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OCT 18 193/
BUS. ADM.
LIBRARY
SECTIONS—SECTION
rwo
ONE
IV
ommciria
COPYRIGHTED in 1*3? bY WILLIAM B. DANA COMPANY,
NZW YORK.
lHJ.
ml d C Issued Weekly 35 Cents a Copy—
*15 00 Per Year
.
AT THE POST OFFICE AT NEW YORK,
ENTERED AS SECONO-Cl ASS Matter JUNE 23, !(»
NEW YORK, OCTOBER 16.
1937
"V'-rasri. -TE1-.
TRUST
BROOKLYN
NO. 3773
William cor Spruce Sts .N Y C'tv
•
CHASE
THE
COMPANY
Chartered
NEW YORK, UNDER THE ACT OP MARCH S, tB7».
NATIONAL
BANK
1864
OF
THE
CITY
OF
YORK
NEW
Kidder, Peadody & Co.
George V. Mclaughlin
President
NEW
The
BOSTON
YORK
chase is
tra-
''
.
PHILADELPHIA
BROOKLYN
h =W YORK
ditionally
For
Member Federal Deposit
many
Insurance
Corporation
bankers' bank.
a
served
years
it
has
large number
a
of banks and bankers
as
New York
White, Weld & Co.
Members New
York Stock Exchange
correspondent
and
depository.
reserve
Mtmbor Federal Deposit
Insurance Corporation
STATE
Boston
New York
Amsterdam
London
AND
MUNICIPAL
Correspondent
Quotations Facilities
United States
BONDS
Corporation
Government
Paris
Securities
The
Brown Harriman & Co.
FIRST BOSTON
Hallgarten & Co.
Established I8S0
Incorporated
CORPORATION
63 Wall
BOSTON
NEW YORK
Telephone: BOwling Green 9-5000
CHICAGO
AND OTHER
Washington
San Francisco
PRINCIPAL CITIES
Chicago
Philadelphia
Boston
SAN FRANCISCO
PHILADELPHIA
NEW YORK
Street, New York
Representatives in other leading Cities
London
Chicago
Werthl"'t & Co.
120
New
State and
York
Amsterdam
London
juurie&i ,th .'
M. LOEB & CO.
61
rprs
The
BroMway
BROADWAY
New\orkTrust
Company
Capital Funds
NEW YORK
Municipal Bonds
.
.
$37,500,000
Barr Brothers & Co.
INC.
Chicago
New York
Amsterdam
Berlin
London
Parts
BROADWAY
IOO
57TH ST. & FIFTH
40TH ST. &
EDWARD B. SMITH & CO.
NEW YORK
;
Service
to
Banks and
Dealers since
I
888
New York
31 Nassau Street
BOSTON
PHILADELPHIA
CLEVELAND
AVE.
MADISON AVE.
LONDON
European
HORNBLOWER
Representative's Office:
8 KING
&
WILLIAM STREET
WEEKS
Established 1888
LONDON, E. C 4
40
Correspondent
Edward B. Smith & Co.,
Minneapolis
CHICAGO
Inc.
St. Louis
Wall Street
NEW YORK
*
Members
System,
the New York Clearing House Association
and of the Federal Deposit Insurance Corporation
Member of the Federal Reserve
^
New
Cleveland,
York, Boston, Chicago,
Philadelphia and
Detroit Stock Exchanges
Financial
n
Oct.
Chronicle
16, 1937
BAKER, WEEKS
A. G. Becker & Co.
&HARDEN
Incorporated
Established
J. & W.
Seligman & Co.
Investment Securities
1893
Members
New York Slock Exchange
New York Curb Exchange
Investment Securities
No.
52 WALL
Chicago
YORK
STREET, NEW YORK
London
Graybar Building, New York
New York
Wall Street
NEW
Philadelphia Stock Exchange
Chicago Board of Trade
Commercial Paper
54
Correspondents
Commercial Trust Bldg., Philadelphia
Buhl
AndlOtherlCitles
6
Building, Detroit
SELIGMAN
BROTHERS
Lothbury, London, £. C. 2
Bourse Building, Amsterdam
Foreign
Leading Out-of-Town
NATIONAL BANK OF NEW ZEALAND, Ltd.
Investment Bankers and Brokers
Established 1872
Chief Office in New Zealand:
Sir James
BIRMINGHAM
Wellington
Grose. General Manager
Head Office: 8 Moorgate,
London. E. C. 2. Eng.
Subscribed Capital
NEWARK
Paid
£6,00®,800
Capital..
up
£2,000,000
Reserve Fund
New Jersey State &
MARX & CO.
Municipal Bonds
Newark Bank & Insurance Stocks
Currency Reserve
MUNICIPAL
CORPORATION
£500,000
The Bank conducts every description
business connected with New Zealand.
of banking
Correspondents throughout the World
London Manager, A. O. Norwood
BIRMINGHAM, ALABAMA
SOUTHERN
£1,000.000
AND
BONDS
J. S. RIPPEL & CO
.8 Clinton
St.
Australasia and New Zealand
Newark, N. J.
BANK OF
DETROIT
NEW SOUTH
HARTFORD
WALES
(ESTABLISHED 1817)
(With
which
the
Western
Australian Bank of
MICHIGAN
MUNICIPALS
Securities
CORPORATION
Exch.
334
BUHL
Th
£8,780,000
4,150,000
8,780,000
Fund
_
New York
Curb.
Assoc.
Chicago Stock Exch
BLDG.,
£83^710.000
PUTNAM & CO.
Members New
V embers
Stock
Detroit Htock Exchange
Capital.
Liability of Proprietors.
and
amalgamated)
BONDS
WATLING, LERCHEN & HAYES
New York
Bank
are
Reserve
Specialists in Connecticut
and
Australian
Commerce, Ltd.,
Paid up
Reserve
6
CENTRAL
York Stock Exchange
ROW
Aggregate Assets 30th Sept., 1936. £115,150,000
A. C. DAVIDSON, General
Manager
HARTFORD
780
Tel. 5 0151.
A. T. T. Teletype—Hartford 35
DETROIT
BRANCHES AND AGENCIES
States. New Zealand,
Fiji,
Australian
Mandated
The Bank
in
the
Papua,
Territory of New Guinea,
and London.
transacts every description
of Aus¬
tralasian
Banking Business.
Wool
and
other
Produce Credits arranged.
PA
M
BEACH
AND
WEST
PALM
BEACH
Head
Office:
George Street, SYDNEY
London
Offices:
29 Threadneedle
47
DETROIT REAL ESTATE BONDS
Specializing in
Agency
Street, E.C.2
Berkeley Square, W.l
arrangements
the
with
U.
S.
Banks
throughout
A.
FLORIDA BONDS
Charles A. Parcells & Co.
Members of Detroit Stock
Fxchange
PENOBSCOT BUILDING, DETROIT, MICH.
CARLBERG & COOK, INC.
Palm Beach—West Palm Beach, Fla.
Bell System
Teletype: W-Palm Beach No. 84
NATIONAL BANK
MIAMI
of EGYPT
ST
Head
LOlIS
Office
FULLY
We
buy and sett for
own
Florida
our
PAID
RESERVE
CAPITAL
FUND
.
£3,000,0 0
3,000,000
....
account
Municipal Bonds
(jOHRIGAN.Mllyl/LR etio.
--
Cairo
.
'
NIC
-
LONDON
St/x
Co.
4
6 and
Branches in al
-
SAINT LOUIS
Ingraham Bldg., MIAMI
Bell .System Teletype MM I
AGENCY
7, King William Street, E. C. 4
the
principal Towns in
0O9OUVC ST
80
EGYPT
Members St. Louis Stock
and
the SUDAN
Exchange
MILWAUKEE
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in
and
Missouri and Southwestern
WISCONSIN
CORPORATION SECURITIES
Teletype—Milwaukee 92
Head
Stocks and Bonds
Smith, Moore & Co,
EDGAR, RICKER&, CO
760
North
Water
Street,
Milwaukee, Wis.
St.
The First
Corp.
Boston
Wire
Office: 26,
Uganda
Branches
in India,
Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Subscribed Capital
Paid
Up Capital
£4,000,000
_______£2,000,000
Reserve Fund
Louis
St. Louis Stock
Exchange
Kenya Colony
Bishopsgate, London, E. C.
£2,200,000
The Bank conducts every
description of
and
exchange business
banking
Trusteeships and Executorships also
undertaken
Volume
145
Financial
FEDERAL INTERMEDIATE
*
CREDIT DANK
CONSOLIDATED
Authorized
by
an
*
(Dawes Loan)
DEBENTURES
Referring to the press release given out by the German Con¬
sulate General in New York and appearing on October 8, 1937,
notice is hereby
Local Taxes
15, 1937 coupon appertaining to bonds of the American
Tranche of the Dawes Loan will be purchased on and after that
date at the office of Messrs. J. P. Morgan & Co., New York City,
or, at the option of the holder, at the offices in the United States
of the undersigned Company, provided that the bonds from which
such coupons were detached were domiciled in the United States
on October 1, 1935, and that bonds and coupons are stamped to
that effect. The purchase price for such October 15,1937 coupon
will be $25 per $35 face amount of the Dawes Loan coupon, i.e.
the same amount as is being paid by such purchasers for the
October 15,1935, April 15, 1936, October 15, 1936, and April 15,
1937 Dawes Loan coupons, in accordance with the announce¬
ments published under dates of October 4, 1935, by HamburgAmerican Line North German Lloyd and April 10,1936, October
13, 1936, and April 13, 1937, by Hamburg-American Line.
Act of Congress approved
Consolidated debentures
"
the
are
joint and several obligation of
the twelve Federal Intermediate
Credit Banks.
Eligible up to six months' ma¬
turity for purchase by the Fed¬
eral Reserve Banks and
for
ac¬
are
collateral security
fifteen day loans to member
banks
as
of
the
Federal
Reserve
System.
Consolidated debentures
are
for investment by savings
Eligible
ciary,
as
of the April 15, 1935, and (unstamped) October 15,
1935, April 15, 1936, October 15, 1936, and April 15, 1937 cou¬
pons of bonds of the Dawes Loan.
The present offer will have
no effect upon the possibility of acquiring Dawes Marks at the
customary rate of exchange as heretofore.
payment
security for all fidu¬
and public funds
trust,
the
under
held
Holders who fail to avail themselves of the present offer may
obtain Reichsmarks for their coupons due October 15, 1937, on
the same terms as those on which Reichsmarks were offered in
legal
banks
State of New York.
in the
authority
or
control of officers of the United
States.
These debentures have been ap¬
HAMBURG-AMERICAN LINE
proved as security for deposits
of postal savings funds.
October 8, 1937.
57 Broadway, New York City, N. Y.
Further information and circulars can
be obtained through your dealer or
ir
Notices
Charles R. Dunn
Banks
For the Federal Intermediate Credit
at
Glendora, located
Glendora. in the State of California, is closing
All note holders and other creditors
its affairs.
Nassau
Street
New York City
•
Dividends
The First National Bank of
FISCAL AGENT
31
Company that the
given by the undersigned
October
""March 4, 1923 As Amended
ceptable
in
German External Loan 1924
Exempt from Federal, State, Municipal
and
Chronicle
of the
COLUMBIA
association
to present
are therefore hereby
notified
the notes and other claims for payment.
O.
W.
CHAMBERLAIN, Cashier.
Dated July 23, 1937.
CORPORATION
The First Central National Bank of Calexico
located at Calexico, in the State of California is
The
declared
closing its affairs.
POUGHKEEPSIE
All note holders and other
creditors of the association are therefore hereby
notified to present the notes and other claims
for payment.
E. R. GILMORE, Cashier.
Dated July 16, 1937.
PLANT
16,000 square feet of good manu¬
facturing or warehouse space.
Sprinkled, Otis elevator, brick
and mill construction, large plot
land.
of
tions.
Excellent
labor
Notice is hereby given, that
Bank,
condi¬
at
$15,000. We invite
your thorough investigation of
this unusual opportunity.
Binghamton, N. Y.
Stock, 5% Series
No. 34, quarterly, $1.25 per share
5% Cumulative Preference Stock
No. 23, quarterly, $1.25 per share
The Kent National
Common Stock
No. 35,
All note holders and other creditors
are therefore hereby notified
payable
present the notes and other claims for pay¬
Dated August
at
OLIVER, President.
tbe
October 7, 1937
JAS.
Dated August 24.
P.
The United
Electric
BURNEY, Cashier.
1937.
One Exchange
The
CORPORATION
and
Reserve
Fund
in
Silver (Hongkong Cur¬
rency)
Reserve
Cotton—
Friendship-
A.
72
G.
.....
(Hong¬
HS20.000.000
KELLOGG, Agent
WALL STREET,
NEW YORK
INC.
STOCK
EXCHANGE
BUILDING
PHILADELPHIA
sort
friendship—the
same
of mutual faith which is
to every
business.
BUT—did you ever stop to
think of the large part played
by consistent
publicity in
share of $12.50 par value Capital Stock,
payable October 25, 1937 to stockholders of
per
record 3.00 P.M. October 20, 1937.
Checks will be
mailed by the Irving
Trust
Co., Dividend Disbursing Agent.
R. A. CLARK, Secretary.
October 5, 1937.
The
developing the initial intro¬
"Expandit" Binder
Holds
advertisement
in
"Chronicle"
will
help
form
single
a
up to a
An
of
the
or more
the
Price $2.00 each
you
Pita
friendships among
the people constituting the
Industry.
copy
thickness of 6 inches
new
"backbone"
McKENNA, Treasurer.
MINING COMPANY
Dividend No. 798
large part of the cotton
business is done through per¬
Cotton
Business Established 1912
A.
The Board of Directors has declared dividend
No. 798 of hirty-seven and one-half cents ($.37K)
A
sonal
October 13, 1937
The United Gas
of
Electric
duction?
Investment Bankers
Place, Jersey City, N. J.
Directors
J.
Advertising■
necessary
Harper & Turner
of
HOMESTAKE
H$10,000,000
-
Liability of Proprietors
kong Currency)....
Board
Gas and
Corporation
Corporation has this day declared
a
dividend
of Seventy-Five
Cents (75c.) per
share on the Common stock, without any nominal
or par value, of said Corporation,
payaDle No¬
vember 6, 1937 to |stockbolders of record at the
close of business on November 1, 1937.
Authorized Capital
(Hongkong Currency) H$50.000.000
Paid-up Capital (Hongkong Currency)
HJ20,000,000
Reserve Fund in Sterling
£6,500,000
Secretary
All note holders and other creditors
are therefore hereby notified
the notes and other claims for payment.
Foreign
BANKING
Pell, Jr.,
Bank of Fontana, located
association
to present
Incorporated n the Colony of Hongkong. The
liability of members is limited to the extent and
in manner prescribed by Ordinance No. 6 of 1929
of the Colony.
share
Fontana, in tbe State of California, is closing
its affairs.
Hong Kong & Shanghai
per
Howland H.
30th, 1937
Tbe First National
of
A.
25d
November 15,1937,to holders of
close of business October 20, 1937.
on
record at
ment.
J. Russell Thorne, Realtor
58 Exchange St.
6% Preferred Stock, Series A
share
No. 44, quarterly, $1.50 per
national banking association, located
Kent, in the State of Washington, is closing
J.
has
Cumulative Preferred
of the association
to
Directors
of
Board
this day the following dividends:
Cumulative
a
its affairs.
Price
ELECTRIC
&
GAS
Postage
The "EXPANDIT" Binder
World's
25
Spruce St.,
New York City
Vol. 145
OCTOBER 16, 1937
No. 3773.
CONTENTS
Editorials
Financial Situation..
pagk
.
...
2^35
The Supreme Court and the Average Citizen
2448
Concerning American "Isolation"
2449
Spain Will Pay Her American Debts—With What?
2451
Comment and Review
Gross and Net Earnings of United States Railroads for
the Month of August
..2454
Book Review—
America Faces Its Greatest Business Depression
Week
on
the
European Stock Exchanges
2440
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment.
2441
-.2445 & 2493
Course of the Bond Market
2460
Indications of Business Activity
Week
on
-
Week
/
'
on
..
the New York Stock Exchange
the New York Curb
2459
_.
Exchange
2460
2438
2492
News
•
Current Events and Discussions.
2474
Bank and Trust
2491
Company Items
General Corporation and Investment News
...2536
Dry Goods Trade
2574
State and
2575
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
2493 & 2501
Dividends Declared
2495
Auction Sales
2535
New York Stock Exchange—Stock Quotations
.
2502
New York Stock Exchange—Bond Quotations ..2502 & 2512
New York Curb Exchange—Stock Quotations
2518
New York Curb Exchange—Bond Quotations
2522
'
Other Exchanges—Stock and Bond Quotations
2524
Canadian Markets—Stock and Bond Quotations
.2529
Over-the-Counter Securities—Stock & Bond Quotations .2532
Reports
Foreign Bank Statements
2443
Course of Bank Clearings
2493
Federal Reserve Bank Statements
2499
General
2536
Corporation and Investment News
Commodities
The Commercial Markets and the Crops
Cotton
Breadstuffs
i
2562
2565
2570
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.
Riggs, Business
Manager.
Other offices:
Chicago— In charge of Fred H. Gray, Western Representative, 208 South La Salle 8treet (Telephone
0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright 19o7 Dy William B. Dana Company.
Entered asi second-class
matter June 23,1879, at the
post office at New York, N. Y.t under the Act of March 3, 1879.
Subscriptions
a
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
lor foreign
subscriptions and advertisements must be made in New York funds
state
#•
The Financial Situation
world safe for either
IT enunciated, since reiterated, President'senigmatic
IS now obvious that the but still recently
toward
attitude
foreign
attention from domestic
is
that
it
adopted
at the
been
special session to start
in
and
halting
the
lie
reasons
of
nature
anesthesia against
domestic involvements.
the
downward
fall
precipitate
reasons
The:
of
confidence.;
of
the
reason
before the
the
with
proposed domestic
chat," and for that matter the Administrative steps
already taken, have failed to help is
That
vs. an
"Economy of Scarcity
situation,
cause
a
of
and
"You and I
and
of
analysis
talk
the
clearly
the
of
again
once
that
situation
of
facts
now
the
to
newly devel¬
oped international
the
of
his
concern
President,
he
mind
man's
at
has
it
loses
his
off
home
our
President
mind
in
in
the
least
unless
care
he
or
lighten
really
appreciably and
Even if
them.
the
to
want
individual, without
of
course
absurdity.
to
busi¬
care
conse¬
brings, that
some
politicians
are
found of
lost
practice
stimulants
mon
obvious
customer even
neutrality law and other governmental measures
As a matter of fact,
anxiety occasioned by the President's
policies did not intervene.
the additional
foreign utterances is no greater
average man
gress,
to
chiefly because the
Recovery
the
forget
before the
Act
trials
a
were
and
his
Supreme Court
unanimous
decision
that par¬
ticular specimen of legis¬
put an end to
lative madness.
The agri¬
cultural doctrines of scar¬
city,
centralized
control,
subsidy have in actual
effectiveness
as
psychological
experience has taught what com¬
ought to have inculcated at the outset.
in general has lost its charm as
politics of the ward type, and an
of the ordinary or garden variety of
crass
want
ability
among
the
retical weaknesses of such
in Washthe basic theo¬
managers
ington have become conspicuous, as
to
National
defunct
tribulations that
can
economy
ineptitude,
wages-hours
close to the
permit the business man
by
since
sense
Managed
executive
any
to
height
their
suddenly
now
much too reminiscent
the
and
for ultimate human
higher
economic bles¬
now
Industrial
by turning to that much maligned
system of laissez faire which has repeatedly
demonstrated its ability to provide just that
in larger measure than any other plan.
existing almost everywhere abroad would make
if the
of
it
warring foreign Power a poor
now
policies have always been
intelligent students of public questions.
Budget Conscious
of affairs is fairly confident that Con¬
particularly the Senate, is not likely to support
foolish, Utopian plans he may
the President in any
be
system
If the President really wants
painting, he would still have the ordinary gumption
to understand that the state of financial debility
or
a
the whole business is the
and solely interested in the profits war
sometimes
is
an
The
over,
the soulless
ness man were
quences
seems
that
President's heart is, more¬
What
"balanced abundance without waste" he
pos¬
catastrophically
sibly
will
remain shiftless.
have
add
will
measure
that labor,
produce a
game
Presi¬
man
hours and still
under
which the political powers that be decide
how much of this or that ought to be pro¬
duced in order to provide "a balanced abun¬
dance without waste", and then proceed to
assign quotas to the various individuals
engaged in production or desirous of en¬
gaging in production, paying the efficient
to remain partly idle and the inefficient to
exercised,
is
the
of
convince the hard-
headed business
he wants is "such
balanced abundance without waste."
carrying, but will,
now
the personal per¬
further curtailment of
sing.
Of
is
can
become
governmental rules of the
agriculture and industry
load of difficulties he
the
dent
wages
What the President says
of
foreign policy will
can
even
suasiveness
and the inefficient alike.
have
new
hardly to be supposed
that
upon
borders,
form
what
since
not
helped but hurt business,
the high cost producer, but "cooper¬
ative" curtailment applied to the efficient
own
that the
the
point,
to
have
it is
illustration
the
and
raised
pressure
levels
punitive
advocated
simply
now
may
in
once
some
wages
conditions
recent develop¬
beyond
all
at
is
originate abroad, certainly
and that nothing
and
political
which tend to adjust production by pressure
that his difficulties do not
ments
down
for the farmer is not competitive
because he knows full well
not in any
by
is assumed to act
breaks
failed to take the business
troubles
to
independentlyto adjust
operations to the circumstances by which
finds himself surrounded, the analogy
turer
in
instances ridiculous ex¬
industry and trade today.
On the other hand, if each such manufac¬
presents itself.
As
economic / and
say?
Does
he imply that
these manufacturers
collusively control their production?
If so,
he can hardly hold them up as examples for
the farmer to follow, since in almost the next
breath he complains
rather bitterly about
what he believes to be lack of competition in
mean
If work¬
poisonous drugs.
ing hours shortened to un¬
tremes,
Just what does the President
aright, it is well to remind
fundamental
of
indefensible
make."
adopted to set things
ourselves
control
an
plants, throw men out of work, and cut down
purchasing power of whole communities
whenever they think they must adjust pro¬
duction to an oversupply of the goods they
policies that must be
the
as
less than
more nor
prescription ordering fur¬
ther doses of the same old
a
the
the
of
nature
about
farmer
quite conclusively re¬
veals
nothing
have heard big manufacturers
production by the
'economy
of
scarcity.'
And yet these same manufacturers
never hesitate to shut down their own huge
the
ineffective¬
the
of these steps
ness
be¬
systematic
realistic
causes
and
proposed represents
/.'.v.;
point:
simple.
very
is found in the
done and all that has been
defending his "economy of scarcity" the
President on Tuesday evening said at one
particular aspect of the
broad
reason
fact that all that has been
ft
Competition
phase
special
laid
"fireside
measures
country in the President's latest
In
or
V
be lost to sight
may
each concerned
some
Medicine
Same
but because the
plainly in view,
these
drift
of
More
Nov. 15 have not
on
in the anxiety of various
groups,
too
are
plain and too real to permit them to act as a psychic
Equally clear
administrative,
or
President about affairs abroad
ations of the
diverted
not
But the
or peace.
proposed for consideration by Congress
effective
The
has
legislative
measures,
or
business
real
affairs
difficulties.
democracy
unpleasant possibilities inherent in the recent declar¬
developing
or
may
later develop to make the
THE country,It has alwaysagain becoming budget
moreover, is been
conscious.
although
aware,
at times this awareness
has been too vague and un-
2436
Financial
realizing to be of much value, that it could not
indefinitely spending
realization
has, however,
si on
go on
than it earned.
more
Chronicle
This
men
the bankers of the
of the
of the
they
country. We hope that
country will heed the suggestion
make
and
and make
it
keep the average
man
farm
in
deficit-conscious,
matter
keenly the
intelligent business
more
feel the facts of the situation.
men may
useful to it
mo-
obtaining higher
as means of
or
better prices for
No
of
and
has
one
general willingness to "co-
often
more
or more
than President Roosevelt himself.
anything in the nature of
stances
the rank and file, however
among
inconvenient
are
buyer they constitute
emphati-
cally condemned competition as productive of evil
progress in this direction has already
made, but there is still need for greater realism
the
they
1937
products, they are an indication of "social
operate."
Encouraging
been
as
shorter working hours
consciousness"
part of their duties to
a
appear
wages,
newly elected head of the American Bankers
Association
When
16,
nopoly and therefore are to be stamped out; when
acutely into the consciousness of the vast majority
of the business
demands.
even
to the Administration
fully and
now come more
Oct.
In these circuma
"trust-busting";
campaign by the present Administration must stand
suspect at its very inception.
now
However all this may
It would be difficult
convince thoughtful men and women that anti-
to
be, continued spending at obviously ruinous rates for
trust law revision now will not have as its real ob-
political
jective
seeking
voyages
at best, in paying the costs of
purposes, or,
a
route to the rainbow's end, is rap-
idly destroying the hope which with
sisted
over
long
some
destruction, namely, that with the
of
President,
re-
emergency
now
the
of
President
are
quite effectively
dis-
when
and
Such
balancing the budget, not
but
telligent business
In-
throughout the country
men
hence.
are,
believe, rapidly reaching
we
the fact that the
factory
if
even
expenditures
so-called
balance
a
large
are as
definite realization of
were
achieved,
at present.
as
long
as
as
Certainly
a
layman's balance would bring little satismark of
status.
No program
vincing
assurance
to
which
they
American
are
toward
that does not include
better
a
some con-
that suggests increased
none
outlays, is likely to afford
ment
progress
of reduction in national expendi-
tures, and certainly
great deal of
a
business
men
in
encourage-
the
mood
in
found today.
uneasiness
more
the assertion
now
to
action, has definitely added
what
1
already exists, first by
that, in addition to legislation which
plans to place before the next session, other
latter demand has been
for
a
or
less in the
This
making
good while past, but few were prepared to
that the President
once,
more
measures.
was
say
ready to push legislation at
particularly without giving the whole question
much
more
careful
thought and study than it
ap-
parentlv has had. It will be
an
to
have long been of the
the
program.
While
we
unwelcome addition
opinion that too little rather than too much
compe-
tition existed in this country, we cannot
help sliar-
ing the dislike with which industry and trade view
the
possibility, not to
lation
say
the probability, of legis-
by the present Administration in existing cir-
related
no
that the
President and
convincing evidence
his followers
are
at
heart
particularly inteiested in full and free competition.
They
seem
straint of
to
object to monopoly,
such
alleged
same
time to bow down in
Apparently the Government
manager
practices which
as
as consumer
worship
would not be anti-trust legislation,
projects
economy measure,
to be said of the various leg-
more
being perfected, but nothing
now
gained by laboring the point. Enough has
of
means
n0
program
is
"stabilizing prosperity" has convinced
It is indeed to most
one.
of
men
experience al-
most incredible that he should make any
for
a
program
of the sort. Yet this he
although nowhere in
so many
words.
such claim
to do,
seems
He speaks of
finding "particular optimism about the good effect
business which is
jno
expected from the steady spend-
by farmers of the largest farm income in
many
jears" and immediately adds that "we have not yet
done all that must be done to make this
prosperity
stable," explaining that "the people of the United
States
checked in their efforts to prevent
were
piling
fu-
of huge agricultural surpluses and
up
tumbling prices which inevitably follow them,
They
were
checked in their efforts to
able minimum wages
en(] 0f child labor.
many groups
jess
in
purchasing
And because they were
f()
and
as a
At various other
a
lower standard of liv-
whole
can
further development of the
program
permanently al-
points he plainly endeavors
suggest that sound, enduring
Up0n
checked,
parts of the country still have
power
jng than the Nation
low."
secure reason-
and maximum hours and the
many
prosperity waits
same
old type of
that has already all but wrecked
encouraging to observe that the business
us.
uie
It
commu-
n^y at least has quickly recognized all this
as
the
What the vast rank and file
balderdash that it is.
country think of the program as outlined, if
indeed they have reached the point of thinking of it
at ap
are
except in terms of what plums they themselves
bopeful of obtaining in the process, remains
j)e seen—and therein lies the
danger.
A New Orientation Needed
It is impossible to
President is still
objects
economic planner and
it often lauds, encourages, and upon
to be permitted to exist,
re¬
practices in other forms.
to certain
may
ment, and why the President's presentation of it as
a
trade, only in certain of their manifesta-
tions and at the
to
or
ar-
adding to rather than relieving current discourage-
cumstances
designed^ tofind
strengthen the Sherman and
statutes.
TVe
even
already been said to indicate why this
the
his preferred list of
The
interested in
that he himself may decide when
it is not
program
would be
tical with those he has long sought is later to be
upon
a
islative
ture
legislation
so
more
simply another managed
legislation apparently designed to further ends idendemanded; and, second, by placing drastic anti-trust
fear, is much
There is much
on
point of fact the President, far from appeasing
demand for constructive
he
a
a year
budget situation would not be satis-
faction except as a
In
but
enlargement of the grip
himself be able to say when competition is demanded
crediting his incidental references to his plans for
now,
an
the throat of business.
competition exists and when it does not, and
being brought forward by
course
we
ranging matters
expenditures would be substantially curtailed,
Expensive projects
tightening and
a
government upon
occa-
reform
measures
escape
more
than he is in establishing condi-
tions under which business
in the normal
the conclusion that the
interested in various so-called
way
can
function effectively
to provide the people of the
conn-
Volume
145
Financial
try with the necessaries of life and
of modern existence
comforts
he is
still
unable to
pediency.
be.
may
Perhaps
almost wholly, by
or
of what he thinks to be
political
ex¬
But whatever the explanation, the course
that he has
pursued, is
now
pursuing, and from all
intends to continue
appearances
which
of the
many
distinguish between the two.
Possibly he is swayed wholly,
consideration
as
as
to
is
pursue
one
greatly burdens legitimate business and inci¬
dentally
which must ultimately discredit him.
one
He is in urgent need of honest and level-headed ad¬
vice, not from political hangers-on
from profes¬
or
reformers, but from practical-minded men of
experience in the real world in which we live. If
he
bring himself actively to seek such advice,
ought at least to
are
almost
country is faced and about the nature
of the remedies that
could
make
not
essential.
are
study with the utmost
better
a
care
York, delivered
on
ter Chamber of
City of New
Thursday last before the Roches¬
Commerce, and to apply the general
markets,
as
What is there
general.
said of the investor and his troubles
applies, mutatis
men.
"The
rapidly increasing importance of governmental
made the
every
are
ac¬
business," said the speaker, "has
investing public increasingly watchful of
governmental
future
se¬
did the speaker himself, but
mutandis, with equal force to all business
tion in the field of
and of every indication of
move
governmental policy. Few informed investors
free from
apprehension regarding the long-run
of policies already inaugurated
consequences
policies proposed.
implications of which
But this
or
of
And the questioning spreads to
wider and wider circles
as
are
dramatic
episodes, the
easily understood, arise."
leading banker devoted most of his time to
specific factors which
are
responsible for the faulty
functioning of the stock market under pressure dur¬
effects of various
public
measures
adopted in Washington during the past few years in
an
endeavor
excesses
when
professedly to prevent
of the late 1920's.
a
return of the
That is to say,
the facts
closely studied show clearly that the Adminis¬
tration,
in
attempting
abuses has succeeded in
to
stock
prevent
with
market
of
the
all
debt.
by
We
the
The
found in
measures
of the
industry thus weakened by restric¬
measures
needed,
and any
or
others like
would not be if
general policies of the government ilself were sound.
An
excellent illustration of this
in the growing public
investment
.
But
requirements.
money
as
these that the
■.
V/V"'":-'
country must
taught to think, and it is in terms such as these
that the President must learn to think if he is to
his Administration from utter condemnation
save
by
Federal Reserve Bank Statement
FUNDAMENTAL changes are of the 12 Federal
lacking this week
condition
in
the
Reserve
statement
general truth was
Excess reserve deposits
banks, combined.
of member
banks
over
legal requirements show a
in the statement week to Oct.
decline
at
This reflects
$990,000,000.
sion in
comparable reces¬
At the current level, which is rather
temporary.
than
more
a
deposits which for the most part is apt to be
above the
released
ample,
excess
reserves are
$300,000,00 gold from its inactive fund, and
the announcement
chases of
was
made that open
the Federal Reserve banks to offset any
autumn currency
and credit were not excessive.
When
we
pur¬
increase.
extensive
There is still no reflec¬
tion in the current statement of the latter part
the program
open
the
of
announced Sept. 12, and no need of
market purchases exists.
of money
The total of all forms
in circulation remains $12,000,000 under
aggregate of early September.
Gold
States
shipments from other countries to the United
now
are
lessening somewhat in size and im¬
but the movement still persists.
The
summary reflects an increase of $19,000,000
portance,
credit
in
American
monetary stocks
during the weekly
period to Oct. 13, and the new record total
is $12,-
The inactive fund continues to absorb
784,000,000.
gold acquisitions.
Federal
Reserve
Gold certificate holdings of
banks
receded
$500,000
to
$9,126,889,000, according to the current bank report,
while a decline of other cash also tended to deplete
reserves, so
that total reserves of the regional insti¬
$8,320,000 to $9,430,300,000.
A
declined
of currency
increase
an
the 12 banks
an
an
in
use
Total deposits with
dropped $40,700,000 to $7,459,892,000,
$4,291,519,000.
of member banks
902,000;
in circulation occa¬
advance of Federal Reserve notes
with the account variations
and
high margin requirements applied to loans for the purpose of
market
Treasury securities would be resumed by
consisting of a decline
deposits by $84,131,000 to $6,918,-
increase of the Treasury general account
by $7,048,000 to $83,231,000; a
increase of other
the opinion that the
carrying securities would be wholly unnecessary if the total
$230,000,000
figure prevalent just before the Treasury
foreign bank deposits by $4,297,009 to
In this connection. I want to express
13 of $100,-
000,000, with the official estimate of the aggregate
of the Chase National Bank when he said:
in
lessening the efficiency of the stock market func¬
balance
money
kept
not
;'k
admirably presented at Rochester by the Chairman
volume of
is
Once it is created, it goes where
.'
.
by $7,180,000 to
regulations.
not in the least
It has
System and the Treasury.
bank
It is in terms such
be
sioned
are
Since
gigantic scale, the
tion, but rather in sound general policy.
the
sides, the failure of government to
Most of these reform
a
remedy for stock market abnormalities is not to be
modest
them
The
trying to block it off from the stock market
are
it pleases.
ineptitude of administration have laid heavy new
tions and
Reserve
into
margin
burdens
upon
working out its natural results.
have been repeating, on
we
Federal
tutions
own
the
prevent
mortgage market and many other markets.
chiefly
gone
finances in order, and the technical
keep its
to
expansion of bank credit through the cheap money policies
the
day, and the intrusion of government into the affairs
on
the
early 1.933,
story is to be
same
told about most of the other reform
of business
tempted
we are
effort
cially in the securities market, though it a'so played havoc
preventing the market from
functioning normally. Much the
the
last great abuse of bank credit manifested itself very espe¬
ing the past few months. These factors he correctly
finds to be the
in
beginning than to
philosophy of that deliverance not only to the
curities
bank expansion from
the address of the Chair¬
to the business situation in
artificialities
new
the historian.
of the Chase National Bank of the
man
artificially generated bank expansion,
create
many
industry, trade and finance
daily saying in public about the situation
with which the
He
close heed to what
pay
leaders in the world of
have
to
2437
watertight compartments.
sional
he cannot
Chronicle
recession of
$283,014,000,
deposits by $40,680,000 to
$174,745,000.
The reserve ratio moved up to 80.2%
80.1%.
Discounts by the System increased
from
$395,000 to $23,451,000, while industrial
advances
Financial
2438
off
Chronicle
Oct.
Open market hold-
improvement in the others
ings of bankers' bills increased $17,000 to $2,830,000,
than shown in the totals.
were
but
$58,000 to $19,622,000.
holdings of United States Treasury securities
Crop Report
ment of
in general will this
by 11.9% than the
acre
to
iast year.
year's production of all
that crops
1932, and
average
for the 10 years,
a
gain this
ferent crops
creases; corn
for the 10 years, 1923
acre
wheat
average
of 3.7%.
in
the
estimates
of the
dif-
is reckoned at 2,561,936,000 bushels
estimate of
as
Sept. 1; all
on
Sept. 1; the revision in the
wholly in the spring durum
was
classification; oats
placed at 1,152,433,000 bushels
are
compared with 1,136,167,000 bushels
which
little reduced from
are a
year's
month earlier.
1928-32,
mated this year
few items
a
Sept. 1.
Most of this
close to the average
crops are
five years,
a
through the list, except for
runs
of the
crops
few exceptions being
a
year
336 retail firms failed for
ago;
in comparison with 328 dropped to 49
for $3,391,000
Wholesale trade failures
with liabilities of $1,060,000
from 69 with $1,511,000
involved last year; construction casualties numbered
36
in
comparison with
43 in
1936 and liabilities
dropped to only $431,000 from $1,148,000
there
were
a year ago;
26 commercial service disasters involving
$822,000 in comparison with 39 failures, but only
The
that the East,
and
year.
geographical separation of the figures shows
as
represented by the Boston, New York
Philadelphia
Federal
Reserve
districts,
was
virtually the only section of the country where failures
were
fewer than in 1936.
there
was
Liabilities also
In the St.
Consequently the decrease
quite considerable.
failures totaled 220
were
as
In the three districts
compared with 267 last
year,
much smaller in these districts,
Louis and Dallas districts
slightly smaller this
failures
were
but in both liabilities
year,
were
In all other districts, except Richmond and
greater.
Kansas City, liabilities
esti-
rye,
were
smaller.
Tl. New York Stock Market
Market
*
at 51,869,000 bushels compared with
of 38,212,000 bushels; flaxseed, 7,643,000
average
a
$557,000 liabilities last
since September have been mostly in-
estimate
wheat
an
ex-
at886,895,000 bushels, a million bushels higher
the
So it
is
year
than the
compared with 2,549,281,000 bushels
than
more per
is excluded from the analysis, there
year
small revisions
The
yield
if cotton, which this
even
pected to yield 47% more per
is
It indicates
crops.
year
In the
13,006,000 compared with 107 failures involving
$3,212,000
THE Oct. 1Agriculture confirms earlier estimates .$3,074,000
general crop report of the Departof this
marked
more
creased in all lines except commercial service.
of
Government
much
Liabilities however de¬
manufacturing line 117 houses failed with liabilities
quite unchanged at $2,526,190,000.
were
was
m7
16,
F A bLRIES of active markets thls week- etocks
bushels, and rice, 52,073,000 bushels compared with
1 tontln"ed to drift downward with occasional offsettmS rallies that kePt the net declines t0 rather
42 826 000
more reasonable proportions than have been common
bushels this year as
bushels
Stocks of
than
corn
a
grains
are
an average
of 15,996,000
average
farms
on
in the
year ago
stocks
against
case
the lowest
chiefly to last year's
as
larger
are
of wheat and oats, but
on
very
of Oct. 1
record, due, of
small
corn
course,
partly to relatively heavy feeding last winter.
60,760,000 bushels of
remained
and
crop,
Only
farms
as
compared with 175,222,000 bushels in 1936, and
an
for the five
average
years
Wheat stocks of
busliels.
almost
corn
on
(1928-32) of 154,903,000
333,746,000 bushels
were
50% higher than last year, but 75,000,000
bushels under the
aggregating
five-year
912.274,000
682,920,000 bushels last
year
on
farms,
with
compare
and 941,801,000 bushels
for the five years.
average
Oats
average.
bushels,
.
of late" New lows for the year once a«ain were re"
corded by the hundreds on the successive waves of
liquidation. Ihe dealings were suspended on Tuesday d'or *be E<dumkus Day observance, but on all
other days sharP "^idating movements took place,
wIth buyin« usually assl,millS Prominent
Prance, and the volume of trading varied sharply,
with over 2,500,000 shares traded in Wednesday and
yesterday, while in other sessions the average was
about 1,500,000 shares. All groups of issues were affected> with indl,strial Ieaders more vulnerable than
utility stocks. Railroad shares tumbled with the
rest.
Failures in September
propor-
tions 011 the new Iows- The raPid downward and
uPward swill-s Bave the market a hiSWy nervous aP"
Prominent average
tabulations indicate that
the great bulk of the advance from 1935 to the be-
SEPTEMBER failures, totaled to the than 564, Foreign holders of American shares were reported
records of ginning-of this year now has been relinquished.'
Bradstreet, according
Dun &
no
more
the smallest of any month since 1920.
The report is
approximately what might have been expected, inasmuch as failures in the past decade or so have
gener-
lieavy sellers at times, but buying also was said to
bc in progress occasionally by such investors. On
tlie whole, the situation remained quite confused,
ally reached their lowest point in September, and in
an(i the search for causes of the drastic recession
view of the fact that failures in the earlier months of
continued.
this year were
There was some expert testimony available this
week as to the stock market collapse, and some ex-
mostly the smallest for the respective
months since 1920.
failures,
Liabilities involved in
amounting to
September
$8,393,000 show
similar
a
comparison, but have been slightly lower in
months
during the past
drop in failures
were
as
year or so.
There is
a
a
few
marked
compared with August when there
707 casualties with liabilities of
$11,916,000.
In
September, 1936, 586 firms failed for $9,819,000.
A division of the failures
that all groups
More
by lines of industry reveals
did not share in the improvement,
manufacturers
failed in
and these
and
retail
cellent
suggestions
were
made.
Winthrop
Aldrich, Chairman of the Chase National
analyzed the recession in
manner
a
W.
Bank,
broad and comprehensive
at Rochester, Thursday, and
it is highly
significant that he attributed the depth of the
drop^
largely to governmental meddling and restrictions.
Excessive taxation and excessive supervision of the
accusative type
now
keep from the market much of
firms
the buying power that normally would assert itself
September ,_1937 than in ^September, 1936^
being the two largest industrial groups^"the
question whether the stock market collapse fore-
more
trade
on severe
reactions, Mr. Aldrich pointed out.
The
Volume
145
shadows
Financial
drastic
a
P.
business
general
mained prominent in all
recession
Ayres of the Cleveland Trust Co. tried
that aspect of the matter
yesterday in
Boston.
Colonel Ayres
expressed
opinion that the market collapse is
than
to
the
reasoned
more
technical
major economic decline.
a
declarations had
contributed
analyze
speech at
a
general, and that it does not in this
shadow
re¬
minds, and Colonel Leonard
fovqf
case
These
careful
which
in for much strain earlier in the week.
came
but with little
success,
lower.
part of Thursday, but in the final hour the market
experienced
rather
to
one
points.
seven
reassuring effect and doubtless
growing calmness of the stock
turnover
irregularly lower levels, with
panicky drops at times.
few sections showing
a
United States Government
high-grade corporation bonds
with the net declines
sessions with
some
cases.
Sec¬
thrown
were
almost
an
resistant,
were
fractional, in most
ondary and default carrier bonds
board in
toward
over¬
complete dis¬
pressure
and
equities
last
Irregularly lower prices
yesterday's session, accompanied by
fair
of
proportions.
closed yesterday at
were
severe
again turned downward, closing with losses of from
vailed in
In the listed bond market movements
and prices closed generally
Steadiness in prices was prevalent the better
the
to
2439
Some attempt at a rally was made later in the day,
a
markets
and
Chronicle
on
pre¬
sales
Electric
General
39% against 41%
a
Friday of
week; Consolidated Edison Co. of N. Y. at 26%
against 28%; Columbia Gas & Elec. at 8 against
9%; Public Service of N. J. at 35% against 37; J. I.
Case
Threshing Machine at 106 against 122; Inter¬
national Harvester at
buck & Co. at
&
Co.
at
76% against 86%; Sears, Roe¬
65% against 71%; Montgomery Ward
39%
against 43%; Woolworth at 39%
regard of realization figures, and recessions of five
against 40%, and American Tel. & Tel. at 151%
to
against 157.
ten
points
not
were
wise
marked
were
section
for the
uncommon
Other domestic issues with
a
sharply lower.
sensational
week.
speculative tinge like-
recessions
In the foreign
occurred
Italian, Japanese and other bonds that
among
vulner¬
are
Western Union closed yesterday at
30% against 31
Chemical &
Nemours at
de
on
Friday of last week; Allied
Dye at 172 against 185; E. I. du Pont
126% against 135; National Cash
Register at 20% against 22; International Nickel
able because of the uncertain international outlook.
at 46
But
against 16%; National Biscuit at 20% against 22;
rallies
also
offset much
and
occurred
Latin American default issues
losses.
drastically
liquidation
on
were
of
the
lowered
by tired holders.
The
commodity markets joined the downward movement
on
Monday, but the tendency
after.
Foreign exchanges
much
steadier there¬
was
were
maintained without
change, chiefly through continued interven¬
tion of the various stabilization fund controls.
gold movement to the United States
nounced than in
On
the
touched
Stock
Exchange
no
New
the
new
Stock
York
one
1
*
stock
while 867
year
On the New York
stocks touched
and 499 stocks touched
on
Exchange
low levels.
new
new
high levels
low levels.
Call loans
Exchange remained
un¬
On the New York Stock
session
shares;
Tuesday
on
Monday
on
was
Exchanges;
Exchange the sales at the
Saturday
they
Saturday
were
358,580 shares;
on
112,225
on
the
shares;
on
Exchange the sales
shares;
on
Monday,
Wednesday, 605,210 shares;
prices
on
on
the New York stock market
present week were mostly toward lower levels.
market evidenced
thereby reduced
movements
some
strength and
extent.
losses to some
Saturday last, and equity values
closed
Narrow
reflected in the short trading ses¬
were
firm.
markets at the
On
on
the
Monday weakness in the
principal financial centers abroad
depressed trading marts at home and prices showed
a
consistent downward trend.
on
Tuesday
and
Columbus Day inter¬
domestic
closed in honor of the occasion.
exchanges
were
Early strength
on
Wednesday gave way to sweeping declines after the
first
two
hour, and stocks touched the lowest levels in
years.
duced
22% against 25%.
sought lower levels this week.
United States Steel closed
70%
on
yesterday at 67% against
Friday of last wek; Inland Steel at 75
against 82; Bethlehem Steel at 56% against 60%,
and
Youngstown Sheet & Tube at 46% against 49%.
In the motor group,
at
Auburn Auto closed yesterday
8% against 12 on Friday of last week; General
at
40% against
45%;
Chrysler at 70%
against 84%, and Hup Motors at 2% against 3.
In
Goodyear Tire & Rubber closed
week; United States Rubber at 29 against 34%, and
B. F. Goodrich
shares
at 18
against 23%.
The railroad
suffered further declines the present week.
Pennsylvania RR. closed yesterday at 24% against
25%
on
Friday of last week; Atchison Topeka &
Santa Fe at
44% against 50%; New York Central
20% against 23%; Union Pacific at 92 against
at
Southern
Pacific
Among the oil stocks, Stand¬
98%; Southern Pacific at 22% against 27;
At times the
vened
stocks
steel
'
_
on
National Distillers at
yesterday at 21% against 26% on Friday of last
1
The trend of
whole
against 23; Canada Dry at 12% against
14; Schenley Distillers at 29% against 33%, and
488,980
Thursday, 397,515 shares, and on Friday, 531,635
sion
hol at 20
17% against 18; U. S. Industrial Alco¬
shares;
shares.
the
Lorillard at
were
Wednesday, 2,567,030
On the New York Curb
shares.
against 164; Standard Brands at 9% against
1,747,945
last
were
Thursday, 1,681,430 shares, and on Friday, 2,538,280
last
against 51%; Eastman Kodak at
the rubber group,
Columbus Day and a holiday
on
Sulphur at 29% against 31%; Conti¬
10%; Westinghouse Elec. & Mfg. at 104 against 110;
Motors
changed at 1%.
half-day
160
The
high level for the
new
less pro¬
was
Gulf
Texas
nental Can at 48
months.
York
New
a
stocks touched
Curb
some
The
against 48%; National Dairy Products at 15
by
Presumably this adverse turn was in¬
heavy
liquidation of margin accounts,
Railway at 13% against 16, and Northern
13% against 16%.
at
ard Oil of N. J. closed
on
yesterday at 51 against 53%
Friday of last week; Shell Union Oil at
17%
against 18%, and Atlantic Refining at 20% against
22%.
In the copper group, Anaconda Copper closed
yesterday at 31% against 34% on Friday of last
week;
American
Smelting
&
at 57%
against 31%.
Refining
against 61%, and Phelps Dodge at 30%
Leading trade and industrial reports show modest
recessions this week, but not on a
scale at all com¬
parable with the stock market drop. Steel opera¬
tions for the week ending today were estimated by
the American Iron
and Steel Institute at 63.6% of
capacity against 66.1% last week and 75.9% at this
time last year.
Production of electric energy for
.
2440
tlie
week
Electric
ended
0 is
Oct.
Institute
at
Oct.
Chronicle
Financial
1937
16,
commodity stocks joined the downward procession,
reported by the Edison
losses also
and
2,280,065,000 kilowatt hours
registered in Anglo-American
were
Tuesday,
opening,
favorites.
week
gilt-edged issues rallied in London, and the initial
recessions thus were mitigated
But losses were
and
2,169,442,000 in the corresponding week
of last year.
Car loadings of
week to Oct. 9 total
815,122
American Railroads
of
32,123
As
announces.
closed yesterday at
closed
The
December oats at Chicago
with
against 16.68c. the close
Domestic
20
week, and cable transfers
3.36^.
were
In
quiet session yesterday
a
steady and
stocks.
some
industrial and
clines
Friday
Rentes displayed
other
equities.
international
cessions
in
were
Reports of the de¬
securities.
periods of pronounced softness alternating
toward lower levels at
was
the blame
the New York recession.
on
fication for this view appears now to
as
cern
is felt in
the
to the
Some justi¬
that
Rentes
questions
course
being raised
now
international animosities.
and the
as
well.
The
Less
were
tone
con¬
securities
the basis of the better London
Thursday
on
irregular,
were
extreme, with periodic
emanating from both conflicts.
the withdrawal of Italian
volve other countries in
modity price declines
are not
encouraging.
factors, it is hardly surprising that
European markets
reflected
nervousness
and
apprehension this week.
The London Stock
Exchange
unsettled, Mon¬
The
at
ousness
interest
small
-
Almost all
to
Base metal, rubber and other
nevertheless
losses
on
were
outlook
foreign markets occasioned
any
re¬
and
nerv¬
buying
offerings sufficed to produce large
liquidation developed
one
to two
points
Tuesday,
were numerous.
equities joined in the downswing, while
were
An announcement of
dull and
a
fractionally
German agreement
guarantee Belgian neutrality changed the atti¬
ternational
sharply.
sizable
uncertain international
fixed-interest securities
Continental centers, and
tively large losses, and most industrial issues like¬
The
the Berlin Boerse was quite modest,
and declines of
tude at
complications.
steady
a
Paris yesterday.
arranged easily with funds at 4%%
Fresh
day, by heavy liquidation from Amsterdam and other
by the international politi¬
British funds closed with rela¬
Small dealings and
Berlin, and in the absence of
recessions.
lower.
was
on
the recessions
re¬
In view of
were
International securities
from
reported
but
corded.
Com¬
the world-wide scale
marked lower and recessions also
good demand.
were
Monday,
only to in¬
dangerous situations.
on
in
Trading
war scares
troops from Spain, and
appear
were
against 4%% at the last month-end.
proving
Attempts to force
Japanese in China,
cently witnessed
are
Italy intends to occupy the Balearic Islands.
carryover was
Spanish civil
Japanese invasion of China
troublesome in the
wise receded
on
large in French equities.
of business unquestion¬
out
cal
International
shares.
Movements
tone.
Europe about the business trend than
all the adverse
industrial
joined the upswing,
holiday interrupted the
war
the
and
to lay
But the world political
a
factors of importance
to check the
Good
ing the international situation occasioned by fears
uncertainties and
were
manifested
was
owing in part to the renewed apprehensions regard¬
proceedings at New York.
ably
program
exist, since the
Tuesday, when
everywhere
con¬
reported good gains in American
London market
stocks last
The
Bourse
inquiry also was reported for French bank, utility
London, Paris and Ber¬
was
equities.
the
Wednesday, when rentes again moved higher.
The general trend
lin, and in all instances the inclination
its
and
Government
occa¬
on
on
were
Fresh confidence in the French
tinued to recede.
MARKEThighly uncertain this week, with
trends on European stock exchanges
relatively stable sessions.
securities listed
re¬
Dealings
fairly active at Paris, and gains
recorded in rentes and most French
international
were
firmness
occasioned sensational
other markets
on
Tuesday
on
European Stock Markets
with
securities
regarded with satisfaction in most financial
in almost all divisions.
of last week.
sional
gains appeared
But international
throughout, but losses were large in French bank,
Paris closed yesterday
against 3.30%c. the close
as
degree of
a
circles, the Bourse on Monday registered large losses
Friday of last
on
irregular, and
were
Although results of Cantonal elections in France
yesterday at $4.96 1/16
on
uncertain,
was
soft.
were
foreign exchanges the cable
London closed
on
Thursday
on
prevailed with respect to Anglo-
favorites.
industrial
were
Friday of last week,
against $4.95 7/16 the close
as
at
on
also
British funds
on
was
The trend
American
closed yester¬
copper
Friday of last week.
In the matter of the
-transfers
Commodity issues im¬
gilt-edged securities mostly lower at the end.
nervousness
in
the close
on
funds, while industrial issues likewise re¬
persistent demand.
Industrial stocks
on
spot silver in New York closed yesterday at
44%c., the close
in Europe. Substantial gains were recorded in
securities.
The spot price for rubber
as
price of bar silver yesterday
pence per ounce,
subordinating everything to the maintenance of
flected
Friday of last week.
and
losses
the
such issues
The tone improved Wednesday, when it
British
on
day at the dual price of 12c. to 13c., the close
In London the
of
reports
late dealings
in
but
proved and small gains were registered in American
Friday of last week.
Friday of last week.
overnight
the
sharply and closed with small gains for
day.
peace
spot price for cotton here in New York closed
16.47c.
on
York,
of
Chicago
yesterday at 8.56c. as against 8.05c. the close
was
first
New
appeared that France would follow the British ideas
yesterday at 29%c. against 29*4c. the close
yesterday
the
the
Friday of last week.
on
in
advanced
mar¬
yesterday at 58%c. as against 59%c. the close
Friday of last week.
on
corn at
joining
stocks
Anglo-American shares dropped sharply
at
for wheat in Chicago
December
an
industrial
with
(at
100%c. against 99%c. the close
Friday of last week.
on
movement.
decrease
of the commodity
course
the December option
closed
general,
a
figure for the similar week of 1936.
indicating the
kets,
freight for the
the Association of
This is
cars,
from the preceding week and of 5,448
cars
from the
cars
revenue
After
unsettled
against 2,275,724,000 kilowatt hours in the previous
Berlin, Wednesday.
This
move
toward in¬
appeasement was followed by
a
rally that took in all sections of the market.
vances
in
sharp
Ad¬
leading issues ranged from two to four
points, while fixed-income securities also
were
in
Volume
Financial
145
The trend
demand.
Thursday again was uncer¬
011
declines
Small
tain.
appeared in
majority of
a
equities, but fixed-interest issues remained in de¬
and
mand
with
closed
fractional
Trading
gains.
2441
Chronicle
called
"nothing
fense."
her
more
than
a
of self-de¬
measure
Although China never sent a soldier outside
boundaries, that country was accused of
own
having mobilized
"huge number of troops against
a
yesterday was on a small scale, with buyers reluc¬
Japan," and this "forced Japan to take military
tant.
action."
Leading issues
marked
were
three
two to
The usual bland denial of territorial am¬
bitions
points lower.
included in the statement.
was
Japan and China
Foreign Policy
INTERNATIONAL denunciations of the Japanese
THERE was continued speculationthe real sig¬
throughout
regarding
1
nificance of the
invoke the
world
the
made
The
at
this
week
startling statements
on
world affairs
Chicago, Oct. 5, by President Roosevelt.
speech in
which
the
roundly
President
nounced international lawlessness and
de¬
flagrant dis¬
invasion
started
of
for
a
gathering of the
evoked characteristic responses
persistent demand in
a
definition
clearer
States for
the United
The "concerted action"
a
intentions.
Administration
of
It also
in other nations, and
suggested by Mr. Roosevelt
Chicago, and the reference to a "quarantine" of
at
the
plainly called
epidemic of world lawlessness,
for
public indications of the course along which the
matter of
tions
chats," delivered over aerial networks last
Tuesday.
In the course of that speech lie assured
the
that his
country
World War
but
Power
do."
"not to
what
own
during the
experience
period taught him not only what to do,
The purpose of
the Nine-
Treaty conference, he said, will be to seek by
That
Mr. Roosevelt
solution,
Nine-Power
any
treaty conference, no
made
in
and
really are
responsible for the conflict and that Japan enter¬
tains
a
If the situation were
territorial ambitions.
110
tragic, such statements might be accepted as
occasion for humor.
Slightly more realistic was
pronouncement at Shanghai, last week, by the
Japanese commander, General Iwane
expressed
an
Government
nese
are
"prepared to use every means within their
From the Chi¬
to subdue their opponents."
power
Matsui, who
intention of "scourging the Chinese
and army," and added that the Japa¬
reported that poison gas has been
by the Japanese, but the latter deny
reference
Prime
Japan.
by Mr. Roosevelt and the League of Nations,
used
to
weapon so
Minister
Neville Chamberlain addressed a Conservative
party
meeting at Scarborough, England, late last week,
was
that this
far has been employed.
Preparations for a Nine-Power Treaty parley occu¬
this week,
It seems clear
pied the leading chancelleries of the world
but
progress
that
to the President's initiative were
England
In reply to the declara¬
emphasized,
such contingency was made in the speech.
Direct responses
daily occurrence.
tomary announcements that the Chinese
ing China and Japan.
a
cities along the
side it
Although it appeared prob¬
Japan would refuse to attend
while
the entire seaboard also remain a
nese
requires the cooperation of other signatories, includ¬
able at the time that
war,
in
agreement a solution of the present situation
China.
of
Japanese Foreign Office issued one of its cus¬
the
an
of his
on
theater
bombings of
airplane
Yangtze and
The President returned to the
one
The struggle that
war.
Chinese
northern
Japanese
foreign affairs of the country were being directed.
problem in
undeclared
Peiping early last July continues to
near
vast
less
"fire-side
have occasioned no
with unabated fury around Shanghai and in
the
maneuvers
the
of
course
rage
stimulating the
China, and the ponderous effort to
change whatever in the Japanese endeavors or the
regard of treaty obligations had the practical effect
nations concerned in the Nine-Power treaty.
of
Nine-Power Treaty,
painfully slow.
was
adroit maneuver at Geneva, where the text
an
of Mr. Roosevelt's
before the actual
Chicago speech was available long
delivery, prompted the League sug¬
gestion for a gathering of nations
Nine-Power
interested in the
The hasty assurance by our State
pact.
would attend
declarations that Tokio
invitation and would not be
of the speech the
British leader
Department that the United States
welcomed the "clarion call" from the
United States,
followed, despite Japanese
and in the
and
course
promised that the British Government would be
"whole-heartedly with him" in any concerted move
for
peace.
"Hitherto it has been assumed," Mr.
