% 106 884 ♦12% 2 9 *1% 43 *93% 106 15 15% 10,600 9% 12% 2 12% 1% 43 6% 180 8% 157 26% 50 100 7% *145 6% *25% 18 380 1% 157 7 9 8% *6% 13% *1% *145 27% 10% ... 734 157 *6% 9 5,100 4,500 1% *145 *25 10 34 6 25% *94 24% *145 41% 6»4 6 25% 25 106 15% 15% 1034 11% *75 3% 28% 82 sales on this day. *94 2% 29 24% 157 *2 *28l2 2% 140 3234 200 13% 14 1334 14% 15,100 5,400 3% 28% 3% 1,000 24% *145 29 25 1,600 1,800 157 4134 41% 42% 6 6% 25% 6% 25% 106 15% 10% 10% 82 *94 16 /103s *77 1 In receivership, 103s 82 15% July 26«4 Feb 18% Nov I884 Dec Jan 7% 12 July 180 22 Oct July 4 Feb 18% Jan 18 43%June 10 9% Apr 89 May 19 Oot 21% Feb 11 58% Jan 9 38% May 94% 24% Mar 17 8% Oct 19 384 Jan 18 2334 Oct 19 8 Oct 19 23 Feb 203 Oct 19 3 Oct 19 Jan 16 79 38% Oct 19 2 12 Jan Jan 47% 5 Oct 19 15% Mar 2 7 23 Oct 19 29 5 25 May May 4 97 Mar 82% Oct 19 83% Oct 19 151 May 20 15% Oct 19 18% Oct 19 37 Oct 19 14 Oct 19 53 Oct 19 Oct 19 2% Oct 19 15% Oct 19 125 Oct 29 14% Oct 19 49 Oct 19 13% Oct 19 2634 Oct 20 127% Aug 10 18% Oct 19 27 Oct 19 8% Oct 19 18% Oct 19 1% Oct 19 Aug 113% Feb 114 Jan 28 175 Jan 13 23%May 5 83% Feb 15 Aug 14 63 26% July 26 87% Aug 11 110 Jan 23 3% 75% 1034 43% 110 Feb 21 Mar 11 Jan 26 Jan 8 May 12 8 14734 Jan 20 2834 Jan 13 28% Feb 99 Mar 17 4l«4Marll Feb 11 36 132% Feb 9 62% Mar 8 58% Mar 8 15% Jan 20 63 MarlO 7% Jan 12 1 Oct 15 7 Oct 16 30 Jan 11 9 Oct 11 21% Apr 19 25% 36 43" ±04% Apr Jan July Apr Feb Apr 35% 3% x38>4 107 21% Jan Jan 1 100 6% conv preferred a Def delivery, n New stock. 26% 151 Jan Jan 140 Deo 20 May 30% Jan 102% Oot Oct 35 Feb 42 Jan 57% 22% July 33 Oot 127% 27% Jan Jan 134% Nov 49% Oot 40% Apr 8% 65% Nov 15% Deo 1% Jan Jan Jan 7% Jan 34% 6 29% 634 14% 3% McCrory Stores Corp 3% Feb 61% Deo 8% Mar Jan 9% Oct 19 1% Oct 19 5% Oct 19 1 Sept 10 A Change of name from Deo Sept 100 1,300 1,600 65 67% Deo 108% July 45 Shirt————25' Exploration—1 Marine Midland Corp.——.5 Market Street Ry.——100 6% preferred —100 6% prior preferred——100 6% 2d preferred —100 Marlln-Rockwell Corp.. 1 Marshall Field A Co.—No par Martin (Glenn L) Co.1 Martin-Parry Corp No par Masonlte Corp No par Mathleson Alkali Wks.No par 7% preferred ....100 par par par par Jan Jan Deo 23% Feb 63% Nov 113 Deo No S3 preferred ex-warr. No $6 1st cum pref.: No McCall Corp No Jan Oot Apr Deo $3 preferred w w Nov May June 400 31% 115 170% 7 May Department Stores—-10 Maytag Co — No par 13 Oot 160 12% Maracaibo Oil Nov 80% Nov 116% 32 Manhattan 65 57 Nov 9 Dee Mar 30 6 Nov 123«4 Nov 2184 Nov 97«4 Mar 16% Jan 20 Modified 5% guar 45% Nov Apr Apr Jan 16% 1 4% Oct 19 84 Oct 19 101 4% Oct 19 106 *15 50% Jufy 16% Jan 11 Jan 14 1,000 25% 6 June 39 2,000 15 *75% *12% Nashville.—100 1 MacAndrews A Forbes 10 6% preferred———No par Mack Trucks Inc No par Macy (R H) Co Inc No par Madison Square Gard—No par Magma Copper 10 t Manatl Sugar--.------.100 Certificates of deposit—100 Preferred -100 Pref ctfs of deposit-----100 Mandel Bros No par t Manhattan Ry 7% guar. 100 Steel Mar 1784 Mar 1 27% Mar 11 51% Feb 1 Oct 30 58 19 Jan Oct 19 5634 *30 Jan 32 18 59% *123% 128% *123% 128% *123% 128% 2334 223s 23% 22% 2234 22% Nov 101 58% 18% Nov 51 preferred.—. 100 Lorlllard (P) Co 10 7% preferred 100 Louisville Gas A El A--No par 61 32 32% Nov 33% 32 18 20% Apr Apr 20% Apr Corp No par A..-No par Biscuit 25 6% Jan Nov 28 Oct 19 Loose Wiles 7% 19% June June 22 Long Bell Lumber 46% Deo 47% Jan 23 1 Lone Star Cement Oct 24% 14% Oct 19 101 lnc Oct 63% Nov 35«4 Aug No par Loft 18 12 2% Liquid Carbonic Corp-No par Loew's Inc —No par J6.50 preferred No parr 18 12 *2 No par Link Belt Co 18 3534 25% Lily Tulip Cup Corp—No par Lima Locomotive Wks-No par 18% *123% 128% 25 24% 2534 36 34% 35% *123% 25 100 Preferred 100 26% 18% 18% 159% 26% 41% 126 *17 17% 25 Tobacco..25 B Series 2,900 *17 I984 20% *158 88% 3,200 6,200 2,300 17% 43 102 8734 9% 600 28% 40 1% 39% 4% 4,900 11 27 59 1% 38% 28% 11 *17 *100 102 125 158 64 63 101 19 *26 *9984 105 *20 *120 5% 29 *11% Jan 107 20% 4% 24 46% 9% 1% Jan 24% Oct 19 Oct 19 27 1% Nov 28% Oct 19 5% Oct 19 934 Oct 19 14 Oct 19 49% 1% 36% Nov 33% Feb 110 4 13 28% 27% 11% 11 1% 16% Oct 19 Lane Bryant 48% 28% 27% 1% 7% Apr 26 Apr 48i2 Aug *25 Lambert Co (The) 27% 5% 53s 6% *1% 6 1% 5% 12% 8 534 1% 734 1% 29% 7% Deo 50% 121 61 41% Jan 14 1134 8% De 133 Apr Oct 19 Lee Rubber A Dec 126% Dec 30 8 preferred.-— 93% Nov 152 6 2 15% Jan 16 35% July 29% Jan -.100 5% 3034 8 10 4,500 3,600 2,200 3% May Feb 30 71 Oct 19 12 Jan 18% Oct 19 1134 2,000 7% 858 Jan 1784 June 8 4684 Apr 14 9% Mar 30 20% Mar 6 30 18% 7% 1% 5% 8% 2,600 13% 125 Jan 80 24% Jan 14 27% Jan 14 80 100 17% 4 Dec Jan 1,600 *95 Jan 17 23% 5 27% Jan 18 110 Jan 14 14% Oct 19 82% Nov Mar 35 Oct 19 15 19% 44% Jan 16 14% Oct 19 28% 7 19 Jan 30% Oct 19 14 125 13 Feb 13% 18 Mar 17 87 *6% *100 29 109% Feb 4 69% Mar 10 15% 18 Oct 19 5 Oct 29 7 125 Nov 89% July 6 92 1334 18 116 Jan Kendall Co $6 pt pf A-No par 6 14% 13% Mar 17 46 30 15% *95 19% 121 2,100 12% 14% 101 136 1734 Nov Dec Dec 31 14% I884 101 76% May Feb 16 Oct 27 4 115% Apr 8 72 19% 534 20 101 Jan Feb 17% 12 15% 20 *95 16 121*4 Mar 18 May 19% Jan 14 7 15% 2 120 3084 *15 8 88 Jan No par No par Tire——-—5 Lehigh Portland Cement--.25 4% conv preferred— 100 Lehigh Valley RR 50 Lehigh Valley Coal No par 6% conv preferred 50 Lehman Corp (The)—No par Lehn A Fink Prod Corp 5 Lerner Stores Corp No par Llbbey Owens Ford Gl.No par LIbby McNeill A Libby No par Life Savers Corp -—-5 *7% 58% 155 L pf ser B No par Apr 113 8 Oct 19 City Southern 2234 Apr 31% Nov 126 Sept 5 74 Kansas 107 Jan 4 52% Oct 25 No par Oct Jan Aug No par Johns-Manvllie 10 Feb 37% Nov 15 24% Aug 87% Jan Jewel Tea Ino Kalamazoo Stove A Furn 19% 82 23% Feb 11 31 18 127 Apr 10% Oct 19 17% 18 *9 15% 6% Day *16 Nov Oct 19 24 31 *29 31 *29 34 24 93 7 234 3 25 June 11% Sept 4 25 3 50 Feb 53% Oct 29 Kelsey Hayes Wheel conv cl A1 Class B 1 3,000 60,400 33 17 3 *23 *7% 9% 25 26 7% 300 94 I!" 9% 10% 23 Stock 3 *7% 7 33 9% 25 26 26 27 3 *26% 934 130 * 95 "31% 36 9% 10% 2734 * 95 93 10% 7 7 73s 7 734 500 *82% 10% 7% 300 *16 16% 82% 16% *16 16% 19 20% 17% *18% 20% *18% 93 16% 11% 36% 20 19 20 20 20 18% *87 17 92 20 20% Feb 19 26% Jan 30 30 Apr 15 Kan City P A 1,400 Nov 9% Oct 20 20% Oct 19 —1 xll6 Sept 23 Jones A Laugh Steel pref--100 Oot 30 35 15% Feb 19 Intertype Corp..——No par -1 Island Creek Coal i 10% Oct 61% Nov Oct 36% Jan 18 107% Apr 6 loo Jan Jan Apr 8% Deo Apr 9% Oct 19 72% Oct 18 Preferred Tl% "dot 15 No par preferred Jan 47 Interstate Dept Stores. No par 60 123 1% Mar 11 8 $6 ""400 14% Deo 52 110 100 Nov 136 Jan Jan 3 Oct 19 Oct 19 Preferred Feb 8 18% Do 66% No 19% 6% Oct 23 Foreign share ctfs 10% Deo Jan 23 4 20 88 76 123 76 82% 123% *122 8,300 Apr Dec 2% Jan 30 Feb 16 Jan 25 Jan 4 65 preferred Deo 160 334 100 120 53 24 *100 14% No par 100 Dec 105% 43% May 125% Feb Feb 16 No par 7% Inter Telep A Teleg 4,400 8 15% 12 13% *22% 7 6% 7% 14% 77% 88 *77% 12% 6% 6% 7% 16% 15% 86 *12% *22% 7% 73 7% 6% 7% 7% Shoe 194 4% 8% 57% 2884 493a 19% Oct 19 30 Oct 19 16 Oct 19 No par Jan 13% 9 7 10 35 100 preferred 5% Jan 68% Sept 22 4% Sept 25 Oct 19 Voting trust certifs.-No par International Salt Apr 56% Jan 4884 Nov 112 Sept 5% Dec 18% Deo 6% Mar 7% Deo 148% Jan 2'4 Apr 733s tfar 10' 13534 Jan 5 19% Sept 22 18 Apr 6 9% Apr 6 3934 Oct 19 100 67~666 48 2234 July 160 Jan 18 16% Apr I884 fan Oct 19 1334 5 7% 1 45% • 7% 3 Jan 9% July 2% July 16% Jan 29 Oct 19 25~l66 Apr 2% 5 Preferred May Deo 7% 18% Oct 107 4 63 24% Dec 37 Apr 20 July 16 Marl6 Mar 11 Apr 14 Apr 14 132 5% 9% 12% 49 18% Oct 19 100 5 10% Jan 18 No par 734 43% 13% 11% Sept 20 6 Internet Harvester 151% 4% 8% Nov Int Business Machines.No par 800 15,900 74 Deo 122 64% 111% 11% 28% 9% 63% 2% Oct 19 No par Prior preferred 600 26% 140 6 Oct 19 No par Rubber Iron Internet 2,800 139% preferred Interlake *131 *131 *131 100 6% Intercont'l 147 Aug 1384 Jan 20 100 1,700 May 88% July 6% Jan 6 1% Oct 19 1 20 27.600 106 125 Feb 33% Feb 23 t Interbo ro Rap Transit-—100 d Intercbemlc&I Corp. .No par Feb 6 July 30 6% Oct 19 3% Oct 19 20 Insuranshares Ctfs Ine 90 3% 10% 3% 71 4434 4334 46% 44% 46% *125 138 5 8% 8% 800 110 *2484 72% 4% No par 131% Mar 700 28 384 151% *149 151% *149 7 6% 7% 7% 8% 143 Oct 25 10,100 *100 138 6% Oct 16 64 458 6 534 3% 8 132 Inspiration Cons Copper 3% 25% 434 100 preferred Inland Steel 3% 6984 144 21,300 10% 25% Oct 19 *3% 4 138 80 ~~3j66 10% 76% 72 Oct 19 No par 12% 9% 141 140 146 16 Ingersoli Rand 65% 3% 2684 3% No par 6% S per share % per share 15% Nov 4% Jan 41% Nov 25% May 22% Jan 20 47% Apr 20 5% Oct 19 10 Indian Refining 10% 26% 102 4 900 f per share Industrial Rayon 64 28 102 4% 900 3,100 Highest Lowest Highest f per share Par 134 *126 11% 10 3% 30 *2884 28 584 Lowest Shares 9% 22% 85 ♦79% 67% 11% 4% 6% 4 110 4% 43s 11% *142 143 29 2934 11% 4% 12% 3% 30 11% 67% 64% 10% 29 12% 70% 13 30% 9% Year 1936 100-Share Lots EXCHANGE the 24% Range for Previous Range Since Jan. 1 STOCKS Sales NOT PER CENT SHARE, for $ per share 2969 New York Stock Record—Continued—Page 6 145 6% Oct 20 10 Oct 19 Jan Feb Feb Mar 30 17 13 29 17% May 2% Jan 8% Apr 1% Jan 35% Deo "18" No! 57% Ja! 23% Feb 2484 Deo 684 Mar 12«4 Aug 3% Mar 3 Oct 19 20 Jan 21 6% July 23 Nov 9 Oct 16 39 Jan 20 18*4 Jan 2% July 45 Nov 1% Oct 19 6% Mar 27 Oct 21 5184 Mar 4 30% Mar lu 26 9% Oct 19 Oct 19 10 134 Oct 19 Oct 18 20 22% Oct 19 142 May 17 Oct 19 36 4% Oct 19 24% Oct 20 29% Apr 30 13% Jan 10 74 Feb 5 8 165 Jan 25 66% Mar 11 15% Jan 11 4184 Jan 41 11% May Jan 6% Apr 7% Deo 56% Nov 25% Nov 12 *42% Mar Nov 27% Apr 153% Jan 163 Deo 43% May 70 Nov 13% Apr Deo 21% Feb 55 Feb 44 Jan 13 43% 3 45 Jan 13 44 Nov 93% Oct 21 13% Oct 19 734 Oct 19 z66 Oct 19 111 Jan 22 103 Jan 110% Oct 2 29 Feb 37 Deo 35 June Intern stlonal 36 106% Mar Print Ing t Jan 24% Feb 11 2 2% May 92 June 50% Apr 23% Nov 1011s Deo InkCorp Ex-rights. 1 Called for redemption New York Stock Record—Continued—Page 7 2970 LOW AND SALE PRICES—PER HIGH SHARE, NOT PER Oct. 30 Nov. 1 $ per share Nov. 3 Nov. 4 Nov. 5 Week % per share $ per share Shares Thursday Friday 17% 17% 17% 16% 1634 11 36% 23% 37% 3684 10% 38% 25 24% 10% 10% 10% 10% 35% 25% 10% 10% 35i2 25i4 10% 3534 24% 17 10% 16 11 35 9% 38 38 10% 37% 23% 9% *36% 17% 38 *37 16% 8% 80 82 82 85 37% 8% 9 8% 9% 9% *80 10% 15% 16% 8% 81 *80 10 *15% 700 17 2,200 McGraw-HlU Pub Co.-No par 9 12,700 Mclntyre Porcupine Mines. .5 *36% 10,400 300 2,800 8% *8% 89 40 90 *80% 14% 14% 83 *80 83 *80 83 80 80 67% *60 67% *55 65 *55 65 *55 *57 60 *56 59% 56 56 55% 534 55% *54% 59 23% 24 24 15 *13% 1534 *41 2,300 65 43, 7 7 *20 27 *15 44% 9% 15 15 15 41 42 40% 8% 20% 21% 22% 23 97% 100 22% 23% 22 22»4 25% 99% 23% 24% 99% 8% 99341 ! 39% 7% 9% 21% 22% 22% 233s 99 100 15% 10 80 0% 4384 9% ♦24% *99 25 15% * 17% 43% 9% 0% 24 25 *15 17% 44 0 7, 6% 25 $ 30% 3,700 ""206 6% 4,300 24% 410 534 60 2,000 11,300 884 8% z20 97% Oct 19 per 21 share Highest per share $ per share 16 $ Sept 21 28% Jan 19 42% Jan 14 42% Mar 24 June 24% Deo 38% Oct 493g Jan McKeesport Tin Plate.—-.10 Oct 19 19% Oct 19 5 53g Oct 19 10% Mar 17 8% Apr 1434 Nov Jan McKesson & Robbing No par 1 6 Oct 19 79 Oct 19 No par No par Oct 19 02 Oct 25 93% Aug 13 50 Oct 19 86 1 3 Oct 19 16% Feb 9 100 Stores 6% conv preferred Mead Corp $6 pref series A 33 100 |3 conv preferred McLellan 5% conv 20 Oct 18 4734 Mar 8 1st pref 47% Jan 12 19 Jan 8 3734 Jan 49% Nov 21% Nov 108% Dec 2884 Deo Dec 122 55% Jan 6% May 91 Oct 12 Deo 11% Apr x95 11% Oct 19 112% Jan 14 3434 Apr 19 80 $5.50 pref ser B w w'slVo par Melville Shoe No par Mengel Co. (The) Oct 19 101 z95 Mercb A Mln Trans Co.No par 15 Mesta Machine Co.— 6 34 Miami Copper 5 Nov 3 Oct 19 4% Oct 19 0,900 Mid Continent Petrol 14 Oct 19 1,600 Midland Steel Prod No par 15 Oct 19 320 21% 23% 97% 23 Lowest Highest share 12% Oct 19 10% *55 16% per 39% 24 10% 37% *80 16% 1 McGraw Elec Co new ( 10 9% Range for Previous Year 1930 100--Share Lots Lowest Par 37% 23% 2334 9% 37% 8% 1937 6, EXCHANGE $ per share I per share On Basis of STOCK YORK VEW the Wednesday Tuesday No*,. 2 $ per share Range Since Jan. 1 STOCKS Sales CENT for Monday Saturday Nov. 8% cum lBt pref 100 88 Oct 19 0% pf—100 10 Feb 16 Jan 13 41 1284 Dec ' Nov Jan 10 31% Jan 45 Oct 72% Mar 5 20% Feb 23 353s Mar 10 40% Jan 05 Nov 534 Jan 1034 48% Mar 122 Jan 5 2 Jl7% Apr 21% Jan 110 Feb Deo 30% Nov 48% Sept 131% Mar ' "*91% yi% 100 65% 65% 66 *103 *102% 118 *65 *% *1% *1% *19% 3% 12 *103 8% % ♦34 \ 2% 2% 20 3% 12% *184 2% 2% *1% 19% 3% 1134 2% 2% 2% 61 *% 19% 384 % 1% *134 2 18% 3% 10% *2% 12 2% 1 *% 1% 2 *1% *17% 3% 10% 19% 3% 11% 4 384 2% 3% 2% 4 22 22 2184 2134 20 20% 18% *88 89 87 88 84 88 3% *107 107% 107% *107 44% 41% 43% 28% *24% 20 *47 *48 50 49% % 1 % 1 22 23 23% 24 *107 43% 69% 15% 15% 15% 23 22 46 15 2 *% *1% 2% *1% 14% 6% 7% 68 09% 6934 64 15 15 15 15 15 63 63 60% 60% *6% 60 15 : 88 47 21% C 16 16 *110 111 15% 110 *106% 109 9% 21 10 5% *5'4 24% 24% 1*20% 26% 6% 6% % m m 100 100 18 3% 11% 2% 3% 800 4,300 3,100 8 i 50 69 24% 25% 67% 23% 21% 20% No par 105 Oct 19 Mont Ward A Co Inc. .No par 30 Oct 19 24% Oct 15 60 Morris A Essex 10,400 9,300 2,600 900 7% 3,200 7 45 20% 16% 21 + *42% 20 *110 111 110 ♦106 109 *106 8% 23% 22% _ '*18 1 27 70 13% 3,000 *7% 8 600 20% 21% 153% 9,100 153 18 18 18% 1,800 *76 85% 47 *43 21% 5% 21% 22% 6734 7% *% *% 64% 24 24% m •» — 4,900 16,300 80 $4.50 preferred No par 50 45% Oct 84May 12% Oct 8% Oct 18% Oct Mother Lode Coalition.No par Motor Products Corp. .No par Wheel... Motor 6 Co 1 Mueller Brass Mullins 20 12 19 19 19 10% Mar 11 108 Aug 3 2% Jan 23 5% Mar 4 0% Jan 8 34 Apr 5 934 Mar 17 34% Mar 17 6% Mar 17 12% Mar 17 40% Jan 23 107% Aug 27 109 Sept 24 ~28~ 30 80 Co class B...1 Mfg 23% m m to 4% 25 62% 64 65 8,400 21% 23 22 24 24% 25 11,000 28% 26% 29 29% 29% 1,500 78% *4% 2034 78% 4% 28% 79 78% 75 75 1,000 44% *40 9 *99% 103 *6% 12% *75 4% 484 8% mmmmmm mmmmmm 4% 9 *26 29 *26 75 *66% 75 44 *37 8% 4,600 *6 12% *5% 17% 16 17% 1534 12% 16% 29 200 *66% 44% *99% 103 *99% 103 600 9% 4% 9% 28 17% MarlO 3584 Jan 68 46 Feb 17 41% Dec 69«4 Feb 60% Jan Jan 71 Feb 3% Feb 20 84 38% Jan 15 28% Apr 43% 20 Feb 13 ifii. 27 51 Mar 15 Oct 19 Oct 19 20«4 Feb 11 14 Apr 22% Mar Oct 18 71 43 Jan 02% Nov cum Apr 5 5 10 Oct 20 1 Nat Aviation Corp National Biscuit... 7% 102 100 Nash-Kelvlnator Corp Nashv Chatt A St Louis 8 Oct 19 National Acme 10 100 pref Oct 19 6% Oct 19 18% Oct 19 145 May 18 No par 16 Nat Bond A Invest Co. No par Oct 19 100 90 Aug 20 Nat Bond A Share CorpNo par 39 Oct 19 Nat Cash Register 13 Oct 19 12 Oct 19 5% pref ser A w w No par Nat Dairy Products—.No par L.100 xl0784june 6% 1 104% Oct 19 5% Oct 19 100 No par 4 10 preferred Oct 19 Mar 1 x24% Jan 28 47% Mar 11 24 Mar 9 183s Jan 21 33% Mar 107 2 Jan 18 3334 Jan 13 3 100 Dec 107% Deo 57% Aug 17 38% Feb 25 21 "32% Nov 26% Feb 8 112% Mar 11 112 May 20 Apr Apr 10734 Oct 28% July 11284 Mar 107 Dec 112 10 Apr 103% Feb 24% Mar 9 75 mmmmmm 40 40 100 *99% 103 *5% 12% 17% 16% Mar 17 25% June 28 18 Oct 19 100 153 t.100 127 Oct 19 July 9 21% Oct 20 5 Oct 19 Nat Rys of Mex 1st 4% pf_100 %Sept 6% 2d preferred 100 National Steel Corp 25 National Supply (The)PcnnalO %Sept 11 55 9 Oct 19 3 mmmm mm mm m mm m 14,200 44 Mar 11 Jan 22 155 Oet 171 Deo Jan 29 13784 Jan 147 Nov 64 Dec 61% Jan 22 1434 Jan 14 2% Jan 18 1 Jan 18 99% Aug 14 26 92 Oct 19 137 40 24 Oct 27 30 Oct 27 80% 3% Oct 19 12% Jan 15 6% National Tea Co No par Natomas Co No par 65 Oct 27 par 37 Oct 19 0434 Mar 10 100 100 100 12 Newport Industries New York Central.—No par 24% 23 20 21 44 to 19% 20 20 20% 11 850 116% 310 % 2,300 20 5% 7% 2 1% 6% 0 3% 784 1% 6% *40 46 *40 46 90 90 *90 9334 100 100 *1% 1% *192% 205 *105 108 *100% 102 *1% 1% 192 19234 106 20% 21% 20% 51% 52 52% 7% 784 7% 5 5 5 10% 11% 10 11 *112% 115 % % 114 115 115 106 20% 52% 734 * 78 "3" 3 7 7% 1% 1% 5% 40 6 *99 *1% 1% 193% 195 *106% 110 6% 7% 99 97 97 92 92 92 92 15% 39% *37 38 234 3 3 *21 22 13% 34% 11% *92% *9% 2434 *110 *18% 13% 14 35% 11% 97* 9% 26 *19 8% 22% *110 ~6~4~~ *60 15% *15 48 13% *12 *484 12% 13 5% 15 9 9 * Bid 60 12 *4% 5% 14% 14 8% 8 4% and asked prices; no sales on this 7% 51% 678 18,200 700 12% 13% 23,360 3634 30 234 700 13 *2% *18% 1284 1234 24~, 300 30 29% 30% 6,500 11% 12% 9,700 94 94 13% 32% 2% *18% 12% 2% 23% 8% 25 12% 28 23 884 40 884 24% 23 128 16% 50 07% 60 900 5,700 128 50 12 9,800 11% 60 *50 60 200 15 15 *14% 16 500 *45% *114% 50 *45% *114% 65% 6334 12 12% 50 120 64 12% 4% 12% *4% 14 15 15 8 8 8% day. 5 ->*• — «. mmmmmm 66% 5,200 12 2,100 4% 60 8% a 30 1478 4% 1478 8% { In receivership. 95 Sept 6% preferred 15 Nov 234 Oct 20 No par 5 Oct 19 50 110 Oct 19 N Y A Harlem {NY Investors Inc.—No N Y lack A West Ry 3 7 1 Jan Feb 10 90 Jan 8 3 Apr 26% Feb 25 0% Feb 11 4 2 Oct 19 Oct 19 3 Corp part stk..l 7% preferred r100 N Y Steam $6 pref-.—-No par $7 pref series A ...No par Oct 15 Oct 15 30 N Y Shlpbldg Oct 19 03%June 14 73 100 9 June % Oct 19 Jan 20 Jan 9'4Mar 19% Feb 11 76% Jan 22 10234May 3 112%May 5 434 Mar 3 preferred 272 Jan 14 210 Jan 114 Jan 8 105 May 48%June 18 North Amer Aviation 57% Feb 1 3 Oct 19 93 Oct 2 7 104% Jan Oct 14 105 Northern Central Ry Co Northern Pacific 310 Def. delivery. 91 50 100 9% 34 Telegraph...50 Norwalk Tire A Rubb..No par Preferred 50 1% Oct 19 Sept 25 Oct 19 3 17% Jan 21 8 Jan 28 36% Mar 11 53% Jan 22 6% Mar 3 15 Oct 19 40 No par 9 Oct 19 Oliver Farm Equip No par Omnibus Corp (The) vtc No par 25 Oct 19 22% Apr 5 73 Apr 20 20% Feb 16 8% preferred A__ 100 Oppenheim Coll A Co.-No par 90% Sept 24 5% Oct 19 Ohio Oil Co Otis Elevator 6% No par 6% preferred Oct 19 126 July 7 6% Oct 19 112i2 Jan 23 20% 100 Otis Steel No par prior preferred $5.50 conv Oct 19 100 114 Jan 18 Feb 13 19% Mar 1 45% Jan 21 140 Feb 3 24% Mar 8 154% Oct 25 8 1 st pref..No par 55 Oct 22 97 Outboard Marine A Mfg 5 Outlet Co No par Preferred 100 14% Oct 19 28 Oct 13 75 Jan 12 114 Owens-Illinois Glass Co. .12.60 63 7% 23% Apr 52% Feb 6% 98 97% Jan Jan Ap^ 23% July Aug 50 2 Jan 19 Aug 12% Aug 24% Jan 17 July 107 Jan 8 Jan 24% Apr 123 Jan 12% July 109% Aug 2% Jan 310% 115 Oct Oct 35% July 59 14% June Deo 106% July 103 36% 57 Nov Feb Mar 4% Mar 32 Nov 18 Deo 59% Deo 25% Mar 115% Feb 19% Nov 39% Nov 136 June 20% Mar 70 July 12034 Nov 83% Deo 79 Dec 47 Jan 70 Nov 114 July 114 July 13 July Jan 26 48 Deo Deo Feb 15% Mar 0% 18% Nov 8 50 Oct Feb Sept Oct 19 34% Jan 14 2% 99% Sept 99 Apr Oct 19 29% Nov 150 104 93% Apr 1% Aug 102 14% Oct Oct Mar 83 180 No par 63 % 9% Apr May 57 100 Pref North American Co Northwestern 7% Apr July 100 Norfolk A Western.... 0% Jan 97 1 3% July 10% May 119 Oct 23 2 100 {NY Ontario A Western.. 100 Adjust 4% 25% Jan 22 135 Oct 18 4% INYNHA Hartford—100 t Norfolk Southern 31% Mar 19 12% Jan 22 69 par Co.. 100 Conv preferred 55% Mar No Amer Edison $6 pf. No par 80 3634 64 *45% *114% 14% 8% r'carc 50 22,900 preferred series A 17% 15% *14 1,000 2078 51% 13% 128 11% 48 68% mm 37 11% 68 mm 12% 11% *114% m 97 92% 8% 2278 *120% 70% 19 95 11% 92% 8% 23% 128 *60" 20 1% *96 11 12% *1% *93 12 12% 102 97 94 9% 5% 92 11% 15% 70 10 94 50 *114% 40 92% 12% 15% 65 43% *88 37 22 12% 29% 50 *61 2,900 *36 97 25 _ 600 1134 *92% 9% 130 78 5,700 35 *110 12% 13% *154% 155% 14 % 14 284 49% Oct 19 "3" 900 34 24% 130 23% 2% 27% Oct 19^ 15 38 12% *37 1? 15% NYC Omnibus Corp..No par New York Dock No par 1% 578 7 83 3,900 108 658 Jan Jan 195% 92 32% 5 17% 108 *95% Deo 98% Feb 10 Nov 36% 194 *51% Deo 33 Jan 18 Jan 22 193 53% *52 i» 4134 Mar 17 7% 19% 53% Apr 40 Mar 17 72 27S 1% Nov 43 Apr Jan 11 37 100 106% 108 18% *97 14% 192 20% 9434 14 *1% 110 9 Apr 109 22 *_ *98 104% Apr 10% Feb 7 Apr Oct 19 0% Nov Nov Oct 19 1% 5% —No par 12% Nov 13% Jan "04% 41 14 684 92% *98% 102 60 31 "284 41 7% July 10% June 3284 Apr 100 1% 3 Deo N Y Chic A St Louis Co.—100 6% *8778 99 234 6% 1% 5% *37 *92 14% "2% 93 102 18% % 78 40 *88% *97 *37 % * Feb 133 4,500 1,400 370 Feb Jan 74% Jan Jan 5% 1% Deo 38% 10 3 78 Sept 25 10% Oct 19 1 20% 100,200 N Y Air Brake 2 100 2334 Oct 20 1 4M % conv serial pref Newberry Co (J J) No 6% pref series A t New Orl Tex A Mex Oct 19 Aug 13% Feb 25 57% Feb 13 87 Sept 21 Nelsner Bros Inc 18% 20% 36% 20% *4% 20% % Jan 57% Apr 61% Deo 14% Feb Oct 30 19% 538 9% May % Jan 30% Nov Oct 29 73 18% 19% 36% 11% 26% June Oct 28 100 20% 19% Mar 37% Apr 171 100 18% 18% 37 "33% 150 $2 pref 5^% prior pref "20% 1,300 Oct 18% Apr 22 3, 21% Nov June 24% Nov 10% Jan 28 Mar 20% 23% 41% 20% 5% 21 35 22 39% Deo 38 *.21% It2384 61 44 43% Jan Deo 3784 19' preferred A Oct 19% Deo 15% Mar 38>4 Oct 19 7% 47% Deo 164% Oct 6% preferred B Deo 79% Aug 3634 108 Jan 17 4% Oct 19 101% Nov 30% Dec 153 18 34 23% 4334 20% May 12% Apr 9% Apr 2884 Oct No par Nat Distillers Prod 33 7% Oct Nov 3 34 3% Jan 47 34 7% *134 6% 2% Nov 102% July 30 "3% Nov 09 108% Jan 26 35 78 Mar 8 38 3 103 Jan 37 *—. Feb Deo May 38 % Feb 7% 44% May 38 78 4 33% 21 National Power A Lt._-No par 66% 85 % 2 Sept 3% Jan 19% Aug 79 May 70 12,500 8 % *40 * Deo Feb Oct Mar 13 Nat Mall A St Cast's CoNo par % *60 115 33% 90 600 25% *% 63% 45% ♦110% 29% 9% Jan 14% Oct 20 ...10 m 10 *% 12% 110% 110% *% 84 Feb 52 National Lead.. m 7% 26% *06% 5 Feb Co (G C)—.No par 5% preferred 100 Murray Corp of America—10 Myers F A E Bros No par 5,400 mm m mm % 4% 9% 30 12% Feb 5% 6% 15% Aug 16 993s Mar 19 1 % *2634 11 284 1% July 2% Aug 234 Jan 1684 June 5% Jan 30% Feb 11 Nat Gypsum Co 7% *40 r Dec Oct 20 12~400 *% *% 9% 30 75 BS 5 94 Nat Enam A Stamping. No paf 9,700 B 27 7% *434 %*99% 103 15 18% Jan Oct 20 Nat Depart Stores mm % *9% *27% *65% it 1734 57% 12 preferred 3,600 m % 78% 434 j>12% 12% Mar 63 conv 7% pref class A 7% pref class B 8% 34 80% 5 9% Jan 60% Jan 18 Preferred ~28~ Deo 0% No par No par $7 20 6 4*18 25 mm mmmmmm 9 22% ' 27 9 *4% 6% 6% 5% 6% 5% 26 27% 25% 25% 25% 25% *152% 156 *152% 156 *152% 156 135 135 *131% 138 *131% 138 28 m 45% 20% 15% 15% 15% 110 109% 109% 109 *106 107% 8% *18 200 20% 5% *26 17,600 14% 13% 8 6 12% 12% 14% 13% *4% 9% *4% 200 16% 20% 15 15% 12% 9,200 50 85% 17% 88 *45 153 *150 19 * Exchange *% 68 Oct 19 Oct 19 Oct 19 Morrel (J) A Co 100 8 8 8% 18% 8% *% % Oct 19 Oct 13 100 55,800 14% 65% *14% 15 49 12% *14% Zl2% 13% 14% 13% 20% 2934 34 10 Oct 19 5% 1% 1% 14% 79% 100 100 20 21% *21 6% 64 ' *27 *% 49 *148% 153 Day *U 50 8 ,-gjfr. 2*'4 8 2834 Mohawk Carpet Mills Monsanto Chemical Co Oct 19 Oct 19 2 Murphy Election 27% 27% 27% *152% 150 *152% 156 *131% 138 *131% 138 *26 15 {Missouri Pacific 6% conv preferred 1,000 1,500 24 23% 14% No par 100 6,100 1,100 19% % 10% No par Preferred series A Oct 28 % Sept 15 1% Oct 15 100 Mo-Kan-Texas RR 500 12% Closed— 034 3% 18% 4% Oct 19 ...—100 preferred 4% leased line ctfa Mission Corp Munslngwear Inc 10% \ 3% 7% 300 *41% 28 2% 19 •» m •» 410 13% 107% 107% 934 9% *4% 534 *18% 6% 26% 64 *14% 14% 'StockX^ 110 65 14% 46 21% $0.50 conv preferred.No par Minn St Paul ASS Marie. 100 to mmm 66 t * 88 *42 21% Nov 120 conv 63 59 60% *58% 59% *10534 107 *105% 107 *105% 107 7 7% 7% 7% 7% 7% 2158 22% 21% 22 *148% 153 *148% 153 18% 18% 19% 19% *44 112 Dec 60% *10534 108% *105^4 108 8 7% 8% 7% *50 53% *50% 53% 13% 13% 13% 13% 18 18 .*14% 17 1434 15% 14% 1434 8% 834 8 8% * Sept Apr 119 2% 3% 10% 2% 3% 21% 109 x65 MarlO 2 18 18% 10% 23 *21 Mar Mar 17 124 4% ' 68 hit 21 25% 15% 22% 22% . 7~" 784 7% ,7*8 1 23 23 , 48% % 15% 23 42% 20 *24% 88 120 Oct 19 ■ 83 83% 83% 107% 107% *106 107% 38% 40% 41% 39% *24 24% 24% 28% 46 *43% 46 *43% 1 1 % % 107% 40 *24% 3% Jan 22 Oct 27 98% 10,600 82 4 106 60 pref ser B 100 Minn Mollne Pow Impl No par Mtlw El Ry A Lt *60 69 Oct 26 Minn-Honeywell Regu.No par 50 63 63 104% 104% 7 7% *60 69 91 1,400 ♦92% 100 61 103% 104 7 7% 8% *63 ' *92% 100 118 7% 69 *63 72 *91% 100 ar62% 65% 118 8 8% 8% 100 00 Pacific Amer Fisheries Inc.—5 May 4 Oct 25 115 Mar June 9 103% Aug 11 23 Jan 7 1 3% No par Oct 19 Oct 19 7% Oct 19 15% Feb 1st preferred 40 Mar 3 2d No par 4 27% Feb 2 8% July 4% Jan Pacific Coast pref nNewBtock. 9»4 2% 10 r Cash sale, x Oct 19 Ex-div. y Ex-rights. Jan 22 Deo 15 Deo 32% 29% Deo Dec 1 Called for redemption. STOCKS for NEW YORK STOCK EXCHANGE Saturday Monday Tuesday Wednesday Thursday Friday the Oct. 30 Nov. 1 Not. 2 Nov. 3 Nov. 4 Nov. 5 On Basis of Weei 17 *16 *14% 17 *14% 16% 26% 26 26% 25 26% 25 25% 39% 16% 3984 40 39 39 38% 38% 16 16 15 1534 16% 17 *120 122 122% 123 *133% 137 *133% 137 16 16 16% 16% *15% *8% 9 984 8% 134 9 1% 1«4 134 1% 43% 60 39 40 99% 15% 95% 95% 14 23s 2% 6% 5 • 7% 12% 12 81 81% *26 30 *1534 17 24% 2334 2% 434 4% 24% 81 7534 2% 2% *2% 2% 4% 4% 4% 22 15 15 15 22% 36 *35 36 114 114 *110 114 *36 38 *110 114 *110 41% 40 41 5% 5% 5 37% 114 22% 21% *110 37% 5% *4% 5 *16% 18 37 37% 36% *4% *1584 39% 18 18 18% 49 47 49 45 46% 45 46 50% 50% 50 50% 49% 49% *14% 15 15 14% 12% 12% 12 12% *5% 6% 6 2634 27% 37 37 3834 * 75 • "*2% 5% 5% 5% 22% 23 22% 22% 38 38 39 39 39 "*2% % 84 84 8334 8534 8 8 *6% 9 *6% 46 *3% 4 *3% 3»4 35 31% 31% 6% 7% 21% 21% 5 *3% • *32 35 *31 8% 8% *22% 24% 7% 23% 7% *20% * * 40 ~*7% 40 ""7% 8 *8 65 *59 *166 Closed— *17634 182 14 *55% 59% *51 ♦10% 18 1% 1% 18 * "2% *70 16 16 1% 1 1 99 "l7~ *34 *12 15 15 14% 15 14% 100 10% 3,800 1,600 1% 1% 5% 4% 5 4% 10% 9% 1038 884 9% 1% 5 10% 9% 3% 5 3% 5% 10% *12 14% 3% 3% 5 18% 3% *1% 10% 18 9% 1% 99 1% 3% 3% 2,600 2% 14% 93s 3% ♦1 100 18 *1 ------ 3% 280 , 100 6,200 1% 4% 9% 2,300 9% 8,200 5 pref...100 Ax Ills 25 "Am shares' *8% 10% *9 10 *834 30 25% 2534 27 27 48% 4934 48 483S 48 49% 3,000 116% 116% 100 5% pf (ser of 6,400 Pub Serv Corp Mar 160 May Feb 187 200 15 preferred 138 96% 9% 15% 8% 784 60 60 — — — — — ~ 43 Mar 8 4 122 1 Oct 19 4 9 Oct 22 28 14% Oct 20 7 Oct 19 1% Oct 19 34 Oct 19 2% Oct 19 5% Oct 19 5% Oct 19 20 Oct 19 9% 14% 7% 784 5734 55 58 534 5 27 30% 24% 26 37% * 24% *35% 37% *25 30% - 134 *5 5% 434 *48 50% *4734 1% 434 8% *14% 7% 8% 15 40,900 4,700 4,100 25% 23% *35% 5% 5% 63,000 25% 25% 25% 500 24 23 23 900 Reading 37% 35% 35% 100 55% 25 25 *4% ih 4% 50 1% 5534 *25% 3,600 58 5 200 50 1% 400 10 10 100 preferred 100 11 11 900 Reliable Stores Corp—No par 1134 1134 200 Reliance Mfg 12% 12 12% 12% *11% 12% *1134 12% 1134 1134 15% 1534 14% 15% 14% 14% 11,100 *64 68% *64% 66% 400 69% 64% 63 69% 62% 14% *62% 15 15% *80% 84 *80% 84 84 *80% 84 84 3% 21% 9934 80 *76 17% 16% 3% 33s *80% 3 3% 33s 1934 2038 18 20 17% 93 87 87 *83% *70% 80 78 78 17 17 15% 16% *87 3% 1834 3 18% 3% 1st 19% 113,900 90 *83 90 73 73 71 71 300 15 15% 15 15% Reo 3,400 8% conv 38 *25 38 *26 36 38 *85 96 *88 95 *90 65 *60 69 *60 65 65 120 70 90 *65 19% *18% 19 92 *75 90 18% 1938 90 *75 11% 1134 18 18% 11 2,600 46% 463s 46% 47% 6,400 60% 60% 12 11% 4734 46% 47 46% 46% 63 63 63 60 00 *60 63 12 *10 11% *10 11% *10 6% 5% 12% 11% 56 25 25 5% 6 11% *11 *51 55 *48% *23 2434 22 3 3 *234 38% 36% *234 3% ♦3734 37% *134 1% 1% 3% 3«4 *6% 8% 1% 334 9% 35 1«4 334 *6 18 *12 • *12 18 Bid and asked prices: no ► 3% , *6 f *12 *10 Reynolds Metals Co—No par —100 1 B.10 ......10 5H% conv pref ------ Spring Reynolds (R J) Tob class Reyno da Common. Rhine 11% Westphalia El A Pow... Richfield Oil Corp 5«4 14,300 *1138 11% 11% 400 RJtter 52% *46% 50 50 50 100 Roan 24% 21% 21% 23 23 900 Ruberold Co (The) 234 33% 6 12% 5% 3% 234 36% 32% 1% 1% 3% 9% 18 vales on this day. 3% *6 *14 5% 1% 3% 9% 18 5% *11 *234 33% 1% 3% *6 *14 t in receivership 3% 34 1% 3% 9% 18 300 Dental Mfg Antelope Copper No par No par Mines No par 100 —10 Francisco.. 100 Rutland RR 7% pref Joseph Lead 6,900 St 1,000 X St Louts-San 6% 1,400 ...... 5 10 7% preferred 100 6H% preferred,.......100 140 11% 12 1,700 11 47% 6% 12% *51% 18% 92 *75 11 63 *10 18% 92 10% *75 12 Corp —No par preferred......100 prior pref ser A. 100 Class A 50 96 95 95 65 Car .10 1 warrants..25 RR Co—100 5 6% conv Revere Copper A Bras* 200 *30 *26 38 110 Motor Republic Steel 100 38 19 Co Remington Rand Preferred with Rensselaer A Bar 10,200 *96 *75 No par A Co 12 preferred .. — 100 South western.. 100 I St Louis ...... a Def delivery, 5% preferred n New 100 stock, r Cash s.de. Oct 28% Deo Deo Deo 73% Deo 56 Deo 67% Oct 40% May 113 July 113% Apr Apr Apr 130 July 146 112 Jan 114 884 Oct 19 107i2June28 Oct 18 85 634 Oct 19 14 Oct 20 484 Oct 19 103 Jan 7 4812 Oct 19 128 12% Oct 19 14% Jan 108% June 80 July Jan 10% Nov J an Jan 38% Nov Jan 11 39 Jan 50 Deo 8 13% Jan 16 37 Jan 47 Nov 5 37% Aug 25 47 Mar 8 Oct 19 I84 Oct 19 Oct Apr Mar Nov 28% 35% 10% Apr 19 Oct 19 79% 19% Jan 68% Apr Jan 15 Oct 19 Oct 21 Mar May 24% 13334 117% 20% 984 May 2% Oct 19 62 Deo Aug 83% 21 3% Oct 19 Oct 19 1 Sept 11 8 Oct 21 8% Oct 19 934 Oct 19 8% Oct 19 Apr 69% 91% May 9% May 16% Oct 20 Nov 144% July 164 July 103 23% Feb 25 18% Jan 21 12>4 Mar 6 115 Nov 5 80 50% Nov 16 Feb 15 107 Feb 122% Jan 36% 24% Feb 3 112% Feb 27 50 11 15% 3% Rete (Robt) 17% 43% Jan *9 28% Feb 49 11 Deo 13% Oct 103% 5 1»4 384 684 May 17% 8 21 20 25 25 4 112% Feb 128% Jan 140% Jan 162% Jan 113% Jan 72% Feb 4 11% 29% Deo 11% Deo Apr 35% Nov 11% Jan Feb Deo 26% Mar 39 25 *9% *11% 20% par par *1% Jan 1% Apr 384 27% Deo 5 100 Preferred Jan 4% Feb 11 50 .-50 Real 811k Hosiery ------ par par ....50 preferred 4% 2d preferred. 4% 1st 100 28 *4% *47% 1% *12 *87 No par Quaker State Oil Ref Corp..10 Radio Corp of Amer. ..No par 5% 53% 12 41% 115% 25% Oct 19 100 *5 preferred B 20 Jan May 65% Jan 15 103% Oct 19 117 Oct 25 132 Sept 29 110 June 17 par1 No Jan 1% Apr 11% 118% Jan 4 6284 Jan 21 30% Oct 19 91 Oct 20 preferred..... 100 6% preferred Purity Bakeries No $3.50 conv 1st pref..No J Radio-Kelt h-Orph No Raybestos Manhattan.No 100 115 11 *80% %8% conv 9ia Apr 112% Nov 43% Oct 19 ...No par Pure Oil (The) 850 1,200 8% 138,100 7% 115 115 *47% 50 96 30% Deo Oct Jan 114% Mar 25 pi S5.No par Pullman Inc. 12 1% *10 12 9 15 7 5 6 *26 6% 8% ♦14% *88 115 *88 115 *26 5% 55 *1% 884 96 Pub Ser El A Gas June 21 Feb 10 86 Dee 4% Deo 2% 29% Apr 22 22% Aug 30 33% Feb 4 11% Jan 22 3% Jan 22 15% Jan 20 31% Feb 11 31 110 14 Jan 12 3 Jan 58% 5 47% Mar % Oct 19 Oct 19 Deo 1% May 8% Feb 1 July 14 8% Oct 19 29 49 141 13 Deo 23% Dec Jan 12 1% Oct 19 x97% Apr 29 Nov Oct 13% Apr 7% MarlO Jan 12 50 1 95% 94% 96 96 7% 7% 30% *25 f 14% 15 40 28 *35% *10 ' 29- *24% *45 - 9% 93s 15 *27% 2584 *35% 29 5% V — 96 96 11,000 176 20 ..100 100 8% preferred. 30 100 29% 28% 7 8 190 No par 7% preferred, — 13 13% 12% 12% 13% 12% U12%2111»16 111**32 mn!6 lll»',6lll"l6 14% 1334 — 57 6% 5% 111 *135 *88 115 *28 137 111 138 ♦11084 111 *110% 111 29% 28% 3184 2934 ' *88 *135 *137 14% 111",6111»,6 96% 9% 137 97 *125 137% 138 138 *15 128 128 *10984 111 *10984 in 31% 32% 3234 32% 14 *125 114% *125 155 Jan 175 6% preferred...... ——100 98 113 128 97 *96 *108 128 98 *123 Jan 18 Mar Apr 12 No pat 400 ♦96 108% 108% *108 97 98 108% 110 98 127 18% Jan Oct 19 174% Apr 23 4% Oct 19 8 Oct 19 of N J..No par 110 62% Aug 18% Deo Deo Feb. I *29). 100 *96 Dec 77 Cable 7% PM00 Pressed Steel Car Co Inc 1 6% conv 1st pref.... 5 5% conv 2d pref.. .-60 26% *123 4984 100% Aug 14 t Postal Tel & 11 *108 Deo Jan Dec Oct 23 par par par 4934 36 Feb 27% 7% June par 32 34% Deo 18% 37% Jan 35% Apr -.5 49% 35 Deo 84 2 100 31 34 Mar 11% 76% Jan 22 14% Aug 16 ...1 *10 35% Nov 52% 165 No par Procter A Gamble 16 88 Jan 38% 8 Feb 17 66 Apr 5% July 70 July . 74% Jan 13 2084 Apr 5 33% Jan 18 Oct 19 Mar May 784 68 9% Jan 20 Oct 19 Oot 12 16% Mar 3% Jan 101% July 60 No par Pocahon..No B.....No Tob cl A.No No 64 Mar 66 6 July 26 87% Jan 54% Aug 102% 6% Oct 19 100 Porto Rlc Am 1 Jan 16 20 25 No par 100 Poor A Co class Jan Jan 1% July 3% 8% 95% Aug 31 4% Oct 19 100 Plymouth Oil Co 3% Feb % Oct 15 Oct 19 20% Oct 19 40 July 16 1134 34% jan 4 50 *117 117% 116% 118 36 *36 35% 36% 81% 27 31% 117% 117% 19% Mar 6684 Dee Jan 30% Oct 19 234 Oct 19 No par 49% 117% 117% Jan 45% 5% Oct 19 64 Oct 20 31% 900 25% 54% Jan 14 65 •1034 ------ 10% June 59% Mar 10 No par Pittsburgh A West Va 100 Plttston Co (The) No par Class B 13% Feb 19 4 Oct 15 June 28f 100% Jan 8 2 Oct 18 7% Feb 2 14 Jan 12 2% Oct 19 100 Pond Creek 18% Deo 76 6% preferred ...100 Pittsburgh United 25 Conv pref unstamped 100 500 4% 934 *1 1% ■ 12% June 35 Ltd...10 No par 100 7% pref class B Nov 21% Mar 11 22% Nov 50 Pitts Term Coal Corp 122 93g Oct 19 3 Oct 19 Am 5 Co...No par Pittsburgh Steel Co 130 *1 18 ♦12 Nov $5 conv pref 1,100 1% 14 3% 10% 103s Deo 31 1,000 54 *65 103s 11% 90 Jan 11% 2% 1% 9% "16% Jan 16 3,900 14 17% 19 56 Pitts Ft W A Chicago 60 99 *1 18a 1734 19% -19% 19% 19 * 2% 13% 14% *1 8 Jan 11 8»4 *9 9% *65 99 14% 7 Jan 8% 1% 2% 2% Jan 25 7% gtd conv pref Plttsb Screw A Bolt *50 9 18 *70 99 17% * ------ 2 Oot 58 7% Feb 46% Aug 91 Pirelli Co of Italy ------ 12 *1% Jan 87 6% preferred ....100 Pitts Coke A Iron Corp No par 64 52 *9% 2% 2% 2% 2% 11% 50 Apr 4 Oct 21 11% 13% 38 3984 Oct 19 11 Oct 15 par Pittsburgh Coal of Pa 169 834 59% 1% 1 Day 2 8% 9% II684 Jan 27 65% Feb 6 42 100 No Milk Plllsbury Flour 200 ...» 59% Nov 11634 Juno 25% Apr 64% Jan 100 *59 *176% Feb Mar 5 100 *166 .... 30 110 4 Preferred 400 8% Oot 9 Oct 25 Mar Pierce Oil 8% conv ...... 734 *7% 64 169 *50 59% ♦lag *59 *166 *176% 65 1,800 36 36 7% 7% 169 12% Election 1334 13% *13% "*6% 7% 34 177 834 9% 9% 40 *32 45 17 7% preferred Phillips Petroleum Phoenix Hosiery... 40 40 Deo 27% July 28% Apr 48% Mar Phillips Jones Corp ------ 22 22 74 Jan June 17 Oct 19 Phillip Morris A Co 18,200 7 634 * 177 169 "~9% 40 ~*6% 7% *59 Exchange 65 169 984 *31% *160 *60 *166 ♦176% 4 22 *21% 7% 7% 10 *8 14 *3% ♦ 64% *32 Stock 44% 32% 6% 6% 42% 334 *3% 32% 40 ~*6% 7% 64% *32 67% *32 * 43% z42 45% 43% 44% 47% 46% 70 *64 70 *64 64 Mar 2884 9 Phila A Read C A I 20 64 63 Jan 4% Feb 2 Feb 1 Feb 10 Mar 17 Feb Oct 15 7% preferred 100 64 64 70 *64 73 112% Nov 6% Jan 10% Mar 3% June 12% 76% 2934 50% 110% Sept 27 22 Oct 19 No par tPhlla Rapid Tran Co 50 600 8% 11% Apr 17% Nov 384 Deo Mar Jan Apr 10 Aug 69 14% Oct 21 Oct 19 cNo par $6? preferred 15,900 *6% 8% *6% 8% % 60 64 2% Oct 19 Oct 19 Corp 25 Philadelphia Co 6% pref...50 70 7934 76 80 9 10334 Mar 8 6% Jan 23 15 A...No par Phelps-Dodge ------ 4 *a4 % 77 84 Oct 19 10% Jan 3 Pfelffer Brewing --- —- — 2% 4 4% h 34 7634 8 5 23% Mar 11 7% Feb 18 Petroleum Corp of 600 72 "*2~ 2% 4% 4% 34 87% * 72 ~*2~ 2% 4% 5 % 85% 5% *.., 75 * 2% *4% 4% *4 6 26 39 75 ~*2% 2% 534 2634 38a4 26% Oct 19 5% preferred 3,600 1,300 24,200 11% 11% 11% 11% 12% 11% 22% 6 4 4% ...100 Pet 800 15 15 15 15 17 32% Nov Jan 6% June 10% May 1% Jan 23 100 6% Prior preferred.....100 170 60 15 Apr 7% Jan 14 6% conv preferred 100 People's GL4C (Chic)..100 490 49 Deo 1% Oct 19 Pere Marquette *47 284 July 37% Deo 40'4 May 34 600 18 Deo 2234 4484 Feb 3 29% Aug 25 20 18 48% 174 8% Aug Jan Oct 19 No par Cement Peoria A Eastern 4934 June 59 Oct 19 65% Oct 19 1% Oct 19 300 18 Deo 12 (J C) 5 48 25 28 Peoples Drug Stores...No par 49% Feb 97% ..2.50 50 6,300 109% Deo 5% Jan 47% Mar Pennsylvania RR ------ 3834 July 7% Aug Oct 19 2% Oct 19 *4% *1534 5 67 103 17% 37% Oct 19 Penn G1 Sand Corp v t 400 Jan 4% Apr 74% Apr 34% Jan 5 8% Feb 25 18% Oct 19 20% Jan Jan Apr 200% Jan 28 2684 Jan 28 3 $7 conv pref ser 26,800 1% 18% 121 No par Coal A Coke Corp 10 Penn 400 35% Oct 19 No par Penn-Dlxie 800 36 Oct 19 Transporta'n.No par Penick & Ford 800 23% 1 1 Peerless Corp 2,000 16 6% Jan 12% Aug 29 23% Deo 13% Oot II84 Apr 17% Jan 20 No par Patlno Mines <fc EnterprJVo par 2% 22 6 12% Feb 18 Pathe Film Corp 4% 22 *20% *15% 22 40% *36 Penney 2% 22 36 *110 3,200 4% 23 15 15% 78 2% o41« 22 26 Parmelee 3834 1,100 7,900 3,000 3,800 1,100 77% 2984 Apr Oct 19 No par 2% 77 78 24% 80% 2% *4% 2434 153s July Oct 19 1 1 C M Parker Rust Proof Co. 5 Deo 152 2884 Jan 28 Parke Davis A Co 11% 153 Jan 109% Mar 18 1,800 *4% Jan 140 Oct 19 2,000 11 118 2 Sept 30 22% *38 39% 4 Jan 8% Oct 19 80% Oct 19 8 Oct 19 34 484 39 Jan 149 7 1 Deo 152 19 20 38 Inc 47% 4 100 ...10 July 58% July 9 x95 2% 6% 40 40 *39 40 Park Utah 41 44% Jan 100 21% 11 4% 5 484 39 3% Park-Tllford 100 27,800 7 Apr 28 share per 39% Nov Deo 3084 Jan 4484 Dec 14% May 538)4 Jan 14 19 12% Oct 19 100 33% 6% 11 12 11 5 5 7% 23% 3 30 No par preferred conv 6% 1st preferred 6% 2d preferred. 8,200 2% 2% 6% 2% 2% 6% 109,100 2,600 ♦22% 133 share per 32>4 Jan 14 38 Jan 12 19 19 Oct Oct oot Oct Oct i S per share 4% Jan 25 May 13 90 MarlO 4% conv preferred Paramount Pictures Ino 10 13% 13 3% 34 21 3334 20 2234 8% Parafflne Co Ino 2,200 15 14 24 3 3% 33% 21 540 104% 106% 13% *22 33% 7% *2% 24 23% 1284 81 24 33% 2% 5 14% 12% 23 2% 6% 1234 39 13% 14 3 40% *95% 99% 99% 103% 1234 33% 3384 23% 49% 51% 40 *95% 100% 110 3% 3 3% 3 23% *1% 15% 15% 15% 114 108% 111% *110 13% 14 13% 14% «23 24% *24 25 3334 *8% 1% 40 52 42 *95% 1434 99% IO84 49% 62 42 60 42 3,500 53,700 584 1034 1% 52 41% 99% $ share per 11 22 x34% 10% 120 J Panhandle Prod & Ref No par 14 1% 62 56 *95% 200 700 134 14 5% 9 _ 30 20 *8% 8% 1»4 600 134 *134 137 *133% 137 13 14 13 15% 5% 534 534 6 6% 6% 38% 15% *120% 12284 *120% 122 5% 6 7,600 1,400 25% 39 15% 12134 12184 25% 26 39% Par (Cal)_10 Pacific Gas A Electric 25 Pacific Ltg Corp.. No par Pacific Mills No par Pacific Telep & Teleg 100 6% preferred 100 Pac Western Oil Corp 10 Packard Motor Car No par Pan-Amer Petrol & Trans p. .5 Pacific Finance Corp 200 16 16 Highest Lowest Highest Lowest Shares $ per share % per share 16 16 $ per share $ per share J per share % per share Range Jot Previous Year 1936 1 100-Shaie Lois Ranoe Since Jan. Sales NOT PER CENT SALE PRICES—PER SHARE, AND HIGH LOW 2971 New York Stock Record—Continued—Page 8 Volume, 145 83 Jan 20 4% Mar 5 Mar 5 22% Feb 8 30 9% Jan 65% Oct 1% Apr 12% May 16 Aug 50»4 I6S4 100 4% 31 Oct Jan Deo Deo Deo 24% Nov 35% Mar 31 9 17% Aug 94% Jan 30 110 Feb 18 99% Sept 9% Feb 18 4% July 47% Mar 11 16% Apr 29% Mar Apr 23 72 Oct 19 124 67 Oct 26 110% Mar 10 9 Oct 19 49% Apr 14 35 Oct 28 90 Oct 28 65 Oct 30 1234 93 Oct 19 Oct 25 Apr 14 139 Apr 17 9584 Jan 26 30% Jan 14 98 81 77 Dec May 25 29% 128 Apr 24% June 79% 10 Apr 8% Mar 104% 3984 78% May NOV 90% Nov 114 Deo Deo Oot Deo Deo 138 Oct Dec 98 Nov 22% May 34 Feb 117 Jan 90 Apr 92 8 105 Apr 8 Oct 19 July 36% Nov Oct 19 34% Jan 22 58 Jan 8 25 43 50 Apr 60% Nov 55 Oct 19 67 Jan 26 11% Sept 10 14 Feb 23 4% Oct 19 9% Oct 19 Nov 5 50 17% Oct 19 1 Oct 19 2734 Oct 19 1 Oct 19 1% Oct 15 3% 18 Oct 20 Sept 20 112 Jan 58% Sept 8% Nov 65% 13% Feb Jan "Feb 35" Mar Jan 75«4 Dec 6% Oct 29 31% Feb 4 86% Mar 10 38 June 4 9% Feb 19 65 Mar 11 19% 32 5% 22 June "16% "Feb July 50% Deo 3% Mar 684 Deo 4% Mar 17 1% Jan 11% Feb 25 2% Jan Jan 15 Oct Jan 37 Oot 20»4 Mar 5 37% Mar 11 7% 18 zEx-dlv. y Ex-rlghts. , ^Calle c tor redemption^ New York Stock Record—Continued—Page 9 2972 LOW AND HIGH 8ALB PRICES—PER SHARE, NOT PER£CENT Sales STOCKS JOT Monday Tuesday Wednesday Thursday Friday the Nov. 1 Nov. 2 Nov. 3 Nov. 4 Nov. 5 Week $ per share $ per share $ per share $ per share Shares $ per share $ per share 203s 26is 26 25*s 24i2 25*8 24 24*2 24*4 24*4 *92 95 92 92 92 92 92 92 ♦92*2 97 ♦90 97 *90 97 ♦90 97 *90 Par 101*2 102 ♦78 82 ♦77 82 ♦78 1 1 1 1 1 8*8 36*4 *7*2 36*4 8*2 37*4 1 1 m 3*8 37 1 4*8 71*?! 683s 18 183* 9*4 29*2 4,400 80 *78 81*4 200 1 1 1 ♦6*8 7*2 37 1 3*4 9*4 2114 33s 74 74 6*4 6*4 54 ♦50 53 50 20 *2478 18*s 98 19 1914 ♦97 93s 28U *2«4 *26*4 28*4 98 2714 3 *234 ♦2612 3714 9312 ♦93 95 82 82 80 20iS 2212 2014 2334 44 ♦37g 80 139 137 2058 20 21 ig 13U 14*2 19*4 125s 20*4 20*4 1378 22 19U 213g 18 20 42 ♦37 *30 5 40i2 384 334 35g 1214 1U2 *378 40*2 11*2 *30 414 40*2 3«4 *10i4 39 4 35g lOSg 3*4 105s 41*4 120 3*2 6,700 10 75 ♦50 75 *50 75 *50 75 ♦21 *50 75 27 ♦22 27 ♦22l2 27 *22 20 *22 20 1338 14 300 143s 14 20 20 143s 1278 1978 18 18 14 1978 4H2 133s 4H2 1312 4U2 1334 61l2 2034 62 60U 61*2 41*2 1214 5834 61 58*2 213s 914 1334 17*2 4378 13*4 60*2 1912 2078 914 17 19 17 18 ♦41U 4U2 9 10378 10378 414 414 6 5&8 1214 1234 25 25 29i2 113 2978 336g 34 36 H2 30l4 *25 33 53 53*2 297« *28 68i2 1312 1034 135g 818 58l2 13&s 10S4 14I4 8: 66 50 *122 125 1412 1434 27 27i2 I 9 10384 104 4 Si2 1158 5058 53 29 27 *8 28 58 58 575s 58 135s 1214 IOI4 1214 1318 10U 135s 7 734 55U 13 10i2 1314 734 65*2 *122 8I4 203s 93s 734 *8 8' 44 *40 *8 *5 534 8i2 46U 414 514 778 44I4 325s 934 315s 918 7l2 11* 10*2 14 2518 ♦55 J3* 21l2 25l8 62 *684 74 7 74 5U *25 2078 24i2 *55 *684 73 5: 40 28s *514 *18 4 238 534 5i8 ♦25 23s *514 1712 Election 22 25*2 Day 125 1478 2612 934 884 8*s 7U 22l2 *8*2 1234 175s 2578 1778 2678 914 734 *7i2 45 5i2 814 45i2 414 32i8 9l2 734 21i2 24l2 02 7 73 514 35 8 *40I8 514 44 7*8 4178 378 30U 8I4 678 20 *25 35 234 23s 258 5*2 514 5U 15 15 *83 15i8 15 15 94 78g 7*2 10 10 255s 20 *31 35 6*4 *52 0U 50 5 *92 78u 10 2518 *30 6 *52 48l2 123g 734 914 5 935g 78g 10 25l2 71 71 12«4 13 8078 2184 1212 77U 2112 1234 797s 2184 2lBg 99 *24 195s 100i2 2l2 24 25 26*2 *1*2 29 300 31«4 3284 23,000 34*2 35 15,700 ♦ 35 51*2 34,800 28*2 400 55*4 56 1,800 11*2 *934 12*2 05s 11*2 5,000 400 10*2 13*4 16,000 73g 39,000 54 54 125 *123 14*8 14*2 14*8 14*4 0~4O6 23 23 23*2 3 1,200 10,500 3,400 278 3 15*2 *215s ♦858 10*4 16 17 23 22*4 *8*2 17*2 22*4 12*2 16*4 26 27s 12*2 17*2 2534 8*8 8*2 7*8 8 44 53s 7*4 40 53s 7*2 42 334 2978 8*4 6*4 *7*2 42 5*2 600 3,200 413s 43*2 35,900 4 30*4 878 678 19*2 29*2 *17 738 20 24 *225g 263s 62 *55 62 6*4 *70 75 ♦6*4 70 6*2 70 45s *25 45s 35 *2*4 *5*4 153s 2*2 10*2 438 834 7 434 *25 25s 23s 55s 5*2 163s 16*8 2*2 278 12,300 30*2 7,200 9 7,400 35 23g 5*2 1678 284 *11 12 15*4 *83*2 1338 1578 85 45*8 12*4 75s 7 7*2 9 8*8 8*4 4*2 5 8*8 45s 85s 5 92 484 92 914 2i8 67l2 11*4 7484 32 0 54*2 10 2*8 67*2 *88 14 94 05g 678 *85s 22*2 2834 10 23*4 28*4 5*8 5*2 52*2 52*2 9*8, 2 65*2 1 4784 12*8 *88 94 *50 9*2 984 2 20 2H2 19*4 90*4 20*4 94 92 23l2 88*s no galoe on this 88*8 23i2 19*4 day 88*a 88*8 23 23 171* 18*4 pat] 25 Standard Oil of Kansas 10 Standard Oil of New Jersey.25 Starrett Co (The) L S..No par Sterling Products Inc ...10 ...5 Stokely Bros A Co Inc.. 1 No par 53*4 Mar Jan 20 21*4 Apr 14*8 Apr 43*4 Nov 18*8 Nov Oct 2 Jan 22 9*2 July 13314 Mar 978 Feb 277s Deo 8 Mar 8 6*8 Apr Mar 8 9*2 10 Oct 19 65 14 Oct 19 723s Jan Jan 12 7 Jan 11 2 Feb 28*8 Oct 19 50 Feb 19 35 Aug Feb 32*4 26*2 Oct 19 50 9 25 Mar 9 55*8 19 19 48 Mar 5 24*4 May 75 Jan 29 65 19 21 Feb 11 10*2 Apr 70H Deo 40*4 Oct 78*2 Nov 24i2 Apr 19 19 17*2 Jan 20 335s Jan 29 145s 9*s 30*2 l57s 20 77*2 Jan 11 100 118 6 Aug 10 9 Oct 19 par 18 Oct 19 Without warrants 1 9 8 Oct 19 18 Oct 13 784 15U 22i4 434 418 6i2 Oct 19 Jan Jan Jan Mar 4 118 Jan 125 Nov 20*2 July 12 61®4 Feb 3 27 Jan 60 Dec 3 Jan 125 Jan 784 Mar 2 23®4 Jan 20 173s Jan 21 1534 Jan 8 123s Nov 367s Jan 203s Deo 15*2 Deo Nov 5 6*4 May 55s Apr 287a Jan 13 Deo 55*4 Deo Mar 15 0 Nov Mar 30 33 Jan 19 19 514 Oct 19 Texas Corp (The) 25 Texas Gulf Produc'g Co No par Texas Gulf Sulphur No par Texas Pacific Coal A Oil...10 3484 Oct 19 Mar 11 Jan 25 Jan 20 95s July 23 658 15 425s Deo Jan 3778 Oct Jan 13*2 Nov 2038 Nov Nov 2 Oct 19 57*2 83s 1538 6518 95s 2334 53g 55s 16*2 Oct 19 44 Oct 19 Oct 19 105s Jan 22 153s Jan 28 54*4 Mar 6 28 .No par 19 Oct 19 48 Feb 19 337i Apr No par No par 65 Oct 19 64 Jan 13 69 100 The Fair ... 70 Preferred... Oct 19 Oct 19 3*2 Oct 20 1 pref Oct 29 2*8 Oct 19 10 36 Sept 25 Third Avenue Ry 100 Thompson (J R) Thompson Prods Inc..No Thompson-Starrett Co. No par 1*8 Oct 19 No par ...10 6*8 Oct 19 13*s Oct 19 No par 8178 Oct 15 pref ..J Tide Water Assoc Oil $4.50 conv pref 112 Oct 19 484 Oct 19 25 10 par 6*4 Mar 19 19 4 Thermotd Co Oct 91 Oct Oct Oct Oct 42 100 Deo Dec 20*4 Apr 28*2 Apr ...5 Thatcher Mfg $3.60 conv pref Deo Mar 8 337s Mar 31 ...5 1 31 Oct 19 Tennessee Corp com Jan 47U 397s 20*2 285s 50 conv Feb 17 Mar 70 U2 Oct 19 5H% preferred Telautograph Corp Texas Pacific Land Trust Texas A Pacific Ry Co Jan 47*8 Feb 48i2 Deo 70 Oct 19 ... Deo 36*2 July 12 Oct 19 1 Deo 72*4 3*4 14 3 No Jan * 62 19 54 Superior Oil 24*4 Apr 26*4 Apr 4 1 Sunshine Mining Co Superheater Co (The) Jan U2 Oct 19 3058May 42i2 Oct 2218 Oct 54i2 Oct 6i2 Oct 884 Oct 0i2 Oct Nov Apr 28 Mar Oct 19 Oct 19 Feb 3 Jan 12 Mar 3 Apr 22 1334 Mar 1 93*s Jan 13*8 Feb 4 3 x40 8*2 15*4 287s 10*4 40*4 7*2 Jan 9*4 June Transcont A West'n Air Inc. 5 Transue A Williams St'l No par 4 Oct 19 No par $6 preferred Truax Traer Coal.. No par No par Jan 87s Deo 44*4 Nov 15*4 Feb 14*8 Mar 49 July 4878 Nov 63*8 Oct 10 Nov 110 Feb 8*2 May 125s Mar 3*4 8*4 Jan "9*2 "Feb Jan Feb 11 24^8 Jan 25 47b Jan 1358 32*4 8*2 39*4 21*4 Jan "2778 Jan 25 26 12*a Trl-Contlnental Corp Oct 9*8 Sept 2 Jan 13 Mar 5 58 1.600 Jan Mar 8*4 June 85 21&8 Feb 4 98*2 Aug 13 287s Feb 11 6,100 9,600 mmm.m m m 40 3,900 900 16,100 21 13,500 95 4,400 a 37 Jan No par (The) Sun Oil Oct 44 5 Stand Investing Corp..No par 27 92*2 Oot 36*4 Jan 24*8 Aug 14*4 Jan Jan Apr Nov July Mar Feb Deo 17 7584 90 2*2 Oct 19 2i2 Oct 19 Jan 9*4 Mar Jan 18 79 93 f In receivership. 1 Standard Oil of Calif..No Standard Oil of Indiana 3 Oct 20 07s Oct 114*4 NOV Apr Feb 11 Oct 19 20 23*4 19*4 101 No par No par No par No par Oct 19 Nov 7l2 Oct 19 5*4 50 Oct 19 66*2 12*4 773s *86*4 22*4 183a Jan 28 Oot llTt Nov 82 28*4 95*2 483a 16*4 104l2 123s 143(j 325s 10 100 2 91 17l2 17 63*4 June 101*2 Mar 2334 Jan 12 35 Aug 14 36 2,000 9*4 59 735a June 29*4 May 157s Apr 13*8 Jan Tlmken Roller Bearlng.No par Transamerlca Corp 2 5*2 2*8 5414 Deo Jan 6*4 July Feb 26 5,500 14,800 32*2 53 11*2 1978 65 1 $3.50 Jan 31 Tlmken Detroit Axle......10 5,800 65*4 24 200 Oct 20 26*2 Dee 19 Jan 20 Mar 16 Mar 17 Jan 7 65*8 1178 775s 104i2 9i2 4,300 24*4 11*2 19*8 1212 10,900 500 67 24 49 400 2,200 3,700 700 9*2 70 24l2 No par $3 dlv "2", 100 *8*2 23*2 *28*2 5*2 11 20 I484 2,700 _ 2,700 74 96 60 634 1214 8778 ""300 058 78 95 400 6*4 10*2 85 800 -- 478 158s 15 *83*2 12*2 10,300 Oct 19 85s Oct 19 No par Talcott Inc (James) 7*2 1*2 Oct 19 7 14l2 Oct 19 Symington-Gould Corp ww__l *5*8 7*2 Oct 21 70 Mar 32*2 July 477s Oct 34 2 Swift International Ltd 50 U2 Oct 19 35U Oct 19 160 0 2 1,400 8 00*8 Mar Jan 3,800 42 4338 Mar 17 Oct 18 Oct 10 Feb 4,600 200 Oct 19 15 31 July 7*2 Feb 35*2 Aug Feb 94 9 300 Jan 25 36 Stand Comm Tobacco 114 Apr 23*2 Jan 12*4 Apr Conv $4.60 pref Square D Co class B Studebaker Corp 2 Mar 37s July 26 150 Standard Brands.. $4.50 pref Stone A Webster Jan Oct 19 No par 12*2 May 110 058s Mar 11 40 Stewart-Warner 9 42i2 Jan 12 155 47*8 Deo Apr Sept 32i2 Jan 13 2 $4 preferred $6 cum prior pref $7 cum prior pref June 08s Feb 26 Oct 19 No par tBtand Gas A El Co 23U Aug 14 115 Oct 19 7*4 4 30*2 Deo 17*2 Nov 10 5,200 6*4 Jan 21 7358 Sept 20 Superior Steel 100 Sutherland Paper Co 10 Sweets Co of Amer (The)...50 Swift A Co 25 8*2 7 Nov 72 20 ' 26 17*8 2534 85 40*4 June par 1 28*4 Deo 127*2 Nov 14i2 Jan 487s Oct 6*4 Jan 8 Jan 11 1734 Oct 19 9 Deo Nov 132 40*s *eb 16 29«4 Feb 15 No par preferred A 6% preferred 22 11&8 73s 2434 2,200 conv Dec 8«4 July 19*4 Jan Deo 64 45 x3*2 June par Spiegel Inc 125 42 984 200 ~497s *25 12i8 734 9*2 2334 $3 7,100 2 475g 7*4 Splcer Mfg Co 102 Deo Deo 19*2 Jan 975s Dec 54 Sept Oct 19 1 $5.50 preferred No Spencer Kellogg A Sons No S perry Corp (The) vtc 2,200 1134 7*2 8l2 4*2 078 2,300 10,000 100 Spear A Co 21,200 45 87's 3*2 558 12 1478 90 Bid and asked prloes. 33s 5*8 11 13«4 5i2 53l2 1034 1034 1578 85 *29U 7118 10*8 3 6 lOSg 2*4 1714 3 33 54l2 10*2 2l2 71 *8 214 5 28,200 1,100 1938 684 75 7*8 6,100 9*8 104 24 24i8 434 5078 2034 503s 1134 1034 1234 740 18*8 *55 78s 62 *73 60*2 54 »758 9 012 19,100 54 44 514 7*2 4478 414 3134 20 24i8 ♦55 16 5 17 16*4 22i2 85 *92 *978 ll7s 6*4 3*8 85 75s 914 XI 1*2 1384 ♦123 3 15*2 12 66*4 1412 10*8 4734 26 23 1778 31s1 123g 784 9l2 5*8 35 "4938 3*4 18*4 2358 1284 18*s 203s 13 49 * 2078 12l2 1578 4834 12i8 75g *9i8 345g 400 1st preferred Spang Chalfant & Co 6% pf 100 Sparks Wlthlngton No par 40 104 32*2 3478 1458 183g 3i8 1284 1634 8412 3 36 — 437s 9 5*8 11*4 24*2 26*2 3078 — 60*2 17*2 2 125 I284 105s •83*2 3 24*4 rn.rn.mm — 1278 3*2 3234 55 *122 22 m 10,800 20 ♦41 9*8 *1*2 35 8*4 56 *7*2 44 2512 «. mm, 1384 *17*2 104 3*4 47s 9*2 6*2 *28 18 *21 104 1178 2434 28*4 31*8 35i8 *9 8I4 4514 4i8 3178 95g 734 878 2 18 8 5 10*2 *1*2 1212 984 Closed- 12lg 12*8 *10378 104 358 378 30 11 2612 978 Exchange ♦41 9U 3334 3038 3314 5314 17l2 2612 314 I8I4 9 32l2 3578 32l2 523a 2584 3U 4>s 678 Stock 17*2 2434 2814 1*2 14U *20i2 3i8 17i2 235s I8I4 *2358 I384 13*4 par 11*4 17 100 Mobile A Ohio Stk tr ctfs 100 Spalding (A G) A Bros .No Jan 605s Apr 22 10214 Feb 4 984 Oct 19 6% preferred.. - 100 ♦50 1418 - - 1934 Nov 327s 104*2 Jan 30*4 Apr 14*4 Apr Marl6 13 Southern Calif Edison.. 25 Southern Pacific Co.. .100 Southern Railway ....100 5,000 «• *. 4*4 33s 58 Oct 19 20*2 Jan 414 Apr 21 20 Oct 8 Mar Mar 18 22,500 44 3484 Feb 19 1053s Feb 2 1778 Mar 11 Dec 77s Nov 101*2 Nov 3138 Nov 43*8 64i2 1*2 Oct 19 20*2 Oct 19 130 Oct 25 2i8 Deo 87s Deo 44 July 89 8 120 13 3,000 49,100 165s 11*8 *Jan 20s4 Jan Jan 21 Oct 19 110 Jan Apr Feb June 17 South Am Gold A Platinum. 1 So Porto Rico Sugar No par 14*8 78 4*4 13 Solvay Am Corp 6 M % pref 100 1778 Nov 5678 Nov 101314 Mar 4*4 Feb 20*2 Feb Dec 1 90 100 June 2 MarlO 37,400 4,200 114*2 Mar 30*2 Aug 3*2 July 595s Jan MarlO Feb 495a Nov 15s May 77s June 4 197 Snider Packing Corp No par Socony Vacuum Oil Co Inc. 15 100 11 93 2 70 400 8% preferred Nov Oct 28 Oct 19 1,100 73,300 10 114 44 4 28l4 Oct 19 Aug 65 Oct 19 $6 preferred No par Smith (A O) Corp 10 Smith A Cor Typewr.JVo par 203s *9*s 0% preferred 60 2,100 18*4 10 Skelly Oil Co Sloss Sheff Steel A Iron...100 21*4 3*2 10 4 2l2Nov No par 25 1,350 140 *35*4 Nov 92 13*4 38*2 95 100 111 *4 Oct 19 2478 Oct 20 15i2 Oct 19 47 19 20*8 4 14 334 Dee 108 110*8 Sept 9 Feb 120 Oct 19 Slmonds Saw A Steel 200 82*4 *30 Oct 19 900 3,200 34 70 No par 99 175s Feb 10 42*2Mar 10 Oct 19 512 Oct 19 17*2 Oct 19 20 35*8 38*2 13*2 Oct 19 012 Oct 19 300 94 *130 Oct 19 Sliver King Coalition Mines.5 Simmons Co.. No par Slmma Petroleum. 10 10,600 37*2 80 137 20i8 1934 ♦358 40l2 800 25s 3334 *103 1514 2012 ♦40 4,500 4,000 24 *84 110 2214 5 *37 25s *2284 91*2 82*2 21l2 2 22l2 234 2334 34*2 2014 213a 14i2 16 ♦30 *136 Sharpe A Dohme Dec 54i8 Apr 5 11*4 Mar 1 9858 Aug 18 15 $3.50 conv pref ser A .No par 19 17 1918 18 17*2 17*2 17*2 17&8 17*4 17*4 17*8 17*8 14 1312 13 13*4 13*8 133s 17 1558 1538 16*8 15*4 16*4 11218 112*8 ♦111&8 115 ♦1115s 115 338 3i2 3*8 3*4 33« 378 27 263g 2484 25 26 203s ♦llli2 115 ♦11H2 115 3 3 314 3U 27 27l2 2734 27i2 ♦13214 140 ♦135l2 140 No par July 96 6 8*2 Jan Oct 19 share per 27 3 3U Feb 3*2 Oct 19 Sheaffer (W A) Pen Co .No par Shell Union Oil. ...No par 5 >4% conv preferred 100 25 *80 110 Servel Inc 30 85s 2*2 84 57 No par No par 1 100 93s 257s 8*2 2378 104 16 $ per share $ 235s Feb 10 1*2 Oct 19 100 25 185a 2384 82 104 106*2 ♦101 *19*2 2112 1914 1914 19 18 *1812 ♦173s 14 *1414 I6I4 *13i2 1078 17*s 105s 1714 Line Sharon steel Corp.....No par 15 conv pref ...No par 1,800 95 33 104 ♦101 Air 53 8*4 245s 92l2 45U Jan 14 2*8 Jan 2 Oct 19 24*2 Oct 19 100 *2478 18 9212 *2 Oct 19 3i2 Oct 19 3584 Oct 28 84 Oct 19 11 No par No par *50 95 36 27i2 Mar 2 51»4 Mar 17 98U Mar 15 3778 July 77*2 Oct 29 25 18*4 26i2 Feb 53 95 278 Jan 113 Shattuck (F G) 2,800 1,600 300 18 2514 20i2 37l2 9312 84l2 3934 113 90 Seagrave Corp Sears, Roebuck A Co 11,900 684 Oct 16 101*2 Oct 20 4-2% preferred 200 74 *0 95 33 25 *68*8 Oct 29 per Seaboard Oil Co of Del. TV0 par 25,000 20 6*4 87g 27l2 278 278 27 39 884 8 20 70 *4978 *247s 183s 9784 97 9i8 28l4 „87« 15*2 8*4 0 25 ♦97 16*4 4*4 60*4 16*4 8*4 20*2 70 50 25 4*4 Oct 19 J Seaboard 1,500 64 21 8% preferred. 2,600 438 047s Highest 92 Scott Paper Co 6,300 3 23 058 28 1 3 23 3*8 *20 73 ♦255s 1934 80 *4 20*4 03s 400 1 share Lowest No par Schenley Distillers Corp 5 5J4% preferred ...100 fSchulte Retail Stores ....1 7,600 7 37 67S 22 63*2 15*2 8*8 9 1978 *70 ♦60 1934 3*8 1 *36 1 1,400 2114 23 812 22 78 7*4 37 1 17*2 24 9i4 ♦034 ♦30*2 37 1 4*2 08*4 *22i2 0*4 29 80 1 10*4 *74 0*2 29*4 82 217s ♦4*8 64l2 175s 9*4 160 30 4*4 70*4 4*4 70 101*2 102*4 17*4 17*4 17 t Year 1936 Highest 6% preferred 100 6% preferred.. 100 7% preferred..........100 Savage Arms Corp No par 60 16*2 285s 18*8 •4 9 17*2 29*2 25 24*4 *101*2 102*4 17 l*s 33« 3*8 3*2 25 24l2 *87 Range for Previous $ per share 46 Jan 13 Mar 6 103 Safeway Stores 97 102l2 10212 ♦102 102*2 18 17*8 183s 18*4 30 30 30*2 29*2 * Lowest 2,900 95 *90 80 1937 EXCHANGE Oct. 30 Range Sines Jan. 1 On Basis of 100-Share Lois NEW YORK STOCK Salter dag Nov. 6, 1.000 4,300 300 1,200 29,400 Del, delivery. 884 Oct 19 5*8 Oct 19 33g Oct 19 90 Truscon Steel 10 20th Cen Fox Film Corp No par $1.50 preferred No par Twin City Rap Trans No 25i2 Oct 19 234 Oct 19 par Preferred Twin Coach Co 27®8 Jan 22 113s Mar 8 109*8 Jan 21 12 Mar 3 265s Mar 8 4078 Mar 13 275a Apr 22*s Deo 93 Jan 47i Jan 7*8 Apr 22*2 June 8*4 May 65*4 Jan Oct 19 94 Jan 20 Oct 19 25 12 110 Feb Oot 9*8 Nov 28 Deo 38*8 Nov 47*4 Nov 17i2 Deo Mar 29 1*8 Oct 19 57 ... Oct 19 78 Oct 19 22i2 Oct 19 10«4 Oct 19 5 r 109 Deo "85s Jan 183s Sept 17 67 4% preferred...... 100 Union Tank Car No par Cash sale, Oct 19 17*2 Oct 19 805® Oct 19 100 United Aircraft Corp Oct 19 67i Jan 25 100*8 Jan 8 9 Union Carbide A Carb. No par Union Oil California .....25 r 147b Jan 10*8 May 7*8 Jan 31*i Apr 7 par Union Pacific 74ii Nov Mar 13 40 Deo Apr 17*2 Jan 22 50 1 No par Under Elliott Fisher Co No par Union Bag A Pap new .No New stock, 4 .......100 ... Ulen a Co... » Oct 19 4*4 Oct 19 7*2 Oct 16 18*2 Oct 19 Feb Aug 2 225s Jan 11 Ex-dlv. v 27a June 74*8 June Feb 20 "7158 "Jan 28*4 Feb 4 148*14 Mar 16 99*14 Jan 13 31*2 Feb 4 35*8 Mar 5 20*4 Aug 108*8 Jan 90*8 Jan 225a Jan 20*8 Apr 111 Ex-rights. 102*8 Dec 10 5*4 Nov 28*2 Feb 149*4 Aug 100 31*8 June Feb 32*a Feb 1 Galled for redemption. Volume CENT NOT PER SHARE, STOCKS NEW YORK STOCK EXCHANGE for Monday Saturday Nov Oct. 30 1 . 93s 117„ 20 *113 *113*4 65 65 28 83s .... *25 *8 28 77s 8*8 *12 25 8684 8 12 58*2 11 11*4 11 11*4 105$ 7 8*4 8*2 3,700 United Paper board 3,300 USA Foreign Secur *70 1*2 7*2 7*2 *7 734 7 934 1034 934 934 10 5834 59 60 8*2 10*2 107S 8*4 1084 8I4 1034 63 63*4 62 63 59 62 *155 157 155 155 157 *155 10 105s 10*2 2134 2218 6*2 6*2 6*2 6*8 10 10 10*2 19 9 10 108 9 884 33 265a 30 26*4 28*s 53 56*2 51 53 27*2 52i2 293s 58*2 70*2 6534 69 64 64*2 6 534 68 6858 *6478 67*2 ♦65*s 67l2 *65*s 6378 60*s 6184 56*4 603s 5478 ♦65 62*4 113 *149 • mmmm 484 4*2 434 4*2 3 278 3*8 234 278 65 *50 64*2 *50 64 *13 13*2 *13 1312 13 13 62 *55 60 55 137 137 *136 35 36 34 *55 13978 *136 38 *34 18*s 26 * 70 "434 "Ik 478 108*4 108*4 45s 458 *11*4 1234 110 *108 *4*2 5 1234 1234 3*8 5*4 5*2 Election 5*4 5*s 534 *5 584 *5 3*4 *3 3*8 *4*8 1058 105g Day 7812 *75 8i2 3914 18*2 8 814 39 40i4 18*2 18i2 15 15 15 4 23*8 2314 *74 8*s 39*4 *1734 9 37g 9 15 2318 378 4 378 *40 22*8 *74i2 7 18*2 14*4 378 *18*4 50 *42 *42 8*s 9 *3978 4*4 44 43 35g 8*4 378 4*4 2,400 200 8*8 46 21,200 7,900 500 18&S 13*2 800 3*2 358 2,100 *18 55406 "7460 100 13 *11 14 *13 20 *13 15 *23 2414 23 23 23 23 1634 17*2 16 16*4 *2238 157g 2312 18 32 2978 30*2 28*2 29*2 3 3 31*2 3 1*8 *3 3l2 1*8 3 *1*8 1*2 1,100 1,400 30 2,900 800 *234 1*2 *1*8 16*8 29 338 *234 3*4 1*2 1*2 *1*2 2 500 33 33 32 32 32 1,900 76 *76 79 *76*2 78 *75 78 75 75 200 76 90 89 *8834 93 *8834 93 93 93 93 93*8 95 *8834 *91*2 20 90 89 96 *81 84 84 84 120 120 11234 113 20*2 20*2 55s 558 9212 91*2 *82 86 *119*8 122 *113 11312 *120 122 *113 20*8 18 5 9 5*8 558 978 97g ♦8 1*2 1*2 *112 1«4 1*2 158 35s 334 35s 334 3*4 28 32U 2814 297g 27*4 3*2 315s 102 10312 3134 3212 34 29 28*4 1035g 107 28 97*4 102l2 119*8 120*4 *119 113*2 113*2 *113 1934 19*2 193g 47g 47g 47g 934 *8*2 *8*2 95s 1*2 *1*4 1*2 1*2 3 3 3 3*4 31 32*4 303g 297g 2634 2534 255g 2634 95*4 118 9834 15*2 147g 118*2 1478 3534 35*2 35*2 *35*2 3534 16U 15*2 1534 15 *1512 Te"i2 155s "l5*Q 121 »35*2 3534 *3512 16 *15*2 28*2 *26*2 28l2 26*2 26*2 120 434 14 119 *121 *121 •24U 8334 8334 113l2 *113 18 19*2 19i2 10*2 16 91*2 85 *82 5 *9 91*2 32 *25*2 15 27 110 *75 110 *75 40 95 *75 95 *75 95 31*4 32 295s 30 28*s *80 110 *80 110 *75 *65 68 *66 68 66 19i2 *16 *16 1234 1U2 234 ♦16 66 19*2 *16 19*2 125s 13 11«4 13*8 11*2 12 11*2 12 234 *25s 3 25s 18 1734 27*4 100 *61 *115s 18 26*2 *75 66 13U 19 19 19*2 29*2 100 278 18 27 28 *75 63*2 *16 1134 1234 *107g 1134 23s 25s 16*2 2*2 3*2 6*2 25g 4 37g 378 334 334 8*2 812 8 734 77g 6*4 8*4 65s 2l2 3*2 7*2 6 6*4 6*4 634 678 *61 834 678 62i2 6178 6178 *61l2 41 4184 403g 413s 2234 23l2 203g 22 75 75 72 72 *61«4 71 *59i2 65 834 65s 6312 60*4 61 40 41 3934 40*8 20 2U2 19*4 20*4 69 69 66 66 *66*s 59 59 59 *59 *5634 34l2 69*2 *59 52i2 6412 64 *6278 64 52l2 ♦60 *62i8 34 *29 12«4 13U 100 100 267« 27*4 4578 45 83 •78 22l2 23*4 4U 4 • 28U 1214 28l4 1278 34i2 *34*2 37 51 51 *5U2 54 55 *63 28*2 113s 265s 265g 94*2 263s 435g 44i2 40*g 100 102 *79 83 *80 22 23 20 378 4*8 Bhl and asked prices; no *60 33i 56«4 53*2 53l2 64 62 63 2934 28*2 125g 2934 9934 *90*4 43 39 83 *75 265g 22*8 37g 11*8 *26*s 197s 35g 1178 98 62 Warner Bros Pictures No J Warren Bros No $3 convertible pref--No Warren Fdy A Pipe No 21 66 3934 54 54 7% 6% 4% 62l2 1U2 *94 26*8 41 39»4 ♦80 20*2 *35s t In receivership, 100 6 par par 50*s Feb Apr Jan 18s4 Mar 11 8 1078 1 1034 Feb 26 2*8 Oct 19 99*s Mar 2 473s Jan 5 18 434 Oct 19 29*2 par par PU 123s 42,500 240 26*8 41*2 900 69 Jan Jan 21 Apr 1284 Deo 385s Deo 375s Deo 19*2 Apr 35*4 Jan 16 Oct 19 MarlO 46 38*4 Feb 19 934 Feb 1 2*4 Jan 6 6*8 June 1 Aug Mar 17 335s June 24,600 83*8 17*.200 9,900 84 Oct 25 108 Aug 26 91»4 Oct 20 109 Feb 11 96 Jan 523s Deo 8384 Deo 107 Sept 110 Apr Oct 23 103 Aug 26 87 Feb 102 116*2 III84 Jan Jan 124*2 Sept 8*8 Apr 12*s Feb 23*4 Sept 110*2 Apr 84*2 Feb 123*2 Mar delivery. 9f 8 Jan 15 Apr 434 Mar 17 178 Nov 11*4 Mar 17 83*2 Jan 22 5*8 Aug 72*2 May 3484 Jan 94*2 Jan 90 6784 Mar 6 1675s Jan 22 170 Jan 22 Oct 19 113 Oct 18 30*8 Jan 22 39 May 6 1034 Oct 19 3512 Oct 11 IO84 Oct 19 24 Sept 11684 Deo 29*2 July 12 1*2 Oct 19 25l8 Oct 19 1734 Oct 19 27*4 Feb 23 Oct 19 3478 Jan 7 115 Apr 13 126 Aug 6 123*2 Jan 4 Feb 97g Feb 96*s Nov x507s Deo 153*2 Oct 160 Oct Jan 225s June 3384 36*2 Oct 19«4 June 39 Jan 32 July 35*4 Oct 31»4 Nov 91 Nov 34 Jan Oct 99 July X120 75 Oct 19 114 Jan 18 19 Oct 19 85 Oct 18 126*4 Aug 14 60 Oct 18 90«4 Aug 31 1412 Oct 19 23*sMay 15 Oct 19 333s Feb 16 188s 8*2 Oct 19 187s Jan 25 1384 July 6 65 15s Oct 19 Mach ...No par preferred No par Wilcox Oil A Gas 5 Willys-Overland Motors 1 6% conv pref 10 Wilson A Co Ino No par $6 preferred 100 Wool worth (F W) Co 10 W orthingtonPA M (Del) No par Preferred A 7% 100 Preferred B 6% 100 Prior pref 4H% series 10 11 Oct 19 I84 Oct 19 278 Oct 19 6*2 Oct 19 45g Oct 19 Mar 11 684 Mar 22 46*s Jan 4 6*4 Jan 25 5*2 Sept 7 12 Sept 7 21*2 July 84 July 3*4 16 2«4 3 51 Nov Jan Nov Nov 3 54 Nov 128 Mar 6 58*2 Oct 19 76 Jan 7 28i8 Oct 25 7*2 Oct 19 62*t Jan 27 38 A Coach cl B..1 3 94*2 Nov 100 378s Feb 16 Jan 23 142 21 465s Feb 15 Oct 19 70 100 Oct 19 35 par par Oct 25 Oct 19 1017s Mar 6 115 Jan 27 12 par 2*< Oct 19 1 x Apr 8684 Deo Jan 8O84 Oct 5 Oct 19 36*4 Deo 56 47 3 61 pref convserieslO Aeronautical—No par Nov Jan 11 112*2 Mar 25 100 MarlO 51 Nov 6*4 Mar 71 Oct 19 12 684 Nov 43 87 54l2 Oct 20 Oct 19 40 Jan 28h Nov 175s Nov June 70 Oct 19 Apr Apr Feb 65s June 12*4 Feb 27 2 653s Jan 20 47 Jan 22 35 Feb 397s Deo 109*4 4484 Apr 23*8 Apr 9134 Mar 6684 Oct 20 Wrig ley (Wm) Jr (Del) .No par Yale A Towne Mfg Co 25 Cash sale. Feb 78 4 Oct 15 1 $4 conv Corp 115*2 Jan 9 Oct 19 16 White Sewing Zonlte Products Feb Jan 284 88 100 pref—No par| WhlteDent'lMfgCo(The 88120 White Motor Co 1 White Rk Mln Spr ctf. -No pari Wire—No Youngstown S A T._—No 5H% preferred Zenith Radio Corp No ~U*4 23*4 Oct 19 75 Sept 25 100 Preferred 39*2 Dec 5034 Aug 10 56 76 Young Spring A Deo Apr 45s 157s 218 Oct 19 1 July 15 $5 conv prior Yellow Truck 183s Deo 44 11*8 Oct 19 Oct 19 100 Prior 75s Nov Nov 105 12*4 Jan 25 20 100 Wright Nov 62 Apr Jan Apr 69*2 Jan 23 100 100 Maryland 2d preferred 123s Deo 4984 Nov Nov 20 Oct 19 16 5 Telegraph. 100 Westlngh'se Air Brake.No par Westinghouse El A Mfg 60 1st preferred-. 50 Weston Elec Instrum't-No par Class A No par Westvaco Chlor Prod ..No par 5% conv preferred 30 Wheeling A L Erie Ry. Co. 100 conv preferred—100 Wheeling Steel Corp...No par 700 96 Nov 39*4 Deo 258 Oct 19 11 Sept 25 36 preferred 6% 500 a Def. Jan Apr 1778 A-.No par preferred preferred r sales on this day, 5*2 26*8 197s Jan Oct 19 Western Union 50 65 22*8 334 515s July 15 2 Western Pacific 400 60 61 an Apr 40 1 West Penn EI class 100 29 par .No par Wells Fargo A Co 1 Wesson Oil A Snowdrift No par $4 conv preferred No par 100 *62 par par Wayne Pump Co 190 *36 9)8 30 Oct 20 17 Webster Elsenlohr 3,900 78 103s Mar 784 Ma Jan 77g Oct 19 par Co Waukesha Motor 13,600 4038 20 Feb 4*2 4*8 June 8 3*4 Oct 19 Oct 19 300 393g 265g 83*s 2034 334 734 Feb 32 4,700 1,700 10,200 *2i2 195s Feb 11 Aug 5 Mar 17 A W Ltd No Preferred No Ward Baking class A...No Class B No Co Walk (H) Good 700 234 7*2 Oct 19 2*4 9212 Aug 18 1,300 2*2 16 49 1,200 16*2 234 2*8 Oct 19 Oct 20 600 2l2 137*2 June Oct 19 io'ooo 1134 17 Aug 18 19*4! 1214 2l2 Aug 120 98 75 """206 11*4 15*4 70 122*2 Jan 11 2*2 Oct 19 Preferred *1034 4 4 63*2 Mar 12 2 10*8 Mar 16 183s Mar 16 4 X % Pref 100 234 *27g 3,200 41*2 Deo Jan Oct 16 2 with warrants 100 Walworth Co No par Walgreen 1,400 11,100 5,600 Deo Apr May xll4i2 4 6 1,300 1384 4 131*2 Aug 86 Feb 11734 Feb No par No par 114*2 May 14 Jan Mar 5 110 *75 37 8*2 Deo 6884 Deo Mar 109 Feb 15 135 48*4 July 80 Aug Jan 2834 Aug 100 100 Waldorf System May 12«4 Jan 35s Oct 19 Oct 20 8 493s Nov Aug 116 4*s 23*2 Mar 27 *75 95 72 5i2 Oct 19 100 110 743s Apr 115 305s Deo Apr 6 6 100 preferred A 5% preferred B 100 800 *87 12»4 Apr 1184 Mar 15 *75 80 Deo 57 Jan Feb 40 258 Oct 19 800 *25*2 — 2834 5 -.100 440 95 Mar May 12 Mar 27 Oct 25s Apr zll0*4 44&8 Jan 20 Western 60 15 110 June 16*4 2,000 120 *85 30 393s Mar 11 2,100 15 *75 58*2 Jan 20 117*4 Oct 19 119 15 Oct 19 west Penn Power 7% pref. 100 6% preferred 100 Western Auto Supply Co... 10 50 16,900 3534 1 11934 Sept 23 52 Oct 23 100 100 Detlnnlng 5% 30 95*2 100 *35*2 Apr 25g Jan 20 6*2 Mar Jan July 105 100 preferred fWabash Railway.... 180 32l2 32 33 32ig Aug 116 18*2 Oct 19 June 29 100 $3.85 conv pref 434 165 Jan 14U Oct 19 No par Preferred 85g 44 4*4 Chem Preferred 50 8*8 Mar 50 3*s 97 5 preferred 5% 1,000 2,100 76 7&8 153 Jan 18 9*4 Oct 19 Virginia Iron Coal A Coke. 100 800 *12 33 8% Vulcan 22*4 14 3234 Nov Jan 19 108 478 Jan 13 16 5 Va El & Pow $6 pref mmmmmm 9 *8*2 22 2314 17l2 92 164 23g Oct 19 118 14 18*4 Nov Apr 575g 5S Oct 19 Virginia Ry Co 6% pref—100 23*4 ♦17 102 Jan 21 No par Va-Carollna 150 *38 42 Nov 6734 May May 17 47 100 H3g *42 50 734 July "884 86 Vlck Shreve A Pac Ry Co. 100 13*2 334 168 21 115 80 4412 185g Apr Oct 19 7,300 2,500 76 85 15 15 *37 434 834 2238 77g 4034 9I4 *4018 414 478 45s 8 43 44 434 9 9l2 4934 9 50 *42 50 *42 77 812 23*8 75l2 5 84 Oct 19 100 1st preferred Vlck Chemical Co 28 *56 *56 67*2 67*2 *56 67*2 *118*2 125 *118*2 125 *118*2 125 3 3 278 278 3 3*4 434 4*2 478 5*8 412 45s *5 *5 534 534 *5 534 *87g 22l2 75*2 7*8 4U2 1812 14*4 9 23l8 884 9 Apr Oct 36*2 Oct 19 66 Sept 27 7% 4i2 Oct 25 11*4 Oct 18 50 Oct 26 137 Nov 1 29 Oct 20 ...100 Van Raalte Co Inc 458 *110 118 *110 118 13,800 2,200 2,000 *10*8 46 100 preferred Preferred mmmmmm *4 458 11*4 160 9 8*8 Feb 5 84*2 Jan 11 9*4 Feb Oct 19 Vanadium Corp of Am.No par 108 2634 108 108*2 458 11*4 *112 Closed— *118*2 125 125 108 108 131 5 Jan futilities Pow A Light A 1 Vadsco Sales No par 37 "ih 2634 45g 67*2 *56 67*2 *55 *118 Stock Exchange 118 *112 120 *112 26 *108 9 Mar Universal Pictures 1st pref. 100 79 37 4*4 4*s 45j 8% 10 167g 25*2 * 79 7978 Deo 15484 Nov 144 July 169 Universal-Cyclops Steel Corp 1 Universal Leaf Tob No par 110 *101 37*8 ♦ 28 26*2 30 16 24*2 24*4 110 37 7334 "I" 478 29 30 30 * 7334 78 41 *22 16 15*s Apr 75*s Jan 136 No par 130 78 78 41 10384 Nov Jan Oct 22 1 5,400 2,200 1*4 1*8 1*4 Nov 101 463s Apr 29 27S Oct 19 Stockyards Corp 1 United Stores class A..No par United 10 33 *31 32 Jan 72*4 July 68*2 Jan 6378 Deo 19*4 Deo 4938 NOV 115i2 147 ...No par ..100 U S Tobacco 1,000 *101 38 38 38*4 38 38*2 38*2 * 126*2 Mar 11 150 Jan 22 100*4 114 100 Preferred 200 24 25* 5118 Oct 25 Oct 19 100 U S Steel Corp 16 conv pref. A 12l2 78 110 ♦101 27g *11*2 *26 17 24i2 26*2 110 ♦101 Mar 11 753s Jan 18 2,400 4,500 434 56 54 *537S 13978 13978 *136 1 26 1534 1778 17*s 25*2 1878 26 *100*2 110 1 50 *26 30 26 1*8 1*8 1*8 1 ♦24 Feb 18 105 Oct 21 Preferred 1214 1*8 13s 1*8 13« 1*4 13s 13g 118 Oct 19 55 32 35 Oct 19 67 63 300 *50 12*4 54 5512 1397S *136 48 50 Mln Sept 104 " 53 *50 *50*2 100 60 1st preferred Preferred Jan 47 Oct 19 Jan Jan 97s 1838 Jan Apr 163s 20 Jan Apr 59 Aug 71 72*4 Mar 9 19*8 Jan 12 72*8 Mar 31 No par 8% 2058 Nov 62*4 NOV Jan 10 Jan 125*4 Nov 169*4 Feb Aug 21*2 75g Oct 19 U S Rubber mm 458 234 45s 87S U S Realty & Impt U S Smelting Ref A May 23»4 NOT 393s 31*4 Aug 4*4 Oct 9 15*s Mar 13 3U Oct 18 Jan Apr 49 Mar 22 223g Mar 17 112 Mar 30 24 Nov 5 160 23*2 Mar 22 70 100 Jan 10 Feb 10 435s Feb "20" "Feb Jan 24*4 June 80*4 May 3 Feb Apr 2 .100 20 No par preferred U S Pipe & Foundry 7,100 8,900 40,400 5,200 2,700 117 13 6*8 Oct 19 85 Sept 23 Partlc & conv class A.No par Prior m — 100 *149 *149 27S 3 3 mmmmm 484 434 4«4 *149 mrnmm 55 mm 6534 5934 173,700 56-3S 6,000 110*8 HI 58 1103s 115*4 115*4 *115 117 116 *115*4 117 117 57g 6534 665s 110 110*8 112 11234 114l2 115*2 *149 5% 70 29 59*2 6934 *115 287g 55s 5 6*s 5*4 31*2 6934 31 31*4 30*s mm 3134 6 59 108 *70 3378 6*4 303s 3212 63s 6*4 30 9*2 884 108 *70 No par U S Leather 193s Jan 113*4 July 91 172 16*8 Oct 19 334 Oct 19 Nov Jan 141$ Nov 137 Oct 20 x34 50 5H% conv pref 87 Jan 109 20*2 Jan 19 3478 Jan 13 43g Oct 20 5*2 Oct 19 5684 Nov 4 154i8 Nov 4 6*2 Oct 19 100 prererred.. Oct 16 s4 Oct 19 5034 Nov 66*2 Jan 14 17 8*4 Deo 32*s June 2 1137s Jan 14 16*s Feb 8 2484 Mar 9 100*2 Feb 3 35s Jan 28 3*2 Oct 19 6i2 Oct 19 80 Mar Jan Feb 9*4 487s Aug 16*2 Feb 29*2 Aug 105 June July Oct 19 U S Industrial Alcohol .No par 2,200 1,800 3,000 6*4 Jan 4 Oct 20 No par 20 7% preferred -.100 U S Hoffman Mach Corp__.5 rnmmmmm 20 5*2 558 55s 6l2 *70 100 19 93 9*2 Mar 11 9 U S Gypsum 180 41 56*2 34 3378 57g 10*4 *70 90 *70 934 *37*4 1934 21*4 19 21*2 2034 10 41 15 106*4 Feb 26 101 U S Freight 1,400 10*8 9*2 *37*4 41 *37*4 Conv 3,100 4,300 *154lg 155 15418 155 95g 9*2 10*8 42 ♦37 42 *37 $6 first preferred 70 7 2684 Apr 19 Oct 25 25g Oct 19 No par 10 No par 100 No par U S Distrlb Corp 10 5634 8*2 6i2 Oct 19 No par S5 preferred 1*2. *1 *1 Fruit United Gas Improvt 100 1*2 *1 1*2 1*2 *1 *1 United 500 80 *78 82 8 8684 Mar 19 10534 10534 6 6*8 8 8*8 80 100 Mar Oct 19 11*8 *75 16 52 105s 80 80 88 *70 88 4678 Jan 14 No par 11 8 8*2 Jan 14 Oct 19 Oct 19 63 60 6 Oct 19 5 Oct 19 33 106 35*s Nov Mar 17 24 58*4 558 *75g 96»4 Nov 22&S Jan 53s Apr 40*4 Apr IO84 Apr 35 5 33 106 Jan United Eng & Fdy 32i2 583s 1043s 1043s 634 6*4 8*4 778 106 684 68 5 58 Jan 3 United Electric Coal Cos 8,000 1,200 2,600 22,200 11 ♦104 mmmmmm 5l8 336s Nov Feb Oct 19 2 37*4 Nov 117 Oct 91 _ 25*2 Sept 111 25U No par preferred United Dyewood Corp Preferred 200 8634 "5" S3 United Drug Ino Jan 6 5 Nov 13 16*2 Apr 24*4 Mar H784 Feb 5 10 No par United Corp 5 59l2 S34 United Carr Fast Corp No par 20 "47s 33 6034 7 54 1058 33 6034 323s 59*2 33*4 60 84 8*4 No par United Carbon *31*4 33*2 634 Oct 15 600 14 * 8684 5i2 478 14 *1034 * 110 Preferred 43,100 4,800 3,000 3*2 31*2 778 778 *10*2 8634 Oct 19 2,300 25 3*s 75g 5*2 *104*8 106 25 3034 5*4 *33 5778 25*2 3*4 31 558 53g 54" 54 3*8 *80 15 _ 30*4 8 No par 100 243g Jan 12 31*4 Feb 10 30*4 Jan 11 Oct 19 800 1934 35s 734 14 *80 *19 7 United Biscuit *113*4 m 3278 12 14 8684 14 *80 56 28 m United Amer Bosoh--.No par Highest $ per share $ per share $ per share share 53g Oct 19 $ per 5 Un Air Lines Transport Year 1936 Lowest Highest 300 12 *878 19*8 19*s *113*4 6312 31 32*2 8*s 12 Par 9,800 9*8 85S 834 8*4 *87g 1934 *2514 3*4 334 32 33 $ per share $ per share 93g 11 58 64l2 3*2 384 3*2 3212 t per share *87s 19*4 *11314 64 *25 $ per share 93s Week Shares Range for Previous of 100-Share Lou On Basis Lowest Nov. 5 4 Nov the Friday Thursday 3 Nov 10*2 197g 9*s 10*8 1978 95s ♦10*s Wednesday Nov. 2 $ per share % per share 20 Tuesday 1 Range Since Jan. Sales /am SALE PRICES—PER AND HIGH LOW 2973 New York Stock Record—Concluded—Page 10 145 Ex-dlv. y 43<4 Aug 31 9*4 Jan 16 Ex-rlghts. 625s Jan 14084 Sept 63 Aug 79 Feb 338s 884 Apr Jan 51 Nov 83*2 Jan 42U July 418| Jan 105 Jan 11*8 Jan 584 July 23*4 Deo 163*2 Dee 55 8784 122 Apr Oct Aug 42<s Nov 9«s Jan 2974 Nov. 6, NEW EXCHANGE YORK STOCK Bond Record, Friday, Weekly and Yearly NOTICE—Prices are "aDdintereet"—except for income and defaulted bonds. Cash and deferred delivery sales unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in occur. No account^ls taken of such sales in computing the range for the year. . Friday STOCK EXCHANGE Week Ended Nov. 6 Y. Range or Friday Sale Price Bid A Week's N. Since No. High Low Week Ended Nov. 5 Treasury 4^8—Oct. 15 1947-1952 A O 115.25 24 113.16121.14 Treasury 3X>---Cct. 15 1943-1945 A O D 106.25 106.18 106.25 94 104.2 111.26 111.13 111.26 67 S 109.26 109.30 109.30 9 15 1943-1947 J ...June 15 1946-1948 J A *2 107.12114.9 106.31 107.5 21 103 102.26 103.3 24 101 104.17 104.9 104.17 98 Higf Low 104.28110.18 106.28 26-year gold 4Xs_. 22 X 23 X 20X 31 23 6 20 A 30X 23 X 23 X 6 20 D 30 X 98 X 96 X 99 X 11 96 101X 97X 22 93 100X 81 81 3 77 90 62 X 94 X 63 X 94 X 7 60X 80 1 94 X 99 29 29 X 11 9 55X 103X 104 X 62 X 330 103X 6 103 X 104 5 1953 M N ♦Cordoba (City) 7s 1957 F A 1957 F A 105.30 105.20 105.30 34 104.20107.27 Cordoba (Prov) Argentina 7s.. 1942 J 106.16 106.15 106.16 4 104.24108.24 Costa ♦7s stamped... Rica (Republic D 105.4 139 102.20108.24 J D 104.22 104.15 104.22 12 102.24108.18 F A 106.15 106.20 17 104.24108.24 External 6s of 1914 106". 21 O A 104.25 106.13 105.4 J ♦7s Nov 1 1936 coupon on—.1951 M N Cuba (Republic) 5s of 1904 1944 M A S 1949 F A 1949 F ser A 106.21 55 104 109.25 External loan 4X8 M 8 100.25 100.17 100.27 164 99 104.30 Sinking fund 5Xs..-Jan 15 1953 J M S 103 102.19 103 M S 100.31 100.19 J 100.4 D 99.29 52 100.31 100.5 100.18106.16 27 99.2 104.16 163 98.4 81 ♦105X ♦104X Sinking fund 8s ser 101 61X 105X 101X 105X 101X 105X 101X 20 104 X 107 X 25 100 x 101 24 100X 103X 97X 101X 99.27 46 98 103.18 98.12 531 96.6 101.22 Denmark 20-year extl 6s External gold 5Xs 103 21 101.7 106.10 102.18 53 100.11105.17 External g 4 Xs Apr 15 1962 A Deutsche Bk Am part ctf 6s...1932 102.30 15 101.8 105.23 {♦Stamped extd to Sept 1 1935— M S 99.6 104.10 Dominican Rep Cust Ad 5X8—1942 M S 1st ser 5 Xs of 1926 1940 A O 3s 3s Jan, 15 1942-1947 J Mar. J 102.26 8 1 1942-1947 M ♦101.16102 Loan Corp— 3s series A May 2Xs series B—Aug. 2X8 series 0— 1 1944-1962 M N 102.19 102.10 1 1939-1949 F 1942-1944 J 100.31 A J 100.21 100.22 100.15 102.20 120 99.24105.3 101 102 98.28103.2 100.22 146 98.16102.31 1942 1955 Foreign Govt. A 22 X O 23 X f 7s series B. ——1945 J 100 22 X 3 23X 99X 23 X 100 2 7 8 J s f 7s series C 1945 J J *7 a s f 7s series D 1945 J J ♦External s f 7s 1st series 1957 A 0 ♦External sec s f 7s 2d series. 1957 A ♦External sec s f 7s 3d series. 1957 A 8X 7X 7X ♦External ♦External Antwerp (City) external 6s 1968 J Argentine (National Government)— 8 6X 6X 7X O 6 6 O 6X 1971 1972IF A 8 f extl conv loan 4s Apr.... 1972 A O 1057 M S 1956 M N External g 4Xs of 1928 101 J 1957 J 1945 F Belgium 25-yr extl 6Xs 3 A 20X 6 6 16X 6 16X 27 3 99X 91X 91X 100 X 56 91X 91X 105X 105X 193 101 47 96 X 103 X 89 X 95X 90 94 X 104 X 63 104X 110 48 2 103 X 110X 98 20X 1 20 X 18X 25 X 1 108 111 105X 4 103 X 110X 113X 99X 6 D 99X 99X 20 99 103 X 1 18 20 ♦7s (Central Ry) 1952 J 1957 M 8 1958 F A D D 30 29X 100X 99X 102X 102X 100 X 102 X 25X 101 75X 1976 F A 75 X ..1976 A O . 1952 M N lV 1945 F 30X 107X 112X A ....1967 J 92 X 1954 J 1950 M A 14 2 78X 57 29X 18 67X 92 85 X 86 X 88 J "31X ♦7s with all unmat coup 104 X 110X 109 X 114X 99 24 97 101X 99X 41 96 X 98 X 92 X 98 X 6 103 X 99 X 93 25 49 11 31X 31X 32 32 O 31X 32 1 91 95 47 60 32 X "I 54 X 26 X 26 X 40 X 40 7 30 X 48X 15 15X 8 12 15 15X 25 12 25 X 25 F A 14X 14X 15X 17 12 J 14X 14X 15 7 ♦Extl sinking lund 6s_.8ept 1961 M S 1962 M 8 12 14X 14X 15 25 11X 14X 14X 15 10 12 15X 4 12 ♦Assenting 4s of 1910 Bmall ♦{Treas 6s of *13 assent(large) '33 J J ♦{Small Milan (City, Italy) extl 6Xs... 1952 A Mlnas Geraes (State)— ♦Sec extl s ♦Sec extl s page 1 45 30X 30 X 47 X 62 X 111 2 63 115X 93 X 94 82 X 76 X 74 X 76 X 118 67 X 100X 65 62 65 147 52 X 89 X 39X 29 X 19 X 95 3X 2X J J 42 26 100X ♦6s series A "4" O 18X 18X 66X 65 X S 1965 O 24 X 24 X 4s 1963 A 104% 102X 101X 39 X 3 39X 73 20 X 1 18X 26 X 17X 19 23 14X 38 17X 19X 23 14X 38 Extl deb 5 Xs s 11X 11 102 O 101 x A D 2X 9X 15 « • - - 8 IX 13X 13 60 82 3 16 X 16 33 11 65 X 76 10 3 8 6 106X 104X 105 102 X 103 33 101X 102 22 95X 19 5 34 60 X 68 X 101X 105 X 102 ♦104X 9 4X 2X 101X 106X 107X 101X ♦106X 9 9X 9 101 105 104X 108X 105X 109 101 X 106X 99 X 104X 102X f 5s ser A ♦Stamped Pernambuco (State of)— ♦78 Sept coupon off ♦Peru (Rep of) external 7s ♦Nat Loan extl s ♦Nat Loan extl b 20X 20 X 2 102 X 17 S 61 60 62 X 18 52 X 85 1958 M N s extl 6s Oriental Devel guar 6s... ♦Extl 8 11X 2 5 64 X 1956 M 20X 5X 4 66 X f 5s...1970 J 8X 3 5 2X 4 19 External sink fund 4Xs External s f 4Xs f ext loan 12 2X 3X 65X 24 X 24 X 8X 2X 3X 2X ♦IX 18X 107X 7 17 5X 4 --- 4X S A Municipal Bank extl 6 2X - 4X 1959 M N ♦Montevideo (City) 7s s 5* 5X 20-year external 6s__....... 1944 F 6 13 8X 4§ 64 1958 M 21X 2979. 57 X 1959 M S 1952 J D f 6Xs f 6Xs 59 58 59 38 47 X 79 X 97X 103X 1952 F 1953 M A ~20X 102 X - - - - - 103 X 25 X 102 102 X 10 D 105X 105X 2 1963 M N 1963 MN 55 X 55X 1 54 48 X 50 X 21 43 76 15X 16 12X 30 X 1955 A O 1953 J 1947 M S 15X 1959 M S 8 104X 107 85 3 D "nx 13X 11X 13X f 6s 1st ser..1960 J 12X 87 11X 10X 26 f 6s 2d ser—1961 A O lix lix 12X 40 10X 26 ♦External sink fund g 8s For footnotes see 30X 7X ♦Poland (Rep of) gold 6s ♦Stabilization loan s f 7s as* 20 X 27 X 65X 25 11X "t 1!.. 25 107 19 X 65 D Oslo (City) sf4Xs Panama (Rep) extl 5Xs 1 ---- J A 10X 39X • 24 65 X 65 1954 J 22 , 101H 19 X 2 ♦Assenting 4s of 1904 ♦Assenting 4s of 1910 large ♦Nuremburg (City) r 19 ♦114X New So*Wales (State )extl 6s._1957 F External a f 5s Apr 1958 Norway 20-year extl 6s 1943 9X 9X ? 17X 1 D 21X 21X 21X .-17X 1 19 25X 76 X 1954 J 12 X J 19X 104 69 ♦4s of 1904 10X O 2 75 J 1 1935 coup on..Oct 1961 A ♦6s July 1 1935 coup on—Jan 1961 J 104X 69 1945 Q 8 39X 15X 8X *2X *3X 3X *3X 27 8 96 X 17 1 19 J 13 ♦6s Apr 1 6 8 17X S 1945 Q 13X 13X 1951 •Cologne (City) Germany 54$a_1950 M Colombia (Republic of) 99 X 21X ♦Medellin (Colombia) 6Xs D 1954 J ♦Mexican Irrlg assenting 4X8.1943 M N ♦Mexico (US) extl 5s of 1899 £ ♦Assenting 5s of 1899 12X D 35X 1 12X J 32 X 28 2 12X 13X 34 42 27 X 19X 75 X 23 X 32 X 26X 39 X 12X ..... D 36 2 20 X O 1962 M N M 30 X 43 104 X D 1960 M S 1951 J 26 X 23 27 20X 17X 57 X 31X 28 X 25X 29 20 X 1961 J 13 1 ♦99X D 13 A 18X 25 X 29X 35 D 1957 J A 20 3 32 X ♦17X *17X 57 X ♦Assenting 5s large ♦Assenting 5s small 98 29X 29 ♦30X 32 X 27X 26X 84 O 33 X 39 31X 25X A 30X 112X - 1957 A 22 111X - ♦Leipzig (Germany) s f7s 1947 F Lower Austria iProvince) 7Xb_1950 J 21X 107X 20 124 20 X Jugoslavia State Mtge Bank— 9 O 1961 F Japanese Govt 30-yr s f 6Xs._.1954 F A Extl sinking fund 6Xs 1965 M N 20 106X 24 X 19X I960 M N f 5s 33X O 1963 M N s Consortium7sserB,'47 30 X A J ♦7s unmatured coupon on... 1946 ♦Hungarian Land M Inst 7X8.1961 M N ♦Sinking fund 7Xs ser B 1961 M N 65 X MN Jan 1961 J 56 72 97 105X 130 100 84 X 69 71X 73 8 26X 104X Hungarian Cons Municipal Loan ♦7Xs unmatured coup on...1945 4 45 1960 J ♦Farm Loan 6s ser A Apr 15 1938 ♦Chile (Rep)—Extl s f 7s 1942 ♦External sinking fund 6s—1960 ♦Extl sinklDg fund 6s...Feb 1961 69 77 X 93X 47 1944 J 1960 A 77 76 X 80 83 X 33 X 102 X 106 X 98 X 98 X —1961 J ♦Carlsbad (City) s f 8s ♦Cent Agric Bank (Ger) 7s ♦Farm Loan s f 6s.-July 15 ♦Farm Loan s f 6s Oct 15 75X 75X 33 ♦Sink fund 7s July coup off..1967 J J ♦Sink fund 7 Xs May coup offl968 M N 6 56 J O 97 X 82 X 87 76X "79" 22X 100 119X 25X 31 25X 124X 96 20 99X 21X Italian Public Utility extl 7s__.1952 J 108X 86 X 87 1975 M N (Republic) s f 6s ser A 1952 ♦Hamburg (State) 6s 1946 ♦Heidelberg (German) extl 7Xs '50 Helslngfors (City) ext 6Xs 1960 105X 2 4 8 < 27X 26 X Italian Cred 35 1977 M ♦Chilean Cons Munic 7s ♦Chinese (Hukuang Ry) 5s A 1968 Italy (Kingdom of) extl 7s 23X Extl s f f 6s F~ 1968 ♦6s part paid 47 X 100X ♦95 s 29 X 32 X 103X 22 X ♦83 'Guar D 1964 103 X 100X 8 ♦Sink fuDd 6X8 of 1926 •Guar s f 6s..... 1958 J 78—1964 M N 25X 23 X 8 ♦External siDking fimd 6s ♦External slicing fund 6s ♦Chile Mtge Bank 6Xs ser 99 X 99 X 100«32 A f 6s f a ♦7s part paid ♦Sink fundsecured6s 1 12 J 1961 M s 31 17X 102 101X *20 O 98 100X 105X 109 4 alio 25 47 D 1961 F ♦Ry ref extl 25X 66 X 27 24 D 1965 ♦(Cons Agric Loan) 6Xs 4 2 98 al09 ♦7s unstamped 1949 German Prov A Communal Bks ♦Greek Government i 99X 106X 20X 103X 20X 26 55 X 70 z96 ♦5Xs stamp(Canad'an Holder)'65 ♦German Rep extl 7s stamped. 1949 A Irish Free State extl "ioo" ♦6s stamped ♦6Xa stamped 1960 A 81 19 101X ♦Hungary (KlDgdom of) 7XS..1944 of) 3s D 1965 J 47 X 47 43 X«————Aug ♦6Xs of 1930 stamped ♦5 Xs unstamped 25 X 192 Canada (Dom of) 30-yr4a 69 X 106 I'D 1949 69 X 30X 32 X 100X 1984 J 79 X *65 1949 30 X 30 X 3X8. 2Xa External 7s stamped 7s unstamped 25 X 25 28X 8% external sf $ bonds Bulgaria (Kingdom of)— 81X 81X German Govt International— 18X 28X 6s. French Republic 7 Xs stamped. 1941 J 7 Xs unstamped 1941 10 29X 4X8-4X8 Refunding s f 4X8-4X8 Extl re-adj 4Xs-4Xs Extl s f 4Xs-4Xs 70 99 X 105X 20X 103X al03X 49 28X ♦Buenos Aires (Prov) extl 6s.-.1961 M 82 71 71 J 1967 Finland (Republic) ext 6s 1945 M S ♦Frankfort (City of) s f 6Xs.—1953 M N 20X O ♦6s July 1 1935 coupon on 1962 J UBuenos Aires (City) 6Xs B-2.1955 J 70 76 *56 X 40 O 1950 J 76 ♦71 J 38 f 6Xs of 1927—1957 A (City 82 X 82 ♦70 X O 1948 J 20X 39 s Brisbane (City) s f 5s 112X 118X 1 ♦External Sinking fund gold 5s 20-year s f 6s.. 7OX 104X 108 1965 J 69X 2 ♦18X 99 X 103X 105X 113X f 6Xs of 1926—1957 A 30-year 98 X 102 36 s 7-year 17X 1 ♦External 10-year 2 6X 108 J Bergen (Norway) extl a f 5s 1960 M S ♦Berlin (Germany) s f 6Xa 1960 A O ♦External sinking fund 6s...1958 J D ♦Brazil (U 8 of) external 8s 1941 J D 26-year 20X 10 7X 105 20 20 99 X 105 100X 20X 1949 M S External 30-year s f 7s Budapest 6 "~3 6X 100X 103X J 6X 30 30 1955 J f 6a 3 71X *65 Haiti ♦Bavaria (Free State) 6Xs s 99X 91X 91X 105X 105X 1955 J Austrian (Govt) s f 7s External |MN 97 19 99 X D 8 f external 4 Xs 10 22 X 22 X 8 8 8 f extl conv loan4sFeb Australia 30-year 6s External 5s of 1927 60 70 71X ♦El Salvador 8s ctfs of dep Estonia (Republic of) 7s Akershus (Dept) Ext 68— 1963 M N ♦Antioqula (Dept) coll 7s A...1945 J J s 1969 A 45 70 ♦Dresden (City) external 7s...1945 M N & Municipals— Agricultural Mtge Bank (Colombia) ♦Sink fund 6s Feb coupon on. 1947 ♦Sink fund 6s Apr coupon on. 1948 ♦External ♦60 X 70 2d series sink fund 5Xs 1940 A O Customs Admins 5Xs 2d ser.1961 M S 5Xs 1st series....... 1969 A O 5 Xs 2nd series 68 X 101 99.18 98.5 Mar. 15 1944-1964 M 8 102.25 May 15 1944-1949 M N 102.18 102.10 105 47 X 103X 105X 103X 105 X O 99.27 98.12 D 102X ioax Treasury 2X8—-Sept. 16 1966-1959 M S Dec. 16 1949-1953 J 103X 97X 102 103 O 1942 A B 25X 36X 100X 105X ♦102 104 ♦Public wks 5Xs—June 30 1945 J D Czechoelovakia (Rep of) 8s.—.1951 A O 103.17 14 24 of)— Treasury 2Xa 2X8 High 1952 J Copenhagen (City) 5s 102.10107.30 Federal Farm Mortgage Corp— Home Owners' Since Jan. 1 O 8 June 15 1946-1949 J 3X8 Range 3, Asked 1947 F D June 16 1940-1943 J Treasury 3X8 Dec. Treasury 3Xs Treasury 3X8 Apr. Treasury 2X8.—Mar. * Bid 1946 MN ♦Sinking fund 7s of 1926 ♦Sinking fund 7s of 1927 D Treasury 3Xs_—Mar. 16 1941-1943 M 15 1949-1952 Aug. 16 1941 16 1944-1946 15 1966-1960 Treasury 2X* Sept. 15 1946-1947 Treasury 2 X8-—Sept. 15 1948-1951 Treasury 2X8 June 15 1951-1954 ♦Colombia Mtge Bank 6Xt—.1947 A 109.26 107.5 D Treasury 3s........ Sept. 15 1951-1956 M S • Price Low 109.12115.20 Treasury 3Xs—Mar. 15 1945-1966 M ■ Range or Friday Sale Foreign Govt. & Mun. (Cont.) Treasury 4s.....Dec. 15 1944-1954 J Treasury 3Xs Last It STOCK EXCHANGE High 115.23 115.14 Treasury 3X® Y. Jan. 1 U. S. Government Treasury 3s ' BONDS Range Asked Low Treasury 3X»—June disregarded in the week's range, footnote in the week in which they are a Week's Last BONDS N. 1937 1940 A O 57 54 1947 A O 66 X 65 66 X 9 1950 J J 52 X 51 52 X 25 57 35 47 28 62X 60 80 45 X 64 Volume 145 Week's Last Range or Range Sale Friday Bid A Asked Since 8TOCK EXCHANGE Y. Week Ended Nov. 6 Price w Bid Price NO, No. High Low High Low 33*8—1943 ♦Berlin City Elec Co deb 6 3*s._1951 ♦Deb sinking fimd 63*8 1959 ♦Debenture 6s 1955 ♦Berlin Elec El A Undergr 6 3*8 1956 Beth Steel cons M 43*s ser D..1960 Cons mtge 3 J*s series E 1966 —1961 D 1966 1962 ♦8a June coupon off J ♦73*a July coupon off Prague (Greater City) 73*s 19 213* 20 3* 213* 12 107 H 1063* 1073* 10 1063* O 107 14 22 1 A "22" .... 100 92 8 21 22 333* 31 133* 963* 21 1950 M S ♦Rhine-Main-Danube 7s A 183* *163* 963* 203* MN ♦Prussia (Free State) extl 63*8.1951 M S ♦External s f 6s —1952 A O Queensland (State) extl s f 78—1941 A 25-year external 6s 1947 F 14 15 20 19 25 5* 163* 25 3* 1043* 1133* 1063* 113 173* 323* 20 Boston A Maine 1st Rio de Janeiro (City of)— 1946 —1953 ♦8a April coupon off ♦6 3*8 Aug coupon off A O 193* 19 203* 24 183* 1946 ♦6s June coupon off... 1968 ♦7s May coupon off.. 1966 ♦7s June coupon off 1967 Rome (City) extl 6)*s 1952 Roumanla (Kingdom of) Monopolies ♦7s August coupon off......1959 ♦Saarbruecken (City) 6s 1953 ♦8s April coupon off F A 163* 163* 183* 39 133* 33 ♦Extl 63*8 May coupon A O J D 26® F A *203* 22 3* 17 MN 17 J 40 17 183* 14 17 19 19 163* 323* 19 2 15 32 3* 1952 off.-1957 653* 19 60 833* 153* , ♦External 7s Sept coupon ♦External 6s July coupon f 7s O J D 5s—...1941 33*8—1966 Bklyn Manhat Transit 43*s—1966 Bklyn Qu Co A Sub con gtd 5s. 1491 M 27 Bklyn Union El 1st g 5s 22 19?* 353* Bklyn Un Gas 1st cons g 1st lien & ref 6s series A 193* 173* 343* 21 21 M N 22 M N ♦17 41 1 F J J 183* 173* 193* 183* 173* 163* A O 77 75 823* 75 98 223* 223* 193* 25 J5»Burl C R A Nor 1st A coll *223* 32 3* 22 25 J 373* 373* 34 44 J J 22 22 233* 433* M S 18 18 213* 1945 J D J D ♦Sinking fund g 63*s 1946 Serbs Croats A Slovenes (Kingdom) M N ♦8s Nov 1 1937 coupon on...1962 M N ♦7s Nov 1 1937 coupon on...1962 J D ♦Silesia (Prov of) extl 7s 1958 F A ♦Slleslan Landowners Assn 6s_.1947 F A Syria (Province of) 7s 1946 F A Sydney (City) s f 53*s —1955 Taiwan Elec Pow at 5 Hi 1971 J J M S Tokyo City 5s loan of 1912 1952 A O External a f 53*s guar 1961 M N Trondhjem (City) 1st 53*8 1957 F A ♦Uruguay (Republic) extl 8s.—1946 ♦Saxon State Mtge Inst 7s 353* 343* 283* 25 313* 263* 273* 24 31 5s ♦49 53 403* 67 *19 313* 28 393* ♦Camaguey Sugar 903* 983* 1013* 106 49 783* 73 3* 493* 105 5 60 59 60 6 503* 503* 503* 3 613* 23 1043* 105 853* 113* 12 93* 73* 343* 413* 413* 1013* 12 J — — 7s ctfs 104 83 55 60 "84" 85 15 78 1153* 113 "113" M N 1960 973* 1053* 58 .... "" 113 13 111 1223* 1113* 17 1113* 1323* 913* 1033* 17 . M N D 87 87 IVI N 1023* 102 H A a* . — .... . . . . . . - .. -- - 1033* 107 M N "543* O A O J A O A 47 93 1 10 32 14 93* 9 85 85 5 473* J J 1043* 1053* 85 48 15 O J 1083* 1113* 47 10 10 93* A 4 .... "573* 543* 10 O 31 903* 433* 83 57 733* 1023* 1053* 6 58 57 57 102 100 .. 1113* 1113* *1053* 106 87 1023* 109 .... ' 'iil3* A D ..... .... 19 106 *105 — — . J F J A 72 263 1113* A J 73* "47 483* — * J F 15 573* —————— — .... 1013* 643* ♦ .. 1940 1942 A......1962 Canada Sou cons gu 5s *97 453* 603* IVI N 1955 CodsoI 54 113* 63 1952 {Bush Term Bldgs 5s gu Ca 1 Pack conv deb 5s 913* 473* 1013* "1013* . 27 90 493* 103* J IVI N 5s 1934 {Bush Terminal 1st 4s 48 111 ♦ M N ♦Certificates of deposit J 185 523* *10 ..... — "163* B Brown Shoe b f deb 33*8-Bruns A West 1st gu g 4s Buffalo Gen Elec 43*s ser B Buff Nlag Elec 33*8 series C—1967 Buff Roch A Pitts consol 4 3*8- 1957 1st lien & ref 5s series .453* O J li2 107 . "513* 453* A A 1947 1950 1957 1950 ..1938 1981 25 103* O F 263* 993* 1063* 893* 993* 121 94 493* , J 183* 127 50 50 A 28 27 20 .... ♦1073* 50 M N 1950 5s....1945 Debenture gold 5s 933* 93 ——mm mm 183* 1 21 * High — 20 .... 102 3* 102 - 5 33 v *203* Low -mm- rn.rn.~-m. 21 — — — — I623* S 1941 1st 5s stamped 253* 203* 413* off. 1950 off 1956 off. 1968 1940 A of deposit ♦Certificates 33 413* 393* 1936 §♦88 July coupon off ♦External 8s July coupon —————— J Bklyn Edison cons mtge 643* "653* — O Brooklyn City RR 1st 18 O 4 D A O 43*8 series JJ 59 . ; A A J 1961 1st 4s 1955 {J^Botany Cons Mills 63*8 1934 1st g 213* 21 21 San Paulo (State of)— s 253* {♦Boston A N Y Air Line Brazil)— ♦8s May coupon off Secured *1043* 1967 ...1955 5s A C 1st M 5s series II 343* Rio Grande do Sul (State of)— Sao Paulo (City of, J D 1944 4s Big Sandy 1st No. High J J Belvtdere Delaware cons Since Jan. 1 Asked & Low Foreign Govt. &Munic. (Concl.) Porto Alegre (City of)— Range 22 Friday Sale K ■3 Range or Last BONDS N. Y. STOCK EXCHANGE Week Ended Nov. 5 Jan. 1 Week's Friday 5« Friday BONDS N. 2975 New York Bond Record—Continued—Page 2 112 1033* 1043* 43* 107 43* 7 1083* 10 107 1123* 1153* 42 1143* 1173* 1163* 1173* 20 1173* 1153* 1173* 1153* 10 112 1123* 23 1043* 43* 42 119J* ♦External s f 6s 1960 1964 Bank 7s.. 1952 58 613* 16 60 56 60 53 49 59 49 82 78 M N 98 98 88 703* 833* 1003* 1952 ♦Warsaw (City) external 7s—1958 Yokohama (City) extl 6s 1961 F A 50 50 393* J D 603* 623* 613* 1951 6 3*8—1946 RAILROAD AND INDUSTRIAL COMPANIES 58.1953 4s.—1948 1947 10-year deb 43*8 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 warn assented 1948 Alb A Susq 1st guar 3 H8 1946 Alleghany Corp coll trust 5s...1944 Coil & conv 68-— 1949 Adams Express coll tr g Coll trust 4s of 1907.... J 95 A 803* 80 1103* 115 J J 79 J 69 A 1023* 1043* 325 96 105 100 100 M "i023* M S M S D J *92 M N 1033* 963* 25 100 1113* 112 44 1053* 1093* 1153* D 103 3* 19 983* 1103* J 983* J 663* 10 D 57 97 933* 1023* 55 873* 87 "~52 12 1093* 1941 6s 90 "793* 803* *15 20 .... 70 «... * "12" Cent {♦Cent New Eng General 73* O 8 8 D Jr J J M S .... 25 40 -mmm 24 31 .... 18 1 18 34 107 110 4 90 244 107 79 125J* *67 78 S 106 106 A O J J "48 " J J 373* J J A vx UU vam vv« extended to May 1 *vw w M N 1043* 1033* 71 D 100 993* 1003* 143 J J 1025* 1053* 44 95 200 95 11 91 1103* M N 104 57 993* 107 M N 8 M 963* 1023* 88 88 J A *403* S F * IVI N "933* 933* J J 933* 933* A O 1093* 1093* Nov M N J D J "~95" 943* 4 1043* 108 1063* 13 1055* 109 1183* 19 1163* 1283* 953* 13 953* 39 D 1965 stmpd.1940 July 1948 1995 July 1948 1995 1941 33*8-58.-1950 4s A. -1959 Ref A gen 5s series D 2000 Conv 43*s 1960 Ref A gen M 5s series F 1996 Bangor A Aroostook 1st 5s 1943 Con ref 4a ...... 1951 4s stamped 1951 Battle Creek A Stur 1st gu 3s..1989 Beech Creek ext 1st g 3 Ho 1951 Bell Telep of Pa 5s series B 1948 1st A ref 5s series C 1960 49 89 "23 103 1063* 8 106 1063* 22 * 106" "165" *105 "113" 1063* J 113 113 8 1113* 1113* J D '.'J J J M 8 # . ,A O 1063* 116 J 112 J 112 \ 1093* -.. . 1093* 108 -f... *1063* 34 6 1063* 107 13 1103* 1103* 1093* 31 31 107 — — — — .. 1203* 1093* 115 108 1083* ..... 7 31 104 3* 583* 110 1083* 1133* 1073* 1173* 1093* 7 A 1063* 1053* 1063* 10 1023* 1163* F A 110 110 1113* 15 110 104 108 A O 128 105 111 M N 105 107 "16 110 114 MN 7 111 1133* M S J 1183* 1183* 107 1113* 1063* *102" ♦1133* 923* 1023* 1055* 1113* F *993* J 108 1033* 110 1053* J M *106" 933* 1023* 107 3* 111 .... 1043* 109J* 104 ' 74 100 1093* \ \ \ J L t M 8 853* 1003* 86 993* 102 106 "ioe" J J 95 1103* * J 993* 105 104 102" '1023* D J 953* 1043* *. D J 45 50 100 1163* 1253* 55 963* 34 1043* 60 J M 5 1173* 633* "60" 3 3*s ser D. 1043* 953* 92 71 .... 1173* 943* 943* S 423* 58 .... 1043* 1053* 1173* M Ref A lmpt mtge .... 793* MS Q 783* 1003* 1123* 101 1083* 56 773* * 963* 1023* 23 883* 35 102 ...... 1942 J 19 28 33 873* 166 323* 1043* • 7l" 251 32 109 1003* 1083* 48 753* 34 * £ ? L N £ M 4s.. 111 Jan 90 10 39 37 102 1033* 1023* "48" 48 102 23 .... *.. 1003* O 2 *1043* • 233* 113* --mm 963* 96 114 A 36 3* 233* 233* 14 243* S 100 93 7 A 1133* 1003* M N 9 18 1003* 1023* 73* "ij" 100 1133* 813* 93* 19 19 * ...... O J 97 H 40 71 —. Through Short L 1st gu 5s 18 22 F 1st gu 4s 4s 93 75 83* 8 F Cent 78 11 123* 93* "113* O M .... 74 "993* 833* 1053* 1073* 1113* 893* 1063* *80 * M 1st A ref 3 3*8111 Elec A Gas 1st 6a Illinois Light 33*s 863* 1063* 1113* 114 1003* 113 6 J 100 99 1073* ...... Gen mortgage 5s 55 102 1073* « J Cent Hud G A E 903* 1053* .... 1 J Central of N J gen g 5s 1 96 1033* Central Foundry mtge 52 99 102 * J 4s— « 102 A 1st g 5s ♦Mid Ga A Atl Div pur m 5s. ♦Mobile Div 1st g 5s 5 61 A ♦Mac A Nor Dlv 24 1033* *50 A MN series A M 933* 95 783* 783* 793* 8 96 96 973* 3 96 MN 78 78 81 17 78 34 35 25 33 3* 30 313* 8 30 64. 9 63 833* 26 26 2 26 853* *92 "l5 " 143* 14 14 94 .... 173* 64 153* 20 1123* 1133* 7 19J* 193* 213* 74 J 18 18 J ref 6s. 1123* J *10 20 J 17 17 119 973* 1013* 10 463* 9 453* 112 3* 124 15 513* 4 16 443* .... 22 43 15 393* 3 64 63 ...... J {♦Chic Ind A Loulsv 893* 1053* 75 993* M N £ .... 1093* 116 1043* 94 J J D J "36" 16 M N 603* 3 102 104 102 102 A O 75 75 84 99 J D 453* 453* 52 201 413* A O 79 79 893* 131 79 J D 523* 523* 583* 153 523* 1033* M N 73 J 64 J 73 64 * "453* 393* IVI 8 J J 45 ■ "453* 75 1083* 943* 1163* 79 34 73 105 703* 40 64 1073* 72 993* 383* 933* 683* 51 '160 39 443* 493 45 51 150 33 383* J 823* 933* . Chic L8A East 1083* 1083* 1083* ♦Gen g 3 3*s series B—May ♦Gen 4 3*s series C—May 68 1173* ♦Conv adj ♦General ♦Stpd 4s non-p Fed lnc tax 9 53* 263* 73* 10 63* 263* 973* J J J J J 29 293* 25 25 2 25 573* 32 33 41 31 69 3* 313* 33 22 31 693* 383* 713* 293* 15 41 * 273* 66 J F A "l03* "103* 123* 310 8 O 33* 33* 43* 213 3 123* 16 183* 5 16 49 3* 173* 20 20 173* 523* 2 193* 523* 4 19 543* 12 18 56 37 52 M N 16 M N 193* 193* N "l9" 19 213* M N 203* 18 23 M N M D D J D 1033* 1103* 1123* 1123* A J ♦Conv 973* 1073* J J 783* .... *110 M N May 1: ref 43*8 stpd.May 1' ref 43*8 ser C.May 1! 43*8 series A 71 131 J J |*8ecured 63*8 ♦1st A 120 )J stpd Fed lnc tax.. ♦Gen 5s stpd Fed inc tax ♦4 3*s stamped 1163* 1153* 1213* 33*s— ♦Gen 43*s ♦1st A 1263* Jan 1! 4s 1103* 1173* 5s {♦Chic A No West gen g 103 126 1 series E—May ♦1st ref g 5s 1173* 1 1 1 ♦Gen 43*s series F—May 1 {♦Chic Mllw St P A Pac 5s A.. ♦Gen 4 3*s 116 106 3* r A D 1st 43*8 Chic Mllw A St. Paul— ♦Gen 4s series A.....May 101 *106 73* *933* -J J 111 *1123* 73* 73* MN 1063* 993* 993* 1073* 993* Tol A Cin Dlv 1st ref 1033* J 1023* 1113* 1023* 963* MN ♦Ref A gen AVAV 4s... 4s_ Southwest Dlv 1st 103 J 1967 6s series C PLEAWVaSys ref 4s 643* 65 mortgage 1st gold 5s "16 1003* 1948 Ref A gen 1083* 723* 25 933* 1023* 1073* 1123* 923* 1013* Q9 89 1948 1948 Atl Gulf A W I SS coll tr 5s 1959 Auburn Auto conv deb 45*8—1939 Austin A N W 1st gu g 6e—.—1941 ' "1083* 215 30 1083* 6 4s. —1958 Cal-Arlz 1st A ref 43*s A 1962 Atl Knox A Nor 1st g 5s 1946 Atl A Charl A L 1st 4 Ho A 1944 1st 30-year 5s series B 1944 Atl Coast Line 1st cons 4s July 1952 General unified 43*s A 1964 10-year coll tr 5s May 1 1945 LAN coll gold 4s Oct 1952 4s. 253* ► 903* -—1995 1909....—1955 1905 —1955 4s of 1910 I960 Refund A gen 5s 2 89 4s Bait A Ohio 1st g 38 A 1955 Baldwin Loco Works 5s 32 F Trans-Con Short L 1st Second 993* 1033* — i D ♦Consol gold 5s ♦Chatt Dlv pur money g 93 4s of Atl A Dan 1st g 1283* 80 S " .. J 5s.-Nov {♦Central of Ga 1st g 74 1013* 963* 603* 38 933* 71 93 4 3*8-1939 4s 72 100 32 O Term 5s. 1964 Armour A Co (Del) 4s series B.1955 1st M s f 4s ser C (Del) 1957 Atchison Top A Santa Fe— General 4s 1995 Adjustment gold 4s —1995 Rocky Mtn Dlv 1st 803* A fund 53*s—1943 Conv deb 4 Ho 7 783* "263* A Ark A Mem Bridge A Conv gold 120 157 M S f £ D Cart A Adir 1st gu 107 613* 57 100 38 M ♦Anglo-Chilean Nitrate— Conv 4s of 3 883* 1123* MN deb 6s w w gold 4s Celotex Corp deb 4 3*8 w w ♦Cent Branch U P 1st g 4s Carriers A Gen Corp 53*8 series B ♦Ref A gen 5s series C 76 59 69 A debentures 1961 3Ks debentures .......1966 ♦Am Type Founders conv deb. 1950 Amer Wat Wks A Elec 6s ser A. 1975 Anaconda Cop Mln s f deb 4 Ho 1950 Stamped 100 F 1033* 110 1063* 583* *40~" A 3 3is Conv gold e A Telep A Teleg— 4s *1053* A 53*s 1949 Corp conv 53*8--1949 5 f income deb.--*.. 933* 1053* 76 993* 803* Amer I G Chem conv {Ann Arbor 1st g 943* 106 90 1053* 95 1951 20-year sinking 573* 1093* 95 95 4s...1952 If Convertible debenture 30 70 95 *903* F Alplne-Montan Steel 7s 1955 Am A Foreign Pow deb 5s..—2030 American Ice s f deb 5s 1953 Amer * J —1950 .......I960 4s 1998 Allegh Val gen guar g 4s 1942 Allied Stores Corp deb 4 3*s 1950 Am Interaat 65J* 673* M ♦5s stamped debentures 1223* 873* "1153* A 1 ♦Coll A conv 5s 4 H8 1213* 883* A D J Allegh A West 1st gu Allis-Chalmers Mfg conv 3 — m — J J Guaranteed gold 43*s..Sept Canadian Northern deb Collateral J|*Abltlbl Pow & Paper 1st 112 J J 863* 623* 1113* J M 57 57 1113* F 703* 57 *65 583* 112 J O F Guar gold 43*s. O A J J 72 M N (City of) 6s. Vienna 101 60 J J 993* 103 2 101 101 M N J J A 803* 50 109J* 116 113 1183* 1143* 121 1143* 121 1123* 1183* 1103* 1163* 1103* 116 J ♦External s I 6s Venetian Prov Mtge 59 613* 1957 43*s_. Canadian Nat gold M N ...... *22 10 10 213* 61 80 10 38 61 9 363* 83 9 363* 53* 243* 10 10 93* 113* 113* 73* 83* 73* 5 12 223* 93* ' M N .... 363* ■ 119 New York Bond Record—Continued—Page 3 2976 Nov. Friday BONDS N Bennett Bros. & Johnson J ser 1965 A F Chicago, III. Trivate Wire 135 So. Jan. 1 No. Low 112M 108 High 113M 108 30 25 High 111M 116M 106M 110M 109 108 M 109M 20 105M 111M 104 M 104 M *38 104 M 31 101 109 M 00 70 60 53 65 48 *38 65 J D *38 49 45 1995 J ♦Second gold 4s ♦2d 4s assented TV, O Since Asked dt 107 M A O Gen A ref mtge 3 Ms ser G—.1966 M S D ♦Detroit A Mac 1st lien g 4s—.1996 J ♦1st 4s assented —1995 J D %AILROAD 'BONDS York, bid Low F —1052 A Gen A ref 6s ser E Range Friday Price Detroit Edison Co 4Mb ser D..1901 York Curb Exchange Gen A ref M 4s One Wall Street Range or Sale Week Ended Nov. 6 / *£ew r°rk Stock Exchange tAiembers Last EXCHANGE STOCK Y. 6, 1937 Week's D *38 55 37 1995 55 Detroit Term A Tunnel 4Ms..1961 M N <DI§by 4-5200 Connections Randolph 7711 Ti. Y. 1-761 H* 'Bell System Teletype •>- Cgo. 543 111 111 1 111 Dow Chemical deb 3s La Salle St. 101 101 1 100M 102 M 1951 J D J J J {{♦Dul Sou Shore A Atl g 6S—1937 Duquesne Light 1st M 3 Ms 1965 J 118M 6 29 106M 44 102 110 107 111 104M 105M 20 104 104 30 29M 106M 106M 72 M i lst,4s—1948 East Ry Minn Nor Dlv East T Va A Ga Dlv 1st 5s Week's Friday || BONOS N. Y. EXCHANGE STOCK Week Ended Nov. 5 Last Range Sale Price Nfl. Bid F J 1934 A 1952 MS O 9M 9M "~5M M N Memphis Dlv 1st g 4s_. 1951 J Chic T H A S'eastern 1st 6s—1960 J 43 M D 18 H3M 94 M 98 M 88 M 80 78 99 M 59M 55 55 1944 A 1st mtge 4s series D 1st mtge 3 Ms series O ♦106M J H0M —.1963 J E guaranteed 1st A ref M 107 M 1963 J J 1951 M S — Chic A West Indiana con 4S...1952 J 1943 A Chllds Co deb 5s O — - 109M 30 106 12 105 ---- 109M 14 105M 15 73"" 73 J 91M 104M 110M 104M 110M 104M 104M 106 104 M 108M 105 M 109 M 101 110M 107 *105M 106M * l"05M 102 101M — — - —- 97 M ------ 103M 98 M 102 M "98 H "98M 4 97M 103 M 102 102 1 99 M 104 M 88 88 3 88 -1946 f 7s s 105 92 M 92 M 2 82 55 55 1 55 81M 60 60 X 6 60 87 7M 7M 8H 7M 156 ♦3M 11M 2M 2M 8M ♦Certificates of deposit 1952 }{♦ Proof of claim Hied by owner M N (Amended) 1st cons 2-4s 1982 f}*Proof of claim Hied by owner MN 96 M 5M 6 10 20 M 20 Fonda Johns A Glov 4Mb ♦Certificates of deposit. 2M *104M 1941 J Fort St U D Co 1st g 4Mb Framerlcan Ind Dev 20-yr 7 Ms 1942 J Francisco Sugar coll trust 6s...1956 M N 107 f 5 Ms A s 1947 107 52 ' A 101 J J J 101 38 M 38 M D 38M 104 1951 1939 J "92" J 103M A 55 - —— — 9M ig 2M 4 106 M 107 2 106M 107M 1 107 50 M 110M 87 M 90 8 56 85 *116M 100M 101 9 100M 121M 122 M 101 10 99 102 M 102 1O0M 41M 11 101 38M 38 M 38 M 4 30 2 30 40 29 M 40 104M 102M 65 98 M 105 21 98M 105M 6 5 92 103 M 55 57 9 54 97 M 20M 20M 3 20 44M J 22 22 4 20 O *19 35 6s.—.1945 D 96M 97 M *105 1956 D 99 — — 116M 105 113 Caro A Nor 1st ext 0s..1934 ♦Good Hope Steel A Ir sec 7s—1945 48 99 111M Goodrich (B F) conv deb - - 27 98 — - — --- - 94 M 105 M 109 112M 94 95 15 00 105M 93 94 M 23 20 92 M 105 90 105M Debenture 6s Jan 15 1961 J Columola A H V 1st ext g 4s.. 1948 A Columbus A Tol 1st ext 4s 1955 F O J A 91M ------ *----- 91M *112M 105M Columbus Ry Pow A Lt 4s....1965 M N 105M 104 M Commercial Credit deb %H%---lQ5l A O 2 He debentures 1942 J D Commercial Invest Tr deb 3 Ms 1961 J J 97 M 100M 97M 100M 101M 1943 A 102 ------ 1951 J Stamped guar 4 Ms 1951 J s f 3Ms A 1961 F ConBOl Edison (N Y) deb 3MS-1940 A ------ 107M - - ---- 107 M 24 105M 97 M 100 M 33 58 14 102 *104 *105M 18 ---- ---- ----- ---- 1 105M 104M 107M 105M 104M 31 102M 101M 102 M 36 "l"07M 107 M 95 M ------ 1956 A ♦Consolidated Hydro-Elec Works of Upper Wuertemberg 7s 1966 J Consol Gas (N Y) deb 4 Ms 1961 J *19 1961 J 96 non-conv deb 4a. .1954 J 19 ♦Debenture 4s 1955 J *18 ♦Debenture 4s 1955 A *18 1956 I 19 1960 J 5 31 107M 97M "37 111 9 19 -- - "19" - 1 1966 MN —1946 J D 1943 J 16 1954 F D F A A Crown Cork A Seal s f 4s 1960 M N Crown Willamette Paper 6s..—1961 J J D 1952 J 1 107 5 103M 104 103 103M 43 101M 100M 101M 20 ------ 102 M ------ 87 M ------ 99 M ------ 42 J 7Ms series A extended to 1940— J 6s series B extended to 1940 J 55 107 ------ D D O 1943 IW N 1971 J J 1989 J 1909 J J J J A O J M S 18 M 20 105M 108 M 92 M 107 M 15 41M General 4 Ms series D Gen mtge 1967 3Ms series I 8 103 X 8 J Gulf States Steel s f 4 J 6 ---- — — — -.1946 A O Hackensack Water 1st 4s 1952 J 50 71M J 1949 J 1999 1944 A O 103 M 110M 99 M 107 M 98 M 108 M 90 M 103 M 101M 105 M 79 M 103 M 99 M 102 M 97 30 10-year deb 4 Ms Hoe (R) A Co 1st mtge ~50 M ----- ---- 1 ----- ---- 6M 1 110 20 - B—1970 A O Telep 3 Ms ser 101M 108 95 M 107 101M 104 104M 106 M 106M 108 M 106 M 108 M 11 36 M 38 5M 23 22 M 32 M 4 57 7M 2M 42 15 86 90~" 1 89 M 98 M 3 103 M 20 45 102 M 105 H 108 105 M 116M 69 M 22 28 114M 120 M 75 45 45 99 99M 13 33 34 17 5 97 M 45 80 M 96 M 103M 28 57 M 116M 124 ♦118M 10M 93M 86 H 99 M 97M 105 M 121 50 M 52 16 17M "64 48 98 14 85 M 30M 12 57 M 62 101M 110 110 109M 111 100M 107 M ...1951 A O 1951 IW s 1952 A O 100M 107 M - 93 57 57 58 54 50~~ 11966 F A D Omaha Dlv 1st gold 3s 1951 St Louis Dlv A Term g 3s...1951 Gold 3 Ms 1951 Springfield Dlv 1st g 3 Ms—1951 4s..——1951 F M 8 52 55 M 42 M 42 M 103 47 M 103 93 54M 95 54 96 71 "13 90M 50 90 78 72 M 1955 M N Aug 92 M 57 67 J 1952 1953 MN Cairo Bridge gold 4s —1950 Litchfield Dlv 1st gold 3s 1951 Loulsv Dlv A Term g 3 Ms...1953 Western Lines 1st g 108 107 1955 M N Purchased lines 3 Ms Collateral trust gold 4s Refunding 5s 40-year 4Mb 108 J J Refunding 4s 60 71 65 Collateral trust gold 4s 11 65 103 62 M 8 *--_.- O 55 12 5 ♦Adjustment Income 5s Feb 1957 A 64 M 104 7M 106 M 90 M 100 M 83 103 M "25" *50 Hudson Co Gas 1st g 5s -.1949 M N Hudson A Manbat 1st 5s ser A.1957 F A 42 M 35 23 103M 50 "95" 116M "34" 35 107 107M 31 "35 108 M 98 M 141M 89 111M 82 M 96 100 *20 X{♦Housatonlc Ry cons g 5s...1937 M N Houston Oil sink fund 5 Ms A.'. 1940 IW N Hudson Coal 1st s f 5s ser A...1962 J D Extended 1st gold 3 Ms 1st gold 3s sterling 68 103 M 649 220 *106M ♦Harpen Mining 6s Hocking Val 1st cons g 4 M8 16 ♦105M 107M 99M 115M 91M 109 M 89 "91M 40 M Illinois Bell *3 M 85M 40 Illinois Central 1st gold 4s.—.1951 1st gold 3 Ms 1951 10 *85 M 110M 100M 119M 56 60 8M 95 M 29 7 *104 M 89 M 101M 100 7M 85 8 O 103 M 107 *6M 82 M O 8 16 98M *50 8 107 95 1961 A 6 15M 83 104M 1966 A Ms Gull States Utll 4s series C 22 14 M 95 *80 44 13M 104M 95 98M 01 *80 104 *106 M 7 39 J 107M 110 114 91 100 69 107 93 92 25 101M 93M 92 M J 30 M 94M 101M 95 95 "74" 106 J 52 107 103 M 103 M 108M 111 101X 92 M 113M 90 90 82 106 J 105 — 135 101M J — 104 M 103M 13M 113M ——1952 Stamped.- 16 ------ 74 Gulf A 8 11st ref A ter 5s Feb 1952 100 48 M 59 *75M J Greenbrier Ry 1st gu 4s -...1940 M N Gulf Mob A Nor 1st 5 Ms B 1950 A O 1st mtge 5s series C 1950 A O 99M 53 M 50 D A Feb 2 *40 *106 M *88 Feb ♦Debentures ctfs B 13 42 J 99M 99 M 103M 88M 104M 108M 21M J 1976 1977 1940 1946 ♦Green Bay A West deb ctfs A * 92 J 1973 General 4 Ms series E General mtge 4s series G Gen mtge 4s series H * 41M 70 10 M General 6s series C 103 M D J Great Northern 4Mb series A—1901 General 6Ms series B__„ 1952 98M 102 M 15 69M 106 M ------ Grays Point Term 1st gu 5s 1947 J Gt Cons El Pow (Japan) 7s.—1944 F 1st A gen s f 6 Ms 1950 J 96 H 27 70 ... Gouv A Oswegatchle 1st 5s 1942 J Grand K A I ext 1st gu g 4M3--1941 J 92 98 M 103 2 6M A J 100M 108 M 102M 100 M 99 M 107M 106 ------ M 106 105 M 112M 104 M 107 M 105 M J F 99 M 105 104 106 6s_—1981 MN 1951 M N 108M 94 100M 99 M 101 Goodyear Tire A Rub 1st 5s.-.1957 IVI N Gotham Silk Hosiery deb 5s w w '46 M S 91 48 M 107 114M 111M 115 mtge 4Mb 100 100 *46 ------ J J 87 M 109 102 1st 102 15 20 ----- 55 Consumers Power 3Ms.May 1 1965 IVI N 1st mtge 8Mb May 1 1965 IW N 1st mtge 3Ma--—1970 M N A — — 104M Conn Rlv Pow 1942 J 101M — il^Ga 108*" — 93 O 105 J 94 Apr 16 1952 A 2979. 80M 98 Oct 1 '45 Columbia G A B deb 5s... May 1952 IW N For footnotes see page 99 1 Gen Steel Cast 6 Ms with warr.1949 77 M Penna tax 36 98M 107M 43 cons g 4s 1936 {♦Consol gold 4Mb 1930 ^♦Den A R G West gen Ss.Aug 1965 ♦Assented (subj to plan) ♦Ref A lmpt 5s ser B Apr 1978 t*Des M A Ft Dodge 4s ctfs...1935 ^♦Des Plains Val 1st gu 4 M«—1947 101 x 98 M S 28 102 M I {♦Den A R G 1st iooM HIM 28 1st A ref 4Ms 100 04M 105 — 49 Del A Hudson 1st A ref 4s Del Power A Light 1st 4 Ms ---- s f*Ga A Ala Ry 1st cons5s 106M Dayton Pow A Lt 1st A ref 3 Ms I960 89 89 100 67 M S 1942 M 1942 IVI 30-year deb 6s series B——1954 41 40 114M 119 114 118M 109 114M 15-year 3Ms deb——Gen Pub Serv deb 6 Ms 43 Cuba RE 1st 5s g 101 loo" 93 M 109 44M Cuba Nor Ry 1st 5 Ms 3 94 M 94 M 107 106M 106 M 1951 154 51 1st Hen 6s stamped 109M H3 107 Colo A South 4Ms series A....1080 M N f deb 3 Ms 125 52 52 H 55 1st lien b t 5a stamped ♦20-year s f deb 0s 1948 IVI N Gen Motors Accept Corp deb 3s '40 F A 96 Copenhagen Telep 5s..Feb 100 * S Gen Cable 1st 108 1st mtge 3Ms D ♦Gen Elec (Germany) 7s Jan 151945 J ♦Sinking fund deb 0Ms 1940 J 60 5s 1950 111M 110M 110M 101 deb 3 Ms-- Fairbanks Morse deb 4s Federal Light A Traction 1st 5s 1942 M 5s International series 1942 M 52 M 52 M 115M 113M *I08M 100 A 105 M 7 3 Ms debentures 1954 104M 108 18 as to J 8 Gen Amer Investors deb 5s A..1952 F 63 Stamped 1947 M N 3d mtge 4 Ms————1938 M 104M 1973 Conn A Passum Rlv 1st 4s Conn Ry A L 1st A ref 4 Ms 45 100M 92 M 106 1945 s f 1957 N Y A Erie RR ext 1st 4s 88M 45 H5M Galv Hous A Hend 1st 5 Ms A..1938 A O Gas A El of Berg Co cons g 6s..1949 J D 60 1st mortgage 4 Ms Den Gas A El 1st A ref Genessee River 1st s f 6s 103 101 s 45 J A 104 63 Crane Co 45 O 1955 1927 110M *109M 1977 Container Corp 1st 6s.. 16-year deb 5s 1967 1975 M N Ref A lmpt 5s of 1930— ^♦Fla Cent A Penln 5s 1943 J ^♦Florida East Coast 1st 4 Ms.. 1959 J D ♦1st A ref 5s series A 1974 M S O 1970 s f 17 94 101 ♦Debenture 4s ♦Consolidation Coal 55 101 1972 ♦6s Income mtge conv O 104 93 *ioi"m O Colo Fuel A Iron Co gen • f 5s.. 1943 ^♦Consol Ry 5 40 M 98 M 09M 103M 106 M 91M 104 94 M 104 M 91M J 1942 ..1948 M N 1950 F A 1st sf 4Mb series C Cool River Ry 1st gu 4s Consol Oil 22 35 97 M 85 8 56 M 55 91M 107 M 115M 118 J Gen 4Mb series A 1977 Gen A ref mtge 4Ms series B.1981 Cleve Short Line 1st gu 4 Ms 1961 Debenture 6s 62 M 56 M 50 —1953 A 100 103M 107 54 Flat deb 93 M 103% J Cleve A Pgh gen gu 4 Ms ser B.1942 A Series B 3 Ha guar 1942 A 103 111M 101M 108 M 95 108M 93 M 105M "75M *85 D Cleve-CHffs Iron 1st mtge 4 Ms. 1950 MN J Cleve Elec Ilium 1st M 3 Ms. —1905 Cleve Union Term gu 6 Ms 1st s f 5a series B guar - 107M 104 M 113 104 M 104 M J 1940 Series D3Hsguar — - 102 *100M 109M D 1977 1939 - — 101M 105 St L Dlv. 1st coll tr g 4s 1990 M N Spr A Col Dlv 1st g 4s-...—1940 M S Series A 4 Ms guar Series C 3 Ms guar.. 1C 69M 34 M 106 D..1971 IW N 4s 1943 J J W W Val Dlv 1st g 4s 58 67 101M 1st mtge guar 3Ms series Cairo Dlv 1st gold 4s Cln Wabash A M Dlv 1st 4a.l991 96 M - Cln Leb A Nor 1st con gu 4s—1942 M N Ref A lmpt 4 He series E 25 * 1906 F A —1907 J D Cieve Cln Chic & St L gen 4s.- .1993 General 6s series B_. 1993 27 98 95M 69M --- Cln Un Term 1st gu 5s ser C—1957 IW N Clearfield A Mah 1st gu 108 105 97M 96 t^Choc Okla A Gulf cons 6s—1952 M N Cincinnati Gas A Elec 3Ms 1st mtge 3 Ms 39 107 104M ~~97 M J 1962 M S 4Mb ser D 104 2 110M 131 139 M 97M 111 108M H3M 100 M 100 M 106M 112 105 100M 10 51 4s series D Ref A lmpt 6s Of 104M 116M 103 M 107 M 103 *101 Ernesto Breda 7s Guaranteed 4s M *101 Erie A Jersey 1st s f 6s 91 90 15 99 101 51 21 4 102 *90 *95 57 7 80 102" J 13 105 D O B conv J O Conv 4s series A Gen 15 1953 1st consol gen Hen g 4s 22 M 25 M 22 M Series 44 .——1953 20 M 6M 7M 103 M 110M 87 M 57 6M 78 Chicago Union Station— 3 Ms 3 Ms ser B Series C 3 Ms Erie RR 1st cons g 4s prior 28 100 D 55 Erie A Pitts g gu 102 X 110M 101M 1965 40 *80 -Dec 1 1960 M S 6s 42 M ♦131M 102 M 1965 1940 1940 1990 1990 El Paso A S W 1st 58 0M 5 D gu J A *107 104M J M N 1941 1951 Elgin Jollet A East 1st g 5s El Paso Nat Gas 4 Ms ser A 9 * D Inc 35 83M 16M 15M 93 18M 10 9 10M 8M 1960 High 50 57 20 18M 8M 8M 9M 8M 1951 J 3 Ms Low High *40 M 19 19M 18M June 16 1951 J Gold Jan. 1 O Electric Auto Lite conv 4s.—1952 F 5s stamped ♦Certificates of deposit Ch St L A New Orleans 5s Since Asked <£ Low Jf♦Chicago Railways 1st 6s stpd Feb 1 1937 26% par paid t*Chlc R I A P Ry gen 4s 1988 {♦Refunding gold 4s ♦Certificates of depoelt {♦Secured 4 Ms series A ♦Certificates of deposit ♦Conv g 4 Ms Range or Friday A 1958 M N Ed El 111 Bklyn 1st cons 4s 1939 J Ed El 111 (N Y) 1st cons g 5S..1995 J 119 2 37M 104 M 80 103 109 87 93 98 89 M 79 M 95 A J 84M 82 M 88 92 M J 92 M 90 98 M J J *84" J A 102 M 89 M 1O0M 100M 87 M 90 101M Volume XI Friday Week's Last Range or BONDS N. is •5 Y. 8TOCK EXCHANGE Week Ended Nov. 5 Sale N O— 1963 J 1963 J Illinois 8teel deb 4Ws 1940 A Ind Bloom A West 1st ext 4S..1940 A Range Bonds Sold Friday A Asked Bid Price A, Low Since Jan. 1 BROKERS IN BONDS High Low High D 51 50 52% 67 50 91X D Joint 1st ref 5s series A 46 % 46 % 49 69 46 H 87 % series C 1950 J*Ind A Louisville 1st gu 4s—1956 Ind Union Ry 3H8 series B—1986 Inland Steel 3%b series D 1961 JInterboro Rap Tran 1st 5s—1966 Ind 111 A Iowa 1st g 4s O 107% 107W 106W "96% "96H 106H 108 104 H 104 h 31 O J J J J IVI S F A J J ♦Certificates of deposit BANKS AND DEALERS FOR 111 Cent and Chic St L A 1st & ret 4 2977 New York Bond Record—Continued—Page 4 145 , m 101H 103 W D. H. SlLBERBERG & Co. 96 W 107 9 25 *100 104 1 96H 20 m „ 43 20 98 % ---- 105 h 41 101 121 50 97 5 57 49 95 % 55% 52 55% ---- Members New York Stock Exchange 108 104W 54 55% 20 23 123 13 W 56 56 59 39 54 H NEW YORK 91h 1932 1932 A O 22 M S 59 58 57 58 H 17 53 4s 1947 Int Agric Corp 5s stamped 1942.... ^♦Int-Grt Nor 1st 6s ser A 1952 A O 79 77% 80 H 63 67 99 99 99W 2 99 102 20 21H 27 17 6 43 28 ---- 21 40 w 27 ---- A. T. A T. Tele. N. Y. 1-1598 104w IVI N Wall St. 63 §♦10-year 6s f MO-year conv 7% notes ♦Certificates of deposit. Interlake Iron conv deb A O J J 1956 J A—July 1952 ♦1st 5s series B ♦1st g 5s series J 1956 ♦Adjustment 6s ser J C ■ deb 6s—-—1944 Int Merc Marine s f 6s.1941 Internat Paper 5s ser A & B—1947 Ref s f 6s series A 1955 Int Rys Cent Amer 1st 5s B—1972 1st Hen A ret 6 Hs 1947 Int Telep A Teleg deb g 4 Hs~1952 Internet Hydro El — 5W 5% * * J A O A O 62 % 56% • 91 4% 20 90 51 89 h 1A I Namm A Son 1st 6s 93 102% Marion Steam Shovel s f 68 76 h 101X Market St Ry 7s ser A J 93% 93 93 H 67 87% 87% 90 34 82 82 1 82 38 94 102 F A 94% 94 94% i J 56% 55% 60 120 38 h 75 J 86% 85 89H 190 74 94 h A 61 60 63% 155 40 80 % IVI S *3 4% IVI 8 4s_.1990 A O Ry ref g 4S.1936 A O Kanawha A Mich 1st gu g C Ft 8 A M *92% 102 H 106 97 % 108 96% 26 66W 28% 3 27h 64 84 17 106 109 h 103 % D 4HS---1961 Stamped 1961 Plain.——------———1961 4Ws unguaranteed 1961 Kings County El L A P 6s 1937 Kings County Elev 1st g 4s—-194fi Kings Co Lighting 1st 5s 1954 1st & ref 6 Ha 1954 Kinney (G R) 5Hs ext to 1941 KoppersCo 4s ser A 1951 hresge Foundation coll tr 4s._194i 3Hs collateral trust notes—-1947 $*Kreuger A Toll secured 5s Uniform ctfs of deposit 1951 Laclede Gas Light ref A ext 5s. 1931 Coll A ret 5 Ha series C 1955 Coll A ret 5 Ha series D 196( Coll tr 68 series A 1941 Coll tr 6s series B 1945 44 68% 109H 103W 103W 29 102 H 105 J J 76 66 108 J J 75 O J 1950 6 108 A Apr 1950 Kansas City Term 1st 4s --I960 Kansas Gas A Electric 4 %b—1980 ♦Karstadt (Rudolph) 1st 6s—1943 ♦Ctfs w w stmp (par $645)—1943 ♦Ctfs w w stmp (par $925).-1943 ♦Ctfs with warr (par $925)—1943 Keith (B F) Corp 1st 6s 1946 Kentucky Central gold 4s 1987 Ref A impt 5s 32 27W deposit City Sou 1st gold 3s_. 31 mm ♦Certificates of Kan 87 27 99 98 98 9W 98 87 *84 % D 1st 4s—1959 Steel 4 Vie A..1961 J Jones A Laughlin 75 06% M N 11X 25 5 21 31 — 25 35 91 100 ----- 94 J J — - ----- J mm mm 115w 108 --- — ♦ 98 % 89 h 101W * 99 99 * 109 J J - J J J *100 102 A O *150 160 84% F A J J m*m mm mm J J ------ J D ------ M N 102H — — - - 146 h — 3 161 112W 112H 119w A IVI 8 A O 101W 15 *91% J F 37 101H 101 % J 102H 93% 98 h 102 99 h 104w 99 111h 90 102 h 33 33H 54 25 93 33% 93% 93% 8 89 53 50 % 101 70 h 43 68 % ♦General 4s A 55 55 2 49 70 ♦1st A ret 5s series F 91 h 99 h ♦1st A ref 5s series G ♦Certificates of deposit w 70 w D 100H 106W 98 109h ---- 103 21 28W 29 50 75 75% 102 102 1971 ♦1st mtge income reg J J * J 8 104X O 100 99 w 105h * 66 66 94 h 100h F A 80 A *33 45 F A F 34 87 16 86 100w 77 77 77 3 77 107 64% 65% 30% 33 30% 32% 37% 32% O A 93% 128 124 11 34 105W *109W 110H 99 A D O 98W * — — D 101 % 101H 8 —————— *94H ) M 8 i M S J 1 A ♦Certificates 9 1% *19 "25"" 24% 103h 103h ♦Conv gold 129w 136 126 h 6 — O O 1 A O F A 3 ) IVI 8 95h 101% 79% 106w 65 101 101H 103 h 126 9 116W 124W 74% 31 ------ 102 % 102 % 1 98% 97% 98% 45 92% 92% 1 - — — — - 84% ------ 108% 108H * *111% —---- 91 % *86 J 11 85 2 108W 87% ------ 5 M S I J 108 2 106 O 1 A 106 h 108 53 105 W 105H J i A 103 126% 119% 1 5 IVI N 113 *99% — — — ---- ---- 16 113 1 F — 104% A McKesson A Robbins IVI N |$*Manati Sugar 1st s f 7 Hs_. ♦Certificates of deposit— 3 M N D 5 J 67 w 99 % 106 135 100 h 102% 112h 105 h 109 H 102 X 93 111 108W 92 X 103 H 98 83 105 w MX 98 W 86 X 110X 115 92 109 % 116 99 H 93 f*Man G B A N W 1st For footnotes see 3Hs~ page 2979. 97 H 105 W 55 86 W 25 90 46 39% 47 62 25 90 H 25 57 X 33% 29% 33% 98 31 % 28 32% 82 23 63 17 17 5 12 33 H 8 ------ IM L J J 86 — — — * *68 * 82 X 70 69 H 92 X 90 78 W 27 32 41 — —— — — — 92 H 10 41 % 1 9 12 2 10 70 70% 2 67 % 95 35% "37 % "l3 77% 35 47 h 51 41h 44% 27% 21% 25 20 X \Namm J A 1978 4s stpd 1951 extend to 1946 Nat Dairy Prod deb 3 Ha w w—1951 Nat Distillers Prod deb 4Hs—1945 National Rys of Mexico— Nat Acme 4Hs M N 30 79 X 80 39 20 48 X 1 19 45% 5% 19% 24 19 47 19% 48 X 45 X 22 35 19 1 19 103 5 19 19 X 22 F J 11 46% 49 % 19 100 48 X 19H 5 47 83 % "19% 92% 100 93 97 18 H 54 X 8% 39 X 20 13 14 13w 39 14 9% 106h 106W 102 % 103w 39 91 % % *72% 21 100% 74% 19 •74 74 1 MX 100 108H 110* 92 94 92 92 98% 105 106h 103h 39 % 80 84 *83 99 % 89H 98 % 104% 85 X 79 X 74 86% 80 82 W 80* *72% 74% 79 % 84 75 74 h 78% 49 74% 97 X 05% 01% 65% 67% 10 65% 102 61 64 47 *113 115 97 01 112X 119 106 *81X 30 % 31 D 166" IVI N 102H 83H 83 33 *97% IVI N 99% 102% 100 % 103% 29 24 111 98* 63 % 95 101 154 96 107 248 100 100% 106 % 4 4 4 4 2% 2X 2% 6% 4 26 "2" 'ex 11 2% 7% J *2% J *2 J *2 4 2H *2% *2H 2H 2% 2% 2% 2% 2% 125 106W 56 2H AO D 1965 J 1954 "2% 2 105% 105x * 80 •U6H J *-„_— * J J 1% *2 D J 60 *2 IVI N D _ 122% 120 % M N F 18% 19% 20 102 21% 49 89 14 A J J 1914 coupon on—1977 ♦4s April 1914 coupon off 1977 A O ♦Assent warr A rets No 5 on '77 Nat RR of Mex prior lien 4 Ha— J J ♦Assent warr A rets No 4 on. 1926 ♦4s April 1914 coupon on 1951 A O A O ♦4s April 1914 coupon off—1951 ♦Assent warr A rets No 4 on '51 ♦4s April 9 22% * 20 256 21 % ic 76 22% 20 % 19% 20% 19% 61H 96% 88 H 38 % 42 140 6% 96 14 19 8H 28% 95% 74 22 5% M N ♦4 Ha ♦Consol guar 4s 43 IVI N Jan 1914 coup on.——1957 J July 1914 coup on——1957 ♦4H July 1914 coup off 1957 J ♦Assent warr A rets No 4 on '67 ♦4 Ha D M N J coll s f 4s 127 19 o 5s—1947 6%—1941 (A I) A Son—See Mfrs Tr $*Naugatuck RR 1st g 4s 72% 19% o gtd 6s ext at Nat Steel 1st 35 0% 19% O Mutual Fuel Gas 1st gu g Mut Un Tel 30 19 6X 20 91 J 8 ) IVI N 8 8 100 -1945 New England Tel A Tel 5s A--1952 1st g 4 Hs series B 1961 N J Junction RR guar 1st 4«—1986 N J Pow A Light 1st 4 Ha I960 New Orl Great Nor 6s A 1983 N O & N E 1st ref & imp 4 Hs A 1952 New Orl Pub Serv 1st 5s ser A—1952 1st A ref 5s series B 1955 New Orleans Term 1st gu 4s—1963 18 ) M N f 5s— (South Lines) 4s— 1st ext 4e ion 14h 9h 5 12W 9h 91x 6s—1945 55% Manila Elec RR A Lt s 8% 37 % 32 100% 5s—1948 46 Manila RR 9 64 14 X J J*New England RR guar 55 ------ 4 O 105W 40 O 10 *3 2% 2% D 106 55% D 4 ref 3W8-1966 ref 5s 1941 A 1955 Gen A ret s f 5s series B 1955 Gen A ret a f 4 Ha series C—1955 Gen A ref s f 5s series D 1955 Morris A Essex 1st gu 3 Ha 2000 Constr M 5s series A 1955 Constr M 4W8 series B 1955 Gen A ref s f 5s series 99 46 ••• 21% *3% 20% A O A O 99 H D • 3H M S M S IVI N 18 O 1 J 57 8 19 95 2 46% "*lx 25 1981 F A 100% 97H 91% 57 55 5h 19h J I A 3 A ♦Second 4s 97% —---- 99 % 16 25 18 l 100 H 3 J {♦Manhat Ry (N Y) cons 48.1990 ♦Certificates of deposit— " 101 ~17w 43 X 102 99% loi 85 77 39w Newark Consol Gas cons f deb 58 deb 5 Ha Maine Central RR 4s ser A— Gen mtge 4Hs ser A McCror> Stores Corp 8 83 20 Nassau Elec gu g 27 105 90 ~19% Nash Chatt A St L 4s ser 109 105 97 83 - 1938 Mohawk A Malone 1st gu g 4s_1991 Monongahela Ry 1st M 4s ser A *60 Monongahela West Penn Pub Serv 1st mtge 4 Ha 1960 6s debentures 1965 93 % 104 h 102 98 16 95 *77 * ~37% 1978 M N ♦Secured 5% notes 6 71H 14 * 4%-July 1938 M N 94% 109 90 % 35 35 100 % *96 ^♦Mobile A Ohio gen gold 4s—-1938 M S ♦Montgomery DIv let g 58.-1947 F A ♦Ref A Impt 4 Ha 1977 M S 108 RR— 3 A Mo Pac 3d 7a ext at 106 x 101 % 101W 8 90 101 % 99h ~70% of deposit 93 119 — — — 72 J )J ♦Certificates 94 h ---- 104 % 110H 108 96 12 1966 F ♦1st A ref 5s series I 5 96 *26 100 U 1949 M N 94% 126W — ) M S )M 101 % > "47 h Montreal Tram 1st A 117 5 103% 105 % 75% Montana Power 1st A 126 76 100% 96% 10h H 1980 A O ♦Certificates of deposit-- 86 116 ---- 12 88 106 "14" -—1975 IVI 1977 IVI 6 Ha 76 % 109 — — 5% 28 "21 *88 14 deposit 93H A ) J — 16% 8H of deposit— 94 94 O F -- 99H 102 - ) IVI 6a. — 69 69 »--- — 96 5 — 106W ----- ) A 33 h 124 105H I J 29 123 75 64 h 103 h 72 26 52 127% 124 20 46 ---- *117% —————— D 5 F i 101 39% M N 1 J i 11 34% 36% * O O 77 32 1 IVI N F 30 86 % ) IVI N 1 A 78 3 J 5 A 17 32% 80 35 - 34 A A — — — 86% J F 31 32 A J 5s. 2 80 F 1 IVI N 4 Hs. 106h M S )J series C. lst A ret 4s series D— 35 w 75 * A 4s A—1961 4s 1941j 1 Lehigh Val Coal 1st & ref s f 68.194' 1st & ref s f 5s 195' 1st A ref s f 5a 196'I 1st A ret s f 5s 197' I Secured 6% gold notes 193!S Leh Val Harbor Term gu 5s 195'I Lehigh A New Eng RR Lehigh A N Y 1st gu g 1st A ref 4 Ha 21% 90 77% 107H 4% ♦1st & ref g 5s series 29 2 *7% t*Mo Pac 1st A ref 5s ser A ♦Certificates of 5 91% 102 Jan 1967 A 54 Lehigh C A Nav s f 4 Ha A 195' t j Cons sink fund 4 Ha ser C—195^ Mob A Montg 1st g adjust 5s ser A 2 Co Ltd— Louisville A Nashville ♦Cum 32 102% 102 X♦Mo-Ill RR 1st 5s series A 1959 J Mo Kan A Tex 1st gold 4s 1990 J M-K-T RR pr lien 5s Ber A—1962 J 40-year 4s series B 1962 J Prior Hen 4Hs series D 1978 J 53 91% 102 102 % 109 H 100 H 104 % *1% *2% f 4s 66 J 3 Ha 1st Chicago Term s 66% * 57 1949 M S 1978 J J 1941 M N 53 ------ 107% F A 5 Ha 1st ref 5 Ha series B 63 1997 Lautaro Nitrate 5s gu as to Int 64 1941 Lake Sh & Mich So g cons A J 2d gold 5s 1st A J 104w 1938 J 1938 J 1946 J 1st cons 5s A J 107h 103 93 22 4s Int gu_1938 J M St P A SS M con g F RR— rj extended at 3% to. -1947 85 91 - F Lake Erie A Western 5s 1937 71% 100 7 77 100 % 1977 M S ♦Mlag Mill Mach 1st s f 7s 1956 J D Michigan Central Detroit A Bay City Air Line 4s 1940 J J 103h Jack Lans A Sag 3 Ha 1951 M S 1st gold 3 Ha 1952 IVI N Ref A impt 4 Ha series C 1979 J J f*MId of N J 1st ext 5s 1940 A O Mllw El Ry A Lt 1st 5s B 1961 J D 1st mtge 5a 1971 J J 100 X §*Mllw&No 1st ext 4 Ha(1880) 1934 D J 1st ext 4 Ha -—1939 J D Con ext 4 Ha 1939 . 17 x t*MH Spar A N W 1st gu 4s_—1947 M 8 ^♦Milw A State Line 1st 3 Ha—1941 J J $*Mlnn A St Louis 5s ctfs 1934 M N ♦1st A ref gold 4s 1949 M S ♦Ref A ext 50-yr 5s ser A 1962 Q F F F 75 97% 104 1977 M S 45 64% High Low *80 H loow Q J M N IVI 8 A O ♦4s (Sept 1914 coupon) 1st A ref 6a series A * 102 4 O 25-year 105 ---- D 1947 A ♦Mex Internat 1st 4s asstd 108w 105 101 1943 J April 1940 Mead Corp 1st 6s with warr.-1945 Metrop Ed 1st 4 Ha ser D 1968 Metrop Wat Sew A D 5 Ha 1950 Sf^Met West Side El (Chic) 4s. 1938 114 83 h * *98% No. 103% 107 % 109 h 109 % 107 w 108 h —— - 84 H High 103 % - 17H *91 J 44 25 *26 8 Kentucky A Ind Perm 40 .... 16H mm J 100 24 25 M 58 h 3 mmmrnrnrn M N 50 *35 mmmmmm 95 69 Asked Low 95 James Frank A Clear Since Jan. 1 dk Bid Mfrs Tr Co ctfs of partic In S 2 % Range Friday Price 40 h 46 F ret 4s. 1951 Range or Sale Week Ended Nov. 5 28 J mmmm-- Week's Last EXCHANGE 137 IVI IVI N 8TOCK Y. N. 17h J t*Iowa Central Ry 1st A Friday BONDS 42 % 57% 68 62% Telephone WHltehaU 4-2900 ♦ A 105x 120 62 50 49 X 123 120 % 5 10 •45 105W 75 % "~4 8 94 % 95% 94 95 *—- 83 "23 31 101 104 % 108* 98 75 X 70 69% 94% 94% 82 62% 74% 118% 127 % 116% 125% 100 100 105H 75 % 102% 107% 93% 65 116W 122% 85X 90 X 103 X 103 100H lift New York Bond 2978 BONDS N. Y. Last STOCK EXCHANGE Price Bid A ♦ A O -—1964 A 1st 6fl series B O 9 33% 2 30 35 34% 35% ""9 34 60 5 30 O A 34 38% 23 34 34 "35" ♦ *111 81 O O 92% 65% 80 % 92% 65 % 73% A O 75 75 80 85 85 90 122 J 94 4 %s ser A Lake Shore coll gold 3%s Mich Cent coll gold 3%s IN Y Chic A St L 1st g 4s Ref 5 %s series A Ref 4%s series C 93 % 102% 102 % 65 % 65% ♦82% 82% *99% 72% 2013 Ref A lmpt 1998 1998 1937 1974 -.1978 Oct 1 1938 M 72% 61% 81% t A O 1946 4s collateral trust N Y Connect 1st gu 4 %s A 40 15 73% 84% 59 84 % N Y Edison 3%s ser D 61 4s 83 % 42 95% 24 A o A O 101% N Y A Harlem gold 3 %s N Y Lack A West 4s ser A M A ♦Non-conv debenture 4s ♦Non-conv debenture 4s— 122 X 5 112% 3 22 X *18% J 22 20 1940 A O ♦Collateral trust 6s ♦Debenture 4s 1967 J 102 105% 105% 106% 106 108% 20 4 S 11 D F J j J j 44% 47% J A 45 20% 36 4 11 65 11X 35 ivi N 8% 5 100 105% 96X 105 X 105% ♦15% * *31 106 X 102% 80 77 8% 6% 70 29 100 107 X 105% 105X 32 16 16% 8% 106 103% 77 77 106% 109% 101 80 94% 77 6% 104% 108 106 91 75 99 11% 12% 10 4% 100 1996 0 A 117 Ml 1961 101% 100% 9 10 100% 163% 100% 103% 55 102 1957 M Deb 5s series C Nov 15 1969 NM North Cent gen A ref 5s 1974 IVI Gen A ref 4Ha series A.. —1974 IVI 117% 98 98 S * 117% 112 97 104 98% 125 Ref & lmpt 5s series C Ref A lmpt 5s series D 83 Nor Ry of Calif guar g 5s 1938 A Northwestern Teleg 4 He ext...1944 J O 32% 31 82% 122 106% Ohio Edison 1st mtge 4s 1965 M N 1943 M 1972 J Ohio Indiana A West 5s..Apr 1 1938 Q B.. 1947 F 1st mtge 4%s series C Pitts YAAsh 1st 4s ser A 1977 j 95% 110% 12 99% 99% 16 16 J A 1946 J D 1943 F Porto Rlcan Am Ton D 99% 100 100 - fm D 7 110 10 115 - 100 110 — 115 1 72% 81% 96% 112% 61 82% 85% 110 83 109% 103 104% 107% 14 12% 13 109% t09% 96 106% 91% 100 109% 112% 95 100% 97% 104 110 115 107% 115 108% 116% 106 114 6 J 109% 115% 8 J 1946 J 116 121% 118 118 3 117 123 J 1963 IVI S 1962 J J Pacific Coast Co 1st g 5s 1946 Pacific Gas & El 4s series G... 1964 1st A ref mtge 3%s ser Hi... 1961 106 105% 103% 107% 1 77 17 99% 103% 69% 92% 75% 106% 106% 102% 99% 103 1966 99% ------ 1938 ------ Pacific Tel A Tel 3%s ser B__. 1966 90 ♦ 102% 101% 1966 1955 1955 F 60 101 *55% 1938 Panhandle Eastern Pipe L 4s.. 1952 IVI Paramount Broadway Corp— 106% 101 75% ------ s A 60 100 79 90 2 94% 101% 101% * 63% 54 65 20 102 33 - 82 103 111 99% 107% 94% 100% - 6 21 - - - - conv s f deb 5s 1948 j 102% 102% 99 105% 98% 104% 108% 108% 98% 17 97 101% 63% 6 62 75% 124% 112% 124 111% 123% 103 107% 112% 113 64% 96% 65 1 63 63 1 63 96 64% 64% 2 64% 97% *108 — — 108 110% 119% 124% *110 — 55% 54% *104% *52 ------ 13 ------ *6% « t 93 57% 105 1 - 14% 54 103% 7 48 — 85 41 104 ----- 58 12% 103% 84% 103% 9% 100 5 10 88% 45% 106 84% 100 7% 85% 1 75% 108% 28% 90 00 I •00 "88% ""l2 85 101 98 98 103 10 84 126% 79% 78% 80 38 93% 93 96 117 94% 95% 78% 104% 108% 94% 108 98 97 99 *116 j J 125% 111 63 1960 M S J 114% 65 118 d {♦Radlo-Keith-Orph pt pd ctfs for deb 6s <fc com stk (65% pd) — {♦Debenture gold 6s 1941 J D Reading Co Jersey Cent coll 4s. 1951 a O Gen A ref 4%s series A Gen A ref 4%s series B 1997 j J 1997 j Remington Rand deb 4%s w w.1956 Rensselaer & Saratoga 6s gu... 1941 Republic Steel Corp 4%s ser A. 1950 Gen mtge 4%s series B 1961 J ivi S 93 6 88 ivi N M f 85 A J 84% 106% 85% 106 102 102 85 24% 20% 24% 25% 26% ------ ------ M n 24% 1952 ivi N 25% 1953 F a 1955 a O ..1952 ivi S ------ 85% 55 f conv debentures 99% 130% 42 85 31 Rlchm Term Ry 1st gen 5s ♦Rima Steel 1st s f 7s 1952 j 1955 f {♦Rio Grande June 1st gu 5s..1939 J ♦Rio Grande West 1st gold 4s..1939 J 22 con & coll trust 4s A 1949 a Roch G A E 4 %s series D Gen mtge 5s series E J d 7 18 3 19 27% 26% 25 26% 1 19% 19% 19% 27% 28% 28% 84% 92 30 90 101% *35 j O * RR 1949 J 53 10 18% 19 6 *115 108% 4%s. con — 9% 22 J T 1st ----- — — - 9% T 28 1 14% 14% *16% D "26" 13% 161% a o "101% 100 162" ""40 99% 103% 99% USt Jos A Grand Island 1st 43—1947 J j St Lawr A Adir 1st g 5s 1996 J 2d gold 6s 1966 A St Louis Iron Mt A Southern— j # O * {♦8 L Peor A N W 1st 1933 ivi N 100 109% 59 34 gu 5s...1948 J J J J pr lien 4s A..1950 J ♦Certificates of deposit... j 112% 96 103% 100 92 102 - 66 47 77 20 89% §3 21 *74 59 80 7 88% 20 48 ' ...1950 J - j ♦Certificates of deposit 197* ivi s 70 85 13% 13 15 53 10% 37% 12% 12% 13% 20 10 14 14 15 32 11% 33% 36% 12% {♦St L-San Fran ♦Con M 4 %s series A ♦Ctfs of deposit stamped 104% 107 --- ' 59 20 97 34% 94 * St L Rocky Mt & P 5s stpd—.195.' ♦Prior lien 5s series B 107% 109% 8% 28% 25% 20% 13 32% 4 1 j 52% 116% 117 4 22 84 18% - 109% 91% 50 | J Stamped Safeway Stores s f deb 4s 1947 Saguenay Power Ltd 1st M 4%s '66 ♦§Rlv & G Div 1st g 4s ♦Certificates of deposit 91 - 50% s 1941 J Stamped ♦Rutland -- 26% 101% 104% 60 53% —— - 19 {{♦R I Ark & Louis 1st 4%s..l934 ivi s ♦Ruhr Chemical s f 6s 1948 a O ♦Rut-Canadian 1st gu g 4s 3 48 50% 1977 M S 1962 ivi 23 101% 69% ------ 32 21 88 A 100 100% 106 10 24% *25 88 212 84% 100 47 107% 86% 102% 24% 112 110 Richfield OilCorp— s 115% 112 S Gen mtge 4%s series C—..1956 ivi N Revere Cop A Br 1st mtge 4 %s. 1956 j J ♦Rheinelbe UDlon s f 7s 1946 j J ♦Direct mtge 6s ♦Cons mtge 6s of 1928 ♦Cons mtge 6s of 1930 27 90 95 -to*. 102% 106 98 63% 62% 106% 103% — 33% g 5s... 1946 J 1961 J - - 1 *106 {♦Providence Sec guar deb 4s. .1957 ivi N {♦Providence Term 1st 4s 1956 nrl 0 ♦1st ------ A 1945 IVI N J 9 "106 110*16 J Ontario Power N F 1st g 5s Ontario Transmission 1st 5s 1966 J 13 102% 95% - 111 114% 109 65 D 4s 12% ------ D ♦Rhine-Ruhr Water Service 68.1953 j 101% - - 116 115 A 1st 4%s series D Port Gen Elec 1st 4 %s 1st 5s 1935 extended to 1950 100% 107% 111% 113% 106 113% 110% 113% 108 112% 109 113 - D ♦Rhine-Westphalia El Pr 7s—1950 10 - — - 104% 1962 f 112 18 116 O 1948 j 85 3 120 *117 ------ 104 1974 j 170 85 ---- 111% j 108% 85% 102 109 111% 1st gen 5s series B 94% 85% - - 2 - 111% 1st gen 5s Berles C 106 -- - 12 111 O 1960 A 77 14 102 106 - 87 ----- *111% 1977 J 18 S Oklahoma Gas A Elee 3%b 4s debentures... 2979. Gen 4 %s series C 80 *103 14 5 - 125% 120 107 1948 30 110% ------ Purch money 1st M conv 5 %s *54 M n J ♦Og A L Cham 1st gu g 4s Stamped Ohio Connecting Ry 1st 4s 8 110 Pitts Va A Char 1st 4s guar 1943 MN Pitts A W Va 1st 4%s ser A—.1958 J d 1st mtge 4%s series B—.—1959 a O 48 83 .j... 26% 29 107% 102% D a 98% 65% *83% 107% *_ a -.1970 j 85 86 2047 4s... 1946 F m N Gen mtge 5s series A 77 2047 107% 50% 4% ♦111 j 83 43 11 ------ j 87 64% 2047 12% 11 *108% {♦Postal Teleg A Cable coll 5s. 1953 J 72% 96% 2047 42 d Potomac Elec Pow 1st M 3%s_1966 J Pressed Steel Car deb 6s 1951 j 87 60 96% 64% 104% 13 6% 94 5% A 108 120 of April 1 *33 to J 106% 102 48 f 104 *70 F 87 63 19% 5% j *70 April 1 1937 lncl coupons..1945 North Pacific prior lien 4s 1997 Q Gen Hen ry & Id g 3s Jan....2047 Q 81 104% 17 *110 J 119 co'upons.1945 108% 117 a J 95% 107 s ♦Oct 1937 and sub coupons.. 1945 129 119 5 108 6S..1942 j 98% 105% 101% 106% 5s—ft Ref A lmpt 4%s series A Ref & lmpt 6s series B 98 22% 109% 95% 109% 70 Norf & W Ry 1st cons g 4s North Amer Co deb 5a A 116 110 109 M n Purity Bakeries *40% No Am Edison deb 6s Aug 15 1963 F 91 50 90 106% 103% *9 S - 5 69% 98% 6s... 1941 IVI N - - 8 110% *110% J 95 8 90 X 11X 228 — 103% 97% 119% 107 113% no M n 46% 108% 102% 108% 98% 107% 98 107% 13 92% 107% A 101 71 110% M n 100 5% ♦Certificates of deposit 106 75 92% 104% O 101% 109% 91% 105% 104 X {{♦Norfolk South 1st A ref 58.-1961 F 80 1 118% 17 O 42% 101% 26% 113 11 108 A 99 5% 57 89 a 71 107 76% 87 37% 99 111% 111% 82% 111% 116% 121% 110 117% 81% 102% s ivi 71 7% 16 "73" *97 X 107 X 106 X 103 X 2 107 98 2 60 "68 25 105 X *91% 105 % 10 88 23 8% 115% 106% 123 109 93 o 47 20 101 110 104% . 109 118% ------ j 20 7 99 Deb 5%s series B D S 15 *68 D A ------ M 26 *98 X IVI N F j ---- 88 99% 118% J 6s series A A 69 111 *110 ------ f 112 139 71 79 100% D M n 8 ----- 76% 79 - 83 94 84 ------ . 105% 108 114 111% 111 84 j s - 59 27 102% 102% 6% ------ j ivi 46% 22% 11 J 6% a — 95 71 Apr J 24 7 1 111 O F O a 65 1967 J 1946 J 1946 page 101 a 99% 1950 A see 101 S 86 Niagara Share (Mo) deb 5%s_.1950 footnotes 100 d 20 {♦N Y Westch A Bost 1st 4%s_1946 j"j Niagara Falls Power 3%s 1966 M S Niag Lock A O Pow 1st 5s A...1955 A O For 100 j 22 ..... 1st M s f g 3s loan ctfs O 111 - 5 95 93 J 4 ♦General gold 5s._ 1940 F A ♦Terminal 1st gold 5s 1943 IVI N N Y Telep 1st & gen a f 4%s...1939 M N Ref mtge 3%s ser C Paducah A 111 1st s f g 4 %s 93 ivi 11 1956 MN {♦{N Y Susq A West 1st ref 5s. 1937 J J {♦2d gold 4%s 1937 F A .... ------ 102 96% 106% 112% 116% 109% 116% 89% 103% 115% 126 - 105% 112% 105% d O 47 89 1951 IVI N 2d ext gold 5s 104% D 88 102 94 117% M S sec - 103% 107 109% 111 - - 94 a Phi I a Co - 99% 112% 112% 117 a 98 25 1947 IVI N 1st A ref mtge 3 %s ser I Pac RR of Mo 1st ext g 4s j 21 30 9% 1951 IVI N Ore-Wash RR A Nav 4s... Oslo Gas A El Wks extl 5s Otis Steel 1st mtge A 4%s *112 J General 5s series B - 113 94% a 98 23 19% 18% 9% 1st mtge 5s g ------ O 95% 106% 46 ------ a 20% ~99 25 M 104% 96 103% 107% 104% 110 6 105 99% *110 112 F 99% 102 86 IN Y Rys prior lien 6s stamp..1958 con 105% 109% D 1956 J cons 99% ------ ivi N 99% 107 1954 M N 1992 Guar stpd cons 5s 104 ------ J 23 % 35 36 {♦N Y Providence & Boston 4s.1942 A O N Y A Putnam 1st con gu 4s...1993 A O N Y Queens El Lt & Pow 3 %s..l965 M N Ore Short Line 1st *102% ivi N 1st g 4%s series C. — 95 ivi N 97% 101% 21X "24" 1957 M N ♦1st A ref 4%s ser of 1927— ♦Harlem R A Pt Ches 1st 4s Oregon RR & Nav 94 -104% 85 101% 106% 104 107 31 j O — - — - 95 O a -- 99% d a - 105% 103 77% 116% 122% ---- 98 ... j 116% 125% 109% 117% 21 22 J J ser J ---- 95 98% M S 97 105% 97% 105% *19 1956 M N .1956 J KOhio Public Service 7s *103% * ------ *116% *97~" 20 debenture 6s.—— .1948 J 3%s d a ------ 105% O 1965 J ♦Conv debenture 3 %s 1st mtge F J O ♦88 O ♦Non-conv debenture 3 Ha..1954 A as to sale ivi N 28-year 4s ----- 90% 93 S ♦Stpd ---- 90% 99 S ♦Oct. 1 1934 &sub ---- ----- j 99 M guar 104% *105 O 93 ♦Non-conv debenture 3%s—1947 M ♦{Northern Ohio Ry 1st *102% d a *102 J A A J S ser f 72% 99 4s 1941 {♦N Y & N E (Boat Term) 4s..1939 {♦N Y N H A H n-c deb 4s 1947 g *90% 72 93 N Y L E & W Dock A lmpt 68.1943 J Nord Ryextslnk fund 6 Ha *119% 47% M N N Y A Long Branch gen 6s stamped s s 37% 40% 17 96% 40 J 60 105% 90 16 3 95 IVI N 1973 ref mtge 3Us ser B 2 45 Guar 3 %s trust ctfs D Guar 4s ser E trust ctfs 109% 108% 109% 1973 IV1 N 4%s series B N Y Trap Rock 1st 6s 94 31 122 X N Y LE& WCoalA RR5%8.1942 IVI N 1st mtge 6s 93% 43% 93% ""7 112X 2000 N Y Steam 6s series A s O 50 N Y A Greenwood L gu g 68—1946 M N N Y A Rlchm Gas 1st 6s A 92 72% ivi 95% High 66 43 ivi ♦Paullsta Ry 1st ref s f 7s Penn Co gu 3%s coll tr ser B_. Guar 3 %s trust ctfs C 77% 100% 105% 34 Low 99 80 a ... 