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
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933* 1023*
107 3* 111
....
1043* 109J*
104
'
74
100
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\
\
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853* 1003*
86
993*
102
106
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1103*
*
J
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104
102"
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D
J
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1043*
*.
D
J
45
50
100
1163* 1253*
55
963*
34
1043*
60
J
M
5
1173*
633*
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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
/
@FedFRASER