Chamberlain
added,
"that
United
the
States
of
America, the.most powerful country in the world,
would
remain content
a
frankly isolationist
But President Roosevelt has seen that if
policy.
what he
calls
allowed
to
attack.
In his
an
epidemic of world lawlessness is
spread
no
country
declaration
return to belief in the
of
with
will be safe from
of the necessity for a
pledged word and the sanctity
treaties, he has voiced the conviction of this coun¬
own." In Tokio the remarks
by Mr. Roosevelt apparently caused much perturba¬
tion, and an official Foreign Office statement was
issued last Saturday in which Japan tried to lay the
try as well as of his
blame for the
of
China.
Washington
Sino-Japanese differences at the door
Both
the
State
League of Nations and
Department
the
"misunderstand
Japan's true intentions," according to this declara¬
tion.
to this
The present
struggle
was
caused, according
version, by "irregular attacks" on Japanese
troops in north
China, and the whole sequence was
refuse
would
any
swerved from its course.
There is still no reason to
diplomatic
explorations are proceeding.
Early suggestions
from Europe that the meeting be held in Washington
quickly were squelched, and it became known last
Sunday that Brussels was under consideration.
Belgian diplomatic representatives sounded out the
Japanese, who again were reported unwilling to
that
assume
Without the Japanese, of course, any
attend.
Nine-
be little more than
farce, unless the nations concerned are willing to
Power
a
Japan would attend, but
risk
a
The
more
pact meeting is likely to
major conflict.
fighting at Shanghai continues to attract
Japanese invasion of
attention than the major
Northern China,
terests in the
the
owing to the extensive foreign in¬
Yangtze area.
Heavy rains hampered
military operations early this
week around the
inten¬
International Settlement, but the conflict was
sified
beginning
on
Wednesday, with the long-post¬
poned grand push of the Japanese
way
apparently under
by airplane
at last. The attack was accompanied
attacks
of great intensity on all
means
of trans-
2442
Financial
portation, in the
from
Shanghai.
that attack
of which three British Em-
course
bassy automobiles
machine-gunned 14 miles
were
Fortunately
no one was
by the Japanese.
tional
Settlement caused
cruiser
American
nese
the
in
wounded
struck
street
a
and
of
course
the
An
radioman
battle.
in-
the Amer-
were
One
and killed 50 persons.
car
bomb
The Jana-
reported making only modest progress in
were
Foreign Minister Yvon
Delbos made it plain that the French Government
longer inclined to temporize, and would take
was no
counter-weight to the Italian aid extended General
even on
Navy
These developments were followed immediately by
threats of action in France.
deaths and
numerous
a
threatened
Franco.
*
But
measure
of
British
the
aiding Valencia
Paris reports began
Italian
the
proposal for placing the matter again
l>e accepted.
It
indicated, additionally, that
was
about Italian aid to the insurgents
Casualties
attack.
be
and
scope
intensity of the
both sides
on
believed to
were
enormous.
really
preventing Italian
own
Japanese had things pretty
and they began to talk
way,
con-
fidently this week of extending the drive to
Yellow Kiver.
The main
the
Japanese columns advanc-
not
are
control
Balearics in the event of
In northern China the
much their
London and
before the ineffectual non-intervention group would
the
the
a
to suggest, last Sunday, that
t he two countries
despite
as
Foreign Office decided
otherwise, and France trailed along.
their endeavor to drive the Chinese defenders from
area,
1937
16,
the
Augusta, anchored off the Bund.
marine
Oct.
of the Interna-
area
juries within its boundaries, and
ican
injured in
Artillery engagements
Thursday in the immediate
on
Chronicle
much concerned
so
as
they
are
occupation
or
phasized additionally in Paris
it
revealed that
was
sea
the
insurgent victory.
an
question of Mediterranean communications
ling the strip of
about
of
The
was em-
Wednesday, when
on
Anglo-French fleet is patrol-
an
between Majorca and Minorca,
ing along the Tientsin-Pukow Kailway and the Pen
with
ping-Hankow Railway
island by the fascists who long have been entrenched
are
making huge strides.
important rail junction of Shihkiachwang
The
was cap-
tured
view to
a
Majorca.
on
preventing seizure of the smaller
Just before Premier Mussolini called
by the invaders last Monday, and another
Japanese force now has taken the Shansi Province
the Anglo-French bluff about opening the Franco-
railhead at
Italian
Yuanping, endangering the Chinese
of that
trol
column
province.
In Shantung Province
Chinese armies still
admittedly
the
is of
remain, and this circumstance
some
the
to
concern
that suitable counter
Japanese
Be-
Japanese forces important
occasional hints from the
are
over,
one
already is nearing the Yellow River.
tween the far advanced
There
con-
moves
invaders,
Chinese,
more-
will begin when
Spanish frontier, it
was
stated in London that 15,000
troops, together with suitable supplies of
airplanes, tanks and ammunition, had been landed
at Cadiz
recently to augment the forces aiding Gen-
eral Franco.
don and
After the diplomatic retreat by Lon-
Paris, nothing
more was
movements, but from Rome
contingents
were
came
heard about these
reports that large
being transferred also to Italian
Libya, in north Africa, where they
to prove
are sure
deeply within Chinese territory,
Meanwhile, Japan is pulling the belt ever tighter,
a source
with
bear out the reports of more extensive Italian aid,
restrictions
new
Monday.
imports announced last
on
Some 700 items of "luxury" consumption
barred
were
are
altogether.
ing Japan $5,000,000
The
war
day.
a
o
is said to be cost-
of worry to Great Britain and France.
The fighting within Spain appeared this week to
for the insurgents attacked
newed
vigor.
city of Gijon
v
claimed
.
achieve
to
semblance
some
of
general European neutrality toward the contestants
in the
Spanish civil
defeat, moreover,
British and French
defeat this week.
war met
can
Foreign Offices.
rebuffed the two democratic
vited
ome
conference
increased
Genera
^
ed
no
re
States, which had in-
Italian
aid
for
the
Francisco Franco.
ast
Saturday.
erence
a
three-Power
Spain, and all indications point to
invitation and
renc
lis
Italy suavely
early in October to attend
on
The
hardly bolster the pride of the
to any
frontier, but the
insurgent forces of
Texts of the Anglo-
the Italian reply were
pub-
The invitation naturally made
opening of the Franco-Spanish
numerous and continual threats to
in view of the Italian refusal to confer.
the foreshadowed
tire
course
en-
Committee, and Rome added that
delegates would attend
unless
German
officials
any
meeting
also
given in Berlin, at the
Reich would
extend
were
same
on
no
Italian
the matter
invited.
Hints
time, that the
cooperate fully with Italy and would
great aid to General
Franco, in the event
France opened her frontier to aid for the Valencia
lovalists.
pushed, and by Thursday it
was
was
An order by the loyalist regime for the
impression that the town
pfcely to fall into insurgent hands.
subjected
is
was
But the chief
war.
fighting developed
Aragon front in northeast Spain, where esti-
on
mates of the effectives
^0
soon
Madrid
Monday to the worst artillery bombard-
on
ment of the
240,000.
engaged ranged from 180,000
Loyalists assumed the offensive
sectors of the 150-mile
|0
advance
ported
on a
mechanized
weather
an
elsewhere.
armies
Airplane combats
now
were
called
indecisive,
remains
struggle
on some
front, while insurgents tried
were
re-
large scale, and all the devices of modern
at hand it is
overwhelming
least Ilnti] next
into
But the
use.
and
with
wintry
generally expected that
military victory is unlikely,
at
gpring.
Belgian Neutrality
Italy took
suggesting that the
problem be referred to the London Non-Inter-
vention
were
of
was
re-
the key
on
j^moval of the gold and bank reserves from Gijon
all
confirmed
aid the
Spanish loyalists unless Italy withdrew her
troops from Spain remained an awkward problem,
all fronts with
by the insurgents that the defense
crumbling.
STILL another effort by the British and French
Governments
on
The assault in Asturias
FJROTRACTED negotiations between German and
I
Belgian authorities
day,
Reich
through
were
completed
on
Wednes-
exchange of notes in which
the
formally guaranteed the territorial integrity
of the small
by
an
country.
This action
Chancellor Hitler last
pressed
a
was
January,
foreshadowed
when
he
ex-
willingness to guarantee the neutrality of
Holland and Belgium, as part of a general program
for
European appeasement.
The Netherlands Gov-
einment declined the invitation with
thanks, and
an
Volume
145
Financial
that Dutch defenses
assurance
considered suf¬
were
ficient, but Belgium promptly took steps to have the
German assurances reduced to
ing.
a
formal undertak¬
To this end the British and French Govern¬
ments last
April released Belgium from her Locarno
Chronicle
2443
cessfully against Italy during the Ethiopian episode.
Premier Mussolini still has that incident clearly
mind, for autarchy
he delivered last
the
Central
Monday at
obligations, while continuing the joint pledge of
the economic affairs of
diminished
Government
man
joins in this guarantee by de¬
now
claring that it is ready, "just
French
in
as are
the British and
Governments, to grant assistance
she should become the
case
to Belgium
object of aggression
Italian
those
re¬
up
again probably added to the fervor
reserves
of the address delivered
Italians
impair the inviolability and in¬
tegrity of Belgium."
this statement
tion to peace.
Rome
was
been
an
important contribu¬
given that
were
similar declaration.
a
There
tendency elsewhere to minimize the signifi¬
of the move, even
cance
as
Italian intimations
would make
soon
no
In Berlin and Brussels alike,
hailed
was
though the Reich lately has
making neat distinctions regarding the observ¬
of
ance
treaties
that
conform
to
international
morality and others that do not.
his
usual
"the
that
products which
be
of
reflecting political sentiment in periods between
great national plebiscites.
was
afforded last
where
Sunday in about 1,000 districts,
3,500 local offices
candidates.
As
A test of French views
were
all such
on
contested
by 16,000
transcendent
problem
national
affairs.
was
that of popular
senti¬
The results indicate that
no
ma¬
terial alteration of views has occurred since the last
general election.
received
clear
a
In districts where
no
be the usual "run-off" elections tomorrow.
acquire
an
renounce
can
are
trade balance."
The
corporation heads, accordingly,
produced a program for intensified agriculture and
the internal
similar
production of textile fibers, sugar and
products,
scale that presumably would
on a
satisfy Italian requirements.
such
materials
raw
to
the
the
iron,
as
proposals
On the question of
copper, manganese and
suitably
were
metals do not grow
meantime," said
for
vague,
in Italian soil.
illuminating dispatch
an
York "Herald
the New
Tribune," "the public's
autarchy complex is being stimulated by frequent
articles
the press,
in
cerned
to
which
the
overcome
workmanship
foreign
are
particularly
con¬
preference for articles of
those of Italian
to
manu¬
facture."
Discount Rates of
Foreign Central Banks
THERE have been no changes during the week in
the discount
of
of the foreign central
rates
any
Present rates at the
banks.
leading centers
are
shown
in the table which follows:
DISCOUNT RATES OF
candidate
majority, last Sunday, there will
must
our
occasions, strictly local
Front, which currently directs
nation
not indispensable and which
questions determined many of the results, but the
ment toward the Left
whole
In
Duce informed
replaced by our products with advantage to
"In
the
•
II
manner,
autarchy mentality and must be willing to
these essential
COAL elections States, occasionally have the virtue
United in France, as in Great Britain and
The entire
attended the session.
resources,
dictatorial
aluminum
French Cantonal Elections
by the Premier.
Cabinet, and heads of 22 corporations formed to
Government "confirms its determination under
no
The Ethiopian war
sharply, and the difficulty of building
serves
exploit Italian
circumstances to
Italy.
gold and
foreign exchange
invasion." Excepting
only the circumstance of a
Belgian military action against Germany, the Reich
or
meeting in Rome of
a
Cooperative Committee, which directs
assistance in the event of
any aggression.
The Ger¬
in
the keynote of the address
was
FOREIGN
Rate <n
Pre¬
Rate in
Effect
Pending
Date
vious
Oct. 15
Country
CENTRAL BANKS
Established
Rate
jPre¬
Effect
Date
vious
Oct. 15
Country
Established
Rate
selections, it
appears
that
a very
modest
swing to the Right has taken place, for the Com¬
munists lost
little
a
strength to the Radical-Social¬
ists, who comprise one of the moderate groups in
Holland
2
Dec.
2 1936
2X
July
Hungary...
4
Aug. 28 1935
4X
4 X
India
3
Nov. 29 1935
2
10 1935
1 1935
May 15 1935
4"
July
2X
Ireland
3
June 30 1932
3X
3 X
Bulgaria...
6
Aug. 15 1935
7
Italy..
Canada
2H
Mar. 11
Chile
such final
4
Jan.
24 1935
Colombia..
4
July
18 1933
Lithuania..
5X
3
Jan.
1 1936
3X
Morocco
6X
May 28 1935
4
Jan.
2 1937
5
Norway
4
Dec.
4
Oct.
19 1936
3X
2X
5X
Poland
5
Oct.
25 1933
Portugal...
4
Aug.
11 1937
Rumania..
4X
Dec.
7 1934
6
4X
South Africa
3 X
May
4
5
July
15 1933
10 1935
3 X
3X
Bat a via
4
Belgium
1 1936
Mar.
Austria
Argentina..
1935
Japan
4~x
Java
5
Jugoslavia.
Czechoslo¬
France, despite the
Premier Camille Chau-
name.
vakia
Danzig
temps considered the balloting "very satisfactory,"
Denmark
England
2
June 30 1932
and he
Estonia
5
Finland
4
Kept. 25 1934
Dec.
4 1934,
in
not
expressed relief that "the national unity is
danger."
accepted
as an
ate program
cautious
In a larger
sense
the voting
was
endorsement of the carefully moder¬
.
.
6 1936
5
3.65
Jan.
1937
4
Feb.
1
1935
ex
July
5
14
1 1936
5 1936
6
4X
3X
6
4X
4
Sept. 30 1932
5
Spain
Sweden....
2 X
Dec.
1933
3
Jan.
4 1937
7
Switzerland
IX
Nov. 25 1936
2
Rept.
3X
.
Greece
_
2 1937
1
5X
Foreign Money Rates
It
also
was
considered
that
general
IN bills Friday market discount rates 9-16%
LONDON open
9-16%
against for short
on
cur¬
and if this interpretation is correct
moves,
Cantonal
elections
may
bills
have far-reaching sig¬
nificance, since the tripartite agreement
bolstered
be
materially
by
as
freshened
against 9-16%
call at London
on currency
the
were
on
as
Friday of last week, and 9-16% for three months'
on
may
Apr.
3
...
18 1936
6
France
Germany
adopted in internal affairs, and of the
approval had been granted the budgetary and
the
4
May
foreign policy of M. Chautemps and his
Ministers.
rency
4X
3.29
on
on
Friday of last week. Money
Friday
was
J^%.
At Paris the
market rate remains at 3%% and in Switzer¬
open
land at
strength of the Left Front regime.
1%.
Bank of
England Statement
Italian Autarchy
ITALIAN exponents ofcurrently are of autarchy,
authorities the dogma the most deter¬
mined
THEfurther gain for £41,182 inended holdings shows
statement of the week gold Oct. 13 which
a
or
together with
to
tion,
adopt if and when external purchasing power dimin¬
Gold
national
ishes.
The
virtue of
tion
self-sufficiency, which all nations
poverty.
were
which
doctrine
closely
resembles
seems
making
stimulated powerfully
by the sanctions
League of Nations countries applied
a
Italian tendencies in that direc¬
unsuc¬
a
contraction of £1,975,000 in circula¬
resulted in
holdings
are
a
of £2,017,000 in
rise
again at
a new
reserves.
peak of £328,144,903
which
compares
Public
deposits increased £8,105,000 and other de¬
posits
fell
89,209,071
off
was
with
£249,732,268
£9,600,950.
Of the
a
year
latter
ago.
amount
from bankers, accounts and £391,879
Financial
2444
other
from
The
accounts.
24.6% from 23.1%
to
40.80% last
decreased £1,445,000
Of the
079.
week
a
Loans
year.
latter
and
change
we
show
ago
and
with
compares
Below
marks.
£459,451 from securities.
Below
preceding
years:
Oct.
1937
1935
1936
£
Oct.
16,
Oct. 7, 1936
oa. 7,
Reichsmarks
Reichsmarks
1935
+ 19.000
70,081,000
63,284,000
94,308,000
abr'd
No change
20,055,000
27.629,000
29,467,000
Res've in for'n currency
+127,000
5,864,000
5,453.000
4,499,000
Gold and bullion
Of which depos.
—305,118,000 5,285,420,000 4,700,029,000 3,971,339,000
132.927,000
139,621.000
134,048,000
—66,481,000
36,671,000
25,836,000
40,833,000
—15,807,000
403.863,000
424.196,000
670,271,000
+ 112,000
780,339,000
567.570.000
—5.727,000
660,282,000
Bills of exch. & checks.
Silver and other coin...
....—
Investments
14,
1937
Reichsmarks
Oct. 7,
Reichsmarks
Assets—
...—.
Liabilities—
—221,000,000 5,035,000,000 4,469,223.000 4.004,691,000
745.236,000
677,538.000
690.172,000
—92,875.000
283,967,000
+ 169,000
255,667,000
268,731,000
Notes In circulation
Oct.
Oct. 13,
the
Changes
Jor Week
Other assets
BANK OF ENGLAND'S COMPARATIVE STATEMENT
of
comparison
a
REICHPBANK'S COMPARATIVE STATEMENT
Advances
week and the
furnish
we
different items for three years:
other securities, £2,049,-
on
comparison of the different items for last
a
Oct. 16, 1937
figure, £1,589,628 was from dis¬
made in the 2% discount rate.
was
rose
government securities
on
and advances and
counts
No
proportion
reserve
Chronicle
Oct.
17,
18,
1933
1934
Oth. daily matur.
£
obllg.
liabilities
Other
...
Propor'n of gold & for'n
Circulation
Public
deposits
Other deposits
curr. to
...
Bankers' accounts.
92,921 ,450
82 ,155,775
Other
36.413 ,009
41
Govt, securities
105.088, 165
80 ,368,337
85.154,999
29.685, 002
28 ,930,370
25,308.775
20,460.546
24.056.060
13,659,966
9,468,333
8,500.529
37,760,813
9.247, 719
20,437, 283
19 377,435
63 365,573
24.6%
40.80%
2%
2%
36.91%
2%
81,468,404
54,887,739
9
552,935
15,555,531
10,992,713
81,137,217
75,367,102
328,144, 903 249, 732,268 194.503,844 192,584,337 191,731,964
Securities
Reserve notes & coin
Coin and bullion
Proportion of reserve
liabilities
to
Bank rate
48.01%
47.26%
2%
2%
Market
WITH demand funds accommodation extremely
for available in abundance,
modest and
no
change whatever occurred this week in
York money
the New
Bankers' bill and commercial
market.
dealings were small, at held-over rates.
paper
000,000 discount bills due in 273 days,
The statement for francs in of Oct. circulation,a loss
the week note 7 showed the
of 378,000,000
of which
is
now
90,991,572,545 francs, com¬
pared with 85,778,169,060 francs the corresponding
period
and 83,023,045,495 francs the year
a year ago
before.
An increase
abroad
of
and
the
The
63.38%
The Bank's gold
50.65%; last
now
previous
holdings showed
a
year
year
it
year
75.07%.
was
change, the total remaining at
no
Bills bought abroad decreased
ago.
francs
2,000,000
and
191,000,000 francs.
items with
securities
against
advances
Below
furnish the various
we
comparisons for previous years:
on
on
an
the New
Exchange were again 1% for all trans¬
actions, while time loans were available at 1%%
for
datings to 90 days and at 1%% for four to six
maturities.
New York Money
Rates
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
the
Stock
was
ruling quotation all through the week for both
and
loans
continues quiet, no
90
market for time
The
renewals.
new
money
transactions having been reported
Rates continued nominal at
this week.
1}4%
to
up
days and llA% for four to six months' maturities.
Trading in prime commercial paper has been much
heavier this week due
of
OF FRANCE'S COMPARATIVE STATEMENT
BANK
Call loans
949,000,000 francs and in tem¬
55,805,022,187 francs, compared with 62,358,742,140
francs
York Stock
with the
of 0.429%, computed
average
annual bank discount basis.
1,035,000,000 francs, in creditor
advances to State of 920,000,000 francs.
ratio is
an
French commercial
4,000,000 francs, in
bills discounted of
porary
recorded in credit balances
awards at
months'
current accounts of
reserve
was
The
Treasury sold last Monday a further issue of $50,-
Bank of France Statement
total
2.46%
11,648,809
38,286, 000
Disct. & advances.
1.54%
45,568.939
Other securities
,230,902
New York Money
78,800,888 104,490.807 108,959.037
37,443.710
81,279,164
accounts...
1.51%
+0.07%
note circul'n.
489,858 ,000 446 ,366,695 399,618,105 377,217,235 370,595,747
31 ,616.337
14,458,495
32,119,070
17,516,064
26.059 ,000
129.334 ,459 123 ,386.677 116,561,702 141,934,517 154,527,976
—
largely to the increased supply
Rates
prime paper.
quoted at 1%@1 }/£% f°r
are
all maturities.
Changes
Oct.
for Week
Francs
Gold holdings
a
French
bills
Oci.
9, 1936
Francs
11. 1935
Bankers' Acceptances
Francs
55,805,022,187 62,358,742.140 72,122,423,723
7,342,155
17,596,184
+4.009,000
17,240,636
commerc'l
discounted.,
+ 1,035,000,000 10,832,100,570
THE market for prime in both the supply and has
spotty this week bankers' acceptances the
been
7,608.979,069 7,577,783,607
1,475,941,237 1,224,271,165
806,653,421
—191,000,000
3,983,661.789 3,645,455,730 3,168,791,346
—378,000,000 90,991,572,545 85,778,169,060 83,023,045,495
+949,000,000 19,185,437 492 12,603,602,753 13,056.767,742
official
+ 920,000,000 26,918,455,160 12,302,602,000
bought abr'd
Bank of New York
—2,000,000
Adv. against securs.
Note circulation.
Credit current accts,
c
Oct.
No change
Credit bals. abroad,
b Bills
7. 1937
Francs
Temp. advs. with¬
out Int. to State._
demand.
There has been
quotation
as
no
change in the rates. The
issued by the Federal Reserve
for bills up to and including 90
Propor'n of gold on
hand to sight llab.
50 65%
—0.26%
63.38%
75.07%
a Includes bills purchased In FraDce.
b Includes bills discounted abroad,
resenting drafts on Treasury on 10-billlon-franc credit opened at Bank.
Rep¬
c
Since the statement of June 29, 1937. gold valuation has been at rate of 43 mg.
gold, 0.9 fine, per franc; previous to that time and subsequent to Sept. 26, 1936,
gold valuation was 49 mg. per franc; prior to Sept. 26, 1936, there were 65.5 mg
of gold to the franc
Bank of
days
}A% bid and 7-16% asked; for bills running
are
for four
months, 9-16% bid and Yf/o asked; for five
and six months,
%% bid and 9-16% asked.
The
bill-buying rate of the New York Reserve Bank is
Yi% for bills running from 1 to 90 days; %% lor 91Germany Statement
to
120-day bills, and 1% for 121- to 180-day bills.
THE statement for increase inquarter holdings of
showed
slight the first
gold of October
The Federal Reserve Bank's
holdings of acceptances
increased
to
19,000 marks, the total of which is
70,081,000
market
a
reported by the Federal Reserve Bank of New York.
a
now
marks, compared with 63,284,000 marks
and
note
94,308,000 marks
circulation
of
two
years
221,000,000
ago.
year ago
A
loss
in
from
dealers
$2,813,000
are
The rates for open
market acceptances
SPOT
marks reduced the
aggregated
year
4,469,223,000
4,004,691,000
other coin, in
at
2.4% the
year
an
112,000
the
Decreases
150 Days
also
The
reserve ratio
before.
and
currency
increase of 127,000 marks, investments
marks
and
other
liabilities
of
Asked
H
»i6
FOR
H
DELIVERY
60 Days
Bid
».«
Asked
H
—30 Days—
Bid
Asked
Bid
Asked
H
7i6
7te
H
7».
WITHIN THIRTY
DAY8
Eligible member banks
%% bid
Eligible non-member banks
bid
.
stands
a year ago
Reserves in foreign
Bid
'16
90 Days
Bid
Asked
Prime eligible bills
follows:
—120 Days
Asked
H
previous
were
are as
Bid
Prime eligible bills
and checks, in silver and
1.51%, compared with 1.54%
registered
of
and
year
advances, in other assets and in other
daily maturing obligations.
now
marks
marks.
shown in bills of exchange
Circulation last
Open
DELIVERY
—180 Days
total of 5,035,000,000 marks.
$2,830,000.
quoting the same rates as those
169.000
Discount Rates of the Federal Reserve Banks
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
rates
The
following is the schedule of rates
now
in effect
Volume
for
the
145
Financial
various
classes
of
the
at
paper
different
Reserve banks:
Federal Reserve Bank
Effect
Oct
Boston
on
Date
Rate
Sept.
A in?.
14
14
14
14
14
14
Rl< htnnnd
Atlanta
Chleaeo
l»uis
Vlneea polls
Kansas City
I-ranclsco
o
Am?
21
1937
2
Ane
21
1937
2
Sept
Sept.
^ept
24
larger loans
2
31
.
1937
active
abroad.
The
for
full four
French
sterling
franc
easy in
is firm
"With
pound is firm and
been
chiefly
showing
an
arising from political unrest in Europe and the con¬
between
China
and
Japan and the uneasiness
resulting from the declines
on
the New York Stock
Exchange have caused disturbance and
financial and
the
or
which
no
the
as
for
sterling
$4.95 3-16
and
foreign exchange quotations,
pound and the dollar
compared with
week.
last
between
are
week
a
been
bankers'
between
pressure
American payments
week
a
sterling
on
a range
ago.
account of
on
is largely offset by the improved
export trade of Great Eritain.
constant stream of
bills,
sight
for cable transfers has been
$4.95^- and $4.95 11-10
seasonal
foreign
It is further offset by a
seeking London for
money
of safety and by other large movements of
purposes
foreign funds to that center due
to the
necessity of
maintaining large balances there.
There
the
was
London
hoarders.
British
also
gold market coming chiefly from gold
Continental
bank
hoarders
British
notes.
are
also
acquiring
circulation
increased
£3,363,000 during the week ended Oct. 6.
same
week last year
culation increased
this
increase
year
In the-
the Bank of England note cir¬
only £1,447,126 and the greater
is attributed to the demands of
Eespite the repeated
York Stock
securities
experienced
Indications
American
declines
severe
Exchange there
on
are
several
rallies
that much
securities
the New
on
signs tlat American
offer in Amsterdam
are
and London
European
on
of the
have
buying.
foreign buying of
is
being transacted in London,
with the result that, funds are
ultimately transferred
to New York and tend to
the
strengthen the dollar against
general
depression
Britain has been
new
been
industrial
in
in
Great
seriously retarding the offering of
securities.
made since the
No
summer
porarily halted financing.
important issue
vacation
period tem¬
According to statistics
compiled by the Midland Bank
new
during September totaled £1,963,697,
has
capital issues
as
compared
on
influence
sooner
other
upon
London.
securities, although to
product of weakness elsewhere in the
market, is certain
later to exert
or
in the
securities,
helpful
a
of
opinion
Meanwhile, it is believed that there is
not
the slightest cause for uneasiness
concerning the in¬
dustrial situation or outlook.
Sir John
Simon, Chancellor of the Exechequer, at
the annual bankers' dinner at the Mansion House
Oct. 7 is reported to have said: "There is
on
gain¬
no
saying the fact that the deeply disturbing events in
ful life of the
place in
Europe
are
breaking in
world, but the
upon
a
lot of
shifting.
justification for supposing that the tide of
ity has reached its climax and is about
an
the
peace¬
which has taken
recovery
trading and financial position is
our own
solid fact which will take
I
a
see no
our prosper¬
It is
to turn.
improvement in world conditions which is needed
to confirm it and to
spread
...
more
widely the confidence
.
.
everything depends.
Sir Jobn added t ,at >n the Past y°ar,a wholesome
upon w jc
,
de6re® of f \hdity has been maintained between the
P°,md and the dol ar' but, that hope with regard to
tbe ranc has ^ bec« fulfil|cd to the same extent.
Sir Jo n especially welcomed assurance that France
18 determined to avoid any measure of exchange control.
Montagu Norman, Governor of the Bank of
England, is another who discerns in the steady cir¬
cumvention
trade
an
of the
obstacles to international
many
that recovery
assurance
Open market
money rates on
will continue.
London continue
un-
chanfd from tboee prevalent during the past several
Call
months.
J/9%.
It would
that
seem
Each
9-16%, four-
practically all the gold
was
on
offer
taken for account of hoard¬
day the demand
was
greatly in
excess
of
Hoarders bought practically all the £426,-
000 of
gold
newiy
arrived
gold.
On Saturday last there
on
are
19-32% and six-months' bills 23-32%.
in London this week
ers.
against bills is in supply at
money
Two- and three-months' bills
months' bills
on
Monday
offer
on
Tuesday, which consisted of
Southwest
£486,000,
Wednesday £373,000,
and
African
on
Rhodesian
offer £385,000,
was an
Tuesday
£426,000,
Thursday £266,000 and
on
on
on
Friday £505.000.
At the Port of New York the
the wreek ended Oct. 6, as
GOLD
securities
Financial
based
September.
Reserve Eank of New
pound.
The
extent the
offerings.
foreign hoarding.
London
securities,
Oct. 7 stood at 127.1, compared with
Strength in the gilt-edged
heavy movement of funds into
a
The
interest
con¬
of $4.95 1-16 and $4.95^
range
1 he range
fas
for
S4.95M and S4.96K, compared with
of between
1 he
this
$4.96 3-16
pending.
fixed
of 90.6 at the end of
both Asia and
cerned, have been held remarkably steady by the
operations of the exchange equalization funds.
The
range
An
126.7 the week earlier, 126.2 a month
ago, the record
high of 141 at the end of January and the record low
on
to now these factors have had
up
effect upon
far
so
uneasiness in
commodity markets in London and
Continent, but
little
as
some
improved tone and less anxiety is now felt in London
concerning the French situation.
The war threats
flict
on
the
from
cents
originates
has
100,
1928
2
the
demand
of
2
highs prevailing in August and September.
the
index
■'
3 to<7
reference to all other currencies the
are
News
2
3 1937
STERLING exchange continues relatively
dollar, but the pound
a
oversubscribed about 10 times.
was
aggregate of £2,250,000 has been issued and much
2
1937
-
Aue
cipal loans
o
2 1937
Aue
although it has receded
One of three muni¬
success.
o
Course of Sterling
Exchange
of
£126,826,210,
offering of gilt-edged stock, however, has been
resumed with moderate
14
Aue
4
The
2
1937
4
l
Dallas
2 1937
27 1937
II 1935
27 1937
Sept.
Jay
14
14
14
terms
For the first
year.
Previous
Established
15
14
Cleveland
Ban
£9,546,101 in September, 1936.
against £149,127,065 in the corresponding period last
1
York
Philadelphia
St
with
2445
nine months of 1937 the
aggregate was
Rote tn
New
Chronicle
MOVEMENT
AT
York,
NEW
gold movement for
reported by the Federal
was as
YORK,
follows:
OCT.
Import 8
7-OCT.
13,
INCL.
Exports
S7.816.000 from Belgium
2,497,000 from Canada
None
964.000 from India
$11,277,000 total
Net Change in Gold Earmarked for Foreign Account
Decrease: $2,281,000
Note—We have been notlfed
that
approximately $266,000 of gold
received at San Francisco from Australia.
was
2446
The
Financial
figures
previous
Wednesday.
exports of the metal
for
week ended
were no
imports
On Friday $208,800 of gold
received from India.
There
were
creased to 9 points under spot
or
spread increased to 10% points
The
which
change in gold held earmarked for foreign
or
Gold held in the inactive fund, as indicated in the
with
ended last
vote,
follows.
The day-to-
Sunday,
of the five
one
to record a gain in voting strength,
gain of approximately 200,000.
a
year ago
was as
cantonal elections last
considerable increase in support to the
groups
daily Treasury statements issued during the week
Whereas
a
they stood third in the aggregate cantonal
this
year
they
first, having overtaken
were
both the Socialists and the Republicans.
calculations:
are our own
French
gave a
major
Wednesday,
Oct. 13, but the
Oct. 15.
Radical Socialist Party, the only
account.
day changes
on
on
favorable outlook for the franc resulted
more
the
from
was
exports of the
no
Oct. 16, 1937
on
change in gold held earmarked
or
foreign account.
metal
for the
are
On Thursday there
Chronicle
.
The Radical Socialists, it should be remembered,
gold held in the treasury's inactive fund
—$1,237#450,760
D,aiLvJ^a^
$3,611,123
1,238.353,512
+902,752
Oct! lilZIIIIIIIIIZIIIIIIIIIIIII
1!240,895',251
+^175,484
moderately well-to-do middle class, small business
gct-12
1,242,391,309
+1,496,058
men
.
Oct#
7--
Oct.
8
—-
Oct. 13
1,252,389,968
Increase for the
are
i
understood
and
rate
Paris, the London
on
and the price
London check rate
9
on
from
paris
149.78
Wednesday, Oct. 13
147.71
Monday,
Oct. 11
149.19
Thursday,
Oct. 14..
Oct. 12..
148.34
Friday,
Oct. 15
Saturday, Oct.
9
140s. 4J^d.
the
140s. 6J^d.
Tuesday, Oct. 12
price
paid
..Oct. i5._.i40s. 4^d.
js
g0l^eggr™eb^j^ed states (federal
9
$35.00
Monday,
Oct. 11
Oct. 12
Wednesday, Oct. 13
35.00
Tuesday,
35.00
and
fers
steady,
sight
Friday,ay'
slightly
was
Due
to
On
under
On
Friday's
slightly
active and firmer.
was
transfers,
a
general
on
London
was
On Wednesday exchange
more
was
prices.
sterling
cable
for
Tuesday, Columbus Day, there
The
range was
$4.95%@$4.95% for bankers' sight and $4.95%®
$4.96 for cable transfers.
firmer in limited
On
trading.
Thursday exchange
The
range was
was
$4.95 15-16
@$4.96 3-16 for bankers' sight and $4.96@$4.96%
cable
for
transfers.
but
quiet
,
London and the nearby
sharp improvement in the
estimated in foreign exchange quarters,
was
French
stabilization
fund
acquired from $50,In
some
thought conceivable that the control
quarters it
may
acquire
On
steady.
The
$4.96 3-16 for bankers'
cable transfers.
Friday sterling continued
range
$4.95 15-16®
was
sight and $4.96@$4.96% for
Closing quotations
on
Friday
were
run
its
reserves
course.
It
^as been estimated that during the recent period of
(Oct! 15IIIIIII 35!oo
Monday
$4.95%@$4.95 11-16
holiday here.
was
the
before the present movement has
$4.95 3-16® $4.95%; cable trans-
$4.95%® $4.95%.
quoted
,
further large amounts of metal to bolster its
$35.00
Referring to day-to-day rates sterling exchange
dull
c
for
Saturday, Oct.
Bankers'
,
000,000 to $100,000,000 gold.
Friday,
are
.
the party of
i
franc, it
price
140s. 6J^d.
Oct. 11
Monday,
,1
is
adopted by the Popular Front
abroad, particularly
countries.
147.06
open market gold
V
Therefore the results of
,
measures
146.98
Tuesday,
London
those terms
The result of the vote was immediately reflected in
the return of a considerable amount of French funds
market gold price,
paid for gold by the United States:
mean
Saturday, Oct.
open
as
.
I heirs
under M. Blum,
London check
mean
mi
±
Minister, M. Bonnet. It is a practical approval of
the modification by the Chautemps Government of
the extreme
following tables show the
Socialistic
country.
,
premium of 5-64%.
a
The
nor
*
18 P™Perly regarded as an endorsement of
the policies of Premier Chautemps and his Finance
premium of 1-32%
a
ji
this
the electlon
$18,550,331
ranged between
•
in
farmers, and the like.
+9,998,659
Weeh Ended Wednesday
Canadian exchange during the week was steady.
Montreal funds
neither radical
1
-
extreme pressure on the franc, the control fund lost
anc^ foreign assets at an average rate of about
$5,000,000 daily. The fund has been able to acquire
a^
Present rapid rate because of the tremendous
demand for francs which developed since the cantonal
elections on Sunday, Oct. 10. In order to prevent
franc from appreciating to rapidly the French
contr°l has heen a heavy seller of francs and has
bought sterlinS which Private French interests had
thrown on the market. The control of course converted the sterling into gold.
However, the present improvement in the situation of the franc can not be interpreted as an entire
reversal of attitude on the part of French investors
who n°w have their funds domiciled abroad in one
form or another.
The factors which have long
$4.96 for demand and $4.96 1-16 for cable transfers,
dominated the French situation still continue to
Commercial
exercise an adverse effect. French capital is still
reluctant to invest in either government securities or
in home industries. According to dispatches from
Paris on Oct. 11, arrangements for a Swiss loan of
sight bills finished at $4.95%, 60-day
$4.95 3-16, 90-day bills at $4.94%, documents
bills at
for payment
bills
at
(60 days) at $4.95%, and 7-day grain
$4.95%.
closed at
Cotton
and
grain
for
payment
200,000,000 Swiss francs (approximately $46,000,000)
$4.95%.
r
to the French railroads
m
ontinenta
an
t
er
oreign Exchange
completed.
were
understood to have been
The loan is expected to bear interest at
FRENCH francs have shown noticeable improve- 4% and the securitiesItto be priced around 99, with a
past week.
From Oct. 2
Oct.
two-year maturity.
is expected that the issue will
ment in the
London received
but the
mean
8
to
more
than 150 francs to the
London check rate
on
pound,
Paris this week
be floated in two instalments of 100,000,000 Swiss
francs each.
The securities
are
expected to
carry an
gradually approached 147 francs to the pound, but
optional redemption clause calling for payment in
the
either
mean
The
rate for the week
spread
on
in favor of Paris.
a
was
a
The
the
148.50.
Thirty-day francs, which
discount of 11 points on Oct. 5,
to
nearer
future francs also decreased sharply
were
at
gradually advanced
discount of only two points under spot on Oct. 13.
discount
dollar
on
was
21
90-day francs, which in terms of
points
on
Oct. 5, gradually de-
Swiss currency or
American dollars.
Charles R. Hargrove, Paris correspondent of the
aWall
Street
velopments
Journal,"
of the
commented recently: "De-
few days do not provide
adequate evidence to state France has entirely turned
the corner. However, they do suggest the Government,
representing
a
past
moderate interpretation and applica-
Volume
145
Financial
tion of the
Popular Front Government,
systematically toward financial and
may
continue
economic
re-
habilitation."
Belgian
currency,
the past month
under
in
some
However, in the past week
pressure.
belga has shown
and
improvement.
some
September the belga
cents
displayed weakness, is still
or more
sometimes
lower.
even
Frequently
quoted around 16.84%
was
The lower
gold
point from Antwerp to New York is regarded
16.84.
During the
week
past
between 16.84% and 16.86.
likewise moved
30-day belgas
more
the
as
been
has
rate
Belga future rates have
in favor of
Antwerp.
On Oct. 6
2447
crowns below the estimate and 50,000,000 crowns for
capital investments remained unused.
The budget
was
which for the past few years was
the strongest of the Continental units but which for
the
Chronicle
balanced at
1,216,000,000
Unemploy-
crowns.
ment is virtually eliminated and in many instances
there
is
an
actual
shortage of skilled labor.
The
improvement in Swedish conditions is due largely to
a considerable expansion in foreign import and export
trade.
For the period from January to Aguust, 1937,
were valued at 1,355,000,000 crowns, while
exports amounted to 1,214,000,000 crowns, an in-
imports
crease
of 341,300,000 and 290,200,000
crowns,
re-
spectively, above the corresponding period a year ago.
Holland guilders are with the exception of sterling
the firmest of the European units.
In terms of dollars
discount of 6% points under
the guilder is at present steady around 55.30 cents
spot, gradually moving in favor of the unit to three
and future guilders of both 30 and 90-day maturities
have been quoted flat in the past week. Firmness
were
points under spot
guilders
at
were
at
a
Oct.
on
a
gradually improved to 8 points
under spot on Oct. 13.
less than five
Belgium
Between Oct. 1 and Oct. 13
separate shipments of gold from
received in
were
5, 90-day
discount of 17 points below the
basic cable rate and
not
On Oct.
13.
York
New
aggregating
approximately $20,209,000.
The weakness in the
the
decline
severe
belga is attributed in part to
exchange in the past
month.
Premier van Zeeland declared recently that
foreign capital finding refuge in Belgium has not been
incorporated
the
into
national
economy
leave the country without serious effect.
less it is obvious that
Belgium cannot
and
can
Neverthe-
certain
escape
from the depreciation of French
repercussions
ex-
change, which amounted to 11% in the three weeks
ended Oct. 8, to
22% since June, and to 50% from the
level prevalent a year ago.
The following table shows the relation of the
leading
European currencies to the United States dollar:
New Dollar
Switzerland (franc)
Holland
a
3.81™ m"txi*
at
147.06, against 150.28
New York
at 3.36
sight bills
on
June 30.
Paris closed
on
Friday
In
on
Friday of last week;
3.36%, against 3.30%.
Antwerp
belgas closed at 16.85% for bankers' sight bills and
at
16.85% for
for bankers'
in
cable
transfers,
Final quotations
16.86.
trian
and 40.17.
change
on
on
Italian lire
18.85,
against
Aus-
18.83;
ex-
Czechoslovakia at 3.50%, against 3.50%;
Bucharest
at
0.74, against 0.74;
18.92, against 18.92; and
Greek
2.20.
40.17
sight bills and at 5.26%
transfers, against 5.26 and 5.26%.
schillings closed at
on
Poland at
Finland at 2.20, against
on
limited
the
to
London and
Swiss francs are extremely steady, with both 30 and
90-day Swiss futures selling flat since Oct. 5, except
in
a
few instances.
The Swiss National Bank is
fusing to receive gold from private European
re-
sources
and has asked the banks to cooperate in this respect,
~The Swiss bank, of course, accepts metal consigned
from a central bank.
The National Bank asserts
capital is already superabundant in Switzerland.
55.2834 against 55.29^
on
Friday at
on
Friday of last week; cable
,
1
.
at
00
55.23,
a 13/
against
1
f
1
55.24.
1
.
Swiss
00
ni 9 /
francs
c
1
■,
ClOSeCl at Zd.Ul% 10T CUCCKS alia at Z6.U1% lor cable
transfers, against 23.00 and 23.00. Copenhagen
checks finished at 22.15 and cable transfers at 22.15,
against 22.12 and 22.12. Checks on Sweden closed
a^ 25.58 and cable transfers at 25.58, against 25.55
and 25 55- Checks on Norway finished at 24.93
and ca^e transfers at 24.93, against 24.90 and 24.90.
Spanish pesetas are not quoted in New York,
16.86 and
were
sight bills and 40.17 for cable transfers,
comparison with 40.17
for cable
against
for Berlin marks
closed at 5.26% for bankers'
been revived though
Amsterdam stock markets.
transfers at 55.2934 against 55.2914 and commercial
the French center finished
1-32, against 3.29%
cable transfers at
being withdrawn from American investments,
but currently it is stated that with the lower ruling
prices of American securities Dutch
buying has
were
sight bills
Friday of last week.
on
on
A few
Holland funds
some
23.oo>^ to 23.02
^bThet3& cut&from^goid and^iiowed to '-float"
on
capital into Holland.
'mSSS"**
mi
32.67
40.20
68.06
55.25^ to 55.30
before devaluation of the European currencies
The London check rate
In recent weeks there has been
nervous
Bankers' sight on Amsterdam finished
(guilder)...........
New dollar parity as
movement of
a
Range
6°^" °
19.30
practically boom character of business in the
Dutch East Indies.
that
Old Dollar
^92
"'2
(b) France (franc)....
to the
weeks ago it was reported that
,
French
in
in the guilder is due to considerable improvement in
the business situation in Holland and in large measure
exchange closed at 0.91, against 0.90%.
jC* XCHANGE on the South American countries is
^ exceptionally steady, moving in close sympathy
All these countries report great improvement in their export trade and consequently a
marked betterment in their exchange position. Argentine exports for the first nine months of 1937
amounted to 1,871,049,000 pesos ($563,185,750),
compared with 1,133,776,000 pesos ($317,457,280)
^or
same period in 1936, an increase of 65%. The
Central Bank of Peru in its bulletin published in
with sterling.
September noted
—♦—
a
marked expansion in Peruvian
EXCHANGE on the countries neutral during the banking and commercial activities during the first
generally firm, moving in close sympathy
six months of 1937.
war
is
.
with sterling
exchange.
that Sweden is at
of which
new
a
Scandinavian dispatches
peak of exceptional prosperity,
evidence
came
recently from the Finance
Ministry which showed that the financial
closed
on
crowns.
than
June 30
State
expected
yielded
revenue was
and
say
a
year
which
surplus of 155,000,000
95,000,000
expenditures
crowns
were
higher
10,000,000
Argentine
paper
closed
pesos
on
quotations, at 33.07, against 33.03
^
Friday, official
on
Friday of last
week; cable transfers at 33.07, against 33.03.
unofficial
against
on
free
market
30.00@30.10.
close
Brazilian
rates, were 8.86, against 8.85.
was
The
30.00@30.03,
milreis,
The unofficial
official
or
free
market in milreis is 5.70@5.80, against 6.00@6.05»
Financial
2448
Chilean exchange is nominally
Peru is nominal at
5.19.
quoted at 5.19, against
Chronicle
the
on
tions
25J4, against 253^.
Oct.
ground which the Court took.
the
of
petitioners
were
in
EXCHANGE on the Farimportance from those of
features of Eastern countries presents
no
neAV
These currencies
recent weeks.
with
pathy
Disturbance
sterling.
avoidable in
in close sym¬
move
has
been
un¬
Senate, but
interest
sonal
the
in
the
the
on
nothing unconstitutional
direct
no
could
matter,
technical
the
on
per¬
properly
not
bring the question before the Court.
The
interruption
In the London market almost without
of
ground that the petitioners, having
currencies.
ferent
Chinese and Japanese
the
saw
action
The applica¬
refused, not
ground that the Court
the
16, 1937
petitioners, it will be recalled, raised two dif¬
questions,
that Justice Black
one
was
ineli¬
Japanese Government bonds have continued to fall
gible because the Senate, in confirming his nomina¬
steadily and
tion, acted contrary to a provision of Article I, Sec¬
there.
heavily
Compared
the
with
year's highs, declines range from 20 to 33 points.
tion 6 of the
These sharp
ineligible because there
declines
are an
indication of the market's
Constitution, and the other that he
anxiety over the effects of the Chinese war on the
these
economic
of Chief Justice
ciations of
Japan has
but
now
In measuring the depre¬
position of Japan.
Japanese bonds it should be recalled that
never
some concern on
Closing quotations for
this
score.
checks yesterday Were
yen
touched
was
Hughes,
upon
28.91, against 28.87 on Friday of last week.
Hong¬
kong closed at 31.08@31 5-32, against 31.07(g 31
Chief Justice said, referring to the
Mr.
Levitt, "disclose
petitioner other than that of
interest
110
It is
established
an
judicial
power to
the
Manila at 50 3-16,
must show that he has sustained
in
Calcutta at 37.48,
of that
the
THE following table indicates the amounts of gold
(converted into pounds sterling at
bullion
of
par
exchange) in the principal European banks
as
of
by special cable yesterday (Friday); comparisons
us
shown for the
are
corresponding dates in the previous
four years:
Banks
1936
1935
1934
£
£
£
£
it,
legislative actiou he
or
or
is
immediately
The motion was accordingly denied,
the same ground and without a re¬
on
statement of the
argument, the motion also of Mr.
Kelly.
The
ruling is undoubtedly good law in that it is
in accord with the
decisions.
The
precedents laid down in earlier
cases
cited by
the Court
showing the grounds
as
In the
rests.
1933
£
private
general interest common to all members of
public."
tive
1937
of—
a
determine
action, and it is not sufficient that he has
a
and with
respective dates of most recent statements, reported
to
a
danger of sustaining a direct injury as the result
merely
European Banks
of executive
validity
against 583Bombay at 37.48, against 37.43; and
against 37.43.
the part of
citizen and
a
principle that to entitle
individual to invoke the
against 50.15; Singapore at 58.30,
application of
upon
member of the bar of this Court. This is insufficient.
Shanghai at 29.55@29%, against 29.66JL29 13-16;
Gold Bullion in
in the brief ruling
"The motion papers," the
the
failed to meet its sterling obligations,
there is
questions
was
Neither of
was no vacancy.
on
of Massachusetts
case
are
instruc¬
which the ruling
vs.
Mellon, in
1923, where Massachusetts, in behalf of its citizens
England
328.144,903
249.732.268
194.603.844
192.684.337
191,731.964
France
293,710.64?
2,501,300
c87.323.OTK)
498.869.937
576.897,939
2,971.050
650.248.000
2.049.350
656.003,800
1,927,000
88.092.000
90,681.000
90.624,000
90.406.000
■25,232,000
Germany b.
Spain
Italy
well
as
of the
as
State, challenged the validity of a
16.261.100
67.198.000
46.311.000
72,187.000
72.774.000
Nat. Belg..
Switzerland
99,516,000
108.484,000
79,703.000
26,986,00**
6,548f00('
24.194.000
6.552.000
98.122.000
46.639,000
20.898,000
6.555.000
6.604.000
6.602,000
statute
appropriating
money
to assist the
76.096.000
106.323,000
42,575.000
47,491.000
40.874.000
Netherlands
Federal
...
Sweden....
Denmark
Norway
..
75,559,000
6.602.00T
...
75.940.000
77.388.000
661930.000
61.597.000
15,623,000
14.105.000
7.396.000
7.397.000
6.579.000
6.570.000
Total week.
1.001,589,840 1,150.080,205 1.137.054.833 1,257.258,687 1,270.329.930
Prev. week. 1.062.642,71'' 1,072.038,050 1.134,870.617 1.257,651.250 1.260.977,576
a An.ount held
Dee. 31. 1936, latent figure available,
b Gold hoMin^n of the
flank of Germany are exclusive of Hold held abroad, the amount of which h now
reported at £1.002.760.
c Amount held Aug. 1. 1036, latent figure available
The gold of the Hank of France
wan
revalued
on
July 23.
1037. at 43 milligrams
the second change In the gold's value
Of gold. 0.0 fine, equal to one franc; this was
within less than a year, the previous revaluation took
place on wept. 26. 1036.
when the gold was given a value of 40 milligrams to the franc as
compared with
66 6 mg« previously.
On the basis of 66.5 mgs
.
£1
sterling at par; on basis of 40
approximately 125 francs equaled
about 165 francs equaled £1 sterling, *nd at
43 mgs., there are about 190 francs to £1.
mgs
States in their programs
fare, the language of the Court, in a unanimous de¬
cision,
was
similar to that of Chief Justice Hughes.
The Court held that in order "to invoke the
power
immediately in danger of sustaining some direct in¬
jury
as a
result of its enforcement, and not merely
that he suffered in
vs.
latter
Monday, of
a
Boston
one-time Federal judge and the
lawyer, to test the validity of the
title of Associate Justice Black to
preme
and
on
attempts of Albert Levitt and Patrick Henry
a
bench raises
a
question, at
a
seat
once
on
the Su¬
constitutional
political, of marked significance. The decision,
of course, was not
unexpected.
Everybody realized
that the Chief Justice and his associates had
an
ex¬
tremely disagreeable task to perform in inquiring
into Justice Black's
eligibility, and there was, prob¬
ably,
a
general expectation that
an
earlier
case,
that of
Frizzell, where a private citizen chal¬
of
Commissioner
the
In
lenged the right of an appointee to the office of a
by the Supreme Court,
Kelly, the former
indefinite way in common
some
people generally."
Newman
Citizen
The defeat
judicial
to disregard a statute as unconstitutional the
party who assails it must show not only that the
statute is invalid but that lie has sustained or is
with
The Supreme Court and the Average
of maternity and child wel¬
some
sufficient
rea¬
technical if not general, would if possible be
found for a ruling that would avoid
invalidating
son,
Justice Black's title to his seat. What
was
not gen¬
the
District
of
Columbia,
"I11
sense—in
important sense—
doing
so.
every
citizen and taxpayer," the Court said, "is in¬
a
a very
terested in the enforcement of the
tration of the
to execute the laws.
a
private but
a
But that general
institute
every
same
interest is not
public interest.... That general in¬
terest is not sufficient to
to
laws, the adminis¬
laws, and in having qualified officers
such
authorize
a
private citizen
proceedings; for if it
was,
proceedings, and a public officer might, from the
beginning to the end of his term, be harassed with
proceedings to try his title."
It will not escape
notice that the precedents upon
which the Court relied differ, in the matter of
before the Court met is
from the situation
indication,
was a
ruling
then
citizen and every taxpayer would have the
interest and the same right to institute such
erally expected, if public discussion of the question
an
the
Court, in denying the suit, explained its reason for
on
facts,
which Mr. Levitt sought a
rul-
Volume
145
Financial
ing by the Court. In the
directed
of
either
Act of
an
at
or
the
Congress,
Act whose
an
at
alleged
at
or
were
unconstitutionality
constitutionality
was not
questioned,
which, on general or particular
thought to be unconstitutional. The
was
Kelly petition,
on
the contrary, was directed at the
action of the Senate in
contravening, it
provision of the Constitution
ination for
in
urged,
was
confirming
judicial office. Whatever
the
a nom¬
importance
of the
distinction, however, its importance evidently
not
weigh with the Supreme Court. As the mat¬
did
ter
now
tion
stands, neither legislative
be
can
grounds
of
challenged
private
a
of the action
in
a
has been
or
personally injured,
is
or
danger of being injured, by it. He has
in which he is
case
The effect of such
ously pondered.
doctrine upon the attitude of
a
or
In
power
personally concerned.
the citizen toward his government
may well
government
show
can
right, in other words, to invoke the judicial
save
on
direct personal interest in the result
a
in imminent
ac¬
citizen,
constitutionality, unless he
that he has
no
by
executive
nor
an
be seri¬
autocratic State, where self-
representative institutions do not
ex¬
ist, the position of the citizen is essentially that of
a
subject.
He has
part,
no
remotely, in deter¬
even
mining government policies, and his opinion regard¬
ing them is not desired. Authority, in such
a
State,
2449
the laws wherever
The doctrine to which the
mitted
sidered.
In the nature of
have such
law
a
afford
other
from the courts.
State,
however,
and the exercise of
tives whom the
is
different.
authority is through representa¬
people have chosen and whom they
through popular elections,
can,
entirely
authority is in the people,
more
or
less effec¬
com¬
recon¬
cases must
al¬
individual will
an
executive acts
or
as
to
grounds for seeking protection
The
objection that, if
to the
access
courts were
with
ate
enlarged, the courts would be swamped
trivial suits, or that a public
official, as Associ¬
Justice Lamar said in the
of Newman
case
vs.
Frizzell, might "from the beginning to the end of
his
term
be
harassed
title," does not
seem
with
proceedings to try his
conclusive
or even very impor¬
tant, for trivial grounds of action could rarely be
difficult to detect, and an official whose title had
been
judicially affirmed could hardly be attacked
again at that point. Even though suits were multi¬
plied,
moreover,
the right of
citizen to raise
a
stitutional issue of general public
clearly to remain.
under
seems
ordinary circumstances, in that of the general
conditions of direct
to
a con¬
importance
It is not lost by being merged,
public, and it is not limited, in
a
democratic society,
personal interest, injury or
danger.
The
Kelly
stitutional
democratic
things, the
legislative
reasonable
gation of the citizen is to obey.
There the seat of ultimate
might well be
direct personal interest in the
operation
a
or
cause
a
Supreme Court is
that
one
be relatively few in which
ways
of
be
to
seems
proceeds from the top downward, and the only obli¬
The theory of
they extend to him, his family, his
or his social relations.
property, his occupation
alleged violation of
an
conduct
grounds,
a
cited, the suits
cases
Chronicle
case
is of peculiar interest not only be¬
it raised the
question of the meaning of
nation of that
question involved the right of Associ¬
ate Justice Black
interpretations
to
membership in
of the
Constitution
a
body whose
are
final.
A
issue could hardly be presented than that of
graver
the
a con¬
provision, but also because the determi¬
right of
judge to participate in decisions from
a
tively call to account. In this country it is "we, the
which there is
people of the United States" who adopted the Consti¬
be found
tution, and the people alone, acting through their
the
representatives,
squarely a situation which, in the light of prece¬
can
change it.
The State
govern¬
ments, like that of the United States, are also the
creation
of
the
people, and to those governments,
popularly controlled
or
to the
as
well
people themselves,
under the
popularly created,
as
are
specifically reserved,
size the
the
or
by prohibitions
this country is to be
citizen
keen,
in
nis
its
successful, the interest of the
conduct must
obligations
as a
be
both
constant
citizen have not been ful¬
filled when he has voted for
some
him
executive
in
a
legislative
Washington.
or
a
some
of
but the
duct
an
to
one
once
represent
capacity at
It is true, of course, that
Congress,
dowed with
or
and
a
President
duly elected, become thereby
en¬
means may
in time
may
yet find it necessary to meet
As the matter
however, the appeal to the doctrine of
popular impression that judicial decisions
often
too
lacking in breadth of view, and that
gulf which separates the citizen from his Consti¬
tution is widened
nation
Obviously, therefore, if democratic government in
Other
personal and particular interest will tend to empha¬
not, in the Constitution, divested themselves either
they themselves have accepted.
appeal.
challenging Justice Black's title, and
Supreme Court
stands now,
are
by grant to the Federal authority
no
dents, it has been able to avoid.
Constitution, all rights of which they have
which
of
ger
as
expands. In
a
executive and
legislative domi¬
society in which
a
general hun¬
for government benefits has been persistently
stimulated
by government grants and favors, and in
which constitutional restraints have
and less
come
to be less
regarded by Congress and the Administra¬
tion, there is need to awaken and maintain the in¬
terest of the individual citizen in
and
the
the Constitution
general welfare rather than to restrict or
discourage it by particularistic rules.
large powers, and that in the exercise of
those
powers
they enjoy wide discretion,
Concerning American "Isolation"
only safeguard against unconstitutional con¬
against conduct which, while doubtless
con¬
Until the Brussels conference has met and delib¬
stitutional, is unwise is the active and continuing
erated, we shall not know whether the attempt to
interest of the citizen in what is done.
call
as
And that in¬
terest, let it be said, is not merely general, notwith¬
standing
through
a
that
mass
it
must
often
be
expressed
action of "the public."
only
It is equally
personal interest, grounded in the inherent right
Japan to account under the Nine-Power Treaty
is to have any
China,
tion
or
has
posed.
effect
been
contemplated
Nations, from
Constitution which he has contributed to establish,
conference came, will
and confirmed
What
the course of the war in
or
will later be
pro¬
In the meantime, presumably, the League of
of the citizen to be governed in accordance with the
by his personal obligation to respect
upon
whether some other form of concerted ac¬
which the
diplomatic
formal suggestion of a
await the outcome at Brussels.
moves,
if
any, are
going
on
behind
2450
the
Financial
the
scenes
public is not permitted to know, but
it is difficult
the Brussels
find
to
much evidence
international
the
situation
first
usefulness
been
of any
There is
has
has
displayed in the
brought
hint that
no
be deterred, and British opinion has
may
from
hope that
meeting will be successful. The sudden
interest which Mr. Roosevelt
Japan
of
skeptical about the practical
joint representations.
of
more
Oct.