106 101X 101% No. High 97% 77 ------ 45 101% 101% Range Jan. 1 Since Asked ivi Parmelee Trans deb 6s Pat A Passaic G A E cons 5s... 92 10 98 J 8 "52 52 1949 ♦General 4s Paris-Orleans RR ext 6%s 103 53 A 45% O A 1965 1966 E {♦N Y Ont A West ref g 4s j 72% 105 108 % 94 N Y Gas El Lt H & Pow g 58-1948 {{♦Norfolk & South 1st 55% 62% 57 68 110 Bid Price M conv debentures 2 at} Range or Friday Sale E Low 3%s 83% 109% 92% 105 101% 108% 59% 06% 85 98% 82% 97% N Y A Erie—See Erie RR ♦Conv 3 sft, 43 Serial 5% notes Certificates of deposit Purchase money gold Last EXCHANGE 99H,,102% "75 65 108% *109% 1953 1951 1938 76 94 % 81% 94 47 134 103 61 1953 1st guar 6s series B N Y Dock 1st gold 4s 84 95 8TOCK Paramount Pictures deb 6s 113% 80% 106% 92% 104% 59% 96% 58 IVI N J Y. Week Ended Nov. 5 110 A 1942 Debenture 4s 30 38 66 A 1946 2013 Ref A lmpt 5s series C 2013 Conv secured 3%s 1952 N Y Cent A Hud River M 3 %8-1997 10-year 3%s sec s 1 4%s series A N. 6, Week's High 51% 59% 54% 52 F Ref A lmpt 1st lien A ref 3%s ser 33% 37 Low 35% A A —1956 1954 Newport A C Bdge gen gu 4%si945 J N Y Cent RR 4s series A 1998 F 3-year 6s No. » 1956 F ♦1st 6s series C Nov. Friday BONDS Since Jan. 1 High 33% 36% ♦Certificates of deposit.—.. ♦1st 4 %s series D ♦1st 5%s series A ♦Certificates of deposit Range Asked Low {{♦N O Tex & Mex n-c Inc 5S--1936 5 •S Range or Friday Sale Week Ended Nov. 5 Record—Continued—Page Week's Friday 12% 13 8 11 11 13% 92 10% 9% 33% 33% 10% 10% 11% 62 _ _ 9 30% Volume Week's Last Range or Sale Friday stock exchange Week Ended Nov. 5 y. Bid Price J I No. 76 m 7 74 37 1 36 100 74 m 30 65 m Va 54 100m 109 m Va 19 "~23 1 102 j *7 a *9 {♦St Paul e Gr Trk 1st 4m8—1947 j f 1 118m 9 91m 92 m 23 92 110 109 108M 112m 105 m u0m 111m 110 illm 111 m s j j ♦21 33 20 j 33 19 43 27 m 44 1989 Scioto v a n e 1st gu 4s {{♦Seaboard Air Line 1st g (♦Gold 4s stamped.. ♦Adjustment 5s (♦Refunding 4s 31 31 a ♦Stamped 31 o 31 31 31 a o 1950 Oct 1949 ---1959 a o f o 1935 ♦Series b certificates mb——1951 Shlnyetsu el Pow 1st 6 ms 1952 ♦{Siemens a Halske s f 7s 1935 ♦Debentures!6ms 1951 ♦Silesia Elec Corp 6 ms 1946 Slleslan-Am Corp coll tr 7s 1941 Simmons Co deb 4s 1952 Shell Union Oil deb 3 f j Socony-Vacuum Oil 3 Ms South a North Ala rr gu 5s.--1963 a 1962 Southern Calif Gas 4 Ms 1961 1st mtge & ref 4s 1965 Southern Colo Power 6s a--—-1947 Southern Kraft Corp 4mb 1946 a m f j j South Bell Tel a Tel 3ms Gold 4 Ms 10-year secured 3ms San Fran Term 1st 4s So Pac rr 1st ref guar 1st 4s stamped Devel & gen 5s 4s series a Devel a gen 6s Devel a gen 6 Ms 1996 St Louis Dlv 1st g 4s —.1951 East Tenn reor lien g 5s 1938 Mobile a Ohio coll tr 4s 1938 s-western Bell Tel 3 Ms ser b...1964 s'western Gas a Elec 4s ser d..1960 ♦{Spokane Internat 1st g 5s...1955 Staley (a e) Mfg 1st m 4s 1946 Standard Oil n j deb 3s.——1961 Staten Island Ry 1st 4mb 1943 ♦Studebaker Corp conv deb 6s. 1945 Swift & Co 1st m 3ms1950 Tenn Coal Iron a rr gen 5s—.1951 Tenn Cop a Chem deb 6s b—1944 25m 82 m 93 m 97m 29 106 m 47 101m ""33 107 1 102 m 9 95m 14 64 m 80 m 69 33 64 98 64 64 69m 124 63 97 m 63 63 69 95 63 97 h 90 m 90 m 92 m 99 88m 102m 98 m 94 m 108 m 100 m 100 m "60 85m 112m 97 98 "85m 88 61m 55 m 161 43 m 69m 32 60 v 74 m 112 67m 63 89 m 85 85 m 8 108 h 8 100 m n 101M f 29 j 11m 95 85 99 m n 104 m 85m 106 m j 122 M s "99 122 M *96 106 114m 87 88 a o j j j j 7m * d j d 101h a o 28 5m 79 101m 15 83, 51 101 108m 103 96 93 m m s d m s *116M j j 102m 107m hi" ♦104m j 119 116 m n 97m 97 m 2 f 97 97 m 5 90 123 101m 100 73 3 69 106 38 a . 72 .1945 105m 1962 105m 105 m 13 104 90 1945 a— 1942 U7H *hm 117m 117m "16 1952 105m 105 m 106 m 83 110 * lst lien a ref 4s 1st Hen a ref 5s 1970 a 34-year 3 Ms deb— 35-year 3 Ms debenture United Biscuit of Am deb o 1950 a o 1952 a 5s.. Cigar-Wbelen Sts 5s_. United Drug Co (Del) 5s u n j rr a Can gen 4s Un o 1953 m s 1944 m 112M 106 m 106 m 107 m 63 115m 115m 3 94 m 30 "94~" j i66m series c a— 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 4ms—.1934 — 79m 83 110m 62 64 m "H 24 ♦ 36 106 104 m 129 24 m 22 m 24 m 30 4 .... 103 m 107m 33 m 22 23m 19m 22 m 88 32 m 52 a o f 87 32 m a 90 m 94 93 m 65 99 M N Ml 55 36 41 55 75 41 89 7 m n j j j j 2m 2M 2M 63 M 109 M 26 M 19 90 5 100M 75 12 96 74M 105 107 106 113M 85 103 M 97 105 68 47 12 M 47 12M 8 62 102 104 "44 96 M 104 M 100 M 89 5 106M 115 1 12 10 M 35 M 4 12M 32 M 1 6M 25M 10M 24 7 7 96 105 v 72ll Included in the yearly transaction during maturity, t Accrued \,m maturity, . transacted during current transacted during the week. included current week and not 95. 1941, Nov. 3 at French 7Ms unstmp. Transactions Stock Exchange, the New York at and Yearly Daily, Weekly State, Total Railroad dk United Stocks, Municipal dk For'n Bonds Bond Miscell. States Number of Shares Week Ended Bonds Nov. 5, 1937 ■< Saturday Bonds Thursday Friday ----- Total 7,182,000 6,551,000 5,957,000 8,957,000 507.000 434,000 8,123,000 7,524,000 $2,043,000 $34,178,000 1,087,000 1,065,000 1,133,000 $27,783,000 $4,352,000 11,966,370 357,269,204 408.312,520 6,195,550 $2,043,000 4,352,000 $11,375,000 $264,527,000 278,799,000 2,447,226,000 $2,990,552,000 Bonds State and foreign Railroad.and industrial - 27.783,000 6,205,000 47,551.000 $329,960,000 298,299,000 1.823,810,000 $34,178,000 Government $65,131,000 $2,452,075,000 ' Stock and Bond Averages the daily closing stocks and bonds listed on the Below as 6 87 are compiled by Dow, Jones & averages of representative New York Stock Exchange Co.: 111 Bonds Stocks 10 4 Total 10 10 First Second 10 Grade Utili¬ 40 Ralls ties Bonds 30 20 20 Rail¬ Utili¬ 70 Indus¬ Grade Indus¬ roads ties Stocks trials Rails trials Date 107m hi 110 113m 2 5m 4 1936 1937 1936 1937 5 Jan. 1 to Nov. 5 Week Ended Nov. Stock Stocks—No. of shares. Total 688,000 649,000 1,735.840 1,471,440 1,245,250 Exchange • $4,141,000 5,433,000 Holiday 6,195,550 Wednesday Sales $172,000 242,000 $418,000 $3,551,000 4,542,000 713,910 1,029,110 Monday Tuesday- 67 m 108M 39 H In the yearly range: 69 52 108 72 100 Ml 99 current week land 4not Bonds selling flat. 88 m 100 m 52 87 65 M 111M 06 M 107 M 104 M 105 m 23 92 93 h "A" 42 1 170m 104 *19 98 1 28 *6M J J asked price. No sales Deferred delivery sales 36 m 110 m 104 26 45 reorganized under 72m 103 m 114m 111 j j "24" 16M 20 1 40 M 27 13M 13 M 10 10 13 M redemption or nearing 105m 109 109 1959 5s. 1941 1955 1957 51 82 m 109m 111m 116m 91 101M 91m 101M 109 1947 ♦Debenture 5s 64 m n 1944 {♦Utll Power a Light 5Ms 106m 2 116m m n 1944 Utah Power a Light 1st 5s 20 95 62 80 "25m 1947 ♦Sink fund deb 6 Ms ser 106 m 64 1951 Utah Lt a Trac 1st a ref 93 m 94 s 1934 j {{♦United Rye St l 1st g 4s_„ u s Pipe a Fdy conv deb 3 Ms 1946 u 8 Rubber 1st a ref 5s ser a. 1947 ♦Un Steel Works Corp 6 Ms a. 1951 ♦Sec s f 6 Ms 112 22 1971 m n HIM 16 M Deferred delivery sale; only Friday's bid and 103 112 1947 108 M 7 reported as being In bankruptcy, receivership, or Bankruptcy Act, or securities assumed by such companies. { Companies 116M 121m 114m 101 m s June 2008 m s June 2008 98 106 :<.y. ;; Sales at 5s.. 4s.. 89 M 1O0M 2 Section 77 of the New York {{♦Union Elev Ry (Chic) Union Pac rr 1st a Id gr 106M 111M 109 M 102 24 13 M 13 M N . T Bonds called for 102 m 106 23 11 13 Unlon Oil of Calif 6s series 3 Ms debentures- 2 12 85 transaction during current week, a transaction during current week, n Under-the-rule sale; only current week, x Ex-Interest. ( Negotiability impaired by Interest payable at exchange rate of $4.8484. *- • 97 h 105 90 M 108M 13M ■, > 101m 96 m "81 77 102 M 101M * 90 M 108 M Cash sale; only r 73 m 46 m 30 79 62 60 61m 117 88 m 108 82 'lOOM j 1st 6s dollar series....- 100 M , 96 H 100M 123M 8 104 98 91 108M 96 M 96 M J transacted during the Cash sales 1*101 M D 127 M 116 25 20 8 20 88 m 108m 99M 7m ' 106m 107 m 110m -110M 37m 8m 35 35 1901 c 1st mtge s f 4s ser e z 110 87 92 88mi j 114m 128m 88 m 88 M 88 m ....-_*109m 88 M j 105 90 4s *30 Youngstown Sheet a Tube—- 100 106 m liiM s 89m 108 m 105 m 104 m 104 * m 118m 105 m 111m 91 90 m 109m 115 109M 108 m 108M 112M 104M 108M 2 44 M " "82m 104"" 107m ♦105m o 99 M 8 1949 lst4Ms---1943 {♦Wor a Conn East No sales. 93 m 105 ♦116m Tokyo Elec Light Co ltd— 1953 Tol a Ohio Cent ref & Imp 3ms 1960 Tol St Louis a West 1st 4s 1950 Tol w v & Ohio 4s ser c 1942 Toronto Ham a Buff 1st g 4s__1946 Trenton g & El 1st g 5s. 1949 Trl-Cont Corp 5s conv deb a..1953 Tyrol Hydro-Elec Pow 7 Ms.—1955 Guar sec s f 7s —1952 50 42 85 110M 106M 121M 100 M 119M 110M 106M 95 M 100M 108 M 19M 119M 20 1960 {♦Wis Cent 50-yr 1st gen 4s ♦Certificates of deposit range: 102 m 107m 126 115 42 8 d j 103 59 m 159 100m m ;74 102 103 j j 40 106 m 101 d j 98 m 106 m 6 53 98 m d j 109 m 102 16m 102 a 106 *19M 1947 Conv deb 3Ms Winston-Salem 8 b 1st 4s (♦Sup a Dul dlv a term 1st ♦Certificates of deposit 95 m. 80 102 m 15m j j 1 100 107m d j Wilson a 90 m 103 105 100 s 102 M *108 M D 1938 Co 1st m 4s series a..1955 80 100 107 M 107 M ,100 119M 76 77 100 * 121M 5s—1942 55M 30 70 *— *106 Wilmar a Sioux Falls 5s 101M 105m 88 m s "46 ~46~" "40"~ "44"" gtd—1950 1967 - {♦Wlikes-Barre a East gu 105M 110m m Jan 1960 1937 100M 44 M {♦Wickwlre Spencer St't 1st 78.1935 J J ♦Ctf dep Chase Nat Bank ♦Ctfs for col a ref conv 7s a. 1935 MN 85 m 66 m Ms..—-1952 UJigawa Elec Power s f 7s Union Electric (Mo) 3ms 103 m 109 m 49 ♦I II ioo"" 1960 ♦AdJ lnc 5s {♦Third Ave rr 1st g 5s 21 * Gen a ret 5s series d Tide Water Asso Oil 3 105m 104 m 67 m 1980 Mo Pac Ter 5 Ms a—1964 99 M 70 - 64 m 1943 2000 1977 ---1979 Third Ave Ry 1st ref 4s 94m 101m 72 99 m 100m 70 76 m 104m Tex Pac 100m 106m 89 m 100m 7 1951 Gen a ref 5s series c 105 58 109m Gen a ref 5s series b 107 m 101m 107 m 3 106 m 98 m 101m 51m a Texas a Pac 1st gold 5s 130 118 49 1953 5 Ms a—1950 Tex & n o con gold 5s 83 59 1st mtge 3 Ms series i 94m 102 m 100M 107 m 76 m 1944 - 1 85 1st mtge 4s ser h 102m 85 27 98 m 1st cons gold 5s__ 3 Ms 86 82 M 110M 110M 1961 106 1966 94 M 94 M Western Maryland 1st 4s 1952 100 100 1st a ref 5 Ms series a 1977 107M West n y a Pa gen gold 4s 1943 19M "19M {♦Western Pac 1st 5s ser a 1946 18 19 ♦5s assented 1946 M S 98 100 "99"" J Western Union coll trust 5s 1938 J 71 72 M 7iM Funding a real est g 4Mb 1950 M N 74 M 76M 75 M 25-year gold 5s 1951 J D 72 M 71M 74 30-year 5s 1960 M S 21 21 21 J J ♦Westphalia Un El Power 6s—1953 76 77 M 76 West Shore 1st 4s guar 2361 J J * 75 Registered -..2361 J J *107Mr108 f M S Wheeling a l e Ry 4s ser d—1966 *111M rr 1st consol 4s 1949 M S 92 M 92MJ93K Wheeling Steel 4 Ms series a 1966 F A *96 4 100 White Sew Mach deb 6s 1940 MN 18m 68 74 Gen refund s f g 4s Texas Corp deb 86 82 M O M S 35 West Penn Power 1st 5sser e-.1963 1 7 66 m Texarkana a Ft s gu 70 1939 f 5s s Gen mtge 3 ms 75 m 97 m 85m 4Ms—1939 104 70 73 22 m * deb 6s ser c—1944 a 1947 104 O 50 m 7 78 s n n j o 1939 Westchester Ltg 5s stpd 100 100 "61m Wash Water Power 89 m 64m 78 74 97 m Tenn Elec Pow 1st 6s ser Term Assn of St l 1st g 102 93 97 m Mem Dlv 1st g 5s Tennessee Corp 131 14 m 5 6 ♦98m 1955 --1955 1994 1956 1956 1956 4s Southern Ry 1st cons g m m m j a D 1955 1955 A 6s debentures 14 m ; J {♦Warner-Quinlan Co deb 6s. .1939 m s {♦Warren Bros Co deb 6s 1941 m s Warren rr 1st ref gu g 3 Ms.—2000 F A Washington Cent 1st gold 4s 1948 Q-NI Wash Term 1st gu 3 Ms 1945 F A 1st 40-year guar 4s 1945 3m 40 103 M 109 M 90 67 M 9 104M 75 39 M 44 A Walworth Co 1st m 4s 38 m 43 H 10M "2 14 ♦Certificates of deposit Walker(Hiram) gaw deb4Ms. 1945 13m 41 10M ' 12 M 22 m *57 m o d Lines) a—1977 m s 1968 1969 1981 1946 1950 1980 "47 41M 44 12 14 14 23 h 98 m 44 M 10M "16 14M 12 ao 6m *4m 99 M 10m 12 81 12 6m 96 m 71M 97 M 13 M 12M 60 118 line 4 Ms 1951 a Pac coll)-.1949 j Gold 4 Ms ao 176 5m So Pac coll 4s (Cent 1st 4ms (Oregon Gold 4mb 1978 10m 10m 4m 12M " 12 M a Warner Bros Plct deb 6s Southern Natural Gas— 1st mtge pipe f 20 5 60 106 M 20 M 20 m 17 60 14M 13M 5m , 97 91 —. 5 61m s "61m 22 m 22 m a 75 75m a 92 92 m o 96m j 106 m o "i06m ♦114m o 100 m o i00M 106 m s 106 m a 102 j 94 m 95 d 1951 j 1950 a Skelly Oil deb 4s 36 m 86 82 M ♦Certificates of deposit-- 35 m 5 j m f f a m * ♦Ref a gen 5s series d 107 M 58 a ---1976 101M 66 M 103M 98 M 30 67 M j 1941 1941 ♦Ref a gen 4 ms series c 121 2m 21m 98 17 84 101 63 6 21m a f 35 110 103 40 93 M 23 21M m s j d 30 — 49 8m a 35 8 104 M 109M 67 45 82 H j 7m 7m 8m ms 72 ♦Certificates of deposit 10 8m 1933 {♦Seaboard All Fla 6s a ctfs—1935 66 M 30 5m 6m 1945 ms deposit {♦Alt a Birm 1st gu 4s ♦Certificates of 104 M 66 M 7 "m ..... 6s series a 104 M 4m a a 103 I6i"" f 1939 ♦Ref a gen 5s series b 19 61 15 13 13 deposit ♦Certificates of "l9~" ♦16 48.-1950 103 - 43 m 25 110 ♦110M m n *40 + {♦Wabash Ry ref a gen 5 Ms a.1975 m ♦Certificates of deposit 41m *21 o 4 1941 j ♦Toledo a Chic Dlv g 4s 115 m a 12 o s% ♦Omaha Dlv 1st g 3 Ms 103m 89 *10sm m n 1946 series b 101m 106m 113 124 *109m j j j 1 6 his ♦Det a Chic Ext 1st 5s ♦{Wabash rr 1st gold 5s ♦2d gold 5s ♦Des Moines Dlv 1st g 4s ♦Stamped cons 102 m 118M j j 1943 San Antonio Pub Serv 1st 68.-1952 San Diego Consol g a e 4s_- 1965 Santa Fe Pres a Phen 1st 5s_ 1942 1946 {♦Schulco Co guar 6 ma ♦1st a 102 m 118m s a a Ar Pass 1st gu g 4a s ♦1st lien g term 4s 1966 1939 1939 1954 Virginian Ry 3ms series a. - 102 M fPacific ext gu 4s (large)—-1940 St Paul Un Dep 5s guar 1972 a Jr..-1958 5s cons 27 7m St Paul Minn a Man— ♦Guar 1st 37 10 9m No. 10 M 108 108 M High 41M Low High 10 M d 1955 m n Iron Coal a Coke 1st g 5s.-.1949 mas j a Southwest 1st gu 4s .a---2003 j Virginia el a Pow 4s ser a 15m 10 m j -1942 ♦Vertlentes Sugar 7s ctfs Since Jan. 1 Asked dk 108 M 48 High Low 102 d J {♦St Paul AKCShLgu 4ms-1941 29 m "l7~~ "18m Bid Price Range is Friday Sale stock exchange Ended Nov. 5 Low High * J J (♦1st terminal a unifying 58.1952 1990 St Paul a Duluth 1st con g 4s--1968 Jan. 1 75 m 75 m y. Week 37 Low {St l sw 1st 4s bond ctfs 1989 m n j ♦2d g 4s inc bond ctfs Nov 1989 j ♦Gen a ref g 5s series a n. Since Range or Last bonds Range g^ Asked dk f Week's Friday Friday bonds n. 2979 New York Bond Record—Concluded—Page 6 145 Total 93.76 43.30 103.03 21.65 63.59 128.92 32.56 103.41 5. 104.91 Nov. 94.17 43.17 102.88 21.56 64.81 32.27 103.94 4. 128.84 105.04 Nov. 94.42 Nov. 3. 43.46 102.80 21.48 65.48 32.38 104.16 130.14 105.24 Nov. 2. 104.63 Holi day 66.56 102.71 94.79 1. 135.94 45.40 105.24 Nov. Holi day 22.36 33.89 94.77 46.22 102.75 22.83 66.56 34.63 104.55 138.17 105.20 Oct. 30. New York Curb 2980 Exchange—Weekly and Yearly Record Nov. 6> 1937 NOTICE—Cash and deferred delivery sales are disregarded in the week's range unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown In a footnote in the week In which they occur No account Is taken of such sales In computing the range for the year. In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the beginning on Saturday last (Oct. 30, 1937) and ending the present Friday (Nov. 5, 1937). It is compiled entirely daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in which any dealings occurred during the week covered: week from the Friday Sales Last STOCKS Par Acme wire Aero Range of Prices Price 20 t c com v Week's SaU Low 33 High 33 I 33 Low 25 25 ~"2'A "Y*6 ~T Oct Oct Air Devices Corp com 9 "ili Conv preferred Warrants 1,400 96 IX 2 300 2 61 Ala Power $7 pref 66 X $6 preferred 66** 68 56** 2% 100 2*6 2** Alliance Invest common. $3 6% 12*6 12** 16** July 26** 177** Mar 112 300 109 Oct 120 "mi Oct 140 Mar 100 120 June 131 May 12** MOO 4** 4** 1A 26 2** 27** 27** 25** 3** 22 J* 3** "25" Amer Equities Co com.__l Amer Foreign Pow warr— Amer Fork A Hoe com—* * 25** * 101 *6 American General Corp 10c <2 preferred 1 2** 23** 3** 1** 26 3** 2 13** 13** 24** 26** 100?* 103** 5 13** 10** 13** Oct 22*6 Nov 47 Jan Oct 8 Jan 24 37 Aug 7,300 Oct 37 Aug 300 3** Nov ,316 23** 12 1 24?* 36 5** 1 ** 1 "iej* Oct 200 12 Oct 24 Feb Oct 48** 112*6 Jan 6,300 13 Oct 42 Feb 8 Oct 32 Jan May 37 Mar Oct 15 Oct Oct 82 8,200 700 ** 20 1** 10** 25 Oct 53 Jan Apr 3 Oct 10*6 Jan 10,500 ** 1 Oct 2** 8** 100** Oct Oct Oct 59*6 4*6 5** 8*6 42*6 110*6 ** Oct 3 400 1,000 600 30 Jan Oct 12*6 Feb 2 Oct 13** Feb 4** Oct 10** 40 66** Oct 96 Jan 600 4J* Oct Feb Mar 71 83* 5 1** IX 9A 11** 1J* 1** 12 2,100 1** Oct 15** 8** 200 10 ** Oct 13*6 500 5,000 1,500 Jan Jan Oct 3 Jan Oct *6 1 '!** 4 43* 5*6 39*6 Jan 596 Oct Oct 732 Jan July 1*6 Feb Jan *6 May "T** "!** 14** ""** 2?* A 2** 8** 16 '*.6 3 8** Oct 90 Sept 3 Oct 20 1,400 Oct 13*6 57** Mar 1,900 ** Oct 300 9** Oct 1,600 1,700 ** Oct 6** 29*6 3*6 Oct 1** 300 '4 Oct 9 Feb Jan Mar Mar Feb 9** 18** 70 Purch warrants for cpm.. 7% preferred 30 4}* 9** 100 6 Oct 11** 16*6 17** 65** 19** 570 16 Oct 43 Jan 1,825 60 Oct 156 Jan 3** 12** 73 9 5 6,100 2** 10** 4** Barlow A Seellg Mfg A...5 Bath Iron Works Corp.. Baumann (L) A Co com. 2 10** 43* 300 9 200 Amer dep rets reg 2 Oct 2** 9,800 10** 250 6 700 100 Mar Aug 8 300 $5 1st preferred * Bunker Hill A Sullivan 2.50 Burco Inc common * $3 convertible pref 1** 1** Canadian Car A Fdy pfd 25 Canadian Indus Alcohol A* non-voting 1 1 Carman A Co class A Class B $6 preferred.. 1 $7 dlv preferred Cent A South West Utll 50c Cent States Elec com 1 100 Chic Rivet A Mach Chief Consol Mining July ** Oct May 27*6 Aug 4** May Oct 18* 2 Oct Feb 113** June 4 * May Sept 16 Berkey A Gay Furniture. 1 1** » conv pref ._* Blrdsboro Steel Foundry A 1** *6 10** 8** 196 9. '16 2,400 5* Oct 1,200 ** Oct ♦ Bliss A Laughlln Blue Ridge Corp com 8 1 1% * 37J* 8** Jan Oct 6** Oct 14** July Oct 15 Sept 3,400 Oct 24*6 1** 37** 7** Oct 10 Oct 41 13* 900 1** Oct 37** 100 34** Oct 9** 1,600 4** 48*6 43** Mar Feb 4 Oct Jan Sept Aug Jan Jan Jan 90 Oct 17** 19?* New common Commonwealth 13 *6 1,400 3*6 25 Oct Oct 5 Oct Oct 600 Jan Jan 38*6 *6 5?* Aug 2 400 *6 5*6 1** 9*6 9*6 22 Mar Jan Mar Oct 8 ** Oct 1** Jan Oct 5*6 Feb Feb Oct Mar 32*6 5*6 1** 1,000 3,300 4,700 1 4*6 4*6 4*6 21 21 1** 20 Oct 31*6 Feb 8** Jan 7** Jan 3*6 Jan 23*6 May 29* Jan 269* July 8*6 July 100 1 1*6 9*6 1*6 T*6 Oct 14*6 3*6 2** *6 300 1*6 100 100 6 Oct Oct Oct Oct Oct »* Oct 3*6 Oct 19 2,400 Oct Oct 35 Mar 76 30 84 10 Jan 78 20 35 8,100 6*6 7 17 300 Oct Oct 14** Feb 10 Oct June 38** 42*6 1096 July *6 78 Oct 75 Sept 500 15** 30 3*6 1029* 97*6 67*6 28 84 7 23*6 6 3*6 3*6 3*6 1,800 2 Oct 92*6 92*6 93** 300 92 Oct 4*6 5 200 3 30 50 25 Oct 72*6 30 Oct Oct 124 15 57 105*6 Feb Jan Jan Aug Feb Jan June Mar Mar Mar 13*6 13*6 100 12 Oct 19 Jan 74 Oct 96 Feb 85 87 87*6 70 83 Oct 88 Oct Oct 8*6 8*6 9*6 300 7*6 9* 1 4,000 10,700 *6 Oct 8 475 29* Oct 22** 919* 6*6 29* 27*6 16?* 9*6 18 100 7 Oct 52 76 76 2 2 ** 7 80 175 2*6 7 7 10 75 Sept 1 Oct 50 29* Oct 25 7 33*6 3 Oct 269* 2*6 Oct 6 4** 7*6 8*6 8 300 8** 400 400 7*6 46 '98" 46 9*6 22** 50 100 11 *6 900 ** 50** 725 2 2** 27*6 36,700 2,300 32 7 7i« 30 1*6 15 Oct Oct Oct Oct Oct Oct Oct 28 Oct 4 Oct 3 Sept 20 1*6 15* 2,400 Oct % 3 40 5** 40 200 3*6 6** 3*6 1 3*6 1 500 2*6 3*6 3 3,900 "5*6 3*6 300 5*6 6*6 1,700 32*6 60 2 Oct 500 3 Oct 63 4*6 ,2* 2 3 50 5 4,800 «E6*6 *2796 Sept Sept Sept Oct Oct 57 Sept 2*6 Oct 104** 10*6 Jan Jan June 39 Jan 33 Aug 6,900 20*6 Oct 2,140 *6 Sept A Southern *6 Oct Oct 2*6 29 z26*6 Oct 1,400 41 4** Jan Oct 7*6 2** Jan Sept 13 1,100 Jan Mar Oct 27 6** 7 Oct 1*6 6*6 Jan Jan Oct 95*6 400 43 22*6 Jan Jan Oct 22 ~98~ Feb Apr Oct *3*6 Commonwealth Edison— Warrants 4** 150 Feb Apr 11 Columbia Pictures com..* Feb Feb Mar Jan Aug Oct 96 21*6 5*6 £1 warr. Feb 30** Oct 6% conv pref Colorado Fuel A Iron 51*6 25*6 106*6 31** Oct Oct Cohn A Colt's Patent Fire Arms.25 Columbia Gas A Elec— Apr Sept Mar 22** 22 * Rosenberger Inc.* Development ord 5** 30*6 42 Cockshutt Plow Co com..* Colon 70 Oct zl5** 2896 12** 49* City Auto Stamping * City A Suburban Homes 10 Clark Controller Co 1 Conv 5% preferred..100 Columbia Oil A Gas 1 25 696 4 Mar 200 9 15 —- 19 Mar 8** 200 12 "7** 2985. 125*6 5** Sept 31** 11 5 com Mar 170 2** 15*6 37*6 * Bites (EW) A Co com Crtfs for u v common. July 8** 31** com 18 Oct 3 20 * Club Alum Utensil Co Oct 500 Preferred BB * Cities Serv P A L $7 pref- * 11*6 11** 7** 3 250 * Oct June Oct 3*6 2 * 85 Oct Feb Feb Mar Oct 21*6 *6 43 Preferred 2*6 9*6 4 T,506 3 * Oct Jan 30 *6 100 3 J* 159 39 1*6 Claude Neon Lights Inc._l 10 Oct Sept 44 1 Chllds Co preferred Cities Service common Clayton A Lambert Mfg..* Cleveland Elec Ilium * Cleveland Tractor com * Cllnchfleld Coal Corp.. 100 20 Feb 32 4 Feb "266 Jan 32 96 17** Chicago Flexible Shaft Co 6 Feb 116 33 Oct 42 "96" 25 Mar 165 Oct 1,800 5 new com.. 5 "3** Mar 9 Centrifugal Pipe * Chamberlln Metal Weather Strip Co 5 Charts Corp 10 8 164 Mar 25 21 Conv preferred 100 Conv pref opt ser '29.100 21 Apr Nov 3*6 ~3U "4*6 42 100 Oct "T 164 6*6 % Pf-100 Hedges com... 26** Oct 700 3*6 4*6 * Oct Aug 600 8 ._* Cent Hud G A E com * Cent Maine Pow 7% pf 100 Cent N Y Pow 5% pref. 100 Cent Ohio Steel Prod 1 Cent P A L 7 % pref 100 1J* 1** 8 Oct 60 3*6 * Chesebrough Mfg Mar Mar 16 200 45 * Carnation Co common * Carnegie Metals com 1 Carolina P A L $7 pref— * Cherry-Burr ell Feb 12J* 31 20 * Aug June 40 7*6 Canadian Marconi... 1 Capital City Products * Carib Syndicate 25c Nov 116 1 Bell Tel of Pa 41 * warr Oct 8** May Cables A Wireless Ltd— Amer dep rets pref shs £1 Calamba Sugar Estate..20 Canada Cement Co com..* 6% pref without 7% preferred 77 Oct May 1*6 21*6 * Sept 500 20 7*6 33 Warrants Burma Corp Am dep rets.. Burry Biscuit Corp_.12*6c Cable Elec Prod vtc * 10 x 200 Oct Oct Oct 259* 259* 1 Brown Rubber Co com 1 Bruce (EL) Co 5 Buckeye Pipe Line 50 Buff Nlag A East Pr pref25 14 22** 7** 200 8*6 Jan 30** Mar 14*6 Mar 5*6 Aug 21*6 Jan 108** Apr 3** Feb 7*6 Feb 16*6 Mar Oct 28 Brown Forman Distillery. 1 $6 preferred * 15 103 25 8 Sept Oct ** 1*6 2*6 16*6 400 1,000 * Oct Oct 2** 4*6 23 *8*6 100 Nov 80 com.. 10 2 21 com. 5 10 Apr 3*6 Jan 8 Oct 4** Jan Jan 32*6 Oct 7 £1 $6 preferred 12** 3 2 British Celanese Ltd— Preferred B 14 500 600 2,400 Jan 19*6 4** 14 Baldwin Rubber Co com. 1 Bardstown Distill Inc... Barium Stainless Steel 1 7*6 3*6 11*6 Registered 1st preferred Oct 1*6 15 Am dep rets ord bearer£1 Celanese Corp of America 7% 1st partic pref... 100 Celluloid Corp common. 15 Jan 1,100 2** 10 50 600 400 British Amer Tobacco— Feb Feb Mar Oct Oct 108** * Catalln Corp of Amer 11,000 4** Class A British Amer OU coupon. B *6 7*6 2*6 Sept 6*6 3** 10*6 3** 11** * Brown Fence A Wire Class A pref Feb 3** 17*6 * Jan 7** 1,900 2,700 14 2** * Feb 3** 3*6 8** B Class A Carrier Corp * Carter (J W) Co common. 1 Casco Products * Castle (A M) com 10 Jan Jan Jan 83 4** (Baldwin Locomotive— » 3 Sept . page Oct ** Automatic Products 6 Automatic Voting Mach. * Avery (BF) 6 Axton-Fisher Tobacco— Class A common 10 Babcock A Wilcox Co * -" 2** 50 900 1 see Jan 400 ..* For footnotes Sept Mar *6 4** 4** 11** 1 Blumenthal (S) A Co....* 2*6 69 99 70 8** 96 4 £1 pref.... Oct Oct Jan Apr Mar 7 * Purchase warrants Blckfords Inc common Jan 26*6 28** 54*6 Oct 4 6 Conv pref Feb Oct 10 38 Oct 3*6 100 Mar Oct Oct * Atlantic Coast Fisheries. .* Atlantic Coast Line Co—60 Atlas Corp warrants Atlas Plywood Corp * 'wi <— Feb 6** warrants conv 36** 300 Atlanta Birmingham A Coast RR Co pref... 100 $3 opt Oct 33* Assoc Laundries of Amer. * Machine Co Blauner's com 4** 22** 78 * pref Jan 12 300 10 Bell Aircraft Corp com Bellanca Aircraft com Bell Tel of Canada Oct Oct 1,100 ** 1 $2.60 99 20** ""a * Benson A 21** 275 4** 4** 1** 17A 3** 4?* 14 12** 102** 103 15 1 Beech Aircraft Corp Jan Jan 1 96 Ashland Oil A Ref Co 1 Associated Elec Industries conv 5** 4** 2,600 100 5** * 7% 1st pref Beaunlt Mills Inc Jan Oct '""25 36 * Austin Silver Mines 41*6 27** 175* 2,800 1 Angostura Wupperman__l Apex Elec Mfg Co com—* Appalachian El Pow pref.* $1.60 2 79 J* 6 V t c common July 23** 25** * $5 preferred Oct Mar 700 14** 2 Class A 89** 5*6 23 Superpower Corp com* Amer deposit rets Oct Feb 200 ~28** "28** * Assoc Gas A Elec— Common 78** 1** Feb • ** 3** *6 British Col Power class A.* Class B * Apr Jan 19 500 Am dep rets ord reg.. 10s Mar 1*6 42 14 Amer Pneumatic Service.* Amer Potash A Chemical. ♦ Common class A 11 Oct 1,000 25 Preferred Arkansas P A L $7 pref Art Metal Works com Oct Oct 14 * Mar 75 24** 56*6 '160 5 100 Jan *20 12 Amer Mfg Co common 100 Preferred 100 Amer Maracalbo Co 1 Arcturus Radio Tube Arkansas Nat Gas com Jan Oct Oct 17 1 Machine Brown Co 6% pref 4 2,200 * Anchor Post Fence Oct 32*6 3?* 11 11 10 *6 4*6 100 Preferred Jan Feb 27 60 Preferred American Thread pref Sept 5 1,800 5** 25** Amer Laundry Mach—20 Amer Lt A Trac com 26 1st preferred Oct 500 1 Amer Seal-Kap com Oct 1 25 Class A with warrants 26 Class B 1 Amer Meter Co 7** 400 ** Am Cities Power A Lt— 6% preferred Oct 4** 2,000 10c com. 14 50 14** 1** 11** |3 preferred 16.60 prior pref Amer Centrifugal Corp—1 Option 65 600 5** 60 Amer Box Board Co com Am Oct 1,000 14** 12** . Mar 119** 17** 14** 16 ""*6 *6 100 2d preferred High Oct * 7% preferred.. 100 Brillo Mfg Co common.. Feb Low 9 16 Brailllan Tr Lt A Pow—• Breeze Corp... 1 Bright Star Elec cl Brill Corp class B Range Since Jan. 1 1937 Shares 3*6 (Botany Consol Mills Co.* Bourjote Inc Bowman-Biltmore com 7% 1st preferred Jan Oct 1 Amer Cyanamld class A. 10 Class B n-v 10 Jan 24 High 25 Brewster Aeronautical Oct 120 'l2H American CapitalClass A common.—10c Amer Invest (111) com Oct Nov Low 100 Bridgeport Mar Price * com Jan Oct 72 100 Preferred Sept C) Co 7% 1st preferred Borne Scrymser Co Jan 16 66 Week Jan 5*6 5** 2** 76 6** American Airlines Inc—10 Amer Gas A Elec com 77 2,350 14** American Beverage com__l American Book Co 100 Class A 87 Oct Sept June - '"160 66 — Ltd common.* Common class B Oct Jan Jan 19 111 for of Prices Bo hack (H Jan 97 112 Aluminum Industries com* 6% preferred 80 12** 200 May 85** 90 -100 Aluminum Goods Mfg * $2.50 preferred Amer Hard Rubber 13 Mar 6** 34** 1*6 Oct lH Sept 19 common. preference Aluminium Oct 5 26 Class A Aluminium Co May Oct 50** 10 com Feb 4 X * pref conv 22 Sept 65 40 Allied Internat Invest com* Allied Products Oct Oct 57 130 56 * Alles A Fisher Inc com—• 38 H 125 61X Oct 1** 7 X _ Alabama Gt Southern..60 Jan 56** 24** 6** 6** ** 800 Week's Range Sale Par Feb iin "160 \y< H 9 1 common—* Air Investors "2.000 Last High 16 * Class B Sales STOCKS Continued) Shares Supply Mfg class A.* Agfa Ansco Corp com 1 Alas worth Mfg common—5 Friday Range Since Jan. 1 1937 for Week Jan Volume Sales Friday 1, 1937 Range Since Jan. STOCKS Last Weel's Range for (Continued) Sale of Prices Week Par Commonw Dlstribut 2X Oct *t« 1 Cities Service Co. High Low Shares High Low Price Community P A L *6 pre! * 22 24 75 13 Oct Community Pub Service 25 20 20 X 350 18 Oct H X 100 UK 12 K 400 Jan 34 Community Water Serv._l Compo Shoe Mach— New v t c ext to 1946— 2% Oct 17X Jan Oct 8X 38 Oct ——1 3% 3% Consol Copper Mines 5 Consol GELPBait com * 4X 4% 10,800 67 68 % 700 1 IX 9,100 X 400 48 X Oct Oct 3X 1% Consol Mln A Smelt Ltd .5 54 X --1 100 10 * 3% 8% preferred Consol Royalty Oil Consol Steel Corp com Cont G A E 7 % prior pf Continental OH of Mex Oct Oct 58 1,400 4X "1K "Ik "300 IX 5X 1,800 2X 69 X 4% 4K 100 100 Mar Jan Oct Oct Oct STOCKS (Continued) Oct Jan 3X 11% Mar 102%. Jan Jan 4 X 200 8 9X 1,200 4 Oct 5 5 5 100 4 Oct 15 9 Oct 52 Oct 21% 01% x Cook Paint A Vara com. 10% 10% io % 300 * $4 preferred Cooper Bessemer com S3 prior preference * Copper Range Co * Cop per weld Steel com..10 Cord Corp Corroon A Reynolds— Common sx 8 9X 17 X 6X 18X 300 7 21K 21X 22 X 500 2K 2X 2X 1,400 2X 2K 400 1 $6 preferred A * Cosden Petroleum com... 2K 2X 2,500 3 24 X 7H 6X 7,6 716 8 Fruehauf Trailer Co 5,100 1,500 1,600 1% IX 19X Game well Co 36 conv Oct 14% Jan Feb Aug Gatlneau Power Co com Oct 4X * 30 30 Oct 5 Jan 16X Sept 25 Feb May 2% Sept 400 5 200 Sept 4% 4X 52 X 15 Det Mich Stove Co com..1 9X 2X 3X "22" 16 Jan June 87 22 60 2X 25 52 X 900 200 IX 3X 3X 1,000 700 600 800 Oct 1 ov "966 300 20 22% 22X 90 69X 19% 100 Dublller Condenser Corp. 1 25 71 19 20% 600 2 800 64 IX 63 100 500 Oct 3X * 53 X 53 33 X 33 10% Jan Feb 35% Sept Sept 10% 10 x 9 Sept 30 Sept Apr Mar 13 Oct 10% 29% 5% 22% Oct 28% May 83 Nov 2X Apr Oct * * 1 65 14 IX Aug Oct 1% 7% 10% 27% 1 $6 conv. pref 1 3% 5% 2% 40 2 700 6 7% ""ix 8% preferred Equltv Corp com Ex-Cell-O Corp 50 34 250 Falrchlld Aviation 1 1 Fanny Farmer Candy Fansteel Metallurgical Feddera Mfg Co Ferro Enamel 1 Corp Fldello Brewery Oct Oct Oct 60 IX Oct 25 X 600 24 Oct 26 Oct 125 50 % 200 10 8 24X Oct 2% 7% 2% 3 IX Oct 7% 7% 5 Oct 11 11 100 8X Oct Oct Oct 24% 26 1,600 15 X Oct 2,600 X Oct 16X ""6% "6% 716 ""266 Feb Hydro Electric Securities. Hygrade Food Prod.....5 Hygrade Sylvanla Corp..* Illinois Iowa Power Co...* Preferrred 50 Illuminating 7 900 Mar Feb 1,700 1,400 Feb 77 81 47% 9% 5X 1% 3% 45% 27% 8% 11% 25% 17% 15% 47% 1% Feb Feb Mar Mar Feb Mar page 2985. Oct 16% 38 Oct 33% 4% 18% 22% 1 Oct Oct 800 4% Oct 520 61% 116% Nov Oct 75 32 100 * Zinc Apr 16% 4 Oct 3 Oct Oct 6 1% 63% """16 Oct July 82 Nov Jan Jan Jan 90 95 10 *82" 33 Mar Sept 3% 12% "360 '54% "55" ""no 54% 1% 1% 500 % 1 1% 300 % Oct Oct 6% 300 6 Oct 15 Feb 100 7 Oct 18% 17% Feb Feb 3% 2% Oct 1 5% 12 5% 14 9% *38" 38 14 10% 38 300 24 12 Oct 8 12 Sept 15% Nov 70 500 5 Oct 100 40 Sept 3% 4 52 Aug Jan Apr Jan Feb 10% 4,400 5% Oct 4% Oct 25% 9% 7 9% Oct 11 5% 100 4% Oct 8% 33 8% July Aug 32 20 9% 33 100 300 200 32 Oct 10% 28% 16% 47% 36 5% 20 Jan 14% 20 Oct 7% Oct Mar Apr Apr Jan Jan 45 June *14% "l5% ""566 Oct 35 Apr 12% 13% 1,700 9 Oct 16 12% 16 200 10 Oct 15% 33% 11% 22% Jan Jan Feb Mar 5% 16% 24 16% 24 25 100 *200 16 2% 18% Oct Sept Oct Oct 9 41% 112 101 12 12 19% 57% 6% 22% 65 7% 100 11,600 8,800 500 Oct 11 Oct 16% 15% Oct 42 55 Oct 87 July Jan Jan Sept Feb Feb X Oct 12% July Jan 4% 23 Mar 2 Feb Sept 6 2% 3% 16% 38 3% 15% 2% 38 1,300 150 4% 700 17 5% 1,300 15% 400 27% Feb Feb 26 Apr 4% 38 Oct 24 Oct 13 Feb 1% Oct 5% Oct 53% 11% May 33% May 35 2% Oct 600 8 Oct Jan Mar 5 12% 13% May 200 3% 12% Nov 34 50 12% Imperial Chem Indust— Am dep rets ord reg..£l Sept 62% Feb 8% June 9% 24% Mar Mar Oct July Aug Indiana Pipe Line. Feb Mar Feb Jan Indiana Service .10 6% pf.100 7% preferred 100 38% "l2"" 9% 18% 6,900 14% Oct 18% 300 14% Oct 24 Feb 13% 17% 9% 17% 17% * Imperial Tobacco of Can. 5 Imperial Tobacco of Great Britain and Ireland..£1 13% 300 12% Oct 15 Mar 38% 300 35% 5% Oct Oct 44% 15 Mar "I2" ""50 Oct Oct 36 Jan 39% Jan Oct 105 38% "l2" 13 13 50 10% 10% Indpls P A L 6%% preflOO Indian Ter Ilium OH— 87% 87% 25 84 * * 1% 1% 1% 1% 100 1% Oct 100 1% Oct Non-voting class A Jan Feb 100 *82* Jan 117% 47 900 7,100 Jan 128 7% 43 Jan Oct 4% 40 Aug 27 6% Shares cl A.* Imperial OH (Can) coup. Registered 7% Oct 8 121 107 % June 2% 100 32 39% 72 41% 5 Ctfs of deposit Class B For footnotes see 600 Oct Sept 8,500 • 100 74 Oct 9% 15 51 .....1 Feb 16 45% 12% Oct 9% {Hylers of Delaware Inc— Common a* Oct Hussman-Llgonier Co. Illinois Oct Oct 17 Mar Oct Aug Oct July >1$ 58% 10% Oct X Nov 6 4% 7% * Humble OH A Ref Jan 5 54% Jan 11% 36% 5 121 "32 Hummel-Ross Fibre Corp 5 Feb Mar 400 6,500 Oct 24 75% -.100 Mar Jan Sept 300 61% 19% 2% 4,500 Sept 65 Feb 107 2,100 61X Inc...5 Hud Bay Mln A Smelt * 19% % % 125 7% pref unstamped.. 100 72% Oct 7 "ex (Harvey) 31% 10% 11% 1 Jan Feb Feb Oct 32 6% 1 * preferred Hubbell Oct % 31« % Jan Oct X 300 6% (Geo A) Co com.* Oct 7 9,100 8% 1% 10% 7% • (A C) Co com Nov 22 400 1% 22 175 22% * A...10 7% pref stamped 10% 24% 10 Horn A Hard art 22 X % 1 * 5 Horn Oct 300 10 Hormel Oct 54 % 2 ...25 5 Holophane Co com Holt (Henry) A Co cl A Oct 20 9% 10% ww Holllnger Consol G M—6 Cct 9% * Preferred Hoe (R) A Co class 53 10 Heller Co com Jan Oct 73% 55 * Jan Oct 1,100 Rubenstein Class A 4% Oct Oct 22 Jan 28% 26X 22 Feb Oct 46 100 ...3 Falstaff Brewing 5 Oct 5 Oct 12% 10% Hamilton Bridge Co Heyden Chemical Hires (C E) Co cl A 50 316 Option warrants Wailower Lead Non-vot com stock Hewitt Rubber com 40 1 50 European Electric Corp— Evans Station. 10 Jan 60 12 Atl A Pac Tea— Mar 44 Esquire-Coronet Eureka Pipe Line com 7% preferred 27 33% 100 10c "260 27 100 100 100 Emsco Derrick A Equip..5 "ix "ix 100 Feb 8% 3% 22% 61% 1% 1% 24 Oct Oct 19% 19% Oct IX Mar 24 extend. * 23 10 25 65 7% 15 Empire Power part stock.* 600 100% 85 Rapids Varnish—* Sept 7% 98% 22% 17% 5% 40% Oct * Oct 2X Jan 45 400 Get 22 96% 46% 29 29 Grand National Films Inc 1 6% 2% 65 Jan Jan 3i« Nov 1,300 Vtc agreement Feb 100 Oct 75 Gorham Mfg Co— Grand Oct Aug Mar 75 3% Jan 1,000 25% 1% 3% Jan 4% 23 Oct 3% 13% 30 Oct 10% % * 82% 5 4% 19 Oct Feb Feb 100 400 1,000 33 preferred Nov 6% 1,000 J16 Gorham Inc class A Oct 9% 70 1 15% Oct 2X IX 316 Jan 16 20 14% % Oct 50 Oct 13% 16 X 3 400 Oct 1% 16 Helena 2,800 65% 15% Jan 59 Oct 40 1,000 Mines.. 1 Goldfleld Consol Oct 56 Empire Dlst El 6% pf.100 Empire Gas A Fuel Co— 6% preferred 6)4 % preferred 7% preferred 6% A.* Class B_ ........—* 37 preferred * Godchaux Sugars class T266 57% 70 5 Feb 48 Jan 32 26% 6% 82% X 5X 75 * Oct Oct Mar Mar Mar 12% 120 8% * * 11% IX Electrographlc Corp com.l Elgin Nat Watch Co ... Preferred Jan 1,300 Elec Shovel Coal $4 pref..* Electrol Inc vtc 35 preferred Gilbert (A C) com Jan 55 * ww Jan May 98 300 92 7 Haloid Co Sept 21% July 32% Feb Aug Mar Apr 19 14 2% Jan 14% Oct 92 68% 54% Jan 53% 28 Jan Feb Oct Oct 100 .—* Georgia Power 36 pref—* 10% 54 4% Jan 14 85 71 10 450 45 80 Oct 2 600 6 Common 6% 79 Oct Oct 61,900 4 Option warrants Electric Shareholding— 42% 111 12% Feb July Jan 7 14% 1% 28 Feb 1 * 7% 1st preferred .100 Gt Northern Paper 25 Greenfield Tap A Die * Grocery Sts Prod com..25c Guardian Investors 1 Gulf Oil Corp.. 25 Gulf States Utll 35.60 pref * *6 preferred * Gypsum Lime A Alabas..* Hall Lamp Co * Apr Oct 11% * A 400 33 preferred. Great 50 3X 1% 13% 8% 16 Rubber— 6% preferred A Gray Telep Pay 96 Oct 4 9% 14% 6% 100 Gen Water G A E com...I Jan Oct Oct 52 10 1 Class A Elec P A L 2d pref 17% 100 33 conv pref Tire A General Jan Oct 19X 13X ..1 14% 45 Oct 300 11% June Oct 5% *32 Oct 1,000 Oct 4 75 75 Oct 6X 6 5% -- pflOO Gen Pub Serv 36 pref * Gen Rayon Co A stock.. General Telephone com.20 52 "*225 Oct 65 Warrants 26 X 27 24 * Easy Washing Mach B * Economy Grocery Stores.* 16 preferred series B 18% Oct 600 36 preferred Gen Outdoor Adv 6% 600 $7 preferred series A...* Feb Oct 17 8% ' 650 "ix "i% Eastern States Corp 5X 14 25 20 14% Gen Fireprooflng com * General Investment com.l 200 4,800 Iron.25 2 Feb 64 East Gas A Fuel Assoc— Elec Bond A Share com..5 Feb Oct July * ord reg.£l * Oct 2X 15 Amer dep rets 3X UK Mar Gen Electric Co Ltd— 23 9X 800 65 Oct * 3% May 11 General Alloys Co 56 X 35 6X 6 'ion 1,600 Oct 400 8% com.* Hartford Elec Light....25 Hartman Tobacco Co * Harvard Brewing Co 1 Hat Corp of Am cl B com. 1 Hazeltlne Corp * Hearn Dept Store com..6 6% preferred 60 Hecla Mining Co 25c 5X Mar 3,200 2 Glen Aid en Coal 19% May 2 X 5 Mar 92 69 Gilchrist Company 20 Oct Durham 5)4 18% Oct * 100 6% preferred July Aug Oct IX 105% 7% preferred Oct 250 IX 12% *92" May Oct 8X 15 15 3H 15X 83 83 5)4% preferred..... 100 Douglas (W L) Shoe Co— 7% preferred .100 Draper Corp * 4)4 % prior preferred-100 100 6% preferred 8% 89 10 3X 15 15 Domln Tar & Chem com.* Hosiery cl B com * Duro-Test Corp com 1 Duval Texas Sulphur * Eagle Plcher Lead 10 Oct 26 100 Dominion Steel A Coal B 25 ...10 6X 28% 10X Dlvco-Twln Truck com__l 1 Aug 6X 4,000 24 X IX "3" 33 Oct £1 Elec Power Assoc com Feb Oct 10 5 52 X 11 6 $6 preferred Feb Oct Diamond Shoe Corp corn.* $5 preferred Jan 15 50% 108% 16% % 18% 15% 28% 5 10 Elsler Electric Corp Jan June 16 10 Edison Bros Stores 2% 13 ""800 200 9 15 15 1 Detroit Steel Products...* Eastern Malleable Feb 16 50 60 60 60 10 Common Sept Oct 300 21 8X 9 20 1 Duke Power Co Oct 8,300 "12" 21 Detroit Gasket & Mfg coml Driver Harris Co Nov 30 8X Feb Feb Feb Jan Apr Apr K 8X ~ir * Dobeckmun Co com Oct Feb 12 10 1 Dennlson Mfg 7% pref. 100 Derby Oil A Ref Corp com* Distillers Co Ltd Oct 10 Dejay Stores Distilled Liquors Corp Mar Oct 'is 8 Davenport Hosiery Mills.* Dayton Rubber Mfg com.* Class A 35 Preferred Sept Jan IX IX 30 X K Petroleum com...5 De Vilblss Co com 20 Oct 102 Curtis Mfg Co Cusi Mexican Mining..60c Detroit Paper Prod Oct 8% 100 5 6% pref ww 3 20X 500 10 t c Detroit Gray Iron Fdy Oct 1% 38% 2,400 Crystal Oil Ref com 3% 25 6 18% 15% 1 pf..* July X 8% 15 28 """266 25 5% 17% 5% 1 , preferred Oct 2 19X Conv Oct 11 "~5~X "~5X 10 10 Drug Co com..25c Preferred 25 Crown Preferred 5)4 Common IX X 5X 4X 9 Oct 4,700 Froedtert Grain & Malt— 4* "~5% (Md) .5 Crown Cork Internat A. Darby Jan 100 Crowley, MUner & Co.. 6%% preferred.. Fox (Peter) Brewing Franklin Rayon Corp com Mar July 12 1 Jan 115 8% 29% 31% 18% 100 frcs 5 1 Amer dep rets... 7% 13X * 109% June 5 5% 17% * Class B 94% 200 Croft Brewing Co 40 Ford Motor of France— Oct 200 Crocker Wheeler Elec 113% 7% 8% 60% 60% 31% 35 82% Oct 41 20 2% ord reg._£l Am dep rets Oct 12 X X 26X Creole Petroleum com v Jan *31% Ford Motor of Can cl A..* Oct 18 12X X 23X 6% preferred May 5X 56% Ltd— IX 16 Cuneo Press Inc 34 7% 100 * 36 preferred 2 £1 Cuban Tobacco 18% Jan Oct 50 5% conv preferred Cramp (Wm) A Sons com.l High Low Shares 113 1 72 6 Courtaulds Ltd Jan Mar Oct 4X 20 High 56% 100 7% 1st pref Flak Rubber Corp Ford Motor Co Jan 200 16 Florida P & L 37 pref Apr Oct Nov Range Since Jan. 1, 1937 for Week of Prices Low Price 8tores— First National Feb 52% 3 X 17X Fire Association (Phlla) Feb 35 4,500 Sale Par Jan Mar 8 Week's Range Last Feb 10X * 1 1-1943 Sales Friday Mar 135 Continental Secur Corp..6 Cont Roll A Steel Fdy Teletype: N. Y. Mar Oct 90 1% 11% 89X U4X 4X INC. Street, New York City 2-5383 HA Jan 11 Oct 3X 60 110 1 Consol Retail Stores Oct Oct 2X 600 3% 5% 100 5% pref class A__ Consol Gas Utilities Wall 60 38 * VOTED WILLIAM P. LEHRER CO., Conn Gas A Coke Secur— S3 preferred Consol Biscuit Co Preferred and BO UGHT—SOLD—Q Mar Oct X Common Jan Jan 64 Crown Cent Petrol 2981 New York Curb Exchange—Continued—Page 2 145 13 4% 4% Jan Jan Jan Jan New York Curb Exchange—Continued—Page 3 2982 Sales Friday STOCKS Last Wcct's Range for (Continued) Sale of Prices Low High Price Range Since Jan. 1, 1937 Low 1 % 11% 100 preferred % 11% 100 % 50 5% 1,300 46 800 18 Insurance Co. of No Am. 10 50 % 50% 54% International Cigar Mach * 19 19 20 Internal Holding & In v..1* Internal Hydro-Eleo— Pref S3.60 series 60 IK 18 16% purch warr... 20 K K 4 4% Par 30 K International Products—* 3% 31% 3% Internat Radio Corp 7% — 1 International Utility— Class A Oct Oct Feb Feb July Mtge Bk of Col 9% Oct 44 Jan Oct 2% 18% Mountain States Power * Mountain Sts Tel A Tel 100 15,800 6,100 6,100 300 Sept 2% 23% Oct Oct 31% 2% Nov Oct 900 4 Oct Oct 700 7% % Oct 9 Sept 8% Apr 15% May 1% Feb 8 Oct 30 Oct 38 29 29 Interstate Power $7 pref.* 1 C..10 1 Italian Superpower A * *15% Irving Air Chute.. 200 5% 600 29 400 6 1 * Jeannette Glass Co 3 Oct Oct 42% 24% Mar Jan 6% preferred.... 7% preferred 100 Julian A Kokenge com Sept "is Jan Nat Service Oct 300 % Oct 27% 18% 2% Feb Oct Feb Conv part preferred National Steel Car Ltd National Sugar Refining. Sept % Feb Kennedy's Inc 6 1% Oct 14 Jan 25 63% Oct 89 Jan 72 83% 3% 60 72 10 83 Kimberly-Clark Co pref 100 Kingsbury Breweries 1 Kings Co Ltg 7 % pref B100 6% preferred D 100 Kingston Products Jan Jan Nehl Corp common 1st preferred Oct 52 Mar ~~7% ~~7% l",4()6 6% 10% Oct 12 Aug Nev-Calif Elec Oct Mar Oct 48 48 10 48 Nov 29 29 20 29 Nov 1% 3,300 4,900 1% 2% 100 Klein (D Emll) Co com..* Oct Oct Feb 15% Kleinert (I B) Rubber.. 10 Oct 6 Oct 6% Oct 30 8 8% 200 103% 103% 50 114% 7K "7% "8% '"'966 1 *53~~ *60% "63% Lakey Foundry A Mach..l 3% 6,200 2,500 Oct Jan 28% Feb 107% Sept 3% Jan 88% Mar 66% Feb 8% Feb 8% Jan 1% Apr 21 3% 21 % Jan Oct Oct 78% 59% 9% Feb Mar Feb 110 Feb Oct 10 Oct * * 13 Develop 26 Le Tourneau (R G) Inc__l 4% Line Material Co *18% t 18 % 200 % Oct 13 13 4% Oil 100 20 Jan 3,300 10% 2% Oct xb Oct % 2,400 % Sept 13% 2% Apr Feb 21% 2,300 20 * Lipton (Thos J) cl A 6% preferred.... 18% 1 12 13 25 21% 21% * 2% • Lockheed Aircraft.......1 Lone Star Gas Corp * Long Island Ltg— Common * 100 * 3 8 H 10% 7% 7K 7% 2% Oct 39 Oct 30% Oct 34 '11% 3 Nov 13 21% Nov 21% 1% Oct 7 Mar Oct 25 Sept Jan Feb Jan NIles-Bement Pond 2% Jan Nineteen Hundred Corp B1 NIpissing Mines 5 Noma Electric 1 Mar 64% 65% 75 48 Oct 80 Jan Oct Jan Oct Oct 6% 15% 2% 55% 5% 10% Oct 82 Jan Oct 15% Apr 25% May 300 1% 7 Oct % 26 20 100 Communication ord reg£l * Master Electric Co McCord Rad & Mfg B * McWllliams 6% * 6% Mead Johnson & Co 16 "3% 12 6 com 3% 11% * Memphis Nat Gas 6% 101 2,000 3% 700 12% 1,200 250 101% 23 125 4 800 23 3% Mercantile Stores com...* Merchants & Mfg cl A...1 7% 16% 100 45 % 100 % ♦ Class B v t c 29 Oct ?a 90 18 Mar Mar Jan Mar Aug Feb Feb July 7 Jan Mar Mar 7 29 30 1% 1% 1% 4% 8% 4% 5 8% 8% 2% •3,500 1,600 200 2% 3% 800 X 5% Sept 8% 1% 8% 8% 2% 900 7% Oct 2,700 1% Oct 900 1% % Oct 14% 15 500 10% Oct m" June 42 44 200 78% 5% 78% 5% 100 l % 1 10 30 78% Oct Oct 59% Mar 80% 19% Apr Feb 19% 2*/, 23% 89% 6% Jan Oct Oct Oct Oct 61 4% 19 61 98 61% 108 Nov Oct Sept 150 58 Oct 80 98 Nov 12% 13% 800 64 68 500 Jan Nov 3 6% 5% Jan 9% Jan 12% May 3% Sept 3% Feb 28% Apr 2% Jan 112% Feb 35 88 140% 12% Mar 1% 63 60 1% 67 1,700 1,000 10% Z57X 1% Oct 30% Feb Oct 94% Mar Oct 5 Jan 51% Oct 135% Mar Oct 6% 700 Oct 3% Oct 22 30 200 10 29 "98" 10 100 8% Oct 96% 98 60 96% Nov 29 90 Oct Oct 37 6% 16 34 Apr Jan Mar Feb 15% 115% 105% Mar Mar Mar Feb Jan 2% 18% 21 130 Oct 4 Oct 12% 5% Oct 65 Jan Oct 16% Feb 15% 8% 8% 9% 10,900 76 77 775 70 70 25 5 Class A pref 4 94 Feb 79% Aug Feb '1,366 6% 2,000 "35" '""300 "i"x "2" 2,800 5% 1,000 2% 2,800 6% 100 Feb July 98 6% Oct 93 65 69% 3i« % 4% 91 % 100 "33" * 4% Oct Oct 115 % 2% 16 Feb Feb Feb Feb Sept 98 Apr Oct 30 15 5% Oct Feb 62 Aug Aug 15 Aug 1% 2% Sept 3% 11% Feb Jan 1% Oct Oct Nor Amer Lt A Pow— Common 1 $6 preferred * North Amer Rayon cl A * Class B com __.* 6% prior preferred.. .50 No Am Utility Securities.* Nor Cent Texas Oil 5 Nor European Oil com 1 1% 39 39 100 37 Oct 77 27% 200 23 Oct 51% 25% 25% 27% 27% 400 25 Oct 47% % Oct 4% 4% 300 3% Oct 3,c 316 69% 4% 316 69% 1,100 X Sept 68 Oct 78% 5% Oct Nor Ind Pub Ser 6% pf. 100 7% preferred 100 Northern Pipe Line Nor Sts Pow com cl * "13" ~ * 23% 31% Ohio Brass Co cl B com..* Ohio Edison $6 pref * Ohio OH 6% pref 100 Ohio Power 6% pref... 100 Ohio P S 7% 1st pref...100 6% 18t preferred 1,200 Oct Oct Jan 50% Apr 51% June 4% Jan 6% Jan % Jan 96% Jan 103% Feb 12% May 41 Feb 11% % 14% % 100 % Oct 13 14 400 12% Oct 37 23% 31% 24 200 20 Oct 35% 32% 300 28% Oct 67 Mar Oct 110 Jan 104 Nov 104" 165"" 107 108 "360 190 6% 111% Jan Feb Jan Jan 112 Jan 98 Oct 111% Feb 90 107 100 Sept 104% 14% Feb 14% 32% July Jan 102% June 10% 8% 200 9% Oct 8% 5 com 7 Oct Jan Aug 92 12% §Nor Texas Elec 6% pf_100 Northwest Engineering Novadel-Agene Corp Ollstocks Ltd 30 10 A..100 7% 1% "27% 200 6% Oct 20% 21% 400 19% Oct "2% "~2% "1.700 10% Feb 1% Oct 6 Jan 8 Oct 10 Apr Oct Jan * 2% Oct 10% Feb Feb Pacific Can Co * 7 Jan Pacific G A E 6% 1st pf.25 5%% 1st preferred 25 Pacific Ltg $6 pref * Pacific P A L 7% pref.. 100 Oct 37 Sept 26% * 106 Oct 4% Jan % Oct 3% Jan 2% Oct 5 Oct Mar % 500 Oct !% 1% Oct 8 15% 60 15% 60 60 100 75 1% 100 Oct 7 Feb Oct 2 Feb Oct 10 Jan 24 Mar Parkersburg Rig A Reel._l 53 Oct 90 Mar Oct 4% 14% Mar 13 Aug Feb Peninsular Telp com Preferred Jan Oct Oct 43 Jan 60 Oct 98 Jan 4 Oct 4 Oct 9 10 300 1% 1 1% 2 100 300 5% 2% 12 Oct Oct 16% 11% Oct 25 1 Oct 3 1 10 Oct 5% 132 * 132 30% 136% 310 30% 50 131 27% 2% 4% Feb Apr May Sept Feb Class B $2.80 preferred $5 preferred Penn Mex Fuel Co Pennroad Corp vtc Pa Gas A Elec class A 4% 29% 1,500 104" ""50 "4% "4% ""260 103% 32% 32% 100 Oct 10% Aug Oct 32% Feb Oct 29% Feb May 58% Sept 107% 103 2% 26 101% Oct Oct Oct Apr 89 8% 24% 54% 106% Oct $6 preferred Penn Salt Mfg Co Penn Traffic Co Oct 157 Feb Pa Water A Power Co Sept 37 Jan Pepperell Mfg Co Aug 18% "i'.soo 4% 5% 14,900 2% Oct Oct 50 3% 15% Oct 30 1,400 14% Oct 30% July 25 Oct 53 20 Oct 43 Oct 12% 30% 19% 16% 19% 16% 19 *15 Oct 4% 500 3% 19 Oct 109% May 28 Oct * 65 June ..1 3% 3% 5,300 ~88~ " "87% "89" '"260 2% 2% * 81 » 82 170 148 150 100 Oct 2% 9% Oct Sept 26% Sept 9% Jan 6% 110 42% 72 8% 5% 17% 86 Oct 113 79% Oct 112 Oct 179 115 2 149% 2.50 Sept 4% 67 * 100 Jan Mar "l7% * » Jan Jan 4% 100 50 17 Jan Jan "17% * 1 Feb 26% 14% 32% * Pa Pr A Lt $7 pref Perfect Circle Co 2985. 106 Penn Edison Co— Oct 29 5,400 28% Patchogue-PlymouthMills * Pender (D) Gorcery A * Sept Oct 25% 29% Paramount Motors Corp.l Parker Pen Co 10 Oct 200 6% 13% 85 "2% * 10% """26 5% com 21 100 * 4 13% pref Pacific Tin spec stock 71 1 conv Page-Hersey Tubes Ltd..* Pan-Amer Airways new..5 Pantepec Oil of Venez 1 Jan 71 * 6% 15 50 Jan 5 Monarch Machine Tool com. $3 preferred * 2% % 9 1% Oklahoma Nat Gas Pacific Public Service $1.30 1st preferred Feb 4 200 * 3 . page 28 400 6 1 % 2.60 see Oct 19 6 18% Mar Mar Oldetyme Distillers Jan Voehringer footnotes % 7% 57% Oliver United Filters B Overseas Securities 2% Molybdenum Corp For 18 Oct Feb % Minnesota P A L 7% pf 100 Montreal Lt Ht A Pow Oct Feb 1% » Sept 2% 80% Oct 6% A % 400 Jan Oct 200 Montgomery Ward Apr Oct 1,000 com. Feb 19 % 27 1% Monogram Pictures Monroe Loan Soc A 91% 12% Jan 7% Montana Dakota Util Oct Oct Jan 1% Jud, Jan 125 Oct Oct 3% MOO 11% 7% Common 55 Jan Feb 31% 1% Mock, Aug Feb Oct 53% Feb Oct 7% _ Jan Jan 33% 22% 3% 16% 25% 14% 44% 47 Nov Oct 1% 50c com Oct Oct Midwest Oil Co 10 Midwest Piping A Sup .* Mining Corp of Can * Minnesota Mining A Mfg Missouri Pub Serv Oct Jan Oct 2% 82 * * 14 1 Midland Oil conv pref...* Midland Steel Products— $2 non-cum div shs * Mldvale Co Mid-West Abrasive Oct 1,800 io v t c 4% .10 Aug Oct % 45 % 1,400 Metropolitan Edison pref * Class A Oct 24 3% 6%% A preferred 100 Mesabl Iron Co 1 Metal Textile Corp com..* Partlo preferred * Preferred Middle States Petrol— Oct 3% Participating preferred.* Merrltt Chapman & Scott * Warrants Mexico-Ohio Oil * Michigan Bumper Corp__l Michigan Gas & Oil 1 Michigan Steel Tube..2.60 Michigan Sugar Co Jan 5 2 1 Dredging Oct Sept 17 500 1 common 19 8% * Sept Oct % 1,000 22 25 ""% """% 16% 10% Massey Harris Class A opt warr Class B opt warr Niagara Share— Class B common... 18% 400 July July % 3 316 100 14% 93 6% 10 Oct * * Common Oct 200 18 13% 19% 13% Niagara Hudson Power— Oct Oct Oct 45 Oct 2% 200 Feb 4 N Y Shipbuilding Corp— Founders shares 1 New York Transit Co 5 N Y Water Serv 6% pf. 100 5 2% 42% Marlon Steam Shovel Mass Util Assoc vtc Nov Oct 20 N Y Pr A Lt 7% pref..100 $6 preferred * 4 5,600 64 12 900 9% 14% May 3% Jan 10% May Oct Oct 1% 5% l3,e 38 *41% 1% 1% 27 5% 6,800 8% 22 63 City Omnibus— Warrants 2,300 * Margay Oil Corp Oct 6% July 6% 400 100 12 100 3% 800 3% 13 Oct 23 June 8% 900 10 13% common 5% 2d pref cl B 300 .1 * "26" 1 11% 8% 8% % 9% 2% 100 1 7% 400 11 100 600 300 11% X June 20 New Mex A Ariz Land 5% 1st pref 6% 2d pref cl A 63 3 New England Tel A Tel 100 New Haven Clock (Jo.. * New Jersey Zinc ..25 5% 2d preferred 30 K preferred Manlschewitz (B) Co Mapes Consol Mfg Co Marconi Intl Marine— 13% .100 Feb Aug 1,800 8% 6% preferred July 70 2% Louisiana Land & Explor. 1 conv Jan 69 Lucky Tiger Comb G M.10 Lynch Corp common .5 Majestic Radio & Tel 1 Mangel Stores 13% 12% 10 ..100 6% pref class B Loudon Packing 4% 20 lb Loblaw Groceterias A....* Locke Steel Chain ...5 $5 900 _..* Lion OH Refining 4,100 » N Y & Honduras Rosarlo 10 N. Y. Merchandise ..10 Oct Aug Lehigh Coal & Nav 1% N Y Auction Co com... 10 1 1% N Y 95 1 Oct 6 Jan Langendorf Un Bakeries A* ..1 4 3 Feb 155% Feb 28% Jan 13% Nov Nov 100 100 New Engl Pow Assoc Feb Jan 6 Oct 7% preferred New Bradford Oil New Process Lane Bryant 7% pref.. 100 Lefcourt Realty com Preferred Oct z8 ..100 com Newmont Mining Corp. 10 45% J* Nov 5,800 7 * Jan 60 3% 1(2 % 9% 6% 8 43 ....* Feb 13% 17% 111% 12% 100 Mar Jan 10% Sept 1 "500 Oct 6% Nelson (Herman) Corp ..6 Neptune Meter class A * Nestle-Le Mur Co cl A * 3% 4 1% "12% "13% 8% Nebraska Pow 7% pref. 100 9% 126% Oct 3 % Lake Shores Mines Ltd 100 1 1 Koppers Co 6% pref... 100 Kress (8 H) & Co pref... 10 Kreuger Brewing Co 1 Lackawanna RR (N J) -100 Jan Oct Oct 105% Klrkl'd Lake G M Co Ltd.l 13 • Oct 3% 3% 1% Nov 7% Nov 129 1 Oct 3% Knott Corp common 96% Nat Union Radio Corp Navarro Oil Co Nebel (Oscar) Co com 108 850 1 10 9% _ 30 14% 100 1 29 38 1% 1 129 * 30 29 1 * 1,600 1,900 13 ..1 Kirby Petroleum Nov common 23% 7% Oct 129 National Transit 12.50 Nat'l Tunnel A Mines » Oct Jan 72 Ken-Rad Tube & Lamp A * 4% National Tea 5% % pref. 10 900 18$ Feb 9 'm 4% * Kansas G A E 7% pref. 100 Keith (GeoE) Co 7% pflOO 700 "5% "~6% % 600 33 5 25 108% 108% 34 5% * National Refining Co Nat Rubber Mach 5% 3X 2% National P A L $6 pref 11% 65% "T May 9% 750 83% 72 100 Jonas & Naumburg 2.50 Jones & Laughlin Steel. 100 13 National Container (Del).l National Fuel Gas .* 300 65 X 100 Oct 11% 1,600 Jersey Central Pow & Lt— 6%% preferred Jan 4% National City Lines com.l $3 conv pref 50 8% 8% 3 7 1% 5 3,000 "lK X 17% % 8% 7% 3% Warrants Jacobs (FL)Co Oct Oct 25 1,000 6% 5% National Baking Co coip.l Nat Bellas Hess com 1 National Candy Co com Nat Mfg A Stores com...* National Oil Products....4 Feb 2% 5% 10 1 716 Xl5% 8% "r% 2% 210 5% Investors Royalty Iron Fireman Mfg v t 3% 3% 4% Feb Feb 8ept Aug Mar July Apr Apr 1 com 8 Oct Aug 2% Nachman-Springfilled Nat Auto Fibre Jan 45% 184 5% * Muskegon Piston Rlng.2% Mar Mar * Oct Murray Ohio Mfg Co 39% $1.76 Preferred 1 Jan Mar 44 2% Am shs... 38 $3.60 prior pref * International Vitamin...1 5% Moore (Tom) Distillery.. 1 Mountain City Cop com oc Mountain Producers 10 Class B Interstate Home Equip.. 1 Interstate Hosiery Mills..* Oct Aug Feb 31K 31H 3% 8% K 27 Feb % High Oct 180 75% 200 Low * 28% 4% 21% 3% 15% preferred Range Since Jan. 1, 1937 Shares 100 Oct * 1 % Moore Corp Ltd com Class A 7% pref Oct % 7 2% 22% Oct Internat Safety Razor B_* 7% Price 25 1% 5% 30% Registered com Week 700 10 International Petroleum.. Lit Brothers for of Prices Low High 2,000 1% Internat Metal Indus A. Internat'l Paper A Pow war Leonard Weet's Range Sale Moody Investors pref V t c common A stock Last High Industrial Finance— 7% STOCKS (Continued) Shares 5, 1937 Sales Friday Week Par Nov. 80 70 300 62 Oct 95 80 81 125 65 Oct 151 25 Oct 37 Feb Jan Feb Feb Feb Mar Apr 2983 New York Curb Exchange—Continued—Page 4 145 Volume Sales Friday (Continued) Last Week's Range for Sale of Prices Low High Week Par • 1 734 7 * Pioneer Gold Mines Ltd—1 Southern Union Gas Pltney-Bowes Postage Pittsburgh Forglngs 1 Pittsburgh & Lake Erie. 50 Pittsburgh Metallurgical 10 Pittsburgh Plate Glass..25 Stahl-Meyer Inc Pratt A Lambert Co Producers Corp Providence Gas * 66 Oct 42 Jan 1 Mar Oct Indiana—] com. Standard 60 2 16 9 9 100 14 6334 Jan 1,700 1434 2134 1354 Aug ""400 10 45 Mar 25% 50 100 1,300 2 634% preferred 5 Class B 3 50 30 8 "634 ~~6% 4% 200 2% 234 * "Boo 4% 634 3 1,800 "466 17 9 450 10 14% 9 200 3% 6,500 2 100 32 10 44 ----- Swiss Am Elec pref....100 I 10834 108 A Mfg com...50c 634 Taggart Corp com 1 Tampa Electric Co com..* Tastyeast Inc class A...1 Taylor Distilling Co 1 Red Bank Oil Co Reed Roller Bit Co Reeves (Daniel) com... Reiter-Foster Oil Teck-Hughes Mines . Reybarn Co Inc 5 534 Rice Stlx Dry Goods.... 200! 800 1,000 2 2034 534 5 534 2,500 1 1834 1834 1 100 31 34 134 6,200 5,2001 "9734 "9934 """76 434 300 434 Co- Texon Oil & Land Co 2 Thew Shovel Co new com 5 Tilo Roofing Inc 1 Rochester G & E 0 % pf D100 Tlshman Realty & Const.* Tobacco and Allied Stocks* Rochester Tel 034 % Rolls Royce Ltd— Tobacco Prod Exports * Tobacco Securities Trust Richmond Radiator Rio Grande Valley Gas Voting trust ctfs pf.100 Amer dep rets ord reg. Am dep rets ord reg Rome Cable Corp com.. Roosevelt Field Inc $1.20 conv pref : 7% preferred A 834 8 8 £1 44 9734 9734 34 34 34 3 234 334 6 6 734 2,400 1,000 734 934 _.* Tung-Sol Lamp Works... 1 50 5 Class A Sanford Mills com Union ..* 5 Schlff Co common * Manufacturing..25 100 234 234 100 1334 1334 200 934 1034 1,000 2 * r 1034 Aircraft Transport Warrants 7 334 ........ * com Un Cigar-Whelen Sts-.lOo United Elastic Corp * 334 -- United Gas Corp com 1st $7 34 34 4% 1 5 "434 "6 94 com 134 »| United Milk Products £1 1 *1 1 $3 preferred ; United Molasses Co— Am 2434 Sllex Co com U S Foil Co class B Class B-_-1 G AE 7% pf 100 Skinner Organ com Smith (H) Paper Mill Solar Mfg Co 78 with warr US Lines pref U S Playing Card U S Radiator com 134 13% 124 3% Oct Sept Oct 1134 Oct 1134 7534 10,600 234 1434 25 434 Oct 94 17 Nov 45 May 75 134 100 * $7 conv 1st pref * * Oct Oct Oct H Oct 734 300 7334 700 63 Oct 40 73 ----- 134 7234 ----- 4034 734 100 3734 Apr 300 6 854 3,100 4 134 734 734 1 1 -- -- 234 - 5634 *59 2 234 1934 21 434 1- U 8 Stores Corp com 34 834 2 1 * * 10 Jan Oct 244 334 U S Rubber Reclaiming..* United Stores v t c Oct 2 til % "5",300 334 134 25 U 8 and Int'l Securities..* 1st pref Singer Mfg Co Ltd— Amer dep rec ord reg.£l 600 2,900 10 United Specialties com_._l 1 100 Oct ---- United Shoe Mach com.25 Simmons Hard're A Paint • 3 22 United Shipyards cl A...1 Shreveport El Dorado Pipe Line stamped 25 Conv pref 26,900 dep rets ord reg Preferred Nov ' Mar 534 5% cum pref ser AAA 100 Sherwln Williams of Can ~ Sim mons-B roadman Pub— 30.100 ..* United N J RR A Canal 100 Preferred Oct 34 34 55 * United Profit Sharing....* Shawinlgan Wat A Pow__* Sherwin-Williams com..25 13% 5234 "l",300 134 * $6 1st preferred 3034 Oct July 17 334 A.* Common class B_. Oct 2 82 34 134 warrants United Lt A Pow 100 *11 90 pref non-voting.* 134 United G A E 7% pref. 100 26 Jan 4 47 334 "11 Corp warrants Option 85 1,500 7 * * Selfridge Prov Stores— Simplicity Pattern com Singer Mfg Co 600 8 10 $3 cum A part pref Allotment certificates Seversky Aircraft Corp Shattuck Denn Mining 334 8 United ... Seton Leather com 500 3 3 * Selby Shoe Co ..* Selected Industries Ino— 2,500 100 United Chemicals 1 200 12 43 934 38 Union Premier Foods Sts.l Union Stockyards 8cranton Spring Brook Water Service pref Seiberling Rubber com...* 1 734 com..* Investment United Segal Lock & H'ware 734 Union Oil of Calif deb rts._ Scranton Elec $6 pref * Scran ton Lace Co com...* Securities Corp general Seeman Bros Inc 1 80c div preferred * Ulen A Co 734% pref.,.25 5% preferred Unexcelled Mfg Co Union Gas of Canada Savoy Oil Co . 1 100 Samson United Corp com. 1 7% preferred Sioux City 34 1 Trunz Pork Stores St. Anthony Gold Mines. 1 St. Lawrence Corp Ltd—* dep rec Sentry Safety Control 2 2,100 Tublze Chatlllon Corp.. Amer Mar 600 1 Ryerson <fc Haynes com__l Safety Car Heat A Lt .._* Convertible Stock Sept 800 34 34 Tri-Continental warrants.. * $5.50 prior stock 2534 1834 534 """i(j Transwestern Oil Co.... 10 $2.50 conv pref Ryan Consol Petrol Common 734 2 1034 550 39 39 100 Common Rustless Iron A Steel... Scovlll : 112 9734 Trans Lux Pict Screen— 234 pref A... St Regis Paper com i 634 7734 4 -- Tonopah Mining of Nev.l conv 34 14 4 Tonopah Belmont Devel.l $2 500| 300 Rotalite Oil Co Ltd.. Russeks Fifth Ave 4% 2934 34 34 55 Rossia International.... Royal Typewriter...... 700 15 1334 14 Am dep rets def reg___£l Todd Shipyards Corp * Toledo Edison 6% pref. 100 Root Petroleum Co 98 53 Tenn El Pow 7% 1st pf.100 Texas PAL 7% pref...100 Reynolds Investing 634 30 --—- Technicolor Inc common.* Reliance Elec <fe Engln'g 1 1034 534 1334 36% $3.30 class A particlpat * Swan Finch Oil Corp...15 Raytheon 2 2% Common preferred 3 36% 334 13 conv 434 10 "ik ~T% Sunray Drug Co ....* Sunray Oil 1 634% conv pref 60 Superior Ptld Cement B__* Raymond Concrete Pile— 5% 300 30 30 (Hugo) Corp....5 Stroock (S) A Co * Sullivan Machinery .* Class A 1634 34 93 1534 Sttnnes Rainbow Luminous Prod- Mar 107 Sterling Aluminum Prod.l Sterling Brewers Inc 1 Sterling Inc 1 Ry. & Light Secur com Railway A Util Invest A Jan Sept 1,000 20 com Jan 0 2% 5 50 Stetson (J B) Co Jan Feb ..... * 1st preferred 100 200 Jan ,31« *16 3,100 2% 2% 2d preferred.... Pyrene Manufacturing.. 10 Quaker Oats com *16 11% 100 Sterchl Bros Stores $0 preferred 9% Jan 25 6 700 Apr 10534 734 734 6934 7,000 20 com Steel Co of Canada ord..* Stein (A) A Co common * $5 preferred 1834 Sept 8 Wholesale Phosp ..100 Puget Sound P A L— Apr 234 7% preferred 100 Pub UtU Secur $7 pt pf... 27 300 34 U% Starrett (The) Corp vto.l 7% prior lien pref Oct 17% 18% 9 1 100 6% prior lien pref... 100 Aug 1634 134 * 6% preferred Pub Service of Okla— 2334 20 A Acid Works Jan Oct 19 100 10134 1% 2% Standard Steel Spring new5 Standard Tube cl B *1 Jan 14 200 23 24 100 1| Apr 16 1734 17% 17% Standard Products Co Standard Sliver Lead Mar 18 I 18 1 Apr 1 Sept 10 Feb 134 1234 434 Oct 300 6 Preferred 100 6% preferred Quebec Power Co 5% 16 Standard Pow & Lt Common class B S6 preferred * Pub Ser of Col 7% 1st pf 100 — Oct 634 * (Ky) Aug Oct 35 1,100 1,200 Oct .» 5% preferred Common 734 | Standard Oil (Neb) 25 Standard Oil (Ohio) com 25 Prosperity Co class B Pub Serv of Nor 111 234 4034 Oct May *| com Oil Aug Mar 734 534 1134 Oct Standard * 163 2034 2% 7 38 % 734 Standard Dredging Corp— $1.00 conv preferred-.20 Standard Invest $534 pref* 1 July.] 134 600 2% 5 Standard Cap & Seal com. 11 Conv preferred 10 * Premier Gold Mining Pressed Metals of Amer. Jan Feb Mar 83 334 Standard Brewing Co Power Corp of Can com..* Jan 834 Oct July 15434 25 Spencer Shoe Corp 5 $7 prior pref $6 preferred Mar Aug 28 1 West Pa Pipe Line. .50 Spanish & Gen Corp— Am dep rets ord reg._£l Am dep rets ord bearer £1 25c 5 6% preferred 4134 2934 Oct 24 So Pleasant Valley Wine Co.l Plough Inc Prudential Investors ""Boo 65 ..* Southland Royalty Co South Perm Oil Meter . "2434 2434 24 34 3334 2534 20 7% preferred .100 South New Engl Tel... 100 Southern Pipe Line. 10 Pines Winter-front Powdrell & Alexander Sept Oct Oct 3 100 Southern Colo Pow cl A. 25 10 «.„♦! Polaris Mining Co Potrero Sugar com July 434 353* Jan Sept 500 234 1034 634 Oct 1% 4 4 High Low 4,000 1J4 734 3554 5% original preferred.25 6% preferred B 25 6% % Pref series C 25 1 Conv pref series A Pierce Governor com 154 Shares Southern Calif Edison— Phoenix Securities— Common 1% South Coast Corp com—1 Phlla Elec Co {5 pref * Phila El Power 8% pref. 25 - 1 Sosa Mfg com.. 1 Philadelphia Co com. Phillips Packing Co.,- Price Sonotone Corp. Pharifl Tire A Rubber Public Service of Range Since Jan. 1, 1937 STOCKS (Continued) STOCKS 534 334 334 5 % 15 1834 3 100 34 Oct 200 5034 34 Oct 9334 Oct 19 1,200 200 1,000 1,200 Oct 434 3434 234 Oct 16 134 Oct 14 34 100 *16 June 134 130 716 — Oct Oct 734 May 434 J»n 9634 4734 Oct 1834 Oct 134 500 1 34 I New York Curb 2984 STOCKS Last Week's Range Sale (Concluded) Par United Verde Exten—60c 2 % United Wall Paper.—-—2 2% High 2% 2% 3% Low 2% 3,400 2% 5,100 1% Oct Oct 18 "eoo 1% "166 8% 22% 3% 12% Oct Oct Oct Oct 35% *2% "~2 8 9% Universal Pictures com—1 Universal Products 17 Utah-Idaho Sugar 6 Utah Pow A Lt $7 pref—* Utah Radio Products * 2 150 2% 44 1,000 1 43% 100 42 2% 2X "260 2% Oct Priority stock Utility A Ind Corp com...6 Conv preferred 7 |Util Pow A Lt common. 1 50 50 X IX 1% 350 X 50 5%s 716 Ist4%sserie8 D 1st M 4* series F...1981 3%s series H Nov Community Pr 89% % Oct 2 1% X Oct 6% 1,800 1 1 19% 3% 300 2 Oct 35 37 125 26 Oct Van Norman Mach Tool 14% 14% 100 14% Oct 200 3% % 72% Sept 18% 3% Venezuela Mex Oil Co.. 10 Venezuelan 4 1 1% Va Pub Serv 7% pref..100 Vogt Manufacturing * 'sit Petroleum Waco Aircraft Co 4 1% 1% 79 300 3,600 79 8% 11% 30 8% 800 7 * 7% Wahl 100 preferred 95% (The) Co common.* 1 Waltt A Bond class A—* Class B 8% 8% 6X 1.25 100 6 4% Oct Grocery Co 2% 300 2 4% 800 2% 101 Oct 7% 1st preferred Western Tab A Stat 76 * 22 22 50 60 West.Texas Utll $6 pref. 78% West Va Coal A Coke 78% 50 2% 900 2 74% 1% 8% 1 "b'K "I X ♦ * 1 IX * Winnipeg Electric cl B * Wise Pr A Lt 7% pref. 100 X ix xV2X UK Apr Mar Mar 4 Oct 2 Oct 95% 5% 14 June July X 100 300 1 Oct 500 10 Oct 24 200 11 Oct 16% May Jan 10 200 Sept Jan Jan May Jan 7 61 Oct 95 Jan 100 2X 6% »i« Feb ""26 61% 2X 5% 6% 1 2 Oct 8% 18% 12% Feb 1,300 7X 4% 1,000 Wool worth (F W) Ltd— Amer dep rets __5c 6% preferred £1 Wright Hargreaves Ltd..* Youngstown Steel Door..* June IX 14 UK 6K 61X Wolverine Portl Cement. 10 Wolverine Tube com 2 Woodley Petroleum Feb 9 62 9% 12% 1% 9% 6 IWil-low Cafeterias Inc..l Wlllson Products r32 July Aug Oct Oct Oct Mar 6 Williams Oil-O-Mat Ht._* Conv preferred Wilson-Jones Cb "366 117 Oct 8% . Weyenberg Shoe Mfg Williams (R C) A Co Oct 20 Westmoreland Coal Co. West N J & Seashore RR 50 Yukon Gold Co ser 5 Oct Oct Feb 6 7X 17% 2 6% 16% 1% 7% 31,000 19% 1,200 2% 5,700 5 % 16% 1% Oct Jan Apr Oct Nov Oct Erie Lighting 5s 1st A ref 5s.. 1st A ref 5s 1946 98 1951 93% 1st A ref 5s 1956 1st A ref 5s 1968 1st A ref 1967 106% 82% Amer Radiator 4%s._1947 104 First Bohemian Glass 7s '57 Florida Power A Lt 6s. 1954 Gatineau Power 1st 5s 1956 Deb gold 6s. June 15 1941 Deb 6s series B 1941 General Bronze 6s 1940 9,000 71 Oct 106% 32,000 104% 107 101,000 102 Apr Oct 105% 85 79,000 104 105 22,000 96 2,000 22,000 80% 105% 105% 107% 107% 2,000 104 68 103% 96 103% 105% 113 10,000 109 Mar 100% 95% 25,000 82,000 98 Oct 89 42% 32,000 28 94% 41 41 *64 68 33% 3,000 33 35% 52,000 22 35% 35 40 77% 77% 96% 79% 98 5,000 69 75 64% 64% 76 67 6,000 176,000 7,000 21,000 {Baldwin Locom Works— ♦6 without warrants 1938 ♦6 stamped x W..1938 Convertible 6s 1950 Telep of Canada— 64% Bell 5s series C 113% 113% 117% 118 *121% 124 1960 Bethlehem Steel 6s... 1998 Broad River Pow 6s. .1954 Canada Northern Pr 6s *53 ♦Canadian Pac Ry 6s. 1942 Carolina Pr A Lt 5s... 1956 Cedar Rapids M A P 5s *53 Central 111 Public Service— 132 82% 4%s series H 1981 Cent Ohio Lt A Pr5s..l950 132 80% 132 60 60 83% 61% 90 90 90 103 105% 96 103% 105% 106% 95 96 69 95 52% 52% 64% Oct 91% 105% 1st A ref 5s S f deb ser C Electric Jan 6s series A Jan 6%s series Feb 58 series C Jan Jan ♦Indianapolis Gas 5s 91% Mar 124 Jan 114% Mar 125 Jan 128 Oct 145 Jan Oct 99 Jan 91 Mar Aug Oct 114% Jan Sept Jan Jan Jan 101% 102% 91% 92% 99 99 90% 90% 90% 92 93 68 111% Feb 105% 113% 99% 86% Oct 105 Jan 28,000 Oct 95 Oct 104% 104% Jan 87% Cct 2,000 3,000 103% 104% Jan 103 Sept 105% Mar 105% June 10,000 25,000 102% Oct 5,000 103% 93 Aug Sept 77,606 72 Oct 100% 28,000 82 Oct 46,000 99 Sept 101% 104% 102% 101% 101% 104% 99% 105% 104% 105 *91 95 * 84% 86% 89% 91% 101% 102% 100% 100% 99% 100 3,000 Oct 6,000 Sept ------ 1,000 3,000 July Jan Jan 78% 88 90% 48,000 74 Oct 70 11,000 58 Oct 88 Jan Mar 31 Aug 89% 89% Feb ----- 24% 24% 1,000 70% 70 72 40.000 60 Oct 65 58 65 52,000 56 Oct 94% 94% 1,000 94 Oct 105 Jan 107 % *107 110 *71 80 68 Oct 94% 50 50 50 4,000 43 Oct 62 39% 3,000 28 Oct 38% *101 86% ------ ------ 100% 102 *104% 105% 86% 89% 23 23 *87 91 98 1.000 98 *95 m -»- - - 98% 100 ------ 1.000 —- 106% 107% 97% 98% 3,000 59,000 94 92% 94% 6,000 90 87% *79 90% 88,000 82 77 ----- *107% ----- 84 ----- 1,000 ------ 84 106% 107% 7s series F *55 1952 International Salt 5S..1951 Interstate Power 5s 1957 Debenture 6s 1952 Interstate PubUc Service— 5,000 ------ D Mar 107 June Oct 100 Jan {♦Chic Rys 5s ctfs 1927 Cincinnati St Ry 5%s A '52 68 series B Cities Service 6s Conv deb 5s 107 31,000 58 61% For 95 ...1943 52" Oct 77 Jan 53 Oct 83% Feb 2,000 60 Oct 81 Feb Mar 109 May 3,000 ------ 61 107 72% 72 74 39,000 62 Oct 96 Jan 1958 66 65 67% 36.000 58% 93% 93% 99% 14,000 92 June 92 July Apr 1961 ----- 105% ----- *91 93% 105% 105% 99% 99% 59% 60 ------ 1,000 ootnotes see page 2985 Stamped ----- 44% 38 1947 4% s series C 1961 Kansas Elec Pow 3%s. 1966 Kansas Gas A Elec 68.2022 Kansas Power 5s 1947 Oct Jan 104% 103% ------ 99 1st mtge 5s ser H...1961 101% Feb Jan 6%s series D 5%s series F 1948 105% 5s series I 1969 1955 45 Oct 82 Jan 42 Oct 83 Jan Lake Sup Dist Pow 88 Oct 103 Jan Lehigh Pow Secur 6s„2026 ♦Leonard Tletz 7%s__1946 92 Oct Apr 80 99 Oct 9,000 54 Oct 71 Oct 80 Feb 32% Oct 71 Feb ------ 46 36 39% 10,000 35 Oct 56% Jan 104% 105 102% 103% 23,000 103 Mar Apr 99 Oct 105% 105% 93% June 110% Nov 98% Oct 121% 104% 98 11,000 28,000 98 110% 110% 98% 99 Lexington Utilities 58.1952 83 98% 1,000 1,000 10,000 99% *89 81% 3%s '66 101 88% Jan 104% Feb 104% Feb 106% May 105% Jan 79% Feb 44 83 98% ------ Jan 8,000 Kentucky Utilities Co— Nov 104% *72% 104% Oct Jersey Central Pow A Lt— Nov 10,000 June 1956 Iowa Pow A Lt 4% s..1958 Iowa Pub Serv 5s 1957 Isarco Hydro Elec 7s. 1952 5s series B 111 Jan 48 98% 100 107% June 76% 69% 87 55% 94% 50% 103% Feb Oct 90% 57% Mar Oct 5,000 1950 105% 109% Jan 18 5,000 84 Jan 32 90% 59% 17,000 59% 226,000 95% 24,000 Oct 101 105 87 58 108 Oct 78 1,000 49% 59% Aug 106% 26,000 87 1966 Jan Jan 99 32,000 48 13,000 105 106% Oct 45% 90% ..1955 Cities Service Gas 5%s *42 Cities Service Gas Pipe Line 6s 48 Jan Oct Oct 70 29% 105 91% 82 85% 27 Cent States PAL 5%s '53 Chic Dlst Elec Gen 4%s'70 15,000 Jan 43% Iowa-Neb L A P 5s... 1957 6s series B 60% 3,000 Jacksonville Gas 5s... 1942 95 Jan 27 Jan 92 Oct 104% 99% 44 Jan Chicago A Illinois Midland Ry 4%s A 1956 Oct Apr 105% 50% 51 105% 105% ...1957 Jan Jan Jan 79 106* 51 53 72% 72% 75% Sept Feb 106% Mar ----- 1955 Oct 107 106% Oct Jan Oct Apr Aug Oct Jan Oct 103% 104% 108 84% 83% Jan 31 11,000 1,000 Jan 82 31 24,000 106 Nov 60,000 47 Oct Sept 79% 43 107 Oct 74 75 ------ 78 43 110 Mar Oct 38% Mar 98 27% Aug 104% Feb 105% 8ept 103% June 33% Apr 88% Feb 86% Feb 48 39 106 Nov 7,000 39 2,000 Oct 98 61 5%s ex-warrants_._1954 107 Mar 91 Oct Feb Sept 58 Isotta Fraschlnl 7s... 1942 Italian Superpower 6s. 1963 al06% al06% 20% Jan Jan Oct 94 Chic Jet Ry A Union Stock Yards 5s 1940 102% 37% Jan Jan 45 99 Oct 107 Oct Jan June 1,000 Oct 33 Apr 84 Jan Jan 18.000 Oct 104% 105 Sept 75% 109% 23 7,666 *22 23 106% Jan Jan 61 73 1961 97 105% 111 63 43 21% Oct 59 88 44% 72% 111 8,000 6s series B Jan Mar 59 8,000 Cent States Elec 5s... 1948 Jan Jan 111 92,000 41,000 Jan Jan Jan 66% 81 36,000 90% Feb 77 Jan Jan 70 32,000 Ind'polls P L 5s ser A. 1957 International Power Sec— 5s series Oct Jan Jan 88 88% 69% D..1957 81 96 Jan 71% 81 ------ 91% 78% 88 ser 63 101% 87 88% 40% Cent Power 5s Cent Pow A Lt 1st 5s. 1956 103% June 11,000 91% 5s A 1952 4% s series F 22,000 Mar 6,000 74% 91% 77% 1963 7s series E 48,000 Feb Oct 73% 108% 93% 1950 6%s series C Sept Oct 1957 3~66O 85 54 88% 1951 Indiana Service 5s 88% 101% 104% 1956 Indiana Gen Serv 5S..1948 Indiana Hydro Elec 5s 1958 Indiana A Mich Elec 5s *55 Feb 102 Jan 2,000 1947 Nov 101 93% 1953 B Mar 7,000 103% Oct Corp— 67 29,000 99% 5%s.__May 1957 Indiana 225 Oct Oct 65 69 113 60 85 *64 3,000 10,000 9,000 6s series B ..1949 111 Northern Util 5s... 1957 111 Pow A Lt 1st 6s ser A *53 1st A ref 5%s ser B.1954 227 11,000 Jan Jan 61,000 Jan 110 73% 102% .----- warrants. 1943 Oct 36,000 Oct Jan 96% 105 Heller (W E) 4s w w.,1946 Houston Gulf Gas 6s__1943 33,000 ~ 104% 109 101% 102 1977 Oct 115% July 8,000 Nov Mar 101 65% 25,000 112% 112% 5s series E 1956 1st A ref 4%s ser F.1967 5s series G 1968 Oct 1,000 Oct Jan 1st Hen A ref 5s 1st M 58 series A... 1955 1st M 5s series B...1957 Birmingham Elec 4%s 1968 Birmingham Gas 5s...1959 45,000 Oct Oct Feb 25 83% May Jan 62% 69 115 67 Jan 32% Oct 30% 67% 65% 65% 57% 102% May *64 Jan 22% 73,000 1,000 72 84% Mar Jan 73 71% 105% 105% 103% 103% 86 86% 82% 84 61% 104% 105 --- Jan Jan Mar Mar 72 *22% Oct 13% 12% 4% 4% 95% 100% 70% 1947 Jan 30,000 5,000 5s series A July 80 ~93~666 ♦Hungarian Ital Bk 7%s'63 Jan 62,000 1 2 Sept Sept 71% 1953 101 Jan 105% 109% Mar 107% Apr 106% May 75 77% 105% 106 Hygrade Food 6s A... 1949 Oct Oct 1% Jan 61 35% 4 Jan 119% 102% 104% Oct 33% 7,000 12,000 Get Oct 4 Oct May Oct 30,000 34% 34% 46,000 61% Guardian Investors 5s. 1948 Hackensack Water 5s. 1938 6%s with Oct 97% 8,000 Oct 107 110% June 97 31,000 85 Hall Print 6s stpd Jan Jan 58% ♦Hamburg Elec 7s...1935 ♦Hamburg El Underground A St Ry 5% a 1938 Aug 106 21,000 June Mar 6,000 Oct Jan 93% Mar Jan 98% 104% July Oct 98% 82 June Oct 33% 96% Jan 5 Nov 52 76% 107% 108% 106% 106% 108% Oct 32 4^fs.l955 95 Jan 65 35 32% 1977 Assoc TAT deb 5%s A'55 Oct Oct 113 23% 20% 1968 Oct Jan Sept 100 95 1950 Debenture 5s Conv deb 5%s Lt 75 1949 Conv deb 4%s Conv deb 6s Gas Jan Oct 96 Associated Gas A El Co— Conv deb 5%s 1938 Conv deb 4%s C...1948 Atlanta 105% 99% Oct 78% 94 91 Grocery Store Prod 6s. 1945 Guantanamo A West 6s *58 Jan 86 83% Grand Trunk West 4s. 1950 Gt Nor Pow 5s stpd..l950 Jan 5,000 73 105% Oct Oct 7,000 7% 6% 2% *1 76% Oct 60% 99% "s'ooo 108% 108% 105 105% 99% 100 2 105% 60 2,000 82 Apr 105 33,000 66.000 75 Georgia Power ref 5s. .1967 Georgia Pow A Lt 5s. .1978 108% Jan 91 Jan Oct Feb 75 Sept Mar Oct 104% 109% 125% 91 30% 4% 97 Apr July Apr 98% 1953 __ ♦General Rayon 6s A. 1948 Gen Wat Wks A El 5s. 1943 87 Jan 6%s A. 1956 Apr 9,000 Jan 130 118 97 6% Gas— Gen Pub Utll 104% 101 Aug 61 5% 5s ex-warr stamped. 1944 Jan $12,000 94% 98 106 Appalachian Power 5s. 1941 Debenture 6s 2024 Ark-Louisiana Gas 4s 1951 Arkansas Pr A Lt 5S..1956 Associated Elec 4%s__1953 98 Jan 82 80% 74% Aluminium Ltd debt 5si948 Amer G A El debt 5s..2028 Am Pow A Lt deb 6S..2016 Amer Seating 6s stp_.1946 Appalachian El Pr 5s. 1956 98 93% *97 102 104% 1967 Glen Alden Coal 4s 1965 Gobel (Adolf) 4%s...l941 103 Sept 105 100% 101 Banks 6s-5s stpd.._1961 Firestone Cot Mills 5s. 1948 Firestone Tire A Rub 5s '42 Gary Electric A Oct 93 23,000 70 94 Oct 107% Aug Jan 106% 104% June Jan 90% 56 123% 104 *54 99% May Apr July 9,000 75% 79% 101% 101% 94 Oct Sept 17,000 107% 66% 77 Federal Water Serv 5%s '54 Finland Residential Mtge ♦Gesfurel 6s. *99 70 1950 Empire Dist El 5s 1952 Empire Oil A Ref 5%s. 1942 Ercole Marelll Elec Mfg— 6% s series A 1953 23% 6% 8% BONDS Abbott's Dairy 6s 1942 Alabama Power Co— 130 103 1950 General Pub Serv 5s 15% 5 4%s A. 1947 El Paso Elec 5s A 100 98 *119% 121 Edison El 111 (Bost) 3%s *65 Elec Power A Light 5s.2030 Elmira Wat Lt A RR 5s *56 Feb 9 20 68% Jan Mar Jan 112 Apr Apr 102 Jan Nov 113% 113% 112% Jan 107% 107% 100% 2,000 80 68% 110% 110% 46,000 56,000 *124 101% Oct 79% 46% June 4O"66O 67 103 36 105 106% 104% 105 102% 102% 97 Aug 1 1952 ♦Certificates of deposit Eastern Gas A Fuel 4s. 1956 Oct Western Maryland Ry— City Gas 6s 1,000 Oct 13,000 67 ♦Deb 7s Oct 3% *3% 112 High 36% 111% 111% 111% 111% *111% 112 *107 1940 6s 1st series B Oct 5 102% Detroit Internat Bridge— ♦6% s Aug 1 1952 ♦Certificates of deposit Oct 100 2% Western Air Express West Cartridge 6% pf.100 Det Oct 800 106% 104% Delaware El Pow 5%s 1959 Denver Gas A Elec 6s. 1949 Nov 6 1 112 111% 1954 Crucible Steel 5s Oct % 7,900 6% Bro»-Brower_.l Wellington Oil Co Wentworth Mfg Western IK 7,000 21,000 1939 Cuban Telephone 7%s 1941 Cuban Tobacco 5s 1944 Oct Oct July % % Wayne Knit Mills Weisbaum Oct Oct Low 68% 6s ser A stamped... 1943 Cont'l Gas A El 5S...1958 Oct 6 » Walker Mining Co.. 5b. Gen mtge 4%s Consol Gas Utll Co— Oct 1% 11% Wagner Baking v t c.... Oct 8,2000 54% A Lt 5s '57 (Balt) 3%s ser N...1971 Consol Gas (Bait City)— 54% 65% Community P S 5s 1960 Conn Light A Pow 7s A '51 Consol Gas El Lt A Power- Oct Sept 7% preferred 100 Valspar Corp vtc com.-l Vot tr conv pref 6 1965 Shares "67% 1957 Com'wealth Subsid 5%s *48 Range Since Jan. 1 1937 High 50 X 50 1st M 5s series A—1953 6 700 Low 1949 1st M 5s series B...1954 let 4%s series C...1956 80% 4% Sept Oct 300 2 *16 _ 2% Week 51% Oommerz A Privat 5%s'37 Commonwealth Edison— 19 Oct 2% * Class B 175* for of Prices Price 6 8 1 Week's Range Sale Cities Serv PAL 5%S-1952 4% ~~2X 10 Utility Equities Corp Oct IPJ7 6, Sales Last High "*4% "~4H Universal Consol Oil Universal Corp vtc Universal Insurance roNDS (Continued) Shares Nov. 5 Friday Range Since Jan. 1, 1937 for Week of Prices Low Price Exchange—Continued-Page Sales Friday 92 84 93% 94 100% 101% *21% 29 95 95 22,000 7,000 ------ 22,000 8,000 45,000 -- - — — - 6,000 65 Oct 98 Jan Oct Jan Jan Oct Oct 99% 107% 103% Jan 93 85 65% Oct 99% Jan Mar 101% 111% 26% July 93 99% Oct 18% Mar 93 Oct 105 Jan Jan Jan Jan Jan Volume Sales Friday | Last Week's Range Sale Week of Prices Low High Shares I Price Llbby McN & Llbby 5a '42 JLone Star Gaa 5a for Louisiana Pow <fe Lt 5a 1957 \ Low 32,000 1633**164" 17,000 22,000 1023* 103 1025* High 103 Oct Oct 1053* 100 Oct 107 87 53*s1951 pn*a» 4,000 Mansfield Min & Smelt— ♦7s without warr'ts.1941 "23 23 Marion Ree Pow 43*8.1952 McCord Had & Mfg 6s '43 9834 76 k 4,000 99 76 3,000 Feb 106 Oct 1023* 'July 223* May 973* Oct 76 Novj 10634 May Jan 105 273* Aug 1952 *91 823*183 92 90 Jan 104 62,000 50,000 81 Oct 10034 Nov ♦Convertible 6s. ♦Certificates of Oct 79 75 17",000 64 Oct 96 97 10,000 96 Nov 25,000 86 Oct Debenture 6s.Dec 11966 Standard Investg 53*8 1939 7,000 5,000 95 Oct (Standard Pow & Lt 6&1957 92 99 3* 1955 73 1983* 74 f 72 '82 Miss Power & Lt 5S...1957 lorn 9234 9934 84 1083* 1081* 74 74 Missouri Pub Serv 5s. 1960 Montana Dakota Power— *93 Oct 793* ♦Starrett Corp Inc 5s. 1950 Feb 1,000 70 Oct 2030 Deb 6s series B (♦Nat Pub Serv 5s ctfs 1978 Nebraska Power 43*8 1981 6s series A 2022 80 *10034 10034 • 80 82 "683* 71 4436 "4434 4434 "10834 10834 U33* 1133* 113 68 H -77" New Amsterdam Gas 5s '48 N E Gas & El Assn 5s. 1947 gg 1948 Conv'deb 1950 5s ~6~66O 71 Oct 32,000 67 Oct 5,000 44 3,000 1,000 92 3,000 76 80 25,000 *11534 1173* 1st 90 Texas Elec Service 5s. 1960 Texas Power & Lt 5s..1956 61 62 3* 3o"66o 473* 603* 62 16,000 45 603* 63 60,000 44 Oct 833* 87 40,000 81 Oct 86 90 30,000 8434 Oct New Eng Pow Assn 5s. 1948 Debenture 53*s 1954 1942 ♦Income 6s series A. 1949 88 87 8834 76 3* 713* 763* N Y Central Elec 53* s 1950 New York Penn & Ohio— Ext 4){b stamped-.1950 NYP&LCorplst43*s*67 N Y State E & G 43*8 1980 104 106 97 104 1053* 106 96 9734 1013* 102 11234 11234 583* 573* 85 Oct! 60 Oct 9934 May *99 N Y & Weetch'r Ltg 4s 2004 Debenture 5s .1954 Nippon El Pow 63*s._1953 23,000 13,000 5834 3,000 67,000 11,000 8,000 1,000 3,000 103 Mar 1043* Oct 943* Oct 100 Apr! 1103* Apr 54 Oct 1956 Nor Cont'l Util 53*8-1948 53*8 series A 85 *403* No Indiana G & E 6s. 1952 Northern 6s 85 8534 43 99 1969 5s series D 983* 9234 43*s series E 1970 N'weslern Elec 6s stmpd'45 1945 1st & ref 43*s ser D.1956 43*s.__1951 1946 5s conv debs Okla Power & Water 5s *48 91 10334 104 12,000 106 2,000 106 953* 8934 81 5,000 17,000 1,000 15,000 12,000 90 104 Ohio Power 1st 5s B..1952 Okla Nat Gas 9234 10234 10334 N'western Pub Serv 5s 1957 Ogden Gas 5s 1003* 1043* 10434 953* 9634 8934 903* 81 81 108 107 Jan 1941 1153* Pacific Invest 5s ser A. 1948 1942 & Ltg 5s.. 1955 Pacific Ltg & Pow 5s.. Pacific Pow 6434 1938 Palmer Corp 6s —1964 Cent L & P 43*8. 1977 Park Lexington 3s Penn U234 1979 1971 1st 5s. Penn Electric 4s F "38 1153* 1153* *82 85 1113* 11134 643* 683* *101 102 3734 38 84 88 9534 853* *"§734 96 87 8834 1950 Deb 53*s series B..1959 Penn Pub Serv 6s C..1947 96 893* 10534 1954 5s series D Penn Water & Pow 5s. 1940 43*s series B 1968 Peoples Gas L & Coke— 48 series B 1981 (♦Peoples Lt & Pr 5s..1979 Phila Elec Pow 53*s._1972 1962 Piedm't Hydro EI 63*8 *60 108X 863* ... 93* 1123* *68 603* 6S...19491 *10434 973* Pittsburgh Steel 6s...1948 ♦Pomeranian Elec 6s..1953 *2034 65 Portland Gas & Coke 5s '40 65 1065* Power Securities 6s...1949 98 100 6s. 1954 20 20 ♦Prussian Electric 1956 5s series C 43*8 series D 43* s series E 1st & ref 43*s 43*s series 1 ser 1978 1980 F.1981 1960 4s series A 43*b ser D. 1950 Queens Boro Gas <fe Elec 1952 53*8 series A__ ♦Ruhr Gas Corp 03*8.1953 ♦Ruhr Housing 63*8.-1958 Safe Harbor Water 43*8 '79 (♦St L Gas & Coke 6s. 1947 1st & ref Jan 1065* Aug 1023* Mar 1065* Sept 1093* Mar 1075* June Jan 983* 853* Jan 723* 593* 583* 973* 73 60 583* 983* 1033* 16,000 Oct Oct 17,000 3,000 1,000 7236 Nov 39,000 74,000 56 1133* 1133* 61 613* *233* 35 *233* 25, 643* 653* 70 723* 993* 1003* 75 1043* 1053* 603* 61 813* 82 *88 933* 1033* 1033* 863* 843* 863* 81 81 81 18 18 19 91 89 1954 ♦5s Income deb. 1958 4s...1951 1043* Oct 80 923* Oct 106 Jan 1023* Oct 106 Feb 102 "e'ooo Oct 53 Oct 113 Feb Oct 1043* Jan Jan 109 Apr 80 1063* 1043* 105 Oct 943* 31 Oct 55 111 Mar Jan 119 Jan Yadkin River Power 5s '41 Oct 10234 Jan 117 Oct 493* 2036 Mar 1936 Mar 6,000 47 Oct 22,000 53 Oct 5,000 33,000 973* 613* Oct Oct Jan June 1173* 793* Jan Feb 27 July 28 Aug 8956 945* Jan Jan Jan 107 965* Jan Jan 115 18.000 103 8,000 15,000 52 Oct 79 Oct 103 Jan 88 Oct 102 Jan Jan Jan June 893* Oct 1043* 1043* 10236 75 Oct 101 11 Oct Feb 1023* "2", 000 85 59,000 3,000 1,000 Oct 81 » Jan Oct Jan 323* June 1043* 1053* July 108 Jan Apr 107 Mar 103 June 93 *1063* 108 108 Feb 55 5,000 10,000 20,000 15,000 19,000 *1043* 105 94 943* 1043* 1043* 1043* July 65 22,000 30,000 1946 Oct Oct 10056 1065* 1143* 9936 793* 1053* Feb Jan 84 "4",000 1113* Nov _ - .2030 York Rys Co 5s 1937 Jan 1043* 10,000 16,000 1021* Oct 10536 Feb 15,000 105 Oct 1073* Nov 16,000 Oct 903* 1035* June 863* 813* May 1023* 1073* 1003* Jan 7,000 893* 212,000 23 23 23 104 6,000 5,000 31,000 23 873* 423* 104 90 45 1043* *1073* 1063* 1073* 923* 903* 903* '1003* 105 863* 105 105 Oct Oct 75 39 Oct Jan Jan Feb Jan Apr 108 Jan Jan Jan 933* 32,000 51 Aug FOREIGN GOVERNMENT 17,066 30 Oct 373* Nov ANO MUNICIPALITIES— 46,000 5,000 20,000 83 3* 95 Oct 1053* Jan Oct 10554 Jan 85 Oct 103 Jan 993* Oct Mar 103 Mar Oct 106 80 Oct 10534 Jan 105 May 89 Agricultural Mtge Bk (Col) ♦20-year 7s 1946 ♦20-year 7s 1947 ♦Baden 7s ..1951 Buenos Aires 16,000 Jan ♦73*s stamped 111; Jan ♦Cauca Valley 7s Mar 108 June 76 Oct 100 Jan 53* Oct 18,000 10834 Mar 783* Oct Jan 303* Oct 113 Mar 993* Oct 77 Feb Jan 108 Jan 96 Oct 107 Apr 25 Oct 85 52 10654 *"l",666 "2",000 1948 Cent Bk of German State A 25 Jan Aug ' Jan ♦6 series A......1952 Danish 1955 53*s 1013* 1947 *205* ♦Lima 183* 1958 25 25 10 103* 104 Feb Mendoza 4s stamped.. 1951 Oct 102 Feb Mar 25 July 183* Mtge Bk of Bogota 78.1947 ♦Issue of May 1927.... Oct 94 Oct ♦Maranhao 7s ♦Medellin 7s series ♦Issue of Oct 1053* 983* 92 *22 *22 1927 Jan ♦Mtge Bk of Chile 6s. 1931 20 6034 Oct Oct 96 Jan 6654 543* Oct 9236 63*8..1959 Govt 63*s—1919 ♦Rio de Janeiro ♦Russian ♦63*s certificates—1919 ♦53*s 1921 ♦53*8 certificates...1921 ♦Santa Fe 7s stamped. 1945 ♦Santiago 7s 1949 ♦7s_. 1961 20 Aug 173* 14,000 13 Apr Sept 2536 293* Aug Mar Oct 33 July 213* *3* *56 *3* 713* 11 11 Apr Apr 213* "3",606 4,000 13,000 173* Oct 113* 953* 18 99 Oct 11 4.000 20 16 3* 3* 3* "i",66o 743* 113* 113* 2,000 3,000 1,000 July Apr Oct 273* Feb 273* Feb 213* Mar 133* Aug 1003* June Oct 13 1 3* 713* Feb Oct! 963* 22 123* *5 983* 193* 163* 21 7 28 12 Oct 85 33,000 5,000 28 12 6s stamped ..1931 Mtge Bk of Denmark 5s '72 ♦Parana (State) 7s 1958 Mar "e'ooo 1,000 92 92 Aug Jan Aug Aug Feb 17 E.1951 Oct Mar Feb 2536 25>* 30 203* 20 13 96 1003* 77 Jan Jan 102 Apr Jan Mar 1043* June 10336 June 1055* May 50 17 81 July 1,000 17 108 105 July Jan 97 2,000 109 Apr Sept 273* 3,000 Jan Mar 29 1023* 1013* Apr] 21 63*8.1949 (City) Peru 63*s.'58 Sept Feb Apr Apr 593* 21 ♦Secured 6s Aug 96 21 Mar 193* 593* ♦Hanover (Prov) 943* 99 "2,066 21 ♦Hanover (City) 7s... 1939 Feb Mar 25 20 2,000 25 *22 273* 1013* 1013* 203* 63*8 Apr 18 Oct 1952 External Nov 903* 63* ♦German Con Munic 7s '47 60 July 833* May 843* Mar *993* 102 1953 5s 293* Sept 41,000 Danzig Port A Waterways 104 10534 96 92 83* 8 "§3* ♦Prov Banks 6s B..1951 183* "5",000 *82 *82 1952 1947 Apr 1063* 13,000 30 (Province)— ♦7s stamped 109 1003* May 1073* Mar Feb 30 Apr 18 *203* Oct 22 21 2,000 6,000 . 105 8,000 Oct 3* Oct Oct 36 Oct| 62 J* Jan Oct Oct 1 1 Jan 34 3536 Jan Apr 2 136 136 15* 815* 203* 2056 Apr Apr Apr Mar Mar Mar Jan 943* 943* 26 1,000 21 2,000 11,000 1,000 2,000 2,000 10834 9 10234 127 26 Mar 18 1043* Apr Jan 107 183* 107 Jan Nov 132 Jan Feb 22 Mar 1,000 24 Oct 1113* Sept 47 Mar Jan 1035* 1073* May 2o".66o 1013* 1013* Oct 105 Oct 1013* Mar 10436 1053* 933* Oct Apr ♦ Feb July Oct 101 Jan Oct 1093* Jan 77 a Deferred delivery sales not Included in year's range. » Under not included in year's range, r Cash sales not Included in Ex-divldend. y Ex-Interest. X Friday's bid and asked price. No sales were transacted during current ♦ Bonds being traded flat. range, year's x I Reported in receivership. T Called for redemption. e Cash sales transacted during the current week and not week. Included in weekly or yearly range: No sales. y Under-the-rule sales transacted during the current week and not included in weekly or yearly range: No sales. Mar Oct No par value, the rule sales Feb 72 60 70 37",606 Oct 35 1033* 1023* 10334 10234 10334 603* 603* *80 84 5,000 8,000 2,000 Mar Oct 9954 10554 103 Jan Aug Aug 1085* May Apr "5,000 1036 2556 7 125 113* 103* 285* 12,000 *1063* Jan 1003* 10754 1103* 27 Oct 223* 10034 913* 4956 Mar Waldorf-Astoria Hotel- Oct 20 933* Apr May 102 1950 90 11334 26 10334 37 2,000 1st ref 5s series B Va Pub Serv 102 9,000 21 1033* 43*s series B 1968 43*8 series D...1970 8herldan Wyo Coal 6s. 1947 Sou Carolina Pow 5s. 1957 Southeast PAL 6s...2025 2,000 1033* Wheeling Elec Co 5s..1941 Wise-Minn Lt A Pow 5s '44 Wise Pow A Lt 4s..—1966 26 1st 2,000 39 1944 53*s.'57 53*8 A..1946 Vamma Wat Pow Jan 57 68 1st "§2~" 100 19,000 68 Shawinlgan W & P 43*8 *67 1053* Oct 72 72 9934 7334 26 1952 ...1973 Nov! 6,000 39,000 19,000 993* 703* 27 68 series A... 6s series A Utah Pow & Lt 6s A. .2022 81 Mar 100 19,000 44 73 85 101 10034 20 United Lt & Rys (Me)- 5,000 13,000 7,000 125 70 24,000 10234 10234 *110 1974 .... 1959 Un Lt & Rys (Del) 53*s '52 45 Oct P 6s B '52 1955 ♦Saxon Pub Wks 6s.. 1937 ♦Schulte Real Est 6s..1951 63*s 53*s.. 643* West Newspaper Un 6s '44 West United G & E 53*8 '55 100 San Joaquin L & 1945 f 6s Oct 4,000! Sauda Falls 5s s 92 103* 9 ♦1st United Lt & Pow 6s...1975 11,000 36,000 10,000 107 "983* 90 1043* 1043* 1023* 103 102 37 Jan 18 10556 West Texas Util 5s A 1957 1103* 1103* 10834 443* 106 723* 10534 May 1003* Jan Jan 1083* 1103* *9234 Oct 1063* 1043* 1053* Feb 1123* 1055* San Antonio P S 5s B.1958 Scripp (EW)Co 53*8-1943 Servel Inc 5s 1948 Jan 147 65 Mar 16 38 103 Oct 653* 96 106 West Penn Traction 5s '60 Oct Oct 1966 Oct 423* Wash Gas Light 5s Pub Serv of Oklahoma— Puget Sound P & L 53^ s '49 1st & ref 5a series C.1950 Jan 35 '613* Wash Ry & Elec 10736 1035* 1023* 1023* *1033* 10434 102 United El Serv 7s.....1956 ♦United Industrial 63*s.'41 Jan 1283* 1023* Nov 43 Jan 16,000 1960 72 433* 18 West Penn Elec 5s 88 Pub Serv of Nor Illinois— 1st & ref 5s Mar 3,000 43,000 67 Jan 24,000 130 96 42 1053* 1323* 130 Oct 65 10534 1043* Public Service of N J— 6% perpetual certificates Mar 393* 533* Wash Water Power 5s 1960 1,000 1,000 6,000 6,000 1,000 60 96 58 3* Oct 11.000 983* Oct 50 Jan 1063* 1063* 60 40 75 Jan 10734 10734 Potomac Edison 5s E.1956 43*8 series F 1961 Potrero Sug 7s stmpd.1947 Power Corp (Can)43*sB '59 93* 11134 873* 113* 1123* 73 613* 108 973* 25 Mar 46,000 37,000 72 105 *10634 107 Phila Rapid Transit 6s Pittsburgh Coal 1083* 1083* 953* 513* 11134 1,000 90 Oct 72 107 101 89 101 Mar 28,000 42 623* 613* 613* Oct 10534 106 98 Mar 95 53 Jan 9,000 30,000 9,000 96 Mar 95 653* 53*8 '52 Oct Penn Ohio Edison— 6s series A 95 1073* 108 1962 Oct Oct 40 Jan Oct 108 May Oct 95 Jan Oct 6s Jan Jan Pacific Gas & Elec Co— 1st 6s series B 10934 Jan 1073* Aug 1043* Jan 10434 May 11234 July 8634 Feb Oct 893* 10134 106 Oct "§43* Jan Feb 1003 693 95 Oct 42 54 10134 1043* *1023* 1043* Pacific Coast Power 6s '40 Jan 92 Oct 10634 *10834 110 ..1966 C series 9534 10434 85 Indiana P S— Jan 9936 42 Conv 6s 4th stamp. 195o! United Elee N J 4s.-.1949 35 5,000 1045* *90 100 843* 853* 43*8. No Amer Lt & Pow— Oct Ulen Co— New Orleans Pub Serv5s stamped 7036 6,000 563* 563* 2022 . Oct 613* 104 61 Toledo Edison 5s Twin City Rap Tr Oct 61 "eik 1035* Oct 60 Tide Water Power 6s. 1979 Tletz (L) see Leonard Oct Apr Jan Oct 93 62 103 Oct 69 113 Jan 87 55 1033* 6s series A. Jan 87 Oct 67 Jan Nov 56 Tenn Public Service 5s 1970 Terni Hydro-El 63*8—1953 May 1063* June 1063* Oct Jan 1023* Jan 1105* 105)* 1,000 19,000 20,000 55 56 43*8...........1970 ^ Syracuse Ltg 53*8...1954 H5s series B__ 1957 Tennessee Elec Pow 5s 1956 Oct Oct 108 Mar 104 Aug 108 Apr ~5~666 82 82 2d stamped 4s 1946 Super Power of III 43*8' June 92 234 10034 19,000 91 Neisner Bros Realty 6s '48 Nevada-Calif Elec 5s. 1956 43* 4,000 993* 1013* 1013* Stinnee (Hugo) Corp— 2d stamped 4s..... 1940 107 2,000 93 '*33* ..1951 Oct 68 13,000 9,000 IH 53* g_ 1944 ♦Munson 88 63*8 ctte.1937 Nassau & Suffolk Ltg 5s '45 Nat Pow & Lt 6s A...2026 Debenture 6s 883* 9,000 6,000 1073* Mar 993* 993* 2,000 2,000 J963* deposit! 90 59 Mar 103 33,000 873* 1935 ... 12,000 105 1023* 1023* 1023* 1023* 106 1063* 57 1945 (♦Stand Gas A Elee 6s 1935 ♦Certificates of deposit Oct! 803* High Low Shares 1053* 1053* I063* So'west Pow & Lt 6s—2022 733* "75" 1955 Miss River Pow 1st 5s. 1951 * 2,000 9334 High| 105 1023* 8'western Assoc Tel 5s 1961 *80 M 43*8 1967 Minn P & L 43*8—-—1978 Mississippi Pow 5a : 10034 102 102 Milw Gas Light 1st & ref 5s 354s. May 1 1960 354s B.July 1 '60 1st & ref mtge 4s—1960 Sou Counties Gas 43*8 1968 Sou Indiana Ry 4s....1951 Ref M S'western Lt & Pow 5s 1957 .... 83 Mengel Co conv 43*8.1947 Middle States Pet 6>*a '45 Midland Valley RR 5a. 1943 -1945 354a- Ref M So'west Pub Serv 6s Memphis P & L 5s A..1948 Metropolitan Ed 4s E. 1971 Debenture Aug 101 Range Since Jan. 1 1937 eek of Prices Low Sou Calif Edison Ltd— Apr May Memphis Comml Appeal Deb 43*8 Sale Price for Week'sRange Last BONDS (Concluded) —* 1023* 10334 104J4 103 H 1942 Long Island Ltg. 6s__. 1945 Sales Friday I Range Since Jan. 1,1937 BONDS {Continued) ♦Manitoba Power 2985 New York Curb Exchange—Concluded—Page 6 145 z Deferred delivery sales transacted during the current week and not included in weekly or yearly range: 2^0 8&1gs* Abbreviations Used Above—'"cod." certificates of deposit; 'cons," consolidated; stock; ;"x-w." "cum," cumulative; "conv," convertible; "m," mortgage; "n-v," non-voting "v t c," voting trust 1 ertiflcates "w 1," when Issued; "w w," with warrants without warrants. 2986 Financial Chronicle Nov. 6, 1937 Other Stock Exchanges Friday New York Real Estate Securities Bid Bryant Park Bldg 6%sl945 35 11 West 42d St 6%S..1945 Internat Commerce Bldg— 6%s Ask Stocks (Concluded) Unlisted Bonds Bid Ask Place Dodge Corp— Income bonds v t c 40 Butte 78 12 for of Prices Week Price 101 Baltimore Stock on 6 S. Established Calvert St. 1853 4% 39 BALTIMORE, MD. Broadway Louisville, Ky. Baltimore Stock Exchange Friday Par Arundel Corp Bait Transit Co com for of Prices vtc.* 1 Houston Oil pref Mfre Finance com 190 25 68% 5 133 112% 113 9 9% 18% mmmmmm 65 Oct 48 Jan Nov 4 200 6 7% 1 Mt Ver-Wdb Mills pref. 100 National Marine Bank..30 New Amsterdam CasualtyS North American Oil com.. Northern Central Ry._.50 Penna Water A Pow com.* U S Fidelity A Guar 2% 14 mmmmmm -mmmmm 7% Oct 11% 9 75 330 2 265 15 Nov 23% 23% Oct 150 22 61 53 61 25 16% Oct 45 June Oct Sept 18% 2% Nov 90 Oct 104 Feb 40 68 Oct 95 Feb 85 85 1,000 99% 99% 1,000 1,000 Townsend, Anthony Established Feo 35 25% $19,000 99% 99% Mar ik 25 1950 Jan 82 11 Oct 29% Jan 22% 83% 99% 99% * Oct 41% Oct 93 Nov Jan May Aetna Ball Bearings com.l Allied Laboratories com..* Allied Products Corp com 10 Class A Armour A Co common...5 Aro Equipment Corp com 1 Asbestos Mfg Co com Associates Invest com Autom Washer com.* Belden Mfg Co com 10 Bendlx Aviation com 5 1 (New) St., Boston 5 com Brown Fence A Wire Class A Butler Brothers Lewiston Sales Week's Ranoe of Prices Week non-cum pref 1st preferred Amer Tei & Tel... 65c 50 .50 100 Blgelow-Sanf Carpet pf 100 Boston & Albany 100 Boston Edison Co.. Boston Elevated 100 150% 20 65c Nov 1% % Oct 12% 12% 149% 156% 10 12% 139% Nov 3,507 87 113 20 128 130 250 52% 19% 54% 20% 5% 1% 15% 5% 4% 100 1% 100 13 Class A 1st pref stpd. 100 Class B 1st pref std..100 4% 75 5 2% 6% 30 Jan Jan Jan Oct 187% Jan 10 56% 35 30 160 Jan Chicago Yellow Cab Co..* 52% 18% Oct Oct 69% 30% Mar Jan 3% 1% Oct Mar Compressed Ind Gases cap* 56% Mar c 20 Mar Consumers 4% Nov 24% Mar 1% Nov 7% Feb 3% Oct 4% Oct 20% 17% Jan Jan 10 Oct 81 Oct 48% 26% Oct 51 Oct Jan 1% Oct 6 Oct * Mar 11% 14% 10% 12% 347 8% Oct 20% Feb 25c Oct 55c 55c % 55c 200 1 200 3 264 2 Mar 56 13 Oct 19 Jan 10 20 Oct 64 Mar Oct 8% 26% July 15 28% Oct 47 Mar Mar 3% June P 13% 25 25 * Maine Centra— 5% cum preferred...100 Mass Utilities vtc * 2% 25% Mergenthaler Linotype..* Narragansett Racing Ass'n Inc For footnotes 3 3 see page 2990 2% 27 3% Range Since Jan. 1 1937 Shares Low High 950 37 Oct 55% Feb 10% 350 10 Sept 5 Oct 17% 12% Feb 750 6 5% 5 5% 750 3 Oct 8 8 8% 300 5% Oct 11% 9% Oct 17% 12 13 100 7 Oct 18 18 50 12 Oct Oct 4% 2% 4% 150 Oct 17 Jan 3 500 3% Oct 9 Mar 3% 100 Oct 9 Mar 6% 7% 4.250 4% Oct 7% 1% 7% 1% 150 6 Oct 750 3% 42 4% 2% 10% 45 250 1 Oct 35c Oct Jan 2% 6% Jan Jan of 251 3,346 2% 23 2% Oct 3% Jan Feb '13% ..... 10% 550 16 450 19 Oct 20% 23% Feb 14 14% 200 38 Oct 22 12% 7% 14 Oct 30% 14% 14% 43% Aug Feb 7% 21% 21 8% 8% 10 % 1,050 450 300 Oct 4% Oct 6 Occ 25 1,100 16% 35 1,300 24 Oct Oct "9% 8 9% 600 6 Oct 7 8% 50% 15% 28% 30% 7 100 6% Oct 13 7% 8% 7% 21 10% 450 5 Oct 50 20 Oct 22 23 150 17 Oct 18% 36% 25 25 300 24 Oct 43 12% 13% 820 12 Oct 19 1% 650 7% 51% 250 2% 5,400 1 6% 51 2 50% 1% 3,250 5% Oct Oct Nov 300 50 1% 3% 19 Feb Feb Feb Mar Aug Feb Feb Mar July Mar Mar July Feb Feb Jan Oct x81% Feb Oct 6% 110% Mar Jan 84 30% 85 70 78 Oct 30% 30% 4% 10 30 Oct 75 Jan Oct 20% Jan 4 15 15 22 2% 22 50 3% 150 15 15 Nov 100 21% Oct 12,100 1% Oct 26% 6% Sept Mar Oct 48 Feb Oct 77 Mar July 3 35 1,200 44 47 500 35 1 33% 2% 33% 1 100 1 2% 33% Nov Feb 10% 10 2% 10% 20 8 Oct 37% 64 65 50 64 Oct 77 May 6% Oct 1% Jan Jan May 10 2 11 2% 3.50 5,1501 32 32 27% 26% 27% 13,000 23 22 20 Oct 27% 5% 32 Oct 37 Feb 20% Oct 33% 23% 1,300 22 Oct 48% 3% 3% 650 2 Oct 11 2% 2% 50 2 Oct 5 Oct 14% Oct 5% 26% Aug Feb Jan 111— Cord Corp cap stock Cunningham Drg Stores 2% "2% 6 2% 15 6% 70 2% 1,400 1% 3% Aug July Feb Feb Dodge Mfg Corp com Eddy Paper Co (The).. 150 14 Oct 28% 32% 100 2 Oct 11% Jan 17 150 15 Oct 25 Feb 33 50 31 Oct 41 Feb 3% 12 5% Oct Oct 1 16 200 14% Oct 26% 24 200 20 Oct 41% 4 850 Oct 12% Jan Mar 3% 27 7% 2% 2% 27% 250 21 Oct 40% 7% 100 5 Oct 20 2% Oct 2% 2% 800 * 14% 15% 350 Gen Candy Corp A 5 11 11 Gen Finance Corp com Gen Household Utll— 1 4% 2 Godchaux Sugar cl A Class B Apr 15% 3% SlmAConDkADgecm* New common Apr 23 Elec Household Utll cap. 5 Elgin Nat Watch 15 Fuller Mfg Co com 200 4 17 * 12 20% 33 Class A 350 11 3% 15 20% com Common 211 Feb Feb July Mar 14 14 Gardner Denver Co2 Apr Feb 23% 26% 13% 12% 4% 57% 3% "7 % 2% Fitz 50 Jan 12% Mar 14% May 11% "12" Cumul class A pref...35 355 2% Co Decker (Alf) A Cohn com 10 Dixie Vortex Co com * 9% 50 445 13 Sales 38% Conv part shs vtc B__* Vtc pref part shares-.50 Jan 6% 13% 25 Aug 8% (Boston)25 New Dayton Rubber Mfg 51 26% 25 Isle Royal Copper Co.-.25 St., CHICAGO 5 Consolidated Biscuit com.l 25 Class B Jan Edison- Mar 1% 16 Nov 10 * com 14% 66 93 * com 10 31% Hathaway Bakeries— Helvetia Oil Co t Cities Service Co Coleman Lp A Stove Nov 15% 31% 1% * 72 37% Chic Rivet A Mach cap..4 Chi Towel Co com 4% ... Gilchrist Co Gillette Safety Razor * Jan % Employers Group Preferred Feb 4% Georgian Inc (The) cl A pf 20 95 Jan 5 Chic Flexible Shaft com..6 Chic Rys part ctfs 1—.100 147 100 131 30 Feb 10 * common Cherry-Burrell Corp com.5 Chicago Corp common—* 115 Oct 702 31 General Capital Corp * Oct 4 505 54% 19% 12% Oct 37% * Preferred Oct 108 7 100 Oct Apr Unlisted for Price 1 Oct 87 Nov 9 100 130 Week 30 124 13 6 1% S3.200 of Prices Low High 21 108% 287 6% 1st preferred. 100 Eastern Steamship com. Loews Theatres 110 220 8% 25 25 East Gas & Fuel Assn— 4%% prior pref 6% preferred East Mass St Ry— 30 4% 1% * com Jan June Chicago Stock Exchange Chicago Curb Exchange 31% 7% 1 Commonwealth 100 Prior pref 73 Week's Range Cent States Pr A Lt pref.* Chain Belt Co— High 33 Preferred Brow-Durrell Co Calumet & Hecla Copper Range Low 643 87 53 _* Shares 111 129 100 Boston-Herald-Traveller Boston & Maine— Common Range Since Jan. 1 1937 65c 1% Jan 18 Oct 7% 2% Aug SECURITIES 21 J1.50 conv pref Cent 111 Pub Serv pref.—* Central S W— (New) American Pneumatic ServCommon ♦ 6% High 420 Mar 32% 98 Oct Apr 117 255 4% 72 1 Prior lien pref for Sale Low 9% (Associate) 5% conv preferred 30 Castle (A M) common.. 10 Central Cold Stor com..20 inclusive, compiled from official sales lists Price 12 * com Bruce Co (E L) com * Burd Piston Ring com_..l N. Y. Tel. CAnal 6-1541 Last Par 117 4 72 1 Common Stocks— Oct Borg Warner Corp— Exchange Fridan 51c 8% conv Berghoff Brewing Co Portland Nov. S, both 2,400 4% * Automatic Products com.5 Bliss A Laughlln Inc cap.5 Boston Stock Exchange to 1 96c 1 * cap... Central Illinois Sec— Common Oct. 30 55 117 25 Binks Mfg Co capital and Tyson Private Wire System Bangor Par Bastian-Blesslng Co New York Curb Exchange (Asso.) 30 State 40% Sale Nov UNLISTED TRADING DEPARTMENT Boston Tel. LAF 701® 938 Last Nov 99% 99% Nov Members Exchange 74 40% 40% pref. * Barlow A Seelig Mfg A com 5 1887 New York Stock Boston Stock 41% May Sept Sept 72 "73" 25c 22% 64% 36% Friday Stocks— Athey Truss Wheel . 5% Oct 27% 50 5, both inclusive, compiled from official sales lists Common (new) * Adams (J D) Mfgcom...* Adams Royalty Co com..* Advance Alum Castings..5 Jan 42% 8% 1,832 Nov. Jan Apr 27% Bond*— Bait Transit Co 4s (flat) '75 Georgia Marble 6s flat 1950 Interstate Co 5%.... 1948 Jan Abbott Laboratories— 859 69 14% to Jan 3,715 2% 92% 69 Jan 4% 4% Nov 42% 12 2 Jan Feb 33% Mar Chicago Stock Exchange Oct. 30 Feb 41 Oct 61 92 2 2 42% 10% m m m«>» 3% 16% 25 Jan Oct 16% 15 25c 6% 11% Oct Oct 24 10 So. La Salle Aug 12% 2% Oct % % 2% 2% Aug 23% 1% July % rnmmmmm « 30% Oct % 2% 2% 15 New York Curb Apr % 23% 25C 1.190 240 Oct Sept Jan 136 18% • 3% 2% 10% 150 Jan 115 Oct % 7% Common class A 89% Oct Oct 16% Merch A Miners Transp..* Monon W Penn P 87% pf25 Nov Nov Oct mmmmmm % 25 25 62 110% 250 rnmmmmm Jan 5 2% Mfrs Finance 1st pref...25 2d preferred 26 Mar Tex Oil 1 38 10 2% -mm mm** Jan 89 mmmmmm * 29 550 765 New York Stock Exchange Jan 9 Oct 13% 3 Oct 75 106 4% 2% 12% 14% 29% Jan Member* Apr 82 * 100 23% Nov 2 544 9% 18% mmmmmm 105 Mar 19% Mar Mar Vml H.Davis &®<x High Oct % 82 20 t v 18% 62% ' 112% 1 Preferred 16% Low 14 167 25 "68 ..100 Fidelity A Deposit Guilford Realty com 360 1% 2% 2 17% Brager Elsenberg Inc com. Consol Gas E L A Pow * Eastern Sugar Assoc— Common % 2 * 5% preferred 17 Jan Oct Oct 10% 755 9% Range Since Jan. 1 1937 Shares High 16% % * com Tuow 16% Oct 225 Listed and Week Price ..* 1st pref vtc Black A Decker Week's Range Sale 4% 17% 25 24 CHICAGO Sales Last Stock*— Oct Sept Bonds— Nov. 5, both inclusive, compiled from official sales lists to 40c 11% 25c * Eastern Mass St Ry— Series B 5s 1948 New York Curb Exchange (Associate) Oct. 30 29 Warren Bros Co. York, Pa. 1% 995 12 Utah Metal & Tunnel 1 Vermont A Mass Ry-..100 Waldorf System Inc * Members New York, Baltimore and Chicago Stock Exchanges Chicago Board of Trade Mar 425 280 4% 13 Torrington Co (new) * Union Copper Ld & Mln.25 NEW YORK Hagerstown, Md. * 25 142 65c 2% * Preferred High Nov 8 3% 15% 21% 22% Stone A Webster.. Stein Bros.&Boyce Low 98 1,005 56c 50 Union Twist Drill Co 5 United Shoe Mach Corp.25 Range Since Jan. 1 I937 Shares 7 Qulncy Mining Co 25 Reece Folding Machine. 10 Exchange 108% 2% 100 Pennsylvania RR High 98 3 Shawmut Assn tr ctfs Orders Executed Low 2.50 Old Colony RR Pacific Mills Co... 6 10 East 40th St Bldg 5el953 250 W 39th St BIdgs 6s '37 1943 New England Tel A Tel 100 N Y N H A H RR (The)100 North Park Par Week's Range Sale Closing bid and asked quotations, Friday, Nov. 5 Unlisted Bonds Sales Last Exchange * * Oct 56 Feb Goldblatt Bros Inc Oct 11% Apr Gossard Co (H W) com..* Great Lakes D A D com. com. 29 1% 19 100 Oct Oct 2% 19,250 30% 13% 150 27 13% 100 13% 26 27 29 23% 1,250 1% Oct Oct Nov 300 19% Oct 8 9% 600 5% Oct 15 15% 600 9 Oct Aug Jan 5% May Oct 4% Aug July Feb 5% May 10% 50% Feb 38 Feb 42% 12% 29% Jan Mar July Jan Volume Sales Friday Range Since Jan. 1 1937 Last Par Week's Range for Sale Stock* (Concluded) 2987 Chronicle Financial 14S of Prices Low High Week Price Members Cincinnati Stock Exchange High Low Shares Active Hamilton Mfg cl A pt pf.10 7 Oct 13% 30 22 Oct 25 46 10 43 X Oct 14 500 14 Nov 16 16% 150 15 8ept 23 Jan 11 Oct 12 Nov X Indep Pneum Tool vtc..* Indiana Steel Prod com__l Iron Fireman Mfg vtc Jarvis (W B) Co cap 1 Oct 10X 15 Oct 27 Friday Last Week's Range May Sale of Prices Feb 21 1,050 13 X Oct 29X 100 39 Oct 55 Aug .100 95X 95 95 X 111 94 Oct Cm ..50 83 Jan 108 1,350 4 Oct iex Feb 145 79 Oct 100 Jan 750 5 Oct 12X Mar Cln Union Stock Yard * 12 X 82 X 12 X 83 X 8X 85 12 X 11 12 X Oct 22 June 10 85 Nov Mar Crosley Radio * 10 10 10 10 7X Oct 28 Jan 450 57 58 Mar Jan IX Jan 3X 3X Aug 2X 3 1,100 3X 5% 6 200 Oct 13X Oct 45 10% 10X 8% 8% 9X 400 4% 4X 5% 650 2X 10 Llbby McN A Llbby_-.10 Lincoln Printing Co com* Oct "26" Co com. * » Loudon Packing com Lynch Corp com 5 McCord Rad A Mfg A...* 20 19X 19X 19% 48 X 48 X * Kroger Jan Jan Little Miami special.. ..50 2,50 Magnavox July National Pumps Oct 2 Oct Oct 56 18 Oct 48 X Feb Oct 4X Jan Rlke-Kumler Apr Sabin Robbins pref X 300 20 50 Nov Mapes Consol Mfg cap.. 20 20 20 Marshall Field com 14 13 15X 2,200 9 Oct 4 4 4X 1,450 4 Oct 22 Oct Mer A Mfrs Sec cl A com.l * 10 26 26 26 Jan ex Aug 25 Feb 7 31X 113 iex 35 3X 324 IX Oct U S Playing Jan 5 4X Jan May iex Feb Oct 65 x Jan Nov 23 x Nov lix Nov 4% 44 iex * 22 22 22 50 22 Nov 29 May .100 105 105 105 10 102 Feb 105 Sept 10 20 20 21 40 * 3 3 3 265 1 Oct ..50 8 8 8 33 6 Oct Card. ... Preferred 34^ Feb ex Oct 19 X Feb 21 Jan 15 15 15 191 15 Oct 26 Mar 102 Preferred 102 102 1 92 Jan 134 Apr 2X 2X 100 5X 15X Jan 1,500 3X X Oct IX 7 X 2X 7,050 IX Oct 7X Jan X X 200 X Oct IX Jan 850 IX Oct 12 X Jan Ohio Listed and Unlisted Securities 20 Oct 9X Feb Members Cleveland Stock Exchange June 8X Jan Oct 8H 46 X Jan Midland United Co- Common * Conv * preferred A 3X 3X Midland Utll— preferred A 200 1 23 X pref..* 24X 250 21 4X Oct Jan 100 4 Oct 10 Jan 41 41 30 41 Nov 50 July 132 135 130 132 • Nov 156 Feb 4X * 132 Montg Ward A Co cl A...* Nachman Springfllled com* National Pressure Cooker 2 Natl Re pub Inv 150 2X 2X !H 2X Modlne Mfg Co com Monroe Chemical Co com * Preferred 2 X IX IX 2X 100 100 6% prior lien Miller A Hart conv 9X 8 Noblltt-Sparks Ind com..5 North American Car com20 Northern Paper Mills com * Northwest Bancorp com..* Northwest Eng Co com...* Apr 50 2 Oct 12% 18 Oct 36 X Feb 100 1 Oct 3% Feb 1,900 20 Oct 16 50 2 Oct 200 16 Nov Feb 9X 18 Cleveland Stock Exchange Sept 5X Oct iex 14X 14X 100 iox Oct 37 Jan Oct. 30 to Nov. 5, both inclusive, compiled from Mar 13X Oct 54 Last Jan 14 Oct 22 July 19 250 15X Oct 29% Jan 1 350 X Oct 2% Jan 24 X 35 Mar 7X 3X Mar Feb 14X 14X 100 11 Oct 28 X 14 X * Perfect Circle Co com 12 50 1 1 Peabody Coal Co B com..5 Penn El Switch conv A..10 100 14 18 10 Parker Pen Co (The) com 15 14 100 28 X 10 25 Oct 4X X Oct Oct 200 IX X Oct 5X 3X 100 IX June 4% Jan 99 X Jan 4X 5 350 Pines Winterfront com 1 IX IX 750 Potter Co (The) com 1 IX IX 50 X IX "1% com.5 Pictorial Paper Pack X Prima Co com IX Corp com * Public Service of Nor III Common ._* Process 117X ...100 100 * 116% 112X 118 86 98 100 0% preferred 7% preferred 112 136 X 95 Quaker Oats Co com Preferred Oct Oct 120 122 Jan 125 X Jan 105 Oct 86 Nov 50 121 Apr 50 17 Oct 2X 100 1 IX 150 IX X 320 6 11% 11X 12 Ross Gear A Tool com... 20 20 20 10 Sangamo Electric Co Schwltzer-Cummlns cap. 25 23X 27 15 66 Jan 37% Feb Oct 7X 3X 36 X Jan 2% Oct Hos Mills— Sears Roebuck A Co com.* Nov 30 July Feb 400 23X Nov 42 Apr 16 150 lix Oct 28X Feb 69 160 64X Oct 98 Aug Mar 800 X 9 300 ex Oct 14X 20 23 650 iex Jan 40 25X 25 X 25X 40 Oct 35 Mar 17 17 17X 90 25 x 17 Nov 26 Mar 17X 17 18 27X Mar 8X 9 Slgnode Steel Strap— ... 30 Preferred.. Oct 20 1 Serrick Corp cl B com Common Feb 20 IX 1 Common Mar Oct 2X 60c 6% pref vtc... 5 Reliance Mfg Co com... 10 Jan 150 Slvyer Steel Cstgs com. _ So Bend Lathe Wks cap. .5 South Colo Pow A com..25 Thompson (J R) com...25 Trane Co (The) com 2 510 2 Oct 7 Jan 90 20 89 Nov 107 Jan 66 Southw Gas A El 7% 66 30 65 Oct Oct 5X Jan Oct 20X May Oct 2X 2 83 H High 50 6 6 6 Low Shares 5 Oct 33% Jan City Ice A Fuel * 13% 14% 14X 20 13 Oct 21 Feb Clark Controller 1 25 25 25 110 18 Oct 40 X Feb 270 58% Oct 101X Mar pref....* 71 73 78 Cleve Elec Ilium $4.50 pf * 105 105 105 5 35 39 528 Cleve Cliffs Iron 38X 100 * Cleveland Ry Jan 103 X June Oct 31 112 Oct 50 Mar 100 Aug Jan 63 X 17 iex 21 2.085 14 * 70 70 70 20 68 Feb Grelf Bros Cooperage A..* 100 40 40 40 58 40 Nov 60 Jan 39 39 39 80 39 Nov 50 May A) $5 cum pref* * * Jaeger Machine * 95 94 95 56 94 Oct 104 Kelley Isl Lime A Traj...* Lamson A Sessions * Cliffs Corp vtc Halle Bros pref Hanna (M Interlake Oct 37X Mar 18 Oct 30 Feb 5 Oct 14 Jan 285 9 Oct 27 Jan 420 4X ex 310 13 13 13% 3X Drug...* 8X * 25 12 X 12% 3X 5 17X 3X 3% National Refining.. 20 18X ex 17% Murray Ohio Mfg.. 25 260 21 18 * * 100 7% cum pref Miller Wholesale Mar 21 4% McKay Machine Metro Paving Brick 73 X 18 4% Lima Cord Sole A 18 Oct 43 21 * Heel.__l Leland Electric Oct 42 ex 78 Jan 8 41 42 Steamship Apr 70 167 8% 8% 8X Harbauer Co 10 17X 3X 10 Nov Oct 16 3X Oct 8X June 26% 11% Mar Mar Mar 78 8X 13 Aug 9 78 85 100 7X Oct 15 135 12 X Oct 30 Jan 100 3X Oct 12% Feb 12X 4 78 Jan National Tile Apr 89 2% pf 100 St Louis Nat Stockyds cap Standard Dredge com....* Convertible preferred._* Swift International 15 Swift A Co 25 Sundstrand Mach Tool Co* Oct 12 600 Par Stocks— Airway Elec Appl pref..100 Range Since Jan. 1, 1937 for Week of Prices High Low Elec Controller A Mfg 66 Raytheon Mfg— Common v t c Jan 104 490 18 18 Feb 1,350 230 137X 136 Rath Packing Co com... 10 Oct 50 80 80 116 Jan Week's Range Sale Price official sales lists Sales Friday — preferred Ontario Mfg Co com A. T. & T. CLEV. 565 & 566 Telephone OHerry 5050 Feb 58 1,100 8 7X Union Trust Building, Cleveland Jan 250 2X 16X 2 X 2X WOODcb G ILL IS Jan 17 28 24 X 24 H 22 Oct IX IX Natl Union Radio com...l Nov 8 3 ■. 24 24 9X 150 24 3 Tr pref..* 450 8X 9X National Standard com.. 10 Jan 3 6% 5 purchase warrants Jan 3 2X Common Middle West Corp cap Feb 4% 20 * U S Printing Jan 49 X 16% 4X Wurlitzer Mlckelberry's Food Prod— Jan 50 3 100 48 16 X * B Mar 30X 4% 48X * Proctor A Gamble Randall A 13 13 13 * 16 26 IX IX * 400 210 5% Mar 33X IX Oct 93 X 150 24 Oct 10 93 1st pref Manischewltz IX 1 25 93 Kahn common Mar 20 300 8 4X Manhatt-Dear'nCorp com* IX 101 Oct 50 Oct 9 Oct 3X 48 X 9 2X 20 25 9 27X 40 48% * 50 3 Oct Nov 100 20 15 24 3 38 Jan 15 101 x 24 35 25 31 3% 38 Nov 24 200 25 30 30 Jan 93 75 35 24 Julian A Kokenge 3 * 10 Jan lix 27 35 24 July Oct 19X 15% 12X 8X 5X Feb Oct 26 35 * Feb 50 Feb 26 * Jan 7X Oct 31 * Hobart A 89 Oct X 49 X Gibson Art.. Oct 3X 36 105 54 850 Oct 2 Early A Daniel pref 500 Oct 150 Dow Drug Jan IX Apr 6 110 Feb 43% 4X Mar 6 110 28% Oct 1 9 115 6 no Oct 4 Oct Sept * .100 10^ 19 30 14X 27 —4 125 Telephone 50 13 26 ~26% La Salle Ext Unlv com...5 Rollins High Low Cln Gas A Elec pfd ex Leath A Co com 7% Range Since Jan. 1, 1937 for Week Shares High 7% 85 50 6% preferred 100 Kerlyn Oil Co cl A com..5 Kingsbury Breweries cap.l N'west Utll Low Price 5% Ky Utll Jr cum pref 6% Par Stocks (Concluded) Sales Feb 45 Ken-Rad T A Lamp comA* Stock Aug Mar 19% "~7X Kellogg Switch A Sup com* Preferred 100 Prior preferred Tel. Cin. 363 Jan 49 5 CINCINNATI TRUST BLDG. Phone Cherry 6711—Bell Sys. 45 "20 X Joslyn Mfg A Supply com 5 Katz Drug Co com Lion Oil Refining Oct 250 17X Oct 150 e 16 ♦ Oct 92 25 BALLINGER & CO. UNION Aug 4X 19X MX 150 25X 5% 4X 50 Oct Jan 290 102 25 "1% 1 ex ex 100 IX 150 2% 2% 1'0'ix 100 12 12 2 3X 100 5X in Cincinnati and Ohio Listed and Unlisted Securities 52X May 21% June 10 $3% preferred Mar 14 100 Lindsay Light com Jan Trading Markets Apr 25 5X Hupp Motor com (new)__l Le Roi Co com. Oct 46 "46" Hormel A Co (Geo) com A* Hubbell Harvey Inc com.5 Illinois Brick Co cap Nov 5 24 25 Hibb Spencer Bart com..25 Horders Inc common * 111 North Utll pref 7% 6X Hein-Wera Mot Pts com.3 Heller pref ex-warre 7 14 HX 50 700 7 7 Heileman Brew Co G cap. 1 Jan 4 3X 4X 13,150 16 15X 17 X 2,050 25X 26X 550 33 X Mar 17X 18X 14 1,200 2X 9X 23X 15X Oct 28 X Mar 150 12 X Oct 28 X Mar 4X lix IX Oct 16X Mar Oct 26X 3 3 3 50 10% Mar _* 34 34 34 30 28X Oct 67 Mar 13 13 13 97 10X- Oct 20% Mar 18H 18% 18% 40 17X Oct 34 Peerless Corp * * 3 4X 4% 4% 200 3 Oct Richman Bros * 37 39 X 623 34 Oct 75 7% 57% 9% 64% Packer Corp Patterson-Sargent 37 2 Oct Oct 2% Feb Mar Mar Apr * 3 X 3% 3X 100 1 * 23% 23 X 23% 15 20 Oct 10 Sept 10 Jan 31X May 1 4% Seiberllng Rubber.. 8% cum pref S M A Corp 10% iox 10% 50 32 32 32 20 Aug July 4X * Ohio Brass B Apr *18" 14 "Ix 5X 5X 350 14% 14X 15X 600 2% 1,250 1,150 Oct * 5 7 2 X Sept 2 2 200 IX Oct ex Feb * IX IX 100 X Oct 5 Walgreen Co common * Wieboldt Stores Inc com..* 22 X 23 X 450 18 Oct 49 x 14X 14X 13 Oct 26% Mar 83 83X 30 83 Nov 93 2X 4X Oct 12 Oct 12 5X Oct 15X Feb 12X Oct 43 X 7X 3X 2X Aus 185 6 Oct 10% 13X 160 3 Oct 14 2% 3X 2 2 Oct 270 2 Oct 7 7X 3% Warren Refining 34 4 4% * Van Dorn Iron Works Oct 50 4% ..1 Upson-Walton Feb 100 A Troxel Mfg Apr Mar Feb Jan 5% Jan 2 Stouffer Corp Utah Radio Products com Utll A Ind Corp com Convertible pref.... Wahl Co (The) com Cumul prior X 14 X pref..___.* Williams Oil-O-Matic com Wisconsin Bank shs Woodall Indust com 5X * com.* 2 "5% 250 5X 5X 1,400 5X "2IX Zenith Radio Corp com. 6 ex 23X 1,450 4,600 20 Jan Watling, Lerchen 8a Hayes Members New York Stock June X Feb Detroit Stock Mar New York Curb Associate Exchange Chicago Stock Exchange Exchange DETROIT Buhl Building Telephone: Randolph 5530 Cincinnati Stock Exchange Oct. 30 to Nov. 5, both inclusive, Sales Week's Range for Sale Par of Prices Low High Price 5X 5X .20 19X 19 X High Oct 13% Feb 19% 56 iex Oct 36 X 5X 25 5 Nov 46 80 Nov 5 5 80 80 80 100 106 106 106 * 7 7 7X * 7 7 7 * 2X 2X 2X 8% 93 Feb July Auto City Brew com Allen Electric Jan Baldwin Rubber com 56 5X Oct 13 X Jan Briggs Mfg com. 5 5% Oct 14X Oct Burroughs Add Mach 100 2X Nov 7X Mar 3 105 Oct ' Par Stocks— Price Week's Range of Prices High Low Feb 8 For footnotes see page 2990. Sale 4X 111 Burry Biscuit com — 1 * 1 * * 12%c 8X official sales lists Sales Friday Last 60 6 110 Churngold Shares Low Exchange 5, both inclusive, compiled from Week * Preferred. Oct. 30 to Nov. Range Since Jan. 1, 1937 Last Stocks— Detroit Stock compiled from official sales lists Friday X 1% 8% for Range Since Jan. 1, 1937 Week Shares High Low X IX 950 % Oct 225 9X 2,945 1% 5% Oct Oct 2% 3 30 30 275 24 Oct 15% 56% 20% 21 871 16 Oct 35 3 325 2 Oct 3 7% Feb July Feb Jan Jan Mar 2988 Financial Friday Chronicle Nov. 6. Sales * Friday r, Last Stocks (Concluded) Bower Week's Range Sale of Prices Low High Price Par 23% 6854 1% ... Chrysler Corp com 71% Continental Motors com.. Cunningham Drug com2.50 1% Ys com... Cripple Creek Gold-.l Detroit Edison Det-Mlch Stove 3 com 3 54 Fruehauf 13 ... 100 15k 600 2,160 Oct Nov 2 1,860 Stocks (Concluded) 34% Aug 132% Mar 3% Feb Feb 25% 3% Mar Jan % Jan 145% 3% May 1% Oct 'u May 98 kOct 1% tOct 174 11 Feb 10 Jan 28 150 285 13 150 5 126 130 556 7% 7% 42% 3% 2% 4% 3% i Goebel Brewing com Gragam-Palge com General Finance com... 3,798 4% Hall Lamp com 3% Hosklns Mfg com 14 30 Shell Union Oil Corp * Sierra Trading Corp...25c 19 Hudson Motor Car com. Signal Oil A Gas Co A ...* Sontag Drug Stores * 25 9 Sou Calif-Edlson Ltd...25 2034 Orlg preferred 25 6% preferred B 25 534% preferred C 25 Sou Calif Gas 6% pf A..25 3534 Hurd Lock A Mlg com.. Kingston Products com. Kresge (S S) com 10 Klnsel Drug com........1 56 Mar Oct 48 Mar Oct 1434 3234 Jan Oct 41 Feb Oct 9 9 100 9 600 19 Oct 100 2634 2434 2834 2034 3554 2634 2434 2834 300 3434 2534 2434 2734 25 25 Jan 24 100 Feb 32 34 15c 2034 3534 2634 2434 2834 2c 20 2134 900 Aug Jan Jan Oct 29)4 2834 Mar Oct 31 Aug Oct 62 54 Mar Oct 1734 32 32 3334 300 2834 3 3 334 400 1,900 Oct 3434 1234 2134 834 Oct 4% 2% 1% Feb July 100 Transamerlca Corp 110 4934 1634 Aug Oct 2834 1834 July 8 8 5 5 8 Feb Wellington OiiCo.. 1 Yosemlte Portland Cem... 634 334 634 634 400 5 Oct 334 334 400 334 Oct 2,000 2% Feb 5% June 7 Oct Jan 3,303 4 Oct 23 13 1,000 3% 17% % 3% 2,163 2,026 July 2034 1,800 400 5 Oct 40 5 Oct 5 Feb 9 Feb 1334 Apr 534 June Mining— Blk Mammoth Cons M.lOc Calumet Gold Mines Feb 20c 20c 20c 10c Feb 2 34c 2 34c 2 34c 1,000 26c 20c 27c 8,600 2c 134c 2c 26,000 334 334 Cardinal Gold Mining Oct 1% Feb 1 Imperial Development .25c Oct 834 Feb Pioneer Gd M of B C--10c 334 Oct 15% 34 234 Oct 10 22% 2734 300 Mar Weber Shwcse A Fix 1st pf * Oct 2 55 Feb Oct % 1,400 Feb Oct 2934 934 1734 5 70 9 1,100 12 * Feb Oct Union Oil of California. .25 Oct 2% 2934 1134 1934 3334 .25 . 2 Feb Oct Oct 4 120 100 2034 Oct 32 3,266 7,278 500 * 17 9i« Nov 6,000 1 170 3% Lakey Fdry A Mach com 19 7c Standard Oil of Calif 270 % 3% 15% Oct 100 19 7C High 29 Sunray Oil Corp Superior Oil Co (The). Jan 18 8% 19 7c Low 95 Jan 13% 9% 8% 30 Feb 13% B— 30 Range Since Jan. 1, 1937 Shares 1134 2% 2134 1934 18 Houdallle-Hershey Price 23 t 2,097 38% 3% 2% 39% 3% 2% 4% 10 com Week Security units of ben int... Universal Congol Oil General Motors for of Prices Low High Feb 17 13 Par Week's Range Sou Pacific Co Oct 2% /Oct 15 /Oct 4% /Oct 8% KOct 2% Oct 1 iOct U% 434 1% 3 Gar Wood Ind com 1% 800 13 Frankenmuth Brew com.. 100 1,000 11% 3% 1% 3% Oct 1% 5 com Federal Mogul com Federal Motor Truck com Oct 55 3% 3% 17 Detroit Steel Corp corn... Eureka Vacuum 22 102 1% 2% 3% Det Gray Iron com Det Paper Prod com High 100 \ 99 100 com Low 1,289 1\ Sales m Last Sale Shares 23% 71% 1% 15% 15% 10 Det A Cleve Nav Det Range Since Jan. 1,1937 for Week 1937 29% 1% 9% Jan Tom Reed Gold Mines.-.1 35c Jan Zenda Gold Mining 12c Oct lc Mar 4c 20c Sept 8234c Feb Jan 9c Feb 334 Nov 334 Nov 39c June Feb Feb Oct Oct 134c 100 35c 35c 2,500 30c Oct 48c Jan 6c 1 6c 6c 3,000 5c Oct 15c Jan 234 3934 1934 234 3954 200 134 3234 534 Jan 100 Oct 6834 Mar 19 34 100 16 Oct Mar Apr / Unlisted— Mascot Screw Prod com..l McAleer Mfg com McClanahan Oil com 1% I% * 1% 1% 1 com 5 Murray Corp com 10 Penln Metal Prod com...l 2% Rlckel (W W) com 2 River Raisin Paper com..* Tivoll Brewing com 1 "4% Tom Moore Dlst 1 2 34 130 12 4 Oct 4 Oct 1,365 28 Oct 13 Jan 675 2% % '*16 775 3% % 6% 475 'ok 3% % 6% Wolverine Brew 1 com Wolverine Tube 2 com 860 100 195 10 16 Jan 1734 Feb 100 434 100 9 534 9 934 Oct 5% 2% Oct Nov 534 8 534 3% Oct 434 Oct 1% Oct % Oct 234 Oct % July 6% Nov Oct 9 Feb 6 Oct 834 8 Oct Oct 534 5 9 Oct Oct 334 700 * 1% Oct 400 200 834 5 Feb 2% 3% 2% 542 5% 5% 2% 54 * * 734 6 7 Standard Brands Inc 10 975 120 1 Radlo-Keith-Orpheum 634 534 Warner Bros Plct Inc Oct Oct 540 com Corp of America.._ * Feb 2 2 7 B Feb Radio Oct 5434 1734 1234 1254 Feb 2,795 3,126 400 7 Wayne Screw Prod com..4 26 Oct Oct Union Investment com...* Warner Aircraft * j an 13 Oct Oct 2% United Shirt Dlst com...* * 1 Feb 200 2% 10% 4% 2% Universal Cooler A North Amer Aviation Packard Motor Car 1934 .634 534 754 534 3,214 765 426 849 3% 13% 2% 334 3% 4% 4% 2% com * Mar 1% 4% Oct 6,660 2,627 234 3934 N Y Central RR 14 14 10 com.. 18 Oct Oct * Montgomery Ward A Co.* Jan Feb 4 34 3% 4% 3% 4% 3% Standard Tube B com...l 170 Oct Oct Cities Service Co Feb 2% 4% 134 Sept 2034 1234 44% 5% 19% 5% 9% 5% 6% 10% 28% 3 5 Tlmken-Det Axle 8 6 13% 2% * com 230 5% 3334 3% 34 Prudential Invest com—1 Reo Motor 110 Y i% 15% 7 5% com Pfelffer Brewing com 1% % 7% % 1% 8$ 15% Packard Motor Car com..* Parke-Davis 1% June 3,275 9I 8% % m "s% Mich Steel Tube com.2.60 Michigan Sugar com Mid-West Abrasive comSOc Motor Wheel 410 600 1% 1% 71« 1,600 Oct 534 Jan Feb Jan Feb Aug Aug Philadelphia Stock Exchange—See 2990. page Jan Feb Feb Jan Jan H. S. EDWARDS & CO. Feb 11 Mamhflr. Members UNION Feb 9% 8% Tel. Feb Mar'" i jjew York Curb Exchange Feb BLDG., 180 (Associate) PITTSBURGH. PA. Oourt-6800 A. T. & T. Tel. Pitb-391 BROADWAY. NEW YORK Jan Feb '*16 18 ( Pittsburgh Stock Exchange j BANK Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds Feb Pittsburgh Stock Exchange Oct. 30 523 W. 6th St. Stocks— Par Allegheny Steel Oct. 30 to 1834 334 3934 1234 1054 134 Armstrong Cork Co com..* Teletype L.A. 290 Angeles Stock Exchange Last Sale Blaw-Knox Co * Byers (A M) com .1 Copper weld Steel Range Since Jan. 1, 1937 for ITice Week of Prices Bandlnl Petroleum Co 1 Barker Bros 5 34 % pref. .50 Barnhart-Morrow Cons..l Berkey & Gay Furniture. 1 334 29 Low High 334 29 55c 134 434 29 50c 134 700 20 60c Low Shares Oct 934 Jan Nov 234 29 4154 Apr Duquesne Brewing Co...5 90c Oct 100 3 34 Oct 513 434 [Oct 22 34 121 2034 Oct 20 100 17 Oct 3,100 35c Oct 700 1434 200 Oct 2434 15 130 5 Oct 41 30 150 30 Nov 99 Jan 10534 50 100 1 Oct 110 Sept 834 745 104 734 40 40 50 234 1,345 154 10 Mar 40 22 34 Oct 5c June 334 Jan Feb Phoenix 754 Jan 8c 8C 8c 2,000 4c Sept 13c Feb Pittsburgh Pittsburgh Pittsburgh Pittsburgh Oil 25 25c com Forging Co 1 Plate Glass..25 25 6c 25 6c 7 7 6c 2,500 8 9c 2,000 7c Nov 17c 6c 9c 6,000 5c Feb 1.50 500 1.50 Sept Sept 16c 1.50 4.50 Feb Screw & Bolt.. * Steel Foundry. * Plymouth Oil Co 6 Feb Rentier Co Jan Reyner & Brothers * San Toy Mining Co Shamrock Oil A Gas Standard Steel Spring 1 Mar Victor Brewing Co 1 65c Mar Westinghouse Air Brake..* Westlnghouse El A Mfg.50 122 91 160 10 368 10 8834 6c 155 2634 500 754 Oct 100 254 Oct 200 7 Oct 7 Oct 1234 1754 1754 2434 1934 50c Oct 154 1054 400 95c 1,400 Hancock Oil A 2134 * 200 10 3934 934 com 834 1034 10 General Motors $5 pref..* Gladding McBean & Co..* Globe Grain & Milling..25 6 135 10 10 85c Oct 8 80C 39 42 934 6 600 654 39 Oct Feb Mar Mar Feb Oct 70 934 634 100 8 Oct 3034 5 Oct 1134 Feb 22 54 500 Oct 2734 85c 85c 100 55c Oct 1.50 Mar 234 234 100 234 Nov 234 Nov 5c Oct 18c 16c June 2134 7c 7c 7c 1,000 29c 26c 39c 22,400 7234c 17c 17c 18c 3,800 10c Oct 60c Feb 734 754 8 200 534 Oct Feb Los Angeles Indust Inc..2 1634 234 234 254 800 Oct 5 5 5 100 654 10 Feb Los Angeles Investment.10 154 434 Menasco Mfg Co Mid-Western OH Co Mills Alloy Inc A 134 154 134 1,900 90c Oct 11c 4,200 lc Jan 60c 11c 10c * 70c 70c 70c 100 Merchants Petroleum Co.. 33c 33c 36c Nordon Corp Ltd Occidental Petroleum 17c 17c 19c 1,200 6,300 5 2c 10,000 334 * 2,405 12 65c 2934 9834 10434 614 Mar 30 2934 Apr 234 Mar 434 May Oct 2 34 2c 2 34 9 400 Feb 14734 1934 Oct 1 10 Jan Feb Feb 12 34 100 12 Oct Jan 25c Nov Jan 4c Oct fOct |Oct Jan Jan 754 12 60c I Oct 18 Jan Oct 1.25 Feb 5654 16334 Feb 150 8934 Oct Jan ST. LOUIS MARKETS Jan Lincoln Petroleum Co.. 10c Lockheed Aircraft Corp._l 10c 2c 234 Oct 5 400 334 334 8154 434 29 27 Mar Jade Oil Co 1 134 234 Nov Aug 85c 10c Kinner Air & Motor Ltd..l 1 15 134 1 1834 7 Jan Jan 18 834 9 1834 Oct Mar 200 234 Holly Development Co...l Hupp Motors Cars Co Nov 40 234 2.25 534 1054 Jan 2% Oct 534 1434 Nat'l Flreprooflng com...5 Peun Federal Corp pref.50 Oct 834 1034 534 1034 534 fOct Mar 1.50 Consolidated Steel Corp... Preferred Emsco Derrick A Equip..5 Exeter Oil A com 1 Feb July 7254 1234 Oct 60 11 334 EOct 1.10 100 Feb 1,466 62 34c 55c 73 Jan Aug 634 100 73 Feb Feb 634 1,000 73 July 26 1 Claude Neon Elec Prod... •Consolidated Oil Corp Mar 4 934 Chapman's Ice Cream Co.. Chrysler Corp 5 Preferred vtc 534 |Oct 1,500 Feb 2954 2154 '""634 60c 7c 160 134 4 1434 5 2 54 7c 1134 Mar Mountain Fuel Supply.. 10 60c 1 453 Oct 9 34 i Oct 11 105% 254 c..l 14 t Mar 1254 7034 3134 854 2034 3434 * 60c 154 120 30 "12% 254 Warrants Bolsa Chica Oil A com..10 40 4534 High 43 Oct Oct Mar 90c 334 1434 3 34 20 21% Follansbee Bros pref 100 Jeannette Glass pref...100 Lone Star Gas Co High Low 597 834 2134 10 Koppers Gas A Coke pf 100 Sales Week's Range 10 Devonian Oil Range Since Jan. 1, 1937 Shares 22 4 Mesta Machine Co Par v t Price Clark (D L) Candy Co.. Columbia Gas A Electric Friday Buckeye Union Oil Preferred Week Arkansas Nat'l Gas com..* San Francitco Stock Exchange Nov. 5. both inclusive, compiled from official sales lists Stocks— for of Prices Low High * com Carnegie Metals Los Week's Range Sale Chicago Board of Trade Los Angeles Sales Last MEMBERS Lot Angelet Stock Exchange 5. both inclusive, compiled from official sales lists Friday Wm.Cavalier&Co. New York Stock Exchange Nov. to Oct I. M.SIMON & CO. Business Established Enquiries Incited Feb 454 June 2.25 Mar 13c 45c New York Stock Exchange St. Louis Stock Exchange Mar 80c all MEMBERS 23c June Oct 32c June 1874 on Mid-Western and Southern Securities New York Curb (Associate) Feb Julv 1 35c 35c 37c 500 25c Oct 80c Oceanic Oil Co 1 1.10 1.10 1.15 300 70c June 2.00 1 21c 21c 22c 2,500 40c Mar 134 315 North Fourth Mar Olinda Land Co Chicago Chicago Stock Exchange Board of Trade May Pacific Distillers Inc 16c Sept 1 55c 55c 70c 1,200 55c Nov 10 1534 1534 2934 400 1254 Oct 2854 2634 2034 300 2834 June Pacific Pub Service com..* 1534 2934 2634 2034 434 Republic Petroleum com.l 534% preferred 50 5 5 38 38 Pacific Finance com Pacific G & E 6% 1st pf.25 534% 1st preferred 25 Pacific Indemnity Co 10 Rice Ranch Oil Co 434 Feb Friday 100 2534 Oct 300 15 Oct 35 434 554 1,100 60 434 254 30 Nov St. Louis Stock Jan Jan 26 34 21 200 St., St. Louis, Mo. Telephone Central 3360 32 3234 2834 38 Feb Jan Oct. 30 to Exchange Nov. 5, both inclusive, compiled from official sales lists Sales 834 Jan Last Oct Week's Range 1334 Feb Sale Oct 50 of Prices Low High July 1 18c 18c 18c 1,500 18c July 8734c 554 554 3,600 434 Oct 1054 May 5 5 Par Price Range Since Jan. 1, 1937 for Week Shares Low High Mar Richfield OH Corp com...* Roberts Pub Markets Inc.2 Ryan Aeronautical Co 1 Samson Corp B com * Stocks— ■ 6% preferred ...10 Jan Brown Shoe 154 154 634 534 154 500 1.35 Oct 334 Feb 1.10 1.10 1.10 30 Burkart Mfg com 1.10 Oct 3.25 Mar 234 234 234 700 Century Elec Co (new).. 10 234 Oct 654 Feb Coca-Cola Bottlingcom..l 500 4 Oct 954 American Inv. com com * * 21 38% 285 24 90 634 2734 I 20 23 For footnotes see page 2990 170 3754 37% 1 2134 634 2734 90 145 Oct 25 Aug 37 Oct 4934 Feb 22 Oct 37 Jan 6 Oct 934 Aug 3954 May 2434 Oct Financial Volume 145 Sales Friday Last Week's Range Sale Stocks (Concluded) Columbia Brew Dr Pepper Price Par of Prices High Low 5 3 ...» 25 com.. com Emerson Elec pref ..... 100 Falstaff Brew com __1 Griesedleck-West Br com Husssmann-Llgonler com Low 801 615 2% 19% 71# 4.% 247 10 71# 7# 71# 26 26# 15 47 50 8 Oct Oct Nov Oct Oct 10 Nov 75 June International Shoe * 36 35# 36# 477 33 Oct 12 12 25 11 com Johnson-S-S Shoe com...* m Oct 25 12 12 13 630 11 Oct 9 235 30 30 6# 66 7 120 16 40 6# 5 Oct 13# Oct 29 6 Nov 5 110 Oct 100 100 20 100 Nov 9 100 2nd pref.. 100 Scullln Steel pref ._._* Southwes Bell Tel pref. 100 Sterling Alum com —1 Wagner Electric com 15 70# 12 120 71# 60# 60# 10% 12% 120 120% Super Mold Corp of Calif 10 13# Mar 117# Sept Tide Water Ass'd Oil com 10 July 26% 29% 90 2 Oct 7# 12# 19 210 16 Oct 33# Feb 25# 550 20# Oct Mar 5,028 22 Oct # 31# 13# 33 21# # 34# 13# 18# # Oct Oct 48# 69# 65# 3,168 28 Oct 603 11 Oct 15# 11# 20# 16# 12# 21# 13# 9# 17# Oct Oct Oct 24# 26# 2,821 3,723 1,719 1,295 1,305 160 12 3# 10# 32# 13# Transamerica Corp......2 Union Oil Co of Calif—25 3 Oct 7 Oct 8# 19# Feb Apr Union Sugar Co com Universal Consol Oil 25 Oct 35 Apr Nov Nov 83 June Victor Equipment com 1 Preferred .......5 68 8 310 68 10% 00% Oct 5 117# June 5 Oct 955 19 Oct 25 10 837 300 Apr July Mar Jan 1 49# Feb 21# June 21# 16# Sept 17 Apr 28# 28# Oct Oct Oct 18# 9# 18# Feb Aug Feb Oct Mar July July gL£ 9 5# 12# 5# 4# "288 11# 49# Jan Mar Waialua Agricultural Co 20 39 39 39 Oct 85 Mar 29# 128 Wells Fargo Bk & U T.100 Western Pipe A Steel Co. 10 Yel Checker Cab Co A..50 277 275 280 70 275 Nov 350 22 22 22 225 16 Oct 40# 39 37 39 50 32 Oct 64 Jan 36 36 36 10 36 Nov 59 Jan 482 3 Oct Mar Feb Series II 50 3# Yosemlte Port Cem pref. 10 Bonds— 1934 t United Railways 4s.. 1934 26% 26# $14,000 25 Sept 33 27 27% 7,000 25 Sept fUnlted Ry 4s c-d's 26% 27 6,000 24 Sept 36# 34# fClty & Sub P S 5s 20 341 June 16 125 *26# 10# May Oct 12 Standard Oil of Calif——* Feb 102 19# June Oct 20i? So Pac Golden Gt B 8 9 26 71# 60# 100 1st pref * Mar ■ Preferred Shell Union Oil com Oct 1 15# 12# 20# 24# 8# 5# 25 10 50 3# 3# 26 Jan 4 29 May Jan 177 26 116 112# 110 5 Feb Apr 9# Soundvlew Pulp Co com..5 Southern Pacific Co.-.100 Aug Mar 110 Scruggs-V-B Inc com Oct Sept 642 24# 13 15% 18# 13# 50 Oct 5 2# 35 150 3,168 Signal Oil & Gas Co A— * 70 .* St Louis B B1 Equip com.* 24# 28# i Mar Oct Rice-Stlx Dry Goods com. * 1st pref.. 100 2nd pref 100 0# 19 Preferred Jan Nov 1% 16 6 19 5 Jan Mar 12 * 13# 6# 1# 5# 32# 26# 11 35 Natl Candy com National Oats Co com 13# 5# 1# 5# Mar 225 113# 13# 6# 1# 5# 22 17 113 670 Schlesinger Co (B F) com. * 14 113 278 Oct 28 Feb 5 Eheem Mfg Co common.. 1 Richfield Oil Corp com * 16 8# 87 5# 38# Jan 13 28 Oct 5# 37# 5 Apr 16 com 40 5# 37# 1 50 49# 17# 13 Midwest Pip A Sply com. * Jan 325 42# Feb com * Natl Bearing Metals com.* Preferred 100 150 Republic Petroleum 5#% preferred Apr 20# Oct Lacelde Steel com 152# Oct 42# 90 -.20 Laclede-Christy C Pr Mo Port Cement » Oct 133 6% preferred..— 100 Ry Equip & Realty com..* July 5 119 Mar 42# Jan 220 134 11# 40# July 75 122 134 17% Cigh Oct 20 122 134 17# 24 11 Pacific Tel A Tel com..100 57 10 Low 370 17# 122# Feb 23 85 Range Since Jan. 1 1937 Shares Mar Nov 10 of Prices High Low 48 Nov 85 Price Par Week 125 14% 85 .6 com Preferred (Concluded) for Week's Range Pac Pub Ser (non-v) com.* Preferred * Mar 6 47 235 ..100 Huttlg 8 & D Stocks High 24 20 25 14# * . Preiser '30——50 Last Sale Shares 3# Sales Friday Range Since Jan. 1 1937 for Week 47 7# 26# * _ 2989 Chronicle 3# 35# 60 3# Feb Mar 4# June May Jan Jan STRASSBURGER & CO. Montgomery Street, San Francisco 133 & Co. Dean Witter Members: NewYork Stock Exchange, SanFranciscoStock Exchange, Chicago Board New York Curb Exchange San Francisco ofTrade Tacoma Seattle Portland Stockton IFresno NewYork Honolulu Beverly Hills Los Angeles long Beach San Francisco Ppsadena San Sale Par Price Week'sJRange of Prices High Low Alaska Juneau Gold Min 10 13# 11% Anglo Cal Nat Bk of S F.20 17 17 Assoc Insur Fund Inc—10 3 3 Diesel Eng....5 9 8% California^ A . .80 5 * 188 Atlas Imp Bank of Bishop Oil Co 6 Calamba Sugar com 20 Calaveras Cement com..* 33# 4# 33# 4# 1 * Calif Packing common. _* 50 Preferred Calif Water Serv pref—100 Caterpillar Tractor pref 100 Chrysler Corp 5 CstCosGAE6% lstpf 100 Cons Chem Indus A -* Creameries of Amer Inc--1 Crocker First Nat Bk__ 100 Crown Zeller Corp Preferred com..5 --* com.--10 $3 preferred —100 Doernbecher Mfg Co * Emporium Cap well Corp. * 4#% cum pref w w__50 2 Oct 983 4 Oct 25 Feb 50 185 Oct 214 July 446 100 740 30# 20 190 3 Oct 22 Oct 10 50 May Nov 106# 25# 51# 98# 101# 100 10 101# 101# 101# 101# 101# 240 33 5 33 4# 327 10 79 30 6 Nov Oct 25 Apr 8# 470 64# Oct 108# Apr 6# 365 Oct 17# Mar 30# 6# 13 32# 10# 160 Oct Oct 59 Mar 9 Sept 530 2# 22# 5# 9# Oct 240 27 24# Mar 47# Mar 19# Mar 30 6 30 30 9% 35 245 900 30 35 2# Galland Merc Laundry _—* 30 30 General Motors com—-.10 39# 8# 39# 8# 30# 42 12# 22# 26# 1.25 10 36 * 21 4 i2# 22# 26# 1.20 36 20# 1# 650 3 18 . 10 30 1,190 «# 872 4# 2,435 0# 42 69# Oct 90 Jan 27 Oct 57# Oct 30 2# Oct 27# Aug 36# Sept 1.40 11,180 Oct 1.40 Nov 36 100 35 Oct 49# Mar 22# 1# 600 16 Oct 31 Aug Feb Jan Feb 1,00 170 10 Oct 218 34# Oct 42 1# 500 1,300 1,539 1# Nov 14 Oct 5 Oct 1,160 # 300 17 662 12# 11# Market St Ry pr pref—100 Meier & Frank Co -10 15 15 15 100 12 765 8 B - * 50 50 50 13 13# 12# 19# 8# Paauhau Sugar. 11# Pacific Can Co 25# 29# 26# 39# .15 * Pacific Gas A Elec com—25 0% 1st preferred—25 5#% preferred 25 Pacific Lighting common.* 6% preferred t For footnotes see page * 9# 9# 9# 13# 12# 19# 8 104 4# 2990. 8 Feb 22 Oct 12 12# 19# Apr Oct 35# 20# 8# 9# 7# 8# Jan Oct 9 12 9# 8# 9# Feb 19# 35# 18# 7# 1# Mar 24 13# Oliver United Filters A* 70# 18# 8# 962 470 13 O'Connor Moffatt A Co A A* 40 Oct 16 —-* 5# % pref. 100 Mar 7 16 N Amer Inv Mar 22 32# ' Oct 13 Natomas Co— 7 Oct Oct 2 16# 12 1# Mar 300 12# 22# 27# 11# 11# 25# 26# 28# 29# 26# 26# 39# 40 103# 104 4# 4# 5,435 1,915 10 993 20 600 1,380 30 40,773 2,103 201 395 - 7# 6# 50 9# 9# 12 4# Oct Oct Oct Sept Oct 45# 16# 5 23# Feb Feb Jan Mar 28 Feb 38 Jan 10 Nov 13# Mar 16# 17# Mar Oct 28 Oct Apr 18 Oct 38 Jan Jan 2 Oct 6# Feb 85c Aug 149# 154# 309 186# Jan 65c 7,720 55c Oct 970 Feb 50 12# Oct 27# Feb 240 1.80 60c 15 4.50 Calif Art Tile A — Calif Pac Trading pref— Calwa Co.------- 1.50 Carson Hill Gold... 11.60 Jan 9 8 Oct 100 2# Oct 18# 9# Mar 4# 6,555 3# Oct 13# 17# 10# 6# 20# 12# 155 13# Oct 120 10# Nov 4.00 6# 18# 1 Oct 9 Bunker Hill A Sullivan.. 10 4.00 100 4.00 Nov 8.00 Feb 1.50 1.60 60 1.50 Jan 2.00 Mar 36c 3,100 25c Aug 50c July 7,000 3,900 1,800 2,100 Cardinal Gold. 1 "25c 20c 25c z Central Eureka —1 —1 1.75 1.55 1.85 1.75 1.65 1.85 Preferred 2 6 82o Feb Jan 1.90 Mar 1.90 Mar 1# Oct 70c 2# Jan 5# 3# 8# Mar 4 Dominguez Oil Fields Fibreboard Prod pref. .100 40 40 25 40 101 101 80 100 General Electric Co—.... 7# General Metals.. 50c Oct 1.60 20 1.40 Jan 2.00 May 3.60 Apr 6# 65c 55c 65c 45c Oct 1.85 Mar 46c 46c 50c 1,607 30c Oct 1.25 Mar 2.45 2.40 2.75 3,605 1.45 Oct 7# Mar 25c 25c 39c 6.075 10c June 72e Feb 31c 34c 5,900 Feb 3.20 3.50 108 6 6# 785 12o 12c 100 1 Copper-5c 5 Sugar Co—— 20 Nevada Porphlne 32 32 63c 3.75 Oct 4# Oct 17# Mar 8c Oct 53c Feb 24c 32 7# 6# 7 107 7# Jan Jan "5# .1 Jan Oct 18# Feb 6 300 1.00 1,981 90c Oct 4.15 Jan 2.00 25 2.00 Nov 8# Feb 16 40 13# 4# Oct 29# Apr Oct 12# Feb 1.45 395 5% 3# 2 210 Oct 7# Oct Radio-Kelth-Orpheum Schumacher Wall Board. 5# . 7# 5# 8# 5# 1,393 345 5# 4# 2.00 Radio Corp of Amer...... 2.00 100 1.25 10 15 15 Shasta Water Co com 20 5# % pf 25 6% preferred.. 25 So P Gold Gt Fer0% pf 100 24# 26# 20# 24# 27# 13 18 9 . 48 195 111 Broadway, Feb 9.50 Feb Oct 27 Mar Oct Oct Mar Oct 32# 28# 29# 7 Oct 44 Jan 9 Nov 16# Jan Jan Exchange New York Cortlandt 7-4150 offices In San Francisco — Los Angeles — Del Monte — Hollywood — Beverly Hills Private wire to own Barbara — Jan Oct Oct Schwabacher & Co. Members New York Stock Feb 12# 9# 13 285 18 481 8 19# 23# 25# 30 9 — — So Calif Edison Santa Jan Feb 82o 17# 13# Pacific Western Oil-—10 Packard Motors . 44 Oct 25c 2.00 1.50 Pacific Ptld Cement... 100 Standard Brands Inc.—. Nov 6# Sept 50 7# . Oct 2.00 June 1,000 -20 Park Utah Mines 50 35c 35o Petroleum.. 1 Preferred Jan 6 4,710 2,075 Pacific Clay Prods z Pac Coast Aggregates. 10 2 7# 6 Mountain City Olaa Sugar Co— Mar 1,025 Monolith Ptld Cement Occidental Oct 7 Jan 87c Kinner Alrpl A Motor. .1 Oahu 790 54 100# Mar 64# Feb Oct 10# 1 1 M J AM AM Consol z Oct Nov 2.00 .........1 z Nov 39# Jan Mar 75c Cinema—1 Italo Petroleum —1 2 40 39# 9# Oct 2.00 International Preferred , 135 1 Holly Development Holly Oil Co .... Idaho-Maryland Mln 2 39# 7# Feb Oct 2# 1# Curtlss-Wrlght Corp Aug Jan 10c 1# 400 Jan 31 25# 40c 4 2# Claude Neon Lights Jan 40c 1 1 Cities Service.--- z Feb 4# Jan 32# 29# 53# 1,310 Oct 40c Sept 141 Oct 4.25 Jan Oct Oct Oct Oct 1# 200 32c ... 12# May Oct 100 70c 15 5 3 com Mar 98 1# Feb 96 27# 25# 35# 60o Oct Oct Oct 95 Nov Jan 13# May Nov Oct 23 9# 3.10 6c 70c Bancamerica-B 1 air 2 Jan 500 1% 57c Corp 45c 10c 13c 149# Atlas Feb 3.10 2.35 14c American Toll Bridge—-1 Aviation Corp 50c 2.75 Anglo National Corp...... Argonaut Mining 5 Feb * North Amer Oil Cons—10 Oct 35# 18# 2# Nat Automot Fibres new. * Oct Nov 35 4# 16# 1# High Jan 30c 2 Marchant Cal Mach com.5 Magnin A Co (I) com 6# May 6,585 18 Magnavox Co Ltd Apr 327 18 10 Langendorf Utd Bak A—* Leslie Salt Co 10 LeTourneau (R G) Inc—1 Lockheed Aircraft 1 46 Oct com—10 com—2# 25 Hunt Bros common- Oct Apr 60 - 33 3 480 Honolulu Oil Corp Mar 320 76 Rights Mar 106# 5 32 Home F & M Ins Co. Aug 125 Oct 575 32 * * Hawaiian Pineapple.—-.* 104# 100 040 75 Hancock Oil Co 101# May 65# Oct 14# 82 12# 4 Law 10c 20c Alleghany Corp com Anglo American Mining... American Tel A Tel—100 z 12# 76# 12# 2# for 2,960 4,185 30c z Apr 5 76 Hale Bros Stores Inc 98# 34 32 Golden State Co Ltd..