Japanese irritation.
to fear that
No
something
European country has
to
ness
Chicago speech has led the country to believe that
important change in American foreign policy
shortly be made. If Mr. Roosevelt's statements
by holding that country
matter of
refused to do
ideas in his "fireside chat"
same
to be taken at their face
of peace
cally,
to
and the
Tuesday night,
by which the United States
means
official declarations
as
are
Quite emphati¬
he is opposed
go,
and believes that his attitude is also that of
war
the
far
as
of the
some
value, his only thought is
contribute to maintaining it.
may
country.
The clear expression
yet shown any willing¬
to formal rebuke.
up
which
he
has
Japan.
The cordial expressions
speech has called out abroad
therefore, be heavily discounted
of
three
or
weeks, it is improbable that the Brus¬
sels conference
than
be induced to do
can
humanize the
ducted,
Nine-Power
methods
by which
going
on, or
to
is being con¬
war
(the Chicago speech, it will
ones
remembered, covered all these points) inevitably
raises
the
question
those who
appear
to hold
look does not
There
take
may
tional
an
brighter hope, but
a
belligerent, by
neutrality
war
to
which
Mr.
One is to join with
or moral pressure
appropriate
means
from
remonstrance to the strict¬
commercial non-intercourse, to
or
or
any
or
at least to
The other is to
mane.
to end
of
Chicago.
putting economic
formal condemnation
from
those
as
make
war
hu¬
more
join in forcible intervention
a war
and, presumably, to insure the making
just peace. The first of these methods can be
a
successful
only if American cooperation is desired
more
Treaty still exists, and expressing the
From
such
could not emerge
it would have
There is
tion
in
with either dignity
or
States
prestige, and
only failure for its pains.
less reason to
even
expect concerted
restrictions applicable to Japan.
ac¬
The reports of in¬
popular boycotts of Japanese goods in this
country are to be taken with
Even
be saved from
may
conference the United
a
support of boycotts or serious commercial
tended
with
grains of salt.
many
benevolent attitude
a
Administration, such boycotts
the
on
are
part of the
not likely to be
important, and business and commercial interests,
as
in which the United States
such
Roosevelt referred at
cease
careful
active and cooperative part in interna¬
other Powers in
est of
a more
may
support that optimistic view.
controversies
upon a
To
"isolation," whatever
mistake, the immediate future
two ways
are
"isolation."
to have had in earlier times,
may seem
serious
now a
of American
convinced that
are
advantages it
is
now
to stigmatize past aggressions and dis¬
or
countenance future
be
that is
some war
anything
adopt resolutions reminding Japan that the
attack.
stop
their
as
European opinion changes markedly in the next
two
States has
either to
far
as
practical significance is concerned. Unless the tone
hope that civilian populations
"duty" to act jointly with other nations,
remon¬
Germany, Italy and Russia
encouraging.
more
no
which Mr. Roosevelt's
may,
China, has
From the standpoint of concerted
given, however, to the conviction that the United
a
It is
anything that would openly antagonize
is
reiteration of
reason
happen.
may
ernment, notwithstanding the losses which British
will
a
much
is
1937
general knowledge that the British Gov¬
strance the attitude of
Chicago, followed by
as
16,
jeopardize its future relations with Japan
some
at
There
like this
very
merchants and others have sustained in
doubt, however, that Mr. Roosevelt's
no
Chronicle
well
as
the
Government,
are
well
that the
aware
American export trade would suffer at a time when
that trade is
that any
or
none
too
good.
There is
no
restrict, its trade with Japan,
even
indication
European country is prepared to cut off,
or
that
any
kind of concerted action of that nature could be ob¬
tained.
been
The
made,
only concerted attempt that has
on
large scale, to put trade
a
belligerent
upon a
took to
was
made when the League under-
impose economic sanctions
resentment and
Ethiopia
fear
which
occasioned
ever
pressure
in
upon
Italy. The
Italian invasion of
the
Europe
were
very
much
greater than have been aroused by Japan's course
with
China, but sanctions failed, and failed miser¬
terms which will leave the United States free of fu¬
ably.
If by "quarantine," the peculiar expression
ture
which Mr. Roosevelt used in his
entanglements,
or
if the weight of neutrality
boycott is sufficient to bring
or
terms.
on
an
aggressor
The
second, always problematical, can
ceed only if the United States and its allies are
to
meant
kind
of
Chicago speech,
joint economic
on
lines, there is nothing but failure to be
ex¬
trade
pre¬
pected if that device is tried again.
end.
Mr. Roosevelt's repeated affirmation of peace aims
would
spite of the cordial phrases with which Mr.
on
the
seem
to
preclude
any
intervention by force
part of the United States, although
Roosevelt's declaration has been received in various
reading of the Chicago speech, which is
countries, there is little
to have been
American
reason
for thinking that
cooperation in putting either moral
economic pressure upon
any
or
of the world's present
combatants would be welcomed
except under condi¬
tions
which
States in the
Brussels
eventually
would
leave
the
position of "holding the bag."
conference
is
enlarged
was
pressure
suc¬
pared to carry forcible intervention to the bitter
In
some
United
If the
by including not
care
careful
reported
help of the Department of State
before Mr. Roosevelt
began his western trip, does not
make it clear that the
wholly rejected.
possibility of
There
are
war
has been
two restraining influ¬
however, that Mr. Roosevelt,
eager to
a
prepared, in substance, with meticulous
and with the
ences,
now
even
if he is
thrust the United States into the center of
only the signatories of the Nine-Power Treaty but
the world
also other Powers
deep and widespread determination of the American
as
the
erts
or
League suggested, and the United States
itself to
obtain
from the
conference
a
ex¬
rebuke
appeal which Japan declines to recognize, the
United
ure
having interests in the Far East,
States will be held responsible for the fail¬
at the
same
time that it draws upon
itself still
situation,
can
hardly ignore.
One is the
people not to be drawn into another foreign
anywhere.
The country has had
that kind of
does not
one
war
experience of
thing that is still remembered, and it
propose
to undergo another.
influence is the fact
The second
that, if the United States
were
»
Volume 145
to intervene
do
to
Financial
by force in the Far East, it would have
practically alone.
so
rearmament
Great Britain, with its
dragging and its
program
fully
navy
occupied in the Atlantic and the Mediterranean, has
neither ships nor men nor
money to spare for a
in
war
Asia, and
fleet to spare
ation
to
other European Power has
no
a
for that purpose. The facts of the situ¬
compel the United States, if it does not yield
enthusiasm
tion to words
or
rashness, to confine its interven¬
and, if occasion offers, the tender of
good offices.
To
those
world
it to
seem
sensible
are
enough to
take the
ideally they might like
as
be, reproaches directed at American "isolation"
singularly ill-considered. In
tion such
2451
due American financial and business interests would
be
liquidated in full under
the world
as
tion for peace
has
political situa¬
a
exhibits, concerted
now
favorable ground
ac¬
a
long-time payment plan
naturally has aroused keen speculation
of
the
Atlantic, but nowhere
on
both sides
than at New
more
York, the center at which by far the largest number
of accounts and the
against
largest single accounts
the government
individual
and
groups
Spanish
and very
are
units—most of
held
business
many
the
latter
subsidiaries of American industries
Such
exporters.
voluntarily, at
who
it is rather than
as
Chronicle
a
and
made
time when Europe's financially
a
strongest nations
World War
commitment made, and
are
defaulting
their direct
upon
obligations to the United States Gov¬
ernment at each due date of interest has occasioned
much
surprise, not unmixed with bewilderment.
Both
political and financial observers of modern
which to
Spanish economic conditions read in the statement
proceed. Japan has clearly and emphatically warned
emanating from Valencia the first definite clue ad¬
the Powers to
vanced
no
on
keep their hands off in its quarrel
with
China, and
that
warning might easily lead to war.
concerted attempt that ignored
any
safeguarding the territorial integrity
As far
as
political in¬
or
the
by
total
of the
area
the Bank of
which the Nine-Power Treaty
pesetas gold
to be
dead
as
as
Treaty of Versailles imposed
the most
hopeful
imposed
revived.
American
form
assuredly not wanted
is
States is
League
close
such
in
Europe in
or
as
any
to
play with
the members of the
an
instrument which
League has been able to
respectable show of
success.
none
use
of
with
Until the tem¬
A
caution
and
Valencia.
New
at
of the
American
"isolation,"
whose wisdom
accordingly,
is enforced
the world situation.
propriety.
is
a
policy
by the obvious facts of
It is also enforced
by interna¬
The United States has
sion" to interfere in
the affairs of other
no
"mis¬
States
or
attempt to regulate their relationships. It is not
responsible for the political difficulties in which the
or
Asiatic Powers unhappily find them¬
selves, and it has
solution of their
no
superior wisdom to apply to the
problems. It cannot with propriety
or
safety take sides with
of
States, and it has
no
salvation that calls for
tional
one
alluring
customary reserve
prospect
held
out
by
directly concerned
How
can a
in the
Spanish
government which 15 months
pleading the poverty of a nation with one
poorest trade balances of any in the world
suddenly confront Europe and America with a fiscal
ballyhoo.
is the
economic
question which logically has arisen
most
debacle is:
ago was
European
and
York, London, Paris and other financial
of the world is revolutionized, talk of vitalizing
to
the
The
markets
League is to be set down
tional
bloodshed
Poverty-Stricken Nation Drained by War Costs
the
merely propagandist
ushered in revolution and civil strife
Schooled financiers view with
per
as
some¬
chaos.
to give the
virtually
to the gold reserves of
(about £90,000,000), have been
concomitant
their
as
obscurity since "Red Sunday," July 19,
of last year;
and
republic
Spain which, aggregating 2,258,569,908
what lost in
the United
unless
cooperation
be
can
membership, and to play with the League
would be to
a
intervention
prepared to join the League,
amount to
even
Germany, and
upon
well doubt that they
may
Japan
upon
the restrictions which the
controlling
now
Madrid and Valencia—and almost one-third of the
dependence of China is concerned, the obligations
appear
administration
Spain's three first industrial centers—Barcelonia,
any
foreign State
or group
developed gospel of political
a
crusade.
Its Avisest
undertaking which would have been one of supreme
magnitude even in times of relative peace?
na¬
existence, it has scrupulously followed, name¬
midst
the
of
a
civil
conflict
which
And
has
drained, is draining and must continue to drain her
to the
resources
The answer
point of exhaustion!
obviously lies in concealed reserves, in a surplus of
gold existent beyond her frontiers.
stocks
the
the
of
Bank
of
last year
This
can
be only
Spain, which at
moment of the revolution that
the
engulfed the country
third in per capita volume of any
were
world nation—the United States
being first, Great
Britain second.
Spain and Spain's Government before the war
course
which, during the larger part of its
in
this
were
poor—among
the poorest of any Continental
Spain, over Avhich the gov¬
But the Bank of
State.
ly, to hold aloof from any international action that
ernment
exercised, under normal conditions, but an
would
indirect
control, was one of the richest of modern
impair its independence, to care for its oavh
It had been the depositary
safety and the welfare of its people under changing
banking institutions.
circumstances
and custodian of investment
offices only
as
they arise, and to tender its good
when it is reasonably sure that the ten¬
der will be welcomed.
the
in
The
outstanding fact, in all
approaches which Europe has made to America
recent years,
because of the
that kind
States
is that America is wanted mainly
expectation that it can be used. From
of mischievous entanglement
owes
it to itself to keep wholly
the United
With What?
announcement
by
the
and
government
Hispano-Americano, the Banco de Bilbao and
Banca
Arnus
of Barcelona),
flourishing insurance
of Spain's many
companies, all private
enterprises, and of Spain's wealthy classes, as
as
of the savings
well
of her less affluent classes, from a
industries, such as the Philippine tobacco monopoly,
which
at
Valencia, Spain, that the vast sums of indebtedness
Banco
the
and accrued profits of
private banks (notable among them the
period long preceding the downfall of the monarchy.
It was closely connected with the country's key
aloof.
Spain Will Pay Her American Debts—
Recent
other and
fared
better than
any
other home business
entity under the terms of the treaty
concluded the
of peace that
Spanish-American War of '98.
And
2452
it
Financial
was
intimately related to the Spanish and foreign
mining and other industrial operations in both old
Spanish
torate
Morocco
the
lately-acquired
opposite Gibraltar, as well
Anglo-Spanish wine and distillery produc¬
tion of Jerez and the other vast
devoted to that
State
the
prietary,
rather
of the
country
industry and to olives and cork.
in
as
those
Spain
of
State
a
supervisory, for the
by
was
reserves
no means pro¬
institution, but
themselves
of
predicated upon gold holdings that were
by Spanish citizens collectively, not by the
Spanish Government.
were
the central
government at Madrid, like the autonomous regional
governments of
Catalonia, at Barcelona, and of the
Basque Provinces, at Bilbao, came not only under
influence, but under the direct, gun-menacing
control
of
two
warring labor factions which
political parties
General de
erate and
area,
Trabajo (General Labor Union), of mod¬
non-violent
influence
tendencies, had its sphere of
chiefly in and about the Madrid industrial
and the other, the Confederacion National de
Trabajo
(National
avowed
Labor
Confederation)
"Anarcho-Syndicalist"
or
and
and
frankly
committed
the eastern,
on
Mediterranean, littoral about Barcelona, Valen¬
cia
and
Malaga, the latter since recovered by the
Nationalist armies.
At the behest of the "coalition
of convenience" set
up
by these two, the government,
shortly before the outbreak, quietly had the Bank of
Spain gold deposits moved from Madrid
frontier
into
France—by air,
to
London,
Moscow.
drawn
loads
was
sea
the
across
and land.
deposited in Paris,
and
The latter
to
serve
as
The
of it
some
substantial
a
was
portion
to
which
consular officials in
State Department at
Spain and
now
Washington.
which since the start of the
Sea
sea
The
sums
war
Spanish port cities.
have been
Indeed, it
trans¬
supplies
reaching
was
to keep
lanes from Odessa and other Russian Black
agrarian
was
Nyon
con¬
originally called.
Pre-War Status of the
No
or
Peseta, Spain's Currency
Alicante,
save
for
and
the
ket
standpoint.
have
ist
movement
of
The
routine
her
industrial
traffic
Atlantic seaports
So National¬
fair proportion
a
of Bilbao and Santander, to the
Immediately prior to the revolution,
serious
most
conditions
interests in
North
American
represented
which
faced
one
of the
foreign
busi¬
Spain, particularly the two major
by
financial
branch
institutions
units
Madrid—the International
at
directly
Barcelona
and
Banking Corporation of
New York and the
Royal Bank of Canada—was the
problem of
conversion and exportation.
the year
money
and
half
a
revolt of last year
for
"dollar
Canadian
the
or
In
two years preceding the July
the intervals following applica¬
permits" filed by American and
importers and by such establishments
as
Spanish affiliates of the General Motors Corp.,
the Ford Motor Co. and the
eight principal motion
picture film distributors all centered at Barcelona,
became
and
more
known
agency
Moneda
more
the
set up
was
then
ernment
as
protracted.
of the
the
stantial
sum
a
an
by the Spanish republican
de
gov¬
functioning at Madrid especially to
shipment of pesetas out
country, an average of eight months ensued
between
to
Although
Centro de Concatracion
filing of
and the
an
application for any sub¬
payment, and from 11 months
not infrequently reported.
year was
American Affiliates Unable to
Export Dollars
Almost all the affiliates in the two
of
the
chases of
credit
up
franc.
a
cities, units of
policy of cash payment for all
equipment and supplies.
11% by
While the
immeasurably strengthening their
from the
deposit, proved
creditors, but obviously
remittances
chiefly
dollar
depression
of
that
period,
the
sporadic civil disturbances of 1934 in Spain's larger
the
peseta
down
to
an
to
be most
satisfactory
viewpoint of the local affiliates and their
dollar, and
advanced in 1933 due
10%
of discounts, which, with the iy2%
by the banks on these accumulated
paid
accounts
fairly well in the
way
pur¬
Naturally this
position while realizing economies of
6.50 to the
mar¬
such,
as
beyond the country's fron¬
early days of the republic and ranged between 7 and
forced
centers,
Franco standard.
interest
centers
limited
a
foreign
by the fall, first of Malaga, and then the important
upon
industrial
a
tiers, which, obviously, has been greatly facilitated
The value of this has always been based
the fluctuation of the French
gold
to
the
cen¬
production,
and
crop
established export movement.
no
and
even
by
those
are
agricultural
orange
Spain is enabled to maintain
mon¬
as
level held
held
areas
yield in Catalonia, is negligible from
of that of the
currency
their
Valencia
the
had the effect of
Spanish
of
by reducing hitherto appreciable bank balances and
peseta, traditional unit of currency of the erstwhile
archy.
of
mainly
consists
the
slightly
territory
as Madrid, Bar¬
Valencia, Tarragona, Cartagena, Almeria
celona,
without
of the republic
the
tering about such industrial cities
inaugurating
government
territory
control
entire
"Loyalist," Government
Spain's ability to discharge her
obligations, foreign or internal, can be undertaken
of
of
separate Spanish incorporation, met this condition
estimate of
consideration
forces
the
whereas
lands,
Valencia,
gateways through the Bosphorus and the Medi¬
terranean clear for this traffic that the
ference
that
of
clear dollar conversion and
ferred to Russia have served to finance the
the
and
file at the
on
devaluation
Spain's export trade is agri¬
Nationalist
two-thirds
began to arrive at Barcelona and
Valencia, shortly before the revolt, in Soviet vessels,
a fact attested
by the reports of our diplomatic and
the two
Spain,
the
fund to be
a
against for munitions and foodstuffs, ship¬
of
by
This is due in good measure to the
The
than
more
by the
new currency set up
at Burgos holds its levels and
advantaged
cultural.
tions
major volume
went
been
to
violence, had its numeri¬
political strength centered
weeks, while the
Nationalist regime
ness
"direct action" and extreme
cal
were
well: one, the Socialist Union
as
Since that
year.
republican unit, has dropped to its record low within
recent
and
When the revolution broke last
year,
1937
peseta," survival of the earlier
were
owned
the
major outbreak of last
fact that the volume of
private property and the note issues of the Bank
Spain
the
time the "Valencia
has
the gold
16,
of 7.30 to the dollar, at which it hovered
average
until
Oct.
French franc.
Proprietary
interest of the government in
of the Bank of
reserves
areas
Interest in Bank of Spain
Supervisory,
Not
Thus
protec¬
Africa's coast
on
to the
as
and
Chronicle
due
the
a
poor
home
substitute for the
organizations
in
the
United States.
An
American-Spanish reciprocal treaty, actively
furthered
by the American Chamber of Commerce
Volume
in
145
Spain
Financial
(Barcelona),
which
position of
with the
Foreign Office at the outbreak of the
have
to
was
situation,
waits
or,
permit applications
representations
Bowers
vered
the
on
war,
incorporated provisions remedying the
at least, drastically reducing the long
between
The
Embassy at Madrid, and pending
our
by
subject, however,
granting.
and
Ambassador
G.
Claude
succeeded in effecting, the
first, a "financial
accord," and the last two, treaties. The accord was
between
as
of the latter's
Spain and Great Britain, exclusive
dominions and colonies.
into Spain
money
Inflow
of
immediate effect of these
was an
Not only were the country's normal
agreements.
2453
Canada, for tariff and import restrictions had
for
time
some
,
closed
those
priced "Opel" runabout and
G.
M.-Opel subsidiary
Ford
But the low-
sources.
turned out in the
coupe
unit in
Germany and the
V-8, product of the Ford plant in England, had
gained favor with the Spanish buying public and
had
gradually to supplant the models from the
come
Michigan, Ohio and Ontario centers.
A
outmaneu-
were
by the British, French and Turkish Ministers,
who
one
and
15,000
expended
pesetas in import trade research work to strengthen
the
Chronicle
different
condition
existed
with
the film
of
shipping to and billing their Spanish affiliate
companies and taking payment in French francs and
pounds sterling through
in
both
France
and
intermediate subsidiaries
England.
However, the out¬
break of the revolution and civil
war
found
approxi¬
mately 7,500,000 in pesetas owing the parent Holly¬
exports to the nations named markedly stimulated,
wood units because of the
but the
met by prompt pay¬
exchange and the growing insistence of the
However, purchases
ment that actual
growth of imports
ment to their
was
shippers abroad.
from America and all American
drafts
bills
and
of
contracts, invoices,
exchange
were
indefinitely
Labor Strife Corollary to
By
by
all the difficulties encountered
no means were
the
business
American
financial
Financial Obstacles]
interests
of
purely
a
character, although those difficulties auto¬
inability to obtain dollar
govern¬
purchases from America must be
invoiced in American dollars and made
subject to
dollar conversion.
What
held up.
im¬
porting interests. Their operations consisted chiefly
accounted, of
course,
for the huge balances
accumulated
by the film interests in Spain
"dubbing,"
or
American
Spanish
was
the
language-dialoguing
of
picture subjects (except "musicals") for
distribution
not
only throughout Spain but to all
matically resolved themselves into operating cost
the
increases that
Owing to the hitherto much lower overhead and
were
rapidly reaching the prohibitive
Succeeding governments at Madrid had not
stage.
Spanish
labor costs in
only drawn tighter and tighter the restrictions as
and the
to dollar
and
export, by Acts of the Cortes, the national
Parliament, and by administrative decree, but
were
conceiving and placing in the path of routine busi¬
transactions
ness
obstacles.
import
new
and
quota
tax
Meanwhile, the two labor organizations
aforementioned, growing in their
dominant
power as
political entities, imposed unprecedented demands
and
employer
upon
branches,
alike.
employee
browbeaten
There
by
strikes
being bludgeoned
and
strike
threats.
the
frequent spectacle of the entire loyal
contented
and
the
personnel, Spanish and Catalan, of
was
motor
film
and
houses
grouped outside their
respective establishments which they
to
bank
the motor plants, the film distributors
and other American affiliates were
and
The
were
forbidden
enter, not by a strike condition within, but by
delegations from
and,
in
unrelated industries and trades
instances,
many
striving to impose the dictates of
hitherto
the
routine
operation
was
functioning became
and the cost of
those
a
system of coercion
foreign to Spanish labor psychology and to
Spanish social conscience.
industrial
of
forces,
by wholly alien
A gradual paralysis
Normal
setting in.
increasingly
difficult
doing business augmented in ratio to
increasing difficulties.
on
Short
attendant
disrupting influences, with
overhead
costs,
as
exports."
compared with Hollywood,
preferential tariffs existing between Spain
Mexico, Cuba, the Dominican Republic and the
South and Central American
be much
and
more
where
Madrid,
situated.
States, the work could
economically carried
the
Metro-Goldwyn-Mayer,
with the Metro-Gold wyn-Mayer
and
warerooms
tained its
own
at Barcelona
on
"dubbing"
established
studios
Iberica, S. A. offices
at
while the
Warner-First National unit had the large and com¬
pletely equipped Spanish native Trilla-La Riba pro¬
duction
for its
and dubbing
operations.
Radio,
sal,
Paramount,
and
the other at
equipped of which,
Madrid,
Electric Co. in
Research Products
were
at Barcelona,
one
under lease to the West¬
Spain, affiliate of the Electrical
Corp. of New York.
"Treaties Instruments of Bourgeoisie,"
Told
With the outbreak of
Motors and Ford
their
entire
Consuls
July 19, when the General
plants were totally confiscated and
employee
staffs
were
supplanted by
for the coup,
the distraught representatives of those
were
the eleventh-
importing
factors, besought the Consul General at Barcelona
and the Consuls at
Madrid, Valencia and other cen¬
protect their properties, but
intervene and
then another decree of the two rival labor groups, as
little
the
quickly determined the fact that all the
orderly processes of government inherent in the
time
immemorial
Spanish political concept
swiftly gave way to the
Anarcho-Syndicalist reign of terror.
Operations of the General Motors and Ford estab¬
lishments at Barcelona would have been suspended
long before the revolution had they depended upon
imports of cars and trucks from the United
United
film importers, had
dubbing done in independent native studios,
two of the best
ern
Columbia
the other American
Artists,
their
studios under exclusive lease
Twentieth Century-Fox, Univer¬
ters to
Spanish nation and in
main¬
Barcelona,
exclusive "dubbing" plant,
hour nullification and substitution of first one and
from
were
conjunction
in
interests, as also of the film and other
Notice
their
Spain
"Spanish
as
picked Anarcho-Syndicalist forces held in readiness
Labor Decrees of Rival Unions Nullified
Not the least of these
Americas,
States
relief
could
be
assets of the affiliate
vouchsafed.
companies
were
Legal
surveys
tangible
Spanish
prop¬
erty as the personnel, in most instances, were Span¬
ish nationals.
And following the revolution our
Consular officials found that they
had to direct their
representations less and less to a debilitated govern¬
ment and more
coalition,
as
and
more
to the C. N. T.-U. G. T.
the authority de facto.
Their protests
Financial
2454
that solemn treaties
to the
any
detailed discussion here,
met with the blunt response
dence in any consideration of international fiscal
were
the Consular
service in
instruments of the
Spain:
bourgeoisie.
"Treaties
wholesale
taking
plants, but did succeed in
nothing
of the'motor
over
having affixed to the
highly inflammable deposits of the film houses
"consular
nant shadow
film stocks
tele-
the
broke
revolution
the
purchasing, under the "barter system," developed as
the
notice of
When
phone interests had resorted to the expedient of
The Barcelona Consulate General could do
avert
settlement.
Under the In-
Solidarity they will not be necessary!"
ternational
to
the Atlantic to call for
16, 1937
The I. T. & T. accounts obviously will take prece-
to
are
instances,
some
Oct.
early years of the American republic, had been
wantonly violated
new
dating back, in
Chronicle
of
protection," vised by the
authority,
a
rem-
the ground that the
on
between the United States and Germany, of limited
quantities of
materials of Spanish source for
raw
export to this country in lieu of dollars, and the
Spanish
Government had shown
a
disposition to
cooperate in that direction until the oubreak put
an
end to all such operations and the fire of oppo-
only leased by the Spanish affiliate
sing forces, wrecking the splendid telephone struc-
companies and were the actual property of Amer-
tures at Barcelona and Madrid and dismantling the
were
ican export
subsidiaries in New York of the parent
producers and distributors at Hollywood.
Texas
the
and
Georgia cotton shippers
were
among
foreign business interests most directly affected
by the revolution.
The normal consumption rate of
the textile mills of
ton
Barcelona, Spain's greatest cot-
center, was 1,000 bales per day.
of the
Under stress
military demands pf the Anti-Fascist Militia
organized by the C. N. T.-U. G. T. this rate
Shipload
increased.
sharply
after
the Barcelona quays
on
was
shipload
newly-arrived stock from the Southern States
confiscated
of
was
by the Anarcho-
Syndicalists despite the energetic protests of the
Spanish and Catalan brokers representing Anderson,
Clayton & Co. and other American
their futile
was
owners
and
appeals to the Consulate General, which
powerless to
the agents when,
save
in several
as
instances, they eventually faced the firing squads
in
the
nightly "private executions" staged by the
"coalition
government."
But America's
only consular
sentation to find that the usages of
the
withdrawal,
spectacular
acting
Following the example thus set the picture and
other American importing interests strove to adopt
what came to be styled a "shopping policy," and
the
as
wit-
of the
eve
war
securing estimates
of dollar accounts.
of
hope
independent Spanish importers of
many
American merchandise of continuing in business,
lay in the fact that the pre-war governments had
paralleled their import restrictions with an export
control equally handicapping.
stated, was that
any new
Their principle,
as
movement of production
out of the country must draw upon commodities not
already established
in the Spanish export trade,
vast collateral that otherwise might have
a
been made available for the
sums
due
was
auto-
matically denied the American creditor interests,
Just following the revolution,
some
of the Amer-
institution of diplomatic and court proceedings at
y
Fuerza, which,
Paris to effect
a
lien
was
capital
with
light
and
power, and proceeded in a body to the waterfront
England*
sums
Telephone & Telegraph
taken
up
Co. of New York by the
the Spanish gold
reserves
The matter
by the Barcelona Consulate General
the Embassy,
then quartered
at
Madrid, and to the Ambassador at his retreat with
the representatives
owing the International
upon
for the benefit of creditor groups here.
and referred to
Catalonian
tremendous
The chief difficulty in bringing
about the barter system, which seemed to be the only
supplied
The
considerable quantities of
Mallorca pottery for export in partial liquidation
quit their mainly Canadian-owned utility plant that
and embarked for
upon
on
was
ican interests centered at Barcelona proposed the
one
orders cabled from the management,
the
of the film affiliates
one
afternoon,
Compania Ebro de Luz
upon
of in-
large Canadian and British
from Barcelona of the
staff of the
repre-
diplomatic inter-
unavailing in the Spanish crisis,
course were
ness
new sums
the telephone combine,
Thus
not the
was
network of communications, added
debtedness to those already incurred in favor of
of the chief Powers at Saint
Jean de Luz, France.*
that inability to
It is understood, however,
prove any
direct ownership of the
Compania Nacional de Telefonos de Espana and the
deposits
pre-revolutionary relation of both to the National
Valencia) Government proved a formidable obstacle
City Bank's long operation in Spain
to lien-fixing proceedings, and the step was finally
known to the financial
Gross and
Net
community
are
on
too well
this side of
upon
the part of the Madrid
abandoned.
Earnings of United States Railroads for 'the Month of August
Although the railroad transportation business
con-
associates must be equally unfavorably in all other
tinued to show expanded activities in August, actual
financial returns of operations receded sharply, in
fields.
comparison with the
able, when such matters
same
month
of
1936.
tabulation of gross and net earnings which we
The
now
present reflects to the full the adversities saddled
upon
business
as a
whole by Federal Administrative
trends and pressures.
Since railroads
ject to regulations than
scale activities,
an
any
are more
sub-
other phase of large-
these carriers probably experience in
exaggerated form the unfortunate results of the
labor-coddling, capital-penalizing endeavors of the
New
Deal.
Current
structive, in the
sense
of business control
(now the
tendencies
therefore
are
in-
that the vast further extensions
sought by Mr. Roosevelt and his
The uncertainty that swept
over
the securities
markets in recent weeks and months is understandare
taken into consideration,
Several important factors contributed to the diverse
trends
of
gross
and net earnings of the railroads
during August.
riers
occasioned
Business offered the principal
an
increase
of
gross
car-
earnings
to
$358,995,217 in that month, against $349,923,357
in August,
1936,
a
gain of $9,071,860,
or
2.59%.
But operating expenses advanced far more sharply
than gross
earnings, so that net earnings, before
taxes, actually receded to $91,424,620, from $104,-
255,716,
a
necessary
decline of $12,831,096,
or
12.30%.
It is
to note that the gross earnings themselves
Volume
'
last
highly
after
sion
adversely" by" termination^at the end
of the freight surcharges which
year
were
to the financial health of the carriers.
necessary
This aspect
Financial
-
affected
were
of
145
of the matter
possibly be offset here¬
may
by Interstate Commerce Commission permis¬
raise
to
action
rates
Month of August—
Mileage of 136 roads
1937
235.879
235.321
Ratio of expenses to earnings.
(74.53)
Net earnings
ating costs
A
matter.
—12.30
perturbing advances in oper¬
another and at least equally significant
are
good part of the steep rise is due, of
course,
to the general
years.
Materials. which the
advance of prices in recent
carriers must
buy in
tended
great quantities for their ordinary operations
to mount in cost for several years,
1931; 3,060,763 in 1930, and
1932; 1,716,829 in
4,939,086 in
In the
1929.
and it is still to be
of pig iron, the
case
present year's August output of 3,605,818 gross tons
with but 2,711,721
compares
year
tons in August a
gross
and with only 1,761,286 tons in 1935.
ago,
Carrying the comparisons further back, we find that
August, 1934,
was
1,054,382
1931,
tons; in 1933, 1,833,394; in 1932, but 530,576; in
1,280,526; in 1930, 2,523,921, and in 1929, 3,755,680.
As to another great
(70.20)
$91,424,620 $104,255,716 —$12,831,096
The sensational and
(—)
—0.23
+2 59
+8.91
—558
+$9,071,860
+21,902,956
245.667,641
267.570,597
1,381,350 tons in 1934; 2,863,569 in 1933; 846,730
in
the make of pig iron in
Inc. ( + ) or Dec.
1936
$358 995.217 $349,023,357
OperatlnR expenses
to improve
are
append, in tabular form.
we
Gross earnings
Such
in general.
or
plainly in needful if results
those which
over
sectionally
2455
Chronicle
August the present
a
basic industry—the manufacture
automobiles—the
of
ago—in fact,
year
than
less
motor
vehicles in
much larger than
the largest since August,
Census reports that no
was
Bureau of the
The
1929.
of
output
year was very
394,322
August, 1937,
motor
produced
were
cars
in
against only 271,274 cars in 1936;
as
237,4C0 in 1935; 234,811 in 1934; 232,855 in 1933;
90,325
and 224,368 in
1931,
187,497 in
1932;
in
determined whether the decline of the last few weeks
1930, but comparing with no less than 498,628 cars
will be permanent,
in
and therefore of
aid to the
some
1929.
railroad managers.
Regarding, however, that
Advancing labor costs
foundly
another and
now pose
To the advances of
disturbing problem.
negotiated for the non-operating unions in
wages
August
must
be
now
added another and equally
Eefore
unjustified advance for the operating unions.
these advances
their
at
pro¬
effected, rail
were
wages
already
were
On August 25,
highest levels in history.
however, the non-operating employees were granted
of
increases
that tend to add $100,000,000
wages
not
are
quite
production
last year,
very
important industry,
of coal, the results for August,
we
find,
While bituminous
satisfactory.
so
considerably larger than in August
was
the quantity of anthracite mined was on a
greatly reduced scale.
The statistics prepared by
United States Bureau of Mines show that the
the
quantity of bituminous coal mined in August, 1937
reached 33,665,000 net tons, as against
000 net tons in
only 33,086,-
August last year; 26,164,000 in 1935;
Aug. 1, and the financial statistics now
27,452,000 in 1934, but comparing with 33,910,000
tons in
1933.
Further back, comparison is with
scales for
22,489,000 tons in 1932; 30,534,000 in 1931; 35,661,-
This increase
annually to operating costs.
retroactive to
the mining
presented thus reflect the change of
the non-operating
wage
made
was
On Oct. 3, the arbitrat¬
workers.
1930, and 44,695,000 in 1929.
000 in
On the other
for the
hand, the Pennsylvania anthracite output was only
250,000 members of the operating brotherhoods, re¬
2,584,000 net tons, against 3,503,000 in 1936; 2,591,-
in
ors
Chicago fixed
troactive to Oct.
to the annual
an
advance of
wages
1, that will add another $35,000,000
operating costs of the carriers.
Plainly enough, such developments
cry
000
loudly for
railroad
and
managers
thousands
the
to
upon
1932; 4,314,000 in 1931; 6,081,000 in
1930, and 5,735,000 in 1929.
only considerable improvement
thousands of investors in the securities of the carriers.
August
Formal
contracts was the
to
applications for freight-rate increases remain
be acted upon
by the ICC and favorable action
a
modest
increase
likewise is
and such
of
an
one
For this matter plainly is
of national importance,
efficient
held
dices
and
the
the
by
is
as
whose
savings
affect
interests
our
custom, the leading trade in¬
of business activity, one
natur¬
ally turns to those two great industries, the iron and
steel
Here
trades,
most
first
as
gratifying
in the
tonnage
case
in the
order of importance.
improvement
of each
is
found, the
industry being the
largest for the month since 1929.
According to the
figures compiled by the American Iron and Steel In¬
stitute,
4,875,671
produced in the
4,184,287
tons in
years
gross
gross
of steel ingots
month under review,
as
were
against
tons a year ago, and 2,915,930 gross
August, 1935.
back to
tons
The August output in previous
and including
1929 is
as
follows:
1937, in the 37 States
in August,
Rocky Mountains totaled $285,104,100,
east of the
against only $275,281,400 in
increase of
in
August last year (an
4%); $168,557,200 in 1935; $119,591,800
1934; $105,988,900 in 1933; $133,988,100 in 1932,
and
$233,106,100
in
but
1931,
comparing
with
$346,643,000 in 1930, and no less than $488,882,in
400
ment
August,
the
in
which is
population.
entire
measure
companies,
insurance
fiduciaries
other
taking,
as
but also conservation of the investments
largely
so
virtually
In
involving not only the
operation and proper maintenance of the
vital arteries,
banks
contracts issued
might well be permitted, in
increase
highest for the month since August,
Corp., the money value of construction
F. W. Dodge
contemplated by the railroad executives,
as
According to the statistics compiled by the
1930.
It is reported that
passenger
view of all circumstances.
a year ago,
fares in the East
quite obviously should be taken.
find not
compared with
but the valuation of construction
Coming now to the building industry, we
offsetting and relief-giving concessions to the
some
1935; 3,584,000 in 1934; 4,396,000 in 1933;
in
3,465,000 in
an
Association,
a
According
the
by
view
to
National
an average
improve¬
the
Lumber
statistics
com¬
Manufacturers
of 542 identical mills reported
1,088,532,000 feet of lumber in the four weeks
cut of
ended Aug. 28, 1937, as
feet in the same four
against only 1,049,586,000
or 4% above the
weeks of 1936,
production last year, and 35% above the
lumber
record of comparable mills in
1935.
of the
closely allied with it, likewise showed
so
increase.
piled
In
1929.
building trade, the lumber industry,
the similar period of
Shipments of lumber during the same period
of 1937, on
the other hand, were 2% less than in the
corresponding period of 1936, reaching only 930,481,000
feet,
received
as
against 946,306,000 feet, while orders
aggregated only 898,206,000 feet, against
Financial
2456
1,052,838,000 feet in the
loss of
a
or
four weeks of last
same
year,
the
grain traffic
Western roads,
over
that the grain movement in
was
not
only
with the month last year,
find
we
August the present
greatly increased scale
on a
as
year
compared
but the largest recorded for
August since 1930. The present year's increase
due to the larger receipts at
kets of wheat, oats
ceipts of
than
a
in this article,
the
a
separate paragraph further along
and therefore will only
cereals, wheat,
oats, barley and rye,
corn,
markets, aggregated 106,-
against only 72,711,000 bushels
as
four weeks of
same
here that
say
Aug. 28, 1937, the receipts
Western primary
470,000 bushels,
in the
re¬
We deal in detail with the Western
year ago.
for the four weeks ended
at
mar¬
and rye—especially wheat—the
grain movement in
of the five
the Western primary
was
and of barley having been much smaller
corn
1936; 93,800,000 bushels in
1935; 81,898,000 in 1934; 59,023,000 in
1933; 76,-
262,000 in 1932 and 84,092,000 in 1931, but
ing with 131,225,000 in 1930 and with
compar¬
less than
no
152,286,000 in the corresponding period of 1929.
It is,
however, when
ing the loading of
of the country
freight
all the railroads
clearly manifested.
August the present
For
according
year,
figures compiled by the Car Service Division
loaded with
cars
revenue
Railroads, the number
freight
on
the railroads of
(the largest
ber recorded for the month since
1930)
2,502,704
in
in the
cars
same
num¬
against
as
four weeks of 1936;
in 1935; 2,460,204 in 1934; 2,584,437
cars
1933; 2,129,497 in 1932, and 3,015,648 in 1931, but
comparing with 3,752,048 in 1930, and
4,494,786
no
less than
We have indicated in the
and
beginning of this article
large part played by increased operating costs in
depleting the revenues of the railroads of the country,
dealing
tems the
in
with the separate roads and
now
same reason
consonance
holds true,
and the exhibits
with the results shown
Only
roads,
seven
we
find,
are
sys¬
both
of
excess
$100,000.
are
able to record
Duluth Missabe & Iron
gain in
gross
the Great
The
naming only
are
gross
the
Range, reporting $1,143,775
Northern, with $1,296,231 increase in
gross
the Union Pacific, showing
of $613,947 and
an
a
increase in net of
$410,322, and the Bessemer & Lake Erie, reporting
$505,051 increase in gross and $412,652 increase in
the
gross
decrease
Among the roads and systems, which, while
showing a gain in gross earnings are obliged to report
loss in the
systems
as
case of the
net, we find such important
the Pennsylvania RR. and the New York
Central, the former reporting
a
gain in
gross
decrease of
a
and $509,561
gross
and the Lehigh Valley, reporting
net,
$304,034 loss in
In the
decrease of
a
and of $1,324,909 in net; the Read¬
gross
in
and $442,049 decrease in net.
gross
subjoined table
we
show all changes for the
roads and systems in amounts
separate
$100,000, whether increase
both gross
our¬
earnings and of $1,373,845 in net;
ing, with $333,696 increase in
of
shall confine
so we
few of the most outstanding.
a
Chicago & North Western, with
$317,625 in
m
excess
decreases, and in
or
and net:
AUGUST, 1937
Increase'
Increase
Pennsylvania
$1.*20,637 Texas & Pacific
$121,809
So *thern Pacific (2 rds.)
1.714,990 Internat Great Northern
118.358
Great Northern
1.296.231 Lake Superior & Ishpem_
103,841
Dul Missabe & Ir Range.
1,143.775 i
Atch Top & Santa Fe__.
828.389
Total (29roads)
$12,043,921
—
.
Union
Pacific
613.947
569.102
Elgin Joliet & East...
Bessemer & Lake Erie...
Chic Burl & Quincy
N Y N H & H__
New York Central
Northern Pacific
505,051
353.712
313.857
...
earnings
of
331.879
317.625
Chic Mil St P & Pac
258.104
238.5681
227.125
206.852
179,553
153,843
149.599
147,786
Seaboard Air Line
Western Maryland
No-Kansas-Texas
Grand Trunk West
a
$1,107,010
333.696
304.034
N Y Ont & West
237.802
216.456
195.203
180.226
243.7291 Del Lack & West
Missouri Pacific
N Or Texas & Mex (3 rds)
Pere Marquette
^
Decrease
Chesapeake & Ohio
Reading
a310,637iChic & North West
284.072 Lehigh Valley
Chic Rk Isl & Pac (2 rds)
St
Louis Southwestern.
140,354
Illinois Central
Southern
Chic Great West
Delaware & Hudson
137,824
186.
Cincinnati
100.716
Total (13 roads)
Northern
$3,727,203
Cincinnati Chicago & St. r ouis, Michigan
and
Evansville
Indianapolis
an
&
Terre
Central;
Haute,
FOR
THE
MONTH
Increase \
tnnn
Missabe & I Ran
Great Northern
Bessemer & Lake Erie..
Union Pacific
ai
q'
$900,018
571,711
412,652
410.322
347.164
327.005
uuiuta
Elgin Joliet & East..
Chic R Isl & Pac (2 rds.)
Total (7 roads)
tJecrcase
Denver & Rio Gr West..
Boston & Maine
Norfolk & Western
Wabash.
Chic Great West
Del Lack & West
Del & Hudson
$2,968,872
$395,566
345.756
343,191
361.439
281,887
274.703
254.883
253.617
246.536
....
Long Island
...
St Louis S Fran (2
rds.).
DccrcasB
Chic Mil St P & Pac
$1,373,845 C ic St P. M & O.
1,324,909,Northern Pacific
Chesapeake & Ohio
Chic & North v* est
Atch Top & Santa Fe
1,093.951
948,313
Y Central
Southern Pacific (2 rds.)_
Baltimore & Ohio
NYNH&H
234.535
215.749
205.109
...
A lantic Coast L ne
NY Chic & St Louis
a930,312
199.367
186,568
178.941
175.116
123,331
118.651
MStP&SSM,
7 3.008
736,698
N Y Ont & West
Penn Rear< S S L
West Pacific
New York Connecting
Reading
693.960
671.140
509.561
Louisville & Nashville
459,500
Lehigh Valley..
rds.)
442.049
434,676
Southern
Erie (2
a
Tnese
figures
cover
114,312
112,268
Central of Georgia
Nash Chatt & St Louis..
Total (37 roads)
107,151
$15, 70,598
the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St .Louis,
Michigan
Cincinnati
Northern
and
Evansville
Indianapolis
eluding Pittsburgh & Lake Erie, the result is
When the
ln-
increse of $308,117>
PRINCIPAL~CHANGES~IN~NEf~EARNINGS
OF "AUGUST," 1937
N
'7
128.915
Long Island..
New York Connecting
"
Tnese figures cover the operations of the New York Central and the
leased lines—Cleveland
net.
a
Lack
separately (with their
Chesapeake & Ohio, reporting
$1,107,010 in
Pennsylvania
earnings and $900,018 increase in net;
and $571,711 gain in net;
gain in
Chief among these
increase
an
loss of $693,960
loss in net of $205,109.
and net earnings,
gross
selves to
by the general
increases in both gross and net earnings in amounts
in
a
losses) the roads which have suffered decreases in
.'
totals.
a
of space prevents our naming
the
and in
and
cluding Pittsburgh & Lake Erie, the result is
in 1929.
cars
Hartford, reporting
and the Northern Pacific, with $284,072 in¬
in gross
Virginian
the United States totaled 3,115,708
only 2,954,522
York New Haven &
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
that the composite result of all that
of the Association of American
of
on
increase in gross of
an
of $313,857 in gross earnings
crease
1937
decrease in net of $1,093,951; the New
a
turn to the statistics show¬
has been said above is most
to the
$828,389 and
in net,,
16,
and $753,008 decrase in net; the Atchison
gross
OF
we
revenue
the four weeks of
gain in
Oct.
Topeka & Santa Fe, with
15%.
Turning for the time being trom the trade statistics
to
Chronicle
roads
are
a
&
Terre
Central;
Haute.
In»
decrease of $938,584.
arranged in groups
or geo¬
graphical division, according to their location, the
prominent part played by heavily increased expenses
is very
which
plainly apparent.
the
Southern
three
and
Of the eight regions into
great districts—the Eastern, the
the
Western—are
divided, but two
$1,820,637, accompanied by a loss in net of $948,313, and the New York Central System, showing an
report losses in the case of the gross, whereas, in
increase in the
case
the
decrease in the
case
figures
cover
Erie
$308,117 in
in the
are
case
the
is
$930,312.
and
a
(These
the operations of the New Yofk Central
and its leased lines;
Lake
of the gross of $310,637
of the net of
when, however, the Pittsburgh &
included, the result is
gross
earnings and
of the
Southern
net.)
a
an
increase of
decrease of $938,584
Other roads in this category
Pacific
System, with
$1,714,990
case
of the
net, all eight
are
obliged to report
decreases, the percentage of loss, too, in many
being
below.
to
very
As
conform
high.
Our
summary
previously explained,
to
the
ferent groups
of
the
cases
is
as
the roads
Interstate
The boundaries of the dif¬
and regions
note to the table:
groups
we group
classification
Commerce Commission.
by
are
indicated in the foot¬
Volume
Financial
145
SUMMARY BY
District and Region—
Gross
Month of August—
1937
Eastern District—
New England region (10 roads)
169,971
72,997,435
221.654
+ 2,661.996
—0.34
+ 3.64
149,434.338
+2,610,313
+1.74
13,062,010
63.323,210
12,892.039
+
63,544,864
—
Central Eastern region (18 roads)..
75,659,431
152,044,651
Wheat
Corn
Oats
Barley
Rye
{Bush.)
(Bbls.)
1937
~
Southern District—
111999333676
Aug. 28
GRAIN RECEIPTS
AND
{bush.)
{Bush.)
{Bush.)
{Bush.)
Chicago—
%
+1.31
S
Great Lakes region (24 roads)
Total (52 roads)
119933767
Inc. 1+) or Dec. {—)
$
WE8TERN FLOUR
4 Weeks Ended Flour
Earnings
1936
$
2457
Chronicle
GROUPS
825.000
9,671.000
951.000
3.499,000
4,394,000
4,919.000
5,791.000
2,560,000
706.000
2,397,000
652.000
414,000
12,466,000
145,000
6,478,000
;
1936
705,000
9,600,000
4,192,000
6,065,000
6,820,000
2,602,000
750,000
1,043,000
1,682,000
1,897,000
1,820.000
245,000
Minneapolis—
1199337667
1937
Duluth—
Southern region (28 roads)
40.357,237
40,348,610
+8,627
Pocahontas region (4 roads)
21,502,068
22,228,141
—726.073
+0.02
—3.26
4,422,000
1936..
116,000
2,559,000
780,000
Milwaukee—
^Total (32 roads)________
61,859,305
—717,446
62,576.751
—1.14
1937......
Northwestern region (15 roads)...
Central Western region (16 roads).
48,755,434
46,670,158
+ 2,085.276
67,975,565
64,580,388
Southwestern region (21 roads)
28,360,262
26,661,722
+3,395,177
+1.698,540
...
62.000
982.000
25.000
860.000
1,438.000
246.000
1936
Western District—
78.000
1,026,000
670,000
91,000
4,417,000
24,000
3,693,000
33,000
536,000
4,000
262,000
980,000
32,000
62,000
38,000
11199933367676
Toledo—
+ 4.46
+5,25
4 6 37
1,297,000
Detroit—
Total (52 roads)
137.912,268
+7,178,993
+5.20
_Total all districts (136 roads)...358,995,217 349,923,357
+9,071,860
+2.59
145,091,261
District and Region
Month of August
Eastern Di trict—
1937
1937
1936
$
6.987
New England reirion
7,050
3,377,997 —1,239,589 —36.69
16.661.469 —3.103,739 —18.62
23,324.151
$
Great Lakes region.
26,415
26.540
2,138,408
13,557,730
Cent. East, region..
24,756
24,852
21,264,698
Total
58,158
58.442
36,960,836
—2,059,453
—
8.82
43,363,617 —6,402,781—14.76
38,731
Pocahontas region
38,870
6,045
.
6,010
8,334,837
9,250,078
10.133.733 —1,798,896 —17.75
10,933.025 —1,682,947 —15.39
44,776
44.880
17,584,915
21,066.758 —3,481,843 —16.52
46,084
Cent. West region. 56,875
Southwestern region 29,428
46.146
14.803,575
15.142,133
6,933,161
15.823,794 —1,020.219
—6.44
16.950.531 —1,808.398 —10 66
7,051,016
—117,855 —1.67
Total
...
Western District—
Northwest'n region.
56.841
29,570
320,000
57,000
201,000
151,000
154,000
682.000
3.484,000
1,000
131,000
1936
2,648,000
3,593,000
2,147,000
426,000
4,884,000
442,000
372.000
143,000
482,000
1,480,000
1,430,000
736,000
261,000
120.000
37.000
158,000
333,000
170,000
393.000
788,000
1,614,000
851,000
148,000
55,000
14,927.000
172,000
756,000
69,000
5,712,000
1,032,000
326,000
1,640,000
45,000
236,000
338,000
190,000
252,000
_
•
Total
132,557
36,878,869
91,424,620
132.387
39,825,341 —2,946,472
—7.39
104.255,710—12,831,096 —12.30
..i
—
...
m
■
■
jmjijm 'un. .rs.
P NOTE—Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission, and the following Indicates the confines
1199336767
1937
Peoria—
-
New England
1936......
St. Joseph—
1937
Lakes Region—Comprises the
Great
a
Region—Comprises the New England States.
1,220,000
section on the Canadian boundary between
of
-
;
y
of the Great Lakes Region
Peoria to St. Louis and the Mississippi River
the mouth of the Ohio River, and north of the Onlo River to Parkersburg, W.
Central Eastern Region—Comprises the section south
of
east
to
a
line from Chicago through
Va., and a line thence to the southwestern corner of Maryland and by the Potomac
River to its mouth.
SOUTHERN DISTRICT
Mississippi River and south
following the
boundary of Kentucky and the southern boundary of Virginia to the Atlantic,
Southern Region—Comprises the section east of the
Pocahontas
Virginia,
north of the southern
Region—Comprises the section
east of
Kentucky
and south of a line from
and the Ohio River north
boundary of
W. Va.,
to Parkersburg,
Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its mouth.
WESTERN
DISTRICT
of the
Chicago to Omaha and thence to Portland
and by the Columbia River to the Pacific.
Central Western Region—Comprises
west of a line from
the section south of the Northwestern Region
Chicago to Peoria and thence to St. Louis, and north of a line
El Paso and by the Mexican boundary
to the Paciric.
Southwestern
Region—Comprises the section lying between the Mississippi River
and thence to El Paso,
of St. l<ouls and a line from St. Louis to Kansas City
so ith
19,000
2,000
24,000
399,000
9,000
176,000
218,000
97,000
101,000
183,000
192,000
116,000
52,000
6,739,000 23,714,000 10,460,000
5,870,000
Ttotal all—
1,526,000 59.687,0001,750,000 27,014,000
FlOur
{Bbls.)
14,773,000 12,619,000
Wheat
Oats
{bush.)
Barley
(Bush.)
Corn
{Lush.)
16,375,000
{Bush.)
'
•
6,824.000 28.707,000
29,652.000
2,455,000 12,709.000 13,975,000
32,785,000
7,915,000 19,522.000 26,287.000
already pointed out, Western roads
collectively)
had the advantage
(taking
of a much
larger grain traffic than in August last year.
present year's
improvement was the
greatly increased wheat
3.363.000
3,812,000
Minneapolis—
1936
5,158,000
4,510.000
Duluth—
8,173.000
106,000
1,120,000
2,580,000
2,524,000
7,135,000
2,392,000
3,212,000
4,564.000
2,438,000
492.000
5.017.000
1,853,000
1,079,000
7,000,000
786,000
556,000
3,232,000
4,923.000
801,000 16,113,000
321,000
8.296.000
1,283,000
3,918.000
81,000
181.000
2,445,000
4,915,000
244,000
243,000
Toledo—
,
9,385.000
•
Detroit—
67,000
2,000
54,000
80,000
63.000
1,253.000
166,000
705,000
976,000
576,000
23,509.000
12,862,000 11,788,000
1,000
22,278,000
30,538,000
9,790,000
movement,
The
result of a
supplemented
555,000
864,000
</"
3,838,000
19,063,000
11,526,000
5,189,000
1,598,000
318,000
3,942,000
1936
14,593,000
15,184,000
6,668,000
1,707,000
500,000
2.265.000
1,222,000
2,509,000
1,493,000
Peoria—
1.397,000
1,558,000
9,494.000
1,322,000
1936
Kansas
2,239.000
14,760,000
2,408,000
1,989,000
City—
444.000 80.235,000
5,742,000
2.099,000
1936
them
Rye
{Bush.)
33,639,000 15,339,000
6,046,000
41,472,000 18.207,000 10,183,000
1937—....
and by the Rio Grande to the Gulf of Mexico
As
1.930.000
■
18,992,000
6.923,000
St. Louis—
from St. Louis to Kansas City and thence to
4,000
1,163,000
ndianapolis-Omaha—
Northwestern Region—Comprises the section adjoining Canada lying west
Great Lakes Region, north of a line from
140.000
140,000
Milwaukee—
of the Ohio River to a point near Kenova, W. Va., and a line thence
eastern
•
v
Chicago—
England and the westerly shore of Lake Michigan to Chicago, and north
line from Chicago via Pittsburgh to New York.
■
203.000
284,000
Wichita—
Aug. 28
DISTRICT
■
City—
8 Mos. Ended
EASTERN
New
of the different
and regions:
groups
76,000
St. Ltuis—
Sioux City—
Total all districts...235,321 235,879
.
5,150,000
Kansas
Southern District—
Southern region
■
1937
Inc. (+) or Dec. (—)
$
%
1936
1
Indianapolis-Omaha—
Net Earnings
Mileage
■
611,000 62,141.000
13,896,000
2,586,000
7,407.000
639,000
1,274.000
4,435.000
2,605,000
1,860,000
St. Joseph—
1937...
Wichita—
Sioux
22,332,000
54,000
63,000
12,188,000
142,000
102,000
1,712,000
799,000
816,000
387,000
170,000
1,098.000
1,663,000
421.000
377,000
144,000
City—
Total all—
the
two
other
of oats and rye, the receipts
cereals — corn
and
barley —
having
been
very
much smaller
by larger receipts
of
Thus the
receipts of wheat at the Western primary
during the four weeks ended Aug. 28 were
markets
59,687,000 bushels
in the
same
bushels
bushels
than last year.
as
against only 27,014,000 bushels
four weeks of 1936; of oats,
against 12,619,000,
23,714,000
and of rye, 5,870,000
against 1,930,000, while, on the other hand,
receipts of corn reached only 6,739,000 bushels as
the
compared with 14,773,000, and of barley, but 10,-
Altogether, the
receipts at the Western primary markets of the five
items, wheat, corn, oats, barley and rye, in the four
weeks ended Aug. 28, aggregated 106,470,000 bushels
460,000 bushels against 16,375,000
as
against only 72,711,000 bushels in the same four
weeks of
1936; 93,800,000 bushels in 1935; 81,898,000
1932, and
84,092,000 in 1931. Back in 1930, however, receipts,
in the corresponding period, totaled 131,225,000, and
in
1934; 59,023,000 in 1933; 76,262,000 in
in 1929 reached no less
the
than 152,286,000 bushels.
following table we give the details of the
grain movement in our usual
form:
In
Western
12,995,000 235,728,000
80.454,000 57,856,000 34,019,000 14,340,000
13,254,000 181,754,000 138,100.000 70,778,000 62,960,000 14,901,000
1936
It
happened, too, that the Western livestock
ment
somewhat
was
While the
move¬
larger than in August last
receipts at Chicago
were
year.
smaller, embrac¬
ing only 7,415 carloads against 9,301 cars in August,
1936, they
and
were
considerably larger at Kansas City
Omaha, aggregating 5,973
respectively,
2,914
As
cars,
on
a
and 3,615
cars
compared with only 4,312
respectively, in the
the
to
though
as
cotton
same
movement
in
period last
the
greatly increased scale
cars,
cars
and
year.
South, this,
so
far
as
the
port movement of the staple is concerned, fell far
below that
overland
of August last year
shipments of cotton.
in the
case
of the
The latter totaled
only 26,267 bales as against 37,360 bales in August
last year;
29,204 bales in 1935; 36,624 in 1934, and
27,307 bales in 1933, but comparing with
bales in
22,527 bales in 1929.
On the other hand, receipts of
cotton at the Southern
bales in
13,078
1932; 18,099 in 1931; 24,146 in 1930, and
outports aggregated 664,205
August the present year
as
compared with
only 380,681 in August, 1936; 424,424 in 1935, and
Financial
2458
the
436,088 in 1932; 195,263 in 1931; 680,663 in 1930, and
449,405 bales in 1929.
of the
staple for the past three years
the table
1923,
given in
are
1
1937.
1936 AND
1935
1930
1935
105.120
30,010
145.808
30,488
78,445
64,75)
.
1937
80,888
48,884
71,833
1936
301,933
343.792
313,451
425,735
392,410
12,002
9,722
7,634
172,214
79.806
42,048
in
4,258
7,758
19,171
6,305
5.541
30,638
22.231
the
38.902
73,016
00,374
55,687
13,740
9,356
6,907
44,602
32", 937
38,904
301
1.205
54
11,566
7.987
5,215
20,645
17,571
200.353
Brunswick....
that
1,520
898
1,651
270,499
167,788
134,616
Lake Charles..
22,772
13,412
18,027
24,170
328,90°
25.075
14,344
187,292
21,494
0,731
11,161
6,783
6.826
1,392
2,766
878
2,012
96
Beaumont
212
"""428
664,205
380,681
Jacksonville...