—* Oct 327 Fireman's Fund Insur—25 General Paint Corp com.. * 11 Oct 5# 13# Fund Indem.10 preferred Aug 39# 225 40 25# 51# 99# Oct # 360 Feb Mar 53 260 / 33# 4# Feb Feb Mar Mar Mar Jan Mar Feb Feb 300 10 A Oct 77* 17* 35 Foster A Klelser 10 34# 40 Emsco Derrick A Equip..5 Food Mach Corp Oct Oct 4# 13 435 Oct Oct 17* 327 Price 5 .25 Alaska-United Gold 1,300 9# 15# 40 D1 Giorgio Fruit Fireman's 3# 10# High 33# 12# 1# 46# 53# 48# 25# 51# 98# Week of Prices Low High Shares 5 Alaska-Mexican.... Alaska-Tread well Low 15# 31# 7# 1,035 6 0 19# Calif Ink Co common Week Shares 190 185 19# Calif Cotton Mills com. 100 13# Range Since Jan. 1, 1937 for 17 Byron Jackson Co Calif-Engels Mining fur Stocks— Week's Range Sale lists Sales Friday Stocks— M Range Since Jan. 1,1937 Last both inclusive, compiled from official eales lists Sales Friday Francisco Stock Exchange Last CurblExchange both inclusive, compiled from official sales Oct. 30 to Nov. 5, Oct. 30 to Nov. 5, Teletype S. F. 138 Direct Private Wire (AssoJ, San Francisco Curb Exchange, HonoluluStockExcbange Sacramento Oakland Members: NewYork Stock Exchange: San Francisco Stock Exchange; San Fran¬ cisco Curb Exchange; Chicago Board of Trade; NewYork Curb Exchange (Assoc.) Privete leased Wires bonds municipal and corporation BROAD STREET (Hanover 2-9050) NEW YORK OFFICES 25 Jan Jan Financial 2990 Last z Week's Range for Sale (Concluded) of Prices Low High Stearman-Hammond 1.25 67c 72c 500 30c 35c 39% U 8 Petroleum Feb 1.30 Feb 530 5% Oct 14 % Aug 1.35 100 75c Oct 3.75 Feb 39% 10 39% Nov 65c 800 40c Oct "MO 2.25 1.55 1,850 95c Oct 2.90 Feb PHILADELPHIA NEW YORK 61# 5 58% 19% Oct 1513 Walnut Straet 80 Broad Street Oct 126% 29% Mar 100 1.25 1.00 1.25 110 .5 7% 9% 1,535 1 4% 4% 5 Cash sale, 4 % 4% A. M. Castle & Co. spilt Its a Oct Aug 2.50 Jan 18 Feb 13 Oct Nov Mar common stock on Philadelphia Stock Exchange Oct. 30 Nov. to 5, both inclusive, compiled from official sales list* Sales Friday two-for-one basis on March 9, 1937. Last b Ex-stock dividend. , d Stock split up on a Exchange Philadelphia Stock Exchange Feb 20 % 25 com Western Air Express Members Neva York Stock Mar 1.40 100 Warner Brothers 80 61% 20% 1 U 8 Steel com DeHaven & Townsend Mar 39% United Aircraft c 2.70 40c Title Guaranty pref._ Tread well-Yukon No par v alue. Established 1874 High Oct 3,970 8 35c -1 Texas Consol Oil * Low 50c 80c 7% Studebaker Vica Co Range Since Jan. 1, 1937 Shares 1.35 Sterling Oil & Develop... 1 z 7 Week Price Par Nov. 6, Sales Friday Stocks Chronicle two-for-one basis, Stocks— g Cash sale—Not included in range for year, z Listed, Par of Prices High Low Price Range Since Jan. 1, 1937 for Week Low Shares High Stock dividend of 100% paid Sept. 1, 1936, r Week's Range Sale x Ex-dividend, American Ex-rights. v 12 Stores..., American Tel & Tel... 100 f In default, Barber Co J Company in bankruptcy, receivership or reorganization. 10 Bell Tel Co of Pa pref—100 * 115% 5% Budd Wheel Co * 5 Chrysler 5 Budd (E G) Mfg Co Corp Curtis Pub Co common..* Elec Foreign Stocks, Bonds and Coupons 24% 10 Horn & Hardart (NY) com* Inactive Exchanges ""(5% Storage Battery.. 100 General Motors Preferred "24% 101 100 Lehigh Valley 50 "~7% Mitten Bank Sec Corp. .25 Preferred 25 WALTER 52 William E. St., N. Y. Tel. HAnover 2-5422 * 1 3 Penn Traffic 22% 50 2% com Phlla Elec of Pa $5 pref__* Phila Elec Pow pref 25 Phlla Rapid Transit 7% Closing bid and asked quotations, Friday, Nov. 5 Bid Anh alt 7s to Tacony-Palmyra Bridge. .* Bid m 22 8s ..1946 Bank of Colombia 7% -1947 /25 f'22 /22 24 Hungarian Cent Mut 7s '37 22 Hungarian Ital Bk 7%s '32 Hungarian Discount & Ex¬ Ask /22 /20 f'22 7b 1948 Barranquilla 8s'354b-46-48 Bavaria 6%fl to 1945 /20 28 Hansa S3 6s stamped. 1939 6s unstamped 1939 /93 24 Housing & Real Imp 7s '46 /19 21% Bavarian Palatinate Cons Cities 7s to change Bank 7s f78 1936 1948 ..... ... «... ...» - /26 /19 .1945 /14 /13 16 Ilseder Steel 6s /12 15 Jugoslavia 5s funding. 1956 S- — 1945 Bolivia (Republic) 8s. 1947 ax Jugoslavia 2d series 5s. 1956 78 1958 7s 1909 /5% fax fax ax 6s 1940 fa 8 Brandenburg Elec 6s. .1953 Brazil funding 6s.. 1931-51 Brazil funding scrip /20 22 Koholyt 6% s 69 70 Land M Bk Warsaw 8s '41 /2 2 25" /19 22 Leipzig O'land Pr 6%s '46 Leipzig Trade Fair 7s. 1953 Luneberg Power Light & Bremen (Germany) 7s_1935 6s. 1940 ax /84 British Hungarian Bank 7%s 22 50% Nov 1932 to May 1935 Nov 1935 to May 1937 50 1943 ...1948 /41 fl9 f52 /22 /20 17 X 8% Nassau Landbank 1946 Ceara (Brazil) 8s 1947 Central German Power f7X 8X Nat Madgeburg 6s 1934 Chile Govt 6s assented.. 78 assented /4 /22 /13 ... Bank (A & B) 6%s '38 22 6%s. 1946-1947 (C&D) 6 %s.1948-1949 Nat Central Savings Bk of 15" Hungary 7%s .1962 /13 15 68 .1953 /23 69 Colombia 4s 1946 Cordoba 7s stamped.. 1937 Costa Rica funding 5s. '51 /01 62 Oberpfals Elec 7s /66 /25 69 /19 22 /23 Costa Rica Pac Ry 7%s '49 /25 30 Panama City 6%s 1952 /25 30 Panama 5% scrip Porto Alegre 7s Protestant Church 1968 /90 1949 Cundinamarca 6%s 1959 Dortmund Mun Utll 6s '48 Duesseldorf 7s to 1945 Dulsburg 7% to 1945 East Prussian Pow 6s. 1953 Electric Pr (Germ) 6%s '50 6%s 1953 European Mortgage & In¬ vestment 7%s 1960 7%s Income 1960 7s 1967 7s nx /20 /20 /20 /20 /20 /20 8% 22 22 22 22 22 /34 /28 /35 /20 22 98 102 6s 1937 ..1940 _ German Atl Cable German Building bank 6%s 7s_ .1945 /99% mx /99% Funding 3s 1946 Int ctfs of dep Jan 1 *38 German defaulted coupons: July to Dec 1933 /21 24 /19 22 July to Dec 1934 Jan to June 1935 /30 31 /93 97 /33 Jan to June 1937 /24 /24 July to Oct 1937 Dec 1 '34 stamped June 1 '35 to June 1 *37.. Graz (Austria) 8s-..__1954 Great Britain & Ireland— 26 26 7 fax fnx 18 /19 /24 /24 23 38 40 17% (Ger many) 7s 1946 Prov Bk Westphalia 6s *33 Prov Bk Westphalia 6s *36 5s 1941 Inc fUX f 13% 107 12 14% ... 1945 1948 8s ctfs of deposit. 1948 8% 1947 Scrip 15.61 1948 /40 50 Hanover Harz Water Wks 1957 /20 30 1953 90 16.70 .38 .53 23.48 25.11 13% 14% 1 3.55 3.95 20.44 21.78 2996. 2 109% 30% 1% 2% 5% 35% 22% 1% 1% 345 80 2,020 5 20 550 1,045 5,699 105 112 Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct 12 5% Jan 16% Mar Bid 10 10.57 Keystone Cust Fd Inc B-2 23.24 25.43 Series B-3 15.71 16.23 17.70 Series K-2 10.97 12.06 Series S-2 16.12 17.61 Series S-4 Mass Investors Trust 6.12 1 19.62 20.82 10.79 11.79 3.25 3.35 Voting shares 1.29 National Investors Corp.l New England Fund 1 3.62 5.42 12.35 13.28 N Y Stocks Inc— 2% Agriculture 8.95 9.68 9.13 7.61 1 2.16 8.09 2.62 Electrical equipment Insurance stock 7.47 1 8.28 9.26 AA mod Series ACC mod Crum & Forster com 1 10 8% preferred Machinery 10 24 B1 27 9.16 9.26 10.01 7.34 7.76 8.40 53% No Amer Tr Shares 1953.* Series 1955 1 Series 1958 2.48 2.10 1 Series 1956 1 2.96 2.51 2.31 Pacific Southern Inv pref. * Class A * 3.60 ...1 5.30 5.90 25c 1.19 1.31 _ — Class B 27 Inc Shares._loc 10.73 Representative TrustShslO Republic Invest Fund. 25c 9.27 Bank stock series 10c 2.66 2.961 Sovereign Investors Insurance stk series. 10c 3.06 3.43 20.98 28.99 30% Royalties 18.25 19.66 Selected Fiscal Fund Inc— Fixed Trust Shares A 10 B 81% .40 .75 10.16 4.04 .67 .75 14.57 15.34 Standard Am Trust Shares 9.22 * 2.90 3.10 Spencer Trask Fund 10 7.31 Inc. 50c .54 3.80 4.05 State Street Invest Corp.* 16.07 17.06 Super Corp of Am Tr Shs A 85 3.05 Standard 5.25 4.67 4.26 _ AA 56 Chemical 54 56 2.06 5.14 1.32 .91 1.00 3.18 32.32 4.73 1.24 Food shares ✓ 1.35 D. 9.30 Series C 1 ___1 2.29 Trustee Stand OH Sh3 A. 1 6.27 Series D 1.29 .77 .85 .84 .92 Trusteed Amer Bank Shs B .65 .98 1.07 Trusteed Industry Shares. .93 1.11 1.21 U S El Lt & Pr Shares A.. Oct 1935 to April 1937 /42 Mining shares /20 Stinnes 7s unstamped. 1936 Certificates 4s 1936 /60 Petroleum shares 1.08 shares RR equipment shares... shares /48 1946 fas Tobacco 1946 m 8 ha res Guardian Inv Trust com.* Huron Holding Corp 8 J80.86 91.48 Repub 1.18 Series B 1 5.64 12% B. 1.80 .73 1.02 13 1.90 1 .71 .79 1.11 1.29 Un N Y Bank Trust C-3.* 2% 3% .93 Steel 70 10.11 2.34 1.18 Merchandise - 5.68 ...3 ... /60 n - Trustee Stand Invest Shs.. Investing shares 1955 - 5.68 ... shares Oct 1932 to April 1935 1947 .58 90 2.06 -j- apt-——— Supervised Shares Building shares 54 1956 30.06 1.23 Automobile shares... 1956 Utilities B _ BB Agricultural shares 22 .45 .40 Shares.2% Foundation Trust Shs A.l Fundamental Invest Inc. 2 Fundamental Tr Shares A2 B Coupons— .55 10.16 9.23 Management-.1 Amer Selected Income Shares- 8~~ 390 2 .47 27% * 10 1 10c 14 Equit Inv Corp (Mass)..5 Equity Corp $3 conv pref 1 Fidelity Fund Inc ...» 19.12 29 8 * Plymouth Fund Inc Quarterly 17.81 8.60 6.78 No Amer Bond Trust ctfs. 3.50 Eaton <fc Howard Manage¬ ment Fund series A-l 8.47 Railroad equipment Steel 7% preferred 100 110 4.50 Cumulative Trust Shares. * Deposited Bank Shs ser A1 1.70 Deposited Insur Shs A 2.70 1 ser 8.03 Metals 25 Crum & Forster Insurance Common B shares — Oils 2.62 22 100 115 28% J7 1.42 5.17 N Y Bank Trust Shares.. 1 6 22 /79% 6.70 10 Mutual Invest Fund /20 /20 140 /20 /32 /27% 21 6.17 2% Nation Wide Securities 25c 17% fl8 17.19 5.56 Major Shares Corp * Maryland Fund Inc... 10c /15% /58 fas 38 9.96 Series Dividend Shares.. 22 Ask 33 1 8% 3.38 D /18 com. Investors Fund C Accumulative series Deposited Insur She /34 Pa Invest Co. of Amer 6 Group Securities— 1.02 UnNYTr Shs 1 1% X .39 % .79 Institutional Securities Ltd Bank Group shares Insurance Group Shares Unterelbe Electric 6s. .1953 Vesten Elec Ry 7s 1947 /20 22 Incorporated /20 22 Insuranshares Corp (Del)l Wurtemberg 7s to /20 Investors..* Voting shares ser 1.20 1.34 1.21 1.35 16.54 17.78 1% 1% .88 .80 F Wellington Fund * 1 13.48 14.84 Investm't Banking Corps Bancamerica-Blair 22 1945 Jan Feb 7.03 22 1943 Jan Jan Jan 8.44 22 7% gold ruble Feb 11 Oct Aug Building supplies /19 4s Jan Jan Bank stock General Capital Corp * General Investors Trust.* Electric 7s Feb Feb 2.16 17% Certificates Feb Apr Jan Oct 4 Diversified Trustee Shares /18 /80 Tolima 7s Jan Mar 45% 35% 7% 8% 46% 17% 114% 14% Oct 8% 100% 8% Feb Apr 20 Oct 25 160 Corp. 1 6% Central Nat Corp cl A...* class B 30 * First Boston Corp Schoelkopf, Hutton & Pomeroy Inc com 99 page Oct Apr 2.25 /15% Toho Oct Jan Mar .1 Santander (Colom) 7s. 1948 Sao Paulo (Brazil) 6s_.1943 1945 Oct 75 Jan Feb 24% 4% 5% 14% 5% 50% 3% 117% 35% 7% 13% Oct 42 646 Feb Feb 112 Oct 1 /12 Royal Dutch 4s Saarbruecken M Bk 6s '47 Salvador 7% 1957 Union of Soviet Soc Ill 6% C 7s unstamped 110 Fund British Type Invest A 1 Broad St Invest Co Inc..5 Bullock Fund Ltd ..1 2d series 5s 1900-1990 6s 3% 3.54 Industry Shares.. 10 5s. fax Apr 15 '35 to Apr 15 *37. German Young coupons: Haiti 6s 5%. 2% Basic Stettin Pub Utll 7s... 1946 German scrip German Dawes coupons: Dec 1934 stamped Guatemala 8s Assoc. Stand Oil Shares..2 Bankers Nat Invest Corp * 6%s 1951 /19 Saxon State Mtge 6s..1947 /20 Slem <fc Halske deb 6s.2930 / 360 State Mtge Bk Jugoslavia /31X /30 July to Dec 1936 4% Saxon Pub Works 7s f35X fux Jan to June 1936 see 22 Santa Fe 7s stamped. 1942 July to Dec 1935 footnotes 23 f20 /32 /30 /15% Santa Catharlna (Brazil) /58 /40 Jan to June 1934 For /20 78 ctfs of deposit-1957 German Conversion Office 4s 1946 1945 to 4s scrip 8s & Land1948 7s Rom Cath Church 0%s '46 R C Church Welfare 7s '46 /29 _ 58 Rhine Westph Elec 7% '36 6s * 1941 Rio de Janeiro 6% 1933 French Nat Mall SS 6s '52 6s 100 50 22 income—....1967 Frankfurt 7s to 1945 Gelsenklrchen Mln 68.1934 .74 4% Series AA._ .1947 4s 27 Corp * Consol Funds Corp cl A.l Continental Shares pf_100 Corporate Trust Shares.. 1 /22 /22 /98 ...1948 Oct Oct 2% 19% 3,173 Feb Mar Series K-l .79 Century Shares Trust...* Commonwealth Invest 1 /91 Oldenburg-Free State Mtge 7s Am Insurance Stock Boston National Hungarian & Ind North German Lloyd 6s '47 5s 17% 10 9 Canadian Inv Fund Ltd /65 City Savings Bank Budapest 7s 4.77 .71 Panama 1968 Chilean Nitrate 5s 12.66 15% 22 /20 22 1944 Caliao (Peru) 7% a Cauca Valley 7%s Nov Ask Bid 4.31 22 Municipal Gas & Elec Corp Recklinghausen 7s..1947 Oct 5 57 197 5,123 $11,000 11.90 13% 8X Feb 100% 4% % Jan 13 134% 20% 44% 70% 41% Oct Investing Companies 22 .6! /20 /20 f7X flix Oct Oct Mar Closing bid and asked quotations, Friday, Nov. 5 23 ...1945 Munlc Bk Hessen 7s to '45 2 60 127% 14% Oct 24 165 Jan Mar Bonds— 51% /20 Munich 7s to 902 2,323 10 Elec & Peo tr ctfs 4s. .1945 f58 Meridionals Elec 7s... 1957 62 160 27 10 .66 /20 Buenos Aires scrip /0O Burmeister & Wain 6s. 1940 fill Caldas (Colombia) 7%s '40 Call (Colombia) 7s... 1947 106 * * 2% 2% 59% 3% 21% 37% 397 Feb 43 52 Mannheim A Palat 7s. 1941 1953 Westmoreland Inc... Westmoreland Coal May 862 2% 2% 2% 3% 30% 32% 10% 11% 104% 106 10% 11% 2% 30% 10% /27 Brown Coal Ind Corp— 6%s Preferred * United Gas Impt common* Preferred _* Coupons— Water 7s. 1962 Traction 50 United Corp common....* — 17 Bogota (Colombia) 6%s *47 8s * 112 183 27 4 4% 11% preferred—......50 Oct 1,320 31% 2% 4% 11% 37% 26% 187% Oct 10 144 1% 1% 8% 3% 25 2% 113 10% 37% 30% 2% Union Ask 1946 Antioquia 113 50 Salt Dome Oil Corp Scott Paper Foreign Unlisted Dollar Bonds 1% 7% 2% 21% 2% 112% 30% 2% ~~8 Pennroad Corp vtc Pennsylvania RR Oct 95 101 1 10% 149% 529 7% 1 Nat Power & Light BRAUNL 819 11% 12 149% 154.. 15% 18% 115% 117 5% 6.. 4% 5% 67% 76% 6% 7^ 23% 25% 38% 43% 24 24% 2 10 11% 10c 1% 7% 35 5 12% 2% • *»< i • No par value, e Ex-coupon, z Ex-dlvldend. y Ex-8tock dividend. new members BUILDING ALDRED Cable Address Hartwal 1-395 pstvate 145 ROYAL BANK BUILDINQ toronto york new offices connect wires Canadian Markets UNLISTED AND LISTED 1 i' Friday Sales Municipal Issues Provincial and Closing bid and asked quotations, 1 1948 ..Jan Oct 99 34 July 12 1949 434s 118 120 McColl-Frontenac 1 1962 105 106 Montreal Cottons 112 114 Mtl L H & P Coasol Montreal Telegraph 1 1941 92 9434 90 93 4s. 2 1959 91 94 43^8 Apr 15 I960 Apr 15 1961 4%b 434s 104 102 5s 108 National Breweries 111 112 114 Bid 3,082 33 33 60 29 Oct 54 Feb 4734 49% 3734 Oct 83 Feb Oct 300 Ask Bid 1 1940 5s Dec 103 103 104 1 1960 113 34 112 34 112 1 1969 1 1969 1 1970 Feb 122 34 124 Pacific Ry— Jan 1 1962 Jan 1 1962 Grand Trunk 4s 3s 96 9434 106 104 11734 118 34 117 34 Nov. 5, both inclusive, compiled from Week's Range Last Sale Par Stocks— Price 11 * Agnew-Surpass Shoe 1.25 Bell Telephone British Col Power Corp A. "1634 35 * * B Jan 12 10534 June 110 Cet 4234 1234 1234 1234 934 Jan 16 11 1234 1,892 Oct 2334 Apr 1.25 25 Oct 5,75 420 165 16 34 1834. 34 934 .25 167 May 2534 •'«. 11 2 113 Jan 55 42 Oct •45 1034 1,938 9534 50 86 Oct 14 55 10 Oct 20 60 1634 20 20 2034 __ Apr 5234 60 938 43 Oct 98 Aug 20 2134 1734 Oct 3334 • Feb 17 17 45 Oct 30 Apr 13 115 11H 65 71 790 53 Oct 62 170 49 Oct • — ■«.-* 19 59 59 3 Oct 20 100 19 Nov 110 10 115 434 434 102 4 7 7 9 3 334 720 2 234 587 3 * 234 234 50 100 100 100 Canadienne Montreal m '«»*»*• U 100 Feb 1534 Oct 31 Oct 126 Mar 110 Oct. 30 to Apr Jan .-* pref..,.25 Dominion Steel & CoaJ B 25 Dom Tar & Chemlcai—.-* Dominion Coal Oct 834 734 2334 Jan Oct Jan Brit Amer Oil Co 1734 2234 10034 Mar B C Packers Ltd Mar Calgary Pow 6% cm Oct Oct Oct 45 Oct Jan Mar Brewers & Distill of Van. 100 Preferred Can Nor P 7% cum 1434 1634 5,615 1,148 Oct 32 24 Oct Canada Starch Co 19 365 15 Oct Mar 13 15 9,662 8 706 1834 Apr 91 Aug 14?4 ... 1134 * Ltd-.---* Canada — - Oct Oct 83 55 83 Nov 7434 250 70 Oct 8534 460 Oct 20 1.00 934 1.00 1434 15 355 834 11 5 950 13 ~h" 7 1034 3,691 7134 887 934 1034 776 5434 934 10 5434 10 534 * * 5.00 290 45 290 17634 177 145 Apr 1634 2634 59 1734 515 13 Oct 555 98 Oct Oct 2434 Mar Oct 1534 Mar Feb 734 3834 Jan 1734 19 9,421 1434 1334 1334 2,874 1234 7 55 2434 Oct V0 3734 June Oct * 4734 8,711 39 34 -3034 30 34 3134 1,888 23 34 76 76 76 173 84 Sept 17 17 615 10 1334 14 690 9 "1334" 44 Oct 106 46 7334 3934 7,026 4 Oct 40 534 Oct 21 700 1634 Oct 2634 Mar 12 85 1034 Oct 22 Mar 20 >4 Apr July Jan June 1.60 32 35 109 Jan 1634 Oct 4334 Jan Oct 27 • Aug No par value 634 1734 Sept 25 Jan 25 Aug 20 Jan 1.60 255 1.50 Oct 1634 40 12 Oct 3 160 Apr 634 18 158 100 4.00 Jan 2334 Aug 160 Apr 1.00 Oct 334 Jan 1.50 Sept 7.75 Jan Nov 2734 Jan 534 21 9 400 2 Oct 16 Jan 30 10 Oct 65 Jan Feb Jan 334 10 o 5 25 5 Sept 334 1134 8 8 5 10 Jan U34 Jan Jan 334 1.70 July 25c 25c 30c 500 20c Sept 80c 1.65 1.65 1.95 875 1.25 Oct 4.00 334 3 34 50 734 9?4 16,189 8 "734 234 Oct 6 Oct 5 Oct 5 Jan Aug 2434 1934 Apr Apr Apr — 6 1734 Rubber. * * 20 990 7?4 825 5 Oct 19 6 8 934 734 * Intl Paints (Can) A 5% cum pref Feb 225 158 6 26 6 Oct 30 5 634 2,435 3 Oct 13 Jan Oct 29 % Feb Oct 50 Apr 1754 17 18 420 1834 585 1934 5,570 14*4 12 34 Jan 32 Apr 80 Oct 50 32 ■37 62 32 Nov 49 Jan 79 "l7% OenStlWares7% cum pflOO Goodyear Tire <fc Jan Apr 112 34 50 7% cum pf 100 .5 Ford Motor Co of Can A.* Fraser Cos Ltd * Voting trust ctfs * Freiman Ltd 6% cum pflOO Mar 98 39 110 1.60 Feb Aug 33 18 9134 Jan Apr 84 Oct 634 East Mairies Mar 5 109 34 - Fairchild Aircraft Ltd 8034 9 85 Paper Ltd.* B Apr 734 12 15 5% cum pref Donnacona Paper A, Jan 1234 934 100 Claude Neon Gen Adv...* Consolidated Apr 34 3414 Oct 3% 9 Commercial Alcohols Ltd.* 15 July 534 80 Commercial Alcohol pref..5 90 Apr 92 234 Mar Oct 80 Oct 1.25 Jan Jan Oct 9 Feb 1034 1734 40 234 18 6334 15i2 1.25 56 10 Apr Oct 2% Jaii 1,626 High 1.85 1.25 Sept 1334 3,467 4,421 1,952 534 7% cum pref 100 Wineries Ltd., 5734 1334 44 20% Catelli Food Prods Ltd.. 18" 43 5% Canadian 1234 ' Low 260 5 Apr for Week Shares 534 5 20 Mar lists 1 1937 Range Since Jan. 634 ..... * Apr 3 54 * Aug 834 of Prices High 5% cum pref Aug 53 H eek't Range Can Vickers Ltd 14 1534 1834 1834 43 Industrial Bonds compiled from official sales Low Jan 7534 Oct 2634 Feb Sales Jan Oct Oct 43 226 * Oct Oct 945 Oct Jan 1 Co Can Pow & Pap Inv Oct 5 7 Canadian Marconi 434 734 7 Mar Municipal 22 Cndn Ind 7% cum pref. 100 9 55 534 100 Feb 240 Public Utility and 234 2134 2% * 31 170 16 Ltd--* Preferred 24 405 100 Canadian Breweries Oct 734 80 214 >' 17334 Montreal 18 Oct 834 9 July 57 34 1334 211 Oct Nov 194 16134 Oct 159 pref 100 Ltd. 100 1.25 7 9 Mar 11 8 2634 International Power pf.100 Lake of the Woods 100 10 534 73 69 10 Industrial Acceptance Intercolonial Coal.. —100 1034 83 834 1.00 * —1 Foundation Co. of Can—* Gatineau * Preferred.. ---* General Steel Wares * Goodyr T pref inc '27. .50 Gurd, (Charles) — * Gypsum Lime A Alabas..* Hamilton Bridge... * Hamilton Bridge pref. .100 HolJinger Gold Mines..-.5 Howard Smith Paper * Preferred. 100 Imperial Oil Ltd Imperial Tobacco of Can.5 Preferred £1 * Canada Vinegars Ltd 1334 5834 2334 2834 Mar 1834 '7434 Electrolux Corp * Canada Malting Co Ltd.. * Mar 3034 * Aug Jan 150 108 pf.100 1834 Dominion Textile....—* Dryden Paper Eastern Dairies . Ltd 31 634 June 55 100 6% cum pref Asbestos Corp Ltd 29 634 60 132 Price Abitibi Pow & Paper Co..* 1534 Distill Corp Seagrams Oct 321 Sale Par Stocks— Oct 734 3,373 52 55 196 Last Feb 3 7 59 "52" 50 Friday 334 17 5 315 Jan 57 5, both inclusive, Nov. 33 96 9 43 Mar Sept 3,901 9 834 Oct 163 Beauharnols Pow Corp—* 9 1234 Montreal Curb Market Jan Jan Apr Bathurst Pr & Pap class B 834 25 330 Bay SL, Toronto Feb 8 Jan 16 158 Sparks St, Ottawa 109 9 10 195 - 255 St. James St., 56 109 834 Oct incorporated Mar 560 Jan 1.85 established 1883 Mar 4 Jan 1034 HANSON BROS Canadian Government 22 334 Jan Oct 162 '-m, m 177 106 3% 8 23 57 ** 100 Oct 5 Oct Jan Sept 29C Apr 1,085 June 155 - 19 534 Mar 35 196 105 2034 Mar Oct ,115 163 5 534 730 Feb Mar 15 100 15 20 34 534 434 Apr 1834 9634 8834 1134 Sept 110 50 534' 15 100 * 19 * 2,097 19 109 Alcohol.* Class B.......-——..* Canadian Locomotive * Canadian Pacific Ry 25 Cockshutt Plow .....* Con Min & Smelt new...25 Lake Sulphite 3934 66 19 Canadian Indust Internat-Pet Co 15 Oct 13 « 109 Cndn Foreign Invest Dominion Bridge.. Oct 12 21 100 pref Cndn Cottons 4 911 _ _ Apr Oct 2,795 6 434 . 10334 95 7 20 5434 * Rights Aug Apr 32 35 70 4,045 3,589 1,135 June Feb Oct Oct 1134 23 25 11 25 1734 * Preferred- Mar Oct 9 3734 2134 •22% 534 370 3634 2234 73 111 12 34 Oct July 3734 99 9834 Jan Oct Jan 734 19 24 100 Windsor Hotel. Jan 2034 2934 634 1834 6134 2134 2 .!* 9 Oct 382 1034 110 100 24 Mar 634 1734 Corp Western Grocers pref.. Jan Oct 30 734 934 934 - Feb 335 434 - - - 24 * 25 Preferred United Steel Apr 79 Oct Southern Canada Power.* Mar Oct 25 834 9534 3 170 Oct 281 634 11 10 Oct 15 Jan Mar 434 4,958 35 Oct 20 3 Oct 49 34 555 Jan Jan 3034 3934 1434 14 834 9534 Preferre 1 15 500 Corp Jan 1.25 11 45 * * 100 Can Forgnlngs class A.. * Canada North Pow Corp Canada Steamship (new).* Preferred .....100 Canadian Bronze * Canadian Car & Foundry. * Preferred... 25 Canadian Celanese * Preferred 7%.. 100 Canada Cement Intl Nickel of 834 12 4 Building Products A 4,401 25 Lawrence Feb 33% 4834 16 Nova Scotia 95 Oct 5434 Royal.. High Low 45 634 * Bruck Silk Mills 1,1937 115 165 Brazillian Tr Lt & Power. * Range Since Jan. Week 11 1234 12 34 11 * 10U (N) Grain official sales lists Shares 12 Banks— 10434 11 104 ...100 Alberta Pacific GralnpflOO Associated Breweries * Bathurst Power & Paper A* Preferred.. Bawlf of Prices High low 597 2234 Commerce for 17 1534 Canada Sales Friday May 1934 B Montreal Stock Exchange Oct. 30 to Jan 103 ..* * Knitting Preferred 99 May 52 Winnipeg Electric A 118 34 Nov 103 16 Wabasso Cotton.. 11534 116 5s 1 1946 82 29 1934 Steel Co. of Canada Ry— July 45 52 * Sherwin Williams of Can.* Ask 82 102 15 ■' ^ * 50 St Lawrence Paper pref 100 Shawinigan W & Pow * Guaranteed Bonds Mar 82 Saguenay Power pref.. 100 St. 170 75 Jan 102 A preferred. 634s 113 1 1957 Oct 20034 205 82 _* Preferred 9834 9734 2,973 Feb 100 Quebec Power Regent 104 1 1954 July Canadian Northern July 5s 4834 10C 100 Preferred 11534 ....July 5s 28 * * * Price Bros & Co Ltd Bid 115 Feb 4234 4334 5734 Ogilvie Flour Mills 434s 112 34 113 Sept 1 1951 June 15 1955 Feb 1 1956 434s 434s 434s 434s Feb Oct Noranda Mines Ask Canadian National Ry— 100 Oct 75 Canadian Pacific Ry— Dominion Government May Oct 70 11134 112 34 1 1944 July 80 17 77 434s 5s 28 36 38 ' 8834 8934 perpetual debentures. Sept 15 1942 /105J4 10634 99 34 10034 Dec 15 1944 6s Feb 88 33 Niagara Wire Weaving Railway Bonds 4s 65 100 72 Sept Jan Oct 1,925 78 434s 3634 56 31 Preferred.. Ask 48 Oct 60 38 74 116 Bid Mar Jan 2534 38 5 3,739 38 Ottawa L H & Pow Pacific Ry— 8H 2,005 Oct 27 Power Corp. of Canada. Canadian Mar 38 ..Nov 15 1946 Oct 1 1951 534s 4348... 15 37 1943 June 15 57 Mar Apr 25 Preferred 10734 109 Sept 15 1952 Mar 1 1960 434s Montreal Tramways Saskatchewan— 5s Province of Nova Scotia— 10934 1 1961 ...May 57 ~ - 1634 434 National Steel Car Corp..* 1 1958 Feb Prov of 105 103 2 1950 ...Mar 434s June 15 1954 Dec 108 % 107 - - 3034 88 40 100 * 30 60 60 670 45 2934 1034 100 10 34 45 * * Oil 22 Oct Oct 13 25 734 Mar Oct 115 60 6?4 1034 634 High Low Shares 13 60 60 * 1 1959 5a Prov of New Brunswick— 13 MacKinnon Steel pref. 100 Massey-Harris High Low Price Par 1937 Week v - June 5s Aug for of Prices Lang & Sons (John A)...* 11034 11134 116 34 11734 4343 9634 Province of Manitoba— 4%a • Jan 15 1965 Province of Quebec— 4s... 10034 95 1 1953 :-0 ■■■ ■■ -May 5s Prov of British Columbia— 5s Sept 15 1943 6s 55 /53 1 1956 Oct 43^8. Ask Bid 1 1942 Oct 5s 5734 /56 .v':' Week's Range Sale Stocks (Concluded) Friday, Nov. 5 Province of Ontario— Ask Bid Province of Alberta— ■' 1, Range Since Jan. Last 5s bonds industrial stocks and 52 WILLIAM STREET = montreal Volume dealers association utility and canadian in specializing york security Bell System Teletype ny 2-0980 HAnover Telephone 79 110 75 Oct 110 Mar 80 80 15 78 Sept 92 July 10 3 Sept 11 Jan 40 15 Nov 20 Jan 1634 334 15 334 15 13?4 Chronicle Financial 2992 Nov. 1937 6, Canadian Markets —Listed and Unlisted Montreal Curb Market Sales Friday Last Stocks (Concluded) Par Week's Range Sale of Prices Low Pries Internat'l Utll Corp A— 8 Lake St John P A P referred 42# 120 90 2 "e# * 15 3 Last 88 88 35 110 110 5 Power 6% cum 1st pref. 100 4% Sarnla Bridge 97# 103 10 10 106 106 Sou Can Pow 6% cum pf 100 106 United Distillers of Can..* "l'.40 Walker-Good & Worts(H)* 45# 70 90c 300 46 18# 125 6,850 30c Oct 1.90 l#c 2,000 4#c Jan 2#c 700 l#c 2#c Oct 2#c Aug 9c Jan 32c 34c 2,000 32c Nov 1.15 Feb 16c 200 20c Sept 65c Feb 19c Sept 65c FeD 1 Arntfleld Gold Mines Base Metals Mining Beaufort Gold 45c 45c 34c * 16c 16c 28c —-1 21c Feb 30c 11,900 Bldgood-Klrk Gold 1 53c 46c 53c 1.5C0 44c Sept 79c i 40c 30c 40c 375 40c Oct 72c 12c 14o 10,000 1.15 Brazil GdADlamond M..1 3c 3c 500 15c 3c 13c Bulolo Gold Dredging Capitol-Rouyn Gold 3c 3,500 1.00 1.07 2,397 5.210 90c June 6#c 1,000 6#c Nov 18c 13c 28 14c 6,400 11c Oct i7#c 1 Sept 30 38c 32c 40c 61,400 Central Patricia Gold M..1 2.60 2.50 2.60 1,900 2.00 Oct 5.15 22c 24c 9,200 22o Sept 2.70 Dome Mines Ltd * 1 ♦ 36# Oct 50# 6c Sept 15c Oct Jan 1.80 Francoeur Gold M Ltd 9,000 1.87 4,900 1.45 3.60 375 4.70 12.75 40c 46c 10,500 34c 1.58 Feb 7c 500 6c 60c Feb 19# 22# 175 15# 41# Feb 21c 25 #c 8,400 18c 57c Feb 183 23c 45c Apr 44c Graham-Bousquet G M..1 Hudson Bay Mln & Smelt * J-M Consol Gold 1 22c Klrkland Gold Rand Ltd 22c *1~33 Klrkland Lake Gold 1 Lake Shore Mines 1 53# Lamaque Contact G M..* 4c- 1.64 1.33 200 97#c Mar 50# 53# 570 Sept 4c 4c 600 46# 3#c Oct 27# C 17#c 17 #c Lebel Oro Mines Ltd 400 10c Get 30c 5 25 Lake 1 7#o Moffatt-Hall Mines 2c 5,000 l#c 5.35 2.100 3.95 Oct 8.50 225 1.00 Oct 1.56 Newbec Mines Ltd 500 l#c Oct 8c 10c Oct 45c * 2# Nov 95c Oct 13# 2.15 June 2#c ' 2#c 500 24,670 O'Brien Gold Mines Ltd-.l 4.45 3.80 4.65 Pamour Porcupine M Ltd * Cad 3.00 2.95 3.15 2.700 40c 35c 40c Parkhlll Gd M Ltd new._l 9#c 9c 11c 14,700 14,350 2.40 2.00 2.40 Pandora Pato Gold 1.10 Oct 42c 3,150 1.70 Oct 3.80 1.65 1.80 3,250 1.25 Oct 6.50 88c 1.17 14,900 60c Oct 2.51 Pickle Crow 1 5.60 5.30 5.60 225 4.30 Sept 14c 14c 15c 70 Gold Development. Quebec Gold Mining 1 40c 35c 40c Read Authler Mine 1 3.55 3.10 3.80 12 Oct 9.10 17 Feb 30c Oct 85c Oct 6.85 Feb 38c Sept 6#c 6#c 7c 6c Sept 22c Feb Ritchie Gd Mines Ltdf 1 3c 3c 3c 5,400 2c Oct 16c Feb Shawkey 1 39c 35c 39c 6,900 30o Oct 1.13 Feb Sherritt-Gordon 1 1.30 1 30 1.45 8,532 97c Oct 4.00 Feb 3.50 3.20 3.65 18,180 2.55 Oct 6.65 Jan 1.00 9,300 Reward Slscoe Gold Mines Ltd ...1 Sladen Mai 1 Stadacona-Rouyn Sudbury Basin Minest * Sylvanlte Gold.. 1 Teck Hughes Gold Cad... 1 Towagmac Wood Oct 37c Nov 2.90 6.50 Oct 2.25 500 2.59 June 4.70 10,360 80c 3.25 2.99 3.25 4.95 175 4.50 Oct 6.10 33c 39c 39,570 16c Oct 2.15 45c 100 50c Oct 1.95 "_33c 32c 35c 24,550 19c Oct 73# c 7 50 7.50 7.65 385 5.80 Oct 8.10 Jan 1.80 1.80 1.90 3,050 1.25 Oct 6.40 Feb * 55c 50#c * 1.13 * Dalhousie OU Co Feb 55c 1,400 38c Oct 3.60 1.10 1.15 3,226 80c Oct 4.10 12c 12c 100 9#c Oct 16c Prairie Royalties * 25c 26c 1,500 25c Nov 26c * 32c 34c 1,365 24c Oct 59# Last Sale Stocks- Par Abitlbl * preferred 100 Acme Gas & Oil Afton Mines Ltd of Prices High Low 2 Feb 1 27 #c 1.30 31c 1.36 7,445 1.00 Oct 1.50 3 40 3.75 3,174 3 40 Nov 8.75 * Argosy Gold Mines Arntfleld Gold 1 27#c 26 #c 29c 1 32c Ashley Gold........ 1 ' Bank of Montreal Bankfield Cons 11,443 21,600 Oct 1.42 Feb 1 32c 18c Oct 1.15 Feb : 6#c 1.000 5c Sept 13c Feb ' An 46,550 3c Oct 3#c 3#c 58# 57 21 #c 1 195 100 .....1 20c 67c 65c 58# 44 23c 11,800 197 75c 12 84,983 22 56 15e 194 •53c Oct Oct Oct Sept 25c 60 49c 245 1.85 235 Sept 273 Mar 7 Nov 15 June 15c 15c Bat.hurst Power A * 11# Peat tie Gold * 1.22 ... Beatty Bros A 1st pref Beauharnols 11# 1.08 * 15 ..100 101 * 6# 13 695 10 Oct Oct 65c Feb Oct 3 Oct 535 1# Oct 1,300 Nov 18# Jan Jan 135 17# Mar 4 Mar 1.55 1.64 52c 1.75 Jan Jan 60c 60c 2,290 14.900 Get 1.47 Jan 26c 5,1.50 15c Oct 95c Feb 9 9# 365 7# Oct 22# Mar l.UU May 1.20 16 1.45 2,325 2.14 23 Feb 2.68 Feb Oct 100# Mar 211 Mar 60 23c 11,515 52 58# 195# 199# 20# 20# 3,644 45 200 192 60 20 Oct 27# Oct 2.95 13c 14c 31 14 16# 72 11,800 13,300 8,570 20C 12c Jan Oct 40 Aug 10# 66# Oct 28# Mar Feb Oct 94# 39 48# 10,765 36 Get 51 82 198 Nov 250 203 Feb 20 72# 43# 198 Jan Oct Oct Oct 16 16# 21c Jan Jan 5# 7 1,000 3 #C Oct 15c Jan 15 13 4#c 6,320 .0 Oct 6 155 28# 12# Mar Mar 7# 83 85 10 5# Nov 6# Sept 18 Nov 116 83 Apr Feb 45c Feb Oct 1.10 Nov Oct 2.05 Jan 110 110 84c 1 * * 21# 1 II #c 183 1.75 110 100 40,150 60* 1.89 15,520 3,515 1.50 < 4 75 Oct •6# Oct 525 525 5 92c 575 21 22 20c 18c 23c 1,770 91,200 13,900 17# 25c A.. 17# 18# 3,960 20c 21c 3,900 40c 46c 17,800 11# 107# 126 15 6 217 100 * ...* 44c 100 "l6c 16#c 35c 54c Jan 26c July Jan 1.25 Feb 1.58 Feb Oct Oct July Sept 5 12c 7#c 108,600 59c 25,220 3 #c July tOc June 6#c 4c 56c 48c 19c 20c 19 #c 19 #c 22c 2,200 1 38c 35c 39c 12,400 1 10#c 14c 96,900 13,500 11 109# 14 58 Oct 8 Jan 75# 18# Oct 65c • 5 Oct 12c 22 July 29# 202 19 #c 25# Oct 7# Apr 12.90 May Oct 40,600 1 3.65 Feb Oct 17c 50c Belt 16c 15 14c 617 ..* 1 6#c Sept 68# 10# 69 * 1 12c >ct 10# 74 10# 9# * 100 9 #c 11# * Mar Oct Oct Oct Aug Aug Apr May 30c Jan 1.02 Jan 49 39c 68 Jan May 7 #e July 22c Apr Apr 80 79 81 93 72 # Oct 97# Aug .-50 53# 53# 55 490 62# Oct 57 1 7c 6#c 7c 7.500 6c Oct 63c Feb Granada 1 7c 6c 7c 7.866 5#c Oct 57c Feb Mines Mines Great Lakes Paper Preferred Gunnar Gold Gypsum Lime A Alab Harding Carpets 1 * * "l2# 101# 19 100 Aug 7# 4,779 20% • No par value 610 4 #c Oct 18c Jan Oct 7 26# 53# Aug Apr 76c 81c 56c June 1.25 Jan 7 7# 4 18# Apr 280 5# 3# Oct * 3# 1.00 1 08 20,460 70c Oct 3 44 10c 13 #c 49.600 8" Oct 33c Feb 12c 12 #c 2,500 10c Oct 90c Mar 80c 17 13 "30c 538 30 8,135 1.17 28c 10,095 2.100 28c 31c 20,350 9# 100 * 13 Oct 107 68 100 100 17 12# 23# 27c 1.10 1 Imperial Oil 1.000 7 34 1 Imperial Bank 5#c 16 37# 4 Homestead OU Jan 5#c 11# 32 Jan * 1 Howey Gold Huron A Erie 9c 1,042 11,260 * Home OU Co Feb Jan 112 Oct Apr Apr 3# 11 25 9o 1.75 9# 3 100 2,449 48,300 24# Oct 8# 15c 21# 4# 12 112 Jan 12c Oct 112 Feb 13 #c Oct 96c Jan 2.30 * 13 18.150 7# June 1.22 50 1.29 15 Oct 85o 12 83 * 30 3# Nov 5 145 50 28.910 8# 16c TTtnde A Dauche 7 4 1.07 Oct 61,950 Holllnger Cons 240 May 35 27c Jan Aug Jan 47 1,140 16c Feb 7 12c 7 12c 240 1,200 5# 1.05 204 15c * 100 * 100 * "13# * 340 Base Metals Mln 25 1 Oct 32 Oct 112 4c High wood Sarcee 290 Oct 29# 3# 37 1 Hard Rock 41 * 72 47# 200 Barker 300 Bank of Toronto * "15# Jan 290 13 1,400 23 27 Apr 292 Barker's Bread 100 100 13c Feb Bank of Nova Scotia...100 Jan Jan Feb ""26c Grandoro 29c 1 Bagamac Mines Sept Mar Graham Bousquet •6#c 50 Astoria-Rouyn Bank of Canada lie ' 1 Preferred Feb 30c 148,100 52 197 * Goodyear Tire Sept 3.70 5 100 1 Gatlneau Power.. Oct 1.00 * 9 * Frost Steel Jan * Oct 25c 23c Sept Anglo-Huronlan 1.63 1.40 Gold Eagle Goodfish Mining 23c 1 16# Gold Anglo-Con Hold Dev Oct 5# 21# 3 * Jan Aram Gold Mines Oct 8 1 Jan Jan 6# 95c * 57c 35# 1,675 17 1.44 10'f-C, Nov 11# 3 165 Oct Sept 25 9 370 40c Sept 25 Oct 6 38 2c 25 6# 3# * Jan Aug 410 5# 3# 12 3# Oct 17# 10 17 36 ..... Jan Oct 9# 5# 17 1.25 12 60c 22 #c 9 25 American Cyanamld B..10 415 330 23# 10# 20# 12# 21# 1.03 100 1.65 16# 16 60c 500 Sept Apr Aug 210 6Cc 7,600 1# 34 Oct 1 3c 3,500 18 Jan 160 56 Jan 35c l#c July 19 68 164 Jan Oienora l#c 9 241 162 43c Francoeur Jan 1 11# 23# 163 Jan Oct Feb Gold Apr 7#c Firestone Petroleum Feb Alexandria July 7 28# 11,300 Goldale Mines.* 95c 160 July 10c God's Lake Mine 1.89 Sept 2 9c Jan 43# 140 55 9#c Apr Oct Nov 66 3# 22 1 Apr Oct 20 146# 3 Feb 15# 18c 15 144 1.06 20c 30c 20 144 5.25 80 85 Aug Oct Oct 18,742 Jan Apr 110# Oct Oct 36,306 23 Oct Nov Oct 58c 85 57c 18 29c 20 1.83 9#c 13 653 1.30 1,085 42c Oct 9# 97# 5,950 1,050 26c 7# 8# 96 34,210 1,405 13 Mar 10# 70c Preferred General Steel Wares Gillies Lake Gold 42c * Feb 1.75 Oct Eldorado Mines High 27c Copper 6.55 Oct Fanny Farmer Federal-Klrkland 1937 Aldermac Oct 30c Falconbridge.! lists Alberta Pacific Grain pf 100 A P Consol Oils 1 Jan 2.60 3c 1 Feb 44# 57c 3# 9#C 60 Oct 2.20 26# 9#c 2# 21 1 6% * Eastern Steel pref 100 East Malartlc..........1 Week Low Sept 30 70c Preferred Shares 35 10 3# 25 Foundation Pete Range Sine* Jan. 1 for Jan 100 Aug 1.15 * 35c 2# 22 * Ajax Oil A Gas Price Range 8 2.55 Sales Week's 19 Oct East Crest OU Toronto Stock Exchange Friday Oct 2# 1 Ford Oct. 30 to Nov. 5, both inclusive, compiled from official sales 13# Dorval Siscoe Mar 33#c Feb 15 100 20 "5# Preferred Nov Royallte OH Co.. 23c 40 6,700 25 Dominion Stores Sept Co 6#c 74# Sept 70 16,455 9# 9# 22# Dominion Tar Feb _.* Home Oil Pacalta. * Dominion Explorers Dom Steel Coal B Oil- Calgary A Edmonton Mar Mar Oct 10c 5,000 43c * 20 Dome Mines Apr Wright Hargreaves M Ltd* 2c June 4,400 1 Feb Cad.. Feb 5 1.55 preferred Dominion Bank Jan 45c 12.50 5 * Dlst Seagrams Preferred Jan 4.95 "~37c Apr 3 10 Da vies Petroleum Feb 1.10 13# 23# Dark water Mines Jan 99c 13# 8.25 1.70 new Consumers Gas Mar T.09 13c * Cosmos Mar Oct 100 Exploration.. 1 2.50 74c 2.50 53c 182,190 2.51 1 Thompson 37c 2.51 * Sullivan Cons Mines Ltd. 1 95c 98c 42c 40c 11,555 36 Cons Chibougamau Cons Smelters Feb 2.00 20c 12# 35 2.05 Conlaurum Mines Cons Bakeries Feb 2.25 1,000 14,700 17,700 11,200 June Chromium Mining * Commonwealth Petroleum* Cockshutt Plow * May 34c Red Crest Jan 65 Central Porcupine Chemical Research Jan Placer 39 Castle Trethewey Central Patricia Feb 1.12 Oct Nov 20 100 Canadian Wineries.. Cariboo Gold Feb 1.65 Mar 29 2#c 8# ... 1 30# 9# 26 ^ 32# 100 C P R Feb Perron Gold Mines Ltd Pend-Orellle Oct Oct 36 .... Canadian Oil prdf Mar 9o Jai 38c B Jan Oct Mar Mar iU 4# 16# 1.80 Canadian Malartlc Canadian Oil Jan 4.05 20c Jan Oct 32# — Feb 17c 26 # 23 25 3 Canadian Dredge * Canadian Ind Alcohol A. .* Mar 11c lie Feb 285 45 * Can Car A Foundry Preferred Jan 1,000 "1'7'c 13# Jan 9.00 2,600 44 60 1st preferred Apr 1 Montague Gd Mines Ltd.l * 360 29c 6.40 May 7,098 2,386 Jan 40 Oct 8c 30c 12 #c 25 2nd 6 11 12#c Canadian Canners Jan 37c 39#c 2c 2c 18# 5 2#c Preferred Jan 5.00 16# 25c Canadian Breweries Jan 39 He ~1~6# * Preferred Jan 2c Mines Mackenzie Red 50 * Can Bank of Commerce 100 Apr 59 23# Canadian Wire B Jan Oct 1.33 Lee Gold Macassa 23c 23# Oct 30 4,164 12# . Canada Permanent Feb 85c 8.00 35 Can Steamship (new) Apr 5 55 7c 1 — 60c 93c 1.80 5 40 Falconbridge Nick M Ltd. * 7.85 33 Canada Cement Mar 2.03 8.00 Calgary & Edm Calmont Oils.. Jan 900 ~~90c Eldorado Gold M Ltd 535 6#c 60 5,550 33 Canada North Fowor 48 6#c East Malartlc 12c * Preferred 44# 48 Duparquet Mining Co—* | 36 * Canada Bread Feb 1 32 21# Burry Biscuit pref Feb 24c Consol Chibougamau Jan 317 10 #c 20 Burt (FN) Aug 22c 6# 5 Burlington Steel Feb Central Cadillac G M Ltd 1 3# May 20# Burry Biscuit Feb 2.28 15 Buffalo-Canadian Mar 14c Cartier-Malartlc G M Ltd 1 28 4# * Bunker Hill Jan 65c 23# 1.04 Feb 4# 5 Building Products Feb 6#c 5 Jan 72c Brown CU Jan Can Malartlc Gd M Ltd-.* 1.70 Oct Brit Col Power A Jan 2 #c Bouscadlllac Gold Mines. 1 Apr Oct 29 r B A Oil Feb Brownlee Mines (1936)—.1 36c 5,200 Brewers A Distillers Aug Big Missouri Mines Corp. Feb 176 46.411 40c 165 10#c Buffalo-Ankerite 164 55c 40c 162 50 ... 58c 1#C Arno Mines Ltd--...-.--* High Lou Shares 45c 162 * Bralorne Mines. * Brantford Cordage pref.25 Brazilian Alexandria Gold Mines... 1 1937 Range Since Jan. 1 for Week 51c Bobjo Mines Mines— Aldermac Copper Corp...* Price Range 40c ... Biue Ribbon pref.. 811 18# Canada Blue Ribbon 100 1.40 1.35 Par of Prices Low High Bldgood K'rkland Big Missouri 15 40 —* pref cum Bell Tel Co of 4,000 103# 90c Walkervllle Brewery Ltd.* $1 11 98 debs.* * conv Co A Stocks (Continued) Week's Sale 356 Page-Hershey Tubes Ltd.* Sales Friday 150 6# 12# Paton Mfg 7% cum preflOO Price Bros WA. 3401-8 King Street West, Toronto* 12 2 6# 11 Mitchell (Robt) Co Ltd..* Now York Curb (Associate) 875 89 "90" Canadian Commodity Exchange, Inc. 50 24 42# Maasey-Harr 5% cu pi 100 McColl-F OU 6% cm pf 100 Melchers Distilleries Ltd. Members Toronto Stock Exchange 62 75c 20 21 STOCK BROKERS 15 44 75c MacLaren Fow A Paper..* High 952 1.05 44 P-.f—- Mackenzie Air Service—* Low Shares 8 1.00 lnternatl Utilities Corp B_ 1 Duncanson, White & Co. Range Since Jan. 1.1937 for Week High 200 17# 200 17# 70 9# 40 5 205 92 19 13,217 14 Oct Oct 7 Jan Jan 22# Jan 9 *40 Oct 15#c Jan 80 Oct 405 Jan ir 21c 68 9# 200 14# May 87c Oct 72c Nov Nov Nov Oct 95 15# 240 24# Jan Jan June Mar May Mar 2993 Chronicle Financial 145 Volume Markets—Listed and Unlisted Canadian Sales Friday F. O'HEARN & CO. Cobalt Montreal Noranda The Toronto Sudbury Klrkland Lake Sarnla North Bay 15%c 1 1.07 B 98 Jack VVaite Mines J 1.00 8% 650 »9 95c 65c Oct 41c 41c 44c 25c 28c 25.577 1.62 Mar Mar Whitewater Mines Feb Wiltsey-Coghlan Feb Winnipeg Elec A Apr 1.09 1.05 1.20 6,250 75c Oct 2.65 1.20 1.32 54 655 «0c i et 1.70 Apr Wright Hargreaves 1.30 42c 45c 3,600 25c Oct 1.10 Feb Ymir Yankee Girl——. 45c 9,936 1,600 Oct 59% 3%c 53% 4%c 45% 3%c 3o Oct —100 1 * 60 60 6 65 % Jan ~~45c 33o Oct Oct 1 "Too 1 —1 1 * * 16c 1 Gold-- Oro Gold Little Long Lac A Mines MacLeod Cockshutt Madsen Red Lake Preferred Oct 12c Oct 70c Feb 2% Oct 11% Mar 9.10 May 4% 4% 5.00 4.55 5.00 3.30 Oct 1.05 1.12 600 90c Sept 1.00 Oct 4.65 Feb 31 Oct 52% July 16% Oct 20 45 39% 18% 18 30c 30c 23,088 13,870 2,074 2,000 10% 10% 11% 730 7c 7c 3c 3c 3c 8.40 Feb Bissell pref 21% 21% 795 19% Oct 23% Aug 5.00 5.40 17,561 3 70 Oct 8.60 Jan 88c 80c Oct 4.85 Jan 52c 6O0 Sept 1.20 17c ~2%c 440 10% 10% 90 88 90 38% 35% 39% 6.957 1.03 1.18 25,230 - Klrkland New Golden Rose Preferred Gold Okalta Oils Omega Gold Orange Crush Orange Crush pref Ora Plata Mining Oils Page Hersey Pamour Porcupine Red Crest Gold..... Red Lake G Shore Reevee-Macdonald Reinhardt Brew Reno Gold Roche Long Lac Saguenay Power San Antonio Slave lake 6c Sept 39c Feb 1.25 Oct 5.00 Feb c Feb 5% Oct sales lista High Low 33% c May 3,600 1,000 Townsite Klrkland June 1.98 Apr Aug 88c Feb July 10c Feb Oslsko Feb Pawnee-Kirkland Oct 11 Apr 140 June 80 25 204 3c 51,300 6,000 40c 4,500 37c 3c 12% Nov Oct 200 20c 2 %C 21% Feb 212 Oct Feb 1.49 Jan 3.60 Feb Ritchie Gold 31c Oct 1,000 1.55 Sept 36% Oct 65c Nov 2.23 48,088 2,000 1,500 2%c Oct 16%c Jan Oct 95c Apr 14c Sept 49c Feb 160 1.00 Oct 4.00 Feb 10 3% Aug 4% Feb 3% 2.50 Oct 13.25 65c Oct 4.10 Oct 12c 30c Oct 1.28 Jan 1.50 15 1.50 Nov 3.50 4.70 91c 1.00 2% 40c 1.50 20 5 5 1.08 1.02 10%c 10 %c 1.21 13c 54,950 47,100 175 90 89 Oct 4 10 Jan 5 18%c 9%c 2.20 Apr 43% c Oct 10c 81 1 90 118 June 4.00 Mar Jan 22,326 5% 400 17c 18 %c 11c 9c II,150 30,395 2,000 15c Oct 35 July 8%c Oct 40 5c Oct 41C 9,800 8c Oct 46c 1.38 25 Oct 32% Feb 150 7 Oct 18% 75 Oct 26% 10 17c 14%c 2,600 15c 18c 65c Apr 30 Oct 65 Jan 1%C Oct 4%C Feb 12c Oct 69c Jan Jan 15 1%C Jan Mar 108 Oct Feb 4,000 2,100 32 l%c Oct 5 95 85 30% 360 26% Oct 27% 31% 590 18% Oct 37% 67% 4c 2,000 3%c Oct 12c 9c 9c 1,000 8%C 1%C Oct 30c Jan Oct 6c Feb Oct 6.65 Feb l%c 1.60 1.90 1,000 30,550 4% 100 2%c 2%e 3c l%c l%c l%c 4% 4% "2l" 20% 2% 100 * .1.25 5 Oct 16o Feb Oct 2c 12%c 8% June 135 600 17% Oct 150 3% Jan Oct June 2 10,000 10,700 21 Jan 2% 34 Oct 9% Jan Jan Feb Mar 22 22 5 22 Nov 56 Jan 31% 32 275 31% Nov 39 June 17,100 16c Oct 32 23 20 22 2% 1.35 1.25 58c Mar Oct 2% Jan June 17 145 25 Feb Jan Oct 62% 50 1.25 Oct 3.25 Jan 25 1.20 Sept 500 Feb 30 100 39 37 100 * .* 1% 85 2% 24 22 * 1.35 1.25 SECURITIES CANADIAN Government Municipal • Private wire connection Corporation • between New York, Montreal and Toronto Royal Securities Corporation Jan 50c 42 %c 88c 1.16 lc lc l%c 5.55 5.10 5.65 3.50 3.30 3.70 1.24 1.36 16 17 36,920 29,250 1,550 16,430 16,475 20,675 84 27c 80,100 2.35 2.15 2.45 6,175 22% 22 26 16c 313 2% Jan Oct 33c Oct 50 %o Oct 2.50 lc Oct 3%c Oc? 9.20 Oct 6.85 Feb June 2.20 Feb Oct 76c 12 33% Feb 29c July 15c Oct 1.50 Oct 4.50 Jan Oct 36 Feb 22 75c 99c 105,600 50c Oct 1.47 Jan 3.00 3.80 23,375 2 25 Oct 6.85 Feb 38c 32c 39c 7,700 20o Sept 1.95 Feb 24c 21c 25c 28,150 32c 32c 35c 1,900 3 3 73c 9c 10c 80c 10c 178 10,550 8,200 30 16e 25c Oct 1.78 Oct 1.52 July 2 4 1.35 70c Oct 7c Oct 48%c Oct Oct 227 169 Feb Apr June Jan Feb Mar 175 175 33 30 34 487 70 70 25 56 Jan 78 Apr 30 98 Nov 103 June 98 99 24 12c June 60" 32c Mar 1.00 Oct 1.55 34,548 Oct 3.95 Feb 3% 125 3% Aug 4% Aug 87% 50 1.30 3% 87 83 Oct - 110 Feb 3.20 3.65 Oct 6.65 1.03 34,020 24,200 2.53 93c 74c Oct 2.49 Jan 19c 24c 23,250 16c Oct 2.50 Feb Jan - - - - .-- - Gatineau Power Apr 95c - - - 1.10 60c 94c -- - Fraser Co 6s—Jan 90c 95c Oct -- - Eastern Dairies 6s Oct 1 19 - Jan 29c 39c Utility Bonds Bid 5s '53 /66% 67% 75 70 Alberta Pac Grain 68.1946 60% Beauharnols Pr Corp 5s *73 113% 114% Bell Tell Co of Can 5s. 1955 62 60 Burns A Co 5s 1958 92% Calgary Power Co 5s.-I960 108 Canada Bread 6s 1941 102% 103% Canada North Pow 5s. 1953 99 99% Canadian Inter Pap 6s '49 101 Canadian Lt & Pow 5s 1949 89% Canadian Vlckers Co 6s '47 112 112% Cedar Rapids M & P 5s '53 62 /61 Consol Pap Corp 5%s 1961 49 5% s ex-stock 1961 /48 78% Dom Gas & Eloc 6%s. 1945 Donnaconna Paper Co— 78% 77% 48 1956 99% East Kootenay Pow 7s 1942 Jan 10,800 3,100 34c _____ Ask Abitlbi P & Pap ctfs Feb 12,100 38c HAnover 2-6303 Tele. NY 1-208 w www w Bid 2.40 16%c 18%c 1.30 1.46 8,010 New York • Industrial and Public Jan 95c 160 • Bell System r ^ Feb 2.35 30 Broad Street Jan 4.10 3.65 3% Oct 18% 41% Apr 15% 30 30 6,585 9% Feb Jan 48c 1.30 Aug jsum Apr 7 %c 10c 1.10 17c Apr 43 9 2% Feb 9c 1.45 58% Oct Feb 3.15 """9c 80c 3.60 Oct 4% * * ...... Waterloo Mfg A Mar 85c June 2.90 7c 1.31 Preferred Supertest ordinary Temlskaming Mines Jan 4% 3.00 Oct 24 22 30 Apr 3.80 44c 35c 24 June Feb lc 3,040 2,145 19% May Jan 46c 63,930 8,100 2,500 14,545 22 375 55c 3%C Oct 30 80 Jan Oct Feb l%c .... Walkerville Brew 19c 150 July Feb 274 9% 1 preferred United Fuel pref 70c 10.00 6 33 16 %C "28 1st 80c 3%c Oct 12% 19 "32 Mar lc 10 9% Thayers 60c 65c 2%c 1,000 ""i5c ....... 6,288 4,622 Feb l%c 15 55c Jan 31c 1.95 1.65 2.00 83 350 8 Jan 25 30 Rogers Majestic Shawlnlgan W A P Stand Paving Feb 12c 2.60 5 Feb 3% Sept 9,000 4c 31 ...... Robb Montbray 1.05 Oct Cities......—. Feb Oct 19% 8 Pend Oreille Nov Prairie 20 400 27 —100 Lake Mines 6 42% Oct 3%c 125 Oct 1.00 8% Oil Selections 40 35 800 2.50 31 National Steel Car Oct 15c 2%c June 190 Feb 1.40 1%C Montreal L H A P Oct 21 18 15 2.50 Mandy 45% 140 55 Apr Oct 16 Feb Oct 30% 10% 38% 1.25 4% 1 100 12% 30c - Malrobic Oct 95c 25 285 21c Oct 7 685 July 70 Oct 3c 18 * Langley's pref.... sept 40 30 25,500 8 19% 1, 1937 Range Since Jan. 34 7% 33 100 --1 Preferred 560 2% 1 1 1 52 Oct Jan Week 5c 4c 19 Inter Metals A 7% 91c 100 Jan Oct Shaies 60 55 Humberstone 37% 125 4.50 1 ...50c Sherritt Gordon 1 Silverwood Dairies pref--* Sladen Malartic—... 10 2%c 3% Sheep Creek Siscoe Gold 185 17c 18 %c 18c Shawkey Gold-..--- 8.10 18c 25 49% pref--100 "99 Simpsons pref 47,880 150 150 1 1 of Prices High 1.20 Hudson Bay M & S 33c 100 ... 1.84 70c —.100 * 8t Anthony-... Mar 34% 1.69 65c —1 * -.1 -.1 * * * * 1 1 Oct 5 for Week's Range 55c Dom Found A Steel 46% 25c ""25c Read Authler Oct 63c Feb 3%c — 5.80 compiled from official Low 34 * * * Hamilton Bridge 1.95 1 Pet Cobalt Mines...——1 Pickle Crow 1 Pioneer Gold 1 Powell Rouyn 1 Power Corp * Preston E Dome.. Jan 33c Cons....—-1 Royalties July 1.18 July 33 Jan 77 Sales 7% —- Dominion Bridge "47 ~" Perron Gold Pressed Metals... Jan 63c Oct 56c 3c 1 —1 1 Premier 2.03 Oct 1.15 204 1 1 Payore Gold Oct 12c 24o Oct 32c * Pantepec Oil 85c 6,100 Oct 12% -* 1 * * * * * Olga Oil & Gas Dalhousle Oil 10,600 5,200 1,500 1,120 Nov Feb 10 44 Oct Exchange—Curb Section 5c 1 * * Consolidated Paper Jan 4c 7 * 1 * 5 1 * North Star Oil Mar 42% 101 32c 37% 1 Nordon Oil Oct 21c 125 * * Mines.. Norgold Mines North Canada Oct 7,600 2 %c ——5 Normetal June 30 14c Coast Copper Mar 14% 8% 86 % 1,100 17,700 17c * 1 — Paulore Gold Consolidated Press 5c 150 1 Naybob Gold Partanen-Malartic Cobalt Contact Mar 35c * * Preferred .100 National Sewerpipe * National Trust-.-----100 Parkhiil Mar 25c National Grocers Nlpissing 36c 4c 1.80 Central Manitoba 16% 35c 33 Canadian Wlrebound 74 23 %c 1 Murphy Mines National Brewing. 6c 185 Marconi Oct 4c 1 - 17c Canadian Oct 23 %c * Corp.. 5% 5% c Oct 191 55 Canada Vinegars Oct 32 113 6c 180 180 25c 1 * 100 1 23c Feb Oct 10 10 7.65 C 17 20c 2% 15 35c 22c 1 * * * 1 * 1 5 Malting Mar 399 14%c 15%c 35c 40c 16c Jan 11 Canada 8c I,700 9%c Feb 16c Oct 11,850 Gold Mar 6.80 Price Canada Bud 4% 10c * Oils June 1 7% * Russell Motors 798 3% Mar 44c June Oct 2c 44% -* Royalite Oil... 10c 6% ~9%c 40c Royal Bank 2%c 3 1.08 Paymaster 34,335 66c 114,200 19c 1,700 10,500 3c 1.09 40% Model Oils 30c Oct 2% both inclusive, Brett Trethewey 55c * Oct 3c 25c Jan 25 1.01 Oil---— 5c 1,500 23c 100 Stocks- Oct Oct 4 00 6% Corp Jan 2,000 7.55 Sale 5.20 Oils.- 18% * Last 22 15%C Pacalta 6,455 36% c * 5% Jan Aug Oct Oct 15% 32c 2.25 June 9% 16,100 51,465 11,700 Par 974 1 O'Brien 36c 22,600 18% 2% 33c Jan 24 1 Noranda Oct Feb 74c 46 15% ------ Jan 1.35 41% 10% Mines Newbec Mines. 7%c 5.15 1.60 1.25 1.25 Friday 4.85 McKlnley Mines McWatters Gold Porcupine. 30c Sept 65c Jan 19 5% July 23% McKenzie Red Lake Monarch Oct 2c 5 McColl Frontenac Merland 10c 2,500 100 * 100 Preferred Mercury 70,300 2%c 1.30 21% Milling——* Maralgo Mines 1 Massey Harris * Mclntyre 68c 13c 17%c 67c Maple Leaf Moneta 11% 1,000 1,705 3,102 Toronto Stock 4.95 -* East Manitoba & Mining 968 15c 1 Oct. 30 to Nov. 5, 25% * M cDougall-Segur 11,275 2c * ---1 1 ---1 B Macassa 1.10 Jan 77 June Aug 85c 14c * Wood Cadillac.. Jan 1.33 55 1.00 1.10 50c June Feb 14% 100 Preferred Mar 75 21,250 65% 58 2.00 Feb 28c 44c 47 %c 65 Apr 46 58c York Knitting Mills Ltd 50% Jan 53 ——-1 Oct Oct 38c Jan 4.65 13% 1 59c Feb Jan Aug 13% ..1 3.30 Oct 50c 44c 44c Jan 2.35 Nov 18 Jan 16 1.79 1,935 9,040 50,300 * Westons 53c 60c 13 Oct Feb 1 00 10 150 1,400 * 2.15 23c 132,180 93 78 87 6.00 2.50 * Oct 24c Oct Jan 78 %c ♦ 15c June 2,150 27c ' Oct 19% ♦ Walte Amulet.. Walkers Oct Secord Prairie West,flank Oil 35 8% Oct Oct Nov Oct Lee Gold . Preferred Feb 30% 23% 18" Lava Cap A. Mar 3.25 39% 5,999 1 40 Lapa Cadillac Morris Feb Mar 24,491 Feb Oct 3c 4.25 2.30 -1 Contact-.--—1 Lamaque Moore 73% 39% 21% 8% 31% United Steel 15,200 Landed Banking Minto Vulcan Oils 40,553 Gold Loblaw Ventures Jan 1.79 Lake Shore Leitch Feb 21c 24%c Klrkland Lake-- Lebel Nov 19% 1.70 Kirk Hud Bay Laura 20 105 Oct 47% --1 1 1 1 M Consolidated Kerr Addison Lag una Nov July 8% Feb ♦ 7 43% Jan 4.80 * 15% 97 30% 3.25 18 ♦ 20 "43 % Oct Oct 2.50 2.42 ♦ 1.76 Cons Jellicoe 98 80c __ 12 500 1 1 1 1 - Jacola 20 1 40% C 18 * 42 20 98 5 100 lnti Mining Corp i International Nickel-----* International Pete * Intl Utilities A * Intl Milling prel 6.90 Oct 14% 11% 12 1 United Oils Mar Oct Oct 9c 1.50 1 340 13% Oct 1.75 5.25 Union Gas 100 13% 9%c 180 1.40 Uchl Gold High Low Shares Low Oct Feb 11,100 1,680 4,100 7,182 18,101 6,200 16,695 14,625 4.80 Exploration Towagmac Week of Prices High Sale Imperial Tobacco Inter Coal & Coke. for Range Week's Last Price Par (Continued) Stocks 15%c 4c 1.40 Toronto Elevators Jan. 1 1937 Range Since Mar 15% 3%c 5.15 Toburn Gold Salts Friday 88 15 * Tip Top Tailors Feb Oct 16% 28%C * Texas Canadian. 96 3.30 * Teck Hughes Apr Oct 2.90 „1 Tasbota 1.10 1.00 ♦ Tambiyns Timmini 13%c 15%c 3.20 Sylvanite Gold Exchange (Inc.) Board of Trade Chicago Bourlamaque 2.60 1 Canadian Commodity Owen Sound 15 2.50 Sullivan Cons Stock Exchange Hamilton 11% 2.50 * Sudbury Basin Sudbury Contact Winnipeg Grain Exchange Montreal Curb Market Ottawa 60 15 * Straw Lake Beach Gold 60 Aug 19c 2.85 Nov 36 52 % 55 100 60 .25 High Nov 5c 2,200 72 65 Jan. 1 1937 Low Shares 53c 207,095 450 36c 41c * Range Since Week 6c 5c * Preferred MEMBERS Toronto Price ... Steel of Can aria OFFICES of Prices Low High * Stadacona TORONTO WAverley 7881 11 KING ST. W. Southend Petroleum GRAIN BONDS STOCKS Par Stocks IConcluded) Week's Sale 1 for Range Last 1949 1 1950 6s—1956 Gt Lakes Pap Co 1st 5s *55 Int Pr A Pap of Nfld 5s '68 Lake St John Pr A Pap Co 5%s 1961 5s 1961 50 -- 55 100% 102 102% 102% 93 93% 100% 102 MacLaren-Que Pr 5%s *61 5%s.l951 Maple Leaf Milling— 2% s to *38—5%s to '49 Massey-Harris Co 5s. .1947 McColl Frontenac Oil 6s *49 Minn A Ont Paper 6s. 1945 Montreal Island Pr 5%s '57 Montreal L H A P (150 par value) 3s 1939 Manitoba Power 3%s 3%s - -—1956 1973 Montreal Tramway 5s 1941 Pow 5%s'70 Ottawa Valley Power Corp 5s of Can 4%s '59 Dec 1 1957 5%s '47 4%s A *66 4%s ser B 1966 Shawlnlgan WAP 4%s '67 Provincial Pap Ltd Saguenay Power Mills 4%s '51 United Grain Grow 6«. 1948 United Securs Ltd 5%s *52 Smith H Pa Winnipeg Elec 6s. Oct 99 69 71 2 '54 101 75 Ask 101% ... 50 99% 95% 102% 103% 43% 103 50 44 ... 50% 99% 100% 94% 93% 100% 101% 104% 99% 98% - 102% - - - - - 101% 102% 99% 100% 99% 100% 103% 103% 101% --- 75 78 64 66 75 ... 2994 Financial Quotations Bid City Bonds bid a3 8 Jan 1 1977 9654 July May Nov 1 1975 99 100 54 1 1954 103 104)4 Mar 1 1 1954 103)4 105 a45^s a4548 a45is a454s 1960 102 H 103% a45is Jan 102 X 103 54 104 H 10654 a454 8 aV/is a454s a454s a45£s a454» a454s a4>£s a45£s Nov Mar 15 1976..,.. Jan a3)4s July 1 1975 a4s 1 1957 M ay 97 108)4 110 a4a Nov 1 1958 108 54 a48 1 1959 a4s May May a 4s Oct 10854 110 10854 110 10954 11054 1 1977..... 1 1980 a\\i* Sept. a454s Mar a454s Mar 1 1960 110 1 ,1962 HI 54 112 54 112 113 1 112 96 4 New York Bank Stocks Ask a354s a3j^s a354s a354s a354s Par Ask Apr 1 1966 11254 11354 Apr 15 1972. 11254 11454 113 11454 1 1974. June 15 1976. Feb 11354 11354 11354 11454 1 1977. 15 1978. 1 1981. 1 1957. May Nov Mar 11454 114 11454 11554 117 11654 11554 U654 116 11754 1 1979. Dec Bankers 454s April 1940 Highway 5a Jan & Mar 1964 to '71 Highway Imp 454s Sept '63 62.95 12 5C 54 65 2954 30 H 152 Peoples National 890 940 Public National 1865 ,....25 15 Sterling Nat Bank A Tr.25 24 26 Trade Bank 45 20 25 Bid 1254 Companies Ask Par 102 108 Fulton 414 422 Guaranty 10 52 54 8 10 90 95 Kings County Lawyers .20 196 54 ..... Irving.; 7 ... County.. 230 250 100 240 245 10 1254 1154 1710 ...100 1660 25 35 40 20 38 40 99 54 Chemical Bank A Trust-10 Clinton Trust 50 44 46 55 63 14 16)4 New York 25 106 Title Guarantee A Tr 20 6 Underwriters...... 100 70 United States 100 1560 .25 % 12)4 Continental Bank A Tr. 10 52.15 Manufacturers Preferred Corn Exch Bk A Tr.. 12054 20 5054 1454 5154 Empire Improvement— Ask Bid 100 .... 10 23 24 .... .,20 46 54 4454 109 7 80 1610 Canal Imp 4s JAJ '60 to '67 120 54 Barge C T 4s Jan '42 A '46 109 54 Barge CT 454s Jan 1 1945. 113 129 12854 454s 1965 to 1949. 4s Mar & Sept 1958 to'67 129 Canal Imp 454s Jan 1964.. Can A High Imp Ask World War Bonus— Canal A Highway— 10 Colonial Trust Bid 1 10 Central Hano ver Ask 1 45 13 Penn Exchange 100 Bronx Bid 40 National Bronx Bank National Safety Bank. 1254 Brooklyn New York State Bonds 62.70 less 50 115" 100 3454 146 Par 62.80 less Ask 65 100 29)4 New York Trust 11854 11954 118 Banca Comm Italiana.100 Bk of New York A Tr..l00 3s 1974 National... 100 115 1 1965 June 1 1967 July Dec 15 1971 125 First National of N Y..100 1825 Flatbush National 100 35 115 1 1957 .100 Merchants Bank 95 National.. 100 Fifth Avenue Klngsboro 70 3354 2854 1254 Bid Par 24)4 65 ...13 55 Commercial 11554 11554 1 1963 Chase Ask 23)4 .Bensonhuret National... 50 City (National) 115 Bid Bank of Manhattan Co. 10 Bank of Yorktown._66 2-3 113 3s 1981 1937 6, Over-the-Counter Securities—Friday Nov. 5 on New York Nov. Chronicle Chicago & San Francisco Banks Par Bid Ask Par American National Bank Port of New York A Trust Authority Bonds Ask Bid Holland Tunnel Gen & ref 4s Mar 1 1975. 106 54 107 54 ser 1942-1960 Gen A ref 3d ser 102)4 104 100*4 102 Gen A ret 4th Gen & ref ser 354» '65 354« '76 3s 1976 354s 1977 MAS ..MAS Inland Terminal 454s 93 54 95 1938-1941 MAS 9754 98 1942-1960 MAS George Washington Bridge 4548 ser B 1940-63-M N Ask A Trust.. .33 1-3 First National ....100 50.75 1.75 112 54 110 61.00 1.75 10654 10854 10954 11154 Par Aetna Cas A Surety Aetna United States Insular Bonds Bid 104fi 5s Apr 1955 10154 10054 103 10054 103 10054 102 5s Feb 1952 106 554s Aug 1941 Hawaii 454s Oct 1956 109 111 113 Bid Honolulu 5s 116 4548 July 1958 1948 July Ask 63 50 U S Panama 3s June 1 1961 Govt of Puerto Rico— 5s 109 23)4 .25 18)4 27 H 10 Newark.—254 954 9)4 Re-Insurance. 10 28)4 3.00 114 3.50 109 U S conversion 3s 1946 11054 11054 108 Conversion 3s 1947 10854 111 MAN 354s 1955 opt 1945..MAN JAJ MAN 454s 1958 opt 1938..MAN 109 54 10 Knicker boc ker .5 10 101»,« 10154 10354 10354 5 5 Atlanta 5a 100 Atlantic 5s Ask 42 3054 Merch Fire Assur com 40 47 19)4 21 38)4 26)4 5 Merch A Mfrs Fire New'k5 /35 California 5s... 10C Chicago- fhH Dallas 5s. - 55 * - - 6)4 100 Denver 5s 96 First Carolines 5s First of Fort Wayne 98 95 97 100 ... 454s.., First of Montgomery 5s First of New Orleans 5s Fret Texas of Houston 5s First Trust of Chicago 454 s 102 95 97 98 100 9954 10054 9954 10054 . Fletcher 3548 Fremont 5s 100 102 75 80 Greenbrier 5s 100 Greensboro 5s 100 Illinois Midwest 5s mmm 100 454s 454s... Iowa of Sioux City 101 90 95 100 111 of Montlcello 85 m New York 5s 85 mmm ..10 .10 m 98 100 /60 65 100 100 Boston 100 Camden Fire —5 16)4 18)4 New Brunswick 10 26 10 1154 2754 19)4 2154 New Hampshire Fire New Jersey 10 3954 41 37 40 530 654 8154 540 1854 20 National Liberty ....2 National Union Fire 20 New Amsterdam Cas 2 27 28 20 22 Northern 39 20 New York Fire 5 2 54 354 116 121 104 10854 10 73 75 5 13)4 Providence-Washington .10 2754 15)4 2954 Reinsurance Corp (N Y)_2 Republic (Texas) 10 Revere (Paul) Fire 10 21 2254 19 2054 103 107 73 24)4 5 5 5954 Preferred Accident 76 8 9 2654 26 H 2954 20 22 Rhode Island Rossia 19 21 St Paul Fire A Marine—-25 3754 -.5 13 3954 1454 Globe A Rutgers Fire...15 2d preferred 15 31 36 74 78 Great American Great Amer Indemnity 1954 20 H 5 1 10 100 mmm Pennsylvania 5s 106 Potomac 5s 100 9 24 ...10 2254 2854 .10 62)4 64)4 10 5854 5 Hanover Hartford Fire 27)4 6054 2954 Hartford Steamboiler 29)4 654 5 5 5 Seaboard Fire A Marine. .5 Seaboard Surety Security New Haven -10 10 754 7 5)4 6)4 175 185 754 2354 27 9)4 28 Springfield Fire A Mar. .25 Stuyvesant 5 10654 10954 Sun Life Assurance 100 400 450 Travelers 100 412 422 6 7 U 8 Fidelity A Guar Co. .2 U S Fire 4 14)4 15)4 4254 4454 U S Guarantee 10 40 44 2.50 26 2754 Westchester Fire., 100 Phoenix 5s 8 24 25 6 37 Fireman's Fd of San Fran25 1654 86 22)4 National.25 5 34 Firemen's of Newark Franklin Fire 14)4 83 Pacific Fire.. Phoenix 5 5554 2.50 1054 Northwestern 10 10 North River 110 42 Fidelity A Dep of Md...20 Fire Aesn of Phlla -2 12.50 654 105 mmm Pac Coast of Salt Lake 5s.. Pac Coast of San Fran 5s.. 53)4 754 554 Home Pacific Coast of Portland 5s Pac Coast of Los Ang 5s_. 6 16 £7754 mm 99 54 9854 99)4 101 North Carolina 5s. Ohio-Pennsylvania 6s Oregon-Washington 5s 954 4 14)4 51)4 25 Halifax 100 St Louis 5s. /26 San Antonio 5s ■ ' m.m m mmm Bid Allied Mtge Cos Inc— All series 2-5s 1953 30 80 Arundel Bond Corp 2-5s *53 Arundel Deb Corp 3-6s *63 Associated Mtge Cos Inc— 84 A6 18 100 454s 98 Virginia-Carolina 5s 100 Surety Guaranteed Mortgage Bonds and Debentures 108 100 Southern Minnesota 5s Tennessee 5s Union of Detroit 100 Virginian 5s 100 Lincoln 5s Ask 100 100 Southwest 5s 80 Kentucky 5s La Fayette 5s Louisville 5s 854 Merchants (Providence)..5 National Casualty National lire 554 254 Globe A Republic Maryland-Virginia 5s Mississippi-Tennessee 5s.. m 454 Baltimore Amer Bankers A Shippers ..10 Gibraltar Fire A Marine. 10 Glens Falls Fire 5 Bid 100 Burlington 5s 2)4 39 General Reinsurance Corp5 Bid 354 1554 854 52 54 1154 3)4 1154 Georgia Home Joint Stock Land Bank Bonds 254 13)4 Maryland Casualty 1 Mass Bonding A Ins.. 1254 11 36)4 Federal 10954 Ask Lincoln Fire 2554 Carolina Ask Bid 19)4 28)4 10 Excess JAJ 4454 754 5054 10 10 Importers A Exporters 254 Employers Re-Insurance 10 Bid 4s 1946 opt 1944 4s 1958 opt 1938 Par Ins Co of North Amer 10 Continental Casualty Eagle Fire Ask 10154 10154 101 10154 101 10154 10254 102 J4 42- NTASA..1254 25 54 70 25 116 dS.7t Federal Land Bank Bonds JAJ FRANCISCO Home Fire Security Homestead Fire American Surety Automobile ...... BUI 67 5 City of New York 10 Connecticut Gen Life... 10 3s 1955 opt 1945 3s 1956 opt 1946 38 1956 opt 1946 SAN Bk of Amer 7454 4354 American Reserve Ask 100 560 Ask 7254 4154 10 American of American Bid 10 Aetna Life American Alliance 4h 8954 207 10 American Equitable American Home 4548 OCTTBM;::::::: 4548 July 1962 8554 202 10 Agricultural Philippine Government— 360 520 100 Insurance Companies D ser Ask 320 Northern Trust Co 200 E ser 1938-1941 Gen A ref 2d 454s 170 Continental Illinois Natl Bank Bid Port of New York— Bid Harris Trust A Savings. 100 ....100 Debenture 100 100 - mm 3-6s 82 Ask 86 77 Series B 2-5s Potomac 1953 44 77 'mmm 44 mmm 47 mmm 46 Empire Properties Corn— Interstate Deb Corp 2-5s'55 33 Inc 2-5s ..1953 Bond ... Par Bid 100 60 60 New York Atlantic 100 10 13 38 42 North Carolina 43 Nat Deben Corp 3-6s.l953 100 40 73 75 Pennsylvania ...100 22 57 71 41 — 3-6s ....1953 mmm 44 41 44 41 44 ture Corp 3-6s.. Realty Corp 3-6s 1953 70 — Atlantic 63 37 (all 1953 25 ...100 mmm 'mmm Potomac Maryland Deben¬ Nat Atlanta Corp Issues) 2-5s Potomac Bondholders part ctfs (Central Funding series) Nat Cons Bd Corp 2-5s '53 Ask mmm 86 Mortgage Bond Co of Md Joint Stock Land Bank Stocks 73 Potomac Cons Deb Corp— 3-6s 1953 Potomac Deb Corp 3-6s '53 Potomac Franklin Deb Co 90 1945 1954 53 54 Cont'l Inv Bd Corp 2-5s '53 Contl Inv DebCorp 3-6s'53 2-3s Bid Nat Union Mtge Corp— Series A 3-6s 1954 40 Dallas Denver Ask Par 100 11 15 Potomac Des Moines 100 55 60 San Antonio First Carollnasi 100 3 6 Virginia. Fremont 100 1 3 Virginia-Carolina Lincoln 100 2 Bid 5 ... 1 ...100 50 Ask Par 1 Am DIst Teleg (N J) com.* Preferred... Federal Intermediate Credit Bank Debentures 33 /30 71 74 41 44 100 Bell Telep of Canada... 100 Bell Telep of Pa pref—.100 Bid Bid 1548 Nov 15 1937 FIC 154s-—Dec 15 1937 FIC 154s...Jan 15 1938 FIC 154s Feb 151938 FIC 154s...Mar 15 1938 ft 6 40 % 6 .45% 6. 45% ft Ask Bid .50% FIC 154s— .Apr 15 1938 6.55% FIC 154s—May 16 1938 6 60% FIC 1548 June 15 1938 ft Ask FIC 154s.—July 65% 15 1938 6.70% 1953 42 45 Unified Deben Corp 5s 1955 32 U Realty Bond A deb 3-6s. Mortgage — — 81 16214 165 11554 117)4 45 56 60 Franklin Telegraph Gen Telep Allied 100 Par Bid Ask 116 Cuban Telep 7% pref.. 100 — New York Mutual Tel. 100 Pac A Ati Telegraph Peninsular Telep com Preferred A Rochester 25 * 20 25 15 19 2154 23)4 100 107 ... Telephone— 36 40 100 110 _* 86 89 17 Int Ocean Telegraph...100 So A Atl Telegraph 25 Sou New Engl Telep—.100 85 90 Mtn States Tel A Tel -100 127 132 S'western Bell Tel pref. 100 Wisconsin Telep 7% pf. 100 $6.50 1st pref 115 Corp— $6 preferred .35% 44 Ask 81 113 Emp A Bay State Tel.. 100 F I C 41 1953 Telephone and Telegraph Stocks 154 55 4 • Deb For footnotes see page 2996. 22 14754 14954 118 121 115 118 Volume Financial 145 2995 Chronicle «ne Quotations on Over-the-Counter Securities—Friday Nov. 5—Continued RAILROAD BONDS Guaranteed Railroad Stocks BOUGHT SOLD . Monthly Earnings and Special Studlea 3o$epb Walkers Sons Mtmkm Nrw York Stork Extbomgo Dealer* in 120 Broadway Association Members New York Security Dealers 41 Broad St., N. Y. HAnover 2-2455 - 2-6600 STOCKS Bulletin . e. sloane& co. john Tel* REctoff GUARANTEED! NEW YORK Request on . . QUbTED . - 1-624 Bell Syst. Teletype NY Raliroad Bonds Bid Asked 1945 53 56 1945 53 56 1953 92 Guaranteed Railroad Stocks Akron Canton A Youngs town (Guarantor in Parenthesis) 53*8.. - 08 Dividend •i j.- Asked Bid in Dollars Par ■ Augusta Union Station 1st 4s 0.00 67 73 100 10.60 140 147 — Boston A Albany 1st 43*8 75 82- 2.00 30 35 Albany (New York Central) Boston A Providence (New Haven) 8.75 109 113 8.50 95 105 ..100 Central) 100 Carolina Clinchfleld A Ohio (L A N-A C L) 4%.. Common 5% stamped. Cleve Clnn Chicago A St Louis pref (N Y Central) -.100 Cleveland & Pittsburgh (Pennsylvania) 2.85 46 50 4.00 83 86 6.00 84 88 6.00 90 96 3.50 78 82 .50 2.00 47 60 ...25 2.00 40 43 pref (N Y Central) —100 Georgia RR A Banking (L A N-A CL) Lackawanna RR of N J (Del Lack A Western)... —100 Michigan Central (New York Central) ...50 Morris A Essex (Del Lack A Western) —100 New York Lackawanna A Western (D L A W)._ 50 Northern Central (Pennsylvania) Northern RR of N J (Erie) —00 Oswego A Syracuse (Del Lack A Western) 5.60 65 70 10.00 175 183 4.00 59 62 50.00 900 1050 43 46 5.00 68 92 95 4.00 46 52 4.50 50 56 50 50 56" 54 60 75 80 90 96 72 4.00 100 983* 1950 1942 Boston A Maine 3s 6.00 99 97 1957 April 1, 1943 Birmingham Terminal 1st 4s -.100 Central) Albany A Susquehanna (Delaware A Hudson) Allegheny A Western (Buff Roch A Pitts) Alabama A Vlcksburg (Illinois 75" 73 Baltimore A Ohio 43*8 1939 Beech Creek (New York Central) Boston A Canada Southern (New York — Betterman stock Delaware — (Pennsylvania) Fort Wayne A Jackson 3.875 . Pittsburgh Bessemer A Lake 170 180 100 6.82 81 84 6.00 141 145 3.00 70 Second preferred .....—....- 100 0.00 10.00 239 243 0.00 65 70 6.00 85 .... 6.00 58 63 100 5.00 65 50 3.50 38 43 3.00 — 57 60 100 — — — Preferred . Warren RR of N J Weet Jersey A Sea (Del Lack A Western) Shore (Pennsylvania) 35 76 81 1995 75 80 1945 1978 1946 48 64 1978 1939 92 53*8 Hoboken Ferry 1st 6s Kansas Oklahoma A Gulf 1st 6s . 1st 4s Little Rock A H6t Springs Western ■ Maryland A Pennsylvania 1st 4s 1951 47 51 Meridian Terminal 1st 4s 1955 88 91 1949 1956 25 35 1940 1966 60 1951 60 63 1945 1957 83 85 75 80 1951 88 92 1955 1955 90 94 Minneapolis St Laul A Sault Ste Marie 2d 4s Montgomery A Erie 1st 5s - New York A Hoboken Ferry general 5s Portland RR 1st 33*8 Consolidated 6s 43*8 ... I St Clair Madison A St Louis 1st 4s Shreveport Bridge A Terminal 1st 6s.. Somerset Ry 1st ref 4s Southern Illinois A Missouri Bridge Toledo Terminal RR Toronto Hamilton A Buffalo 1957 1966 1954 603* 70 72 Gas A Electric 93* 10 37 preferred Atlantic City El 0% pref. Bangor Hydro-El 7% pf 100 Birmingham Elec 37 pref Philadelphia, Pa. 62 Equipment Bonds 84 87 78 80 ...* 215* Central Maine Power— 61.90 1.20 3 00 63 25 5e 63.50 2.50 63.80 2.75 62.90 2.25 New Orl Tex A Mex 2.75 New York Central 33*8 Deo 1 1930-1944.. 63.60 2.75 43*a.. 63.25 2.50 63.25 2.50 63.20 2.40 Cent 62.76 1.75 43*s RR New Jersey 43*s_ Be 5s ... 62.00 1.25 61.60 1.00 2.00 6s 1.00 4s series E due 64.75 4.00 2$*s series G non call 64.75 4 00 65.00 4.75 65.25 43*s. - A St Paul 43* si 08 4.85 87 trustees ctfs 33*s 90 43*8 Reading Co 434s Pere Marquette Southern 1.75 Southern Ry . Pacific 434a 61.80 5s Hocking Valley 5s Illinois Central 1.25 1.25 61.75 - 43*8 1.75 61.80 Be 1.75 1.00 63.25 2.50 Virginia Internat Great Nor Long Island 63.00 2.25 62.60 1.60 61.75 08 61.75 1.10 M Louisv A Nash 43*8 5s 53* s— 63.25 SS M 4s 2.50 63.25 2.50 63.75 --------------- Minn St P A 2.00 2.30 3.00 2996. ies 75* 50 92 933* Continental Gaa A El— 413* 473* (Del) 7% pref......100 (Minn) 6% pref * 36 cum preferred 26 28 27 29 29 3* 32 Penn Pow A Lt 37 pref 100 Derby Gas A El 37 pref..* Dallas Pr A Lt 7% Essex Hddson 100 Gas 78 % 805* 114 110 36 45 182 Federal Water Serv Corp— 37 cum preferred • Gas A Elec of Bergen.. 100 Ohio Edison 36 pref pref...* Philadelphia Co 35 pref..* Pub Serv of Colo 7% pf 100 120 182 * 105 108 7% preferred 100 Interstate Natural Gas...* 109 111 223* 243* Western Western Pacific 5s 873* 93 99 101 107 109 88 90 97 99 995* 1023* 54 57 875* 883* 59 62 102 105 100 955* 0% preferred O 100 87 89 203* 28 5 7 43 43* Southern Calif Edison— 73*% preferred—...60 Jer Cent P A L 7% pf—100 Kan Gas A El 7% pref. 100 52 85 0% pref series B 25 South Jersey Gas A El. 100 Tenn Elec Pow 6% pref 100 Sioux City G A E 37 pf. 83 1053* 1085* 60 7% 181 100 513* pf.100 100 903* 493* 533* 983* 96 99 preferred Texas Pow A Lt 7% 45 pf.100 100 543* 50 3* Toledo Edison 7% nf A 68 69 3* 2.25 2.25 473* United Gas A El (Conn) 1.50 7% preferred 54 56 Mississippi Power 36 pref.* 37 preferred* 423* 48 1.00 1.00 1.00 40 52 100 7% pref.. Utah Pow A Lt 37 pref—* TOO Virginia Rv 1.00 78 42 3* 145 81 443* 152 Chain Store Stocks Par Bid Par Ask 100 Borland Shoe Stores * 8 10 100 7% preferred 100 B/G Foods Ino common..* Blckfords Inc * $2.50 conv pref * 88 Krees (8 H) 6% Bid 11 pref. Ask 113* 98 100 100 62.75 2.25 62.65 - 913* 943* Kings Co Ltg 7% pref.. 100 95 Maryland 43*8-- 73 863* 59 Long Island Ltg 8% 95 - 70 Rochester Gas A Elec— 38 pref..* 95 6s 935* 983* 573* 33* 5% preferred ...100 Republic Natural Gas 1 7% preferred... 100 Jamaica Water Supply— Interstate Power 37 Iowa Southern Utilities— 95 434s 903* 92 Queens Borough Q A E— Idaho Power— 2.00 61.70 43*8 46 109 Northern States Power— * 37 preferred —--* Ohio Power 0% pref—100 Ohio Pub Serv 6% pf..l00 7% preferred 100 Okla G A E 7% pref... 100 Pacific Pow A Lt 7% pf 100 190 7% preferred 2.75 63.75 2.75 105* 23* 113* 305* 315* VA 2.00 63.75 (HC) common...* 7% preferred 100 Diamond 8hoe pref 100 Fish man (M H) Co Inc.. Bo hack Kobacker For footnotes see page 62 40 2.00 61.70 Ry Wabash Ry 53*s 273* 613* 2.50 61.50 5a Maine Central 5s 26 62.25 53*8 1.10 43*8— 43*a—.—- 2.50 61.50 5fl 1.75 120 63 90 58 3 00 77 45 Memphis Pr A Lt 37 pref.* Union Pacific 43*8 64.00 107 63.00 Pacific 4s 43*s 62.50 6s * 74 5H 3 23 100 63.25 Be Texas Consumers Power 35 pref. 72 75" 283* % Pf.» N E Pow Assn 0% pref. 100 New Eng Pub Serv Co— 37 prior lien pref * New Orl Pub Serv 37 pref* New York Power A Light 36 cum preferred * 7% cum preferred--.100 62.50 . 434s 5s 43* s 98 63.50 2.40 62.25 (N J). 100 84 263* New Eng G A E 53* 62.75 5s 63.10 1.10 62.90 53*8 2.25 62.50 2.40 98 63.00 3.00 2.50 62.50 43*8 2.40 96 St Louis Southwestern 5s. 64.00 Consol Traction 36 preferred 95 — 0s 2.00 63.20 St Louis-Ban Fran 4s 63.75 53*8 2.00 62.75 62.00 63.75 43*8— 62.90 63 10 19<w 49 Dec 1 1937 50 43*8— 58 ..100 pref.. 100 pref* Consol Elec A Gas 36 Hudson County Gas... 100 Be Chicago R I A Pacific Great Northern 64.00 3.00 1.20 Jan A July Chicago A Nor Weet *"5B 53*8 3 00 61.75 61.75 6s Erie RR 2.00 Northern Pacific 43*s 62.75 43*8 Denver A R Q West 2.60 Pennsylvania RR 43*8— Chesapeake A Ohio Chic"Ml'lw 63.15 64.00 434s 1.25 62.50 L43*B— _ N Y N H A Hartf Cent Pr A Lt 7% 82 6 24 preferred.. 36.60 cum preferred...* 62.00 5s N YCblo A St Canadian Pacific 2.75 43*s._ 43*s... 2.75 5s 2.75 63.75 53*8 63.50 Canadian National 3.00 63.75 58 63.50 Maine 43*s ....100 7% preferred 36 preferred 64.00 Missouri Pacific 43*s 6s Boston A Ask 56 223* Nassau A Suf Ltg 7% Newark Consol Gas 21 preferred 5 100 pflOO Nebraska Pow 7% pref. 100 7% 64 Ask 1073* 110 Mountain States Pr com. .* 25 6% 54 Penn 25 12 125"" Carolina Pr A Lt 37 pref* 31.60 preferred Bid Par Mississippi P A L 36 Pf—-* Miss Rlv Pow 0% pref. 100 Missouri Kan Pipe Line..6 Monongahela West Pub Serv 7% pref 110 115 92 46 11 5 • 36 50 preferred 89 43 Ask 68 7% pref* 109 Utility Stocks Buffalo Niagara Eastern— 4>*s Baltimore A Ohio 43*s— 76" 107 43*8 Bid Original preferred Stroud & Company Inc. Bid 56 ...1951 1st 4s 33*s Par Associated Atlantic Coast Line 92 ; 74 43*8... Alabama Power $7 pref..* Ask 65 90 73 Arkansas Pr A Lt Bid - 35*8 Piedmont A Northern Ry 1st mtge 90 - Quotationa-Appraiaala Upon Request Railroad 95 101 CERTIFICATES York 95 ill fS 933* 99 - Public Private Wires t« New 70* 65 1965 Macon Terminal 1st 5s Washington County Ry 1st EQUIPMENT TRUST 90 1949 Long Island refunding mtge 4s Rock Island Frisco Terminal 141 (Terminal RR).... 100 United New Jersey RR A Canal (Pennsylvania).. 100 Utica Chenango A Susquehanna (D L A W)_ —100 Valley (Delaware Lackawanna A Western) 100 Vlcksburg Shreveport A Pacific (Illinois Central). Tuone RR St Louis 75 /25 82 77 170 — 70 Goshen A Deckertown 1st 105- A Hudson) (Terminal RR) 1942 1949 1905 Georgia Southern A Florida 1st 5s 7.00 Rensselaer A Saratoga (Delaware Louis Bridge 1st pref Chateaugay Ore A Iron 1st ref 4s Choctaw A Memphis 1st 5s Cincinnati Indianapolis A Western 1st 5s Cleveland Terminal A Valley 1st 4s 7.00 ., 1940-45 1901 Buffalo Creek 1st ref 5s 3.00 Preferred 1944 43*s._. Convertible 5s (Pennsylvania) —100 Preferred Pittsburgh Fort Wayne A Chicago St Prior Hen 42 38 1.50 ...50 Erie (U S Steel) Prior lien 4s 7% Stores..--— preferred 100 33* 14 43* 10 105 1073* pref... 100 100 — 22 243* Reeves (Daniel) 23 30 20 903* 102 3* 7 0 common..* 53*% preferred.. -.100 Murphy (G C) $5 pref. 100 Mlller (1) Sons 9 8 10 70 80 Stores Common....———100 United Clgar-Whalen $5 preferred * Financial 2996 Chronicle Nov. 1937 6. Quotations on Over-the-Counter Securities—Friday Nov. 5 -Continued specialists in — Securities of the Associated Gas & Electric System Water Works Securities s. a. o'brien & co. 'Complete Statistical Information—Inquiries Invito# Members New York Curb Exchange 150 BROADWAY, NEW YORK Swart. Brent & Co, 75 FEDERAL ST., BOSTON COrtlandt 7-1868 incorporated HANcock 8920 Direct Teletype Connections—New York to Boston 40 Bell System Teletype—N. Y. 1-1074 Public Bid 67% 69 Federated Util 5%s—.1957 Green Mountain Pow 5s '48 Amer Wat Wks A El 6s '75 87 90 Houston Lt A Pow 3 %« '66 Associated Electric 5s. 1961 45 A 46% Assoc Gas A Elec Corp— income deb 3%s.-.1978 Income deb 3%s 1978 Income deb 4s 28% 30% 32% 1978 29% 60 62 101% 102% 102% 103% Idaho Power 3%s -1967 Iowa Sou Util 5Mb—1950 98 % 99 97 96 31 33% 37% Income deb 4%s--.1978 36% Conv deb 4s 1973 56 1973 60 65% 67 Kan City Pub Serv 4s. 1957 Kan Pow A Lt 1st 4 %« *65 Conv deb 4%s Conv deb 5s 1973 Conv deb 6%s 1973 8-year 8s with warr.1940 8s without warrants 1940 Keystone Telep 5%s. 72 G '65 ser Missouri Pow A Lt 3948 '66 91 88 Mtn States Pow 1st 6s 1938 Narragansett Elec 3 %s '66 Newport N A Ham 5s. 1944 28 mmrnm Sink fund ino 4 %s. .1983 Sink fund Income 5s 1983 Sink fund Inc 6 %s-1983 Sink fund Inc 4-5s..1986 Sink fund Inc 4 %-5%s'86 Sink fund Inc 6-6S..1986 Sink fund Inc 6 %-6 %s'86 Atlantlo City Elec 3%s '64 102 % 97 % 103% 98% 90 95 N Y State El A G Corp— 4s 1965 32 mmmm 35 North Boston Ltg Prop's— Secured notes 3 %s 1947 'mmmm 37 Northern N 33 .■mmmm _ . 32 North Y UtU 6s u States 1966 Pow 3 Mb 67 35 Ohio Edison 4s 37 Ohio Pub Service 4s._ 1962 Old Dominion par 58-.1951 97% 97% 98 64% 57 Parr Shoals Power 5s.. 1962 90 91 92 Cent Ark Pub Serv 5s. 1948 85 Central G A E 6%s 1946 66 lstllen coll trust 68.1946 68 1967 100 Central New York Power— General mtge 3%s..1962 Central Public UtilityIncome 6%s with stk *62 Colorado Power 6s...1953 103% Pennsylvania Elec 5s. 1962 97% /62% 86 Penn Telep Corp 1st 4s '66 Peonies LAP 5Ma.. .1941 Public Serv of Colo 6s. 1961 68 Pub UtU Cons 6 Ma—1948 — 64% 103 64 36 37 Tel Bond A Share 5s. .1958 98% 60 62 93% /2% Utlca Gas A El Co 5s. 3% . 1957 118 Western Mass Co 390 1946 Western Pub Serv 5 Ma '60 44"" Consol E AG6s A—..1962 Osserles B 1962 42 Cumberl'd Co PAL 3 %s '66 96% 97% Dallas Pow A Lt 3%s.l967 105% 100 ... 43 Wise Mich Pow 8%s.. 1961 Wisconsin Pub Serv— 103 1st mtge 4s 1961 104% - AMOTT, - 97 101 1951 102 mmm 6 %s series A 1951 102% 68 106 93 95 83 86 ... 1941 City Water Peuna 100% mmm 1954 1957 100% 104% Clinton W Wks Co 5s. 1939 Community 101% 102% 101 99 98 1948 103 105 105% 107% 96% Phlla Suburb Wat 4s. 1965 Pinedas Water Co 5 %s '59 . Water Service 93% 1946 58 63 Pittsburgh Sub Wat 5s *68 101 6s series A 1946 62 67 Connellsvllle Water 5s 1939 Consol Water of Utlca— 99 100 Plalnfleld Union Wat 5s *61 Richmond W W Co 5s-1957 104% Roanoke W W 5s 4%s 1958 90 1958 92 95 " mmm 104 ■ mmm mmm 1950 85 88 Roch A L Ont Wat 5s. 1938 St Joseph Wat 4s ser 19A'66 93 1st mtge 5s 95 100 Scran ton Gas E St L A Interurb Water A 104% 106 Water Co 4%s. 98% 101 1958 6s series A 1942 99 101 Scranton-Sprlng Brook 6s series B 1942 100 102 Water Serv 5s 5s series D 1960 Greenwich Water A Gas— 99 6s series A 1961 ser B 86 1967 1st A ref 5s A 8henango Val 4s 86% 1961 98 101 59 62 1952 91 95 South Bay Cons Wat 5s '50 68 series B 1952 Hackensack Wat Co 5s '77 91 95 South 104 5 %s series B 1977 108 -.1954 101 1954 102% 103% 95" 93 Terre Haute Water 5e B '66 ... Indianapolis Water— 101 101% 102% Union -— 101% Water Serv 6%s '51 ' mmm 98% 101% W Va Water Serv 4s_.1961 100% 102% 94% 97 92 96 Western N Y Water Co— 1958 85 90 103 105 103 105 Middlesex Wat Co 5%s '57 Monmouth Consol W 6s '56 ... 104% 6sseries A ..1949 Texarkana Wat 1st 5e. 1958 ... 101 99 mmm 102 1960 ..I960 Spring!!. City Wat 4s A '56 ... 5s 1962 lUlnols Water Serv 5s A '62 103 1955 5s series A — mmm 88% Pittsburgh Water— 1st mtge 5s 58series B._ Lexington Wat Co 5%s '40 Long Island Wat 5%s.l955 Markets 91% 100 1948 5 %s series B 1st mtge 3%s 1966 Indianapolis W W Secure— 102% 103 91 97% . 1st consol 5s mmm 99 mm Prior lien 5s '.mmm '' ' 72 State Water— 1st coll trust 4% 8-. 1966 Peoria Water Works Co— 1st A ref 5s 1950 1st consol 48 -.1948 (Chattanooga) 1st 5s series C 6s 77 100% 70 Ore-Wash Wat Serv 5s 1957 104 102 City of New Castle Water 5s series B Issues BAKER 75 90 Ohio Valley Water 5s. 1954 Ohio Water Service 5e. 1958 100% 102 1957 Kokomo W W Co 5s. .1958 Reports 72 Newport Water Co 5e 1953 mm Citizens Wat Co (Wash)— Joplln W W Co 5s Estate 65 87 . 6s Real 1951 1951 York Wat Serv 6s '51 5%s New 105 Huntington Water— 74 100% 102 Ohio Cities Water 5%s '53 103 Wisconsin G A El 3 JO 1966 105% 5s series B 101 1954 Calif Water Service 4s 1961 Chester Wat Serv 4%s '58 94% 98% ~mm 102% 103% 1954 Butler Water Co 5s.-.1957 104% 61 Sioux City Gas A El 4s 1966 Sou Cities Util 6s A...1958 100% 101% -.1957 6s series B. 99 105 mmm 103 New Rochelle Water— 5 %s series A 101 71 102 mmm 103 Munele Water Works 5e '65 New Jersey Water 6e.l950 - • Ask 100 Morgantown Water 5s 1965 102% Birmingham Water Wks— 93 108 G '60 102 County Wat 5s '58 6s series B 101% 102% 103% 97 J4 97% mmmm Calif-Oregon Pow 4s. .1966 ser 101 Atlantic 5e 94 92% 97% Mellows Falls Hy E) 58 1968 Blackstoue V G A E 4s 1965 Cent Maine Pr 4s Ashtabula Wat Wks 5s '58 5s 102% 103 102% 104% 33 mmmm Bid Monongabeia Valley Water 5%s 1950 1956. 5s series C 94 Ask 95 92% 104% 106% 29% X 108% 91 91 Assoc Gas A Elec Co— Cons ref deb 4%s—1958 Sink fund Income 4s 1983 Alabama Wat 8erv 6e.l967 Alton Water Co 6s » Metrop Edison 4s mm* 88 108 1965 _ Bid 28 % 62" — NEW YORK Water Bonds Ask 82 PLACE, Teletype: New York 1-1073 Utility Bonds Bid Amer States P S 5%s.l948 Amer Utility Service 6s '64 78 EXCHANGE Tel. HAnom 2-0610 5s series B 1st mtge 5s 101 104 1951 90 1st mtge 5%s 1950 Westmoreland Water 6s *52 Wichita Water— 99% 101 1950 100 104 94 97% 100 102 5s series B. "1 1 &, CO. 1956 5s series C 1960 101% 103% 6s series A. 1 91% 1949 104 1952 102 W'msport Water 5s mmm mmm m m m 104 INCORPORATED BArclay 7 -CA 150 2360 D . Bell System Tel. w Broadway, N.Y. ny Sugar Stocks I -688 1 Par Real Estate Bonds and Title Co. Bid Aiden 1st 6s 1941 Broadmoor (The) 1st 6s '41 B'way Barclay 1st 2s. .1956 B'way A 41st Street— 1st leasehold 6%s..l944 /32% Bid 1948 Chanln Bldg Inc 4s... 1945 Chesebrougb Bldg 1st 6s '48 Court A Remsen St Off Big 1st 6s Apr 28 1940 Dorset (The) 1st 6s...1941 8 f deb 5s 54 1947 Munson Bldg 1st 6%s.l939 N Y Athletic Club— /20 25 37% 39% 1st mtge 28 stmp A reg'55 1st A gen 6s 1946 58% 60% 51 53% N Y Eve Journal 52 55 N Y Majestic Eqult Off Bldg deb 5s. 1952 6%s.l937 Corp— 4s with stock 35 /25 -1956 N Y Title A Mtge Co— 6%s series BK 59 20% 21% 52d A Madison Off Bldg— 6s Nov 1947 /45 60 1st 6s — (The)— Nov 15 1939 2nd mtge 6s.. 1951 103 E 57th St 1st 6s 1941 165 Bway Bldg 1st 5%s '51 60 Prudence 39 6s /6 7 1961 income 70 --- 48 /40 /45 47 59 savoy Plaza Corp— 39 42 Sherneth 69% 71 41 45 42 43% 1st fee A l'hold 3s with stock 60 --- /40 1947 88 89% London Terrace Apts 6s '40 /42 1956 Loew's Theatre Rlty Corp 24% 26 /18 38 /22 25 41 43 20 1942 60 1936 Oct 23 Basis When prloe. d Coupon. Issued, s « Ex-rlghts Ex-dlvldend y Now Ex-stock dividends, gold rouble bond, equivalent to 77.4234 grams of pure gold. reported Incorrectly. Bid price Metropolitan Chain Prop— has been associated with Haskell, Scott & Jennings, of their trading department, after serving F. A. Carlton years a for the past 3% years. Mr general list of securities for the past Holt has been 15 years, and has specialized in Joint Stock Land Bank bonds. a member of the Philadelphia Stock Exchange since 1923. 37 40 associated with White, Weld & Co. for seven years. 1939 76 80 Bldg lsc 4s 1941 55 58 —Announcement is made that Edward Jeuther Jr formerly with G Postley & Co., has become associated with Elliott & Wolfe, members of — Hayden, Stone & Co. announce that Frank associated with them in their stock department. E. Wattles Mr. Wattles , Jr. was is now formerly J. the New York Security Dealers Association. 82 85 Walbrldge Bldg (Buffalo)— 1st 6%s Oct 19 1938 Westlnghouse Bldg— /18 86 93 1st fee A leasehold 4s '48 66 Metropolitan Corp (Can)— Holt is again similar capacity 1958 1st 3-5s (w s) 2 Park Ave a 64 Trinity Bldgs Corp— 1st 5%s — NOTICES 1940 60 t —Patton, Schreiner & Co. of Philadelphia announce the association with them of Norman J. Greene, Richard R. Campion, and Thomas Ridgway Jr., each of whom has been actively engaged in the securities field. Mr. Greene Broadway Bldg— 3%-5e with stock—.1950 Syracuse Hotel (Syracuse) H. as manager during recent Textile Bldg— Bauman— 1947 per 100 b to i New York Stook Exchange. engaged in trading 41 616 Madison Av 1st 6 %s*38 6l"" 63 Interchangeable a Nominal quotation, Central Hanover quotation of last Friday was should have read 97% instead of 99%. Inc., Corp— 1st 6%s 59 1948 n on & Co. in 3-5%b deb Inc (ws).1956 60 Park PI (Newark) 6s '37 61 Lewis Morris Apt Bldg— 6s value, price, selling on New York Curb Exchange, —Lester 51 42 57 1st 6 %s (L I) No par / Flat CURRENT 6%s. 1940 48 (Bkiyn) 3.60 59 /39 1st 6s 104% 57 Roxy Theatre— 1944 Ludwig 1939 4s s f revenue 1977. AAO t Now listed 10 /54 1946 1st 6s 1 July 1938 t Quotations f7M 1943 1949 6%s Apr 15 1937 Lincoln Bldg Inc 5%s.l963 June Reynolds Investing 5s. 1948 Trlborough Bridge— Realty Assoc Sec Corp— 6%s unstamped 1st l%s April 1938 Co— 5% stamped. 36 Fuller Bldg deb 6s Hotel 8t George 4s 1950 Lefcourt Manbattaa Bldg 1st 4-6s extended to 1948 April 1 1955 Home Owners' Loan Corp 2s Aug 15 1938 49% Bldg— Harrlman Bldg 1st 6s. 1961 Hearst Brisbane Prop 6s '42 Hotel Lexington 1st 6s 1943 Ask 4s l%s Sept 1 1939 Federal Home Loan Banks * (Pblla) July 7 1939 1st 6s /43 Bid Henry Hudson Parkway 4s serial revenue 1942-68 /19 1 Park Avenue— Bldg 5s 4 1%8 41 38 ray bar 1 31 3 l%s /37 36 Oct 1 1941 Ask % 28% 51% 1949 6%s Bid Ask Associates Invest 3s.. 1946 Bear Mountain-Hudson 35 19th A Walnut Sts 1st 25% /48% Oliver Cromwell 1st 3 %-6 %sstamped 1948 Fox Theatre A Off 99 /33 63 Film Center Bldg 1st 6s *43 40 Wall St Corp 6s 1958 42 Bway 1st 6s 1939 1400 Broadway Bldg— 19% River Bridge 7s 1953 Federal Farm Mtge Corp— 97% 6%s series F-l 5%s series Q 0 500 Fifth Avenue— 6%a stamped 26% 51 45*' Bldg 1st 3s Inc '46 Bid 24 /25 /48 42 Deb 6s 1952 legended... 60 Bway Par Haytlan Corp Amer * Savannah Sug Ref com—_1 West Indies Sugar Corp.-l 15% 9% Miscellaneous Bonds 5%s series C-2 /5 8% 18% 1 56 /21% 23" East Ambassador Hotels— 1st A ref 6%s Ask 13% 1 Aik ..1945 /33 Bid 10 Metropol Playhouses Inc— /37 Broadway Motors Bldg— 4-6a Mortgage Certificates Ask Cuban Atlantic Sugar Eastern Sugar Assoc Preferred 1 . . . —Homer & Co., Inc., 40 Exchange Place, New York City, has prepared for distribution its periodical circular on the market for high grade railroad and public utility bonds. Volume Financial 145 Quotations Over-the-Counter Securities—Friday Nov. 5-Concluded on Industrial Stocks and Bonds—Continued Industrial Stocks and Bonds Bid Par American Arch * American Book 100 8% Hardware 18 Petroleum Heat A Power.* 30 % 33 % Publication Corp com * • 3% 25 28% 100 19 % * 13% 6% Remington Arms * 5% 5% pref.100 85 20% 8% 9% Knight com 48 *! 50 23 21% Bankers Indus Service A.* 5 Belmont Radio Corp • Beneficial Indus Loan pf_* 100 50 54 32 34 Paper. .25 34 36 Skenandoa Rayon Corp..* 10 Standard Screw Great Northern 1st preferred 6% 8% 5 8% 1 1 % 9% 10 1 % Lawyers Mortgage Co.-20 Steel common 1 Lawrence Portl Cement 100 16 200 100 100 110 1st 2d 9 * Trico Products 250 6% preferred 8% preferred Tennessee Products 18 100 * Corp Tublze Chatlllon 2% 37 90 100 100 100 preferred 7% Bonds— 9 American Tobacco 4s. 34% Wire Fabrics 7s. Am . Columbia Baking com 4 * $1 cum preferred Continental Can 4 % % p1.* iSB Chicago Stock Yds 68.1961 Cont l Roll A Steel Fdy— 1st conv s f 6e 1940 92 90 92 Cudahy Pack conv 4s. 1960 96% 98% 1955 96% 97% 3% 38% 1st 3%s 12 United Artists Theat /72 /10 74 ..1948 75 85 ....1939 115 1946 /20 Shipbuilding 5s.. 1946 95 * com 1% 2% Deep Rock Oil 7s 1937 1938 preferred United Merch A Mfg com * 8% 9% Hftyuac Corp 8s 1 29 % United Piece Dye Works.* Preferred 100 % 1% Kejsey Hayes Wheel Co— Merck & Co Inc com 12% 13% * 46 10 2% 3% 50 40 54 49 19 * * 69 72 30 18 Preferred 4 American 5% 20 Norwich Ohio 26% 6 Pharmacai Pathe Film 7 % N Y 98% West Dairies Inc com v t c 1 1% $7 1st preferred 21 59 34 /30 Woodward Iron— 36 % 38% 12 17 Wlllcox A Glbbs common60 16 19 1st 6s WJR The Goodwill Sta.. 24 26% 2d conv inc 5s s% t— 1962 Wltherbee Sherman 6s 1944 10% 9% 21% /20 assented—1942 Utd Clg-Whelan st Corp— 92 102 1962 ..1962 88 83 98 Products Common see page 2996. WICKWIRE SPENCER STEEL New Common EDWARDS & CO S. H. Textile Products 1st 6%s 5s 100 105 1945 Scovlll Mfg 5%s Standard 101% 2% 17% * preferred For footnotes Tennessee 26" 23 100 cum 25 105 100 Wickwire Spencer Steel..* 95 pref preferred White Rock Mln Sprlng- 54 51 •7 % Ohio Match Co 3% 20 preferred Preferred 90 100 Leather common...* 2% 2% * shares 24 % Yeast—100 1% Foundation Co For shs.. 17 $3 Preferred 6%% Northwestern Nat Radiator 5s 7% 7 27 New Haven Clock— 23 Corp Federal Bake Shops 26% conv West Va Pulp A Pap com.* 5% 24% * preferred 5% 24 $3 12 L)— Conv 68 • Welch Grape Juloe com..6 • 100 Nat Paper A Type com... New Britain Machine 117% Douglas 8boe preferred. 100 Draper 4% Warren Northam— 110 Preferred 54% (Jos) Crucible-.. 100 Casket National 53 35 48 % 100 Cbnv deb 6s 6 Martin (Glenn 95 Devoe A Raynolds B com * Dixon 114 80 Dictaphone Corp Preferred ..100 preferred 6% 7% Preferred 100 Muskegon Piston Ring.2 H 10 Dentists'Supply Co 7% 51% 27 A Mock Judson A Voehringer 109 100 Dennison Mfg class A 6% 48 % 33 % 30 84% 120 105% 106 % Croweil Publishing oom_.• 17 5% 13% 05 84% 3%s.l952 * Preferred 5 4 10 common 109 106 1951 1942 Bethlehem Steel Mac fad den Publlca'n com * Chilton Co 126% 5% 96% 101 pf.10 cum 12% 65% 80 7% preferred Young (J S) Co com 16% 15 * 58 4% 29% Taylor Wharton Iron A 17 6% 7% 32% 7% 14% 20 16% 12% 62% * 4% Stromberg-Carlson Tel Mfg Sylvania Indus Corp * Lord & Taylor com 51 49 100 Burdines Inc com Harrisburg Steel Corp Klldun Mining Corp 15 54 York Ice Machinery 243 235 Alt 10 100 Worcester Salt 45 39 Singer M anufacturlng. .100 Singer Mfg Ltd Preferred 7% Hotels Bowman-Biltmore com 4% Bid Par Woodward Iron com 1% 5% % V Great Lakes SS Co com..* King Seeley Corp com National Corp Art Metal Construction. 10 1 Scovlll Mfg Fire Extinguisher Graton & 16 % 79% American Republics com.* Andlan Conversion 1 Gen 25 Amer Maize Products American Mfg 50 17 Good Humor Corp Gariock Packing com 65 Ask 48 Petroleum Golden Cycle Corp 31% 50 Bid Par Atk Bid * * 10 28 % cum preferred...100 American Par Ask American Hard Rubber— 2997 Chronicle wJ Pittsburgh Stock Exchange \ New York Curb Exchange (Associate) 120 Broadway, New York 62 Wall Teletype N. Y. 1-869 Tel. REctor 2-7890 Union Building, Bank Wickwire Spencer Steel Co. A. T. & T. Teletype N. Y. 1-1642 Incorporated Air Associates, STOCK COMMON STOCK COMMON New York City Street, HAnover 2-3080 Pittsburgh BOUGHT AND SOLD Bought—Sold—Quoted Prospectus on request QUAW & FOLEY ROBINSON, MILLER A CO. Members New York Curb Exchange INO 30 Broad St., N. Hanover 2-9030 Y. SALES AUCTION Northern The following securities were sold at auction on Wednesday $ per Share Stocks , W. Straus A Co., Inc. 10 S. W. Straus Investing no no $1 lot (Del.), no par Corp. (Del.) series A pref., par $50, and 10 common, par Stock option warrants for 500 shares European par. _.ll lot Gas A Electric Co. (Del.), $2 lot Per Cent Bonds— $77,000 373 Park Avenue Corp. (N. Y.) 50-year 7% reg. gold bonds, 1976, series 6 to 30, incl., trustee's ctfs. ^ $5,000 Constant Refining Co. Int. in default since June 1, 1932.5% flat (Del.) 1st mtge. 6% income gold bonds, due $52 lot By Adrian H. Muller & Son, Jersey City, N. J.: $ per Share Stocks Shares $62 lot Co. (Atlantic City, N. J.) common... By It. L. Day & Co., Boston: Shares Mfg. Beacon Co., preferred, par $100 preferred, par $100 1 Gosnold Mills, prior preferred, par $25 3 Pranklin Co., par $100 5 United Cities Realty Corp., preferred, par $100-. 2 Second United Cities Realty Corp., preferred A, par $100.. 1 Gosnold Mills, 1 New England 1 Public Service $7 prior preferred ....... Electric preferred, par $100 8 Profile & Flume Hotels Co. of Franconia, 85 50 20% ...130 12 ...— 2% 39 119 90 $1% flat Manufacturing Associates Ludlow 2 Southwestern Gas & N. H., par $100 Per Cent Bonds— $500 Preble Corp. 1st mtge. 37 A int. 5%s, July, 1938.. By Crockett & Co., Boston: Shares RR. Co., preferred, par $100. ... RR. Co., common, par $50 — Assts., convertible, 50 Brockton Gas Light Co., par $25 8 Boston Woven Hose & Rubber Co., common 35 Haverhill Gas Light Co., par $25 16 Massachusetts Power A Light Assts., common, w. w 10 Copper Range Eastern 2 4% 4% 30% 7% 1% Utilities $4,000 Minn. A St. L. RR. 4s, Mar. 1, 1949, ctf. dep.; $3,000 Salt Lake A Utah RR. 6s, Apr. 1, 1944, ctf. dep.; $225 Northern Texas Eiec. pref. scrip; Corp. General 10 B, Shares $164 lot Philadelphia: $ per Share Stocks 4A 4% Co., Camden, N. J., common, par $5 Jersey Trust Co., Camden, N. J., common, par $5 Jersey Title A Guaranty Co., par $50.. 37 West Jersey Trust 26 West 10 West 97 Delaware County Trust 4 Pratt Food Co., par $100 Co., par $10 day from Oct. 1, 1936 to 20,153,797.97 Largest balance on any one day from Oct. 1, 1936 to 15,461,545.59 Sept. 30, 1937—Dec. 4, 1936 following officers and committees were meeting for the ensuing year: The President, Walter P. Gardner, New — elected at the Jersey Title Guarantee & Trust Co. Jersey City. Secretary, William A. Conway, City. Bank, Jersey Commercial Trust Co., Jersey Hudson County National City. Executive Committee—Two Years Clifford A. Spoerl, First National Bank, Otis W. Beaton, Hudson Trust Co., Hoboken, N. J. Joseph G. Parr, Trust Co. of New Jersey, Jersey City, and Jersey City, and One Year Adolph Rado, Columbia Trust Co., Hoboken, Nominating Committee—Kenneth Reed, Bayonne Trust Co., Bayonne; Jersey City; Robert S. Car- Veit, Trust Co. of New Jersey, William C. michael, Commercial Trust Co. County National Bank, of N. J., Jersey City; Eugene T. Hubert!, Edward C. Schultze, Hudson Jersey City, and Franklin National Bank, Jersey City, CURRENT of —The opening Robinson & ganization Co , a V. Willis and C. H. Coe. NOTICES municipal bond department is Los Angeles and Chicago announced by B B. investment and trading or¬ Stuart S. Hellmann has become associated with this of the new department it was also stated. firm and broad experience in the municipal field. For the past five years he has been associated with Dulin & Co. as manager of that firm's municipal department which he organized. Prior to coming to Los Angeles he was associated with several leading San Fran¬ Mr. pref. scrip; 75 Soap Products, Ltd., com¬ Investment Corp., warrants; 20 International Utilities warrants By Barnes & Lofland, Largest exchange on any one will act as manager $12.50 Associated Dry Goods 1st mon; —$1,880,563,604.32 1,594,860,324.20 for year Balances for year Clearing Committee—Wm. H. Dillistin, 5 Copper Range 35 Total amount of exchanges $ per Share 14 Stocks Jersey Clear¬ presented: Vice-President, Jay S. Perkins, $ per Share Stocks 1 meeting of the Northern New ing House Association, held on Oct. 21 at the Trust Co. of New Jersey, Jersey City, N. J., the following figures were Sept. 30, 1937—Dec. 15, 1936 due Dec. 1, Feb. 1, 1935, registered 522 2-4 Equitable Trust House Association Meeting—Yearly Statis¬ Clearing Jersey tics Presented At the annual By Adrian H. Muller & Son, New York: 10 S. New Elects Officers at Annual of the current week: Shares n.v!'® HAlovS-h2-T282 52 William Street, N.Y. -200 $200 lot 60 Hellmann brings to his new post cisco investment —James houses. Talcott, Inc., facturing Co., Inc., New —Walter Morrow has the New York has been appointed factor for Panama Manu¬ York City, distributors of become associated with Stock Exchange. woolens. Stout & Co . members of Financial 2998 General Chronicle Nov. UTILITY—INDUSTRIAL—MISCELLANEOUS New Stock Issue Approved— Stockholders at a meeting held Nov. 4 approved the authorization of 50,000 shares of cum. conv. pref. stock. Of that amount 20,000 shares was approved for immediate issuance and sale bearing a 4J^% dividend rate. Combined September and October business of the company was 20% higher than in the like 1936 months, according to 8. De Witt Clough, President.—V. 145, p. 2536. RIGHTS-SCRIP Specialists since 1917 Abitibi Power & Paper Co., Position ]yfcpONNELL&fO. Mrmbsrt New York Stock Exchange Broadway, Naw York New York Curb Exchange Talaphona REctor 2-7815 30 Ball Teletype NY 1-1640 OF REGISTRATION SECURITIES STATEMENTS UNDER ACT The following additional registration statements (Nos. 3490 to 3499, inclusive) have been filed with the Securities and Exchange Commission under the Securities Act of 1933. The total involved is approximately $19,028,940. Judgment has been handed down at Toronto by Justice Kingstone up" holding the contention of the Montreal Trust Co. that the holders of the bonds of the company, under the first mortgage are entitled to a first undertaking on the property and assets of the company. Justice Kingstone stated he did not find tenable the contention that the first draft or outline of the mortgage has been so altered or modified as to render it a different contract to that sanctioned by the board. In connection with the liquidator's contention that the National CJty Bank, as trustee of the bonds, is contrary to the statutes, Justice Kingstone Payne Furnace & Supply Co., Inc. ((2-3490, Form A-l) of Beverly Hills, Calif., has filed a registration statement covering 25,000 shares of value 60 cent cumulative convertible preferred stock, series B, and 30,000 shares common stock, $1 par. Of the common shares registered, 25,000 are reserved for conversion and 5 000 presently are to be offered. Offering prices will be filed by amend¬ ment. Hammons & Co., Inc., will be underwriter. Proceeds will be used to repay bank loans and for working capital. D. W. Payne is President of the company. Filed Oct. 29, 1937. Guardian Gold Ontario, has filed Mines, Ltd. (2-3491, Form AO-1) of Kirkland Lake, a registration statement covering 1,000,000 shares common stock, $1 par. Of the shares registered, 300,000 will be offered at 30 cents each; 300,000 at 60 cents each, and 400,000 at $1 each. Proceeds will be used for development, for plant and equipment. No underwriter is named. A. I. Wright is President of the company. Filed Oct. 29,1937. Selected American Shares, Inc. (2-3492, Form A-2) of Chicago, 111., has filed a registration statement covering 750,000 shares common stock, $2.50 par value. Shares will be offered at market. Proceeds will be used for investment. Selected Investments Co. will be underwriter. Max Adler is President of the company. Filed Oct. 29, 1937. Capper Publications, Inc. (2-3493, Form E-l) of Topeka, Kansas, has filed a registration statement covering the issuance of 4 % 6-month first mortgage certificates, series 2; 4^% 1-year first mortgage bonds, series 3; 5% 5-year first mortgage bonds, series 4, and 5K% 10-year first mortgage bonds, series 5, in an aggregate amount not to exceed $5,000,000. Part of the securities are to be issued in exchange on a dollar-for-dollar basis, for 5% to 7% Capper Certificates, issued by Arthur Capper as an individual and outstanding in the amount of $3,971,350. any of the securities being registered which are not required for the exchange offer, are to be offered publicly and part of the cash proceeds will be used to redeem the Capper certificates which are not exchanged for the new securities. The balance of the proceeds are to be used by the company for general working capital. No under¬ writer was named in registration. Arthur Capper is President of the company. Filed Oct. 29, 1937. United Drill & Tool Corp. (2-3494, Form A-2) of Chicago, 111., has filed a registration statement covering 13,093 shares 60 cent cumulative class A stock, no-par, and 327,324 shares class B stock, no par. The registration statement also covers stock subscription certificates to be Issued to stockholders. Proceeds are to be used for payment of bank loans, for plant additions, for machinery and equipment and for working capital. There will be no underwriter. Clarence Avildsen is President of the com¬ pany. Filed Oct. 29, 1937. According to the statement, Sandt Farm Equipment Corp. (2-3495, Form A-l) of Easton, Pa., has filed a registration statement covering 100,000 shares of $1 par 12.5 cent non-cumulative preferred class A stock, to be offered first at $1.25 per share and later at market. Proceeds will be used to repay Reconstruction Finance Corporation debt and for building, machinery, equipment and working capital. John W. Fry & Co., will be underwriters. R. E. Sandt is President of the company. Filed Oct. 29, 1937. Corp. (2-3496, Form A-l) of Boston, Mass., a registration statement covering 100,000 shares common stock, value, to be offered at market. Proceeds will be used for investment. There will be no Filed Oct. 30. underwriter. Paul C. Cabot is President of the company. 1937. Consolidated Royal Chemical Corp. (2-3497, Form A-l) of Chicago, 111., has filed a registration statement covering 300,000 shares of $1 par value common stock. Of the total, 200,000 shares will be offered at $3.75 share; 40,000 sold to an underwriter by certain stockholders for resale at $3.75 a share and 60,000 shares are optioned to the underwriter at $5 a share for resale at $6.25 a share. The aggregate amount of the cash offering was estimated at $1,275,000. The issuer's part of the proceeds will be a used to retire bank loans and for working capital. named as underwriters. James A. Hirschfield is collateral for Reconstruction Finance Corporation and miscellaneous loans. According to the statement, the certificates of deposit are to be issued without a plan of reorganization. John J. Roche is Chairman of the com¬ mittee. Filed Nov. 1, 1937. Huckins Hotel Co. (2-3499, Form E-l) of Oklahoma City, Okla., has filed a registration statement covering $563,000 5M% extended real estate notes and 1,500 shares common stock, $100 par. The notes and the stock are to be exchanged for like amount of unextended real estate notes under a plan of reorganization. President of the company. There will be no underwriter. Filed Nov. 2, 1937. P. G. Huckins is The last previous list of registration statements in our issue of Oct. .30, page 2832. Aoitibi is a Dominion company, [Including earnings of all domestic and foreign subsidiaries] 1937 1936 1935 1934 $2,485,162 $1,652,136 $1,063,991 $856,380 Maintenance & amortiz. 258,912 251,694 161,978 156,259 Deprec. of oper. plants._ 241,947 236,071 232,892 231,476 Interest 84,662 88,589 85,805 65,825 Prov. for conting 85,000 Exchange, profit or loss. Cr290 Crl9,981 Income tax (est.) 266,335 173,705 90,600 64,403 Sun. pref. dividends 3,604 26,930 30,996 25,238 x Net profit $1,544,702 $875,147 $462,010 $333,160 753,599 746.313 746.313 746,313 Earnings per share $2.04 $1.17 $0.62 $0.44 For the quarter ended Sept. 30, 1937 net profit was $352,116, equal to 46 cents a share comparing with $217,017 or 29 cents a share in the Sep¬ tember quarter of 1936. Net profit for the 12 months ended Sept. 30, 1937, was $1,994,441, equal to $2.64 a share against $1,242,892 or $1.66 a share in preceding 12 Shares of capital stock.. months.—V. 145, p. 2684. Alabama Great Southern Ry.—New Director— Charles E. A. McCarthy on Oct. 31 applied to the Interstate Commerce Commission for authority to serve as Vice-President of this railroad and of the Cincinnati, New Orleans & Texas Pacific Ry Co. Mr. McCarthy is a Vice-President of the Southern Ry, of many of that.carrier's affiliates.—V. 145, Alabama Water Service Co. (& p. Co. and a director 2832. Subs.)—Earnings— 12 Months Ended Sept. 30— 1937 $1,058,088 365,369 Cr28,016 1936 $1,049,430 307,459 14,549 6,777 66,501 109,268 9,133 48,999 112,219 $538,189 4,949 $548,197 5,050 $543,138 245,429 3,014 Amortization of debt discount and expense 1,586 Provision for Federal income tax 14,641 Prov. for retire, and replace, in lieu of deprec—116,795 553,246 245,245 1,506 1,773 31,077 111,882 Operating revenues - Operation General expenses charged to construction Rent for leased property 8,874 Provision for uncollectible accounts Maintenance General taxes.. Net earnings Other income Gross corporate income Interest on funded debt Miscellaneous interest Net income before pref. stock divs. and interest on 5% debentures subordinated thereto Note—Interest on $364,353 5% $161,673 $161,762 debentures, owned by Federal Water Service Corp., is subordinated to the payment of preferred dividends. Comparative Consolidated Balance Sheet Sept. 30 Assets— 1937 1936 Liabilities— Plant, property equipment, &c__$9,124,432 $8,674,547 Misc. invest., &c__ 18,248 17,171 Cash 197,112 539,210 Notes & accts. rec. 138,311 152,201 Unbilled revenue.. 16,473 15,890 Working funds 4,320 5,730 Commis'n on Funded Miscell. & y liab. unadj. credits 91,781 Notes & accts.pay. 36,160 Int. & taxes accr.. 166,086 Divs. on pref. stk. 82,530 46,281 212,931 3,396 Miscell. accruals.. Reserves 57,742 y 5,754 1,477,319 $6 cum. pref .stk. 679,300 32,107 z Common stock.. 600,000 600,000 Capital surplus... 537,130 335,449 463,308 Def. chgs. & pre¬ paid accounts.. def. 1936 $4,904,500 $4,903,000 864,353 872,000 14,201 14,201 88,727 30,521 Mat'ls & suppl's.. Debit dis. & exp._ 1937 debt Conv. debentures. cap¬ ital stock Total Chicago North Shore & Milwaukee RR. (2-3498, Form D-l). The Independent mortgage bondholders committee has filed a registration covering certificates of deposit for $20,768,600 first mortgage and first and refunding mortgage bonds. The certificates of deposit are for $3,887,800 of 5% first mortgage gold bonds, series A of 1936 of which $5,967,800 are issued and $2,080,000 are pledged as collateral for first and refunding mortgage gold bonds; $3,420,000 or 6% first mortgage gold bonds, series B 1936 all or which are issued and pledged as collateral for first refunding mortgage gold bonds; $8,502,100 of 6% !irst and refunding mortgage gold bonds, series A 1955 all issued of which $555,800 are pledged as collateral to loans; $2,236,700 of 5M% first and refunding mortgage gold bonds series B 1956, all issued, of which $110,200 are pledged as collateral to loans; and $2,722,000 of 5M% first and refunding mortgage gold bonds series O 1956, all issued and pledged as as Addressograph-Multigraph Corp. (& Subs.)—Earns. J. A. Sisto & Co. were President of the company. Filed Nov. 1, 1937. and stated that 9 Mos. End. Sept. 30— Net operating profits. State Street Investment has filed no par so doing business, largely with peoples living in the United States, it would reasonable if not essential, that there should be some person or com¬ pany in the United States associated wita the plaintiff company for pro¬ tection of the bondholders resident there.—V. 145, p. 2684. seem x no par Ltd.- •First Mortgage Bond Upheld by Court— did not find this to be FILING 1937 Corporation and Investment News RAILROAD—PUBLIC 120 6, 68,883 56,524 $9,701,229 $9,565,322 Earned surplus | Total 6,367 1,304,546 679,100 395,258 $9,701,229 $9,565,322 Represented by 6,955 shares (no par) less 162 (164 in 1936) shares held z Represented by 6,000 shares (no par).—V. 145. p. 929. in treasury, All America Cables, Inc.—New Vice-President— Ellery W. Stone, who is in charge of the radio telephone and telegraph of the International Telephone & Telegraph Corp. and its subsidiaries, has been elected a Vice-President of this company, it was announced on Oct. 27.—V. 133, p. 3251. operations Alleghany Corp.—Collateral Appraised at 101%—Appraisal of the collateral securing the three bond issues by the trustee, Guaranty Trust Co., at the end of the quarter ended Nov. 1, shows that the total value is 101% of the principal amount of tne issues. On Aug. 1, the last quarterly appraisal date, it was 139%. Moreover, because of the drop in the market price of Chesapeake Corp., the chief item of the collateral, all three issues are under the 150% required by the indenture. Consequently, all cash and securities underlying those bonds are impounded under the indenture requirements. The value of the collateral behind the 5s, 1944, on Nov. 1 was placed at $42,737,095, or 135.8% of the principal amount of the bonds outstanding. On Aug. 1, the collateral was 190.3%. The 5s of 1949 have collateral aggregating $24,043,581 or 113.7% and compares with 160.8% three months ago and the 5s of 1950 have $10,904,012 or 44.7% against 53.3% on Aug. 1 last. was given Six months ago the value of the collateral securing the 1944s was 224.9% on Feb. 1 it was 227.5%. On May 1 the value of the collateral under and the 1949s and was 190.6% and 57.8%, respectively. on Feb. 1, 194.1%, and under the 1950, 59.6% This Abbott Laboratories—Earnings Period Ended Sept. 30, 1937— Net profit after come depreciation, normal Federal taxes but before surtax Earnings per sh. on 640,000 shs. of capital stock 3 Months 9 Months in¬ appraisal includes Alleghany's holdings of Terminal Shares, Inc., valued at around 75, although the appraiser states, as in the past, that suits have been instituted by the trustee for the Missouri Pacific which ultimately may result in a diminution of the value of the collateral, although no in $462,245 $0.72 $1,327,580 $2.07 deduction is made in the appraisal because of this situation. This is the suit brought against Alleghany Corp. by the MOP reference to trustee to recover funds certain terminal paid in connection with the road's acquisition of properties. Volume of The main collateral under the 5s of 1950 in addition to some Chesapeake is MOP common and preferred stock. Under the MOP plan of reorganization under Interstate Commerce Commission consideration, warrants to buy stock in the new company would be given to present holders of Alleghany common and preferred. —V. 145, p. 2216. Allied Products Period Ended $170,108 $257,111 $1.89 $2.30 Earns —V. per sh. on 75,050 shs. (par $10) com 145, p. 747. Aluminium, Ltd.—Clears Up Preferred Arrearages— The directors have declared a dividend of $21.50 per share on the 6% cumulative preferred stock, payable Dec. 1 to holders of record Nov. 15. This payment consists of a dividend of $20 per share on account of accruals, American Bank Note Co. (& Period End. Operating profit. Depreciation • Light & Traction Co. (& Subs.)—Earnings— * 1937 1936 12 Months Ended Sept. 30— Gross operating earnings of subsidiary companies $40,729,640 $38,336,211 (after eliminating inter-company transfers) 22,058,429 General operating expenses Maintenance Subs.)—Earnings— $1,264,291 252,757 $1,586,730 243,824 $1,011,534 70,761 $1,342,906 73,697 $397,845 33,718 7,690 59,517 $1,082,295 137,185 23,704 213,706 $296,920 67,434 162,486 $707,700 202,304 487,456 $1,055,398 202,304 $458,322 82,624 $316,862 23,270 $375,698 22,147 $340,132 41,133 7,773 57,978 4,651,558 >,098,017 15,849 $8,144,986 $9,113,867 $8,772,923 $233,248 67,435 162,485 Net earnings from operations of sub. companies . - Total income of subsidiary companies Subsidiary pref. divs Federal income taxes Net profit Preferred dividends Common dividends Surplus 4,257,093 4,242,151 $4,530,772 11,340 Real estate, undistributed income. 9,904 $4,84o,433 $4,520,868 machinery, <fcc__ 9,806,109 10,062,678 1,430,499 1,462,949 1,914,325 77,020 1,585,850 1,222,358 Marketable invest. 1,801,825 Contract deposits. 75,620 of approp. 746,118 : 3,177,327 resale to empl_. 54,856 117,174 Deferred charges.. 83,808 72,120 Common stock 6,527,730 6,527,730 Dividends 391,032 Reserve for taxes. 426,779 Accounts on Surplus.. 173,317 49,885 229,920 746,118 5,552,369 589,566 .... 5,837,413 18,940,269 18,903,659 Total Dividend— directors have declared a dividend of 35 cents per share on the stock, payable Nov. 23 to holders of record Nov. 9. This com¬ with 25 cents paid on Oct. 1 and on July 1 last; 20 cents paid on June 1 last; dividends of 25 cents paid on April 1 and on Jan. 4, 1937; an extra divi¬ dend of 5 cents and a dividend of 20 cents paid on Dec. 7, 1936, and an initial dividend of 20 cents per share distributed on June 30, 1936.—V. 145, P 1890. ; V.¬ Co.—Special Dividend a special dividend of $2 per share in addition regular quarterly dividend of $1 per share on the common stock, value, both payable Dec. 15 to holders of record Dec. 1. A special dividend of $1 was paid on June 15 last, and one of $1.50 was paid on Dec. 15, 1936. See V. 143, p. 2664, for detailed dividend record. Extra dividends were paid as follows: 25 cents on April 1 and Jan. 2, 1936; 50 cents on July 1 and Jan. 2, 1935, and 25 cents per share paid each three months from Jan. 1,1930 to and incl. Jan. 2,1934.—V. 145, p. 2537. The directors have declared par Co.—Registrar— The Guaranty Trust Co. of New York has been appointed registrar for 2,500,000 shares, $10 par value each, 5% cumulative convertible preferred 145, p. 2833. stock.—V. American Factors, Ltd.— ■Earnings— 1935 $1,512,073 40,000 120,000 145,000 157,770 $1,392,073 1,200,000 $1,080,275 1,000,000 $1,165,232 $1,323,002 $1,225,275 &c., $1,914,240 1,800,000 _ 900,000 ~~~ Net income $192,073 5.823,871 27,381 $114,240 . Previous surplus 5,989,646 282,090 Misc. charges—Dr $1.82 $265,232 5,754,663 13,931 $80,275 6,019,607 288,140 020,450 Crl ,082 012,130 $5,989,646 $5,823,871 $6,019,607 $3.83 $2.78 $2.16 1937—12 Mos.—1936 Gross income Int. to public, ductions &c., Balance... 6,608,219 $9,092,630 $37,594,787 $36,679,033 de¬ ..... public applicable minority interests 15,989,894 0300,546 3,987,699 03,663 3,994,818 075,161 15,961,764 08,564 $5,108,594 $21,905,439 $20,725,833 1,792,711 7,171,366 7,170.698 $5,190,447 1,792,896 to 78,844 19,921 16,683 • 84,384 - | of Amer. equity Lt. Co. in Power & income 45,668,670 8,555,605 $9,052,578 $37,387,184 $36,464,309 40,052 207,603 214,724 — Portion • 51,103,312 $9,029,486 80,618 Int. charged to constr.. Net $97,046,101 $88,741,198 $9,110,104 Net oper. revenues... Other income (net) $3,295,962 $3,380,868 of subs $14,655,229 $13,470,751 Amer. Pow. & Lt. Co. Net equity of company < (as above) $3,380,868 Other income 15,960 i,295,962 $14,655,229 $13,470,751 8,700 f. 42,205 22,907 $3,396,828 $3,304,662 $14,697,434 $13,493,658 Total... 142,582 729,271 105,124 Expenses, incl. taxes Int. & other deductions. 727,353 403,121 423,850 2,911,460 2,908,608 $2,432,809 $11,382,853 $10,161,200 $2,564,351 intercompany transactions have been eliminated from the above statement. Interest and preferred dividend deductions of subsidi¬ Note—All aries represent full requirements for the respective periods (whether paid or not paid) on securities held by the public. The ' .Portion applicable to minority interests" is the calculated portion of the balance of income applicable to minority holdings by the public of common stock of subsidi¬ aries. The "Net equity of American Power & Light Co. in income of sub¬ sidiaries" includes interest and preferred dividends paid or earned on securi¬ plus the proportion of earnings which accrued to common stocks by American Power & Light Co., less losses where income accounts resulted in deficits for the respective periods. ties held, held of individual subsidiaries have Comparative Statement of Income (Company Only) 30— 1937—3 Mos.—1936 1937—12 Mos.—1936 $2,910,477 $3,157,789 $10,889,782 $10,746,044 15,960 8,700 42,205 22,907 013,643 Total surplus. ..$5,842,246 Earn, per sh. on 500,000 Co. (& Subs.)—Earnings 1937—3 Mos.—1936 30— Operating revenues_. $24,537,616 $22,628,894 11,908,309 Oper. exp., incl. taxes.. 13,291,711 Prop, retirement & depl. 1,668,007 reserve appropriations 2,216,419 Spec., &c., reserve writ¬ $2.33 ten back $1.65 stock American Power & Light Period End. Sept. Subsidiaries Balance 1933 1934 $1,954,240 Balance.. 804,486 $4,570,575 2537. Pref. divs. to — to the Divs. paid during year. 804,486 Earnings per share of common The taxes $5,375,061 $5,042,198 —V. 145, p. common 1936 127,118 $5,846,684 preferred stock. on 457,070 pares Calendar Years— $5,502,179 143,291 Balance transferred to consolidated surplus 325,393 , 229,920 payable Appr. sur. for em¬ ployees'pensions American Box Board Co.- -Larger Profit for the year Territorial excise, $5,989,976 . cus¬ tomers'orders.. Dividends 18,940,269 18,903,659 American Cyanamid $5,781,016 176,120 102,716 Balance payable. 391,032 397,353 6% pref. stock of foreign subslds. -V. 145, p. 930. American Chicle 1,260,148 >,442,401 223,845 228,579 Holding company interest deductions 4,495,650 589,566 3,563,724 surplus Com. stk. acq. for 1,596,968 Expenses of American Light & Traction Co. Taxes of American Light & Traction Co 4,495,650 Advances Cash stock __ 6% pref. stock Material &suppl_. no common Equity of American Light & Traction company in earnings of subsidiary companies Income of American Light & Traction Co. (excl. of income received from subsidiaries) $ Liabilities— bldgs., Total Proportion of earnings, attributable to minority Balance 1936 1937 1936 $ Accts. receivable.. Invest, $1.30 $0.77 $0.35 $0.25 1937 j ... $365,638 Consolidated Balance Sheet Sept. 30 v, Balance Total Note—No provision made for Federal surtax on Assets— 487,456 $17,940 $67,000 $3,328 Earns, per sh. on 652,773 common shares. 110,035 23,075 228,095 627,937 $4,856,773 Int., amort. & pref. diys. of sub. companies Total income Other deductions 2,332,785 4,968,863 Non-operating income of sub. companies Profit 2,730,995 2,397,480 $1,416,603 $401,287 84,425 Other income 20,475,886 2,206,850 i Provision for retirement of general plant General taxes and estimated Federal income taxes. 1937—9 Mos.—1936 Mos.—1936 1937—3 Sept. 30— quarterly dividend of A record of previous dividend V; name American thus clearing up all back dividends, and the regular $1.50 per share ordinarily due at this time. payments is given in V. 145, p. 268. own stock in the 9 Months 3 Months profit after depreciation and Federal income tax, before surtax. and 5,226 holders of blocks of from 1 to 25 shares. The survey did noti indue of brokers, the real ownership of which could not be iden¬ tified. The total number of stockholders, both preferred and common, and including brokers, was 37,896. The total number of shares, both common and preferred, was 3,318,533. "This analysis of the holdings of stockholders is, I believe, typical of the wide ownership of American commerce and industry," said Mr. Hook. 'For every employee on the 'Armco' payroll there are two stockholders. Many of these stockholders are our own empioyees; some are employees of other industries. Some are farmers, doctors, storekeepers, bankers, busi¬ ness and professional men and women, housewives—people in all walks of life and in all parts of the country."—V. 145, p. 2833. preferred Corp.—Earnings- Sept. 30, 1937— preferred, 7,791 own lots of 100 shares or less, and 568 hold more than 100 shares. He also disclosed that 15,820 holders of common stock, Net 2999 Chronicle Financial 145 Period End. Sept. shares Other. $ 1936 1935 $ Assets— Cash & short-term 6.708,472 securities % Liabilities— 6,721,318 2,740,504 5,259,201 255.888 113,233 1,823,158 Deferred items 1,970,939 146,558 40,000 120,000 Invest, (at cost).. 9,220,870 9,211,036 833,149 drafts payable. Accrued taxes (est.) _ 154,746 Earned surplus 5,842,246 5,989,646 „ Cap.stk.($20 par). 10,000,000 10,000,000 Prop. & equip, (less depreciation)... 21,035,093 21,482,079 Total Total 21,035,093 21,482,079 —V. 143, p. 3989. American Forging & Socket Co.—25-Cent Dividend— The directors have declared a dividend of 25 cents per share on the com¬ stock, payable Dec. 1 to ho.ders of record Nov. 15. This compares with 50 cents paid on Aug. 24 last; 25 cents paid on July 1 and on June 1 last and in previous quarters dividends of 20 cents per share were distributed. mon —V. 145, p. 930. American Furniture 142,582 403,121 729,271 2,911,460 surplus$2,093,960 $2,294,636 Summary of Earned declared an initial dividend of 25 cents per share on the stock, payable Nov. 5 to holders of record Nov. 2.—V. 144, p. Surplus 12 Months Ended Sept. 30, American Service Co. (& Subs.)—Earnings— 1936 $3,349,316 1.648,005 1,262,903 Years Ended Dec. 31— _ Sales (net) Cost of sales Other ji... operating costs . Operating income •; , . Total income ---- previously. In addition, an extra dividend of $1 was paid on Dec. 15,1936. Average Holdings of Stock— Charles' R. Hook, President of tue company, stated that an average ownership of 63 shares of stock is shown among the 37.136 holders of com¬ mon and preferred. Of 28,777 common holders, 25,454 own lots of 100 shares or less, and 3,323 own lots of more than 100 shares. Of 8,359 holders $59,980 1,231 $249,140 54,209 $61,211 def7,002 accrued to company. Previous earned surplus .... ..... Preferred dividends Class A dividends Balance, earned surplus, 43,575 "$352,619 $248,264 876 - Proportion of losses of sub. cos. $570,908 $309,044 apphc. tomin. ints. & State income taxes Net income Net income ■ ■ ...... ... Prov. for Federal 1,237,683 1,281,429 21,623 271,016 — Provision for depreciation April 15 last and each three months m 1935 $2,828,157 15,510 280,741 26,393 Other deductions dividend of 30 cents was paid on i 32,501 Other income American Rolling Mill Co.—Extra Common Dividend— The directors have declared an extra dividend of 40 cents per share on the common stock, par $25, payable Dec. 15 to holders of record Nov. 15. A quarterly dividend of 50 cents was paid on Oct. 15 and on July 15 last, a .. $638,407 ... 4164. and $7,436,493 1937—Earned Oct. 1, 1936, $11,994,289; miscellaneous deductions, $3,049; balance, $11,991,240. Balance from statement of income for 12 months ended Sept. 30, 1937, $7,617,406; undistributed earned surplus of whollyowned subsidiary at date of liquidation, $463,564; dividends received from subsidiary from earnings prior to year 1936, $192,9j9; miscellaneous, $1,765; total, $20,266,886. Preferred dividends declared ($6 a share), $4,761,294; $5 preferred dividends declared ($5 a share), $4,892,220; earned surplus, Sept. 30, 1937, $10,613,372.—V. 145, p. 22i7. surplus, W The directors have common 2,908,608 to % Co.—Initial Dividend— 423,850 $7,617,406 carried Balance earned 831,318 Merch. inventories 105,124 727,353 Expenses, incl. taxes Int. & other deductions. $ payable. 4,896,959 Sundry accts. and Accounts Accts. <fe notes rec. 2,155,105 1935 ' $3,166,489 $10,931,987 $10,768,951 $2,926,437 Total Balance Sheet Dec. 31 1936 Gross inc.—from subs.. ... Dec. 31— — 288,466 14,615 $268 $54,209 3000 Financial Chronicle Consolidated Balance Sheet Dec. 31 Assets— a Liabilities— 1935 1936 Cash $013,172 Accts. 237,143 120,040 169,524 119,520 78,915 & 32,082 Purch. notes receivable InventoriesOther assets Invest, in Notes pay. $598,603 & in¬ stall. obligat'ns. S3.179 8,744 23,934 23,022 Dlvs. 23,444 payable 11,987 12,701 Accrued liabilities. 63,961 34,996 Other liabilities 52,043 64,863 outstanding 5,627 4,899 5,021,476 15,763 cos charges. 5,216,751 15,938 Reserves 340,441 Minority interests stock e '3,908,750 730,750 711,389 730.750 219,175 268 54,209 Earned surplus... $0,091,408 $0,158,046 886 I 219,175 Common stock.. Capital surplus Total 360,859 2,085 3.908.750 $3 cum. pf. stock d $3 cum. class A c Total 711,389 $0,091,408 $6,158,046 a After reserve for uncollectible accounts and notes of $42,078 in 1936 and $34,984 in 1935. b After reserve for depreciation of $767,632 in 1936 and $521,303 in 1935 and excess of company's equity in net worth of subs, over book value of its investments therein of $68,484. c Authorized, 80,000 shares of no par value. Registered, 78,175 shares in accordance with plan of reorganization, with a declared value of $50 each, and a liquidation value of $100, plus dividends in arrears, d Authorized, 16,000 shares of no par value. Registered, 14,615 shares in accordance with plan of reorganiza¬ tion, with a declared value of $50 each and a liquidation value, subject to the priority of preferred stock, of $100 plus dividends in arrears, e Auth¬ orized, 105,000 shares of no par value. Issued, 101,627 shares to trustees in accordance with plan of reorganization, with a declared value of $7 each.—V. 143, p. 4143. American Seating expenses. 1936 $4,694,701 1935 $3,446,583 4,471,759 1,067,146 3.194,627 944,693 114,546 2,253,004 752,114 110,265 _ on Acquisition— by this corporation of the properties of special Nov. of the meeting 18 to vote on Anchor Cap stockholders in Del., Wilimington, the proposal. with 441,852 shares of Anchor Cap. In this connection it is proposed to increase the authorized common stock of Anchor Cap to 1,000,000 shares. Of this number there would be 715,550 shares outstanding upon the issuance of the 441,852 shares in payment of Hocking Glass. The merger company would be known as the Anchor Hocking Glass Corp. In a letter to Anchor Cap stockholders regarding the proposed acquistion the directors stated that the transaction should substantially enlarge the scope of Anchor Cap's business and should result in operating economies. It was also argued tnat it should afford a better balance between the caps and closure and the glassware businesses. Another advantage claimed for the proposal was that it would place the corporation in a better competitive position, especially in the Middle Western market. Strengthening of the company's cash position and the supplying of additional working capital were also pointed out. The letter said in part: "The contract provides that before the transfer of the properties and assets Hocking Glass Co. to your corporation, the Hocking Glass Co. shall, of the out of the assets which would otherwise be deliverable under the contract, pay, or provide for the payment of, all of its liabilities (but may convey assets subject to the lien of a mortgage on the plants of General Glass its Corp. securing bonds in the principal amount of $647,400, due Dec. 1. 1939, and callable at par on 30 days' notice, unless Hocking shall prior to closing time pay said bonds) and shall receive $2,250,000 in cash from the sale of its additional common stock. The contract also provides for an equaliza¬ tion of 1937 dividend payments which will permit your corporation prior to closing date, if your directors so determine, to declare or pay on its common shares, not including those to be issued to the Hocking Glass Co., dividends (in addition to those heretofore paid) not in excess of 45 cents per share." Pro Forma Consolidated Balance Sheet, June 30, 1937 1937 $6,347,346 Cost of sales.... Corp.—Vote proposal for the acquisition the Hocking Glass Co. was announced on Oct. 29, following a special meeting of the board of directors of the former corporation. The directors called a Co.—Earnings— 9 Months Ended Sept. 30—• Gross sales Selling and administrative Depreciation A 6, The glass company's properties would be paid for Ice & mrlse. coups. curr. b Fixed assets Deferred 1935 $27,700 Accounts payable. oper. accts. with affil. 1930 (banks) money Nov. Anchor Cap ' 126,351 (After giving effect to (1) the issuance of 441,852 shares of common stock of Anchor Cap Corp. (including 3,000 shares held in treasury) as consider¬ ation for the purchase of the assets of the Hocking Glass Co. as shown by a balance sheet of that corporation as at July 17, 1937, adjusted to give effect (a) the proposed sale of additional shares of its common stock for cash in the amount of $682,090 93,666 Federal income tax. Common shares outstanding Earnings per share —V. 145. p. 931. $331,200 76,226 $504,447 87.384 72,251 45,200 $407,426 125,561 44,629 26,000 $519,004 221,062 Interest Sundry charges $440,835 63,612 $775,756 75,060 84,692 97,000 Other income. $299,612 202,875 $1.47 $211,236 202,875 $2.35 $1.04 American States Utilities Corp.—New Direc'or— At the annual stockholders meeting held Nov. 3, Thomas Chandler elected a director, succeeding Francis E. Frothingham, who retired. Elsman, whose term expired, was was Ralph 1937 1936 $ estate $ 6,665,471 5,207,223 2,535,054 Cash 5,836,043 5,815,601 2,515,283 1,406,132 50,556 Stocks 1,364,053 50,220 Premium In course of collection Acer. int. A rents. accts. receivable 169,206 $ 7,500,000 164,201 for American Telephone reserve Total 1,117,485 142,486 & 275,000 1,134,208 850,000 26,033,644 25,745,402 Telegraph Co.—Debentures The Executive Committee of the company, on Nov. 3, called for redemp¬ on Jan. 3, 1938, at par and accrued interest, $12,923,000 of the comThe call price conv. debentures due July 1, 1939. on Jan. 1.—V. 145, p. 2686. will faU from 105 to 100 American Zinc Lead & Smelting Co.—Earnings— 1937—3 Mos.—1936 $3,789,760 3,467,885 Cost of goods sold sales $2,537,977 $11,532,158 2,376,914 10,628,283 $6,962,127 6,479,063 8,363 $903,875 35,906 $483,065 19,476 $169,426 88,891 84,000 4,983 $939,781 307,149 288,000 51,380 $502,540 280,044 252,000 11,580 $119,647 Federal income tax $161,063 $331,191 98,139 96,000 17,405 Total income Expenses Depreciation & depletion def$8,448 Note—No provision made for surtax on $293,252 def$41,084 undistributed profits. Earnings for 12 Months Ended Sept. 30 1937 .$14,191,385 i Net sales.. Cost of goods sold 1936 $8,510,173 7,888,285 13,008,797 rw£rof,it on8aIee $1,182,588 Other income June 30, 1 banks, due after 1938, and during the years 1939 & 1940 Contractual obligs. maturing 700,000 11,940 subsequent to 1937.. 6% sink, fund bonds, due Dec. 1, 1939 647,400 6,000 113,116 sub. to be acquired $6.50 pref. stock Common stock. e4,090,500 fl3,555,768 Capital surplus Total.. Of .... ... $22,356,503 Total. ......$22,356,503 a course Glass Co. in e excess of the book amount of tne net assets of such company, Represented by 40,905 no par shares, f Represented by 715,550 no par shares. Period End. Sept. 30— manufac'g profit. Sell., gen. & adm. exp__ Depreciation Other deductions, less other on $2,672,474 1,276,061 605,070 42,261 84,867 54,776 $860,893 171,775 $655,964 116,186 $945,725 191,925 $736,567 126.063 $539,777 $753,799 $610,504 $1.79 $1.24 $1.78 $1.26 273,698 shs. (no par).___ profits.—V. 1937—12 Mos.—1936 $3,007,696 1,309,882 667,221 $689,118 income Earns. per sh. $2,162,247 969,136 494,886 61,177 Fed. & Can. inc. taxes.. Net 1,534,728 1,080,505 532,153 income Net inc. before inc. tax com. 1937—9 Mos.—1936 145, p. has been made for Federal surtax 1089. on undistributed Anglo American Mining Corp., Ltd.—Earnings— The following is the result of operations of the corporation, during the third quarter of 1937 (July, Aug., and Sept.) Revenue from sale of gold and silver bullion Revenue from sale of quicksilver Revenue from other sources $110,475 26,474 4,096 - - Totai revenue -- Operating costs $1,223,247 Expenses Depreciation and depletion 384 767 '400 "I 3 ... Other income (net) 425 $386,673 Anaconda Wire & Cable Co. (& oper 18",940 53 889 Net profit -V. 145, p. 2834. Period End. Sept. 30— $646,376 358,750 336,000 397 093 Excess profits tax Federal income taxes Federal surtax def$67,314 Subs.)—Earnings— 1937—3 Mos.—1936 $1,455,372 $1,498,138 2,782 3.171 $4,944,515 11,033 $3,630,876 7,901 $1,458,154 534,184 185,546 128,737 $4,955,548 1,582,125 544,446 477,994 $3,638,777 1,051,700 526,372 380,737 Net profit before deducting depletion, depreciation, &c L. M. Davis, Secretary Federal income tax $1,501,309 359,988 176,428 200,627 $141,046 98,699 $42,346 says: Since company took over full control and management of the Carson Hill Gold Mining Corp. about June 1, 1937, that company has produced, during the four months to Sept. 30, gross bullion in the amount of $287,238 from which the profit was about $60,000, after ad operating expenditures, in¬ cluding the cost of development, but before deducting depletion, deprecia¬ tion, &c. (no portion of this profit is taken into the revenue of the Anglo American Mining Corp., Ltd., as given above.)—V. 145, p. 932. Anglo-Huronian, Ltd.—Dividend Reduced— 1937—9 Mos.—1936 on The directors have declared a semi-annual dividend of 10 cents per share the common stock, no par value, payable Jan. 2. Previously regular semi-annual Total income. Expenses. Deprec. and obsolescence 497,375 1,192,377 subsidiary acquired during 1934, of doubtful salability in the of business, and (or) collectible on or prior to June 1, 1938 from the former stockholders of such subsidiary (1,000 shares of preferred stock of Anchor Cap Corp. deposited in escrow as collateral security), b After allowance for doubtful notes and accounts of $141,895. c After depreciation of $6,714,316. d Composed of (a) $560,149 stated value of capital stock, issued in exchange for the capital stock of a subsidiary ac¬ quired during 1934, in excess of the book amount of the net assets, other than good-will, of such subsidiary; and (b) $2,961,248, the proposed stated value of capital stock to be issued in exchange for the assets of the Hocking a ordinary $621,888 24,488 40,659 Total Income mfg 102,318 Notes pay., Min. int. in the net worth of a Note—No provision Net profit 159,321 d3,521,397 Gross 1937—9 Mos.—1936 $321,875 9,316 Other income 61,524 Canadian & Comparative Consolidated Income Account [Including Wholly-Owned Subsidiaries] Sept. 30— for Fed., State taxes, current year.. Unearned income 1,470,467 tion p^,1?3I8„\P~year 4H% Patents and patent rights Good-will c9,219,332 127,534 3,785,775 Res. for unreported losses 1,516,994 Res. for deprec'n.. 1,075,600 reserve Prov. Earned surplus 3,712,203 26,033,644 25,745,402 i on Land, bldgs., machry, equip¬ reported losses Called— Profit a67,663 charges 200, COO 958,864 Accrd. wages, comma., Ac..'. 85,727 exps. & defd due year payable one Accounts Prov. for Fed. taxes, prior yre from Miscellaneous assets un¬ -V. 145, p. 1248. . realizable banks, payable, within 5,008,172 5,721,779 and Contingent AT Amount a Notes cost 7,500,000 divided profits.. 5,021,828 Res. unearn. prem. 5,947,647 Exp. A tax Total 1936 $ Capital stock Surplus Res. Reinsur. and other a $2,819,353 at securs. quoted market value $758,980) 729,327 Notes A accounts receivable. b2.043,579 Inventories 3,742,589 Prepaid 1937 lAabilUies— 10,000,000 10,000,000 Bonds on Liabilities— - Govt, sales of merchandise Surety Co.—Balance Sheet Sept. 30— Assets— Profit 8. ment, Ac American Period End. Net sales. A oo/t/o- Cash... U. reelected. Due to an insufficient number of proxies, a meeting has been called for Dec. 3 to vote on adoption of amendments to the charter.—V. 145, p. 2217. Real $2,250,000; (b) the proposed dissolution of a wholly-owned subsidiary; (c) the application of $771,129 to the payment of all liabilities on the above described Dalance sheet as at July 17, 1937, and on the balance sheet of the same date of the subsidiary to be dissolved, except sinking fund bonds due 1939 and accrued interest thereon of $652,345; (2) the consolidation of the accounts as of July 17, 1937 of a partly owned subsidiary of the Hocking Glass Co.; and (3) an increase in the authorized common stock of Anchor Cap Corp. from 500,000 shares to no par value to 1,000,000 shares of no par value.) shown dividends of 20 cents per share were distributed.—V. 144, p. 921. Apache Ry.—Bonds— The Interstate Commerce Commission on Oct. 25 authorized the company to Issue not $3.98 exceeding $900,000 refunding first mortgage 5% income bonds, be delivered to the Southwest Lumber Mills, Inc., in exchange for $600,000 of first mortgage 5% gold bonds, due July 1,1938, and its matured second mortgage 6% note for $455,000.—V. 139, p. 2669. The $1 dividend which was recently declared to be paid on the common stock on Nov. 20 will be paid to holders of record Nov. 13 (not Sept. 13. as stated in last week's * Chronicle," page 2834) .^—V. The directors have declared a dividend of $1.75 per share on the 7% cumulative preferred stock, par $100, payable Dec. 1 to holders of record Nov. 15. This payment represents the dividend due March 1, 1937. Similar distributions were made each quarter since and including June 1, /oVn57 Earn, per sh. on 421,981 $609,687 (no par) shares__ $1.44 Note—No provision made for surtax $764,266 $2,350,983 $1.81 on $1,679,968 $5.57 undistributed profits. Artloom Corp.—Accumulated Preferred Dividend— Correct Dividend Date— to 145, p. 2834, 931. Volume Financial 145 as against $1.50 per share on March 1,1933; $1 per share on March 1 Nov. 18, 1932, and $1.75 per share previously each quarter to and including Dec, 1, 1931.—V. 145, p. 1249. 3001 Chronicle Balance Sheet Dec. 31 1933, and Corp.—Earnings— respectively, 1936.—V. 145, p. 2602. Sept. 30, on Net 51,350 331,311 $98*259 189,068 125,000 legal fees Provision for $244,208 $371,071 181,354 1,500 $73,448 24,811 16,377 187,490 1,200 deprecia'n_ 47,802 204",578 125,000 Prov. for Dom. A Prov. 63,000 taxes Net loss$69,482 loss$295,388 31, of $73,364. $15,415 $221,152 profit. in the year ending Dec. Includes settlement of obligations created x 1933, resulting in a net saving to the company Balance Sheet Dec. 31 y 1935 1936 Assets— $3,654,325 Property .$2,629,900 $2,800,879 1,687,608 1,587,608 12,298 x Common stock 210,870 Delerred liability. 28,401 ! 100,000 ibo",666 140.651 Reserves 63,371 622,087 Prov. for taxes... $4,004,588! Funded debt 1,529 37,755 139,481 708,356 133,395 293,818 Trustees Deferred charges.. Investments Inventories.. Accts. and bills... Cash . . 201,783 Accts. & bills pay 22,994 Accrued liabilities Surplus $4,968,659 $5,032,802 15,540 9,118 86,783 340,436 . $4,968,659 $5,032,802 Total Represented by 132,712 shares of no par value, y After deducting depreciation of $3,288,788 in 1936 and $2,949,150 in 1935—V. 143, p. 1710. x Asbestos from sales Sell., adminis. A gen. expenses... Profit from for loss Allowance on 212,058 $154,271 3,255 $104,417 1,729 $157,527 775 7,689 4,299 $5,206,2581 $5,579,091 .f $5,579,091 $5,206,258 3164. Total Represented by 224,600 shares no par.—V. 144, p. ""261 8,438 4,442 $35,975 21,980 1,720 12,400 l6'90(j $132,684 21,980 undistrib. profits. Associated Gas & Electric Co.—Weekly Output— Oct. 29, Associated Gas & Electric System reports electric output of 92,597,675 units (kwh.). This is an increase jof 3,970,190 units, or 4.5% higher than the comparable week of last year. Gross output, including sales to other utilities, amounted to 98,662,755 For the week ended net units.—V. 145, p. 2834. Atchison Topeka & Santa Fe RR.—New Officials— elected a member of the Executive Committee to resgined. D. C. Wilson has been elected Assistant Treasurer.—V. 145, p. 2834. C. B. Merriam has been succeed Dr. H. C-. Pritchett, who . Atlanta & West Point RR.—Earnings— $160,655 35,657 12,309 $144,119 25,783 5,593 $111,822 4,783 def6,840 1,312,074 1,144,362 108,883 def61,480 1,044,818 41,340 defll7,316 $155,277 21,302 def6,505 1— From Jan. Gross from railway.. Net from railway 1,365,322 169,145 def22,203 145, 181,632 defl4,530 2217. p. Automobile Finance Co.—Initial Preferred Dividend— initial quarterly dividend of 37 }4 cents stock, payable Dec. 1 to holders of record The directors have declared an per share on the 6% preferred Nov. 10.—V. 145, p. 2835. (& Subs.)—Earnings— 1936 1935 $3,012,950 $1,695,713 Calendar Years— Sales (less returns and allowances) 1,571,989 Cost of sales $76,523 21,980 24,000 $30,544 $110,704 $13,995 Surplus. profit Selling, technical, administrative and $941,547 $208,115 27,707 profit from operations 48,896 Note empl.. rec., incl. accr'd int.. Accts. rec., cust.. 264,223 Pro v. Prepaid ins., taxes, 47,948 5,495 Minority stockholders' interest in 40,764 aLd., bldg8., 369,974 390,542 999 Paid-in surplus 26,800 Land, bldgs., A 322,183 Ac. Notes pay. to Reserve for 52,708 41,211 Note Total. $1,290,611 $1,230,093 After allowance for $1,230,093 $1,290,611 depreciation of $312,901 in 1936 and 34,569 71,060 A guarantees 42,466 6,980 taxes Total 10,000 A U. S. Treas. Dept. claim for add. pay. to Fed. Bank (not Res. a 35,000 contr Fed. Res. for add'l costs Devel. exp. of Wa¬ bash plant 45,000 142,500 9,923 Canadian taxes. 874,559 5,000 32,969 (sec.).. Land purch. Res. 308,188 4,706 65,000 Fed. Bank.. Notes pay. $130,231 • 638,638 882,368 1,086.522 ... $341,112 expenses 26,800 Earned surplus options A license agree't b 251,289 accrd. pay. Other notes pay.. equipment Goodwill, patents, accounts 795,403 64,376 320,000 320,000 1,290 159,029 75,584 15,700 ($1 par) 814,487 chin'y & equip.. 227,335 Accts. $ $ Liabilities— $216,912 428,350 Deferred charges.. 4,099 Surp. arising from reval. of plant ma- Patents Contracts, 43,019 1935 1936 1935 $299,570 hand 636,275 a Accts. A notes rec 499,623 InventoriesInvestments 2,426 Pref. stk. ($1 par). Com. stk. Consolidated Balance Sheet Dec. 31 1936 Assets— 16,900 3,418 closed banks Automatic Products Corp 1936. 30,500 24,300 15,700 Deposit accts.with 110,620 profit $23,516 prof$36,054 depletion and depreciation of $63,532 in 1935 and $92,368 in 13,428 1,572 ployees xlncludes 5,495 Federal Accts, pay., officer Accts. receiv., em¬ 47,190 Cash in banks A on income tax 13,083 8,729 advertising, Ac. for $25,000 51,968 95,848 Acer, taxes, commis., wages, Ac242,106 127,868 Inventories $100,000 $235,821 xl04,806 31,232 63,729 xl48,157 Net loss attributable to Notes pay., bank. $25,773 Accounts payable. Div.on pref. stock payable Feb. 1. 4,141 $31,350 733,432 $282,452 Other expenses Provisions for taxes 1935 1936 Liabilities— 1935 1936 Cash in banks and „ 754,165 $1,440,961 general exps. 1,207,404 Total income Balance Sheet Dec. 31 hand , $233,556 Gross Net Common dividends Assets- 1934 1935 1936 1937 September— Gross from railway Net from railway Net after rents Other income Net income for the yearPreferred dividends on Capital— has applied to the Interstate Commerce Commission for authority to reduce its authorized capital from $600,000 to $300,000. Its outstanding capital stock, comprising 5,000 shares of $100 par value, will be exchanged for 12,000 shares of $25 par value in the ratio of five shares of old stock for 12 shares of the new.—V. 145, p. 1891. Automatic Products Corp. 10,427 capital assets retired on 40,130 3,031,820 deposit accts. Allowance for Federal income tax Prov. for surtax on 713,995 x Ashley Drew & Northern Ry.—To Reduce $106,146 253 with closed banks Loss x —V. $58,664 1,286 8,261 Total income Interest paid Discounts allowed Total $259,247 154,830 $366,330 $54,348 4,316 operations Other income 2,053,812 7% 1934 1935 1936 $309,568 255,220 Gross profit pref. stock... Common shares. 1,507,666 965,200 2,053,812 511,601 642 38,191 2,883.707 redemption- Net after rents Mfg. Co. (Ind.)—Earnings— Years Ended Dec. 31— 65,993 Profit A loss acct. 105,822 1,392,767 29,146 Investments 222*,004 229,665 14,129 3,550 . Bond interest Total 1935 1936 Liabilities— | 103,773 1,458,085 policies.- Life ins. 71,383 32,648 Listed stocks 121,073 144,793 1,616,238 914,300 The company and salaries Reserves taxes... Fixed assets $148,869 x95,339 $354,693 $828,872 160.538 1,520 Bond interest Deferred llabils 162,476 Dom. of Can. bds. Deferred charges._ 1933 1934 1935 1936 Directors fees Executive 308,225 and supplies for $797,155 31,716 profit 292,047 237,638 1935 $46,907 other and Income Pref. shares pinch. Asbestos Corp., Ltd.—Earnings— Calendar Years— Profit from operations__ Int. rec'd & sund. earns. $233,603 9,442 Inventories, mat'ls 1937 1936 Profit after deprec., Ac., but before Fed. inc. taxes $916,415 $608,129 Current asset as of Sept. 30, 1937, amounted to $3,572,079 and current liabilities were $1,130,888, comparing with $2,605,720 and $709,982, Sept. 30— payable. Accounts $336,899 16,905 receivable. Accts. Arundel 9 Months Ended 1936 $69,961 Liabilities— 1935 1936 Assets— Cash $268,747 in r„ ) 82,500 17,500 current) long-term Other 132,503 debt 5.—V. 145, p. 2217. Minority stkhldrs.' Years Ended Dec. 31— income Other ... Mining, milling and 183,796 : development costs 8,800 Administration expenses.... $28,428 prof.$54,295 Operating loss. Balance Sheet 1936 $149,357 Assets— Cash 3,930 22,138 Accts. receivable.. Investments $142,509 $1) 1,433 Deficiency. 1935 $177 $24,205 2,257,477 582,230 2,257,477 197,206 Accounts payable. Capital stock „ (par prepaid expenses.. a -- 1,500,000 rights 143, .$1,675,424 $2,084,477 Canada, Ltd.—Earnings— 1935 1936 operating profit... Investment revenue— Non-recurring revenue. Months Ended Sept. 30. 1937 $26,199,365 Sales Cost of sales, including selling, administrative and general exp._ 22,615,770 1,387,835 Provision for depreciation.. $2,195,760 — — — ; 144,603 Income taxes.. $502,653 8,400 134,576 73,572 Not 4,400 148,450 158,789 Directors' fees. Depreciation.. $2,340,363 440,518 (including profit Profit for the nine months to Equity of minority Locomotive Co x 64,018 68,147 190,910 168,450 $286,106 73,658 112,300 $154,359 76,472 56,150 $202,394 511,601 $9,423 502,177 $100,148 402,029 $21,737 380,292 $511,600 $0.79 $.502,177 $0.95 $402,029 $0.35 Surplus Previous surplus $713,995 com.stk. $246,020 $457,322 $1.75 . Whitcomb — The above statement 464,326 x$423,638 includes provision for normal income and excess- profits taxes of companies having a taxable net income but does not include provision for the Federal surtax on undistributed profits of such companies from Jan. 1, 1937, the amount of such tax, if any, not being determinable The above statement Preferred 513,400 Locomotive Works Consolidated— at this time. Common 498,480 $887,964 Sept. 30, 1937— stockholders of Mid vale Co. & actions taken under the profit dividend dividend participation for officers and other employees accrued by subsidiary companies, $339,934) Provision for Fed. & Pennsylvania inc. taxes of subs companies. Profit accured to Bladwin available $768,961 Total 1933 $437,267 45,994 19,393 $509,533 4,400 141,578 117.535 99,672 25,303 48,828 Other revenue 1934 $430,737 49,745 29,051 $595,158 Earns.per sh.on Works (& Subs.)—Earnings— Interest Total 1710. Calendar Years— Net of $35,650 in 1935 and $54,646 in of $546,190 in 1935 and $694,133 Operating profit 1,500,000 Associated Breweries of Net reserve Consolidated Statement of Earnings Nine Other income.. 32,191 $1,675,424 $2,084,4771 p. 73,591 After reserve for doubtful accounts 1936. b After depreciation n 1936.—V. 144, p. 3828. Miscel. -V. 436,079 766,4691 344,560 Deferred develop't Total 875,000 / $3,707,279 $2,633,154 Total $3,707,279 $2,633,154 Operating profit 23,837 _ Plant and equip.. Mining 1936 surp] Earned surplus— Total 868,717 976,522 1,125,000 Paid-in A cap. Baldwin Locomotive Dec. 31 Liabilities— 1935 39,947 Bullion in transit. Stores and $445,532 371,678 19,558 Per— mutit Co $440,553 4,978 $164,168 Total income in Com.stk. (par $5). 1935 1936 $158,516 5,652 - sales Bullion interests Ltd.—Earnings— Ashley Gold Mining Corp., . is after giving effect to adjustments required by plan of reorganization up to the close of business of stock. on Nov. 1, 1937, which terminated the option period for exchange con¬ solidated mortgage bonds for voting trust certificates for new common The consolidated statement gives effect to the reduction in interest charges determined by the reorganization 1937, of resulting from the new capital structure of the company as issued, or held for issuance, under the plan of to holders of old securities, following the expiration on Nov. 1, the 60-day period for the exercise by holders of consolidated mortgage bonds of the option to exchange their bonds plus accrued interest for voting securities trust certificates for new common stock. Consolidated mortgage bonds of a 3002 Financial Chronicle principal amount of $3,964,700 ware exchanged under this option for voting trust certificates for 317,176 shares of common stock. The amount of refunding mortgage bonds, 6% convertible series due 1950, issued or held for issuance, under.the plan, Is $6,470,900. Bell Nov. 6, Telephone Co. of Pa.—Earnings— Period End. Sept. 30— Operating Uncollectible oper. rev__ Consolidated unfilled orders of The Baldwin Locomotive Works and sub¬ sidiaries, including Midvale Co., amounted on Sept. 30,1937, to $29,622,017 as compared with $13,781,459 on Sept. 30, 1936, and with $29,805,293 on June 30, 1937 without intercompany eliminations. Operating revenues... $5,596,157 Operating expenses 3,949,955 The nine months statement is in lieu of the usual 12 months statement issued at the end of each quarter in accordance with the company's estab¬ lished practices. This has been necessary in order to show the effect of the Net operating Operating taxes plan of reorganization. Hereafter the company plans to continue the quarterly publication of 12 months statements as heretofore.—V. 145, P. 2686. —V. 145, p. 2382s & Seelig Barlow The have directors Mfg. Co.—Common Div. Increased— declared dividend a of 30 cents per share stock, payable Dec. 1 to holders of record Nov. 17. dividend of 20 cents was paid on Sept. 1 last.—V. 145, p. 1090. common Barnsdall Oil Co. y Operating profit Reserve for depreciation, &c . $1,982,694 250,000 — Net profit Earnings per share on 2,247,974 shs. capital stock interest and Federal Income taxes, $0.99 Includes intangible well y drilling and development and lease costs written-off. Net profit for quarter ended Sept. 30, 1937, was $976,364 after charges and Federal taxes, equal to 43 cents a share. This compares with net profit of $665,175 or 30 cents a share in preceding quarter and $509,690 or 22 cents a share in September quarter of 1936. —V. 145, p. 749. Baton Rouge Period End. Sept. Operating 1937—Month—1936 $133,374 71,517 6,341 19,473 $1,879,579 987,455 94,030 a235,348 $1,663,649 898,359 68,460 200,751 Net oper. revenues.-_ $49,755 Non-oper. income (net). Dr269 $36,042 2,869 $562,746 12,553 $496,079 37,331 $49,485 14,091 $38,911 13,516 $575,299 164,749 $533,410 165,240 $25,395 $410,550 168,214 $368,170 142,500 $242,336 37,254 $225,670 37,254 $205,082 -- Taxes. - Balance Int. & amortization, &c. Waugh $35,394 Appropriations for retirement reserve. BBtIB/UCO dividend Preferred Balance for requirements dividends and surplus common a No provision has been made for the Federal surtax on undistributed profits since any liability for such tax cannot be determined until the end of the year.—V. Beaunit 145, 2381. p. dividend a on the common Company stated that the dividend will be A dividend of 40 cents was paid on Sept. 1 initial dividend of 50 cents was paid on March 1. elected director Executive Commission Oct. on and Vice-President in serve a a general executive elected to the Executive Com¬ Robcliff V. Jones were elected Vice- and was Advisory Committee.—V. 145, p. 2538. Border City Mfg. Co.—Dividend Passed— Directors took no action on the payment of the dividend on the common stock ordinarily due at this time. Dividends of 50 cents per share were paid on Aug. 14, last, in each of the two preceding quarters, and on Dec. 22, 1936, and a dividend of $1 was paid on Nov. 14, 1936, this latter being the first distribution to be made on the issue since 1924.—V. 144, p. 924. Borg Warner Corp.—Extra Dividend — The directors have declared an extra dividend of 50 cents per share in addition to the regular quarterly dividend of like amount on the common payable Dec. 10 stock, par $5, both p. to holders of record Nov. 26.—V. 145, 934. The company reports output for October of 1,035.888,000 cubic feet, increase of 0.2%, compared with October, 902,211,000 cubic feet.—V. 145, p. 1734. 1936. 22 issued Bourne Mills, Fall River, Mass.—50-Cent Dividend— Mines, Ltd.—Earnings— Years Ended Dec. 31— 1936 Rev. from bullion and concentrates sold and in process of realization.- $2,231,420 Cost of production 862,519 1935 1934 $1,580,324 68,919 $1,616,158 554,090 63,333 $1,299,982 5,597 $998,735 31,130 $1,165,679 53,163 $1,305,579 general 30,306 Net losses on Common Welfare Dept. 3,764 Depreciation.. y290,000 Depletion, development & exploration $1,029,865 $1,218,842 - Shipping and delivery.Gross profit Miscellaneous income - office 29,853 23,229 130".666 ~50~,666 230,000 x220,000 150,000 180,000 165,000 $751,509 748,200 $500,012 150,000 $800,614 775,000 $3,309 $350,012 $25,614 - Balance, surplus Depletion only, x 361,047 53,598 and Dominion & Provincial income taxes. certificate a an September output was The directors have declared a dividend of 50 cents per share on the new capital stock, payable Nov. 1 to holders of record Oct. 28. An Initial divi¬ dend of like amount had been paid on Aug. 2, last, and prior thereto the company's stock was split up, five new shares being issued for each old share held. A dividend of $2.50 was paid on the old stock on May 1, last. For detailed record of previous dividend payments see V. 145, p. 599. Net profit Dividends paid Beech Creek Extension RR.—Abandonment— Commerce a Gross income Directors took no action on the declaration of Interstate was expenses stock ordinarily due Dec. 1. considered later in the year. The Jr. Harold W. Comfort Presidents and members of the Administration, Mills, Inc.—No Common Dividend— and on June 1, last, and an ^ast.—V. 145, p. 933. $1,274,871 $11,956,137 $11,885,355 Finance Committee and will Stanley M. Ross, Bralorne Balance $1,207,438 mittee. $188,416 Maintenance. $16,363,647 $15,518,234 4,407,510 3,632,879 421,100 Boston Consolidated Gas Co.—Gas Output— 1937—12 Mos.—1936 $154,882 75,516 8,973 a2Q,639 re venues Operation M. of the capacity. Electric Co.—Earnings— 30— Tl,695,971 $1,646,202 438,764 . Borden Co.—New President, &c. $1,719,584 $1,719,584 $0.76 . $5,340,075 $51,221,759 $48,378,424 3,644,104 34,858,112 32,860,190 Theodore G. Montague, a Vice-President and director was elected Nov. 3 President of this company and Chairman of the Executive and Advisory Committees to succeed Arthur W. Milburn, who died in Germany on Oct. 11. The action was taken at a special meeting of directors. George $5,130,943 3,411,359 revs. Net operating income. member 1936 $2,232,694 Non-recurring profit on sale of property After the An initial 1937 $5,919,919 3,937,225 Profit x on (& Subs.)—Earnings— 9 Months Ended Sept. 30— r , I 1937—Month—1936 1937—9 Mos.—1936 $5,620,150 $5,356,017 $51,361,129 $48,503,558 23,993 15,942 139,370 125,134 revenues y Including depletion. Balance Sheet Dec. 31 abandon operation thereof.—V. Beech-Nut Packing Assets— 82, p. 1267. Co.—Special Dividend— The directors on Nov. 4 declared a special dividend of $1 per share on the common stock, payable Dec. 15 to holders of record Nov. 22. Extra dividends of 25 cents per share in addition to the regular quarterly dividends of $1 per share were paid on Oct. 1, last, and in each of the and prior thereto the company distributed regular In addition, extra dividends of quarterly dividends of 75 cents per share. 50 cents per share were paid in each of the seven quarters preceding Jan. 1, 1937; a special dividend of $1 was paid on Dec. 15, 1936; a special of 50 cents was paid on Dec. 15, 1934, and an extra of 25 cents per share was paid on Oct. 1, 1934.—V. 145, p. 2686. trates mate able Cash on profit.. Expenses — profit Operating 1935 $1,138,437 703,147 $1,087,397 664,799 770,469 $447,434 45,660 Total income Depreciation $435,290 30,001 $422,598 35,485 $493,094 42,084 Other income $409,412 58,378 $467,790 40,187 $465,291 42,915 $458,083 40,977 2,995 x40,538 Interest Other 14,505 deductions xl9,777 xl6,202 net Profit x Includes idle plant expenses, $437,005 y $407,826 $406,173 Before Federal taxes. Note—Dividends paid and payable on 1937 amounted to common . $373,573 stock for nine months of $348,774. For the quarter ended Sept. 30, 1937, profit before Federal income and undistributed profits taxes was $81,977, as compared with $109,041 in the September quarter of 1936. Sep*. 30'37 Der. 31 '36 Cash in banks, on hand & in transit c $354,632 $174,912 826,820 850,440 Accts., notes and trade accep. rec. accts. and Misc. receivable 10,929 Mdse. inventories. 2,213,804 a Cash deposited. 76,250 notes Notes rec. Liabilities— 20,641 2,373,787 110,000 (em¬ Sept. 30 '37 Dec. 31 *36 Notes pay. to bks. Accounts payable. Accrued expenses, Credit 228.651 97,950 in receivable Other liabilities Dividend 3,450 7,465 250,323 d Common Other assets 304,271 80,128 Fixed assets 665,166 212,786 535,831 Deferred charges.. 158,274 1 2,930 3,578 2,745 payable 146,502 1 ployees) b Invest. & adv.. Goodwill $4,693,726 $4,682,6891 Total a for Under rental agreement, doubtful no-par accounts, notes Oct. 29, 1937... stock. 116,258 Total . 1937—3 Mos.—1936 $658,644 x$8l4,419 685,368 687,053 $0.96 per share $1.19 1937—9 Mos.—1936 $1,858,226 x$l ,993,768 685,368 687,053 $.£.71 $2.90 After estimated provision for surtaxes on undivided profits. For the 12 months ended Sept. 30, 1937, consolidated net earnings, after all charges and after estimated Federal income taxes, but before provision for surtax on undistributed profits, were $2,160,365, or $3.15 per share on the outstanding shares. x Extra Dividend— per per share $5, both payable Dec. 1 to holders of record Nov. 15. Similar payments were made on June 1 last. See V. 143, p. 2991, for detailed dividend record.—V. 145, p. 934. on the common stock, par Brockton Gas Light Co.—Financing Approved— The Massachusetts Department of Public Utilities has approved this company's petition for authority to issue coupon notes at par, in amount not exceeding $850,000, to be dated Nov. 1, 1937, mature not later than Nov. 1, 1942, and to bear interest at rate of 4%. The commission for negotiating the loan is not to exceed 1 % of the face Proceeds are to be applied to the payment of $350,000 Nov. 1, 1937 and $500,000 notes due Nov. 1, 1937.—V. 145, 1,558,618 p. 974,930 909,199 2688. Brompton Pulp & Paper Co., Ltd.—Divs. Resumed— The directors have declared a dividend of $1.10 per share on che com¬ stock, no par value, payable Nov. 15 to holders of record Nov. 1. This will be the first dividend paid on the common stock since April 15, 1931, when a dividend of 25 cents per share was distributed.—V. 143, mon Total $4,693,726 $4,682,689 p.1867. Brooklyn Manhattan Transit Corp.—Collateral— The Co.—Additional Listing— has approved the additional listing of stock, $10 par, to be admitted to trading upon notice of issuance and notice that registration has become effective under the Securities Exchange Act of 1934.—V. 145, p. 2835. $2,905,382 $2,573,985 Bristol-Myers Co.—Earnings— Period End. Sept. 30— Net inc. after all charges Shs. com. stock (par $5) Earned surplus b To affiliated companies, c After reserves discounts, d Represented by 465,032 Exchange common Total a After reserve for depletion and depreciation of $1,252,666 in 1936 and $1,335,721 in 1935. b Represented by 1,247,000 no par shares in 1936 and 1,240,000 no par shares in 1935.—V. 145, p. 1734. Capital surplus day of purchase.—V. 145, p. 933. Stock 1,513", 006 $2,573,9851 notes due To Purchase Own Stock— Chicago 59,185 1,418,952 amount of the issue. and Belden Manufacturing 159,229 805,912 $2,905,382 1,757,200 Stockholders at a special meeting on Nov. 23 will consider authorizing the board of directors to purchase, not to exceed 65,032 shares of capital stock of the company at a price below the book or net asset value on the The 189,574 1,177,967 mineral on 1,757,200 1,558,618 shares. 25.888 shares of 711,629 131,402 1,650,000 708,320 and hand.. Capital assets... 25,394 48,802 taxes balances accts. $100,000 $201,385 32,954 wages, &c Accrued 187,050 1,700,750 The directors on Nov. 3 declared an extra dividend of 10 cents share in addition to the regular quarterly dividend of 60 cents Comparative Balance Sheet Assets— surplus 17,065 realiz¬ bank Earnings y Capital stock Earned on 1934 $1,179,881 Dividend payable, $67,197 13,422 208,191 approxi¬ claims a 1936 Reserve for taxes. 8,696 b value in 11,224 1985 $84,340 in tran¬ or at 1936 9,253 concen¬ sold, hand sit, Option Gross operating & Liabilities— Accounts payable. Wages & salary pay 6,993 __ Bullion Belding Heminway Co.—Earnings— 1937 $1,299,499 852,064 1935 $75,916 prepaid items.Sundry debtors. three preceding quarters, 9 Mos. End. Sept. 30— 1936 $43,458 Inventories Unexpired ins. and Brooklyn Trust Co. as custodian trustee under trust indenture securing the rapid transit coil, trust bonds has notified the New York Stock Exchange that it has received as additional collateral $33,000 face amount of New York Rapid Transit Corp. demand note, and that in order to accomplish this it was necessary for the trustee to release $33,000 cash from the deposited cash account.—V. 145, p. 2688. Brown Fenfce & Wire Co.—Sale— Sales for four months ended Oct. 31, 1937, were $1,046,986 compared $1,037,977 in like period of 1936, an increase of $8,109 or 0.8%. were $255,151 against $282,273 in October, 1936, a decrease of $27,122 or 9.6%.—V. 145, p. 2383. with October sales Volume 145 Financial Brooklyn Union Gas Co.—Earnings— Period End. Sept. 30— x Gross Canadian National 1937—12 Mos.—1936 1937—9 Mos.—1936 Profit Other income (net) $3,124,654 12,706 . Net income.. on rev. in suspense. Total net income $3,651,686 2.022,860 $4,511,525 2,748,660 $5,135,289 2,771,474 $1,140,879 "31,326 $1,628,826 y46,732 $1,762,865 y46,996 $2,363,815 y62,681 $1,809,861 $2,426,496 $3.26 $1,172,205 Earns.persh. oncap.stk. Exclusive of $1,675,558 $2.25 $1.57 revenues held in suspense, y $2.43 Interest on revenues in suspense. mention made was of surtax undistributed on V. profits 145, - Carman & special meeting of the board of directors held on April 14, 1937, was 2383. of A total of $25,000 1st & ref. mtge. gold bonds, 6% 1941 have been called for redemption on Dec. 1 at 104 series, due June 1, and interest. Pay¬ ment will be made at the Pennsylvania Co. for Insurances on Lives & Grant¬ ing Annuities, Philadelphia, Pa.—V. 143, p. 912. 1 Bullard Co. — Co., Inc.—Accumulated Dividend— have 935. p. 1 certificate of incorporation to provide for issuance of ferred stock and additional common.—V. 145, p. 2539. 't* : ■1 Telephone Co. (& Subs.)—Earns.— Gross earnings Operating & taxes... Provision for depreciation Interest deductionsexpenses — convertible pre¬ $1,948,953 1,176,996 318,058 182,207 40,765 - $230,927 full 6% rate) 184,770 stated irrespective of dates of ac¬ — .-- - Note—Earnings of the properties are quisition by Central Electric & Telephone Co.—V. 145, p. 2838. Period End. Sept. Gross revenue xOper. & taxes exp. Pro v. for retirement res. 1937—12 Mos.—1936 $8,698,495 $8,082,630 4,765,173 4,296,679 962,400 885,000 $2,900,950 872,337 $207,988 79,924 $206,155 75,829 :$2,970,922 $128,064 41,802 $130,325 41,802 !$2,043,370 501,608 $2,028,613 636,579 $86,262 Int. & other fixed chgs. y Co.—Earnings— 1937—Month—1936 $673,501 $627,947 382,912 346,792 82,600 75,000 30— Gross income Burdines, Inc.—Earnings— — ---- i ... „ Central Illinois Light 25, due to the — - _ Balance to surplus Annual dividend requirement of preferred stock (at Meeting Again Postponed— present condition of the securities market, was adjourned without taking any action to Nov. 8, for the purpose of voting on question of amendment to $147,000 accumulations Provision for income taxes — The adjourned stockholders' meeting scheduled for Oct. 1936 $4,654,000 Earnings for the 12 Months Ended Sept. 30, 1937 Oct. 29, the time extended to April 30, 1938—V. 145, p. Budd Realty Corp.—Bonds Called Increase 1937 $4,801,000 declared a dividend of 50 cents per share on ac¬ on the $2 cum. conv. class A stock, par $100, payable Dec. 1 to holders of record Nov. 15. This compares with $1.50 paid on Sept. 1 last; 50 cents paid on June 1 and on March 1 last; $1.50 paid on Dec. 18, 1936, and dividends of 50 cents paid on Dec. 1, Sept. 1, June 1 and March 7, 1936. A dividend of $1 was paid on Dec. 1, 1935.—V. 145, directors The count (E. L.) Bruce Co.—Exchange Time Extended— a $106,338 Earnings for Period Oct. 21 to Oct. 31 Traffic earnings. —V. 145, p. 2838. Central Electric & within which preferred stockholders may surrender their stock and receive exchange, in accordance with the plan approved and made effective by the board 1936 $6,377,850 Canadian Pacific Ry.—Earnings— 2837. At Increase 1937 $6,484,188 earnings..---------—V. 145, p. 2838. $5,116,433 18,856 $4,494,273 17.252 $3,637,694 13,992 $3,137,360 1,996,481 Interest, &c p. 10 Days Ended Oct. 31 Gross — Total income x Ry.-—Earnings— Earnings of System for re venues $16,465,953 $16,244,646 $22,151,799 $21,9S9,349 Exp. and maintenance.. 9,947,844 9,784,645 13,336,002 13,099,997 Retirement & replacem't 532,513 529,848 721,372 712,399 Federal income tax, &c. 2,860,942 2,292,459 3,600,152 3,060,520 Int. 3003 Chronicle $8S,523 $1,541,762 $1,392,034 927,552 [Including Burdine Properties & Burdine Realty Corp.] Net Earnings Years Ended July 31 Divs. 1937 1936 $6,352,955 Net sales $5,609,503 Cost of goods sold.. 4,294,038 $2,201,277 $1,645,929 95,140 Purchase discounts $1,838,973 $1,955,073 $1,402,291 85,878 116,100 Operating expense excluding depreciation Depreciation. -. x Includes provision for Federal surtax on undistributed profits for 1936. No provision has been made for such tax in 1937. y Includes, effective as of July 1, 1936, amortization of preferred stock premium, discount, com¬ and mission Gross profit expense.—V. 145, $460,207 78,469 $466,903 49,964 Total income Other deductions—(incl. normal income tax).. Undistributed profits tax. $538,676 89,432 43,570 $516,868 79,928 $405,673 p. 2384. Central Illinois Public Service Co.—Accum. Pref. Divs. of $1 per share on account of pref. stock, and the 6% cum. pref. stock, par $100, both payable Dec. 15 to holders of record Nov. 20. Similar payments were made on Sept. 15, June 15, and March 15 last, Dec. 22, Oct. 15, April 15, and Jan. 15, 1936, and on July 15, 1935. Divi¬ dends of 5') cents per share were paid on Dec. 24, 1934, and on Oct. 15, July 15, and May 15, 1933. Prior to this latter dividend, regular quarterly disbursements of $1.50 per share were made on both issues.—V. 145, p. 2838. ■ The have directors accumulations Other income......4.- — pref. stock Balance... 3,770,530 $2,058,916 142,360 income. on dividends declared the no-par $6 cum. on $436,940 Operating profit Net profits after all taxes Consolidated Balance Sheet 1937 Assets— Cash 1936 as $141,477 Govt. & municipal $160,116 278,521 5,500 169,000 34,749 $200,909 183,399 Capital & surplus 3.361,202 3,140,524 Accounts payable. Accrued expenses. 10,292 387,620 Mortgage Accts. & notes rec. 418,727 Mortgages payable Mechandise__ 437,560 324,799 358,743 11,222 9,689 Value life insur... payable Reserves x The 1936 1937 Liabilities— $488,695 securities Central New York Power July 31 20,482 82,930 _ Total x 84,074 2,475,579 84,083 2,320,387 98,526 :$4,009,087 Deferred charges. _ $3,725,315 Represented by share).—V. 145, Butler Period Ended Sept. Light & Power Co.—Earnings30— Operating revenueOperation ... Taxes—excluding Federal income 1937—9 Mos.—1936 12 Mos. 1937 $1,050,944 $972,955 $1,417,904 564,129 495,079 744,077 60,710 75,414 95,977 83,291 127*952 $4,009,087 $3,725,315 16,186 shares preference stock outstanding ($45 per 92,780 shares common stock outstanding (par $1 p. 2219. . and Cecil I>. Amortization of debt discount & exp._ the ex¬ Southard was elected to the office. fill It is thf intent that the Executive Vice-President will handle most of the dealings with the company's seven distributing houses (located in New York, Chicago, St. Louis, Baltimore, Minneapolis, Dallas and San Francisco) heretofore handled directly by the President. This change was made, said Frank S. Cunningham. President, in order that he as the Chief Executive may have more time to devote to the major policies of the business. Roy M. Henry was appointed to succeed Mr. Southard as General Manager of the Chicago house. At this same meeting a Finance Committee was created, to handle matters of general financial and corporate nature. Six members of the Board of Directors were elected to this committee: Frank S. Cunningham, President of the company, Chairman, Wesley M. Dixon, Vice-President of the Con¬ tainer Corp. of America, Arthur M. Betts, senior partner of Alfred L. Baker & Co., L. C. Burr. Vice-President and General Manager of the com¬ pany's Baltimore house, Marvin B. Pool, former general manager of the Chicago house, and Leland K. Neeves, general counsel and member of the firm of Scott, MacLeish & Falk. The Executive Committee was increased from five to seven members. W. Cunningham, general manager of the St. Louis house and D. L. Peterson, director of sales for the company's seven houses, were elected to fill the vacancies thus created. Cecil D. Southard, Executive Vice-Presi¬ dent, and T. B. Freeman, President of the Scott-Burr Stores Corp., a subsidiary of Butler Brothers, were also elected to fill the vacancies created by the transfer of L. C. Burr and Wesley M. Dixon to the Finance Com¬ mittee. Other members of the Executive Committee are Frank S. Cunning¬ ham, President; Geo. A. Brazier, Vice-President and Director of Home Goods Merchandising, and F. Quellmalz, Vice-President and Director of Dry Goods Merchandising.—V. 145, p. 2837. x Fixed Cabot Mfg. Co.—Dividend Passed—New Director— last, and each three months previously. record of previous dividend payments. F. Includes x interest on three 4 year applicable thereto, chargeable to new plant under construction, y Before provision for renewals & re¬ placement (depreciation), Federal income and undistributed profits taxes, preferred dividends & surplus. Note—It is the company's policy to make an appropriation to the reserve (depreciation), at the end of each calendar therefore, the above statement for the first nine months of 1937 and 1936 and the 12 months ended Sept. 30, 1937 shows results before deducting for renewals and replacements year; such appropriation. > 1937 and chise 3 year 4}4 % conv. 9,688 57,942 d Cash on deposit. Accts. receivable. 140,594 125,646 co.). Cash in hank - — deposits 58,524 2,000 Construct, advs... 1,162 _ 750,000 notes.-- Accounts 122,426 payable. 48.504 64,230 8,572 Consumers' depos. - 8,344 759,711 Pref. shs. $6 cum 819,848 1,080,000 b Common shares. 1,000,000 Reserves. a 55,976 91,092 Accrued items 375 Int. receivable Insurance sec. $6,768,833 $6,427,529 9,687 65,305 585,387 Inventories v -.$3,596,000 $3,585,000 bonds other intangibles gold 1st mtge. 5% plant and equipment, fran¬ 1936 1937 Liabilities— 1936 Prop., Invest, (affil. Sheet Sept. 30 Balance Comparative Assets— 1,080,000 1,000,000 — 497,354 410,106 cPref.stk.intreas Dr35,100 Dr25,560 Surplus : :„ Prepaid Ins., taxes 11,108 12,064 287,009 and rents 253,058 debt Unamortized Suspense 3,000 580 .... $7,930,191 $6,937,807 Total -..-$7,930,191 $6,937,807 Total shares, a Represented by 12,000 no par shares, b Represented by 20,000 no par c Represented by 390 (284 in 1936) shares no par value, d With trustee.—V. Ltd.—Earnings— 3,Months Ended Sept. 30— * 1937 Metal production (net) Operating costs Administrative & general expense—Toronto office. $269,918 3,590 $206,866 2,823 $266,328 - Marketing charges 32,948 $204,043 147,126 6,132 120,652 6,952 $113,069 $76,438 37,176 / 92,370 JVote: In the above figures, no allowance has been made for taxes, deprecia¬ tion or deferred development.—V. 145, p. 12ol. Operating profit for period Capital expenditure Capper Publications, Inc.—Registers with SEC— of this department. 145, p. Central Paper 1936 60,406 Tons ore milled. Cr 15,043 $259,130 lA% convertible secured notes and power elected a director of this was Canadian Malartic Gold Mines, See list given on first page 483 $170,894 $181,966 amortization of discount and expense See V. 143, p. 3140 for detailed Staples, General Manager, company.—V. 145, p. 1893. Metal production (gross). $460,698 187,483 Cr 15,043 Net income Special deposits... Directors have decided to omit the dividend ordinarily due at this time the capital stock. Dividends of $1.50 per share were paid on Aug. 14, v, charges during construction discount & exp.- William 4,057 24,588 Taxes refunded to bondholders Brothers—Changes in Personnel—■ At the regular meeting of the Board of Directors held on Oct. 26 at on 1,960 13,570 Miscellaneous interest ecutive headquarters in Chicago, the office of Executive Vice-President was created with such powers as may be delegated by the Board or the President, B. 217 2,617 20,069 — $321,642 135,000 456 ---' income. Long term debt interest $319,171 2,471 $333,110 143,045 Non-operating income (net) Gross $457,257 3,442 $330,128 2,982 Income from operations Total share—callable value) per Corp.—Listing & Registration— admitted the preferred soock, 5% registration.—V. 145, p. 2689. Curb Exchange has Maintenance.. &c (net) York Central Ohio 1~8~0~666 Stks., bds., mtges., Fixed assets New $100 par, to listing and series, 1251. Co., Inc.—Earnings- Income Account Net Cost of sales for 3 Months Ended Sept. 30, sales Gross profit Sell., gen. 1937 - ---- - (exclusive of depreciation) — --- — & admin, exps. & Canadian 378,479 $*97,168 ---- Operating profit--- $575,647 timber expense.----- 69,354 HH'qao - - Other income oonlo Non-operating deduction.Interest and amortization— Discount on treasury bonds purchased- ii tVa. A 4o Provision for depreciation Net profit 0 — --------- Provision for Federal income and excess - profits taxes ------ Lr/d 27,215 8.U58 $63,327 Financial 3004 1937 Condensed Balance Sheet Sept. 30, on hand and in banks... Acc'ts receivable Miscellaneous (customers), First mtge. sink, fund bonds,. 31,699 555,525 Accts. receivable from sub. cos. 37,404 106,029 50,983 Other assets—... ;±„.. Inv. in & advs. to sub. cos a Fixed assets Notes payable (non-current),. (non- Real & pers. prop, taxes 68,726 18,089 current) R^jCrVBS fW 3%-6%' non-conv. stock 1,492,529 79,249 Deferred charges 86,480 645,500 17,006 Accrued liabilities 263 receivables Ad vs. & wood purch. contracts Inventories $119,399 Notes «fe accounts payable $140,723 160,514 ' m cum. pref. 321,300 ($10 par) 389,275 145,578 252,792 591,372 par) Common stock ($1 par) Capital surplus,, Earned surplus 3,730 1936 $342,385 76,464 def2,993 1935 $307,916 71,988 3,227 1934 *282,906 39,487 24,173 3,615,281 1,142,818 377,728 3,215,645 870,990 187,595 2,879,561 770,555 1,764 def31,744 September— 1937 $335,470 86,237 Gross from railway Net from raUway Net after rents.. From Jan. 1-— Gross from railway Net from raUway Net after rents... —V. 145, p. 2220. 3%-0% conv. cum. pref. stock ($10 a After reserve $2,655,520 Total for depreciation of $2,196,358.—V. 145, p. 2540. Certain-teed Products Corp. (& Wholly-owned Subs.) 1937—9 Mos.—1936 1937—3 Mos.—1936 Period End. Sent. 30— $4,441,923 $13,262,655 $12,269,213 3.130,436 9,313.464 8,960,471 149,131 555,575 443,214 120,384 355,429 345.569 2,419 1 5,320 6.396 775,601 2,387,951 2,219,437 $4,549,812 3,209,769 178,304 Deprec. of plant & equip. 117,839 Deple'n of nat. resources 6,496 Sell., gen. & adm. exps_ 780,719 allowances) Cost of sales Maintenance and repairs .— Net oper. profit- - $256,685 35,419 - $634,917 123,194 $263,953 483 $294,126 35,508 Operating Operating Total income on funded debt-— $292,104 131,067 $264,436 $758,111 131,277 393.202 27,506 1,950 $329,635 393,832 Prov. for Fed. income & company.—V. 145, expenses Maintenance Taxes, other than income taxes — Net operating revenues $12,421,132 $11,605,729 131,628 95,870 — Non operating revenues Gross income-..-. Interest $12,552,760 $11,701,599 1,500,000 1,500,000 1.932 15,226 3,598,846 3,286,764 ----- funded debt on 1936 1937 $28,196,672 $26,460,095 10,053,718 9,224,609 1,679,023 1,522,250 2,848,647 3,212,464 1,194,151 895,043 revenues Appropriations for depreciation reserves Net income Int. 660,093 (& Subs.)— Earns. 12 Months Ended Sept. 30— Other interest-Miscell. income (net) ^ 2689. Provision for Federal income taxes disc'ts & Gross sales (Jess 2,725,010 Chrysler Corfr.—New Director— James Cox Brady has been elected a director of this p. Cleveland Electric Illuminating Co. $2,655,520 Total 1937 Chicago Rock Island & Gulf Ry.—Earnings— Liabilities— Assets— Cash Nov. 6, Chronicle $7,441,981 $6,899,608 Note—The provision for Federal income taxes for the 12 months ended Sept. 30, 1937 includes $301 for Federal surtax on undistributed profits Dec. 31, 1936. No provision has been made for the Sept. 30, 1937 and no provision for the Sept. 30, 1936 is included in the consolidated income for the 12 months ended on that date.—V. 145, p. 936. for the year ended capital stock taxes... 10,350 61,306- surtax for the nine months ended nine months ended Netprofit $133,530 — - $303,602 $131,209 loss$74,547 Note—Based on the accounts submitted by Sloane-Blabon Corp., the portion of the net income of that company applicable to the corporation's investment therein amounted to $27,072 for the 3rd quarter of 1937 ($35,895 in Sept. 1936 quarter), and $81,792 for the first nine months 1937 (against $68,118 In 1936). No part of such income is included in the foregoing con¬ solidated income account.—V. 145, p. 2689. Chain Store Investment 3 Mos. End. Sept. 30— 1934 _ 1935 $2,787 511 185 358 175 326 339 209 ... Miscellaneous expense. ""288 Gain $724 $1,719 $3,621 $4,258 Loss from Security Transactions 1937 1936 1935 1934 Cost of securities sold.._ $60,539 65,891 $20,979 38,308 Adj. to Fed. taxes est.„ CV828 Net loss from security transactions,.- $4,523 or Sales of securities $43,109 34,552 —— 1937 1934 1935 1936 $552,070 249,767 267,974 $504,037 212,977 213,057 $446,619 180,643 $368,057 125,662 112,983 5,236,833 2,505,657 2,429.146 Gross from railway Net from railway Net after rents 4,496,945 1,925,461 1,853,489 3,807,036 1,476,580 1,328,093 3,934,047 1,686,513 1,556,609 194.172 —V. 145, p. 2221. Cleveland x Netinc. tocurr.surp. -Earnings— Net after rents 130 518 RR.- Gross from railway Net from railway ""301 367 $1,445 23 _ commissions Interest Taxes. 1936 $4,657 160 Interest income Managers Clinchfield September— From Jan. 1— Corp.—Earnings— 1937 $5,280 Dividend income account $91,481 56,992 Graphite Bronze Co.—Earnings— Period End. Sept. 30— Net inc. after deprec., Earnings per share. x Before provision —V. 145, p. 1897. $253,122 321,920 $401,028 321,920 $1.25 - for 1937—9 Mos.—1936 1937—3 Mos.—1936 Federal taxes, &c Shs. cap. stock (par $1)_ the $0.79 corporate surtax $932,832 321,920 $2.90 undistributed profits. $1,631,214 321,920 $5.07 on ....... - Coca-Cola Co .—Extra Dividend— $17,329 Cr$34,490 Total Current Surplus $10,379 4,258 $14,637 $349,933 4,523 $537,453 come, tax on 1935 in¬ and interest.------_ The on 5,691 — —— Dividend pref. stock paid Aug. 1, stock paid Aug. 1, 1937. 5,000 Balance, Sept. 30, 1937- — - — — $537,453 -- $6,070 $360,162 Balance Sheet Sept. 30 Assets— 1937 Cash 1936 $16,680 Liabilities— $1,890 Accts. receivable-. 350,884 $292 Notes payable i 369,407 Reserve for taxes. 319 50,000 6,413 $50,000 11,402 Reserve for 1 years Accrued int. recelv. Prepaid interest.. 1936 1937 Unclaimed divs 250 d Invest, at cost— 241 192 divs. b Preferred stock. Common stock Def. pref. stk _ . 98,775 10,000 539,768 from security transactions..-. Current surplus. $372,0581 Total — 360,162 342,381 6,070 9,191 $367,806 $372,058 — .. b 2,195 shares at stated value of $45 per share. c 100,000 shares at stated 10 cents per share, d Investments carried on books at cost at value of which —Y. originally purchased by predecessor corporation or this corporation. p. 936. ■ Chicago Burlington & Quincy RR.—Equip. Trust Ctfs. The Interstate Commerce Commission on Oct. 28 authorized the com¬ liability in respect of not exceeding $3,650,000 2H % equipment trust certificates, to be issued by the First National Bank of New York, as trustee, and sold at 100.277 and accrued dividends in connection with the procurement of certain equipment, la The report of the Commission says in part: The applicant invited 73 bankers, banks, investment houses, and life insurance companies to bid for the purchase of the certificates at a specified price and accrued dividends from Oct. 1, 1937. to the date of delivery. In response thereto three bids were received. The highest bid, 100.277 and accrued dividends, was made by a group comprised of Salomon Brothers & Hutzler, Dick & Merle-Smith, and Stroud & Co., Inc., and has been accepted. On this basis the average annual cost of the proceelds to the appli¬ cant will be approximately 2.445%.—V. 145, p. 2839. Chicago Milwaukee St. Paul & Pacific RR.— To Make Equipment Trust— on those due this year. Total payments will $84,600. aggregate North Shore & Milwaukee See list given on first page of this department.—V. 144, p. 2472. Cost of sales. [Excluding Chicago Rock Island & Gulf] September— 1937 1936 1935 Gross from railway $6,392,778 $6,190,988 $5,582,545 — — _ 1,085,880 349,915 A . Gross profit & miscell. income— Int. 781,435 41,927 837,949 274,048 58,060,498 54,501,551 46,313.191 8,813,104 5.759,096 4,453,816 2,853,163defl,051,121 defl,277,609 85,654,916 1,126,069 "89,394,735 58,087,597 876,893 693,347 37.426,423 1,571,510 86,780,985 90,088,082 58,964,490 38,997,933 & gen. exps. 36,771,651 paid & accrued for Fed., State & for. inc., excess profs. & undistributed profs. 1,010 35,925,290 89,514 28,792,790 b2,341,797 25,605,084 2,323,854 Total income Admin., adv. engin., serv. selling, Int. Prov. 9.584,112 12,097,950 4,645,445 1,646,169 40,424,212 41,975,327 23,184,457 9,422,826 4,352,332 4,358,391 $9.29 $9.63 4,332,326 $5.35 4,345,788 $2.17 in the 8,958,598 14,618,282 11,566,050 premium of $1,507,525 on debentures called. 10,119,823 Netprofit. Shs. of common stock outstanding (par $5) Earnings per share. a Deprec. & amort, have been charged to cost of sales - & exps. amounts of Surplus Account Sept. 30 1937 Capital surplus, balance, Jan. 1 Total shares in treasury Jan. 1 -— . Balance Chicago Rock Island & Pacific RyEarnings— Net from railway_ Net after rents a 1934 30— $ $ $ $ ——572,217,107 479,819,688 366,711,178 311,780,091 —486,562,191 390,424,953 308,623,581 274,353,667 RR.—Reqisters with SEC— p* From Jan. 1— Gross from railway Net from railway. Netfafter rents —V, 145, p. 2840. share on the 1935 1936 1937 b Includes —V. 145, p. 2840. Chicago per Subsidiaries) Consolidated Income Account (Including 9 Mos.End. Sept Sales - The trustees have been authorized by the Federal court to make pay¬ ments of 20% of the principal amount on equipment trust certificates series K maturing Nov. 1. It will be the third such payment on certificates whicn matured in 1935 the second on those that matured in 1936 and the first of $3 dividend nine months of 1937, passenger and commercial vehicle 877,734 units, an increase of 109,231 units over the first three quarters of 1936. Latest information on retail sales of Chrysler Corp. passenger cars and commercial vehicles by Its dealers in the United States show approximately 11 % increase in the nine months of 1937, compared with the same period of last year. Export shipments show an increase of over 13%. The 1938 lines of Plymouth, Dodge, DeSoto and Chrysler passenger cars, also new Plymouth and Dodge commercial cars and Dodge trucks have been introduced to dealers and are now being shown to the public. While the effect of rising costs of material and labor throughout the in¬ dustry naturally has been reflected in higher prices, corporation products remain in the same competitive position as in former years. — pany to assume ODligation and on a the first 145, Payment declared Report for Nine Months Ended Sept. 30— For 10,000 on Capital surplus.537,453 $367,806 29 sales totaled 14,267 98,775 c Total......... Oct. on stock, par $5, payable Dec. 13 to holders of record Nov. 12. This with $3.50 paid on Sept. 10, last; $2 per share paid June 11; $1.50 paid on March 13, last; $5.50 paid on Dec. 14, 1936; $4 paid on Sept. 15, 1936; $1.59 paid on June 30, 1936; $1 on March 31, 1936, 75 cents paid on Dec. 31, 1935; 25 cents paid each quarter from March 31, 1934, to and incl. Sept. 30, 1935; 50 cents paid on Dec. 31 and Sept. 15, 1933; 25 cents paid each 3 months from Jan. 2, 1931 to Dec. 31, 1932, incl., and 75 cents paid per share quarterly from April 2, 1926 to and incl. Sept. 30, 1930. In addition, extra dividends of 25 cents per share were distributed on Sept. 30 and June 29, 1935, and on June 30, 1934. compares 3,567 common directors common 1937-.—-J. on no Chrysler Corp.— To Pay $3 Dividend— 14 for additional Prov. the regular par value, both payable Dec. 15 to holders dividend of 75 cents was paid on Oct. 1, last, and Current net income Loss from security transactions Additional capital stock tax to stock, Surplus Account Sept. 30, 1937 Deficit from Capital Security Surplus Transactions Balance, July 1, 1937 —$537,453 $349,933 Div. an extra dividend of $2 per share in addition quarterly dividend of 75 cents per share on the common of record Nov. 26. A previously regular quarterly dividends of 50 cents per share were distributed. In addition, an extra dividend of $2 was paid on Dec. 15, 1936. Directors also authorized payment of an extra month's salary to all employees outside of the management group. Additional compensation in the amount of $250,000 was also authorized to be distributed among the managerial personnel.—V. 145, p. 2386. The directors have declared Cr$8,557 1936 $25,995,627 $24,719,018 32,888 3,791 $26,028,516 $24,715,227 Excess of selling price above par value sold to Chrysler Management Trusts of shares — — 1,280,400 1934 $5;635,944 932,498 321,939 Balance, Sept. 30 .—$26,028,516 $25,995,627 Earned surplus, balance Jan. 1 75,531,892 65,612,041 Net profit from opers. for the 9 mos. end. Sept. 30 40,424,212 41,975,327 — $115,956,104S107.587,368 48,069,642 7,488,320 1,347,794 Dividends paid. Balance, Sept. 30. _ - - — - 30,466,324 28,219,541 .$85,489,780 $79,367,827 Volume Financial 145 To Redeem, Stock— Consolidated Balance Sheet Sept. 30. *37 Sept. 30. *37 $ Cash 46,551,621 14,585,505 14,352,803 Accrued B-L <fc 4.263,112 receivable a7.352,811 Bal. in •'«■ re- y;:i Edison. 9,889,099 used in oper._ 2,614,765 2,787,858 296,987 S5) 2,666.608 3,005,055 12,224,833 of not 21,761,660 surplus.d26,028,516 85,489,780 Earned surplus. 21,791,955 25,995,627 75,531,892 Expense adv. & current accts. (officers & em¬ ployees) in Investm'ts accounts & with subsid. 1 , not 934,736 1,030,729 wholly-owned Adv. to Chrys¬ to exceed 25 years. Eaison company is asking Commission approval to lend to Public Service the remaining funds necessary. The loan would be evidenced by a Co. (par 208,271 Capital Sundry invest. & miscll- accts.. 14,000,000 15,611,432 tingencies, &c. Cap. stock The petitions contemplate that Public Service Co. will supply from its cash resources the necessary funds to pay the ^0-point premium and authority is sought for amortizing such amount out of income over a period own un- Reserves for con¬ . 880,599 498,339 not estate on distrib. prof.. & allow. pay. surtax closed banks. less Real 835,162 & foreign inc. & excess - profits 8,171,300 60,565,447 b53,546,150 60,296,714 • 812,610 State Fed., 10,460,516 accts. Inventor ies insur., taxes, &c drafts, &c Notes 37,500,893 payrolls, &c_. cost Car ship, against a further step in the financial plans of this company, applications were on Nov. 2 at Springfield with the Illinois Commerce Commission jointly by Commonwealth Edison Co. and Public Service Co. of Northern Illinois for authority to redeem at $120 a share the preferred stock of Public Service Co. The redemption date has not been fixed. Of the Public Service preferred stock now outstanding. $12,591,500 par amount is held by the public and the remainder, $3,766,100, is held by As filed Accts. pay.,accr. at sec. $ Liabilities— 47,209,485 Market, Dec. 31, *36 $ Dec. 31, *36 S Asstfs— 3005 Chronicle 5% promissory note to mature not more than two years after the issuance The intention is that this note would be retired by the issuance of Public Service stock to Edison early in 1938. Edison may supplement funds it now has available by the sale of $3,000,000 principal amount of serial debentures of Chicago District Electric Generating Corp. and $2,140,000 principal amount of promissory notes of Public Service Co., which it has held for some time. Authority for such sales is also sought in a separate application by Edison. Hearings on the applications commenced Nov. 2 in Springfield. Edison now holds more than 83 % of the common stock of Public Service Co., and is acquiring additional shares daily under the exchange offer which expires Nov. 15, unless extended.—V. 145, p. 2840. date. ler Managem't 553,000 60,229,754 1 1 1,354,936 2,127,961 Good-will Period End. Sept. 30— Operating revenues Operation Prepaid insur., taxes, &c._._ 21,885 a34,188 19,001 32,457 $176,753 Drl,218 $168,328 Dr 132 $1,648,346 2,360 $1,529,932 6,842 $175,535 28,299 $168,196 29,461 $1,650,706 243,552 $1,536,774 304,769 $147,236 2,331 69,567 $138,735 2,483 69,290 $1,407,154 $1,232,006 Maintenance 197,093,990 210,676,184 Total a Less allowance of $41,521 at Sept. 30, 1937. b Less allowance $411,120 Sept. 30, 1937. c After allowance for depreciation, &c., of $56,907,223 in 1937 and $57,375,361 in 1936. d Of which $660,215 is restricted at Sept. 30,1937 on account of the repurchase of capital stock. —V. 145, p.2689. Net oper. revenues-.. Non-oper. income (net). Balance Retirement accruals Gross income Coca-Cola International Corp.-—To Pay Extra Dividend of $15.50 per share in addition to a quarterly dividend of $6 per share on the common stock, no par value, both payable Dec. 15 to holders of record Nov. 26. Previously the company had made the following distributions: $5.85 per share on Oct. 1, last; $3.90 on July 1 and April 1, last; $3.25 paid on Dec. 15, 1936; $4 on Oct. and July 1, 1936; $2.40 paid on April 1, 1936; $6 paid on Dec. 31, 1935; $4 on Oct. 1, July 1 and April 1, 1935; $3 per share paid each three months from July 1,1933 to Jan. 2, 1935, inclusive, and $3.50 on April 1 and Jan. 2, 1933. In addition an extra dividend of $16 was paid on Dec. 15, 1936 and one of $2 was paid on Jan. 2, 1935. The directors on Nov. 1 declared an extra dividend Earnings for 3 Months Ended Sept. 'V./' 30 1934 1935 1936 1937 --—$1,170,467 Reserve for Fed. taxes-25,750 $783,449 2,062 647 $605,289 $794,294 515 Gross income. Expenses - Interest to 1937—12 Mos.—1936 $4,189,218 $3,992,474 1,890,031 1,900.421 261,287 200,437 a389,553 361,682 1937—Month—1936 $397,320 $385,325 164,493 165,537 Taxes-, 197,093,990 210,676,184 Total Subs.)—Earnings— Community Power & Light Co. (& 738,708 Prop., plant & equipment... 60,783,115 Trusts c public.. Interest to parent co--_. Amort, of debt disc, and 26,571 i-:1;1.-•' 1,211 1,211 14,532 578 578 6,944 6,944 $73,547 $65,171 Dividends paid and accrued on preferred stocks: $524,424 $354,243 99,203 5,831 99,527 5,831 $419,390 $248,885 827,287 7,395 5,831 6,952 819,107 12,768 5,831 67,078 expense; Public--....Parent company Netincome.;. To public To parent company Balance applicable to parent company-.... Earnings from subs. cos. deducted in arriving at ' above: Interest earned. ""920 $782,802 783,356 $793,779 794,240 $604,369 605,187 sur$ 1,477 $554 $461 $818 $1,142,654 _ Deficit 14,649 ... 1.141,177 Net profit 831,875 / ■ Interest not ..u- earned ____ Preferred dividends Dividends 24,294 834,682 V Other Other income v 12,766 Miscel. earnings from subsidiary companiesCommon dividend from subs.—Not consolidated. 73,117 278 247 $1,340,251 $1,166,682 889,988 „ 930,747 -V. 145, p. 937. Total Corp.—To Pay $1 Dividend— Collins & Aikman The directors have declared a dividend of Colorado Fuel & Iron Corp. (& Subs.)- -Earnings— 1937 $7,140,249 5,151,467 631,904 267,925 — Costs, bad accounts, &c Depletion, depreciation, &c Ordinary taxes 1936 176,093 318,527 Other income. $723,090 37,926 $548,667 54,208 Int. O. F. & L. Co. bonds $761,016 56,037 $602,875 56,037 137.940 124,959 138,165 70,015 $442,080 552,650 $0.61 Shares capital stock Earnings per share Note—No provision was made for —V. 145, p. Federal surtax on undistributed profits. 2386. Columbia Broadcasting System, Inc.—40-Cent Divs.— The directors have declared a dividend of 40 cents per share on the new class A and class B stocks now outstanding, both payable Dec. 13 of record Dec. 6. Like amounts were paid on Sept. 10 last, these latter being the initial dividends on the new stock. The company's stock was recently spit up on a 2-for-l basis. A dividend of 80 cents per share was paid on the old stock on June 11 $2.50 to par holders last, were and prior thereto regular quarterly dividends of 50 cents distributed. In addition, a special dividend of $1.30 per paid on Dec. 21, 1936. Company stated that the board will meet on of a special dividend.—V. 145, p^ 2386. Nov. 30 to consider payment Community Water Service Co. ( & 12 Months Ended Sept. oper. Power purchased - taxes Federal income taxes--. Net earns, opers. — net on earnings. funded debt- Other interest Amort, 12,916,012 2,440,088 940,149 11,978,021 2,088,098 495,063 (net) $19,779,421 $17,108,777 2,252,475 3,640,752 $3,963,021 $5,131,559 2,113,486 Crl6,135 $4,318,672 $23,420,174 .1£19,361,252 8,454,009 8,453,945 2,113,468 175,833 Consol. net income.-. of 355,651 7,396 Cr44,946 84,944 175,781 703,254 $2,858,375 6,514.816 $2,022,027 $14,307,920 $10,113,841 y6,448,080 6,514.816 y6,4-. 8,080 $2.20 $1.57 x The income accounts for the periods indicated have been restated to include allocations of adjustments affecting them, y The shares outstand¬ ing at Sept. 30, 1936 are restated on the basis of shares having a par value Per share earns, as above of $25 each $0.44 $0.31 522,509 &c., 9,927 $823,824 $811,193 375,957 397,755 $46,120 $37,480 of Community - b Includes $13,644 for dividends on preferred stock of a subsidiary not paid or earned. The above income account for the 12 months ended Sept. 30, 1937, includes the accounts of Greenwich Gas Co. (common stock of which was sold in February, 1937) for last three months of 1936; thereafter, there is included only accrued income on other securities of that company owned by a subsidiary of Community Water Service Co. No deduction for surtax has oeen made in the above income account for the year ended Sept. 30, 1936. In the income account for the year ended Sept. 30, 1937 there has oeen deducted surtax applicable to the earnings for the entire calendar year 1936.—V. 145. p. 2541. Adjusted, a Connecticut Ry. & A total of Lighting Co.—Bonds Called — 50-year gold bonds have been next, at 105 and interest. Payment will Bank of the City of New York.—V. 145, $167,000 1st & ref. mtge. 4H% called for redemption on Jan. 1, be made at the Chase National 1737. ' ..y-'- ■ Automatic Corp.—Ex¬ Merchandising i bonds due Aug. 15, 1937, of General Vending Corp., and certificates for common stock and preferred stock of Consolidated Automatic Merchandising Corp. are being notified that their Holders of 6% holders of voting trust right to exchange the above securities for senting preference stock and (or) common voting trust certificates repre¬ stock (as the case may be) of Weighing & Vending Machine Corp. pursuant to the plan of re¬ organization of Consolidated Automatic Merchandising Corp. and of Gen¬ eral Vending Corp. expires at the close of businass, Dec. 31, 1937.—V. 142,p. 1636. . Peerless Consolidated Edison Co. of New York, Inc.—Hearing Postponed— of the company, Milo R. Maltbie, Chairman of the has postponed the hearing on the application to issue $30,000,000 debentures for Consolidated Film Industries, 30— profit Period End. Sept. x Public of the capital purposes.—V. 145, 2841. p. Consol. 708,457 end period discount, Netincome net ET£ScomSstkn(par Inc. (& Subs.)—Earns. 1937—9 Mos.—1936 $541,023 $776,290 1937—3 Mos.—1936 $162,606 $290,282 Nil $1) After deprec;, Federal taxes, undistributed profits. x on Shares outstand'g at of Water Service Co Reserved for retirements. At the request $4,548,162 583,397 _ 379,208 398,494 — amortiz. al936 $6,415,942 3,144,734 1,927,577 11,754 Service Commission, of debt discount and expense 519,111 Balance company Common¬ wealth Edison Co_. Interest 3,039,447 508,707 156,447 from utility Other income Consol. 3,420,878 539,051 253,189 3,008,124 1,871,106 Minority interest Int.. — Earnings — 1937 $6,233,921 Operating expenses, maintenance and taxes Int., amortiz. of discount, &c., of subs Preferred dividends of subs-b State, local & miscl. Fed. Federal surtax Subs.) 30— change Date— xl937—12 Mos.—xl936 $19,944,739 $85,322,680 $81,618,972 197,579 - • 789,373 800,666 1937—3 Mos.—xl936 , Gross earnings Consolidated revenues-$21,108,834 $20,142,319 $86,112,053 $82,419,639 12,199,588 10,691,281 2,450,057 2,843,709 26,836,258 27,089,625 Operation, 6,764,614 6,735,073 3.388,594 3,817,065 Maintenance 1,011,342 797,414 8,325,238 8,438,410 Prov. for depreciation-. 2,121,540 2,098,500 Total 145, p. 2840. exactly comparative.—V. p. [Including Commonwealth Subsidiary Corp.] Period End. Sept. 30— 1937, adopted the Federal previous years' figures are Note—The subsidiary companies on Jan. 1, Commission system of accounts, hence not per share share was $450,262 surplus.__ Power Commonwealth Edison Co.—Earnings— Elec. light & power rev.$20,909,845 Other oper. revs, (net)-198.989 . . termined until the end of the year. $338,658 563,620 $0.78 Int., C. F. & Ir. Corp. bonds. Federal income taxes, &c No provision has for the year a income $5,681,950 4,118,593 520,070 365,863 Expenses — $235,935 been made for the Federal surtax on undistributed net 1937, since any liability for such tax cannot be de¬ Amount available for dividends and no par 3 Months Ended Sept. 30— Net sales — Expenses, taxes and deductions from gross income $1 per share on the common value, payable Dec. 1 to holders of record Nov. 19. A similar amount was paid on Sept. 1, last, and compares with an extra dividend of $1 per share and a regular quarterly dividend of 50 cents per share paid on June 1 and Feb. 19, last and on Dec. 1 and Sept. 1, 1936.—V. 145, p. 2541. stock, _ $290,282 $776,290 Federal surtax $541,023 &c., before provision for Dividend Action— The company, in a letter to take action with respect to intend to after the final stockholders, stated that directors the declaration of a dividend soon the Supreme Court of Delaware in its appeal from the Sept. 15 ruling of the Chancellor of the State of Delaware permanently injoining the filing of a certificate! of amendment incorporating the company's recapitalization plan. If the Court holds the recapitalization plan is decision by valid Financial 3006 stock and if the plan preferred stock. The company has been advised by counsel that it may expect a decision by the Supreme Court about Nov. 15.—V. 145, p. 755. Consolidated Electric & Gas Co. (& upon „1{l37 xl936 $22,504,781 $20,735,343 15,580,259 14,248,039 Operating revenues Operating expenses and taxes.. Net operating revenues Non-operating income. $6,924,522 27,380 Gross income $5,227,840 _ stk. (par $20)- com. per y$10685,080 $11,265,485 $10,076,936 1,776,494 x$5.67 2,665,191 $4.23 2,842,870 $3.76 2,853,971 $3.01 share 1934 J 586,877 4,o09,941 Giving effect to 50% stock dividend earnings per share amounted to $3.78. y After tax on undistributed earnings, z Aft^r giving effect to the lower can prices applying since Jan. 1, 1937, and in addition reflect the full amount of the special adjustment amounting to approximately $2,500,000 made in the final quarter of 1936 to cover refunds resulting from price adjustments applying to sales subsequent to June 19, 1936, the effective date of the Robinson-Patman Act.—V. 145, p. 2387. x $6,547,199 1,319,359 $5,406,743 2,315,067 — - Net income...-_---z$8,589 430 Earnings $6,487,303 $6,951,902 1,545,158 . Provision for retirements 1937 1936 1935 charges.$12.914,471 $15,445 933 $16,231,650 4,325,041 4,760,853 4,966,165 Deprec'n & Federal tax. Shs. earnings for the year ended July 31, 1937 of subsidiaries owned on that date (excluding the Spanish subsidiaries) and annual require¬ ments on securities outstanding on such date after giving effect to the exchange, purchase or retirement of 5-year 6% secured notes of the parent company due Aug. 1,1937.) (Based Continental Can Co., Inc.—Earnings— 12 Mos.End.Sept. 30— Net profit after Subs.)—Earnings Year Ended July 31 Pro Forma Consolidated Net Income 1937 6. Nov. Chronicle the dividend declaration will be on the new preference is invalid the declaration will be on the participating Corporation Securities Co.—Settlement— 59,895 See Insull Utility Investments, Credit Acceptance Inc.—V. 145, p. 2691. Corp.—Earnings— Earnings for 3 Months Ended Sept. 30, 1937 Gross income — Deduct—Income charges of subsidiaries Remainder Prof forma consolidated net income... x Of system a revenues Notes $4,350,597 17,130 — Non-operating income.. $210,289 1,650,811 4,532 $210,880 (net)... rec. Other assets 1,743,025 Fixed assets.... 4,532 13,977 Deferred assets... and taxes 7,811 a ... 11,633 7.893 $7,128,492 16,272 $4,367,727 987,963 Provision for retirements Notes Net income 1,466,643 $558,290 2,638,260 734,100 i Earned surplus at Dec. 31, 1936 Other credits purch.. 1,519 Accounts payable. 2,297 6,705 2,933 7,506 4,066 forrecs. decl. Divs. cap. 6,070 4,665 Unearn. fin. ches. 8,631 109,898 14,765 104,583 790 8,499 Capital stock: Conv. cum. pref. 370,890 343,170 (par 25c.)..... Com. (par 25c.).. 11,316 5,081 Capital surplus... 148,444 11,316 5,081 149,444 74,931 (par $20) Prop., plant & equip, (incl. Intangibles) $117,210,270 Preferred 4,647,746 411,117 1,566,004 rec.—consumers Due from employees....... 36,820 (less a company 1,480,000 1,000,000 39,648,500 37,543,000 3,467,764 1,637,597 1,028,493 Subsidiaries accounts res. $212,115.99) 417,981 2,132,967 Merch., materials & supplies Appliances on rental 284,005 1,147,192 items Total ticipating capital stock of Common stock of company. Funded debt of company... Due from affil. cos.—note & Notes payable Accounts payable Accrued interest Accrued taxes Deferred credit items 2,099,680 15,441,861 840,422 277,233 391,333 349,388 Reserves—Retirements Uncollectible receivables Contingencies for _ .... extensions.. Sundry com. stks. & surpl announced that its contract price for newsprint would be months of 1938, an increase of $7.50 a ton over the prevailing $42.50 per ton price.—V. 145, p. 1415. 12,434 Earned surplus Total $131,036,947 Curtis Publishing the company on Curtis stock owned by the company. Consolidated Funds Corp.—To Dissolve Stockholders adopted on Nov. 144, Consolidated p. Gas 2 a resolution Net earnings for the period excl. stock owned by the company — Light & Power Co. of 1937—3 Mos.—1936 6,122,958 $5,522,487 1,911,007 1,849,613 Sept. 30 Rev. from electric sales. Rev. from gas sales. Rev. from steam sales.. 1937—12 Mas.—1936 $24,432,468 $22,485,899 8,953,448 9,087,077 58,910 731,799 767,391 77,660 232,951 298,557 63,009 40,271 Miscell. operating rev.. Total operating rev__a$8,137,247 Operating expenses..... 4,382,431 704,540 b$7,508,671c$34,350,666d$32,638,925 1,199,584 4,161,198 567,652 940,176 18,161,124 2,644,682 4,842,501 17,181,162 2,486,320 4,145,192 $1,850,691 145,320 $1,839,644 90,054 $8,702,358 635,991 Gross income. Fixed charges $1,929,698 678,034 $9,338,349 2,722,183 59,199,135 2,719,327 11,149 Other deductions 16,450 2,816 52,432 $1,248,847 $6,563,734 278,829 1,050,657 278,829 1,050,657 1,115,315 4,2 )2,629 dividends.... Common dividends Balance $11,975 $0.91 Earns.persh. ofcom.stk. ™iy°(e~T'0perat'ing b $201,070; c def$80,638 $1,245,790 $0.83 $4.67 $6,468,659 1,115,315 4,202,629 $1,150,715 $4.59 revenue affected by rate reductions as follows: $1,009,832; d $202,511.—V. 145, p. 2222. a $291,- Net operating revs $215,698 department. 1937—9 Mos.—1936 $25,570,409 $21,203,866 $67,498,432 14,754,345 44,548,774 Costs and expenses 17,654,562 Federal and State income 851,642 Operating profit 840,570 $7,064,205 537,907 - Other income (net) Total income 2,516,495 $56,277,532 39,223,365 2,067,552 $5,608,951 $20,433,163 $14,986,615 526,630 1,276,466 1,309,035 $7,602,112 5,135,581 2,500,533 301,723 1,065,093 4,718 1,962,247 6,348,546 168,465 971,055 4,211 3,122,247 $21,709,629 $16,295,650 development costs Depletion and lease Depreciation Minority interest sur. Profit $3,730,045 Profit sale of assets Special credits. Net profit $3,730,045 Shares capital stock.. 4,682,586 Earnings per share $0.79 Increase 724,377 9,219 46,667 z32,186 $136,845 $127,532 Net income .. Dividends...... 6,240,736 487,731 2,866,429 8,487 $6,692,267 1,315,260 *76,097 $3,727,357 $11,614,575 4,682,625 4,682,586 $8,083,624 4,682,625 $0.79 $2.48 $1.72 in equity in Kfettleman North Dome Association resulting from readjustment of ownership, y Excluding shares in treasury. Note—-No —V. 145, p. provision was 938. made for surtax on the . .. ...... 12 Mos —1936 1937 $6,047,697 $6,403,592 3,337,653 3,171,657 - 614.233 661,010 $2,421,706 1,059 $2,215,030 4,030 $2,422,765 zl.37,5S7 $2,219 060 722,500 89,426 $1,558,678 507,086 $1,407,134 507,386 $899,748 726.500 Applicable to preferred stocks for the period whether paid or unpaid Regular dividends on 7% and $6 preferred stocks were paid on Aug. 2, 1937. After the payment of these dividends there were no accumulated unpaid dividends at that date, z Includes amount required to amortize debt discount and expense over the life of the outstanding debt plus an additional amortization of $27,000 for current month and $81,000 for 12 months ended month. current Note: Includes provision made during December, 1936, of $28 for Federal surtax on undistributed to date for 1937.—V. profits for 1936. p. 2070. Denver & on Net operating income Total misc. income undistributed profits. _ Gross income on Int. on gen. underlying bonds & ref. bondsI Amortization of discount on funded debt for debt Corp.—Earnings — with Intermount,ain RR. Eliminated] Oper. exp. (incl. deprec) Taxes... Int. No such provision has been made 145, Denver Tramway Bal. $3,029,603 $11,505,240 697,754 109,335 - y 471 mortgage bonds. ncome Balance- share $1,051,292 $191,673 Other int. & deductions. on per Co.—Earnings— $192,144 60,208 4,404 Int. cents 1, and March 1 last, Sept. 1 quarterly dividends of $1.75 $215,631 67 ... Period End. Sept. 30— Total operating revenue. 1937—3 Afos.—1936 tax, &c_ dividend of 87 19o7—Month—1936 $594 900 $586,015 288,158 283,488 115 069 86,896 Other income.... [Including Continental Oil Co. (& Subs.)—-Earnings— Period End. Sept. 30— Gross income a distributed.—V. 145, p. 1254. were Consolidated Royal Chemical Corp.—Registers with SEC See list given on first page of this Federal, x -$1,341,462 in1co"?e1-J--^ Preferred $5,059,359 depreciation and for stock, par $100, payable Dec. 1 to holders of record Nov. 15. Period End. Sept. 3 — Operating revenues Oper. exp., incl. taxes.. Prop, retire, res. approp, $8,826,250 372,885 $1,996,012 638,100 _ cum. pref. share per x Operating income Non-operating income. 179,700 Curtis Cushman's Sons, Inc.—Accumulated Dividend— The directors have declared Gross Retirement expense Taxes earnings is after reserve for 145, p. 2842. Dallas Power & Light Electric on State and local taxes.—V. 1596. Baltimore (& Subs.)—Earnings— $5,239,059 176,874 $3,741,047 divs. A like payment was made on Sept. 1, June and June 1, 1936, and prior to then regular advocating dissolution of 1936 $3,917,920 Dividend 7% the company.—V. 1937 $27,386,087 $26,894,689 Net earnings incl. divs. on Curtis stock owned by $131,036,947 —V. 145, p. 1095. Co.—Earnings— 9 Months Ended Sept. 30— Operating income 3,930,651 Total ton for the six a Note—Net of subsidiaries Corp .—Price of Newsprint Raised— The company $50 Equity of min. stockholders in $1,980,226 $1,885,159 Total After reserve for depreciation of $13,016 in Sept. and $12,432 in June. Crown Zellerbach , 129,428 $1,885,159 $1,980,226 —V. 144, p. 4176 1,062,684 854,825 Consumers' deposits Service extension deposits.. Contrlb. 83,783 __ 3,162,474 19,467 Cash receivables stock—Company $18,297,300 1,604,350 Subsidiaries common Earned surplus Class A non-cumulative par¬ x Fed. stock Corp. for insur. Liabilities—- Intangible . items, taxes & expenses $667,528 Invest.—at carrying values. Sink, funds & spec, deposits 809; un¬ Indebt. to Ardwell Consolidated Balance Sheet July(31, 1937 Period End. & claimed $3,930,651 Atsets— Deferred debit Sept. 30'37 June 30'37 banksSl.224,000 $1,155,000 pay., Class A Earned surplus at July 31, 1937.. of undistributed profits. Drafts outstanding Acer, $7,144,765 1,611,234 2,292,144 2,573,857 1,354,829 _ Other 17,818 — Res. for recap, exp. — Interest and other income charges of subsidiaries. Interest and other income charges of cdmpany.... Accts. — Liabilities— inc., Gross income — - _ Sept. 30'37 June 30'37 Cash 7 Months 12 Months -$14,190.320 $23,788,297 9,839,723 16,659,804 Net operating revenues _ Balance Sheet Assets— Summary of Consolidated 1 ncome and Earned Surplus (Cos and Subs.) expenses _ After Federal income taxes, but before surtax on a $788,645 Period Ended July 31— Operating Operating —- _—6,199 Earnings applicable to class A and common stock— 11,619 Earnings per share applicable to class A and common $0.18 constituted at July 31, 1937. as $74,927 and other income Net income. Preferred stock di vi dend requirem ent $3,091,676 2,303,030 Deduct—income charges of parent company Gross finance charges earned 1937—9 Mos.—1936 $2,406,649 $2,415,530 1,761,258 1,719,175 Inter-Co. Transactions 1937—12 Mos.—1936 $3,254,471 2,373,190 449,332 $3,176,717 2,285,117 341,678 322,958 $303,713 23,448 $373,397 26,173 $431,949 31,958' $489,191 32,397 $327,160 46,716 192,234 $399,570 65,577 194,481 $463,907 66,903 256,549 $521,588 88,153 1,266 1,519 1,759 2,026 $86,945 $137,992 $138,695 $171,848 402,409 259,561 maturi¬ ties, sinking funds & other corp. purposes —V. 145, p. Derby 939. Oil & Refining Corp. (& Subs.)—Corrected Statement— Period End. Sept. 30— Oper. profit before nonprod. devel., deprec. and depletion 1937—Month—1936 1937—9 Mos.—1936 $70,846 $76,700 $778,942 33,825 49,580 343,264 333,128 $37,022 $27,120 $435,677 $232,060 $565,188 Non-prod, dev., deprec., and depletion Net profit —V. 145, p. 2842. Volume Dallas Ry. & Terminal Period End. Sept. Operating re venues..... Oper. exps. (incl. taxes). Prop, retire t res. approp $42,650 15,505 Operating income Other income.. Gross income Int. on mortgage bonds. Other int. & deductions. $40,731 23,852 2,068 2,262,049 133,314 " $511,510 15,833 12,500 286,230 > 25,271 $133,474 / t Dividends period, whether paid or unpaid Balance CY841 Other Dividends x $406,946. was $111,805 and unpaid to Sept. 30, 1937, amounted to amounting to $1.75 a share on 7% preferred accumulated ' ^ For Miscellaneous the xCo. &Subs> ; Gross corporate Interest Net income x share depreciation, Subs.)—Earnings— 1937—9 Mos. —1936 $3,182,467 $3,007,378 1,203,854 1,188,582 $2.64 $2.52 Federal income taxes, interest on debentures and 1937—3 Mos.—1936 $866,091 $808,170 1,203,854 1,188,582 $0.72 $0.66 Shareholdings Corp.—Accumulated Electric Dividend— dividend of 44-1000 of a share of (or $1.50 per share in cash) on account of accumulations on the $6 optional cum. con v. pref. stock, no par value payable Dec. 1 to holders of record Nov. 5. A similar payment was made on Sept. 1, June 1 aiid March 1, last; a dividend of $2,613^, was paid on Dec. 17, 1936; $1.50 per share was paid on Dec. 1, 1936, and in each of the five preceding quar¬ ters, prior to which the last previous dividends of $1.50 per share (or at the holder's option 44-1000 of a share of common stock) were made on Sept. 1 and March 1, 1933. Accumulations after the payment of the current dividend will amount to The directors have declared an optional income..-..--$16,920,571 $16,877,059 $5,679,200 $5,679,200 270,040 270,040 55,186 55,186 stock $12.37^ per share.—V. 145, p. 758. * $10,916,145 $10,872,633 earnings of all sub¬ Net income x 51,670,000 76,404,000 - % 1.6 7.6 13.8 nority interest.—V. 145, p. 1738. common Amortization of debt discount and expense Other interest per After x m funded debt on Sept. 30— Shares common stock... $16,786,254 $16,748,951 $134,317 $128,108 Income from operations Other income IflCTBdSB1 Amount 1,700,000 3,944,000 10,516,000 1936 109,378,000 Light Co. 86,920,000 Electric Auto-Lite Co. (& Period End. $23,009,289 4,081,548 7,235,511 63,143 6,162,254 6,167,414 1,339,690 1,341,777 Provision for income taxes ' 1937 —V. 145, p. 2843. 4,079,156 7,225,000 60,626 appropriations to retirement reserve Uncollectible accounts less recoveries Taxes (other than income taxes); 28, 1937, the kilowatt-hour system input of which are subsidiaries of American Power & Light y..V Earnings Current 2389. Oct. ended . Operating expenses (incL rents and general, selling and administrative expenses) $22,992,332 Maintenance and repairs week Operating Subsidiaries of— ....$58,645,312 $58,647,634 Total. $982,104 American Power A Light Co.Ill,078,000 Electric Power $ Light Corp. 55,614,000 • Company $176,685 interest, rentals and local capital gains or depreciation, Co., Electric Power & Light Corp. and National Power & Light Co., as compared with the corresponding week during 1936, was as follows: $56,340,252 $56,340,252 1,905,313 1,905,313 387,266 387,266 12,480 14,802 operations—Electrical dept Steam heating department Gas department. $175,495 $666,989 $221,986 Inc.—Weekly Input— the operating companies National Power & 30, 1937 $1,433,191 Crl 1,433 462,520 is after statement Ebasco Services Statements— Earnings for 12 Months Ending Sept. Gross earns, from above $29,573 Latest dividend paid on Nov. 1, 1933. Detroit Edison Co.—Income 499,350 $72,922 income The Dividends on this stock are cumulative. Note—Includes provision of $273 made during the 12 months ended Sept. 30, 1937 and $29,727 made during the 12 months ended Sept. 30, 1936 for Federal surtax on undistributed profits. No such provision has been made for 1937.—V. 145, p. 2223. stock Cr9,046 47,405 expense taxes, but before Federal income tax, capital stock tax, losses, and other non-operating adjustments.—V. 145, p. 103,901 103,901 . Cr914 52,171 $124,252 Operating income $215,706 ... _ 1937—Month—1936 $963,758 $1,056,000 839,506 834,014 Other income Net x $14,811 applicable to preferred stock for the $2,322 income Net Lines, Inc. (& Subs.)—Earnings— 1937—9 Mos.—1936 $7,852,781 $8,368,641 7,185,792 6,935,450 Eastern Steamship Period End. Sept. 30— Operating revenue Operating expense. $527,343 286,230 : 25,407 $444,975 between operation and figures are not exactly comparative, especially non-operating income—net.—V. 145, P. 2843. $697,573 186,063 $432,475 Note—Blackstone 1.981,869 131,426 $618,538 186,063 $39,689 1,042 $28,187 23,852 2,013 _ cannot be determined 1937—12 Mos.—1936 $3,013,901 $2,810,868 $55,194 15,505 $27,145 1,042 Net oper. revenues Rent for lease of plant. 1937, since any liability for such tax until the end of the year. Valley Gas & Electric Co. on Jan. 1, 1937 adopted the Federal Power Commission System of Accounts, hence previous year's net income for the year distributed Co.—Earnings— 1937—Month—1936 $251,403 $266,449 192,885 199,076 15,868 12,179 30— 3007 Chronicle Financial 145 The consolidated earnings statement includes the sidiary companies. Inter-company income and profits from the consolidated accounts.—V. 145, p. 2542. Period End. Sept. 30— Operating revenues Operation 13,706 32.280 15,920 29,237 196,279 a363,934 169,343 327,352 $121,545 Dr4,259 $90,175 $1,203,859 JDrl.987 $1,056,948 32,195 $117,286 36,226 $93,635 36,261 $1,201,871 436,939 $1,089,143 436,845 $81,060 $57,374 $764,931 367,972 $652,298 335,000 $396,959 $317,298 46.710 182.972 ~ 46,710 Taxes bonds were notified that at a meeting of the board resolved to pay out of accumulated earnings matured Dec. 1, 1933 and June, 1934 and of directors held Oct. 18, it was 1937—12 Mos.—1936 $3,093,468 $2,886,153 1,329,396 1,332,509 1937—Month—1936 $275,245 $246,723 107,714 111,390 Maintenance Ry.—Interest Payment—1 Detroit & Mackinac Holders of 1st lien 4% have been eliminated El Paso Electric Co.—Earnings- Net operating revs. Non-operating inc. (net) . 3,460 Nov. 1, 1937 coupons which on Jan. 3, 1938 coupons which matured Holders of 1st lien 4% bonds and mortgage to pay on Dec., 1934 and June, 1935. Balance 4% bonds were notified that directors resolved to pay out of accumulated earnings the coupons maturing Dec. 1,1937, from botn classes of the above bonds. Holders are requested to present their coupons for payment at the office of.J. P. Morgan & Co., New York, on and after specified dates, with tax exemption certificates attached.—V. 145, p. 2842. Interest & amort., &c at the same meeting (W. S.) Dickey Clay week's "Chronicle," page 2842, covers 1937.—V. 145, p. 2842. the a Mfg. Co .—Initial Preferred Div.— dividend of $1 per share on the $1 ■ non-cumulative preferred stock, payable 50 cents in cash and one-half share of new $1 class A stock for each preferred share held to holders of 2842. of $2 per share on the common no 12. This com¬ paid stock, March 1 payable Dec. 1 to holders of record Nov. par, pares with $1.50 paid on Sept. 1 and on June 1 last; $1 on last; $2.25 paid on Dec. 1, 1936; $1 Sept. 1 and June 1, 1936; 7<6 cents paid on March 2, 1936; $1.50 on Dec. 2, 1935; 75 cents on Sept. 3, 1935; 40 cents 1935; 25 cents on March 1, 1935; $1 on Dec. 1, 1934; 50 cents on Sept. 1 and June 21, 1934, and 25 cents per share paid on April 21, 1934; Dec. 31, 1933, and March 1, 1932.—V. 145, p. 2224. on Includes surtax on undistributed profits. Note—The subisdiary companies on 145, p. 2390. exactly comparative.—V. June 1, Period End. Sept. 30— Gross operating revenues Total operating charges, Taxes Mill Co.—Earnings— 1937— Month—1936 1937—12 Mos—1936 $48,630 $36,572 $351,097 $140,793 22,378 23,379 90,042 90,651 Period End. Sept. 30— Operation profit Depreciation ^ 33,067 6,588 Federal income taxes $227,988 $13,193 $19,664 Net profit Ear. per sh. on 210,000 shares capital stock— (incl. Federal in¬ tax) 41,467 44,398 16,374 28,656 380,812 498,860 158,852 330,112 $161,869 $125,823 $2,105,79t) $1,482,292 982 854 11,265 33,090 $162,852 $2,117,055 399,808 $1,515,383 31,682 2,508 $126,677 42,592 V 4,135 35,973 630,793 63,663 $128,661 $79,950 $1,681,272 $820,927 Pref. stock div. require. "8,631 1,050 8,631 13,141 103,579 Cr4,197 80,280 Balance for com divs,. $120,029 $70,268 $1,564,552 $744,843 come Prov. for retirements Net operating income. Gross income Interest Amort, of debt expenseNet $50,142 ^ $0.09 $0.06 $1.08 $0.24 30, 1937, net profit was $164,899 equal to 78 cents a share, comparing with $8,985 or four cents a share for the nine months ended Sept. 30, 1936.—V. 145, p. 1096. (Del.) (& Subs.)—Earnings1937—12 Mos.—1936 $4,348,989 $2,900,284 1,363,526 929,027 1937—Month—1936 $386,783 $254,054 139,048 83,200 Other income Eastern Rolling Jan. 1, 1937 adopted the Federal figures are Accounts, hence previous year's Power Commission System of not 182,972 $167,277 $87,616 $41,448 Federal income taxes, of which $231 (credit) is Federal surplus El Paso Natural Gas Co. Dictaphone Corp.—Larger Dividend— The directors have declared a dividend requirements of subsidiary company— Pref. div. requirem'ts of El Paso Elec. Co. (Del.). Balance for common dividends and The directors have declared an initial record Oct. 20.—V. 145, p. Balance Pref. div. Diamond T Motor Car Co.—Earnings— The earnings given in last nine months ended Sept. 30, Balance Appropriations for retirement reserve.. inc. before non¬ recurring income Non-recurring income & expense For the nine months ended Sept. Eastern Utilities Operating revenues Operation Maintenance. — _ Retirement res. accruals Tax«? (Incl. inc. taxes) _ _ $171,048 505 Net operating revs Non-oper. inc. (net)--— 1937 1937—12 Mos.—1936 a307,751 a745,298 bl,091.079 $8,466,225 4,202,992 340,899 725,000 973,079 $2,207,528 98,320 $2,224,255 144,757 $8,673,266 4,321,610 $196,479 7,683 Assets— Fixed assets......18,484,180 15,599,485 182,000 851 150,000 Install notes rec... Sinking fund cash. Special deposits $2,305,848 528,549 $2,369,012 558,180 $128,339 $161,011 Pref. divs. deductions —B. V. G & E. Co The P. G. Co. of N. J $1,777,299 293,824 23,295 424,546 30,352 287,859 Accounts Interest & 43,213 amortization. Balance 77,652 26,478 $1,673,168 Applicable to E. U. A Earnings of subsidiary companies E. U. A. as shown above applicable to $1,700,341 1,673,168 1,700,340 309,824 130,325 Hdlld/DiCd Amount not . — available "for Balance available for • • • * — divs. and surplus dividends and surplus— $1,891,067 769 Expenses, taxes and interest-— $2,010,164 119,097 $1,852,667 Total 309,824 $1,982,992 Non-subsidiary income 955 $1,851,898 $1,890,112 retirement reserve have been increased to provide for certain charges heretofore included in maintenance which are now being made to reserve. Also, since Jan. 1, 1937 accrued depreciation of trans¬ a The accruals for portation equipment amounting to $23,535 has accounts, b No provision has been made for been apportioned to other the Federal surtax on un¬ 147,469 1,302,697 r,299,000 11,216,000 770,000 404,754 109,600 324,347 293,824 payable- Accrued interest.. 115,268 Divs. declared Deferred charges.. 131,255 448,432 659,781 Advances Reacquired secur. 3,028 167,000 plies by 197,879 171,336 115.909 con¬ sumers Res. for 940,617 to Accrued taxes require't8_ by 563,027 1,788,811 64,562 1,401,747 Contributions 8,317 consumers Res. for unearned prof Its ... Earned surplus ....20,110,240 17,348,690 Total —V. 145, p. 4,717 39,430 contlng'ies for Res. $1,730,700 30,359 $1,699,647 Applicable to minority interest payable banks $1,810,832 77,652 2,480 $171,553 Balance $ 1,479,700 ,763,703 Common stock Notes 1936 [,479,700 Long term debt Materials and sup¬ 30 1937 338,942 ' deposited. Notes receivable.. Accounts recelv . LdaWUies— 7% pref. stock..,. Prem. on com stk. 12,153 106,671 Cash Cash $204,162 43,151 $ Sheet Sept 1936 $ Associates (& Subs.)—Earnings— 1937—Month—1936 $708,599 $698,281 340,189 346,981 28,072 a25,236 60,416 a63,718 83,443 b91,297 Period End. Sept. 30— Comparative Consolidated Balance Total 30,019 1,982,538 35,509 1,533,809 20,110,240 17,348,690 2692. Empire Capital Corp.—Extra Dividend— have declared an extra dividend of 5 cents per share in the regular quarterly dividend of 10 cents per share on the class A stock, par $5, both payable Nov. 30 to holders of record Nov 16, Similar payments were made on May 31, last, Feb. 29, 1936, Feb. 28,1935 and on Aug. 31, 1934.—V. 144, p. 3173. The directors addition to Ewa Plantation Co.—Extra Dividend— declared an extra dividend of 60 cents per share In quarterly dividend of like amount on the capital stock, par $20, both payable Nov. 15 to holders of record Nov. 5. A detailed record of dividends payments is given in V. 144, p. 772.—V. 145, page 2545. ~ The directors have addition to the regular Financial 3008 Chronicle Fox Theatres Engineers Public Service Co. (& Subs.)—Earnings— Combined. Income Statement of Operating -Z _ - - creditors 1937—Month— *936 1937—12 Mos.—1936 $4,723,060 $r, 170,080 $51,634,512 $^7,089,528 1,852 272 1.674.326 20,712,719 19,437,657 revenues Operation._ Maintenance 250,795 500,880 310,867 544,170 Taxes. 3,500,863 a5,905,210 2,757.577 5,157,052 Fox Net oper. revenues... $2,015,751 Dr36,700 $1,744,079 $21,515,719 $19,737,241 81,183 11,474 1,192,884 $1,979,0.50 655,996 $1,82.5,262 $21,527,194 $20,930,125 672,780 7,984,423 8,241,586 "$1,323,054 $1,152,482 $13,542,771 $12,688,539 5,589,649 5,254,974 Non-oper. inc.—net..-Balance- Int. & amortiz., &c Balance.. Appropriations for retirement reserve Balance....— Dividends on $7,953,122 2,656,624 1,412,094 b Balance Balance - $3,431,306 $333,749 ... Office and Bldg., Brooklyn, N. Y.— A report prepared by Eli T. Watson & Co. indicates that the recently completed reorganization of the finances of tne Fox Theatre & Office Build¬ ing in Brookiyn includes the following features: The first is that in connection with the reorganization, a payment of tax arrears on the property totaling $805,903 was made. The tax payment was made after considerable discussion and litigation with the city and under the compromise providing for the $805,903 payment, the city reduced the assessed valuation for 1937 from the original figure of $5,965,000 to $4,000,000. On July 31 taxes and interest for the first half 1937 were cleared up through a payment of $56,890, while the second half 1937 tax amounting to $55,600 was paid before the end of October, funds for this payment having been deposited by Brooklyn Fox Corp., the present owner of the $3,445,944 14,638 $3,861,978 ... Amount applicable to minority interests Theatre Reorganization— $7,433,564 2,525,778 1,461,841 $3,884,403 22,424 - preferred stocks, declared Cumulative pref. divs. earned but not declared-. 6, 1937 Corp.—Dividend Authorized— Milton C. Wiseman, receiver for the corporation,'has been authorized by Federal Judge Manton to pay a second ad interim dividend of 3% to whose claims have been adjudicated and to set aside a reserve fund of $80,000 pending adjudications of claims filed by William Fox and Hiram Steelman, receiver of the estate of Mr. Fox, totaling $1,000,000. The Court set Nov. 15 as the final date for the filing of a verified statement of the Fox claims.—V. 145, p. 2546. Subsidiary Companies (Inter-Company Items Eliminated) Period End. Sept. 30— Nov. $422,963 property. Another feature in the reorganization is that it was possible only because a 10-year loan of $725,000 made to the new company by the R. F. C. of Mortgage Co. Cum. pref. divs. of certain sub. cos. not earned A drastic scaling down of the funded debt was necessitated Includes Federal income taxes of $861,565 of which the Federal surtax undistributed profits for four subsidiary companies amounts to $3,748. by the large been made by the other subsidiary companies for Federal tax arrears and curtailed earnings of this property during recent years, and holders of the $5,650,000 former 6J4% bonds were required to accept new 3% income bonds in a principal amount equal to 50% of their original on undistributed profits, since any liability for such tax cannot be determined until the end of the year. b Applicable to Engineers Public Service Co., before allowing for un¬ earned cumulative preferred dividends of certain subsidiary companies. Note—Certain subsidiary companies on Jan. 1, 1937, adopted the Federal Power Commission System of Accounts, hence previous year's pensate the bondholders for the principal reduction of their lien they re¬ ceived the entire common stock issue of Brooklyn Fox Corp. at the rate of 10 shares per $1,000 former bond. A lease of the theatre was signed as of July 30, 1937. between the Brook¬ a on No provision has surtax not figures are exactly comparative. 31, 1937, the physical property and certain other assets of , On March Electric Co. Ponce sold. were The income statement includes results of operation of that company for periods prior to that date.—V. 145, p. 2225. Fajardo Sugar Co.—To Pay $1 Dividend— The directors have declared a dividend of $1 per share on the common stock, par $20, payable Dec. 1 to holders of record Nov. 15. A similar payment was made on Sept. 1, June 1, and on March 1 last, and dividends of 50 cents per share were paid in each of the three previous quarters. The old $100 par common stock which was split 5-for-l, had received dividends of $1.50 per share on March 2, 1936, Dec. 2, Sept. 1, and June 1 1935; this latter being the first distribution made since Feb. 1, 1929, when a $2.50 dividend was paid. The company stated that the current dividend includes a dividend declared by the Fajardo Sugar Growers' Association, one of its subsidiaries, which had declared a dividend equivalent to 50 cents a share, payable to stockholders of the Fajardo Sugar Co. of record of Nov. 15, in accordance with the deed of trust dated March 19, 1919.—V. 145, Federal p. new company, 145, 2545. p. Broadway, N. Y. period Gannett Co., last 3d Quarter 2d Quarter year, are 0/1937 0/1937 — ... _ Total.— - ... 0/1936 22,851 2,939 $600,724 2,668 $277,490 68,357 $176,352 187,379 $345,847 None 2,962 None Portioii of production held for future Refined lead (tons) Zince content of zinc concentrates .(tons) 1.128 : content None ".V None None of lead of zinc None 8,268 None 2,659 concentrates concentrates (tons) None content _ (at par) end of quarter None 774 1,313 None 8,685 $1,305,787 (tons). Cash and Governments The directors $1,129,892 at 145, at p. previously. were as follows: 75 cents on Sept. 12 and June 12, 1936; 50 cents on Dec. 12, 1935; 25 cents on Sept. 12, 1935; 50 cents on Sept. 12, 1934; 25 cents on Dec. 12, 1933, and 30 cents per share on Jan. 3, 1930, and on July 2, 1929.—V. 145, p. 2845. Co.—Reorganization Plan— an order extending the hearing on applications of the debtor and others for reimbursement of out of pocket expenses connected with the reorganization. with the company's application for the extension of the confirmation, counsel for the trustees stated that sales during the period of trusteeship have exceeded $21,700,000, of which $21,200,000 has been collected More than $7,700,000 has been paid out in wages during the same period.—V. 145, p. 2545. & Gloversville Intervene— RR.—Committee to The Interstate Commerce Commission on Oct. 29 permitted a committee representing holders of 52% of the outstanding first consolidated general refunding mortgage bonds to intervene in the proceeding pending for the reorganization of the railroad. Members of the committee are F. J. I isman. Lucius N. Littauer, Joseph H. Loeffler and William G. Edinburg.—V. 145, payable on Nov. 1 to holders of record on Oct. 15. At the recent low prices of securities, there was, under the Delaware law, an impairment of the capital represented by the preferred stock of that corporation. In view of this circumstance, the directors at a meeting held on Oct. 28, 1937, deemed it prudent to postpone the payment of those dividends. The resolution adopted by the directors provided that payment of such dividends be deferred until such time as, by resolution, the directors shall direct such In which event said dividends shall be paid to holders of record at the close of business Oct. 15, 1937.—V. 145, p. 2547. General Telephone 9 Mos. revenues Pjjces are: 60-horsepower—Tudor sedan, $640; Depreciation Traffic, commercial, operating expenses general office salaries, coupe, $770" de luxe convertible club coupe, $800; de luxe phaeton, $820; de luxe con¬ vertible sedan, $900. The above prices are at Dearborn, Mich., plant, charges for transporta¬ tion and all Federal and State taxes extra.—V. 145, &c. 2,718,881 896,459 3,639,769 1,142,079 240,917 296,709 Net operating income Other income, net $2,425,656 33,708 $3,192,880 Income available for fixed charges Interest on funded debt $2,459,364 982,457 $3,246,947 1,314,503 1,064 87,634 CV19.944 458,502 11,627 General taxes Federal normal income taxes Federal surtax on undistributed profits 2,861 Other interest Amortization of debt discount and expense Interest during construction 777 65,187 Crl2,726 Preferred stock dividends of subsidiary companies. Undeclared pref. stk. divs. of sub. cos. in arrears.. 333,901 6,437 35,273 Minority interest in current earnings Other fixed charges - 9,319 $1,040,958 165,404 $1,335,179 220,539 $1,114,640 Income balance —V. 145, p. 1901. General Vending See Consolidated p. Corp.—Exchange Date— Automatic Merchandising Corp. 142, p. Corp.—Earnings— Earnings for Quarter Ended Sept. 30, —- Operating above.—V. 3536. General Time Instruments Net sales 49,063 7,100 $875,554 Net income 1468; V. 141, 54,067 1937 —--—— costs and expenses — Net operating income Other income (net) $3,729,645 3,218,636 $511,008 546 - Fordor sedan, $685- $595. 85-horsepower—Tudor sedan, $665; Fordor sedan $710! coupe, $625; de luxe Tudor sedan, $725: de luxe Fordor sedan, $770- de luxe coupe, $685; de luxe club coupe, $745; de luxe convertible coupe, 12 Mos. $9,730,583 $12,843,733 1,760,950 2,310,993 1,687,720 2,258,442 Corporation's preferred dividend requirements Higher— Prices of the 1938 standard and de luxe Ford V-8 cars were made public on Oct. 27. These prices represent increases of only $11.50 to $36 on the Tudor and Fordor sedans, which together make up more than 80% of Ford car volume. All sedan models for 1938 are of the touring sedan type and the above price comparisons are made with similar 1937 models. ' T"® prices quoted are for complete cars. Standard cars are equipped with front and rear bumpers and guards, spare wheel and tire and tube tire lock and band, one tail light, one windshield wiper, one sun visor' cigar lighter and twin electric vibrator horns. De luxe cars are equipped with twin tail lights, two windshield wipers two sun vizors, twin electric horns, cigar lighter, de luxe steering wheel' glove compartment, dock, glove compartment lock, chrome wheel bands! in addition to front and rear bumpers, spare wheel, tire and lock and head¬ light beam indicator. The p. 2693. Fort Worth Stock Yards Co —Extra Dividend— The directors have declared an extra dividend of 37M cents per share in addition to the regular quarterly dividend of 37^ cents per share on the common stock, both payable Oct. 27 to holders of record Oct. 26. A special dividend of 75 cents was paid on Aug. 2, last.—V. 145, p. 941. Corp. (& Subs.)—Earnings— Period Ended Sept. 30, 1937— Operating - Ford Motor Co.—New Car Prices Deferred — Preferred stockholders are being advised that on Sept. 2, 1937, the directors declared dividends of $1.50 per share on the $6 dividend preferred stock and S1.37H Per share on the $5.50 dividend preferred stock, Maintenance Pittsburgh has entered Johnstown Nov. 1 declared a dividend of $1.50 per share on the com¬ $10, payable Dec. 13 to holders of record Nov. 12. This on Previous extra distributions $684,031 1098. confirmation of the plan of reorganization of the company to Feb. 4, 1938. The purpose of the extension is to allow the company to make other financial arrangements. The Court also fixed Nov. 27 as a date for In connection par Corp.—To Pay $1.50 Dividend— payment, Exclusive of profit on metal stocks sold but before deducting deprecia¬ tion, depletion and any Federal taxes on income.—V. Judge R. M. Gibson stock, 1258. p. compares with $1 paid on Sept. 13 and on June 12, last; 25 cents paid on March 12 last; a year-end dividend of $1.50 paid on Dec. 12, 1936; regular quarterly dividends of 50 cents paid in each of the five preceding quarters, and dividends of 25 cents per share paid each three months a Follansbee Brothers 145, General Motors General Public Service Corp.—Dividends Total stocks held at end of quarter for fut/Uro Refined lead (tons) Refined zinc (tons) 1936 $824,738 $363,732 None 1,313 by lessees Net earnings... on metal stocks sold Profit v 17,331 None , 29,251 $600,724 m 1937 $799,564 After interest, amortization and provision for Federal and New York taxes, but before provision for surtax and including equity of $189,131 in 1937 and $248,261 in 1936 of the undistributed net profits of controlled x as 3d Quarter Inc.—Earnings— Sept. 30— Net profit mon v Tons of concentrates produced Tons of shipping product produced p. Z\)vo 993. p. companies.—V. Mining & Smelting Co.—Earnings— / Fonda income bonds. City, while certificates of deposit should be presented for exchange to the Continental Bank & Trust Co., 30 Broad St.. New York City.—V. 135, x follows: Zinc The new income bonds are subject to the R. F. C. first mortgage $75,000 second mortgage taken by Simon H. Fabian. To com¬ The new income bonds and stock are now available for delivery to holders of the former first 6K% bonds or certificates of deposit therefor. Actual bonds should be presented to the Lawyers Trust Co., 170 The results of operations for the quarter ended Sept. 30, 1937. compared with the preceding quarter and with the same Lead a 9 Months Ended Grain, Ltd.—New Director— announced.—V. a to lyn Fox Corp. and Fabian Brooklyn Theatres, Inc., which will operate the theatre for the next 20 years under the direction and supervision of Simon H. Fabian. A minimum rental of $1.50,000 per annum is called for by the lease and the lessee is to pay as additional rental 17 of gross receipts of the theatre from $1,000,000 to $1,500,000 and 20% of the gross theatre receipts ov6r $1,500,000. Payment of the interest and principal charges on both the first and second mortgages has been guaranteed by Fabian Enterprises, Inc., for the three years ended Sept. 15, 1940. A $25,000 security deposit has been made by the guarantor with the Lawyers Trust Co., the trustee for the 2844. At the recent annual general meeting of stockholders, James R. Murray was added to the directorate, H. E. Sellers, President of the Federal holdings. and Consolidated net income before pension fund loss & inc. taxes Pension fund loss. Provision for Federal & Canadian income taxes - Consolidated Earnings per — net income. share on 330,071 (no par) shares — common $511,554 41,549 73,630 x$396,375 $0.98 This compares with $469,341 or $1.20 a share on 327,789 common shares for the 17 weeks ended Oct. 10, 1936. For the 40 weeks ended Oct. 9, 1937, consolidated net income was $1,224,799 equal to $3.17 a share on common, comparing with $1,122,511 or $2.87 x a share on common for the 41 weeks ended Oct. 10, 1936. Note—No provision has been made for Federal surtax on undistributed income.—Y. 145, p. 609. net «r Financial Volume 145 only accrued income on other securities Georgia & Florida RR.—Earnings— —Third Week Period— 1936 $23,350 $1,093,415 $954,954 1936 $334,096 84,397 $21,100 Operating revenues. wich Water & Gas System. —Jan. 1 to Oct. 21— 1937 1936 of October— 1937 1935 1934 $262,105 52,042 —V. 145, p. 2847. 1937 $321,100 51,390 $294,624 71,837 85,515 45,788. Net after rents 70,353 ' 54,579 2,371,660 354,255 From Jan. 1— 2,839,553 504,056 2,698,473 466,886 2,377,093 383,282 531,202 Gross from railway Net from railway 485,271 413,884 Net after rents —V. 145, p. 358,352 9 Mos. End. Sept. 30— Depreciation Net adjust, restricted foreign earnings 271,848 y$3,424,202 $3,422,177 $3,293,892 $3,158,790 $1.15 $1.13 $1.06 $1.00 $73,188 realized on sales of securities, y Before surtax on profits, z Includes premium on debentures purchased.— Net profit Earns, per sh. on com Including x undistributed V. 145, x Oper. exps. & taxes Pro v. for retire, reserve. Standard x No 1938 Graham line have been coupe, announced as follows: Standard sedan, $1,065 $995 Special coupe, $1,095 Maintenance special Non-oper. income (net). Oct. 2, '37 -■.W 'v..'. profit after taxes, depreciation, &c Earned per share on 159,550 shs. of cum. pref. stk. $93,680 $259,874 $211,482 $0.60 $0.59 $1.63 $1.33 declared a dividend of 50 cents per share on account the $3 cum. conv. pref. stock, no par value, payable record Nov. 10. Similar amount was paid on Sept. 1 and on June 1 last. A dividend of 75 cents was paid on April 1 last; divi¬ dends of 25 cents were paid on March 1 last and on Dec. 1, Sept. 1 and June 1, 1936, while dividends of 37% cents per share had been distributed in each of the five preceding quarters and prior to then regular quarterly dividends of 75 cents per share were paid. Accumulations after the payment of the current dividend will amount to The directors have Cost of sales, sell., gen. 942. 1937 $11,647,840 & admin. exp_ 10,779,784 348,995 Depreciation 270,000 $468,731 $566,017 29,580 .... $199,405 $490,012 9,330 74,815 Shs. common stock (no $415,197 382,488 382,488 254,992 $1.21 $0.49 $1.63 Federal undistributed profits tax.—V. 145, $190,075 $464,036 ..... par) Earnings per share provision made for 21,282 33,747 72,401 Fed. income tax. Special charges, inc. Net profit 1935 $5,746,369 5,007,639 $165,658 46,956 Interest charges No 1586. Great Pacific Tea & Atlantic The directors have stock, no par value, Co.—To Pay Smaller declared a dividend of $1 per share on the common payable Dec. 1 to holders of record Nov. 12. This and an extra dividend with a quarterly dividend of $1.50 per share of 25 cents per share paid each quarter from Sept. 1, Sept. 1, last.—V. 145, p. 1099. compares Great Lakes Power 30— Period End. Sept. Co., Ltd.—Earnings— 1937—3 Mos.—x1936 $206,128 22,711 6,083 $687,144 97,299 $629,747 67,644 27,070 27,029 80,946 $2,924,621 1,060,154 $2,753,533 1,089,285 $231,047 $181,079 $1,864,467 $1,664,248 14,231 41,875 - Hancock Oil Co. of Gross Costs,oper.&gen.exps. Intang. devel. expenses. Deprec., retirements and Net oper. income.... (net) ... Gross income Int. on funded debt General interest Amortization of debt discount and expenses... 6,602 37,037 22,441 $137,000 25,890 $129,471 $162,891 70,156 1 19,289 18,780 $411,206 32,130 $396,862 34,207 $443,337 210,468 2 $431,070 77,595 194,129 $157,114 ..... Pref. stock dividends 27,642 36,255 49,375 20,287 86 898 526 $70,559 13,125 $212,491 39,375 $57,434 $173,117 $118,546 xAn adjustment made subsequent to Sept. 30, 1936, but applicable to these periods has been given effect to in the 1936 columns.—V. 145, p. 763. Greenwich Water & Gas System, Inc. (& Subs.)— Sept. 30— earnings Operating expenses, maintenance and taxes. Interest, amortiz. of discount, &c. of subsidiaries. Minority interest ——— Int., amortiz. of disc., &c., of parent company. — . Reserved for retirements—*. — Net income the 1937 $1,402,496 55,381 ( 671,807 146,449 11,691 313,810 account for the 12 36,964 19,457 $176,895 - $100,686 . $24,794 $101,826 selling and administrative expenses; Federal taxes.—V. 145, p. 2694. Hart-Carter Co.—Accumulated Dividend— declared a dividend of $1.50 per share on account of on the $2 cum. conv. pref. stock, no par value, payable Dec. 1 to holders of record Nov. 15. Like amount was paid on Sept. 1 and on June 1 last and compares with 50 cents paid on March 1 last; $3.50 on Dec. 1,1936; 50 cents on Sept. 1, 1936; $1 on July 1, 1936; 50 cents on June 1, 1936, and $2.25 per share paid on March 2, 1936: this latter being the first disbursement made since Dec. 1, 1931, when 25 cents per share was The directors have accumulations paid; similar payments were made in the two preceding quarters and prior thereto regular quarterly dividends of 50 cents per share were paid.—Y. 145, p. 1100. Hawaiian Pineapple Co., Ltd.—Listing— Stock Exchange has admitted to the list on a when subscription rights for common stock, without par value. On and after Nov. 5, transactions in the rights will be on regular basis. These rights will expire at noon on Dec. 31, and trading in them will cease at the close of business Dec. 30. Rights for common stock accrued to stockholders at the close of business Oct. 20 and entitle stockholders to subscribe to additional shares at $20 San Francisco The basis share in the ratio of one new per date.—V. 145, share for each five shares held on the record 2393. p. Hershey Chocolate Corp. (& Subs.)—Earnings— 1937—3 Mos.—1936 1937—9 Mos.—1936 $2,784,160 $2,539,965 $8,059,382 $7,729,018 Shipping expenses 663,246 630,048 1,810,083 1,722,907 Sell.; & gen. admin, exp. 566,529 681,353 1,921,262 2,379,154 Gross profit on sales $1,554,384 178,363 _ _ Cash discount, &c - Federal taxes Net income Conv. pref. dividends. Common dividends $1,228,564 90,367 $4,328,037 412,141 $3,626,957 248,209 $1,732,747 209,863 329,293 $1,318,931 165,139 173,068 $4,740,178 585,472 946,143 $3,875,165 504,448 509.174 $1,193,592 Operating profit. $980,723 253,844 526,311 $3,208,564 761,532 1,566,936 $2,861,543 761,532 1,578,934 $880,096 $521,077 685,749 701,749 _ _ 253,844 514,312 $200,568 Surplus $425,436 com. stock out¬ standing (no par) 685,749 701,749 Earnings per share $1.37 $1.03 x No deduction was made for Federal surtax on 88,092 $215,598 $3.20 $2.63 undistributed profits. Consolidated Balance Sheet Sept. 30 1936 1937 Liabilities— $ Liabilities— $ stock, 21,588,705 a Preferred stock. a Preferred 271,351 1,589,088 b Common stock. b Common stock. 728,649 Notes & loans pay. 14 23,929 Notes & loans pay.14,800,000 1937 $ Assets— Land, bldg.,&c—20,198,851 Cash 2,116,443 Notes receivable._ Accts. receivable.. Mdse. 6,073,576 inventories-20,150,013 expenses, 843,804 153,633 9,779 322,924 84,085 . months ended Sept. 30, 1937, accounts of Greenwich Gas Co. (common stock of which was sold 1937) for last three months of 1936 thereafter, there is included income * \ ( Including raw material, operating a State, county and 1936 $1,629,824 $170,645 12 Months Ended in Feb., 82,231 [ 2,790,123 9,357,781 &c Accounts 341,168 408,583 a 48,903,980 35,734,280 Represented by 271,351 no par par shares, c Represented 42,900 common shares in 1937, no p. 942. $ Fed. 217,313 inc. 1,323,359 1 270,971 780,156 768,156 Accrued dividends Deprec. reserve... 10 121,093 10,217,585 3,297,212 297,212 Surplus at organiz. 3 Earned surplus...17 032,790 16,726,965 and State taxes. c Total for 1936 271,351 728,649 4,690,000 & wages payable....... 4,406,200 Res. Supp. Inv. prepaid Earnings— above 99,300 1934 :• $1,504,819 1,413,892 9,712 1935 $1,339,994 1,173,638 9,148 amortization—•{ other $157,921 39,375 ^ - $72,846 Balance. 1936 $1,477,180 1,252,147 42,116 Shares 898 26 6,762 $85,971 13,125 < ^ _ Taxes assumed on int— Net income 1,222,360 78,569 a x Other income $347,064 Calif.—Earnings-— 30— 1937 operating income. $1,577,124 3 Mos. End. Sept. Gross income... income taxes $541,021 and surplus.t.— Note—The company on Jan. 1, 1937, adopted the Federal Power Com¬ of accounts, hence previous year's figures are not exactly comparative.—V. 145, p. 2392. provincial Dominion and $914,248 567,183 the year. Other income taxes..' 750,000 $1,108,204 567,183 _ 42,442 $230,887 33,762 &c., local, 756,263 ______ Balance for common dividends 81,068 12,358 Depreciation incl $271,121 90,042 Period End. Sept. 30— 1937—9 Mos.—xl936 13,949 - Maintenance Provincial, 1931 to and including 6,746 Operating revenues Operation. The $2,575,401 178,132 a No provision has been made for the Federal surtax on undistributed profits since any liability for such tax cannot be determined until the end of issued Common Dividend— Gross 63,986 Balance— Net income 1936 $7,389,715 6,954,057 270,000 $519,061 Operating profit Miscellaneous income.. x $2,860,635 $312,568 81,520 Depl. and lease amortiz. 30— Total profit 1936. V 1937—12 Mos.—1936 $6,270,121 $5,833,845 2,533.637 2,481,692 297,500 224,588 a578,349 552,164 Appropriations for retirement reserve Steel Co.—-Earnings— .. $134,248 15,608 Balance Dec. 1 to holders of 9 Months Ended Sept. $155,867 $255,513 Int. and amortiz., &c— of accumulations on Net sales $18,578 ,• 209,885 mission system Accumulated Dividend— Granite City -$201,262 67,014 $309,635 2,932 Net oper. revenues— 26, '36 $96,383 $3.87H per share.—V. 145, p. $222,881 67,014 Preferred dividend requirements. 9 Mos. Sept. 26, *36 Oct. 26, '37 Sept. Net P. .... .... Balance 3 Mos.- > Period Ended-— $24,162 5,584 1937—Month—1936 $616,060 $539,980 217,656 215,196 25,361 17,576 a63,408 51,695 ..... Taxes (& Subs.)—Earnings— Grand Union Co. $411,147 Gulf States Utilities Co .—Earnings— - sedan, sedan, according to models. For instance, the prices shown for the Standard series include Federal tax, spare tire and tube, bumpers and bumper guards, safety glass throughout, rear wheel shields, preparation for delivery, and the standard accessories. In order to determine delivered prices it is only necessary to add trans¬ portation charges plus state and local taxes if any.-—V. 145, p. 2075. $444,906 222,024 $14,110 groups accessory $41,733 17,570 Includes provision for Federal surtax on undistributed profits for provision has been made for such tax in 1937.—V. 145, p. 2392. Period End. Sept. 30— Operating revenues Operation Corp.-—New 1.938 Prices— Special sedan, $1,155; Supercharger coupe, $1,230; Supercharger, $1,290; Custom Supercharger coupe, $1,320; Custom Supercharger $1,380. All Graham sedans are 4-door sedans with trunk. These prices are for Detroit delivery and include Federal tax and x pref. stock.... on 147,672 $19,695 5,584 Net income Divs. 918,378 88,500 1,041,219 19,142 $38,837 Gross income Int. & other fixed chgs__ . , Graham Paige Motors SEC— 1937—12 Mos.—1936 $1,633,798 $1,418,025 1937—Month—1936 $140,676 $132,499 89,896 82,765 11,942 8,000 Gross revenue Balance 145, p. 1099. cents Gulf Power Co.— ■Earnings— Period End. Sept. 30— Director— elected a director of this company on Nov. 1 to caused by the death of Col. Grayson M.-P. Murphy.—V. Prices on the Ltd.—Registers with 15 to this department. given on first page of See list D. Baker was Newton fill a vacancy share was paid on per 1259. p. Goodyear Tire & Rubber Co .—New - of 10 cents per share preferred stock likewise payable Nov The regular quarterly dividend of 31M Oct. 1, last.—V. 145, p. 280. $1.25 participating holders of record Nov. 10. the on 657,871 639,110 871,192 1,111,259 Income taxes...... —--- share on to holders of record initial dividend of 30 cents per The directors have declared an common stock, no par value, payable Nov. 15 Nov. 10. The directors also declared a participating dividend Guardian Gold Mines, Interest Dividend—Par¬ Common Co.—Initial Gas the Gillette Safety Razor Net inc. before charges.. . . ticipating Preferred Dividend— 2226. Co. (& Subs.)—Earnings—1937 1936 1935 1934 $4,884,525 $4,894,440 $4,425,720 x$4,376,681 *174,361 *180,458 349,064 329,222 318,355 379,562 of that company owned by Green¬ made in the above income account for the year ended Sept. 30., 1§36. In the income account for the year ended Sept. 30, 1937, there has been deducted surtax applicable to the earnings for the entire calendar year 1936.—V. 145, p. 1099. No deduction for surtax feas been Greenwich Georgia RR.—Earnings— September— Gross from railway Net from railway 3009 Chronicle Treasury stock.. Total 3 795,448 2,518,310 ....48,903,980 35,734,280 b Represented by 728,649 preferred shares at cost, and 145, shares, by 17,507 26,900 shares in 1936, at cost.—V. 3010 Financial Harbison-Walker Refractories Co.—Chairman Chronicle tended for Resigns Harry W. Croft has resigned director. as Chairman of the Board and also as a as Chairman by J. E. Lewis, who also continues Richard G. Croft was elected a director to succeed his father, He is succeeded President. as Nov. sinking fund, while earnings in excess of tne two foregoing requirements will be divided two-thirds to redemption of scrip certificates distributed to holders as provided in the who Mas been closely associated with the company for over 50 years and desired to be relieved of further active duties.—V. 145, p. 2694. plan, and one-third Hercules Powder Co., Inc.—Stock Stockholders at After Split-Up Voted— held on the record date.—V. 2848. P. Hines Hines Land & Timber Co. below.—V. Land & Timber half to additional amortization and half to general corporate purposes of the However, if the scrip shall not have been redeemed the entire interest arrears back to the date of within three years, 1, 1933, will be re-computed oir a 5H% basis, which would result in holders receiving additional scrip in the amount of $3.82 per $100 par value of bonds held. For the period of four years and seven months from the date of until Tenders- * default. The cash payment is in settlement of arrears at the rate of 5% per annum for the period Jan. 1, 1933 to Jan. 14, 1936, while the scrip is in settlement of arrears at the rate of 4% per annum for the period Jan, 15, 1936, to August 1, 1937. Of thfe cash distribution, amounts equal to $9 per $100 par value already have been paid to holders, while the remaining $6,183^ remains to be paid by the committee. The accounting shows total reorganization expenses of $139,808, of which $87,342 represents legal fees and other compensation approved by the Court. meeting of directors held Sept. 29, 1937, the management was in¬ to pay into the sinking fund 50% of adjusted consolidated net structed earnings for the six months ended Dec. 31,1936, pursuant to the terms of the mortgage. This amount, together with funds realized from the sale of capital assets and depletion of timber, less provision for 2% interest payable in cash on Jan. 1, 1938 on outstanding bonds, will place in the sinking fund a total of $216,416, of which $173,133 will be applicable to the purchase of bonds and $43,283 to the purchase of scrip. Cont inental Illinois National Bank & Trust Co. of Of the total fees and compensation, the Hotel Taft reorganization mittee and its Secretary and Counsel, were awarded $38,917, while was awarded to others in the proceeding. The total 424.25 Chicago and Edmond of Hines Land & Timber Co. bonds and $236,694 of scrip, by the mortgage, for a as George V. McLaughlin, President of the Brooklyn Trust Co., was chair¬ of the committee. Other members were: Ivor B. Clark, Edward C. David H. Lanman, Walter L. Pate and Sherman S. Rogers. John R. Walsh was Secretary, and Ralph W. Crolley of the law firm of Cullen & Dykman represented the committee.—V. 145, p. 2848. permitted part of these bonds and scrip will be tendered to the is not convertible. All Edward Hines Western Pine Co. debentures issued under trust agree¬ July 1. 1929 have now been either exchanged for Hines Land & Timber Co. bonds or otherwise provided for and the trustee will ment dated Hudson & Manhattan RR.—Fare and simplification of corporate structure, Edward Hines Lumber Co., Delaware (the operating company) was on Oct. 31, 1937 merged into Hines Land & Timber Co. (the holding company) and the name of the latter company was then changed to Edward Hines Lumber Co., Delaware. Therefore, on and after Nov. 1,1937, all properties are both owned and operated by Edward Hines Lumber Co., Delaware, formerly Hines Land & Timber Co. economy Porter.—V. 145, p. 2849. Huckins Hotel Co.See list given 1937 Net sales Hummel-Ross Fibre Period End. Sept. 30— Net sales •_ Costs, expenses charges and Additions to gross profit Total gross profit (exclusive of deprec.) expenses Net profit before special charges $547,253 $55,115 Special charges (net) Net profit $492,138 Consolidated Balance Sheet Sept. 30, 1937 [Coal and Real Estate Holding Subsidiaries Not Consolidated] Investments in affiliated Int. in escrow agree, Accounts payable co__ (pledged) Other assets Prop., plant & equip, (net).. Deferred assets 313,939 49,726 24,838 Purch. monet oblig. (curr.) 76,182 1st mtge. & coll. trust 6s x4,881,000 1,846,306 Purchase money obligations. 150,163 3 Unexchanged obligations of subs, and predecessor co__ 241,588 19,637 1,731,517 Acer. & unpaid int. on bonds yl,092,639 5,692,134 Contingency reserves 71,920 285,377 Capital stock.. 4,940,184 $14,214,868 50,211 10,380 Period End. Sept. 30— Operating $14,214,868 disbursed.—V. 145, p. Doubled— revenues 1937—Month—1936 $483,185 $451,802 252,133 214,499 44,500 36,000 $186,552 $186,428 54,167 11,129 Cr7,123 ■ 1937—12 Mos.—1936 $5,123,960 $4,644,845 2,630,868 2,308,849 484,000 430,500 $201,303 $2,009,092 Dr500 Dr506 Cr448 $200,803 54,167 5,804 $2,008,586 650,000 $1,905,944 650,000 66,893 Z>rl24 94,391 $1,905,496 Cr43,118 & Worts, Cr4,852 $1,307,313 $1,193,903 The Amort, of debt discount and expense. Interest charged to construction on preferred stock not include provision undistributed earnings. Assets— 1937 1936 • disc. & exp. In proc. of amort case $100 par Depositing bondholders will receive new 5% first mortgage bonds of Hotel Taft Corp. due Aug. 1,1947, in exchange for their old certificates on a par for par basis. The new bonds, which bear fixed interest, may be ex¬ Cr4l4 5,693 18,500 700 $110,261 53,400 to 700 possible Federal Liabilities— $103,660 53,400 surtax on 56,238 60,245 rate expense Misc. 1937 debt def. liab. 16,810 35,819 36,259 Accounts payable. Accrued items 9,301 119,465 104,305 6% cum. pref. stk. 539,439 890,000 Common stock.. 1,140,000 7,875 21,730 8.575 43,114 40,621 Capital surplus Receivables 53,874 Earned Mat'Is & supplies. Def'd charges and 32,983 66,705 36.284 on cap. stk. revenue. prepaid accounts Total z 1936 $3,444,000 $3,439,000 & unad J usted cred. Reserves Debt Unamortized Comm. each Cr451 Funded 139,615 $6,079,214 133,359 90,964 Unbilled mortgage bond certificates (ITudence Bonds Corp. first mortgage participating certificates Hotel Taft issue) has been completed, it was announced Oct. 29. Holders of certificates with a total par value of $3,988,383 deposited their securities under the plan, equivalent to 97.55% of the total issue, which was $4,088,300. As a result of the sale of Hotel Taft under foreclosure last June, the nondepositing bondholders received $87.75 for 171,950 1,264 3,950 4,632 16,500 in respect Plant, prop., equip- first $305,431 171,950 1,391 3,949 Balance Sheet Sept. 30 Co.—Pays $4 Dividend— Taft, N. Y. City—Reorganization— 656 $308,808 $103,661 53,400 Net income Does $304,775 411 Cr78 Miscellaneous deductions a $308,396 a8,929 43,000 700 Provision for Federal income tax Prov. for retirements & replacements Dividends 1935 $578,879 190,322 39,561 44,220 $333,674 172,053 1,461 3,949 Gross corporate income Interest on bonds Miscellaneous interest Ltd.—Dividend 1936 $615,689 193,342 45,240 68,710 $332,674 1,000 Aug. 31 last and each three guaranteed 1937 $650,302 206,167 47,151 64,309 .... Net earnings Other Income Co.—Special Dividend— 514% Co.—Earnings— revenues General taxes directors have declared a special dividend of $2 per share on the stock, payable Oct. 20 to holders of record Oct. 15. Dividends of $1.50 per share were paid on Sept. 30 and on Taft on 7% and $6 pref. stocks were paid on Aug. 2, After the payment of these dividends there were no accumulated on The company paid a dividend of $4 per share on its common stock, par $100, on Nov. 1 to holders of record Oct. 25. This compares with $12 paid on Dec. 21, 1936; $3 paid on May 1, 1936; $4 on Nov. 1, 1935, May 1, 1935 and on Nov. R 1934; $3 on May 1,1934, and $2 per share on Nov. 15,1933. 414,342 $779,561 Regular dividends Maintenance. common months previously.—V. 144, p. 454. 414,342 $892,971 Operation distributed.—V. 145, p. 2694. Hooker Electrochemical $128,255 $140,832 Dividends applicable to pref. stocks for period, whether paid or unpaid Operating The directors have declared a dividend of $1 per share on the common stock, payable Dec. 15 to holders of record Nov. 26. Previously regular quarterly dividends of 50 cents per share were $0.71 Illinois Water Service 943. Walker-Gooderham value of old certificates. $275,870 $1.55 12 Months Ended Sept. 30— paid. 22H cents per share were distributed each three months from June 1, 1932 to March 1, 1933, inclusive. Prior to then regular quarterly dividends of 45 cents per Hotel $603,563 $0.30 Net oper. revenues Other income (net) .x 207,319 Total.... paid of $117,468 on unpaid dividends at that date. Note—Includes provision of $38,200 made during the last 12 months ($17,600 in 1936 and $20,600 in 1937) for Federal surtax on undistributed profits.—V. 145, p. 2849. Dec. 1, 1936, and dividends of 10 cents per share paid on Sept. 1, June 1 and March 2,1936, and on Dec. 2,1935, tnis latter being the first payment made on the issue since June 1, 1933, when 15 cents was Reorganization 89,131 31,140 com. Oper. exps., (incl. taxes) Prop, retir. res. approp. 1937. 2,214,633 (Henry) Holt & Co. Inc .—Class A Dividend— Hotel 184,439 31,140 Balance.... The directors have declared a dividend of 10 cents per share on account of accumulations on the $1.80 cum. partic. class A stock, no par value, payable Dec. 1 to holders of record Nov. 10. A like payment was made on Sept. 1, June 1, and March 1 last, and compares with 30 cents Hooven & Allison 37,117 10,380 Dr 120 Idaho Power Co. .—Earnings— x x Hiram $396,141 Net income $1,106,900 par value owned by subsidiary not consolidated, y $228,681 par value owned by subsidiary not consolidated.—V. 145, p. 1902. were $819,143 .. Paid-in surplus Deficit Total $164,966 Interest on mtge. bondsi Other int. & deductions. Int. charged to construe. $612,164 1,247,974 Accrued liabilities 2,664,601 Federal income tax not consolidated $815,970 3,172 $396,262 Dr82 $223,161 Liabilities— Adv. pay. on Gov't timber.. In v. in & accts. with subs. share Profit avail, from Earnings per share 389,611 shares —V. 145, p. 2849. $925,789 328,810 49,726 $480,530 1,517,086 $165,048 undist. profits taxes.. Provision for pref. div._ 1,721,809 Operating profit Notes & accounts receivable. Inventories $1,913,348 1,915,792 $224,564 Drl,403 _ Provision for income and Other deductions (net) Federal income & State excise taxes Cash 1937—9 Mos.—1936 $2,731,762 $0.42 Net inc. from opers. Other income, less deduc. $1,499,815 574,025 _ Assets— 932: V. 89. 517,916 $3,221,624 - expenses p. Corp.—Earnings- 1937—3 Mos.—1936 $869,045 $682,965 Total Gross profit on sales Operating profit before non-cash 124, 644,480 $3,134,335 87,289 - Non-cash expenses V. all $9,577,109 6,442,774 Selling, administrative & general Registers with SEC— first page of this department, on 1351. p. $162,570 Consolidated Income Account 9 Months Ended Sept. 30, [Hines Land & Timber Co. and Subsidiaries] Cost of goods sold Hearing Postponed— The Inter-State Commerce Commission further postponed from Nov. 10 18 a hearing on the proposal of this railroad to increase its passenger fare from 6 to 10 cents. Tariffs covering the proposed increase are under suspension by the Commission pending hearing and investigation. The further postponement was granted on request of the company. The hearing Jan. 18 will be held at the Hotel New Yorker before Commissioner to Jan. shortly execute a release and discharge or said trust agreement. In the interest of of the Delafield, the sinking fund. • Attention is directed to the expiration on Jan. 1, 1938 of the right to exchange, par for par, interest scrip for Management trustees' certificates for stock of Hines Land & Timber Co. Only scrip issued in payment of interest accruing from July 1, 1933 to July 1, 1936 is convertible. Scrip issued in part payment of coupons matured Jan. 1, 1937 and July 1, 1937 by man $1,152,000 and, com¬ $46,- expenses $139,807 compare with total cash distributions to bondholders committee (on account of interest arrears) of $366,333. B. Stofft, as trustees of the mortgage, have advertised for tenders of bonds and scrip to the sinking fund. Edward Hines Lumber Co., through subsidiaries, now owns trustees default 1937, the date of the new bonds, holders will have received S15.18H and scrip having a face value of $6.19 per $100 par arrears of interest. Allowing the scrip at face value, the settlement is at an average rate of 4.66% per annum for the period of 1, value, in settlement of 1, addressed to the holders of management trustees' certificates for stock of company and the holders of bonds and convertible scrip issued under the mortgages dated July 1, 1933, states: a Aug. total cash of Thomas D. Heed, Chairman, in a letter dated Nov. At default, Jan. 145, 134, p. 3830. Co.—Sinking Fund Merger and Change of Name— over the obligor corproation. (Edward) Hines Lumber Co. (Del.)—Merger, &c.— See to additional amortization through the sinking fund. scrip certificates shall have been fully redeemed, the excess 5% interest and 1% annual amortization will be divided the earnings special meeting on Nov. 4 approved the split-up of the company's common stock into twice as many shares. The split-up will be effected by issuing on Nov. 23, 1937, to each stock¬ holder of record at the close of business on Nov. 12, 1937, one additional a share of common stock for each share 6, additional five years at a 6% interest rate at the option of the obligor. The plan provides that, after the interest on the new bonds is paid, excess earnings of Hotel Taft in an amount equal to 1% of the new issue will be applied to amortization through a an 2,414 $6,486,283 Represented by 57,000 z 7,017 509,774 890,000 1.140,000 81,515 surplus 226,744 81,515 200.903 4,436 $6,408,7751 no par Total $6,486,283 $6,408,775 shares.—V. 145, p. 943. Illinois Central RR.—Seeks Loan Extension The company has asked the Interstate Commerce Commission authority to extend from Dec. 7, 1937 to June 1, 1939, payment of a for loan Volume Mills (Ore.) (& Subs.)