Total
Results
for
424,424 2.007,983 1,807,307 1,292,485
Earlier
whatever
been
in
by
though
no
The
of
extent
anthracite
no
mined, while die soft coal output had
entirely to the non-union mines, this latter,
means inconsiderable, amounting, indeed, to
3,000,000 to 4,000,000 tons
needs.
result
was
week, fell far short of current
a
a
scarcity
of fuel
interfering seriously with
supplies to
mercantile and
showing made by the railroads of the country
in August the
present year, namely,
.$9,071,800
of
(or 2.59%),
(or 12.30%)
831,096
in
gain in
a
by
accompanied
net
earnings,
a
year
$31,621,369,
and
ago,
modest gains
of $12,-
facturing operations in many different parts of the country.
The shopmen's strike on the railroads came in at that time
substantial
these increases, in turn,
gross
19.25% in the
after
came
very
and $1,108,150 in net)
In August, 1934, however, there
was
in
loss
a
of $14,280,954 in the case of the gross and of $23,488,177 in
the
of the net, and these losses, in turn, followed $48,-
case
737,988
increase
August,
1933.
in
These
increases,
notable cumulative losses in
in
$33,555,892
and
gross
however,
then
to
the
trouble, the consequence being that
gain
in
net
after
came
very
the three previous years.
considering these heavy losses—$112,017,534 in
in
Yet
President
that
Congress.
turn
was
Harding made his memorab'e address
Fortunately, when things
for the better.
came
even
It
A truce
at their worst
were
patched up between
the miners and the operators under which work was resumed
a
basis of
the
on
or
43.53% in the latter—in August
or
($11,281,900 in
August, 1935.
earnings
loss
followed
gains in both gross and net—$56,505,915,
former and
gross
a
the
manu¬
the non-union coal could not all be sent to market.
The poor
since
progress
been
had
confined
to accentuate
Years
The coal strike had been
month.
previous April 1, and in that long interval
~
Corpus Christl.
Business revival
strike and
23,112
Wilmington
Norfolk..,
part
with extremely bad resu.ts in the
In its general results, August, 1922,
then
Pensacola
Charleston
57.59%.
respects operated to cause a setback.
Both the eoai miners'
that of the railroad shopmen reached a climax
261,430
239,372
583,035
or
already made considerable headway, but adverse
influences of large size were retarding recovery, and in some
1935
0)3.516
gross
followed in
of the worst months of that year.
one
Savannah
Mobile..........
and
traffic
result, the August,
a
was
preceding—1922.
was
Ports
.
As
the improvement then
magnitude of
year
New Orleans
largest
were
noted for gains of considerable
and net aiike—the addition to the gross
having been no less than $90,181,967, or
then
had
Houston, Ac..
the
history.
gross
because comparison
8 Months Ended Aug. 31
Month of August
Galveston—
recorded
entire
and
of
the manufacturing districts
compilations
earnings
The
TO AUG. 31.
1937
of very great trade activity,
lines in
then
1937
16,
19.06%, and the addition to the net $49,897,384,
RECEIPT3 OF COTTON AT SOUTHERN PORTS IN AUGUST AND FROM
JAN.
period
a
their
in
magnitude in
present:
now
we
was
country
revenues
Details of the port movement
Oct.
of the trunk
many
520,095 bales in 1933;
August comparisons are:
1923
year
Previous to 1934,
320,826 bales in August, 1934.
the
Chronicle
the old
scale.
wage
of the anthracite miners did
case
was
The settlement in
not
until
come
the
after
the
close of August, but the settlement with the soft coal miners
reached
was
about
the
middle
the
of
month,
though
even
here full resumption did not occur until about the last week
of
the
All
month.
this
naturally proved too costly to the
addition, the roads, in the matter of gross rev¬
also suffered by reason of the horizontal reduction
roads.
In
enues,
of 10% in freight rates made by the Interstate Commerce
Commission, effective July 1, 1922.
Altogether, therefore,
conditions in August, 1922, for the rail carriers were highly
unfavorable throughout the month.
On the other hand, the
fact
in
should
be
not
overlooked
that
August, 1921
(with
gross
and
$32,530,008 in net in 1932, following $101,751,861 in
gross
and
$44,043,146 in net in 1931 and $120,696,915 loss in
which comparison was then being made), there was a reduc¬
tion in expenses of prodigious magnitude—so much so that
gross
and
though
$52,063,396 in
1930—it
net in
must
not
be
supposed that
comparison is with totals of unusual size in August, 1929.
1929,
August,
panic
was
that
in
therefore,
before the advent of the stock market
were
the
when
year,
still in
industries
of
the
state of great activity.
a
country,
Yet, not¬
withstanding this, our compilations then showed only rela¬
tively slight increases
than
more
the totals for August, 1928—no
over
$27,835,272
in
the
gross,
or
9.62%.
758,800 increase in the net,
4.99%,
and
$16,-
Moreover, this
came
or
after relatively poor or indifferent results in August of the
previous
year,
when
our
tabulations
.
registered
the
very
gross earnings then suffered a shrinkage of $50,119,218, due to business depression, net recorded an improve¬
ment of no less than $248,237,870, expenditures having been
reduced in this single month $298,357,OSS.
This improve¬
ment in the net then did not, it should be understood, mean
absolute addition of that amount to the net, but repre¬
sented to a very great extent he wiping out of very heavv
an
deficits suffered by these rail carriers in 1920.
In August, 1920, the roads had fallen $125,167,103 short of
meeting their bare operating expenses, not including taxes,
1921, there were net earnings above the ex¬
penses of $123,070,767.
In no small measure the prodigious
while in August,
reduction
in
trifling gain of $165,107 in gross, though owing to curtail¬
penditures had
ment of expenses
a
the showing as to the net was much better,
a gain of $9,835,559 appearing, which,
however, was only a
partial recovery of heavy losses sustained in August, 1927,
as compared with August, 1926, when our tabulations regis¬
tered no less than $22,086,735 decrease in gross and $15,697,472 decrease in net.
The fact must not
shrinkage
two
be
succeeded
overlooked, however, that the 1927
considerably improved results in the
preceding.
years
In
August,
1926,
our
tabulations
showed
in 1921 followed from the huge aug¬
expenses
mentation in expenses the year before.
In August. 1920, ex¬
in
amount* of $319,579,099—this on
gain of $83,071,497 in the grass, leaving net diminished,
run
therefore, in amount
ment for
the
to
up
of)$230,507,602.
August, 1920f
peculiar
roads had
circumstances
been
returned
to
The truth is, the state¬
of the worst
was one
existing at
private control
record, due
on
the
on
The
time.
the previous
March 1, but for a period of six months thereafter
(or until
the end of August) Congress had provided that the carriers
should receive the
been
receiving
of net income as they had
during the period of government
amount
same
rental
as
$23,857,842 gain in gross and $12,9S9,753 gain in net,
August, 1925, $47,021,764 gain in gross and $31,821,455 gain in net.
Contrariwise, the improvement in 1926
and 1925 followed a heavy decrease in August, 1924, at least
control—except in cases where a carrier preferred to take,
instead, its own net earnings, which very few elected to do.
Expenses were running very heavy at the time and were
in the gross, and to that extent the gains in these two years
constituted a recovery merely of what had previously been
road Labor Board the
lost.
mated to add at
and
in
However, in both the gross and the net the combined
gain of 1925 and 1920 far exceeded the falling off suffered
in
In truth, in the case of the net shrinkage in 1924
1924.
small,
economies
in
further increased
retroactive
by the
back
to
wage award announced by the Rail¬
previous month, and which was made
May 1.
This
the
railroads,
the
the retroactive
the other
hand,
the railroads got
good many times over by the big increase in 1925, entirely
apart from the further increase in the net earnings in 1926.
reduction
which
went
which
In brief, gross earnings in 1924 fell off
course, was away
$55,952,018, but net
earnings only $2,148,281, and this was followed by $47,021,704 gain in gross and $31,821,455 gain in net in 1925,
and $23,857,842 gain in gross and $12,980,753 gain in net in
August, 1926.
In both gross and net, therefore, the 1926
results were the best on record for the month of August.
The setback in 1924 was due to the great slump in busi¬
ness
experienced in the
of
outcome
course,
was
earnings.
the
reflected
The
summer
Presidential
in
shrinkage
of that
election,
diminished
in
traffic
a
pending the
slump which, of
year
traffic
and
in
and
railroad
revenues
was
naturally of striking proportions in contrast with the year
preceding (1923), which had been marked by an extraordi¬
narily heavy traffic and exceptionally good results.
The
was
carried
on
feature.
of
While
had been in great part taken care
July returns, nevertheless some of it also
of in the June and
very
esti¬
was
retroactive feature
from
apart
operations and savings in
expenses having acted as an offset to the heavy reduction
ill gross revenues, and this small loss in net then was made
was
increase
wage
least $50,000,000 a month to the payroll
forward
into
the
into
August returns.
the
In 1921,
benefit of the
on
wage
effect
July 1 of that year, and
normal volume of traffic—the traffic in 1921, of
a
below the normal—was estimated to work
reduction in expenses of about $33,333,000 a month.
Even prior to 1920 net results had been
steadily growing
smaller.
For instance, in August, 1919, our
a
compi'ations
showed
former
and
showing
then
no
in
both
$31,315,528 in
the
and
net—$32,636,656
latter.
In
1918,
in
the
while
the
unsatisfactory under the increase in rates
by the Director-General of Railroads as a war
the
situation
$135,759,795 in the
more
gross
was not
made
measure,
of
loss
a
than
nevertheless
gross
was
that
brought with it
an
an
addition
addition
$24,312,758 to the net.
of
Going hack yet a year
further, we find that in 1917 a gain of $39,771,575 in the
gioss was accompanied by a decrease of $4,608,838 in the net
In the
following
we
show the comparisons back to 1909:
119901345
Volume
Financial
14S
2459
Chronicle
rather than the President and
other time, or that Congress,
111999228670345
6
Gross Earnings
Increase (+) or
Month
Decrease
of
Year
Given
Preceding
119923387405726
Year
Amount
1225,488,923 *107.928 775
251,505,986
233,666,645
251,067,032
255.493.C23
280,919,858
269.593.446
279.891,224
333.460.45/
373.326.711
213.683
7.63
230.925
1.967.61.r
0.80
230,536
227.076
+ 25,860,38*
10.30
239,230
219,412
235.404
—
216.709
+4.342.006
240.831
237,159
1.93
247.80 '
245,754
+ 54,673,431
19.61
245,516
244,765
+ 39,771,57"
362,509,561
4.03
+ 5.272,84"
333.555.136
1.50
—11.326,41..
274,618,381
278,787,021
498.261,356
469.868.678
Prcced'g
216.332
234,805
13.92
+ 17.839.341
245,784,289
276,927.416
259,835,02 '
Year
Giren
Percent
+$27,560,148
243,816,594
1912.....
his "prima
(—)
Year
AuffU.it
Mileage
11.92
246.P0
legislation of the New Deal, it is too bad that he did not
present it.
What
out,
—32.636,65)
6.4)
233.423
541.541,311
.504.599,664
502.505,334
460,173.330
554,718.882
+ 81,375,981
17.68
227.145
226.440
—50.119,218
9.03
233,815
504.154,06"
—31,911,05
6.33
235,214
235,010
563,292.10r
+ 90,181,96
19.06
235,357
235.616
—55,952.01
+ 47.021.76
9.93
235,172
235.445
9.26
236.750
236.546
077.7 91,746
473,110,138
563,358,02
507,537,554
553,933,904
4.30
236.75
236.092
556.406.662
5/9,093,397
—22.686,73
3.92
238.672
5.56,908,120
556,743.013
+ 165,10
0.03
240.724
237,824
239,205
585.638,740
465.700,78*
557,803,468
4.99
241,026
241.253
586.397.7C4 —120,6 '6.91T
20.58
241,546
242.444
364.010,95'
251.761.038
465,762,820 —101.751,86*
21.84
243,024
242,632
363.778,572 —112,017.53
30.7')
242.29c
242.217
300.520.299
251,782,311
+48.737.98?
19 36
241.166
2 16.564.653
-14.286,95
4.82
239.111
249.058
293.606.520
finances, the farmer
Mr. Baxter
to point
goes on
made the special beneficiary of
was
Government subsidies, and credit sales of farm equipment
and
considerable
fertilizers bounded forward, Industries with
242 358
2,82.277.699
as
that inflation psychology dominated Government
re.
233.067
472.242.561
happened, however;
was
233.203
37.45
247,or
230.743
donna" bloc, is responsible for the hodgepodge
507.406.C11
5o4.55 »,31h
+ 135.759,79
+ 23,8o7.84.
+ 27,835.27;
230,015
282.324.620
+ 11.281,900
4.00
238,629
238,955
350.084.172
293.578.257
+ 50.505.91"
19.25
236.0*5
2.37.831
358.905.217
340.023.357
+ 9.071.86
2.59
235.321
235 879
Net Earnings
inc.
still available weakened their
position by large
com¬
mitments in commodities which did not show in their
pub¬
serves
balance
lished
consumer
suffered
as
the
of lowcost production.
Comparing the relative positions of such
countries as Germany, Italy and Japan, all low-cost producers,
and that of the United States, Mr. Baxter asks
anything?
learn
lars
in
the
It has cost
period
post-war
cannot be maintained for
cost of
any
levels
commodity, for the
is the determining factor,
run
find that artificial price structures far above the
production
maintained in cotton, rubber, tin and
Meantime, the abundance of "fake
are
commodities."
other
we ever
learn that artificial
to
long for
production in the long
and yet we
"Do
hundreds of millions of dol¬
us
Year
Year
of
Avyust
the
country turned its back upon the primary essential
cost of
(+) or Dec. (—)
Month
and
sheets,
Given
$85,880,447
$72,159,624
1910
Per Cent
Amount
Preceding
1909
+
$13,720,823
88,684,738
89,529.654
—844,916
0.94
1911
86,224,971
86.820,040
+ 515,069
0.69
1912..
99,143.971
87.718,505
+ 11.425,466
13.03
1913
83,143.024
92.249.194
87.772.384
87.300,840
1915
99,713.187
89,673.609
+ 10.039.578
11
+ 26.373.215
26.51
in the buying of homes.
Mr. Baxter
9.87
1914
—9.106.170
+ 471.544
money" has induced great numbers of people to mortgage
their future, especially
19.01
99,464.634
denies
labor and construction,
21
125.837.849
1917
121.230,736
125,899,564
—4,668,828
142.427,118
118,114.360
112.245,680
143,561,208
+ 24.312,758
--31,315.528
20.58
1919
1920
*116.173,003
108,053.371
—224.226.374
123.070,767
*125,167.103
+ 248.237.870
197.62
1922
86,566,595
123.353,665
—36,787.070
29.82
1923
+ 49.897.384
basis for
a
building
57.59
the prospective weight of taxation
staggering burden of debt, the end of immigration,
207.51
1921
due to the
3.71
1918
any
boom, and calls attention to the unprecedently high costs of
0.54
1916
emphatically that there is
and the ability to buy
than it would
21.81
136.519.553
86,622,160
1924
134.669.714
136,817,995
—2.148,181
166,558.666
134,737,211
+ 31,821,455
23.62
1926
179,416,017
164.013.942
166.426,264
+ 12.898.753
7.86
179.711.414
—15.6)7.472
8.73
+ 9.835.551
5.99
1927
1928
173.922.684
164.087,125
1929
190,957,504
1930
United
kept such trade alive during the '30's, notes
the leading low-cost producer, is underselling
that Japan, as
the
trade, Mr. Baxter finds that
international
to
armaments have
1.57
1925
Turning
houses in most communities for less
cost to build them.
now
Great Britain,
and
States
the
two
high-cost
producers, in world markets to an alarming extent, and in¬
9.62
174.198.614
+ 16.758,860
139.134.203
191.197.599
—52.063,316
27.21
1931..
95,118,329
139,161,475
—44.0
3.146
31 64
1932
62.540,800
95,070,808
—32.530.008
34.21
1933
96.108,921
62.553,029
+ 33.555.892
53.64
1934
71.019.068
94,507.2
+ 23.488.177
24 85
**
1935
72,794.807
+ 1.108.150
1936
104,272.144
72.650,7*1
+ 31.621.369
91.424,620
104,255,716
—12.831.096
"a
of much of
Deficit.
our
accumulated wealth."
The result of all this, as Mr. Baxter's vivid
BOOK
J.
William
is
REVIEW
Its Greatest
Faces
America
Business Depression.
53
Baxter.
New
Pages.
York:
By
to those who
imagine that, however unfavorable the business
situation may be,
Mr.
the Administration at Washington will not
serious decline in either business or prices.
It is
Baxter's contention that the present situation is com¬
permit
a
control
pletely dominated by world forces "far beyond the
of either
fore,"
our
own
or
any
"was
declares,
he
ominous—with
other government."
international
the
"Never be¬
situation so
practically all the major countries dissipating
their credit either in armament programs or
in internal pro¬
temporarily. Reserves
normally available in this and other countries to meet a
serious depression are absent.
International trade—the one
grams
which
seek to
keep
peace
real barometer of health—is still
dying steadily in the case
of the older industrial countries.
French
currency
is steadily
sinking, with that unfortunate country marching fast
the most serious civil war in our times."
Reviewing the
years
credit, represented by bank deposits
he brands
as
and
as
a
huge volume of
subject to check, which
international breakdown of 1929-31.
thinking came such schools of unsound
Out of the post-war
thought
of
"fake money" and holds primarily responsible
for the national
the
toward
of "post-war insanity" from 1919 to
1933, Mr. Baxter attacks the creation
the technocrats, the advocates of gold revaluation,
champions of redistribution of wealth, free silver and
planned economy, and believers in the revival of international
trade and a balance of farm and industrial prices.
It was
with this
impossible situation that President Roosevelt was
Mr. Baxter thinks that the country,
in 1932, "voted to appoint Roosevelt a 'receiver' and to give
him the same dictatorial powers accorded a receiver," that
called upon to
deal.
if he had been given
better off, but
such
powers
the Nation would have been
that political blocs of Congressional "prima
donnas" wrecked his plans and
made the resulting
program
hodgepodge.
If Mr. Baxter has any proof that such a
mandate was handed to Mr. Roosevelt in 1933 or at any
a
agrarian-labor
In-
pamphlet will be disturbing reading
sees
it,
money," the Republican and Democratic parties "through"
civil
a
This double-column
thought
What with "fake
insolvent world headed for collapse.
an
and
$1.50
ternational Economic Research Bureau.
o
to sell in low markets to forecast
re-division of the lands of the world and the wiping out
12.30
»
of its historic^
policeman, combine with the inability
Anglo-Saxon countries
43.53
1937
depriving Great Britain
by
aviation,
function of world
1.55
71.686,6*7
in methods of warfare due to chemistry
sists that changes
and
war
groups
coming into control, France facing
under its Popular Front, currency stabilization only
dream, armament expenditures mounting, an appalling debt,
sapping confidence, the flexibility of labor costs
inflation
gone,
and bondholders living on principal, the outlook is
The only safe investment now, Mr. Baxter
"There is one major com¬
gloomy indeed.
concludes, is cash in the bank.
modity," he declares, "and one only which today is under¬
with the general public, and that is
valued and in disrepute
Far from fearing
cash.
at least
for
some
time to
for the security of bank deposits,
come,
the
intelligent
one
course
for
is to oppose
storm cellar of cash
investors, business men and bankers to pursue
build
the crowd at a time like this and
reserves.
.
.
.
a
America's greatest bear market has already
begun," and anything that Washington may do will afford
How much these cash reserves will
only breathing spells.
be worth when the greatest bear
Mr. Baxter does not
Mr. Baxter writes in such a
and holds
throughout such
tone, that a
good
market has
run
its course,
explain.
many
a
vigorous and readable fashion,
convinced and uncompromising
readers of his timely pamphlet will,
has covered the whole ground
it is to be feared, feel that he
and
made out
his discussion
less
an
unanswerable
As
case.
matter of fact
convincing than a free use of capitals and italics
included in his survey a fuller
which Administration
recognition of the obstacles
policies, embodying increasingly the
dictatorial authority which he fancies
the country meant to
Mr. Roosevelt, have placed, and continue to
confer upon
place, in the way of recovery, and of the
of recovery
substantial resources
that would be released if the autocratic grip of
Washington were loosened.
answer
in
He might well have.
stating them might appear to imply.
to
a
is rambling, and some of his conclusions are
for and
The United States has plenty
quite enough to guard against without
international "insanity" so much
fears as Mr. Baxter seems
disposed to find.
The pamphlet merits wide reading, but
its predictions of the inevitable may well be viewed with
seeking in
a
post-war
explanation of its troubles and
caution.
2460
Financial
Chronic!"
The Course of the Bond Market
Speculative and lower-grade bonds have declined
low
levels
tliis
week.
Wednesday
time.
Oct. 16,
1937
Among those recording the greatest losses have been
Brooklyn
to
Union Gas 5s, 1950, which lost 4 at 88; Cities
Service 5s, 1906, which closed at 57. off
0; Indiana Service
new
and
Friday saw sub¬
stantial declines in all groups, but the trend bas been down¬
5s, 1950, which fell 7 to 54; Benn-Ohio Edison
5%s, 1959,
ward
which declined 10 to 80.
throughout
the
week.
High-grade and
governments,
Reactionary influences have
the other hand,
on
have declined very little, their averages
remaining well above the year's low point.
High-grade
with
only
railroad
few
a
bonds
issues
have
extended
of St. Louis 4s, 1953, at 109% were down
speculative railroad
registering
many
bonds
1937 lows.
new
Erie 5s,
1975, at 52, also
Western
4s,
bonds
1959,
a
off 4%
a
losses.
points
5s,
&
Ohio 4%s,
De¬
Chicago & Great
losing
more
BOND
(Based
8.
AU
120
1937
Govt.
Bonds
on
similar period
any
PRICES
for
issues
(REVISED)
96.28
Aa
A
107.11
Baa
R.
A
u.
P.
the
list,
Non-
at
101%.
The
oils
All
120
1937
and
bond yield
AVERAGES
(REVISED)
Iadiiidual rlatino Prices)
120 Domestic
tic
lie
Corp.
averages
tables;
120 Domestic Corporate *
Domes
A refuges
Indus.
prices
YIELD
on
Defaulted South American
weaker.
bond
BOND
speculative issues.
After
rallied, but Italians re¬
bonds
following
(Based
120 Domestic
113.48
the
MOODY'S
Corporate by Groups *
Aaa
low
new
among
generally
in
Doily
Corp.*
Oct. 15— 108.44
ghen
are
tic
Astray es
closed
Average Yields)
by Ratings
a
Japanese
Moody's computed
some
120 Domestic Corporate *
Domes
Daily
in
than
MOODY'S
V.
predominating
weakness,
speculative utilities have been decidedly weak,
ground
to
mained close to the year's lows.
High-grade utility bonds have held fairly well, but secondand
2%
dropped
clines
New
Haven 4%s, 1937, at 23% were also off 4% points.
grade
1957,
early
at 20%, while
industrial
recorded.
Houston Oil 5%s, 1940, declining 1%
points to 100%.
Sharp recessions have prevailed among the
steels, Wheeling Steel 4%s, 1966, falling 4% to 88%.
De¬
clines of large fractions up to 3 or 4
points have been noted
among coal, paper, food
processing and retail issues.
The trend of foreign bonds has been
irregular, with de¬
1937 low, whi'e
new
the
have not been spared,
declines,
low, lost 7% points.
new
underwent
were
sharp
in
Copper 4%s, 1950, closed at 103%,
In the rubber section, Goodyear Tire & Rubber
down 1%.
Medium-grade
Baltimore
I960, at 44% declined 7% points to
faulted railroad
%.
sustained
ruled
having been
but Anaconda
groups,
Vir¬
off %; Terminal RR. Assoc.
were
lows for the year
new
ferrous metal company obligations held
up better than most
declines,
registering fractional gains.
ginian 3%s, 1966, at 104%
and
their
several
by Ratings
Corporate by Groups *
30
or*
r
Aaa
Aa
A
Baa
R.
R
P.
U.
Indus
95.62
75.24
85.93
98.11
108.39
15..
4.22
3.29
3.61
96.61
113.27
4.26
107.30
96.11
5.74
76.05
4.90
86.50
4.11
98.62
103.36
3.66
14..
13.. 108.31
4.20
3.30
3.60
96.78
113.27
107.49
4 .'23
5.67
96.44
76.17
4.86
86.64
4.08
98.62
106.54
3.65
13..
4.19
3.30
3.59
4.21
5.66
4.85
4.08
Hgn#
3.64
14..
\y.y; 12
.
Stock
106.17
Oct.
Lxchan ge CI08 ed
12- Stock
Exchan ge
5.75
CIos ed
11- 108.34
97.28
113.48
107.49
96.61
77.36
11..
108.41
4.16
9-
113.48
107.88
3.59
4.20
97.61
96.94
77.96
5.56
87.93
4.81
99.31
107.11
4.05.
3.63
9..
8..
4.14
108.39
3.29
97.78
113.48
3.57
4.18
108.08
97.11
5.51
78.33
4.76
4 04
88.36
99
3.61
107.30
8..
7- 108.39
4.13
3.29
3.56
97.95
113.48
108.08
4.17
97.11
5.48
78.58
4.73
88.65
4.U5
99.14
107.11
3.60
4.12
6-.
3.29
97.95
113.27
108.08
3.56
4.17
97.28
78.70
88.80
99.31
107.11
6.
4.12
3.30
98.11
113.27
3.56
108.08
4.16
97.45
78.82
5.45
4.70
88.80
4.04
99.48
3.61
107.11
5.
4.11
3.30
3.56
4.15
5.44
4.70
4.03
3.61
108.38
5- 108.43
87.21
99.14
14
106.73
7
3.29
5.46
4.71
4.05
3.61
I—
4-
108.44
98.62
113.48
108.66
97.95
79.70
89.69
99.83
107.49
4.
2-
108.38
4.08
3.29
113.48
3.53
98.62
108.66
4.12
98.11
5.37
79.45
4.64
89.55
4.01
99.83
107.69
3.59
2.
1-
■
...
5~59
108.36
4.08
3.29
98.45
3.53
4.11
5.39
4.65
89.25
99.83
4.01
107.69
3.58
1..
4.09
3.29
3.53
4.12
6.40
4.67
4.01
3.58
113.48
108.66
97.95
79.32
Weekly—
Sept .24— 108.47
98.45
...
6*42
Weekly—
113.27
108.46
98.11
79.20
88.95
100.00
107.69
17- 108.36
3.30
113.48
3.54
109.24
4.11
98.97
Sept .24..
4.09
99.66
81.48
5.41
4.69
90.59
100.53
4.00
108.85
17..
10-
107.78
4.02
3.29
113 27
3.50
99.66
109.24
99.14
4.06
81.74
5.23
90.90
4.58
100.38
3.97
108.46
3.52
6.33
10..
3..
108.04
4.02
3.30
100.70
113.68
3.50
4.05
100.64
99.66
83.60
5.21
02.12
4.56
101.58
3.95
3.54
5.38
Aug. 27- 108.28
3.9ti
3.28
100.70
4.02
113.89
109.44
5.07
99.66
4.48
84 UI
92 69
104
3.91
58
109 24
3.50
5.28
IOI
3 27
3.49
4 02
109.84
27
3.96
114.09
100 00
84 41
6.04
4.45
02 76
101.94
109.64
3.01
3.59
20
3.94
3 26
3.47
4.00
6.01
4 44
04 01
102 30
3.89
110.24
3.48
5 33
13
3.90
3 22
3.43
3.95
4 98
03.85
4 36
102.12
3.87
110.24
3 45
6 08
4 37
20136-
108.86
109 12
101
109.49
06
114.93
76
101.76
110.63
114.72
111.03
100.88
84.83
100 88
*
84.55:,
109.24
3..
Aug
.
3.48
3.58
5.39
5 28
6..
101.68
3.90
3 23
114.72
110 63
3 41
3 95
84.28
93.85
6 00
101.04
100.84
23-
109.22
3.23
3.43
114.09
3.96
110.63
100.88
July 30-,
3 91
101.76
6.02
85.10
4.37
94.97
3.69
101
76
ioy.24
3.47
5.13
16-
108 90
23..
3.90
101 58
3.26
3.43
113.89
3.95
110.24
100.53
85.24
4.96
04.97
4.30
101.58
3.90
108.85
3.50
6 13
9.
108.59
16..
3 91
3 27
101 58
3.45
113 89
110 24
3 97
100 53
85.24
4.95
4 30
05.13
3.91
101.06
3.52
109.21
5.20
9-
108.39
3.27
100.38
3.91
3.45
113.68
3.97
4.95
100.18
108.06
O0.70
July 30.
..
2..
100.62
June 25-
108.36
•
18-
108.44
101
11..
108.53
109.84
100.70
100.00
83.87
04.33
113.48
109.64
09.83
93.87
94.33
99.83
108 66
u
113 89
110 24
100.35
85 10
05.13
100.70
100.24
110 43
100.70
3 88
3 45
5.09
4.29
3 94
3.50
5 15
3.95
3.28
3.47
4.00
5 05
4.34
3 99
3.53
5 17
3.96
2,
June 25.
3.20
3.48
4.01
5 05
4.34
4.01
3.53
5.12
18.
3.92
3.27
101.76
113.89
3.45,
4 96
4.29
95 05
100.88
3 96
109 24
3 50
5.13
4.
108.59
11.'
lol 58
3.90
3.27
3.44
113 48
110 24
100 35
3 96
85 65
4.92
95.46
4.24
100.70
3.95
109 05
3.50
5
4.
May 28.
21.
108 73
101.41
3.91
3.29
113 27
3.46
3.98
110.04
100.35
85 65
4.92
95 62
4.27
3.96
100.53
3 51
108 85
5.19
108.22
3.30
3 46
113.07
May 28.
3.92
101.68
109.84
100 35
3.98
4 92
H« 07
95.46
4.26
3 97
100.88
108 66
3 52
21.
3.9!
3.31
3 47
3 98
4.89
3.93
3.35
3.49
4 01
4 88
4 29
3.05
3.55
5 33
3.91
3.34
3 51
3.99
4.81
4.25
3.93
3.56
5 37
3 39
3 55
4 03
4.86
4 30
3 96
3 62
'
85 65
14.
107 97
101.23
112.25
109.44
99 83
86 21
95.13
100.88
108 27
7.
108 03
14.
101.58
112.45
109.05
100 18
87 21
95 78
101.23
108.08
Apr. 30.
107 59
100.70
111 43
108.27
99 48
86 50
7>
94.97
100.70
106.92
107.17
100 70
111 23
1C7 69
23.
99 48
,
30-i
Apr.
3.98
4 27
3 95
3 53
11
527
6 41
86 92
95 29
100.70
106 54
107 79
23.
100.70
107.88
3.58
4 03
99.48
87 21
^.96
3 40
111 03
4 83
95 62
4 28
3.96
100.70
106 54
3 64
6 31
9..
107.23
16.
99 48
3.96
3.41
100.64
107.11
3 57
98 45
4 03
85 65
4.8!
94 49
4 26
3 96
3 64
5.33
2-
107 19
4 09
16.
99.31
105 41
100.18
110.63
107.49
98 80
86 64
05.13
99.83
106.17
108 40
101.23
111.84
108.27
99 48
87 93
06 11
100 70
107 30
19..
109 32
101,23
111.84
108.46
99 14
87 93
06.11
100 88
12.
110 76
102,30
112.86
109 24
ICO 35
89 40
97.45
101.76
5
111.82
103 74
Mar 25.
9..
4 03
3 48
3 61
4.92
4 33
3.99
3 43
3 59
4 07
4 85
4.29
4 01
3 66
5.36
Mar.25..
3 93
3 37
3 53
4.03
4 76
4 23
3 96
107 30
3 60
5 33
19..
3.93
3 37
3 54
4 05
4.76
4.23
3 95
108 27
3 60
5 28
12
5
2.
4 04
3 70
5 33
3.87
3 32
3 50
110 43
3.98
10!
76
90 75
4 66
4
98.45
15
103.38
3 90
109.44
3.55
112 18
103.93
3 79
114.72
3 26
102 12
4 55
110.83
3.90
90 59
4 57
98.62
4 09
103 93
3 81
3 49
109.84
5 24
19.
112
104
Feb. 26..
114 30
3.78
3 23
110.83
3 42
102.48
3.88
91
4.58
98.97
4.08
3 78
100 44
4 47
5 13
11
112 20
19..
3 77
3 25
3 42
3 86
4.55
4 06
3 77
3 49
5 13
3 84
4.52
Feb. 26
114 09
11
C5
104.11
5 30
29.
104.48
114 93
111 03
102.84
99.66
104.30
112 34
105.04
115 78
3 75
3 22
111.84
103.38
91
66
ICO.OO
105.04
110.63
112 21
5Jan.
12
105 41
5.
116 64
3 72
112.25
3.18
3 37
103.56
3 81
91
4 51
51
100 00
4 CO
3 72
105.04
111
43
3.43
Jan, 29.
6.19
3 70
3 14
3 36
3 80
101 23
4 52
4 00
3 72
105.79
112 05
3.39
5 34
22.
3 66
3 09
3 30
3 76
4 47
3 93
3.68
3.36
5 39
91 51
110.04
11.
3 41
4.02
3 76
3 46
5 18
22-
112.39
106 17
117.72
113.27
104 30
92 38
15.
112 53
106 36
118 16
113 48
104.48
92 28
101
23
106
8.
112 71
106 36
117 94
113.89
104.48
91.97
101 23
106
17
'12 78
112 25
ui«
118 16
8.
113 S9
3 65
104
3 08
3 27
f>2 43
3 75
'01
4 49
106
17
3 93
112 45
3.66
Low
3 35
1037
5 43
3 64
3 07
3 27
3 74
4.46
3.9?
3 66
105.41
3.34
Higb 1937
5 08
4.22
3.48
3.61
4.26
5.74
4.90
4.11
3.70
5.75
3.75
3.19
3.37
3.89
4.53
4.01
3.80
3.42
5.64
4.36
3.53
3.84
4.53
5.55
5.00
4.25
3.83
6.88
Hlsrh 1°3"
M
67
41
17
112.25
15..
Low 1937 107.01
1 Yr. Ago
96.28
Oct.15 '36 110.89
2 Yrs.Ago
104.48
115.57
111.84
101.94
91.35
99.83
103.56
110.83
Yr. Ago
Oct.15 '36
Oct.15 '35 107.19
94.01
108.66
102.84
91.35
77.48
84.55
95.78
103.02
3 65
Oct.15 '35
*
level
These prices
or
109.64
107.11
95.62
75.24
85.93
98.11
3 07
3.29
3 75
4 47
3.93
3.66
3 35
1
2
are
computed from average yields on the basis of
the average movement of actual
price quotations,
They
one
5 41
Yrs.Ago
"typical" bond (4% coupon, maturing in 30 years), and do not
purport to show either the average
a more comprehensive
way tne relative levels and the relative movement of
merely serve to illustrate in
yield averages, the latter being the truer
picture of the bond market.
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, Oct. 15, 1937.
Business activity declined rather
sharply the past
week,
this being due largely to a
heavy contraction in steel output,
a
drop in
car
loadings and lumber production.
encouraging feature
of
the
week's
developments
continued increase in automotive
activity.
Commerce"
last
week
weekly
to
100.3,
compared
with
a
only
was
the
The "Journal of
business index figures
as
The
show
revised
a
decline
figure of
103.1 for the previous week and 100.6 for
the corresponding
week of last year.
Adjustment of steel production to the
current volume of hand-to-mouth
in the opinion of the "Iron
buying is being completed,
Age," which estimates the
coun¬
try-wide average of steel ingot output at mid-week at
63%%
of capacity against
6G% at the same time last week. Opera¬
tions in the
key Pittsburgh
area
at
60%, it is pointed out,
are
approximately
in
line
with
incoming business.
It
is
reported that steel buying by the automobile
companies still
is disappointing.
The orders placed a week ago by General
Motors and Chrysler have not been followed
substantial
in
buying.
It
is reported,
the market for steel for
buy
soon
next
has been
uled
as
pilot
week, and
set
204,000
a
up.
cars
cars
was
cars, and
to
months
in
is
will be rolled off its assembly line
be
completed
by Dec.
1.
Total
pro¬
industry, according to the "Iron
nearly 72,000 units last week, and is expected to
that both Ford and
ago.
other
is expected to
reach 100,000 a week by the end of the
month.
year
any
schedule of 255,000 units within 40
days
Chevrolet, now in production, has sched¬
duction for the automotive
Age,"
125,000
by
however, that Ford
Issuing
Chevrolet schedules
its
announcement
advance of the quarter,
are
two
It is stated
heavier than
and
the United
a
one-half
States Steel
Financial
145
Volume
Corp. made known that prices for steel products would be
unchanged
delivery
for
This applies to
during the first
prices for which are
announcement
of tin bars and tin mill products,
This
believed subject to alteration.
made
was
as
a
stabilizing
influence
The severity of the two-month slump in
the industry.
upon
stock prices was illustrated
by
an
market
of
value
listed
issues
earlv
since
indi¬
August,
chopping off about 64% of the two-year gain from March,
1935, to the spring of this year, which incidentally was the
longest sustained bull market in history, according to wellinformed
sources.
Thin
strictions
rather than
markets,
the state
due to governmental
of business
or
0.7%, from the total for the like week of 1936, and an
cars, or
increase of 80,968 cars, or 11.0%, over the total loadings
for the corresponding week of 1935.
For the week ended
Oct. 2,
20.0% over those for the corresponding
week of 1935.
Loadings for the week ended Sept. 25, 1937,
showed a gain of 4.1% when compared with 1936 and a rise
of 33.4% when comparison is made with the same week of
1935.
9, 1937, loaded a total of 371,444 cars of revenue
freight on their own lines, compared with 387,327 cars in
preceding week and 373,614 cars in the seven days ended
A comparative table follows:
the
Oct. 10, 1936.
recent address before a luncheon
a
of
Commerce
Chamber of
(Number of Cars)
foreign sell¬
•
Loaded
of
tricity in the United States for the week ended Oct. 9
elec¬
totaled
2,280,065,000 kilowatt hours, a gain of 5.1% over the corre¬
week
sponding
a
year
Class I
Institute, yesterday.
in
rose
a
Electric
railroads' operating revenue
September to a total of $296,716,259, or 0.6% over
according to the Association of American Rail¬
year ago,
roads
according to Edison
ago,
The American Telephone & Telegraph
report today.
operating
for the first eight months of the year net
income
1936
similar
the
$13,341,800 against $14,342,255 for
Daniel C. Roper, Secretary of
was
period.
1937
imports
over
exports in
by the end of the year.
for the United States
for
the first eight months of the
would be transformed into a favorable
year
the
week
showed
a
10,
1936
6,959
17,913
10,524
10,471
10,094
9,18°
13,418
9.665
9,246
12,881
13.095
1,487
1.374
26,366
22,35°
33,388
36.009
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
Chicago Mllw. St. P. & Pae. Ry.
Chicago & North Western Ry
25,591
25,512
35.155
26.888
19,037
21,937
19,556
19,420
23,297
22.886
17.483
J
18,198
2,21°
2.74°
2,377
1,88°
1.866
5,437
18,159
3.178
3,334
3,171
10.273
10,425
0.672
44,019
5,444
25.536
72,570
45.743
47,522
45,019
10,513
10,873
4,445
4.942
6,431
6,246
International Great Northern RR
2,532
7,556
2,07f
2,754
MlAsourt-Kansas-Texas RR
6.175
7,043
18,243
44,483
19.301
47.416
4,867
5,315
Gulf Coast Lines
2.463
Missouri Pacific RR
...
New York Central Lines
New York Chicago & St. Louis Ry
Norfolk & Western Ry
24,727
Pennsylvania RR
70.o97
26,205
72,917
6.904
6,810
11,850
44,588
11,931
1,422
10,971
4,913
44,807
47,937
6 267
6,040
7,348
7.460
.7.107
6,828
5,576
6,858
34,555
35,7 M
32.792
xQ,371
x9,686
x8,82l
5.8S9
6,120
5,892
8,723
9,011
8,575
Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry
371.444 387,327 373.614 225.214 232.483 220,°09
Total..
Excludes
Interchanged between S. P. Co.-Paciltc Lines and Texas & New
cars
Orleans RR. Co.
TOTAL
RECEIPTS FROM CONNECTIONS
LOADINGS AND
Retail volume
over
7,761
18,449
13,168
7,o3S
18,594
25.933
Baltimore & Ohio RR
trade balance
2% to 8%
gain of from
Oct.
2.
1937
1937
k>36
Atchison Topeka & Santa Fe Ry.
*
of
Oct
Oct. 9,
10.
Oct.
Oct. 2.
1937
forecast that the $112,000,000 excess
Commerce, yesterday
Received from Connections
Weeks Ended—
Own Lines
Oct. 9,
Pere
Co. reports that
on
Weeks Ended—
meeting of the
Production
Rochester,
RECEIVED FROM CONNECTIONS
AND
REVENUE FREIGHT LOADED
re¬
Aldrich, Chairman of the Board of the Chase National
Bank, in
ended
majcr railroads to report for the week
The first 18
Oct.
ing, caused the break in stock prices, according to Wintlirop
W.
for the like
1937, loadings were 3.4% above those
week of 1936 and
Associated Press survey,
which estimated $17,000,000,000 had been cut from the
cated
1938.
all iron and steel made by Carnegie-Illinois
mills with the exception
early
of
quarter
2461
Chronicle
(Number of Cars)
the
Weeks Ended—
the like week last year,
according to Dun & Bradstreet, Inc.
According to Colonel
Leonard
P. Ayres, economist and Vice-President of the
Cleveland Trust Co., the holiday trade of 1937 will set new
previous week and 4% to 16% over
high
"We
records
are
at
which has
a
for this
He says further:
of recovery,
promises to carry it ahead for
recovery,
291,74
26,396
Illinois Central System
36,785
15,729
40,579
17,259
37,289
16,459
81.268
87,192
80.144
St.
34 to 46,
Louis-San Francisco Ry__
.—1.1..-..--...
Total...
The Association of
Loading of
cars.
This
week
in
1930,
and
week
in
1935,
but
week
in
Loading of
6,799
cars,
Freight
Car
in
Loading
above
the
Coal
the
in
above
Off{32,123
Cars
to
1936.
in
163,351 cars, an increase of 7,621 cars
districts alone, grain and grain
the Western
In
Oct.
of
2
totaled
25,204
loading amounted
stock
the
Western
the
Oct.
of
week
preceding
In
1936.
week
an
cars,
products loading
increase of 484 cars above
4,486 cars above the corresponding
1936.
in
Live
above
corresponding
2
totaled
and
to
21,801
1,282
18,359
cars,
an increase of 577 cars
above the corresponding week
of live stock for the
increase of 976 cars above the
cars,
cars
alone,
districts
an
loading
the corresponding week in 1936.
products loading totaled 38,595 cars, a decrease of 689 cars
preceding week, but an increase of 3,823 cars above the corre¬
preceding week and 1,711 cars above
Forest
below
the
in 1936.
amounted to 62,189
sponding week
Ore
loading
preceding week,
the
week
decrease of 3,536 cars below
a
the corresponding
1936.
in
Coke
cars,
but an increase of 4,324 cars above
loading amounted to 10,347 ears, a
decrease of 613 cars below the
preceding week and 209 cars below the corresponding week in 1936.
All districts except the Allegheny reported increases in the number
cars
in
1936.
with
the
of
with the corresponding week
districts except the Pocahontas reported decreases compared
with
loaded
All
revenue
freight compared
corresponding week in
Loading of revenue freight in
1930.
1937 compared with 1936 and 1930 follows:
1937
Four weeks In February
Four weeks In
...
March
Four weeks In
April
Five
weeks in May
Four weeks In June.
Five
weeks In July
Four weeks In August
September
1930
4,246.552
3,506,899
847,245
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
29,886,090
Five weeks in January
1936
3,316,886
2,778,255
3,003,498
2,955,241
26,993,140
36,124,956
3,897,704
2,976,522
3,812,088
3,115,708
3,182.943
3,515,733
3,618,960
4,593,449
3,718,983
4,475,391
3,752,048
3,725,686
971,255
in
Oct. 9
Loadings of revenue freight for the week ended Oct. 9,
1937, totaled 815,122 cars.
This is a decrease of 32,123 cars,
or
3.8%, from the preceding week; a decrease of 5,448
cars
week
preceding week and an increase of
week
above the
above
in 1936.
grain products loadinc totaled 36,804 cars, an increase of 685
the preceding week and 4,935 cars above the corresponding week
week
the
the
cars
carload lot freight totaled 174,853
above the preceding week and 1,929 cars
and
1936.
in
6,740
and
than
and 4 884 cars above the corresponding week
preceding week
for
1,431
corresponding
loading amounted
Grain
cars
week
preceding
merchandise less
of
increase of
an
cars,
2 was an increase of
1936.
Week of Oct. 2
Loadings
Week Ended
20% above the same
12.8% below the 6ame
freight loading totaled 339,305 cars, an increase of 1,423
the
above
week
or
for the week of Oct.
freight
revenue
cars,
124,010 cars, or
decrease of
8/10 of 1% above the preceding week.
or
Miscellaneous
cars
an
a
Total
Revenue
141,271
of
increase
cars,
1930.
Four weeks In
and Winnipeg, 22 to 40.
increase of 27,648
follows:
week ended Oct. 2 totaled 847,245
or 3.4%, above the corresponding
for the
freight
revenue
was an
Railroads, in reviewing the
American
week ended Oct. 2, reported as
long time despite the many
loadings of revenue freight in the week
1936
28,574
period.
obstacles in its path." Car
ended Oct. 9 totaled
815,122 cars, according to the Association of American
Railroads.
This represented a decline of 32,123 cars, or
3.8% from a week ago, and a decrease of 5,448 cars from
the corresponding 1936 week.
Cars and trucks produced in
United States and Canadian plants this week will total
89,635 units, compared with 71,958 last week an4 50,585 in
the like 1936 week, it was estimated by Ward's Automotive
Reports, Inc., today.
The weather during the past week
was without any spectacular developments.
The first part
of the week was abnormally warm in eastern and southern
sections of the country, but by Oct. 6 a sharp drop in tem¬
perature was reported from Central-Northern States, and
thereafter it was considerably cooler in Eastern districts.
Maximum temperatures were in the 90's at many places in
the Southern States on the 6th and 7th inst.
The later
cool wave brought frosts and freezing weather rather gen¬
erally to the Northeast, with sub-freezing reported as far
south as Elkins, W. Va.
Freezing temperatures occurred
locally also in the western Ohio Valley and were general in
the northern portions of Michigan and Wisconsin and from
northern Iowa and northern Nebraska northward.
The low¬
est temperature reported was 20 degrees at Winnemucca,
Nev., on the 6th.
Except for some interruption by rain to
cotton picking in the northeastern and locally in the west¬
ern cotton States, the week was generally favorable for the
harvesting of crops and other fall work, according to the
weekly government report.
In the Atlantic area rains were
beneficial for late crops and pastures, and also in con¬
ditioning the soil.
In the New York City area during the
early part of the week it was cloudy and cold, with the
latter part of the week clear and onol.
Today it was fair
and cold here, with temperatures ranging from 35 to 48
degrees.
The forecast was for clear and continued cold,
with
frost tonight.
Saturday partly cloudy; somewhat
warmer.
Overnight at Boston it was 34 to 50 degrees;
Baltimore, 36 to 54; Pittsburgh, 40 to 44; Portland, Me.,
34 to 48; Chicago, 36 to 44; Cincinnati, 28 to 48; Cleveland,
38 to 44; Detroit, 32 to 42; Charleston, 46 to 62; Milwaukee,
36 to 48; Savannah, 48 to 66; Dallas, 44 to 64; Kansas City,
42 to 48; Springfield, Mo., 36 to 48; Oklahoma City, 48 to
56; Salt Lake City, 46 to 68; Seattle, 56 to 60; Montreal,
a
Oct. 10,
1937
Chicago Rock Island & Pacific Ry.
present well along in the process
momentum that
Oct. 2,
Oct. 9, 1937
we undertake to show also the loadings
roads and systems for the week ended Oct. 2.
During this period a total of 83 roads showed increases
when compared with the same week last year.
In the
following
for separate
Financial
2462
REVENUE FREIGHT LOADED AND RECEIVED FROM
CONNECTIONS (NUMBER OF CARS)-—WEEK ENDED OCT. 2
Total Rerenve
from Connections
1935
1936
1937
Eastern
1937
Ann Arbor
564
570
1,592
8,773
1,937
1,382
-——-
Bangor A Aroostook..........
Boston & Maine.
....
8.920
8,330
10.671
11.020
1,725
1,368
2,674
2.370
1.258
1,311
1,297
1,170
1,311
393
492
402
1,109
1,040
353
363
370
3.005
2.938
9,481
8.772
4,169
16.156
4.269
16.090
809
Piedmont Northern
Richmond Fred. A Potomac...
26
22
75
87
23,588
22.386
1,469
1,483
1,037
4,795
2,042
2.095
Tennessee Central
492
456
475
766
6,039
7,709
8.030
Winston-Salem Southbound...
185
192
57
901
841
11,064
10.715
9,786
6,874
0,750
464
346
173
139
118,032
114,622
101,733
70,390
68.370
33
Delaware Lackawanna A West.
Detroit & Mackinac
1,703
.
1,265
364
3,719
16,355
Western
1,567
8,685
Southern System..
Total.....
17,089
3,649
13,876
4,219
7,259
.
............
Seaboard Air Line
1,162
338
13,619
5,171
Detroit A Toledo Shore Line
1,899
294
14,525
Detroit Toledo & ironton.....
Grand Trunk
278
7,963
20,667
....
..........
Hudson
Erie
1,292
266
490
Central Indiana
Delaware A
1,208
6,188
Chicago Indianapolis A Loulsv.
Central Vermont
672
1,271
193(1
1937
1935
1936
1937
Southern District—(Concl.i
Norfolk Southern..........
Received
from Connections
Freight Loaded
Railroads
1936
District—
Total Tx>ai<
Total Rerenve
Total Load«Received
Freight Loaded
Railroads
1937
16.
Oct.
Chronicle
2.880
194
193
166
2,059
1,873
2.188
1,813
1,401
Lehigh Valley
9,833
3,174
10,742
8,420
8,693
1.564
7.582
3.218
2,774
Mouongahela
5,138
4,385
Montour
2,399
2.102
3,107
2,747
2,115
46
New York Central Linee
47,416
45,086
39,698
47,522
N. Y. N. H. A Hartford
11,416
11,349
11,401
12.385
12,638
Northwestern District—
2.224
Lehigh A New England
Lehigh A Hudson River
.....
Maine Central..—
...
590
859
702
2,448
2,020
Chicago A North Western.....
Chicago Great Western
21,257
3,071
22,560
17,509
12,881
2.470
2.685
2,484
3,657
12,197
3.701
249
Chicago Mdw, St. P. A Pacific
22,780
22.742
21,136
9,665
9.044
73
Chicago St. P. Minn. A Omaha
4,729
4,580
4,393
4,217
3,930
45,017
Duluth Mlssabe A Northern...
16.826
16,809
8,675
342
Duiuth South Shore A Atlantic.
1,118
885
458
479
Elgin Jollet A Eastern
8.217
1,717
7,554
6,078
7,647
5,988
V
301
1.458
1,876
1,669
1,779
1,892
5,315
7,297
5,488
4,728
10,873
10,747
Pittsburgh A lake Erie
7,538
5,226
6,879
6,846
Pere Marquette.
6,810
6,206
6,484
6,267
5,551
New York Ontario A
N. Y. Chicago A St.
Western.
Louis
491
Pittsburgh A Shawmut
302
202
19
40
390
432
277
255
276
1,251
Pittsburgh Shawmut A North
1,206
1,398
1,776
1.405
..
Pittsburgh A West Virginia
Belt Ry. of Chicago
....
550
353
203
143
25,995
24,687
3,603
3,560
717
«...
448
27,939
Ft. Dodge Des Moines A South.
Great Northern...
758
706
549
542
Green Bay & Western
Lake Superior A Ishpemlng
2.850
3,304
2,646
87
Minneapolis A St.
2,025
2,080
2,325
2,765
2.309
7,566
13,606
7,028
7.158
2,915
2,725
13,054
12,544
4,293
Louis
Minn. St. Paul A S. 8. M
725
686
667
992
1,020
Northern Pacific
Wabash.....................
6.120
5,710
5,594
9,011
8.327
Spokane International
Wheeling A Lake Erie
4,934
4,305
4,098
3,739
3,473
Spokane Portland & Seattle...
170,057
163,509
147,796
178,508
171,884
Rutland
Total......
Bessemer A
lake
,
92
4,100
291
Total
257
393
233
2,373
2,066
1,720
1,870
135,973
...
346
1,835
134,892
114,604
57,843
53,136
6,941
2,587
Central Western District—
Allegheny District—
Akron Canton A Youngstown
Baltimore A Ohio
191
488
484
947
882
34,431
27.742
18,449
17,970
5.427
0,818
3,381
2,596
3,148
403
Erie
Buffalo Creek A Gauley
Cambria A Indiana
509
36,009
;
340
276
7
7
1,155
6,230
20
25
11,604
21,509
3.161
2,058
3,242
7.761
2.533
598
326
275
133
83
Chicago Burlington A Qulncy.
Chicago A Illinois Midland...
19,556
17,492
1,857
11,603
3,085
1,043
3,790
10.471
1,000
9,916
2.985
9,568
14,624
18.242
1,878
12,839
Atch. Top. A Santa Fe System
Alton....
26,366
*
3,589
Bingham A Garfield
1,525
1,370
Central Rft. of New Jersey...
Cornwall.
7,045
7,639
540
807
629
98
Cumberland A Pennsylvania..
285
298
328
36
31
Chicago Rock island A Pacific
Chicago A Eastern Illinois
Llgonler Valley*
Long Island
133
187
162
23
46
Colorado A Southern
1,180
677
821
859
2,742
2,828
4,539
Penn-Reading Seashore Lines.
Pennsylvania System
Reading Co
^
1,423
72,917
1.580
1,215
1,100
2,015
45
17
1,219
2,067
1,365
1,081
15,505
1,189
1,354
2,153
968
73,880
17,230
1,195
60,876
Denver A Rio Grande Western
Denver A Salt Lake.
3,405
1,182
4.800
1,873
1,407
Union
14,927
Nevada Northern..
1,999
119
81
North
1,078
1,719
1,136
644
49
955
480
366
158
426
329
42
44
27,170
25,043
20,945
0,110
5,901
334
271
294
1,769
1,474
17,536
17,237
15,582
11,598
11,513
....
(Pittsburgh)
West Virginia Northern
Western Maryland
12,010
62
1.360
1,488
47,937
47,798
18,069
17,192
14,964
14,366
8,699
6,077
6,885
37
89
0
1
3,834
3,526
161.788
164,467
3,089
6,843
5,910
Port Worth A Denver City
Illinois Terminal
129,560
116,808
116,289
3,507
...
Western Pacific..
Peoria A Pekin Union
Southern Pacific
Total
1,905
...
(Pacific)
Toledo Peoria A Western
...
Union Pacific System
952
8.969
2,659
1,695
1,519
4,191
3,373
657
573
697
15
14
2,030
2.228
1,712
3,401
3,183
131,52^
120,305
108,310
67,508
62.132
5,191
Utah
Western Pacific
Pocahontas District—
Chesapeake A Ohio....
25,512
13,168
11,513
26.205
27,008
24,344
22,900
Norfolk A
5.000
1,020
19,714
1,085
4,942
1.092
1,508
1,177
5,214
4,005
3,888
809
741
58,023
56,377
47,587
20,427
18,431
Western
Norfolk A Portsmouth Belt Line
Virginian
...
Total
Southwestern District—
Total
Alton
A Southern
298
257
5,967
205
209
260
478
Fort Smith A
290
239
182
248
237
Gulf Coast Lines
2,888
2,130
2,033
1,659
1,556
international-Great Northern..
Southern District—
277
Burlington-Rock Island
2,846
2,754
2,555
2,755
1,889
Western
Alabama Tennessee A Northern
Atl. A W. P.—W. RR. of Ala..
264
287
250
162
201
831
859
870
1,545
1,627
Atlanta Birmingham A Coast-Atlantic Coast Line..
669
709
753
866
748
8,412
4,767
4,494
Louisiana Arkansas A Texas...
396
Litchfield A Madison
284
Midland Valley
Missouri A Arkansas....
912
876
10,015
9,494
Central of Georgia
Charleston A Western Carolina
4,332
4,633
4,850
2,936
454
438
473
1,083
3,011
1,049
Cllnehfleld
1,564
1,252
1,009
2,108
1,728
521
547
380
362
454
...
Columbus A
Greenville
....
Durham A Southern
Kansas Oklahoma A Gulf
Kansas
200
266
200
130
1,319
1,042
2,321
1,615
City Southern
Louisiana A Arkaasas
2,194
1,695
1,363
2,425
2,193
292
132
521
214
333
419
903
1,062
578
299
1,092
571
1,203
295
216
142
362
5.291
5,411
3,334
3,064
19,301
Missouri Pacific
193
7,043
Missouri-Kansas-Texas Lines..
19,110
16,000
10.425
9,930
250
.
188
171
152
426
428
494
517
555
655
604
Natchez A Southern
41
59
42
27
62
51
77
114
116
Quanah Acme A Pacific
97
90
94
111
116
997
Florida East Coast
Gainesville Midland
999
10,915
10.390
8,541
4.843
...
Georgia
Georgia A Florida
1,121
1,561
1,669
455
522
452
607
395
2,253
2,005
28,300
27,239
1,243
13.387
13,025
24,876
Gulf Mobile A Northern
5,558
5,308
St.
Louis-San Francisco
St.
Louis Southwestern
44
4,144
3,695
2.758
4,867
2,517
Texas A New Orleans
8,554
7,846
6.972
3,576
3,107
Texas A Pacific
6,402
5,524
4,452
4,005
4,088
20,134
18,182
2,367
25,160
2,183
24,135
19,499
Terminal RR. Assn. of St. Louis
2,548
2,349
2,119
Maoon Dublin A Savannah
162
191
222
377
434
Wichita Falls A Southern......
271
237
231
57
Mississippi Central
235
231
180
476
282
Wetherford M. W. A N. W
12
33
18
37
26
Mobile A Ohio....
2,496
2,241
2,152
2,047
Nashville Chnttanoova V fit. L.
3.080
3,235
1,976
2,873
2,649
2,436
71.850
65,425
50,384
67,029
60,635
Illinois
Central
Louisrlll# A
System
Nashville
Note—Prevlnu-t
Stock
year's figures revised.
*
Ifevlous
1,007
Declines Viewed by Col.
Leonard P.
Reflecting Realization By Investors that
New Managed Economics Will Not Produce An¬
ticipated Recovery
as
In the view of Col. Leonard P.
decline reflects
new
a
progress
of recovery
are
to
not
has been so restrained
Ayres "the stock market
our
going to produce the vigorous
prosperity
which
had
many
by fear that it has avoided booms of production or
speculation.
The restraining
been
fear abroad has been that of war.
fear of further regulation.
recovery,
general realization by investors that
managed economics
J
figures.