—Earnings— 1937 1936 1935 1934 Jantzen Knitting $7,75S,000 to the Reconstruction Finance Corporation. It said it was because all its available collateral of 3011 Chronicle Financial 145 unable to borrow from any other source was held by the RFC.—V. 145, p. 2849. Years End. Axig. 31— Sales. $3,523,300 1,792,936 Operating expenses.1,370,026 $3,062,809 1,373,187 $2,563,432 1,231,946 $2,383,550 1,091,149 1,220,488 1,111,146 1,015,649 $360,337 $469,134 $220,340 40,649 $276,753 63,681 47,369 $424,018 9,022 $516,504 7,595 $260,989 8,825 3,733 $351,583 7,239 58,304 52,739 87,010 Cost of sales. Dividend— Imperial Chemical Industries—Interim 10H cents per share shares payable Nov. 8 The directors have declared an interim dividend of the American Depository Receipts for ordinary to holders of record Sept. 22.—V. 145, p. 1904. on Inland Steel Co. (& " * ' 1,405,158 1,289,715 5,095,231 j 470.625 Depreciation & depletion Interest 403.125 1.794.167t . Federal income tax Fed. tax on Interest..: 1937—12 Mos.—1936 $6,084,600 $26,550,283f Net after expenses..$7,176,032 ~ Total income Subs.)—Earnings— Period End. Sept. 30— 1937—3 Mos.—1936 ^ Net profit.. Earnings per share x No provision V. 145, p. 766. Available Loss $11,770,331 1,499,000 $7.85 undistributed profits.-— x$4,433,375 x$3,788,199 $16,741,929 1,573,950 1,499,000 1,573,950 $2.82 $2.52 $10.76 made Federal surtax or for Utility Investments, Inc.—SettlementH. Wilkerson on Oct. 27 gave his approval to settle¬ agreements in the bankruptcy cases of Insull Utility Investments, Insull Inc., and Corporation Securities Co. The Court ruled that the terms of settlement advanced by New York and Chicago banks, are fair and equitable and directed attorneys to present a formal order for his signature. He said debenture holders had been ad¬ vised of the agreements and that enough consents had been received to make the proposals operative. holders of series A and series B debentures of Insull Utility Investments will get about $5.09 per $100 of their holdings plus $2 to $4 additioinal distributions. Holders of serial notes of Corpo¬ ration Securities Co. are to receive approximately $6.20 per $100 of notes. It was estimated holders of $34,000,000 of a total of $52,000,000 in deben¬ tures of Insull Utility have assented to the agreement and that of $19,333,000 of Corporation Securities notes, individuals holding $15,5OO,O0O principal amount had given their assent.—V. 145, p. 2695. Under the agreements, Interchemical Corp. (& $828,334 $1,008,736 49,429 $1,197,135 $1,145,073 $959,307 235,450 182,300 1,449 134,050 50,239 $864,174 103,300 21,350 x$961,685 x$961,324 289,003 395,572 $775,018 y230,919 235,696 65,155 $227,322 $2.28 $276,749 $2.34 $340,779 $1.96 Cr35,840 Federal taxes Subsidiary pref. divs. Net profit Preferred dividends.. Common dividends— Surplus Earnings per share 203,320 z $438,673 SI.87 provision was made for 12 months ended Sept. 30, 1937, follows: Sales, less returns, allowances and discounts, $20,415,359; costs and expenses, $18,579,063; operating profit, $1,836,296; other deductions (net), $201,170; profit, $1,635,125; provision for Federal income taxes, $335,650; net profit, $1,299,475.—V. 145. p. 1588. ■To Build International Harvester Co.* $2,000,000 plant for the manufacture of announced on Nov. 2. The new plant will be built operated by International Harvester Co. of Australia, Ltd., the Austra¬ lian affiliate of International Harvester Co. Effective Nov. 1, George E. Rose will succeed Cassius F. Biggert as VicePresident in charge of company's iron and coal mines and Wisconsin Steel work.—V. 145, p. 2077, Construction in Australia of a International Nickel Co. of Canada, Ltd.—Extra Div. The directors haVe declared an extra dividend of 25 cents per share in addition to a quarterly dividend of 50 cents per share on the common stock, no par value, both payable Dec. 31 to holders of record Dec. 1. See V.144, p. 3177 for detailed record of previous dividend payments.—V. 145, p. 1101 International Paper Co.*—Tenders— refunding 5% it will receive 102H and ac¬ an amount sufficient to exhaust the sum of $103,487 in Offers will be received up to Nov. 15 at the corporate of the bank's New York office.—V. 145, p. 1742. The Bankers Trust Co., as trustee trust department International Rys. of Period End. Sept. 30 Gross revenues Oper. exps. and taxes... Central America— Earnings — 1937—Month—1936 $388,185 $305,124 276,059 262,986- 173,477 Inventories 681,341 543,718 Cash surr. _ of 29,965 x Before fixed 145, p. charges and 2228. 7% 500 2,400 35,684 1 $83,996 Period End. Sept. 30— 1937—9 Mos—1936 Cost of production and Oper. exp. and taxes $1,504,072 - 959,892 240,279 $303,901 $275,800 Surplus June 30,1935 amortization Balance —V. 145, $25,804 22 $368,946 1,938 $347,115 $31,581 8,819 $25,826 8,617 $370,884 $347,152 103,959 $17,209 other sources. Balance Int. and p. — - - Excess reserve for loss on Amer. Bk. & Tr. Co 2395. 104,536 37 24 Additional Federal tax Preferred dividends paid $7,511 $1,129 9,097 1,289 Dep.in Amer.Bk Dep. with bids 505 ' ■' • * - » a Merch. (at cost) Stocks and bonds. y45,939 362,999 28,285 399,259 750 750 23,389 3,394 _ 950,000 27,438 31,841 stock... cap. stk. 200,500 600,000 200,500 482,326 487,985 77,768 Plate cost ..$1,450,392 $1,497,459 Pref. cap. Common Jones & $243,192 600,000 ..$1,450,392 $1,497,459 Total $330,676 in 1937 and Including notes.—V. 145, p. 2079. After deducting W. B. 20,000 50,000 payable.—_ 950,000 _ Publishers' rights- Total. $157,132 Reserves..--..-. Surplus charges— Furniture & fixt $90,128 (not due) Notes 1936 1937 payable Accounts 20,618 4,169 60,998 Accts. receivable.. - $487,985 $0.09 Nil Liabilities— 1936 1937 v. 16,000 $482,326 , Assets— - 16,000 — Balance, surplus June 30,1936 Earnings per share on 6O.OO0 common shares— Balance Sheet June 30 $306,871 in 1936 for depreciation, Laughlin Steel Co.—Official Resigns— resignation as a director Sales.—V. 145, p. 2850. Todd has announced his dent in Charge of Kansas City and Vice-Presi¬ Southern Ry.—New Officer— appointed Vice-President in charge of traffic succeed¬ Hal Gaylord, Assistant to the 145, p. 2697. (B. F.) Keith Corp. (& 39 Weeks Ended— before prov. for Profit President of the Subs.)—Earnings— Oct. 2,1937 Sept. 26,'36 deprec. Sept. 28,'35 and $1,210,446 Provision for income taxes — $1,065,828 $688,436 438,880 income taxes 427,960 486,557 25,125 106,025 107,620 all charges $663,946 $531,842 $176,753 For the 53 weeks ended Oct. 2, 1937, a net profit of $1,219,486 after all charges, including depreciation and provision for income taxes. No provision has been made in the above figures for the surtax on un¬ distributed profits.—V. 145. p. 944. Net profit after Profit Provision for income taxes— Net profit after all charges share on the 64,304 7% cumtil. pref. stock Earns, per 28, '35 $818,829 Sept. 26, '36 Sept. $1,371,558 549,937 155,540 607,940 38,775 $914,672 - $1,681,779 592,566 — Depreciation Subs.)-—Earnings— Oct. 2, '37 39 Weeks Ended— a $666,080 $172,114 $14.22 $10.35 174,540 shares — deprec. and income taxes. Note—No provision has been made in the above a $266,348 5,177 commission charged off Cash 1,000 $21,375 478,245 Cr4,364 $15,985 487,985 Net profit Keith-AIbee-Orpheum Corp. (& $31,581 1,239 22.957 23,805 1,700 Federal taxes Ltd. (& Subs.)—Earnings— 1937—12 Mos.—1936 $895,806 $875,281 526,860 528,166 $46,571 867 Operating profit Depreciation furniture and fixtures. Obsolescence of plates $42,020 4,550 $41,913 &c. $140,992 93,954 5,016 $36,835 5,078 Profit $473,218 332,226 $147,135 102,917 7,383 sales. General and administrative expense. $1,298,391 808,687 213.905 $22,761 Net oper. revenues Inc. from $516,811 369,676 Federal and State taxes Adv. 1936 1937 road, also has retired.—V. Co.—Additional Listing— 1937—Month—1936 $74,789 $68,052 43,208 42,248 $2,733,076 $2,643,812 Total Co.—Earnings — Johnson Publishing G. B. Wood has been 1905. Gross earnings.. 68,845 V :V Year Ended June 30— ing II. A. Weaver, retired. the additional listing of 18,000 by voting trust certificates, to be admitted to trading upon notice of issuance and notice that registration has become effective under the Securities Exchange Act of 1934.—V. 145, Jamaica Public Service, t. Vv 855,832 7% preferred stock called for redemption or exchange at 105. b $100 authorized and outstanding 7,500 shares, c Outstanding 6,887 shares, $688,700. Held for exchange, fully applied for, $61,300. Total, $750,000. d Represented by 200,000 no par shares, e After giving effect to redemp¬ tion and exchange of prefered stock and payment of dividend thereon, accomplished Sept. 1, 1936.—V. 143, p. 3002. . „ $1,947,239 The Chicago Stock Exchange has approved shares of common stock, no par, represented p. - 750,000 a Depreciation Iron Fireman Manufacturing 68,845 1 $2,733,076 $2,643,812 Total.. y $91,827 %■■■■. Exps. adv. & def. 1937—9 Mos.—1936 $4,426,545 $3,929,645 2,479,306 2,236,312 Co., Inc.—Dividend Raised— the common stock, payable Dec. 15 to holders of record Nov. 30. This compares with $1 paid on Sept. 15, last and a dividend of $1.75 paid on Dec. 15, 1936, this latter being the first distribution made since 1931.—V. 145, p. 1424. profit -V. 145, p. 2395. C750.000 131,880 786,799 32,267 145,000 903,044 charges. Pat'ts & tr .-marks declared a dividend of $1.60 per share on Net b750,000 750,000 999,994 stock Plant & equipm't. Deferred 27,144 a47,060 . invest'ts. Co. obligations. pref. stkhldrs Capital surplus... Hayden Isl.Amu.se- 99,281 79,450 34,407 Earned surplus 47,060 68,423 ment __ 5% cum. pref. stk. d Common stock 68,543 x Intertype Corp.—Earnings— Period End. Sept. 30— 1937—3 Mos.—1936 Gross profit$492,352 $390,307 Expenses 316,998 246,427 Deprec. & tax reserve... 83,526 59,884 Due for pref. stock Interstate Natural Gas The directors have Other $35,712 9,937 $50,380 Due banks 123,075 27,910 140,876 . el936 pay¬ Miscell. accruals receivables. reserved accts. able of val. Inv. stk. affil. cos. $1,693,333 without provision for undistributed profits tax. $42,138 $112,126 Trade $706,800 184,096 1937 C Liabilities— el936 Cust's receivables. x Income... 200,000 $0.49 Consolidated Balance Sheet Aug. 31 for company's first and sinking fund mortgage bonds, Series A and B, announced that offers for the sale to it of these bonds, at prices not to exceed crued interest, in the sinking fund. $711,104 200,000 $0.46 $1.53 Other income—interest, discount, and —V. $1,068,838 $544,025 Large Australian " farm implements was x 4,250 $718,528 $924,677 200,000 1937 Assets— Cash Provision for depreciation $347,716. Consolidated income account for Plant— CY6.600 45,805 par, Federal surtax on undistributed profits, y After deducting $16,513 recovered from the holders of 11,009 preferred shares issued in exchange for a like number of shares of United Color & Pigment Co., Inc., preferred stock, pursuant to the exchange agreements, No x Cr7,207 $1.32 $739,524 301,126 433,237 .... $74,223 636,881 Crl9,71f Cr55,189 Total surplus. Shares common stock &secur. advs Profit $11,674 711,103 718.527 Crl8,120 Additional pr. year taxes retire, $1,181,301 36,228 $163,446 89,223 stock Prem.on pref .stk.retired $9,383,101 $1,463,592 266,457 $157,089 65,679 79,736 ury Miscell. Operating profit Other deductions (net).. 15,764 Profit from sale of treas¬ Cash 8,554,767 $63,645 924,677 _ 46,364 ' 43,251 $225,642 37,500 200,000 Bal. carried to surplus Surplus at first of year Res. restored to surplus. Reduct. in deprec. res.. Excess prov. for Fed. taxes (net) — 48*089 $369,158 63,780 79,736 $301,145 Net profit Preferred dividends Misc. 1934 74,830 118,769 52,402 3,145 Common dividends-....I life insurance- Subs.)—Earnings— [Formerly International Printing Ink Corp.] 9 Mos. End. Sept. 30— 1937 1936 1935 Sales $15,611,940 $12,642,790 $10,546,387 Costs and expenses _yl4.148.348 11,461,489 9,537,651 . foreign exchange on - Federal Judge James ment foreign exch. on Federal income tax 119,312 [ undist. earns Shares cap. stk. (no par) Loans Adjust. of inventories Depreciation Not 2,799,644! 603,561 866,874 ' Net profit from oper.. Other income — ^ $2.67 Before provision for undistributed earnings. figures for the surtax on 3012 Financial Chronicle Lake DEAL IN WE Operating Operation 1628 Walnut Period End. Sept. 30— Operating revenues Operation $12,392 4,270 59,223 8,557 a21,332 8,980 17,946 $4,403 708 $63,536 1,998 $52,944 7,730 $5,110 2,168 $65,534 25,447 $60,675 26,567 Balance $2,942 $40,087 20,000 $34,107 20,000 $20,087 24,374 $14,107 24,374 Profit $10,266 Profit $3,900 Appropriations for retirement reserve . Balance Preferred dividend Balance, requirements deficit Includes $6,170 Federal income taxes, of which $3,680 is Federal sur¬ tax on undistributed profits.—V. 145, p. 2551. A new capital reorganization plan to replace one which failed to be ac¬ by stockholders last year was offered to stockholders on Oct. 23. The plan, as outlined in a letter mailed to stockholders is considerably broader than that of a year ago and it is designed for the same purpose—that of eliminating a capital deficit so that dividends may be paid in accordance cepted with to terms of the to the Federal Government $46,034.89, the letter stated. A special meeting to vote on the plan has been called for Nov. 16. Ap¬ proval by at least two-thirds of the holders of existing stock is necessary for fulfillment of the plan. pay new plan proposes the organization of a new company, to be known "Fruit of Loom, Inc.," or some similar name, with an authorized capital stock of $1,598,998, represented by 74,637 shares of preferred stock $20 par value and 106,258 snares of common stock of $1 par value. For each share of the present company's stock, holders would receive the following shares in the new company: For preferred: One share of new preferred and one share of new common. For Class B: One share of new Executive Legal For Class C: One share of new common. This plan contrasts with last year's in that under the schedule of a year the corporation planned a single class of common stock, into which stockholders would convert their holdings on the basis of two new common shares for each share of old preferred; two new shares of ago 5H of old Class A; two shares for Under the new old Class B and two shares for seven old Class C. plan the present preferred stockholders, who have No dividends on the common stock would be paid until preferred divi¬ dends in the full amount of $3 annually had been met. 8. Bruce Smart, President of the corporation, said in his letter to stock¬ holders that while "it is evident that there will be no earnings available for dividends this year," it is the belief of the management i-hat elimination of the capital deficit should be effected now, in order tqf take advantage of future earnings periods. "The last six months have been disappointing and trying ones in our branch of the textile industry," he stated. "The generally higher incomes wage scales throughout the country this year as compared with last have not resulted in a corresponding increase in consumer demand. The result has been that the retailer, wholesaler and cutter, in the attempt to digest inventories and commitments accumulated in anticipation of greater consumer buying than has developed, have been forced to hold new pur¬ chases to a minimum, thus seriously checking the movement of goods out of the hands of producers and causing inventory stagnation in that quarter also. ... manufacturing costs."—V. 144, p. your company are now lower 1933 in 1284. spite of materially higher Kreuger & Toll Co .—Chairman— Otis A. Glazebrook Jr., a partner in G. M.-P. Murphy & Co., has been elected a member and Chairman of the 5% secured debenture holders' ErotectiveChairman of the committee since its formation committee, to succeed the late Grayson M.-P. ad been on Distribution to Be Made on Murphy, who April 8, 1932. Debentures— Otis A. Glazebrook Jr., Chairman of the Murphy protective committee secured debentures, announced that a distribution at the rate of $95 for each $1,000 nominal amount of secured debentures deposited with the committee will be made by the committee to holders of its certifi¬ * cates of deposit on Nov. 15. Checks will be mailed on that day to holders of record on Nov. 9 of the committee's registered certificates of deposit. Holders of bearer certificates of deposit may obtain such distribution, beginning Nov. Trust 15, Co. Arrangements 1937, by presenting bearer certificates have also been made bearer certificates to present them to holders of other bearer certificates The Bank Corp., Stockholm, proposed Basle, or Guaranty for foreign holders of "London" Guaranty Trust Co. in London, and may Swiss bolaget, to present them at the office of the Switzerland, Stockholms distribution of Skandinavlska KreditaktieEnskilda Bank, A. B., Stockholm. represents the full amount to be received by the committee from the distribution of $4,295,298 to be made by Kreutoll Realization Co., Ltd., oh Nov. 1, 1937, after deduction of sums required to be withheld and paid by Kreutoll Realization Co., Ltd., to the Dominion of Canada for taxes. The above distribution will represent the full amount received from the distribution to be made by Kreutoll Realization Co., Ltd., on Nov 1 1937, after deducting therefrom $0.13606 with respect to each certificate of deposit representing a $1,000 debenture and $0.06803 with respect to each certificate of deposit representing a $500 debenture, being the tax required to be withheld and paid by Kreutoll Realization Co., Ltd., to the Dominion of Canada.—V. 145, p. 32,122 7,889 6,573 199 565 1,618 1,619 $75,261 59,179 $114,580 59,179 $288,649 177,538 $348,236 177,538 $55,401 $111,112 $170,699 Ltd.— Earnings 1936 1937 $289,949 51,950 1,629 38,140 salaries.- 1935 $258,488 50,291 $272,113 52,130 Interest received Recovery on on on mortgage mtge. prev. written off. 962 1,060 $279,181 - 60,327 21,833 195 ■ ;i. — — — 527 , 48,724 49,000 $283,057 12,474 43,724 $213,562 172,500 , $230,181 172,500 $226,860 172,500 $3.71 $4.00 $3.95 1 ■ Net profit Common dividends share on 57,500 shares of stock, no par .... i'; per common Balance Sheet Assets— 1937 Fixed assets x $179,557 64,083 38,357 disposal of equipment Transfer to investment reserve. Provision for income taxes Earnings $195,336 $262,286 sale of investments on 306 28,333 2,357 Net earnings 166 24,480 $198,230 59,383 2,055 260 expenses Income from investments 1936 $239,044 1 1 154,964 1,622,911 Bonds Sept. 30 Liabilities— $258,053 Goodwill Cash 140,755 1,624,785 Mary Louise Can¬ y Common stock.. 1937 Mary Louts 1936 $904,464 $904,464 4,384 51,000 1,000 50,181 3,805 1,243,697 1,202,634 Payables Tax reserves Can¬ dies, Ltd. (curr. dies, Ltd. (subs.) 5,000 4,374 Mtge. receivable.. 4,000 4,000 Inventories...... 147,936 14,484 134,153 Prepd. & def. chgs. account).... Surplus 11,167 Total $2,207,350 $2,158,281 Total $2,207,350 $2,158,281 After deducting depreciation of $541,897 in 1937 and $510,359 in 1936. Represented by 57,500 no par shares.—V. 143, p. 3151. x Lawyers Mortgage Co.—Reorganization Begins-—Manager Seek Assents to Plan—Holders to Retain Possession of Mortgages Reorganization of the first of the large mortgage companies, the Lawyers Mortgage Co., which had guaranteed mortgages outstanding for a total $428,075,536 when it was taken over for rehabilitation by the Superin¬ tendent of Insurance in 1933, began last week when Reorganization Mana¬ gers sent out letters to creditors and stockholders seeking their assent to a plan of reorganization of the company approved by Supreme Court Justice Alfred Frankenthaler. This company was the third largest in the United States when it ceased normal operations. The reorganization is and will be under the jurisdiction of Justice Franken thaler, who obtained the approval of the plan from the Superintendent of Insurance, The Mortgage Commission and all of the attorneys who appeared for creditors. The reorganization managers, Charles G. Edwards, William E. Russell Walker Morrison, who serve as creditor's managers and Richard Hurd, who is stockholders' manager, have opened offices at 345 Madison Avenue. Hersey B. Egginton is Secretary and McLanahan, Merritt and and P. Ingraham are Counsel. Two important provisions of the plan for the protection of creditors are that mortgage holders will retain possession and complete control of their mortgages and certificates and that there will oe no assessment or liability against them on account of assenting to the plan. Assenting and by 29,127 2,321 of a prior right in distribution of assets to $100 per share and the rights to preferred dividends in excess of the total assets of the com¬ pany, would own 92.6% of the new preferred stock and 65% of the common. The new preferred stock which is not cumulative, would receive divi¬ dends equal to any earnings up to $3 per share of outstanding preferred stock. If such earnings are less than 115% of the maximum $3 amount, directors may withhold up to one-third of such earnings to strengthen the financial position of the company. The stock would be redeemable at $50 per share. cumulative "The prices of most of the goods sold than at any time since the middle of 10.679 Provision for depreciation y common. 9,708 2,629 Laura Secord Candy Shops, The as 174,137 stock pref. Years Ended Sept. 30— Net operating profit Federal Undistributed Profits Tax Law. Because the corporation had this capital deficit last year it was necessary 224,955 Note—It is estimated that the company has no liability for Federal un¬ distributed profits tax on its operations for this period.—V. 145, p. 1424. a (B. B. & R.) Knight Corp.—To Recapitalize— $1,291,972 368,213 56,926 154,021 142,080 $16,082 of Balance. 56,338 744 1,580 $5,897 1,997 $588,414 194,175 5,688 Net income Pref. stock dividends $4,287 Balance $479,070 146,941 4,844 misc. deductions Dr 303 Int. & amortization, &c_ $194,738 64,725 1,868 commissions & exp Taxes assumed on int. & $6,201 Net oper. revenues Non-oper. income (net). $559,294 29,120 count and expense Amortiz. 570 Taxes $450,52* 28,546 $1,4/0,938 473,383 73,801 131,276 18,714 51,842 49,012 ljl ,581 General interest (net)... Amortiz. of bond dis¬ 1,350 Maintenance 11,437 $181,803 12,935 $138,427 49.000 1,629 Gross income on funded debt Int. 1937—12 Mos.—1936 $149,764 $139,094 $11,547 4,820 74,136 $126,846 Net oper. income Other income (net).: Earnings— 1937— Month—193 6 3,812 income tax For the 53 weeks ended Oct. 2, 1937. net profit was $1,549,333 after all charges except surtax on undistributed profits. This is equal to $24.09 per share on the 64,304 shares of 7% cumulative convertible preferred stock now outstanding.V. 145, p. 1905. Key West Electric Co. $436,461 29,803 Depreciation Philadelphia 1937—9 Mos.—1936 $504,966 182,109 31,006 74,985 60,216 State, local, &c., taxes.. Federal and State normal CO. St. 1937—3 Mos.—1936 revenues Maintenance A. T. & T. Teletype—Phils. 22 1937 Superior District Power Co.- -Earnings— Period End. Sept. 30— Philadelphia Electric Co. Common Stock Pennsylvania Sugar Co. Common Stock Lehigh Valley Annuity 43^8 and 6s Buffalo & Susquehanna 1st 4s, 1963 Missouri Public Service 1st 6s, 1960 YARNALL & Nov. 6, Co. holders of established claims against the Lawyers Mortgage will receive their fuil share of the assets of the company, cash and payable in stock, (voting trust certificates) of Lawyers Mortgage Guarantee Corp., known as the operating company, which has been servicing the mortgages and mortgage certificates of the Lawyers Mortgage Co. since 1933 under the jurisdiction of the New York State Insurance Department. The letter of the reorganization managers states: Reorganization means a fair and orderly determination of ah claims, con¬ servation of the value of the assets of the company through their gradual sale to the best advantage and the preservation of the goodwill and busi¬ ness of Lawyers Mortgage Guarantee Corp., the operating company owned by lawyers Mortgage Co., as a going concern, in the ownership of which the assenting creditors will share equally with the subscrioing stockholders. "If the plan of reorganization is not assented to by the creditors, the only alternative will be a statutory liquidation, which will mean the end of the company's mortgage business and the sale of the assets, business and goodwill and of its subsidiary, Lawyers Mortgage Guarantee Corp." Letters enclosing assents have gone out to about 10,000 names and will be sent to the remainder of a total of about 35,000 creditors and stock¬ holders just as soon as these names are released by trustees of the various issues and by the New York State Mortgage Commission. An opinion of Supreme Court Justice Frankenthaler quoted in the letter Lawyers Mortgage Co. were due "almost entirely to the economic depression rather than to inefficient management." "There is a need," the Justice adds, "for a well-managed company which may make building loans and engage in other safe and profitaole activities, including the servicing of such loans and of mortgages on behalf of insurance companies, institutions and owners of mortgages generally. The operating company, it is anticipated, will use its facilities and best efforts to aid the holders of mortgages and certificates guaranteed oy Lawyers Mortgage Co. in the refinancing of such mortgages and certificates, and it is further expected that a great many mortgages which have been withdrawn from the servicing of Lawyers Mortgage Co. or its subsidiary will be returned to the operating company for servicing. It appears to be generally agreed that, freed from the liabilities and ooligations of Lawyers Mortgage Co., the operating company should be able to conduct a successful mortgage business, the profits of which will be shared by the assenting creditors and stockholders in equal proportions."—Y. 145, p. 2080. states that the difficulties of the Lehigh & New England RR.—Official Retires— J. H. Nuelle, President of this company announced that Rollin H. Wilbur, Vice-President and General Manager, has retired after 30 years of service. —V. 145, p. 2851. Lehigh Valley RR.—To Pledge Bonds— 2397. The Interstate Commerce Commission has authorized the road to pledge repledge from time to time $3,600,000 of gen. consol. mtge. 5% bonds and Kroger Grocery & Baking Co.—Sales— Period Ended Oct. 9— Sales Stores in operation —V. 145, p. 2229. 1937—4 Weeks—1936 1937—10 Weeks—1936 $19,050,721 $17,997,917 $191,771,758 $181,119,992 4,156 4,211 as may be required to maintain the pledging ratio as collateral two short-term notes At the same security for amounting to $1,400,000. time the Commission authorized the road to pledge and repledge from time to time $1,000,000 as required to maintain the pledging ratio of collateral security for a $400,000 promissory note to the order of the Marine Midland Trust Co. of New York.—V. 145, p. 2851. Volume stock, Leipzig Overland Power Cos.—Interest Payment— . London Terrace Sugar Co.—Reorganization Voted— Manati Stockholders at the adjourned special meeting approved the acts of the directors incident to carrying out tne plan of reorganization. At a hearing held Nov. 1, the United States District Court signed a court order setting Nov. 5 as the closing date for the transfer of the company properties from the hands of tne trustees back to the company.—V. Apartments—Earnings— months ended June 30, 1937, as compared with $125,752 for the first half of 1936, according to a operating study released by Amott, Baker & Co., Inc. Earnings for the first six months of this year were at the annual rate of 5.31% on the 15,500,000 outstanding first mortgage bonds, before interest and deprecia¬ tion, compared with 4.57% for the first half of 1936 and 4.22% for the year new S. 1936. Holders of the old bonds of the corporation will receive during November of this year, under a reorganization plan confirmed in February, 1937, a ; t C. > Sales for the last three quarterly periods, compared with sales for the corresponding quarters of last year, are as follows: 1937 $1,000 15-year 3% fixed and income bond and 10 shares of voting trust certificate common stock aggregating 60% of the corporate ownership. The plan provides $35,000 of working capital, a reserve fund of $60,000 and monthly interest and tax instalments. With delivery of the new bonds, funds on hand are to be distributed amounting to about $16.90 per bond. This payment is in addition to the regular interest on the new bonds, the first payment of which will be due Second quarter Third quarter The property has a estate taxes have been total 1937 assessed valuation of paid to date.—V. 145, p 1102. Loose-Wiles Biscuit Co. out- Real 1937 Three months ended The x ' $110,311 8,585 1935 $79,183 18,585 8,803 defl6,013 4,692 def4,313 990,527 957,381 221,707 711,873 151,532 720,247 33,416 21,561 239,192 61,866 Net after rents —V. 145, p. Louisiana Power & $201,579 $205,145 Net oper. revenues-Rent from lease of plant $1,594,899 x313,929 $225,510 $1,280,970 $225,510 $77,519 12,386 159,530 7.420 , $2,074,390 $1,933,791 Sales---. —V. 145, p. 2,862 377 $1,936,653 2,797 1,074 21,730 $2,074,767 19,730 1 o-Cent Dividend— $207,942 72,963 5,288 $202,247 72,917 4,568 $1,958,383 875,488 53,553 $2,094,497 875,000 class A and B common $124,762 $1,029,342 $1,170,653 bondsdeductions appl. to pref. stk for the period, whether - 48,844 Div. * 356,532 356,532 $672,810 $814,121 ...... ...... Balance Regular dividend on $6 preferred stock was paid on Aug. 2, 1937. After tne payment of this dividend there were no accumulated unpaid dividends at that date. x provision made during December, 1936, of $31,860 for Federal surtax on undistributed profits for 1936. No such provision has been made to date for 1937.—V. 145, p. 2230. Includes Co.—373^-Cent Dividend— The directors have declared a quarterly dividend of 37M cents per share holders of record last and a quarterly 15 and Feb. 15 last, and compares with 62 H cents paid on Dec. 15,1936; 25 cents paid on Nov. 4, Aug. 5 and May 15, 1936, and 12 cents per share distributed each three months previously. In addition, an extra dividend of 10 cents per share was paid on Dec. 26, 1935.—V. 145, p. 2230. common stock, no par value, payable Nov. 15 to A 37 cent dividend was paid on Oct. 15 dividend of like amount was paid on Aug. 14, May 5. McCord Radiator & Mfg. Co.—Funding Stock Voted— adjourned meeting held Nov. 3 approved the creation eliminate dividend arrears. The directors will determine the amount of funding stock payable as a dividend on the class A stock, on which arrears on Dec. 31 will be $19.50 a share.—V. 145, Stockholders at p. an issue of funding stock to an 2853. Earnings for Period from Jan. profit —_ Depreciation $1,500,047 196,880 660,879 . — — — — Profit Other income $642,288 49,937 32,630 ... — --- — Other deductions — Net income $659,595 44,343 — Provision for estimated Federal income tax Net profit an $61-5,252 of the close of - - $7,484,063 5,984,016 agreement and joint plan of merger effective as 16, 1937, the McKessport Tin Plate Co. was business March merged with Co. The terms of the merger agreement provided that the name of the surviving corporation should be changed from National Can Co. to McKessport Tin Plate Corp. No provision has been made for Federal surtax on undistributed profits for the interim period.—V. 145, p. 2230. and into National Can extra extra McLellan —V. 145, p. 2398. Mack Trucks, New York 1937—3 Mos.—1936 1937—9 Mos.—1936 Net profit after deprec. and Federal taxes-... $324,327 $364,311 $1,264,587 $876,200 Earns, per sh. on 597,335 shs. cap. stk. (no par). $0.54 $0.61 $2.11 $1.46 x No deduction has been made for Federal Surtax on undistributed profits.—V. 145, p. 1264. Managed Investments, Inc.—Extra The directors presently listed and outstanding series A6M% cum. pref. stock, par $100; 140,150 shares preferential common stock, convertible, par $7.50, upon official notice of issuance, in payment of stock dividend on the series A 6H % cum. pref. stock and 140,150 additional shares common stock, without par value, upon official notice of issuance upon conversion, share for share, of shares of preferential common stock; and 9,535 additional shares common stock, witnout par value, upon official notice of issuance, upon exercise of purchase warrants.—V. 145, p. 2231. ' v.yv Michigan Bell Telephone addition to the Co.—Earnings— 1937—Month—1936 30— Period End. Sept. Operating revenues..— $3,397,465 1937—9 Mos.—1936 $3,042,719 $30,139,597 $27,005,443 1,659 5,388 Uncoil. oper. revenue 47,062 27,485 Operating revenues... Operating expenses $3,392,077 2,148,639 $3,041,060 $30,092,535 $26,977,958 1,907,152 18,732,611 16,728,918 Net oper. revenues... $1,243,438 $1,133,908 $11,359,924 $10,249,040 347,584 3,769,458 3,182,770 411,932 taxes $831,506 oper. income 145, p. 2231. $786,324 $7,590,466 $7,066,270 Michigan Public Service Co.—Earnings — Period End. Sept. 30— Operating revenues Operation 1937—3 Mos.—1936 $333,661 141,352 $290,159 131,460 Maintenance 16,349 17,427 Depreciation —State, local and miscell. 26,721 26,173 23,736 2,000 $123,503 10 $123,513 48,348 9,972 1937—9 Mos.—1936 $797,983 $696,161 311,847 278,133 50,912 38,724 79,199 76,983 22,934 Federal taxes. Federal normal inc. tax. Net oper. income Other income (net) Gross income..Interest on — -.- funded debt- General interest of bond and expense Amort, .... 62,646 $92,165 $286,354 $239,674 210 2,094 585 $92,375 48,356 9,881 $288,449 145,061 29,739 $240,259 146,132 29,606 5,988 17,957 18,087 5,983 & miscell. deductions.-- ^ 497 2,154 1,833 4,441 $25,996 $93,858 $41,993 • $58,712 Net income Before 67,669 2,000 __ disct. Taxes assumed on int. preferred and junior preferred dividends. Cumulative preferred stock dividends not declared or accrued 30, 1937, aggregated $84,813 or $13.12)^ per share on the 7% and $11.25 per share on tne 6% preferred stock. Dividends of $1.75 and $1.50 Notes— (1) at Sept. the 1% and 6% preferred stocks, respectively, were declared payaole Nov. 1, 1937. (2) Cumulative junior preferred stock accrued at Sept. 30, 1937, agm*egated $39,016 or $28.50 per share. No dividends have been paid on the junior preferred stock since Jan. 1, 1933. (3) It is estimated that the company has no liability for Federal and undistributed profits tax on its operations for this period.—V. 145, p. 2553. dividends not declared or Middle West Corp .—Proposed The corporation Dividend— dividend of 5 cents per share in regular quarterly dividend of like amount on the common have declared an extra Curb Exchange has approved for listing 28,030 shares 5% pref. stock, par $100, upon official notice of issuance, in substitution, for share, for 28,030 shares (exclusive of 880 treasury shares) of per share on Oct. 7, 1937, Inc.—Earnings— Period End. Sept. 30— x 1937—9 Mos.—1936 $2,024,653 $15,638,295 $14,788,908 1937—Month—1936 $1,976,244 Sales share share x Co.—Sales— Stores per Merritt-Chapman & Scott Corp.—Listing Approved— The x Period End. Oct. 31— dividend of 26 cents $2 participating preferred stock, likewise payable on Nov. 15 to of record Nov. 5. Like amount was paid on Aug. 16, last; an dividend of 35 cents was paid on this issue on March 25, last and an dividend of 26 cents was paid on Dec. 21, 1936.—V. 144, p. 4351. the holders —V. Selling, general, and administrative expenses Under 15 cents per share were distributed. The directors also declared a participating Net 1 to July 3, 1937 Sales, less discounts, returns, and allowances — Cost of goods sold and operating expenses——.—v..—... Gross • have declared a dividend of 15 cents per share on the stocks payable Nov. 15 to holders of record Nov. 5. Similar amounts were paid on Aug. 16, last and compares with dividends of 20 cents paid on March 25, last, and previously quarterly dividends of directors Operating McKeesport Tin Plate Corp.—Earnings— & Manufacturers Securities Co.—To Pay Merchants on paid or unpaid—..... Lunkenheimer 1937—4 Weeks—1936 1937—44 Weeks—1936 $3,282,308 $3,124,864 $32,390,266 $28,913,748 — £>r406 Net income of — 2398. $201,173 mortgage Other int. & Nov. u Corp.'—Sales— Melville Shoe Period Ended Oct. 23— The the * The company paid a special dividend of 25 cents per share on the common stock, par $10, on Oct. 27 to holders of record Oct. 22. A dividend of 25 cents was also paid on Sept. 1 and on June 1, last.—V. 145, p. 1427. $205,145 — Gross income on ^ J discharged to the extent of 40,000 shares its obliga¬ with the Chairman, 20,000 shares having been issued to him at $10 per share in the early part of the year, and during the third quarter the sum of $313,929 was credited to him on his election to take in cash the difference between the market price and the option price of $10 per share on 20,000 shares, y Indicates loss.—V. 145, p. 769. x The company has tion under its contract $129,691 (net) Note: under his contract (Oscar) Mayer & Co., Inc.—Pays Special Dividend— 1937—12 Mos.—1936 $7,694,637 $6,871,949 5,003,846 4,255,059 757,000 542,500 ■ Operating income--.Other income (net). x three 1936 . Light Co.—Earnings— 1937—Month—1936 $705,932 $671,034 445.287 409,455 55,500 60,000 30— Operating revenues Oper. exp. (incl. taxes)__ Prop, retir. res. appro.__ on same . 2230. Period End. Sept. Int. the y$94,532 124,990 195,052 Less amt. credited to Chairman 1934 1937 $126,786 25,782 .. _. Federal income tax for follows: Total Louisiana Arkansas & Texas Ry.—Earnings— Net after rents. From Jan. 1— Gross from raUway Net from railway normal Second quarter Third quarter .1 1936 after quarter-....—$613,012 655,734 326,153 First — . September— Gross from railway Net from railway.......... results 1937 521,500 521,500 521,500 521,500 $0.26 $0.72 $0.89 $1.95 After Federal income taxes, depreciation, interest &c.—V. 145, p. 2552, standing ($25 par) Earnings per share net quarters of both years are as 1936 $22,718,623 $22,615,731 70,271,165 63,270,628 Sept. 30- Nine months ended Sept. 30-. $1,175,155 $622,249 and the sales of discontinued lines are the sales on a comparative basis are as follows: If the sales of discontinued units (& Subs.)—Earnings—1937—9 Mos.—1936 1937—3 Mos.—1936 $186,837 $427,493 Period End. Sept. 30— Net profits Shs. of com. stock x $9,325,000. --$70,411,676 $73,563,727 Total. eliminated for both years, , „ 1936 $24,035,111 $23,811,415 23,657,942 24,506,056 22,718,623 25,246,256 First quarter J 1. 2082. p. (& Subs.)—Earnings— Marshall Field & Co. new Dec. 145, Marion & Southern RR.—Abandonment— The Interstate Commerce Commission on Oct. 22 issued a certificate permitting abandonment, as to interstate and foreign commerce, by the company of its entire line of railroad extending from a connection with the Raleigh & Charleston RR at a point about 0.5 mile north of Marion to its terminus at West Marion, approximately 2.7 miles, all in Marion County, Apartments reported net profit, before mortgage ,, distributed on Nov. 16, Aug. 15 and May 15, 1936, and Feb. 15, 1934.—V. 145, p. 769. 5 cents per share were on Dec. 23, 1935, 2229. London Terrace value, both payable Nov. 15 to holders of record Nov. 1. was paid on Aug. 10, May 15, and on Feb. 15, last, an paid on Dec. 24,1936, and extra dividends of and (Thomas J.) Lipton, Inc.—Listing and Registration— The par extra dividend of 25 cents was The New York Curb Exchange has admitted to listing and registration the class A stock, SI par, and the 6% cum. pref. stock, S25 par.—V. 145, interest and depreciation, of $146,150 for the six no A similar extra fiscal agents for the 20-year 6H% sinking fund mortgage bonds, due 1946, announced that the Nov. 1 coupons on these bonds will be paid at their dollar face amount, upon presentation at their New York office, out of a special deposit which may be used for this purpose. The regular payment for service of the interest has not been received.—V. 144, p. 3180. Brown Brothers Harriman & Co., as P. 3013 Chronicle Financial 145 Acquisition— has filed an application (File No. 46-77) with the Se¬ Commission for authority under the Holding Com¬ pany Act to acquire not to exceed 10,000 shares of preferred stock of Central Illinois Public Service Co. in addition to the 10,000 shares heretofore aucurities and Exchange 3014 Financial Chronicle thorized under Commission order (File 46-40) dated June 30, 1937. To date the Middle West Corp. has acquired 9,570 shares of the 10,000 shares authorized. Central Middle West Corp. Illinois Service Puoiic Co. is sidiary su a of Nov. 6, income for that year. V. 145, p. 2553. 7 No such provision has been made to date for 1937.- the Mississippi Power Co.—Earnings— Period End. Sept Gross revenue Changes in Personnel— The resignation of E. A. Olsen as a director of this corporation and as Vice-President and director of Middle West Service Co. was accepted by the respective boards effective as of Oct. 25. 30— 1937—Month—1936 $332,592 $303,654 205,226 178,260 * exps. & taxes— 1937—12 Mos.—1936 $3,388,492 $3,003,834 2.180,853 1,958,654 108.000 111,100 Prov. for retire, reserve. 9,000 9,000 Gross income Int. & other fixed chgs.. ' ■ ^ Oper. x $118,367 52,040 $116,393 37,747 $1,099,640 719,666 $934,079 $66,327 21,088 $78,646 21,088 $379,973 $480,219 253,062 253.062 $45,238 $57,557 $126,911 $227,157 F. E. Kruesi, Vice-President of Middle West Service Co., was elected to the newly created office of executive Vice-President of Middle West Service Co. and he will be in charge of its operations.—-V. 145, p. 2398. Petroleum Mid-Continent Period End. Sept. 30— Corp. (& Subs.)—Earnings 1937—3 Mos.—1936 Gl2X atlowaSlsr.et.U!,°8$l 1,648,420 C^d°dep!etionX)!1;_d-?-r-' 7,792,749 19,981,489 1,490,880 4,594,141 pref. stock x No provision was as ail taxable made in 1936 for Federal surtax income for that year was distributed. has been made for such tax in 1937.—V. 145, p. 2399. (Including Missouri Transmission Co.) Sept. 30— 1937 (electric) $4,206,058 12 Months Ended $2,376,340 ,, , $7,546,088 , , Operating a $6,725,209 1,250,957 1,099,157 $2,677,653 Depreciation & depletion 801,915 $2,797,204 772,802 $8,797,045 2,737,048 $7,824,366 2,266,647 177,600 184,803 953,018 1,080,542 186,019 55,187 501,100 $1,512,119 $0.82 $1,784,410 $4,605,880 $4,198,678 $0.96 $2.48 $2.26 Operating expenses Maintenance. Taxes, other than income 242,733 $2,522,299 119,159 Net operating revenues Non-operating revenues Gross income Net income Earnings per share on Interest Note—The foregoing statement does not include an estimate for surtax undistributed profits. was in assets as of Sept. 30, 1937, were $24,116,277, of which $8,737,143 cash and short term U. S. treasury notes, and current liabilities were liabilities On Dec. 31, 1936, current assets $3,472,883.—V. 145, p. 2854. were $21,244,717 and Netincome Midi RR.—Bonds Called— Expenses at $445,988 20,764 101,147 46,269 15,620 $2,497,083 134,970 319,133 274,642 204,298 $2,051,169 70,367 302,073 227,986 151,086 The U. 8. Supreme Court on Oct. New York and Cleveland $262,188 $0.18 $1,564,040 $3.86 $1,299,657 $2.73 $607,519 Operating profit 103,286 Other deductions 43,187 105,183 61,985 45,915 Depreciation Federal income taxes— Res. for profit sharing.. Net profit. Earns.per sh. com.stk $351,249 $0.56 provision on Note—Before for tax Bonds Called— 1937—9 Mos.—1936 $2,827,110 $2,374,732 330,027 323.563 105,580 undistributed on earnings.—V. 145, 2854. p. the Toronto, Canada and London, Bank of Commerce.—V. 145, p. 947. Milwaukee Electric Ry. & Light Co. (& Subs.)—Earns. 12 Months Ended Sept. 30— 1937 1936 __$30,371,731 $28,359,107 expenses 14,079,513 13,454,027 Maintenance 2,555,492 2,246,898 Taxes, other than income taxes 3,683,010 3,331,854 Provision for income taxes 767,055 715,145 Provision for surtax on undistributed income—206,264 revenues t Net operating revenues revenues $9,080,396 120,255 $8,611,182 41,975 Gross income Interest on funded debt $9,200,652 2,989,275 Cr7,744 396,345 3,341,397 $8,653,157 3,114,275 148,326 91,602 Cr6,478 23,012 2,890,912 $2,242,008 $2,391,508 Non-operating Amortization of bond discount and expense. Other interest charges Interest during construction _» Other deductions Appropriations for depreciation 147,356 92,014 reserve.. Net income Note—The provision for Federal surtax on undistributed income for the 12 months ended Sept. 30,1937, represents the provision made in December, 1936, for the year 1936. No provision has been made for the surtax for the nine months ended Sept. 30, 1937, and no provision for the nine months ended Sept. 30, 1936, is included in the income statement for the 12 months ended Sept. 30, 1936.—V. 145, p. 1266. England, Missouri Pacific RR.—Trustee's Suit Co., Boston, Mass. or offices of the Canadian Upheld— 25 denied the petition of a group of banking and investment houses for a review of an Eighth Circuit Court of Appeals decision refusing to dismiss a suit brought against them by Guy A. Thompson, trustee for the road. The suit was an outgrowth of alleged mismanagement of the road during the period when it was an integral unit of the rail empire controlled by the late Van Sweringen brothers. The suit sought to have nullified four con¬ tracts into which the road entered, Mr. Thompson charged, only because of and control by Alleghany (top Van Sweringen holding and Terminal Shares (another Van Sweringen firm).*' Banks and investment firms seeking the high tribunal review—all of which were named defendants in the Thompson suit—were Guaranty Trust Co. of New York, Douglas & Co., Marine Midland Trust Co., and John P. Murphy, Henry A. Marting and John J. Murray. In addition, the suit also named Terminal Shares and Alleghany as defendants. Mr. Thompson originally filed his suit in the Buchanan County, Mo., "the Operating Operating $1,348,963 A total of $152,400 first mortgage 5% 40-year gold bonds, due Jan. 1, 1951 have been called for redemption on Jan. 1, next, at 105 and interest. Payment will be made at the old Colony Trust Co.—Earnings— 1937—3 Mos.—1936 $713,099 $549,274 Manufacturing profit $1,370,211 a See Paris-Orleans RR. Co., below.—V. 143, p. 3004. Midland Steel Products $2,628,478 961,229 40,808 17,478 260,000 41,422 16,412 260,000 Including gross charges under firm power contract. Note: No provision for Federal surtax on undistributed income was re¬ quired for 1936. No provision has been made for the surtax for the nine months ended Sept. 30, 1937. current were Period End. Sept. 30— funded debt Amortization of bond discount & expense Other interest charges Appropriations for depreciation reserve Current $3,696,614. on $2,506,189 122,288 $2,641,459 953,413 taxes Provision for income taxes Leaseholds surrendered & Federal and State income $3,786,990 546,439 250,803 27,295 230,547 225,716 828,881 261,710 51,757 298,676 278,499 Net income 1936 revenues Purchased power _ 420,864 taxes No provision Mississippi River Power Co.—Earnings— 4,255,051 399,196 abandoned 453,860 undistributed on profits 19,144 737 $3,867,220 $12,140,229 $10,980,259 sales."$2,278,457 incl. int. & divs. rec__ on Balance $32,121,718 $30,124,996 7,316,945 profit from sales $3,855,671 Selling and general and administrative exps-. 1,577,214 Otherincomecredits.net Divs. 1937—9 Mos.—1936 $11,184,166 Gross Net profit from Net income...... domination company) Circuit. Court but it was removed to the Federal District Court for Western Missouri because most of the defendants were non-residents of the State. The District Court dismissed the suit with respect to the non-residents, but the Circuit Court reversed the ruling and ordered the case tried. The appeal to the high court brought from this ruling.—V. 145, was Missouri Public Service p. 2855.** Corp.—Listing and Registration The New York Curb Exchange has admitted to listing and registration .common stock, no par, and the 1st mtge. 5% bonds, series A, due (Interest dates F. & A. 1.)—V. 145, p. 2082. the Aug. 1, 1960. Monogram Pictures Corp.—New Directors— O. Henry Briggs, President of Pathe Film Corp. and Trem Carr, Presi¬ dent of Trem Carr Productions have been added to the board of directors of this company.—V. 145, p. 2082. (Philip) Morris & Co., Ltd.- -Earnings— 6 Mos. End. Sept. 30— 1937 1936 1935 Net profits after chgs. & Federal taxes x$3,136,443 x$l,700,507 $6.04 $3.27 Earns per sh. on com.stk. x No provision was made for 1934 $893,648 $2.15 y$776,704 $1.87 Federal Minneapolis & St. Louis RR.—Receivers' Certificates— surtax on undistributed profits, Earnings for the 1934 period included an item of non-recurring income of $192,487, equal to approximately 46 cents a share.—V. 145, p. 1909. Minneapolis St. Paul & Sault Ste. Marie Ry.—Earns.— dividend of $2 per share on the capital stock, payable Nov. 15 to holders of record Oct. 28. This compares with $1.50 paid on Aug. 16, May 15 and Feb. 15 last; $2 per share paid on Nov. 16 and on Aug. 15, 1936; $1.25 paid on May 15, 1936; $1 per share paid in each of the two preceding quarters, and 50 cents per share paid eacn three months from May 15, 1934, to Aug. 15, 1935, inclusive, and on May 15, 1931—V. 145, p. 286. The Interstate Commerce Commission on Oct. 23 authorized the com¬ pany to issue not exceeding $805,800 of receivers' certificates to renew or extend maturing certificates of like principal amount.—V. 145, p. 2854. Earnings of System (Including Wisconsin Central Ry.) September— ' ' ' 1937 " 1936 1935 Gross from railway $3,056,408 1,138,022 x 751,672 $2,554,865 855,437 79o,605 $2,233,188 737,827 446,175 21,396,173 19,751,448 4,714,413 4,179,403 x2,413,087 1,428,526 Revised figures.—V. 145, p. 2854. 17,219,878 2,682,928 16,855,508 3,125,891 717.939 From Jan. 1— Gross from railway Net from railway Net after rents x 1934 $2,374,851 579,747 234,160 Net from railway Net after rents Minnesota Valley 637,301 y Morse Twist Drill & Machine The directors have declared Motor Wheel Corp. (& Period End. Sept. 30— Inc. from sales of wheels, Dividend 1 preferred stock, to Aug. 2 and holders on of record Oct. May 1, last, and March 29 last. See payments.—V. 145, V.144, p. p. a 27. A similar par payment on $100, payable made was dividend of $5.25 per share was on paid on 781, for detailed record of!previous dividend 1 770. Period End. Sept. 30—■ Operating revenues Oper. exps. (incl. taxes). Prop, retire, res. approp. 1937—Month—1936 $582,985 $549,327 413,351 374,266 58.333 31,667 earned and $2,785,881 109,386 43,321 239,180 256,137 $926,971 $772,845 $3,025,061 $2,572,400 304,737 101,014 224,547 110,187 63,978 834,971 296,345 300,503 604,129 343,744 236,656 $374,132 212,500 $1,593,242 $1,387,870 595,000 $0.52 $0.44 income investments Total income. income Depreciation 1937—12 Mos.—1936 $6,643,944 $5,552,557 4,560.315 3,777,227 494,833 387,500 $729,524 Selling, adver., adminis. & other chgs. against x Mississippi Power & Light Co.—Earnings— Prov. for Fed. inc. tax- 82,202 Dividend Earns, per share on 850,,000 shs. cap. stk. (par $5) Net oper. revenues for lease of plant $111,301 $143,394 Rent (net) Operating income Other income (net) Gross income Int. on mtge. bonds. Other int. & deductions. x $1,387,830 Cr 114 Cr938 Dr5,093 Cr544 $111,415 290 $144,332 246 $1,583,703 1,891 $1,388,374 2,490 $111,705 $144,578 68,142 6,345 $1,585,594 817,700 77,306 $1,390,864 817.700 71,029 $690,588 $502,135 68,142 6,013 Net income $37,550 $70,091 Divs. applicable to pref. stock for the period, whether paid or unpaid. „l Balance $1,588,796 Mt. Vernon 403,608 403,608 p. $1.63 2855 Non-operating income 9 Months $113,621 12 Months $150,011 75,840 Net income from operations - Gross income Other deductions Preferred dividends paid or accrued. Balance 145, Telephone Corp.—Earnings— Period Ended Sept. 30— Operating revenues Oper. exp., main., taxes (except Fed. inc.) & de¬ $98,527 $2,316,263 $1.87 undistributed profits.- -V. on Bond interest x Divs. accumulated and unpaid to Sept. 30,1937, amounted to $689 497. Latest div., amounting to $1.50 a share on $6 pref. stock, was paid on Aug. 2, 1937. Divs. on this stock are cumulative. Note—No provision was made for Federal surtax on undistributed profits lor 1936, inasmuch as the company reported no undistributed adjusted net Note—Before surtax preciation expense $286,980 1937—9 Mos.—1936 $817,585 $439,018 Int. The directors have declared a dividend of $1.75 per share on account of accumulations on the $7 cumulative Nov. Subs.)—Earnings— 1937—3 Mos.—1936 stampings, &c Canning Co.—Accumulated Co.—Larger Dividend— a 97,793 $37,781 $52,218 13 38 $37,794 7,969 3,410 13,500 $52,256 10,625 5,208 18.000 $12,915 $18,423 Note: Statement of income and expense from the books of the company, adjusted to reflect depreciation expense and preferred dividend accruals on basis of reorganization having been in effect for entire period.—V. 145, p. 1592. Volume Motor Products a no par value, payable Nov. 20 to holders of record Nov. 10. A like was paid on Sept. 30 and on June 30 last and compares with 50 paid on Marcn 31 last; $1.25 on Dec. 21, 1936, and previously regular quarterly dividends of 50 cents per share were distributed. In addition, an extra dividend of 50 cents was paid on Sept. 30, 1936. A stock uivi- amount cents was Mountain Fuel Supply Co.—To Pay 25-Cent a Dividend— dividend of 25 cents per share on the com¬ 15. The last previous Dec. 1, 1936. stock, payable Dec. 6 to holders of record Nov. payment was the 25-cent distribution made on Mountain States Power The company, a Co.—Refinancing Plan— has proposed subsidiary of Standard Gas & Electric Co., plan of recapitalization that will enable the company to pay off $8,182,250 of bonds falling due on Jan. 1, 1938, by the issuance of a series of new bonds and serial notes. A special meeting of stockholers to stockholders a will be held Dec. 1 for the following purposes: (1) Authorizing amendment of the certificate of incorporation. The changes to be effected follow: (a) a new class of stock (no par), to be designated $6 cumulative preference stock, will be created, which stock will have preference over the preferred stock and common stock as to both earnings and assets. The $6 cumulative prior preference stock shall be authorized in the amount of 69,160 shares and the total number of shares of all classes of stock which the company shall have authority to issue will be increased The $6 cumulative prior preference by that number. be entitled and limited to cumulative dividends at the rate of capital This prior preference stock shall have right of pre-emption, and the shares thereof may be issued by the com¬ pany, from time to time, for such consideration as may be fixed, from time to time by the directors; and (b) there shall be added to article tenth of the certificate of incorporation, a provision authorizing and empowering the directors to determine and direct, from time to time, the use and dis¬ position of any surplus, however created, whether resulting from a re¬ duction of the capital of the company or otherwise. (2) Adopting a resolution providing for the reduction of the capital of the company from $10,626,801 to $5,446,900, by reducing the amount of capital represented by the common stock of the company, the shares of which have no par value, from $5,322,401, to $142,500; (3) Authorizing the execution and delivery by the company of a mort¬ gage, dated Dec. 1, 1937 whereby the company shall mortgage and pledge all of the property and assets now owned or hereafter acquired by it, (except certain cash, securities, to secure the payment of $8,000,000 of bonds presently to be issued thereunder. share of such stock. The $6 cumulative no Brewer, President, says: 1, 1938, $8,182,250 first mortgage gold bonds, series A 5% and series B 6%, will be due and payable. It is imperative that, if possible, these bonds, which are secured by a first lien upon all or substantially of the company's property, be paid at or before their maturity. For a long period of time we have been negotiating for the sale of securities to On Jan. all Erovide funds for by the depressed condition of the security markets and been delayed that purpose. The consummation of these negotiations as other adverse factors. ,» capitalization of the company consists of 5,304,400 of cumulative preferred stock; 142,500 shares (no par), common stock, and approximately $6,916,000, which will be owing on open account as of Dec, 1, 1937, to Standard Gas & Electric Co., which owns about 62% of the common stock. As of Nov. 1, 1937, arrearages of dividends on the The remaining 7% preferred stock were $34,58 1-3% per share. Directors now have in contemplation the sale of a new issue of $8,000,000 first mortgage bonds, 6% series due Dec. 1, 1942, and issues of serial notes aggregating in principal amount $700,000, of which $175,000, bearing interest at rate of 4% per annum, will mature Dec. 1, 1938; $175,000, bearing interest at rate of 4% per annum, will mature Dec. 1, 1939; $175,000, bearing interest at the rate of 5% per annum, will mature Dec. 1, 1940; and $175,000, bearing interest at rate of 5% per annum, will mature Dec. 1, 1941. The bonds and notes cannot be sold under existing market conditions unless company is without other debt, except current indebtedness. Com¬ pany has, therefore, requested Standard Gas & Electric Co., as the holder of approximately $6,916,000 of indebtedness, to accept in lieu of that indebtedness 69,160 shares, (no par) $6 cumulative prior preference stock, which stock will have a preference over the present preferred stock and common stock as to both earnings and assets. While the proposed new $6 cumulative prior preference stock would have a preference over the present preferred stock and common stock, its issuance for the purpose mentioned would not only be an action in furtherance of the necessary refunding of the first mortgage gold bonds now outstanding, but would remove an indebtedness of approximately $6,916,000 which now has priority over the preferred stock and common stock and upon which it might be declared in default in the event of its inability to pay. Further, in the judgment of the directors it is advisable, in order to Erovide capital surplus against which may be charged losses expired debt eretofore sold, discount and expense on capital stock, and on property appearing on the balance sheet of comoany, and provide additional retirement (depreciation) reserve, that the capital represented by the common stock be reduced from $5,322,401 to $142,500. It is also recommended that the certificate of incorporation be amended to discount and expense now to provide specifically that the directors shall have the right to time to time, the use and disposition of any surplus, however The adoption of the foregoing will not reduce the number preferred stock or common direct, from created. of shares of stock. filed an Mueller Brass Co.—Extra Dividend— declared an extra dividend of 10 cents per share in addition to the regular quarterly dividend of 25 cents on the common stock, par $1, both payable Nov. 22 to holders of record Nov. 8. Similar payments were made on Sept. 29, June 29 and March 29 last, and on Dec. 28, 1936, and dividends of 20 cents per share were distributed in each of the four preceding quarters, the Dec. 2, 1935, dividend being thp initial distribution on this stock. The company stated that the date of the current dividend anticipates by one month the first quarterly dividend for the fiscal year Dec. 1, 1937, which would normally be payable in December. This will bring the payment within the company's fiscal year ending Nov. 30, thus effecting the saving of liability on undistributed profits. It is the in¬ tention of directors to consider the subsequent payment of dividends in conformance with the changed payment date.—V. 145. p. 2399. commencing 1937, Murray Corp. of America 1937 Gross profit. $2,337,313 $2,669,367 160,464 97,323 $2,671,632 143,675 "$2,497,777 $2,766,690 $2,815,307 $1,624,985 988,988 866,971 894,417 920,847 $1,508,789 $1,899,719 $1,920,890 $704,138 540,790 507,480 497,722 110,097 176,183 .... _ ... Total income Expenses, &c_: Balance Depreciation. ...— - Federal taxes. 18,474 105,250 1936 181,276 1935 profit.-..... Profit. —. pref. divs. —.... stock (par $10) Earnings per share $844,275 $844,275 Shs. com. $1,210,963 ... $0.89 $1,210,963 730,271 $1.30 $1,136,888 7,686 $1,129,200 768,732 $1.47 $244,363 $37,692 $116,573 charges Earns, per sh. on 340,000 • shs. cap. stk. (no par). x No provision made for 482,060 143,782 10,000 $68,296 11,635 $56,661 768,732 Nil $31,721 $0.72 2856. $0.09 - $0.34 $0.11 Federal surtax.—V. 145, p. National Acme Co.—Bonds Called— A total of $35,000 first mortgage 4H% s. f. gold have been called for redemption on Dec. 1 at 102H will be made at the Cleveland Trust Co., anty Trust Co., N. bonds due Dec. 1, 1946, and interest. Payment Cleveland, Ohio, and at the Guar¬ Y. City—V. 145, p. 2855. Nat'l Automotive Fibres, Inc.-—Listing & Registration— The New York Curb Exchange has admitted to listing and registration stock, par $1, issued in exchange for voting trust certificates for class A common stock, series 1, without par value, on the basis of two shares of new common stock in exchange for each one share of class A the new common common p. certificates).—V. 144, voting trust stock, series 1 (represented by /7: 2553. National Cash Register Co.—Gross Orders— gross domestic orders were $3,364,350, a gain of 1.2% over October, 1936. First 10 months' orders were $24,890,125, or 13.1% more than in the corresponding period last year.—V. 145, p. 2700. October National Steel Corp.—Bonds Called— The City Bank Farmers Trust Co., as trustee, has selected for redemption 1, at 102$837,000 of this company s 1965.—V. 145, p. 2856. through the sinking fund on Dec. first 4% bonds due June 1, Inc. (& Subs.)— -Earnings— National Oil Products Co., 30—■ profits after reserves, inci. a reserve for 1937 1937 9 Months Ended Sept. Net normal Earnings per share on common Note—No provision has $2.45 $2.35 undistributed profits stock been made for tax on Optional Dividend— ' 1936 -v Jy V : $397,376 $4i5,178 taxes share on the common holders of record Nov. 26. The company stated that stockholders have the option of accepting cash or l-20th of a share of common stock for each share held. An interim dividend of 30 cents was paid on the common stock on Sept. 30, last, and compares with 50 cents paid on June 30, last, and semi¬ annual dividends of 30 cents paid on March 31, last, and on Sept. 30, 1936. In addition, an extra dividend of $2 was paid on Dec. 18, 1936 and an extra of 20 cents was distributed on Sept. 30, 1936.—V. 145, p. 1593. The directors have declared a dividend of $1 per stock, payable Dec. 10 to National Supply Co. of Del. (& Subs.)—Earnings— [Including Spang, Chalfant & Co., 30— Period End. Sept. Gross inc. from oper.... Selling & gen. exps 1937—3 Mos.—1936 $4,572,787 $3,400,010 1,251,665 1,467,431 Inc.] 1937—9 Mos—1936 $9,869,269 $15,310,180 3,679,220 4,389.928 $2,148,344 $10,920,251 $3,105,356 $6,190,048 473,110 453,505 $6,643,554 352,051 $2,356,873 $11,393,361 428,143 1,043,827 542,871 418,135 1,729,297 1,149,059 359,546 262,046 1,397,926 724,773 Total net income..— $2,046,850 Guar. divs. on nationalSuperior Co. pref. stk. Inc. apply, to Spang, Chalfant & Co., Inc., pref. & com. stks not owned by Nat. Sup. $1,248,547 $7,222,311 $3,483,509 Other income 208,528 195,962 .... $3,301,318 Depreciation Interest, discounts, taxes & miscellaneous normal Federal Prov. for inc. taxes—estimated. Cons, net 1,286,212 10,030 3,343 608,021 197,892 200,699 Co. of Del 591,636 $1,846,150 $1,047,311 $6,614,289 Earnings for 12 Months Ended Sept. 30 1936 $2,881,842 ...$18,383,912 $12,230,200 $6,188,442 profit...... 1937 from operations Selling and general expenses... Gross income 1935 4.261,454 5,862,698 - Depreciation 4,846,492 $12,521,214 662,887 $7,383,708 732,598 654,389 $13,184,101 1,081,275 Other income $8,116,306 1,654,060 1,400,388 $4,581,377 1,953,150 $3,926,988 792,746 1,133,387 276,196 $8,025,612 $4,269,310 $1,218,643 1,979 15,045 21,730 2;158,058 1,579,608 taxes & miscell.. normal Fed. inc. taxes (est.) I Prov. for Fed. surtax on undistributed Prov. for 339,548 profits for previous year. Total net income National-Superior Co. pref. stock.. — -» Spang, Chalfant & Co., pref. & com. stocks not owned by National Supply Co. of Del... Inc. apply, to In making public the earnings statement, announced that a consolidation with Spang, 787,100 780,903 $3,467,165 $416,009 V 807,585 $7,216,048 J. M. Wilson, President, Chalfant & Co., Inc., had Oct. 23 and that exchanges of Stock for the new shares of The National Supply Co. are now being effected. "Because the new securities have now replaced the old in trading on the New York Stock Exchange," Mr. Wilson stated, "application of the earn¬ become effective on Assuming a full to the new capitalization is considered important. 4an, the new company's eapitalexchange of shares under the terms of the (noniAdlluil ization will l/Gltninu of & ,j\j " ill consist v'i. 296,293 Diiwioo vi v// /o * shares of A% (convertible) or 6% i? V Xrt j ings priur prior proitsnou preferred stock ua»c the right nave ino of $2 10-year preferred Holders entitled to conthe uum vv, until Nov. 22 to convert *sy 5A —. preferred into 6% non-convertible prior preferred, both prior preferred stocks being alike in other respects. "On the basis of the new capitalization, such nine months earnings are at the rate of more than times the dividend on the prior preferred stock and at the rate of more than 23 times the dividend on the $2 preference stock (after allowing for the nine months' dividend on the prior preferred vertible prior stock at either Such the 5H% or 6% nine months' between $4.87 ana $4.w stock, depending upon the converted into 6% prior amount of o'A% preferred stock. 2554. Neisner Brothers, Inc.—Sales— Period End. Oct. Sales.. —V. 145, p. rate). earnings would amount to share on the new common prior preferred stock which is per —V. 145, p. Net Subs.)—Earnings 1937—9 Mos.—1936 1937—3 Mos.—1936 Sept. 30— deprec. convertible) prior preferred stock, 166,353 shares stock and 1,155,967 lA shares of common stock. (& Subs.)—Earnings— 1934 $1,414,135 210,850 9 Mos.End.Sept. 30— J. W. M. Mfg. 930,271 shares in Net profit after Guar. divs. on The directors have Interest on Called— (Conde) Nast Publications, Inc. (& Period End. x Interest, discounts, application with the Federal Power Commis¬ sion for authority to issue $8,000,000 6% first mortgage bonds, due 1942, $700,000 4%-5% serial notes, and 69,160 shares $6 cumulative prior pref¬ erence stock, no par value. Hearing on the application will be held before the FPC on Dec. 1.—V. 145, p. 947. The company has Other income outstanding. with $80,675, or 9 cents a share, 1936.—V. 145, p. 1105. stock quarter of Nashville Ry. & Light Co. —Bonds stock shall common C. M. Sept. 30, A total of $35,000 first consolidated mortgage 50-year 5% gold bonds due July 1, 1953, have been called for redemption on Jan. 1 next, at 1073^ and interest. Payment will be made at the Guaranty Trust Co. of New York. —V. 144, p. 3182. of $6 per share, payable quarterly before payment of dividends on the preferred stock; shall be entitled and limited, upon any liquidation or dissolution of the company or distribution of its capital, to a preference over the preferred stock and common stock to the amount of $100 per share, plus a sum equal to the amount of the dividends accumulated thereon or unpaid; shall be redeemable, in whole, or from time to time in part, at the option of the company, upon 60 days' notice, at $100 per share, plus dividends, and the holders tuereof shall be entitled to one vote for each or months ended compares the third per annum, stock the 3 For paid on Feb. 1, 1936.—V. 145, p. 1266. The directors have declared mon undistributed '1'. -1 ' ; . ■ ;• 1937, net profit was $173,135 after depreciation, interest and Federal income taxes, but before surtax on un¬ distributed profits, equal to 18 cents a share on 950,615 shares (par $10) profits. dividend of $1 per share on the common stock, 100% has been made for Federal surtaxes on Note—No provision Corp.—$1 Dividend— The directors have declared dend of 3015 Financial Chronicle 145 2399. 31- 1937—Month—1936 $2,083,776 $1,958,883 1937—10 Afos.—1936 $17,469,139 $16,163,841 3016 Financial Chronicle Neild Mfg. Corp., New Bedford.—Files Petition— Housatonic RR. Bonds Not Paid The corporation filed a petition in the U. S. District Court to reorganize Section 77-B of the Bankruptcy Law. Liaoilities are listed in the petition at $1,392,071.—V. 145, p. 2085. 145, New York Water Service Ry.—Earnings— September— 193/ $56,903 27,453 21,448 Net after rents From Jan. 1— Gross from railway Net from railway Net after rents $46,330 20,012 14,095 $41,995 14,571 14,582 506,380 248,159 185,200 Gross from railway Net from railway 403,775 169,965 123,392 281,451 1936 1935 General 772 256,839 52,102 25,145 —V. 145, p. 2233. have declared a Gross $255,537 Interest $3,732,003 707 $230,928 $3,732,710 418 247 15,261 Interest on intge bonds.. Other int. & deductions. Int. charged to cons. $231,175 206,584 20,140 $3,747,971 2,460,730 244,420 C'r2,019 CY892 Net income Div. appl. to pref. stk. for the period, whether paid $33,248 $1,044,840 Expenses, & a sion Includes provision for surtax on $ $421,067 Savings 544,586 of serial special deposit.. Notes & accts. 3,058,952 267,902 Due from aff11 attack Equipment trusts _ Undisturbed bonds. New fixed-interest bonds Consumers' & ext. 233,151 274,407 Mtg. bds. assum'd 6,000 106,994 Notes payable Accounts payable. 100,000 .cos. 1,237 11,137 498,482 capi¬ _ New income bonds Preferred stock First preferred stock.. Common stock.. Total As - - .... modified - - ----- ... 139,745 105,974 Contrlb. for exts__ 29,429 50,532 $14,744 183,526 45 911 60,403 .... 17% $350,525 Preferred stock. Common stock. 4% 53% 13% 13% 100% 45,939 ______ ^ Total..----------- The modifications filed by the committee covered the following points (1) The total capital structure proposed by the debtor is too great and would result in a capitalization that would be unsound and undesirable in the public interest. (2) There is no equity in the debtor's property in excess of the aggregate amount of secured and unsecured debts, and consequently the present common and preferred stockholders of the debtor should not participate in the reorganized company. . (3) The treatment accorded to the Danbury & Norwalk bonds is inadequate. (4) The treatment proposed by the debtor for two notes which are classified by the debtor in to accord with the character of their Group 1st ref. Total 33,174,863 32,138,813 The committee found that the total secured and unsecured debts of the $349,952,197, and added that "the use of any reasonable for capitalizing earnings develops a value of the debtor's property that is considerably less than the amount of the secured and unsecured road amounted to basis 13,323 12,054 17,361 27,154 4,653,200 2,601.500 &c._ 2,872,393 2,895,930 3,219,384 Total 33,174,863 32,138,813 New York Westchester & Boston Ry.—Service on to Part of Line Discontinued— The company New Rochelle who at the on same discontinued all train service between Port Chester and Oct. 31, in accordance with the orders of Judge Knox, time ordered the receivers to operate the remainder of the road until Dec, 31. If, at the latter date, the profits do not warrant continuance of the system, it was indicated that a liquidation in the bank¬ ruptcy court would be ordered.—-V. 145, p. 2554. North American Edison Co. (& 12 Months Ended Sept. 30— Subs.)—Earnings — 1937 Total operating revenues 1936 1935 $99,613,913 $92,944,789 $85,894,340 33,351,087 31,115,381 29,040,983 6,307,224 5,577,658 5,233,909 11,011,787 10,545,119 10,022,168 3,515,625 3,386,610 2,528,237 211,938 Operating expenses Maintenance Taxes, other than income taxes Provision for income taxes.... Provision for Federal surtax Net operating revenues. Non-operating revenues $45,216,251 $42,320,019 $39,069,041 381,102 259,896 223,410 ■ Gross income. $45,597,353 Interest on funded debt..... 12,408,350 Amort, of bond discount and expense 676,411 Other interest charges 347,287 — _ $42,579,915 $39,292,451 12,813,478 13,765,053 578,310 617,886 181,011 154,784 13,484,112 Cr24,813 5,113,552 1.157,577 12,179,920 Cr328,302 4,917,730 955,050 11,685,686 Balance for dividends and surplus.$12,649,491 $10,580,878 $7,524,561 Interest during construction charged to property and plant Preferred dividends of subsidiaries Min. int. in net income of subs Approp. for depreciation Divs. on North Balance for Cr88,149 4,824,553 1,295,296 reserve American Edison Co. preferred stock. security. (5) The rights and conditions attaching to the new securities proposed by the debtor to be issued to secure creditors should be modified to afford more adequate protection for security holders. Misc. def. llabils y Represented by 26,015 shares of $100 par value, z Includes loan subsidiary company not consolidated herein.—V. 145, p. 949. 2,206,140 2,206,095 2,205,960 divs. and surplus.$10,443,351 $8,374,782 $5,318,601 i. rntge. banks holding collateral 2 requires modification 401,710 3,406 3,457 Earned surplus $454,932 Fixed interest bonds Income bonds 1,870,083 Miscell. reserve 6% cum. pref. stk. 4,653,200 y Common stock__ 2,601,500 Capital and paidin surplus 2,338,645 118,215 $350,525 - committee's proposals, the relationship of various types of securities to total capitalization would be approximately as follows: Equipment trust. revenue sessments, 45*250 60,403 ------ by the 9,858 786,553 321,468 452,291 Reserves Unearned 653,770 234,570 2,499,599 154,244 Sewer & paving as¬ 45 950 " . 48J22 9,669 __ 168,421 prepaid accounts 47,414 _ Second 46,094 por.) Accr'd liabilities.. 145,989 Deferred charges & 147.100 preferred stock (current Mat'ls & supplies. Debtor 45,939 45,911 __ 96,283 6,000 Sewer <fe pa v. ass'ts in proc.of amort. Prop, by 146.918' ..... 134,294 178,238 . $14,744 36,258 __ deposits Fire protec. reser Debt disc. & exp. the $14,744 36,608 ___ 20,206 100,000 114,409 tal stock proposed capitalization of the reorganized New Haven, but it flatly states that the railroad is insolvent and asks the Commission to hold that "the present common and preferred stock of the debtor is of no value." The capitalization of the reorganized railroad as shown by the committee's modifications and the debtor's plan were presented in the brief as follows: Prop, by Committee (Last three figures omitted) Pur. mon. bond <fc 2,936,550 498,482 on $ 16,071,500 15,532,500 224,874 rec. Unbilled revenue.. Commis. 1936 $ Funded debt mortgage Indebt. to Federal 650,000 MLscell. invest.— Cash New Committee Sheet Sept. 30 Wat.Serv.Corp. note issue Haven road, proposed in the debtor's the Interstate Commerce Bank undistributed profits. 1937 Plant, property, equipment, &c.27,865,605 27,598,923 savings banks with approximately $40,000,000 of investment in the New the $425,405 Liabilities— plan filed with the Commis¬ by the Mutual Savings Bank Group Committee. of 9,067 $395,126 1936 $ "The total capital structure proposed by the debtor," said the committee, "is too great and would result in a capitalization that would be unsound and undesirable in the public interest." The Mutual Savings Bank Group Committee represents 229 mutual Haven and its affiliates. Not only does the brief 15,526 con¬ 1937 Hartford RR.—Bankers File compared to a capitalization of $454,932,870 plan for reorganization, has been urged upon Commission in modifications to the debtor's 7,287 11,649 $319,646 refunding—not Consolidated Balance Reduce of $350,525,120 for the reorganized 8,866 14 debt Net income $3,209,450 2,569,714 218,669 Proposed Capitalization to $350,525,120 for Reorganization— A capitalization 39,541 Crl,986 219,750 54,908 summated z New Haven 32,044 Crl,729 193,500 a84,824 Provision for Federal income tax on Fed. income tax of prior years $500,254 De/$123,519 x Dividends accumulated and unpaid to Sept. 30, 1937, amounted to $2,518,710. Latest dividends, amounting to 87^c. per share on $7 pref. stock, was paid April 1, 1933. Dividends on this stock are cumulative, t Note: Includes provision of 410,900 made during the 12 months ended Sept. 30, 1937, and $255,700 made during the 12 months ended Sept. 30, 1936, for Federal surtax on undistributed profits.—V. 145, p. 2233. New York 38", 863 "9",272 4,653 23,064 28,311 Cr9,563 194,750 a82,300 Prov. for int. 6,025 544,586 3,710 "19,516 " interest Amort, of debt disct. & expense Balance.... Plan—Ask ICC to $1,594,948 784,600 Interest charged to construction Prov. for retirements & replacements. Proceeds unpaid or $1,526,083 780,655 gold notes Assets— $4,451 $1,551,475 43,473 Interest—parent company $3,195,500 13,950 $255,955 203,998 19,601 Gross income. $1,498,423 27,659 $1 ,433,221 775,222 5,958 mortgage debt.. serial notes on Miscellaneous $3,189,475 $255,537 Operating income on on Interest 483 Other income (net) x $230,445 • $1,403,649 29,572 corporate income Interest Service, Inc.—Earnings—- Period End. Sept. 30— 1937—Month—1936 1937—12 Mos.—1936 Operating revenues $1,421,909 $1,360,663 $17,938,628 $16,601,117 Oper.exp. (incl. taxes).. 989,372 953,218 12,082,625 11,287,642 Prop, retire, res. approp 177,000 177,000 2,124,000 2,124,000 Net operating rev 6,012 38,567 Cr25,942 15,851 134,888 338,783 66,696 31,028 ; Net earnings before prov. for retire. & replace. & Federal income tax. Other income 3184. p. Rent from lease of plant. 1935 $2,855,570 826,442 24,633 7,767 Crl8,698 24,840 86,771 280,151 52,904 19,283 Corporate taxes dividend of $1 per share on the capital stock, no par value, payable Nov. 15 to holders of record Nov. 8. This compares with $2 paid on Aug. 16 and on May 15 last;$1.50 paid on Feb. 15 last, and a regular dividend of $1 per share paid on Nov. 16, 1936, and each three months previously. In addition, an extra dividend of $1.50 per share was paid on Dec. 23, 1936.—V. 145, p. 1107. V. 144, New Orleans Public 1936 $2,951,911 891,047 14,455 9,289 Cr23,222 22,455 138,301 320,751 58,840 21,568 Maintenance Real property taxes Excise taxes Newmarket Mfg. Co.—Dividend Halved— The directors 1937 $2,927,049 917,516 operation. Rate case expense Other regulatory commission expense General exps. transferred to constr'n. Provision for uncoliectiole accounts.. def4,791 2857. p. Corp. (& Subs.)—Earnings— 12 Months Ended Sept. 30— Operating revenues 1934 $27,671 63,600 42,227 — The $2,819,000 Housatonic RR. consolidated mortgage 5% gold bonds, due Nov. 1, 1937 were not paid at maturity.—V. under Nevada Northern Nov. 6, com. Notes—(1) The provision for Federal surtax on undistributed income for the 12 months ended Sept. 30, 1937 was made in December, 1936 for the year 1936. No provision has been made for the surtax for the nine months ended Sept. 30, 1937, and no provision for the nine months ended Sept. 30, 1936 is included in the consolidated income statement for the 12 months ended on that date. (2) Appropriations for depreciation reserve for the 12 months ended Sept. 30, 1937 include $373,999 representing appropria¬ tion with respect to loss on abandoned transportation properties of a sub¬ sidiary.—V. 145, p. 950. obligation outstanding. North Boston Agree On Fixed Charges The committee agreed with the debtor on fixed charges and added that approximately $8,000,000 of fixed charges can be carried safely through periods of depressed economic activity and that such amount of fixed charges will be earned during normal years with a margin sufficient to make the obligations a medium for future financing." The committee also proposed some modifications in the plan by the sub¬ sidiary debtor, Old Colony RR., for its reorganization, basing its recom¬ mendations on the view that "the integrity of the New Haven Svstem should be preserved by the retention of the Old Colony as an essential operating unit." The committee said it creditors of the was Old in agreement with the treatment of the secured Colony proposed by the plan of the principal debtor and recommended that the Old Colony plan be modified to accord with it. It stated further that the Old Colony stockholders should be entitled to participate in the reorganized company "only to the extent that there is equity in the value of all of the assets of the Old Colony, including the value of its claim against the New Haven, over and above tbe amount of the secured claims." The committee proposed that "the treatment to be accorded stockholders of the Old Colony be that of unsecured creditors and that the Old Colony plan be modified to provide for the exchange of one share of new stock for common each present share hands of the public." of Old Colony stock now outstanding in the The Securities and Lighting Properties—Bonds— Exchange Commission has declared effective decla¬ rations filed by six subsidiaries of North Boston lighting Properties cover¬ ing an aggregate of $3,309,375 of 3% notes to be issued to parent company The names of the companies and the amount of notes to be issued are: Haverhill Electric Co., $1,014,375; Gloucester Electric Co., $235,000; Beverly Gas & Electric Co., $650,000; Maiden Electric Co., $200,000; Suburban Gas & Electric Co., $785,000, and Salem Gas Light Co., $425,000. —V. 145, p. 2858. Northern Texas Electric Co.—Reorganization — A copy of the notice was mailed Oct. 29 to the various security holders relating to a hearing to be held on Dec. 6 at 12 noon in the Federal Building, Boston, Mass., for consideration of the plan of reorganization. Acceptances of the plan of reorganization of company received to Oct. 26 from holders of its securities are as follows: 30-year collateral trust gold bonds __— Secured 7% gold notes Preferred stock scrip dividend certificates Preferred stock u 59% — 76% 68% 53% ..... While the requisite percentages T__ of each class of creditors bondholders) and stockholders have accepted the plan, it firmed and consummated until it has been thirds of the collateral trust (other cannot accepted by the holders bonds and certificates of deposit. be than con¬ of two- The latter Financial Volume are 145 therefore urged Old Colony Boston, Mass., without delay. send in their written acceptances to to 5Z°*' depositary, 17 Court St., —V. 145, p. 2859. Electric output of the Northern kilowatt-hours, an increase of 5.4% the corresponding week last year.—V. 145, p. 2859. enaed Oct. 30, 1937, totaled 26,092,316 Ogilvie Flour Mills Co., Ltd. 181,190 290,000 198,466 292,000 132,324 subsidiary companiesProfit investments $1,588,058 $1,447,471 172,500 246,293 2,448 179,112 238,865 3,139 248,225 1,459 30,000 Legal expenses Contrib. to pension fund $ Not by 40,522 no-par $8,043,840 $8,020,201 18.882] 17,667 18,133 $1,062,252 2,310,627 $930,824 2,189,803 $3,372,880 $3,050,627 $2,929,803 $2,926,305 140,000 140,000 600,000 140,000 600,000 140,000 600.000 shares.—V. 145, p. 2701. ,.••••• *;;• Co,—Earnings— 1937 1936 $12,956,324 $12,243,789 6,900,927 6,283.314 $2,310,627 $2,189,804 75.000 75,000 75,000 $10.54 $8.04 $8.09 Adj. of exec, salaries ap¬ plicable to prior years $6,055,397 Net operating revenue $746,749 2,179,556 $743,498 2,186,305 2,645 Other income $5,960,475 2,600 $6,058,042 1,200,000 operating revenue Appropriation for retirement reserve $5,963,075 1,103,750 $4,858,042 Net Dr70.000 Represented •• $2,186,305 tors b and $25,013 in 1936. Year Ended Sept 30— Operating revenues Operating expenses, maintenance and taxes 81,384 77,273 73.283 Previous surplus After reserve of $24,853 in 1937 a Total. $8,043,840 $8,020,201 Total 206,851 275,412 Earned surplus 49,719 Oklahoma Gas & Electric paid to " 20,438 reported Salaries & dirctors' fees exec, officers of the company Fees paid to other direc¬ 216,511 prepaid accts... $1,264,881 155,172 Provision for taxes 16,909 37,261 proc. of amort . Def'd charges & 8,518 deprecia'n. 155,077 receivable Debt dis. & exp. in ' Total income Provision for 68,039 109,516 Interest 153,000 20,468 __ 4,678 Accounts payable5,747 119,944 98,614 58,909 Accrued items 3,375 3,375 101,141 Unearned revenue. 144,915 Consumers' dep. & accr. int. thereon 16,311 r\" 15,711 16,823 480,503 454,582 307 Reserves 3,155,897 37,241 b Class A com. stk 3,155,898 Cap. sur. arising 213,241 from ap'r of prop 213,900 227,159 (at Miscel. invest, 1936 1937 $3,820,000 $3,820,000 bonds $7,420,088 $7,383,986 Materials and sup. of realization on fixed assets Pl't, prop., rights, &c gold 1st mtge. 5% Acer, unbill. rev._ 188,779 Divs. from wholly owned on 30 Liabilities— 1936 1937 Assets— aAc'ts & notes rec. 1934 1935 $821,488 235,961 Investment income Profit Co. Cash $914,584] $863,631 operations— on Water cost) -Earnings1936 1937 Years End. Aug. 31— Profit a the assets (subject to liabilities) The Trumbull and Mahoning During May, 1937, the cpmpany acquired wholly owned subsidiary company, of its Balance Sheet Sept. (Del.)—Weekly Output— States Power Co. system for the week Northern States Power Co. compared with 3017 Chronicle $4,859,325 2,222,882 . Total surplus Preferred dividend — (7%) Common dividend ($8) 600,000 - $2,632,880 <Surplus, Aug. 31 75.000 Shs.com.stk.out.(no par) $12.29 Earned per share * Balance Sheet 850,657 1,012,155 413,857 1,007 063 1,882,926 Shs. in 589,602 payable 125,494 Provision for divs. 185,000 Res account 5,000,000 Earned surplus 2,632,880 Reserve for taxes. 2,500,000 2,300,000 498,580 128,152 185,000 5,000,000 2,310,627 35 cents 1936 dividend of 25 cents per share on the holders of record Nov. 5. A like pay¬ cents paid on Dec. 10, Feb. 10 last and compares with 50 Aug. 17, 1936; 30 cents on June ment was made on on Inc.—Earnings- Oppenheim, Collins & Co., 1937 $9,986,793 9,852,979 1936 1935 $8,671,537 $8,190,764 x8,889,677 prof$133,813 $128,981 —170,203 192,988 Years End. July 31— Net sales_ ———- - — Cost and expenses 3,060,313 -—..- — operating loss Net and amts. Other income 8,800,518 . owing by wholly owned subs. cos. __ 3,183,601 13,032,976 14,922,360 Total Loss on sale of securities—_ Loss 13,032,976 14,922,360 Total a After deducting selling and general expenses. x Represented by 75,000 (no par value) shares, y After preciation of S3,519,640 in 1937 and $3,364,922 in 1936. —V. 143. p. 2690. Ohio Central reserve for de¬ z Less reserve. Telephone Corp. —Earnings— 9 Months 1937 Period Ended Sept. 30— $344,316 Operating revenues. Operating expenses, maintenance, taxes (except Federal income taxes) and depree. expense.- — - on leasehold re: oper. formerly occupied.. —. —. premises 29,800 12,000 undis. profits tax.. Prov. for Federal profit Dividend paid-__. ------ — x 12 Months 1937 $455,151 218,451 292,662 $125,865 —- $162,489 $125,944 $69,425 3,480 12,150 - Other deductions Preferred dividends paid or - accrued Balance x This dividend has been calculated at 3%. $162,568 93,194 3,539 xl6,200 $40,889 Gross income Bond interest..— Oct. 1, 78 78 Non-operating income.. $49,635 The rate increases to — Lifeinsur. policies Operating expenses, maintenance and taxes Interest, amortization of discount, &c Preferred dividends of subsidiaries-— Interest, amortization of disc., &c., of parent co_. Reserved for retirements Inv. in of 824 1,070 32,032 32,032 92,398 13,601 92,468 9,805 $9,878 Deficit ... . $3,960 * has been made in the above income account for ended Sept. 30, 1936. In the income account for the year ended 1937*there has been deducted surtax applicable to the earnings entire calendar year 1936.—V. 145, p. 1109. No deduction for surtax Sept. 30, 4,837.500 2,871 220,305 291,456 Furn.,fixt.,impts c have declared Years Ended Sept. 30— Operating revenues Operation Provision for uncollectible accounts $684,522 15v>,755 ——_——— • 27,901 General taxes Net earnings from operation Gross corporate 21,364 86,187 and accts. rec_. _ _ 87,173 ----- im¬ subsequent Represented by 199,963 no-par shares, d Furniture, fixtures, at the July 31, 1934, nominal value of $1 plus adoitions at cost, less reserve for depreciation.—V. 145, p. 2400. c provements, (& Subs.)—Earnings— 1937 $19,009,269 $13,581,664 8,839,759 6.851,232 667,582 398,479 Otis Elevator Co. Sept. 30— Nine Months Ended Net sales. - „ „ —- Maintenance and repairs — - income Total — — — Amortization of debt discount Provision for retirements $601,618 167,123 7,200 30,538 59,816 income Other deductions - Accrued Federal income taxes Net income-. 579,620 5,648,654 557,291 4,379,431 538,877 4,059,610 $1,395,231 loss$63,376 776,936 829,215 $4,571,177 275,190 y820,500 $2,172,167 280,872 $765,839 286,087 and replacements. — - ----- Does not include provision in respect to $479,752 $0.68 $0.09 2,000,000 shares $1.59 stock (no par) No mention is made of Federal surtaxes on undistributed profits Including surtax on undistributed profits. For the quarter ended Sept. 30. 1937 net profit was $1,114,338, equal to 51 cents a common share, comparing with $722,486, or 31 cents a common share in Sept. 30, 1936, quarter.—V. 145, p. 1269. Panhandle Producing & Refining 30— 1937—3 Mos.—1936 $1,130,321 985,627 $434,354 $338,376 191,000 - 625 $868,265 791,652 46,611 $100,328 1,051 191,000 1,080 10,648 8,302 23,750 $179,180 $104,051 10,648 a 16,945 possible Federal surtax on un¬ earnings. • ■ Note—As of Feb. 26, 1936, the company acquired the assets liabilities) of its wholly owned subsidiary company, Co. The operations of this subsidiary company for Feb. 26. 1936, have been consolidated with the company in above ment of earnings for the respective periods. distributed 234.000 $3,475,487 x$l,657,295 - Earnings per share on $336,941 1,435 35,500 and expense _ $9,915,283 5,072,211 .307,961 $3,273,654 1,297,523 Depreciation Expenses.... x income taxes, &c Gross oper. Cost, exp., (subject to Ohio Lakes Recreation the period prior to the state¬ 2,675,932 127,009 2,192,020 $30,002 2,376 $256,315 3,265 $130,409 $32,378 8,027 $259,580 31,693 $134,702 29,571 $91,211 $24,351 $227,887 $105,131 44,366 &c. Other income. Interest, &c. Profit x - After gasoline sales tax. provision has been made for undistributed profits taxes.—Y. 145, p. Note—No Paramount Pictures, 151,297 4,293 Federal income, excess profits or 1911. Inc.—Suit Funded— Alfred C. Coxe on Nov. 3 approved payment to Paramount of $2,150,000 in settlement of four suits against officers an^ Federal Judge Pictures Corp. Co. (& Subs.)— 1937—9 Mos.—1936 $3,059,256 $2,473,726 $101,379 10,168 Depr., depl., amort., —_ Miscellaneous interest a .$7,582,412 $7,466,177 Total $7,582,412 $7,466,177 $129,341 5,013 income— 851,776 y ----- Interest on bonds 5,341,133 920,943 777,457 Earned surplus Period End. Sept. Other income 31.750 5,341,133 920,943 x 1936 1937 Maintenance. Net income 31,690 Capital stock-— 19,670 a Co.—Earnings- insur¬ Sundary note loan common Ohio Water Service 144,348 41,800 for Initial surplus 9,127 Due from affil. co_ Other dividend of 50 cents per share on the common stock, no par value, payable Dec. 15 to holders of record Nov. 13. A like amount was paid on June 15, last, and compares with 35 cents paid on Dec. 15, 1936; 25 cents paid on June 15, 1936; and 15 cents paid on Dec. 14 and June 15, 1935 and on Dec. 15, Sept. 15 and June 15, 1934, this latter being the first payment made on the common stock since Dec. 15, 1932, when 10 cents per share was distributed.—V. 145, p. 1268. directors 140,679 Inc. ance 4,837,500 2,513 _ $245,175 5,372 profits tax Operating profit Co.-—50-Cent Dividend— Ohio Oil The Fed. & undist. Reserve Costs the year for Res. 866.700 stks.&bds. Realty Co., Inc.d 17,391 Sundry accts. pay. & accrued exps. 101.190 1936 1937 $237,001 Due to sub. co Opco Total-.-.. $298,154 163,258 $302,682 177,185 . Inventories 1936 1937 12 Months Ended Sept. 30— Gross earnings 355,326 108,979 821,944 Marketable securs. Deferred charges (& Subs.)—Earnings— 867,830 4,445 Accts. receivable Accrued interest Due from officers Note—Statement of income and expense from the books of the company, adjusted to reflect depreciation expense and preferred dividend accruals on basis of reorganization having been effective for entire period.—V. 145, p. 1595. ,, , ■/;■■■/: ;'■> - for the Cash Accounts payable- $141,512 794,103 3,945 382,081 $184,866 at July 31 Liabilities— 1936 1937 Assets— 4% 1937. Ohio Cities Water Corp. —'--- $198,325 loss$16,383 loss$591,594 99,981 - — : — — -Net sales include sales of leased departments and charges of service departments. For comparative purposes, the net sales and cost of sales for the year ended July 31, 1935. have been adjusted to include sales and costs of leased departments and service departments. Net sales for the year ended July 31, 1935, include Pittsburgh sales to date of store closing, Jan. 12, 1935, a period of approximately 5H months. Net Balance Sheet as Net income from operations 39,513 17,231 56,307 5,209 58,351 3,389 — - — Int. paid & misc. deductions-— Provision for Federal income tax—- $698,913 224,310 $64,007 loss$474,603 18 873 60.246 $304,017 2,151 Total income 1,814,748 1,605,618 1,840,274 (current) Invest, (current).. dividend paid dividend of $1 per share was since Dec. x 1, 1936, and 25 cents was the first share paid on Dec. 14, 1935. This latter 31, 1918, when a regular quarterly distributed.—V. 143, p. 2690. per 1.322,726 2,626,896 Accts. receivable Stocks on hand :$"/■ stock, payable Nov. 22 to common 1,046,084 ___ Cash z Common $2,232,378 Co.-—25-Cent Dividend— directors have declared a The $ 2.000,000 603,890 and amts. owing by partly owned subs. cos. (non-current) $ 2,000,000 stock-- 2,500,000 Bank loans pat. rights, &c._ In x Accts. Other inv. & mtge. Shs. 1936 1937 2,878,841 375,360 28,705 $2,710,611 Net income Old Dominion Preferred stock plants, Ac 2,805,683 G'dwill, t'dmarks, 290,189 49,225 and expense —V. 145, p. 2400. Aug. 31 Liabilities— $ 1,808,017 (net) Other income deductions 1936 1937 Assets— yjWat. pow., mill Gross income Interest Charges Amortization of debt discount 3018 directors Financial of Parainount-Pubiix Corp., Chronicle the predecessor company. The suits, filed by stockholders In 1934, claimed $17,500,000 damages, alleging mismanagement, payment of excessive compensation and misuse of a stock Surchase planSamuel Katz and AmongW. Brulatour. for employees. Jules the defendants Lasky, esse Estimated Earnings Third Pennsylvania Glass Sand Corp.—Bonds Called— were Adolph Zukor. of Brown Consolidated earnings for 13 weeks ended Oct. 2, 1937, after all Such earnings do not include Net sales approximately $440,000 representing Para- Total income subsidiaries. The combined estimated consolidated earnings and share of undistributed earnings of partially-owned subsidiaries for the quarter ag¬ Costs, consolidated earnings and share of undistributed earnings of partiallyowned subsidiaries for the nine months aggregating $6,096,000. There were outstanding as of Oct. 2, 1937,. 142,407 shares of cumulative convertible ($100 par) 6% 1st pref. stock and 503,291 shares of cumulative convertible ($10 par) 6% 2nd pref. stock. After deducting $298,103 of dividends accrued for the quarter on these outstanding preferred shares, the remaining $1,659,897 of consolidated earnings for the quarter represent 67 cents per share on the 2,456,027 shares of common stock outstanding on Oct. 2, 1937. Computed on the aggregate $2,398,000 of estimated con¬ solidated earnings and share of undistributed earnings of partially-owned referred Earnings to above, per common The consolidated to provided earnings for the third (14 quarter weeks) of $2,013,764, after applying $200,000 of the inventory 306,842 $794,729 77,865 306,655 $545,610 94,110 243,411 $654,192 98,472 148,545 $330,021 $410,209 $208,089 $407,175 245,474 245,324 $2.92 245,324 $1.84 118,837 (no par) Earnings share per $2.59 Note—No provision has been made for Federal surtax 115,819 $4.58 undistributed on profits. For the quarter ended Sept. 30, 1937, net profit was $175,359 equal to 65 a share on common, comparing with $262,353 or $1.01 a share in Sept. 30, 1936 quarter. Current assets as of Sept. 30, 1937, including $1,894,301 cash, amounted to $5,179,168 and current liabilities were $1,613,826. This compares with cents of 1937 would amount to $1.78 per common share based on the estimated consolidated earnings, and $2.36 per common share based on the combined estimated consolidated earnings and share of undistributed amounted 2,254 $682,224 45,361 Shs. of com. stock outst. the earnings 90,565 Cr2,790 Surplus same partially-owned subsidiaries. 140,246 Cr24,015 Common dividends earnings per common share for the basis, would t>e 85 cents. share similarly computed for the first nine months the on 120,393 Cr33,3ll Net profit Preferred dividends.... $2,398,OoO. quarter, calculated $16,509,355 $15,221,111 $13,997,241 $12,181,328 deprec., &c 15,740,049 14,310,151 13,363,856 11,409,063 exps., Federal taxes Other deduc., less other income On the same basis as above, the estimated consolidated earnings for the 39 weeks ended Oct. 2, 1937 were $5,270,000, and the share of undistributed earnings of partially-owned subsidiaries $1,420,000, the combined estimated subsidiaries 1111. p. $16,286,237 $15,014,949 $13,799,503 $12,002,422 223,118 206,162 197,738 178,906 Other income. mount's direct and indirect net interest as a stockholder in the combined undistributed earnings for the quarter of partially-owned non-consolidated gregate Brothers, Harriman & Co.—Y. 145, Peoples Drug Stores, Inc. (& Subs.)—Earnings— 9 Mas. End. Sept. 30— 1937 1936 1935 ' 1934 charges including interest. Federal taxes (except undistributed profits taxes), depreciation and reserves x$l,958,000 x 1937 A total of $51,500 first mortgage 4H% sinking fund bonds maturing Dec. 1, 1960 have been called for redemption on Dec. 1 at 102)^ and interest. Payment will be made at the New York, Boston and Philadelphia offices 1937 Quarter Nov. 6, cash of $1,855,628, current assets of $4,922,628 and current liabilities of $1,553,428 on Sept. 30, 1936. Inventories amounted to $3,238,913 against of $3,000,548. 1936 Total assets of company and subsidiaries as of Sept. 30, 1937, aggregated $8,381,012 comparing with $8,092,951 on Sept. 30, 1936, and earned surplus was $2,954,627 against $2,597,591.—V. 145, p. 2401. reserve as of Dec. 28, 1935, and Paramount's net interest as a stockholder in the combined undistributed earnings of partially-owned subsidiaries for quarter totalled $247,000, a combined total of $2,260,764. For the first nine months (40 weeks) of 1936, the consolidated the Peoples Gas Light & Coke Co. (& Subs.)—Earningt earnings were $2,255,224, after applying $1,800,000 of inventory reserve, and Paramount's net interest owned as a stockholder Total gross earnings Gas purch. & produced. in the combined undistributed earnings of partiallynine months totalled $1,032,000, a combined subsidiaries for total of Period End. Sept. 30— the $3,287,224.—V. 145, p. Operation 1431. Maintenance Provision for deprec State, local and misc. Federal taxes.. Paris-Orleans RR. Co,—Bonds Called— Two French railroad companies on Oct. 29 gave notice that portions of their outstanding bond issues have been drawn for redemption on Dec. 1. The Midi RR. Co. will redeem 3,200,000 francs principal amount of its 4% bonds, foreign series, due 1960, and the Paris-Orleans RR. Co. will redeem 500,000 francs principal amount of its 6% bonds, foreign series, due 1956. In both cases, the principal amount of the drawn bonds will be payable on and after Dec. 1 at the office of J. P. Morgan & Co. by check in French francs on Paris, or, at the request of the holder, at the dollar equivalent of the franc amount of the bond on the basis of J. P. Morgan & Co.'s buying rate of exchange on Paris at the time of presentation.—V. 145, p. 1431. Federal Surtax Net Corp. (& Subs.)—Earnings— Consolidated Income Account for Nine Months Ended Sept. 30, 1937 developing and printing sales (net) $910,599 Film rental income (net of distributors' allowances) 85,806 Income from other operations (net) 9,012 Total Producers' participation and amortization of advarces ' 792,689 110,078 $289,924 7,437 6,000 Earnings per share on 585,095 shares common (par $1) Provision for depreciation and amortization included above—$22,496. on the profit for the nine months ending Sept. 30, 1937, it does not appear that the company has any liability for surtax on undistributed income a at that date. Note—The Du Pont Film Manufacturing Corp. (the common stock of company owns 35%) had a net profit, after all charges, including normal Federal income taxes, of $1,149,000 for the first nine months of 1937, as compared with $861,000 in the corresponding period of 1936. The portion of these earnings which accrued to the company's 35% common stock interest amounted to $402,000 in 1937, as compared with $301,000 in 1936. Of these earnings, $157,000 were distributed in 1937 and $196,000 in 1936, which undistributed amounts are not reflected in the given above.—V. as 145, See list given on first page of this department.—V. 144, p. Gross income Reserved for $1,216,994 557,746 $689,375 $659,248 1,665 Dr543 63 148 347,873 54,823 399,247 59,079 $287,158 $199,107 retirements Net income No deduction for surtax has been made in the above income account for the year ended Sept. 30, 1936. In the income account for the year ended Sept. 30, 1937, there has been deducted surtax applicable to the earnings for the entire calendar year 1936.—V. 145, Pennsylvania Water & Power 9 Mos. End. Sept. 30— 1937 Gross income -x$4,901,103 Operating expenses \ Maintenance expenses..) Renewals and 1111. Co.—Earnings— 1936 1,363,146 ments expense. 1935 Net income Preferred dividends Common dividends Surplus Including $292,169 357,231 525,020 787,701 28,500 8,100 $4,221,642 932,733 220,791 351,420 349,425 535,113 788,359 441,560 791,596 310,628 361,798 793,521 $1,615,126 $1,675,374 $1,602,172 80,598 1,289,544 58,519 967,158 $461,263 $244,984 $649,697 ...II. $1,831,406 80,598 other ' income.—V. 145, p. $820,442 '// 47,250 73,706 $3,070,655 664,425 $894,149 664,421 $4.62 $1.35 " Petoskey Portland Cement Co.—Pays AO-Cent Dividend years.—V. 144, 951 14,359 1795. The directors have declar d a dividend of 87K cents per share on account of accumulations on the 7% cum. pref. stock, par $100, payable Dec. 1 to holders of record Nov. l9. A similar payment has been made in each of the eighteen preceding quarters, as compared on with Dec. 1, 1932.—V. Pines Winterfront Co.—Additional 88 145, p. cents paid on 775. Listing— The Chicago Stock Exchange has approved the additional listing of 141, 259 shares of common stock, $1 par, to be admitted to trading upon notice of issuance and notice that registration has become effective Securities Exchange Act of 1934.—V. 145, p. under the 1432. Pittsburgh Coal Co. (& Subs.)—Earnings— Period End. Sept. 30— 1937—3 Mos—1936 Operating profit $1,137,985 $1,042,107 Other income (net) 72,170 61,545 $1,210,155 Total income.. 1937—12 Mos.- 1936 $4,612,390 304,924 $3,135,279 292,535 $4,917,314 1,060,750 4.065,699 $3,427,814 238.277 261.272 $1,103,652 273,262 amort 1,010,072 997,563 Federal income taxes 62.181 63,006 CrlO.682 264,942 11,349 36,934 $108,848 304,644 $219,497 $485,4^6 $1,768,515 $413,492 $219,497 $790,070 Interest Minority interests x 014,522 Special charge . Net loss x 1,116,668 3,804,450 304,644 $1,768,515 Represents charge off of balance due on mortgage receivable for prop¬ now considered unrecoverable.—Y. 145, p. 952. erty sold, Pittsburgh Screw & Bolt Corp.—Earnings— Period End. Sept. 30— Gross profit on sales.... Expenses Operating profit Other income _ _. Net profit per sh. on 1937—9 Mos.—1936 $2,525,180 607,524 $1,771,621 517,098 $458,474 7,862 Depreciation Earns, 1937—3 Mos—1936 $658,403 $560,405 199,929 174,792 cap.stk $385,613 13,682 $1,917,656 12,355 $1,254,523 .$466,336 19,907 78,479 69,959 18,155 $399,295 $1,930,011 26,546 235,438 317,543 80,311 $1,295,294 $279,836 Miscell. deductions $210,487 $0.14 $1,270,173 $712,008 $0.84 $0.49 $0.18 1,965 83,928 55,952 46,963 Note—No provision has been made for Federal profits.—V. 145, p. 2087. surtax on 40.771 3,729 251,782 183,983 143,792 undistributed Pittsburgh United Corp.—Appeals Taken— Appeals have been taken to the Pennsylvania Supreme Court in Phila¬ delphia in the preferred stock redemption case. In addition to an appeal by the common stockholders committee, the Peoples Pittsburgh Trust Co., as trustee, is appealing the modification of the original decision whereby the provision is nulified for payment to preferred stockholders of interest from March 1, 1937.—V. 145, p.. 2556. Polaris Mining Co.—Initial Common Dividend— 96^,158 $620,655 p. Phoenix Hosiery Co.—Accumulated Dividend— 1934 $4,524,015 1,001,946 264,114 1,289,544 funded debt. Tax assumed on interest Misc. inc. deductions... on $3,070,655 misc. Federal taxes Interest $4,844,625 1,181,200 373,404 replace¬ Taxes Interest p. 209,276 def26,527 The company paid a dividend of 10 cents per share on its common stock Nov. 1, last. A dividend of 25 cents was paid on Feb. 15, last, this latter being the first payment made in several 1936 $1,252,383 563,008 Interest, &c., deductions of subsidiaries... Minority interest Int., amortiz. of discount, &c., of parent companyl of Loss 1937 expenses, maintenance and taxes 173,070 209,276 168,471 on 3013. Pennsylvania State Water Corp. (& Subs.)—Earnings Operating sale Depl., depr. & 2555. p. Payne Furnace & Supply Co., Inc.—Registers with SEC 12 Months Ended Sept. 30— Gross earnings. 238,059 52,319 def5,604 a dividend of $2 per share on the capital stock, payable Dec. 10 to holders of record Nov. 12. This will be the first dividend paid since July 17, 1933 —V. 145, p. 1596. which company 60,161 intan¬ Dividends Resumed— $276,487 $0.40 Bajsed the 59,366 52,319 46,901 def$212,931 def$423,922 of March 1, 1933, and 87 cents Profit for the nine months ended Sept. 30,1937 of $5,454,947 4,062,848 215,837 The directors have declared $30,083 259,841 Total account $7,536,963 3,481,402 369,097 Net income.! def$212,931 def$376,672 Com. shares outstanding 664,425 664,421 Per share earnings def$0.32 def$0.57 72,566 expenses Interest expense b Provision for Federal income tax income $612,207 874,907 54,345 $1,005,417 a Profit from operations Other income b $910,766 868,642 96,467 investments Film Operating expenses.. Selling, general and administrative $4,663,536 791,411 ? Balance on 53,464 117,917 $5,801,217 1,735,745 Mill, stockholders' int.. Profit 3,581,280 338,20§ $418,414 193,792 gibles of subsidiaries.. $1 per share in addition to per share on the common the regular quarterly dividend of 37 M cents stock, par $2.50, both payable Dec. 1 to holders of record Nov. 10. An extra dividend of 82J^ cents was paid on Dec. 1, 1936.—V. 145, p. 2555. 3.700,088 $492,394 418,372 count and expense Parker Rust-Proof Co.—Extra Dividend— Pathe Film from oper. Amortization 145, p. 1270. extra dividend of 808,077 8,409 Amortization of debt dis¬ have declared a dividend of 15 cents per share on the stock, payable Dec. 20 to holders of record Nov. 22. This will be the first dividend paid since July 10, 1929 when 20 cents per share was an earns, Net earnings Int. on funded deot General interest common Directors have declared 1,011,807 9,877 J Other income directors distributed.—V. tax undistributed on earnings Park Utah Consolidated Mines Co.—Divs. Resumed— The normal 1937—3 Mos.—1936 1937—12 Mos.—1936 $9,099,743 $8,625,5.33 $40,498,109 $39,124,978 3,966,394 3,709,321 16,441,157 15,775,205 2,284,139 2,352,530 8,983,282 9,755,546 507,430 509,470 1,828,121 1,986,704 827,700 819,309 3,288,116 3,309,240 on p. The directors have declared an initial dividend of three cents per share the common stock, payable Nov. 29 to holders of record Nov. 5.—V. 145, 952. Volume 145 Financial Pittsburgh Steel Co. (& Subs.)—Earnings— ,T Net sales ■!._ 1 O 7 554 172 _____ Depreciation and depletion Period Ended- $8,329,288 ___ Cost and expenses IIZI~Z1, Net profit after Oct. 38R948 deprec., Fed. taxes, minority interest, &c. _ _ _ _ _ Net income '37 Oct. 9, '36 — Oct. 3, '36 —V. 145, p. 1113. no-par shs. cap. Note—No Interest, &c.. Federal and State income taxes 3, Oct, Earns, per sh. on 771,476 $432,284 110,079 65,045 Total income an WfifiJrv- Wrrl-" '37 9, interest, $393,168 39,116 _ Profit.. Other income $257,160 . - $213,266 $274,613 $443,730 $343,582 $0.28 $0.35 $0.58 $0.45 stock. provision made for Federal surtax undistributed profits. on Quinte & Trent Valley Power Co .—Bond Payment—The company announced that an initial disbursement of 50% on principal 6% first mortgage bonds is to be made from funds now in the hands of the trustee, C hartered Trust & Executor Co., Toronto. Final distribution will be made as soon as possible after the initial 50% is paid, upon completion of sale of the company's assets and payment of expenses* of the sale.—Y. 145, p. 1597. of Stock At 3019 Purity Bakeries Corp. (& Subs.)—Earnings— • Income Account for Quarter Ended Sept. 30, 1937 . . Chronicle Option Approved—Directors— the annual meeting of stockholders held Oct. 27, a stock purchase option to H. A. Roemer, President, was approved. Members of the new board of directors are: Charles E. Beeson, Albion Bindley, Frank F. Brooks, T. W. Friend, J. H. Hillman Jr., George T. Ladd, Henry J. Miller, George P. Rhodes, H. A. Roemer, W. H. Rowe, Jr., W. C. Sutherland 145, p. 2703. and E. A. Walker.—V. Power Securities Corp.—Bonds Called— The company announced that it will redeem on Dec. 1, 1937. at 101 accrued interest, $1,450,000 principal amount of its collateral trust and gold bonds, American 6% series, including secured income bonds which have previously been selected for conversion into collateral trust gold bonds American 6% series. Many bonds have been called for redemption in part only, and holders of such bonds will be entitled to receive new bonds in the denomination of $100 each in an aggregate principal amount equal to the unredeemed portion of their present bonds. A list of the bonds to be redeemed either in whole or in part can be obtained from Bankers Trust Co., New York City. All called bonds should be surrendered to Bankers Trust Co. on or after Dec. 1, 1937.—V. 141, P. 3548. v/:> Public Service Co. of Northern Illinois—Income Accts. (Consolidated to include Public Service prior to the liquidation of that Subsidiary Corp. for those periods company on Dec. 31, 1936) 1937—3 Mos.—1936 Operating revenues purchased purchased $10,038,361 * ~ Power 914,283 965,759 _ Gas Operation Maintenance Appropriation for depr. Taxes (estimated)— State, local & miscel¬ _ 3,212,869 615,940 1,000,000 surtax distributed $9,320,279 $41,753,622 $38,763,336 923,225 3,538,865 3,683,361 814,052 3,989,355 3,790,396 3,022,874 13,048,239 11,796,891 563,036 2,307,907 2,089,126 1,000,000 4,000,000 3,999,812 978,280 161,100 778,858 122,647 3,526,619 917,800 3,103,412 678,831 54,000 35,900 329,200 136,700 $2,059,683 $10,095,635 63,449 447,407 $9,484,803 92,141 $2,228,269 1,348,982 def4,832 income Federal 12 Mos.—1936 $2,123,133 $10,543,042 1,403,177 5,395,929 def7,922 defl2,725 $9,836,269 5,685,416 41,534 447,057 488,025 ,__ on un¬ income _ Net earnings The directors at a special meeting held Nov. 5 declared a dividend of 20 cents per share on company's common stock, payable Dec. 21 to holders of record Nov. 12. This will be the first time that the company has ever paid a dividend on its common shares. At the same time directors declared a dividend of $31.25 per share on the old "B" preferred stock for the period from Oct. 1, 1931 to Dec. 31, 1937, payable Dec. 21 to holders of record Dec. 10. David Sarnoff, Presi¬ announced that the directors had fixed Nov. 30, 1937, as the final date for the conversion of "B" preferred stock for first preferred stock and common stock under provisions of the company's charter. dent of the company, Earnings for 3 and 9 Months Ended Sept. 30 $2,136,128 Other income (net) Other interest (net) earnings —V. 145, , $1,083,604 $6,599,111 $0.02 $0.30 $2,847,383 $0.03 2862. p. : Corp.—Hearings Nov. 15— J. W. Alger, special master in the reorganization proceedings of the corporation, adjourned on Oct. 28 hearings on the proposed plan of re¬ organization until Nov. 15.—V. 145, p. 1751; Railway Express Agency, Inc.—EarningsPeriod End. A ug. 31— 1937—Month—yl936 1937— 8 Mos.—y 1936 $12,509,287 $12,047,488$104,314,145 $97,839,994 226,496 218,247 1,841,687 1,764,080 Charges for transp & income revenues inc__$12,735,783 $12,265,735$106,155,832 $99,604,074 8,350,881 7,529,739 65,281,198 59,532,659 470,622 196,311 xl ,378,475 1,533,744 Int.&dis. on funded deb. 133,491 132,694 1,067,385 1,073,080 Other deductions 9,008 1,223 76,731 15,838 Total revenues & Operating expenses Express taxes 351,466 Rail transp. revenue x $3,771,781 __ $4,405,768x$38,352,043 $37,448,753 Includes credit of $2,153,570 due to reversing in June, 1937, accruals up during the period March to December, 1936, inclusive, at 3H%. covering Federal Excise Tax under Act of Aug. 29,1935 (railroad retirement) set y 101,390 106,819 all Radio-Keith Orpheum Amortization of debt dis¬ count and expense after charges $1,951,726 Earns.per sh.on com.stk, $0.08 * Int. on funded debt 1937—9 Mos.—1936 1937—3 Mos.—1936 Net Other laneous Federal Federal 1937- Radio Corp. of America -Declares Initial Common Divi¬ dend—Clears Up All Preferred Arrears■— 1936 figures restated for comparative purposes—including elimination (railroad retirement) accruals, z Payments to rail privileges.—V. 145, p. 2241. of Federal Excise Tax and other carriers—express Net income Div. $777,301 Amount available Shares of 1,021,702 Republic Petroleum Co.-—Earnings— for $516,043 stock $371,101 $3,673,234 666,460 $0.77 _ 651,185 666.460 $0.57 $5.51 Co., above.—V. Public Service Co. of revenues Operation Power purchasedGas purchased _ - _ Maintenance Depreciation Provision for reserve & State p. $4,481,225 1,089,509 228,004 14,000 264,899 580,498 $■ 1,147,617 978,230 219,515 14,503 a248,938 a461,164 $580,138 39,779 Net oper. income. Other income (net) 514,332 187,148 $593,797 $632,959 15.13J 7,172 $608,928 $619,917 172,512 55,790 81,519 $341,697 xl70,359 109,230 050,841 $640,132 180.166 $1,718,493 559,191 19,573 80,503 5,751 _ 8,887 28,608 83.357 67,074 33,660 60,246 35,108 35,179 4,500 202,940 y$120,029 $2,781 i Net income y charges for city, county and State taxes paid and accrued, amounting to $18,910. y Before tax on undistributed profits.—V. 145, p. 1434. x Includes Revere Copper & Brass, Inc.—Earnings— Including Wholly Owned Subsidiary Companies] 30—\ , Net operating Interest profit. earned, cash discounts &c__ — ____ Total income int. & miscell. deductions. 932 .. 1,600 • 2.831 Cash discounts on sales & miscellaneous charges.— Loss on own bonds purchased and retired— — — $396,317 Net income. *133,892 Prior lien stock dividends _ _ _ _ _ $262,425 __ $420,869 133,892 $286,978 $967,461 401,675 $565,786 1937 $4,543,376 167,318 $4,710,687 460,422 1936 $3,134,237 .. _ 102,8o5 $3,237,091 235,776 7,345 467 $4,242,920 $3,000,848 6,400 Net income Balance. - Abandonments $1,685,934 32,559 $1,605,837 535,108 17,078 178,141 count & expense a 45,199 58,611 Prov. for Fed. inc. & cap. stk. taxes._ Amortization of bond dis¬ on $498,691 193,468 62,936 Gross income 63,523 . $1,562,362 43,475 27.785 _ Funded debt interest Taxes assumed $337,508 4,189 Depletion Depreciation Int. in profits of subs 9 Months Ended Sept. _______ _ $473,812 24,879 35,743 $683,571 ____ Production and general expense 25,000 554,802 income _ $401,031 103,432 $557,727 83,916 gasoline Other income 1937—9 Mos —1936 25,000 174,543 81,323 General interest $365,287 & casing- Profit Oklahoma—Earnings- 195.607 normal tax Gross income. $557,727 _ _ _ Total income. 2861. 1935 1936 1937 $683,571 30— of gas for — Federal 145, 1937—3 Afos.—1936 $1,617,696 $1,498,520 379,664 337,000 86.019 75,962 3,184 1,882 77,801 97,036 200,299 a154,136 storm damage State, local & misc. Fed. taxes head sale Royalties Edison Period End. Sept. 30— Operating $2,599,591 651,185 $3.99 Stock— Redeem See Commonwealth 9 Months Ended Sept, lYoceeds from Earnings per share. To $3,621,293 1,039,546 Crude oil sales, gross stock common $4,712,781 255,387 on stocks common $626,488 261,258 requirements preferred $1,052,825 401,675 $651,150 _______ 980,847 963,460 282,291 49,540 653,000 293,911 & exp.__ Depreciation Interest on bonds Amortization of bond premium, discount Provision for Federal normal income tax ____ 44,520 285,000 Provision for retirement. Note—It estimated is that the has no liability for Federal for this period.—V. 145, p. 1112. company undistributed profits tax on its operations Puget Sound Power & Light Co. (& Sxihs.)—Earnings 1937—12 Mos.—1936 Period End. Sept. 30— 1937—Month—1936 Operating revenues-— -.all ,584,024 $1,288,201 $16,464,875 $14,626,439 6,338,375 5,527,262 Operation, 592,460 474,703 1,107,975 849,040 Maintenance._ 110,423 75,483 1,935,922 1,798.040 Taxes. b 196,007 178,260 ___ $1,413,957 $0.39 Note—The net income as shown above for the nine months ended Sept. 30,1937, reflects a charge against operations of $925,851, with a correspond¬ ing increase in the metal stock reserve, following the "normal stock" method. The metal stock reserve amounts to $1,269,552 as at Sept. 30, 1937. As inventory adjustments, including reductions from cost of market, are customarily reflected in the corporation's income statement only at the Net income for period Earnings per share on common income, revenues.$685-134 Non-oper. income (net). Drl5,334 $559,754 41,128 $7,082,603 76,563 $6,452,096 564,015 reserve such adjustments are reflected in the above net but the corporation has charged earned surplus and credited a special $1,350,000 to reflect total estimated inventory losses (based on with principal raw material market prices as at Oct. 27, 1937) which may be sustained. "4 has been made for Federal surtax on undistributed profits excess profits tax.—V. 145, p. 2242. ultimately $600,882 317,762 $7,159,166 3,857,440 $7 016,112 3,860,749 •Balance$348,840 $283,121 Appropriations for retirement reserve..—______ $3,301,726 1,434,183 $1,804,508 550,000 1,583,970 $1,721,179 550,000 1,583,970 $329,462 , , No provision $3,155,362 1,497,218 $2,277,241 $2.11 close of its fiscal year, no ______ Net oper. _____ $412,791 Balance.. Interest & amortiz., &c. $669,800 320,960 or Rochester Period End Telephone Corp.—Earnings— Sept. 30— Operating revenues.___. Balance — Prior preference dividend requirements Preferred dividend requirements Balance deficit a to a _ — utility, $206,317 from sale of electric energy b No provision has been made for the Federal surtax on un¬ Operating revenues— Operating expenses $419,967 304,495 $400,192 288,133 $3,719,997 2,663,741 $3,535,506 2,610,725 $115,472 52,848 $112,059 33,408 $1,056,256 399,835 $924,781 300,77o $62,624 $78,651 $656,421 $624,006 Net oper. revenues Operating taxes.___2 tax cannot be determined 1, 1937 adopted the Federal Power Com¬ System of Accounts, hence previous year's figures are not exactly comparative.—V. 145, p. 2403. Note—The company on Jan. Net oper. income —V. 145, p. 2242. mission Pure Oil Co.—Preferred Stock Called— cumulative preferred stock has been called for redemption on Jan. 1, next, at $110 per share and accrued dividend. Payment will be made at the Chase National Bank, New York City, or at the City National Bank & Trust Co., Chicago, 111.—V. 145. p. 2862. All of the outstanding 8% 1937—9 Mos.—1936 $3,723,678 $3,539,415 3,681 3,909 ___— Includes non-recurring revenue of distributed profits since any liability for such until the end of the year. 1937—Month—1936 $419,967 $400,192 Uncoil, oper. revenue— Roeser & Pendleton, Inc.—-Listing and Registration— adtritted the con rr on stock, no par, 145, p. 2242. The New York Curb Exchange has to listing and registration.—V, Rose's 5, 10 & 25 Cent Stores, The directors have declared an extra, the common Inc.—Extra Dividend— dividend of 50 cents per share on 1 to holders of record Nov. 20. shares par $1, payable Dec. . ,i Financial 3020 Chronicle Sandt Farm dividend of 15 cents per share was paid on Nov. 1, last. A regular quarterly —V. 145, p. 2557, 2405. 12 Months Ended General Kate $502,165 184,755 6,012 4,900 CY4,99o case expense. $544,917 183,224 14,455 1,334 GY3.491 900 43,338 revenues 855 3,800 Other regulatory commission expense Gen. exp, transferred to construc'n.. Provision for uncollectible accounts. Maintenance . -——■— 21,301 55,035 2,719 1,990 169,080 24,528 1,550 GV4.092 1,710 19,465 49,241 2,535 1,303 $267,493 $243,319 122 — .. 197 383 Real property taxes —; 62,958 Excise taxes.—o,342 Corporate taxes ...... Net earnings ...... Other income— — Gross corporate income.. funded debt— Interest on ---- $195,278 — ...— 77 on in y Sheet 11,049 64,426 63,845 28,103 plies Def'd $62,828 28,387 19,991 30,515 30 1936 1937 $2,200,000 14,917 12,828 Corp... 139,500 203,700 2,376 1,541 42,094 Paper Co .—Earnings— Oct. 3, *37 Net sales... Mfg. & maint. expenses. Depreciation Selling & gen. expenses.. Sept. 27, "36 Sent. 29, '35 Sept. 30, '34 $10,408,786 6,008,839 438,600 2,733,695 Federal taxes 199,469 Pennsylvania income and capital stock taxes .........$5,462,695 $5,463,413 125,712 66,459 $700,511 $700,336 y$756,442 $700,511 46,703 384,674 104,794 223,755 $700,336 106,838 598,482 $366,751 $325,064 284,978 x$2.49 $371,962 168,874 $3 52 569,984 $1.69 the number of shares outstanding at Oct. 3, for Federal undistriubted profits tax. on Comdensed Statement Cash Allother 56,087 50,000 surplus... 1,185,500 1,185,500 592,393 592,393 677,031 650,192 $3.51 1937. y No $2,111,067 2,125,139 Sept. 27, '36 Sept. 29, '35 $840,562 $1,128,680 2,374,862 2,295,390 77,542 526,453 50,000 198,420 $395,078 168,864 Comparing Current Asstes and Current Liabilities Oct. 3, '37 3,768 3,604,836 376,844 1,926,097 119,942 $730,005 26,437 Shs.com.stk.out.(nopar) Earnings per share provision $6,728,055 118,442 Balance x$1.24 $7,590,813 4,204,263 421,673 2,069,869 128,038 y$965,233 Net income 8,941 Reserves Common stock.. | Total $5,462,695 $5,463,413 Represented by 2,000 shares (no par), 145, p. 954, y After of $4,142 in reserve 1937 and $4,894 in 1936—V. Royal Typewriter Co., Inc.—Earnings—Director— Earnings for Two Months Ended Sept. 30, 1937 Net inc. after all charges except surtax on undistributed profits.. A. E. Davis, Treasurer, has been elected a director, replacing .$449,304 Willis H. Bootn, retired.—V. 145, p. 2405. Saco-Lowell Shops—New $8,651,268 4,767,817 443,454 2,414,675 169,604 $909,740 55,493 Gross profit Other income (net) 210 Surp. arising from appraisal, &c Reorganization Plan— Directors are proposing a new plan of reorganization similar to the old, which has been abandoned, except that the new one contemplates no under¬ amount Scott 9 Months Ended— 8,008 550,296 $0.76 $2.51 depreciation Federal income taxes, &c. 12 months ended Sept. 30, 1937, was $538,173 equal to $3.20 a common share agaiast $203,760 or $1.19 a share for the 12 months ended Sept. 30, 1936.—V. 145, p. 2863. 27,682 Earned surplus writing. $0.75 After x Net profit for tne cos... Paid-in x $1.35 shs.com Accounts payable. Accrued liabilities. x Total sh. on 167,715 Due to parent and affiliated 1937—9 Mos.—1936 $422,524 $130,104 1937—3 Mos.—1936 $227,440 $129,056 Sept. 30— Net profit Earns, per Common dividends Consumers' depos. Extension deposits charges and prepaid accounts x Preferred dividends Sept. 41,257 37,609 Materials and sup¬ Unbilled revenue.. $93,586 DuetoN.Y. W.S. 11,365 Accts.¬es rec. 3,082 1st mtge. 5% gold bonds $2,095,000 &c.$5,304,448 $5,257,367 proc.of amort 1,363 Liabilities— 1936 exp. Cash...... 8,013 undistributed profits. property, & 25,420 1,666 Balance disc. 25,420 a6,221 - 1937 Assets—• equipment, GY633 $28,093 years— Includes surtax Plant, 46 29,230 GY193 25,420 af),800 Net income Debt 56 29,112 GY144 charged to construction Prov. for retire. & replacements—. Prov. for Federal income tax..; Prov. for int. on Fed. income tax of Interest a $243,703 115,714 26,314 Miscellaneous interest..... Amort, of debt disc. & expense. prior $267,690 112,125 107,052 Period End. $508,642 $195,156 operation this department. Savage Arms Corp. (& Subs.)—Earnings— 1935 1936 1937 Sept. 30— Corp.- 6. Equipment Corp.—Registers with SEC— See list given on first page of Rochester & Lake Ontario Water Service Operating Nov. In lieu of this, directors have agreed to take up new stock to an yielding the company $180,000 and certain directors and large stockholders have agreed to take up new stock to an amount of $792,000. In addition to the $900,000 to be raised, First National Bank of Boston has agreed to lend the company $1,500,000 in new five-year serial notes, permit retirement of existing $2,450,000 funded debt. David F. Ed¬ wards, President, states 1937 earnings should equal if not exceed those of $713,357 in 1936. Stockholders will vote on the new plan at special meet- Total current assets $4,236,206 1,221,211 Total current liabilities —V. 145, p. $3,215,424 815,781 $3,424,070 692,573 954. Scoville Mfg. Co.—Bonds Called— The company is notifying holders of its 15-year 5lA% convertible gold debentures, due Jan. 1, 1945, that J. P. Morgan & Co., as paying agent for the issue, have drawn by lot for redemption as of Jan. 1, 1938, $5,274,000 principal amount of the debentures at 165% and interest. Of the total $2,019,000 debentures will be redeemed and paid out of moneys in the sinking fund and $3,255,000 will be redeemed and paid out of moneys received by the paying agent from the company. The called debentures, including the called portions of debentures of denominations greater than $1,000, will be redeemable on and after Jan. 3, 1938, the notice states. All drawn debentures, including the called portions of debentures of denominations greater than $1,000, will be convertible if presented on or before Dec. 31, 1937, at the office of the trustee, Bankers Trust Co., at their principal amount into shares of common capital stock of the company at the rate of $70 a share. Five days' previous written notice of the election to convert must be given. J. P. Morgan & Co., as paying agent, announce that they have been authorized by Scovill Manufacturing Co. to redeem and pay the drawn debentures, including the called portions of debentures of denominations greater than $1,000, at the full redemption price of 165 plus accrued interest to Jan. 1, 1938 upon presentation and surrender on or at any time after Nov. 1, 1937.—V. 145, p. 1113. to ng on St. Nov. 17.—V. 145, p. 2243. Joseph Ry. Light Heat & Power Co.—Gets Aid from Obligations— Banks to Meet A group of New York banks made available on Nov. 1 funds to the subsidiary of the Cities Service Co.. to enable it to meet the payment of principal and interest on $5,000,000 first mortgage 5% bonds, company, a due Nov. Scullin Steel Co. (Mo.)—Listing of New Securities— The Board of Governors of the New York Curb Exchange has approved listing application of the company (the new Missouri corporation organized pursuant to the modified plan of reorganization of the old Scullin Steel Co., a Delaware corporation) for the listing upon official notice of issuance of the following: $3,062,500 mortgage bonds, 3% fixed and 3% income, due Oct. 1, 1951; 395,510 shares of common stock (no par) and the original 1. The company had intended placing new bonds on the market in order to obtain funds to pay off the maturing issue, but in view of existing market conditions, the incurring of bank loans was considered the better procedure. On Sept. 30, last, the company filed a registration statement covering $8,000,000 of new securities, consisting of $6,000,000 of first mortgage 4% bonds and $2,000,000 of 3% and 4% notes. Part of the proceeds of this financing by the company was to be used to meet the Nov. 1 maturity. Offering of the securities to the public was scheduled for last week, but the emission was postponed because of unsettled market conditions. —V. 145. p. 2558. 524,840 stock purchase warrants. Under the modified the new plan of reorganization allocation of capital stock of company was as follows: (A) 29,940 shares of preferred stock to holders of $1,497,000 of out¬ standing debentures on basis of 20 shares of stock for each $1,000 of deben¬ tures. (B) 125,000 shares (no par) common stock to holders of 100,000 shares participating preference stock on the basis of 1M shares of new common for each share of participating preference stock. (C) 10,000 shares (no par) common to holders of 30,000 shares of com¬ mon stock on the basis of 1-3 shares of „ St. Louis San Francisco & Texas September— 1937 Gross from railway Net from railway $111,965 def2,174 def36,695 Net after rents From Jan. 1— Gross from railway Ry.—Earnings— 1936 1935 $127,777 12,955 1934 $113,207 5,162 def26,029 $72,168 def.32,075 def60,089 801,793 def97,860 def354,447 733,893 def98,440 def365,063 def31,414 996,095 def8,765 def357,207 —V. 145, p. 2243. Horace A. Davis, Benjamin S. Lichtenstein and Sylvan Gotshal have been authorized by the Interstate Commerce Commission to serve as a protective committee for holders of first mortgage bonds of the Stephenville North & South Texas Ry. and for holders of first mortgage bonds of the Central Arkansas & Eastern RR.—V. 145, p. San Period End. Sept. 30— Operating revenues Net oper. revenue Other income Net 1937—Month—1936 $632,382 $621,666 242,137 261,772 4,320 3,236,284 1,348 $242,340 $261,994 $3,351,375 1,285,000 $3,237,632 1,250,000 $2,066,375 $1,987,632 reserve income 145, p. 2405. Savannah Electric & Power Period End. Sept. 30— Operating Operation revenues Maintenance Taxes Net $7,782,945 222 Appropriation for retirement —V. 1937—12 Mos.—1936 $8,159,178 3,347,054. 202 revenue Gross 2863. Diego Consolidated Gas & Electric Co.—Earnings oper. revenues Co.—Earnings— 1937—Month—1936 1937—12 Mos.—1936 $195,336 $172,676 $2,126,585 $1,906,831 76,316 64,061 817,956 727,123 12,884 9,092 119,822 110,303 al9,491 16,507 a222,597 205,412 Balance $83,015 2,665 $966,209 12,903 $863,993 23,043 $85,680 31,441 $979,112 379,320 $887,036 377,239 $56,518 Balance Int. & amortiz., &c _ $86,644 1,526 $88,171 31,652 Non-oper. income (net) $54,239 $599,792 245,333 $509,797 187.500 Appropriations for retirement reserve Balance. Debenture dividend requirements Preferred dividend requirements. Balance for common dividends and surplus $354,459 149,115 60,000 $322,297 149,115 60,000 $145,344 $113,182 No provision has been made for the Federal surtax on undistributed profits, since any liability for sucb tax cannot be determined until the end of the year.—V. 145, p. 2406. a stock for each share . The bonds new ($3,062,500) shall be issued in lieu of and in exchange for the first mortgage bonds on the basis of par for par. New bonds shall be dated as of Oct. 1, 1936, and shall mature on Oct. 1, 1951, and shall bear interest, payable semi-annually, at a fixed rate of 3% per annum from 1, 1936. Additional interest will be payable on the new bonds up to 1, 1937, if and to but not exceeding the rate of 3% per annum from Jan. tne extent earned. Issuance and warrants dated St. Louis Southwestern Ry.—Committee Named— common warrants and for the conversion o'new bonds. Oct. 1,194,094 194,085 defl26,152 Net from railway Net after rents new of the common stock which shall be issued to and held by a trustee to be appointed by the new company for a period of two years after the confirma¬ tion of the plan. (D) 260,510 (no par) common stock to be reserved for stock purchase four of such per Distribution of Stock Purchase Warrants—Stock purchase May 1, 1937, in bearer form, will entitle the holder for each warrants to subscribe for one share of share within five years from date thereof. common stock for $10 An aggregate of 524,840 warrants shall be issued as follows: (A) 245,000 to holders of the first mortgage bonds, which warrants are in lieu of and in satisfaction for the accrued, accumulated and unpaid interest to Oct. 1, 1936, on the basis of 80 warrants for each $1,000 of first mort¬ bonds; (B) 79,840 to holders of the debentures, which warrants are in lieu of accumulated and unpaid interest upon debentures, on the basis of 53 1-3 warrants for each $1,000 of debentures; (C) 200,000 to the holders of the participating preference stock on the gage and in satisfaction for all accrued, basis of two warrants for each share of stock. Issuance of Notes—There are notes outstanding aggregating $300,000, bearing 6% interest per annum, which were due Dec. 24, 1934, and payable to the trustees under the will of John Scullin, deceased. Past due interest on these notes as of Oct. 1, 1936, amounted to $18,000. It is proposed that in exchange for these note® and all past due interest thereon, the holders thereof shall receive lz notes, numbered 1 to 12. both inclusive, for the aggregate face amount of $318,600, which shah be dated as of Oct. 1, 1936, and shall bear interest at the rate of 3% per annum from date. Notes numbered 1 to 11, both inclusive, will be in the principal amount of $25,000 each, and note numbered 12 will be in the principal amount of $43,000. Note numbered 1 will be due 90 days after the close of the first fiscal year of the new company, and the remaining notes will be due serially each year thereafter in their numerical order. Interest oa all notes will be first due 90 days after the close of the first fiscal year of the new company and interest on all unpaid notes will be due annually there¬ after. Payment of either the interest or the principal of the notes shall be made, however, only when, as and if and to the extent that net earnings for each fiscal year of the new company are available therefor, and then only if and to the extent that it would not deplete the working capital of the new company as of the end of such fiscal year below the amount of $750,000.—V. 145, p. 1914. Selected American See list given on first page Shares, Inc.—Registers of this department.—V. 144, with SEC— p. 3517. Socony-Vacuum Oil Co., Inc.—Special Dividend— The directors have declared a special dividend of 30 cents per share on the par $15, payable Dec. 15 to holders of record Nov. 18. This with 25 cents paid on Sept. 15 and March 15, last, and on Dec. 15 and Sept. 15, 1936; 20 cents paid on. March 16, 1936, and 15 cents per share distributed on Sept. 16 and March 15, 1935. During 1934 four quarter y dividends of 15 cents per share were distributed.—V. 145, p. 1115. capital stock, compares Volume Financial 145 Chronicle Shawinigan Water & Power Co.—New Gen. Manager— At recent a meeting of directors James Wilson dent and General Manager.—V. 145, p. appointed Vice-Presi¬ was 2706. Skelly Oil Co.—Earnings— exp. & ord. tax— 7,761,43 1 269,805 $2,969,551 $12,045,007 272,798 760,349 $8,408,486 734,957 $4,527,576 Non-operating charges.. 79,699 Interest 115,802 Deprec., depletion, &c. j 2,109,053 Federal income taxes... 312,000 $3,242,349 $12,805,356 92,587 221,662 118,623 347,409 1,662,646 6,001,245 60,900 888,100 $9,143,443 260,241 361,710 4,650,764 361,100 $5,346,940 $3,509,628 Other income Total income.. T I Profit. $1,911,022 Loss to applic to min. int Net profit Earns, per sh. $1,307,593 01,803 Cr2 $1,911,022 $5,346,940 $1.20 $5.02 $3.19 Gross .1 Operating profit 1936 ....$16,250,612 $11,921,352 376,219 341,583 466,032 517,977 7,755,335 6,120,694 965,400 380,900 Total income Non-operating charges Interest.... Depreciation, depletion, &c Federal income taxes. 1,803 $4,560,198 Cr3,037 $6,685,823 $4,563,235 $6.25 _____________ ______ $4.14 $6,687,626 Loss applicable to minority interest... Net income. share per Note—Company on common has made specific allowance for surtax on undis¬ no Gross income $202,138 28,536 Charges of subsidiaries Fixed charges of Southeastern Gas & Water Co. Interest on first lien bonds Interest on general lien bonds. un- a dividend pf 10 cents per share on the $1, payable Dec. 23 to holders of record Nov. 18. a paid on Sept. 15 last and-compares with 5 cents per share paid on Oct. 15 and April 15, 1936, tnis latter being the initial distribution on the issue.—V. 145, p. 1435. stock, like amount have declared Southeastern Gas Southeastern & Investment 1935 27,413 52,461 5,218 3,676 $469,896 154,372 15,461 5,757 Cr6,677 7,920 22,999 46,853 2,310 1,653 $229,869 $205,834 $219,244 399 485 $230,540 $206,233 158,105 37,144 $219,729 153,043 ; 1,311 375 Other regulatory commission expense Gen. exps. transferred to construction Provision for uncollectible accounts. Maintenance Cr9,568 9,898 _ ._ Real property taxes Excise taxes Corporate taxes. , earns, Other income Gross corporate income on funded debt 158,105 Interest Interest—parent and affiliated cos 40,114 interest Amortization of debt discount & exp. 311 12,175 Miscellaneous Ba Sheet ance 20,000 19,500 receivable 55,174 42,971 27,102 27,194 7,997 7,830 46,408 54,155 153,212 Mat'ls & supplies- 165,388 Prepaid accts., def. chgs., & unadj.. 135 loss$21,990 Co.—Earnings— j 1937—12 Mos.—1936 171,502 34,558 133,826 30,000 $3,812,963 2,203,872 396,558 $3,524,531 1,994,737 291,416 Int. & other fixed chgs__ $98,295 29,286 $105,498 31,999 $1,212,533 350,181 $1,238,377 314,240 $69,009 34,358 10,848 $73,499 41,824 $862,351 475,202 97,635 $924,136 535,713 $23,802 $31,675 $289,514 $388,424 revenue Oper. exps. & taxes... Gross Income Net income. Divs. on pref. stock Amort, of pref. stock exp Balance. No provision was made in 1936 for Federal surtax on undistributed all taxable income for that year was distributed. No provision has been made for such tax in 1937.—V. 145, p. 2407. x profits as Southwestern Bell Telephone Period End. Sept. 30— revenues___._ Co.—Earnings— 1937—Month—1936 1937—9 Mos.—1936 $7,217,054 $6,721,142 $64,427,411 $59,496,615 26,235 20,714 230,352 242,276 Operating revenues.. $7,190,819 Operating expenses 4,702,768 56,700.428 $64,197,059 $59,254,339 4,300,257 41,200,837 38,013,606 Net oper. revenues... $2,488,051 for lease of oper. $2,400,171 $22,996,222 $21,240,833 Rent property Operating taxes —V. $1,585,611 8,115,500 35,325 6,407,000 $1,669,263 $14,880,722 $14,798,508 145, p. 2864. Co. (& Subs.)—Earnings Southwestern Light & Power Period End. 1937—9 Mos.—1936 1937—3 Mos.—1936 Sept. 30— $594,332 127,118 69,686 28,642 46,641 85,899 .$564,121 $1,863,469 $1,815,048 119,607 72,493 30,367 33,000 a70,053 362,938 189,465 195,610 115,979 257,018 351,152 203,644 185,513 96,820 a205,618 64,346 60,728 190,553 183,385 13,367 9,545 45,561 36,738 Net $158,631 1,682 $168,327 1,033 $506,343 4,120 $552,176 3,358 Gross income $160,313 88,394 $169,360 88,549 4,530 $510,463 265,217 3.924 $555,534 267,192 13,664 Operating revenues Operation Power purchased Gas purchased Maintenance Depreciation State, local & misc. Fed. Fed. & State income nor¬ mal tax operating income Other income (net) Interest on funded debt. 273 General interest (net) Amortiz. of bond dis¬ I assumed , •' - ' ■ - 5,135 5,145 15,409 15,522 1,360 975 3,871 2,925 $65,151 $70,161 $222,042 $256,230 expense In¬ terest & misc. deducts Taxes • on ferred dividends— per int., taxes, 107,107 105,868 4,785 revenue. 7,494 8,970 23,736 Deferred liabils... 63,290 65,033 408,171 1,044,400 __ payable. Consumer's dep'ts Reserves ... 5,494 103,333 1,044,400 750,000 750,000 Capital surplus 516,265 173,603 516,265 168,514 revenue. 18,000 35,000 Prov, for retir, reserve.. 1, 1933. (3) No provision has been made for profits tax.—V. 145, p. 1115. Jan. Spang, Chalfant & Co., Inc. (& Period End. After reserve of 1937—12 Mos.—1936 $2,789,899 1,879,303 1,650,148 324,000 222,000 $3,197,613 $25,459 14,286 Net income.. pref. stock.... Balance $917,750 647,119 $337,176 171,438 $270,631 171,438 14,286 $5,908 $11,173 .... was $994,310 657,133 $20,195 56,369 made in 1937- -9 Mos.—1936 $1,926,523 237,722 Selling & general exps— $1,496,856 242,754 i$7,196,980 $1,688,801 119,056 $1,254,102 92,623 :$6,398,714 $1,807,857 176,089 $1,346,725 277,381 Other income. Depreciation 5% 1st mtge. gold bonds Interest, discounts, taxes 798,266 $4,116,489 742,175 192,952 • $3,374,313 164,397 $6,591,666 528,646 $3,538,711 838,744 Interest on $74,469 54,274 $81,829 Gross income. Federal undistributed Subs.)- -Earnings- Mos.—1936 Sept. 30— Gross income from oper. 78,675 78,675 236,025 236,025 286,058 208,844 941,496 612,341 210,447 123,778 854,608 289,041 $1,056,587 $658,046 !$4,030,892 $1,562,559 and miscellaneous Prov. for normal Fed. income taxes—estd— Int. & oth. fixed charges paid on Oct. 1, 1937. A dividend of $1.12H per share was crued $7,020,288 $6,960,884 Total... 1937—Month—1936 $282,444 $240,817 165,615 148,347 Period End. Sept. 30— Oper. exps. and taxes. share. Total cumulative class A common stock dividends not declared or ac¬ on the books at Sept. 30, 1937, aggregated $87,039, or $28.50 per share. No dividends have been paid on the class A common stock since (2) 412,108 &c Accounts xCommon stock.. $7,020,288 $6,960,884 provision 3,908 727,000 902,440 1 a Provision for retirement. Notes—(1) Total cumulative preferred stock dividends not declared or accrued on the books at Sept. 30, 1937, aggregated $670,110 or $13.12K . South Carolina Power Co.—Earnings— No : Net income before pre¬ Represented by 7,500 shares, $100 par value, y $15,117 in 1937 and $9,414 in 1936.—V. 145. p. 956. x (excluding operating divisions) and \ 1937—Month—1936 $304,354 $269,324 Sept. 30— Prov. for retire, 1936 1937 x on Co. ....$3,157,500 $3,157,500 Due to af fil. cos.. 621,609 759,287 464 5,972 Current Earned surplus Divs. prof$l,293 loss$ 1,597 Sept. 30 Preferred stock & in process of amortization x 132 $6,330 reserve- x count & 163 Unearned .____ Unbilled revenue.. Gross 74,965 104,962 74,970 104,730 i _ Accrd. $6,717,627 $6,638,895 12,246 24,969 &c_ Notes & accounts Total ■ Funded debt Cash-.. discount Crl63 Liabilities 1936 1937 Assets— exp. 6,168 12,175 Crl24 $4,482 Pl't, prop., equip., Debt 12,175 163 prior years. Net income. 158,105 25,406 760 CV1.061 16,250 charged to construction., Prov. for retire. & replacements Prov. for interest on Federal income debits Water Corp. taxes.i before prov. for retire¬ ments and replacements y _ _ Southern Indiana Gas & Electric Period End. Gross Net oper. income 1936 $463,862 149,462 4,113 1,934 Cr3,492 8,550 42,010 51,499 2,303 1,648 1937 $473,698 Sept. 30— Rate case expense tax for _ '..._ Co., Inc.—Eanting s- 671 12 Months Ended Operating revenues General operation Interest _ $207,178 ^ 25,826 • par was South Bay Consolidated Water Net _ Net deficit Operating Corp.—10-Cent Dividend— The directors common _ $218,998 11,820 231 Uncoil, oper. revenues.. Sonotone _ Other interest tributed profits for the first nine months of 1937, but the management believes that the provision for Federal income taxes in respect of 1937 income, is adequate to cover its normal income tax and surtax on di8triDuted profits for the year 1937 to date.—V. 145, p. 1274. $221,352 19,213 ___ Expenses and taxes Note—No provision has been made in the above statement for Federal undistributed profits taxes accruing since Dec. 31, 1936.—V. 145, p. 956. $15,111,447 $10,688,300 1,139,165 1,233,052 Other income... Earnings Total $41.225,823 $33,549,079 26,114,376 22,860,779 expense and ord. tax $211,545 7,453 _______ Of 1937 Profit Net operating income.________.____ Non-operating income com, Earnings for 12 Months Ended Sept. 30 Cost, $215,604 5,747 — A.-..1 $3,511,431 $1.80 on $1,307,595 stock 42,957 108,568 $685,716 282,487 38,865 38,665 114,153 274,615 30,929 Taxes (other than Federal income) Depreciation and depletion x 1936 1937 $672,674 •. Maintenance. 1937—9 Mos.—1936 $31,742,420 $26,265,584 6,599,150 19,697,413 17,857,098 "$4,257,771 Operating profit 12 Months Ended Sept. 30— Gross operating revenues Operating expenses .... Period End. Sept. 30— 1937—3 Mos.—1936 Gross $12,019,202 $9,568,701 Costs, 3021 Southeastern Gas & Water Co. (& Subs.)—Earnings $165,739 $99,193 1936 for Federal surtax on undistributed Erofits asmade for such tax in for that year was distributed. No provision been all taxable income 1937.—V. 145, p. 2407. Total net profit. Earnings for 12 Months Ended Sept. 30 1937 Gross income from Net income from 979,609 $3,664,608 890,893 $4,053,380 284,739 $2,773,714 390,831 $7,818,159 operations Other income 1935 $5,032,989 $7,583,473 234,685 Selling and general expenses 1936 $8,640,866 1,057,393 operations $4,338,119 1,153,142 $3,164,545 1,291,197 347,915 as Total income Southern Colorado Power Co.—Earnings— Year Ended Sept. 30— Operating revenues Operating expenses, maintenance and taxes....— *937 $2,329,720 1,297,854 J?36 $2,119,924 1,201,218 Depreciation Interest on 5% 1st mtge. gold bonds._ Interest, discounts, taxes and miscell. Prov. for normal Fed. inc. taxes—estd Prov. for Fed. surtax on undistrib¬ uted Net operating revenue— $1,031,866 ... ... — .. 633 Gross income 300,000 -$619,340 431,978 427,143 —6,246 4,103 ... — Interest charges (net) _ Other income deductions. ... ..... Net income Dividends on preferred —V. 145. p. 300,000 ""$732,505 Appropriation for retirement reserve..... ... stock—cash.. 2407. — 459,804 149,184 $1,833,209 $916,443 $919,340 $294,280 170,064 $188,092 170,064 $4,9.50,604 Total net profit —V. Net operating revenue 987,298 314,769 722,249 314,747 30,702 profits for previous year $918,706 638 $1,032,505 Other income 390,288 314,700 1,144,568 145, p. 2559. Spiegel, Inc.—Earnings— Period End. Sept. Net inc 30— 1937—3 Mos.—1936 after int., depr., Fed. income taxes, &c. Snares com. stk. outst'g- $0.46 Earnings per share Note—No provision has profits. 1937-9 Mos.—1936 ^ $704,409 1,275,658 bee made $837,o21 253 000 $3.05 Fed ra $2,122,819 1,275,658 $2,199,693 253,000 $1.44 $7.91 surtax on Financial 3022 Net income for 12 months ended Sept. 30, last, amounted to $3,357,553, equal to $2.36 a share on 1,275,658 common shares, against $3,021,714, or $10,90 a share on 253,000 common shares for the 12 months ended Sept. 30, 1936.—V. 145, p. 2407. Chronicle Nov. 6, which became effective Jan. railway;. Net after 1936 $846,483 273.516 1937 $861,673 232,289 September— Net from rents.!: 1934 $597,219 286,843 1935 $742,573 309,163 87,076 124,017 190,008 Netfromrailway....... 5,525,632 1,984,820 4,442,722 1,951,849 Net after 1,229,954 822,251 1,058,275 1.185,657 Period End. Aug. 31— Divs.from pub .util .affils Divs. from engineering & 194,755 5,971,041 1,954,583 —V. rents.! 145. Period End. Sept. 30— $*52,466 Earns, per sh. on 343,754 shs. com. stk. (par $1) $593,823 $788,616 x$0.73 $0.73 on present share basis. For the 12 months ended Sept. 30, 1937, the net profit was $1,176,815, equal to $3.42 per share on the presently outstanding common stock, comparable to a net profit for the 12 months ended Sept. 30, 1936, of $851,880, equal to $2.47 per share on the presently outstanding common stock Note—No provision has been made for Federal surtax profits.—V. 145, p. 2245. Dredging Co.—Initial on directors have declared an initial quarterly share on the $1.60 cumulative preferred stock, to holders of record Nov. 1 Dividend— dividend of 40 cents value, payable no par 20. The directors also declared a special dividend of 40 cents per share on the common stock, par $1, likewise payable Dec. 1 to holders of record Nov. 20. The preferred stock is convertible into common at the rate of four common for each preferred share until Sept. 1, 1938, and at the rate of three for one for the four ensuing years after which the conversion privilege ceases. "In declaring dividends on the common stock at this time," the company's have kept in mind the progressively heavy profits. While no definite statement can be made at this time, it is possible that directors may find it advisable to declare and pay an additional 'year end' dividend on the common stock before the end of December, 1937. In determining the amount of such further payment, if any, consideration will be given to the surtax on un¬ distributed profits, the corporation's requirements for working capital, the cash resources available for the payment of dividends, and any increase in the number of shares of common stock, which may be expected due to conversions before such dividend would be payable."—V. 145, p. 1116. statement surtaxes "directors says, undistributed on & State tax $7,171,792 251,365 $7,113,047 282,126 $623,466 368,247 7,271 on $616,149 17,615 $598,534 368,247 10,907 $6,920,427 4,418,970 55,139 $6,830,921 4,418,970 126,262 in¬ 6,070 5,878 70,092 60,528 17,806 17,795 213,664 208,151 $224,072 *$195,707 $2,162,562 $2,017,010 terest on funded debt. Amortiz. of debt discount and expense an extra dividend of 75 cents per share quarterly dividend of 25 cents per share on the common stock, par $25, both payable Dec. 15 to holders of record Nov. 15. An extra of 25 cents was paid on Sept. 15, last; extra dividends of 15 cents were paid on June 15 and March 15, last; an extra dividend of $1 was paid on Dec. 15, 1936; an extra of 25 cents was paid on Sept. 15, 1936, and one of 15 cents was paid on June 15, 1936.—V. 145, p. 1275. Net income.. Notes—The above figures do not include dividends on Louisville Gas & Electric Co. (Del.) class B common stock owned by Standard Gas & Electric Co. for the three months Dec., 1936 to Feb., 1937, incl. Dividends on such stock included therein are $35,323 for the months of Aug., 1937 and Aug., 1936, $211,941 for the eight months ended Aug. 31, 1937, $282,588 31,1936, $317,911 for the 12 months ended for the eight months ended Aug. Aug. 31, 1937 and $423,882 for the 12 months ended Aug. 31, 1936. Dividends on the prior preference stocks have been paid in full to Sept. 30, 1933, and, for the 12 months ended Sept. 30, 1934, were paid at 30% of latter date none has been declared or paid. Dividends on the $4 cumulative preferred stock have been paid in full to Feb. 28, 1933, and, since that date, none has been declared or paid on this stock. The aggregate amount of dividends in arrears at Aug. 31, 1937, on the 368,348 shares of prior preference stock, $7 cumulative outstanding at that date was $9,325,344; on the 100,000 shares of prior preference stock, $6 cumulative, outstanding at that rate was $2,170,000; and on the 757,442 shares of $4 cumulative preferred stock outstanding at that date was $13,633,956, a total of $25,129,300. the cumulative rates, and since the Weekly Output— Electric output of the public utility opera! ing companies in the Standard ended Oct. 30, 1937, totaled 109.306,669 kilowatt-hours, an increase of 1.3% compared with the correspond¬ ing week last year.—V. 145, p. 2864. Gas & Electric Co. system.for the week Standard Oil Co. of Calif.—Extra Dividend— Oct. 29 declared on $639,451 15,985 Gross income Standard Oil Co. of Indiana—Extra Dividend— The directors 110 28,125 i Int. on funded debt Other interest ■ Preferred The 155,165 429,745 red. of securities affiliate Total Fed. 130.625 420,238 undistributed Special Common Dividend— Dec. on an Expenses and taxes x$l.72 $2.29 10,885 35,692 of bank balances on by 1937—9 Mas.—1936 $252,768 xtComputed per 10,885 35,692 indebtedness on Profit 1937—3 Mos.—1936 30,000 302,144 393,700 25,355 33,706 affiliate Int. Int. Net earns, after ail chgs. & Fed. income taxes.. 1937—12 Mos.—1936 $6,227,229 $6,167,758 of affiliates Square D Co.—Earnings— Standard 1937—Month—1936 $559,168 $544,217 management affiliate. Divs. from others Int. on funded debt 2245. p. recorded subsequently Statement of Income (Company Only) 6,791,137 2,208,020 Grossft-om^ail way 1, 1937, and for the 1936 periods have been further revised to reflect equalization of adjustments but which are applicable to such periods. Spokane Portland & Seattle Ry.—Earnings— Gross from railway 1931 Note—For comparative purposes the above figures have been revised to reflect certain changes in classification due to the uniform system of accounts The in addition to the regular directors in addition common 15. Nov. have declared an extra dividend of 55 cents per share the regular quarterly dividend of 25 cents per share on the to stock, no both payable Dec. 15 to holders of record were paid on Sept. 15 and on June share were paid in each of the five value, par Extra dividends of 20 cents 15 last, and extra dividends of 5 cents per preceding quarters. Earnings for 3 and 9 Months Ended Sept. 30 Standard Gas & Electric Co. (& Subs.)—Earnings— (Exclusive of Deep Rock Oil Corp., debtor under Section 77B of the Federal Bankruptcy Act, as amended, and the Beaver Valley Traction Co. (subsidiary of Philadelphia Co.), in receivership, and the sub¬ sidiaries of such companies) Period End. Aug. 31— 1937—Month—1936 Sub. Public Utility Cos.: Operating revenues $8,102,753 Oper .exps. .maint.&taxes 4,744,151 Net oper. revenue $3,358,602 23,060 Other income (net) 1937—12 Mos.—1936 $7,594,6961101,958,522 $94,443,508 4,251,800 55,248,614 Period End income Amortiz. 1,010,695 Amortiz. of debt discount 11,961,728 3,083 37,000 37,000 State tax on 116,785 10,192 1,384,552 ,137.135 deductions Int. charged to construct 5,766 41,667 5,766 41,667 69,192 500,000 32,014 35,466 Crl8,393 35,629 3,987 Cr6,847 393,586 195,123 Crll7,941 375,291 31,489 Cr52,553 761,514 741,006 8,939,185 Crl7,414 Cr60,938 584,836 . in un- distributed net income 8,696,422 • to cos. Standard and Studebaker Period End. Sept. 30— 1937—3 Mos.—1936 1937—9 Mos—1936 domestic and foreign $13,734,929 $12,119,110 $55,259,458 $47,279,914 Net profit from sales loss449,104 loss21,186 1,588,759 1,811,373 Depreciat'n on property, plant and equipment204,075 193,257 598,156 581,909 Int. at 6% per annum & disct. on debentures.. 101,446 102,282 304,913 307,156 Amort, of disct. on debs 29,315 29,557 88,113 88,760 Prov. for Fed. inc. tax.. CV118.000 50,000 89,000 125,000 $363,624 $8,892,700 nun uo.uou non-affil. 25.355 35,692 Other interest 393,700 420,238 302,144 428,439 $3"'?28 *424'671 S9'706'638 15,985 17,615 251,365 282,126 $383,743 $407,056 $9,455,273 on Amortiz. State tax 368,247 7,271 368,247 10,907 4,418,970 55,139 $0.15 6,070 5,878 debt 70,092 60,528 17,806 17,795 213,664 $0.15 $0.44 Co.—Earnings— 9 Mos. End. 12 Months Ended— Sept. 30 '37 Sept. 30 '37 Sept. 30 '36 1,441,278 $1,600,805 715,747 1,907,393 $2,091,124 946,623 1,840,823 $1,878,493 836,903 $885,058 $1,144,500 31,060 43,226 $1,041,589 39,742 $916,119 197,466 -— Net operating income Other income 126*,262 on dis- and expense Consol. net income.__ loss$15,651 $4,229 x$4,697.408 x$3,641,848 x For the 12 months ended Aug. 31. 1937, includes approximately $2,535,000 of undistributed earnings of subsidiary companies applicable to capital stocks held by Standard Gas & Electric Co. Of this amount approx¬ imately $1,488,000 is not available for distribution to Standard Gas & Elec. Co. in the form of dividends on common stocks of certain of the subsidiary companies due principally to accumulation of dividends on preferred stocks in prior periods and to the retention of surplus for other purposes. Com¬ parable amounts for the 12 months ended Aug. 31, 1936 are approximately $1,625,000 and $430,000, respectively. $0.45 After depreciation and taxes.—V. 145, p. 958. Total net barrels produced Total gross operating income 208,151 1937—9 Mos.—1936 $103,517 $100,549 $1,187,726 275,959 $1,081,332 259,478 4 418 970 funded debt. of $33,790 Period— $8,455,759 Stand. funded debt._ & pf$708,547 com. Total operating charges Other interest int. 1937—3 Mos.—1936 $34,202 on Texas Gulf Producing *8-737'885 Gas & Elec. Co.: Fed. x 110 Consol. net inc. before on Sept. 30— stock 33,706 35,692 -------- Int. Period End. Net profit. Earns, per sh. x companies Int. on indebt. of affil. of pf$508,577 Telautograph Corp.—Earnings— Q'l _ deduct, of inc. chges $396,283 deducting mfg. cost, incl. amortization of special tools, dies, &c.. selling & gen. exps., but before deprec. and int. and discount on debs. Note—No provision for surtax on undistributed profits.—V. 145, p. 2560. $7,914,112 & Elec.Co.: charges $665,941 After a Other inc. of Stand. Gas Inc. department.—V. 145, p. 2707. Corp. (& Subs.)—Earnings- Net loss $330,330 taxes of"Stand". Gas & Elec. Co 1600. Net sales, cos. Kxps^fc p. Corp.—Registers with SEC— and & Elec.Co from July 1, 1933, dividends having been omitted.—V. 145, See list given on first page of this applic. to Stand. Gas. Divs. of - 703,021 & Elec.Co Inc. of non-util. sub. Co., Ltd.—Accum. Div.— dividend of $1.50 per share on account State Street Investment applic. Gas a on and dividends of $1.50 were paid on April 1 and Jan. 1,1937 and on Nov. 16, 1936. A dividend of $3 was paid on Aug. 15, 1936, this latter being the first paid since Oct. 1, 1933, when a quarterly distribution of 75 cents per share was made. A similar payment was made on Jan. 1, 1933, the April 1 Bal. of income of sub. pub. util. $1.28 the $3 cum. red. class A preference stock, no par value, payable Jan. 1, 1938 to holders of record Dec. 15. Like payment was made on Oct. 1 and on July 1 last; a dividend of 75 cents was paid on May 1 last, 69,192 500.000 Div8a!aoncW.Vtii."VelaS1 •074'430 "•043'692" *18'416'721 *17'313'555 by public Minority interests The directors have declared 1,309,006 123,965 in¬ terest on funded debt. income $2,392,973 $34,009,119 $33,769,774 102,268 1,227,434 1,229,780 1,039,834 11,803,317 12,870,049 112,138 10,580 Divs. on pref. cap. stock guaranteed by sub. co. Approp for speciai res.. & 12,828,324 3,083 $2,367,884 102,298 971,918 h and expense Other interest Other 945,661 contractual Rents for lease of props. Int. of funded debt Fed. $45,768,502 accumulations capital expenditures.> Gross income $7,685,528 $31,135,818 $16,665,074 ..$13,355,627 753 shs. cap. stock... $1.02 $0.59 $2.39 Note—No deduction made for Federal surtax.—V. 145, p. 1116. Standard Steel Construction $3,381,662- $3,341,717 $46,874,443 of income Net Earns, per sh. on 13,014,- Net oper. rev. & other Approp. for retire, and depletion reserves 1937—3 Mos.—1936 1937—9 Mos.—1936 $19,887,914 $12,375,537 $48,782,531 $30,057,266 430,305 319,171 1,309,659 1,194,203 Total income $20,318,219 $12,694,708 $50,092,190 $31,251,46 Deprec.,deple.& amort. 5,141,592 4,425,180 14,710,372 13,315.395 Fed. income tax, &c 1,821,000 579,000 4,246,000 1,256,000 Pref. divs. of subs 5,000 15,000 48,810,621 $3,342,896 $46,709,908 $45,632,887 Drl,179 164,535 135,615 Sept. 30— Operating income Other income, net Total income Total income deductions Prov. for Fed. tax & surtax on Net income profits tax, inc. undis. profits (est.) excess ----- Net income per share outstanding To 37,500 21,713 56,000 $681,153 $0.77 $890,053 $1.00 $765,853 $0.87 Pay 10-Cent Dividend— The directors have declared a dividend of 10 cents per share on the com. stock, no par value, payable Dec. 23 to holders of record Nov. 19t An initial dividend of 5 cents per share was paid on Dec. 15, 1936.—V. 145' mon p. 1117. Third Avenue Ry.—Comments on Reorganization Plea— Referring to an action filed in the Federal court on Oct. 30 requesting reorganization of the company under the National Bankruptcy Act, Alfred Volume Financial 145 T. Davidson, counsel for the company, said on Nov. 1 that after examining the petition he believed there was no basis for maintaining the suit. Those who brought the suit, three individuals holding a total of $8,500 of the company's adjustment mortgage bonds, contended that the present cost of maintenance of the system was 22% of gross revenues. Moderniza¬ tion was held necessary to forestall foreclosure, but the change could not be accomplisheu without reorganization that would produce new was alleged.—V. 145, p. The directors have Dividend— declared the regular Toronto Elevators, Ltd. (& Years End. July 31— 28,892 Operating profit Interest $359,912 32,175 117,589 28,496 $509,692 33,699 115,500 40,025 42,209 124,526 33,288 Net profit Transferred to gen'l res. $194,635 $185,288 $181,651 a77,053 77,744 104,006 25,426 104,456 25,000 on pref. stock..__ Divs. on com. stock Net profit........... 49,664 Acer, elevation writ. off. United Gas 1937 220,708 120,815 b Accts. & bills rec Contract sales future delivery. 1,761,681 storage.. 2,208 Accrued Grain inventories. 1,809,959 40,433 3,790 40,373 Equity Life Insurance Prepaid Seats expenses- Int. 1,329,180 7,837 5,251,038 532*329 55,204 35,500 8,798 898,117 30,860 5%% pref. stock.. 1,500,000 7% pref stock.... 1,485*800 12,100 a 1,030"600 100,000 493,524 100,000 liabilities Common stock.. General reserve Surplus 588,125 no par $6,429,906 $9,014,234 Total shares in 1937, of which 27,318 shares preference shares converted; in 1936, there were 25,426 shares of no par value outstanding, b After reserve for doubtful accounts of $25,000 in 1937 and $18,000 in 1936. c After reserve for depreciation of $893,930 in 1937 and $767,843 in 1936. d In deposit with brokers on option trades.—V. 144, p. 3195. issued for Trunz Pork Stores, The directors have $22,167,926 $22,097,501 $29,533,540 $29,241,771 1,107.282 1,056,799 1,457,148 1.404,247 Interest, &c $23,275,208 $23,154,300 $30,990,688 $30,646,018 1,353,140 1,299,652 1,788,730 1,828,643 852,982 833,485 1,200,280 950,113 Total income Expenses, &c on pref. stock Div. com. stock on com. a dividend of 50 cents per stock$18,199,526 $18,151,603 $24,175,598 $24,041,182 17.438,820 17.438,816 23,251,759 23,251,755 $789,427 $1.03 The above statement covers the income of company only, and does not include undistributed earnings of subsidiaries applicable to company, which for the nine months of 1937, amounted to over 8 cents for each share of U. G. I. common stock, compared with over 3 cents for the corresponding Balance $760,706 x Interest, services to subsidiaries, compensation for operation of Phila¬ delphia Gas Works and miscellaneous, less loss on account of Northern Liberties Gas Co. Combined Earnings Statement Oper. rev. of ut'y subs: Electric Gas Ice and cold storage- share was made. Dividends of 15 cents were also paid on Nov. 9 and Aug. 10, 1934, and distributions of 25 cents per share were made each quarter from Feb. 9, 1931, to and incl. May 10, 1934. —V. 145, p. 959. $20,686,675 $19,742,434 $85,022,393 $80,532,362 4.142,514 4,070,778 17,652,789 17,597,185 764,972 786,229 1,890,706 1,839,564 448,919 - Steam heat — Other — 39 Whs.End. 39 Wks.End. 39 Wks.End. 1,794,010 1,279,282 947,753 310,451 1,264,263 829,606 262,589 Operating Expenses: Ordinary- Sept. 26,'36 Sept. 28.'35 Sept. 25,'37 1,907,975 401,213 40,307 86,297 $26,552,663 $25,556,461$109,011,349$104,119,579 Total oper. revs owned subsidiaries] 429,203 359,300 50,894 99,389 Transportation Water-.- Century-Fox Film Corp.—Earnings— Period— Companies Co.) 1937—12 Mos.—1936 Subsidiary and Company 1937—3 Mos.—1936 ■Period End. Sept. 30— ment of 15 cents per wholly $1.04 nine months of 1936. share on the stock, no par value, payable Nov. 10 to holders of record Nov. 5. This compares with 25 cents paid on Dec. 22, 1936, and on May 11, 1936, this latter being the first dividend paid since Feb. 7, 1935, when a disburse¬ [Including $923,839 $0.78 (Excluding Philadelphia Gas Works common Twentieth $712,787 $0.78 — Bal.forcom. stk.,persh Inc.—To Pay 50-Cent Dividend— declared $21,069,086 $21,021,163 $28,001,678 $27,867,262 2,869,560 2,869,560 3,826,080 3,826,080 Net income Div. Balance for 2,186,073 $6,429,906 $9,014,234 Represented by 52,318 were Corp.—Registers with SEC— 134,200 55,691 46,000 Deferred vator structures, a prin. pay. on City of Sarnla.. Land, leases, ele¬ Total $0.25 Improvement Co.—Earnings— Taxes Option accounts.. 12,100 equip., dks.. &c. 2,129,379 4,425,000 1,500,000 (sec.) Prov. for inc. tax. grain ex¬ on changes c Accts. pay. & accr. Notes pay'le for 91,650 first page of this department.—Y. 145, p. 2709. Total dividends x $878,226 $1,134,962 148,527 293,537 Owing to grain par $76,330 1936 1937 Liabilities— 1936 $409,275 : loss$l,295 1,044,857 Subsidiarycompanies.$16,914,866 $17,126,021 $22,623,563 $22,694,185 Other companies 5,253,060 4,971,480 6,909,977 6.547,586 Consolidated Balance Sheet July 31 Assets— $75,550 1,441,685 $267,582 1,044,857 Income Statement (company only) for 9 and 12 Months Ended Sept. 30 1937—9 Mos.—1936 1937—12 Mos.—1936 Div. (received or accr.): stock (no par) Cash $0.28 United Drill & Tool $39,838 $55,856 $52,195 $56,829 52,318 25,426 25,411 25,000 Earnings per share $2.25 $3.20 $3.03 $8.23 a Includes $57,253 dividend on 7% preference shares to date of redemp¬ tion, March 7, 1937, and $19,800 dividend on 5}4% preference shares. com. $411,664 1,441,685 41,300 Credit due to credits during the fourth quarter of See list given on Surplus Shs. $131,655 88,300 $0.05 Nil 1936, because of a 1936. b Effective July 1, 1937, the regulations of the Post Office Department prohibited an air mail operator from providing a self-insurance reserve against which to charge uninsured losses. If this regulation had not been in effect, operations expense would have been $50,795 greater, due to providing such a reserve. —V. 145, p. 1276. $310,829 100,000 105,000 25,000 24,000 128,726 $20,950 a54,600 75,550 i $35,941 84,717 10,997 $401,026 loss$272,520 27,652 93,472 2,754 199,998 $431,432 $411,664 undist. profits on Shares outstanding a 1934 Prov. for depreciation.. Prov. for income taxes.. Divs. Surtax ' revision of the estimated tax for calendar year 1935 1936 $385,312 Total income.i______ Federal income taxes... Earnings per share Subs.)- -Earnings— 1937 $392,280 $368,134 24,153 19,377 _ Net salvage on eq. sold. an extra dividend of $1.75 per share in quarterly dividend of 75 cents per share on the common stock, no par value, both payable Dec. 4 to holders of record Nov. 17. An extra dividend of 25 cents was paid on Sept. 4 last and an extra of 75 cents was paid on Dec. 5, 1936. See also V. 143, p. 3014, for detailed record of previous dividend payments.—V. 145, p. 958. to Corp.—Earnings— 1937—3 Mos.—1936 1937—12 Mos.—1936 $2,949,232 $10,003,113 $9,470,673 2,190,584 9,044,408 8,037.404 357,622 1,231,225 1,397,328 Operating profit Other income Timken Roller Bearing Co.—Extra addition United Air Lines Transport Period End. Sept. 30— Operating revenues $3,179,947 Oper. exp. & ord. taxes. b2,502,956 Depreciation 308,857 capital, it 2866. 3023 Chronicle _ 35,712,480 4,788,558 37.559,806 1,221,101 1,926,253 1,084,435 5,313,520 9,580,070 5,039,866 492.934 430,657 2,001.145 1,742,321 1,626,898 Maintenance $39,549,018 $36,378,432 $30,402,160 26,901 121,649 Proportion of profit of controlled sub¬ sidiary, not consolidated 192,958 221,906 Other income 921,655 746,503 619,382 Income from sales and rents, &c Dividends.. 8,856,133 1,669,141 6,950,752 6,464,875 9,511,035 1,518,638 — 2,386,518 1,119.842 Prov. for renew.&repl Prov. for Fed. inc. tax Prov. for other ties;.-- • 8,162,921 4,473,089 Federal Prov. for State & local taxes--!—- $40,497,574 $37,317,893 $31,365,097 8,735,771 7,810,309 10,235,718 19,511,172 18,525,521 15,758,255 4,681 ;966 4,429,512 4,897,364 Participation of film rents Proportion of loss of controlled sub¬ 130,604 87,975 sidiaries, not consolidated 214,608 147,200 Interest 96,318 Operating income Non-operating income.. Amortization of discount and expense on funded deot.. ^undSi Total income Operating expense Amortization a of production cost 742,000 26,437 198,626 715.000 43,961 209,671 304,000 $4,898,894 $2.19 $4,451,851 $2.38 Federal income taxes Net profit.. Earnings per share on common a Not including depreciation $0.38 made for surtax on undistributed profits. For the 13 weeks ended Sept. 25, 1937, net profit was $1,143,410 equal after deferred dividend requirements, to 45 cents a share on 1,729,352 common shares, comparing with $1,682,661 or 95 cents a share on 1,228,042 common shares in the 13 weeks ended Sept. 26, 1936.—V. 145, p. 2866. 11,209,366 120.777 509,742 172,425 —— Other deductions 260,625 $7,354,250 Net income Div. 2,954,040 131,912 debt——2,642,739 A™SeM0ef..d- of studio buildings and equipment absorbed in production cost. Note—No provision $10,301,326 $10,770,065 $44,09-,718 $44.074T339 Gross income $1,996,325 72,572 258,936 Depreciation of fixed assets expenses$16,655,865 $15,187,720 $66,445,159 $61,344,244 9,896.798 10.368,741 42,566,190 42,775,335 404,528 401,324 1,526,528 1,299,004 Total oper. on stocks pref. other prior (& Subs.)—Earnings 1,081,317 $7,434,623 $31,385,086 $30,681,833 1,179,890 Operating revenues Operating expenses 1,605,976 1,402,120 3,242,371 2,739,775 Provision for income taxes 1,257,921 1,494 *. Prov. for surtax on undistributed income U.G. I- $5,701,215 $5,672,058 $24,731,253 $23,818,992 Bal. appl. to a Gross income. Interest on funded debt Amortization of bond discount and expense Other interest charges Interest during constr. charged to prop. Preferred dividends of subsidiaries Minority interests 40,162 61,056 ... & plant-_ $17,709,472 $16,561,008 4,550,403 4,597,379 279,077 212.528 170,886 Cr74,342 895,993 51,456 017,455 1,018,043 Total - - Prov. for Fed. & Sta. tax Adv. under agreem. 3,921,616 Appropriations for depreciation reserve 3,773,445 $7,933,307 $6,921,978 59,385 (A). $5,748,192 29,964 2,102,871 $5,718,612 $24,724,035 $23,878,377 29,471, 119,400 121,165 1,999,744 8,368,758 7,951,833 $7,747,827 $33,212,193 $31,951,375 448,257 395,744 1,747,480 284,262 6,500 277,828 1,200,280 16,250 41,250 of UG. I— Div. on $5 div. pref. stk. $7,142,008 956,520 -1,779,893 950,113 48,750 $7,058,005 $30,223,183 $29,172,619 956,520 3,826,080 3,826.080 $6,101,485 $26,397,103 $25,346,539 $0.26 $1.14 $1.09 preferred stocks of subsidiaries applicable to U. G. I. Co. appl. to com. stk. $6,185,488 Earnings per share $0.27 Bal. a On cumulative 29,061 Other deductions Dr7,218 Bal. appl. to cap. stks 3,633 3,469 ———— 46,554 $7,881,027 U. G. I Deferred int. & div.... Other inc. of U. G. I. Co Expenses Non-operating revenues _ 46,977 Earns of subs appl. to 1,223,677 .$17,648,415 $16,520,846 Net operating revenues 4,632,783 $6,254,733 $27,064,920 $26,049,050 582,675 2,333,667 2,230,058 appl. to U. G. I__. Taxes, other than income taxes Maintenance." 4,320,166 stks of utility subsidiaries. $6,272,933 Minority interests 571,718 Earn. avail. for com. — 1937 1936 $31,838,887 $29,576,825 8,082,709 7,691,006 12 Months Ended Sept. 30— 502,693 1,059,830 & deductions Earns of non-utility subs Union Electric Co. of Mo. 988,524 11.829.983 ]S[0te—Included in the figures, for the 12 months ended Sept. 30, 1937, provision for surtax on undistributed profits for the year 1936, recorded 1936, amounting to $26,434 for subsidiary companies and $69,469 for U. G. I. itself. No provision has been made in current year's figures is Net income - Note—The provision for Federal surtax on undistributed income for the 12 months ended Sept. 30, 1937, represents the provision made in Decem¬ ber, 1936, for the year 1936. No provision has been made for the surtax for the nine months ended Sept. 30, 1937, and no provision for the nine 1936, is included in the income statement 12 months ended Sept. 30, 1936.—V. 145, p. 1276. months ended Sept. 30, United Drug, The directors common dividend have for the in Dec. for such tax. Weekly Output— Inc.—2o-Cent Dividend— declared a dividend of 25 cents per share on the stock, par $5, payable Dec. 15 to holders of record Dec. 1. A like was paid on June 1 last and on Dec. 18, 1936, and a dividend of 50 cents per share was paid on Oct. 1, 1936, this latter dividend paid on the common stock of this company. being the first is in accordance with the company s policy of pay¬ ing dividends twice a year, with a third payment in December if the tax on undistributed earnings continues in effect and earnings justify.— V. 145. p. 1277. The current payment Oct. 30, '37 Week Ended— Electric output of system —V. 145, p. 2867. United (kwh.) Oct. 23, '37 Oct. 31, '36 90,693,956 93,177,317 91,683,393 Paperboard Co., Inc. {& Subs.)—Earnings— the 3 Months Ended Aug. 28, 1937 5641,951 Consolidated Income Account for Total sales Gross earnings 93,071 Selling and administrative expenses 46,541 normal income taxes Net income for the period (after normal but undistributed profits taxes) — 4,795 Provision for Federal before Federal — — 41,735 Financial 3024 hand and In banks on $1,200,181 223,855 510,152 Accounts receivable a Merchandise Inventory Invested assets b Fixed 667,558 1,431.630 assets Deferred assets and charges... Accts. c payable and exps. accrd After 5,295 pret, 6% non-eum. ($100 par) stock Surplus Total — $4,117,398 for depreciation of $1,297,602. reserve period Federal capital stock and normal income taxes.—V. 1754. United Linen , 145, dividend of 87 yt cents per share on the $3.50 convertible preferred class A stock payable on account of accumula¬ tions on Nov. 20 to holders of record Nov. 10. A dividend of $1.75 was United Public Utilities Period End. Sept. 30— Total oper. $200,526 3,926 depl. $934,237 67,167 33,870 3.54,234 82,329 12,581 ... & 1937—9 Mos.—1936 $957,987 70,748 42,804 380,69.5 65,400 102,902 Maintenance. local Corp. (& Subs.)— Earnings— 1937—3 Mos.—1936 revenues—). State, -Month—1936 $93,982 $90,236 101,661 94,872 Net operating rev Rent from lease of plant. 1937—12 Mos.—1936 $1,160,212 1,076,138 $1,119,919 $126,878 501,438 993,041 x$7,679 59,660 x$4,636 56,698 $84,074 543,716 $51,981 $52,062 $627,790 $628,316 $51,981 51,858 Operating income $52,062 51,858 $628,630 621,988 10,583 $3,941 Other income 314 Gross income Int. on mortgage bonds. Other int. & deductions. 451 532 $627,790 622,300 9,431 $328 $3,021,232 199,036 258,144 1,104,810 196,754 300,563 $2,931,787 187,011 261,183 1,064,369 195,606 319,356 77,648 10,302 245,382 60,984 233,158 53,094 $207,465 $655,558 12,709 $618,008 22,535 76,504 107,045 miscell. P'ederal taxes Fed. & State income tax. Balance, deficit.. a paid on March 10, last.—V. 144, p. 1620. Prov. for deprec. & Light & Traction Co.—Earnings- Period End. Sept. 30— Operating revenues Oper. exp., (incl. taxes). $328 $3,941 Supply Co.—Accumulated Dividend— The directors have declared Power purchased Gas purchased Operation 1937 6, For c current p. Nov. • 1,292,000 2,400,000 235,719 Common stock ($10 par) 18,022 b After reserve, $184,383 Reserve $4,117,398 Total a Utah Jliabilities— A 8$€tS-~~ Cash Chronicle 28, 1937 Condensed Consolidated Balance Sheet Aug. x Indicates deficit. Notes: No provision has been made in the above statement for unpaid cumulative interest on the 6% income demand note, payable if earned, amounting to $1,476,000 for the period from Jan. 1, 1934, to Dec. 31, 1936. No provision was made for Federal surtax on undistributed profits for 1936, inasmuch as the company reported no undistributed adjusted net income for that year. No such provision has been made to date for 1937. —V. 145, p. 2248. Utah Power & Light Co. (& Net operating rev Net earns, from oper. Other income (net) 12,686 $373,954 Total net earnings.... $204,452 2,581 $668,267 7,675 $220,151 2,717 $640,543 8,973 Bal. of net earns, appl. to U. P. U. Corp.. $201,871 $217,434 $660,592 11,124 18,781 51,551 57,532 102,752 9,891 102,866 11,730 308,484 31,277 $84,056 $269,278 $229,595 Int. on 4,637 13,019 $374,160 195,879 25,000 16,791 $386,499 $4,545,882 2,350,550 300,000 204,167 $3,978,275 2,352,014 $136,490 $148,929 $1,691,165 $1,126,027 1,704,761 1,704,761 $13,596 mortgage bonds. Int. on debenture bonds. Other int. & deductions. 309,014 35,429 $78,102 $4,541,245 194 < $578,734 195,879 25,000 16,821 Crl30 $3,965,256 300,000 205,488 Cr5,254 $631,570 U. P. U. Corp. gen. and admin, expenses $386,305 206 Other income (net) Gross income Gen. int. & misc. ded'ns. Subs.)—Earnings—• Period End. Sept. 30— 1937—Month—1936 1937—12 Mos.—1936 Operating revenues $1,150,034 $1,039,766 $12,961,060 $11,422,872 Oper. exp., (incl. taxes). 712,138 591,186 7,657,517 6,710,318 Prop, retire, res. approp. 63,942 62,275 762,298 747,298 Int. funded on debt of U. P. U. Corp.— Collateral trust bonds 10-year int. Net Int. charged to constr paid v scrip income.. No provision has been made for Federal surtax on undistributed profits. x —V. 145, p. United 2709. States Cold Storage Co.—Bonds Called—New Name— A total of $64,000 first mortgage 6% real estate gold bonds due Jan. 1, 1945, have been called for redemption on Jan. 1 at par and interest. Pay¬ ment will be made at the First National Bank of This company's name has & Ice Co.—V. 145, p. 2248. been changed to Chicago. United States Cold Storage United States Cold Storage & Ice Co. See United The Securities and the of -New Name— States Cold Storage Co. above. United Telephone & Electric sentatives en Oct. 1, 1937. Dividends on these are cumulative. Note: No provision was made for Federal surtax on undistributed profits for 1936, inasmuch as the companies reported no undistributed adjusted net income for that year. During 1937 provision for Federal surtax on undis¬ tributed profits has Deen made in the amount of $4,000.—V. 145, p. 2249. Utilities Power & common stock of the com¬ have filed an application (File No. 52-6) under Section 11(f) and 11(g) of the Act asking the Commission for approval of and a report on a plan of reorganization of the company. The company is a registered hold¬ ing company and has been in the process of reorganization under Section 77B of the Bankruptcy Act since Jan. 7, 1936. The representatives filing the present application are: Louis R. Gates, R. W. Samuelson, Ira C. Snyder, Donald L. Pettis, and A. Z. Patterson, pany, reorganization managers. The plan of reorganization as submitted states that it has been approved by committees representing the holders of substantially more than 51% of each class of stock of the company, and that it also has the as representatives of creditors holding substantially amount of the claims of creditors of the company, approval of more than whose claims 66 Judge Holly at Cnicago has entered an order appointing Willoughby G. Walling as temporary trustee of the corporation under pro¬ visions of section 77-B of the Bankruptcy Act. In making this new order Judge Holly rescinds his former order appointing a permanent trustee for the corporation last Aug. 14, and set Nov. 22 as the date for a hearing to Capitalization and Surplus as at April 30, 1937 7% cumulative preferred stock (par $100)1. $4,116,200 6%.cumulative preferred stock (par $100) 4,837,500 Common stock, 36,178 shares (no par) 3,099,350 7 % cumulative preferred stock instalments 13,048 6% cumulative preferred stock instalments 35,291 Surplus (deficit).... 620,450 Capitalization and Surplus under Plan of Reorganization 4M% sink, fund debentures, due serially Jan. 1, 1940 to Jan. 1, The plan provides: v To the present secured and unsecured creditors of the company there would be issued, in a principal amount equal to the amount of their claims as adjusted, 4^% sinking fund debentures due serially Jan. 1, 1940 to Jan. 1, 1953, inclusive. (2) The holders of the 7 % cumulative preferred stock of (1) the company receive 1 \i shares of new 5% convertible preferred stock noncumulative, for each two shares of 7% cumulative preferred stock held, and in addition thereto, shares of new common stock for each share of 7%r cumulative preferred stock held. (3) The holders of the 6% cumulative preferred stock of the company would receive one share of new 5% convertible preferred stock, noncumulative, for each share of 6% cumulative preferred stock held, and in addition thereto, one share of newr common stock for each share of 6% Earnings per share on 88,829 shares of —V. 145, p. 2561. Van stock dividend. Under the plan of reorganization the 13,577 shares would be canceled, and share of new common stock would be issued for each two shares of stock Presently outstanding. To the extent that any of the 13,577 shares of stock issued as a 100% stock divided have reached the hands of innocent holders for value and are not now held by any person to whom originally issued, they would also be considered as validly outstand¬ ing and would also be exchanged on the basis of one share of new common stock for each two shares one (6) For a maximum period of six years from date of incorporation of the company, the stock of the new company is to be held and voted by voting trustees who have been selected by the various stockholders' committees. (7) All fees and expenses in connection with the plan of reorganization the court may allow are to be paid by the company or the new company in cash and (or) 4H% sinking fund debentures. A hearing on this application has been ordered by the Commission to be held Nov. 29.—V. 142, p. 973. which United Verde Extension Mining Co.— To Vote on act on a directors vote on special meeting of stockholders for Nov. 29 to plan of liquidation and dissolution of the company adopted by the on Nov. 1. the plan.—V. stock, a Stockholders 145, p. 3522. of record Nov. 4 will be tem¬ or Co.—-Earnings— 1937 $270,455 common $289,966 $3.04 $3.26 stk. 1936 on Nov. 4 declared par Vanadium Alloys Steel Co.—To entitled to Pay Larger Dividend— The directors have declared a dividend of 75 cents per share on the com¬ payable Dec. 2 to holders of record Nov. 20. Previously regular quarterly dividends of 60 cents per share were distributed. In addition, an extra dividend of $2.25 per share was paid on June 25, last. —V. 145, p. 2092. " mon stock, no par value, Virginia Coal & Iron Co.—Extra, Dividend— The directors have declared an extra dividend of 75 ceLts per share in addition to the regular quarterly dividend of 25 cents per share on the com¬ mon stock. The extra will be paid on Nov. 15 to holders of record Nov. 4 and the regular quarterly dividend will be distributed on Dec. 1 to holders of record Nov. 20. A similar extra was paid on Nov. 14, 1936.—V. 143, 2867. Virginia Electric & Power Co.—Earnings— Period End. Sept. 30— Operating Operation Maintenance. Taxes Net 1937—Month—1936 1937—12 Mos.—1936 $1,419,250 $17,513,037 $15,995,208 562,410 6,654,622 6,402,878 108,134 1,401,932 1,102,478 175,095 a2,174,172 1,726,158 $1,537,826 618,797 117,167 " a 182,165 revenues Int. & amortiz., &c Balance $573,610 12,411 $7,282,311 Dr123,449 $6,763,693 131,949 $586,021 156,212 $7,158,862 1,744,399 $6,895,642 1,925,760 $459,315 Balance $619,696 Drl5,683 $604,013 144,698 oper. revenues Non-oper. inc. (net) $429,809 $5,414,463 2,030,000 $4,969,882 1,866,666 $3,384,463 1,171,620 $3,103,215 1,171,557 Appropriations for retirement reserve Balance Preferred dividend requirements Balance for common dividends and surplus $2,212,843 $1,931,658 a No provision has been made for the Federal surtax on undistributed profits, since any liability for such tax cannot be determined until the end of the year. Note—The company on Jan. 1 1937 sion system of accounts, hence comparative.—V. 145, p. 2410. adopted the Federal Power Commis¬ year's figures are not exactly previous Vogt Mfg. Corp.—Smaller Dividend— The directors common stock, have no declared par value, This compares with 40 cents June 1 and March 1, last. A stock dividend of 100% a dividend of 20 cents per share on the payable Dec. 1 to holders of record Nov. 16. paid on Sept. 1, last, and 20 cents paid on was paid on Dec. 28, 1936. An extra dividend of $1 per share was paid on the smaller amount of stock outstanding on Dec. 24, 1986, and a regular quarterly dividend of 25 cents per share was paid on Dec. 1, 1936. See also Directors on a —V. will meet again on Dec. V..143, p. 4171. 6 when it is planned to take action wage dividend and an extra dividend to 145, p. stockholders, payable Dec. 23. 1120. West Virginia Water Service Co.—Acquisition—Bonds— On July 26, 193f, the company purchased the water plant and system serving St. Albans, W. Va. This purchase and unfunded additions and betterments Liquidation— Directors have called permanent a dividend of $1.37M Per share on the $5, payable Dec. 1 to holders of record Nov. 17. This paid on Sept. 1 and on June 1 last; 62 y cents paid on March 1, last; $2 paid on Dec. 1, 1936: $1 paid on Sept. 1, 1936, and 25 cents per share distributed in each of the four preceding quarters, the Sept. 1, 1935, payment being the initial dividend on the stock.—V. 145, p. 2710. presently outstanding. common stock not exceeding in the aggregate 15,000 may be authorized to be issued by the new company for sale, in whole or in part, to the operating executive or executives of the new com¬ pany, at a time and for a price which would be agreed upon and fixed by the directors. new made compares with 75 cents Additional shares five be Raalte, Inc.—Larger Common Dividend—- The directors common cumulative preferred stock held. (4) Of the 36,178 shares of common stock of the company presently out¬ standing, 13,577 shares were issued by way of a 100% appointment shall 2868. Van Norman Machine Tool p. $1,398,097 4,941,375 1,784,148 . 5% convertible preferred stock, non-cumulative, par $100 Common 8tock, no par (104,982 % shares) and surplus. would such p. First 40 Weeks— Net profit before provision for Federal taxes affected by the plan. The capitalization and surplus of the company as at April 30, 1937, is compared with the capitalization and surplus of the new company, under the plan of reorganization, as follows: (5) whether 2-3% in are Light Corp.—Temporary Trustee— Federal determine Exchange Commission announced Oct. 29 that repre¬ protective committees representing holders of ... x Dividends accumulated and unpaid to Sept. 30, 1937, amounted to $6,250,790, after giving effect to dividends of $1.16 2-3 a share on $7 preferred stock and $1 a share on $6 preferred stock, declared for payment porary.—V. 145, stockholders 1953, inclusive. unpaid or Balance, deficit Co.—Reorganization Plan 7% preferred stock, 6% preferred stock, and acting Net income xDiv. appl. to pref. stks for the period, whether to the company's properties were financed by the sale of account of $225,000 1st mtge. bonds, 4% series, due 1961. Accumulated Dividend.— The directors accumulations have declared on a dividend of $3 the $6 cumulative per preferred stock, snare no par on value, payable Volume Financial 145 Dec. 31 to holders of record Dec. 15. Oct. 1, July 1, April 1 and Jan. 1 last. paid on Oct. 1, 1936, and in each of the four preceding quarters, and com¬ pares with $1 paid on July 1, April 1 and Jan. 1, 1935. this latter being the first distribution to be made this issue since on regular quarterly dividend of $1.50 share per was Net earnings from operations. Gross corporate income: Interest on bonds Miscellaneous of debt of disc. $543,010 22,182 $513,705 261,553 10,195 26,381 & 35,258 expense Balance 1937 17,858 9,951,666 52,605 142.747 &c. 9,480,126 78,775 equipment, Notes & acots. Cr 878 3,308 89,189 9,788 51,500 $155,166 51,750 157,362 28,334 Accrued liabilities- 168,025 Def. liab. & unadi. revenue. v 49,723 44,845 z 102,331 93,208 Capital surplus _ Total x stock 11,270,3611 Total 552,000 i'otal $861,449 7,023 8,567 $459,321 3,420 10,999 307,168 251,872 296,879 402,903 333,834 218,298 42,539 7,303 251,709 plant & equip. income taxes (excl. undistributed profit).. Provision for Walworth Alabama Co. accrued unpaid preferred dividend. on Consolidated net profit. Earnings per share on common Western Dairies, on N Net oper. $196,708 88,792 9,695 al5,577 $194,853 98,351 11,347 16,658 Western Ry. of AlabamaSeptember— 145, $144,268 25,944 16,379 $123,357 7,568 3,607 $115,121 10,516 14,945 1,275,601 1,144,388 84,271 983,749 def49,986 def83,572 959,131 def33,030 def46,367 156,108 83,952 1937—12 Mos.—1936 $2,155,045 $2,127,170 1,119,070 1,081,916 116,916 143,307 189,557 al97,107 $82,644 $68,497 2,640 $743,715 Dr28,587 $701,627 58,655 $77,302 27,954 $71,137 28,161 $715,128 350,063 $760,282 350,463 Balance $49,347 Appropriations for retirement reserve $42,975 $365,065 225,649 $409,819 iH Balance. Int. & amortiz., &c 225,125 $139,416 119,451 Balance for common dividends and surplus.... $184,694 119,451 $19,965 Balance Preferred dividend requirements. profits since aoy 18,476 2250. p. (& Subs.) —Earns. Western United Gas & Electric Co. 9 Months Ended Operating 1934 1935 1936 $157,132 32,583 10,863 Net from railway Net after rents.. —V. $65,242 has oeen made for the Federal surtax on undistributed liability for such tax cannot be determined until the end of the year. 1937 $5,868,144 672,583 57,977 1,688,538 Sept. 30— revenues Gas purchased Power purchased. Operation 285,377 Note—The companies on Jan. 1, 1937 adopted the Federal Power Com¬ System of Accounts, hence previous year's figures are not exactly comparative. • mission 177,694 584,430 523,503 121,266 $1,877,069 Federal income $1,729,488 542,558 ... Net earnings from operations. Accumulated Dividend— Interest on 6,171 64,438 $1,731,496 1,058,625 5,970 64,438 $757,404 $602,461 621,105 621,106 $1,886,640 Net earnings Interest on funded debt 1,058,625 unfunded debt (net) Amortization of debt discount and expense. preferred stocks account for the 18V\ cents per share on account stock, no par value, payable Dec. 1 to holders of record Nov. 12. This compares with 37 H cents paid on Sept. 1 and on June 1 last; 56M cents paid on March 1 last; 75 cents paid on Dec. 1, 1936; 56 M cents per share paid on Sept. 1, 1936, and 37*4 cents paid on June 1, 1936.—V. 145, p. 2411. • The directors have declared a dividend of Western New York Water Co.—Earnings— $799,415 $790,060 226,797 Operating revenues General operation Rate case expense Other regulatory commission expense Gen. exps. transferred to construction Provision for uncollectible accounts.. Maintenance Real property taxes Excise taxes 1935 1936 1937 12 Months Ended Sept. 30— ( 2,779 1,639 Cr5,094 1,125 47,312 104,163 218,301 29,285 2,355 Crl2,233 1,800 17,762 • 100,268 3,995 7,447 $745,759 202,794 32,329 2,105 C/-7.862 2,250 32,577 86,326 3,754 6,008 9,303 interest 83 $430,508 204,887 48,695 1,581 income $385,475 157 $394,682 204,887 45.406 Interest on mortgage debt Interest on debenture bonds $430,350 94 Other income. 7,528 $394,588 Corporate taxes 462 $385,559 204,887 49,544 3,592 9,446 10,509 and expense. construction..... 10,687 Cr584 0887 Cr986 40,750 36,002 54,250 7,254 34,750 10,575 Provision for Federal income tax $55,952 Net income Dividends on preferred stock. ....... A 161 . Miscellaneous charges $104,837 1936 gives effect to the allocation of certain year-end and interim adjustments. Net income before allocation of these adjustments amounted to $661,454. For the information of the stockholders of the company, the following the quarterly bulletin sent by nis taken from quotatio on Commonwealth Nov. 1: 25, 1937 a special dividends of 31H cents per share was declared payable Dec. 1, 1937 to (Commonwealth Edison Co.) stockholders of record at the close of business on Nov. 10, 1937. Including this payment, "On Oct. on $1.56 *A a share will have been paid the company's $25 par value shares. This is equal to $6.25 the old shares of $100 par value." Western United Gas & Electric Co. ^ on sharas on before Nov. or 10, 1937 on stockholders who exchange their the basis offered in the prospectus, namely 3.5 shares of Edison for each share of Western United preferred, will be entitled to receive the Dec. 1 dividend on the Commonwealth Edison Co. shares issued to them.—V. 145, p. 2250. mon stock, Co., Ltd.—Dividend Increased— of 50 cents per share on the com¬ semi-annual dividends of 3167. $10, payable Nov. 1. Previously share were distributed.—V. 143, p. par 20 cents per Wickwire Spencer Steel Co. (& Subs.)-—Earnings— Sept. 30,'37 June 30,'37 Sept. 30,'36 operations $406,198 $774,150 $360,972 3 Months Ended— x Profit from Other income—Int. earned, discount ,, $812,674 75,886 113,318 $414,260 52,779 113,689 3,246 Other deductions. 38,525 1,656 10,000 10,117 13,990 36,929 ... Provision for depreciation 3,662 10,117 13,989 Cr8,237 10,117 13,990 $600,694 $222,030 $73,588 38,647 ' Legal & other professional services for trustees, Interest on &c bonds and notes: —v- Loan—RFC. 10-year 6% notes-—due 1945 7% bonds—Am. Wire Fabrics Corp Adjust, of Inter-co. prof, in inventory Net inc. oefore prov. for Fed. taxes $230,366 x After deduction for selling, administrative and yH. F.) 53,289 53,227 $459,424 44,706 113,318 taken, dock operations, &c general expenses but for depreciation.—V. 145, p. 1918. Wilcox Oil & Gas Co.—Earnings— 1937_o gasoline & oil sales $2,565,208 Period Ended Sept. 30— 29,708 277,529 Miscellaneous $2,872,446 Total income Purchase, freight and tax Inventory - Operating expense Operating profit Lease development costs Dry hole costs Interest {charges _ . . _ 1,253,040 Cr 86,194 823,969 130,745 General administrative expense $750,887 .. . .. . . Provision for bad debts Discounts allowed Provision for contingencies Sundry deductions - Profit - $589,250 $615,852 Depletion and depreciation Loss on capital assets sold and abandoned Amortization of bond discount and expense Net profit.. Note—No provision made 102,676 35,802 4,287 10,683 6,729 1,460 26,602 Other income Profit exclusive of deple., deprec., &c Prov. for retirements & replacements. Amort, of debt discount ■' Sept. 30, nine months ended Rents and royalties \":Av:A;A, of accumulations on the $1.50 series A pref. Interest charged to 2,007 9,570 Other income Income—Crude oil, gas, Miscellaneous 1936 $5,938,319 723,314 76,564 1,891,533 288,217 566,344 Provision for depreciation oefore provision Gross corporate last; 963. -Earnings— 1937 Gross from railway Net from railway The directors have declared a dividend Dr 5,342 revenues... No provision stock, no par value, payable Nov. 20 10. A like payment was made on June 30, Dec. 30, Oct. 30 and June 1, 1936 and on Dec. 20, 1935.—V. 145, p. (& Subs.)—Earnings— 1937—Month- —1936 Non-oper. inc. (net) a — dividend of 75 cents per share on account a the $3 cum. pref. Westminster Paper Taxes $8,978,772 $8,946,629 Total dividend disbursements equivalent to $254,566 loss$303,649 x$0.20 Nil $1,254,024 stock. x$0.95 Western Public Service Co. Maintenance 792,525 640,442 Inc.-—Accumulated Dividend The directors have declared during 1937 11,812 x 1,310,504 shares of common stock (no par) outstanding in 1937 and 1,281,350 shares (no par) in 1936.—V. 145, p. 962. Operating revenues Operation 1,000,000 792,525 708,639 $8,978,772 $8,946,629 Edison Co. to its stockholders Reserve for Fed. Period End. Sept. 30— 1 ,000,000 Net income 1935 mortgage bonds of subs.. on Common stock.. Including unamortized debt discount and expense, y Represented by 10,306 shares (no par), z Represented by 50,000 shares (no par).— V. 145, p. 963. Note—The income 1936 interest on mortgage bonds and debentures of Walworth Co of surtax 1,034,866 177,238 206,133 x Dividends requirements of Subs.)—Earnings- Coupon Depreciation taken 178,684 206,133 552,000 1,467,740 600,803 11,318,197 11,270,361 ..... 9 Months Ended Sept. 30— 1937 Profit before interest and depreciation $2,045,631 Interest on notes and drafts 7,129 on pref.stk. Capital surplus... Earned surplus... 5% gold bonds.—V. 145, p. 1756, 1279. Walworth Co. (& 1 ,064,788 $5 part, Contrib. for extens 365,000 365,000 1,541,612 682,104 surplus 16,965 3,679 171,957 v Reserves 165,132 Taxes—State, local & miscellaneous Federal .... 424 186,476 Due affiliated cos. Accrued items 6,373 5,200 11.318,197 1,114,000 Represented by 11,500 shares (no par). y Represented by 5,000 shares z Represented by 12,000 shares (no par), a For redemption of Interest 166,158 15,330 13,479 ll"547 revenue Maintenance Common stock.. Earned prepaid accounts 832.280 2d $6 cum. pref. 147,715 1.54,000 and 142,397 793,449 1,114,000 154,000 cap.stk 27,515 143,218 1st $6 cum. pref. stock 137,675 charges (no par), 1st mtge. 27,517 10,000 138,673 Reserves.,.....— for Mat'ls & supplies. Def. (to bk.) credits redemption Unbilled Note pay. x on called ■ Demand notes pay. 604,341 579,201 5,600,000 415,408 5,825,000 debt..— Funded debt called exp. in proc.of amort. on 32,721 From Jan. 1— Gross from railway S 114,378 116.878 int. S 415.408 consolidated & 1337 Liabilities— 1936 Accounts payable. rec. Special deposit.. Comm. Unearned Net after rents 30 100.000 10,000 Inv in sub. co. not Debt disc. Sept. Funded Plant, property, bonds 19,200 to holders of record Nov. cnn 85,203 S Cash -fc 17,300 7. 2,191 10,040 Cr984 a26,507 1936 $ Assrts— Prem. revenue. of accumulations Sheet deposits Notes payable 49~078 Net income $217,956 $181,881 Dividends on preferred stock 138,000 69,000 a No provision for Federal surtax on undistributed earnings. a Accounts payable- 69,215 147,950 prem. Provision for Federal income tax Prov. for retirements & replacements. 195,014 & ext. 154,020 $495,847 $565,193 256,501 4,586 28,251 1936 $4,679,000 180,939 11,017 debt 157,273 56,519 Accts. receivable.. 307,904 V 7,634 & int. on bonds called for redemption Interest charged to construction Funded Consumers' 1935 $606,515 224,900 .... interest 1937 $4 ,637,600 Liabilities— 1936 $1,000,780 $582,579 23,936 .. Other income 1937 &c.$8, 548,800 $3,510,216 Misc. special dep. 1,329 & prepaid accts. 1936 $1,104,192 350,964 CV24.033 78,604 155,647 1937 Operating reve me $1,160,774 Operation. 393,478 General exps. charged to construction Cr35,753 Maintenance.. 61,861 General taxes 158,609 ' ■ equipment, Unbilled Earnings for 12 Months Ended Sept. 30 Amort, Assets— Plant, property, Mat'ls & supplies, x Deferred charges will amount to $9 share. Amort, Balance Sheet Sept. 30 Cash April 1, 1932. when the paid. Accruals after the payment of the current dividend per 3025 Chronicle A similar payment was made on Dividends of $1.50 per share were — 439,131 93,529 7,952 .— 1936 $2,506,553 _ 50,311 111,022 $2,667,887 1,054,258 156,715 663,857 123,747 $669,307 89,272 52,799 3,177 10,913 24,639 3,251 $485,253 13,578 $498,831 374,262 32,932 5,103 $75,241 $86,533 1279. for Federal surtax.—V. 145, p. Winchendon Electric Light & Power Co.—Pays Larger Dividend— paid a dividend of $2.50 per share on the capital stock, par $100, on Oct. 29 to holders of record Oct. 21. This compares..yvith $1.50 paid on July 30, 1937; $2 paid on April 30, 1937; $1 paid on Jan*. 29, 1937, and $1.50 per share distributed on Oct. 31, 1936.—V. 139, p. 2850. The company For other Investment News see page 3027. Financial 3026 Nov. Chronicle 6, 1937 fjkpocrris and ^ocummts. PUSUSHCD Aft ADVERTISEMENTS THE FAJARDO SUGAR COMPANY OF PORTO ANNUAL REPORT TO THE To the Stockholders of Fajardo Sugar Company of Porto Rico. , . The Loiza Total annual report of The Fajardo Sugar Company of Porto Rico. grinding commenced January 19, 1937 and ended May 23, 1937 covering a period of 122 working days. The total cane ground amounted to 803,339 tons. The factory output was 98,035 tons of sugar. Included in said figures is the output of the Loiza Sugar Company. The following is a comparative statement showing the individual output of The Fajardo Sugar Company of Porto Rico and the Loiza Sugar Company: The Fajardo Total ground, 281,792 tons. Factory output, 34,366 tons of sugar, or 197,101 bags of 310 lbs. each, 19,700 bags of 250 lbs. each and 27,063 bags of 100 lbs. each. ' The 1937 crop was adversely affected by drought, which primarily accounts for the shorter output. The 1938 crop looks fair. It has also been somewhat affected by the drought. As stated in our 1936 report, a quo warranto proceeding has been instituted bjr the Government against the Com¬ pany. The litigation is going along in due course. Attached will be found consolidated Balance Sheet and cane of Profit and Loss (including the Loiza Sugar Company), duly certified by public accountants. statement ground into sugar, 521,547 tons. Factory output, 63,669 tons of sugar, or 410,765 bags of cane ^ 310 lbs. each. STOCKHOLDERS FOR 1937 ; Board of Directors hereby submits its nineteenth Your ' ' FAJARDO THE COMPANY OF PORTO BALANCE SHEET—JULY 31, 1937 Preferred: Authorized but not issued— $7,101,395.28 15,000 shares of $100.00 each Common: Depareciation) 874,320.90 Investments: including interest (Less reserve) and agricultural and mortgages, at Authorized—700,000 shares of $20.00 each Issued —323,890 shares of $20.00 each $6,477,800-00 Capital Stock of Associated Organization in Hands of the Public (Par Value) 1,000.00 Mortgages Payable (Maturing in 1942 and 1947) 89.444.44 Current $215,483.87 Chattel mortgages other loans Miscellaneous, obtainable) Reserve for Insurance, Contingencies Replacements: Balance, August 1, 1936 342,120.99 Planted and growing cane Compensation receivable from the Federal Government under the Agricultural Con¬ servation Program (Since collected) Planters' accounts (Less reserve) 230,498.46 Earned surplus: Balance, August 1, 1936---, $7,097,542.02 Add—Profit for the year ended July 31, 1937, before providing for income taxes, per annexed account 1,756,656.93 56,507.20 232,734.67 (Less reserve) 84,920.75 Molasses on for ship¬ reserve $8,854,198.95 1,189,407.91 120,368.43 3,401,511.66 hand, at net contract sale price on 65,250 91 Surplus: Miscellaneous accounts and bills receivable Cash in banks and $165,247.55 of reserves origi¬ nally set aside from this account and now no longer required $1,295,375.00 380.486.46 Materials and supplies on hand, less ping, selling, etc.* and Add—Reinstatement Growing Cane: Raw sugar $79,709.12 492,521.62 572,230-74 (No market value 100,000.00 Current Assets and Liabilities: Planters' accounts Accounts payable and sundry accruals 26,637.12 cost RICO LIABILITIES Less—Reserve for depreciation estate President. Capital Stock: $10,800,175.82 3,698,780.54 __ Work Animals, Live Stock and Equipment (Less Reserve for due thereon Directors, Organizations ASSETS Real the JOHN BASS, Associated CONSOLIDATED For . SUGAR And Property and Plant RICO hand Deduct: Income tax for the year ended July 31, 1936 6,761,312.08 paid during the current (Including $3,relating to a prior year)..... $264,152.45 Dividends paid 973,940.00 year Special Cash Deposits: 250.00 "HftTtlTCasualty Company as collateral security under bond issued for an equal amount With the Treasurer of Puerto Rico in compFanace with the provisions of the Work¬ 's Compensation Act v"* * "J $59,886.57 1,238,092.45 "$7,616,106.50 38,000.00 97,886.57 Prepaid insurance, taxes, rent, Capital Surplus. 319,215.93 7,935,322.43 Contingent Liability: As guarantor in fact Deferred Charges to Profit and Loss: etc made 129,260.25 to the on a owner of fully secured loan of $80,000.00 lands leased to an associated organization. $15,306,296.07 $15^06,296.07 THE FAJARDO SUGAR COMPANY OF PORTO RICO And Associated Organizations CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE ENDED JULY 31, YEAR 1937 Sugar and molasses produced $7,243,188.22 Compensation receivable from the Federal Gov¬ ernment under the Agricultural Conservation Program (Since collected)., 56,507.20 _ Interest—Net 21,535.12 180,498.68 -—$7 501 729 22 Less—Expenses of producing, manufacturing, selling, etc.. 5A9SA71.92 Miscellaneous _______ income Deduct—Provision Add—Profit on for depreciation.. ... ^ sugar of prior crops $2,008,257.30 127^889!43 Net profit for the year, before providing for income taxes $1,756,656.93 STAGG, MATHER & HOUGH Public Accountants 141 New Broadway York City Telephone Barclay 7-5580 Paris, France Havana, Cuba San Juan, P. R. Newark, N. J. Cable Address: All Offices "Lotonkol" m , October 19, 1937. „ To the President and Directors The sheet of of Fajardo Sugar Company of Porto Rico; f We have made an examination of the consolidated balance The Fajardo Sugar Company of Porto Rico and associated organizations as of July 31, 1937 and of the rela- tive consolidated profit and loss account for the year ended that date. In connection therewith we have examined(or accounting records and other supporting evidence and obtained information and explanations from officers and employees; we also made a general review of the accounting methods and of the operating and income accounts for the year, but we did not make a detailed audit of the transactions. Sugars on hand free for shipment to continental United States under the 1937 export quota and for sale in Puerto Rico under the 1937 provisional local quota, aggregating about 14,290 tons, are valued at approximate market prices of October 14, 1937. Sugars not free for sale in 1937 under the above quotas, aggregating approximately 8,350 tons, are carried at 2.80 cents per pound, c.i.f. New York. Effect has been given in the annexed accounts to the purchase from planters, since July 31, 1937, of approximately 1,190 tons of sugar. Depreciation for the year has been provided for at the rate of 60 cents per bag (310 lbs.) of sugar produced, an increase of 10 cents per bag over the rate which has beenjin effect for a number of years past. lQ In our opinion, based upon such examination, subjectjto the foregoing and to such adjustments as may be made on final review of the companies' tax matters, the accompanying consolidated balance sheet and related consolidated profit and loss account present, in accordance with accepted prin¬ ciples of accounting consistently maintained by the com¬ panies during the year under review, their true financial position at July 31, 1937 and the results of their operations for the year ended on that date. on tested STAGG, MATHER A HOUGH. Volume Financial 145 1937 1936 $6,311,283 2,971,199 287,735 644,578 $5,986,505 2.813,750 249,182 634,095 165,544 723,639 .. Taxes, other than income taxes - 99,382 Provision for income taxes Provision for depreciation 739,834 Net operating revenues Non-operating $1,568,555 30,304 revenues hr Wisconsin Michigan Power -± Wisconsin Gas & Electric Co.—Earnings — 12 Months Ended Sept. 30— Operating revenues Operating expenses Maintenance $1,400,294 26,019 3027 Chronicle Co.—Earnings— 1937 Period Ended Sept. 30— Operating revenues Operating expenses $3,365,870 1,030,522 Taxes, other than income taxes $1,598,859 380,950 32,328 7,617 Cr3,519 229,841 2,809 Interest on funded debt Amortization of bond discount and expense. Other interest charges Interest during construction Interest on depreciation reserve balances Other deductions 419,941 depreciation. $1,282,495 452,846 23,734 8,847 Cr 154 206,501 2,437 , 28,700 8,692 $1,311,196 $992,518 395,069 460,816 30,564 14,136 Cr2,17l Gross income Interest on 16,281 1,772 Cr472 funded debt Amortization of bond discount and expense Other interest charges Less during construction Other deductions $732,102 Federal surtax on undistributed income was ac¬ quired for the year 1936. No provision has been made for the surtax for the nine months ended Sept. 30, 1937.—V. 145, p. 964. Note—No provision for Wisconsin Investment 2,055 1934 1937 1936 1935 $466 1,157 68,159 $5,741 $4,405 3,404 42,162 9 Mos. End. Sept. 30— Int. Int. investments. on on _ stk. subscrip'ns Dividends on stocks.. $69,782 17,136 10,703 Total income Operating expenses Bank loan expenses 6,026 66,600 : $475 o,619 44,173 $78,367 18,169 7,969 $49,971 17,625 $50,268 21,455 $52,228 $32,345 19,830 $28,813 20,957 $52,228 $12,515 $7,856 Netfprofit on sale of in¬ Cr338,371 50,000 vestments xjProv. for income taxes Net $330,314 52,666 income Dividends paid $277,648 Surplus x Estimate based on profits 2,800 $871,542 $511,320 ... undistributed income was re¬ 1936. No provision has been made for the surtax for Sept. 30, 1937.—V. 145, p. 1603. Note—No provision for Federal surtax on quired for the year nine months ended tne Worthington Pump & Machinery Corp.—Initial Divs. New Prior on Co.—Earnings— Income: "•" $983,826 : Net operating revenues Non-operating revenues $1,426,313 $948,832 Net income T 132,849 412,475 59,387 Net income '* 123,567 449,646 441,718 . Provision for income taxes ______ Gross income r 1936 $3,067,202 964,837 131,806 Maintenance Provision for . Preferred Stocks— Directors on Nov. 3 declared initial dividends of $4.31^ per share on both series of cumulative prior preferred stock, payable on Dec. 15. These dividends represent payments at the rate of 4 ^ % per annum and cover the period from Jan. 1 to Dec. 15. They are the first to be paid on any of the company's stocks since 1932. The cumulative prior preferred stock is now being issued to holders exchange for the old class A and class B preferred stock of the corporation under a recapitalization plan recently declared effective. In announcing the dividend action, H. C. Beaver, President of the cor¬ poration, stated that net profit of $1,402,076 for the first nine months of 1937 was equivalent to $9.66 per share on the combined 145,062 shares of convertible and non-convertible series of prior preferred stock to be out¬ standing, assuming a full exchange of shares. Notices are being sent to all class A and class B preferred stockholders that their certificates should be surrendered to the transfer agent on or before Dec. 11, when the books will be closed, in order to receive the initial on the new cumulative prior preferred stock. dividends New Securities realized for the 9 months ended Sept. 30, Ready—Director— 1937, excluding surtax on undistributed profits. > Note—Profit on sale of investments of $278,418 for the first The Guaranty Trust Co. of New York, as agent, will exchange stamped and unstamped certificates for class a and class B preferred stock of Worth¬ of 1936 ington Pump & Machinery Corp. for the new securities as provided in the plan of recapitalization. F. Gladden Searle has been elected a director of this company.—V. 145, nine months resulting from increase in prive over book value has been credited tolsurplus. Balance Sheet Sept. ' i937 1936 $429,121 3381,797 Assets— Cash Due 30 1937 Liabilities— Accrued b$80,889 expenses. 8.841 investments 2710. p. $3,603 (Rudolph) Wurlitzer Co.—Meeting Adjourned— 7,992 all,307 Investments 2,090,111 Due on stock subs. 33,131 10,845 2,003,227 47,455 Furniture & equip. 921 1,044 Prepaid expenses.. 5,710 7,396 623 2,291 6,049 pref. capital stk. 800,000 2,546 6,481 Accounts payable. Dividends payable dlvs. on invest.> 3,265 600,000 investments Bank loan Accrued Interest & * 1936 Due on purchase of fromfsale of 16,792 Prov. for retire, of Due ers to stockhold¬ of predecessor 410 companies Common Paid-in 524,353 stock 571,549 770.029 surplus... Earned surplus... 544,809 544,226 544,996 Due to aJDividends only, (Alan) Wood Steel Co.—Accumulated Dividend— declared a dividend of $1.75 per share on account of accumulations on the 7% cumulative preferred stocks, par $100, payable Nov. 20 to holders of record Nov. 10. Similar amount was paid on Oct. 1, last. A dividend of $1 was paid on Sept. 1, Aug. 2, and on July 1, last, and compares with 50 cents paid on April 1, last, and on Dec. 15, 1936, this latter being the first payment made since Jan. 2, 1935, when $1.75 per share was distributed. A dividend of $.50 was paid on June 15, 1934, and prior thereto no distributions were made since April 1, 1931, when a regular quarterly dividend of $1.75 per share was paid.—V. 145, p. 1442. 2871. Yellow Truck & Coach 9 Months Ended Sept. Net sales x Profit from Provision for Provision for depreciation 1936 1937 1935 $59,099,226 $45,347,607 $26,499,364 3,984,547 operations 5,226,571 687,744 1,149,603 681,479 — 757,300 taxes— 352,508 750,090 117,910 $2,874,739 Federal income Net profit x Mfg. Co.—Earnings— 30— $3,788,737 $350,214 Including the company's proportion of net profits or losses of wholly and controlled companies not consolidated before provision for owned depreciation and Federal income taxes. ended Sept. 30, 1937 and profits. profit of $1,298,090, ""I uarter of 1936. Note—The above earnings for the nine months 1936 make no provision for surtax on undistributed The quarter ended Sept. 30, 1937 showed a net (F. W.) Woolworth Co.—Sales — 1937—Month—1936 1937—10 Mos—1936 $26,788,140 $26,733,270 $232,450,263 $220,981,276 Period End. Oct. 31— Sales 1937, to take final action of dated Oct. 8, 1937, the company proposes to liquidate preferred arrears amounting to $36.75 a share by payment of $6.75 In cash and 114 shares of common stock. The letter stated that assents of virtually all preferred shareholders are necessary for the plan to be put into effect.—V. 145, b Taxes only.—Y. 145, p. 964. The directors have special meeting held Nov. 1 without taking dividend to clear up preferred arrears. The had received assents from 10,578 shares of 7% cumulative preferred or 79.52% of the outstanding issue. According to the plan presented to preferred stockholders in a letter holders $2,570,302 $2,460,605 Total insufficient number of assents from preferred shareholders, directors will meet again on or before Nov. 15, on the matter. On Nov. 1, 1937, the company p. $2,570,302 $2,460,605 Total an the directors adjourned their action on the proposed special 3,177,948 and " —V. 145.P. 2411. The Commercial Markets and the Crops COTTON—SUGAR—COFFEE—GRAIN PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL-^ETC* COMMERCIAL EPITOME Friday Night, Nov. 5, 1937 Coffee—On the 30th ulto. Santos futures closed 10 to 11 points net higher, with sales of 21 contracts. Opening prices point above the previous final quota¬ tions. The Rio contract opened 2 to 4 points up, and closed 4 to 7 points net higher, with sales totaling 13 lots. The Rio de Janeiro market was closed until Wednesday. Cost and in this contract were 1 freight markets held fairly steady for thb week, following the softening tendency evident on both Brazils and mild grades during the preceding week. Quotations in the local spot market were unchanged for the period. On the 1st inst. futures closed 2 to 8 points off in the Santos contract, with sales of 8,000 bags. Scattered selling, mainly from outside and foreign sources, was reported in late trading, which made for an easy closing. The Rio contract did a little better, this contract showing gains of 3 to 4 points for the day on sales of but 2,000 bags. The free market Brazilian exchange improved, with the milreis at 17.4 to the of an impending external coffee loan for Brazil continued to circulate in the market Monday, with the amount variously reported at from $1,500,000 to $5,000,000. On the 3d inst. futures closed 100 points net lower, the per¬ missible limit for one day. This drastic decline was due to the report that Brazil had adopted a policy of open com¬ petition and would reduce its export tax on coffee of 45 milreis ($3.06) per bag by 75%, equivalent to a cut of l%c. per pound. Futures at Havre showed losses of 19lA to 21 rate was dollar. 10 reis Rumors the Rio, Santos and Vic suspended, the Govern¬ ment wishing to prevent speculation which might jeopardize the control objectives of that country. The local futures market lost little time in reflecting the weaker coffee position developed by Brazil's action in cutting her export levy. Santos contracts opened 93 to 100 points off, and shortly after all positions were offering at 100 points below Mon¬ day's close, without buyers. Sales for the day were 44,000 bags. Rio contracts were 60 to 94 points down at the close, and held above the trading limit until late in the session, but final prices were exactly 100 points under the previous close, with sales in this contract 18,750 bags. On the 4th inst. futures closed 12 to 75 points net lower, with sales totaling 101,500 bags for the day. The Rio con¬ tract closed 17 points lower to 13 points higher, with sales of 23,250 bags. With Brazilian markets remaining closed, little news from that country was in evidence. Weakness in exchange added to the easy position of coffee markets, with the milreis declining 280 reis against the dollar, being quoted at 17.8 milreis to the dollar, a new low for the current year. The Colombian peso was also reported weakening. Coffee futures at Havre were 20 francs per 50 kilos lower. On the francs per 50 kilos, while in Brazil toria exchanges were temporarily local Exchange the Santos contract opened with losses of points, while the Rio contract showed losses at the opening of 10 to 69 points. The decline was cushioned some¬ what by short covering and some new buying. Today futures closed 14 to 53 points down in the Santos contract, with sales totaling 226 contracts. The Rio contract closed 29 to 87 Financial 3028 15 to 27 points down, with sales totaling 32 contracts. Willi trading slightly slower than yesterday but still far above the average, coffee futures opened generally higher and then again turned soft. In early afternoon Santos were 9 to 12 points lower, with March at 7.07c., off 9 points and but 11 points above the extreme low touched yesterday.^ Rio con¬ tracts were 1 to 7 points lower, with March at 4.52c., off 1 point. In Brazil the futures markets were still closed. The market continued nominal, coffee actual in deciding to await further developments. roasters most Santos 4s. were and freight. Manizales were A bright spot on the horizon was an im¬ provement in milreis exchange to 17.65. Havre futures were 12 to 15M francs lower, bringing losses there in three days to 50 francs, about 20% of values. offered at 7.90 to 8.15c., cost offered at I Yd. Rio coffee prices closed December follows: as prices closed March December 6.93 May.-July Coffee Reverses Lower —6.86 —, Affects Brazilian Government Other on Exchanges Nov. 2 announced its in¬ tention to abandon its price-control program for coffee and adopt a policy of open competition, and at the same time resolved to lower the present export tax on coffee by 75%. The exchanges at Rio, Santos and Victoria were temporarily closed by Government decree to prevent any speculating which would possibly jeopardize the objectives of Brazil. The reversal of its policy by the Brazilian Government caused sharp breaks in coffee futures quotations at New York and Harve on Nov. 3. On the New York Coffee & Sugar Ex¬ change futures broke the permissible limit of 100 points or 1 cent a pound. The New Orleans Board of Trade was forced to suspend coffee futures trading on Nov. 3. It had been rumored that the New York Exchange would also close, which brought about the following statement from Chandler A. Mac key, President of the Exchange: There is no reason for closing exchange. our The very fact exchange remains open is prima facie evidence of its soundnass modity market. The rules which limit the fluctuation in 100 points per and lc or pound are a the exchange in remaining any that the as one a com¬ day to protection to both the buyer and seller performs open one of its most important functions, namely, the reflection of the true price of coffee. Considering necessity conciliate Brazil's coffee situation with that of other competing countries, thus giving it just position in export trade and considering that such conciliation is impossible through the establishment production quotas and price parities with other countries, the Federal Government resolved to base of open competition. sense its external policy relative to coffee in the To avoid prejudicing farmers' interests it has become indispensable to take adequate measures including the reduction of Brazil's position for that purpose is entirely satisfactory as the re¬ taxation. cent coffee convention which is now in full execution has reduced the amount present crop offerable to consuming markets to 30% only. Such a reduction taken together with the actual exchange position will assure remunerative prices internally while the reduction of taxation will likewise operate in the same sense adopt. aided by banking assistance which the Federal Government will Such measures while strengthening resistance in international com¬ petition will normalise the position of export trade making either direct indirect intervention of the national coffee department unnecessary. or The indispensable period between resolutions and full action would give rise to speculations which possibly would prejudice the Federal Government's objectives and therefore made it necessary to close the Victoria bolsas temporarily. The ■ , ; Rio, Santos and . following is from the New York "Times" of Nov. 4: According to trade estimates yesterday, the proposed 75% reduction in the tax of 45 milreis to the bag on coffee would mean that the price of coffee would be reduced about $3.05 a date of such a bag, or 1^ cents however, depends measure, a pound. The effective legislation in the matter. upon Control of the price of coffee by Brazil through the limitation of exports, destruction of/low grades, intervention in the local various means has continued, of Sao Paulo since 1923 and authority over after revolution of the coffee was coffee markets by the Federai Government since 1930. 1930, and without substantial deviation, by the State vested in the National Coffee and it resulted in the downfall of by short crops, destruction of coffee has mounted, For the Federal Department shortly government and the ascendancy of the present Vargas group. Brazil's first valorization plan in 1906, aided financially successful conclusion. the Luis came to a last ghirteen years, however, but prices have continued downward. In the Autumn of 1929 the price of Santos coffee fell from above the 20-cent level to the 12-cent level, and a low of 7 cents a pound was touched in 1933. The highest price since that date year following Brazil from the other However, for Bogota producing some was conference, the 11H which cents gave touched promise early this of help for nations. time Colombia and other Central and South American countries have been coffee market, making serious inroads into Brazil's share of the world and increased production by British possessions in Africa has also added to her troubles. Cocoa—On the 30th ulto. futures closed 2 to 6 points net The opening range showed gains of 5 to 9 points. As a result of moderate profit-taking these gains were sub¬ lower. sequently erased, and with no substantial support, prices closed below the previous finals. Transactions totaled only 139 lots, or 1,963 tons. London reflected our strength Imre Friday and e«My Saturday, outside prices closing 6d. to 9d. higher, while futures in the Terminal Cocoa Market ruled net 6d. to lO^d. b>tter, with 940 tons trading. Local closing: Nov., 6.23; Dec., 6.23; Jan., 6.21; Mav, 6.29; London 3,296 tons. or in 3d. to 6d. easier came on the at losses of 6 to 3,765 tons. 10 points. London outside and came Transactions totaled 281 lots, or in Is. 3d. to Is. 9d. weaker on the Is. 7^d. to 2,s. lkgd. lower on the Terminal Cocoa Market, with 230 tons trading. Local closing: Nov., 5.87; Dec., 5.87; Jan., 5.83; March, 5.82; May, 5.90; July, 5.98; Sept., 6.06. • On the 4th inst. futures closed 6 Opening sales points lower to 3 points at no change to a loss of 10 Transactions totaled 382 lots or 5,119 tons. London points. were in came unchanged to 3d. higher, while futures on the Ter¬ Cocoa Market ran l;H>d. lower to 6d. higher, with 1,170 tons trading. Local closing: Nov., 5.81; Dec., 5.81; Jan., 5.81; March, 5.81; May, 5.88; July, 5.98; Sept., 6.09. Today futures closed ^ to 5 points up. Sales totaled 183 con¬ Traders short of tracts. and cocoa covered today, while trade foreign interests also were buyers. As a result the market advanced 10 to 12 points, with December going to 5.92c., 11 points. Trading was fairly active, reaching early afternoon. There were virtually no West Ainca offerings nor sailings of cocoa cargoes. Reports from up 150 lots to manufacturers state that the decline in the price of cocoa has stimulated sales of chocolate candies. Warehouse stocks decreased 7,300 bags. They now total about 1,299,000 bags. Local closing: Dec., 5.83; Jan., 5.83; March, 5.83; May, 5.93; Sept., 6.11. the 1st inst. futures closed unchanged to Reflecting the higher prices oaid for spot raws, domestic sugar futures were firmer in Monday's market despite rather narrow trading. Transactions totaled 4,150 tons. The spot market moved up 5 points today (Monday) when it was announced that Arbuckle had bought at the Sugar—On 1 noint up. week-end 23,000 tons of Cubas, prompt, at 2.32c. generally Puerto were asking 3.25c. for duty frees, with Ricos and Philippines offering at that Monday. It was reported that there Sellers Cubas, figure on buying interest was in the market at 3.22c. for the The action of the Brazilian Government was outlined in the following cablegram received from Brazil by the New York Coffee & Sugar Exchange: of lots minal Control Policy—Resolves to by 75%—Markets Temporarily Export Tax Closed—Decision The 7.00 6.88 September -—6.86 - 1937 6, outside, while futures on the Terminal Cocoa Market ran net 43^d. to 6d. lower, with 1,030 tons trading. Local closing: Nov., 6.18; Dec., 6.18; Jan., 6.13; March, 6.13; May, 6.20; July, 6.29; Sept., 6.36. On the 3d inst. futures closed 30 to 31 points net lower.- Influenced by the weakness of securities and other commodities, cocoa futures broke sharply under moderate liquidation. Opening sales had been higher. follows: as Nov. July, 6.38; Sept., 6.45. On the 1st inst. futures closed 5 to 9 points net lower. Opening sales were at gains of 2 to 6 points over the previous finals. Transactions totaled 246 4.27 —4.27 Santos coffee ^razil 4.35 March —4.55'" 4.35 July___.— — May--September Chronicle contract sugar was "right positions." The world without any particular feature outside of the fact that transactions were limited to the March posi¬ tion, with 250 tons traded at 1.12c. and 300 these tons at 1.12c., trades constituting the entire volume for the day. The London market was unchanged to 3^d. lower for the day on sales of only 1,000 tons. Raws were quoted in the London terminal market at 6s. 3%d. per cwt. On the 3d inst. futures closed unchanged to 2 points net lower. The market's opening was unchanged from the previous close. Transactions totaled only 1,000 tons. Notwithstanding in¬ creasing activity and signs of greater firmness in the market for actuals, domestic futures continue in the doldrums, very little interest being evident on the part of traders. The market for raws was a confusing affair today (Wednesday). day bought two lots of 1,000 tons each Philippines, due late November-early December at 3.22c. The same buyer on Monday picked up 10,500 bags of Puerto Ricos of next year's quota and 1,500 bags of this year's quota, both for second half November shipment, at same figure. Considerable surprise developed when it was re¬ ported late today that American had bought, late last week, a cargo of Puerto Ricos, for prompt shipment, at 3.23c., McCahan during the and a The world second cargo, also for prompt shipment at 3.25c. off 1 to 3 points, with sales totaling 2,050 tons. London futures were Yi to Id. lower, while raws there were offered at 6s. 2>Jd. per 100 pounds, sugar contract was reduction of %d. On the 4th inst. futures closed 4 points up to unchanged. The 4 points gain was in the spot month. The market showed slight net gains after it had started a upward in early trading misinterpretation of A.A.A. ruling that quota deficiencies of foreign countries other than Cuba might not be reallotted. Prices ran up 4 points on the initial report, but on these gains were an lost when a more complete report of the A.A.A. announcement made it evident that only a small amount of sugar was involved. The market rallied slightly near the close. Two transactions were reported in the market for raws, Rionda buying 35,000 bags Cubas, second half Nov. shipment at 2.35c., and McCahan buying 1,575 tons of Philippines, due to arrive Dec. 8th, at 3.22c. Offer¬ ings were in the market at 3.25c. and up at the close, with buying interest reported at 3.22c. for specified arrival positions. The world sugar contract closed unchanged to 1 point lower, with March selling most of the day at 1.09c. Transactions in this contract were 2,000 tons for the day. London futures were Kd to Id lower, with spot raws there offered at 6s lp^d. Today futures closed unchanged to 1 point up in the domestic contract, with sales totaling 261 contracts. Reports of better prices for raws aided a re¬ covery in sugar futures. This afternoon the market was holding gains of 1 to 3 points with March at 2.35 cents. A good deal of the buying was believed to represent hedge lifting as several important sales of raws were reported. Volume American Financial 145 TABLE loading, at 2.35 high for the recovery. National purchased 3,928 tons of Puerto Ricos late Nov. delivery at 3.23 cents. Further offerings at 3.25 and up were available. World sugar contracts were 1 point higher with March at 1.10 cents. In London futures were bought 4,300 tons of Cubas, Closing Quotations to 80,477 tons, in terms of 2.34 March November 2.34 2.34 2.39 January May Statement 2.34 -2.37 First Sugar Statistics of AAA Covering of Deliveries Nine Months of 1937—Increase Shown in Compared with Year Ago as statistical statement covering the first from refiners, beet sugar processors, importers and others, was issued on Nov. 2 by the Sugar Section of the Agri¬ cultural Adjustment Administration, which said: The nine monthly sugar 1937, consolidating reports obtained months of cane amounted first nine months of 1937 Total deliveries of sugar during the to Deliveries during the same period of raw sugar value, totaled 5,039,183 short tons. (The deliveries for domestic consumption during 1937 are con¬ 5,373,773 short tons, raw value. last year, in terms refiners' total refined 1935 and 1936.) Distribution of sugar, in form for consumption, during the period January-September, 1937, was as follows: By refiners, 3,552,385 short tons (deliveries shown in Table 2, less exports); by beet sugar factories, verted to raw value by using the sugar factor 1.0571, which is the ratio of produced to meltings of raw sugar during the years 910,708 short tons (Table 2); by importers, 521,476 short tons (Table 3); These mills, 80,477 short tons (Table 4). value, total 5,373,773 short tons. and by continental cane sugar deliveries, converted to raw hand Sept. 30 were as follows: Raw sugar held by held by refiners, 298,967 short 149,786 short tons, and direct consumption sugar held by importers (in terms of refined sugar) 102,383 short tons. These stocks, converted to raw value, equal 732,593 short tons ||!Stocks of sugar on refiners, 146,734 short tons; refined sugar refined sugar held by beet factories, tons; as last year. Such other than compared with 1,113,663 short tons on the same date stocks do for include raws not processing held by importers refiners. B^The data, which cover the first nine months of the year, were obtained in Act of 1937, approved Sept. 1, 1937, which the administration of the Sugar ments and establish require¬ to determine consumption requires the Secretary of Agriculture This for the various sugar producing areas. quotas Public Resolution No. 109, approved June 19, 1936. The statement of charges against the 1937 sugar quotas during the first nine months of the year was released on Oct. 5. This statement given in our issue of Oct. 16, page 2469, Ed. Act Jones-Costigan the replaces statistical The Act and AAA the of statement Section Sugar follows: STATISTICAL REPORT8 SUGAR (Vo TABLE . 4, Report 9, Period: January-September, 1937; STOCKS, RECEIPTS, MELTINGS, CONSUMPTION FOR JANUARY- 1—RAW SUGAR: REFINERS' DELIVERIES FOR DIRECT AND 1937 a SEPTEMBER. (In Short Tons, Raw Sugar Value) Stocks Source Puerto Rico.. Philippines Continental b on Sept. 30 1937 Fire, &c. 23,218 6,712 62 3,089 0 1,318 0 58,674 1,476 0 0 17,891 0 0 0 83,623 78,269 0 0 12,453 0 725 724 0 0 1 199,685 3,838,190 3,878,452 12,627 62 146,734 Other countries Miscellaneous Total. Compiled in the AAA Sugar Section, from reports submitted on Forms SS-15A by 18 companies representing 23 refineries. The companies are- American Sugar Refining Co.; Arbuckle Brothers; J. Aron & Co., Inc.; California <fe Hawaiian Sugar a William Hender¬ Sugar Co.; Godchaux Sugars, Inc.; Refining Corp.. Ltd.; Colonial son; McCahan Sugar Refining & Molasses Co.; Imperial Sugar Co.; W. J. National of New Jersey; Ohio Sugar Co.; Pennsylvania Sugar Co.; Revere Sugar Refinery: Savannah Sugar Refining Corp.; South Coast Corp.; Sterling Sugars, Inc.; Sucrest Corp., and Western sugar Refinery. b Includes sugars received at refineries in Louisiana from their own sugar mills and not chargeable to continental quota until marketed as refined sugar. Sugar Refining Co. TABLE 2—STOCKS, PRODUCTION, AND DISTRIBUTION OF (in Terms of CANE AND REFINERS AND PROCESSORS, SUGAR BY UNITED STATES JANUARY-SEPTEMBER, 1937 BEET Short Tons Refined Sugar as Produced) Domestic Beet Initial stocks of Beet Factories 249,080 3.654,396 890.208 1,139,288 170,286 a3,604,509 298,967 b910,708 3,824,682 4,515,217 149,786 448,753 refined, Jan. 1, 1937.. Production Deliveries Final stocks of Refiners and Companies Refiners . refined, Sept. 30, 1937-- Compiled by the AAA Sugar sugar factories. Section, from reports submitted by refiners and beet _ . , _ delivered against sales for export. The Department of Commerce reports that exports of refined sugar amounted to 52,124 short tons during the first nine months of 1937. b Larger than actual deliveries by a small amount representing losses in transit, a Deliveries include sugar through reprocessing, <fcc. TABLE 3—STOCKS, SUMPTION BER, RECEIPTS, AND DELIVERIES OF DIRECT-CON¬ FROM SPECIFIED AREAS, JANUARY-SEPTEM¬ SUGAR 1937 . (in Terms of Short Tons „ „ of Refined Sugar) Deliveries Stocks on Source o Jan. Supply 1 Receipts or Usuage 1937 Stocks on Sept. 30. 1937 DAILY CLOSING PRICES Sat. October 9.27 9.35 January... May Hawaii 360,390 7,562 a77,256 7.562 0 330 Puerto Rico. Philippines ... England China and Hongkong 385,595 — .... Other foreign areas. Total 115.507 100.565 15,272 3,450 52,644 46,712 9,382 5 271 265 11 . 0 135 135 0 al,960 4,349 5,847 a462 57,796 566.063 521,476 102,383 submitted on sugar, 9.50 9.52 L 9.37 9.42 CHICAGO Thurs. Fri. 9.72 9.67 9.60 9.55 9.60 9.52 9.55 9.52 Pork—(Export), mess, $33.75 per barrel (per 200 lbs.); family, $33.75 (40-50 pieces to barrel), nominal, per barrel. Beef: (export), steady. Family (export), $26 to $27 per barrel (200 lbs.), nominal. Cut Meats: Pickled hams— picnic, loose, c.a.f. 4 to 6 lbs., 19%c.; 6 to 8 lbs., 18c.; 8 to 10 lbs., 15j4c. 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, New York—16 to 18 lbs., 1634c.; 18 to 20 lbs., 1634c.; 20 to 25 lbs., 16%c.; 25 to 30 lbs., 1634c. Butter: Creamery, firsts to higher than extra and premium marks_30c to 3634c. Cheese: State, held 1936—22c. to 24c. Eggs: Mixed colors—Checks to special packs, 18c. to 2934c. Oils—Linseed oil market again reported generally quiet, possible at resale. Quotations: nearby, drums, 1734°. nominal. Cocoanut: November, forward, .0434c.; Pacific Coast, nearby, .0434c. Corn: Crude, west tanks, nearby, .0634c• to .07c. Olive: Denatured, nearby, drums, $1.2734 to $1.30; new crop, shipments, .90c. to 95c. Soy Bean: Crude, tanks, west, forward, .06c. to .0634c.; L.C.L., New York—.08c. Edible: 76 degrees, 1034c. Lard: Prime, with 10c. China rumored as Wood: Resale, 1234c.;extra winter strained, wegian, light filtered, 39c. Rosins: $7.80 to $9.10. Cod: Crude, Nor¬ Turpentine: 32c. to 34c. 1134c. including switches, 141 contracts. Prices closed as follows: Cottonseed Oil, sales, Crude, S. E., 634cDecember January February March 7.15@ 7.15@ 7.17 April 7.15@ 7.18 May 7.15@ June Rubber—On the 30th ulto. futures 7.19@ 7.20 7.20@ 7.25@ 7.25@ closed 16 to 35 points Futures continued to advance today (Saturday), quiet. Again market fluctua¬ wide. Prices started 16 to 40 points higher, sold off some 30 points from the higher in the active deliveries, but resumed the advance and closed substantially net higher net higher. while the outside market was Complied in the AAA Sugar Section from reports and information and SS-3 by importers and distributors of direct-consumption a Includes sugar in bond and in customs' custody and control. Forms SS-15B OP LARD FUTURES IN Mon. Tues. Wed. 9.30 H 9.52 9.32 O 9.50 9.37 9.35 November — a52,051 0 Cuba unchanged to 2 points higher. The market ruled steady during most of the session, though trading was light. The hog market was quiet, but steady. Total receipts for the Western run were 9,900 head against 16,700 head for the same day last year. Liverpool lard futures closed steady 6d. to Is. 3d. higher. On the 1st inst. futures closed 7 to 15 points net higher. The opening price range was 17 to 20 points higher than the previous finals. There was a setback from these levels of 7 to 10 points as a result of profit-taking. The market rallied and closed with substantial net gains. Chicago lard stocks decreased 29,471,000 pounds during October. Total lard stocks at Chicago on Nov. 1 were 20,265,000 pounds, against 49,736,000 pounds on Oct. 1 and 62,335,000 on Nov. 1, 1937. Lard supplies during the past three or four months have been decreasing rapidly, due to the heavier domestic consumption, lighter lard production, and recently the export demand has shown a little improvement. The hog market today (Monday) was quite firm and prices at Chicago closed 10c. higher, and on Tuesday further gains were recorded, with quotations ending 10c. to 15c. higher. The top price reported on Tuesday was $9.65. Liverpool lard on Tuesday ended quiet, with prices unchanged to 6d. lower. On the 3d inst. futures closed 2 to 7 points net higher. There was a moderate demand for contracts today and futures responded to this buying, advancing 7 to 10 points on the nearby de¬ liveries, which proved to be the highs of the day. Mod¬ erately heavy export shipments of lard were reported from the Port of New York over the holiday. It was learned that 263,130 pounds cleared for London and Liverpool. Liver¬ pool lard futures closed 6d. higher on all deliveries. Chicago hog prices ranged higher throughout the session, and values at the close were 10c. to 20c. higher. The top price reported during the day was $9.80, and sales were reported from $9.15 to $9.70. Total receipts for the Western run were 50,900 head, against 70,700 head for the same day last year. On the 4th inst. futures closed 10 to 20 points net higher. It was reported that European interests were again in the market for American lard to-day, and fairly large quantities were reported to have been purchased for English account. Heavy export shipments of lard were reported from the Port of New York to-day, 793,773 pounds of lard being recorded as the amount, this lard destined for the United Kingdom. Packers continued to ask firm premiums for cash lard. In spite of the lighter hog receipts at the leading packing centers in the West, hog prices at Chicago finished 10c. to 15c. lower for the day. The top price reuorted was $9.70, with the bulk of sales ranging from $9.10 to $9.65. Total receipts for the Western run were 58.800 head, agamst 46,000 head for the same day last week and 90,100 head for the same day a year ago. Liverpool lard futures were 3d to 9d higher. To-day futures closed unchanged to 5 points off. Trading in this market was comparatively light and without special feature. December (sweep¬ ings, <fec.) P refined sugar, 0 7,099 Virgin Islands FROM by Louisiana and Florida mills amounted during the first nine months of 1937. 34,497 32 42,366 1,482,228 1,494,602 738,114 722,725 36,369 661,107 665,237 55,862 753,383 777,409 11,947 146,737 100,727 46,042 5,516 0 5,516 Cuba by Stocks for Direct Consumption Meltings Receipts 1937 Hawaii Lost Deliveries on 1, Jan. of Supply DIRECT-CONSUMPTION SUGAR CANE SUGAR MILLS Lard—On the 30th ulto. futures closed bllows: were as OF CONTINENTAL Deliveries of direct-consumption sugar unchanged to ^d higher. December 4—DELIVERIES now cents, equivalent to 3.25 cents duty paid, a new July 3029 Chronicle tions were very Financial 3030 as stated above. Transactions totaled 4,740 tons for the Outside prices were quoted on a spot basis of 15 ll-16c. for standard sheets as compared with a short trading session. Oct. 27. London and Singapore closed prices y% to 3-16d. higher. Local closing: Dec., 15.74 Jan., 15.75; March, 15.77; May, 15.82; July, 15.88; Sept., 15.94. On the 1st inst. futures closed 34 to 42 points net lower. The market today (Monday) lost a good part of last week's advance, although the volume of trading was greatly reduced. Transactions totaled 2,000 tons. Futures opened sharply lower, with losses of 34 to 70 points on reports of increasing tire inventories, slow tire demand and none too optimistic reports on automobile sales. In addition, British rubber stocks showed another advance for last week, gaining 502 tons to a total of 51,826 tons. Commission houses were the principal sellers at the opening, and a number of stop-loss orders were caught as a result of the sharp decline. The outside market was comparatively inactive. Outside prices receded to a spot basis of 15He. for standard sheets. Not much shipment business was done. Local closing: Nov., 15.30; Dec., 15.32; March, 15.42; May, 15.48; July, 15.54; Sept., 15.60. On the 3d inst. futures closed 40 to 45 points net lower. At the opening the market showed losses of 18 to 28 points. While offerings came mostly from commission houses, it was said, that aside from short covering, there was considerable buying for dealer interests, though it did not seem to have any appreciable effect in stemming the decline. The outside market was very quiet, with no factory buying in evidence. Outside prices were quoted on a spot basis of 15c. fo^ standard sheets. Local closing: Nov., 14.90; Dec., 14.92; Jan., 14.93; March, 15.01; May, 15.07; July, 15.13; Sept., 15.19. On the 4th inst. futures closed 11 to 20 points net lower. The market opened 27 to 38 points lower, these declines being further extended 10 to 15 points as the session pro¬ gressed. Following this, prices rallied up to 40 points in the active deliveries and closed near the too prices for the day. Transactions totaled 5,010 tons. Outside spot basis was 14He. for standard sheets. Only a small factory business was reported. Local closing: Nov., 14.70; Dec., 14.72; Jan., 14.73; March, 14.83; May, 14.89; July, 14.95; Sept., 15.06. Today futures closed unchanged to 9 points up. low of 14%e. on firm and steady, Sales totaled 420 contracts. Sentiment in the rubber market better today in sympathy with other commodities. Moreover, foreign markets were firmer. As a result the market opened 14 to 23 points higher and held gains in active trading, which during the forenoon totaled 2,260 tons. December then was selling at 14.93c., up 21 points, and March at 15.05, up 22. London closed 1-16 to H d.higher. Singapore was unchanged. Local closing: Dec., 14.72; March, 14.90; May, 14.95; July, 15.04; Sept., 15.14. was Hides—On the 30th ulto. futures closed 17 to 22 off from pounds. market. points The opening range was net lower. unchanged to 15 points Friday's finals. Transactions totaled 1,720,000 No change was reported in the domestic spot hide Local closing: Dec., 11.98; March, 12.30; June, 12.56; Sept., 12.87. On the 1st inst. futures closed 31 to 38 points net lower. The market opened from 18 to 36 points off from the previous close. Transactions totaled 3,960,000 pounds. The domestic spot market continues dull and without developments of any kind. Local closing: Dec., 11.00; March, 11.95; June, 12.25; Sept., 12.56. On the 3d inst. futures closed 84 points net lower. The market broke sharply today in the heaviest turnover recorded in some time. Opening from 22 to 35 points lower, the list continued to fall off rather sharply, under selling believed to have been en¬ couraged by the break in securities. Transactions totaled 8,400,000 pounds. There was little or no change in the domestic spot hide situation. Local closing: Dec., 10.76; March; 11.11; June, 11.41; Sept., 11.72. On the 4th inst. futures closed 1 point decline to 3 points up. The market opened with declines of 2 to 36 points and 1938, the list ruled weak until the broke. Then the news of the Swift announcement active positions tightened considerably. Trading around the ring was highly active during the greater part of the day. Transactions totaled 5,760,000 pounds. All indications point to a break in the prolonged deadlock between the big four packers and large tanner manufacturers, it was learned' on good authority today. Swift & Co., it is reported, has decided to offer only a week's take-off of hides at a time and will hold back the balance of their hides until the market can absorb them without unduly disturbing the situation. It was reported that Swift is now offering October hides at 16 He. a pound for light native steers, 16c. for butt brands; 15He. for Colorados; 13c. for hides, the basis grade for trading in hide for branded cows. Local closing: Dec., 10.79; March, 11.12; June, 11.40; Sept., 11.71. Today futures closed 24 to 29 points net lower. Sales totaled 176 light native cow futures and 12He. a pound contracts. Raw hide futures were firmer on news that a large Chicago packer was offering 50,000 October hides at concessions from previously asked prices. By early after¬ noon the market was 33 to 39 points higher, with December at 11.18, up 39 points. Sales to that time totaled 1,840,000 pounds. Local closing: Dec., 10.50; March, 10.85; June, 11.16; Sept., 11.47. Freights—The demand for tonnage continues moderately active at fairly steady rates. Charters in¬ cluded: Grain Booked: Two loads, Montreal to Rotterdam, Ocean Chronicle Nov. 6, November, 25c. Two loads, Montreal to Antwerp, Novem¬ ber, 25c. Four loads, New York to Glasgow, November, 4s. Three loads, New York to Liverpool, November, 4s. Ten loads, New York to Avonmouth, January, 4s 3d. Nine loads, New York to Mediterranean, November, 25c. Thirteen loads, Montreal to Antwerp, first half November, 25c. Scrap: Atlantic range to United Kingdom, November, 26t. Gulf to Gydnia, December-January, 31s on port, 32s twp ports loading. Gulf to Gydnia, December, 31s 6d. Sugar: Cuba to United Kingdom-Continent, first half December, 26s. Coal—The impending higher railway rates on bituminous, expected to become effective around November 10th, explain the current high rate of production, and the trade believes that it will continue up to that time in order to move as much tonnage at present rates as storage facilities will permit. After showing a tendency to fall off last week, anthracite sales at large have picked up again in the Eastern territory with more favorable weather, but it is evident that a spell of colder weather is greatly needed by the local trade to accelerate believed in most a normal movement. more be well to cases Dealers are stocked with shipments previously ordered from mines in anticipation of current needs. Anthracite production until recently has been main¬ tained at a rate substantially ahead of last year. Wool—The wool situation has not changed very materially the past week. It is stated that manufacturers have plenty of wool to keep them going on current restricted manufac¬ turing operations, and no turn for the better in wool demand expected until after the turn of the year. It is asserted that lower prices available here and there have not brought about any real expansion in mill purchasing. Wools have been declining steadily on small sales since August, and yet during this time the amount of wool actually sold is estimated to not exceed 1,000,000 pounds. Falling wool prices, rather sharply accentuated of late, have not yet seriously affected the attitude of large growing interests in the Far West, is but in Texas dealers have found the situation there less positive regarding values, and have been able to pick up average wools at low prices. Wool growers, who in all sections of the country sold wool early are now realizing the wisdom still held of their action. A substantial volume of wool is consignment, according to well informed sources, disposition by those responsible for its marketing to meet the lower priced sales market now current despite the almost steady fall of markets generally and the seemingly bearish outlook that is presented. on but there appears no Silk—On the 1st inst. futures closed lc. to 4c. net lower. The market started with losses of 1 He. to 3c. under Friday's close. Transactions totaled 940 bales. Japanese markets reported relatively steady. No change marked grade D, holding at 770 yen. Bourse quotations at Yokohama and Kobe ran respectively 3 yen higher to 4 yen lower and were this 2 to 6 yen easier. Cash sales totaled 725 bales for both cen¬ ters, while transactions in futures totaled 1.475 bales. Local closing: Nov., 1.63H; Dec., 1.62; Jan., 1.50; March, 1.55H; May, 1.55H; June, 1.54H- On the 3d inst. futures closed He. to 2c. net lower. Transactions totaled only 420 bales. The decline in the securities bearish sentiment that prevails markets together with the generally, appeared to have a depressing effect on this market. Japanese markets were closed because of a holiday, but showed softness on Tues¬ day, which was a holiday here. On that day grade D moved down 7H to 10 yen, going to 762 H and 760 yen at Yoko¬ hama and Kobe. Futures on these markets ranged respec¬ tively 2 to 8 and 1 to 9 yen lower. Cash sales at these cen¬ ters totaled 1,025 bales, while transactions in futures totaled 3,025 bales. Local closing: Nov., 1.63; Dec., 1.60; Jan., 1.57; March, 1.54; May, 1.54; June, 1.53. On the 4th inst. futures closed unchanged to lc. lower. Trading increased to 980 bales. Easier cables and the con¬ tinued nervousness losses for raw in &t Yokohama showed "D" was 13 to 12 H 16 yen local silk futures a on circles the local brought further minor Exchange. Grade "D" loss of 10 yen, while at Kobe Grade yen lower. Bourse prices at Yokohama were lower and at Kobe 2 to 7 ven lower. Local closing: Nov. 1.63H; Dec. 1.60H; Jan. 1.57H; March 1.54; May 1.53H; June 1.53. To-day futures closed unchanged to 1H cents up. Sales totaled 61 contracts. Raw silk futures responding to a general improvement in commodity sentiment advanced, aided by a recovery in Japanese markets. Opening unchanged to 1 cent higher, the market this afternoon was 1H to 2H cents higher, with Dec. at Si.61, up 1H cents. March at Si.55H was 2H cents higher. Sales at that time totaled 150 bales. spot market Crack double extra silk in the New York unchanged at S1.71HThe Yokohama Bourse closed 2 to 5 yen higher. Grade "D" silk, however; declined 5 yen to 745 yen a baJ8, Yen exchange advanced y8 to 29H- Local closing: Dec. 1 $0; Jan. 1.58; March 1.53 H; May 1.53H; June 1.53 was . COTTON Friday Night, Nov. 5 ,1937 Crop, as indicated by our tele¬ grams from the South tonight, is ^iven below. For the week ending this evening the total receipts have reached 263,182 The Movement of the Volume 145 impossible to give from the customs In view, however, of the numerous inquiries we are receiving regarding the matter, wo will say that for the month of June the exports to the Dominion the present season have been 22,903 bales. In the corresponding month of the preceding season the exports were 14,007 bales. For the 11 months ended June 30, 1937, there were 262,709 bales exported, as against 217,827 bales for the 11 months of 1935-36, all the cotton destined to the bales the previous week, making the total receipts since Aug. 1, 1937, 4,087,561 bales, against 3,486,465 bales for the same period of 1936, showing an increase since Aug. 1, 1937, of 601,096 bales, against 313,437 bales last week and 323,319 * Tues. 23,003 10,962 10,360 11,516 852 404 295 250 262 13,852 1,026 27,698 2,030 382 15,955 507 360 708 292 338 249 350 257 960 852 Sat. Houston-_ - _ Christ! Corpus New Orleans. __ 35,005 1,579 ___ Mobile 4,671 224 Savannah Charleston _ 739 43 31 42 449 428 1,240 2,480 322 196 626 304 Baltimore Houston Since Aug This Other 1, 1937 Week 1, 1936 60,139 2,117 920,528 842,559 50 to those friendly we 1,051 6,575 1,455 1,463 2,569 522,833 76,773 26,193 751,354 132,558 11.196 2,980 158,769 75.197 28.205 14,604 29,389 change in price 267,045 8,039 938,571 128,851 67,282 3,386 91,941 115,674 49,920 8,519 15,857 104,019 16,106 885,941 92,254 15,109 4,134 165,836 73,517 unless there is a 3,997 1,287 8,376 64",974 7,711 266 127 45,531 10,892 23,286 10C 8,640 626 On the 30th ulto. 100 950 with other years, leading ports for six seasons: offers Houston New Orleans. Mobile Savannah ' Brunswick m mm mm m. m. - 1,240 _ 2,480 Norfolk Newport News All others Total this wk_ Since Aug. 1__ mm 'mm . mm mm mm mm m mm 3.418 3,538 3,347 3,378 92,876 55,666 8,163 mm 4,811 < 12,769 1,331 111,065 153,638 67,531 8,011 2,522 87,729 1,137 3,982 1,640 823 4,359 1,712 1,989 672 m, mm m mm '• m mm mm 'mm m mm 1,596 m mm mm mm mm mmmm 26,229 18,693 12,661 14,710 7,132 3,706 mm m 377,879 275,658 148,501 363,686 259,641 263,182 3,861,402 3,729,869 4,087,561 3,486,465 3,633,336 2,389,963 for the week ending this evening reach a total of 218,484 bales, of which 102,837 were to Great Britain, 17,135 to France, 31,508 to Germany, 17,407 to Italy, 12,525 to Japan, 1,810 to China, and 35,162 to other destinations. In the corresponding week last year total exports were 240,081 The exports date aggregate exports have been 1,772,726 bales, against 1,736,224 bales in the same period of the previous season. Below are the exports for the week. For the season to bales. Exported to— Week Ended Nov. 5, 1937 Ger¬ Great Exports from— Britain 11,724 14,242 Galveston Houston Italy 12,239 12,207 3,380 3,150 6,764 1,944 5,300 Other China Japan many 3,814 France 1,310 Total 11,338 8,373 58,086 • ' 4,598 Corpus Christ! 34,641 New Orleans - "iimmmm mm 7,746 ' 'mm - mmmmrn - 500 200 9,672 - mmmm Savannah 64,234 2,441 1,601 12,080 21,587 Charleston — Angeles San Francisco... Los m ~ - — .... - mi mm rn.rn.mnm mmmm mmmm mm mm mmmm mmmm mm mm mmmm - - - 588 - 3,069 500 -- mmmm mm m m 500 mmmm 6,581 3,040 17,135 31,508 17,407 12,525 1,810 35,162 218,484 48,067 12,562 1.238 36,151 240,081 32,598 13,852 16,154 59,541 61,991 3,546 35,894 224,739 Exported to— 1937, to Ger¬ Great from— Britain Exports Galveston Houston Corpus Christ 1. Beaumont Orleans.. Lake Charles-. 108,703 101,919 73,672 France 77,034 80,350 61,084 many 89,713 66.435 50,705 Italy Japan 97,087 64"813 38,120 7,991 4,589 7,696 23,644 26,484 10,976 21,831 6,144 3,500 28*907 "9",856 "700 180 Savannah 23,150 29,592 9,415 25,263 Charleston 69,841 Other Pensacola, Norfolk. 348 Gulf port 436,238 384,416 52,984 310,165 5,278 296,258 200 56,777 10,849 9.075 23,468 3~588 "loo 130 32,798 648 58,494 _. 