Market
Ayres
Total
72
"
In this country It has
These restraints have slowed down
but they have prolonged
It.
the
This business recovery is like
an
automobile being driven up a long hill in low gear with the brakes applied.
It takes
a
great deal of power to force it up. and its progress is slow and jerky.
It Is to be feared that at the top
that
the
brakes
an¬
extra power
ticipated last year and last spring."
"Apprehensions con¬
cerning the stock decline may," says Col. Ayres, "produce
greater business recession than fundamental conditions
ing it down
genuinely warrant."
have
burned
of this hill or
out.
some
but that
has
future hill it will be found
not
happened
forcing it forward Is Government spending.
The
yet.
now.
This view is expressed by Col.
Ayres in the Oct. 15 "Busi¬
ness
Bulletin" of the Cleveland Trust Co. of Cleveland,
Ohio, of which institution Col. Ayres is Vice-President.
In
commenting on present business and the fear of further regu¬
lation Col.
Ayres
says:
It does not seem probable that the declines in business activity which are
now
under way will develop into a real depression.
xiously wondering whether
stitute
a
new
depression
a
Business
men
slowing down of such proportions
may not
be
on
its
way,
a
are an¬
to con¬
for they are naturally
alarmed by the severity of the recent declines in security prices.
reason
as
why their fears are probably unfounded is that
we
The chief
have not yet made
full recovery from the old depression.
The long history of recoveries from depressions has given us the
unvarying
rule that prosperity conditions are regained before a new
depression begins.
In the rest of the world, as in America, the long recovery from the
great
depression has been stimulated by exceptional expenditures of public funds.
Such spending is in nature
business booms.
inflationary, and might be expected to generate
That has not happened either abroad or here, for business
Business
business
are0the fear
recovery
should
go
The brakes slow¬
of the unpredictable.
abroad is further along than our recovery here.
Into
a
depression in
should surely have a depression here,
the
leading
foreign Nations,
but that does not
If
we
appear to threaten
Moody's Commodity Index Again Declines
Moody's Index of Staple Commodity Prices made a new
1937 low on Thursday at 171.7.
It closed at 172.0 this
Friday, 1.1 points below its level of 173.1 a week ago.
The individual decline most affecting the index was in
steel scrap.
Prices were also lower for corn, cocoa, rubber,
hogs, lead and wool.
There were no net changes for hides,
silver, copper, coffee and sugar.
Cotton closed slightly
higher.
The movements of the index during the week, with com¬
parisons, is as follows:
Fri.,
Sat.,
Mon.,
Tues.,
Wed..
Oct.
8
Oct.
9
Oct. 11
Oct. 12
Oct. 13
173.1
173.9
172.2
Holiday
172.1
Thurs., Oct. 14
171.7
Fri.,j
172.0
Oct. 15
2 weeks ago, Oct. 1
Month ago, Sept. 15
Year ago. Oct. 15
1936 High—Dec. 28
Low—May 12
1937 High—April 5
Low—Oct. 14
185.8
>..195.1
184.1
208.7
162.7
228.1
171.7
Volume
Financial
145
"Annalist"
Weekly
Index
Declined
Prices
of
Chronicle
Wholesale
Further
Commodity
Week Ended
During
1.6% below
2463
\
month
a
and 0.4% above
ago
a
Average prices
year ago.
for semi-manufactured articles declined 0.6%, to the lowest point reached
this year.
Oct. 12—Average Lowest Since January
The current index—83.4—is 2.7%
below that of
month ago
a
and 9.3% above a year ago.
"Annalist" Weekly Index of Wholesale Commodity
The
is
dropped a full point for the second week in succession
announced by the "Annalist" on Oct. 14. On Oct. 12,
the index stood at 91.9, as compared with 92.9 on Oct. 5,
and 94.0 for Sept. 28.
The average is now at the lowest
For the second consecutive week the index for
the finished
has declined 0.4%.
products
group
The recent recession
in
Prices
manufactured commodity prices brought the index—88.7—to a point 0.2%
it
below the corresponding week of last month and
was
since January.
tinued:
level
commodities
Sensitive
touched
were
for
commodity.
In
The "Annalist" announcement
con¬
year.
According to the index for "all commodities other than farm products"
prices for non-agriouitural commodities fell 0.5% during the week and are
0.5%
The
particularly hard hit.
were
wheat,
cotton,
and
corn
spite of the recent
almost
decline
in
New seasonal
every
lows
other principal
building,
materials
such
Small advances
THE
were
"ANNALIST"
also scored in fuel oil. bacon, lamb and fowls.
INDEX
WEEKLY
f'RICES
OF
Oct. 12, 1937
below the level of
Oct. 13. 1936
The decline
year.
potatoes in Eastern markets, and
89.5
86.9
80.3
71 5
at
91.1
89.3
level of
107.1
107.5
89.8
milk
at
Chicago, peanuts, seeds, dried
Preliminary,
month
a
ago
69.9
66.4
90.0
86.3
3.5% in meat prices together with
77.7
7S.4
69.2
tables.
+92.9
84.8
rye
Declined
During
Week
9, Reaching Lowest Level Since First
Year, According to National
Fertilizer
Ended Oct.
the
flour,
meal, dried
corn
Continuing the downward trend of the two preceding
weeks, the wholesale commodity price index compiled by the
National Fertilizer Association again declined during the
week ended Oct. 9, reaching the lowest point recorded since
Last week the index (based on the
1926-28 average of 100%) stood at
in the preceding week, and 84% in
84.3% as against 86%
the week ended Jan. 2
last.
The highest point of the year, 88.8%, was reached in
the middle of July.
A month ago the index registered 86.9%
and a year ago 80.2%.
The announcement by the Associa¬
tion, as of Oct. 11, continued:
Quotations were higher
week of last month and
Sharp declines in
of
prices.
The only group average to move upward
during the week was that representing building materials, with a slight rise
resulting from a mark-up in oak flooring quotations.
Thirty-seven price series included in the index declined during the week
while only 12 advanced: in the preceding week there were 41 declines and
22 advances; in the second preceding week there were 30 declines and 21
registered since last February.
fruits and
vegetables,
beans, lard, pepper, and
were
up
above that for the corresponding
silk, silk
year.
yarns,
goods, woolen
cotton
goods, and burlap, together with minor decreases in the cloth¬
ing and knit goods subgroups, caused the textile products group index to
fall 0.8%, to the lowest point reached since last November.
Weakening
prices
for
brick,
tile,
and
prine,
Douglas
fir,
and
spruce
lumber, resulted in the building materials group index declining 0.3%
Paint
95.9.
materials
steel remained
advanced
to
fractionally and cement and structural
unchanged at last week's level.
Crude rubber
prices declined 4.3%
cylinder oil dropped 5.7%.
during the week and Pennsylvania
Cattle feed
1.7%.
prices advanced
Auto¬
mobile tires and tubes and paper and pulp remained firm.
Continued weakness in prices of scrap steel and non-ferrous metals, such
electrolytic
antimony,
as
lead
copper,
pipe,
quicksilver,
sheets,
copper
pig tin. and pig zinc caused the metals and metals products group index to
decline
Average wholeslae prices for agricultural implements and
0.2%.
The
for
index
the
hides
were
and
due to lower pricss for leather.
steady.
leather
products group decreased 0.1%,
Hide and skin prices averaged fractionally
higher, and shoes and other leather products remained unchanged.
Rising prices for oils and camphor caused the chemicals and drugs
^
to advance
0.2% during the week.
group
No changes were reported in prices of
fertilizer materials and mixed fertilizers.
I-
Minor advances in wholesale prices of bituminous coal and kerosene were
the increase of 0.1%
in
the
Anthracite averaged slightly lower.
group.
fuel
and
lighting materials
Coke remained unchanged at
week's level.
last
The
hou8efurnishing goods group index continued unchanged at
Average wholesale prices of both furniture and furnishings
of the
index
The
Bureau
of Labor
Statistics
92.7.
stationary.
were
784
includes
price
series
weighted according to their relative importance In the country's markets
and is based
The
the average
on
for the year 1926 as 100.
following table shows the
index numbers for the
main
of
groups
Oct. 13. 1934, and Oct. 14. 1933.
WHOLESALE COMMODITY PRICE INDEX
WEEKLY
Compiled by the National Fertilizer
Association.
Latest
Per Cent
Week
Each Croup
Oct.
Group
bears to the
9.
(1926=100)
(1926-1928=100)
Preced'a
Week
Oct. 2,
Month
Oct.
Year
Aao
A jo
Sert.
11. Oct.
Sept.
2
Sept.
25
18
Oct.
Sept.
11
Oct.
Oct.
12
10
Oct.
14
13
1937
70.7
69.1
79.4
Farm
Cottonseed Oil
70.7
70.0
72.3
94.8
Foods
78.8
83.4
84.3
79.8
Hkles and leather products..
44.4
45.5
50.9
67.3
Textile products
1936
1935
1934
1933
86.9
87.6
87.4
86.8
81.2
80.7
76.4
71.1
85.4
87.3
86.5
84.5
84.1
80.1
71.0
56.7
86.9
69.7
1937
87.8
88.7
88.6
82.1
Fats and oils
1937
1936
86.0
1937
82.7
1937
85.6
1937
86.0
1937
84.2
All commodities
Foods
Farm products
23.0
Oct.
9
Commodity Groups
10,
1937
Index
25.3
Cotton,
products
Fuel and
86.6
82.6
85.7
74.8
64.8
108.1 108.2 108.3 108.3 108.1
96.1
93.8
84.4
88.8
76.2
73.3
77.3
89.5
92.6
100.5
Livestock
87.8
91.5
90.5
76.2
Metals and metal
79.8
Buildi.jg materials
73.9
74.5
75.1
75.6
70.9
72.1
70.1
79.5
79.4
79.6
79.4
79.8
77.3
74.1
75.4
73.8
96.6
95.8
96.4
96.4
96.4
86.4
85.8
85.6
82.3
95.9
lighting materials..
products..
Grains
86.6
86.6
86.6
96.2
96.5
96.3
96.4
87.1
86.1
85.2
83.9
Miscellaneous commodities.-
83.7
85.0
86.1
77.9
Cnemlcals and drugs...
81.2
81.0
81.2
81.2
80.9
81.7
80.7
77.1
72.7
Textiles
68.6
69.5
71,8
69.4
Housefurulshlng goods
92.7
92.7
92.7
92.8
92.8
83.2
81.8
82.8
81.2
76.6
76.8
77.1
76.9
76.9
71.0
67.6
69.7
05.0
82.1
83.9
85.0
84.6
83.4
81.8
*
#
*
83.4
83.9
85.4
85.6
85.7
76.3
*
*
»
*
♦
Fuels
17.3
10 8
8.2
-
102.9
7.1
buildltu! materials.
106.1
85.9
86.3
87.4
82.6
Raw materials—
95.6
95.6
96.2
Seml-manufaaured
95.6
Cheiulcas and drugs
1.3
103.6
— _
Miscellaneous
86.5
Metals
6.1
—
articles.
Fertilizer materials
67.8
80.4
80.4
79.9
74.0
All
Farm machinery
96.4
96.4
96.4
92.6
88.7
Finished products
Fertilizers...
3
73.8
73.8
72.8
All
groups
combined
84.3
86.0
86.9
80.2
farm
*
Decline of
Week
1% in Wholesale Commodity Prices During
Oct. 9 Reported by United States
Ended
Pronounced declines in wholesale prices of farm products
during the week ended Oct. 9, according to an announce¬
ment made Oct. 14 by the Labor Department, which said:
in
Electric
point reached since February.
Com¬
a year ago.
In addition to the farm products and food groups, declines were registered
for hides and leather products, textile products, metals and metal products,
materials
miscellaneous commodities.
Fuel and
and chemicals and drugs averaged fractionally higher.
and
furnishing goods remained
As a result of the sharp decline
80.8
77.6
74.2
85.3
85.6
85.9
85.9
86.0
79.9
78.2
78.1
77.0
During
lighting
House-
in market prices of agricultural commodi¬
This week's index—82.1—
decreased 2 1%.
Week Ended
Kwh.
Oct.
9
light and power industry of the United States for the week
ended Oct. 9, 1937, totaled 2,280,065,060 kwh., or 5.1%
above the 2,169,442,000 kwh. produced in the corresponding
week of 1936.
The Institute's statement follows:
PERCENTAGE
Major CeuyruphiC
Heoions
INCREASE OVER PREVIOUS
Week Ended
Week Ended
9, 1937
Oct. 2. 1937
Oct.
YEAR
Week Ended
Sept. 25,
1937
tWeek Ended.
Sept. 18, 1937
0.7
1.8
0.6
5.4
3.6
3.0
3.9
7.3
7.7
7.3
6.5
5.3
5.5
4.3
7.1
6.2
4.4
3.7
Rocky Mountain..—
5.7
13.0
13.4
16.5
Pacific Coast
3.4
4.9
4.1
8.9
6.1
5.6
4.4
5.1
New
4.1
England
Central
Industrial
West Central
Southern States.-
— ..
—
unchanged at last week's level.
ties, the raw materials group
80.6
Production
Middle Atlantic
)
materials,
81.9
87,2
The Edison Electric Institute, in its weekly statement,
disclosed that the production of electricity by the electric
commodity prices brought the composite index to
pared with the corresponding week of last month, the all-commodity Index
is 0.9% lower.
It is 5.9% above the index for the corresponding week of
building
88.9
87.6
Totals 2,239,065,000
together with falling prices of foodstuffs caused the index of
wholesale commodity prices of the Bureau of Labor Sta¬
tistics, United States Department of Labor, to decline 1%
weakening
89.4
87.6
computed
Department of Labor
86% of the 1926 average, the lowest
89.5
87.2
other than
products and foods..
Not
89.1
than
products
commodities
All
100.0
other
commodities
farm
*
86.8
.3
.3
^
decrease of
commodities for the past five weeks and for Oct. 10, 1936, Oct. 12, 1935,
advances.
October
a
butter, cheese, wheat flour, dried applies
on
raw
responsible for
continuation of the decline in cotton
fresh
cocoa
5.2% above that for last
prices
Most price changes in Indus¬
trial commodities were downward, with the index representing prices of all
commodities except farm products and foods declining to the lowest point
the
below the
a year ago.
due principally to
raisins,
The current food index—86.9—is 0.3%
commodity groups the drop in the
The
beans, onions, and white potatoes
and apricots, ham. copra, cured fish, tea, coconut oil, and cottonseed oil.
plumbing and heating fixtures
during
declines
reported for
decrease of 0.2% in fruits and vege¬
a
peaches,
week were common to practically all
general index was due largely to lower
food prices and a sharp decline in quotations for farm products.
The food
price average is currently not far above-the year's lowest point and it is
only 2^% higher than a year ago.
The downturn in the farm product
price average took it to the lowest point in more than a year.
The drop in
grain prices was particularly sharp, livestock quotations were uniformity
lower and the release of the Government cotton crop report resulted in a
Although
white
potatoes,
were
Dairy products advanced 0.9% and cereal products
and worsted
Association
the first of the year.
were
Individual food items, for which lower prices were reported, were
0.1%.
of
Quotations
sweet
oranges,
lamb, mutton, cured and fresh pork, veal,
t Revised.
Prices
largely due to decreases of
was
and 1.7% below that of
91.9
Commodity
It is 6.8% above a
dropped 3.2%, to the lowest
Higher prices
The wholesale foods group declined 1 %,
peanut oil.
Wholesale
ago.
foods"
and
This week's farm products index—82.7%—is 2.1
Chicago.
70.6
All commodities
Tula.
wool.
89.8
—
year
a
sheep, live poultry, apples at New York, lemons, timothy hay, hops, fresh
PI.3
Miscellaneous
month ago.
a
fresh apples in the Chicago market,
96.8
Chemicals
above
products
10.1 % in grains and 3.7% in livestock and poultry prices.
+67.9
Building materials
*
Oct. 5. 1937
94.7
Metals
farm
than
of industrial commodities declined
prices
Wholesale market prices of farm products
85.1
Fuels
in
however, 7.7%
are,
other
year ago.
*67.1
Textile products
They
commodities
fluctuations
the
0.4% and is 0.8%
eggs,
Food product?
"all
lower for barley, corn, oats, rye, wheat, calves, cows, steers, hogs, cotton,
0926=100)
Farm products
month ago.
a
for
point reached in the past
COMMODITY
WHOLESALE
below
index
measuring
continued their upward trek with gains in gravel, crushed stone and linseed
oil.
8.3% above that of last
Total United States.
x
Adjusted to Include holiday conditions in both years.
0.2
Financial
2464
DATA
FOR
CONSTRUCTION
(THOUSANDS OF KILOWATT-HOURS)
RECENT WEEKS
Oct.
Chronicle
CONTRACTS
STATES EAST OF THE
AWARDED—37
MOUNTAINS
ROCKY
Her Cent
16,
7
Change
1929
1932
1935
1937
1936
1937
Week Ended
1936
+ 7.2
1,772,138
1,655.420
+ 13.2
1.766.010
2.256.335
2.261.725
2.029.639
1.956.230
2.029.704
2.099.712
2,008.284
2.079,137
Aug. 14
Aug. 21
2.300.547
2.079.149
+ 10.6
2.304.032
+ 10.0
Aug. 28..
Sept. 4..—.
Sept. 11
2.204,713
2.320.082
2.154.276
+ 8.0
1.839.815
Sept. 18
2.280.792
2,265.748
+2.6
+ 6.2
+ 12.4
+ 4.4
1.809,716
Sept. 25
Oct.
2
Oct.
9
2.093,928
2,125.502
2.135.598
2.098,924
2.028.583
2.170,807
1,807,037
1,823.521
1.821,398
1.819.371
1.832.695
2.275.721
2.157,278
+ 5.5
2.280.06")
2.169,442
+5.1
July
10
2.238.26K
2.096.266
July
17....
2.298.005
July
3.—
July
July
2.258.776
24....
31-.-.
Aug.
7
+ 10.3
+ 7.6
+ 8.0
+ 8.8
1.752.066
1.827.613
1.456.901
1.592.075
1.433.993
1.440.386
1.727.225
1.464.700
1.423.977
1.851.541
1.490.863
1.499.459
1.606.219
12.650
32,364.300
$207,086,800
7,584
3,079
1,393
21.181.000
$80,670,800
13,639,100
69,098.700
627.900
84,502.000
12.056
Total construction.
1936—Residential building——.
Non-residential building..
Public works and utilities.
Total construction..
1.777.854
1.819,276
1.476.442
65,822.000
35.448.000
$234,271,500
3,297
1,536
1.806.259
1.792.131
1,867.470
1,863.483
$65,554,800
832.500
7,817
Non-residential building..
Public works and utilities.
1,724.728
1,729.667
1.733.110
1.750,056
1.761.594
1.674.588
1.431.910
1,436.440
17,027.800
14,504.000
1937—Residential building—...
1,711.625
1.723.031
1.426.986
1.415,122
Valuation
Space (Sg. Ft.)
Month of September—
1,723.428
1.341,730
1,415.704
New Floor
No. of
Projects
from
75,710.000
First Nine Months—
...
73,570
30.035
10,897
193.188.700
158.876,300
6,903,100
$730,355,600
Non residential building...
Public works and utilities.
114.502
358,988.100
S2.307.029.300
62.047
29.068
12.362
162.007.700
$588,031,600
138.029.400
735.337,100
4.338.400
718,259,500
103.467
304.375.500
S? 041 .fl"8.200
1937—Residential building
.
Total construction.
September Chain Store Sales Resume Advance
Chain store trade in September recovered all of the ground
lost in the previous month and more, pushing the total
1936—Residential building
Non-residential building
Public works and utilities
894,944,900
675.728.800
volume for the month into a new
high level, according to
the current review by "Chain Store Age."
The index of September sales of 20 leading chain organiza¬
tions advanced to 116.0 of the 1929-1931 average for the
month taken as 100, from 113.2 in August.
The index for
September 1936 was 110.0.
The index of variety chain sales rose to 121.0 in September,
repeating the all-time high set last December.
The August
figure was 116.0 and in September 1936 it was 116.0.
The figures for other groups in September were as follows:
Apparel....128.0 vs. 123 in August
Drug-....-136.0 vs. 129 in August
Shoe
168.0 vs. 130 in August
Grocery
104.6 vs. 106 in August
Tot'd construction
REPORTED—37 STATES EAST OF THE
MOUNTAINS
1936
1937
No. of
No. of
Valuation
Projects
Month of September—
Residential building
9,054
Valuation
Projects
$96,561,200
104,781.600
1.390
144,843.400
2.736
1,124
13,915
$346,186,200
$106,076,700
101,395.200
9.310
3.471
13,176
;»***.
Non-residential building
.
Public works and utilities.
218,759.700
$426,231,600
First Nine Months—
89.584
$1,141,089,600
34.369
888.227.100
12.454
1.320.784.300
1.242,335.000
30.220
Public works and utilities....
September
Residential building
Non-residential building.....
12.837
1.066.941.300
136.407
*3.704.208,900
119.568
52.837,941.200
announcement issued Oct. 11 the Board of Governors
Federal Reserve System states that "department
store sales increased in September by more than the usual
In
-
ROCKY
Total construction
Increase in Index of Department Store Sales of Board of
Governors of Federal Reserve System from August
of
WORK
NEW CONTEMPLATED
♦
to
........
an
Total construction...
$882,772,800
70.511
the
seasonal amount, and the Board's adjusted index was slightly
higher than in other recent months." The index for the last
three months and for September, 1936, is shown below:
Sept.,
Index of dep.
store sales,
1937 Aug.,
1937 July,
1937 Sept.,
1936
1923-26
average=100:
95
92
94
88
100
Adjusted for seasonal variation..
Without seasonal adjustment...
72
65
94
Total sales in September were
6% larger than in Septem¬
ber, 1936, and in the first nine months of this year sales were
9% larger than in the corresponding period of last year. The
following tabulation was issued by the Board:
REPORT BY FEDERAL RESERVE
Stores
No. of
Cities
Reporting
+4
54
32
+7
0
.
+6
New York
51
27
+6
+6
29
-
+ 16
29
+ 11
+9
26
+ 12
58
total
value
+ 11
34
17
+5
38
all
residential construction
classes
of
+6
26
18
Dallas.....
Compared with the
0
+7
97
same
month of last year, the total value of building
+9
509
more
249
in
September figures preliminary; in most cities the month had the same number of
business days this year and last year.
August,
1937,
contracts
no
awarded
were
than
September
started
during September in the
10% below the level for Septem¬
ber, 1936 and was off by almost 28% from the August, 1937
total, according to F. W. Dodge Corporation.
The Septem¬
ber figure for all classes of construction amounted to $207,071,800 which compares with $234,271,500 for September,
1936 and $285,104,100 for August of this year.
in September last year this class
recorded
a
building;
volume of $80,670,800 while in
August of this year residential building amounted to $73,448,300.
were
PWA
for
$18,900,000.
Private
awarded for Public Works
During August, 1936, however,
low-cost
housing
residential
projects
construction,
valued
which
at
would
August, 1936.
months of 1937 the aggregate value of all classes of
building construction for which permits were issued in these cities having
population of 2,500 or over which reported to the Bureau of Labor
a
Statistics,
amounted
to
$1,142,359,000,
an
increase
of
15%
over
the
All types of construction registered gains,
period of last year.
16%.
The increase in residential construction amounted
to
During the first eight months of 1937 dwelling units were provided
in these cities for 127.339 families, an increase of
16%
over the
first eight
months of 1936.
An announcement by the United States Department of
Labor, from which the foregoing is taken, continued:
The percentage change
from July to August in the number and cost of
the various classes of construction is indicated in the following table for
1,456 identical cities having a population of 2,500 or over:
Except¬
Change from July, 1937. to Aug., 1937
ing only the Upstate New York, Middle Atlantic, the Southeastern and tne
New Orleans territories declines from a year ago in residential
non-residentiai
comparing the first eight months of the current year with the corresponding
37 Eastern States fell almost
Of the current September total $65,689,800 went into residential
due
PWA housing projects, was 6% greater in August, 1937, than
corresponding period of 1936.
work
was
gain of 3% in the value of permits isssued for additions,
a
For the first eight
*
Construction Contracts Awarded in
This decline
increase of 25% is indicated in expenditures for new
not include
32
+6
—
an
contracts
8
.....
for
adding:
During
17
+ 11
+7
construction
which permits were issued in August was 6% higher than
in the month preceding," Secretary Perkins pointed out,
Administration low-cost housing projects.
22
+8
+ 13
Minneapolis
City.....
Kansas
Construction
of
alterations, and repairs.
31
+ 9
Total
new
additions, alterations, and repairs to existing struc¬
The
18
+ 10
St. Louis.......
San Francisco
permits sisued for
and for
construction, and
23
49
+6
...
...
Atlanta.......
indicated in
as
9
+ 10
Richmond...*.
Chicago....
non-residential construction
entirely to a reduction of 23% In the value of new residential construction,
13
+ 13
Philadelphia
Cleveland
new
permits issued in August shows a decrease of 4%
Federal Reserve districts:
Boston
indicate that the value of
for which permits were issued during the month was 12%
above the July level," she said.
"Smaller increases are
Included
NO, Of
9 Months
September*
All types of building construction activity advanced in
August, Secretary of Labor Frances Perkins announced
Sept. 25.
"Reports received by the Bureau of Labor Sta¬
tistics from 1,456 cities with a population of 2,500 or more
tures.
DISTRICTS
Percentage Change
from a Year Ago
August Building Construction Reported 6% Above
July by Secretary Perkins—Decrease of 4% Noted
as
Compared with Year Ago
building
Class of
Construction
were
Number
Estimated Cost
4-2.8
4-15.6
-+4.5
+0.4
+ 12.2
+5.1
+6.1
+5.6
general.
Non-residential building operations in September amounted to $75,660,-
000 which compares with $69,098,700 for September, 1936 and $117,209,800
for August, 1937.
Public works and utilities construction started in the
37 Eastern States in September amounted to $65,822,000 as contrasted
with $84,502,000 for September of last year and $94,446,000 for August
of this year.
For the first nine months of 1937 the total volume of construction work
undertaken in the 37 Eastern States amounted to
an
$2,307,014,300; this
was
increase of 13% over the total of $2,041,628,200 shown for the corre¬
New residential
New non-residential
Additions, alterations, repairs
Total
There
*
1......
were
13,425 dwelling units
.
provided
by the permits issued in
these cities, an increase of 6% as compared with July.
The percentage change compared
with August,
1936, by class of con¬
struction. is shown below for the same 1,456 cities.
sponding nine months of 1936.
The residential building total for the initial nine months of the
Change from Aug., 1936, to Auy.,1937
current
Class of Construction
amounted to $736,390,600 for a gain of 25% over the total of $588,031,600 reported for the corresponding nine months of last year.
Non¬
year
residential building volume recorded thus far in 1937 amounted to $894,-
894.900 against $735,337,100 for the like 1936 period.
utilities construction
thus far in
Estimated Cost
—3.3
—23.1
New non-residential
+2.3
+24.6
Additions, alterations, repairs
-+3.4
+2.8
-+1.9
—3.6
1937 totaled $675,728,800 as compared
with $718,259,500 for the nine-month period of 1936.
Public works and
Number
New residential
Total...
Volume
Compared with
August,
of family-dwelling
number
in the
1936, a decrease of 20% was shown
There was a
units provided in these cities.
of 3% in the number of family-dwelling
financed from private funds.
gain, however,
units provided by
residential construction
whole, over
I The gains made during the first, eight months of 1937, as a
the corresponding period of 1936 are indicated below:
Class
2465
Financial Chronicle
145
of this year. The gold
this period, but
during
value of world trade also
declined fractionally in
July.
break in security values
The sharp
Stock Exchange during
which occurred on the New
September was also felt on
the latter part of
Well Main¬
Manager of
Industrial Activity Reported
by A. E. Arscott, General
Canadian Bank of Commerce
Canadian
tained
New residential
+ 15.9
+ 10.3
+22.1
+25.8
New non-residential
+ 12.7
+9.6
Additions, alterations, repairs
^ 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 included
in the report
For August, 1937, the value of these public buildings
amounted to $8,589,000: for July, 1937, to $8,023,000, and for August,
important building
buildings to cost over $500,000;
for apartment houses
to cost over $1,100,000: In the Borough or Queens for World's Fair build¬
ings to cost over $1,000,000: In the Borough of Manhattan for apartment
houses to cost over $2,700,000: In Scarsdale, N. Y., for a school building
to cost over $700,000: in
Harrisburg, Pa., for a public-utility building
to
cost nearly $700,000; in Chicago,
111., for factory buildings to cost
$440,000, for a school building to cost nearly $1,300,000, and for store
and mercantile buildings to cost over $700,000: in Hammond, Ind., for a
factory building to cost over $500,000; In Detroit, Mich., for an office
building to cost $1,500,000 and for store and mercantile buildings to cost
nearly $900,000; In Highland Park, Mich., for a store building to cost
$1,000,000: in Cincinnati, Ohio, for factory buildings to cost nearly $450,000; in Washington, D. C., for apartment houses to cost over $1,200,000
and for school buildings to cost over $700,000; in Femandina, Fla., for
a sulphite pulp mill to cost $6,300,000: in Miami, Fla.. for an office building
to cost $1.600.000: in Durham. N. C., for an apartment house to cost nearly
$500,000; in Greenville, S. C.. for a school building to cost over $400,000;
in Miami Beach. Fla., for a hotel to cost $370,000, and in Nashville, Tenn.,
Permits were issued during
New
for
City—in
the Borough of Brooklyn
nearly $500,000.
office b lilding to cost
an
August for the following
In Hartford, Conn., for factory
York
A contract was
and Docks for repairs
the Brooklyn Navy Yard to cost $600,000.
awarded by the Bureau of Yards
and improvements
at
CONSTRUCTION, TOGETHER WITH
FOR IN NEW DWELLINGS
UNITED
ESTIMATED CO~T OF BUILDING
THE NUMBER OF FAMILIES PROVIDED
IDENTICAL CITIES IN NINE REGIONS OF THE
STATE"5, AS SHOWN BY PERMITS ISSUED. AUGUST. 1937
1.456
IN
New Residential Buildings
No.
Geographic
Cities
Percentage
Families
Percentage
Change from
Provided
Change from
nf
Division
Estimated
for
Cost
August,
1937
M
July,
1936
1937
1937
—23.1
1937
13,425
+5.7
depression level established
1936
+ 0.4
119
3,175.132
13.085.172
11.396.165
—16.8
—23.7
634
—21.9
This
—43.3
2.551
+ 10.4
some
petition and the Japanese
+7.7
2,315
+0.8
+ 7.0
—2.9
850
+ 8.0
+ 6.9
—12.1
2,197
+ 19.9
—4.7
+0.2
—67 6
317
123
170
South Atlantic.;
—0.6
—8.8
East South Central..
67
1.248,814
—5.7
—79.2
483
West South Central.
99
3.302,033
+0.9
—0.1
1.263
+ 7.2
Mountain
61
1.425.869
+2.8
—7.5
498
+ 16.6
+ 11.4
9.654.892
+2.5
+0.1
2.634
+2.3
Pa'ific...
142
+0 8
New
Non-residential
fully offset by greater
further rise in the production of
expansion In mining and metallurgy
(these important branches In the national economy have recently increased
their operations by nearly 15% over those of last year) and exceptional
progress in construction.
This last development Is. In fact, the most out¬
standing of this year's business record.
While construction contracts
awarded in September were slightly lower than in August, they were higher
These downward movements
activity
heavy
than
in other
industrial
for
Total Building
—
1.1
September since 1931.
any
development, and one that may
force of industry In
strong sustaining
trades on a higher scale
the automobile
awarded on a substantially
who number In the
Change from
Estimated
period since 1929.
August,
July,
Aug.,
August,
1937
1937
1936
1937
+»
I
"During the first half
however,
.1936
to
—9.9
+3.1
-r22 4
33.512.753
+0.4
—20.3 17.627.972
+21.7
+22.4
31.903.545
+ 12.4
+ 12.9 14.641.171
—9.5
4,383.907
East No. Cer,t. 13.166.345
—54.6
Cent
1.390.734
Atlantic 12.404.300
5,235.524
—13 8
6.206.689
—18.7
24.276,850
+ 54.1
+43.8
4.863.977
—1.6
+20.6
+ 7.5
—54.7
2.025.270
+ 9.1
3.978.953
7.699.222
+4.6
3.100.831
—76.8
2.845.472
—5.9
—40.8
—18.1
20.229.405
—14.1
1.760.744
+ 65.4
West So. Cent.
2.740.798
612.090
—23.8
5,468.776
—46.0
Pacific
+ 7.4
f 173.6 + 176.9
East So. Cent.
Mountain
—3.6 58.070.889
+5.6
9,114,060
Mid. Atlantic. 10,468.081
+ 50.6
activity
—5.1
1.092.828
5.099.409
the
and
Merchandise and miscellaneous freight
level, but a contrasoasonal
recession occurred in the movement of bulk commodities.
Mail order house
sales were lower than in July and chain store sales also declined.
A dercease
of about the usual proportions occurred in the volume of check transact ions
outside New York City, while in New York City the recession was greater
than usual.
On the other hand, registrations of new passenger cars In
August are estimated at 312.600 units, a decrease of only 45,000 cars from
the July figure, which is considerably less than the decline In that month
of most recent years.
The volume of adverstislng was larger than In July,
and sales of new ordinary life insurance policies declined somewhat less
the
usual
seasonal
loadings were little
changes.
changed from the July
than usual.
(Adjusted for seasonal variations
World
Industrial
Production
During August,
Recovered
and where necessary
Moderately
for usual year to year
for price changes)
According to National Industrial
industrial
Industrial Conference
moderately during:
monthly survey of the National
In its report issued Oct. 11,
Board.
Primary Distribution—
Car loadings,
June,
July,
Aug.,
1936
activity recovered
August, according to the
growth,
Aug.,
Conference Board
World
August,
business
1937
of 1930)
+59.0
—3.9
loadings also were seasonally higher.
In
been some recession in general
there appears to have
A eg.,
Change from
+24.6 139.766,949
+ 12.2
2.769,112
of September, department store
Metropolitan area of New York showed an in¬
crease from the August level at least as large as the customary
seasonal movement," says the Federal Reserve.Bank of
New York in presenting, in its
"Review," its indexes of
business activity.
The Bank further states:
sales in the
car
%
Bank
Activity of Federal Reserve
of New York
July,
S
divisions.. 50.780.980
and the recipients,
than In any corresponding
distribution of goods.
Department store sales In
the country as a whole and in this district were moderately higher than in
August, 1936. but the gains from July to August did not fully measure up
(Census
Cost
Cost
larger scale than a year ago,
hundreds, have been busier
Railway freight car
Population
Estimated
...
be counted upon as
general, is a production schedule of
than that planned for the autumn
of last year.
This results not only from a greater prospective demand for
motor
vehicles, but also from the enterprising extension of productive
facilities and further efforts to smooth out operations throughout the year
and so avoid, as much as possible, the great seasonal production peaks
and depressions formerly characteristic of automobile manufacture.
Al¬
though production In latge volume of new model motor cars and trucks is
still a few weeks distant, orders for materials and parts have already been
a
Construction
Percentage
Percentage
have, however, been
directions, notably a
goods, continued
Another favorable
Unci. Alterations + Repairs)
Buildings
South
blockade of China are now reflected in British
August declined below
that of the early summer
+ 11.1
2.974.783
7.452.213
North Central.
West No.
elements—devastating
lumber cut during July and
period.
Columbia, where the
Indexes of Business
England.
of some unfavorable
industries, incipient labor
—46.0
358
West North Central.
New
stability in the face
grain belt, uncertain export trade prospects
troubles and unseasonable late summer
weather adversely affecting domestic trade—is, perhaps, the best testi¬
monial of the strength of the recovery process in this country. Our records
for the past month or so disclose recession in certain industrial groups.
Thus, some units of the textile trades have experienced less favorable con¬
ditions than formerly, and we note that several mills have operated at a
slower pace than a year ago. The recent difficulties encountered by lumber¬
men in the way of soaring ocean transportation rates, more Intensive com¬
for
—21.7
+0.4
*
England
Middle Atlantic
All
earlier in the year." Mr. Arscott
continued:
—19.5
553,715.073
New
East
Aug.,
Aug.,
Aug.,
J»ly,
1.456
All divisions
A. E. Arscott, General Manager of the Canadian
Bank of Commerce, Toronto, said that "industrial activity
was
well maintained last month at about the high post-
drought over half of the western
1936. to $31,785,000.
projects:
business, issued
Canadian
of
review
monthly
his
In
Oct. 7,
+ 15.3
Total
in
York
other
1936
Estimated Cost
Number
advanced sharply
trade of 74 countries
of International
Impressively
advanced
leading markets.
Change from First 8 Mos. in
to First 8 Mos. in 1937
of Construction
volume
The
during the second quarter
1937
1937
1937
74
Exports
...»
the Board stated:
Department store sales.
76
75
77
87
88
87
89p
...
89
108
10 lp
...
83
Imports...
that output advanced in Great Britain,
Germany, Austria, Belgium, Poland, Switzerland, Australia, and most of
the Central and South American countries.
Losses occurred in France
....
....
72
64
merchandise and miscellaneous...
Car loadings, other
Preliminary
reports indicate
Denmark, Holland and Canada. Japanese business re¬
mained active in supplying the needs of war and rearmament.
In France, despite unfavorable trends in general business, operations have
been relatively well maintained in a number of industries, notably metals
and machinery.
Export business in iron and steel, wool, rayon, hides and
skins, chemicals, and rosin has Improved owing to the price advantages
obtained through the further recession of the franc.
Domestic business In
most categories of consumers' goods, however, has been retarded, partly
because of the holiday season, and partly because of the high internal price
level.
Construction Is also extremely depressed, and the French Govern¬
ment has undertaken measures to renew activity In this field.
In August,
the value of the franc in terms of the dollar was 43% below that of the
corresponding month of 1936.
Wholesale prices, meanwhile, advanced
50%.
The cost of living during the second quarter of this year was 22%
higher than in the corresponding period of last year.
} In Great Britain, business activity rose to a new peak in August, after
declining slightly in July.
Reports from industrial centers indicate a strong
seasonal revival in most branches of activity in September.
Activity in
the building and textile Industries, however, has receded moderately.
(partly seasonal),
91
Department
Chain grocery sales
Other chain store sales......
....
90
89
82
80
62
64
62
96
97
97
91
98
94
87
80
79
....
Mall order house sales
95r
registrations
96
94
Advertising.
New passenger car
91
85
72
77
United States r
store sales. Second Districts
84
93
Distribution to Consumer—
98
95 p
103
82
lllp
...
Gasoline consumption.
General Business Activity—
outside New York City..
York City
Velocity of demand deposits, outside N. Y. Clty.
Veloclty of demand deposits, New York Clty...
New life Insurance sales
Bank debits,
Bank debits, New
Employment, manufacturing. United States
Employee hours, manufacturing, United States..
New corporations formed in New York 8tate
Residential building contracts
Non residential
64p
64p
36
38
33p
68
69
70
45
43
48
44
72
75
69 p
95
103
88
94
93 p
93p
104
Cost of Jlvlng*r
53
35
35
33
65
65
72
68
69
63
62
162
163
163p
207
208
146
151
151
208p
152p
...
r
71p
104p
194
Composite Index of wages*
Preliminary,
66
68
156
building & engineering contracts
General price level*
p
65
39
Revised.
♦ 1913 average=100; not
adjusted for trend.
63
2466
Financial
Summary of Business Conditions
in
Various
Chronicle
Federal
In
Reserve Districts
of the various
ness
remarks
Federal
from
are
the
of
banks.
the
busi¬
on
to
Reserve
Banks
and
First (Boston) District
Federal Re¬
July and August "there was
change in the level of general business
activity
in New England after
al'owances had been made for cus¬
tomary seasonal changes, and during
August, in several
industries, the rates of activity were at levels
approximating
in August last year."
In
August
bales,
mills
the
of
in
the
this
consumption
6.7%
current
district
larger
and
shoe
as
year.
production
New
in
in
England
August,
aggregate
736.085
was
corresponding period last
Boot
than
the
year
number
compared
.
.
mills
1936.
In
of
with
bales
first
over
mated
July
have
to
on
an
Crop
with
larger
than
the
total
facturing
in
while
wage-earners
bales
corresponding
in
employed
Massachusetts
in
in
weekly payrolls
Department of Labor and
period
$17,516,809, which
concerns
included
in
August,
the
1937,
one
year
ago.
Industries.
42%
.
in
decrease
a
reporting
gain
a
than
more
half
higher
.
between
and
6%
volume.
the
August,
and
change
no
(Philadelphia) District
pro¬
was
indexes
about
for
Output of
coal
expanded
in
the
tinue
and
and
non-durable
in
For
15%
was
several
the
slackened,
farm
to
year
larger.
maintained and
goods
The review
manufactures
somewhat.
aggregate
well
than
durable
equal proportions."
.
while
date,
.
cash
also
declined
production
of
crude
however, industrial
Agricultural
.
income
has
in
said:
been
output
conditions
con¬
substantially larger
years.
Retail trade sales in
August increased over July, but the gain was smaller
than usual; in
September sales increased
seasonally. Business at wholesale
showed little
change.
Sa'es of new passenger automobiles declined
further.
Activity in commercial hotels has
expanded seasonally with respect to
and income.
occupancy
...
and
market
goods
declines in sales have been
further
for
iron
for manufactured
and
cluding
steel
cottons
declined
products,
and
reported by several lines.
Demand
machinery and tools, textiles, in¬
virtually all building materials, has
especially
woolens,
and
as
compared with last month, and in some cases is
less active
a
year ago.
Sales of leather goods, floor
coverings, and clothing,
the other hand, appear to have
increased somewhat in recent weeks.
than
on
.
.
.
Output of factory products did not increase as
much as it
usually does
July to August.
This Bank's adjusted index of
productive activity
decreased to 93% of the 1923-25
average from 95 in July and a
high of
98 in April.
In August last year this index was
88.
Comparative figures
for eight months show that
the rate of
manufacturing output was 17%
higher this year than last.
from
Fourth (Cleveland) District
"Business
activity in the Fourth District declined some¬
what in recent weeks," said
the Federal Reserve Bank of
Cleveland
in
"Many fall
terials
its
"Monthly
have
that
gains,
lost year,
in
instances
some
but
the
rates
was
mobile
and
down
Retail
16%
The
1937
in
firms
much
in
trend
.
year
and
.
of
iron
chiefly
to
still
were
and
models
models
have
10%,
was
Furniture
to
year
ones,
tinued
in
as
had
indicate
compared
smaller than
those
steel
have
held
industry.
been
up
slow
very
.
.
recently,
well.
In
1936.
Auto¬
.
but
sales
August both
date.
in
while
store
Higher
of
excess
sales
for
the
were
prices
first
up
were
The gain
year.
eight
in
months
the
2% in the month
and
a
factor
in
the
larger
in
employment
in
August
evident
at
Springfield,
Columbus declines
Castle,
were
while
at
was
irregu^r.
Cincinnati,
Cleveland,
Toledo,
Gains
in
in
over
Massillon,
Pittsburgh
in
all
the
'
stores
August
for
for
13.7%.
Perhaps
estimates
rising.
of
during
same
ground.
in
five lines
increase
an
about
lost
than
more
that
August,
the
Fifth
most
District
' K
seasonally
from
JuTy
to
oil mills."
The Bank
district
small
month
reporting to the Bureau of
declines
of
other
of
amount
from
recent
to
Ju'y,
Labor
but
Number
years.
week's
a
June
con¬
employed
payroll 19.5% larger than
1936.
mill
operations
consumption of
statistics
seed in
this
further
this
in
cotton
district increased
from July to August,
largest for the month in 20 years for
the
was
available.
are
Cotton
August, the first month of the
seed
new
oil
mills
crushed
than
season,
44%
more
earlier.
a year
Seventh (Chicago) District
In noting that
ing
of
favorable
of
"trends during August in the merchandis¬
commodities
the
and
major
Chicago
in
there
the
was
Seventh
that
the
"several
District
further
some
industries,"
said
Federal
of
the
not
were
recession
in
Reserve
so
certain
Bank
manufacturing
of
groups
recorded expanding activity in the
period and in most phases
industry and trade current levels continued to exceed
those in the corresponding 1936 month."
of
Furthermore, the
Bank
said,
"the
agricultural
outlook
has
remained
good,
especially
as regards the production of crops."
The Bank,
its "Business Conditions
Report" of Sept. 29, continued,
in
in
part:
Among
the
automobiles,
larger
where
industries
production
building construction,
last
August.
reduced,
pig
casting
merits
On
the
through
iron
from
and
at
further
models
the volume of
other
hand,
and
which
failed
in
in
August
also
to
equal
that
was
well
mills
been
considerably
activity
factories
were
nearly completed,
steel
have
July,
over
furnace
rose
been
from
backlogs
increased
stove
declines
has
output
although
production
foundries
1937
by furniture manufacturers
Output
show
to
of
August,
malleable
at
expanded, and
accordance
with
seasonal
shiptrend.
steel
casting foundries approximated the July volume, but
orders fell off sharply.
Principally because of a decline in employment in the durable goods
classification, total industrial employment in the Seventh District showed
new
reduction in August from
July, but aggregate payrolls increased
slightly in the period.
The majority of
reporting wholesale trade groups in this district
a
..
smaller
sales
in
August
.
very
.
than
in
trend
for
had
July,
the declines being greater than
period.
In the department store
and retail furniture
trades, sales increases over the preceding month were
less than in the 1927-36
average for August,
and there was a counterseasonal
or
seasonal
groups
contrary
recession
were
to
in
the retail
the
shoe trade;
gains
over
a year
in these
ago
small.
Eighth (St. Louis) District
While many important lines of
industry and commerce in
the
Eighth
District
forward
the
Louis
St.
the
maintained,
gains
Federal
of
and
recent
Reserve Bank,
in
instances
some
months, according to
business as a whole
developed slightly slowing tendencies during August and the
half of September.
The following was also noted by
the Bank in its
Sept. 30 "Monthly Review":
first
Activities
showed
at
numerous
from
recession
no
last
spring,
but with
at
expense
the
investigated
groups
recorded
goods,
increases
under
in
a
the
area,
August
preceding
commodities
has
a
had
lines.
and
tendency
a
showed
new
the
year
increases
Boots
and
volume
and
from
stock
this
a
has
pace
and
and
jobbing
hardware
earlier.
year
Dry
July to August,
important
an
6ales
sharp
advance
orders,
wholesale
chemicals
shoes,
the
and
retard
of
The
ago.
generally
to
of
Of
drugs and
both a month
over
smaller
a
volume
...
Bank,
earlier.
year
products,
month
this
groceries
recorded
in
backlogs.
by
furniture and
decreases
manufacturing plants throughout the period
high levels which have been obtaining since
the
decline
a
of
July
and
Carolina
by 70 firms, declined from March through
13.3% in August.
Employment and payrolls at 6,700
Erie,
reported in August compared with
July.
1936,
cotton
was
4% higher in
South
Wholesale trade
August,
remained
3% and
year,
h (Atlanta) District
9.3%, and the
.
were
than
emanate
States of
above
was
July,
in
New
of
...
been
last
To¬
branches
all
reported
exhibited
well
July
six
pushed
August,
evident
were
larger.
trade,
the
Statistics
ma¬
as
in
June and July, retail sales by 49 reporting firms
24.1% in August and were 6.4% larger than a year
July was smaller than seasonal and the increase in
in
Sept. 30.
seasonally compared with July.
16%.
sales.
of
orders for
as
corresponding period of
1938
August continued
sales
store
the
last
Sharon
of
for
less than
was
for
dollar
and
orders
trade
department
increase
large
relate
of
particularly true of the
parts
production
were
which
increase generally
months over the
reported for the first eight
This
Review"
revised
to develop in as
large volume
Continuing, the Bank stated:
figures, available,
with
been
fai7ed
been expected,"
Statistical
Business
have
programs
in
increase of
maintained
quiet,
between
was
mills and cotton seed
decrease
Wholesale
of
the whole has been rather
on
affected
this year.
crop
production
Reset \e Bank of Atlanta, in its "Monthly
Sept. 30, stated that "retail trade in the Sixth
declining
an
August
and
Manufacturing
The
6teadily
goods
.
whole
national
increased
The
ago.
which
noted, "failed to maintain the seasonal level
that usually prevails from
July to August, and the adjusted
oil
Aftfer
and
In
the Third District industrial
and trade conditions
"have shown indeterminate
tendencies over the past several
weeks," it was reported in the Oct. 1
"Business Review" of
the Federal Reserve Bank of
Philadelphia. "Industrial
duction," it
.
reduction
a
declined
being adversely
noted:
Cotton
Third
finished
September,
Federal
further
concerns
1936,
reporting
the
was
July, but increased
Massachusetts
of
.
volume
on
tions at cotton
according
,
of
August, and there were increases also in wholesale trade,
building permits issued at 20 reporting cities, and in opera¬
last
1.5% larger than the volume reported
Slightly
reported
survey
with
was
lees,
.
unusually large cotton
improving «hile others
crops
change
Review" of
manu¬
0.6%
was
1.1%
were
August the sales volume of 771 retail establishments
by these
7
workers
operations
available, hardware leading with
while the
The
by
esti¬
was
.
August, 1936.
Si
during
representative
August
aggregate
Massachusetts
amounted to
in
of
establishments
July,
the
In
number
half
an
department stores
prospects
District
in
in
are
some
showed
than
to
data
in
year.
The
trade
important
average
8.9%
first
exceeded
larger dollar
which
.
year
been
in
was
New England
during August usually in¬
by about 20%.
Estimated production for
August, 1937, was 14,270,000 pairs, an amount
18% larger than the July
output, but approximately 9% below the 1936
total.
Shoe production in
this district
during the first eight months of the current
creases
16,
additional
with
in
goods and
gray
the
eight
consumed
585,632
.
decline
81,428
was
the
yarn,
industry last month.
States
cotton
raw
amount
an
months
upward,
dollar volume in August than in
August last
making the best record with a gain of 9.2 a.
The following
is also from the review:
on
manufacture
Retail
Bank said that between
those which prevailed
was
well.
up
seasonal
a
increasing evidence of
the
much
not
held
after
August and
bacco
the Boston
conditions
mills,
quotations
during
by
serve
trend
in July, increased
working time and cotton consumption in August and again exceeded figures
for the
corresponding month of the preceding year.
Both cotton prices
of
cisco:
"Monthly Review" of
the
at tobacco markets, coal mines, and in
agricultural sections
work, while employment in construction and other lines subject
weather
Textile
The following
Boston, Philadelphia, Cleveland, Richmond,
Atlanta, Chicago,
St. Louis,
Minneapolis, Kansas City, Dallas and San Fran¬
The Oct. 1
fields
being needed
monthly reports
Reserve
reports
employment
for harvest
We give below
excerpts from the
Oct.
in
August
decline
in
market
commitments
but
industry
than
the
in
of
prices
farm
since
mid-August
in
number
a
of
...
,
Fifth (Richmond) District
There
were
no
marked
changes in business and industry
August and early September, and
in
the Fifth
District
on
the whole
developments followed
noted
by
the
in
Richmond
Federal
"Monthly Review" of Sept. 30.
to
say:
Industrial
It
seasonal
Reserve
also
had
trends, it
Bank
in
was
its
the following
early spring,
30
employment
showed
no
and
payrolls,
marked
which
change
as
had
tended
contrasted
upward
with
the
since
preceding
days.
Dry hot
weather
prevailing
August
and
early
tobacco
and
certain
south
interfered
growing sections
September
with
a
fruit
the
and
over
considerable
a
reduced
vegetable
cotton
specific injury
crops.
harvest, and
to
area
prospective
the
crop
in
was
of
the
district
of
corn,
yields
Excessive
a
number
reported.
rains
of
to
in
hay,
the
important
Volume
August
was about as large as in the preceding mouth and in August
last year," reported the Federal Reserve Bank of Minne¬
apolis in its Sept. 28 "Monthly Review."
It stated:
the Ninth District in
during August very slightly
that of August last year, but at country stores was somewhat
However, retail sales at country stores during the first eight
trade
exceeded
smaller.
stores
department
city
at
1937 continued td show a greater increase over
months of
period in 1936 than city department
same
store sales.
sales during the
.
.
.
the district during August continued great.
Iron
ore shipments approximated 11,000,000 tons and were the largest on record.
Copper production was larger than in any August since 1929.
The pro¬
duction of gold during August was the largest in any month and silver
in
activity
Mining
production larger than in any August in our
small reduction in the number of employees
7% kUrlier and lumber sales
10% lower than at the same time last year," according to
the Sept. 29 "Monthly Review" of the Federal Reserve Bank
of Kansas City, which, in reporting on conditions in the
17%.
department stores in this district
increase from July to August, rising
reporting
at
seasonal
usual
the
than
less
sales
of
volume
Dollar
showed
August
to
sales were 7% higher than a year ago, but
about P% higher, rilore than account for the larger
are
wholesale sales
of
value
The
Sales of groceries and
declined 13%.
.
.
sales
paper
.
.
1
-V'.
/
change in the district from the
middle
August, while payrolls increased slightly further.
about 5% and payrolls' 10% larger than in August of
July to the middle of
Employment was
last
.
sales.
4%, dry goods 29%, and furniture
showed little change, while hardware
.
Employment showed virtually no
of
retail prices,
about 5% from July
in this district rose
sales of drugs increasing
August,
40%.
Offset by
in
trade,
forestry and fishing.
1,430,000 less than in the same
Conference Board estimates
reabsorption of 2,023.000 persons into the nation's employed labor force.
The total labor force is estimated to have increased by 593,000 persons since
August, 1936. and by 4.804.000 since 1929.
The following table prepared by the Conference Board shows the number
of employed workers in the various industrial groups in 1929; August.
year.
less than half
be much
done great damage to corn, and there will
Grain and live stock prices tend lower.
has
weather
Unfavorable
crop.
a
Eleventh (Dallas) District
activity in the Eleventh District
during August," it was stated by the
Dallas Federal Reserve Bank in its "Monthly Business
Review" of Oct. 1.
The Bank further reported:
"Business and industrial
registered an increase of 16%
seasonal, and Ihe gain over a year ago widened
to 11%, the largest increment shown by a year-to-year comparison since
May.
Wholesale distribution, after holding up well during the late spring
and early summer months, increased less than usual from July to August,
Department store sales
in principal cities
of 9% over a year ago.
monthly volume of new
The largest
.
.
NUMBER OF EMPLOYED
Forestry and fishing
Total Industry
Extraction of minerals
Manufacturing
Construction
Transportation
in July, rose
to a new high level in August, but declined in the first half of September
when allowables in Texas were reduced.
Nevertheless, the daily production
rate at mid-September was higher than in any month prior to August.
Despite the effects of the hot, dry weather prevailing in the forepart of
the month, weather conditions in August were generally favorable for crops
in this District.
Department of Agriculture estimates as of Sept. 1 reflected
upward revision in the prospective production of several crops.
The major
increase was in the indicated production of cotton which, on the basis of
the Sept. 1 estimate,
is the largest crop since
Twelfth (San Francisco)
August,
in
District
Twelfth
after allowance
San
994,000
988,000
936,000
6,996,000
8, 59,000
7,464,C0(
9,214X00
7,440.000
9,216,000
1,357,000
1,427,000
1,427,000
services-
47,368.000 44,784,000 46,904,000 46,807,000
1
Preliminary.
Pennsylvania Anthracite
Employment and Payrolls in
Collieries Declined from
Mid-July to Mid-August ^
the rolls of Pennsylvania
8% and the amount of wage
disbursements dropped nearly 23% from the middle of July
to the middle of August, according to indexes compiled by
the Federal Reserve Bank of Philadelphia from reports to
the Anthracite Institute by 2G companies employing some
57,000 workers receiving about $1,108,000 a week.
Em¬
ployee-hours worked in the collieries of 21 companies showed
a decrease of 25% in this interval.
These declines in em¬
ployment, payrolls and working time reflected at least in
part a reduction in the output of anthracite.
The Phila¬
delphia Reserve Bank's announcement continued:
workers
of
number
The
on
anthracite companies declined
in August was 40.4% of the
index of wage earners
The
or
or
the
as
same
a
year
1923-25 average,
index of wage payments
Other details follow:
of Research and Statistics of the
[Prepared by the Department
was
the
before;
13% lower than a year ago.
Bank of Philadelphia.
1923-25 Average =
100]
22.9,
Federal Reserv
than in July, primarily be¬
curtailed operations in the lumber industry.
The
of
cause
Bank also said:
production customarily expands at this time of year,
conira-seasonal decline this Bank's adjusted index
Lumber
the
of
result
102%
the 1923-25
of
almost
have
declined
been
maintained at a
Factory
and as a
fell from
to 87% in August.
New orders
continuously since last April, but mill activity has
comparatively high rate.
...
average
employment
in
in July
Pacific Coast States,
excluding the fruit and
vegetable industry, declined slightly from mid-July to mid-August after
for seasonal influences.
Payrolls expanded somewhat, but the
allowance
employment and payrolls in the
fruit and vegetable canning industry increased further.
Available measures indicate an expansion of consumer purchases during
increase
seasonal.
Both
than seasonally
in August than
1929. The number of new motor vehicles 6old in
the same as in July, and was 7% higher than
Value of department store sales increased more
adjusted index of furniture store sales was higher
August.
the
any
than
less
was
month since late
district
August,
Further
was
about
indicate that
total
in
crop
harvest
larger in 1937 than in any
production estimates;
of Twelfth
reported as of Sept. 1,
District crops will be
considerably
recent year.
Unemployed Workers During August In¬
Nearly 150,000, According to
National Industrial Conference Board
Number
of
creased from July by
Unemployment in the United States in August
a
total of 6,285,000, which represents an
is estimated
increase of
nearly 150,000 over the estimate for the preceding month,
according to the latest report of the National Industrial
Conference Board.
The Board's announcement dated Oct. 5
also stated:
Total
employment in all fields
of private enterprise and in permanent
showed a
government agencies aggregating 46,807,000 persons in August
net decline of 97,000 under the total for July.
The number of
non-agricultural activities aggregated 35,199,000
the month and was 66,000 under the total in July.
employed
during
1934
1935
1936
1937
1934
1935
1936
1937
61.1
57.9
53.2
59.4
48.1
45.8
35.9
January
62.3
61.4
62.7
60.1
51.8
65.2
53.9
64.7
34.5
February
65.7
50.0
51.5
48.0
69.2
32.7
35.9
31.8
43.3
42.0
24.1
53.7
April
56.6
51.5
48.9
53.0
52.4
53.9
50.1
53.7
41.8
47.5
37.3
May
62.0
56.0
50.3
50.2
44.7
55.5
35.3
42.8
June
55.6
62.2
48.5
47.5
44.2
35.4
31.6
31.3
29.6
July
August
48.2
37.9
40.4
40.4
33.3
23.8
26.4
22.9
32.2
29.3
...........
46.8
39.4
66.9
57.7
49.0
40.4
47.1
40.8
October
59.0
45.7
60.6
42.8
23.9
33.8
November
December
59.8
56.3
53.9
43.9
46.7
46.5
52.0
50.9
46.7
39.9
38.4
Average
58.0
in
45.2
55.4
September
♦
Employment and Payrolls in Illinois Industries
August Above July According to Illinois
persons
persons
During
Depart¬
of Labor
ment
total wage payments in
compared with July, according
to a statistical summary of the data contained in reports
from
6,245 manufacturing and non-manufacturing enter¬
prises, show "increases of 0.7 of 1% in the number of per¬
sons employed
and 2.2% in total wage payments," it was
announced on Sept. 25 by the Division of Statistics and
Research of the Illinois Department of Labor.