4,653 339,492170.170 86,590 13,253 308,205 1772,726 364,985 318,793 273,192 ; 84,074 477,045 5,135213,0001736,224 1.720 1935 1,484 37,664 5,984 14,981 7,034 Total 70 *677 200 1,062 Francisco. Total 1936 6,006 "70 3,034 1,046 515 92 Los Angeles... Total 712 92,738 11,659 166 Baltimore Philadelphia 2*524 250 132 84 Boston 420 """4 i 7,961 a "374 York 71,519 247 2,991 1,395 1,298 1,502 1,632 166 Total 83,381 77,532 67 &c. 2,909 41,060 39 Jacksonville--. China 46,389 48,014 1,900 3,178 27,516 Mobile San 814 625 410 mmmm 1,330 60,704 5, 1937 New 1,860 5,716 22,175 57,323 From New mmmm. 2,287 800 ---. mm 25,199 1936 1935 Nov. *mmm - 102,837 Total Aug. 1, •' - mmmm - Norfolk Total :mmmm - 600 5,216 Total - - 3,645 2,195 814 Pensacola, &c... 3,799 1,860 Mobile 37,699 4,598 11,475 ' ' 1,601 Charles. Lak 1,788 800 552,273 302,743 1 429,311 3,928 184,021 the South, this pressure lower. there was more liquidation the market 417,080| 11.785 259,1311639,652 our practice to include In the the reason being that virtually both and from abroad. As a result of displayed considerable heaviness during most of the session. Prices were still well below the Government level. Proposed farm legislation was under discussion in Washington, but nothing of a definite character occurred to indicate what particular form the proposed farm bill will eventually take. Southern spot markets, as offi¬ cially reported, were 5 to 10 points lower. Average price of middling at the 10 designated spot markets was 8.03c. On the 1st inst. prices closed 9 to 17 points net lower. This closing range represented the lows of the day. Long liqui¬ dation, liquidation of December contracts, selling of distant months by Bombay interests undoing straddles, increased hedge offerings and reports of a weaker basis in the South were factors in the decline. The trade took contracts on the scale-down, and short as the market eased. covering created a steady undertone However, the offtake from consuming unsatisfactory. Opening prices were 4 to 6 points down. Highs of the day were set around the opening. Liverpool cables were 9 to 10 American points lower than due, with selling coming in on the lower prices at Bombay. Reports from the South told of a weaker spot basis, affecting chiefly those qualities of cotton which still carry a better open market price than their Government loan value. Lower spot values carried New York spot cotton down to 8.03c. a pound, or the lowest price in four and a half years. On the 3d inst. prices closed 9 to 22 points net lower. Bearish influences were plentiful, and it was surprising to not a few that the market held as well as it did. Included in the array of bearish items were increased crop estimates, declines abroad and gloomy predictions for the future, all of which affected prices adversely. The outstanding feature of the decline was the pronounced weakness in December and apparent reversal of position by leading spot interests. This was believed to have been due to poor demand for spot and a further weakening of the spot basis. At any rate, December liquidation included exchanging from December to later months. December lost more than $1 a bale, and differences experienced a further readjustment with the trend of the market more definitely toward a carryingcharge basis. A local trade paper in its November crop estimate indicated a probable yield of 18,109,0(X) bales, compared with its estimate last month of 17,250,000 bales. Southern spot markets, as officially reported, were 16 to 25 points lower. The average price of middling at the 10 quarters was designated spot markets was 7.66c. On the 4th inst. prices closed unchanged to 3 points lower. During the early session the market showed de¬ clines of 6 to 8 points, due to lower Liverpool and Bombay markets and pressure of domestic and foreign liquidation, with moderate hedge selling. A rally in the stock market seemed to stiffen the cotton market, causing considerable short covering. In this reaction to the up-side prices re¬ covered a good portion of the early losses. Volume of trad¬ ing, however, was 213,271125,053 NOTE—Exports to Canada—It has never been reports of cotton shipments to Canada, above table 1,676 from through commission houses ■ ■ mm mm mm m — 6,575 1,463 2,569 6,127 Charleston Wilmington mm. 41,022 43,755 35,473 2,242 83,271 121,497 100,607 18,219 9,642 95,752 72,414 64,974 7.711 1.051 68.740 60,139 111,627 6,140 2,983 Galveston 1932 1933 1934 1935 1936 1937 prices closed 7 to 8 points net improved somewhat, but the increase was largely at the expense of prices. Values moved within a relatively narrow range, the market continuing in more or less of a rut. The selling was more active, with increased hedging from the South, where the spot basis was easier. It could not be determined whether this was due to any change of heart on the part of farmers in regard to placing their cotton in the Government loan, or whether it was the result of poor domestic and export demand for spot cotton. More contracts were available, and aside from increased comparison may be made give below the totals at in the government The volume of trading 3,366 975 It is asserted that trend, farmers will have placed around 5,000,000 bales of cotton loan by the turn of the new year. 3,486.4653,203,795 2,677.076 263.182 4,087,561 259,641 Receipts at— 2,880 226,717 2,977,078 7,500 123,285 2,553,791 14,027 270,091 2,623,517 to the upward side. 842",415 3,152 In order that 823,993 165,836 73,517 83,038 23,286 200,018 Speculation in cotton for future delivery during the past was moderately active, with price trend distinctly downward. The situation presents little of encouragement 767",986 Boston Totals 824,428 782,962 week 1936 1937 ..... Baltimore 1935. 95,752 1,015,018 380,191 Corpus Christi__. 7,493 Beaumont 111",627 1,015,118 New Orleans 123,920 6,140 Mobile 43,991 Pensacola, &c 3,103 "224 Jacksonville 104,087 2,983 Savannah 147,099 6,127 Charleston 739 66,458 Lake Charles 5,240 1,240 Wilmington 19,190 2,480 Norfolk New York 46,952 52,481 52,439 11,391 39,138 149,360 1937. 1936. 1.071", 209 72~,414 68,740 1,091,822 City Houston 67,746 31,365 36,686 9",216 ports.. Total Since Aug Week Texas 56,658 20,590 30,880 96,100 59,453 61,948 Stock 1936 This Galveston "745 880 1 Norfolk Total 1937 2",789 Total 2,000 21,100 16,728 8,379 21,000 13,799 30,158 Stock wise 29,000 15,154 6,822 Mobile Total Nov. 5 23,000 12,892 16,589 Foreign Leaving Coast¬ Savannah with last year: Receipts to many Other Charleston compared 1937, and the stocks tonight, Orleans- New total receipts, the following table shows the week's total since Aug. 1, Ger¬ 5", 682 Galveston 53,024 263,182 31,295 31,172 52,230 36,927 58,534 Totals this week. Shipboard Not Cleared for— Britain France 739 67 569 _ The On Great 838 39 1,018 Wilmington Norfolk telegrams tonight also of cotton on shipboard, not Nov. 5 at- 224 2,983 6,127 Lake Charles slow in coming to hand. above exports, our In addition to 1,036 3,708 Jacksonville border are always very give us the following amounts cleared, at the ports named: 68,740 60,139 .54 2,117 19,117 111,627 616 6,140 5,462 21,276 6,592 6,398 9,838 Total Fri. Thurs. Wed. Mon. 13,485 5,316 Receipts at— Dominion comes overland and It Is week to week, while reports concerning the same from returns districts on the Canadian bales. Galveston 3031 Chronicle Financial * was to said obtain comparatively small. Conditions in the practically unchanged. The recent decline to have resulted in more active efforts of farmers government loans, and some insisted that unless market remained 3032 there Financial is Chronicle a change in price trend farmers will have placed around 5,000,000 bales of cotton in the loan by the turn of the new year. Spot demand continued1 quiet, and the recent tonight, as made up by Foreign stocks as well consequently all foreign figures are brought down to Thursday evening. To make the total show the complete figures for tonight (Friday) we add the item of exports from the United States, for JbYiday only. Nov. 5-i1937 1936 1935 1934 as decline in the spot basis made it evident that cotton offered finding a ready demand. Average price of middling at the 10 designated spot markets 7.65c. 6, 1937 The Visible Supply of Cotton cable and telegraph, is as follows. for sale in the open market was not was Nov. « afloat this week's returns, and are . Today prices closed 10 to 9 points up. Futures still showed improvement in the late afternoon in quiet dealings. The turnover was small and limited, and dealers Stock at with December quoted at 7.73, 9 up Stock at Havre. Stock at Rotterdam inquiries for business of were spring was not reports delivery of marked a goods, increase although the Sat. 8.24 Middling upland New York The Mon. Tues. 8.03 Wed. 7.81 Hoi. Thurg. the 7.79 7.8 Quotations for 32 Years 1937 .... 1936 —. .... .... 1933 7.89c. _ 1929 1928 1927 1926 .12.34c. .11.35c. .12.30c. 9.75c. 6.45c. 6.60c. .10.85c. —. ... ,, —. . 1930 ... 1925 1924 1923 1922... . 1932 1931 ..17.90c. 1921 18.90c. 1913 ..19.20c. ..21.25c. ..12.65c. 1920 1919 1918 20.85c. 39.85c. 1911 ... ... — ... ... ..21.00c. ..23.90c. ..33.25c. -25.60c. on 14.00c. 11.90c. 9.40c. 14.65c. 1912 30.70c. 1910 1917 28.90c. 1909 1916 —18.9.5c. 1908 1915 11.90c. 1907 1914 1906 14.70c. 9.25c. 11.10c. 10.30c. Market and Sales day during the following statement. For the convenience of the reader, we also which show at a glance how the market for on same add Liverpool stock Spot Market Closed Saturday Monday Tuesday Wednesday. Thursday Friday __ ..bales. Closed Quiet, 8 pts. dec Quiet, 21 pts. dec Spot Contr 'ct Total Steady Steady JIOLI DAY. Quiet, 22 pts. dec... Steady Steady, 2 pts. dec- Steady Steady, 10 pts. adv. Steady — 209 300 _ Total week. Since Aug. 1 209 300 5o9 26,7t7 509 78",00,' 104,707 U. S. port stock U. S. interior stock U. S. exports today Total American at Saturday Monday Oct. 30 Tuesday Nov. 1 Wednesday Nov. 2 Thursday Wop. 3 Friday Nov. 4 626,000 6,000 844,000 1,564,000 62,000 55,000 406,000 264,000 166,000 171,000 221,000 286,000 385,000 610,000 66,000 421,000 192,000 325,000 598,000 descriptions are as follows: 218,000 159,000 244,000 46,000 41,000 33,000 99,000 101.000 291,000 148,000 56,000 132,000 13,000 60,000 90.000 421,000 406,000 264.000 2,677,076 2,893,608 3,087,836 2,301,784 3,287,554 1,922,254 58,375 25,731 18.911 372,000 Manchester stock Bremen stock vre and other 287,000 49,000 113,000 6.706,235 5,982,235 6,029,893 6,083,001 East Indian, Brazil, die.— Liverpool stock 455,000 40,000 66.000 39,000 27,000 66,000 192,000 325,000 598,000 61,000 53,000 33,000 stock 19.000 Indian afloat for Europe Egypt, Brazil, &c., afloat Stock in Alexandria, Egypt... Stock in Bombay, India 21,000 166,000 239,000 574.000 Total East India, &c Total American.. 260,000 33,000 61,000 18,000 55,000 62,000 166.000 221,000 385,000 632,000 29,000 69,000 26,000 18,000 55,000 171,000 286,000 610,000 1,538,000 1,808,000 1,261,000 1,896,000 6,706,235 5,982,235 6.029,893 6,083,001 Total visible supply 8,244,235 7,790,235 7.290,893 7,979.001 Middling uplands, Liverpool 4.55d. 6.92d. 6.47d. 6.81d. Middling uplands, New York 7.89c. 12.27c. 11.70c. 12.50c. Egypt, good Sakel, Liverpool 9.32d. 11.71d. 9.92d. 9.lid. Broach, fine, Liverpool 3.80d. 5.72d. 5.93d. 5.28d. Peruvian Tanguis, g'd fair, L'pool 5.90d. 8.12d. C.P.Oomra No.l staple,s'fine.Liv 3.95d. 5.73d Continental imports for past week have been 16 j,000 bales. above figures for 1937 show an increase over last week of 215,529 bales, a gain of 454,000 over 1936, an increase of 953,342 bales over 1935, and a gain of 265,234 bales over 1934. The At Futures—The highest, lowest and closing prices New York for the past week have been as follows: 351,000 181,000 47,000 577,000 3,203,795 .2,226,923 21,517 Other Continental stock. American afloat for Europe columns SALES §-000 2,000 8,244.235 7,790,235 7,290,893 7,979,001 days. Futures Market 11.000 6,000 21,000 /X iY}pvi{*n/n-~—— spot and futures closed L^pO 392,000 577,060 166,000 239,000 Other Continental stock New York at 64,000 49,000 1,215,000 1,151,000 Total visible supply Ha The total sales of cotton on the spot each week at New York are indicated in the 21,000 26,000 64,000 446,000 Havre stock., quotations for middling l?-®90 15,000 ------ Manchester stock Bremen stock upland at New York Nov. 5 for each of the past 32 years have been as follows: 1935 1934 14,000 40,000 10,000 2,000 — Of the above, totals of American Fri.9 . 104,000 187,000 13,000 Egypt, Brazil,&c., afl't for Europe Stock in Alexandria, Egypt Stock in Bombay, India 574,000 Stock in U. S. ports 3,203,795 2,677,076 2,893,608 3,087,836 Stock in U. S. interior towns.: 2,226,923 2,301,784 2,287,5 54 1,922,254 U. S. exports today 21,517 58,375 25,731 18,911 volume middling upland cotton in day for the past week has been: Oct. 30 to Nov. 5— 938,000 320,000 158,000 Total European stocks India cotton afloat for Europe in The official quotation for 493,000 162,000 74,000 American cotton afloat for Europe large. New York market each 759,000 Total Continental stocks gains made at the opening held fairly well throughout the morning, and there was scattered price-fixing in all active There 876,000 62,000 Stock at Venice and Mestre..— leading spot houses. On the other hand, there buying by the trade, Liverpool and Wall Street. The deliveries. 419,000 74,000 Stock at Trieste to wras 673,000 86,000 Stock at Barcelona Stock at Genoa points. Prices were steady in a quiet market at Liverpool. Some hedge selling, principally in the distant months, was attrib¬ uted 659,000 110,000 769,000 166,000 —214,000 Total Great Britain Stock at Bremen to be awaiting some further developments before entering into any new commitments. By the start of the last hour active positions were 7 to 9 points above the previous clos¬ levels, bales. Stock at Manchester appeared ing Liverpool the Interior Towns the movement—that is, the receipts for the week and since Aug. 1, the shipments for the week and the stocks tonight, ana the same items for the corresponding period of the previous year—is set out in Nov. 6 detail below: Wop. (1937) Range.. Closing. Movement to Nov. 5, 1937 8.05ft 7.89ft 7.67ft Range.. 8.04- 8.10 7.87- 8.01 Closing Jan.(1938) 8.04- 8.05 7.88 . 7.64- 7.83 7.66- 7.67 Range.. 8.01-8.02 Closing 8.01 7.84 7.85- 7.96 7.85 HOLI¬ 7.87 ft 7.98- 8.04 8.00 7.88- 7.96 7.89 — 10,038 332 7,263 198 10.583 51,286 1,179 34,496 730 1,545 62,782 67,756 961 11,602 49,065 96,874 2,551! 78,018 10,134 128,983 22,704 13,045112.990 1,829 16,096 3,935 31,493 2,978 24,732 262 Ark. Blytheville 7.67 ft 8.00ft 7.89ft 7.98- 8.03 7.99 — 8.03w 7.64- 7.71 7.69 7.72- 7.80 91,000 27,946 4,951 3,418 727 25,588 1.355 6,784 57,436! 4,823 40,305 Hope.—— 4,105 50,512: 2,942 3,231 2,417i 1,323 12,523 1,200 7,792 2,292 2,766 20,5171 550 21,220 23,769 15,177 91,123 4,010 85,635 1,936 27,790 834 21,583 68,807 32,095 Jonesboro 7.79 . 7.72 ft 7.70- 7.77 7.75 Pine Blulf 7.81ft 7.77- 7.85 9,830 95,064 10,074 5,147 35,231 1,993 Ga., Albany.— 313 7.79 w 7.86ft 1,550 14,482 25,153 5,787 59,466 5,468 104,937 1,200 12,400 34,282 12,256 112,950 Macon 7.90- 7.96 7.90 7.77 ft Athens Augusta Columbus 7.84- 7.85 7.80- 7.91 7.74- 7.82 7.83- 7.90 7.81 7.80 7.89 7.84ft — 7.83 ft — 1,205 Rome 2,050 La., Shreveport Mi88.Clarksdale 9,194 16,469 Columbus 7.94ft Greenwood 7.93ft 2,738 . . 16,498 Jackson 8.07ft 8.10- 8.10- 8.11 3,872 Natchez 7.98« 8.13 7.87 ft 7.86 ft 7.90- 8.01 8.00- 8.06 8.01 — 7.85- 7.93 7.90 — 7.91 — 7.97n 7.94- 8.00 8.00 758 option: Range for Week ' Range Since Beginning of Option Dec. 1937— 7.58 Nov. 4 8.10 Oct. Jan. 30 1938— 7.58 Nov. 4 8.02 Oct. 30 1938— 7.69 Nov. 3 7.69 Nov. 7.64 Nov. 4 8.04 Oct. 7.70 4 8.04 Oct. 30 Oct. 30 30 1938— 1938— 3 1938— July 7.74 Nov. Nov. 4 8.03 Aug. 1938— Sept. 1938 Oct. 18,855 26,540 67 950 1,576 50 5,059 15 towns *. 34,350 35,964 21,278 14,845 200 68,092 28,471' 1,770 11,463 4,004 89.002 8,188 81,280 6,219 101,596 1,136 30,020 2,156i 11,641123,396 11,313 30.515 193,669 782 52,956 12,077 29.069 2,056 9,721 34,289 428 7,192 681 3,345 2,925 43,442 6,525 17,561 33,761 2,112 3,213 10.540 706 1,863 247 8.15 Oct. 19 1937 12.40 7.58 Nov. 4 1937 13.93 7.50 Oct. 9 1937 13.94 7.69 Nov. 3 1937 13.85 2,965 7.52 Oct. 7.60 Oct. 563 12 1937 5 1937 5 1937 Mar. 31 1937 8 1937 13.97 Apr. May 21 1937 9.63 Aug. 27 1937 11.36 July 27 1937 7.65 Oct. 8 1937 11.36 July 27 1937 11 ,553 14,974 12,663 807 321 244 3 160 219 71,048 3,012; 16 ,232 4,039 73,775 3,574 20 ,195 ,712 ,760 15,655 7,069 31,252 76,667 210 Robs town San Antonio Texarkana _ .. Waco. 136 3,844 3,449j 5 1937 8 1937 12.96 23,217173, 163 11 ,885 l,997i 63 844 87,200551 ,864 112 ,420 1 ,457 5 033 1,728 3,260 Dallas Paris July Apr. Apr. 3,152 5,575 2,265; 58 Brenham.. 10,416 120,386 6,947 Texas, Abilene. 68,794 33,857 5,274 26,704 245,508 38,215 840.822 32,724 14,262 58,909 45,025 41,409 45,355 133,304 20.403 2,430 1,624 S. C.,Greenville 5,518 Tenn., Memphis 119,508 44,138 11,997 Oklahoma— Nov. 1937— June 133,589 27,081 183,504 49,873 404 430 1,799111,915 3,214132,100 3,109 Vicksburg Yazoo City.. Mo., St. Louis. N.C.,Gr'nsboro Austin 1938— 197, Forest City.. 7.77 ft Atlanta Option for— Mar. 1938— 57,586 1,722 Range for future prices at New York for week ending 1937, and since trading began on each Apr. 5 6,049 8,859 37,420 Nominal. May 44,422 60,780 Oct. 29, Feb. 5,750 1,976 Walnut Ridge Oct.— Closing. 30,851 3,531 7.73- 7.86 7.77- 7.78 Sept.— ft 3,030 Montgomery. 7.74ft Aug.— Range.. 30,751 7.66- 7.75 Range.. Range.. Closing. 3,719 Nov. Week 7.75 Little Rock. June— . Season Stock ments Week 7.65 7.69- 7.81 7.72 May— Range.. Closing 5 7.74 Newport 8.00ft . Closing. Week 6. 1936 Ship 7.58- 7.65 DAY. Range.. . Season Nov. Eufaula 7.62 ft Arpil— Closing i to Nov. Receipts Helena 7.84n 7.98- 8.04 8.00- 8.01 Closing. July— Range.. Week 7.66- 7.75 7.69- 7.69 8.01ft . Range.. . 7.58- 7.67 7.64 Stocks 7.65 March— Closing Movement Ship¬ Selma . Range.. Range.. Receipts 7.63- 7.81 Feb.— Closing Towns 7.74ft Ala.,Birming'm 7.84- 7.96 Closing 7.64ft ments Dec.— 1, 442 1 280 592 130 96 485 256 1,663 17 ,874 .527 1,249 20 ,945 ,854 983 13,400 4,094119,293 959 19,615 7,480 2,323 58,287 25,380 244 18,061 1,260 24,862 3,145105.536 6,674139,798 400 33,850 1,275 39,721 850 26.722 5,106 43,601 4,253 61.894 1,686 34.804 13,808115,450 2,143 33,154 794 40,790 1,391 2,950 81,612 10,540 24.587 533 146 4,599^ 8,628 20,651 2,709 j 105,867 10,569 111,990 78,209 6.506 61,569 ,149,911! 94,111 697,270 28,794 1,121 4,963 11,094 646 2.109 4,189 327 2,691 2,637 15.301 61,871j 57,543 3,137 12,532 13,136 236 2,375 5,850 382 767 27.429; 2,414 12,942 62,899; 1,844 7,485 Total. 56 towns 334.2952,990,362211,206 2226923 263,9773,139.968228.5642301784 * Includes the combined totals of 15 towns In Oklahoma. The above totals show that the interior stocks have — 1938— 7.85 Nov. 4 8.13 Oct. 30 increased 7.85 Nov. 4 1937 8.52" Oct. 16 1937 74,861 during the week 125,537 bales and bales less than at the same period last tonight year. The are Financial 145 Volume bales more than receipts of all the towns have been 70,318 the week last same . Overland Movement for the Week and Since Aug. 1 -1936- -1937- Since Since Nov. 5— Aug. 1 Week Aug. 1 Week • 43,874 45,320 10,540 4,050 857 196 __32,882 1,732 54,793 144,002 5,081 42,580 82,957 48,340 2,367 4,722 56,855 161,327 51,905 290,578 62,868 356,568 626 164 1,287 8,376 298 18,030 4,024 113,790 Via St. Louis.. „ Via Mounds, &c............... Via Rock Island Via Louisville 6,525 7,575 Via Virginia points.......... Via other routes, &c 4,840 83 Total gross overland Deduct Shipments— 421 Inland, &c., from South.. 4,601 8,640 2,789 63,126 Total to be deducted..... 5,391 74,555 19,615 126,190 216,023 43.253 230,378 Overland to N. Y.t Boston, &c—. Between interior towns Leaving total net overland *——46,514 * Including movement by rail to Canada. shows the week's net overland movement has been 46,514 bales, against 43,253 bales for the week last year, and that for the season to date the The foregoing this year aggregate net overland of 14,345 bales. exhibits a decrease from a year ago 263,182 Receipts at ports to Nov. 5 Nov. 5- 46,514 Southern consumption to Nov. 5_ .125,000 434,696 Total marketed Interior stocks in excess......—.125,537 Excess of Southern mill takings over consumption to Oct. I.... Since Since ;>:rv Week Sight and Spinners' Takings Net overland to -1936 1937- . In 4,087,561 216,023 1,655,000 259,641 43,253 135,000 3,486.465 230,378 1,830,000 5,958,584 1.405,368 437,894 35,413 5,546,843 1,119.017 *108,248 *253,838 .... 473,307 during week—560,233 Total in sight Nov. 5 7,110,114 takings to Nov. 5- 51,078 403,024 * Aug. 1 Week Aug. 1 Came into sight North, spinn's' 6,557,612 G. Davisdon & Co. of Boston, Ralph J. Keltie, President and Treasurer of Keltie & in wool noils and by-products; Charles K. Boston, wool merchants. Wool Co., to Membership in New York Cotton meeting of the Board of Managers of the New York Cotton Exchange held Nov. 4, Scully C. Pecot of Fenner & Beane, New York City, who do a stock and commodity business; Kanjibhai Vithaldas Parekh of Kalyanji & Co. of Bombay, India, who do a commission business, and Ramdas Kilachand of Kilachand Devchand & Co., Ltd., of Bombay, India, cotton merchants, were elected to membership in the Exchange. Mr. Pecot is also a member of numerous other commodity exchanges. Mr. Parekh is a member of the East India Cotton Association, Ltd. Mr. Kilachand is also a member of the East India Cotton Association, Ltd. Elected Three Exchange—At a Weather Reports by Telegraph—Reports to us by tele¬ graph this evening denote that nearly everywhere in the cotton belt the gins are now running only on stated days of each week. With no unfavorable change in the weather cotton is not grading so excessively low as expected. Rain Rainfall Days 443,533 47,402 Decrease. Inches .528,073 278,190 -.483,425 8 9 1933—Nov. 10-1934—Nov. Bales Since Aug. 1— Bales 6,192,913 4,217,330 6,326,039 1935 1934 1933 Austin-. Abilene Other Markets 0.06 dry Brownsville Rio Week Ended Nov. 5 Tuesday Monday Saturday 7.92 7.75 82 52 67 52 50 71 84 86 50 67 68 68 69 New (Means.. Mobile Savannah 8.10 8.14 7.97 8.20 8.35 8.03 7.76 8.20 HOL. 8.00 Augusta. 8.15 8.29 Memphis 8.00 7.85 Houston 7.90 8.02 7.85 7.65 7.70 Norfolk Montgomery.. 8.03 8.13 7.90 7.90 Dallas 7.49 — 7.49 . 7.84 dry dry 8.00 8.10 7.75 . dry 86 36 61 dry dry dry dry 88 86 1 Orleans Louisiana—New Shreveport Mississippi—Meridian VicksburgAlabama—Mobile - Birmingham 7.80 7.63 Montgomery 7.50 7.50 7.50 7.60 7.09 7.19 Miami 7.11 7.09 7.19 Pensacola Saturday Monday Tuesday Wednesday Oct. 30 Nov. 1 Nov. 2 Nov. 3 Nov. 4 54 42 32 55 34 58 36 44 28 34 62 60 34 38 37 38 30 53 56 dry dry 78 82 Macon dry 88 dry dry dry 76 78 74 dry dry 72 74 dry dry 86 82 76 Carolina—Charleston North Carolina—Asheville South . - Charlotte Nov (1937) December. 8.09- Jan.(1938) 8.05 February 7.95- 7.97 7.85 7.77 7.73 7.85- 7.86 7.93 8.10 Bid. 7.84 7.75 7.72 7.83 8.05- April May 8.07 8.07- July—— 7.87 7.82 7.78 —— 7.95 7.91 7.87- 7.89 7.82 7.94 8.08 7.99 —— 7.95 7.91 7.87 7.96- 71 8.06 - 8.00- 8.02 8.01 7.97 8.06 The August September 8.17 October — Steady. Steady. Options—-' Barely stdy Barely stdy Steady Steady Steady. Barely stdy Steady Steady. Steady. Steady 1936 of 25,219,000 acres. Cotton Crop in China of 4,000,000 Bales Anticipated, According to Report to Bureau of Agricultural Economics—In a report from Shanghai made public on Oct. 22 by the Bureau of United States Department of that China will have a Agricultural Economics, Agriculture, it was reported record cotton crop of 4,000,000 bales despite military operations and heavy rains, from Washington advices, Oct. 22, to the "Times" of Oct. 23, which added: it is learned New York previously had been predicted at 4,200,000 bales. Because the normal movement of the crop to milling centers, buying for local storage at low prices, the report said. It is reported that the Central Government is preparing to crop establish interior points are a holding organization to buy cotton Such purchases would be stored at interior Government-controlled producers at fixed prices. points until normal conditions returned. said to be virtually at a Mills at spinning centers were standstill. Twenty-three Elected to Membership in New York Exchange—At a meeting of the Board of Gov¬ ernors of the New York Wool Top Exchange held Nov. 1, the following were elected to membership: Sidney Albert Elseman, Treasurer of Eiseman, Inc., of Bostdn, wool commission Inc., merchants; Philip Leff, President of the National Brooklyn, N. Y., manufacturers of worsted yarns; Treasurer Spinning Herbert wool merchants; Simon merchants; Walter Roy of Akroyd Bros., Ltd., of Boston, wool merchants; of Royer & Garretson of Philadelphia, Waters of Boston, wool brokers and commission Garretson Somers, Memphis Feet Shreveport Vicksburg 1.9 r • 7.5 9.2 19.0 9.7 3.5 5.4 9.6 5.0 Plantations—The following table each week from the planta¬ tions. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that part of the crop which finally reaches the market through the.outports. Receipts from the indicates the actual movement Stocks at Interior Towns Receipts at Ports Week Received from Plantations Ended- 1937 Aug i 1936 V ! 6. .! 68.215 38,915 13. 94,093 62,891 27. 76,336 56,583 61.492 96.074 21.570141.365159.138 . 1936 1935 < ■ 20. .149,210 ►>pt. 1937 1935 811.182 1 167,401 1,111,532 796.1601,144,650 1,097,283 1937 39,236 79,061 1936 Nil 30,140 1935 46,569 47.243 788,4081.132,176 1.094.124 141,468 63,862 92,916 806,6491.140.781 1.119,686,239.811 149.970 184.700 i' ! 836,7391.219.831 1.178,879330.292 280.892 248.136 918,1781.339,682 1.274.081 361.614 391.307 310.219 216,017 1.050,9141,499.275 1.414.604 480.006 500.408405,544 .347.270340,816265,021 .411,538314.287336,897 1.245.6391.677.862 3. .300.222 201,842 188.943 17. 24. 1.610.222^06.163,492.874 632.616 Oct. 1. '479,801319,754326.252 1,490.5641.832.0261,784,489 724.826473.918500,419 .441,721330,033 387,060 1.715.693 1.980.3361,990,723 15. 379,066370,723 372,945 1,904.0352.098.7332,132.345 22. 323,319378.683 405.164 2,051.912 2,179,563 2,220,751 8. 29. 313,437385,111372,1492,129,804 666.850478.343 593,294 596.889 489.120 514,566 471,196 483,163 493,570 2,266.3712,253,100391,329 471.919 404,498 Nov. Wool Top Co., Nov. 6, 1936 2.0 10. .309,808271,456 of the interference with from Above zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge- Bureau from the Director of Statistics at Calcutta reporting the revised estimate of India' 1937 cotton acreage at 20,715,000 acres. This compares with a revised estimate of 20,481,000 acres at this time last year and a final estimate for at 62 60 53 Feel ,1 New Orleans Nashville gram The 53 54 received by tele¬ the points named at Nov. 5, 1937 Acreage Estimated at 20,715,000 of Agricultural Economics, United States Deoartment of Agriculture, recently received a cable¬ Record . 62 following statement has also been graph, showing the height of rivers at 8 a, m. on the dates given: •o::..;.;: India's 1937 Cotton Acres—The 0.04 1 — Tone— Spot - Chattanooga Nashville 7.88 7.93- 7.95 8.06 June dealers Raleigh... Wilmington Tennessee—Memphis - March 52 60 82 83 dry Augusta Friday Nov. 5 38 52 Atlanta.. Thursday 64 66 59 61 66 71 66 68 40 42 32 80 82 80 0.08 0.03 dry dry Georgia—Savannah Market 4 86 84 1 2 Florida—Jacksonville. Tampa New Orleans Contract 70 66 65 63 66 68 0.01 0.02 7.11 7.50 48 44 42 50 46 0.30 1 7.85 7.99 7.88 7.70 7.70 84 86 84 82 90 2 7.94 7.73 8.00 7.75 7.91 88 84 86 dry dry ------ Antonio. 7.22 7.75 7.33 7.33 Fort Worth San 0.12 1 Arkansas—Fort Smith Little Rock... 7.22 7.75 Little Rock... 7.74 7.5S 7.85 7.84 7.87 7.85 HOL. 7.98 7.48 68 50 48 54 54 Oklahoma—Oklahoma City 7.50 7.77 72 69 76 90 86 dry dry Port Arthur Friday Wed'day Thursday 7.65 Galveston 68 0.36 Paso... Palestine...- Cotton on- 48 58 50 68 0.28 1.70 Houston Closing Quotations for Middling 73 Mean 1 1 Dallas-- El ■ 64 1 Christi Corpus Del Quotations for Middling Cotton at 1 - ■ Low 88 86 88 84 dry dry Amarilio sight in previous years: Week— "-Thermometer* ■ High 81 dry Texas—Galveston Movement into 1935—Nov. wool merchants; Co., Inc., of Boston, Beatty, President of Beatty & Gorham, Inc., of Boston, wool dealers; Ralph H. Lindsay, President and Treasurer of R. H. Lindsay Co. of Boston, wool dealers; Emil Nilsson of Stressenger & Nilsson of Boston, wool dealers; John R. Reilly of Boston, wool merchant; James A. Callard, President and Treasurer of James A. Callard Co. of Boston, wool dealers; Ralph Waldo Conant, President of Emery & Conant Co., Inc., of Boston, wool merchants; Thomas C. Thacher Jr. of Hallo well, Jones & Donald of Boston, wool merchants; Ronald W. Cordingly, associated with Cordingley & Co., Inc., of Boston, wool merchants; Harry J. Blake, President of Blake & Kendall Co., Boston, wool merchants; Robert B. Hackett, associated with Nichols & Co., Inc., Boston, wool merchants; Ames Stevens, Treasurer of the Ames Worsted Co. of Lowell, manufacturers of worsted yarns and cloths; Ranson E. Smith, President and Treasurer of R. E. Smith, Inc., of Boston, wool merchants; William H. Lister, President and Treasurer of the Lister Worsted Co. of Watertown, R. I., manufacturers of worsted yarns: Harry N. Bloomfield, President of Harry M. Bloomfield & Co., Boston, wool mer¬ chants, and B. Wm. Richardson, Secretary and Treasurer of Colonial Richard M. Ott of Wm. dealers year Shipped— 3033 Chronicle 5. 263,182 259,641 363,686 2,226,92 3 2,301,784 2,287,554 The above statement shows: 388,719 295,054 398,140 (1) That the total receipts plantations since Aug. 1, 1937, are 5,510,815 bales; in 1936 were 4,602,970 bales and in 1935 were 4,780,538 bales. (2) That, although the receipts at the outports the past week were 263,182 bales, the actual movement from plantations was 388,719 bales, stock at interior towns having increased 125,537 bales during the week. from the 3034 Financial Chronicle World's Supply and Takings of Cotton—The followi¬ ng brief but comprehensive statement indicates at a glance the world's supply of cotton for the week and since Aug. 1 for the last two seasons from all sources from which statistics are obtainable; also the takings or amounts gone out of sight for the like period: 1937 Week Visible supply Oct. 29 Visible supply Aug. 1 8,028,706 560,233 4,000 To Oslo—Nov. 2—TroIIeholm, 373 Gdynia—Nov. 2—TroUeholm, 466 Gothenburg—Nov. 2—TroIIeholm, 1,535— To Alexandria receipts to Nov. 3 Other supply to Nov. 3 * 5___ 84,000 8,000 193756 supply 15,000 18,000 72,000 11,000 takings to Nov. 5 8,244,235 7.790,235 4,181,101 2,821,301 478,006 336,006 142,000 - 4,761,835 3,666,635 1,095,200 Of which American Of which other - 1,359,800 Since Bombay—- - - - 4,000 -—------ Week 136,000 Aug. 15,00f Great Conli Jap'nA Britain nenl China Great Conti- Britain Total nent | I Bombay— 4,000 4,000 4,000 50,000 9,000 12,000 52,000 8.000 21,000 14,000 7.000 6,000 5,000 72,000 27,000 50,000 52,000 31,000 57,000 107,000 129,000 149,000 5",000 13",666 7,000 18",000 2,000 9,000 1936 7,000 12,000 s',666 22", 000 1935 8,000 4,000 39,000 23,000 8.000 Japan & China Total 119,000 155,000 168,000 173,000 214,000 245,000 Cartagena—Oct. 29—Stella Lykes, 40 Lykes, 5 Copenhagen—Oct. 29—Freede, 442 565 40 5 _ 442 3,136 ; 14 1,944 1,310 1,150 - 29—Assuan, 1,310 ; 29—Ensley City, 1,150 NEW ORLEANS—To Copenhagen—Nov. 2—Tabor, 432 To Marsailles—Oct. 30—Istria, 920 To Bremen—Oct. 29—Frankenwald, 8,140 To Hamburg—Oct. 29—Frankenwald, 1,532 To Oslo—Nov. 2—Tabor, 62 To Gdynia—Nov. 2—Tabor, 2,450 To Varburg—Nov. 2—Frode, 181 To Gothenburg—Nov. 2—Tabor, 1,792To Wasa—Nov. 2—Tabor, 700 920 62 2,450 181 1,792 700 — Marta, 200 30—San Bruno, 200 To Talcaluana—Oct. 30—San Bruno, 150 To San Jose—Oct. 30—Tivives, 27 257,000 341,000 374,000 119,000 155,000 108,000 432 8,140 1,532 — To Porto Barrios—Oct. 27—Santa To Buena Ventura—Oct. 84,000 127,000 129,000 77,000 57,000 127 1,131 To Bombay—Oct. To China—Nov. 2—Bronisville, 500 To Liverpool—Oct. 28—Mailsea To 4000 5,000 - To Bremen—Oct. 29—Karpfanger, 3,136 To Hamburg—Oct. 29—Karpfanger, 14 To Japan—Oct. 29—Assuan, 1,944 To China—Oct. Total all— 1937 2—Nicolo - 1—TroIIeholm, 127 To Puerto Colombia—Oct. 29—Stella To 200,000 57,000 77,000 Other India - 410 3,380 — 29,Freede, 300__ 1—TroIIeholm, 565—-- To I 1937..— Odero, 1,519 To Oslo—Nov. Aug. 1 23,000 7 Copenhagen—Nov. 1—TroIIeholm, 410 30—Elmsport, 3,380--30—Elmsport, 3,481 Nov. To Gdynia—Nov. 1—TroUeholm, 831--.Oct. To Gothenburg—Nov. Since Aug. 1 Exports 1935 Week 2,781 — To Marsailles—Oct. Since 1 169,000 For the Week From— To ------ To Genoa—Oct. 1935 Since Aug. 1 1—Tiradentes, 2,637---Nov. 4—Blom¬ — Movement from All Ports—The receipts Bombay and the shipments from all India ports for the week and for the season from Aug. 1 as cabled, for thrfe years, have been as follows: 1936 1,665 - Rotterdam—Nov. mersdijk, 144-To Tallin—Nov. 4—Blommersdijk at Nop. 4 -- dijk 22 To India Cotton Week - — Estimated. Receipts— — •-- Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c. a This total embraces since Aug. 1 the total estimated consumption by Southern mills, 1,655,000 bales in 1937 and 1,830,000 bales in 1936—takings not being available—and the aggregate amount taken by Northern and foreign spinners, 2,526,101 bales in 1937 and 2,931,835 bales in 1936, of which 1,166,301 bales and 1,836,635 bales American, b 1937 — --- * of Indian cotton 295-----—295 400 — 7,790,235 440,704 320,704 120,000 a 1,535 1—Assuan, 1,120; Kano Maru, 5,644 6,764 Antwerp—Oct. 28—City of Joliet, 278---Oct. 30-—Tiradentes, 1,100 1,378 To Havre—Oct. 28—-City of Joliet, 1,553—-— ^ 1,553 To Dunkirk—Oct. 28—City of Joliet, 2,211--2,211 To Bremen—Oct. 28—Karpfanger, 12,225 12,225 To Hamburg—Oct. 28—Karpfanger, 14 14 To Rotterdam—Oct. 28—City of Joliet, 160—Oct. 30—West J»Camack, 300; Tiradentes, 3,512 3,972 To Ghent—Oct. 30—Tiradentes, 2,329-2,329 To Venice—Nov. 1—Maria, 2,568-2,568 To Genoa—Oct. 30—Nicolo Odero, 4,713—-Nov. 3—Elmsford, 2,134. —' 6,847 To Trieste—Nov. 1—Maria, 2,792——2,792 HOUSTON—To Manchester—Oct. 31—Mailses Moor 30-.. Nov. 4—Comedian, 4,008 4,038 To Naples—Nov. 2—Nicolo Odero, 300— 300 To Liverpool—Oct. 30—Risanger, 4,821---Oct. 31—Mailses Moor, 4,596---Nov. 4—Blommersdijk, 150; Comedian, 637 10,204 To Antwerp—Nov. 1—Tiradentes, 50. 50 To Ghent—Nov. 1—Tirandentes, 1,643—Nov. 4—Blommers 8,268,241 12.552,070 8,244,235 Visible supply Nov. 5 466 —-— To 6,557,612 169,000 127,000 675,200 124,000 8,684,939 12,425,336 he Deduct— Total To Porto Colombia—Oct. 30—Stella Lykes, To Havana—Oct. 30—Stella Lykes, 400 To Japan—Nov. 4,899",258 473",307 136,000 84,000 649,200 107,000 9,684 2,040 50 590 373 — Season 7,110,114 Bales — 7,678,934 4,339",022 — American in sight to Nov. 5-Bombay receipts to Nov. 4— •Other India ship'ts to Nov. 4. W Total Week 1937 ■--- 1936 Season 6, GALVESTON—To Liverpool—Nov. 2—Comedian, 790---Nov. 3— Bisanger, 8,894— To Manchester—Nov. 2—Comedian, 2,040 To Marseilles—Nov. 3—Elmsford, 50 To Copenhagen—Nov. 2—TroIIeholm, 590 To Cotton Takings, Week and Season Nov. *.'■ 200 - 200 - 150 27 — Japan—Nov. 2—Bronisville, 200 200 500 Moor, 12,312 Oct. 29— Peanter, 4,037; Musician, 15,537 31,886 Manchester—Oct. 28—Mailsea Moor, 900 Oct. 29— Peanter, 1,855 2,755 Antwerp—Oct. 30—Aquarius, 299. 299 Ghent—Oct. 29—Burgardijk, 50 Oct. 30—Aquarius, 1,624 1,674 Havre—Oct. 30—Aquarius, 6,826 6,826 Rotterdam—Oct. 29—Burgerdijk, 485—Oct. - To According to the foregoing, Bombay appears to show decrease compared with last year in the week's a — To receipts of 11,000 bales. Exports from all India ports record a decrease of 35,000 bales during the week, and since Aug. 1 show a decrease of 84,000 bales. - To To 30—Aquarius, 2,723 - — Receipts and Shipments—We now re¬ ceive weekly a cable of the movements of cotton at Alexan¬ dria, Egypt. The following are the receipts and shipments for the past week and for the corresponding week of the . - Alexandria previous two - - To To Tallin—Oct. 3,208 - 29—Burgerdijk, 100 100 CORPUS CHRISTI—To Liverpool—Oct. 29—Comedian, 3,692-. 3,692 To Manchester—Oct. 29—Comedian, 906 906 NORFOLK—To Hamburg—Nov. 5—City of Newport News, 814814 CHARLESTON—To Liverpool—Nov. 1—Tulsa, 3,300—Nov. 2— Schoharie, 4,300 7,600 To Manchester—Nov. 1—Tulsa, 10,662—Nov. 2—Ginnheim, 3,325 13,987 To Hamburg—Nov. 2—Schoharie, 588 588 LAKE CHARLES—To Liverpool—Oct. 28—Comedian, 1,601 1,601 PENSACOLA—To Liverpool—Nov. 1—Antinous, 440 440 To Manchester—Nov. 1—Antinous, 1,420 1,420 MOBILE—To Liverpool—Oct. 26—Auditor, 2,103 2,103 To Rotterdam—Oct. 25—Tabor, 537 537 To Manchester—Oct. 26—Auditor, 1,696 1,696 To Gdynia—Oct. 25—Tabor, 600 600 To Antwerp—Oct. 25—Tabor, 200 200 To Bremen—Oct. 25—Tabor, 2,305 2,305 To Havre—Oct. 28—City of Alma, 2,195 2,195 To Hamburg—Oct. 28—City of Alma, 1,340 1,340 To Gothenburg—Oct. 25—Tabor, 204 204 To Varburg—Oct. 25—Tabor, 500 500 To GeHe—Oct. 25—Tabor, 200200 To Stockholm—Oct. 28,—City of Alma, 200 200 SAN FRANCISCO—To Great Britain— ? 500. 500 To Germany— ? 800 800 To Japan— ? 1,330 1,330 To Australia—...? _ - years: - - Alexandria, Egypt, 1937 1936 1935 420,000 3,279,418 360,000 3,376,273 440,000 2,976,866 Nov. 3 Receipts (cantars) This week Since Aug. 1 This Week Exports (Bales)— To To Liverpool_ Manchester, _ 1 9,000 45,199 10,000 47,735 18,000 173,290 6,751 This Week - Since Aug. This 1 Week Since Aug, 1 _ To America Total exports vaiivui it) cc 7,000 41,553 11,000 46,462 15,000 128,514 6,052 10,000 54,701 8,000 39,234 29,000 197,938 6,576 37.000 272,975 33,000 222,581 &c India To Continent and jkvic Since Aug. — 47,000 298,449 lira, Uttics This statement shows WCIRI! ttlJUUl) / OU 1US. that the receipts for the week ended Nov. 3 420,000 cantars and the foreign shipments were 37,000 bales. were 1936 8}4 Lbs. Shirt¬ Cotton ings, Common to Finest Middl'g Twist d. s. d. s. Upl'ds d. Aug. 6.. d. 8X Lbs. Shirt¬ ings, Common d. Middl'g to Finest 32s Cap Twist 8. d. Cotton d. s. e. 4H@10 3 20.. 12J4@13 H 10 3 27-. 11J*@13H 10 1^@10 4H 3-. 11«@13 10 1H@1» 4H 10- 11 *4 @13 11 <a)13 6.56 10 10H@119i 10 4H 4H 5.46 10 1H@10 1H@10 10J4@12 10 5.33 1194 @13 10 0 0 4H@10 @10 3 5.08 10H@llJi 10H@11 H 10 3 0.98 10 0 3 0.73 7J4 6.20 10J*@12 10 @10 6 5.93 4M@10 10H@11 X 10 7X @10 6 5.78 4H@10 1X@10 1X@10 7X 6.92 10 4 X 6 6.70 18- 15- 22_. 29- llt*@12H 11J-H @12 J4 11K@V2H lltf @12H 11>*@12H 9 9 @10 10J4@10 9 10J4@12 Shipping @10 4X 7X 0.70 0.99 To \0X@\\H 0 @10 3 4.75 11 @12 10 0 @10 4.82 3 11 @12H 0.86 10 4}^ @10 3 @10 9 @11 7X 6.99 10H@10 9 1094@10 1X IX 9 10J4@10 IX 10 4.89 10J4@12 10 4.83 10J4@12 10 shown 10 7.02 6 6.96 0 6.81 7X@10 10X Manchester—Oct. 30—Pacific Ranger, 325? Maine, 600 Japan—Nov. 1—Tatsuta Maru, 1.194; Kevansai 693; President Polk, 400 To Gdynia— ? Mexican. 50 To Bombay— ? President Polk, 575 SAVANNAH—To Liverpool—Oct. 30—Ginnheim. 4,156 To Manchester—Oct. 30—Ginnheim, 1,060 To Gdynia—Oct. 30—Toronto, 500 6.92 a previous page, the exports of cotton from the United States the past week have reached 218,484 bales. The shipments in detail, as made up from mail and telegraphic reports, are as follows: 325 600 — Maru, 2,287 ^ 50 575 4.156 1,060 500 Total -—218,484 - Cotton Freights—Current rates for cotton from New York, as furnished by Lambert & Barrows, Inc., are as follows, quotations being in cents per pound: High Liverpool .67c. d 45c. .60c. .67c. Flume d.4i>c .60c. .67c. Barcelona .52c. Havre .52c. Rotterdam ,52c. Genoa d.45c. .67c. High ard Trieste Antwerp Stand- Density ard Piraeus 85c. 1.00 Salonlca .85c. 1.00 d.85c. 1.00 • * Venice Japan • * ,67c. Copenhag'n.57o. .72c. Shanghai • * Naples .60c. d.45c. .60c. Bombay .50c. .65c. ,58c. Stockholm * Stand- Density .52c. Manchester .52c. Leghorn .73c. d.45c. ,60c. Bremen ,52c. .63c. .78c. .57c. ,72c. Hamburg ,52c.. No quotations, x x Only small lota, . 67o. Gothenb'g 67o d Direct steamer. Liverpool—By cable from Liverpool we have the follow¬ ing statement of the week's imports, stocks, &c., at that port: Forwarded on 110 2,744 To Bremen— Oslo IX 9 News—As 1H@10 4.89 Nov. 5- 10V4@11 M 10 7.02 IX @10 9 10K@10 5.63 300 To 0.74 Sept. 17- To India— ? 110 LOS ANGELES—To Liverpool—Oct. 30—Pacific Ranger, 1,494— Elizabeth Bakke, 1,250 Upl'ds 10 12M@14 13- 12H@13« 10 24Oct. _ - to¬ both yarns and in cloths is steady. Demand for cloth is poor. We give prices today below and leave those for previous weeks of thisjmd last year for comparison: 32s Cap - 300 Manchester Market—Our report received by cable night from Manchester states that the market in 1937 - Total stocks Of which American Total imports Of which American Amount afloat Of which American Oct. 15 Oct. 22 Oct. 29 Nov. 5 60,000 726,000 358,000 103,000 61,000 234,000 163,000 59,000 773.000 322,000 109,000 93,000 171,000 96,000 58,000 770,000 323,000 62,000 33,000 211,000 135,000 66,000 769,000 336,000 58,000 39,000 290,000 203,000 Volume Financial 145 The tone of the Liverpool market for spots and futures day of the past week and the daily closing prices of each spot cotton have been as follows: Saturday Spot Market, Thursday Friday Quiet. Quiet. Quiet. Quiet wheat to the lowest levels reached, in ( P. M. (juiet. Quiet. today's maximum drop being 3c. { On 4.81d. Mid.Upl'ds Futures. Market [ Market, to 6 4.71d. Quiet, 1 pt. 4.63d. Steady, pts. dec to 2 pts 1 4 to to 2 to 8 tuate the bearish outlook, wheat 1 pt. dec. decline. advance Quiet. Quiet but Quiet, Quiet, Barely stdy Steady at pts. stdy., 3 to 2 to 3 pts. 4 to 7 pts. 9 to 12 pts. 6 pts. dec. decline. decline. decline. 5 to 4 pts. Liverpool for each day are 234c. 42c. on under likelihood the season's that Official peak. domestic wheat to plunge values lower. Sat. Tues. Mon. Thurs. Wed. Fri. than to Nov. 5 Close Noon Close Noon Close Noon Close Noon Close Noon Close New Contract d. d. d. d. d. d. d. d. d. d. d. as adverse an December (1937) 4.63 4.43 in prospect for 1938 did much Besides, scantiness of export de¬ 4.60 4.57 4.56 4.54 4.53 4.51 4.42 4.41 4.45 4.45 with • ' M, 4.57 - 4.38 4.50 4.54 March 4.66 4.63 4.61 4.59 4.58 4.57 4.55 4.47 4.45 4.49 4.50 May 4.68 4.66 4.64 4.63 4.62 4.61 4.60 4.52 4.49 4.53 4.54 July October 4.70 4.68 4.66 4.65 4.64 4.63 4.62 4.54 4.52 4.56 4.57 4.70 4.68 4.67 4.66 4.75 December 4.80 4.73 4.70 4.78 January (1939).. 4.73 — m - m M 4.76 - - - ~ 4.71 — — „ «. — 4.69 - __ the market Today prices closed 134 to %c. off. 4.64 4.62 ~ M - - session, when prices ket slipped ' March 4.81 May 4.83 July 4.85 ' » « 4.75 4.79 - - 4.78 4.76 4.81 - 4.78 — « - — - - - 4.74 - - « - 4.65 _ ^ 4.69 „ 4.76 4.66 4.70 4.67 4.75 4.71 below the large export double those of a After a firm morning Argentine crop news, the mar¬ lower, finally ending substantially rose on gradually previous finals. Reports that frosts in Argentina appeared to have caused more crop damage than posed, gave today. Liverpool as pressure was was sup¬ material lift to Chicago wheat prices early a counted also BREADS7UFFS showing about showing but little rallying power toward 4.66 4.60 more the close. 4.61 4.60 4.57 4.59 .. 4.72 4.73 Figures of Russia, out ' - emphasized added to the downward momentum of prices here, year ago, 4.63 of the bushels are crop influence. shipments January (1938).. than The persistent weakness of securities also served ever. wheat million a mand for wheat from North America was Oct. 30 accen¬ more suggestions surplus of more than a of given below: tumbling again the Chicago Board today, sending the price down advance decline. Prices of futures at Bearish The persistent smashing of the season's low price records seemed to decline. 8 inst. developments continued to dominate values. Steady at pts. advance. 5 to | the 4th since 1935, some cases, bushel. prices closed 134 to 2%c. off. a 3 to 4 pts. Barely stdy Quiet, un¬ pts. changed 4.55d. 4.52d. decline. ( 4 M. 4.75d. Steady, 4 -j opened authorities said the price downturns reflected trade uncertainty as to future developments in all directions, including legislative. The collapse in prices today brought | 12:15 P. Wednesday 3035 selling orders flooding the market, rallies of wheat values were at no time more than fractional on the Chicago Board. Trade ; Tuesday Monday. Chronicle quotations, wheat stimulus a to higher than the market here. due, However, too heavy for the market in the later trading. ' Friday Night, Nov. 5, 1937 Open interest in wheat was 109,677,000 bushels. DAILY Flour—Flour prices continued their downward trend, the standard as 10c. flour in was taken off the list. also are the down Mill semolina. interest. seasonal lows again Advertised brands of family bakery patents going to another offices new 10c. report a No change was made general lack of buying The current trend of grain prices has so unsettled trade that there is little disposition to book ahead. closed 34c. off to J4c. from the Argentine was the chief factor in the wheat market's improvement today (Saturday). Advancing prices in the Argentine, stimulated, apparently, by reports of frost there, together with a strong Winnipeg market, caused Chicago wheat values to snap back after their lovrer opening. The market throughout most of the session showed a steady undertone, though prices did not fluctuate very widely. The Winnipeg market led the upturn, which ap¬ peared to be held in check on the Chicago Board by failure of real buying power to expand. Winnipeg closed llA<z. to 13^c. higher and Buenos Aires was l%c. to Y%a. up. A cheering item of news to buyers was a report of overnight North American export sales of around 400,000 bushels, including 160,000 of soft white Pacific Coast wheat to the United Kingdom together with gossip that some domestic No. 3 mixed wheat had been sold to Spain. On the 1st inst. prices closed unchanged to 34c. off. During the early session the market held fairly steady, influenced by stronger Liver¬ pool quotations and the report that Southern Hemisphere crop advices were not altogether favorable. -However, a The 000 bushels countries. in the amount of an increase of 1,598,- wheat afloat for importing Besides, bearish traders laid stress on the big surplus of wheat being built up in this country. It was pointed out that domestic primary receipts of wheat last week totaled 5,398,000 bushels, or 500,000 larger than the week before and nearly 2,000,000 above the corresponding week a year ago. Another handicap to a wheat advance came from downturns of securities. Special notice was taken of reports that processing taxes on wheat and modities were being deliberated upon. Large ments of wheat, with no other com¬ world ship¬ evidence that North American wheat exports had broadened materially, acted also as an adverse influence,. On the 2d inst. prices closed l^gc. to 234c. net lower. Fluctuations in the wheat market on the Chicago closely approached the sensational. Wheat values Proposed enactment of 20c. a bushel United States processing tax on wheat, together with disappointing smallness of North American wheat ex¬ port business, did much to pull wheat values down. European takings of wheat from North America today (Tuesday) were estimated at but 300,000 bushels, and no sales of domestic wheat to overseas received any mention. Almost the season's bottom price record for wheat was equaled today. Chicago July wheat sold at 8834c. and came within 34c. of the pre¬ vious low. December wheat, however, showed the greatest relative setback, falling 2%c. overnight to 9334c., and recovering at the last to 94c. bid, offered at 9434c. On the 3d inst. prices closed 134c. to 234c. net lower. This sharp drop was due to the weakness of the stock market and the Board tumbled at times more than 234c. export demand for wheat from North America. Another considerably to bearish sentiment was the report that well-informed observers estimate domestic winter wheat poor item adding plantings about equal to last year's big aggregate. New export purchases of North American wheat totaled hardly 300,000 bushels, including a little domestic soft wheat from the Pacific Coast, but no hard winter grades. With stop-loss WHEAT IN Mon. Tues. DAILY —111M CLOSING PRICES OF 111}* WHEAT Sat. December 90}* Season's May July YORK Wed. Thurs. Fri. 105}* 104}* 106}* Tues. 96}* 95}* 90}* When Made Season's July 6,1937 December July 29, 1937 May Sept. 28, 1937 July High and 131}* 122% 105% NEW HOL FUTURES Mon. 96}* 96 May July CHICAGO IN Thurs. Wed. H O L 91}* 91 k 86}* Low and 88}* 89 85 Fri. 89}* 90}* 85}* 88}* 89}* 85 When Made Nov. 5,1937 Nov. 5, 1937 Nov. 5,1937 DAILY CLOSINY PRICES OF BONDED WHEAT AT WINNIPEG Sat. Mon. Tues. Wed. Thurs. Fri. news reaction followed the announcement of OP Sat. December Wheat—On the 30th ulto. prices up. CLOSING PRICES No. 2 red -123}* 117}* December May 120}* II O 115}* October.. 117}* L - 115}* 112}* 110}* 115 November 114}* 110}* 108}* 106}* 113}* 108}* Corn—On the 30th ulto. prices closed 34 to 34c. down. 134c. a bushel in December corn was reflection of big receipts in Chicago, and the deferred A decline of a as much as deliveries also reflected the influence of these heavy receipts. Officially inspected receipts totaled 319 cars, and in some quarters the heaviest arrivals of the season were looked for Monday, some traders anticipating around 1,000 cars. Cash corn declined 1 to 3c. today (Saturday). There were indications of a lighter export demand for corn, but it was understood that Germany purchased a cargo overnight. It was estimated that Germany has taken almost 3,000,000 bushels of United States corn. On the 1st inst. prices closed unchanged to }off. The heaviest primary arrivals of the season to date, together with liberal offerings of corn at the lowest basis yet, operated as a drag on the corn market. Today's corn receipts at Chicago (627 cars) were not as large as in some quarters had been expected, but large receipts tomorrow were anticipated. A countering influence, how¬ ever, was the report that 400,000 bushels had been sold for Gulf of Mexico shipment to Rotterdam. Gn the 2d inst. prices closed unchanged to 134c. higher. This grain re¬ ceived quite a stimulus today from assertions that Govern ment corn loans on a basis of 50 cents a bushel had been practically decided upon today (Tuesday). General ex¬ pectation has been that Government loans on corn this season would be on a basis of around 45c., and trade author¬ ities said that because of the proposed higher rate, 50c., many farmers would now be inclined to hold back their corn, so that corn receipts might likely be curtailed instead of in¬ creasing. On the 3d inst. prices closed 34c. off to 34c. up. The corn market displayed relative firmness owing to ex¬ pectation of a 50c. a bushel Government loan value for corn. On the other hand, corn export demand was at least tem¬ porarily halted. The average of the November private crop estimates placed corn production at 2,636,000,000 bushels, an increase of 42,000,000, compared with the October average. On the 4th inst. prices closed % to lc. net lower. tions announced bearish for as influence, and so maturing of new corn. unchanged. wheat. This market Open interest in DAILY Restric¬ to the government corn loan plan likewise did weather had Today prices closed %c. off to easier in sympathy with was corn was 45,714,000 bushels. CLOSING PRICES OF CORN IN NEW YORK Sat. Mon. Tues. Wed. Thurs. No. 2 yellow a favorable 76}* 75}* HOL. 76}* 73}* Fri. 71% DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO Sat. Mon. Tues. Wed. Thurs. Fri. December 57}* 57}* H 58}* 57}* 56}* 59}* 60 May July Season's Dec. May July High and (new) 86}* 74 66}* 59}* 60 O L 59}* 59}* 60 59}* When Made Season's Low and July 8. 1937 Dec. (new)--. 55}* July 29, 1937 May 57}* Sept. 30. 1937 July 58}* When Oct. Oct. Oct. 58}* 59}* Made 13. 1937 13. 1937 13. 1937 3036 Financial Oats—On the 30th ulto. prices There more closed ]/gC. off to y%c. On the 1st inst. prices closed unchanged to down. Trading quiet with undertone easy in sympathy with the heaviness of wheat and corn. On the 2d inst. prices closed unchanged to %c. up. There was very little of interest in this market, trading being very quiet. On the 3d inst. prices closed yc. to yc. off. The heaviness of wheat ad¬ versely influenced the market for oats, though trading was very light in this department. On the 4th inst. prices closed % to %c. down. There was little of interest this in trading being more or less routine. Today prices closed %c. off to Vgc. up. Trading in this grain was light and without special feature. very DAILY CLOSING May July Season's High, and 41% 33% 32% December May.. July market, PRICES OF OATS FUTURES IN CHICAGO Sat. Mon. Tues. Wed. Thurs. Fri. 30% 30% H 30% 30% 30% 30% 30% O, 30% 29% 29% 29% 29 L 29% 28% 28% When Made I Season's Low and When Made July 6, 1937 December 27% Oct. 13,1937 July 29. 1937 May 28% Oct. 13. 1937 Oct. 2, 1937 [ July 28% Oct. 13, 1937 : I December..--'- Sat October Mon. 53% 47% _ Receipts Flour at- New York the the 30th 4tli 159,000' 910,000 5,000 8,000 40,000! 13,000, 14,000 for the 2,000 11,000 5,000 New Orleans * 22,000, 285,000 42,000 24,000 59:600 1,693,000 Galveston . r . Halifax ulto. 329,000 inst. prices closed CLOSING PRICES OF % RYE to 1936J Since Jan.1'36 High and 84 70 Fri. 45 44% 47% 48% lc. down. Oct. CLOSING PRICES OF RYE October Reports Tues. 68 67% 65 65 Made Nov. IN 5, 1937 5, 1937 4, 1937 Nov. Nov. WINNIPEG 372,000 264,000 7,563,000 6,464,000 81% O November.. Thurs. Fri. 78% 76% 72% L CLOSING PRICES OF BARLEY Sat. October November ... Wheat Spring patents Clears, first spring Soft winter straights d ard winter straights... Hard winter patents Hard winter clears Tues. Wed. 58% O L 57% 59% 57% 59% 57% 59% were as follows: .6 20®6 45 5 65®5 85 5 55® 5 80 4.80® 4 90 530® 5.50 5 50®5 70 4 95®6 15 Corn, New York— No. 2 yellow, all rail Cornflour. 2.15 Barley goods— Coarse 4.00 Fancy pearl. Nos.2,4&7 5.6u®6.10 Flour 71% Wheat bbls 196 lbs 214,000 Oats, New York— No. 2 white 43% Rye, No. 2, f.o.b. bond N. Y._ 82 Barley, New York— 47% lbs. malting 55% Chicago, case 41-62 bush 60 lbs bush 56 lbs 3,276,000 Oats bush 32 lbs Rye Barley bush 56 lbs bush 48 lbs 472,,000 419, 000 427,,000 29,000 - 925,000 883,000 - 16,000 •— • *. - - - - « 113,000 Peoria 39,000 Kansas City.. 16,000 95,000 295,000 224,000 154,000 50,,000 11,000! 100,,000 l.ooo! 31,000i 395,000 597,000 612,000 1.283,000 86,,000 8,000 82,,000 7,000 57,000 48,,000 55,000 46,000 11,000 1,090,000 - Sioux City... 468,000 715,000 890,000 130,,000 151,000 Same week 1936— 4,000 112,955 106,405 3,536,000 4,393,000 — 239,000 46,000 758:666 216,000 868,000 37,000 174,000 The destination of these exports for tbe week and since July 1, 1937, is below: as Flour Wheat Corn Exports for Week and Since Week Since Week Since Week Since July 1 to— Oct. 30, July 1, Oct. 30, 1937 1937 July 1, 1937 Oct. 30, 1937 1937 July 1, 1937 Barrels• Barrels Bushels Bushels Bushels United Kingdom. 43,610 20,860 Continent Bushels 860,004 1,678,000 158,075 1,398,000 241,000 So. & Cent. Amer. 10,500 218,000 West Indies 28,500 23,708,000 17,860,000 385:666 540,000 146,000 393,000 15,000 Brit. No.Am.Cols. 9:485 75:166 219,000 534:660 112,955 1,704,245 1,927,335 3,536.000 42,657,000 4,393,000 53,040,000 Other countries... Total 1937. Total 1936 106,405 The 531,000 1,000 398,000 Same week,'36 438,000 381,000 15,000 GRAIN I;':.-.. STOCKS Wheat ... Boston Corn Oats Rye Barley Bushels :-V'.'/.-'. United States— Bushels Bushels Bushels Bushels 2,000 366,000 16,000 63,000 186:666 84:666 Philadelphia 1,476,000 31,000 32,000 44,000 Baltimore 1,948,000 169,000 2,358,000 9,000 34,000 75,000 3,000 1,000 114,000 27,000 2,000 331,000 90,000 New York... New Orleans . Galveston Fort Worth 6,991,000 Wichita 5,292,000 5,145,000 28,195,000 ~ 1,849,000 St. Joseph 14", 000 7,855,000 7,666 17,000 5,000 89,000 110,000 302,000 111,000 62",o66 630,000 212,000 31,000 923,000 187,000 St. Louis 6,488,000 203,000 1,487,000 289,000 79,000 1,763,000 404,000 10,000 26,000 19,000 13,673,000 959,000 864,000 2,297,000 11,175,000 11,452,000 2,002,000 4,022,000 65,000 94,000 279,000 51,000 38,000 2,852,000 7,000 23,000 760,000 Sioux City Peoria Chicago afloat Minneapolis Duluth Detroit 110,000 8,209,000 Buffalo " afloat... 28,000 11,000 157,000 121,000 6,000 1,323,000 664,000 634,000 101,000 13,922,000 1,336,000 935,000 5,116,000 2,072,000 115,000 538,000 2,000 5,000 1,999,000 2,000 460,000 798,000 664,000 690,000 100,000 105,000 155,000 106:660 52,000 Total Oct. 30, 1937—.120,364,000 4,597,000 26,339,000 6,188,000 3,712,000 27,651,000 6,775,000 10,076,000 10,085,000 On Canal.. 125,057,000 165,000 Note—Bonded grain included above: Oats—On Lakes, 327,000 bushels: total, 327,000 bushels, against none in 1936.- Barley—Duluth, 167,000 bushel-i;ew York, 54,000: Buffalo, 34,000: Baltimore, 10,000: on Lakes, 1,053,000: total, 1,318,000 bushels, against 2,561,000 in 1936. Wheat—New York, 656,000 bushels; New York afloat, 112,000: Buffalo, 689,000' Buffalo afloat, 924,000: Baltimore, 23,000: Duluth, 10,000: on Lakes, 3,471,000; on Canal, 120,000: total, 6,005,000 bushels, against 24,227,000 bushels in 1936. Wheat Corn Oats Rye Barley Bushels Canadian— Bushels Bushels Bushels Bushels Lake, bay, river and sea¬ board Ft. William & Pt. Arthur Other Canadian 13,949,000 19,549,000 826,000 73,000 437,000 858,000 1,992,000 2,953,000 & other elevator stocks 34,980,000 7,588,000 357,000 6,462,000 68,478,000 8,851,000 11,407,000 10,982,000 6,188,000 10,076,000 11,407,000 67,699,000 7,455,000 1,288,000 1,279,000 120,364,000 Canadian 68,478,000 4,597,000 26,339,000 8,851,000 1,288,000 Total Oct. 30, 1937.-188,842,000 Total Oct. 23, 1937.....192,756,000 4,597,000 35,190,000 3,712,000 35,106,000 8,054,000 21,067,000 Summary— shipment of wheat and 7,476,000 21,483,000 corn, as furnished by Broomhall to the New York Produce Exchange, for the week ended Oct. 29, and since July 1, 1937, and July 1, 1936, are following: Wheat 19,,000 1,000 139,000 42,000 2,247,000 1,905,000 3,265,000 Corn 6,000 150.,000 7,133,0001 6,523,000 8,166,000 8,782,000 2,089,000 463,000 2,992,000 3,771,000 875,000 267,000 422,000 2,637,000 Exports Week Since Since Week Since Since Oct. 29, July 1, July 1, Oct. 29, July 1, July 1. 1937 1937 1936 1937 1937 Bushels Bushels Bushels Bushels i North Amer. 5,143,000150.877,0001 36,073,000 52,979,00016,122,00037,927,000 5,833,000105,085,000 35,464,000 73,054,000 46,748,000 5,445,000191,879,0001 27.657,000 6,839,000 44,957,000 9,285,00035,211,000 receipts of flour and grain at the seaboard ports for week ended Saturday, Oct. 30, 1937, follow: 4.687,000 Black Sea... I 1937 supply of grain, comprising the stocks in principal points of accumulation at lake and Saturday, Oct. 30, were as follows: at seaboard ports 2,,000 176,000 680,000 1936 Total visible granary shown in the 12,000 Total week,'37 the 235:606 22,,000 2,570,000 Buffalo — 59:666 11,000 The world's 82,,000 162,00C - 110,000 15,000 552,000 56,000 61,000 266.000 - St. Joseph.__ Wichita 1935 155,000 324,000 117,000; 392,000 32,000 122,000 - Milwaukee... Since Aug. 1— 40,955 2,000 American Corn 397,000 ' Same week,'35 Bushels 1,693,000 Total Oct. 30, 1937... Total Oct. 23, 1937.—.. 909,000 Minneapolis.. Omaha Barley Bushels _ Total Oct. 23, 1937 of the last three years: Louis Rye Bushels Halifax Milwaukee Rye flour patents 4.50® 4.80 Seminola, bbl., Nos.1-3. 6.55® Oats, good 2.50 All the statements below regarding the movement of grain —receipts, exports, visible supply, &c.—are prepared by us from figures collected by the New York Produce Exchange. First we give the receipts at Western lake and river ports for the week ended last Saturday and since Aug. 1 for each Indianapolis.. Oats Barrels 28,000 On Lakes.. GRAIN St. Flour Bushels Indianapolis.. WINNIPEG Thurs. Fri. H 61 . Wheat, New York— No 2 red, c.i.f.. domestic 104% Manitoba No. 1, f.o.b N.Y._145% Duluth Corn bushels Exports from— Omaha IN KLOUK spring oats, high protein Toledo for the week the annexed statement: " Closing quotations . 41,000 3,680,000 Receipts do not include grain passing through New Orleans for foreign ports The exports from the several seaboard ports ended Saturday, Oct. 30, 1937, are shown in Kansas City FUTURES Mon. 61% 59% December Chicago 23,000 4,283,000 through bills of lading. on Hutchison Wed. H 82% . Fri. 70% 68% When and 68 FUTURES Mon. Thurs. 71% 69% 65% Low 83 Receipts at— 846,000 8,670,000 4,717,000 296,000 CHICAGO IN Wed. H O L 67% 21, 19371 July......... 65 Sat. DAILY 127,000; 290,000 12,538,000107,621,000' Montreal Tues. 73% 71% 68% When Made I Season's May 6, 19371 December Aug. 10, 19371 May 96 May July 758,000 4,765,000 5,308,000 76,000 75,189,000, 28,141,000 Galveston Thurs. 45 48% FUTURES Mon. 73% 71% 68% May July December 1,000 season. Sat. DAILY 3,515,000 Since Jan.1'3711,620,000 Wed. H O L prices closed December...... Season's 46:666 4,000 175,000 heavier arrivals. December. 2,000 8,000 11,000 Total week,'37' * 86,000 18:666 235:666 4,000 20,000 ... Week 62,000 612,000, Montreal. Boston 925,000 Today prices closed 2%c. off to un¬ changed. This grain displayed the most outstanding weak¬ ness of all the breadstuffs, and was attributed largely to DAILY Barley 6,000 18,000; New York that 350,000 bushels of rye are on the way to Chicago from Duluth tended to weaken rye values. July rye touched new lows Rye Philadelphia.. New Orleans He. to l/ic. up. Trading in this market was relatively quiet, with prices moving within a very narrow range. On the 1st inst. prices closed unchanged to l/$c. off. There was relatively little interest shown in this grain. On the 2d inst. prices closed iy2c. to l7/ic. down. This grain appeared to be consider¬ ably affected by the rather pronounced weakness in the wheat markets. On the 3d inst. prices closed He. to He. lower. This market was relatively steady, especially in the face of the sharp declines in wheat. The steadiness in rye was attributed largely to aggressive commission house demand, which effectively checked the don ward tendency. On Oats bush 32 lbs bush 56 lbs bush 48 lbs bush 56 lbs Baltimore Total week 1937.. Rye—On Corn Wheat bbls 196 lbs bush 60 lbs IN WINNIPEG Tues. 46% 50% —— _ 6, __ DAILY CLOSING PRICES OF OATS FUTURES December November Nov. up. very little of interest in this market, trading being less routine, with fluctuations extremely narrow. was or Chronicle 4,544,000:35,546,000 28,376,000 55,169,000 80.376,000 Argentina...1 248,000; 14,764,000 18,788,000 Australia __J 1,697,000 216,000 23,422,000 21,969,000 8,856,000 8,376,000 10,048,000 8,000 9,000 Bushels 1936 J 508,000; 2,775,000 Bushels 1,000 7,289,000 3,312,000 496,000| | India Oth. countr's Total 9,059,000133,088,000132,499,000 J 2,648,000 I 36,727,000 7,996,666 11,888,000146,133,000162,869.00011,724,000173.098,000 147,785,00 Volume Financial 145 Weather Report for the Week Ended Nov. 2.—The general summary of the weather bulletin issued by the Department of Agriculture, indicating the influence of the weather for the w^eek ended Nov. 2, follows: In of an extensive disturoance that was centered over the the morning of Oct. 26, a secondary depression developed the trough Lake region on over the southern Ohio Valley, moving eastward to Virginia by the following morning and thence northeastward. It was attended by general rains in the Atlantic area, with heavy to excessive falls in the Middle Atlantic States, causing moderate floods in a number of streams. Thereafter, high pressure obtained over the eastern half of the country and the weather was generally fair throughout the United States, except for some precipita¬ tion in far western.and northwestern sections. In the East, Appalachian continuously north as southern Maine. In the interior valleys and Great Plains, only the northern portions had freezing weather, while in the Florida Peninsula and the west Gulf area minimum temperatures were above freezing as far above 50 degrees throughout the week. Warm and dry. except for light to mod¬ erate showers in limited area of central last night. Ideal week for har¬ vesting fall crops. Picking cotton good to excellent progress and most of early crop picked; much snapping reported. Progress of wheat mostly very good, but grubworms doing some damage in several northwestern counties; crop needs rain over much of State. Corn harvest nearing completion. Oklahoma—Oklahoma Arkansas—-Little Grains—Warm Small condition weather favored growth of fall-seeded grains, continue too dry. In the Ohio Valley progress to very good, with the warmth of winter wheat are fair during the week favorable, but rain is needed in Illinois, where consideraole is not yet up in southern sections. More moisture is needed generally over the western half of the winter wheat belt from the Mississippi River westward, especially in Missouri, western Iowa, aDd Nebraska. In the first two States, winter sheat shows and only poor stands in many localities, with much reseeding necessary some not yet sown. Early wheat is coming up well in Texas and progress was mostly very good in Oklahoma, but rain is needed in most of the latter State and in the northwest quarter of the former. The soil has again become too dry in most of Kansas, except in the north-central and northwestern parts, while a good, general rain is needed in Nebraska and South Dakota. Wheat made good growth and appears decidedly west the better than last year in Montana, while in the Pacific North¬ early planted was favored by light rains, but considerable seed¬ ing still remains to be done. Winter grains are i n good condition southern and eastern sections, although completion of seeding was in most delayed locally by wet soil. rains and wet fields, corn States during much of the week, Corn—Because of heavy in the more eastern husking was delayed but in the main corn decidedly favorable for outside operations and husking and cribbing made good progress generally. In the Ohio Valley the grain dried out rapidly with much better condition for storing. In the upper Mississippi Valley gathering advanced rapidly, but in Iowa there is com¬ plaint of ear shanks being too brittle and dry for machine operations as many ears have been knocked to the ground. Cotton—In the cotton belt the week was generally warm and dry, except for considerable rain in northeastern districts. Picking the remain¬ ing crop made almost uninterrupted advance, except locally. In the west harvesting is nearly completed in Texas, except for scrapping, and most early cotton has been gathered in Oklahoma. In central sections considerable remains in northern lowlands of the Mississippi Valley and there has been much damage to staple, especially in the delta sections of Mississippi; otherwise picking is well along. Considerable cotton is still in the field in the northeastern portion of the belt, but harvesting is now making progress rapidly. belt the weather was The Weather Bureau has furnished the following resume of conditions in the different States: Virginia—Richmond: Temperatures averaged slightly below normal; rainfall moderate to heavy. Unfavorable for plowing and sowing wheat in central and west; early plantings up. Late planted southeastern truck looking good. Most peanuts harvested. Meadows and pastures good. apples continues. Carolina—Raleigh: Picking cotton good ad vane and about threegatnered. Good advance in digging sweet potatoes, threshing peanuts and gathering corn, except some bottoms too wet. Seeding small grains delayed in west by wet soil, but good progress in other parts. Fall truck needs more rain in southeast. Picking North fourths South Carolina—Columbia: Temperatures averaged near normal; fair generally. Favorable for housing corn and minor crops; work about com¬ pleted. Soil still too wet locally to complete digging sweet potatoes and sowing small grains, but some grains up and growing well. Picking and ginning cotton fair advance in north, though considerable open bolls in fields in some places. Georgia—Atlanta: Picking cotton good advance and approaching com¬ pletion in north; season over in south. Favorable for corn harvest. Ground too wet for sowing grain in northeast, but conditions favorable elsewhere; some oats coming up in south. Good progress in digging sweet potatoes. Cabbage, collards and turnips doing well. Sugar cane harvest and sirup making in progress. Moderate temperatures and light rains. Cot¬ practically finished. Corn harvest beginning in north and Digging good crop of sweet potatoes and making Planting oats and cover crops, previously delayed by wet soil, good progress during week. Alabama—Montgomery: ton picking well advanced elsewhere. sirup. made Mississippi—Vicksburg: Generally light to moderate rain; cool at be¬ ap- ginning, with adequate sunshine; rising temperatures thereafter, praching record maxima Sunday. Progress in picking cotton good, with small upland producers about finished, but much cotton unhoused on large delta plantations. Progress in housing mostly good. Progress of alfalfa and oats fair to good. mostly damaged Louisiana—New Orleans: Temperatures moderate; corn scattered light rains late hay, beginning but fair thereafter. Excellent progress in harvesting cane and sweet potatoes, cutting and threshing rice, making and plowing and planting cover crops. Cotton picking com¬ pleted. Corn harvest well advanced. Truck and minor crops at corn, practically good. Averaged unusually warm throughout State; light Picking cotton slow advance and practically completed, Texas—Houston: showers in west. except for scrapping operations. advance and early planted coming west. needed soon. Winter wheat sowing making rapid well, but rain now needed in north¬ up minor crops mostly good, Rice harvest nearing completion. Truck, ranges and of cotton practically ended by killing Soil dried rapidly, although some areas too wet Picking cotton good to excellent advance and three-fourths Considerable progress in housing corn and potatoes, threshing lespedeza and baling hay. Sowing winter grains con¬ tinued where dry enough; much up to good stands. Favorable for handling Tennessee—Nashville: harvesting. harvested in some localities. tobacco. The lowest reported for the country Dak., on Nov. 2. Appalachian Mountain area, the eastern Great Lakes, and along the middle and south Pacific Coast, about normal warmth prevailed, but elsewhere, throughout the country, the weather was unusually warm for the season, nearly record-breaking temperatures being reported in the North¬ west and some central districts. Between the Mississippi Iiiver and Pacific Coast area the weekly mean temperatures generally ranged from about 10 to as many as 15 degrees higher than normal, while in most sections east of the Mississippi River the plus departures ranged from 1 to 4 degrees. Heavy rainfall was general from western North Carolina northward to central New England, the greatest reported being 3.2 inchest at Elkins, W. Va. There was also heavy rain in the Pacific Northwest. Elsewhere precipitation was light to moderate, with most stations reporting inappre¬ ciable amounts. Generally throughout the Great Plains and over a large southwestern section no measurable precipitation was reported, except locally in Oklahoma. The aonormal warmth, abundant sunshine, and but little rain, made ideal conditions for seasonable farm work over much the greater portion of the country. However, large western areas continue too dry for plow¬ ing and heavy rains in the East were unfavorable for outside operations, though the latter part of the week was warm and sunny, permitting resump¬ tion of activities. Farm work in general is well advanced; crops have matured without extensive frost damage in any section. The moisture situation is unfavorable in many Western and Northwest¬ ern States. East of the Mississippi River fall rains have been ample for present needs,, with considerable complaint of too much for farm opera¬ tions in some places. However, locally it is too dry, particularly in parts of Illinois, Indiana and southeastern North Carolina. West of the Mississippi River most States need moisture, with the soil critically dry in some sections. Precipitation is needed especially in northern Minnesota, most of Missouri, northwestern Texas, parts of Oklahoma and generally from Kansas northward, though the outlook in Montana is much better generally than at this time last year. Additional moisture during the week in the north Pacific area was decidedly helpful. Conditions are favorable in northern California. In most other far western sections additional moisture is needed. but most western districts Growth picking progressed very rapidly and about completed, except on eastern lowlands, where much in fields. Very favorable for gathering corn, feed crops and fall truck. Winter grains, pastures and truck excellent. THE DRY GOODS TRADE In the and Rock: and freezing temperatures on Oct. 23; crop opening very rapidly due to light rains, abundant sunshine, dry winds and high temperatures; 12 degrees at Devils Lake, N. was City: frosts for Temperature change^ were unimportant during the week. freezing weather extended as far south as West Virginia in the Mountains, but along the Atlantic coast temperatures were 3037 Chronicle but moisture will be New York, Friday With favorable adverse influence weather of made Although sales results were districts reporting up gain that the gains a fairly satisfactory showing. far from being uniform, some to 15% while others suffered slight estimated that in the average a moderate was accomplished, owing, however, partly to the fact was an counteracting slackening industrial activities, retail trade during the past week declines—it Night, Nov. 5, 1937. conditions increasing number of special promotions, at the usual The attention of the apparel purchases of men-s wear items con¬ be desired. Early estimates of the price concessions, is being resorted to. buying public centered in women's and children's lines, whereas consumer tinued to leave much to volume of sales for October forecast average gains ranging from 3 to 7% over October, 1936. Trading in the wholesale dry goods markets was a more active, as accumulated needs called for numerous purchases of merchandise for immediate little small delivery. Generally, previous waiting attitude, chiefly dictated by the desire to effect a further reduction in inventories before entering into new commitments. More interest was shown in wash goods for spring although rela¬ tively little actual business was transacted as sellers hesitated to meet buyers' demands of further price concessions. A feature of the week was the increasing volume of buy¬ ing of holiday items. Business in silk goods continued inactive, with prices holding fairly steady. Trading in rayon yarns gave no indications of an early revival in activities. With curtailed operations in the weaving mills having re¬ sulted in a substantial decline of yarn shipments, a further appreciable increase of stocks in producers' hands was re¬ ported, and rumors gained currency according to which a slowing down of operations may be expected, unless an early improvement in the demand for yarn should materialize. Domestic Cotton Goods—Trading in the gray cloths markets was listless, and total sales amounted to but a fraction of the current output. Bag manufacturers did some additional scattered buying, but converters maintained their previous cautious attitude reflecting the continued slow movement of finished goods in distributive channels. The further sharp decline in raw cotton values did much to depress sentiment, and no revival in activities is looked for until after the release of the next official crop report due Monday, Nov. 8. Business in fine goods remained inactive. Buyers displayed more interest in fancy cotton weaves, but few transactions were consummated, oending an improvement in the demand for finished goods. A slightly better call prevailed for combed lawns. Closing prices in print cloths were as follows: 39-inch 80s, 6%c. to 6%c., 30-inch 72-76s, 6Mc., 39-inch 68-72s, 5>^c. to 5^c., 3834-inch 64-60s, 4^|c. to 4%c., 3834-inch 60-48s, 434, to 4 3-16c. however, buyers continued their Woolen Goods—Trading in men's wear fabrics continued Although previous scattered price reductions on Spring worsteds were met by the largest producer, thereby making the adjustment uniform, and removing previous uncer¬ tainties, sales were restricted to relatively small lots, as most cutters preferred to await the further course of retail demand before adding to their commitments. Overcoatings had a fair call, and growing interest manifested itself in tropical dull. worsteds centers tures and were gabardines. Reports from retail clothing somewhat disappointing, with lower tempera¬ failing to stimulate the consumer demand in the ex¬ Business in women's wear goods remained inactive. While the Fall season has come to an end, the opening of the new spring lines is still being delayed, and activities are confined to scattered sales of winter resort and cruise wear material. Retail sales continued their satis¬ factory showing resulting in an increasing number of reorders pected measure. for spot delivery. in linens experienced a household goods division where numerous small orders for holiday items were received. A few reorders on dress goods and suitings came into the market, but the total volume of sales in these materials re¬ mained small. Business in burlap continued very quiet although spot merchandise met with slightly better demand than heretofore. The substantial drop in stocks at Calcutta was in line with seasonal expectations. Domestically light¬ weights were quoted at 3.85c., heavies at 5.25c. Foreign Dry Goods—Trading moderate revival, notably in the 3038 Financial Chronicle Nov. Page Name 2723 a Ada County, Idaho. Browning. Mont 2890 Specialists in Interest Rote 3049 Centerville, Texm 2578 A mount .not exc. 6% not exc. 6. 7 Report $195,000 Bids rejected 36,000 No bids m 6% 4% 25,000 Bids rejected 50,000 Offering canceled 170,OCX) Bids rejected 3048 Illinois & Missouri Bonds Colchester, Conn Conemaugh Twp. S. D., Pa not exc. 2889 Cottrellvllle Twp., Mich not exc. 5% 50,050 Bids not exc. 6% 20,000 No bids 2729 Dumont, N. J-- 2888 - Maine not exc. 105 W. Adams St. DIRECT CHICAGO WIRE 314 N. 2724 Broadway ST. LOUIS 490,000 No bids 4% 3M% Eatontown S. D., N. J 2890 Fairview, Mont 2893 b GirardviUe S. D., Pa Inc. rejected Deer Isle-Sedgwick Bridge Dist., 2891 STIFEL, NICOLAUS &. CO., 4M% 32,000 No bids ........not exc. 6% 5,000 Sale postponed 4% Knight Sell. Twp., Ind 3048 Klamath Falls, Ore 3048 Lamar Twp. 8. D., Pa 2892 Lidgerwood S. D„ N. Dak c 110,000 Not sold m4 not exc. 4M% 85,000 Sale postponed not exc. 6% 14,852 Not sold ..not exc. 4% 2580 Lincoln Parish 8. D. 6, La 2731 d Lyndhurst, Ohio 32,000 Bids unopened 19,000 No bids not exc. 6% 30,000 Not sold 151,000 No bids 31,000 Bids rejected 4% 2722 Maricopa Co. S. D. No. 21, Ariz. 3048 Napoleon, Ohio x BOND SALES IN OCTOBER State and municipal financing during the month of October offerings in the aggregate principal amount of only $27,619,620. This was by far the smallest output in any month of the present year and, for that matter, represents a new low for this type of financing for any period since August, 1934. The scarcity of new emissions of any appreciable size is reflected in the fact that, including the Territory of Hawaii flotation of $4,800,000, was confined to the disposal of new there were than $1,000,000 each. fewer than no seven Aside individual awards of from more the Territory loan, month, the largest of the loans brought out in that period was the $3,000,000 State of Massachusetts offering. As a result of the small volume of sales in October, which represented a continuance of the restricted output in recent months, the which is not included in our total for the past grand total of emissions for the 10 months of 1937 is con¬ siderably below the figure established in the comparable period of last year. The totals are $770,241,381 and $955,500,882, respectively. Moreover, in considering the total for 1937 it must be noted that the of January amounted to no disposals for the month less than $207,228,381, while the largest output for any month of 1936 was the ballots. Information currently available indicates that voters in various parts of the country were distinctly adverse to making any additions to present debt burdens. Although it is too early to compile comparative figures, there is none the less considerable evidence to support the conclusion that the issues rejected by the voters were con¬ on siderable larger in were aggregate sanctioned. volume, as compared with It is pertinent to note also that all of the proposed issues were designed for new capital The fate of some of the more important issues up for consideration appears in tabular form on a subsequent page. Reports on these issues, together with numerous others originating in various States, will be found under their respective headings in our regular municipal news purposes. columns. The issues of were as $1,000,000 or more 3% 4M % 25,000 Not sold 25,000 No bids 6,650,000 Sale postponed 2432 marketed during October g Raritan, N. J not exc. 6% h not exc. 5% Rocky Ford, Colo 2428 Rolling Fork S. D., Miss 2587 2732 1 South Carolina (State of) j South Dakota (State of) 2886 Suwanee Co. Tax S. D. 15, Fla... 2894 2588 Tripp, 8. Dak Virginia Beach, Va 2W14 Weston S. D. 2, S. Dak x Rate of interest 1967 incl., were awarded to Bank of the Manhattan Co. and Barr Bros. & Co., both of New York, as 2Ms, at 100.275, a basis of about 2.23%. Re-offered to yield from 0.40% to 2.50%, according to maturity. 1,250,000 Louisville, Ky., sewer bonds, due Feb. 1,1969, were sold to the Harris Trust & Savings Bank, Chicago, and associates, on a bid of 100.01 for $260,000 2 Ms and $990,000 3s. They were priced to yield 2.80% for the 2Mb and 2.90% for the 3s. 1,242,000 Union County, N. J., general impt. bonds, due serially from 1938 to 1965 Incl., went to the Bancamerica-Blair Corp., New York, and associates, as 2.80s, at 100.245, a basis of about 2.78%. Re-offered from 0.75% to 2.90%, according to maturity. 1,050,000 Seattle, Wash., bonds were ipu sold as follows: A syndicate headed _ ■■ option on a further block of $750,000. The balance of financing by the city consisted of the sale of $300,000 2-30 year serial general obligation sewer bonds as 4s, at par, to the Employees' Retirement Fund, which was the only bidder. 1,000,000 Maine (State of) 2% highway bonds, due from 1939 to 1948 inci., were sold to Barr Bros. & Co., Inc., New York, at 101.199, a basis of about 1.805%. Re-offered to yeild from 1 % to 1.90 %, according to maturity. 1,000,000 West Virginia (State of) road bonds, due from 1938 to 1962 incl., purchased by Brown Harriman & Co., Inc., New York, at 100.107, a basis of about 2.55%. The bankers took the 1938 to 1943 bonds as 3 Ms, and the rest as 2 Ms. Re-offered to yield from 0.60% to 2.60%, according to rate and maturity. The bankers originally bid in a block of $500,000 and quickly exer¬ cised their option on an additional $500,000. the terms of sale being the same in each instance. true in preceding months of the present year, the month of October proved a difficult period for quite a large number of municipalities with bond issues for sale. Our records show that 31 issues, having an aggregate par value of $11,287,302, failed of sale in the recent period. A record of such abortive offerings is shown herewith, the page number of the "Chronicle" being given for reference purposes: 145,000 No bids 375,000 Sale postponed 24,000 No bids not exc. 5% 1,350,000 Issue withdrawn 1,000,000 Sale postponed 8,000 Not sold x 6% 4% 15,000 No bids 92,400 No bids 4% ... not exc. 4M % optional with the bidder, was 21,000 No bids a Issue is being reoffered for sale Nov. 16—V. 145, p. 2886. b Local bank later purchased a block of $20,000 as 4s. c New offering date is Nov. 10. d Bonds will be exchanged with holders of obligations originally issued, e Investment house accepted option on Issue until Nov. 22. f Suit attacking district's taxing power caused rescindment of offering. Court ruled in favor of plaintiff. Court—V. 145, p. 2894. to contract debt District to appeal decision to State Supreme (later sustained by court ruling) h New sale date Is Nov. 15. necessitated cancellation of offering, g Authority of borough caused cancellation of offering, i Insufficient period for advertising issue j New offering date is Nov. 9—V. 145, p. 2732. ^Temporary financing by States October was also reduced to and municipalities during minimum level, the amount a involved being $27,976,354, of which $13,000,000 was by the City of New York. Another large contributor to the total was the State of California, which conducted several sales of warrants aggregating over $10,accounted for 000,000. Canadian long-term municipal bond awards during the to only $265,048. Temporary financing month amounted was made up of the sale of $50,000,000 Treasury bills for by the Dominion of Canada. financing negotiated by any of the United States Possessions in the present year took place on Oct. 27, when the Territory of Hawaii sold $4,800,000 bonds. Of this amount, $1,500,000 refunding bonds, due from 1939 to 1947 inch, were taken by Hazard Freres & Co., Inc. of New York and associates, as 2.70s, at 100.089, a basis of about 2.68%. They were reoffered to yield from 1.40% to 2.75%, according to maturity. The remaining $3,300,000, issued for public improvements, were sold to Laurence M. Marks & Co. of New York, as 3.10s, at par. These obli¬ gations, maturing from 1939 to 1956 incl., were not reoffered, it being reported that they had been placed privately. The Territory originally intended to conduct a sale of $4,500,000 bonds on Sept. 14. In postponing the offering, the amount of the improvement issue was increased to $3,300,000 and the length of the maturity reduced by 10 years. The following is a comparison of all the various forms of loans put out in October of the last five years: refunding purposes The first , 1937 1936 $ bonds, due serially from 1938 to was x 2729 2723 follows: $3,000,000 Massachusetts (State of) Metropolitan Additional Water Loan AlS 11,000 Sale postponed New Holland S. D., Pa ePlains Twp., Pa f Philadelphia, Pa established in September, when the figure was $158,784,553. The results of the voting on bond issues at the Nov. 2 election are not very encouraging to dealers in municipal securities who were counting on the prospect of an increased supply of new offerings in anticipation of approval by the electors of a large portion of the issues which were placed those which 4% 2432 2894 MUNICIPAL Permanent loans.._ *Temp.loans(U. 8.) 27,976,354 Temp.ioans(Canada) 50,000,000 Canada loans(perm.) Placed in U. S 1934 $ 71,816,034 7,566,041 126.667,500 55,000,000 40,000,000 None 1933 $ 83,194,067 None Placed in Canada- 1935 , $ 27,619,620 $ 42,748,755 65,421,900 55,917,492 46,938,714 None None None None None 265,048 56,854,900 408,900 4,800,000 None 4,948,000 None None None None None None None 250,210.500 225,281,000 Bds. of U. S. Poss'ns and Territories Gen.fd.bds.(N.Y.C. Total * ' 110,661,022 202,615,008 243,840,434 358,381,155 328,137.260 Including temporary securities issued by New York City: None in 1936; $50,000,000 in 1935; $60,825,000 in $13,000,000 in 1937; 1934, and $36,785,900 in 1933. The number of municipalities in the United States emitting long-term1 bonds and the number of separate issues made during October, 1937, were 294 and 326, respectively. This contrasts with 329 and 378 for September, 1937 and 324 and 369 for October, 1936. For comparative purposes we add the following table, showing the aggregate disposals of long-term obligations by States and municipalities in the United States for October and the 10 months for Month of October 937 936 $27,619,620 83,194,067 a series of years. For the 10 Month of October Months $770,241,381 955,500.882 1923 ... 1922 ... ... 935 71,816,034 973,869,107 1921 934 42,748,755 55,917 492 725,660,514 1920 933 392,580.167 1919 932 43,763,719 701,938,924 1918 ... 931 1,156.129,993 1917 ... 1,211,857,702 1,055,135,088 1,094,074,433 1916 ... 1915 930 16,127,447 155,536,473 929 118,736,328 928 99,233,455 118,521,264 102,883,400 79,237,656 92,079,368 927 926 925 924 1914 1,297.029,358 1911 1912 For the 10 Months $850,952,400 990,188,429 868,392,996 80,933,284 ... ... 570.109,507 62,201,397 1913 1,149,105,018 1,174,724,056 $84,988,615 71,333,536 114,098,373 6,609,205 581,871,151 245,789,038 24,750,015 402,828,039 34,160,231 28.332,219 402,548.332 434,829,036 423.171,790 327,902,805 345,871,920 341,092,191 15,126,967 39,698.091 27,958,999 1,280,504,969 Owing to the crowded condition of our columns, we are obliged to omit this week the customary table showing the month's bond sales in detail. It will be given later. Volume Financial 145 3039 Chronicle which the State is divided. ment of the districts into 168 delegates to the convention, 153 were selected three from each Senatorial district. Of these FLORIDA MUNICIPALS Harvey Building WEST PALM BEACH, FLORIDA 83 are Re¬ The other 15 delegates publicans and 70 are Democrats. were chosen at large. Thomas M. Cook & Company Of the by districts, United States—Results of Balloting on Bond Issues— According to returns currently available on the voting throughout the country on the approximately $195,000,000 of new bond issues at the general election on Nov. 2, it was indicated that the electorate was decidedly reluctant to such proposals. The voters had apparently ap¬ proved about $53,000,000, while more than $128,000,000 of bonds was rejected. The trend toward defeat was par¬ ticularly noticeable in the case of the more important com¬ munities, as can be seen from the following table showing the decisions (up to Nov. 5) accorded the major proposals sanction News Items Detroit, Mich.—C. I. 0. Loses Mayoralty Election—The for Industrial Organization, striving to win Committee political control of the city in which it gained its first major victory, suffered a reverse in the mayoralty on Nov. 2, when its candidate, Patrick H. O'Brien, was defeated by Richard W. Reading, City Clerk, who had the support of the American Federation of Labor, according industrial which were up election to news — Constitutional Amendments Defeated — The rejected the two proposed amendments to the State's Constitution at the general election on Nov. 2, according to an Associated Press dispatch from Louisville. One proposed to permit consolidation of municipal and county governments. The other sought approval of a ballot on more than one constitutional amendment at an election. Kentucky City—Mayor La Guardia Re-elected—Mayor H. La Guardia was reelected on Nov. 2 over Jeremiah F. York Mahoney, his Democratic opponent, by a sweeping majority. The Mayor carried with him not only his citywide running mates, Joseph D. McGoldrick, who defeated Comptroller Frank J. Taylor, Democrat, and Newbold Morris,-for President of the Council, who defeated Max J. Schneider, Democrat, but also all the candidates for Borough President on his ticket, with the exception of James J. Lyons, Democrat, of the Bronx, who was reelected. Also victorious by a wide margin was Thomas E. Dewey, Republican can¬ didate for District Attorney of New York County, over Harold W. Hastings, Tammany candidate. Mayor La Guardia was reported to have emerged from the election with only one vote out of 16 in the Board of Estimate against his policies. The counting of ballots for the election of candidates for the City Council was not begun until Nov. 3 and it is expected that some time will elapse before the complete list of elected T. councilmen is made known. York, N. Y.—Increased Budget. Passed by Board of Estimate—The Democratic majority of the Board of Esti¬ mate outvoted Mayor La Guardia and his Fusion colleagues on Oct. 29 to adopt the proposed budget for 1938 of $589,980,576.64, more thaD $828,000 higher than the executive budget originally submitted by the Mayor early in the month, by a count of 10 to 6. The action followed the receipt of a legal opinion from Corporation Counsel Paul Windels that the recent $12,New 000,000 reduction in water rates voted by the Board of Alder¬ men was void. This reduction was never really reflected in Taylor did not reduce his general fund estimate by that amount. Theoretically, the budget was $12,000,000 out of balance because of the action of the Aldermen in overriding tne Mayor's veto of the oridinance. It was pointed out that the Corporation Counsel's opinion will have to be confirmed by the courts before the budget is technically in balance. budget, since Comptroller the New York Approved Jamestown, N. Y, (gas plant) Camden Co., N. J. (park) Constitutional Amendments Approved and six constitutional 700,000 575,000 520,000 500,000 500,000 500,000 ... ; Doubtful Amount $750,000 595,000 ,' Prospective Issuer and Purpose— Ohio (hospital). Iowa City School District (school) (A complete tabulation of the given here as soon as possible.) election results will be Pennsylvania—Four Out of Five Constitutional Amend¬ Defeated—Four of the five amendments to the State Constitution proposed by the Democratic Administration were turned down by the voters on Nov. 2. The fifth, validating old-age and mothers' assistance grants, had the support of both Democrats and Republicans. An Associated Press dispatch from Harrisburg on Nov. 3 ments reported in part as follows on the result of the balloting: the amendments was registered income tax proposal. Returns from 6,496 of 8,061 for the tax and 792,462 against it. A proposed amendment that would permit submission of constitutional changes at any time, instead of adhering to the "time-lock" clause requiring five-year intervals, trailed, 589,131 to 75,661, in returns from 6,122 districts. The proposal to consolidate Philadelphia's city-county government ran behind, 614,207 to 720,812 in 6,498 districts. A $42,000,000 bond issue for State building improvements was behind, 287,953 to 913,048—hopelessly beaten. The public assistance grants had 770,142 for, and 585,113 against. Two years ago the voters defeated by more than two to one the Demo¬ cratic attempt to call a convention to revise the constitution. Heaviest sentiment against any one of against the graduated precincts gave 577,684 ^ ————1# ■ Proposals and Negotiations Bond Montgomery, Bought — Sold Alabama — Quoted McALISTER, SMITH & PATE, Inc. 67 NEW YORK BROAD STREET Telephone WHitehall Defeated—Of the diction of city courts. Republican Seats Added in Assembly—The largest number Republican Assemblymen in recent years were voted into office on Nov. 2. In addition to five seats acquired in New York City, it appeared certain on incomplete returns that the Republicans would pick up five formerly Democratic places up-State. It seems that they will have the upper hand with a probable 83 votes, or seven more than an actual voting majority of 77 needed to pass legislation. Last year the Party had a bare majority of 76. The Senate remains of Democratic. on 3,900,000 4,800,000 4,750,000 2,500,000 2,500,000 2,000,000 2,000,000 1,039,000 Butler Co., GREENVILLE, 4-6765 CHARLESTON, S. C. S. C. ALABAMA were Vote 6,000,000 -— amendments submitted to the electorate, for Governor, on Amount $54,250,000 42,000,000 Philadelphia (water and sewer) Akron, Ohio (school) Newark, N.J. (school) Warren, Ohio (sewer, incinerator) Jefferson Co., Ohio (court house) Redwood City, Calif, (power system) Youngs town, Ohio (bridge) J, Monroe Co., N. Y. (penetentiary)— Sacramento, Calif, (art gallery).. Dunmore, Pa. (judgment) Nov. 4. approved. They are: Providing a four-year term and other elective State officials; providing atwo-year term for Assemblymen; waiver of jury trials by defendants except where the punishment may be death, and lastly, making sheriffs eligible to succeed themselves. The two which were voted down are: Increasing juris¬ diction and powers of municipal courts, and increasing juris¬ four 400,000 Prospective Issuer and Purpose— San Francisco (subway and sewer) Pennsylvania (institutions) Cincinnati School Dist.(school) Cincinnati (library, detention home) Lexington, Ky. (property purchase) Reading, Pa. (municipal plant) Council Bluffs, Iowa (bridge) margin of about two to one, according to incomplete but conclusive returns on 420,000 Defeated Approved—At the general election the voters of the State calling for the issuance of $40,000,000 in bonds to be used for hospitals and correctional a 500,000 Cuyahoga Heights (school) Lake wood, Ohio (hospital) Roanoke, Va. (bridge, incinerator) ratified Proposition No. 1, by $40,000,000 5,000,000 4,450,000 1,200,000 675,000 (institutions) State—$40,000,000 Institutional Bond Issue institutions building, Amount Prospective Issuer and Purpose— New York State Hamilton Co., Ohio (flood prevention) San Francisco (airport, hospital) advices from Detroit. voters New for consideration: Convention—It appeared certain balloting throughout the State that State Constitutional late returns from the Republicans would occupy 91 of the 168 seats at Constitutional Convention to be held next April, the the State assuring them of control. Among other things, the convention is to decide upon and submit to the electorate a new apportion¬ ALABAMA, State of—ADDITIONAL INFORMATION—In connec¬ tion with the report given in our issue of Oct. 30, that sealed tenders will be received until Nov. 9, by W. W. Brooks, Financial Secretary to the Governor, of any part of $250,000 State refunding bonds—V. 145, p. 2884— we are now advised as follows: Bonds which will show the to highest net return on invested funds according be accepted, provided the yield is satis¬ standard bond value tables will Tenders should show the yield to maturity and the percentage of par value at which bonds are tendered. The right is reserved to reject any or all tenders and to accept tenders aggregating more than $250,000. , ' ' ^ „■ Funds for the retirement of the bonds come from income tax collections which are pledged as a trust fund for the payment of these bonds. In the fiscal year ended Sept. 30, 1937, total receipts from the income tax were $2,009,864. Interest paid on outstanding refunding bonds amounted to $639,405. Bonds amounting to $255,000 were paid at ma¬ turity and $550,000 bonds not due for an average of approximately 25 years were purchased for the sum of $608,837.59 and canceled. The constitution provides that when all of the refunding bonds have been paid or provided for, the proceeds of the income tax shall be used to factory. reduce ad valorem taxation. ALABAMA (State ot)—SCHOOL WARRANTS lowlng is taken from a leaflet Consultant: Alabama School Warrants DISCUSSED—The folState Fiscal prepared by W. Barrett Brown, . ... merit the considered analysis of investors, and security dealers throughout the countiy. These issued under very carefully devised safeguards, both with financial Institutions, warrants are conservative payment regard to the issue and the issuing body. Nearly every re¬ quirement is met by this type of obligation except a provision for from an unlimited tax and this obstacle is largely surmounted by a provision that these warrants are a first claim on the taxes dedicated to their use in the order of issuance. Irrespective of subsequent conditions, the warrants are 3040 Financial Chronicle retirable serially out of the same tax that pays their interest. It is worthy of note that the State Superintendent of Education exercises a central control in this matter as he must approve each issue of warrants and must funds approve the in budget of each Board of Education. Provision also is made for the sequestration of tax collections applicable to school warrants. In view of the excellent record of Alabama School Warrants—there being only one minor default, and that of a technical nature—it is somewhat regrettable that they bear the name "Warrant." The investing public, particularly in the area contiguous to New York City, may associate 'Warrant" with loosely issued obligations in certain states or unpaid vouchers of cities and counties. That the elements of Alabama School Warrants may be readily under¬ stood, Dr. R. L. Johns, Director of Administration and Finance, Alabama State Department of Education, has prepared a "Quiz." as follows: Alabama School Warrants ' The term "School Warrants" in Alabama Is synonymous with the term "School Bonds" in most of the other states of the Union. Act 94, approved April 6, 193b, contains the general provisions governing the issuance of Alabama School Warrants. The most important features of Alabama School Warrants are described under the following topic headings: Issuing Authorities Nov. 6, available to school boards from local ad valorem taxes. 7 It serve to further reinforce the security back of county school warrants. The State Superintendent requires each board of education to set up budget sufficient funds for debt service before he will approve its 3. its budget. Conclusion When considers the record of the county and city boards of education in meeting their obligations, the conservative policy being followed in controlling the amount of warrants issued, the annual income of the boards of education in proportion to indebtedness, it is believed that Alabama School Warrants should be classed with the highest type of se¬ of one Alabama curity being issued by HALE any unit of local government in the United States. (P. COUNTY O. Greensboro) Ala .—CONFIRMATION OF ELECTION—The County Clerk confirms the report given in these columns recently that an election will be held on Nov. 23 in order to vote on the issuance of the $100,000 road bonds—V. 145, p. 2884—and he informs us that the rate of interest is not to exceed 5%. Due $5,000 from 1940 to 1959 incl., without prior option. MOBILE COUNTY (P. O. Mobile), Ala.—BOND SALE—The $225,000 issue of general funding bonds offered for sale on Nov. 2—V. 145, p. 2884— purchased by a syndicate composed of McAlister, Smith & Pate of Greenville; Watkins, Morrow & Co. of Birmingham; the First National Bank and the Merchants National Bank, both of Mobile, and Marx & Co. of Birmingham as 5Ms at a price of 98.00, a basis of about 5.67%. Dated Dec. 1, 1937. Due from Dec. 1, 1942 to 1967. was i Sixty-seven county boards of eduction and 45 city boards of education have the power to issue school warrants under certain conditions. Purpose of Issue 1. 2. Capital outlay purposes. Refunding warrants for the purpose of refunding outstanding warrants at lower rates of interest and refunding warrants for the purpose of equaliz¬ ing the term of maturity of warrants previously issued when such maturities have been planned with a too burdensome debt service load in certain years. 3. Funding warrants for the purpose of funding floating indebtedness incurred by the Board of Education. This authority expired on Oct. 1, 1937. After that date every board of education is required by law to operate on a balanced budget and long-time warrants can no longer be issued to fund arkansas bonds Largest Retail Distributors current deficits. • Maturity Schedule 1. All WALTON, SULLIVAN & CO. school warrants must be issued to mature serially with semi¬ payments in approximately equal total annual payments of interest and principal when taken together with the principal and interest of outstanding warrants previously issued. annual 2. interest No capital outlay warrants be issued for LITTLE ROCK. longer term than the probable usefulness of the buildings being erected from the proceeds of the can ARKANSAS issue. Taxes Pledged for Payment ARKANSAS, recent The 67 county boards of education can pledge for payment of school warrants: (a) the proceeds of the three mill county-wide tax, which is voted under constitutional authority for such purposes or for school purposes generally, or (b) the proceeds of a three mill special district tax in the county which has been voted under the constitution for such purpose or for school 1. purposes generally. 2. The 45 city boards of education can pledge for payment Although school valorem of school warrants are payable from taxes, both county and secured by the proceeds and city boards of education are em¬ use certain state funds and other local funds for REFINANCING TO information is obtained from Rock: BE DELAYED—The Gov. Carl E. Bailey said the delay occasioned by litigation will require a of the original estimate of $32,000,000 as the maximum saving possible by refinancing. Approval of Issuance and Governing Conditions ARKANSAS STATE BOARD OF EDUCATION (P. O. Little Rock), a county or city board of education can issue school warrants of any application must be filed with the State Superintendent of Educa¬ tion containing such information as he may require. He must approve all Ark.—BOND SALE—The $240,000 issue of 4% coupon semi-ann. revolving fund school bonds offered for sale on Nov. 3—V. 145, p. 2885—was awarded to H. C. Speer & Sons Co., of Chicago, at a price of 100.533, a basis of about 3.90%. Dated Nov. 1, 1937. Due from Jan. 1, 1938, to 1949 incl. The second best bid was an offer of par, submitted by T. J. Raney & an school warrant issues. 1. He cannot approVe the issuance of additional warrants when such issuance would jeopardize the minimum state program of education as pre¬ scribed by law and in accordance with the rules and regulations of the State Board of Education. Sons, of Little Rock, according to W. E. Phipps, sue WATSON CHAPEL SCHOOL DISTRICT NO. 24, Jefferson County, Ark.—TENDERS INVITED—C. E. Garman, District Secretary, an¬ on a given county or district tax, would exceed 80% of the estimated proceeds In addition, no warrants can be pledged against the proceeds of the last year for which a tax has been voted. 3. The State Superintendent has authority to disapprove a capital outlay issue for the purpose of constructing unnecessary buildings when a survey shows such buildings to be superfluous. nounces of such tax in any year. that tenders for the sale of its bonds to the district will be received 15. Offers are to be sent to the Simmons National Bank, Nov. until Trustee, Pine Bluff. W Tenure of Taxes Pledged for Payment of Warrants CALIFORNIA For a maximum of 30 years from the beginning of the fiscal year following the election. MEMBERS warrant issue has been outlay warrants must be sold Refunding at MUNICIPAL BONDS Revel Miller & Co. Methods of Sale proposed school Secretary of the State Board of Education. ^2. taken together with thewarrant issue when the issues service on such He cannot approve a debt service previous debt pledged against a following of Little revision Before After of—The the debt. the purpose of retiring school warrants. kind, State advices out Advisory Finance Board will await more favorable conditions before offering new bonds to refinance the $150,000,000 highway debt. The Board some time ago appointed Stifel, Nicolaus & Co., and A. C. Allyn & Co., managers of the syndicate to make the proposed offering. Legal obstacles to -refinancing have been removed by failure of counsel in a taxpayer's suit to file a United States Supreme Court appeal within 90 days after the return of a decision by the Arkansas Supreme Court to hold the program valid. It was at¬ tacked because of an appropriation against the highway fund to meet expenses. Act 11 of 1934 pledges highway fund net revenue to payment of proceeds of the three mill special district tax of the city school tax district when such tax has been voted under the constitution for such purpose or for school purposes generally. of ad news BOND warrants the powered to ARK. a properly approved, capital public auction after proper advertisement. 650 So. warrants may be sold at auction or exchanged for a like amount of outstanding warrants. Either callable or noncallable warrants can be sold, but no warrants can be sold bearing an interest rate in excess of Los Angeles Stock Exchange Spring Street • Telephone: VAndike 2201 Los Angeles Teletype: LA 477 SAN FRANCISCO 6%. SANTA ANA Preference of Payment If All warrants are preferred claims against the tax being pledged and each successive warrant issue against a given tax takes precedence in the order issued. If 1. On CALIFORNIA CHOWCHILLA. Calif .—BOND OFFERING—G. D. Zwinge, City Clerk, will receive bids until 2 p. m. Nov. 22 for the purchase, at not less than par, of $60,000 sewer bonds. Bidders are to name rate of intrest, not to exceed 6%. Denoms. $1.000 and $500. Dated Jan. 15, 1938. Principal and semi-annual interest (Jan. 15 and July 15) payable at the City Treas¬ urer's office. Due $1,500 yearly. Certified check for 10% of amount of bonds bid for, payable to the City Treasurer, required. Bonded debt, $15,000; assessed valuation, $563,268. County and School Bond Warrant Indebtedness July 10, 1937, the total outstanding warrants pledged by county boards of education against the proceeds of the county three mill tax and the district three mill taxes amounted to 2. On boards July of 10, 1937, education the total against amounted to $636,309. the $7,273,055. outstanding warrants pledged by city proceeds of the three mill district tax 3. The grand total warrant indebtedness of county and city boards of education amounted to $7,909,364. Annual Income of DUNSMUIR, Calif.—BOND TENDERS ACCEPTED—In connection with the call for tenders on Nov. 3, as noted here recently—V. 145, p. 2578— it is stated by G. E. Hawkins, City Clerk, that the Brown-Crummer Co. of Wichita, sold to the city a total of $6,250 general improvement fund bonds of 1936, dated Jan. I, 1936, at 84.00, plus accrued interest. Issues ¥ The' estimated revenue receipts of county and city boards of education from all sources for the fiscal year 1937-38 total $18,762,920. The total annual debt service of county and city boards of education amounts to less than $2,000,000. Amount of He WAlter Oct. 1, 1937, the amount will be zero. longer allowed to incur deficits for current Boards of education LOS are no operating expenses. Each board education must submit its annual budget to the State Superintendent of Education for his approval. He cannot approve an unbalanced budget. All boards of education are required to set up debt service requirements for principal and interest payments on outstanding warrants as a first charge against school revenues each year. or Status of Warrants as to Default 1. No are in warrants issued default. by the 67 county boards of education of Alabama 2. No warrants issued by the 45 city boards of education are in with the exception of one small issue in one small city which is default, partly in default. This record is remarkable in view of the financial difficulties experienced by county and city boards of education in the late depression. Additional Safeguards to Protect Purchaser of Alabama School Securities 1. ing: Section 2 of Act No. 94, approved April 6, 1936, provides the follow¬ "In each fiscal year the proceeds of each special tax levied under the Con¬ stitution for such purpose or for school purposes generally shall be deposited as soon as received by the custodian of school funds or the city treasurer, as the case may be, in a bank or banks approved for that purpose by the State Superintendent of Education upon the advice of the State Superin¬ tendent of Banks in a separate account to an amount sufficient for the pay¬ ment of all claims secured by a valid pledge of the said tax made before the enactment hereof and due in that fiscal year and thereafter such proceeds shall be so deposited in another separate account to an amount sufficient for the payment of the principal and interest of all warrants issued hereunder due in that fiscal year or due in any prior year and remaining unpaid, with 6% interest on such overdue payments." 2. The State provides an annual sum of approximately $846,517 for county school systems for the purpose of capital outlay and debt service. If a county is in debt, its allotment must first be applied to debt service and any remaining amount may then be used for capital outlay The state allotment for capital outlay and also states that a local investor sold improvement bonds of 1936, dated Jan. 1, a total of $5,412.03 general 1936, at 85.00, plus accrued interest. Unfunded Floating Indebtedness purposes. debt service is in addition to ' ANGELES, Calif.—BOND OFFERING CONTEMPLATED— We quote in part as follows from the "Wall Street Journal" of Nov. 4: The City of Los Angeles, unless present plans are changed, expects to offer on Nov. 15 $10,200,000 electric plant revenue bonds. Details of the offering, which has been under consideration for more than a month, are fast being whipped into shape and it is anticipated that they will be com¬ pleted wien the city's Department of Water and Power meets early next week. The offering date is expected to be set at next week's meeting and it is known that officials are considering Nov. 15 as the preferable date. The issue will consist of $9,000,000 serial bonds with a maximum maturity of 40 years, and $1,200,000 serial bonds with maximum maturities of 12 years. Proceeds of the offering will be used for additions and betterments to the electric system of the Bureau of Power and Light, made necessary by increasing demands on the system. The bonds will be similar in under¬ lying security to the $47,000,000 bonds of the Department of Water and Power issued in 1937 and the $22,799,000 issue of 1935. LOS ANGELES COUNTY (P. O. Los Angeles). Calif.—ELECTION IN SOUTH PASADENA SCHOOL DISTRICT—An election will be held on Nov. 23 in South Pasadena School District for the purpose of voting on a proposition to issue $225,000 school building bonds. ORANGE COUNTY (P. O. Santa Ana), Calif.—FULLERTON SCHOOL NOTES SOLD—An issue of $100,000 tax anticipation notes of the Fullerton Union High School District has been sold to the First National Bank of Santa Ana. PACHECHO PASS WATER DISTRICT (P. O. Hollister), Calif.— BOND SALE—The $180,000 4% water supply bonds offered on Nov. 1— V. 145, p. 2885—were awarded to Donnelan & Co. of San Francisco and the.. William R. Staats Co. of Los Angeles at par plus a premium of $1,198, equal to 100.665, a basis of about 3.95%. Dated July 1, 1937. Due on July 1 as follows: $5,000, 1940 and 1941; 1943 to 1946; 1948 to 1953; $10,000, 1954; $5,000, 1955 to 1957; $10,000, 1958; $5,000, 1959; $10,000, 1960; $5,000, 1961; $10,000, 1962; $5,000, 1963; and $10,000, 1964 to 1968. REDDING, Calif.—WATER BONDS IN LITIGATION— Hearing of the California Water Service Co.'s petition for a restraining order enjoin- Financial 145 Volume ing the City of Redding from spending the proceeds from the recent sale of $200,000 water works bonds or levying taxes for payment of principal or interest on the bonds will be given by Judge Michael J. Roche in Redding. Tne bonds were sold p/ivately on Oct. 21 to Stone & Youngberg of San Francisco at par Huntley & Co. of Los 2% to 3.10% yield basis. for 3 Ms and later resold to Banks, Angeles, who in turn reoffered them on a depositors that it had sufficient collections on account of interest above city during the fiscal year ending Sept. 30, 1937, to make on account of interest to all holders of cer¬ tificates of deposit of record as of Sept. 30, 1937. This makes a total dis¬ tribution of 3% for the fiscal year ending Sept. 30, 1937. The Committee has not yet received a plan of refunding which it feels it could recommend to advised from the a Calif.—BONDS DEFEATED—At the Nov. 2 elec¬ issuance of the reports B. E. Treasurer. REDWOOD CITY, 145, p. 2262—-the voters rejected the proposed $575,000 in power distribution system purchase bonds, tion—V. Meyer, City SACRAMENTO, Calif.—BONDS DEFEATED—J. H. Stephens, City Treasurer, states that the voters defeated the proposal to issue $500,000 in general election on Nov. 2—V. 145, p. 2578. ar£ gallery bonas at the 3041 Chronicle BERNARDINO COUNTY (P. O. San Bernardino), Calif.— ETIWANDA SCHOOL BONDS VOTED—The voters of Etiwanda Ele¬ mentary School District have approved a proposition to issue $75,000 school building bonds. ; SAN further distribution of 1M % their approval. che depositors for CREEK TURKEY bonds. O. (P. COUNTY WALTON vote on O. (P. De Funiak Springs), Fla .—BOND be held on Nov. 23 in order to construction bonds. the issuance of $303,000 in bridge GEORGIA FORT VALLEY, Ga.—BOND OFFERING—N. W. Jordan, City Clerkp. m. Nov. 12, for the purchase of will receive bids until 7 Treasurer, Interest payable to 1951; $3,000. Certified check $80,000 3M% improvement bonds. Dated June 1, 1937. annually. Due yearly on June 1 as follows: $2,000, 1939 1952 to 1962; $4,000, 1963 to 1966; and $5,000 in 1967. for 2% of amount of bid, required. SCHOOL DISTRICT NO. 42, Carroll County, ELECTION—The Board of Trustees have ordered a special for the purpose of voting on a proposal to issue $20,000 school building bonds. LOCAL TEMPLE Ga.—BOND Calif.—SLATECREEK SCHOOL BONDS SOLD—The $3,000 5% coupon Slate Creek School District bonds offered on Nov. 1—V. 145, p. 2885—were awarded to Alice L. Seamans of Redding at par plus a premium of $35.50, equal to 101.183. Denom. $300. Dated Oct. 16, 1937. Interest payable annually on.Oct. 16. Due $300 yearly on Oct. 16 from 1938 to 1947. SHASTA COUNTY (P. O. Redding), COLORADO BOULDER, Colo.—BOND OFFERING—Mayme Graham, City Clerk, will receive bids until 7:80 p. m. Nov. 16 on an issue of $27,000 3% bridge refunding bonds. Dated Feb. 1, 1938. Due on Feb. 1 as follows: $1,000, 1939; $2,000, 1940 to 1949; and $3,000, 1950 and 1951. DELTA COUNTY SCHOOL election to be held Nov. 23 HAWAII HONOLULU (City and County), Hawaii—BOND OFFERING CON¬ TEMPLATED—D. L. Conkling, City Treasurer, is in New York to dis¬ cuss details of a proposed bond offering to be made by his city. It is under¬ stood that the offering will amount to $500,000 and that proceeds of the issue would be used for sewer purposes. Mr. Conkling is the second official from Hawaii to visit New York in the past month IDAHO proposal to issue $33,000 high school COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 8 (P. O. Monte Vista), Colo.—BOND SALE—The $80,000 coupon junior high school building bonds offered on Oct. 29—V. 145, p. 2886— were awarded to the J. K. Mullen Investment Co. and Sidlo, Simons, Roberts & Co., both of Denver, as 4s, at a price of $80,112, equal to 100.14. Denom. $1,000. Dated Nov. 1, 1937. Interest payable May 1 and Nov. 1. Due serially on Nov. 1 from 1940 to 1956: optional after 10 years. GRANDE DELAWARE (State of)—BOND SALE—The $290,000 State building bonds of 1937 offered Nov. 1—V. 145, p. 2723—were awarded to Francis I. du Pont & Co., New York, as 2s, at 101.419, a basis of about 1.86%. Dated Nov. 15, 1937 and due as follows: $15,000 from 1939 to 1957 incl., and $15,000 in 19.58. On and after Nov. 15, 1944, any of the bonds out¬ standing will be redeemed at 104 on any interest date, on 30 days' proper notice. Other bids were as follows: DELAWARE Int. Rate Bidder— Lazard Freres & Co., Inc—„„ 2% 2% 2% 2 % 2% 2% — Halsey, Stuart & Co., Inc First Boston Corp Barr Bros. & Co., Rate Bid — Inc. ougn E m 2M% 2 H% 2M% 2M% 2M% 100.368 100.279 100.207 100.199 100.161 100.154 100.937 100.501 100.30 100.029 Par 101.70 101.177 BONDS FLORIDA Clyde C. Pierce Corporation Barnatt National Bank JACKSONVILLE . Building . ... . with bankers here for recently concluded a contract territorial bonds. DISTRICT NO. 3 (P. O. Paonia), Colo. been called for Nov. 9 at which a building bonds will be voted upon. C. McGonagle, W. sale of obligations. negotiate the to Treasurer of Hawaii, the sale of $4,800,000 —BOND ELECTION—An election has RIO DISTRICT SCHOOL ELECTION—It is said that an election will v County) Calif.—BONDS VOTED AND DEFEATED—It is stated by J. S. Dunnigan, Clerk of the Board of Super¬ visors, that the following bonds were approved by the voters at the election on Nov. 2: $2,850,000 airport, and $1,600,000 hospital building bonds. At the same time the two large propositions calling for the issuance of a total of $54,250,000 in bonds, were turned down in the balloting. They were divided as follows: $49,250,000 rapid transit, and $5,000,000 sewer SAN FRANCISCO (City and TAX SPECIAL Tampa), Fla.—BOND ELECTION—It is now reported by E. L. Robinson, Superintendent of the Board of Public Instruction that the election to resubmit to the voters the $3-7,000 of construction bonds, noted in these columns recently—V. 145, p. 2886—will be held on Nov. 16. Idaho—BOND OFFERING—As pre¬ columns—V. 145, p. 2886—Stephen Utter, bids until 2 p. m. Nov. 16 for the purchase at not less than par of $195,000 coupon courthouse and tail bonds. Bidders are to name rate of interest, not to exceed 6%. Dated Dec. 1. 1937. Prin¬ cipal and semi-annual interest (June 1 and Dec. 1) payable at the County Treasurer's office, or at some bank or trust company in Idaho, or in New York City, at option of holder. Due on the amortization plan, beginning two years after date of issue and running to 10 years after date of issue. Certified check for 5% of amount of bid, payable to the County Treasurer, required. The county will furnish the legal opinion of Chapman & Cutler ADA COUNTY (P. O. Boise), viously reported in these County Clerk, will receive of Chicago. COUNTY CASSIA O. (P. the county have voted construction of a court house. voters of JEROME (P. COUNTY Burley), Idaho—BONDS VOTED—The approval of a $65,000 bond issue to finance Jerome), O. I d a ho—BOND SALE— The $60,000 issue of courthouse and jaii bonds offered for sale on Oct. 29—V. 145 p. 2723—were awarded jointly to Ure, Pett & Morris, and the Conti¬ nental Bank & Trust Co., both of Salt Lake City, paying a premium of $11.00, equal ro 100.018, on the bonds divided as follows: $29,000 as 3Ms, and $31,000 as 3s. Dated Dec. 1, 1937. Due in frrm 2 to 10 years after date of issue. SPRINGS, Idaho—BONDS AUTHORIZED—Village notice that the Board of Trustees of the Village has HOT LAVA Clerk Ben Chapin gives adopted three ordinances providing authority for the water works refunding bonds, $40,000 hospital bonds works refunding bonds. PRESTON, issuance of $52,000 and $13,000 water Idaho—BOND SALE—The $70,000 coupon water works improvement bonds offered on Oct. 29—V. 145, p. 2886—were awarded to the First Security Trust Co. of Salt Lake City on a bid of par for 6s. Dated Oct. 1, 1937. Due in from 2 to 20 years. RUPERT, Idaho—BOND OFFERING—As previously reported in these columns—V. 145, p. 2886—Albert W. Fricke, City Clerk, will receive bids until 10 a. m. Nov. 13 for the purchase of an issue of $30,000 city building bonds, which will be issued on the amortization plan. Bidders are to name rate of interest, not to exceed 6%. Denom. $1,000. Dated April 1, 1937. Principal and semi-annual interest (April 1 and Oct. 1) payable at the City Treasurer's office, or at the State Treasurer's office, or at some bank or trust company in New York to be designated by the city. Due yearly on April 1 as follows: $2,000, 1939 to 1941; $4,000, 1942 to 1947; after April 1, 1942. Cert, check for 5% of amount of bid, required. redeemable FLORIDA Branch Office: TAMPA First National Bank Building T. 8. Pierce, Resident Manager Municipal Bonds of ILLINOIS INDIANA MICHIGAN IOWA FLORIDA COUNTY (P. O. Inverness), Fla.—BOND TENDERS IN¬ VITED—F. E. Marlow, Chairman of the Board of County Commissioners, states that on Dec. 6 at 10 a. m. he will receive sealed offerings of bonds CITRUS of county Pfnc. tfftc&infamVP and bridge refunding issues, dated Nov. 1, 1933. The be purchased will be determined by the be firm for at least 10 days in order to be con¬ road WISCONSIN Bought—Sold—Quoted of bonds of this issue to amount MUNICIPAL BOND DEALERS Chairman and offerings must sidered. 135 So. La Salle St., O. Miami) Fla.—BOND TENDERS ACCEPTED— Superintendent of the Board of Public Instruction, states that he accepted 31 tenders of County Board refunding bonds, dated, May 1, 1934, as follows: Ed. C. Wright & Co. of St. Petersburg, four at 92.75; three at 91.00, and three at 92.00; all series D. From A. B. Morrison & Co. of Miami, five at 93; series A. From R. E. Crummer & Co. of Orlando, 14 at 94.00, series A, and two at 94.00, series D. All were tendered with Chicago State 0540 Teletype CGO. 437 DADE COUNTY (P. James T. Wilson, accrued interest. DE LAND SPECIAL TAX SCHOOL DISTRICT (P. O. De Land), stated that the election to vote on the is¬ Fla.—BOND ELECTION—It is suance bonds, mentioned in these columns held on Nov. 23. of the $150,000 in construction recently—V. 145, p. 2723—will be COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 9 (P. O. Tampa) Fla.—BOND SALE— The $4,000 issue of 4% coupon semi-ann. school bonds offered for sale on Nov. 4—V. 145, p. 2723— was purchased by the Hillsboro State Bank of Plant City, at par. Dated Dec. 1, 1937. Due $400 from Dec. 1, 1939 to 1948 incl. HILLSBOROUGH LEESBURG, Fla.—REFUNDING BONDS READY FOR DELIVERV— Chicago, 111., who are acting as fiscal agent for the above city, issued a letter on Oct. 29, advising holders of funded securities of Leesburg that the refunding bonds ha^e now been executed by the officials and are available for delivery through the trust department of the First National Bank of Chicago. It is stated that the refunding bonds wid carry the unqualified approving opinion of Caldwell & Raymond, of New York. An interest adjustment to Nov. 1, 1937, will be made. Holders who nave not yet forwarded their bonds to Chicago, are urged to do so for this ex¬ R. E. Crummer & Co., change. PALMETTO, Fla.—REFUNDING PLANNED—A refunding plan at a greatly reduced rate of interest is bein^ effected by George W. Simons, bond adjuster, of Jacksonville, for the City of Palmetto, a contract having been entered into between the city and Mr. Simons, it was announced. The city's total bond debt is approximately $1,050,100, with $712,000 of the total principal and approximately $450,000 interest past due. The original issues are 5M and 6% bonds and under the refunding agreement they are to be spread over a period of 40 years with interest as follows: 1% for five years; 1M % for two years; 2% for four years; 2M% for two years; 3% for five years; 3M% for seven years, and 4% for 15 years. Fla.—FURTHER DISTRIBUTION OF INTEREST MADE—Bondholders' Protective Committee recently ST. AUGUSTINE, FUNDS TO BE ILLINOIS CHICAGO, III.—CERTIFICATE OFFERING—R. B. Upham, City Comptroller, will receive sealed bids until 11a. in. on Nov. 15, for the purchase of $40<J,0u'J 3M% water works system certificates of indebtedness. Dated May 1, 1937. Denom. $1,000. Due May 1, 1952. Principal and interest (M. & N.) payable at the City Treasure, 's office, or at the Guaranty Trust Co., New York City. The ceritifcates are coupon in form and are registerable as to principal in the City Comptroller's office. They will be issued in accordance with ordinances passed by the City Council and pur¬ suant to the provisions of the Act of the Illinois GeneralfAssembly, approved June 25, 1929, in force July 1, 1929, as amended. This Act authorizes cities of 50O.000 or more population and owing or operating a water works system, to finance improvements and extensions to such facilities through the sale of certificates of indebtedness payable solely from operating revenues. Bids must be for the entire $40(1,000 certificates and accom¬ panied by a certified check for 2% of their par value, payable to the order Comptroller. Legal opinion of Chapman & Cutler of Chicago furnished the successful bidder. (The above certificates are part of an original authorization of $3,0b0,000, of which $1,500,000 have already been sold. City Council recently au¬ thorized the sale of a further block of $1,000,000 including the $4( 0,» U now offered) with a 3M% coupon, as against a rate of 3% provided for in the original autho'ization. The last previous sale of certificates by the city was held Aug. 16 last, when S5JO.OOO 3s, due in 1951, were sold to Harris, Hall & Co. of Chicago, at 103.137, a basis of about 2.72%. Interest cost on municipal financing has advanced rather consistently since that time. of the City will be CHRISTY (P. O. Sumner), III.—BOND SALE—The issue of $11,000 bonds for which all bids were rejected by the Commissioner of High¬ road ways on Oct. 23, as previously reported in these columns, was sold later at of Sumner, as 4s, at par plus a private sale to the First National Bank premium of $100, equal to 100.909. CCOK AND LAKE Barrineton), 4 (P. O. building bonds has COUNTIES SCHOOL DISTRICT NO. III.—BOND SALE—An issue of $30,000 H. C. Speer & Sons Co. of Chicago. been sold to the EVANSTON, III.