In the an¬
nouncement issued by the Illinois Department of Labor it
employment
Industrial
during
Illinois
was
August,
and
as
further stated:
The current
less
July-August increases in employment
seasonal
than
the records of the
increases.
For
the
were
and payrolls represent
14-year period, 1923-36,
Division of Statistics and
changes
July-August
inclusive,
Research show that the average
increases of 1.3%
and 2.5% in the number
respectively.
August, 1936, the August,
employed and total wages paid,
In
comparison with
of 11.6% in
increases
The
index
August,
1936.
increases
Payrolls
Employment
the
for seasonal
influences, was somewhat lower
at
1937
1931.
District
According to the Sept. 29 "Monthly Review" of the
Francisco Federal Reserve Bank, industrial activity in
the
August,
1,383,000
industries..
Miscellaneous industries and
*
1937
1,167,000
7,325,000
9,160,000
Public utilities
Trade, distribution and finance
Total employed
*
*July,
1936
10.650.00C 11,611,000 11,639,000 11,608,000
202,000
204,000
191,000
268,000
18,582,000 15,769,000 16,956.000 16,914,000
757,000
751,000
704,000
1,087,000
11,071,000 10,769,000 11,636,000 11,709,000
1,462,000
1,509,000 1,580,000
2,841,000
1,992,000
2,001,000
1,851,000
2,416,000
Agriculture
Service
August,
Average
Group Division
March
construction work in more than six
started in this District during August.
.
.
.
output of petroleum, which had increased somewhat
The
in
WORKERS
1929
.
years was
in
1937:
1936; July, 1937, and August,
July, which is more than
but maintained a margin
and
During the 12 months, the
a
increased substantially
over
total in August was
The unemployment
month last year.
District, said:
Tenth
which
few thousand in the service
of minerals, and a
There was a
14-year records.
during August.
United States Department of Agriculture's Sept. 1 crop estimates for
this district were about the same as ori^ month earlier.
The corn and
oats production
estimates were the largestj;psince 1929 with the exception
of 1932, and rye production was larger 4]^n any year since 1929 with
the exception of 1935.
All estimates were much larger than last year's
production, and winter wheat and rye were ''softer than the 10-year average.
Tenth (Kansas City) District
"Department store sales are
manufacturing, 6.000 in extraction
industries were more than
decreases of 118,000 in construction. 31,000 in agriculture, 24,000
distribution and finance, 9,000 in transportation, and 2,000 in
employment of 73,000 in
Increases in
Ninth (Minneapolis) District
"The volume of business in
Retail
2467
Financial Chronicle
145
from
of
1936, to
67.6
to
employment and
employment
84.3
for
1937,
indexes show
24.7% in total wage payments.
industries rose from 81.3 in
all reporting
90.7 in August, 1937, while the
during the same period.
index of payrolls rose
Ninety-four reports of wage increases were received by
Statistics and
Research during the month of August.
the Division of
Wage increases
affected the pay envelopes of 15,974 workers in manufacturing and nonmanufacturing industries, or 2.4% of the total number of workers reported
as
employed.
The weighted average rate of increase was 6.6% as com¬
pared with a weighted average rate of 6.0% in July and 7.8% in June.
Changes in Employment and Total Wages Paid, According to Sex
Reports from 4,175 enterprises which indicated the sex of their working
forces showed
increases of 0.6 of 1% and 3.0%, respectively, in the
number of ma'e and female workers employed during August as compared
with July.
Total wage payments to male workers increased 2.1%, while
total wages paid to female workers increased 5.2%.
Within
the manufacturing classification
of industry, 2.293 reporting
establishments, the number of male and female workers increased 0.4 of
1% and 3.8%, respectively.
Total wage payments to male workers increased
1.8%, while total wages paid to women increased 6.4%,
In
the non-manufacturing classification of industrial enterprises,
1,882
establishments reported an increase of 2.0% in the number of male workers
but a decrease of 0.7 of 1% in the number of female workers.
Total
2468
t
female
»
Financial
payment*
wage
male
to
workers
workers
declined
0.5
Chronicle
f
4.2%, while total wages paid
1% during August in comparison with
increased
of
Production during the five weeks ended
these mills,
July.
Weekly
earnings
$27.33
averaged
for
both
$29.99
;
for
industries
facturing
female
Weekly Earnings—August
male arid
$14.62
for
for
earnings
$29.97 for
non-manufacturing industries,
all
in
$18.08
and
weekly
average
workers combined;
combined
sexes
men
and
reporting
$27.39
were
and $16.42
men
for
for
those
and
In
women.
the
below
For
and
male
female
number of
total
workers
workers combined,
man-hours
during
August
the
ported
for
classification
male
and
hours
worked
for
male
workers and
In
the
in
of
2,032
this
of
decrease
a
employees,
Average actual
increase
an
In
the
39.7
In
the
hours
worked
by
August than in July.
establishments reporting manincreased
2.6%
for
male
industries,
1.5% in
of
and
1,257
the total
showed
0.1
of
man-hours worked
by male
39.7
were
as
workers in the 3,819
compared
with
39.0
in
July,
1.8%.
with 38.8 in
July,
hours worked in August
increase of 2.3%.
average
or
an
non-manufacturing
Report
of
Lumber
Movement—Week
Ended
Oct. 2, 1937
2, 1037,
at
<0% of the 1329 weekly average of production and
6of average 1929 shipments.
The week's reported pro¬
duction was 15% greater than new business booked and
10%
heavier than reported shipments.
Reported
production and
shipments
below the preceding week;
were
slightly less.
Only in this week and in
business
new
other
one
was
reported production fall below output
of corresponding weeks of last
year; shipments for seven
consecutive
been
weeks
less
and
than
orders
for
1936.
Year-to-date
in
7% above similar period of last
orders
new
ciimu'ative
1% above.
nine
consecutive
shipments
year;
weeks
production
In the nine
was
8%
were
months of
1937,
1% below production; orders,
National production reported for the
1937, by 10% fewer mills was 11% less
(revised figure) of the preceding week;
shipments
8% below production.
week
than
the
were
ended Oct. 2,
output
were
3%
were
10% below shipments of that week; new
below that week's orders, according to
reports to the National
from
regional
week
ended
reporting
and
Oct.
for
2,
both
corresponding
last
Lumber
associations
hardwood
portant
covering
softwood
1937,
1937
week
Manufacturers Association
1936
1936;
operations
of
im¬
Production
in
the
shown
was
and
of
the
mills.
by softwood mills
4% below output in
as
shipments
15%
were
below
year's shipments of the
corresponding
weeks of
1936.
2.
1937,
Softwood
below those of similar weeks of 1936 and
Oct.
2,
as
reported
by 467 softwood mills
On Oct. 2,
1937, unfilled orders
as
the
week
hardwoods
booked orders of
Mills,
ended
and
Oct.
softwoods
203,935.000
569;
mills
combined;
feet.
production,
512
Revised
produced
with 766,219,000 feet on Oct. 3, 1936. the equivalent of 26 days' production.
Motor
Industry's September Factory Sales
Above
Last
shipped
212,787 000
figures for
263,434,000
feet;
the
shipments,
Factory sales of motor vehicles by American manufacturers
in September were 20% above the corresponding month of
last year, the preliminary estimate of the Automobile Manu¬
facturers Association, released Oct. 9, disclosed.
The industry's September shipments, according to the
Association, amounted to 168,166 cars and trucks.
On the basis of the Association's estimate, the industry's
shipments for the first nine months amounted to 3,947,559
cars and
trucks, an increase of 14% over the 3,461,468
volume recorded for the same period last year.
The report, which is based upon factory shipments of all
major producers of motor vehicles in the United States, is
September, 1937..
August, 1937
September, 1936
168,166
4(5,064
139,820
9 months, 1937
9 months, 1936
3,947,559
3,461,468
Bureau of Agricultural Economics Reports Farm Price
Index at Lowest Point Since July, 1936
itecent
dr
"declines
in local market prices of farm commodities
carried the
mid-September farm price index of the Bureau of
Agricultural Economics, United States Department of Agri¬
culture, to the lowest figure in 14 months.
The Bureau on
Sept. 29 reported the Sept. 15 index at 118, compared with
123 on Aug. 15, and with 124 on Sept. 15 last year.
The
preceding low point was 115 in July, 1936.
The following is
from the announcement by the Department of Agriculture:
Prices
rose
January this
in the last half of 1936, and the index reached
shipments
below
569 ;
last
all
;
year's
production,
but California
week,
263,434,000
and
all
feet;
redwood and cypress
softwood
hut
regions
shipments,
237,664,000
week.
Lumher orders
wood
mills
same
mil's.
feet,
or
reported
totaled
for
the week
195.410,000
Shipments
feet,
or
ended
Oct.
12% below
2,
1937,
the
by
soft¬
of
the
from
90
as
hardwood
mills
give
new
business
as
19% below production.
Shipments as reported for the
8,705,000 feet, or 17% below production.
Production was
8.525.000
period—
thus
lessening the purchasing power of farm products.
The index of prices paid by farmers declined from 132 on Aug. 15 to
130
on
Sept. 15 but in the latter date the index
the
was
same as
Identical
Last week's
feet, and
a
202,468,000
and
production
it
year ago
feet
and
230,451,000
of
was
433
Mill
were
238,680,000
feet,
same
10,549,000
feet.
Reports
identical
230.091 000
Except for truck
farmers
on
dropped
Sept. 15
softwood
mills
FSCC
crops
from
and
was
221,405.000
feet; shipments were, respectively,
and orders received, 193,373,000
feet.
January.
and poultry and dairy products prices received by
15 to Sept. 15—the latest monthly period
Aug.
The indexes of prices of meat animals and of fruit
above the figures for the corresponding date last year, the
as
a
year ago,
of
Lumber
Weeks Ended Oct. 2, 1937
Purchase Cottonseed Oil in Program
to
During
Five
We give herewith data on identical mills
for five weeks
ended Oct. 2, 1937, as
reported by the National Lumber
Manufacturers Association on Oct. 12:
Strengthen Prices
to
Designed
Farmers
A program
whereby the Federal Surplus Commodities
Corporation will buy cottonseed oil in an endeavor to
strengthen cottonseed prices to cotton farmers by diverting
cottonseed oil from normal commercial channels, was an¬
nounced on Oct. 12 by the Agricultural Adjustment Adminis¬
tration.
Both crude and refined oil will be purchased under
the program and manufactured into
shortening for distri¬
bution by State relief agencies, said a
Washington dispatch,
Oct. 12, to the New
which added:
York
"Herald-Tribune" of
Oct.
13,
The average price received by farmers for cottonseed oil in
September was
a ton, while the average price they received in 1936 was
$35.41 and in
$19.25
1935 $31.19.
Crude Southeastern mills cash quotations on cottonseed
oil
have recently been 5*4 cents a pound, the lowest since
quotations have been
recorded, beginning in 1920. with the except ion of the three depression
years.
The estimated cotton crop of 17.573.000 bales this
year, AAA officials
said, is expected to yield approximately 7,816,000 tons of cottonseed oil.
The average production of cottonseed oil during the
10-year period 1927-36
was
Shipments
were
to
1,468,000,000 pounds.
chased
Production
last
Whereas the buying power of farm products last January was 1
point above
the pre-war base, the buying power on Sept. 15 was 9 points below.
feet,
week
or
feet
440
production
reported for the same week were 204,082,000
9% below production.
Production was 223,294.000 feet!
Reports
peak of 131 in
a
At that point the purchasing power of farm products in
year.
terms of things bought by farmers was 101 % of pre-war.
Farm products prices were fairly well maintained through the
spring and
summer but the prices of things bought
by farmers rose during this
237,664,000
regions but West Const reported orders below production in the week
Oct. 2.
All
but
Southern pine, West Coast and Southern
cypress
reported shipments below production.
Ail regions reported orders below
Mills,
20%
feet;
preceding week
All
those of corresponding week of 1936
were
Year
233,843,000
ended
reported
were
but the indexes of all other groups of products were much lower.
1937,
2,
feet; orders, 209,142,000 feet.
were:
with
were
reported by 458 softwood mills
indexes of prices of chickens and eggs were about the same
reported;
were:
1937
same
orders
Hardwood orders showed loss of 10% as compared
1937, gross stocks
ther
of
18%
in
below the
1%
same week;
new orders
were
26% below orders of the 1936 week.
The Association fur¬
feet
10%
were
13%.
reported by the Bureau.
During
below
of
616,262,000 feet, the equivalent of 21 days' average production, compared
week of
the third quarter did
orders
10%
showing loss
summarized below:
The lumber industry during the week ended Oct.
shipments
1937, were
softwoods
1936, the equivalent of 121 days' average production.
increase
on
Weekly
above;
1936,
during the five weeks ended Oct.
combined.
respectively.
compared
as
of
workers
concerns
hours worked in Augxiet by 528,011
of
increase
an
female
classification, the average number of hours
week during August was 39.7, or 0.3 of 1% more than in July.
have
of
of
male
worked per
stood
weeks
3,895,849.000 feet, the equivalent of 128 days* average production (threeyear average, 1934-5 6), as compared with 3.671.088.000 feet on Oct. 3,
these
in
in
more
On
re¬
and
period
the same
corresponding weeks of 1936.
by male
enterprises
2,159
firms reported
by
manufacturing establishments the
were
industries, the
worked
combined,
separately
1,660
worked
enterprises reporting man-hours
or
workers
3.3%
were
workers
group,
man-hours
classification
female
total
industries,
manufacturing
female
manufacturing
3.1% and
and
hours
Soft¬
weeks of 1936
same
mills during
7.3% for female workers.
total
Within
in
and
reporting
while
of
female
enterprises the total hours worked
Hours
all
Total
those
weeks of 1935.
6.1%.
manufacturing
man-hours
in
2.6%.
2.7%,
increased
female workers increased
In
increased
loss of
received
18%
were
Compared with July
1937, as reported by
Oct. 2.
0.1% below that of the
of comparable
record
corresponding
Orders
female workers.
as
the
was
Hardwood output was 8% above production of (he 1936 period.
of
and hardwoods
weekly earnings averaged $27.17; $30.12 for
Changes in Man-Uours During August
1937
Shipments during the five weeks ended Oct. 2.
manu¬
male
above
of 1935.
industries
the
In
women.
8%
16, 193 7
0.3% above that of corresponding weeks of 1936.
was
wood production in
Average
1%
Oct.
by the Government
Prices to be paid and the quantities to be pur¬
under consideration.
are now
^
World Sugar Supplies and Consumption Reached New
Peaks During 1936-37 Season—Further Increase in
Supplies During Coming Year Forecast by Bureau
of Agricultural Economics
•
An average of 549 mills reported as follows to
the National Lumber Trade
Barometer for the five weeks ended Oct. 2, 1937:
World
reached
supplies
sugar
a
record
and consumption appear to have
high level in the 1936-37 marketing season,
and the outlook is for still greater
Production
Shipments
(In 1,000 F'et)
Hardwoods
Total lumber
beginning,
the
Bureau
1936
1937
1936
1.198.937 1.199,880 1.069.343 1,110,021
64,396
69,794
48,921
56.116
1937
1936
967.413 1,184,482
52.675
58,747
1,263.333 1,251,674 1,118,272 1.246,137
1,020,088 1,243,229
States
Department
annual
1937
Softwoods
Orders Received
report
increase
sugar
as
a
on
of
the
of
supplies in the
Agricultural
Agriculture,
world
sugar
said
year now
Economics,
Oct.
on
6
United
in
its
situation.
Despite the
said, prices of
in supplies last year, the Bureau
advanced in 1936-37 to the highest level since 1928-29
result of improved demand conditions and increased
Volume
The
supplies
larger
slightly
of
just
season
resulted chiefly from a
Beet sugar increased only
while the world carryover stocks
closed
that of the preceding season,
beet sugar combined continued
over
and
cane
the
in
cane
' ;V.world production in
alone the
sugar
a
tons
over
"
.
larger than in 1936 and about
of
Because
in
sugar
cane
production in recent
beet acreage, it is likely that world
the 6light increase in the
and
years
trend
1937-38, the Bureau said.
1936-37 season were the
totaling only slightly more than 3.300,000
production of sugar will be further increased in
Stocks of raw sugar at the beginning of the
smallest
short
the past eight years,
in
in
tons
the 19
countries
for which
The corre¬
data were available.
for 1937 is not yet available, but the visible supply of
sugar
in
16 important producing countries on June 1, 1937, was the
smallest in many years.
The figures of visible supply have decreased from
tons
short
9,900.000
the
on
'yu;.y
*n 1936-37
considerably
during the preceding year, when it totalel almost 30,900,000
There has been an increase of one to two million tons in world
the lew point reached in 1932-33.
consumption each year since
1,*615* 168
3,824,080
China and Hongkong
1,238,033
263.642
974.391
2,575
2,575
Colombia
198,566
2,041
196.525
2,538,374
64,287,821
2,037,859
2,538.374
50,512.129
1,888,129
13,775",692
Guatemala
1,500,855
1,497,586
3,269
Haiti.....
4,154,180
901,022
1,348,881
298,738
3,253,158
1,050,143
Costa Rica
Czechoslovakia
Mexico
During
Areas
Off-Shore
from
States
Received by United
of Sugar
Short Tons
4,332,415
Nine
First
Months of 1937
monthly report on the status of the 1937 sugar
showing that the quantity of sugar charged against
the quotas for all off-shore areas, including the full duty
countries, during the nine months period January-September
amounted to 4,332,415 short tons, raw value, was issued
by the Sugar Section of the Agricultural Adjustment Ad¬
ministration on Oct. 5.
The quotas are shown as established
by General Sugar Quota Regulations, Series 4, No. 2, and
Supplements 1, 2 and 3 thereto, issued pursuant to the
provisions of the Sugar Act of 1937.
The Sugar Section
The ninth
quotas,
announced:
-'Xrty:y;'.::;'':Y-yY
,/
includes all sugars from Cuba,
Islands, and Hawaii
Virgin
from those areas prior to
66,475,023
3,380,624
6,216,140
3,380.624
768,523
5,447,617
229.282,000
114,568,098
114,713,902
Total
a
Supplements 1 and 2 to General
Uluotas as Increased by
Sugar Quota Regula¬
tions. Series 4, No. 2.
b In accordance with Section 212 of the Sugar
Act of 1937 the first ten short
tons of sugar, raw value, imported from any foreign country other than Cuba have
not been charged against the quota for that country.
181.053 short tons of sugar, raw
for the continental sugarcane areas
months of the year are as
pounds—96 degrees)
1937 Sugar Quotas
Amounts
Charged
Latest Regulations
Cuba
Against Quotas
2,115,987
1,856,203
--
Philippines—- .—............
86,805
998,409
the continental United States for re-export
Regulations,
regulations issued March 1G,
1935, under the Jones-Costigan Act which were known as
General Sugar Order No. 1, Revision 1.
The regulations
are of interest chiefly to exporters of refined sugar and to
sugar-using industries which export a portion of their out¬
put, such as the canning industry, particularly on the Pacific
Coast, which uses full-duty-paying sugars in products for
export.
The announcement of the AAA further said:
Under the regulations the following classes of sugar may enter the conti¬
Series
States under appropriate
United
nental
replace the
So. 3)
2,
Cuba
....
Sugar or liquid sugar
'a)
of being
domestic consumption
In the continental United States;
released from United States Customs custody and control
processed and returned thereto; and
: ; ,
into continental United States to be manufac¬
tured Into articles to be exported from continental United States with benefit of
drawback, or to be designated as a basis of a claim for drawback.
Sugar or liquid sugar
(b)
Sugar or liquid sugar imported
(c)
of
Collectors
of
sugar
any
Customs
or
liquid
responsible
sugar
5,609
in the above amounts charged
the direct consumption sugar quota is
for each area.
The following tabulation
direct consumption sugar quotas and charges against
remainder
of the
polarization
weight and polarization for each
entered against the quotas.
The separation of sugars into
year.
based on reports of the outturn
of direct consumption sugar
(In short tons—96 degree equivalent)
Quantity Charged Against Quota
1937
Area
Quota
Cuba
Puerto Rico
Sugar Polar¬ Sugar Polar¬
izing Less
izing 99.8
than 99 8
Deg.& Above
375,000
126.033
279.403
Balance
Total
Remaining
Charges
It
pursuant
to
announced
was
375.000
18,810
126,033
Hawaii
29,616
80,214
58,548
5,542
21,806
64,090
"7", 810
Philippines
610.863
454.637
132.2'»2
586,929
23,934
Quotas for
than
16,124
Full Duty Countries
the quota for foreign
Cuba is the total of charges made during the first
The 57.284 short tons, raw
countries other
or
cancel any
regulations.
the
Marketing Quota
Sept. 28 by the Agricultural
on
Administration that Secretary of Agriculture
ment
Adjust¬
Wallace
the allotment to individual Puerto Ri<au
of the recent increases in the 1937 sugar market¬
ing quota for Puerto Rico under the new Sugar Act.
The
total increase in the 1937 sugar quota for Puerto Rico
amounts to 51,795 short tons of sugar, raw value; 9,446
tons of which resulted from the increased, estimate of con¬
approved
announced on Sept. 2, 1937, and
of the deficit in the sugar
1937.
requirements
value, charged against
Proportionate
1938
Shares for Farms in
Revealed by AAA
Mainland
Sugarcane Area
Announcement was made on
Sept. 30 by the
Agricultural
of the basis for determination
of proportionate shares for farms in the mainland cane
sugar area
for the 1938 crop, pursuant to the Sugar Act
of 1937.
The determination establishes methods to be used
In computing the acreages of sugar cane which producers
may grow
for the 1938 crop to participate in the sugar
program.
The Sugar Act provides as one of the conditions
for payments to sugar beet and sugar cane growers that the
l)eets or sugar cane grown on a farm and
processed) shall not exceed the proportionate
share for the farm as determined by the Secretary of Agri¬
culture.
An estimated total production for the 1938 main¬
land sugar cane crop of 439,071 short tons required to meet
the estimated 1338 sugar marketing quota and normal carry¬
over inventory was announced on Sept. 14, as noted in our
amount of sugar
marketed
of
issue
95,597
12,343
113,690
2,996
Total
from Customs custody
approve
Adjustment Administration
indi¬
such
quotas during the period January-September, showing separately sugar
polarizing 99.8 degrees and above and sugar polarizing less than 99.8
degrees.
The last column shows the balance available for entry during
groups is
to
AAA Allots Increases in 1937 Sugar
for Puerto Rico
4,332,415
v
is included
sugar
the various quotas since
1937
for the release
empowered
are
"The United States Bureau of
Customs is authorized
to require from any refiner, consignee, or other
person
interested in such sugar or liquid sugar or in the importation,
processing, or exportation thereof, such declarations, invoices, and other
documents as may be necessary to carry out the provisions of the regu¬
lations.
:.yy
.y v.y
y..
issued
bond
57,284
included in the total quota
the
bond without being charged to the
respective areas established under the Sugar Act of 1937;
imported Into continental United States for the purpose
processed and exported as sugar or liquid sugar, and not to be used for
quotas for the
742.166
9,869
114,641
5,160.632
consumption
under the Sugar
These regulations (General Sugar
_
Direct
announced
837,015
Direct Consumption Sugars
against
Adjustment Administration
Agricultural
Sept. 30 the approval by Secretary of Agriculture Henry
A. Wallace of regulations controlling the entry of sugar into
42,349 tons from the reallocation
beet area announced on Sept. 17,
834,138
883,303
1,038,333
Puerto Rico
.
of
on
sumption
1,085,304
.—
reallotted on Sept. 10
Virgin Islands.
Foreign countries other than
Entry
processors
Established Under the
Area
Hawaii
Governing
Sugar Designed for Re-export
has
follows:
(Tons of 2,000
Less amount
Regulations
Announces
AAA
2.
value, charged against the
and 849.549 short tons, raw
value, against the quota for the continental sugar beet area during the
first eight months of this year.
Data for September are not yet available.
The quantities charged against the off-shore areas during the first nine
There were
cargo
19,5*61* 1*04
40,671,021
Unallotted reserve
Oct. 1, 1937.
Regulations, Series 4, No.
the
2,100,337
5,293,472
101? ,146,044
for the purpose of being
the Philippines, Puerto Rico,
recorded as entered or certified for entry
The statistics on full duty countries
include, in addition to the sugar actually entered before Oct. 1, 1937. all
Quantities certified for entry, including such certified quantities in transit
on Oct.
1, 1937.
The figures are subject to change after final outturn
weight and polarization data for all importations are available.
There was no sugar from full duty countries stored in customs custody
on Oct.
1,
All such sugars previously reported as awaiting entry were
released during September against increases in the quotas for full duty
countries made effective by Supplements 1 and 2 to Oeneral Sugar Quota
This report
cates
149,730
2,100.337
24,854,576
Netherlands
Nicaragua
Act of 1937.
quota
595
5,439,248
The
is indicated to be
larger than
the
Remaining
595
.....
1934, to approximately 6,100,000
this year.
date
same
1,
June
tons on
consumption of sugar
World
tons.
Balance
Quota
figure
sponding
about
Against
Canada
United Kingdom
18% above the 1925-29 average.
sharp upward
the
Brazil
b Charged
2,837,292
2,837,292
Belgium
Dutch East Indies
1936-37 increased nearly
of the preceding season to a new
that
Quantity Which
May Be Admitted
in 1937
Area
Dominican Republic...
high total of
24,166,000 ton6, the Bureau reported.
Beet sugar production increased
only slightly, about 374,000 tons, to a total of 11,136.0 )0 tons.
Early
reports indicate that the 1937 world sugar beet acreage will be slightly
3,000,000
may
and beet sugar combined
cane
15,016.000 tons the year before.
against
Ol
production of
which
from such countries in
to decrease, i
totaled 35,301,000
short
tons
in
1936-37 compared with 31,970.000 tons in
1935-36, the
previous record high crop.
Production in importing countries taken as a
whole reached the record high total of 18.533,003 tons, or nearly 1,600,000
tons more than was produced in the preceding season, indicating that the
sharp upward trend which has been in progress in these countries over the
past 15 years is continuing.
Production in the principal exporting coun¬
tries also
increased sharply
in 1936-37, totaling 16,768,000 6hort tons
The world
against the
pounds, ihe amounts
1937, the amounts charged
quotas during the January-September period, and the amounts
be admit ted during the remainder of the year:
which may be admitted
the production of cane sugar.
sharp increase in
table shows, in
following
The
countries.
individual full duty
of sugar
against the quotas for the
nine months of the year
Bureau's reoort:
Agriculture further summarized the
2469
Chronicle
An announcement by the Department
consumption.
sugar
of
Financial
145
(or
Sept.
25,
page
1986.
In
its announcement of
Sept. 30 the AAA also said:
According to the determination which has been approved by Secretary of
Agriculture Wallace, the proportionate ehares for the 1938 crop for the
mainland
The
1935
and
divi 'ed
of
cane
average
area
1936
by two.
1935 and
are
to
be determined on
an
acreage
basis as follows:
of sugar cane for sugar in the years
will be added to the 1937 acreage and the sum will be
acreage
for
the
farm
This formula gives 19^7 as much weight as the average
The resulting figure will be the proportionate share
1936.
2470
Financial
the farm,
lor
provided, however, that it ia not less than five acres or in
excess
of 60% of the crop land on the farm suitable for the
production
of sugar cane and that certain exceptional situations do not
apply.
If
of
the
the
calculated
acreage
land
crop
the
on
by the
farm
the
less
than
method prescribed
suitable
for
the
is
than
more
production
of
60%
sugar
cane,
proportionate share will
automatically be reduced to the 60% figure,
provided, however, that the proportionate share for any farm shall not be
The
five
in
acres
event.
any
proportionate shares
in
the exceptional
will
cases
be
calculated
as
is not
be
follows:
It
provided
established
that the
less
at
than
proportionate
the
share
the
of
sum
for
planted
acreage
in the fall of 1936, the spring of
1, 1937.
1937,
farm
any
to sugar
to
for
cane
and the fall of 1937 prior
to Oct.
For farms
sugar
farms
For
having
acreage
for
acres
1937
fall
for
only
12
in
%
an
but
30),
provided
he
having
basis
for
had
cane,
pro¬
prepara¬
calculating
60
receive
a
of
basis
1935,
the
share
plowed
under
planting
cane
sugar
who has
grower
proportionate
sugar
of
plowed under in
equal to the additional acreage
area
a
the
on
a
fall
production
has been
who would
be given
1937
the
alternative
would
of
preparation for
For farms
for
example,
the farm
for
acres
plus
acres
will
crop
on
this
for
cultivation,
cane
formula
acreage
suitable
planting
from
Thus,
of land suitable for the production
be 10 acres plus one-fourth of
acres
share
leguminous
a
resulting
portionate share.
suitable
than 30
more
30
over
the
allowance
of
less of land suitable for the production of
share shall be one-third of the
or
proportionate
the proportionate
cane
vided, however, that
tion
acres
minimum
of such land.
of sugar
the
having 30
the
cane
acreage
1936
of
pro¬
of
land
and
17%
1937
(10
acres
leguminous
a
5%
on
the
acres
proportionate share
crop
acres.
than 30 acres of land suitable for the production
producing region in which the plowing under of a
leguminous crop in preparation for planting of sugar cane is not practiced,
as
is the case generally in the Florida
sugar-producing area, the propor¬
of sugar
share
tionate
1937,
of
in
cane
more
any
will
be
the
in
acreage
less the acreage which
would
sugar
cane
The
Act
determination
further
producers who
That
change
no
are
provides
cash
shall
to
any
be
entitled
producer
that
tracts
if
1937
the
there shall
heretofore
of their
sugar
leasing
entered
into
been
to
have been
1,
the spring
protection
a
required
share tenants,
made
in
the
or
under
the
share croppers:
leasing
cropping
or
cropping
or
agreements
interference
no
by
tenants
or
by
share
in
were
effect;
producer with
any
con¬
the
sale
croppers
for
cane.
India Refuses to
vote of 62 to
Assembly of India refused, by
52, to ratify the international agreement
on
London
on May 6, it is learned from a wireless
dispatch of
Sept. 27 from Simla, India, to the New York "Times" of
Sept. 28, which went on to say;
Although
it
the
government
believed
is
resolution
here
that
recommending ratification
Indian
authorities
will
was
invoke
de¬
special
in order to ratify the agreement.
powers
The international sugar
agreement, which was signed
nations last May at a conference in
22
London,
effective
by
became
Sept. 1.
Although the United States was a
signatory to the agreement, Congress, at the past session,
failed to ratify it.
Among those nations which have ratified
the agreement are
England, Germany, Australia, Union of
South
on
Africa,
ence
to
page
Cuba, Peru and Dominica.
Previous
refer¬
1517.
the
agreement
made
was
in
our
issue of
Sept. 4,
+
Sugar
Consumption
in
Sweden
Increases for
Consecutive Year—Production Also Rises
For
the
fifth
Fifth
consecutive
year sugar
consumption in
increase over the previous year, accord¬
ing to advices received by Lamborn & Co., New
York, which
state that 301,718 long tons were
consumed during the crop
year ending Aug. 31, 1937.
This figure is the highest on
Sweden recorded
record
tons
for
over
this
the
an
country
and
previous year,
reflects
an
the firm
increase
announced,
of
1,716
further
stating:
1932, when consumption totaled 252,030 tons, the use of
sugar in
steadily increased. On a per capita basis, the consumption
during 1936-37 approximated 106 pounds.
has
Sugar production
raw
value,
1937-38
of
as
299,977
during the past
year
amounted
against 289,847 tons in the previous
the
season
tons
sugar
made
in
crop
is expected
to exceed
to
294,468 long
year.
tons,
For the current
the record
production
1933-34.
Lamborn's advices report
mate
133,500
conditions
pipe lines.
Little chance of the
change affecting crude oil postings in other producing sec¬
tions of the Nation was seen
by oil men.
Under the new price
schedule; Bradford, Alleghany and
National Transit are posted at $2.35 a barrel; Southwest
Pennsylvania at $2.05; Eureka at $2, and Buckeye at $1.85
barrel.
has
run
barrels
a
Production in the affected areas for several months
far above market
requirements with nearly 60,000
day
excess output
alone with other
reported for the Bradford district
also reporting heavy over-production.
Testimony of the first of the Federal witnesses and the
unsuccessful efforts of defense counsel to have the documen¬
areas
tary evidence upon which most of the Government's case is
based rejected on the ground of
illegal seizure featured the
second week of the
mass
46 executives and
3
trial of 23 major oil
companies and
publications in Madison, Wis.,
on Federal
indictments of having conspired to violate the
Clayton Anti-trust statutes.
Carl
Beroth
trade
of
Chicago, President of the Independent
Co., after having testified late last week
that in 1935 and 1936 small refineries
formerly supplying
his company with gasoline told him that the
major com¬
panies were buying all their production, was cross-examined
at length on Monday
by William J. Donovan, chief of the
Acme Petroleum
defense counsel.
as
Under the cross-examination, Mr. Beroth repeated that
a broker he had to
buy from refiners at a sufficiently low
price to afford him a profit in his re-sale to jobbers as he
had testified earlier in the trial.
Basing his argument on the
theory that the smaller refiners might not have had supplies
because they were selling directly
themselves, thus obviating any need of a
for Mr. Beroth's
company
to the jobbers
middleman, Mr. Donovan contended the smaller refiners
they had no "low-priced" gasoline to sell to Mr.
Beroth. After testifying that
inauguration of the Federal
meant
drive against inter-State movements of "hot" oil sent
gaso¬
prices higher, the cross-examination was postponed until
Mr. Beroth could
produce certain records requested by the
defense.
line
was
marked by the abortive attempt of
the mass of documentary evi¬
dence accumulated by the Government ruled out on the
grounds that it had been illegally seized by the Department
of Justice.
Federal Judge Patrick Stone overruled the
motion, as he had previously, without comment. Consider¬
able documentary
evidence, including a sheaf of telegrams,
were admitted as evidence
over objections of defense counsel.
Although admitted into evidence, the telegrams, which dealt
with purchases from
independent refineries in East Texas,
were not read to the
jury.
Three Wisconsin jobbers—Walter
Wingrove of Sheboy¬
gan, Elmer
Pedley of Kenosha and Samuel Trainor of
Wausau—testified Tuesday that various companies oper¬
ating in the mid-West used "5H-cent contracts," basing
prices on the quotations in the Chicago "Journal of Com¬
merce" and the Tulsa edition of "Piatt's Oil Gram."
stated that the difference was
They
split if the quotations
5K-cent margin for the jobber and filling
station operator.
All three, also, testified that gasoline
prices rose in March, 1935-—the period the Government
charges marked the conspiracy's start—and remained prac¬
tically stationary during the year. The testimony of the
three jobbers indicated that while the contract-forms of all
companies were similar, there was active competition for
outlets by the various oil companies and most of the oil
companies would alter a regular contract to fit particular
circumstances. The following day saw A. C. Breuch, a local
jobber, testify that changes in the tank-car prices of gasoline
between March 1, 1935, and
through 1936, the period of the
alleged conspiracy to fix prices, were substantially fewer than
in the two yeafs
immediately preceding other dealers and
jobbers testified along similar lines over the balance of the
also
left less than
a
week.
Since
Sweden
Alleghany crude in Tidewater Pipe Lines,
Southwest Pennsylvania Pipe Lines, Eureka Lines, Buckeye
the defense counsel to have
regulation of production and marketing of sugar signed in
feated,
16. 1937
Lines and National Transit
Tuesday's session
Ratify International Sugar
Agreement
On Sept. 27 the Legislative
a
Oct.
on
in
which shall have the effect of, diverting
which tenants or share croppers would
or
payment
any
as
tenants,
have
agreements for the purpose of,
(2)
farm
«■
for
(1)
the
on
be replanted
normally
1938.
Oct.
hit Bradford and
a
is
sugar
Chronicle
for
acres
the
as
that the sugar beet sowings this
year approxi¬
compared with 126,930 acres last
beet crop
year.
Weather
have been favorable.
Petroleum and
Its
Products—Pennsylvania Crude Oil
Prices Slashed 25 Cents—Anti-Trust
Suit Sees Re¬
tailers
Testify—Independent Oil Men Meet at
Chicago, Houston—Daily Average Crude Produc¬
Nears Federal
Recommendation—Petroleum
Stocks Show Sharp Spurt
tion
A reduction of 25 cents
barrel—the sharpest in five
years
posted for Pennsylvania grade crude oils on Oct. 12
by the Joseph F. Seep Purchasing Co., official
purchasing
agents for the South Penn Oil Co., effective
a
—was
The
immediately.
cut, the second since Sept. 1, carried
prices off to a new
two-year low.
Consistent over-production with an
accompanying rise in
surplus stocks were seen responsible for the price slash which
Members of the National Oil Marketers
Association,
meeting in annual convention in Chicago on Oct. 13, heard
Clarence Schock, Chairman* of the
Independent Petroleum
Jobbers Association of
Pennsylvania, charge that "a com¬
plete and powerful monopoly of crude oil exists today by
virtue of State and Federal laws
passed under pretext of
conservation of natural resources."
Pointing out that the
price of crude oil in 1933 before these laws were passed was
only 25 to 30 cents a barrel in contrast to the $1.35-barrel
price ruling today, he said, "therefore, the only monopoly
is unjustifiably enriched
by State and Federal laws to the
amount of more than
$1,000,000,000 per annum."
"This iniquity could not have been
perpetrated without
the aid of Federal laws passed
by the 75th Congress," he
continued.
"As
soon
as
crude oil exceeds demand and the
price goes down, we hear the cry of conservation.
underlying purpose is stabilization of price.
.
The real
.
.
True
conservation could be
accomplished if the Federal Govern¬
production fields and operate
them, fix a uniform price for crude oil to all buyers and let
the excess profits go into the Federal
Treasury instead of
to the oil monopoly."
ment would take
over
all flush
The Federal Government
when
the
was attacked
along another front
Independent Petroleum Association opened its
Houston, Texas, on Oct. 14 to the tune of an
convention in
Financial
Volume 145
Department's threat to
in the income tax law
by its President, Charles F. Roeser of Fort Worth.
"The
proposal threatens the entire independent petroleum in¬
dustry," he said.
"Elimination of the depletion allowance
would mean the longest step taken toward monopoly of the
against
onslaught
the
Treasury
disallow thefil men's depletion clause
petroleum industry, and would also be a step toward ultimate
Federal control of this industry as a public utility."
Highlight of the IPA meeting was the address of Jesse H.
Jones, chairman of the Reconstruction Finance Corp., in
which
indicated
he
the
that
Treasury
may
recommend
changes in the undistributed profits tax to take an onerous
load off business.
oil
hailed
men was
Mr. Jones'
as one
speech before the
of the most important
of the business and government
in recent months.
Members
of
Interstate
the
picture by a
Compact
Oil
2471
Chronicle
gasoline price war in Hartford, Conn., which started
evidence of spreading and by Columbus
Day most of the dealers in the area were posting from 2 to 4
cents a gallon under the regular price of 183^ cents a gallon.
Excessively high gasoline tax rates in the Southeastern
States is harming business, Baird H. Markham, director of
the American Petroleum Industries Committee, told dele¬
The
last week-end gave
gates at an Interstate Conference on Automotive Taxation
held in Atlanta,- Ga.
Mr. Markham pointed out that the
lucrative tourist trade shys away from States where total
gasoline taxes
U. S. Gasoline (Above 65
Socony-Vacuum..
.08
Gulf
Tide Water Oil Co
.08 94
Shell Eastern
Richfield OIKCal.)
Star State
pared production by 39,700 barrels to 1,454,300
barrels, against the State quota of 1,427,767 barrels and the
Federal recommendation of 1,430,300 barrels.
A cut of
16,350 barrels in Louisiana cut production there to 247,950
barrels, lower than the State allowable of 266,700 barrels
254,COO-barrel total
Kan¬
production also dropped below both State and Federal
allowables, totaling 180,200 barrels, against 193,800 and 199,900 barrels, respectively.
An increase of 8,500 barrels for
Califronia lifted the total to 698,700 barrels, against the joint
Federal-State recommendation of 660,000 barrels.
Okla¬
and the Bureau's recommended
sas
homa, although rising 4,850 barrels during the week, at 586,050 barrels, again was under both the State quota of 600,000
barrels, and the Federal suggestion of 629,200 barrels.
Crude oil stocks held in this country, including domestic
foreign inventories, turned upward during the Oct. 2
period after having shown a sharp slump in the previous
week, according to Bureau of Mines figures made public
on Oct. 13.
The 1,062,000-barrel increase carried the total
forward to 309,036,000 barrels.Domestic Stocks climbed
1,178,000 barrels, this gain being only partially offset by a
dip of 116,000 barrels in foreign stocks.
Price changes follow:
Oct.
12—The Joseph F. Seep Purchasing
in the price of Pennsylvania
Co. posted a 25-cent a barrel
grade crude oil, effective immedi¬
Alleghany and National Transit to
$2.35; Southwest Pennsylvania to $2.05; Eureka to $2 and Buckeye to
ately.
$1.85.
The
■
Bradford,
slashed
cut
'
Prices of
Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not
$2 35
1.25
Bradford, Pa
Lima (Ohio OU
Co.)
Illinois
,1 35
Daret Creek
1 35
....
$1.27
Rusk, Texas, 40 and over
1.27
Corning. Pa
Bhown)
Eldorado, Ark.. 40
Central Held
1.40
1.30
Rodesaa, Ark., 40 and above...... 1.25
Smackover, Ark.. 24 and ova*
0.90
Western Kentucky
Mld-Cont't, Okla., 40 and above..
1.09
1.42
...
Mich
Sunburst, Mont
....
Huntington, Calif, 30 and over....
Kettlemau HUls, 39 and over..
Petrolla. Canada
.......
...
PRODUCTS—GASOLINE
EXPANSION—REFINERY
LOWER—HARTFORD
RATE,
STOCKS
CRUDE
PRICE WAR
SHOW
$.105
| New Orleans C
PhUa., Bunker C
1.35
Refinery or Terminal
....$.0494 I
$.053 I
28-30 D
Gasoline, Service Station,
New York
Brooklyn.......
Tax Included
.19
$1.75
Buffalo
$.1651
I
I Boston........... .18
I Newark
$.19
z
•
$.02J4-.03
I Tulsa...
| Chicago—
177
Chicago
Not Including 2% city sales tax.
Crude
Average
Daily
Oil
During Week
Production
Ended Oct. 9 Placed at
3,579,050 Barrels
Institute estimates that the
crude oil production fcr the week ended
Oct. 9, 1937, was 3,579,050 barrels.
This was a decline of
68,400 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 restrictions imposed by the
various oil-producing States during September. Daily aver¬
age production for the four weeks ended Oct. 9, 1937, is
estimated at 3,641,000 barrels.
The daily average output
for the week ended Oct. 10, 1936, totaled 3,028,100 barrels.
Further details, as reported by the Institute, follow:
Petroleum
American
The
daily
average gross
domestic use and receipts In bond at principal
week ended Oct. 9 totaled 946,000 barrels,
of 135,143 barrels, compared with a dally average of 185,143
week ended Oct. 2 and 148,464 barrels daily for the four
Imports of petroleum for
United
a
ports for the
States
dally average
barrels for
the
weeks ended Oct. 9.
Receipts of California
oil at Atlantic and Gulf Coast ports for the week
barrels, a dally average of 31,571 barrels,
Oct. 9 totaled 221,000
ended
compared with a daily average
of 35.714 barrels for the week
ended Qct. 2
9.
Reports received from refining companies owning 89.0% of the 4,159.000
4,159,000 barrel estimated daily potential refining capacity of the United
States, indicate that the industry as a whole run to stills, on a Bureau of
Mines* basis, 3,350.000 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, 65.532.000 barrels of finished and un¬
finished gasoline and 118,442,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 94.8% of the potential
charging capacity of all cracking units indicates that the industry as a whole,
on a Bureau of Mines' basis, produced an average of 770,000 barrels daily
and 22,036 barrels for
the four, weeks ended cct.
during the week.
1.22
DAILY AVERAGE
1.21
1.30
2 10
CRUDE OIL PRODUCTION
(Figures In Barrels)
B. of
REFINED
D
$1.00-1.25
Gas Oil, F.O.B.
N. Y. (Bayonne)-
z
Refinery
I New Orleans.$.0594-.0594
| Tulsa
.03J4-.04
2.20
-
and
reduction
California 24 plus
$1.35
Diesel 28-30 D
plus.l
.0594
05J4-.0594
Refinery or Terminal
Fuel OU, F.O.B.
27
-.05«
.06 94-.07
ports
White, Tank Car, F.O.B.
I North Texas
$.04
$.0594 I Los Angeles.. .03 94- 05
N. Y. (Bayonne)—
Bunker C
Orleans.
Gulf
Tulsa
Kerosene, 41-43 Water
New York
$.05
New
.0794
.0794
Warner-Qulnlan..
Refinery
Other Cities—
Chicago
$.0794
.08)4
.0794
Texas
Stand. Oil N. J..$0.794
production seen for
The American Petroleum Institute reported
total output of 3,579,050 barrels daily, against the Bureau's
October suggestion of 3,568,100 barrels.
A year ago produc¬
tion for the comparable period was 3,028,100 barrels.
Substantial declines in Texas, Louisiana and Kansas offset
increases in California and Oklahoma to send production
off for the third consecutive week.
Producers in the Lone
long time.
Octane), Tank Car Lots, F.O.B.
New York—
New York—
(Bayonne)
between actual and recommended
ence
"war"
spread.
A
a
gallon under the regular
Hartford gasoline structure as the
price of 18H cents ruled in the
close the nominations.
68,400-barrel slump in daily average crude oil production
during the week ended Oct. 9 carried the total to within
approximately 10,000 barrels of the recommended allowable
set by the United States Bureau of Mines, the smallest differ¬
2 to 4 cents a
of from
Oct. 11.—Reductions
Commission,
meeting in Houston on Oct. 14-15 unanimously reelected
Col. Ernest O. Thompson, member of the Texas Railroad
Commission, chairman of the interstate group. Col. Thomp¬
son was nominated by Lt. Governor Hiram Dow, of New
Mexico, seconded by Senator Tom Anglin, of Oklahoma
with W. H. McFadden, delegate from Colorado, moving to
depriving
Representative price changes follow:
assembled
summations
New Dealer
from 6 to 8 cents a gallon, thus
needed revenues.
range
the affected States of much
Four
M
Dept. of
RUNS TO STILLS
State
Week
Change
Allowable
Ended
from
Ended
Oa. 9
Precious
Oct. 9
Oct. 1
Calcu¬
1937
lations
SPREADS—HIGH GASO¬
Week
Weeks
Interior
SEASONAL
Wee k
Ended
Oct.
10
1936
1937
(October)
LINE TAXES IN
SOPTH ATTACKED BY MARKHAM
unfinished motor fuel reversed their
during the Oct. 9 week and showed a
seasonal expansion which lifted holdings 266,000 barrels to
65,532,000 barrels, according to the American Petroleum
Stocks of finished and
downward
gasoline held at refineries climbed to
from 34,606,000; while bulk terminal
inventories of 23,361,000 for the Oct. 9 period compared
with 23,344,000 a week earlier.
Unfinished gasoline stocks
dipped to 7,169,000 from 7,316,000 in the Oct. 2 period.
Refinery operations sagged again, totaling 82.2% of
capacity for the period ended Oct. 9 against 83.7% of
capacity reported for the previous week.
Daily average
runs of crude oil to stills was off 50,000 barrels to 3,350,000
from 3,400,000 in the preceding period.
Daily average pro¬
duction of cracked gasoline was off 10,000 barrels to 770,000
Stocks of finished
35,002,000
barrels
with the normal
seasonal slackening in demand with the appearance of less
favorable motoring conditions due to colder weather, re¬
finers continued to build their inventories of gas and fuel
oils in anticipation of the normal winter spurt in consump¬
tion.
The Oct. 9 week saw a gain iu these stocks to 118,442,000 barrels from 117.076,000 barrels a week earlier.
Just
as
stocks
of
gasoline mounted
563,700
188,300
149,400
65,450 —14,500
+ 150
73,900
77,650
68,450
73,700
+ 250
62,500
27,400
600,000
586,050
199,900
193,800
180,200
Panhandle Texas...
North
Texas
East Texas
Coastal Texas
-
Louisiana
267,650
y
168,000
177,250
76,800 —12,850
—3,500
173,5.50
77,950
156,900
247,950 —16,350
259,400
234,850
+ 1,900
38,450
28,200
133,200 —11,5.50
171,150
Louisiana
Total
216,300
177,150
68,950
437,200
115,850
1,176,900
1,430,300 1,427,767 1,454,300 —39,700 1,483,800
North Louisiana
Arkansas
478,600
212,550
115,350
480.400
Southwest Texas...
Coastal
—1,200
+ 1,200
259,150 —13,800
213,500 —3,500
West Central Texas-
East Central Texas.
Total Texas..
—8,300
33,650
220,400
34,000
266,700
254,600
40.600
36,000
85,850
138,150
112.650
43,500
53,400
—1,200
53,600
29,200
Michigan
57,300
58,300
+ 600
57,800
Wyoming
—50
18,200
Eastern
128,800
Montana
17,600
Colorado
barrels.
594,200
629,200
Kansas
West Texas
Institute report.
+4,850
—4,300
Oklahoma.
trend
4,500
New Mexico.
104,000
106,40C
Total east of Calif.. 2,908,100
California
660,000
3,568,100
x
660,COO
18,150
—200
4,4.50
103,750 —10,900
4,550
111,850
42,100
16,400
.
4,900
80,800
2.880,350 —76,900 2,948,300 2,439,100
589,000
692,700
+ 8,500
698,700
3,579,0.50
—68,500i3,641,000
3.028,100
Committee of California Oil Producers, y Revised.
Note—The figures Indicated above do not Include any estimate of any oil whioh
might have been surreptitiously produced.
.
x
Recommendation of Central
2472
Financial
Chronicle
CRUDE RUN«< TO «TILL* AND STOCK* OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL
WEEK ENDED OCT. 9. 1937
Crude Runs
Capacity
to Stills
of Finished and
Unfinished Gasoline
Poten
Reporting
Daily
Rate
East Coast..
Total
66'
P.
66
Over
At Re
age
ated
fineries
Unfin'd
Gas
P. C.
Aver¬
tint
C.
100.C
558
and
83.4
Terms., Nnn'thn
dec.
5.076
Fuel
DisfH.
11,873
Oil
1.22'
15,725
Appalachian.
146
12'
88.4
10?
79.1
884
1,485
220
930
Ind..111.. Ky.
Okla., Kan,.
52"
489
92.4
445
91.0
5,605
3,743
657
7,310
307
3.327
2,103
Mo
Represents that portion of the State
cover
Sto-ks
of
Finished
e
western Pennsylvania,
f Figures are comparable with records for
production of western Pennsylvania as defined by the NRA SubDlvlslonal Code Authority,
p Preliminary.
* Less than 1.000 tons.
Stocks
District
7
from
Included In
1935 and
Daily Refining
16,
d Data for Pennsylvania anthracite
published records of the Bureau of Mines,
not
(Flerure* In thousand* of barrels of 42 gallons each)
Oct.
California, Idaho, Nevada, and Oregon,
452
383
84.7
Inland Texas
365
201
56.6
148
73.6
1.328
121
356
Texas Gulf..
1,813
833
797
95*
70?
88.1
5,992
355
1.84?
10.705
La.
174
168
96.6
133
79.2
8«4
446
384
3.384
97
101
409
101
734
1.54"
September Anthracite Shipments Up 32.51%
Shipments of anthracite for the month of September, 1937,
as reported
to the Anthracite Institute, amounted to 3,229,162 net tons.
This is an increase, as compared with
shipments during the preceding month of August, of 792,232
net tons, or 32.51%, and when
compared with September,
1936, shows a decrease of 210,501 net tons, or 6.12%.
Shipments by originating carriers (in net tons) are as
70,216
Gulf
80.?
No. Ia.-Ark.
91
58
63.7
46
77.6
22"
Rocky
8°
02
69.7
47
75 8
1,172
746
90.9
557
74.7
7.896
2~42"
3.70?
89.9
3,044
82.2
32,40?
22,65]
306
2,540
710
35,00?
34,606
23,361
23,344
430
Mt.California...
821
Reported
Estd.unrepd.
457
3.866
0,86" 115,092
300
3,350
xEst.tof.U.S
Cct. 9 1037
4.15°
4.16'
3,350
Oct. 2 1937
4,15°
4.15'
3,400
7,16" 118,442
7.316 117,078
September
August
September
1937
1937
1936
1936
Reading Company
Lehigh Valley RR
608.227
532,221
718,199
703.533
485.532
707.989
651.941
Central RR. of New Jersey
Delaware Lackawanna & Western RR.
Delaware & Hu'lson RR. Corp
255,108
177.929
289,181
217.287
393,412
274.487
373,318
304,330
659,410
xOct. 9 1"30
y3,005
Estimated Bureau of Mines' basis,
264.452
451,102
292,080
31
435
19.014
6.411
112,711
Pennsylvania RR
366.324
299,730
349,712
260.360
280.609
275,468
245,457
203.680
90,073
59,683
189.802
178.450
199,928
67.428
114.903
105,710
3,229,162
2,436.930
3.439.603
2,917,377
N. Y. O itario & Western Railway
Lehigh & New England RR
October, 1936 dally average.
y
Total
Weekly Coal Production Statistics
The National Bituminous Coal Commission in its
current
weekly coal re pert stated that the total production of soft
coal in the week ended Oct. 2 is estimated
at 9,630,000 net
tons.
This is a fain of 180,000 tons, or
September Production and Shipments of Slab Zinc
The American Zinc Institute
The United
SLAB
further increase in the week ended Oct. 2.
output is estimated at 1,078,000 tons, a gain of
ZINC STATISTICS
(ALL GRADES)—1929-1937
rrodured
Shipped
During
Durl HQ
End
Period
weekly state¬
production of anthracite in Pennsylvania
a
Oct. 6 released the follow¬
(Tons of 2,000 Pound*)
States Bureau of Mines in its
ment showed that
on
ing tabulation of slab zinc statistics:
1.9%, over the pre¬
ceding: week, and is 411,000 tons higher than the output in
the corresponding week of 1936.
made
370,071
August
Erie RR
U.S. B.ofM.
x
follows:
Period
Period
Stock at
of
Retort*
(a)
shipped Operating
End
for
A rerage
Unfilled
Ret-'Tth
Orders
Durlnt
End of
Period
Period
Export
of
Period
Total
22.8% over
production in the preceding week, but a decrease of
16.9%
when compared with the
corresponding week of 1936, when
production was 1,297,000
tons.
The combined statements of
both the above-mentioned
organizations follows:
Year 1929
631.601
602.601
75.430
6.352
57.999
68.491
18.585
Year 1930
504.403
436.275
143.618
196
31,241!
47,769
20 651
Year
1931
300,73*
3U.514
129 842
41
19.875
23.099
18.273
Year 1932
213,531
218.517
124.856
170
21.023
18.560
Year 1933
324 705
344 001
105.560
239
27.190
23 653
15.978
Year
366.933
352.663
119.830
148
32.944
28.887
30.786
431,499
465.746
83.758
59
38.329
32,341
51,186
46.341
1!'34_„„.
Year 1935
ESTIMATED UNITED STATES PRODUCTION OF
COAL AND BEEHIVE
8.478
1936.
January
February
Bituminous coal:
Oct. 2. 1937
Sept. 25. 1937
Oct. 3, 1936
a
Total, Including mine fuel
Daily average.
Pennsylvania anthracite: b
Total.
....
c9,630.000
9,450.000
9.219,000
...............
cl.005.000
1,575.000
1,537,000
Including mine fuel
1,078.000
179,700
Dally average
Commercial production.!
United States total
Dally
average.
878,000
•
1,297,000
146,300
830.000
1,027,000
Beehive coke*
1,235,000
216,200
55,600
58.800
42,300
9,267
9,800
7,050
41.642
79.059
38.205
35.872
42.219
36,156
39.846
75.369
38.004
34.334
56,829
Marcb
42,41 I
38,087
79.693
37.922
36.189
April
43. ISO
42,239
80.634
41.400
37.778
35.968
May
Week Ended—
44.833
43.905
81,562
11.048
37.888
28.370
June
44.875
41,582
84,855
July
45,481
41,819
88.517
August
43.542
46.013
86.040
40.700
38,176
*36.934
*36.972
4 1.308
38,135
*37.350
*36.734
42,211
51V775
46,225
53.963
38.358
38.326
68,744
•30.843
November
1937
Bituminous eoal: a
Total. Including mine fuel
d336,705,000
310.590,000
1,575.000
1,083,100
5,197,400
11,234
4,609
22,117
158,600
aver.
523.166
40.642
*38.538
46.831
fanuary
40,047
61.227
33,775
37,794
46.953
24,616
1929.
h Sum of 39 weeks ended
Sept. 25.
ft
March
53.202
59.635
52,009
56,229
1 Excludes mine fuel.
OF
39.948
*37.851
43.635
40..588
13.963
•38.979
55.012
55,201
41.177
43.724
•3.8.936
43.429
•43.270
May
June
50.526
50.219
14,081
49.181
49,701
13,561
August...
48.309
50.643
11,227
September
50,027
47,737
13,517
180
43.205
-43.007
based on railroad car loadings and river
shipments
and are subject to revision
on receipt of
monthly tonnage reports from district and
State sources or of final annual
returns from the operators.)
46.171
'45.175
Monthly Production
48.520
•48.387-
State
*47,190
51,809
51.715
*49,766
Alaska
Aug.,
July,
1937
2
Georgia and North Carolina
2
3
10
10
234
238
1,150
1,140
916
66
76
292
147
235
144
Colorado..
136
135
403
335
400
1
2
3
2
2,910
1,008
3,483
1
Illinois
*
1,135
Indiana
Iowa
3
1,015
875
3,200
372
,-IHI
352
310
1,090
63
Kansas and Missouri
59
66
175
68
14
1,150
195
131
454
3,005
3,091
168
162
596
536
590
32
33
124
110
130
8
14
22
12
18
62
62
208
188
210
32
27
25
13C
140
42
29
56
72
68
70
524
501
411
1,680
1,650
1,685
2,275
2,260
2,325 I
2.7C9
2,534
2,690
J
1.8
Montana
356
3.C58
8
*
456
789
64
Maryland
Michigan
127
841
36
.
Western..
136
860
175
Kentucky—Eastern
1
New Mexico
North and South Dakota
..
Ohio
Pennsylvania—Eastern.e
1
Western, f
'
111
6,13"
6,03 >
6,211
111
112
436
430
363
16
16
16
66
64
75
76
86
"II
240
181
168
316
298
248
1,160
1,077
33
32
39
I.
1,975
1,908
1,904
610
570
551
Texas
Utah
Washington
West Virginia—Southern .a
Northern, b
Wyoming
126
Other Western States.c
Total bituminous coal
anthracite, d
24-hour
basis,
a
Export
shipments_ar«
Unsettlement in London Metal Prices Restricts
Buying
Here—Tin Nears 50c.
"Metal
reported
and
Mineral
Markets"
in
that traders in non-ferrous
its
issue
of
Oct.
14
metals
showed more
interest in the London market during the last week than in
developments in this country.
The feeling seems to be
spreading that the real cause of the lack of confidence rests
foreign market. As soon as liquidation
run its course, it is
believed, buyers of metals will
again contract for larger tonnages. Copper here showed no
change, with most producers marking time pending further
developments.
Lead and zinc prices also remained un¬
changed. Tin broke sharply on the fall in London. Tungsten
in the action of the
abroad has
.
2
128
*
129
61
126
121
J 10,033
7,342
7,387
2,118
2,014
392
402
318
5
2
2
33,984
2,593
31,912
33,086
2,661
3.503
9,067
8,794
878
743
1,00?
Consumers continued to maintain conservative
buying views during the
week, due to the unsettled price situation in the
industry and un¬
certainty about the general business outlook.
Copper, available at 12c.
last
throughout the week,
All coal
10.328
9,810
9.80?
36,577
34,573
36.589
Includes operations on the N. &
W., C. & O., Virginian, K. & M., and on the
B. & O. in Kanawha,
Mason, and Clay counties,
b Rest of State,
including the
Panhandle District and Grant,
Mineral, and Tucker counties,
c Includes
a
Arizona,
declined
Copper
114
1
9,450
and manganese ores were
easier, and quicksilver
in price.
The publication further reported:
delivery
was
on
92.319
930
Tennessee...
Virginia
computed
'82,590
1106,187
1
1936
80
Arkansas and Oklahoma
retorts
159,209
Aug.,
1937
1936
235
Alabama
Pennsylvania
1937 p
Equivalent
Included In total shipments.
Sept. 25 Sept. 18 Sept. 26
1937 p
*
I
67,143
45,147
50.163'
*49,860
Week Ended
,81,448
I
*42.136
46.199
44
are
,77.969
189,846
*42,519
13,774
July....
COAL
J 76,544
*38.417
43.060
•39.019
Comparable data
AND
MONTHLY PRODUCTION
(IN THOUSANDS OF NET TONS)
40.613
'38.447
42.780
18,183
April
40.285
*38,289
Includes for purposes of historical
comparison and statistical convenience the
production of lignite and anthracite and
semi-arithracite outside of Pennsylvania,
b Includes
washery and dredge coal and coal shipped by truck from
authorized
operations,
c Subject
to
revision,
d Revised,
f Sura of 40 full
weeks ended
Oct. 2. 1937, and
corresponding 40 weeks of 1936 and
STATES
78,626
37.915
*35,719
WEEKLY
,75,891
561.969
43.597
February
6
a
(The current estimates
40.125
♦38.588
1937
229,600
6
average
BY
43.103
42.965
h52,475,000
2,640.000
Total for yr.
1.537,000
h40,703,000
178,100
Monthly
United States total
ESTIMATED
44,955
60.513
400,262,000
1,605,000
Beehive coke1
available,
57.527
59.512
•38.607
h36,246.000
Dally average
Commercial production.!
not yet
56.887
46.940
1929
b
Total. Including mine fuel....
Dally
1936
*
39.157
*37.893
*38,461
year to dare f—
Dally average
Pennsylvania anthracite:
45,670
December
Calendar
65,173
,54.064
♦36.897
41.733
•38,052
..
27,090
44.458
*37.006
40.672
76,482
October
41.308
*36.418
September
41.638
on the part
brought in
some
business for near-by and
of small independent consumers.
made to raise the price to
On Oct. 7
an
prompt
attempt
12He., but the tonnage sold at that level
was
insufficient to influence the quotation for that
day. There was some domes¬
tic business on Oct. 12. a
holiday in most quarters, at 12c., Valley. Business
was reported all
week between producers and their
subsidiaries at 13c.,
but this again was classed as "contract
business."
Producers believe that
as
soon
as
the
present
cycle of readjustment is
ended, the buying will
the
11.802 tons in the
week were 4,427 tons, compared with
Copper statistics for Sep ember are espected soon, and the
industry anticipates another increase in domestic stocks.
lYoduction of copper in Chile during July amounted to 27.100 metric
preceding week.
which
tons,
current year and
Ministry of Foreign
with 36,800 tons in June of the
compares
1936, according to the Chilean
17.700 tons in July,
.
Affairs and Commerce.
Roan
long tons of blister copper in the
compares
fiscal year
with 50,672 tons in the previous year.
Buying of lead again was on a modest
1,600 tons.
scale, sales for the week
Producers were encouraged by the more
Co. is in the market
totaling
off its assembly line next week and a schedule of
255.000 units within 40 days has been set up. Chevrolet. now In production,
has scheduled 204,000 care to be completed by Dec. 1. of which 85.000 will
New York, which was also the
contract settling basis of the American Smelting & Refining Co., and at
5.85c., St. Louis.
Business was booked by St. Joseph Lead in its own
Zinc
ended Oct. 9.
Both
$4,868,000. consisting
cost
will
and
100 ballast care and a
buy
7,920.780 lbs.
13. the base price of sheet zinc was reduced to 11c. per
f
Effective Oct.
slabs, &c., during August totaled
pound and ribbon zinc to 10He.
construction in light volume,
With steel for building
of 60.000
chase
York Is attracting attention.
increased materially and a great many inquiries are
the stumbling block being a difference of views as
under negotiation,
still
European buyers have
prices.
the last week, opening on
normal level.
differences undoubtedly would result
particularly in Ingots and semi finished
having declined slightly.
domestic buying
stand against price concessions, which
Present high labor and other costs are
as necessitating the maintenance of the present price schedule.
More¬
legal counsel of some steel companies have ruled that secret conces¬
companies have taken a firm
Steel
urging.
buyers have been
some
cited
over.
extended
likely
be
Act if not immediately
violation of the Robinson-Patman
a
buyers alike, and
to
to announce
an
open
under present conditions. Is
company,
no
price reduction.
for the first quarter, which some
An early reaffirmation of
expect in line with recent
convince buyers as to price
pipe in sizes
%-in. to 1%-in. has been
effective Oct
Seamloss
stability.
advanced from $6 to $10 a ton,
1.
Ingot output in the nine
of
months ended Sept. 30 totaled 42.498,769 gross
68%% of capacity would be required during
An average output of
tons.
this
quarter to
open
production of 54,312,279 tons
exceed the record-breaking
hearth and
bessemer ingots in 1929.
THE "IRON
Oct. 12, 1937,
One month ago
Steel
Based on steel bars,
2.605c. a Lb.
2 605c.
2.605c.
wire,
black
rails,
beams, tank plates
pipe, sheets and hot
'I heee produ* ts represent
robed strips
United States output.
85% of the
2.197c.
One year ago
PRICES
AOE" COMPOSITE
Finished
>.
One week ago
} Chinese tin. 99%. was quoted as follows: Oct. 7. 53.250c. Oct. 8. 53,500c.
Oct. 9. 52.875c.; Oct. 11, 52,500c.; Oct. 12, 51.000c.; Oct. 13. 49.875c.
A reconcilia¬
obtained some concessions.
In considerably more
business here,
steel. The importance
of export buying at this juncture is illustrated by the report of the National
Machine Tool Builders' Association for September, which shows a gain in
the sales index to 210.7 from 179.8 in August, mostly due to foreign orders,
of price
precedent, might tend to
Oct. 7 at
£240 15s. for spot and settling at the first call. Oct. 13. at £224. This decline
was reflected in lower prices here.
Straits tin on spot was offered Oct. 13 at
5lVsC., which represents a net loss for the week of almost 5c. per pound.
There was a fair demand for tin on the decline. On Oct. 12. with a holiday
prevailing In most of the other metals, sales here involved about 300 tons.
Tinplate mills bought.
The decline abroad resulted from the general
confusion in the metal and security markets, with liquidation still a factor.
In the opinion of some consumers here, the price of tin is now reaching a
Standard tin in London fell sharply in
the prospective pur¬
for the Midtown
structural steel and liner plates
tons of
Export buying has
present prices
Tin
number of passenger care, including
of stainless.
some
to
will build In Us own shops
that the Burlington
announcement
to
delayed decision of
has come from the
equipment
of five locomotives and 1.250 freight cars
railroad buying, despite the
Commission on freight rates,
Interstate Commerce
sions might
Imports of zinc in
expected to reach 100.000 a week by the end of
Ford and Chevrolet schedules are heavier than a year ago.
Renewed hope for some
the
tion
premium.
f The decline in the price of zinc late in the previous week from 6 He.
became general on Oct. 7, and the price held to 6He. level during the
last seven-day period. The volume of business transacted in the last week
was under 1.000 tons, in view of the bought up position of most consumers
and the continued lack of buying interest due to the uncertain business
outlook and continued unsettlement abroad.
Shipments to consumers,
however, again were in fair volume, involving 5.066 tons for the week
i
the industry, which was nearly
Total production for
this month.
the month.
market continued at 6c.,
brands for delivery in the Fast at a
and is expected to buy soon
for steel for 125.000 cars
pilot cars will be rolled
as
tunnel in New
figure.
The domestic
their current shipments are
Thus a moderate increase
orders.
15% in excess of incoming
insistent call
accepted as a strong indication
that actual consumption of lead here has not fallen off to the same extent
as the decline in
the sales volume.
October requirements of consumers
are said to be about 70% covered, with November standing at about 35%.
The action of the London market was followed closely.
So far the price
abroad has not threatened the prevailing New York basis.
The price in
London is now a shade under 4c., which operators generally regard as a low
more
about
in new busi¬
ness would about strike a balance between present production rates and
demand.
Buying by the automobile companies is still disappointing.
The
orders placed a week or so ago by General Motors and Chrsyler have not
been followed by any other substantial buying.
However, the Ford Motor
companies estimate that
Some steel
72,000 units last week, is
metal, which was
for immediate shipment
figure of early
and has gone back to the
December. 1936.
be built
'''
Lead
around
69.560
ended June 30, 1937. This
Rhodesia, produced
Northern
Mines,
Copper
Antelope
below last week's level
Is 66c.
become active.
Sales for
2473
Chronicle
Financial
145
Volume
Low
High
DAILY
PRICES OF METALS ("E. & M.
J." QUOTATIONS)
1937
:
■t
Electrolytic Copper
Zinc
1935
St. Louis
1933
Lead
Straits Tin.
Dom.,Refy. Exp., Refy
New York
1934
St. Louis
New York
1932..
7
Oct.
11.625
11.775
6.00
54.750
5.85
6.25
6.25
8
11.775
11.650
55.000
6.00
Oct.
9
11.775
11.600
54.375
6.00
5.85
Oct. 11
11.775
11.650
54.000
6.00
5.85
11.775
11.600
52.625
Holiday
Holiday
Holiday
11.775
11.500
51.625
6.00
5.85
6.25
1931
6.25
Oct. 12
1930
11.604
11.775
..
6.25
5.85
6.00
53.729
.....I
Spot
47%
47 %
7
52%
240%
52
8
46 %
46'
Oct. 11
46 %
46%
53
237%
234%
46%
45%
53
230%
Oct.
467i6
Oct. 12
45 %
Oct. 13
I/mdon
prices.
Metal
All are
51 %
224
3M
Spot
3M
18*16
18',6
18*16
18
17%
233%
18%
187,6
18%
18%
185,6
229
18%
18*,6
17'%6
18',6
18»16
17%
18',6
223
11
5
17 83
May
14
May
1
.10 90
Jan.
27
Dec.
5
13 56
Jan.
Jan.
5
13 56
Deo
0
15.90
Jan.
6
14.79
Dec
15
18.21
Jan,
7
15.90
Deo.
10
Gross Ton
O te month ago..
Sc.ap
on No. 1 heavy, melting steel
quotations at Pittsburgh, Philadelphia
and Chicago.
16.671
18
zinc are the official buyer's
High
*21.92
1937......
1936
3
(Based
$16 911
19.331
187,6
17%
10
Aug
Nov.
M 81
1933
One year ago....
239%
236%
Feb
is 73
16 90
1934
Steel
3M
*20 25
17 90
1935
One week ago...
Spot
Low
9
Nov
18.84
Oct. 12. 1937, *16.25 a
Zinc
and
24
Mar.
19.73
only.
Lead
basic Iron at Vallej
Buffalo.
Valley,
Iron at Cincinnati.
High
.*23 25
1936
1931.
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.).
Prices for lead and
Dec. 29
Dec. 9
foundry Irons at Chicago,
Southern
1932....
Electro
(Bid)
3
Philadelphia.
1937
sales for both prompt and future
Tin, Sid.
3M
Spot
Oct.
Copper
24
furnace and
1930
Copper. Sid.
2.018c.
Apr.
Oct
18.73
One year ago
Daily London Prices
V/'
7
1
23 25
<
prlceR for calendar week ended Oct. 9 are:
Domestic copper f.o.b.
11.983c : export copper, 11 783c.; Straits tin. 55.333c.; New York lead,
6.000c.; St. D)uis lead. 5.850c.; St. Louis zinc, 6.333c.; and silver, 44.750c.
The above quotations are "M. A 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 cash. New York or St. Louis, as noted.
Ail prices are in cents per pound.
i
Jan.
Oct.
Based on average of
*23.25
Average
refinery.
Copper, lead and zinc quotations are based on
deliveries; tin quotations are for prompt delivery
13
28
Iron
Pig
$23.25 a Gross Ton
12. 1937
Oct
One week ago...,
One month ago...
Average
4
Jan,
Mar
2
Mar 10
Jan.
8
Jan,
2
Apr. 18
Feb.
2
2 330c.
2 084c
2 124o.
2 008c.
1.867c.
1.926c.
1.9450.
Dec.
6.25
Oct.
5.85
Oct. 13
Oct.
2 605c.
2,330c.
2 130c.
2.I99C.
..2 015c.
1.977c.
2 037c.
2.273c.
.
1936
9
Mar.
Low
.
Mar. 30
*16 25
June
'
Oct
12
9
17.75
Dec.
21
12.67
13.42
Dec
10
10 33
Apr.
23
13 00
Mar.
13
9.5U
Sept
25
.
1935
1934....
12.25
1933
8.50
1932
6 75
Jan.
6 43
July
5
Deo
29
II 33
1930
Jan.
6
8.50
16.00
1931
3
8
12
Aug.
Jan.
Feb.
18
1).25
Dec.
9
....
Iron and Steel Institute on Oct. 11 an¬
telegraphic reports which it has received indi¬
cated that the operating rate of steel companies having 98%
of the steel capacity of the industry will be 68.6% of capacity
for the week beginning Oct. 11 compared with 66.1%, one
week ago, 80.4% one month ago and 75.9% one year ago.
The American
Adjustment of Steel Operations to^Demand
Virtually Completed
Believed
in its issue of Oct. 14 reported tnat events
indicated that adjustment of steel production to
the current small volume of hand-to-mouth buying has been
The "Iron Age"
of the week
virtually completed.
In the Wheeling area, where sheet
and
strip capacity is an important factor, there has been a rise
of two points to 77% in the average operating rate, while in
the Cleveland-Lorain district an increase of four points to
69% is occasioned by the resumption of two
furnaces in a plant where several furnaces have
weeks owing to instalation of new equipment.
further
open-hearth
been idle for
The "Age"
downward, sharply
so in the Chicago district, where the rate has dropped eight points to 56 % %
of capacity, accompanied by the blowing out of three steel company blast
furnaces.
In the Pittsburgh district a further decline of only one point to
60% is believed to have placed operations approximately in line with
current buying.
Production has dropped no further at Youngstown. but
is down six points to 54% in eastern Pennsylvania, a reflection of lower
bookings of plates and structural shapes, of which that area is an important
producer.
These, with some minor losses in other districts, bring the
country's average rate down this week to 63%% from 66% last week.
In keeping with reduced mill production, scrap prices have declined to
the lowest of the year.
The "Iron Age" scrap com-o osite price, at $16.25,
This represents a decrease of 2.5 points,
estimate for the week ended Oct. 4, 1937.
rates of
the general trend has been
steel
,68.2%
72.o%
74.4%
75.4%
5
2
75.3%
76.9%
74.2%
74 3%
74.7%
Oct.
12
Oct.
19
Oct.
26
Nov.
21
Dec
28
Dec.
77.0% Mar. 29
5
77.0% Apr.
Apr.
1937—
794%
78.8%
80.6%
25
.77 9%
1
79.6%
8
80.6%
15
81.6%
22.....82.5%
1
85 8%
8
87.3%
15
88 9%
4
Jan.
Apr
11
Jan.
Feb.
Feb
Feb
9
.74.0%
16
Feb.
Nov
23
74.1%
74 3%
Nov. 30
76.9%
Mar.
Mar.
Apr
18
Jan.
Jan.
Nov
Nov.
3.8% from the
1937—
1937—
7
Sept. 14
Sept 21
Sept 28
Sept
or
Weekly indicated
operations since Sept. 7, 1936, follow:
193S—
Oct.
reported:
Aside from these increases,
nounced that
12
19
26
May
Dec.
7
76.6%
Mar.
Dec.
14
79.2%
Mar. 22
3.
10
17
May 24
May 31
May
May
June
July
12
89 9%
90.3%
91.3%
92.3%
91 0%
91.2%
90 0%
.91 0%
77 4%
July
19
26
7
June
14
June 21
76 2
76.6%
76 9%
June 28.....76.0%
89.6% July
82.7%
.82 6%
84.3%
Aug.
2
86.6%
Aug.
9
84.6%
Aug. 16
83 2%
Aug
23
83.8%
Aug. 30
84 1 %
Sept.
7
71.6%
Sept. 13.....80-4%
Sept. 20
70 1%
Sept. 27
74 4%
90 7%
5
"Steel'* of Cleveland, in its summary
on Oct. 11, stated:
July
Oct.
4
Oct.
11
66.1%
63.6%
67.3%
of the iron and steel
markets
A cautious attitude
revival.
toward steel buying Is delaying the
anticipated fall
2474
Financial
Although the automotive industry has rounded the
from
that
show
source
expected.
definite
Other consumers,
improvement,
with
buying
are
on a hand-to mouth
advances
labor
nor
volume
is
less
than
of farm Implement and
to offer early deliveries and with neither
difficulties
in
immediate
prospect,
U. S. Steel is estimated at 56%, against 66% in the week before and
76%
consumers
two weeks ago.
prefer to wait.
Steelworks
operations
again
adjusted
were
downward
in
all
lowering the national operating rate 8 points to 66%
Pittsburgh was down 9 points to 62%, Cincinnati 19 to 70,
of capaityy.
St.
Louis 4 to
60,
Detroit 8 to 92.
sylvania 414 to 5514, Chicago
Youngstown 5 to 60,
1014
to 65,
eastern
Penn¬
Leading independents
New England was
with
the nearest
Industry
1937
September'6 steel ingot production at 4.301,869 gross tons was 11.8%
under the August figure of 4,875,671 tons, but exceeded the
September,
1936, output of 4,151,388 tons.
Production for the first nine months
65
1936
1935
75A
52H
1934
24
1933
38
u.
72
+ 1
7 oy3
41A
+
lA
62
25 A
—l
2
40
—2
-
A
10A
29
1930
55
-i
35
—5
1929
Export inquiry continues in fair volume, headed by
an inquiry for 20,000
including 10,000 tons of bessemer, for England.
Inquiries
tons of finished steel were received from Holland.
Japan has
placed 8,000 to 12,000 tons of plates and shapes, mainly plates, for Manchukuo.
Exports of iron and steel, excluding scrap, continued at
a
high rate during
August although the total for the
month was 11.6% in quantity and 8.9%
July, the high month since 1917.
Foreign shipments, ex¬
cluding
scrap,
408,023
were
July.
August shipments
year.
Scrap
tons,
gross
were
compared
with
461,421
tons
in
326.4% greater than those of August last
exports
aggregated 478,296 tons, compared with 428,047
For eight months this year scrap exports reached the pre¬
tons in
July.
viously
unequaled
excluding scrap,
record
were
of 3,079,003
2,239,521 tons.
tons.
Iron and steel
Pig iron continued
shipments,
the principal
as
79
1928
87A
1927
64
is considered
higher wages for railroad operating employees generally
step toward removal of numerous problems confronting the
carriers.
Higher freight rates may be allowed by the Interstate Commerce
Commission in time to be reflected In fourth-quarter
earnings.
If granted,
the increase in rates will facilitate
buying of new railroad
equipment.
That
automobile builders rapidly are returning to full
production is
Indicated by an increase of almost 25,000 units to
69,000.
General Motors
assembled 35,500 or 20,000 more than the
was
up
A
+
87
1
20
32
+3
28
60
-l A
82
—2
A
77
88
+2
3
+
—
7
2
—
65^
-1A
61A
62
—1
—3
ber,
1937
1,047,962 tons and for the nine months of
10,956,846 tons.
September, 1937 shipments are down 59,896 tons from
August, but are higher than September, 1936 by 86,159 tons
and the highest of any September since 1929 when
shipments
were
this year,
were
1,145,244 tons.
above
of
of
the
a
shipments are 3,089,139 tons
comparable 1936 period, an increase
tabulation of the monthly shipments since
1933:
TONNAGE
OF
SHIPMENTS
OF
STEEL
YEARS
Month
Year 1933
PRODUCTS
A third blast furnace will be built at the River
Rouge plant of the Ford
This
new
stack will
present 800-ton furnaces.
Three of the company's present 10
open hearths are to be rebuilt to birng
monthly capacity to 9,000 tons each, compared to the present 5,000 tons.
According to reports from Detroit, Ford
soon
will be in
a
position to produce
requirements.
Lack of
consumer Interest caused iron and steel
scrap to settle still lower,
"Steel's" composite declining 50 cents to $16.67. the lowest since
the second
week in December.
The iron and steel composite declined 8 cents to
$39.73 reflecting the weakness in scrap.
$61.70.
BY
MONTHS
Year
1936
Year
1934
Year 1935
285.138
331,777
534,065
February
275,929
385.500
March
256,793
588,209
April
335.321
455,302
603,937
July....
701.322
369,938
1 133,724
783,652
1,414,399
591,728
598,916
578,108
985,337
721,414
676.315
668,056
745,064
June
Year 1937
582.137
643,009
May
...
FOR
INDICATED
January
Motor Co., contract having been awarded last week.
have capacity about 50% greater than Ford's two
own steel
those
39%.
Following is
preceding week.
Chrysler
2.000 to 18,500 and independent producers built an estimated 15,000.
Ford remained closed.
50% of his
19
Yi
A
+
For the nine months of 1937
on
a
+
—
United States Steel Corporation
Shipments Smaller
Shipments of finished steel products by subsidiary com¬
panies of United States Steel Corp., for the month of Septem¬
export product.
Settlement
+2
-
—3
79M
21A
—2
1931.
tons for pig iron,
Independents
—10
2% of the 43,353,830 tons produced in the first nine
coming within
Steel
56
1932
months of 1929.
?.
—6
this year totaled 42,498,769 gross tons,
exceeding by nearly 27% output of
33,526,142 tons in the corresponding period last year and
in value under
72%, compared
corresponding week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
un¬
changed at 65%.
1,000
with
The following table gives a comparison of the
percentage of production
•
Birmingham 6 to 77, Buffalo
4 to 70, Cleveland 4 to 63 and Wheeling 8 to 74.
for
are credited
with 75% in the preceding week and 7714% two weeks
ago.
leading
districts last week,
16, 1937
ingot production for the week ended Oct. 11, is
placed at 65% of capacity according to the "Wall Street
Journal" of Oct.
14.
This compares with 71% in the
previous week and 77% two weeks ago.
The "Journal"
further reported:
tending to reduce inventories and
are
Oct.
Steel
and bookings
corner
basis.
Mills again are in a position
price
the
the exception
household equipment manufacturers,
Chronicle
979,907
886.065
1.343,644
1,304,039
1,268,550
1,186,752
1,107,858
1,047,962
1,149,918
984.097
547.794
950,851
August
668,155
378,023
624,497
923,703
September
October
575,161
370,306
614,933
961.803
1,007,417
572,897
343,962
686,741
November
430,358
366,119
681,820
882,643
December
600,639
418,630
661,515
1,067,365
Yearly adjustment
+ (44,283)
—(19,907)
—(23,750)
—(40,859)
5,905,966
7,347,540
10,784,273
Finished steel composite is steady
at
Total for year
5,805,235
Current Events and Discussions
The Week with the Federal Reserve Banks
During the week ended Oct. 13 member bank
balances decreased $84,000,000.
reserves
from
arose
increases
rent
reserve
Reduction in member bank
of
$16,000,000 in money in
circulation, $3,000,000 in Treasury cash other than inactive
gold, $7,000,000 in Treasury deposits with Federal Reserve
banks and $36,000,000 in non-member
deposits and other
Federal Reserve accounts and a decrease of
$25,000,000 in
Reserve bank credit, offset in
part by an increase of $5,000,000 in Treasury
currency.
Excess reserves of member banks
on
Oct. 13
were
estimated to be
approximately $990,000,000,
decrease of $100,000,000 for
included in the gold stock and
a
$1,252,000,000
on
Oct. 13,
an
the week.
the
week.
Inactive
related
items
Oct. 13, 1937,
during
were as
the
week and
the
year
ended
13,
1937
*
Bills discounted
Bills bought
or
Decrease
(- -)
U. 8. Government securities
Industrial advances
(not
.
Including
$15,000,000 commitm ts—Oct. 13)
Other Reserve bank credit
Total Reserve bank credit
Gold stock
.
Treasury currency
Member bank
reserve
balances
Money In circulation
Treasury cash
Treasury deposits with F. R. bank..
__
$
eral Reserve accounts
Oct.
14, 1936
$
+ 15,000,000
2,526,000,000
+ 96,000^000
2,558,000,000
12,784,000,000
2,601,000,000
6,919,000.000
6,585.000,000
3,634,000,000
—6,000,000
—25,000,000
—31,000,000
—25,000,000
+19,000,000
+ 5,000,000
—84,000.000
+ 73.000,000
+1,781.000,000
+ 89,000,000
83,000,000
+ 16,000,000
+ 24,000,000
+ 7,000,000
+ 302,000,000
+269,000,000
+1,213,000.000
—52,000,000
722,000,000
+ 36,000,000
1937
Chicago
Oct. 14, Oct.
1936
13,
Oct
1937
6,
1937
Oct
14,
1936
investments—total..
Loans—total
._
Commercial,
Industrial,
8,151
3,969
8,132
3,948
8,687
3,363
1,970
712
and
1,976
2,075
718
587
,
agricultural loans:
On securities
241
paper
Loans to brokers and dealers.
240
*
34
35
1,705
1,672
*
447
451
*
183
Otherwise secured & unsec'd
Open market
183
*
30
29
*
968
982
47
47
245
248
79
81
135
135
131
14
14
66
61
23
1
1
234
232
22
23
971
*
carrying securities
...
Real estate loans
Loans to banks
*
37
*
15
4
Other loans:
On securities
Otherwise secured A unsec'd
U. S. Govt, direct obligations...
192
195
2,806
2,802
♦
*
38
3,768
37
9G4
905
Obligations fully guaranteed by
Other securities
391
462
100
*
1,114
100
92
985
991
1,094
254
253
282
2,551
2,634
2,429
575
574
652
Cash In vault.
64
55
58
28
25
36
67
64
73
134
137
197
460
457
457
61
60
68
Balances with domestic banks..
Other assets—net
391
*
Liabilities—
Demand deposits—adjusted
5,948
5,908
6,217
1,459
1,473
1,583
720
a725
613
453
453
434
L'nlted States Govt, deposits...
Inter bank deposits:
325
353
193
58
62
101
1,944
1,989
2,463
529
515
648
500
Foreign banks
a505
443
6
6
6
377
384
345
18
17
21
1,478
1,478
1,430
245
246
235
Borrowings
Other liabilities
Capital account....
1
+ 212,000,000
♦Comparable figures not available,
a
Revised.
Complete Returns of Member Banks of the Federal
Reserve System for the
Preceding Week
City and
Chicago—Brokers' Loans
Below is the statement of the Board of Governors
of the
Reserve System for the New York
City member
banks and also for the
Chicago member banks for the cur¬
Loans and
City
Oct. 6,
$$$$$$
Domestic banks
Returns of Member Banks in New York
Federal
Assets—
Time deposits
>
20,000,000
—14,000,000
Non-member deposits and other Fedk
Oct. 6, 1937
13,
1937
Reserve with Fed. Res. banks..
23,000.000
3.000,000
„
New York
Oct.
I nited States Government
(+)
Since
Oct.
(In Millions of Dollars)
Other loans for purchasing or
follows:
Increase
LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
com¬
parison with the preceding week and with the corresponding
date last year will be found on
pages 2500 and 2501.
Changes in the amount of Reserve bank credit outstanding
and
ASSETS AMD
gold
Treasury cash amounted to
increase of $18,000,000 for
The statement in full for the week ended Oct. 13 in
week, issued in advance of full statements of the
banks, which,latter will not be available until the
coming Monday:
member
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of
being held until
the following Monday, before which time the statistics cover-
Financial
Volume 145
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
the Federal Reserve System for the week ended with the
El
close of business Oct. 6:
Brigades.
..
■
has troops of the Fifth Army Corps, the
Arrows, who hitherto have been active on northern fronts, and pos¬
Black
The condition statement of weekly reporting
and
decrease of
a
$236,000,000 in demand
in
securities;
$49,000,000 in loans to brokers and dealers in
decrease of $27,000,000 in holdings
a
member banks in 101 lead¬
principal changes for the week ended Oct. 6:
commercial, industrial and agricultural loans
of "other securities"; a decrease
of
deposits-adjusted, and an increase of $179,000,000
banks; and a decrease of
banks.
deposits credited to domestic
$64,000,000 in
balances with Federal Reserve
reserve
Commercial,
reporting member banks in
$21,000,000
and
district
increased $11,000,000 at
industrial and agricultural loans
New York City, $9,000,000 in the Cleveland
all reporting member banks, and declined
at
Loans to brokers and dealers in securi¬
$48,000,000 in New York City and $49,000,000 at all report¬
$8,000,000 in the Chicago district.
ties declined
northwest
Holdings
Government direct obligations increased
and $7,000,000 in the Richmond district,
$15,000,000 in the Cleveland district and $7,000,000 in the
United
of
States
$16,000,000 in New York City
and declined
reporting member banks showing a net increase of
Holdings of "other securities" declined $20,000,York City and $27,000,000 at all reporting member banks.
Chicago district, all
$8,000,000 for the week.
000 in New
$177,000,000 in New York City,
$32,000,000 in the Chicago district, $15,000,000 each in the Cleveland and
San Francisco districts and $236,000,000 at all reporting member banks,
and increased $12,000,000 in the Boston district.
Time deposits declined
$9,000,000 in New York City and $8,000,000 at all reporting member banks.
Deposits credited to domestic banks increased in all districts, the princi¬
pal increases being $69,000,000 in New York City. $19,000,000 in the Bos¬
ton district, $15,000,000 in the Philadelphia district and $13,000,000 each
in the Cleveland and Richmond districts.
Deposits credited to foreign
banks declined $21,000,000 in New York City and $27,000,000 at all re¬
Demand
deposits-adjusted declined
Borrowings of weekly
Oct. 6, a decrease
Increase
Decrease
or
Since.
oa. 6, 1937
21,975,000,000
Loans—total.„*«.9,972,000,000
investments—total
the
the
■'■'■'/
$
(—)
—51,000,000
—32,000,000
$
—632,000,000
+1,269,000,000
cultural loans:
600,000,000
Otherwise secured and
unsec'd 4,231,000,000
477,000,000
Open market paper
Loans to brokers and dealers in
+4,000,000
—4,000,000
+2,000,000
—5,000,000
+ 25,000,000
or
1,167,000,000
92,000,000
Real estate loans
banks
—49,000,000
678,000,000
purchasing
carrying securities
for
loans
Loans to
—1,000,000
+22,000,000
+ 5,000,000
1,178,000,000
securities
Other
...
+36,000,000
Other loans:
—4,000,000
+2,000,000
+ 8,000,000
728,000,000
On securities
unsec'd
821,000,000
U. S. Govt, direct obligations..7,911,000,000
Obligations fully guaranteed
by
United States Government
1,131,000,000
Other securities
2,961,000,000
Reserve with Fed. Res. banks
5,424,000,000
Cash in vault
307,000,000
Balances with domestic banks.... 1,764,000,000
Otherwise secured and
—27,000,000
—64,000,000
—16,000,000
+ 27,000,000
ground
of Sabinanigo, and repelled
Loyalist attacks in the neighborhood of Sabinanigo.
There is little news
of
daye, France
An
Iusurgent
Franco's
troops
captured
Cangas
of
United States Government
—119,000,000
—334,000,000
+ 307,000,000
—83,000,000
—582,000,000
645,000,000
5,177,000,000
+ 179,000,000
—855,000,000
542,000,000
3,000,000
—27,000,000
—1,000,000
+ 72,000,000
deposits
...
Foreign banks
...
Borrowings...
»
-1,448,000,000
—361,000,000
+212,000,000
—204,000,000
Inter-bank deposits:
Domestic banks....
number
A
terranean
Reported to Have Increased Medi¬
in Face of Italian Threat at
Fleets,
complications arising
Spanish civil war were increased this week, when
it was reported from Paris that both France and Great
Britain had increased their fleets in the Mediterranean in
and
of possible Italian efforts to seize Minorca.
report, however, was officially denied in both Paris
London.
Meanwhile Italian aid to the Spanish rebels
was
extended, with the dispatch of additional
anticipation
aviators from
Italy.
war
in
a
Spain was referred to in the
2311.
final advance on
"Chronicle" of
Insurgent forces this week prepared for
Gijon, which is the last Biscay an strong¬
hold of the
Loyalists.
meeting of the
A
mittee
international
will be held today
(Oct. 16)
non-intervention com¬
in London in an effort
troops from the
Spanish conflict.
f
The Loyalists began an offensive on the Aragon front this
week. This was described in part in the following dispatch
from Bilbao,
Spain, to the New York "Times" on
Oct. 13:
concentrated all along the line with
the support of 500 tanks, 200 airplanes and ample artillery.
The number
of troops massed along the whole front, more than 150 miles long, is vari¬
ously estimated from 180,000 to 240,000, the lower figure probably being
Large bodies of Valencia troops are
nearer
correct.
It is not
is
have
as
.
far north
as
far south as Valdescalera in
concentrated
their
*
,
.
main attack will be delivered, as fighting
Sabinanigo, about ten miles east of Jaca,
Teruel Province. It is said the Loyalists
best troops in this region, including many inter¬
yet certain where the
proceeding as
and
Sella River.
Franco-British Proposal for Tri-Power
Conference
Foreign Troops in Spain—Will Not
on
Participate in Discussion Unless Germany is In¬
cluded—Non-intervention Committee to Deal with
Guarantees
Problem—Germany
Inviolability
of
A
of
meeting
the
International non-intervention com¬
today (Oct. 16) in London, to seek
mittee is scheduled for
withdrawal of foreign "volunteers"
agreement for the
an
Spain.
Government
This action followed a statement by the Italian
on Oct. 9, replying to the Franco-British pro¬
tri-power conference to discuss this subject.
The
rejected every suggestion contained in
the Anglo-French note of Oct. 2, which was referred to in
the "Chronicle" of Oct. 9, page 2311.
The Italian reply
said that Italy would not participate in conversations, meet¬
ings or conferences to which Germany was not invited.
The
reply, which was handed to the French and British Ambas¬
sadors at Rome by Count Ciano, the Italian Foreign Minister,
said in part:
V.; ■=>'
'V-
posal for
a
Italian Government
Government that the adoption of
preliminary—outside the London committee and
its organs, would in the present situation result not only in not diminishing
but increasing the possibility of misunderstanding and complications and
in retarding instead of hastening the attainment of a general agreement,
and agreement which the Fascist Government regard as supremely neces¬
is
of the Fascist
conviction
the
procedures—even if only
sary.
'
The Fascist Government are,
mittee.
in
■
have, finally, the honor to
state that they will
conversations, meetings or conferences to
German Government have
not
by the London com¬
..
The Fascist Government
participate
therefore, of the opinion that the question
should continue to be dealt with
: .•«
not been
which the
formally invited and in which they do
participate.
in
a
formal exchange of notes on
13, reached an agreement whereby the Reich pledged
itself to respect the inviolability and territorial integrity of
Belgium, provided Belgium did not participate in military
action against Germany.
The German guarantees were re¬
ported
as
follows in a dispatch of Oct. 13 from
D. Tolischus:
Berlin to the
New York "Times" by Otto
Government likewise
The German
assistance
of Belgium
declared its willingness to go to the
but an official com¬
if the latter were attacked,
accompanying the exchange of notes particularly insisted
assistance would be rendered only at Belgium's own wish.
mentary
declaration, which establishes a new system
German
The
that such
of security
least the Treaty of Locarno,
charges, by France's pact with
the Soviet Union, and, according to French charges, by Germany's march
into the formerly demilitarized Rhineland zone.
The declaration was handed by Baron Constantin von Neurath, the
German Foreign Minister, to Viscount Jacques Davignon, the Belgian
Minister, at the Foreign Office at noon.
,
in Western Europe,
which
was
replaces to some extent at
destroyed, according to German
Belgium
Expresses Thanks
delivered a note from his Government
declaration with "great satisfaction" and ex¬
pressing "lively thanks" for it but making no pledges of its own.
Both notes, which crowned negotiations of many months, of which,
it is emphasized here Italy was kept fully informed, were immediately
issued for simultaneous publication in Berlin and Brussels.
The decisive part of the German declaration, which is analogous to the
Anglo-French joint note to Belgium last April 24 and together with it
guarantees the full independence of Belgium, not merely her neutrality,
In return the
Belgian Minister
acknowledging the German
provide for the withdrawal of foreign
to
fallen before the In¬
the Asturian lines were driven back to the
Oct.
Possibilities of further international
Oct. 9, page
Biscayan objective.
villages were said also to have
Germany and Belgium,
out of the
The
6mall
Rejects
Italy
+2,000,000
Minorca—Spanish Rebels Drive on Gijon—Loyalists
Begin Aragon Offensive
This
of
surgent advance and
not
Comparable figures not available.
Britain and France
Associated Press advices from Hen-
(on the Spanish frontier), said:
communique today announced that General Francisco
had smashed through Asturian "iron ring" defenses and
de Onis, strategic town less than thirty miles southeast
Insurgents'
the
Gijon,
west
the remaining sectors.
from
sort
any
miles south by
ten
Under date of Oct. 11
It
*
—236,000,000
—8,000,000
+ 1,000,000
14,628,000,000
5,285,000,000
deposits—ad justed
Demand
about
Orna,
of non-intervention
UnMlilien—
Time deposits
contained and
Loyalists driven back with losses.
In other sectors of this front the Insurgents claim to have gained
from
.
Commercial. Industrial, and agri¬
Cn securities
Victory
Air
The attack is said to have been
by fifteen tanks.
preceded
Oct. 7, 1936
Sept. 29, 1937
$
Assets—
Loans and
(+)
•'
•
Claim
Belgium
ended Oct. 6,1937, follows:
,7
from their duty in
of Santander.
fall
the
of $1,000,000 for the week.
A summary of the principal assets and liabilities of
reporting member banks, together with changes for
week and year
the
Insurgents claim to have
$3,000,000
reporting member banks amounted to
by
countered the Loyalists' extensive prepara¬
tions by a decisive victory in the air on the first day.
Both in the morning
and in the afternoon yesterday, Loyalist air squadrons attempted to break
through and bomb Saragossa.
It is claimed that on each occasion they
were headed off by Insurgent squadrons before reaching that city and turned
back with heavy losses.
The Loyalists are said to have lost twenty-four
machines beyond possibility of a doubt and probably to have lost nine more.
Meanwhile severe fighting broke out on land.
It appears that the main
attack was delivered near Fuentes de Ebro, 16 miles southeast of Saragossa,
where the Polish battalions of Dombrowsky and Rakowsky led the attack,
porting member banks.
on
Pontes
Rebels
near
ing member banks.
General
them
sibly various columns of Foreign Legionnaires released
The
An increase of $21,000,000 in
Modesto
and
Campesino
Facing
the
the Lister,
picked Spanish shock troops belonging to
national volunteers and
cannot be
ing cities shows the following
2475
Chronicle
reads:
The
German
Government
declares the
inviolability and integrity of
interest to Western powers. It confirms its de¬
circumstances to impair such inviolability and in¬
Belgium is of common
termination
under no
tegrity and at all times to
case
in
an
of course, in
involved Belgium should
respect Belgian territory, except,
armed conflict in which Germany were
participate in military action directed against Germany.
The German Government is ready, just as are the British
Governments,
the
to grant assistance
object of aggression or
to Belgium in case she
invasion.
,
and French
should become
2476
Financial
From Paris Oct. 14 the New York "Times"
speech
Putting its proposals In writing at the request, of London, the French
Cabinet
today sent
somewhat
a
lengthy
of the
Spanish
civil
The
war.
note
defining what It considers
note
the Italian exploitation
over
drafted
was
during the night after
consultation between Premier Camille Chautemps, Foreign Minister Yvon
Delbos and National Defense Minister Edouard Daiadier with some of
their chief military experts.
It received the approval of the Cabinet this
The
for
note,
mutt
those
only
be
to
was
as
within
the
expected,
French
like Premier Chautemps but also the utmost
avoid any apparent difference of opinion
The
basis
mittee
the
Is
extremely moderate,
Cabinet
energetic action taken keep in step with the
see more
bers
of the
tone
not
of
should
make
Italian
recent
French
the
volunteers from
proposal
another
note
to
Spain.
effort
in
that
with
understood
would
moderate
more
must
care
like
be
to
to
the
with
that
the
"Hitherto,"
America—the
if
frankly
a
he
what
said,
he
most
"it
isolationist
calls
has
powerful
Valencia
of
Government
Its side
on
If simultaneous evacuation is agreed upon.
policy.
be protected against the intervention of other
Spain, was made by Foreign Secretary Anthony
Eden in a speech to a Conservative
party rally at Llandudno,
Wales, yestrday (Oct. 15) according to United Press advices
which quoted Foreign Secretary Eden as follows:
declaration
and
word
the
the
sanctity of
assumed
in
the
But
that
the
would
United
world—would
President
necessity for
he
treaties
Tone
There
I want to make clear the distinction between non-intervention
and indif¬
We are not indifferent to the maintenance of the territorial
in¬
was
remarks
V.
he
that
Chicago.
doubt
no
from
indifferent to the maintenance of the
foreign
Also
the
a
be
is
States
remain
Roosevelt
has
allowed
return
to belief
voiced
a
has
Shows
tone
genuinely
was
the
to
of
content
seen
that
spread
in
the
no
pledged
convictions
and
of
this
pleased
Pleasure
substance of Mr.
by
the
Johnson,
States Charge d'Affaires
the United
British
Government's
gratification
in
the
at
Chamberlain's
President's
Previously Foreign Secretary Anthony Eden had
declaration
received
London,
terms
of
and
the
at
Herschel
expressed
President's
speech.
The
first
British
the
on
he
"I
"concerted
Chamberlain
the United
that
of
example
conference. Mr.
States
action" would
would take part.
Government
to
But he
particular
any
grounds that such a commitment
shall
only
and
restoration
that
say
in any plan
a
Nine-power
careful
to
not
of action at
be
treaty
he expressed confidence
was
course
would
governing
our
commit
the conference
"premature."
objective
always, is the
peace," said Mr. Chamberlain, "and we will
maintenance of
gladly cooperate
be
indicated to-night, and
ference.
are not
Britain
epidemic of world lawlessness
an
of
must
Powtrs in
We
Great
be safe from attack.
"In his
the
A declaration that vital British interests in the Mediter¬
tegrity of Spain.
been
country
country will
of
withdrawal
has given Paris its promise that everything possible will be done
ranean
that
follows:
Com¬
the suggestion
the
to
ass3rted
8
country as well as of his own."
Non Intervention
regard
Oct.
on
"whole-heartedly" with President Roosevelt in a concerted
A dispatch of Oct. 8 from Scarborough,
England, to the New York "Times" reported the speech as
mem¬
taken
London.
conformity
action
get
It is
is
with
who
16, 1937
effort for peace.
with
morning.
Oct.
Prime Minister Neville Chamberlain of Great Britain in
reported ad¬
vices from P. J. Philip which said in part:
should be done next to try to relieve the tension
Chronicle
which will
help
now.
as
that end."
secure
policy of any future Spanish Government.
We
indifferent
not
are
of the
intervention
British
interests in the
the complications which
to
of others
in
Spain.
Mediterranean.
We
between non-intervention regarding what is
intervention where British Interests
are at
China
Conflict
for
indifferent
to
a
vital
made
purely Spanish affair, and
The
Shanghai—Sino-
Japan Blames
Violation—Great Britain to
—
on
Securities of the New York Stock Exchange
and pertaining to the German External Loan 1924 7% gold
bonds due 1949, the so-called Dawes Loan, was issued
by
the Exchange on Oct. 11:
NEW YORK
Support United States in Seeking Peace
Fierce
fighting
troops launched
attacking
Oct. 14
Shanghai.
The
bombardment
termed the worst in the
was
thousands
of
as
foreigners
residing
of
Shanghai
on
history of the city,
there
as
endangered.
were
Two Americans—a naval radio
operator and a United States
marine—were reported among the wounded.
Meanwhile,
Japanese continued to record important advances in
North China.
The international difficulties
resulting from
the Sino-Japanese conflict were increased when
Japanese
airplanes on Oct. 12 fired machine guns at three automobiles
containing members of the British Embassy, who were pro¬
ceeding from Nanking to Shanghai. None of the occupants
of the automobiles was
injured.
The Sino-Japanese hostilities were last referred to in
the
the
"Chronicle" of Oct. 9, pages 2310-11.
On Oct. 9 the Japan¬
Foreign Office issued a statement referring to the official
condemnation of Japanese action by the
League of Nations.
The statement declared that China is
responsible for the
conflict and that the Chinese Government "is
ese
violating the
spirit of the anti-war pact and menacing the
world."
The
the
Nine-Power
Department
This
due to
was
Government
The
on
treaty
published
the
Anti-war
statement
Pact.
The
regrets
conflict
troops
this
was
caused
which
stipulations.
Japanese
by
Chinese
were
in
the
action
outbreak
of
self-defenBe.
the
the
of
the
Japanese
Japan
Aggravation
of
United
troops'
North
manoeuvring
States
has
the
no
trouble
troops
other
conflict
State
The Japanese
Japan
was
in
tried
nothing
irtention
irregular
China
with
is
that
time
responsible
Japan's
for
Japanese
the
to
more
settle
than
locally,
a
and
measure
of
policy
and
North
China
was
due
to
forces
were
of
and
the
only 3,000
situation
mobilized
a
Thus,
strong.
because
huge
she
of
China
troops
Japan.
forced
China
Japan
today
Japan wants in making the present action is to eradicate China's
anti-Japanese policy and maintain peace in the Far East
cooperating with
China.
Japan
has
way
territorial
no
Accordingly,
Japan's
whatever.
On
ambitions.
action
in
China
war
is
and
The
that it
China's
Government
menacing the
peace
that
is
no
exiting
be
her
to
in
stubborn
drive
of the world.
League on Oct. 9
conference of signatories of the
a
named
to
represent the
date,
tofore,
The Committee
on
A.
upon
American offices of
or at
of
amount
that Dawes Marks may
"Plain"
as
here¬
Securities rules that the
ex-interest $25 per $1,000 bond on
"Stamped" bonds be quoted
Oct. 15.1937;
That the "Plain" bonds be quoted ex the Oct.
15,1937,
coupon on Oct.
15, 1937: and
That the bonds shall continue to be dealt in "flat" and to be
settlement of transactions
a delivery in
beginning Oct. 15, 1937, must carry the
made
April 15, 1938, and subsequent coupons.
ROBERT
Reference
was
made in
announcement
an
New York
bearing
L.
FISHER.
Secretary.
issue of Oct. 9, page 2312, to
our
the German Consulate
the Oct. 15 coupons.
by
on
General
in
♦
New York
Stock
External
Exchange Rules
Bonds
of
Greek
on
6% and 7%
Government
The New York Stock Exchange announced on Oct. 7 the
adoption of the following rules by its Committee on Securi¬
ties pertaining to the Greek Government 7 % gold bonds, due
1964, and 6% gold bonds, stabiLzation and refugee loan of
1928, due 1968:
YORK
NEW
STOCK
Committee
on
EXCHANGE
Securities
Oct.
The Committee
be dealt in
on
Securities rules that
beginning Oct. 11.
7.
as
follows:
(a)
May 1, 1933, and Nov. 1. 1933, coupons, ($9.62 paid). May
1934, coupons, ($12.25 paid). May 1, 1935. to Nov.
coupons. Inclusive, (40% paid), and subsequent coupons.
(b) May 1, 1933, and Nov. 1, 1933, coupons, ($9.62 paid). May
and Nov. 1, 1931, coupons, ($12.25 paid) May 1. 1935. to
May
coupons, inclusive, (40% paid), and subsequent coupons.
Nov. 1,
That
1937
1937. Greek
40-year 7% secured sinking fund gold bonds, due 1964. may
beginning Oct.
11,
1937,
transactions
1, 1934,
1, 1936,
1, 1934,
1, 1937,
made without specification
shall be considered to have been for bonds under option
(a); and
That the bonds shall continue to be dealt in "Flat."
Oct. 7.
T The Committee
and
on
40-year
Securities rules that
6%
secured
sinking
beginning Oct. 11,
fund
gold
Refugee Loan of 1928. due 1968, may be dealt in
(a)
bonds,
as
1937
1937. Greek
stabilization
follows:
Aug. 1, 1933. and Feb. 1, 1934. coupons. ($8.25 paid),
and Feb. 1, 1935. coupons, ($10.50 paid),
Aug. 1, 1935. to
coupons, inclusive, (40% paid), and subsequent coupons.
(b) Aug. 1, 1933, and Feb. 1. 1934, coupons, ($8.25 paid),
and Feb. 1, 1935. coupons. ($10.50 paid),
Aug. 1, 1935. to
coupons, inclusive. (40% paid*, and subsequent coupons.
Aug. 1. 1934,
1, 1937,
Feb.
Aug. 1, 1934,
Aug. 1, 1937,
beginning Oct. 11. 1937. transactions made without specification
shall be considered to have been for bonds under option
(a); and
That the bonds shall continue to be dealt in "Flat."
out
ready to attend a
Treaty.
It was believed late this week that
conference might be called within a
fortnight to meet
Brussels, Belgium, and that Norman H. Davis might
such
that
ROBERT
L.
FISHER. Secretary.
♦
violating the spirit of the pact against
Nine-Power
in
treaties
Chinese Government notified the
was
and after
bonds and
That
violates
the
contrary. China is carrying out
anti-Japanese policy, incited by Red influence, is planning
Japanese rights and interests from China by force of arms.
It
on
be acquired for coupons from
"Stamped" bonds at the customary rate of exchange
according to the regulations in effect;
coupons;
Government
What
any
purchased
disregarded
number
to take military action.
Japan's military operations
have been entirely caused by China's provocative attitude.
Japan's action is entirely in self-defense.
in
be
presentation at the office of J. P. Morgan & Co.
and
whatever.
Shanghai
aggravation
non-aggression
against
This
the
will
Hamburg-American Line, at. the rate of $25 for each $35 face
Government
children.
At
1935."
bonds, due 1949, stamped "U. S
a
widely scattered during
of the Chinese who,
violating the Shanghai truce agreement
1932, etationed 40.000 troops in the demilitarized zone and were
to murder
30,000
Japanese residents, including women
and
planning
1.
to
attitude
signed in
Domicile Oct.
attacks
according
Lukouchiao
at
number of troops, as Japanese
garrisons were
peacetime.
After
of
that the coupons due Oct. 15. 1937, from
German External Loan 1924 7% gold
misunderstanding.
stationed
were
violation
as
effect.
small
the
China
same
the
to
in
misunderstanding Japan's true intentions.
extremely
present
Japanese
treaty
and
a
Japan's action
Securities
Oct. 11,1937.
Notice having been received
of the
peace
The text of the statement follows:
League of Nations regards
on
Chinese
counter-offensive against Japanese troops
a
STOCK EXCHANGE
Committee
renewed in China this week
was
External
following announcement of rulings adopted by the
Committee
Intensified
Treaty
New York Stock Exchange Rules on German
Loan 1924 7% Gold Bonds
non¬
stake.
Chinese Launch Counter-Offensive at
Japanese
may ariRe as a result
not
are
A clear distinction must be
United States.
$511,500
of
Belgium
Due June
External Loan 7% Gold Bonds,
1, 1955, Drawn for Redemption Dec. 1,
1937
Holders
of Kingdom of Belgium external loan
30-year
sinking fund 7% gold bonds, due June 1, 1955, are being
notified by J. P. Morgan & Co. and Guaranty Trust Co. of
New
York, sinking fund administrators, that $511,500
Volume
Financial
145
principal amount of these bonds have been drawn by lot for
redemption at 107lA% out of moneys in the sinking fund on
Dec. 1, 1937.
Of the bonds drawn, $374,500 principal
amount, according to advices from the Belgian Government,
are held by it.
The balance of the drawn bonds, amounting
to $137,000, will be redeemed and paid at the redemption
price upon presentation and surrender on or after Dec. 1,
1937, at the offices of the sinking fund administrators.
Attention is called to the fact that on Oct. 8, 1937, $37,000
principal amount of the bonds previously called, were still
Curb Exchange
dealer,
as
NEW
YORK
New
offer
external
OF MEMBERS
a
IN
18, 1937
Round-lot
transactions
of
members
except
announced in New
was
York
Per
^Wcclc
CCTlt
1)
8,259,210
transactions
of
specialists and odd-lot dealers in stocks in which registered:
1.
initiated
on
the floor—Bought
574,850
611,210
Sold
282,250
406,368
Total
Round-lot
7.18
1,186,060
Initiated off the floor—Bought
Sold
4.17
688,618
transactions
of
specialists
stocks
In
in
which
registered—Bought.
871,120
Bold
bonds
STOCKS
Total for
by the Republic of Poland for the servicing of
loan
ALL
(SHARES)
r
Proposal for Servicing of External
to Pay Coupons
at Rate of
public Cited
Oct.
EXCHANGE—TRANSACTIONS
Total volume of round lot sales effected on the Exchange
Bonds—Offers
4/4% Annually Instead of Purchase Them at 35%
of Face Amount-—Economic Improvement of Re¬
its
those of the specialist.
STOCK
Total
Poland Makes
new
New York Stock Exchange odd-lot
perform the functions of the
as
Week Ended Sept.
2.
A
well
FOR ACCOUNT
unredeemed.
Loan
2477
Chronicle
955,220
Total
11.06
1,826,340
on
14
by Janusz Zoltowski, Financial Counselor of the
Embassy of Poland.
The new offer, which changes the
Total round-lot transaction^ of members, except transactions
of odd-lot dealers in stocks in which registered—Bought._
Sold.....
1,728,220
1,972,798
Total
3,701,018
cash payment
contained in the Republic's proposal of Feb.
1,
1937, and April 30, 1938, both dates inclusive, a payment in
cash in exchange for the coupons at the rate of 434% per
annum.
Under its proposal of Feb. 24, referred to in our
issue of Feb. 27, page 1359, the Republic offered to purchase
the coupons by paying 35% of their face value in cash.
The
22.41
24, offers to holders of the coupons, due between Oct.
notice of the
offer states that it
new
was
made in view of
improvement in the economic situation in Poland," and
the Republic's desire "that the holders of its external loan
bonds share in this improvement."
The notice points out that "the remaining part of the offer
of Feb. 24," 1937, pertaining among other things to the ex¬
change of coupons therein described for Republic of Poland
20-year 3 % dollar funding bonds, remains unchanged."
The
new proposal applies only to the following issues:
Transactions for account of odd-lot dealers in stocks in which
registered:
1.
In round-lots—Bought-
Total
2.
of
Republic of Poland 20-year 6% United States dollar gold bond loan
.Bought
1,048,289
Sold
1,549,490
-
Total
NEW
2,597,779
YORK
CURB
FOR
EXCHANGE—TRANSACTIONS
ACCOUNT
OF
MEMBERS
Week Ended
a
Sept. 18, 1937
Week
Round-lot
transactions of members, except transactions
specialists in stocks in which registered:
Initiated on the floor—Bought
64,025
Sold
of
63,300
Total.
2.
127,325
Initiated off the floor—Bought.
Land
gold bond (II issue P. Z-l) of 1928.
Mortgage Bank of Warsaw guaranteed first mortgage 8%
46,875
Total.
99,420
loan of
Round-lot
3.75
52,545
Sold—
7% Province of Silesia external gold bond loan of 1928.
1924.
Per
Cent, b
of
Republic of Poland 7% stabilization loan of 1927, dollar tranche.
National Economic Bank 7% mortgage
STOCKS
1,699,545
1925.
7% City of Warsaw gold bond loan of 1928.
ALL
IN
(SHARES)
Total for
1.
Republic of Poland 8% external sinking fund gold dollar bond loan
665,080
In odd lots (including odd-lot transactions of specialists):
"an
1920.
527,320
137,760
Sold
transactions
of
specialists
In
stocks
in
2.92
whicht
^
registered—Bought.
218,850
208,445
Sold
Member
Trading
on
New
York Stock and New York
Week Ended Sept. 18
Total.
427,295
12.57
Curb Exchanges During
Total round-lot transactions for accounts of all members:
During the week ended Sept. 18 the percentage of trading
the account of all members of the New York Stock
for
Exchange (except odd-lot dealers) and of the New York
Curb Exchange to total transactions in each instance was
above the preceding week ended Sept. 11, it was made known
by the Securities and Exchange Commission yesterday
(Oct. 15). Trading on the Stock Exchange for the account
of all members during the week ended Sept. 18 (in round-lot
transactions) totaled 3,701,018 shares, which amount was
22.41% of total transactions on the Exchange of 8,259,210
shares.
This compares with member trading during the
previous week ended Sept. 11 of 3,910,460 shares, or 19.44%
of total trading of 10,056,850 shares.
On the New York Curb Exchange member trading during
the week ended Sept. 18 amounted to 654,040 shares, or
19.24% of the total volume on that Exchange of 1,699,545
shares; during the preceding week trading for the account of
Curb members of 808,010 shares was 17.99% of total trans¬
actions of 2,245,655 shares.
The data issued by the SEC are in the series of current
figures being published weekly in accordance with its pro¬
gram embodied in its report to Congress in June, 1936, on
the "Feasibility and Advisability of the Complete Segregation
of the Functions of Broker and Dealer." The figures for the
11 were given in these columns of Oct. 9,
2312. In making available the data for the week ended
Sept. 18, the Commission said:
week ended Sept.
page
The
figures given for total round-lot volume for the New
York Stock
Exchange represent the volume of
round-lot sales of stock effected on those Exchanges as distinguished
Exchange
all
and
the
from the volume
York
New
Curb
The total round-lot volume for
reported by the ticker.
8,259,210
shares, was 5.7% larger than the volume reported on the ticker.
On the
New York Curb Exchange, total round-lot volume in the same week,
1,669,545 shares exceeded by 6.9% the ticker volume (exclusive of rights
the
week
ended
Sept.
18
on
the New York
Stock Exchange,
and warrants).
*
Exchange and
the New York
filed with the New York
Curb Exchange by their respective
These reports are classified as
follows:
York
New
York
Stock
Curb
Exchange
Exchange
1,071
867
205
Number of reports received
107
Reports showing transactions:
specialists *
Other than as specialists:
Initiated
on
293
339
floor
Initiated off floor.-.