—BOND AND WARRANT OFFERING— S. Ingraham, City Treasurer, will receive bids until 4 p. m. Nov. 8 for purchase of the following bonds and warrants: G. the 3042 Financial Chronicle $41,000 3% fire equipment bonds. Denom. $1,000. Dated June 1, 1937. Principal and semi-annual interest (June 1 and Dec. 1) payable at the City Treasurer's office. Due on Dec. 1 as follows: $2,000, 1939 to 1944: $3,000, 1945 to 1953, and $2,000, 1954. 52,000 2K% refunding bonds. Denom. $1,000. Dated Dec. 1, 1937. Principal and semi-annual interest (June 1 and Dec. 1) payable SEYMOUR a , , County, IOWA Treasurer, that the bonds est. p. m. A. McCormick, Nov. on 16 for the Purchase of $51,375 not Oneexceed for $1,375, others $1,000 each. bonds. to bond 3)4% iuterest fire equipment )ated March 1, 1937. Due Jan. 1 as follows: $3,000 from 1939 to 1954 incl., and $3,375 in 1955. Bidder to name one rate of interest, expressed in a multiple of 54 of 1%. Interest payable J. & J. A certified check for $1,000, payable to the order of the city, must accompany each proposal. The bonds are direct obliga¬ tions of the city, payable out of general taxes. The city will furnish at its own the approvaling legal opinion of Matson, Ross, McCord & expense Clifford of Indianapolis. HAMMOND PARK DISTRICT (P. O. NOT SOLD—G. B. Smith, City Controller, Hammond), announced Ind.—BONDS Oct. 28 that all bids submitted for the $86,000 354 % park district bonds scheduled for sale Nov. 1—V. 145, p. 2724—would be rejected, because of the inability to. obtain a hearing before the Board of Tax Commissioners prior to the sale date. A new call for bids will be made at a later date. Issue is dated Oct. 15, 1937, and due $4,300 annually on Jan. 1 from 1940 to 1959 incl. HANOVER SCHOOL TOWNSHIP (P. O. MorrUtown), Ind.—BOND SALE—The $30,000 4% school building bonds offered on Nov. 3—V. 145, 2887—were awarded to the Fletcher Trust Co. of p. Indianapolis at par Slus a premium of $2,261, equal to 107.536, a basis of about 2.80%. ept. 1, 1937. Due follows: $1,000, July 1, 1939; $1,000, Jan. Dated as July 1, 1940; $2,000, Jan. 1 and $1,000, July 1 in each of the 1941 to 1949. INDIAN CREEK SCHOOL TOWNSHIP (P. O. Route No. 2), Ind.—BOND SALE—The issue of 1 and years from Bedford, Ind., $5,400 4% school building bonds offered Oct. 28—V. 145, p. 2579—was awarded to A. S. Huyck & Co. of Chicago, at par plus a premium of $121.50, equal to 102.25, a basis of about 3.26%. Dated Oct. 28, 1937, and due as follows: $400. July 1, 1938; $500, July 1, 1939; $1,000, July 1, 1940; $1,000, Jan. 1 and July 1, 1941; $1,000, Jan. 1 and $500 July 1, 1942. Other Joy Ridgeway, County are due serially on 1, 1937, and COUNCIL " BLUFFS, Iowa—BRIDGE on PURCHASE PROPOSAL DE¬ Nov. 2—V. 145, p. 2426—the voters turned down the proposal to purchase the Douglas Street bridge from the hold¬ ing company for the sum of $2,500,000, according to the City Clerk. This action invalidates the option given to Stranahan, Harris & Co. of Toledo to take the $2,500,000 434% finance the purchase. DES MOINES, revenue Iowa—BOND bonds, which SALE—The were $254,500 to be issued bonds bids: described below, which were offered on Nov. 4—V. 145, p. 2724—were awarded to the Carleton D. Beh Co. of Des Moines as 354s, at par plus a premium of $575, equal to 100.225, a basis of about 3.72%: $15,000 grading fund bonds. Due $5,000 from Nov. 1, 1941 to 1943 incl. 15,000 improvement fund bonds. Due $5,000 from Nov. 1, 1944 to 1946 inclusive. 35,000 160,000 fund bonds. Due $5,000 from Nov. 1, 1939 to 1945 incl. purifying plant fund bonds. Due $20,000 from Nov. 1, 1945 to 1952 inclusive. sewer sewage Dated Nov. 1, 1937. The entire issue matures on Nov. 1 as follows: $6,500 in 1939; $9,000, 1940; $14,000, 1941 to 1944; $34,000, 1945; $29,000, 1946, and $20,000, 1947 to 1952. DES MOINES COUNTY (P. O. Burlington), Iowa—MATURITY— It is now reported by the County Treasurer that the $100,000 funding bonds purchased by the White-Phillips Corp. of Davenport as 254s, at a price of 100.662, as noted here in September—V. 145, p. 2107—are due as follows: $5,000, 1939 to 1947; $7,000, 1948, and $48,000 in 1949, giving a basis of about 2.67%. FAYETTE CONSOLIDATED SCHOOL DISTRICT (P. O. Fayette), Iowa—BONDS DEFEATED—At the election held on Oct. 30—V. 145, p. 2426—the voters defeated the proposal to issue $65,000 in school con¬ struction bonds. FREMONT COUNTY (P. O. Sidney), Iowa—BOND OFFERING—As previously reported in these columns, C. C. Case County Treasurer, will re¬ ceive bidsuntxl2p.m. Nov.4forthepurchaseof$4,342.15 Prairie Township Drainage District No. 1 bonds. Denom. $500, except one for $342.15. Bidders are to specify rate of interest, not to exceed 5%. Dated Oct. 1, 1937. Principal and interest payable at the County Treasurer's office. Due $842.15 Nov. 1, 1938; $1,000 Nov. 1 in 1939, 1940 and 1941; and $500 Nov. 1, 1942. Certified check for 3% of amount of issue, required. The purchaser is to furnish the printed bonds and the legal opinion. GRANDVIEW CONSOLIDATED SCHOOL DISTRICT (P. O. Grand view), Iowa—BOND SALE—The issue of $35,000 refunding bonds offered on Nov. 1—V. 145, p. 2887—was awarded to the Carleton D. Beh Co. of Des Moines, as 254s, at par plus a premium of $126, equal to 100.36. Dated Dec. 1, 1937. Interest payable June 1 and Dec. 1. Due in 1950. HUMBOLDT COUNTY (P. O. Dakota City). Iowa-MATURITY— It is stated by the County Clerk that the $95,000 court house bonds pur¬ chased by the Polk-Peterson Corp. of Des Moines, as 23^8, at a price of 100.61, as noted in these columns recently—V. 145, p. 2887—are dated Nov. 1, 1937, and mature as follows: $8,000, 1938 and 1939; $9,000, 1940 1942; $10,000, 1943 to 1945, and $11,000 in 1946 and 1947, giving a basis to of about 2.39%. IOWA FALLS INDEPENDENT SCHOOL DISTRICT, Iowa—BOND ELECTION—An election is to be held on Nov. 23 for the purpose of voting on a proposition to issue $85,000 school building bonds. KNOXVILLE, Iowa—BOND OFFERING—J. urer, will receive bids until 10 a. m. Nov. 8 for the bonds: C. Collins, City Treas¬ purchase of the following $17,971.29 street improvement bonds. 37,158.61 street improvement bonds. 14,500.00 swimming pool Donds. The first issue is to be retired out of a special tax collected over a period of 18 years. The second issue will be liquidated by collection of assessments special improved property. In both cases the city furnishes a 3% check required. attorney's opinion will be furbished by the city in the case of the swimming pool bonds. lawyer's Bonds on opinion and the purchaser the blank bonds. ana MORNING SUN, Iowa—BOND OFFERING—E. J. Walsh, Town Clerk, will receive bids until 10 a. m. Nov. 29 for the purchase of $40,000 electric revenue bonds. Interest rate not to exceed 6%, payable semi-ann. plant „ , ,, Premium $85 00 , Bedford National Bank„ Thomas a. Holland 78.00 Fletcher Trust Co McNurlen & Huncilman KNIGHTSTOWN 112 00 27.50 SCHOOL TOWN, Ind.—BOND OFFERING—The School Trustees will receive bids until 7:30 p. m. Nov. 22 for the purchase of $4,000 school building bonds. LAKE COUNTY (P. O. Crown Point), Ind.—BOND OFFERING Joseph E. Finerty, County Auditor, will receive sealed bids until 11 a. m. on Nov. 15 for the purchase of $300,000 not to exceed 4% interest tuber¬ culosis sanatorium extension No. 3 bonds. Dated Dec. 1, 1937. Denom. $1,000. Due $30,000 each Jan. 1 and July 1 from 1942 to 1946, incl. Bidder to name one rate of interest, expressed in a multiple of 34 of 1%. Interest payable semi-annually. A certified check for 3% of the bonds bid for, payable to the order of the Board of County Commissioners, must accompany each proposal. No conditional bids will be considered. County will furnish at its own expense the approving legal opinion of Chapman & Cutler of Chicago. ORANGE TOWNSHIP SCHOOL TOWNSHIP (P. O. Glenwood), Ind.—BOND SALE DETAILS—The City Securities Corp. of Indianapolis purchased the $9,000 254% school building bonds reported sold in these columns during September. Price paid was par plus a premium of $9.37, equal to 100.104. Issue is dated May 15, 1937, and due Jan. 15 as follows: $600 from 1939 to 1951, inc.., and $1,200 in 1952. RICHMOND SCHOOL CITY, Ind.—BOND OFFERING PLANNED— In connection with the recent authorization of a bond issue of $340,000 for of a new high school building—V. 145, p. 2887—Alice K. construction Griffin, Auditor, informs us that, as the Indiana Laws require publication of notice of intention to issue bonds, it will be December before bids can be requested on the proposed bond issue. The bids will probaoly be opened arly in January. to 29,500 park and cemetery fund bonds. Due on Nov. 1 as follows: $1,500 in 1939, and $4,000 from 1940 to 1946 inclusive. follows: OFFERING—M. dated Sept. purchaser FEATED—At the election $5,651. $29,000 school aid bonds of 1937, being direct obligations of the Civil Township, payabm from unlimited ad valorem taxes on all of its taxable property. Due $1,000 each six months from July 1, 1942, to July 1, 1956, incl. 28,525 school building bonds, being direct obligations of the School Town¬ ship, payable from unlimited ad valorem taxes on all of its taxable property. Due as follows: $1,000, July 1, 1938; $1,000, Jan. 1 and July 1 from 1939 to 1950 incl.; $1,000, Jan. 1 and $2,525 on July 1, 1951. Each issue is dated Nov. 1, 1937. Interest payable J. & J. Bidder to name one rate of interest, expressed in a multiple of y± of 1%. Denoms. will be issued to suit purchaser, provided that no revision of the maturity schedules will be necessary. Each issue will be approved as to legality by Matson, Ross, MeCord & Clifford of Indianapolis, and the approving opinion will be furnished at the expense of the School and Civil Townships. Ind.—BOND are bonds without charge. III.— O. Elkhart, R. R. No. 4), Ind.—BOND OFFERING—John Frank, Trustee, will receive sealed bids until 10 a. m. on Nov. 20 for the purchase of $57,525 not to exceed 4% interest bonds, CHICAGO, City), Iowa—BOND OFFER¬ Principal and interest payable at the office of the County Treasurer. will furnish the approving legal opinion and the printed The INDIANA EAST yet. and after May 1, 1943. The award will be made on the most favorable bid of not less than par and accrued interest, specifying the lowest rate of inter¬ (P. City Controller, will receive sealed bids until 2 as CERRO GORDO COUNTY (P. O. Mason r as p. of these bonds have been decided bankers (Notice of the offering of this issue was given in these columns under the caption—Ogle County School District No. 131, P. O. Rocheile, III.—V. 145, p. 2887.) divided 145, ING DETAILS—In connection with the offering scheduled for Nov. 15 of the $25,000 warrant funding bonds, notice of which appeared in our issue of Oct. 30——V. 145, p. 2887—it is now reported by a basis of aDout 2.79%. Dated Sept. 1, 1937, and due on Sept. 1 from 1938 to 1957 incl. Strong investment demand for the obligations resulted in the immediate distribution of the TOWNSHIP Iowa—BONDS VOTED—NX, the election held on Oct. 2579—the voters approved the issuance of the $26,000 works bonds by a count of 347 to 167. No details as to the issuance water price of 106.40, $5,000 annually BAUGO $2,320.50 2,278.50 2,117.50 2,160.00 1,816.50 1,777.50 ALLERTON, 28—V. BOND SALE—The issue of $100,000 3H% coupon building bonds offered Nov. 2 was awarded to the Harris Trust & Savings Bank of Chicago, at a The Northern Trust Co. of Chicago bid a premium of as In purchasing on Nov. 1 an issue of $10,000 Seymour, Ind., school aid bonds, McNurlen & Huncilman of Indianapolis paid par plus a premium of equal to 100.065. on issil8 by were Premium $6.50 for 254s, price of 102.08. Award was made Aug. 16. Bonds are dated Sept. 1, 1937, and mature serially on Sept. 1 from 1950 to 1954 incl. Denom. $1,000. Interest payable M. & 8. Coupon bonds. Ogle Other bids Seymour National Bank City Securities Corp a 131, 1940 to 1950 incl. McNurlen & Huncilman Paine, Webber & Co RIVER FOREST PARK DISTRICT, 111.—BOND SALE DETAILS— The $23,000 park bonds sold to the Northern Trust Co. of Chicago, as previously reported in these columns, bear 3M% interest and were sold NO. 1 from A. S. Huyck & Co Fletcher Trust Co MERCER COUNTY (P. O. Aledo), III.—BONDS VOTED—The $27,000 funding bond issue carried at the Nov. 2 election, the vote being 580 to 298. They will be issued at 3% interest and mature over five years. DISTRICT June 1 and Dec. Bidder— LEYDEN TOWNSHIP SCHOOL DISTRICT NO. 84 (P. O. Franklin Park), 111.—BOND CALL—Mary D, Schutt, Treasurer of the Board of Education, announces that refunding bonds numbered 1 to 14 incl. will be redeemed on Dec. 1, 1937, at the First National Bank of Chicago. Interest will cease to accrue after the call date. The bonds are dated Dec. 1,1935. SCHOOL on follows: The warrants will oe dated day of delivery. Certified checks of $800, $1,000, and $750 required with bids on the $41,000, $52,000, and warrant issues, respectively. The city will furnish the printed bonds and warrants, and also legal opinions of Holland M. Cassidy of Chicago on the refunding bonds and the warrants, and of Chapman & Cutler of Chicago on the fire equipment bonds. The total indebtedness of said city does not exceed the sum of $1,060,506.95, and the assessed valuation of taxable property in said city as equalized and determined for the year 1936 is $50,559,609. ROCHELLE SALE— The $35,000 4% 1—V. 145, p. 2724—were Indianapolis, at par plus of $2,512, equal to 107.18, a basis of about 2.87%. Dated 15, 1937, and due as follows: $1,000, June 1 and Dec. 1, 1939, and $1,500 21,000 1937 general corporate fund tax anticipation warrants, numbered C-96 to C-137, in the denomination of $500 each. 4,500 1937 garbage fund tax anticipation warrants, numbered G-32 to G-40, in the denomination of $500 each. 8,500 1937 street and bridge fund tax anticipation warrants, numbered SB-60 to SB-76, in the denomination of $500 each. 2,500 1937 public playground fund tax anticipation warrants, numbered PP-15 to PP-19, in the denomination of $500 each. at 6, 1937 Ind.—BOND premium No/. the Continental Illinois National Bank & Trust Co., Chicago. Due on Dec. 1 as follows: $12,000, 1939; $10,000, 1940 and 1941, and $20,000, 1942. , CITY, school building bonds of 1937 offered Nov. awarded to the Indianapolis Bond & Share Corp., at , Nov. SCHOOL NEVADA INDEPENDENT SCHOOL DISTRICT (P. O. Nevada), Iowa—MATURITY—It is stated by the District Secretary that the $30,000 building bonds purchased by the Carleton D. Beh Co. of Des Moines as 254s, at a price of 100.383, as noted here recently—V. 145, p. 2887—are due to on Nov. 1 as follows: $1,000, 1938 to 1941; $3,000, 1942; $4,000, 1944 1948, and $3,000 in 1949, giving a basis of about 2.70%. SIOUX CITY, Iowa—BOND ELECTION—An election will be called for 22 at which a proposal to issue $100,000 airport bonds will be sub¬ Nov. mitted to a vote. VINTON SCHOOL DISTRICT, Iowa—BONDS VOTED—The of the district have approved a proposition to issue bonds. VAN HORNE INDEPENDENT SCHOOL voters $70,000 school building DISTRICT (P. O. Van Home), Iowa—BOND OFFERING—It is stated that bids will be received until 2 p. m. on Nov. 10, by H. A. Burns, District Secretary, for the pur¬ chase of a $20,000 issue of building bonds. Interest rate is not to exceed 4%, payable M. & N. Denom. $1,000. Due $1,000 from Nov. 15, 1938 to 1957 incl. The printed bonds and the approving opinion of Chapman & Cutler of Chicago, will be furnished to the purchaser. KANSAS DODGE CITY, Kan.—PRICE PAID—The City Clerk states that the $146,000 354% semi-annual refunding bonds purchased by Beecroft, Cole & Co. of Topeka as noted here in September—V. 145, p. 1934—were sold at par. Dated Aug. 2, 1937. Due from 1942 to 1951. GLEN ELDER SCHOOL DISTRICT NO. 7 (P. O. Glen Elder), Kan.—BOND SALE—The $28,872 3% coupon bonds offered on Nov. 1— 145, p. 2888—were awarded to Atkins & Co. of Topeka at 100.16, a basis of about 2.98%. Dated Nov. 1, 1937. Due $872 May 1, 1938; $1,000 each six months from Nov. 1,1938, to Nov. 1,1952. V. Financial 145 Volume CONCORDIA, Kan.—BOND SALE DETAILS—We are now informed refunding bonds purchased by the Lathrop-Hawk-Herrick Co. of Wichita, as noted here recently—V. 145, p. 2264—were sold as 2%s at par. Registered bonds, dated Oct. 1, 1937. Denom. $1,000, one for $600. Due on Oct. 1, 1947. Interest payable A. & O. that the $24,600 HADDAM, Kan.—BIDS REJECTED—All bids received for the issue of oonds offered on The Tirrenoure from $20,000 to $30,000 water works system construction Nov. 1—V. 145, p. 2888—were rejected as too high. Co. Investment of Wichita had bid for 3%% bonds. HUTCHINSON UNION VALLEY SCHOOL DISTRICT NO. 50 (P. O. Kan.—BOND SALE DETAILS—In connection with the $10,000 school addition bonds to the State School Fund Com¬ mission, at par, as noted in these columns recently—V. 145, p. 2725—it is stated by the Clerk of the Board of Education that the bonds bear interest at 3%, are dated April 1, 1937, and mature $1,000 from Aug. 1, 1938 to Hutchinson), sale of the 1947, incl. SOLD—It BONDS semi-annual school bonds were Dated July 1, 1937. mission. by the said city has sold $3,500 2}4% The Kinsley Bank took Fire Department took the other extension bonds at a price of par. $2,000 of the bonds, and the Volunteer $1,500. MARSHALL COUNTY O. (P. Marysville), Kan.—BOND SALE— bonds to Stern RUSSELL, Kan .—BONDS AUTHORIZED—An passed authorizing the issuance of $21,980.46 sewer ordinance bonds. has been SEDGWICK COUNTY (P. O. Topeka), Kan.—BOND SALE—The $75,000 issue of 2)4% semi-ann. poor relief bonds offered for sale on Nov. 3, was awarded to the Harris Trust & Savings Bank of Chicago, at a price of 101.25, a basis of about 2.25%. 10, 1938 to 1947 incl. SCHOOL Dated Sept. 10, 1937. DISTRICT (P. O. Due from Sept. Topeka), Kan.—BOND Manager of the Board of OFFERING—It is stated by E. E. Sallee, Business Education, that he will receive bids until Nov. 12 at 5 p. m. for the pur¬ chase of an $87,725 issue of 2% and 254 % semi-annual school bonds. De¬ nomination $1,000, one for $725. Dated Dec. 1, 1937. Due on Dec. 1 as follows: $8,725 in 1938; $9,000, 1939 to 1945. and $8,000 in 1946 and The bonds will be sold for cash and for not less than par and ac¬ No other bonds of the district will be sold for 90 days sub¬ 1947, crued interest. sequent to Dec. 1, 1937. The opinion of John L. Hunt, of the firm of Wheeler, Brewster & Hunt, of Topeka, will be furnished. It is unnecessary to enclose a certified check with the bid, as the bonds will be sold at private sale and the successful bidder will be notified in sufficient time to have a check for the whole amount of the bid in the city at the time of sale. CLOUD, Kan.—BONDS AUTHORIZED—A resolution has passed which authorizes the issuance of $15,000 street improvement bonds. WYANDOTTE COUNTY (P. O. Kansas City), 1947, inclusive. bonds as 5548, at par. Oak Due — ^ Due from Nov. 2, 6s, at par. offered at the same time were MAINE AUBURN, Me.—NOTE SALE—The $7,000 school and hignway notes 1 were awarded to E. H. Rollins & Sons, Inc. of Boston, as 2s, at a price of 100.28, a basis of about 1.88%. Due Nov. 1 as follows: $2,000 from 1938 to 1940, incl. and $1,000 in 1941. offered Nov. $160,000 coupon permanent im¬ 2888—were awarded to the PORTLAND, Me.—BOND SALE— The provement bonds offered on Nov. 3—V. 145, p. Harris Trust & Savings Bank of New York, as to 2Ms, at 100.557, a basis of Nov. 1 from 1938 Dated Nov. 1, 1937 and due $8,000 on 2.195%. Other bids were as follows: 1957 incl. Rate Bid Int. Rale Bidder Goldman, Sachs & Co. and First Brown Harriman & Co Michigan Corp Halsey, Stuart & Co., Inc Arthur Perry & Co E. H. Rollins & Sons, Inc. - . 100.09 101.53 101.52 101.15 100.86 2)4.% 254 % 254% 254 % 2 54 % 254% 254% 254% First Boston Corp Merchants National Bank of Boston Blyth & Co. 100.31 100.24 MARYLAND O. Cumberland), Md.—BOND SALE— registerable as to principal only, road bonds awarded to W. W. Lanahan & Co. of Baltimore, as 2s, at 100.0599, a basis of about 1.99%. Dated Nov. 1. 1937 and due Nov. 1, 1942. Other bids were as follows: COUNTY ALLEGANY (P. The issue of $60,000 coupon, offered Nov. 2—V. 145, p. 2725—was on Bidder 2)4% Mercantile Trust Co., Baker, Brogden & Co., Mackubin, & Boyce, Rate Bid Int. Rate . Alex. Brown & Ions jointly 100.569 2)4% 100.099 Watts & Co., Strother, Legg & Co. and Stein Bros. .: GEORGES COUNTY (P. O. Upper Marlboro), Md.— FINANCIAL STATEMENT—1The following is given in connection with the Nov. 9 offering of $250,000 not to exceed 5% interest school bonds, described in V. 145, p. 2725: County Financial Assessed valuation (see Note 1936._ Assessed Condition $67,508,171.00 65,195,832.00 A)—1937 - is legally 100% of actual valuation. Recent sales indicate that assessments do not exceed 80% of sale value. The county has never defaulted on a debt obligation. Population, 1930 Census, valuation 60,095: ionded debt of population, 75,000. Sresent estimated June 30, 1937-as KENTUCKY „ $2,551,000.00 General IRVINE, Ky.—BONDS DEFEATED—At the general election held on Nov. 2—V. 145, p. 2265—the voters are said to have defeated the proposal to issue $275,000 in municipal electric light and power plant revenue bonds. Sinking funds Other than general obligation bonds... 359,990.83 None — $2,191,009.17 Net debt Bonds issued within last two years: State of—BOND OFFERING— Robert Humphreys, Commissioner of Highways, announces that he will on Nov. 23, at 11 a. m., receive and publicly open sealed competitive bids for the purchase of bridge revenue, Project No. 13 bonds to the amount of $915,000. These bonds are to be issued and sold pursuant to the provisions of Chapter 172, Acts of KENTUCKY. 1928, and Chapter 157, Acts of 1930, General Assembly of Kentucky, to provide funds with which to acquire by purchase the Milton-Madison Bridge, crossing the Ohio River between Milton, Ky., and Madison, Ind., from Urban J. Alexander, of Louisville. Denom $1,000. Dated Dec. 1, 1937. $45,000 Consolidated School District No. 1 from Nov. 2, 1938 to 1957. 25,000 Epps School District No. 1 bonds as 1938 to 1962. Dated Nov. 2, 1937. The $25,000 School District No. 8 bonds withdrawn from the market. Kan .—PRICE PAID $80,000 254% semi-ann. general improve¬ ment bonds purchased by the Harris Trust & Savings Bank, of Chicago, as noted here recently—V. 145, p. 2888—were sold at a price of 100.596, a basis of about 2.39%. Dated Nov. 1, 1937. Due $8,000 from Nov. 1, —We afe now informed that the 1938 to O. (P. DISTRICTS Grove), La .—BOND SALE— The following $70,000 bonds, offered on Nov. 2427—were disposed of to three purchasers on combined bids, PRINCE WHITE been SCHOOL PARISH CARROLL WEST received. Dated Oct. 1, 1937. Due 2—V. 145, p. as follows: about The county has sold an issue of $14,500 public work relief Bros. & Co. of Kansas City, Mo., at a price of 100.491. TOPEKA p. 1934—were not sold, as no bids were serially for 25 years. Kan.—BOND SALE—The KINSLEY, waterworks Clerk that $4,000 254% purchased by the State School Fund Com¬ Due $500 from Aug. 1, 1938 to 1945, incl. is also stated 3043 Chronicle Due on Jan. 1, 1953. interest pay¬ premium of 254% of the prin¬ cipal amount thereof if redeemed on or prior to July 1, 1940, and a premium of 2% of the principal amount thereof if redeemed thereafter and on or prior to July 1, 1941, and a premium of 154% if redeemed thereafter and on or prior to July 1, 1942, and a premium of 1% if redeemed thereafter and on or prior to July 1, 1943, and a premium of 54 of 1% if redeemed thereafter, and on or prior to July 1, 1944, and without premium if redeemed thereafter and before maturity. Both principal and interest will be paid in lawful money at the Chemical Bank & Trust Co., New York City. The bonds will be subject to registration in the name of the holders as to prin¬ cipal alone. All of said bonds will bear interest payable semi-annually on Jan. 1 and July 1 at the same rate not exceeding, however, 3% in a multiple of 54 of 1%, and each bid must specify interest rate, and the price bid for the bonds of this issue. The bonds will be sold at par plus accrued interest and any premium which the bidder will pay. Said bonds shall be secured by a trust indenture to be executed by and between the Department of Highways, an agency of the Commonwealth of Kentucky, and a trust company qualified to act and hereafter to be selected by the Department of Highways as trustee, as provided by Chapter 157 of the Acts of the General Assembly of Kentucky at the 1930 session thereof, which trust indenture shall contain substantially the same provisions and covenants as the trust indenture heretofore executed by the State Highway Commission of Kentucky, dated June l, 1937, securing the Common¬ wealth of Kentucky Bridge Revenue bonds of Project No. 12, insofar as such provisions and covenants shall be applicable. If the definitive bonds shall not be prepared and ready for delivery on Dec. 10, 1937, the Department of Highways will issue temporary printed bonds of the same denomination which will be exchangeable for definitive bonds when the latter are ready for issuance and delivery. All bidders must agree to furnish and pay for the cost of printing the trust indentures, and the printing and (or) engraving the bonds as furnished by the Department of Highways, the form and terms of which shall be sub¬ stantially the same as the Commonwealth of Kentucky Bridge Revenue bonds. Project No. 12, now outstanding, except the paragraph thereof relating to the redemption thereof prior to maturity, which paragraph of said bonds shall be in conformity with the notice of sale; and all bidders must agree to pay Masslich & Mitchell, Esqs.. of New York, their fees and expenses incident thereto for the preparation of the trust indenture and legal opinion approving the validity of the proceedings, sale, execution and delivery of said bonds. Enclose a certified check for 1% of the amount All of said bridge revenue ment date on bid for. bonds, will be redeemable on any 30 days' notice at par, and a payable to the State Treasurer. None Relief Funding Refunding Total $214,000.00 None ....... general obligation bonds— Year ago this date Two years ago this Purpose of bonds now date issued, school construction. Amount $2,535,000.00 2,402,000.00 442,000.00 None authorized Overlapping debts Condition of sinking funds as of June 30, in bank Cash of Amount 1937— required (Other bond issues are which sinking funds 1937 1938::::.:::.: Unfunded are 1,297,000.00 serial.) Next Five Years—Serial $55,000.00 1940 51,000.00 mi... Principal Requirements for 1939. $359,990.83 - for bonds term Bonds and Sinking Funds $56,000.00 123,000.00 86,000.00 debt outstanding as of June 30, 1937—None. Comparative Statement of [Not including Operating Receipts and Disbursements (See incorporated towns and sanitary district] ^ _ - .... *».§».}$ sg.978.oo 136,807.17 $50,000.00 2,283.19 1,004,623.36 $939,112.29 $1,056,906.55 $391,435.42 ... $1,106,468.35 63,563.19 875,549.10 Total receipts 215,376.06 $1,024,348.36 Receipts from other sources $440,997.22 Disbursements— proceeds Expenditures of bond . Sinking funds (contra) All other purposes expenditures.. Total Cash balance at end of year Tax Data Taxes for fiscal year become beginning July 1, 1937, are due July 1, 1937, and 1, 1938. Payable in two equal instalments, at delinquent Jan. applied (none) after Nov. 1. sale. Tax option of taxpayer. Discounts for prepayment and when Specific penalties for delinquency, ^ of 1% per month Property on which taxes are unpaid is sold annually at a tax period has not been extended in the past two years. Total general property or ad valorem tax for current year: State $150,517.16 - County tax property liens owned by municipality (years 1936, inclusive) Is there a tax rate limit? Are taxes levied in excess 1927 to PARISH SCHOOL DISTRICT NO. 1, Fifth Police Ward (P. O. Ville Platte), La.—BOND OFFER 1NG— Sea led bids Nov. 23, by F. V. Launey, Secretary of the School Board, for the purchase of a $12,000 issue of school bonds. Interest rate is not to exceed 554%. payable J. & J. Denom. $500. Dated Oct. 1. 1937. Due from July 1, 1939 to 1943. A certified check for $400, EVANGELINE against delinquencies? the KINDER, La.—BOND OFFERING—Sealed h.ds will be received until 10 Nov. 20, by E. E. Miguez, Town Clerk, for the purchase of a $25,issue of town bonds. Interest rate is not to exceed 454%, payable F. & A. Denominations $500 and $250. Dated Nov. 1. 1937. Due on Aug. 1 as follows: $500, 1938 to 1941; $750, 1942 to 1945; $1,000, 1946 and 1947; $1,500, 1948 to 1951; $2,000. 1952 to 1957. A certified check for $750, payable to William Marcantel, Mayor, must accompany the bid. a.ra.on 000 LIVINGSTON PARISH (P. O. Springville), La.—BONDS NOT SOLD—The $100,000 courthouse and jail bonds offered on Oct. 13—V. 145, $94,276.25 No. of actual requirements to provide This margin is provided out No. Bank Deposits will be received until 10 a. m. on JENNINGS, La.—BOND ELECTION—An election will be held on Nov. 30, according to report, to vote on the issuance of $10,000 in fire depart¬ ment bonds. 835,655.32 of unlevied income. Jury j>ajable to the Treasurer of the Parish School Board, must accompany Note C) ^1936 $391,435.42 50,250.00 1935 ■ $306,199.35 Beginning July 1— Cash balance at beginning of year Receipts—Proceeds of bonds sold Fiscal Year Total LOUISIANA _ ^ Amount as of June In how many $440,997.22 30, 1937 (see Note B) open banks? Six. How are deposits secured? Col¬ (none). property only, as of beginning lateral securities. Funds in closed banks Note A—Real, personal and household of taxable r year. Note B—Does not include $116,641.35 held by County Treasurer, subject Commissioners (see Note C). Prince George's County provides that the County Treasurer collect all taxes, disbursing these collections only upon warrants issued by the Board of County Commissioners. All other income fs received by the Board of County Commissioners and disbursed by them in accordance with resolutions as passed by the Board. The amount shown in the comparative statement of operatiog receipts and disbursements as having been received from taxes actually represents only that portion of taxes collected which have been disbursed by the of Board of County Note C—The government of to warrant Treasurer for the of the County Commissioners, retained by the Treasurer at the end of account include the amount accounting periods and does not the respective 3044 Financial Other Pertinent Chronicie Data The county has no authority to issue bonds except by Act of the Mary¬ Legislature. The current issue constitutes the only authorization existing. The county has no water debt. Some incorporated towns and the Suburban Sanitary District have debts for land These streets, water and sewers. funded by earnings or by assessments on abutting property. are NILES, Mich.—BOND OFFERING— Sealed MASSACHUSETTS RIVER Bidder CALLED _ .55% .67% 71% .70% .58% Curtis, Boston. CERTIFICATES , .548% First National Bank of Boston. AND following obligations: Delinquent tax notes aggregating $15,000, numbers 1, 2 and 3, dated May 1, 1937. Certificates of indebtedness, dated Jan. 1, 1934, and numbered as follows: 50, 56, 57 61, 64, 79, 90, 110, 123, 127, 129, 130, 138, 139, 140, 141, 144, 147, 164, 177, 179, 180, 181 and 183. Payment will be made at the River Rouge Savings Bank, River Rouge 68% .66% ; Mich.—NOTES disposal FOR REDEMPTION— Raymond J. Peters, City Clerk, announces the call redemption on Dec. 1, 1937. on which date interest ceases to accrue, the Discount First ROUGE, sewage for follows: & Ocean National Bank, Newbury port. Cape Ann National Bank, Gloucester Manchester Trust Co., Manchester Gloucester National Bank, Gloucester Beverly National Bank, Beverly Naumkeag Trust Co., Salem— bids will be received by the City Auditor until Nov. 18 for the purchase of $230,000 plant bonds. ESSEX COUNTY (P. O. Salem), Mass.—NOTE SALE— The $10,000 industrial farm loan notes offered Nov. 2—V. 145, p. 2889—were awarded to the Merchants National Bank of Salem, at 0.52% discount. Dated Nov. 1, 1937 and due Nov. 1, 1938. Other bids were as Jackson & Nov. 6, States Post Office, enclosed in an envelope addressed to the owner thereo at the address stated in his tender. The amount available Oct. 26 for purchase of "1935 Refunding Bonds," Series A, B, C, and D, and "Refund¬ ing Bonds" Series E is $30,000 and for the purchase of Certificates of In¬ debtedness dated Oct. 1, 1935, and Certificates of Indebtedness Series B, dated Oct. 1, 1936, is $10,000. ROMULUS TOWNSHIP SCHOOL DISTRICT NO. 6 (P. O. issue of $10,000 5% school build¬ Belleville Bank of Belleville. Due in 15 Romulus), Mich.—BOND SALE—An ing bonds has been sold HUDSON, Mass.—NOTE SALE—Two note issues aggregating $80,000 sold recently as follows: To Chace, Whiteside & Co., Boston, $40,000 due May 1, 1938 at 0.548% discount; to Faxon & Co., Boston, $40,000 due Nov. 1, 1938 at 0.71%. Bids were as follows: the to years. were Bidder— May 1 Maturity Chace, Whiteside & Co Nov. 1 Maturity 0.548% 0.61% 0.62% 0.63% 0.65% 0.79% 0.72% 0.71% 0.78% Faxon & Co Merchants National Bank First National Bank ... Whiting, Weeks & Knowles.......... Tyler & Co NORTHBRIDGE, Mass.—NOTE ROYAL OAK SCHOOL DISTRICT, Mich.—BONDS PURCHASED— E. C. Hobart, Secretary, reports that the district has purchased refunding bonds as follows: Series a, $25,000 at 70; $5,000 at 69.73 plus accrued interest; $4,000 at 69.90 and interest; and $2,000 Series B at par and interest. . MINNESOTA 0.90% 0.82% ALEXANDRIA, Minn .—CERTIFICATES SOLD— It is stated by H. S, Campbell, City Clerk, that $5,600 Water Extension No. 9, certificates 0.89% indebtedness SALE—An issue of $50,000 revenue National Bank of Boston on a 1938 The Worcester notes was awarded on Nov. 3 to the Second .40% discount basis. Due May 5, Co. of Worcester bid .447% Other bids were as follows.' County Trust discount. authorized the bonds issuance and bonds. $75,000 Works welfare offered Oct. on 29 SALE—The issue of $500,000 awarded was to bonds, the Second revenue National Bank Bidder— of Discount 0.46% 0.464% Jackson & Curtis Bankers Trust Co. of New York First Boston Corp First National Bank of Boston Whiting, Weeks & 0.47% 0.48% 0.484% 0.489% Knowles 0.49% Day Trust Co. of Boston Bank of the Manhattan Co Mansfield & Co 0.54% _ 0.585% 0.595% SWAMPSCOTT, Mass.—BOND SALE—The $33,000 coupon bonds de¬ below, which were offered on Nov. 3—V. 145, p. 2889—were awarded to Tyler & Co. of Boston on a bid of 100.633 for l%s, a basis of about 1.62%: $19,000 police station loan bonds. Due Nov. 1 as follows: $2,000 from 1938 to 1946 incl. and $1,000 in 1947. 14,000 sewer and drain loan bonds. Due Nov. 1 as follows: $2,000 from 1938 to 1941 scribed incl. and $1,000 from 1942 to 1947 incl. Each issue is dated Nov. 1, 1937. Denom. $1,000. Principal interest (M. & N.) payable at the Second National Bank of Boston. The Security Trust Co. of Lynn bid 100.47 for and submitted to We SCHOOL DISTRICT, Minn.—BOND OFFERING—As previously reported in these columns—V. 145, p. 2889—Walter H. HalloClerk, Board of Education, will receive bids until 2:30 p. m. Nov. 12, for the purchase of $110,000 school building bonds. Bidders are to specify rate of interest, not to exceed 3%. Denom. $1,000. Dated Dec. 1, 1937. Principal and semi-annual interest payable at any suitable bank or trust company designated by the purchaser. Due on Dec. 1 as follows: $5,000, 1940 to 1943; $6,000, 1944 to 1951, and $7,000, 1952 to 1957. Certified check for $2,000, payable to the District, required. The district will furnish the executed bonds and the approving opinions of Junell, Fletcher. Dorsey, Parker & Colman of Minneapolis and of Karl L. Rudow, Jackson. PENNINGTON COUNTY (P. O. Thief River AUTHORIZED—The County Board has adopted the issuance of $39,000 welfare bonds. Buy for Our Own however, OFFERING—It is stated that he will receive sealed bids until Nov. 17, for the purchase of an issue of $100,000 214 % semi-ann. school bonds. Due $2,000 from Dec.*l, 1938 to 1944, and $7,000 due each six months thereafter until Dec. 1, 1950, and $2,000 on June 1, 1951. the bonds that were originally scheduled for sale issue of Oct. 30—V. 145, p. 2889.) are noted in exceed BRONSON, Mich.—BONDS SOLD—Local investors purchased the fol!^LgeneraI obligation bonds, recently approved by the State Treasurer: $32,000 street drainage line bonds. 1959 incl.— 3,000 fire equipment bonds. refused to follows: and $2,500 Due $500 each year from 1938 to 1943 incl. authorize following purposes: ??M9£fire as Due $500 each year from 1940 to DEARBORN, Mich.—BONDS DEFEATED—At the voters the issuance of the Nov. 2 $446,000 bonds election for Patrick H. O Bnen, the condidate of the Committee Organization in the city election on Nov. 2, was decisively Reading in the contest for the office of Mayor. Reading s cause was supported by so-called conservative elements in Richard W. the community In addition to the defeat of Mr. O'Brien, the C. I. O.'s five condidates for membership in the Common Council were also by the electorate. rejected The circumstances surrounding the election produced the largest number of votes ever cast in a referendum involving purely local issues. A. considerable part of the rather poor showing of Detroit bonds in the municipal bond market in recent months was attributed in some quarters to fear of the consequences of a C. I. O. victory in the municipal election- series B as «nfnnn ^ 10 i?42i and filed. on The SHELLY SCHOOL DISTRICT, Minn.—BONDS VOTED-—At a recent the voters of the district approved a proposal to issue $15,000 building bonds. SCHOOL DISTRICT (P. O. Winona), Minn.—BOND OFFERING—Sealed bids will be received until 7:30 p. m. on Nov. 22, by Adele H. Kressin, District Clerk, for the purchase of an issue of $150,000 4% coupon building bonds. Denom. $1,000. Dated Dec. 31, 1937. Due $50,000 on Dec. 31 in 1940, 1942 and 1944. The bonds are callable on any interest paying date or within 60 days thereafter. The bonds will not be sold for less than par value and accrued interest, and each bid shall include the furnishing ana delivery to the District Clerk of the proper printed forms of the bonds ready for execution by the proper officers, not later than 31, Dec. 1937. A certified check for 2%, payable to the School bid. accompany the Board, must Offerings Wanted: LOUISIANA &, MISSISSIPPI previously reported in these columns MUNICIPALS $124.44, equal to 100.19, a basis of $40,000 4%s, due $10,000 on June 15 $24'0°° 4^s. due $10,000 June 15, 1943, and Bond WHITNEY Bell Department NATIONAL NEW received until 7 p. m. on Nov. 15 for sale district of "1935 Refunding Bonds"—Series A, B, C, and D, dated ORLEANS, BANK LA. Teletype N. O. 182 Raymond 5409 1935; Refunding Bonds"—Series E, dated Oct. 1, 1936; "Cer¬ tificates of Indebtedness," dated Oct. 1, 1935, and "Certificates of ness —Series Indebted¬ B, dated Oct. 1, 1936, issued by said School District. Said tenders shall be addressed to said Board of Education at Central School Building Ferndale, Mich., and marked "Tender of Bonds" or "Tender of Certificates of Indebtedness." indebtedness, tender of seven village will furnish the executed bonds without cost to the Certified checks, one for $350 on the larger, and one for $150 issue, payable to the order of the village, are required. the smaller PIX, SCHOOL DISTRICT, Mich.—TENDERS WANTED—Elizabeth Beasley, Secretary of the Board of Education, an¬ nounces that sealed tenders will be 1, follows: purchaser. a price of par plus a premium of about 4 443%. The bankers took A1^1" $14,000 June 15, 1944. to At 8:00 p. m.— 3,000 sewerage disposal plant bonds. Due $500 from Oct. 1. 1938 to 1943. Deno.. $500. Payable at any bank or trust company designated by the purchaser. Auction bids wiL be received after all sealed bids have been (P. O. Ecorse), Mich.—BOND SALE DETAILS of Detroit, which purchased on June 16 an issue of refunding bonds, not CREEK, as ECORSETOWNSHIP paid $4,000 building bonds. Interest rate is Due in 1958 without option of prior payment. 4%. WINONA for industrial nnl' Sa.ttley SALE— The election against, 3,064. defeated by Minn.—CERTIFICATE school CANDIDATE DEFEATED IN MAYOR- £LTY CON1EST FALLS, At 7:30 p. m.— $7,000 sanitary sewer system construction bonds. Due on Oct. 1 as follows: $500, 1938 to 1943, and $1,000, 1944 to 1947. Said bonds may contain a prepayment privilege at a premium of 3 % on any interest payment date after one year from date of issue. the en«ine station No. 3, for 2,784; against, 3,225. 2,378; against, 3,220. 2,582; against, 3,119. enSine station No. 4, for en«ine station No. 5, for 114,000 swimming pool, for 2,762; a Nov. 1, Minn.—BOND OFFERING—Sealed bids will be received until Nov. 15, by S. D. Thompson, Village Clerk, for the purchase of two issues not to exceed 4% semi-ann. bonds aggregating $10,000, DET 147 1952 incl. on our ROCHESTER SCHOOL DISTRICT (P. O. Rochester). Minn.— BOND ELECTION—We are informed by the Clerk of the Board of Educa¬ tion that an election will be held on Nov. 23 in order to vote on the proposed issuance of $850,000 in school divided from 1945 to (P. O. Red Wing) Minn.—BOND by N. C. Lien, Clerk of the Board of Education, —V. MICHIGAN sewer and authorizing RED WING SCHOOL DISTRICT ROSE resurfacing and improvement bonds. Due $1,000, 1938 and 1939; $2,000 from 1940 to 1944 incl. resolution It is felt that the amount to be issued will be kept as low as possible. DETROIT A. T. T. Tel. a sidewalk construction certificates of indebtedness offered for sale on Nov. 1 145, p. 2727—were sold as 4s, divided as follows: $3,000 to the sinking fund, at par, and the remaining $1,000 to a local investor, at a price of 100.50. Due serially in 10 years; redeemable after one year. Account Cray, McFawn & Company Telephone CHerry 6828 Falls), Minn.—BONDS RAMSEY COUNTY (P. O. St. Paul), Minn.—ISSUANCE OF RELIEF BONDS CONTEMPLATED—It is stated by E. a. Monick, County Auditor, that it is the general belief bonds will have to be issued for relief purposes next year, but as yet no definite amount has been decided upon, as MICHIGAN MUNICIPALS Oct. * a vote. REDWOOD to the resolution a ran, (These l^s. $b4,000 1943' FERGUS FALLS, Minn.—BOND ELECTION—An election is scheduled for Dec. 3 at which a proposal to issue $75,000 auditorium bonds will be Administration Merchants National Bank of Boston Chace, Whiteside & Co ; Mr. follows; DISTRICT, Minn —BONDS VOTED—At an proposal to issue $17,000 school building bonds a BONDS Boston, at 0.45% discount, plus a premium of $4. Due $300,000 on July 14, 1938, and $200,000 Sept. 7, 1938. Other bids were as follows: 10,000 Oct. 28 as approved by the voters. AUTHORIZED—The School Board has adopted authorizing the issuance of $235,000 refunding bonds. Oct. 22 the Board public Progress SCHOOL o^ Due 1942; $500, JACKSON SPRINGFIELD, Mass.—NOTE notes of $60,330 on been sold locally. Denom. $100. 1939; $600, 1940; $500, 1941; $600, 1945, and $600 in 1946 and 1947. CHISHOLM INDEPENDENT SCHOOL DISTRICT NO. 40, Minn.— 0.458% 0.464% 0.467% Bank SOMERVILLE, Mass.—BONDS AUTHORIZED—On of Aldermen was 0.447% 0.454% First National Bank of Boston First Boston Corp $29,810 shool repair election held Discount Worcester County Trust Co Merchants National Bank of Boston Shawmut have 1938; $500, 1944; $500, BAUDETTE ' Bidder— National $600, $600, Interest of on each bond or certificate of which is accepted, shall terminate at the expiration days after notice of acceptance has been deposited in the United MISSISSIPPI I.TTA BENA, Miss.—BONDS VOTED—At the election held on Oct. 28— 145, p. 2727—the voters approved the issuance of the $50,000 electric light and water system revenue bonds by a count of 161 to 54. Due in V. from l to 20 years after date of issuance. We are informed by the City Clerk that bids will be received for the purchase of these bonds sometime in December. Financial 145 Volume (P. O. De Kalb), Miss.—LEGALITY OF BONDS % refunding bonds has been approved legality by Charles & Trauernicht, of St. Louis, Mo. Dated Oct. KEMPER COUNTY APPROVED—A $70,000 issue of 4% to as 3045 Chronicle SCHOOL GERING DISTRICT, Neb.—BOND SALE—The $50,000 been high school bonds offered on Sept. 13—V. 145, p. 1620—have Co. of Omaha as 3J^s. Dated Dec. 1, 1937. Due from 1942 to 1957. coupon sold to the Greenway-Raynor 1.1937. LE FLORE COUNTY (P. O. Greenwood), Miss.—BOND SALE—The $300,000 road bonds offered on Nov. 1—V. 145, p. 2727—were awarded to the Mississippi Valley Trust Co. of St. Louis. Due yearly as follows: $8,000, 1938 to 1942; $12,000. 1943 to 1952; and $14,000, 1953 to 1962. The bonds bear interest at 3 H%. They are in the denomination of bear date of Nov. 1, 1937. Principal and semi-annual interest (May 1 and Nov. 1) payable at the Mississippi Valley Trust Co., St. Louis. Legality of the bonds is to be approved by Charles & Trauernicht $1,000 each and of St. Louis. received by the county was par plus a premium 100.208, a basis of about 3.48%. The price to of $625, equa MERIDIAN, Miss.—BONDS SOLD— R. S. Tew. City Clerk and Treas¬ urer, states that the $170,000 refunding bonds have been purchased by the First National Bank, and George T. Carter, Inc.. both of Meridian, as 3Hs, 3 Ms and 4s. It is said that the bonds mature in from one to 20 years MISSISSIPPI, State of—NOTE SALE—The DRAINAGE DISTRICT NO. 1 (P. AUTHORIZED—The Board of Supervisors refunding bonds. LINCOLN COUNTY Neb.—BONDS Leland Eldredge Ballman Einhorn Kalman Nussloch, Louis; Stranahan, Harris & Co., Inc., of Toledo; the Speed Co. of Jackson, Miss.; Kelley, Richardson & Co. of Chicago; & Co., Inc., of New York; Ryan, Sutherland & Co. of New York; & Main, of Chicago; Bronson & Scranton, Inc., New Orleans; Fox, & Co., Cincinnati; the National Bank of Commerce in New Orleans; & Co., St. Paul; the Cumberland Securities Corp., Nashville; and Baudean & Smith, of New Orleans. NOTES OFFERED TO PUBLIC—The successful bidders reoffered general investment at prices to depending on dates desired, figuring the yield Oct. 1, 1938. above notes for yield from 1.62% to to maturity, not as follows: 1940. NEVADA SCHOOL DISTRICT. Elk County, Nev.—BOND The district has sold an issue of $7,500 school building bonds to branch of the First National Bank of Nevada. COPE SALE— the Elko MUNICIPAL BONDS General Market Issues Jersey and New B. J. Van Ingen & Co. Inc. A. T. & Telephone: John 4-6364 Y. WILLIAM STREET, N. 67 Newark Tel.: Market T.: N. Y. 1-730 3-3124 the 3.57%, $10,000 Newark, if called on Due February To State of—VALIDITY OF INDUSTRIAL DEVELOP¬ TESTED—Validity of 1936 industrial development Act, MISSISSIPPI, by the State Board of 145, p. 2267— Jan. 2 Jan. 2, dated Jan. 2, 1938, and mature on $1,000, 1940 to 1947, and $9,000 in 1948; optional after 1948 of St. DETAILS—It is reported by the sold as 3.10s at par, are were Inc., of Chicago, divided as follows: $300,000 as 3s, maturing on Oct. 1: $200,000, 1938, and $100,000 in 1939; $800,000 as 3 Ms, maturing $100,000 from Oct. 1, 1940 to 1947; $325,000 as 3Ms, maturing on Oct. 1: $100,000, and 1949; $125,000, 1950; $550,000 as 3 Ms, maturing on Oct. 1: $125,000, 1951 to 1953, and $175,000 in 1954; the remaining $175,000 as 3 Ms, matur¬ ing on Oct. 1, 1955. The price paid for the complete issue was par. Other members of the successful syndicate were: Stifel, Nicolaus & Co., Inc., Neb.—BOND SALE NEWCASTLE, Village Clerk that the $17,000 sewer bonds purchased Educational Lands and Funds, as noted here recently—V. $2,150,000 issue of high¬ 145, p- way notes, first series, sub-series E, offered for sale on Nov. 2—V. 2727—was awarded to a syndicate headed by A. C. Allyn & Co., O. Hersh^, has passed a resolution to issue $144,500 N. J., 33/4s 1, 1942 yield 3.26% MENT ACT TO BE by which local units of government have authority to issue general obliga¬ tion bonds in support of industrial development, is involved in a taxpayer's suit to be heard Nov. 6 by Chancellor L. A. Smith at Winona. Appeal will be taken promptly to the Mississippi Supreme Court. Suit directly involves legality of bonds already marketed and those proposed for industrial de¬ velopment in Mississippi. Protest is directed specially against $35,000 issue by the municipality of Winona to permit payment of a bonus to a hosiery mill. MONTI Colyer, Robinson $ INCORPORATED 1180 Raymond Blvd., Newark New York Miss.—BONDS VOTED—A proposed $30,000 bond construction was approved by the voters at a CELLO, OKOLONA, Miss.—BONDS EXCHANGED—It is stated by Edward electric light plant refunding bonds of the old bonds at par. Dated March 1, 1936. Legality approved by Charles & Trauernicht. of St. Louis. It is also stated by the City Clerk that $16,000 4M% semi-ann. water works refunding bonds are being exchanged. Dated March 1, 1936. Legal approval by the above-named firm. D. Elias, City Clerk, that $17,500 4M % have been exchanged with the holders NEW JERSEY BONDHOLDERS'APPROVAL OF all known holders of $11,000,000 of outstanding of new refunding rate of 3.82%. The city, in accordance with Supreme Court Justice Joseph B. Perskie's ruling approving the refinancing, has until Dec. 31, 1937, to obtain the consent of 85% of the creditors in order to make the proposal effective. Promulgated last May by the City Council, the plan has since been ap¬ Julius Commission and by the to a copy of the by the New Jersey Municipal Finance Rippel Bondholders' Committee. In addition 8. been furnished witn a form outlining directions for for the new refunding obligations. Ward Kremer, city counsel in the refunding proceedings, in announcing this most plan, bondholders have exchanging their bonds BONDS MISSOURI NWRK 24 ASBURY PARK, N. 3—SEEKS REFUNDING PLAN—The city recently mailed to its debt a plan for refinancing approximately bonds and other indebtedness, through the exchange bonds dated Dec. 31, 1937, and to bear an average interest proved speoia. Markets in all State, MArket 3-1718 A. T. & T. Teletype Wire: REctor 2-2055 issue for waterworks system recent election. Company County & Town Issues debt, pointed out York, reported to be the Barker Protective Committee, has Approval by bondholders of the the city from jurisdiction and control of the State Municipal Finance Commission and, as a result, bring about dissolution of the present beach commission, thus terminating the protracted legal warfare between the city administration and the com¬ mission. In connection with the mailing of the refunding schedule, Mr. recent consummate a effort to that the Central Hanover refinancing of the city's Bank & Trust Co., New holder of bonds in the Edwin II. been named one of the exchange agents. plan Mr. Kremer stated, would remove largest single SCHERCK, RICHTER COMPANY BUILDING, ST. LOUIS, MO LANDRETH Kremer "The MISSOURI HAMILTON TOWNSHIP (P. The voters of the township O. Hamilton), Mo.—BONDS VOTED— proposal to issue $20,000 road have approved a bonds. LICKING CONSOLIDATED SCHOOL DISTRICT (P. O. Licking), $22,000 bond issue was approved by the Mo.—BONDS VOTED—A proposed voters at a recent DISTRICT, SUB-DISTRICT Mo.—BONDS VOTED—The voters of proposition to issue $53,000 lateral SANITARY GROVES WEBSTER NO. election. 17, (P. O. Webster Groves), sub-district recently approved sewer construction bonds. the a MONTANA Mont.—BONDS TO BE EXCHANGED—In connection with the $10,000 3% coupon semi-ann. refunding water bonds scheduled for sale on Nov. 1—V. 145, p. 2728—it is stated by the Town Clerk that Sargeant, Malo & Co. of Denver, will take the bonds in exchange for old bonds. Due on Jan. 1, 1950; redeemable on any interest payment date. SCHOOL DISTRICT NO. 1 (P. O. Miles City) OFFERING—Sealed bids will be received until 8 p. m. on CUSTER COUNTY E. Herrick, District Clerk, for the purchase of a $19,000 issue of refunding bonds. Interest rate is not to exceed 6%, payable J. & J. Amortization bonds will be the first choice and serial bonds will be the second choice of the School Board. Dated Jan. 1, 1938. The bonds, whether amortization or serial, will be redeemable in full on any interest payment date from and after five years from the 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 Dec. 3, by H. A certified check for the bid. par. $1,000, payable to the District Clerk, must accompany O. Conrad), Mont.—MATURITY— In con¬ nection with the sale of the $60,000 court house bonds to the State Depart¬ ment of Lands and Investments, as 3j^s, at a price of 100.125, noted in these columns recently—V. 145. p. 2728—it is stated by the County Clerk that the bonds are in the denomination of $5,000 each, maturing in 20 years, and becoming optional after five years, giving a basis of about 3.10%. PONDERA COUNTY (P. NEBRASKA SCHOOL DISTRICT (P. O. Auburn), Neb.— SOLD—It is reported that the $65,000 building bonds approved by the voters on Feb. 5, as noted in these columns at that time, have been pur¬ chased by Steinauer & Schweser, of Lincoln, paying a premium of $115.67, equal to 100.17. $25,000 bonds coming due in the first seven years bear 2% interest and the balance of the issue 2%%. The net interest cost to the district is about 2.59%. In the first three years $3,000 will mature each year; tne following four years, $4,000 each year; the following eight years, $5,000 AUBURN each year. Neb.—BONDS VOTED—At the election held on 2582—the voters approved the issuance of the $68,500 bonds by a count of 290 to 63, according to the City Clerk. BATTLE Oct. CREEK, 19—V. 145, p. in electric light and power plant revenue GERING, Neb.—BOND SALE—The 3M% refunding bonds to the State Board Dated Dec. 1. 1937. Due serially from years. statement: ., plan adopted by the mayor and council of bond¬ Justice 27, it subject its acceptProtective Committee Committee, 21 members of within the hardship upon would be fair bondholders. On Feb. 1, 1936, the city filed a plan before Supreme Court Justice Perskie, who assumed jurisdiction under the statute in the Asbury Park refunding proceeding. Conferences with bondholder groups ensued and extended over many months. A plan had also been submitted by the Rippel Bondholders' Committee, which called, among other things, for average interest rate of 4H %. Throughout 1936 conferences were held with representatives of creditors and with the municipal finance commission in effort by the city to work out a suitable and workable plan as to which the consent of creditor groups could be reasonably expected. In December, 1936, the finance commission adopted a plan for refunding the debt of the city, but this plan was not consented to by the city because it was considered burdensome, and the two bondholders committees likewise withheld May 28, 1937, went out in the mails to all known holders today. This plan has been approved by Supreme Court Perskie by an order made July 21, 1937. Thereafter on Sept. was approved by the state municipal finance commission, to ance by bondholders. On Monday of this week, the for Security holders of the city, commonly known as the Rippel approved the plan. "The submission of the city's refunding plan to creditors terminates months of effort by Mayor Clarence E. F. Hetrick and the other the city council to work out a refunding plan which would be paying capacity of the city, which would not work undue taxpayers and property owners and which at the same time to CLYDE PARK, Mont.—BOND issued the following amended refunding Asbury Park on city has sold an issue of $64,000 of Educational Lands and Funds. 1942 to 1954; optio al after five an an too their consent to it. , , it ^ ,, , early months of 1937, at which of council endeavored to secure a settle¬ the city was prepared to pay in cash and also to meet so far as possible the requests of creditor groups for the proper safeguarding of the interests of bondholders as well as the interest of the people of the city. The average interest rate on the old bonds of the city outstanding was 5.19%. Interest was in default for 1934, 1935,' 1936 and 1937 Finally, after further months of negotiation, the city adopted an amended refunding plan on May 28 of this year. This plan provides that delinquent interest for the years referred to and up to and including Dec. 1, 1937, would be settled at the rate of 3%, the interest to be paid in cash. "On July 21, 1937, Justice Perskie signed an order approving this plan and giving the city until Dec. 31, 1937, to obtain the consent of 85% in amount "Further conferences ensued through the Mayor Hetrick and the members ment of delinquent interest which bondholders. Further negotiations ensued with creditor obtain their consent. On Sept. 27, the finance the plan subject to its acceptance by bondholders. The Protective Committee for Security Holders, commonly known as the Rippel Committee, has now approved the same. The Central Hanover Bank and Trust Co. of New York has been named one of the escrow or exchange agents in the plan. As this banking institution is the largest single bonds deposited with the so-called Barker Committee, it is expected that this group will also accept the plan and cooperate in the obtaining of requisite number of consents." of the groups city's commission by to resolution approved holder of the BERLIN TOWNSHIP, N. 3.—BONDS APPROVED—The State has approved an issue of $44,000 funding bonds. Funding Commission CAMDEN COUNTY (P. O. Camden), N. 3.—BONDS 2 election tne proposal to issue $675,000 park approval of the voters. At the Nov. CHESTER APPROVED— bonds received TOWNSHIP, N. 3 - -BOND ISSUE APPROVED—The has approved the issuance of $3,000 refunding State bonds. CAMDEN COUNTY (P. O. Camden), N. 3.—FINANCIAL STATE' MENT—The following is given in connection with the recent award m $115,000 park bonds to Lehman Bros. & E, H. Rollins & Sons, Inc., both of New York, as 4]^s, at 100.289, a basis of about 4.23%.—V. 145, p. 2890: Funding Commission 3046 Financial Financial Condition at Sept. 30, 1937 Bond. Debt. Outst'd'g— Term bonds Serial bonds Total- Temp. Debt Outst'd'g (Due as shown 1939 $29,600.00 411,500.00 $52,.500.00 415,500.00 $14,353,900.00 $220,000.00 $441,100.00 $468,000.00 ; below)— 193652 issued Oct. 2, '33 370.00 370.00 (1). 2,781.00 2,781.00 (2). 7,082.18 payable called July $22,100,120 22,771.692 25,817,569 26.440,155 Year- 6.08 ~ " 5.46 5.06 4.64 Net Valuation Tax Rate Taxable per $100 $26,509,613 26,733,764 26,744,320 27,311,095 ' 4.64 4.62 4.95 5.05 7,082.18 $10,233.18 NEW $10,233.18 debt.-.$14,364,133.18 $230,233.18 $441,100.00 $468,000.00 . Sinking fund redeem N. M.—BONDS AUTHORIZED—An ordinance has adopted which gives the village authority to issue $50,000 gas dis¬ tribution system revenue bonds. been $607,045.31 hand on to NEW floating debt 10.233.18 Total ANGOLA, N. Y.—BOND $617,278.49 judgment bonds. (County due from taxes (2) Scrip Collections—County Taxes municipalities F^b., Uncollected Year- May, Aug. and Nov. at 15) Sept. 30, 1937 Amount $2,094,853.46 2,009,567.73 2,004,571.32 1934. 2,170,531.26 2,461,894.48 2,445,107.55 1937 (3 quars.) 1,637,044.90 1937 (4th quar.) 418,691.77 13.5 29.9 36.4 19.05 62,998,53 170,951.92 176,677.22 418,691.77 V. 145, P. 2268: 2.56 Buffalo—Aug. 31, 1937 Property Valuations 6.99 Per Cent Assessed Value to Actual -Assessed Valuations Fiscal *Real Year Property Special Franchise 925,368,130 925,452,630 - 1937-38 - Value—— Total Real $38,800,180 $962,298,300 37,949,185 963,317,315 37,719,260 963,171,890 100% 100% 100% Tax Rates AllPur- Special poses Franch. Per M 82% $22,272 82% 26.724 82% 30.056 ♦Figures for years prior to 1934-35 include personal property valuationsPopulation of the city as of July 1, 1936, estimated at 592,794. Popu 1930 U. S. Census was 573,076. lation per 1,057.34 Indebtedness Aug. 31, 1937 (Exclusive of Present Offering) $7,225.41 and $224,716,786.00 30,264,679.00 - Total real and personal property Tax rate per $1,000 (1937), $8.00640982. $254,981,465.00 Population (1930 census), EAST RUTHERFORD, N. J.—BONDS AUTHORISED—'The Borough Council has adopted an ordinance authorizing the issuance of $290,400 refunding bonds. HOBOKEN, N. J.—BOND OFFERING—Sealed Arthur C. Malone, City Clerk, until 10 of $84,000 street a. m. on bids will be received by 16 for the purchase Nov. improvement bonds. They will bear interest at not more than 6%. and the bidder is required to name one rate expressed in a multiple of of 1%. Issue is dated Nov. 1, 1937. Denom. $1,000. Due Nov. 1 as follows: $5,000 from 1938 to 1947 incl.; $6,000, in 1948, and $7,000 from 1949. to 1952, incl. Principal and interest (M. & N.) payable at the City Treasurer's office, or at the Bank of New York & Trust Co., New York City. A certified check for 2% must accompany each proposal. Approv¬ ing legal opinion of Hawkins, Delafield & Longfellow of New York City will be furnished the successful bidder. .HOWELL TOWNSHIP CONSOLIDATED (P. O. Lakewood), N. J.—BONDS district gave their approval to bonds. refused DISTRICT building NEWARK, N. J.—BONDS DEFEATED—At voters SCHOOL VOTED—On Oct. 28 the voters of the proposal to issue $137,500 school a to approve building bond issue. general election on proposed $2,000,000 school the N. J.—BOND OFFERING—Wilbur Morris, Village sealed bids until 8 p. m. (Eastern Standard Time) on Nov. 23 for the purchase of $163,000 not to exceed 6% interest improve¬ ment bonds of 1937. Dated Oct. 1, 1937. Denom. $1,000. Due Oct. 1 as follows: $15,000 from 1938 to 1947, inc, and $13,000 in 1948. Principal and interest (A. & O.) payable at the Citizens First National Bank & Trust Co. Ridgewood. A certified check for 2% must accompany each proposal. Approving legal opinion of Hawkins, Delafield & Longfellow of New York City will be furnished the successful bidder. (The above issue was previously offered Oct. 19, at which time the bids were returned unopened.) ^TE^nE£^TOWNSH1? $113,500 not to exceed The p. Amounts in Debt $ Sinking Funds Spec, assessm'tUtility debtwater 17,560,429.41 Home and work relief 26,245,000.00 $ 4,077,390.37 38.018,089.03 17,560,429.41 b5,057,361.25 26,245,000.00 26,550,000.00 Gen.refunding. 26,550,000.00 Deficiency funding Net Debt $ al,567,092.70 157,575.00 157,575.00 re¬ 597,000.00 3,000,000.00 Tax loan Tot. bd. dt__ 117,772,576.51 597,000.00 694,528.55 —2,305,471.45 19,285,097.11 11,440,223.07 92,104,617.58 Unfunded DebtTax anticipation notes 2,500,000.00 2,500.000.00 Ctfs. of indebtBond anticipa¬ tion notes.-- 1,160,000.00 1,160,000.00 cl,158,445.33 dl,158,445.33 Warrants Contracts & 1 un¬ paid bills c2,373.083.87 d2,373,083.87 Total unfund. debt 7,191,529.20 7,191,529.20 indebtedness. 124,964,105.71 26,476,626.31 11,440,223.07 92,104,617.58 Represents bonds (other than water and special assessment bonds) to be retired during the remainder of the fiscal year for which the tax has been levied, b Not deductible in determining net debt as total water debt is already exempt, c As of July 31, 1937. Estimated at same a receive 145, Exempt Bonded Debt— $ General 43,662,572.10 Grand total—all the } PARS1PANNY-TROY HILLS TOWNSHIP (P. O. Boonton), N. J. —BONDS AUTHORIZED—The Township Committee on Oct. 25 adopted aniordinance authorizing the issuance of $87,000 water refunding bonds. RIDGEWOOD, Total Outstanding Population 52 312* 2891. The bonds are <P' °- Teaneck), N. 5% interest J .—BONDS NOT sold, all bids being rejected, according dated Aug. 1, 1937 and mature on Aug. 1 as !!«in19l39^° 1946 lnC,'; lMSto SOLD— coupon or registered bonds offered not were Financial Statement as 1947: '3'000 frora of Sept. 30, 1937 Bonded Debt „ , SSSnE figure for d Exempt for the reason that cash on hand July 31 avail¬ obligations totaled $3,968,935.75. Debt margin: Subtracting the net debt of $92,104,617.58 from the constitutional limitation of $96,317,189 (10% of total valuations) leaves a borrowing margin on Aug. 31 of $4,212,571.42. Sinking Funds— Aug. 31, 1937. able to these meet Cash on hand or in bank (less commitments) Securities (City of Buffalo bonds) $6,580,329.56 4,859,893.51 Total Amount of term bonds for which sinking funds Tax Data—Taxes for fiscal year 1937, one-half of which may penalty and one-half during are -..$11,440,223.07 16,330,429.41 provided. beginning July 1, 1937, are due July 1, be paid during the month of July without the month of December No discounts for prepayment are allowed. All unpaid taxes are sold without penalty. annually about June 1. Local taxes due and 1 of each year are spread and added to general city tax rolls of ensuing fiscal year, and collection enforced in the same manner as general city taxes. The Constitution of the State of New York limits the amount to be raised by tax in any one year to "2% of the assessed valuation of all property, in addition to providing for the principal and interest on unpaid on March existing indebt¬ Emergency relief bonds Refunding bonds Temporary improvement bonds bank, applicable oa __ 000 00 2 287 000 00 -II-IIIIIIIII '127!500!00 edness." The city has never levied taxes in excess of actual requirements in order to provide a margin against delinquencies. Tax Collection Data—(a) Taxes levied for past four years with amounts collected in each year of levy, and amounts uncollected on Aug. 31, 1937 $3,305,500.00 493,314.44 to retirement of bonds. 1933-34 $ General C^h in^bank, applicable to retirement casn account Amount due scnool, county, Floating debt.Unpaid bills. School Debt—Teaneck extensive basis of about 3.19%— a 10.79 $6,168.07 Assessed valuation real property (1937) Assessed valuation personal property (1937) Current 100.031, Financial Statement-—City of 1936-37 Valuation, Tax Rate Cash in when 1.03 $2,125.83 4,042.24 Total , a to 1935-36 -$923,498,120 Due in 1936— Soldiers' bonus bond tax. to report. tax, name 0. 03 0.32 Sept. 30, 1937 State road tax Nov. 3—V. to are BUFFALO, N. Y.—FINANCIAL STATEMENT—In giving below $867,117.91 State Taxes—Due and Uncollected at Clerk, will Bidders rate of interest in a multiple of 1-10%, but not to exceed 5%. Denom. $1,000. Dated Nov. 1, Principal and semi-annual interest (May 1 and Nov. 1) payable at the Evans National Bank, Angola, with New York Exchange. Due $2,000 yearly on Nov. 1 from 1938 to 1942. Certified check for $200, payable to the village, required. Approving opinion of Clay, Dillon & Vandewater of New York will be furnished by the village. detailed report on the financial status of the above municipality, we wish point out that the last public financing by the city occurred on Sept. 28, $1,810,000 3.20% bonds were awarded to Phelps, Fenn & Co. of New York and associates, at a price of % o $604.87 6,443.46 8,324.66 22,425.48 28.7 30.9 Total unpaid delinquent and current taxes the Clerk, 0.42 Amount $282,825.62 575,123.19 603,249.77 648,786.70 896,586.79 465,758.67 Due in 1935 and Prior—• Soldiers' bonus bond tax 2 Village unlimited 1937. Uncollected at End of Year of L Total Tax Levy Dye, obligation, or (1) Bonds were called for redemption as of July 1, 1936. and^warrants called for redemption as of July 15, 1936. General Tax Henry general 1$13,746,854.69 Net debt YORK OFFERING—J. will receive bids until 2 p. m. Nov. 9 for the purchase at not less than par of $10,000 coupon, fully registerable, Note Nov. MEXICO LORDSBURG, Gross Cash with the scnool district is of interest (Chapter IIIIIIIIIIIIIIIIIIIIIIII 58,481.98 179,425.41 None None IIIIIIIIIII an independent school district co¬ township. The bonded debt of the 16,094.42 1,473,500.00 Levy Taxes Uncollected $1,324,861.29 *14,349.67 „ 1,231,006.69 1,290,246.03 1,211,919.12 1,210,968.20 1,220.428.19 1,321,799.44 1,378,698.29 Reserve for uncollectible taxes and years. 5,059.90 8,213.13 7,420.03 9,077.25 11,198.41 115,648.60 619.189.38 $780,156.37 tax title liens city levy Unpaid local Tax Title Liens $27,636.72 29,114.26 51,868.36 57,802.43 60,409.27 76,262.99 67,703.02 $370,797.05 $820,869.71 21,262.218.63 1935-36 $ $ 1936-37 $ 24,614,987.93 21,431,778.82 25,743,480.51 as¬ sessments Tot. to 1934-35 tax _ 434,502.36 350,499.15 214,704.28 123,611.82 collect.21,696,720.99 24,965,487.08 21,646,483.10 25,867,092.33 Collected in year of levy Uncoil, Tax Collections Total 1932-.. Including prior $2,812,185.56 State, salaries I has Year— * Net Valuation Tax Rate Taxable per $100 rate was not excessive. 15,'36 Total. Less— 19376540 regularly. Year— (2). Warrants P 1199337654 1937 WOODBINE, N. J.—BONDS APPROVED WITH HIGHER INTEREST RATE—The State Funding Commission has approved an ordinance of the borough providing for an issue of $34,000 4funding bonds of 1937. The Commission pointed out that the coupon was originally fixed at 4%, adding, however, that in view of the borough's financial status the higher Temp. bldg. bonds Scrip pay. called July 15, 1936— 119933120 Nov. 6, Tax title liens are in process of liquidation by redemption or foreclosure Tax sales are neld ■Mature 1 938 Amount 1937 $878,400.00 None 13,475,500.00 $220,000.00 Chronicle .19,136,555.81 at 22,422,710.50 20,687,097.72 25,157.308.87 end ofyr. of levy 2,560,165.18 Per cent uncoil.. 11.8% Uncoil. Aug. 31, 1937— 652,030.72 Per cent uncoil. 959,385.38 10.19% 4.43% 901,830.77 595,749.63 3.61% 2.75% 3.01% _ (b) Taxes levied and year compared with 2,542,776.58 amounts collected to Aug. 31 of each 709,783.46 2.74% 690,259.94 2.67% year—present previous years: 1937-38 1934-35 1935-36 1936-37 (Current Yr.) levy (as above) ..24,965,487.08 21,646,483.10 25,867,092.33 29,043,294.12 Coll. to Aug. 31 of each year.. 10,203.323.32 9,167,289.08 11,459,670.28 12,945,344.67 Total Uncollected.. .14,762,163.76 Per cent collected 40.87% 12,479,194.02 4z 35% 14,407,422.05 16,097,949.45 44.30% 44.57% Financial 145 Volume 3047 Chronicle I Accumulated total of uncollected taxes on current Aug. 31, 1937 (exclusive of from unlimited taxes. purchased and held by the year) representing tax sale certificates CLAYTON. N. registered awarded to Dated Nov. 1, 1937 and due $1,500 on Nov. of about 1 from 1938 to 1967 incl. on a The said city to EAST HAMPTON, N. Y.—OTHER BIDS—The issue of $20,000 bathing pavilion bonds awarded Oct. 27 to Roosevelt & Weigold of New York, as 25is, at a price of 100.20, as previously reported in these columns, was also Did for as follows: Rate Bid Int. Rate Bidder— 3% George B. Giobous & Co., inc ." "3% Austin H. Culver 100.641 100.10 JAMESTOWN, N. Y.—BONDS VOTED—At the general election Nov. 2 the proposal to issue $1,200,000 gas plant bonds was approved. on been has Rochester), N. Y.—BONDS DEFEATED— Nov. 2 the proposed $500,000 penitentiary Sunday. "As a result of the heavy tax payments," been able to redeem all revenue bills issued in of the second half 1937 taxes before Mr. Taylor said, "we have anticipation of the collection October. There were only the end of $25,000,000 of these bills issued." Last year, he added, $40,000,000 was borrowed in anticipation of the second half taxes, but this year the borrowings were reduced because of high advance payments of the second half levy last April. The collections by boroughs follow: Collections to Collections to 31,1937 Oct. 31, 1936 Oct. Borough— $96,115,459.25 19,002,955.45 36,796,412.60 Manhattan The Bronx Brooklyn Queens $95,085,021.56 18,721,446.44 36,175,917.76 19,531,933.75 20,689,220.08 2,334,913.92 2,430,745.55 Richmond Total collection of the $175,034,792.93 $171,849,233.43 second half taxes, including advance payments April, follow: Second Half of Second Half of 1937 Levy 1936 Levy $113,877,958.17 $112,944,233.38 26,354,816.34 25,960,563.98 Borough— Manhattan The Bronx Brooklyn 54,756,846.13 Queens 31,046,158.21 4,087,358.08 Richmond 53,780,243.08 30,056,530.03 4,030,831.38 $230,123,136.93 $226,772,401.85 Mr. Taylor also announced that if payments for the first half taxes were 91.1% complete, leaving the smallest delinquency total in many years. Total,... Y.—BONDS DEFEATED—At the Nov. 2 election $165,000 hospital bonds was defeated, the vote being SENECA FALLS, N. the proposal to issue 323 for and 1,261 against . Y.—TRAFFIC RESULTS EXCEED PREVIOUS ESTIMATES AS TO VOLUME—Figures showing volume of traffic over the Trioorough Bridge for the first nine months of 1937 show substantial gains both over preliminary estimates of the current year's volume and the extent of traffic for the comparable months of 1936. The original estimate was that service charges on the Authority's $53,000,000 of outstanding bonds could be covered on a 1937 traffic volume of $7,300,000, and that the total volume for the period would be 9,919,000 vehicles. However, according to the "Wall Street Journal" of recent date, actual figures for the first nine months show traffic of 8,298,015, close to 1,000,000 vehicles more than estimated volume to cover annual charges. Traffic results for the first three quarters also ran about 12 H % higher than estimates for the period. For August and September, the only two months in which comparisons can be made with 1936 months, the volume was TRIBOROUGH BRIDGE AUTHORITY, N. than 28% higher than a year ago. During August and September, traffic more 699, respectively, comparing volume was 1,191,084 and 1,090,with 926,373 and 840,071 for the like months of 1936. Passenger traffic on the Triborough is 25 cents a vehicle and the rate is slightly higher for commercial vehicles. The estimated average toll is cents, indicating gross revenues for the bridge during the first nine months of $2,132,519. Operating expenses are approximately $500,000, which would leave $1,632,519 as the approximate net income if no more vehicles used the facility for the remainder of the year. If traffic for the remainder of the year does not exceed the preliminary estimates, the total will be approximately 10,834,015, which would produce 25.7 of approximately $2,284,271. during the first nine months 11,200,000, which, in turn, would produce gross revenues of $2,784,271 and net income A continuation of the traffic gain recorded would bring total traffic nearer gross revenues of about $2,878,400. A comparison of traffic volume for the months of 1936 in the first nine months with figures for which the bridge was operated and with estimated traffic for the coming year follows; 1937 Month— 1936 Estimates 598,000 February 633,945 570,480 March 688,554 673,000 812,216 1,075,976 780,000 885,000 January. April May 1,040,931 1,196,130 June July* 1,191,084 1,090,699 August September October November... December. 523,000 907,000 655,086 926,373 840,071 823,209 786,688 724,581 1,012,000 1,037,000 968,000 905,000 838,000 793,000 9,919.000 * From the 11th to 31st of the month. TROY, N. Y.—BOND OFFERING—Lawrence J. Collins, City will receive sealed bids until 11 a.m. (Eastern Standard Nov. 12 for the purchase of $290,000 not to exceed 5% interest or registered bonds, divided as follows: troller, on Comp¬ Time) coupon bonds, series of 1937, issued to finance the city's projects being undertaken in cooperation with State and (or) Federal agencies and for home relief purposes. Due $15,000 each Oct. 1 from 1938 to 1947 incl. 140,000 debt equalization bonds, series of 1937, issued to refund a like amount of outstanding bonds for the purpose of equalizing the city's debt burden pursuant to Chapter 295 of Laws of 1935, as amended and supplemented. Due Oct. 1 as follows: $15,000. 1943; $40,000 in 1944 and 1945, and $45,000 in 1946. $150,000 general city share of the cost of various All name of the a 1, 1937. Denom. $1,000. Bidder to all of the bonds, expressed in a multiple bonds are dated Oct. single rate of interest on O.) payable at the City of the city, payable y± or 1-10 of 1%. Principal and interest (A. & Treasurer s office. The bonds are general obligations of city. upon The collected. CAROLINA NORTH BURLINGTON, N. C.—NOTE SALE DETAILS—It is stated by the City Clerk that the $10,000 revenue notes purchased by the Concord National Bank & Trust Co. of Concord, as noted here recently—Y. 145, p. 2892—were sold at 3H % (not 3%), and mature on Feb. 18, 1938. CASWELL COUNTY (P. O. —The County Commissioners Yanceyville), N. C.—BOND ELECTION election to be held on Nov. proposal to issue $66,000 school building have ordered an 27 for the purpose of voting on a CHAPEL HILL, N. C.—BOND L. Cald¬ Government Commission will receive $16,000 issue of improvement OFFERING—It is stated by J. City Manager, that the Local well, sealed bids until Nov. 16, for the purchase of a bonds. CONCORD, N. C.—BOND OFFERING— Sealed bids will be received 11 a. m. on Nov. 16, by W. E. Easterling, Secretary of the Local his office in Raleigh, for the purchase of two issue of coupon bonds aggregating $120,000, divided as follows: $22,000 sanitary sewer bonds. Due on Dec. 1 as follows: $2,000, 1940 to 1942, and $4,000, 1943 to 1946. 98,000 public improvement bonds. Due on Dec. 1 as follows: 1940 to 1942; $8,000, 1943 and 1944; $9,000, 1945; $10,000, 1946. and $15,000 in 1947 to 1949. Interest rate is not to exceed 6%, payable J. & D. Dated Dec. 1, 1937. Prin. and int. payable in legal tender in New York City. Bonds are registerable as to principal only. A separate bid for each separate issue (not less than par and accrued interest), is required. Interest rate or rates to multiples of y± of 1 %. No bid may name more than two rates for any issue, and each bid must specify the amount of bonds of each rate. The lowest until Government Commission, at $6,000, be in interest cost to be on a bonds. Bids must The approving the city will determine the award of the be furnished by the above Secretary. form to opinion of Masslich & Mitchell of New check for $2,400, payable to the order pany York, will be furnished. A certified of the State Treasurer, must accom¬ These bonds were approved by the voters at the noted in these columns—V. 145, p. 2585. the bid. Oct. 5, as already on last of the stated does not bonds. SHOW Total sale of said $290,000 bonds, is Jan. 1. The amount of taxes levied for the fiscal years commencing Jan. 1, 1934, Jan. 1, 1935, and Jan. 1, 1936, was re¬ spectively $3,833,124.94, $3,739,969.74, and $3,782,875.78. The amount of such taxes uncollected at the end of each of said fiscal years was re¬ spectively $207,257.67, $234,022.85, and $249,581.66. The amount of such taxes remaining uncollected as of Nov. 1, 1937, is respectively $136,376.03, $154,123.68, and $202,447.86. The taxes of the fiscal year com¬ mencing Jan. 1, 1937, amount to 3,740,949.08, of which $3,367,699.65 NEW YORK, N. Y.—SECOND HALF TAX COLLECTIONS $3,185,559 GAIN—LEVY FOR FIRST HALF 91.1% COLLECTED— Comptroller Frank J. Taylor announced Nov. 1 that real estate tax pay¬ ments for the second half of 1937, which were payable without penalty by Sunday night (Oct. 31), totaled $175,034,792, an increase of $3,185,559.50 over last year's payments for the similar period. Mr. Taylor said that tnese payments represented 76.06 of the total tax levy for the second half of the year, and he also forecast additional payments of between $10,000,000 and $12,000,000, which will be tabulated today on a obligations of the taxing power of the all of the property subject to or any The voters refused to approve on bond issue. because Oct. 31 fell be paid from the proceeds of of including the subject to the taxing power The total bonded debt of the city, but excluding $150,000 temporary fiscal year commences 1967 incl. MONROE COUNTY (P. O. valuation of the property $7,840,170, of which $636,825 is for water debt. The population city (1930 census) was 72,763. The bonded debt above include the debt of any other subdivision having power to levy taxes MIDDLEBURY, ATTICA, COVINGTON, PERRY, WARSAW AND BETHANY CENTRAL SCHOOL DISTRICT NO. 2 (P. O. Wyoming), N. Y.—BOND SALE—The issue of $170,000 coupon or registered school building bonds offered Nov. 1—V. 145, p. 2891—was awarded to the Manufacturers & Traders Trust Co. of Buffalo as 3s, at 100.399, a basis of about 2.96%. Dated Nov. 1, 1937, and due Nov. 1 as follows: $5,000, 1940 to 1947 incl.; $6,000 from 1948 to 1957 incl. and $7,000 from 1958 to assessed the city is $74,071,817. above-mentioned bonds, 10 the taxpayers N. Y.—BOND ELECTION— On Nov. proposition to issue $42,000 funding bonds. CORNWALL, will vote Financial Statement Y.—BOND SALE—The $45,000 coupon or supply bonds offered on Nov. 4—V. 145, p. 2891—were J. & W. Seligman & Co., New York, as 3s, at 100.28, a basis 2.98%. the order & Vande- water of New city was $4,852,994.41. water check for $5,800, payable to A certified is required. Approving legal opinion of Clay, Dillon York City will be furnished tne successful bidder. of the city, election held Nov. 1 $175,000 in City the spring. IREDELL COUNTY (P. O. Statesville), N. C.—BOND OFFERING— Sealed bids will be received until 11 a. m. on Nov. 16, by W. E. Easterling, Secretary of the Local Government Commission, at his office in Raleigh, for the purchase of a $419,000 issue of coupon refunding road and bridge bonds. Interest rate is not to exceed 6%, payable J. & D. Denom. $1,000. Dated Dec. 1, 1937. Bids may be submitted on either or both of the fol¬ HICKORY, N. C.—BONDS VOTED—At the election held on 145, p. 2112—the voters approved the issuance of the bonds by a wide margin, according to R. L. Hefner, Manager. He says that the bonds will probably be offered in —V. water and sewer maturing on Dec.l: $39,000 in 1961; (2) for 1949 to 1953; $20,000, 1961; $99,000 of the (1) for the entire issue of $419,000 bonds, $20,000, 1949 to 1953; $40,000, 1954 to 1960, and $219,000 of said bonds maturing on Dec. 1: $10,000, 1954 to 1957; $22,000, 1958 to 1960, and $23,000 in lowing: onds maturing in 1938, groceeds of the bonds will and used proceeds like amount of road and will be be the to pay a of the remaining bonds bridge used to a like amount of refunding road and bridge bonds, dated Jan. 1, 1934, to be called for redemption on Jan. 1, 1938. Bidders are requested to the interest rate or rates in multiples of M to 1%. Each bid must specify the amount of bonds of each rate and all bonds of each interest rate must be for consecutive maturities. The Local Government Commission will determine, after considering the bids received, whether the award will pay name be made for be made to the award will lowest interest accrued interest will be by the above secretary. Prin. and int. payable or about Dec. 6, at place the $419,000 bonds or the $219,000 bonds, and the bidder offering to purchase the bonds at the the county. No bid of less than par and entertained. Bids to be on forms to be furnished The bonds may be registered as to principal only. cost to in New York City. Delivery on purchaser's choice. The approving opinion of York, will be furnished. A certified check in lawful money of New State Treasurer, must accompany MADISON COUNTY (P. O. Marshall), N. Commissioners has funding bonds. —The Board of of $70,000 Masslich & Mitchell, of for 2%, payable to the the bid. C.—BONDS AUTHORIZED authorizing the issuance passed an order FINANCES delinquencies, the during the CAROLINA, State of—SURVEY ISSUED ON COUNTIES—Measured by the decrease in tax position of North Carolina counties improved more year ended June 30 than in any year on record, according to a compiled by R. S. Dickson & Co., of Charlotte and New is based on returns from 77 of the 100 counties of the State, of record of tax collections of 54 counties is complete for the past Only 21.01% of the 1936-37 tax levy of $13,053,944 for with complete tax collection records, remain uncollected 30.65% for the like period in 1934, the report shows. The NORTH OF financial special study which the York. The survey four years. the 54 counties compared with percentage of 1937 while the nest previous reduced 5.21% from 1936 to 1934 to 1935, was 4.27%. the taxpayer," the study states, "is the fact that the levy of $13,053,944 which he was called upon to pay in represents a reduction of $7,269,459 or 35.8% from the for 1929. Including all of the 77 counties irrespective of whether interven¬ ing reports are complete, the reduction in levy from 1929 to was 875,922, or from $11.54 per capita in 1929 to $7.04 in 1937. "In the matter of indebtedness, the total bonded debt of the 77 counties decreased from $122,814,715 in 1929 to $119,824,227 in 1937, a decrease of 2.4%. While this decrease seems small, it is because a number of have between 1929 and 1937 assumed the indebtedness of the various districts within the county. Fifty-one of the 77 counties under considera¬ tion reduced their debt during the period, all of the offsetting rise being accounted for by the remaining 26." delinquency was improvement, from "Of greater interest to even 1936-37 $20,323,403 levy 1937 $10,- counties of Commis¬ authorizing the N. C.—BONDS AUTHORIZED—'The Board City of Raleigh have passed an ordinance $80,000 refunding bondh. RALEIGH, sioners of the issuance of C.—MATURITY—It is stated by the Town by the William B. Greene Co. of of $101. as noted here recently— V. 145, p. 2892—are due on Feb. 26. 1938. WRIGHTSVILLE BEACH, N. C.—NOTE OFFERING—W. E. Easter¬ THOMASVILLE, N. Clerk that the $30,000 notes purchased Winston-Salem, at 3%, plus a premium ling, Secretary, Local 11a.m. Nov. 9 for the Government bids until notes exceed payable to the Commission, will receive purchase at not less than par of $3,500 revenue Bidders are to specify rate of interest, not to 6%. Due six months after date. Certified check for $17.50, State Treasurer, required. of Wrightsville Beach. NORTH DAKOTA , NO. 120, Ward County, N. Dark.— CERTIFICATE OFFERING—Mrs. Chas. H. Butts, District Clerk, is re¬ ceiving bids until 1 p. m. Nov. 13 at the County Auditor's office in Minot for the purchase of $1,200-certificates of indebtedness, bearing interest at no more than 7%. Due July 1, 1939. ANNA SCHOOL DISTRICT 3048 Financial Chronicle CENTERVILLE SCHOOL DISTRICT NO. 86, Ward County, N Dak.—CERTIFICATE OFFERING—Albert Paulson, District Clerk, will receive bids at the County Auditor's office in Minot until 10 a. m. Nov. 15 for the purchase of an rate is not to exceed issue of $1,000 certificates of indebtedness. 7%. Nov. Nov. 2, the results showing 3,386 votes in favor of the 6, and 3,873 measure in opposition. WAYNE TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Seven Mile), Ohio—BONDS SOLD— Walter, Woody & Heimerdinger of Cincin¬ nati purchased an issue of $32,000 3%% school building bonds, following its approval at the May 4 election. Interest Due Nov. 15, 1938. DARROW SCHOOL DISTRICT NO. 122, Ward County, N. Dak.— CERTIFICATE OFFERING—Mrs. Winifred Klinner, District Clerk, will receive bids until 2 p. m. Nov. 13 at the County Auditor's office in Minot for the purchase of $1,500 certificates of indebtedness. Interest rate is not to exceed 7%. Due Nov. 10, 1939. YOUNGSTOWN, Ohio—BONDS DEFEA TED—'The proposed $520,000 bridge construction bond issue failed of approval at the Nov. 2 election. Of the votes. 15,609 favored the measure and 19,066 opposed it. HAWKEYE SCHOOL DISTRICT NO. 22, McKenzie County, N. Dak.—CERTIFICATE OFFERING—Wilhelmina Thompson, District Clerk, will receive bids until 2 p. m, Nov. 15 at the County Auditor's office in Schafer, for the purchase of $2,000 certificates of indebtedness. Interest rate is not to exceed 7%. Of the certificates $500 will be dated Nov. 15, 1937 and payable Nov. 15, 1938; $500 dated Feb. 1, 1938 and payable Feb. 1, 1939; $5 )0 dated April 1, 1938 and payable Oct. 1, 1939; and $500 dated April 1, 1938 and payable April 1, 1940. YOUNGSTOWN, Ohio—BONDS SOLD— The Sinking Fund Trustees recently purchased. $33,000 4% judgment bonds at par. Dated May 1, 1937. Denom. $1,000. Due Oct. 1 as follows: $7,000 from 1938 to 1941, incl. and $5,000 in 1942. Principal and interest (A. & O.) payable at the office of the Sinking Fund Trustees. MARQUIS SCHOOL DISTRICT NO. 30, McKenzie County, N. Dak' —CERTIFICATE OFFERING— Florence B. Carson, District Clerk, wil receive bids until 2 p. m. Nov. 15 at the County Auditor's office in Schafer, for the purchase of $2,000 certificates of indebtedness, to bear interest at no more than 7%. RANSOM COUNTY (P. O. An election courthouse R. 9 at which a building bonds. proposal to issue $60,000 Oklahoma RHAME SCHOOL DISTRICT NO. 17, Bowman County, N. Dak.— CERTIFICATE OFFER!NG—Elmer M. Johnson, District Clerk, will receive bids until 2 p. m. Nov. 12 at the County Auditor's office in Bowman for the purchase of $7,000 certificates of indebtedness, to bear interest at no more than 7%. Due Nov. 12, 1939. AT&T Hillsboro), N. City, Oklahoma 19 Long Distance 158 COMANCHE COUNTY (P. O. Lawton), Okla.—BOND ELECTION— An election has been called for Nov. 23 at which the voters will pass on a proposition to issue $110,000 courthouse bonds. SUNSET BUTTE SCHOOL DISTRICT NO. 23, Bowman County, N. Dak.—CERTIFICATE OFFERING— Mrs. Ruth Erickson, District Clerk, will receive bids until 10 a. m. Nov. 13 at the County Auditor's office in Bowman for the purchase of $1,000 certificates of indebtedness, to bear interest at no more than 7 %. O. Ok Cy OKLAHOMA SIOUX COUNTY (P. O. Fort Yates), N. Dak.—BONDS AU¬ THORIZED—The Board of County Commissioners has passed a resolution providing authority for the issuance of $29,000 refunding bonds. VIKING SCHOOL DISTRICT (P. OFFERING—T. H. ^kadeland, Clerk, EDWARDS, Inc. Municipal Bonds Since 1892 Lisbon), N. Dak.—BOND ELECTION— is scheduled for Nov. J. DURANT SCHOOL DISTRICT (P. O. Durant), OFFERING—G. T. Stubbs, Superintendent of Schools, until 2 p.m. Nov. 13 for the purchase at not less than $42,000 coupon building bonds. Bidders are Okla.—BOND will receive bids par of an issue of name rate .of interest. to Denom. $1,000. Dated Nov. 15, 1937. Interest payable May 1 and Nov. 1. Due $3,000 yearly from 1942 to 1955. Principal and interest payable at the fiscal agency of the State of Dak.—BOND Board of Education, will receive bids until 10 a. m. Nov. 16 for the purchase of $3,500 school building bonds. Cert, check for 2%, required. Oklahoma, in New York City. Certified check for 2% of amount of bid, required. HOLLIS, Okla.—BONDS VOTED—A proposal to municipal light plant bonds was approved by the voters at PRYOR CREEK, Okla.—BOATD SALE—The $5,300 issue $135,000 a recent issue election. of coupon municipal building bonds offered for sale on Nov. 1—V. 145, p. 2893—was purchased by a local investor as 5s at par. Due $500 from Nov. 20, 1938 to 1947, inclusive. REYDON, Okla.^—BONDS informs was us NOT SOLD—City Clerk Geo. W. Graham that an issue of $18,000 water works bonds offered The bonds will be reoffered for sale. not sold. on Oct. 18 OREGON KLAMATH FALLS, Ore.—BONDS NOT SOLD—The $14,851.86 issue of not to exceed 6% semi-ann. street improvement bonds offered on Oct. 11—V. 145, p. 1940—was not sold, according to the Police OHIO Judge. AKRON CITY SCHOOL DISTRICT, Ohio—BONDS DEFEATED Hazel Fleek, Clerk of the Board of Education, informs us that the proposed $2,500,000 school building issue failed to obtain the required majority vote of 65% at the Nov. 2 election. Vote was as follows: 26,814 for and 18,965 against. AKRON, Ohio—BOND OFFERING—Don H. Ebright, Finance, will receive sealed bids until Nov. 22 for the Director of purchase of $898,000 bonds. AUSTINBURG the Nov. 2 SCHOOL building bonds by DISTRICT, Ohio—BONDS VOTED—At approved an issue of $77,000 high school count of 196 to 25. They will be sold sometime next election the voters a year. BUCYRUS, Ohio—BOND OFFERING—E. C. Oppenlander, City Auditor, will receive bids until noon Nov. 20 for the purchase of $75,000 4% coupon sewage disposal plant bonds. Denom. $1,000. Dated Oct. 1, 1937. Principal and semi-annual interest (April 1 and Oct. 1) payable at the City Treasurer's office. Due $1,000 on April 1 and $2,000 on Oct. 1 in each of the years from 1939 to 1943 and $2,000 on April 1 and $2,000 on Oct. 1 in each of the years from amount of bonds bid of Squire, city. Sanders 1944 to 1958. Certified check for 1% of for, payable to the city, required. Approving opinion & Dempsey of Cleveland will be furnished by the CUYAHOGA HEIGHTS SCHOOL DISTRICT (P. O. Cleveland), Ohio—BONDS VOTED—At the Nov. 2 election the voters approved the $500,000 school construction, equipment and site purchase bonds. EUCLID, Ohio—BOND refunding coupon bonds, BID—At the offering on Nov. State 1 of $515,100 the Teachers' Retirement System sub¬ mitted the only bid received, this being an offer of par for the $48,600 general refunding issue as 4 Ms. This bid was held for consideration of Council. No tender was made for the $466,500 special tions.—V. 145, p. 2585. assessment NEWPORT, Ore.—BOND EXCHANGE—We are now informed by hat the $105,000 refunding bonds authorized r.umns—V. 145, p. 2731—are being exchanged with the holders of the ola improvement bonds at interest rates ranging from 2% to 4%. Denom. $500. Dated Jan. 1, 1936. Due rom Jan. 1, 1946 to 1958; optional on and after Jan. 1, 1936. Prin. and int. (J. & J.) in Orville Smith, City Recor on Oct. 4. as noted in the6i payable Denom. Newport. Ore.—BOND SALE—The $40,000 issue of water, Series 10-A bonds offered for sale on Nov. 1—V. 145, p. 2731—was awarded to State Bond Commission, as 4s, at a price of 100.11, a basis of about 3.98%. Dated Dec. 1, 1936. Due $5,000 from Dec. 1, 1940 to 1947 incl. the POWELL VALLEY ROAD WATER DISTRICT (P. O. Portland), Ore.—BOND SALE—The $30,000 water bonds offered on Oct. 27—V. 145, 2893—were awarded to E. M. Adams & Co. of Portland on a bid p. 100.29 for 3 Ms, a basis of about 3.47%. $5,000 yearly on July 1, from 1944 to 1949. Portland bid 98.80 for 3Ms. $1,000. Due $1,000 (P. from O. $3,500,000 1938 Cincinnati), of the voting on bond issue for erection of new count Nov. 2 to The bonds will bear interest at 4 M % YAMHILL At the Nov. 2 election Steubenville), Ohio—BOND the voters defeated the $800,000 MIAMISBURG, offered court Ohio—BOND SALE—The Oct. 30—V. on $5,170 ISSUE refunding bonds 145, p. 2585—were awarded to the First National on a bid of par for 3s. Dated Oct. 1, 1937. Due $620 Oct. 1, 1940, and $650 yearly on Oct 1 from 1941 to 1947. Ea^k~of Miamisburg £*AP9JrEPN' Ohio—BOND SALE POSTPONED—Walter G. Konzen, Village Clerk, reports that the sale scheduled for Oct. 30 of $11,000 4% swimming pool bonds was postponed. A new offering will be announced soon Issue dated Oct. 1, 1937, and due $1,000 on Oct. 1 from 1939 to 1949 incl. NEW LONDON, Ohio—BOND SALE—An issue of softening plant mortgage revenue bonds has been sold $22,000 4% water to a local ?rnn in 1940 and -Dfn^ OCi't^i19375 JPS^8' $1'000 and $500' 1941, and $500 $1,000 from 1942 to as bank at follows: 1962 incl. DISTRICT, Ohio—PRICE 000 3 % high school Due PAID—'The $120,- building bonds purchased by Siler, Carpenter & Roose previously reported in these columns, were sold at par plus a $648, equal to 100.54, a basis of about 2.84%. They mature $6,000 annually from 1939 to 1958 incl. of Toledo, as premium of PEEBLES SCHOOL DISTRICT, Ohio—BONDS DEFEATED—'The building bonds was rejected by the voters proposal to issue $47,000 school at the Nov. 2 election. PEMBERVILLE SCHOOL DISTRICT, Ohio—BONDS DEFEATED— At the Nov. 2 election the voters defeated the proposed $70,000 school building bond issue. WARREN, Ohio—BONDS DEFEATED—The 000 incinerator and sewer project bonds was • (P. O. McMinnville), Ore.—BOND REFUNDf ING PLANNED—The county is said to be planning to refund a total o $130,000 outstanding 5M% road fund bonds at 3%. Commonwealth of PENNSYLVANIA DE- proposal calling house construction bonds. Due COUNTY defeat of the (,P* 9- issue of an 1937. water bonds offered on 1—V. 145, p. 2586—were awarded to Conrad, Bruce & Co. of Port¬ on a bid of 95. Dated Oct. 1,1937. Due on Oct. 1 as follows: $5,500, 1939 to 1942; $4,000. 1943 to 1945; $4,500, 1946 to 1948; $5,000, 1949 to 1951; and $5,500 in 1952. Moncure Biddle & Co. public library and the $400,000 of a new detention home. incomplete returns indicate defeat for a county tax levy for expansion of the park system, county levy for current operating expenses, county levy for sewer construction, and county levy for construction of roads. for 1, TOLEDO, Ore.—BOND SALE—The $60,000 issue for cqnstruction In addition REJECTED Oct. Baker, Fordyce Co. of inclusive. Ohio—BONDS indicates The Nov. refunding obliga¬ 1945, of Dated land SOLD—An issue of $8,000 4% improvement the Sinking Fund Trustees. Dated July 15, 1937. «Jft^K5*TSNi COUNTY DEAIED—Early ; ONTARIO, FREMONT, Ohio—BONDS bonds has been sold to r proposal to issue $1,040,turned down by the voters on 1520 Locust St., Philadelphia PENNSYLVANIA ALLEGHENY COUNTY (P. O. Pittsburgh), Pa .—BONDS LICLY OFFERED—Edward Lowber Stokes & Co. and Charles D. PUB¬ Barney Co., jointly, are offering for public investment, at a price of par, $676,000 2M % bonds, due serially on Oct. 1 from 1938 to 1964 incl. & ALLEGHENY COUNTY PUBLIC UTILITY ADMINISTRATION O. Pittsburgh), Pa —CREATION OF ADMINISTRATION DE¬ (P. FEATED BY VOTERS—At the general election for the creation of the rejected by the voters. BEECH able on Nov. 2 a proposal calling Allegheny County Public Utility Administration was CREEK, Pa.—BOND SALE—The $32,500 coupon, register- as to principal, water works mortgage bonds offered on Oct. 29—• V. 145, p. 2731—were awarded to the Lock Haven Trust Co., Lock Haven, the only bidder, as 4s, at par and accrued interest. Dated July 1, 1937. Due in 20 years; redeemable on any CONEMAUGH TOWNSHIP interest date. SCHOOL DISTRICT ville), Pa.—BIDS REJECTED—All (P. O. Davids- bids were rejected at the offering on Oct. 7 of $170,000 not to exceed 4M% interest coupon bonds—V. 145, p. 2114. Dated Feb. 1, 1938, and due Feb. 1 as follows: $8,000 from 1941 to 1961 incl., and $2,000 in 1962. HAVERFORD TOWNSHIP SCHOOL DISTRICT, Pa .—BONDS DEFEATED—The proposal to issue $275,000 bonds was defeated by a count of 3,296 to 2,574 at the Nov. 2 election. LAMAR TOWNSHIP SCHOOL DISTRICT (P. O. Mackeyville), Pa. —BONDS NOT SOLD—The issue of $32,000 not to exceed 4% interest consolidated school bonds offered Oct. 30 was not sold, bids being returned unopened. Amount of issue will be reduced and a new offering made later. PENNSYLVANIA (State of)—BOND ISSUE REJECTED—Returns from all sections of the State indicated rejection by the voters on Nov. 2 of the proposed $42,000,000 bond issue for institutional construction pur¬ poses. The issue, which was opposed by Governor Earle, was intended Governor added that more of DEFEATED—At the Nov. 2 defeated the SHAMOKIN, Pa.—BONDS DEFEATED—On Nov. proposed issue of $100,000 improvement bonds 2 the voters defeated by a margin of 523 votes. TOWNSHIP (P. O. Uniontown), Pa.—BONDS NOT SOLD—No bids were submitted for the $42,000 5% refunding bonds offered Nov. 1—V. 145, p. 648. Dated Aug. 1, 1937 and due Aug. 1 as follows: $4,000 in 1938 and 1939; $5,000, 194U to 1943 incl.; $6,000 in 1944 and 1945, and $2,000 in 1946. WASHINGTON (P. O. Williamstown), Pa.—BOND OFFER¬ ING—William D. Keen, Secretary of the Board of Supervisors, will receive sealed bids until 7 p. m. on Nov. 12 for the purchase of $12,000 434 % coupon funding and swimming pool bonds. Dated Dec. 1, 1937. Denom. $600 Due $600 on Dec. 1 from 1938 to 1957 incl. Interest payable J. & D. A certified check for 2%, payable to the order of the township, must accom¬ pany each proposal. Issue has been approved by the Pennsylvania De¬ partment of Internal Affairs. WILLIAMS TOWNSHIP WORMLEYSBURG, yearly on $10,000 coupon street 145, p. 2732—were awarded bid of par for 3s. Due $1,000 Pa —BOND SALE— The improvement bonds offered on Nov. 1—V. to the Lemoyne Trust Co. of Lemoyne on a Chattanooga), Tenn.—BOND Chairman of the Sinking Fund receive sealed tenders until Nov. 16, at April 1, 1911, maturing on April 1, 1941, bearing 434% interest; Rossville road bonds, dated June 1, 1911, and maturing June 1, 1941, bearing 434 % interest; and school bonds, dated June 1, 1911, and maturing June 1, 1941, bearing 434% interest. Tenders or bids shall specify the interest rates and numbers of bonds to be tendered. Bidders may stipulate, if they so desire, that the tenders are for the purchase of all or none of the bonds tendered, and shall state the time and place such bonds shall be delivered if tenders are accepted. Tenders shall be accompanied by a certified check on any incorporated bank or trust comCOUNTY (P. O. INVITED—T. R. Preston, HAMILTON TENDERS election the proposal to issue $4,750,000 bonds for the purpose of con¬ structing a municipal electric plant and distribution system was by a vote of 17,315 to 9,884. The plant was intended to compete with Metropolitan Edison Co., a unit of the Associated Gas & Electric System. the Inc.i Corp. Commission, states that he will 10:30 a. m., of road bonds, dated their present holdings are yielding an average of only 2.8%. READING, Fa.—UTILITY BOND ISSUE Gibson, and the Nashville Securities Toledo, Robinson, Webster & both of Nashville. than $35,000,000 of Federal and municipal securities Nashville, Stranahan, Harris & Co., Cumberland Securities Corp. of to supplement a Federal grant toward financing of the Pennsylvania State Authority's projected $65,000,000 building program. In urging disap¬ proval of the measure, the Governor pointed out that the State Teachers and State Employees Retirement Funds had agreed to purchase $42,000,000 Authority bonds at 4% interest. Stating that the Commonwealth is re¬ quired to guarantee a 4% return on retirement fund investments, the in 3049 Financial Chronicle 145 Volume Dec. 1 from 1939 to 1948. le to the Sinking Fund Commissioners. Eany for 1% of the face amount of the bonds tendered or purchased, paya- JACKSON, Tenn.—BOND SALE—The $15,000 electric plant revenue bonds offered on Nov. 1—V. 145, p. 2733—were awarded to the Municipal Bond & Investment Co., Memphis, as 334s, at par less a discount of $300, equal to 98, a basis of about yearly on Nov. 1 from 1940 to 3.49%. 1954. Due $1,000 Dated Nov. 1, 1937. AVAILABLE JOHNSON CITY, Tenn.—BOND PAYMENT FUNDS holders of 5% water works bonds, dated June 1, 1910, of any such bonds, are being advised that funds are now available for the immediate payment of the principal of the bonds and —It is stated that and holders of coupons unpaid coupons maturing on or before Dec. 1, 1937. From will accrue or be payable in respect to any of amounts are payable or will become payable all that date no interest of this issue and no bearing maturity dates later than Dec. 1, 1937. The should be presented for payment and cancellation of coupons and coupons porate trust department, Chemical 165 Broadway, New York. and after the bonds in respect said bonds to the cor¬ Bank & Trust Co., acting as trustee, MEMPHIS, Tenn.—BOND OFFERING—Sealed bids will be received Nov. 23 by D. C. Miller, City Comptroller, for the pur¬ issues of coupon bonds aggregating $1,239,000, divided as until 2:30 p. m. on chase of two follows: $50,000.00 LANCASTER COUNTY, April 1956 at 3.60% basis & int. Dated COMPANY bonds in Memphis, Va. 83 holder. CAROLINA DARLINGTON, S. C.—BONDS SOLD—It is stated by Jerome F. Pate, that $41,000 4% semi-ann. sewage disposal plant bonds sold on Oct. 27, at par Due on Oct. 15 as follows: $3,000, 1942, and $2,000, 1943 to 1961. City Attorney, were . (State of)—SCHOOL NOTES' VALIDITY TESTED—A friendly suit to test the constitutionality of $1,350,000 worth of State notes of indebtedness has been started in the State Supreme Court CAROLINA SOUTH by Charles D. Arthur, as a taxpayer, and State Treasurer E. P. Miller. The indebtedness notes tion at various against Governor Olin D. would be sold to finance a program Johnston of construc¬ The notes, which will be authorized by the last session of institutions. State educational retired at the rate of $100,000 a year, were the legislature for the construction program. Notes whose constitutionality has been tested to purchasers and it is 1, 1938 to exceed 6%, payable M. & N. Denom. $1,000. Nov. 1, 1937. It is reported by the said Comptroller that these are all general liability bonds, payable from all general revenues. not to or A. T. T. Tel. Rich. SOUTH Due $14,000 from Nov. bonds. Principal and interest payable in lawful money at the City Hall at the Chemical Bank & Trust Co. in New York, at the option of the The bonds may be registered as to principal only or may be dis¬ charged from registration and again registered at will. The name the interest rate in a multiple of 34 or 1-10 of 1%. No higher rate interest shall be chosen than will insure a sale at par and all bonds Richmond, Va. Phone 3-9137 Due $35,000 from Nov. 1, 1938 to 1968 incl. 154,000 school building 1948 incl. Interest rate is F. W. CRAIGIE & intercepting sewer bonds. $1,085,000 sanitary S. C. Hwy. 5s, would be more favorable believed that better rates of interest might be ob¬ tained. bidder will of will bear the same rate of interest. This is to be construed as prohibiting a split rate of any single issue, both issues, however, are not required to bear the same rate of interest. No bid will be considered unless it is a bid for all the bonds. The lowest net interest cost to the city will determine the award. The approving opinion of Thomson, Wood & Hoffman of New York will be furnished. Delivery will be made within approximately 18 days of date of sale. Bonds will be delivered in New York City or the equivalent, at the option of the bidder, if bidder so states in his bid, naming point of delivery. No proposal blanks will be furnished and bidders are required to submit bids in triplicate. The bonds will be sold for not less than par and accrued interest. No arrangement can be made for deposit of funds, commission, brokerage fees nor private sale. A certified check for 1% of the amount of bonds bid for, payable to the city, is required. (This report supplements the offering notice given in these columns 2895.) recently—Y. 145, p. 22 plant NEWBERN, Tenn.—BONDS VOTED—At an election held on Oct. the voters approved the issuance of $33,000 electric distribution bonds. SOUTH DAKOTA INDEPENDENT SCHOOL DISTRICT (P. O. Bowdle), S. Dak.—BOND OFFERING DETAILS—We are now informed that the $9,000 4% semi-ann. building bonds scheduled for sale by F. G. Gross, District Clerk, at 2 p. m. on Nov. 5, as noted in our issue of Oct. 30—V. 145, p. 2894—are due $500 from 1938 to 1953, and $1,000 in 1954. These are the bonds that were sold on Sept. 24 and are being reoffered due to an error in the previous notice of sale. ♦ BOWDLE L. SCOTT COUNTY (P. O. M. Jeffers, County Court today (Nov. 6) on an issue Huntsville), Tenn.—BOND OFFERING— Clerk, is receiving bids until 11:30 a. m. of $175,000 refunding bonds. has State of—MUNICIPAL BOND BILLS APPROVED— Browing is said to have signed the following bills, approv¬ ing or validating the issuance of bonds in the respective local units: $37,000 refunding, and $20,000 school; Dandridge, $7,000 town; County, $150,000 school; Knox County, $25.1,000 relief; Smithville, hospital; South Pittsburgh, $50,000 municipal building; Tipton County, $50,000 penal farm; Washington County, $55,000 refunding, and White County, auditorium construction hospital HURON, S. Dak.—BONDS ALTIIORI ZED—The City Commission adopted a resolution authorizing the issuance of $200,000 municipal bonds. Columbia Dyer $25,000 bonds. Dak.—BOND OFFERING—M. F. Walt, City Auditor, 6 on an issue of $200,000 municipal auditorium S. HURON, TENNESSEE, Governor Gordon TEXAS will receive bids until Dec. bonds. SCHOOL DISTRICT (P.O. Kadoka), S. DETAILS—In connection with the offering scheduled for 8 p. m. on Nov. 2, by Beatrice Harrington, District Clerk, of the $14,000 5% semi-ann. building bonds, noted in our issue of Oct. 30— KADOKA INDEPENDENT Dak.—BOND OFFERING 15, bid the informed that these bonds are dated Oct. $1,000 annually from Oct. 15, 1940, to 1953 incl. No will be considered. These bonds were approved by V. 145, p. 2894—we are now 1937, and mature for less than par voters on Oct. 11. (State of)—BOND Dated Nov. 15, $1,000, in coupon form, registerable as to principal only. 1937. Principal and semi-annual interest (May 15 and Nov. 15) payable at the Guaranty Trust Co., New York. Due Nov. 15, 1947. Cert, check for $10,000 payable to the State Treasurer; required. The State furnish the opinion of Chapman & Cutler of Chicago that the bonds are valid general obligations of the State payable from unlimited taxes. Bonds will be ready for delivery Nov. 20 in Minneapolis, St. Paul, Chicago or New York, without cost to the purchaser. will ad valorem $11,000 paving, CENTERVILLE, Tenn.—BONDS NOT SOLD—The $25,000 issue of 4% city hall bonds offered on Oct. 29—V. 145, p. 2578—was not as all the bids received were rejected, according to the Town Recorder. Dated Oct. 1, 1937. Due from Oct. 1, 1938, to 1952. DANDRIDGE, Tenn—BONDS SOLD—J. E. Bettis, City $7,000 improvement bonds, authorized recently by lature, were sold locally, as 5s at par. SCHOOL DISTRICT (P. Recorder, the Legis¬ O. Dyer), Tenn.—BOND E. issue N. and int. OFFERING—Sealed bidst will be received until noon on Nov. 8 by C. Gladhill, District Secretary-Treasurer, for the purchase of a $50,000 of building bonds. Interest rate is not to exceed 5%, payable M. & Denom. $500. Dated Nov. 1, 1937. Due from 1939 to 1967. Prin. onds approved a the voters agreed on with the June 22, as noted Payable at Dyer or atby point to beat an election held onpurchasers. These were in these columns at the time. A $500 certified check must accompany the bid. HAMILTON COUNTY (P. O. Chattanooga), Tenn.—BOND A WARD informed that the syndicate headed by the Equitable Se¬ Nashville, was definitely awarded the two issues of coupon bonds aggregating $500,000, on its bid of $2,901.50 premium, at the offering on Oct. 29, as noted in our issue of Oct. 30—V. 145, p. The bid for 4% is equal to 100.54, a basis of about 3.96%, on the bonds —We are now curities Corp. of submitted 2894. divided as follows: $300,000 public works (general hospital) bonds. Due from July 1, 1940, to 1977 incl. and high school improvement bonds. Due from July 1, 1940, to 1977 incl. The other members of the successful syndicate were: First National Bank, and Union Planters National Bank & Trust Co., both of Memphis,the 200,000 elementary $25,000, are and accrued interest, at the City Treas¬ Bank in New York City, on Dec. 1, following 4% bonds aggregating of an numbered 5, 11 to 15, and $95,000. original issue of 17 to 21. These bonds are part and 63. Due in 40 years, redeemable in 20 years. ECTOR (P. O. COUNTY TO BE O. Galveston), Texas— WARRANTS with the report given in our issue of SOLD—In connection that the 28 (P. COUNTY GALVESTON NOT ELECTION—A placed before the voters for Odessa), Texas—BOND proposal to issue $63,000 refunding bonds will be approval at an election to be held on Nov. 22. Commissioners' Court had authorized the issuance of construction warrants, we are 3% seawall the work informed by I. Pre- Texas the county is pro¬ thereon, hence, these issued to the contractor as County Auditor, that under the laws of hibited from issuing warrants and borrowing money warrants cannot be offered for sale. They will be decki sold states that that the 14,000 sewerage, numbered 4, 37 to 48, Denom. $1,000. Dated Dec. 1, 1902. $50 000 in semi-ann. DYER SPECIAL states $3O,0Q0 1, 1939 Petkovsek, Director of Texas—BOND CALL—G. H. BEAUMONT, being called for redemption at par urer's office, or at the Chase National on which date interest ceases: Oct TENNESSEE SOLD—W. J. Underwood, County Judge, states that the been sold. Dated Nov. 1, 1937. Due from Nov. BONDS road bonds have to 1944. Finance, OFFERING—As previously reported in these columns—V. 145, p. 2732—A. J. Moodie, Secretary, Rural Credit Board, will receive bids until Nov. 9 on an issue of $1,000,000 refunding bonds. Bids will be received until 1:30 p. m. (Central Standard Time). Bidders are to name rate of interest, in a multiple of 34 %. Denom. DAKOTA SOUTH VOTED—The purchase of ANDREWS COUNTY (P. O. Andrews), Tex.—BONDS voters of the county recently approved a $30,000 bond issue for right-of-way for a new highway. progresses. INDEPENDENT SCHOOL DISTRICT (P. O. Port OF BIDS—The following is an official tabulation the $325,000 building bonds awarded on Oct. 27 to Blyth & Co., Inc., as noted in detail in our issue of Oct. 30: Mercantile Commercial Bank & Trust Co., St. Louis, and A. W. Snyder & Co., Houston, maturities 1938 through 1942, 254%; 1943 through 1957, 334%, also premium of $201.00. PORT ARTHUR Arthur), Texas—LIST of the bids received for Mahan Milton R. Underwood & Co., Stifel, Nicolaus & B. White & Co., from 1938 through 1942, 334%; 1947 through 1957, 354%. Dittmar & Co., Garrett & Co., Charles 1943 through 1946, C. F. Childs & Co., Boettcfter 1945, 4%; 1946 & Co., Newhaus & through 1957, 354%. Co., 3%; Co., 1938, 2%%; 1939 to Aves & Wyner, Inc.; Dillingham & McCIung; Dallas Union Trust Co.; Russ, Roe & Co.; and Mosle & Moreland, 1938 through 1942, 4%; 1943 through 1946, 254%; 1947 through 1952, 354%; Gregory, Eddleman Co.; 1953 through 1957, 4%. Corp.; 1938 through Fenner Beane Co., Bly?h7& cl?Inc., ^ 1938 to 1941, 254%; LAMAR COUNTY (P. O. Paris), Hanmack, County Judge, reports that approved by the voters on National Bank of Paris. SALINA, 0 _ Lobdell & Co.; Duquette 1942, 3%; 1943 through _ .. & Co.; Ranson Davidson & 1949, 334%; 1950 through 1942 to 1957. 3.45%. Texas—BONDS SOLD—R. V. $80,000 of the $150,000 road bonds March 6, have been purchased by the First Utah—BONDS SOLD—It is stated by B. M. Thompson, City $35,000 water bonds approved by the voters on Aug. Recorder, that the 28, 3050 Financial Chronicle Nov. 6, 1937 as noted in these columns at the time, were purchased by the Lauren W. Gibbs Co. of Salt Lake City, at par, divided as follows: $5,000 as 333(8, and the remaining $30,000 as $185,000 series A bonds, as 2s, at par plus a premium 100.14, a basis of about 1.97%. Due $150,000 $35,000 May 1, 1944. 98,000 series C bonds, as 23£s, at par plus a premium 100.738, a basis of about 2.14%. Due $80,000 $18,000 May 1, 1946. 333s. SHILOH SCHOOL DISTRICT NO. 53 (P. O. Linden), Texas — BONDS SOLD—It is reported that $1,500 construction bonds have been sold. of $259, equal to May 1, 1943, and of $723, equal to May 1, 1945 and . All informed as are follows: The county expects to issue all of the warrants. If, for any reason, the full amount of said warrants cannot be issued, the purchaser will take the amount issued and no liability shall be attached to the county for failure to issue the full amount. De¬ livery of the warrants is to be made in one transaction at a date approxi¬ mately Dec. 15. No legal opinion will be paid for by the county. All proceedings will Austin. Enclose be prepared by Daugherty & certified check for $5,000. a Gibson, Esqs., bonds are dated Nov. RICHLAND CENTER SCHOOL DISTRICT (P. O. Richland Cen¬ ter). Wis.—BONDS VOTED—At the election held on Oct. 26—V. 145, p. 2734—the voters approved the issuance of the $50 000 in building bonds. STEVENS POINT, Wis.—BONDS AUTHORIZED—The City Council has passed an ordinance authorizing the issuance of $17 ,000 city hall build¬ ing fund bonds. now Principal and interest payable in Austin. legal the 1, 1937. The Northern Trust Co. bid $185,075 for 2.10% bonds on the larger issue; Paine, Webber & Co. offered a premium of $11 for 2 lA% on the smaller block. TRAVIS COUNTY (P. O. Austin), Texas— WARRANT OFFERING DETAILS—In connection with the offering scheduled for 10 a. m. on Nov. 10, of the $75,000 333% road and bridge warrants, by J. A. Belger, County Auditor, noted in these columns recently—V. 145, p. 2895—we WYOMING of SHERIDAN COUNTY SCHOOL DISTRICT NO. 22 (P. O. Clear" Wyo.—BOND SALE DETAILS—We are now informed by the District Clerk that the $15,000 construction bonds purchased by the Stock Growers National Bank of Cheyenne, as noted here recently—V. 145, p. 2734—were sold as 434s, at par, and mature in 15 years. UVALDE INDEPENDENT SCHOOL DISTRICT (P. O. Uvalde), Texas—BOND OFFERING—Sealed bids will be received until 11 a. m. on Nov. 9 by L. M. Smyth, President of the School Board, for the purchase of a $50,000 issue of 4% school bonds. Denom. $1,000. Dated Dec. 15, 1936. Due on Dec. 15 as follows: $1,000. 1938 to 1947, and $2,000, 1948 mont), to 1697. Interest payable J. & D. These Donds are to be sold subject to the approval of the Attorney-General. A certified check for $2,500 must accompany the bid. WEATHERFORD, Texas election will be held in on -BOND ELECTION—It is reported that Nov. 23 in order to vote municipal water, electric light and on the issuance of power system Canadian Municipals an $600,000 Information and Markets bonds. WEST UNIVERSITY PLACE (P. O. Houston), Texas—BOND OFFERING DETAILS—In connection with the offering scheduled for Nov. 5, of the $100,000 sewer revenue bonds, noted in recently—V. these BRAWLEY, GATHERS & CO. columns 145, p. 2733—it is stated by Harvey T. Fleming, City Secre¬ tary, that the bonds will be dated Dec. 1, 1937, and will mature on Jan. 1 as follows: $2,000, 1939; $3,000. 1940 to 1942; $4,000, 1943 to 1946; $5,000, 1947 to 1950; $6,000, 1951 to 1953, and $7,000, 1954 to 1958; redeemable at par after Jan. i, 1944, on 30 days' published notice. Bidders may also suomit an alternative bid on a block of $50,000 bonds, maturing on Jan. 1 as follows: $1,000, 1939; $2,000, 1940; $1,000, 1941; $2,000, 1942 to 1946; $3,000, 1947; $2,000, 1948; $3,000. 1949; $2,000. 1950; $3,000, 1951 to 1953; $4,000, 1954; $3,000, 1955; $4,000, 1956, and $3,000 in 1957 and 25 WEST, TORONTO ELGIN 6438 CANADA ALBERTA (Province of) INTEREST REDUCTION ON GUARANTEED SECURITIES HELD INVALID—The Act reducing interest on Province of Alberta guaranteed securities by 50% has been ruled ultra vires by Justice Ewing in Alberta Supreme Court. A second measure requiring the Attorney 1958. General's consent for court action to collect full interest UTAH was also in validated. CANADA PLEASANT (Dominion of)—TO FLOAT LOAN—A new Dominion loan $100,000,000 for refunding in part outstanding $122,799,800 uncon¬ verted 533% victory loan bonds maturing on Dec. 1 next, will be opened for public subscription Nov. 3, the balance of $22,799,800 will be paid in cash. GROVE, Utah—BONDS DEFEATED—At the election held on Oct. 26—V. 145, p. 2273—the voters defeated the proposal to issue $14,000 in bonds, divided as follows: $11,000 city hall and jail, and $3,000 city survey bonds. ^ of TREASLRY BILLS SOLD—An issue of $25,000,000 Treasury bills on Oct. 29 at an average yieid of 0.781%. Due Feb. 1, 1938. VERMONT sold OCTOBER Government HARDWICK, Vt.—BOND OFFERING—The Board of Selectmen will receive bids until 2 p. m. Nov. 12 for the purchase at not less than par of $40,000 coupon refunding bonds. Bidders are to name rate of interest, in a KING ST. multiple of 3£ %. Denom. $1,000. Dated Nov. 1, 1937. Principal and and semi-annual interest (May 1 and Nov. 1) payable at the National Shawmut Bank of Boston, in Boston. Due $2,000 yearly on Nov. 1 from 1938 to 1957. These Donds are engraved under the supervision of and certified as to genuineness by The National Shawmut Bank of Boston, their legality will be approved by Messrs. Storey, Thorndike, Palmer & Dodge, whose opinion will be furnished the purchaser. All legal papers incident to this issue will be filed with said bank where they may be inspected. Bonds will be delivered to the purchaser at The National Shawmut Bank of Boston, 40 Water Street, Boston, Mass. VIRGINIA VIRGINIA BEACH, Va —BONDS NOT SOLD—J. E. Woodhouse Jr., Town Treasurer, states that the $92,400 issue of 4% semi-ann. sewerage bonds offered on Oct. 25—V. 145, p. 2588—was not sold. Due $3,300 from 1940 to inclusive. an was issue of $25,000,000 of Dominion Treasury bills on which tenders were received on Oct. 29, Government, provincial and municipal financing for the month of October will amount to $50 627,048, compared with total financing of $111,881,900 in the same month last year and $60,586,900 during October, 1935, according to figures compiled by Wood, Gundy & Co., Ltd. Aside from the two issues of $25,000,000 each of Treasury bills issued for refunding purposes very little other financing has been done. Canadian financing for the first 10 months of this year amounted to $859,808,635, of which $810,040,250 was for refunding purposes and $49,768,385 was for new money, and compares with $942,061,265 in the first 10 months of last year and $686,139,875 in the same period of 1935. Corporate financing in the 10 months through October totaled $125,358,100, of which $78,044,000 was for refunding purposes and $47,312,100 was for new money. This total compares with $214,453,724 in the same period of 1936 and $33,342,000 in 1935. CANADA ROANOKE, Va.—BONDS VOTED—At the general election on Nov. 2— V. 145, p. 2116—the voters approved by a wide margin the issuance of the $400,000 bonds, divided as follows: $300,000 bridge, and $100,000 incinera¬ tor bonds, according to the City Treasurer. 1967, Canadian FINANCING—-Including (Dominion of) $100,000,000 CONVERSION LOAN HEAVILY OVERSUBSCRIBED—The Government's conversion loan bond $100,000,000, subscriptions to which were opened on Wednesday, Nov. 3, was heavily oversubscribed before the close of business on that day, according to Charles P. Dunning, Minister of Finance, who expressed him¬ self as "extremely satisfied" with the manner in which the new bonds were received. Proceeds of the financing, together with available cash in the Treasury, will be used to redeem on Dec. 1, 1937, a total of — issue of $122,799,800 533 % Victory bonds, these being the last of the tax-free bonds issued by the Government during the war. About $113,500,000 of such obligations pre¬ viously had been converted last May. The NORTHWESTERN MUNICIPALS Washington—Oregon—Idaho—Montana 5)rimthifc Ehrlichman & IPhtb SEATTLE SAN FRANCISCO Teletypes SEAT 187. SEAT 188 Teletype SF 296 i WASHINGTON NACHES SCHOOL DISTRICT NO. 121 (P. O. Yakima), Wash.— BOND 011ERING— Sealed bids will be received until 10 a. m. on Nov. 20, by C. D. Stephens, County Treasurer, for the purchase of a $48,000 issue or coupon school bonds. Interest rate is not to exceed 6%, payable J. & J. Denominations $100 or $500. Dated Jan. 1, 1937. Due from Jan. 1, 1939 to 1960; optional on any interest paying date after Jan. 1, 1938. Bids must specify (1) the lowest rate of interest and premium, if any, above par, at which the bidder will purchase the bonds, or (2) the lowest rate of interest at which the office bidder will purchase the bonds at par. Prin. and int. payable of the County Treasurer. A certified check for 5% accompany the bid. SEATTLE, Wash.—BOND CALL—H. aid to be calling for payment from Oct. provement district bonds. VANCOUVER, in these Collier, must City Treasurer, is 10, various local im¬ 145, 7:30 p. m. OFFERING—As previously 289,5—C. A. McDonah, City reported Clerk, will Nov. 15 for the purchase of $23,000 general p. obligation park improvement bonds. Interest rate is not to exceed 6%, Principal and interst payable at the City Treasurer's office. PayaDle annually, beginning in the second year after issuance, in such amounts that principal maturities and interest payable shall be met by equal annual tax levies. Certified check for 5% of amount bid required. WAHKIAKUM COUNTY (P. O. Cathlamet), Wash.—BOND OFFER¬ ING—As previously reported in these columns—V. 145, p. 2895—May B. Watkins, County Auditor, will purchase receive bids until at not less than 10 a. m. Nov. 8 for the par of $100,000 general obligation bridge bonds. specify rate of interest, not to exceed 6%, payable semi¬ annually. Due serially within 15 years. ,Cert. check for 5% of amount of bid, payable to the county, required. Bidders are to WISCONSIN GRANT COUNTY (P. O. Lancaster), Wis.—BOND. SALE—The $283,000 coupon highway improvement bonds offered on Nov. 4—V. 145. p 2734—were awarded to Halsey, Stuart & Co. of Chicago as follows: yield about funding bonds on the basis of par. In announcing closing of subscription books, Mr. Dunning stated that he had accepted tenders of $60,000,000 of the 14-year 33^8, $20,600,000 of the 133 year Is, and $20,000,000 of 7-year 233s. Commenting on the success of the offering, A. E. Ames & Co. of Toronto declared that the saving to the Government both in interest charges and through elimination of the tax-exemption feature which applied to the maturing debt will be in the neighborhood of $4,500,000 annually. NIAGARA FALLS, Ont.—REFUNDING PLAN ANNOLNCED—A plan for removing the city of Niagara Falls, Ont., from the list of defaulted municipalities has been announced by the Guaranty Trust Co. of Canada, fiscal agents for the city. Adoption of the plan is conditional upon its acceptance by institutional holders who are asked to subscribe to new debentures to raise a portion of the funds needed. Matured debentures totaling $1,178,318 by the end of 1937, are to be Funds for this will be provided to the extent of $678,318 from deposit in the city's reserve account. At the end of paid in cash. cash on 1936, Niagara Falls had $414,481 in its reserve account. been increased to slightly over $600,000 It is expected that this will have by the end of 1937. Any cash necessary over the amount available will be provided by the Imi>erial Bank at 433%. It is proposed'to raise the balance, amounting to $500,000, by an ex¬ change by those holders of matured debentures who are willing to do so for a new 433% bond issue of the same amount, to mature serially within 15 years. The proposed new debentures would be callable at par in the reverse order of maturities, the 15-year bonds being the first to be called. No change would be made in unmatured debentures which would as Wash.—BOND columns—V. receive bids until L. 28 to Nov. to semi-annually. METHEW VALLEY IRRIGATION DISTRICT (P. O. Okanogan), VOTED—The voters of the district have given their approval to the proposed issuance of $75,000 refunding bonds. the 34s priced at 99 3.34%. The latter series is callable at par on and after Nov. 15, 1948. The 533% Victory loan bonds were accepted for subscriptions to the re¬ JOHETTE, Que.—BOND OFFERING—Sealed bids addressed to Camille Bonin, Secretary-Treasurer, will be received until 8 p. m. on Nov. 8 for the purchase of $45,000 333% improvement bonds. Dated Nov. 2, 1937, and due serially in 30 years. Interest payable Wash.—BONDS at current operation involved an offering of 1% bonds, due June 1, 1939, priced at 99.125 to yield about 1.59%; 7-year 233% bonds priced at 98.50 to yield about 2.74%, and 14-year 3 be paid they become due. QUEBEC, Que.—BOND ISSUE REPORT—Eugene Barry, City Treas¬ urer, states that L. G. Beaubien & Co. of Montreal are issue of $4,500,000 bonds mentioned in these columns underwriting the recently. TADANAC DISTRICT, will be asked to approve an B. C.—BOND ELECTION—'The ratepayers issue of $76,492 high school construction bonds. THREE RIVERS, Que.—BIDS RE JECTED—BONDS OFFERED LOCALLY—J. U. Gregoire, Secretary-Treasurer of the Catholic School Commission, informs us that bids were rejected for the $125,000 30-year serial bonds offered Oct. 25. Tenders were asked for 333 % and 4% bonds. The issue is now being offered over the counter at par, to bear 4% interest, dated Nov. 1, 1937 and mature as follows: $1,000, 1938 to 1942 incl.; $2,000, 1943 to 1947 incl.; $3,000 from 1948 to 1951 incl. and $98,000 in 1952. WINDSOR, Ont.—TAX COLLECTIONS— Marked tax collections so far this year is reported The amount of current taxes collected iirproven in ent City Treasurer A. E. Cock. as of Sept. 30 wa t $3,003,029. Oct. 1 to 9, an additional amount of $77,509 was collected. In addition to this, the arrears collected to Sept. 30 were $882,664, while be¬ tween Oct. 1 and 9 a total of $19,818 was collected. The amount collected on the current taxes, represents 77.3% of the total roll. The total tax levy in 1937 was $3,987,196. From /