Reports showing no transactions
The number of reports
the
number
carry
*
"In
of reports
—
68
132
450
583
in the various classifications may
total more than
received because, at times, a single report may
entries in more than one classification.
the round-lot transaction of specialists
strictly comparable with data similarly
since specialists on the New York
Note—On the New York Curb Exchange
stocks
in
Total.
654,040
19.24
Odd-lot transactions of specialists in stocks in which registered.
95,163
111,768
Bought
Sold
Total
a
The
206,931
term
"members"
Includes
all
Exchange members,
their firms and their
partnerb, Including special partners.
b Percentage
culating
these
In cal¬
compared with
of members' transactions to total Exchange transactions.
percentages
the
total
twice the total exchange volume
of
members'
transactions
Is
for the reason that the total of members' trans¬
actions Includes both purchases and sales while the total exchange volume
includes
only sales.
New
Cotton Exchanges Fix
Requirements—Rules Adopted
Request of Department of Agriculture to Be¬
York
and
Minimum
at
come
New
Orleans
Margin
Effective Jan.
1
Identical rules establishing a
schedule of minimum margin
requirements have been adopted by the New York Cotton
Exchange and the New Orleans Cotton Exchange, at the
request of the United States Department of Agriculture.
The New York Cotton Exchange adopted its rule on Oct. 7
while the New Orleans Exchange acted on Oct. 11, both rules
to become
effective Jan.
1.
It is stated that the rules will
be
applicable to all but hedging and straddle trades.
The fixing of the requirements by the New York Cotton
Exchange was announced on Oct. 8 by Secretary of Agri¬
culture Henry A. Wallace.
The rule of the New York
Cotton Exchange follows:
Initial margins equal to not less than
those fixed for clearing members
by the New York Cotton Exchange Clearing Association,
required of all customers.
they must
Inc., shall be
When customers' margins are one-half exhausted,
be restored to the initial amount required by the foregoing.
which
registered"
are not
designated for the New York Stock Exchange,
quantity of purchases or sales of (a) spot cotton,
(b) cotton products or
(c) futures contracts bought or sold simultaneously in different months or
markets may be exempt
New
As
Sold
Any sales or purchases against a corresponding quantity or approximate
The data published are based upon reports
Stock
members.
335,420
318,620
Bought
from the provisions of this rule, provided that the
carrying member obtains from his customer a written
such trades are covered by this exemption,
member is satisfied
statement that all
and provided further that the
that the statement is correct.
The rule of the New Orleans Cotton
Exchange is identical
excepting that the initial margins required of customers shall
be equal to not less than those fixed for clearing members
by the New Orleans Cotton Exchange Clearing Association,
Inc.
In reporting Secretary Wallace's announcement of
Oct. 8 pertaining to the rule of the New York Cotton Ex¬
change, a release by the Department of Agriculture said:
The adoption
of this requirement by the New York Cotton Exchange was
entirely voluntary, the Secretary pointed out. inasmuch as the Commodity
Financial
2478
Chronicle
Exchange Act conferred no authority upon the Federal Government to fix
When the Act was in process of amendment
margins on commodity trades.
the question
1937, at 105 and interest.
of marginal requirements was discussed by the committees of
publishing
Congress but no provision covering it was included in the bill.
"The adoption of minimum margin requirements is a constructive
the
tect
the commission
line
excessive
of credit
to
speculative
a
com¬
customer merely
obtain
an announcement
regarding the methods of pay¬
referring to certain decrees
Copies of the French Government
and
announcement
a
be obtained at the
can
office of J. P. Morgan & Co.
extending an
to
Dec. 1,
on
The French Government is also
list of numbers of the drawn bonds
It will also pro¬
will prohibit a firm from
houses as it
1937
of the French Government.
trader who might, in the absence of
substantial marginal requirements, be inclined to plunge.
16,
ment of such drawn bonds and
step,"
"It tends to insure fair competition between
Secretary added.
mission firms and protects the small
Oct.
cipal amount of bonds of that issue, for redemption
the
+.
business."
The segregation
restricted
by
the
of the
provisions
for
greatly simplified
David Saperstein of SEC Defines Two Over-the Counter
Rules—Investment Bankers Conference Publishes
and handling of customers' funds, which are carefully
Commodity
Exchange
Act,
will
be
firms by the adoption of minimum margin
many
Opinion Interpreting Terms "Secondary Distribu¬
Financially Interested"
requirements.
tion" and "Otherwise
Hedging accounts, which are exempted from the rule, do not involve the
same
risks
to
commission
accounts
because, in
offset
a
by
firms
nor
the case of
a
to
the
hedger,
markets
a
that
do
An interpretation by David
Saperstein, director of the
Trading and Exchange Division of the Securities and Ex¬
change Commission, of two terms used in the SEC over-thecounter regulations, was made public on Oct. 5
by the
Investment Bankers Conference, Inc., of
Washington, in its
speculative
loss on futures is generally
corresponding gain on the spot commodity.
Changes in Amount of Their Own Stock Reacquired
by Companies Listed on New York Stock and Curb
Exchanges
"Conference News."
The organization also
published an
explanation by Mr. Saperstein of Rule GB2 of the regulations.
The two terms used in the regulations which Mr.
Saperstein
interpreted, are "secondary distribution" and "otherwise
financially interested," both contained in Rule MC6.
The New York Stock Exchange issued on Oct. 14 its
monthly list of companies listed on the Exchange reporting
changes in the reacquired holdings of their own stock.
A
previous list was given in our issue of Sept. 18, page 1822.
The following is the list made available by the Exchange on
Reference to
became
page
Oct. 14:
to
Shares
Name
x
Adams Express Co., common
Allied Stores Corp.,
■per
l4atest
Report
946,675
2,313
2,000
6,243
-
981,375
2,143
400
—
——
5% preferred
American Chicle Co., common
6,323
658,242
--
Art loom
Corp., preferred
Atlas Corp., common
607,900
34,406
6% preferred
Atlas Powder Co., common
Bethlehem Steel Corp., common-.-
Bristol-Myers Co., common
Bucyrus-Erie Co., 7% preferred
41,519
12,481
2,700
13,902
6,710
Commercial Investment Trust Corp., common
38,144
62,898
800
Chllds Co., common..
14,902
38,139
64,098
——;
12,981
1,100
Consolidated Oil Corp., $5 preferred--—
3,020
6,714
400
Cutler-Hammer, Inc., common
2,500
2,996
Davega Stores Corp., 5% preferredDetroit Edison Co., common
Dunhill International, Inc., common
16,545
17,745
E. I. duPont de Nemours & Co., common
16,000
37,033
6% debenture
El Paso Natural Gas Co., common.
5,547
«---—
»
Federal Mining & Smelting Co., preferred.
General Refractories Co., capital
27
Gimbel Brothers, Inc., $6 preferred
Glidden Co., common
2,408
«r
International Co., common
R. H. Macy & Co., Inc., common—
McGraw Electric Co.,
Mission
common
Corp., common,
1,873
1,000
22,900
5,121
5,721
—
13,700
—
—
*.
-
Natomas Co., common
«.
~
27,400
6,900
■
11,300
12,570
Outboard Marine «fe Manufacturing Co., common
Pacific American Fisheries, Inc., common
200
7,600
Pittsburgh Steel Co., 7%
preferred B
Real Silk Hosiery Mills, Inc., 7% preferred
Remington Rand, Inc., $4,60 preferred
Safeway Stores, Inc., 5. preferred
6% preferred.
250
W. A. Sheaffer Pen Co., common
Sloss-Sheffield Steel & Iron Co., $8 preferred
Includes
Exchange,
282,313
shares
not
220
1,177
for
or
appear
tion."
The
140
of
160
New
York
the New York
a
issue" would be
new
and
firm
Shares per
Latest Report
Air Investors, Inc., convertible preferred..
3,900
Common
1,629
4,200
59,778 27-38
23,127 6-10
2,136 4-10
120,375 31-100
2,079
3,727
3,927
10,547
Rqulty Corp. (The), common
10,847
272,386
$3 convertible preferred
272,686
6,410 6-10
Hygrade Food Products Corp., conv. 6s A, 1949
International Utilities Corp., $3.50 prior pref..
$1.75 preferred
Class A
8,751 6-10
$24,000
$26,000
3,528
3,494
7,282
as
long
Klelnert (I. B.) Rubber Co., common
20,685
21,285
4,875
4,738
315
1,997
13,200
2,247
8,106
1,116
Navarro Oil Co., common
New Process Co., common
North American Rayon Corp., 6% prior pref..
North Central Texas Oil Co., Inc., common
620
8,900
5,800
....
1,316
377
677
20,000
20,600
5,851
10,794
'
*29,672
common
Rustless Iron & Steel Corp., common
Sterchl Bros. Stores, Inc., 5% 2d preferred
160
169
1,450
1,650
Initial report.
Drawing for Redemption Dec. 1 of $2,036,200 of French
Republic External Loan of 1924 7% Gold Bonds,
Due Dec. 1, 1949
J. P. Morgan & Co., New York, as sinking fund
trators for the Government of the French
Republic
adminis¬
external
sinking fund 7% gold bonds, due Dec. 1,
1949, has announced the drawing by lot of $2,036,200 prin¬
loan of 1924 25-year
"Is the
broker-dealer
distributing activity.
a
ordinary
distribution"
sense
appear
in which they
These
terms
in
are
are
am
rules,
intended to
type of position trading as contrasted with
I
these
the
employed by those
exclude
the distribution of
further of the opinion that it is unimportant whether the
owns
the security,
has it under option, is
agent for some principal, or is merely a member of a selling group
financial interest exists on the part of such firm in effecting such
as a
distribution.
You next ask in connection with Rule MC6:
What is the meaning of the words "otherwise
a
partner of
a
financially interested"? If
house has 50,000 shares of XYZ stock listed on the New York
Exchange, is his house financially interested in this stock within
the meaning of the rule ?
If
a
partner has 100 shares listed
on
the Stock
Exchange, is his house financially interested?
In other words, does the
cover the personal
ownership of partners as well as the holdings of the
partnership ?
rule
In
my
opinion there is
distribution.
a
It
a
purposes
of
distinction between
a
financial interest in
to
seems
firm of brokers
or
me,
without
any
a
a
financial
quite possible for
financially interested in
either
interest in
security which is the subject of
for example,
dealers to be
investment
financially interested in
such
distribution which
partner
may
or
a
his
a
a
a
member
security for
firm
being
be taking place in such
security.
Should,
however, the financial interest of
such security,
interest
on
because of its
extent or for any
a
partner
or
of his firm In
other reason, create
the part of such partner or firm in the
it might well be that the
requirements of
success'of
a
a
financial
distribution,
Rqle MC6 would apply.
The
rule, however, will be found
more usually to apply to those situations in
which the firm is directly or
indirectly receiving a financial return arising
from the sale of the security to the
public.
In
410
Knott Corp., common
Lane Bryant, Inc., 7% preferred)
Michigan Gas & Oil Corp., common
Midland Oil Corp., $2 conv. preferred
*
1,786 4-10
109,441 32-100
Blckford's Inc., preferred
Carman & Co., Inc., class A
Cohn & Rosenberger, Inc., common
Oilstocks, Ltd., capital
Roeser & Pendleton. Inc.,
59,398 27-38
20,667 6-10
"secondary
effecting the distribution
acting
so
of
American Equities Co., common.
American General Corp., $2 dlv. series pref....
$2.50 dividend series preferred
the
type of distribution?" Clearly,
any
participating in
engaged in the securities business.
distribution and
Reported
for
necessary,
"primary distribu¬
"primary
distribution"
terms are used In the
Stock
Curb Exchange announced on Oct. 14
following fullv listed companies have reported
changes in the amount 01 reacquired stock and bonds held:
Name
question appears rather to be:
financially interested in
or
a
"any operation, in a new or old issue, where the firm selling
the security" is a distribution, within the intent of the
rule, would
depend on the facts in each individual case.
Whenever the terms
Stock
the
Previously
distinguished from
Whether
14,210
The New York
Shares
as
broker-dealer who is conducting "a
secondary operation in the distribution
a
37,278
on
crucial
participating
321,722
9,708
y
the interpretation of Rules MC6 and GB2.
"secondary distribution"
a
the usual
the
as to
purpose of explaining the effect of the rule, to attempt a precise definition
of
securities.
on
opinion
Since the application of this rule is
precisely the same whether a broker
dealer is particpating or financially interested in a
"primary distribution"
in a "secondary distribution," it does not
or
86.240
600
listing
letter of Sept. 13, 1937, In which,
In respect of Rule MC6 you
inquire:
44,548
14,260
authorized
your
What is "secondary distribution"?
Does this mean a secondary opera¬
tion in the distribution of a new issue, or does it mean
any operation, in a
new or old issue, where the firm
selling owns the security ?
2,401
—
acknowledge receipt of
behalf of several members of the Investment Bankers
Conference, Inc.,
3,967
Includes 34,918 shares not authorized for listing
Stock Exchange.
that
This will
on
44,537
91,812
203,143
2,427
...
dealer is participat¬
made in response to a letter of the Invest¬
were
you request my
2,587
_
or
the Investment Bankers Conference:
35,318
U. 8. Leather Co., prior preferred
Vulcan Detlnning Co., preferred)..
Wheeling Steel Corp., common
broker
a
they were
ruling of the Commission.
The following is the letter of
Mr. Saperstein containing his
opinion, as made public by
2,274.
Sterling Products Inc., capital
Swift & Co., capital...
x
35,147
1,147
—
Transamerlca Corp., capital
Union Bag & Paper Corp., common
U. S. Hoffman Machinery Corp., 6J^% preferred
y
1.626
.
100
—
customer of the fact that
owns
1,576
33,574
--
2153.
was
Conference, and Mr. Saperstein explained that
merely a personal expression of opinion and not a
3,136
M
which
made in our issue of Oct. 2,
Rule MC6 of the regulations requires disclosure
of the rules
125
*.*,'■■■
870
1,
ment Bankers
4,600
3,757
SEC over-the-counter regulations,
Oct.
ing or is otherwise financially interested in the primary or
secondary distribution of a security.
Rule GB2 restricts
solicitation of purchases on an exchange to facilitate a dis¬
tribution of a security.
The interpretation and explanation
Shares
Previously
Reported,
a
the
effective
to your request for an explanation of Rule GB2,
permit
Illustrate the application of this rule
by suggesting a series of hypo¬
thetical situations.
It is to be assumed that there is a concurrence of
response
to
me
each of the other factors
necessary for an application of the rule; hence
the firm designated A. & Co. in each of the
following illustrations is assumed
to
be
participating or otherwise financially interested in the primary or
secondary distribution of the security in question:
(1) A & Co., a securities firm in Chicago, offers to B, a customers*
man employed
by a San Francisco securities firm, a payment of 25 cents a
share for each purchase of stock of the X
Corp. which B can cause to be
effected on the Y Exchange.
In a typical case of this kind it is not necessary
that the purchases be made
through A & Co. or that they be filled from
any particular block of stock.
The payment of 25 cents a share is made
upon receipt of a copy of a confirmation
evidencing purchase.
(2) A & Co. offers to C, one of its employees, a
payment of 25 cents a
share for each purchase of stock of the X
Corp. which C can cause to be
effected on the Y Exchange.
(3) A & Co. pays a regular salary to D, a customers' man
employed by
it, for devoting special attention to inducing the
purchase of shares of the
X Corp. on the Y
Exchange.
(4) A & Co. offers to E & Co., another securities firm, a
payment of
25 cents a share for purchasing on the Y
Exchange for the account of
E
&
Co.
as dealer shares of the X
Corp., which would be the subject of
subsequent resale by E & Co. to others.
(5)
A & Co. offers to F & Co., another securities firm, a
payment of
25 cents for each share of the X
Corp. purchased by F & Co. for the account
of its customers
on
the Y Exchange.
Volume
A
any
&
Financial
145
Co. in each of the above examples violates the rule in
of the foregoing acts.
acts, A
set forth
to
cases
all
which
this rule is
applicable and
are
possible applications of the rule.
of assistance to
foregoing is
an
you.
expression of opinion by the undersigned and is not
ruling of the Commission.
Bankers'
Acceptances Outstanding Increased $537,359
During September—Total Sept. 30 Reported at
$344,419,113—$29,418,523 Above Year Ago
The volume of outstanding bankers' dollar acceptances on
Sept. 30, 1937, amounted to $344,419,113, an increase of
$537,359 from the August figure of $343,881,754, it was
announced on Oct. 13 by the Acceptance Analysis Unit of the
Federal Reserve Bank of New York.
Sept. 30
were
The acceptances on
$29,418,523 above those outstanding
on
Sept.
30, 1936.
On
ing to $71,911,540 will be called and retired," according to a
statement made in Washington on Oct. 14 by W. I. Myers,
Governor of the Farm Credit Administration. No offering
of refunding bonds will be made, he added.
The Governor
stated that plans have been completed for retiring the issues
callable Nov. 1 from cash on hand and the proceeds of shortterm loans with the expectation that the loans will be repaid
during coming months from the heavy liquidation of Land
Bank loans.
marized
The Governor's
follows
as
was
further
The Governor pointed out that farmers have made substantial
repayments
the 12
to
Five of
principal payments in relation
principal maturities during this period and bad
of 1929 in
sum¬
principal
their loans during the year ended Aug. 31, 1937.
on
banks collected a larger amount of
in relation to total loans
loans paid in full
more
outstanding than during the corresponding period
spite of the fact that borrowers whose loans
otherwise in
were
good standing have had the privilege of deferring principal payments during
Of the bonds to be called,
Sept. 30 credits drawn for exports, domestic shipments
above Aug. 31; as com¬
were
(Sept. 30, 1936) decreases were shown
in bills drawn for dollar exchange and for those based on
goods stored in or shipped between foreign countries while
the other classifications showed gains.
The following is the
report for Sept. 30, 1937 as made available by the New York
Federal Reserve Bank, Oct. 13:
pared with
a year ago
^
RESERVE DISTRICTS
FEDERAL
$27,802,020,
retire
from
are
4%
$44,109,520 draw 4K%, while the balance,
bonds.
Of the total
$20,000,000
approximately
Corporation.
will be
—
Sept. 30, 1936
$34,242,346
3. Philadelphia
4.
Cleveland
5.
Richmond
6.
Atlanta
7.
Chicago
-
8. St. Louis
531,780,378
250,898,534
14,610,555
3,154,699
196,547
1,944,461
14,023,420
742,071
3,221,176
$28,665,635
228,202,182
11,371,469
4,009,828
184,121
973,681
17,952,317
251,618,375
13,463,670
2,924,405
266,591
1,636,067
13,597,583
323,679
2,785,976
799,021
"3,334,480
"l,635,264
20,512,792
21,387,798
2,920,817
3,517
1,053,465
18,864,537
5344,419.113
$343,881,754
$315,000,590
9. Minneapolis
10. Kansas City.
Dallas
12. San Francisco
Grand total
Increase for month, $537,359; increase for year, $29,418,523.
ACCORDING
TO
NATURE
hand
and
balance
the
repaid during the next six months and that all such loans will be
retired within the next year.
All borrowing for periods of longer than 13
months will be from the FFMC.
The foregoing arrangement permitting the
banks to retire outstanding
ticipation of heavy liquidation of loans during the coming months.
to
The
bonds callable
borrow from the FFMO
at
or
this
few
next
years.
The Governor said that delinquencies in the farm loan system have shown
a
steady decrease ever since the low point of Dec. 31, 1932 when the loans
in good
standing
47.4% compared with 87.2% in good standing on
were
Aug. 31. 1937.
♦
Value of
Commercial
Paper Outstanding as Reported
by New York Federal Reserve Bank—Total of
$331,400,000 Sept. 30 Compares with. $329,000,000
Aug. 31
The Federal Reserve Bank of New York issued
the
following
showing the
outstanding on Sept. 30:
announcement
commercial paper
OF CREDIT
years
no
time, retiring the obligations thus created from excess cash collected during
the
1. Boston
2. New York
on
plan will also enable certain of the banks which have
Aug. 31, 1937
Sept. 30, 1937
$71,911,540 it is planned to
cash
It is expected that the majority of all commercial bank loans
maturing during the next few
Federal Reserve District
from
borrowings from commercial banks and the Federal Farm Mortgage
4 and 4obligations, according to the Governor's statement, is in an¬
DOLLAR ACCEPTANCES OUTSTANDING—UNITED STATES
—BY
11.
statement
by the FCA:
the past year.
and domestic warehouse credits
BANKERS'
1, Says Governor Myers of FCA
"Federal Land Bank bond issues callable Nov. 1 amount¬
of
hope that this method of illustrating the application of Rule GB2 will
The
a
The foregoing examples are merely illustrative
of the characteristic
not intended to
1
Nov.
security of X Corp., in furtherance of the distribution in
which A is interested.
prove
$71,911,540 of Federal Land Bank Bonds to Be Called
and Retired—No Refunding Offering to Be Made
Co. is restrained by the rule from effecting any sale or delivery
&
after sale of the
some
performing
Moreover, after having performed any of such
2479
Chronicle
on
total
Oct. 14
value
of
Reports received by this bank from commercial paper dealers show
Sept. 30, 1937
Domestic shipments
Domestic warehouse credits
Sept. 30, 1936
$126,859,052
76,537,035
Imports
Exports
Aug. 31, 1937
$133,444,501
1,635,012
$107,065,217
64,111,895
9,787,166
55.965,483
2,213,252
69,381,347
75.857,577
71,257,827
10,124,461
58,038,606
11,377,560
-
•*61,913,036
1,328,703
Dollar exchange.
—
Based on goods stored In or shipped
between foreign countries
66,403,727
total of $331,400,000 of open market paper outstanding on
^ This figure for Sept. 30 compares with $329,000,000 out¬
standing on Aug. 31 and with $197,300,000 at the close of
September, 1936. Below we furnish a two-year compilation
of the figures:
1936—
1937—
Sept. 30
BILLS
HELD
BY
Own bills
.$147,513,776
126,946,782
Bills of others.
.
Nov. 30
Feb.
$331,400,000
329,000,000
31
324,700,000
30
284,600,000
31..— 286,900,000
30
285,000,000
31
290,400,000
28
267,600,000
Jan.
31
July
June
May
Total
.
i
—
$274,460,558
Increase for month, $11,299,745.
CURRENT MARKET RATES ON PRIME BANKERS ACCEPTANCES
OCT. 13, 1937
Dealers'
Days—
30
Dealers'
Buying Rate Selling Rale
Days—
Buying
7i«
60
90-..-
120
716
716
H
The
Dealers'
150
H
180...
Rate
H
following table compiled by
Selling Rate
May 30
Jan.
June 30
Feb.
July
Aug.
Sept.
Apr.
May
$327,834,317
362,984,286
Nov. 30
387,373,711
Dec. 31..... 396,957,504
1936—
Jan.
31
Feb. 29
Mar. 31
Apr. 30
384,146,875
376,804,749
359,004,507
343,694,299
Oct.
Nov.
Dec.
$330,531,460
316,531,732
31
315,528,440
31
308,112,141
30
315,000,590
31..... 330,205,152
30
349,053,490
31
372,816.963
Mar.
JUne
July
Aug.
Sept.
30
$387,227,280
401,107,760
31
396,471,668
30..... 395,031,279
29
385,795,967
30
364,203,843
31
351,556,950
31
343.881,754
30
344,419,113
27.....
Offering by Virginian Joint §tock Land Bank of $1,300,000 of 3% Farm Loan Bond*—Proceeds to Be Used
to Retire
Outstanding 5% Issue
A
refunding issue of $1,300,000 of 3% farm loan bonds,
due Nov. 1, 1942, optional Nov. 1, 1999, of the Virginian
Joint Stock Land Bank of Charleston, W. Va., was offered
on Oct. 14
by a banking syndicate comprising E. H. Rollins
&
Change in Third Quarter After Declining in First
Half of Year, According to Board of Governors of
916
916
1937—
31
May
Apr.
243,800,000
Loans and Investments of Member Banks Showed Little
Federal
Sons,^ Inc., Halsey, Stuart & Co., Inc., Robinson & Co.,
Reserve
"Bulletin"
us,
1936—
July
June
Mar.
9,6
Sept. 30
Oct.
Apr.
Mar.
Oct.
Sept.
Aug.
$215,200,000 Feb. 20..—$175,600,000
191,300,000 Jan. 21
177,721,250
1935—
31
198,800,000
30
197,300,000 Dec. 31.
171,500,000
31
205,200,000 Nov. 30..— 178,400,000
31.-.-. 187,600,000 Oct. 31
180,400,000
30.--. 168,700,000 Sept. 30
183,100,000
31..— 184,300,000
30
173,700,000
31
180,200,000
Dealers'
furnishes a record
of the volume of bankers' acceptances outstanding at the
close of each month since Sept. 30, 1935:
1935—
1936—
Dec. 31
Aug. 31
ACCEPTING BANKS
a
Sept. 30, 1937.
Meet
System—Comment Presented in
Open Market Committee to
Action of
on
Seasonal
Needs
Following three years of substantial growth, total loans and
investments of
weekly reporting member banks in leading
this year and showed
little change in the third quarter,"reported the Board of
Governors of the Federal Reserve System in the October
number of its "Bulletin."
Loans by the banks have in¬
creased steadily since early this year, according to the
Board, while investments have shown a continuous decline.
Deposits, other than those of the United States Government,
have also declined somewhat at banks in leading cities.
In
cities
"declined in the first half of
its "Bulletin" the Board stated:
Most of the decrease In investments has been in holdings of United States
New York City banks, but holdings of other
Government obligations at
securities have also declined
at New York
The
both at reporting banks in other cities and
City banks.
continued expansion in the volume of loans by reporting member
banks in leading cities has been in loans extended
trial and agricultural purposes.
for commercial, indus¬
These loans increased by about $450,000,-
000 from June 30 to Sept. 22, 1937, of which about $160,000,000 occurred
Inc., Nichols, Terry & Dickinson, Inc. and Ames, Emerich
at banks in New
& Co., Inc., at 100 and interest to yield 3%.
The proceeds
of the sale of these bonds, together with $267,200 of the
during the depression, have had an almost uninterrupted growth since the
bank's
cash, will be used to retire all of the 5% bonds re¬
maining outstanding, amounting to $1,567,2CK), callable
Nov. 1, 1937, effecting an annual interest saving of $39,360.
The bank will have retired $2,204,300 of 5%. bonds during
1937, without recourse to refunding.
The Virginian Joint Stock Land Bank was chartered
(No. 2) under the Federal Farm Loan Act May 7, 1917, to
operate in Ohio and West Virginia.
Through mergers, the
bank holds mortgages in Ohio, West Virginia, Virginia,
Michigan and Indiana, the bulk of the loans being in Ohio
and West Virginia.
York City.
Loans of this type, which declined sharply
early part of 1936, beginning first in the larger cities and then spreading in
the first half of the current year to country
banks.
Notwithstanding this
growth, commercial, industrial and agricultural loans of member banks
are
still little more than one-half of their volume in the late 1920's.
In
the
past, commercial, industrial and agricultural loans at banks in
leading cities have shown a tendency to increase substantially during the
months of September and
October.
loans during the autumn at these
Although the upward movement in
banks is
common to
all sections of the
country, it has unually been most pronounced in New York City, owing
largely to increased trade
cities in the agricultural
St.
requirements at
sults
in
an
additional
that time of the year, and in
sections, chiefly in the districts of Atlanta, Dallas,
Louis and Minneapolis,
where the fall crop movement ordinarily re¬
demand for loans.
This substantial
seasonal
de¬
mand for loans coincides with the autumn increase in the demand for cur-
Financial
2480
Chronicle
20,1937.
funds at that time.
The Treasury
The Board said that the
principal monetary development
September was the announcement of the Open Market
Committee of Sept. 13, of a program of supplying member
with
seasonal
additional
with
funds
reserve
which
to
taxation,
credit demands.
This announce¬
Committee, which provided for
of gold from the Treasury's in¬
active fund, and the purchase of short-term Government
seasonal
demands,
1826.
In com¬
meet
our issue of Sept. 18, page
the announcement, the Board of Governors of
the Reserve System comment in the "Bulletin" as follows:
referred to in
was
menting
any tax now or
the fact that member banks in coining weeks will be called
for
demand
seasonal
currency
upon
relatively small in August and the early part of September, and some banks
York were borrowing funds from
New
in
at the
reserves
other
banks to maintain their
Member banks in leading cities have been
required level.
meeting a growing demand for commercial loans, and in their adjustment
this
to
demand
they have continued slowly to reduce
of
an average
level of about $770,000,000 from the middle
August to the middle of September.
the
Following the announcement of
Open Market Committee, the Treasury proceeded at once to release
$300,000,000 of gold from inactive account, and in the following 10 days
increased to over
reserves
excess
000,000 on Sept.
bursements in
Sept.
on
banks,
this account to
raising
$410,-
of cash receipts resulted in a rapid reduction in Treas¬
the Reserve banks.
The Treasury had bill maturities
17 and 18 of $350,000,000 and large interest payments,
16,
well as cash
sues
Reserve
During the following two weeks Treasury cash dis¬
13.
excess
deposits with
ury
on
Federal
the
with
15.
and
disbursements
payments for
newly received gold,
were
addition,
as
amended,
and
this
notice
Says 9-Power
Treaty
Conference
The President intimated that the session, if successful, might prove to be
in the broad program he outlined in his recent Chicago speech,
Mr. Roosevelt declined any specific comment, however, on the possible
future peace policy of the
that
considerably
United States.
He said at his
press conference
anything written on the subject would be purely guesswork.
The President referred all questions
service
regarding the wounding cf American
Shanghai to the Department of State in Washington.
at
men
had nothing to say
He
regarding the country's present neutrality law.
Mr. Roosevelt said that he had not yet considered the appointment of an
American delegate to the nine-power conference because the United States
has received no formal invitation to the session.
The President lunched with Joseph P.
time Commission, to discuss
Kennedy, Chairman of the Mari¬
Shipping Board matters.
Mr. Roosevelt said that he had
plans for
no
any
extended trips this fall.
He hopes to go to the infantile paralysis foundation at Warm Springs, Ga.,
for Thanksgiving,
The
These public-debt transactions, together with regular
larger than total receipts, including quarterly income tax collections.
but said he might be there only overnight.
wounding of the two Americans is referred to in
an¬
other item in this issue.
In
part of the regular Treasury bill issues of Sept. 22 and 29 to
a
banks
replace maturities were sold to
for cash,
as
redemption of notes which were not exchanged for the new is¬
Sept.
of
of its posses¬
President Roosevelt was yesterday (Oct. 15) reported as
saying that the nine-power treaty conference to be held at
Brussels would seek to settle the Sino-Japanese conflict
through mediation.
United Press advices from Hyde Park,
N. Y., from which we quote, added in part:
$1,000,000,000.
The entire amount of inactive gold released was placed to the Treasury's
account
or any
Would Seek to Aid Sino-Japanese Conflict Through
Mediation
declined in the latter part of
July and the early part of August from over $900,000,000 to about $700,000,000, were at
to
in which he said America "actively engages in a search for peace."
Excess Reserves and Release of Inactive Gold
which
Circular No. 418,
Roosevelt
President
the first step
Excess reserves of member banks,
hereafter imposed by the United States
Department
Treasury
their holdings of
investments.
invited
is
issue.
to meet
and credit out of a reduced volume of
Excess reserves of member banks in money-market centers were
(Attention
sions.
The recent action of the Open Market Committee was taken in light of
a
inheritance taxes.
prescribe the terms of the Treasury bills and govern the conditions of their
on
reserves.
and
estate
No loss from the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized, for the purposes
of the Open Market
the release of $300,000,000
sufficient amount to
except
gift tax.)
ment
securities in
any
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
meet
and
currency
bills will be exempt, as to principal and interest, and
gain from the sale or other disposition thereof will also be exempt, from all
in
banks
1937
16,
Federal Reserve banks in cash or other immediately available funds on Oct.
for circulation and adds to the demand of member banks for reserve
roncy
Oct.
thereby permitting
a
on
a
book credit basis instead of
Pulaski
Roosevelt in
President
further reduction of Treasury balances at
Poland
Describes
for
Memorial
Day Address
Champion of
Burial of Body of
Centuries
the Reserve banks.
as
Freedom—Speaks Incident to
Kryzanowski in Arlington National Ceme¬
tery—President Commits United States to Ideal
Gen,
Tenders of $134,079,000 Received to Offering of $50,000,000
of
273-Day Treasury Bills Dated Oct. 13—
$50,103,000 Accepted at Average Rate of 0.429% !
A total of $134,079,000 was tendered to the offering of
$50,000,000, or thereabouts, of 273-day Treasury bills,
dated Oct. 13, 1937, and maturing July 13, 1938, it was
announced
on Oct. 11 by
Henry Morgenthau Jr., Secretary
Treasury. Of this amount, the Secretary said, $50,103,000 was accepted.
The tenders to the offering of Treasury bills were received
at the Federal Reserve banks and the branches thereof, up
of the
to 2 p. m.,
Eastern Standard Time, Oct. 11.
Reference to
the
offering was made in our issue of Oct. 9, page 2316.
following regarding the accepted bids is from Secretary
Morgenthau's announcement of Oct. 11:
The
Total applied for, $134,079,000
Total accepted, $50,103,000
Range:
High
99.704—Equivalent rate approximately 0.390%
Low
99.666—Equivalent rate approximately 0.440%
Average price 99.675—Equivalent rate approximately 0.429%
(38% of the amount bid for at the low price was accepted.)
New
A
offering of 273-day Treasury bills to the amount of
$50,000,000,
Would
address
Substitute Freedom for
on
cassion of the President's remarks had to do with the burial
that
day of the body of the General in Arlington National
Cemetery, following its removal from Brooklyn, N. Y.
In
concluding his address stated that "of many bloods and of
diverse national origins, we stand before the world today as
one people united
in a common determination.
That de¬
termination," he added, "is to uphold the ideal of human
society
the ideal which would substitute freedom
for force in the governments of the world."
The President's
.
.
address follows:
Mr. Chairman, Mr.
Ambassador, ladies and gentlemen:
In the epic struggle
turies
been
has
the
of freedom.
champion
whether her sun shone brightly or
nounced
and unbroken
on
Oct. 14 by Secretary of the
Treasury Henry
Morgenthau Jr.
The tenders will not be received at the
Treasury Department, Washington.
The Treasury bills will be sold on a discount basis to the
highest bidders.
They will be dated Oct. 20, 1937, and will
mature on July 20, 1938, and on the
maturity date the face
amount will be x>a,yable without interest.
There is a ma¬
turity of similar securities on Oct. 20 in amount of $50,015,-
In his announcement of Oct. 14
had the following to say:
000.
Secretary Morgenthau
tender
for
an
amount
less
than
tender must be in multiples of $1,000.
on
the basis of
100, with not
more
$1,000
will
be
considered.
Each
The price offered must be expressed
than three decimal places, e.g., 99.125.
Fractions must not be used.
10% of the face
Tenders from others must be accompanied by a
deposit of
amount of
accompanied by
or
Treasury bills applied for, unless the tenders
an express
guaranty of payment by
an
are
incorporated bank
trust company.
Immediately after the closing hour for receipt of tenders
or
on Oct.
18,1937,
branches thereof up to
the closing hour will be' opened and public announcement of the
acceptable
prices will follow
morning.
reject
as soon
as
possible thereafter, probably
The Secretary of the Treasury expressly
any or
all tenders
or
on
reserves
the following
and
a
friendship with the people of Poland.
half of
our
life
as
Poland have maintained
General
a
a
Kryzanowski,
another link to bind
Those sub¬
tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at the
From the days of our
us
nation, the American people and the people of
friendship based
whose
to
the
this common spiritual ideal.
upon
patriotism
commemorate
we
today,
is
people from which he came in the full tide
of youthful promise when shadows lay over the land which gave him birth.
It is
a
high privilege to bear witness to the debt which this country owes to
of
men
intrepid
very
to
Polish
blood.
champions
names
are
Gratefully
of human
watchwords
we
acknowledge the
freedom—Pulaski
us
to
bid
of liberty and
and
services
of
those
Koscuiszko—whose
whose deeds
part
are
of
the
Out of the past they speak
guard the heritage which they helped to bestow.
us
They and the millions of other
have united their destinies with
men
and
women
of Polish
blood
who
those of America—whether in the days of
colonial settlement, in the war to attain independence, in the hard struggle
out of which
emerged
our
national Unity, in the great journeyings across the
Western plains to the slopes of the Pacific, on farm or in
upbuilding of
These
are
our
fulfillment of
our institutions and to the
the
was
town or city—
history they have made their full contribution
thoughts and reflections that
come to mind
faithfully served the country of his adoption.
the embodiment of the Polish ideal of
of Polish national life.
He whom
liberty.
today
a son
General
as
we
of Poland
Kryzanowski
Into the making of that
and the vicissitudes of
we
the
to
our national life.
consign to Arlington National Cemetery the honored dust of
who
a
thousand years
honor today, no less than those of his
blood and kindred who preceded him to America or who followed him
our
shores, brought to
us,
and
with
us
became partakers in,
a
to
common
aspiration of freedom.
Neither
the right to
parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final.
mitting
suffered long though temporary eclipse,
hold this ideal of liberty in common, ours has been a long
ancient ideal has gone the struggles
all tenders received at the Federal Reserve banks
cen¬
storm
struggle to achieve nationhood, unbroken by any rift through the century
companies and from responsible and recognized dealers in invest¬
ment securities.
and
stress
fought to hold aloft the torch of human liberty.
we
through all of
Tenders will be accepted without cash deposit from
incorporated banks
and trust
ever
Because
Through
imperishable record of American independence.
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100,000, $500,000, and
$1,000,000
(maturity value).
No
she has
•
of the human race to govern itself, Poland for
thereabouts, to which tenders will be re¬
ceived at the Federal Reserve banks, or the branches
thereof,
up to 2 p. m., Eastern Standard Time Oct. 18, was an¬
or
Force
Pulaski Memorial Day,
Oct. 11, President
Roosevelt, commenting on "the epic struggle of the human
race to govern itself," referred to Poland as "for centuries the
champion of freedom."
The observance of the day was in
commemoration of the death of Gen. Casimir Pulaski, and
in his address the President paid tribute not only to Gen.
Pulaski
and Gen.
Koscuiszko
but also
to
Brig. Gen.
Wladimir B. Kryzanowski, a Pole who fought in the Union
Army in the war between the States.
The particular ocan
.
Offering of $50,000,000 or Thereabouts, of 273-Day
Treasury Bills—To Be Dated Oct. 20, 1937
new
which
In
time
nor
distance
could
erase
from
stout
Polish
hearts
the
memory
of
our own
day and generation in the restoration of Poland to nationhood and
to
a
glorious struggle for liberty,
a
her rightful place as a sovereign State.
pirations to freedom
so
we
struggle which happily ended in
As
we
sympathized in her
rejoice in her attainment of independence.
as¬
Volume
We
Financial
145
nation seek
as a
spiritual union with all who love
bloods and of diverse national origins we
freedom.
stand before the world
Of manytoday as
That determination is to
makes conscience superior to
people united in a common determination.
one
society which
the ideal of human
uphold
for force in the
strength—the ideal which would substitute freedom
brute
governments of the world.
proclamation issued by President Roosevelt calling for
the observance of Pulaski Memorial Day was given in these
Gov. Lehman had likewise
for fitting observance in
memory of Gen. Pulaski.
In New York City a parade in
which 30,000 persons of Polish descent participated was a
Sept. 25,
1996.
page
(on Oct. 5) proclaimed the day one
feature of the
The
ernment to own a
long
day.
It probably is belter,
building than to rent a
run.
All
of
architecture
the simpler
to
time has
same
Government on the people
of them were built during an un¬
many
sure,
think that we have re¬
practical architecture, which at
but in these latter years we
forms, returned to
beauty.
And during these past
of unemployment
perpetrated by the
To be
fortunate period of art,
turned
scattered the most terrible mon¬
States there are
the United
over
strosities
the
building is, of course, need.
in most cases, for the Gov¬
building.
It saves money in the
principal criterion for putting up a new
The second is economy.
of the United States.
A
columns
2481
Chronicle
because of the situation
enabled to bring into the
peoprn who otherwise might have been out
much credit is due for the improvement
four or five years, partly
in the nation, we have been
government service many, many
To them
doing private work.
buildings in everv county and every
of the architecture of all Federal
State
of the United States.
Issued
Proclamation
President
by
Congress in Extra Session
Roosevelt
Nov. 15
Calling
a
as
His five pro¬
follows in Associated Press ad¬
Crop production control to
"build an all-weather farm program so
elsewhere in this issue of our paper.
is given
posals
were
summarized
vices from Washington:
1.
that in the long run
2.
Wage
and
workers actual buyers of billions
3.
products."
natural resources, prevent floods and
of dollars of industrial and farm
Regional planning to conserve
produce electric power for general use.
4.
Government
5.
Stronger
In the
century machin¬
work more effectively."
anti-trust laws in furtherance of "a low price policy which
widest possible consumption."
the
same
advices it
was
said:
proposals foreshadowed bitter
The
The first four were leftovers from the
anti-momopoly recommendation
the
and perhaps prolonged controversy.
session which ended in August, but
was
new.
proclamation follows:
The President's
Convening the Congress in extra session
A Proclamation
of November,
of the United States *
day
such communication as may be made by
1937, to receive
by the time of the
become for a period the
.
capital of the State of New York.
It had become of sufficient importance
in 1788 to be the scene of the con¬
called
to
the ratification
on
pass
Only two blocks from here that
of the Federal Constitution.
convention met in the little old court house.
knew more about that convention 149 years
We do know of the terrific struggle that went on
ago.
tonians and the Hamiltonians; how,
would
have
been
between the Clinif New
for many weeks, it looked as
Federal Constitution.
York State would fail to ratify the
York had failed to ratify, this
in the difficult predicament
union of ours
of having about half of its
separated from the other half of its
members by the State of New York, not a member.
That is why it was such a matter of importance.
The deadlock, as most
of you know, was over the question of whether the Constitution should be
ratified in the absence of a Bill of Rights.
The people, even in those days,
were talking about freedom of religion and freedom of the press, just as
they are rightly doing it today.
And the Clintonian faction insisted that
the Constitution should not be ratified because it had no Bill of Rights in it.
members, the New England States,
Hamiltonian faction, to which,
incidentally, my great-great-grand¬
belonged as a member of the convention,
father
It took leadership on
difference.
much
said that it did not make
the part of the Dutchess County
the compromise that the State of New
York should ratify the Federal Constitution in full faith and confidence that
the Bill of Rights would be put in at the earliest possible moment.
That is how we New Yorkers came to be a part of the Union and that is one
delegates to suggest a compromise,
require that the Congress
should be convened in extra session at
of Federal Constitution
Ratification
community it became of sufficient Importance
a
Revolution to
The
by the President of the United
States of America.
Whereas public interests
this side, in this section, and
the banks of the river,
county form of government.
organizing a
began
As
the development of our earliest
back to the days when the first
began putting up mills on
began tilling the soil,
We know also that if New
reorganization to provide "twentieth
ery" to make the "democratic process
encourages
history that is concerned with
people came to the Hudson River on
white
I have wished much that Ave
"make millions of our lowest-paid
standards to
hour
a
only on its past but also on its
This city has a memorable
founding.
American civilization, a history that goes
vention
prices will be more stable."
this 250th anniversary of its
on
history,
proclamation issued Oct. 12 President Roosevelt
called a special session of Congress to convene Nov. 15.
Following the issuance of his proclamation the President in
the evening of Oct. 12 outlined the legislation he would seek
in a "fireside" chat; that speech broadcast from Washington
In
Poughkeepsie is to be congratulated not
future
12 o'clock, noon, on the 15th
reason
why, at the first opportunity, a
Bill of Rights was put in.
the Executive;
Roosevelt, President of the United
Now, therefore, I, Franklin D.
hereby proclaim and declare that an
of America, do
History of Poughkeepsie
States
extraordinary occasion
And
then,
Government, years
of the river, became the great granary of
If you will go back in the history of Poughkeepsie to
of the last century, you will find references to what you
after
the
organization of the Federal
United States to convene in extra session at
the Capitol in the City of Washington on the loth day of November, 1937,
at 12 o'clock, noon, of which all persons who shall at that time be entitled
to act as members thereof are hereby required to take notice.
In witness whereof, I have hereunto set my hand and caused to be
passed and this county, this part
affixed the Great Seal of the United States.
being formed to build
requires the Congress of the
Lord Nineteen
our
of the United
October, in the year
the Independence
One Hundred and Sixty-second.
Washington this 12th day of
Done at the City of
of
Hundred and Thirty-seven, and of
States of America the
FRANKLIN D.
ROOSEVELT.
York
Hull, Secretary of State.
City.
about the middle
and I would call "booms."
Mills
were
started up in different parts of the
Very few of us are old
who
are
People
"Rightly"
Discuss
of
Freedom
Religion and
President Roosevelt Says—Speaks at Dedi¬
cation of Poughkeepsie Postoffice—Refers to Argu¬
ments Regarding Bill of Rights When Constitution
Press,
Was Ratified
discussing freedom of religion
did at the time of ratification
of the Constitution, President Roosevelt said on Oct. 13 in a
speech at Poughkeepsie, N. Y., at a celebration marking the
laying of the cornerstone of a new postoffice.
The ceremony
was part of the festivities attending the 250th anniversary of
the founding of Poughkeepsie and of the 150th anniversary
of the adoption of the Federal Constitution.
Mr, Roosevelt
said that he appeared before the gathering "as one of your
neighbors," and he reminded his listeners of the argument
between the Hamiltonian and the Clintonian factions at the
New York convention to ratify the Constitution, pointing
out that his great-great-grandfather was a member of the
former group, which argued that it made no difference
whether a Bill of Rights was included in the Constitution
before ratification.
At that time, the President said, the
people "were talking about freedom of religion and freedom
of the press, just as they are rightly doing it today."
President's address fallows:
The
I
but as one of your
of
official capacity, not to
neighbors to take part in your
Before I say anything
out this matter
make a speech,
celebration.
the history of Poughkeepsie, let me straighten
not In an
have come today,
my
about
being an architect.
I think the easiest way to put
it is this: if, when
this new postoffice is
place and you good people of Poughkeepsie
chance to look at it, day after day, if, then, you like it, I will
credit in the world.
But if you don't like it when it is finished,
completed and the murals are in
have had a
take all the
why, I had nothing to do
with it whatsoever.
Government's New Buildings
As
a
about
matter of fact, what
the Secretary of the
government architecture
ernment
every
year
study. The Gov¬
buildings in order to conduct
is well worth further
builds a great many
government business more
Treasury has said to you
efficiently.
the
the
enough to remember those days, but most of us
long ago, a couple of decades, a little more
perhaps, one of our
about what we call
sion was
neighbors who had a vision. He had a vision
And we can remember the con¬
"New Market Street."
there at Main and Market
Streets before this exten¬
built.
whom we ought to honor and do
honor today planned the opening up of Market Street extension.
The
result of the opening up of this street gave him the vision, back in those
days, that at the head of the street, with a vista extending over many blocks,
there should be some beautiful building, well erected and a credit to the city.
And so, though he is gone, h}s dream is coming true today, and at the
head of New Market Street there will be what I hope you will say is an
In
those early
days James E. Sague,
architectural gem.
Yes, I am glad
I think always of Dutchess
a very close part of my life.
temporarily residing elsewhere, I get back
United States
seat as
And, although I am
you
this 250th anniversary
of the signing of the
County
Poughkeepsie, on the 150th year
Constitution of the
and its county
be here with my neighbors on
to
of the founding of
People today are "rightly"
and of the press, just as they
Organizations were
here can remember, not
gestion of traffic down
plans of the President to call a special
session appeared in our issue of Oct. 9, page 2318, in a
reference to the conclusion of his Pacific Northwest tour.
A reference to the
county.
railroads into various parts of the county, and in
early Seventies a group of citizens talked about the first bridge over
Hudson River.
Most of those plans were fulfilled.
than that
By the President:
Cordell
New
know, just as often as
keep on coming back
public business will let me,
here, as
and I am going to
and being your neighbor.
Public Support for Memorial
Christopher Columbus—Presidents
President Roosevelt Urges
Lighthouse to
American
Republics Indorse Beacon to
of
Other
Be
Erected in Dominican
On the occasion of the
of
America
by
Republic
445th anniversary of the discovery
Christopher Columbus, messages of nine
nations, including one from President
Presidents of American
Roosevelt,
were
broadcast from
Washington on Oct. 12
through financial contributions for the
Christopher Columbus Memorial Lighthouse. A site for the
lighthouse, which will be erected with the cooperation of all
the Republics of the Pan American Union, has been pro¬
vided by the Dominican Republic.
In his message, read by Under-Secretary of State Sumner
Welles, President Roosevelt praised the lighthouse project
as a
"great memorial which will ever serve not only as a
beacon both for aerial and marine navigation but also as a
constant reminder to the nations of this continent of their
essential unity of ideals, of interest and purpose."
The
urging public support
President's message follows:
It was a noble purpose
that inspired successive
of American
States to launch
memorial
Christopher
to
Columbus.
definite form and substance to
international conferences
and foster the idea of a great
The time now
this inspiring plan.
continental
has come to give
2482
Financial
Chronicle
Through the generosity of the Dominican Government, a beautiful site
has been provided and a world wide architectural
competition has furnished
of
the
within
Oct.
fluctuation.
same
the reach
We ought
1937
always to have enough food at prices
the consuming
of
16,
public.
a>design of surpassing beauty.
► The responsibility
The
with the governments and the peoples of
now rests
gation but also
their essential
^Similar
constant reminder
as a
from him the
to the nations of this continent of
That
unity of ideals, of interest and purpose.
we
of Bolivia, Chile, Cuba, the Dominican
Republic, Ecuador,
Haiti, Nicaragua and Venezuela, by their respective am¬
bassadors and ministers to Washington.
The messages
read
were
over
All
of
ning,
Republics of this continent.
Roosevelt
"Fireside
in
for
Chat"
Discusses
9-Power
on
Conference
in
Behalf
"fireside
chat,"
Columbus Day, Oct. 12,
broadcast
session
Nov. 15
Congress
on
on
issue), anil outlined
that
on
day calling
special
a
which
he
regards
as
prior to the regular session in January.
Measures
which he deems immediately needed by the
country as a
do
his recent tour
with
surplus
crop
planning,
dent
In
of
the
Pacific
Northwest have to
control, wages and hours, regional
reorganization, and strengthening of
government
anti-trust laws.
advance of
his Oct.
12 talk
the Presi¬
Oct. 9 gave out an announcement to
newspaper men
follows:
as
on
On next
will
Tuesday evening, at
make
which
visit
the
President
the
to
address.
an
West
The
desires
hour to be announced later, the President
an
address
be
will
make
to
branch
with.
.
which
that
(referred to elsewhere in
legislation
the
to
the
in
nature
of
recent
Coast.
In
his talk the President
that
"as
plan
we
toward the
today
higher
standards of
States,
we are aware that our
affected
noted
living
for
for
that
"by
series
a
the
the
creation
of
ever
may
outside
of trade
of his remarks
people of the United
be most seriously
plans
by events in the world
end
borders."
our
agreements,
He
have been
we
in
the world
that
borders
plays
but
falls
completely
into
the
our
that
chaos
disrupted."
made known
imporant
so
know
we
He
of
in
part
a
if
the
world
war,
observed
that
domestic
our
world
outside
will
trade
"we
our
be
have
conference
a
.
.
the
now
of
the
.
to cooperate with
our purpose
other
signatories to this treaty, including China and
Japan."
"Such cooperation," the President
stated, "would
be an example of one of the
possible paths to follow in our
search for means toward
peace throughout the whole world."
In his talk the President said
that
proposing
or judging national policies should have first-hand
knowledge of the Nation as a whole."
"That is why," he
said, "I have taken trips to all parts of the
country."
His
visit
to
the
Southwest
in
the
during the summer,
spring,
and
his
several trips
in
recently-concluded
the
average
easily
averages
of
the
prosperity"
is
the
sound
and
permanent
expense
He expressed it
"refreshing to
try and feel the
"They
want,"
of
prosperity
of any
is
section
go out
or
want
we
not
A few
paid
through the
major
any
with
the
Land
best
for his part
crops
however,
use,
quality and
type
30c.
prevent
crop
is
of
by abandoning
poor
wheat—with all
those
prices
the
from
a
a
land
in that total production.
is offset
We intend this winter to find
and
cultivated land,
by the cooperation of the
government.
growers
policy
we
now
have,
coming
with
or
be done
And
the
and
when
effects
have found
of
we
the national
have
found
alternating
the
way
to
that
protect
way
to
surpluses
the
session
local
of
of
Congress
people
will
the
originate
this work to be done in
will
course,
determine
reorganization
the
to
program
twentieth
this
of
vast
Congress last winter
democratic
process,
as
must give to the
we
century
machinery
the
does
not
people
some
It
work
machinery
conflict
say.
execu¬
to
government
with
the
only makes
efficiently.
more
to wages
as
and hours, the
President,
ever
its
on
seen.
dollars
will
actual
markets.
new
and most
permanent
week in wages, a better distribution of
jobs with a
a
day
find
to
doorstep the biggest
very
...
almost
buyers
overnight make
of billions
of
millions
dollars
of
of
lowest-
our
industrial
and
respect to his proposals for changes in the
laws, the President had the following to say:
have
anti-trust
the
laws,
be
to
but they have not
sure,
growth of many monopolies.
farm
monopoly—not
hurt
to
but
been
adequate
in order
.
our
free
to
anti¬
anti-trust laws
.
.
already studying how to strengthen
are
end
to
the
legitimate
business
of
Nation.
"These
important
together make
a
subjects,"
This
afternoon
Congress to
I
the
President,
"taken
And I
attain it
legislation is
In full, the President's speech follows:
sary."
the
said
for the immediate future.
program
know you will realize that to
do
this
I
have
issued
convene
in
order
proclamation calling a special
a
Monday, Nov.
on
to
give
neces¬
session
of
1937.
15,
the
to
Congress an opportunity to consider
important legislation before the regular session in January and to enable
Congress to avoid a lengthy session next year, extending through the
I
know that many enemies of
democracy will say that it is bad for
business, bad for the tranquillity of the country, to have a special session—
even
one
beginning only six weeks before the regular session.
But
of
I
the
into
have
But
is
national
legislators
I
of
affairs.
Congress is
democratic
affairs
sympathy with the point of view
unfortunate
an
Those
essential
an
government
legislation which
can
what
of
like
not
instrument
be
never
that
they
session
a
call
"politics"
democracy want to keep
democratic
of
considered
session to consider
recent
my
American people
tion,
do
government;
intruder
an
into
the
democratic nation.
a
shall ask this special
trip
through
immediately need.
immediately certain important
Nation
the
This does not
convinces
the
me
that other legisla¬
mean
to which
I am not referring tonight, is not an important part of
well-being.
But other legislation can be more readily dis¬
regular session.
national
our
intrusion
who
home.
at
the
had
never
Congress
our
and
cussed at the
Anyone charged with proposing or judging national policies should have
knowledge of the Nation as a whole.
firet-hand
That
is
country.
eral
why
Last
trips
in
the
across
again
this
the
East.
continent,
have
the
Now
and
I
year
spring I visited
I
trips
this
to all
This
just back
am
later
taken
Southwest.
from
I
autumn
I
to
pay
the
made
all
trip
a
hope
of
parts
summer
sev¬
the
way
annual
my
visit to the Southeast.
He
else
President
a
will
the
think
must
He
especially it is
not
duty to think in national terms.
a
only of this
but of future
year
when
years
someone
be President.
must
look
country,
He
beyond the
for
average
easily
averages
the prosperity
of
cover
danger
up
and
well-being of
of
spots
mean
again.
for
To
all
do
of
protect
the
farmers'
and crop scarcities,
food
supply
corn
that,
the
program
this
shall
the
from
also
effects
country be deceived by
depends
think
must
wasteful
on
and
poverty
is
And
is
of
out
us
the
built
want
kind
of
the
on
other
not
only
in
war
of
keeping
of
out
us
generations to
peace
is the
want
we
cooperative
day
this recent
me
to
be
pros¬
which
resources
can¬
search
today,
war
but
also
of
come.
sound
for
and permanent kind which
section
any
and
by
peace
or
the
any
group.
kind
which
nations
which
permanent
all
was
asked
to
state my
to the Pacific Coast
outstanding impression
and
back.
I
said
that
it
gained
seemed
understanding on the part of the average citizen
objectives and policies which I have just outlined.
yearp
of
fierce
through the radio
to school in
I
trip
the general
the broad
Five
discussion
the
and
think about
and
and
debate—five
moving picture—have
the Nation's business.
objectives have, by their
to
of
peace.
The
on
merely temporary
a
exploitation
kind of prosperity we want is the sound
not built up
temporarily at the expense of
very
Even
the
information
whole
Nation
those who have most attacked
criticism, encouraged the
understand
of
years
taken
the issues
mass
of
our
our
citizens
involved, and understanding,
to
think
of
approve.
Out
prices
the
The
.
us—to
believe
we
from
.
which
keeping
of
.
let
not
last.
He
land for diversified
4%c. cotton and 9c.
prices
back
Nation's
farmer
must
perity
not
to
make
They
budget kept out of the red.
crop
government
The
more
check
■the
help of the
each
farmers themselves want to
cooperate to build an all-weather farm
so
that in the long run
prices will be more stable.
can
last
kind of
industry has searched the outside world
workers
We
to
available,
can
new
crop
poor land—
or
the
providing
uneconomically farmed.
way to prevent
disaster those
ever
good land
and
of
Adding good
land
plan¬
instability.
President, referring to the needs of the farmer inci¬
dent to the production of
crops, said "they want government
help in two ways: first, in the control of
surpluses, and
second, in the proper use of land."
He likewise said:
Crop-surplus control relates to the total amount of
controlled
system of
With
coun¬
shining."
all
the
working
trust
The
on
Coulee
products.
he
in the whole Nation
Grand
budget limits.
twentieth century
any
create
can
shorter
up
group."
any
said, "the financial budget balanced,
these American
people.
But they want the human
budget
Balanced as well."
grown
year,
pastures.
green
the
at
which
the
Congress,
the
by
part, said:
For
built
wisdom that the time to
repair the
common
roof is when the sun is
the
kind which
temporarily at the
as
of
country "for
danger spots of poverty and insta¬
cover up
bility," Mr. Roosevelt said "the kind
new
business-like
the
to
in
to
as
This
his utterances
But, it
trip
across the continent were noted
by the President, who indi¬
cated that later this autumn he will
pay his annual visit to
the Southeast.
Stating that the President "must look be¬
yond the
regions.
work
market it has
"anyone charged with
East
in
more
national
a
year
today.
recommended
regions,
once
And,
summer.
willingness to attend
solution," he said, "it is
a
use
we
at
thousands of other families
the
parties to the Nine-Power Treaty of 1922.
The pur¬
pose of this conference will be to seek by agreement a solu¬
tion of the present situation in China."
"In efforts to find
that
I
planning
proposed
American
attempting to recreate the trade of the world—that trade of
prosperity;
of
care
chance
of course,
selected within
.
process
We
stated
second
a
recommendations
of
.
I
In
report
following his
country
a
of
needs,
why
seven
To carry out
necessary
result of
of
principle of the
him
of
Washington
therefore, assumes
willing farmers.
As to his proposals anent the reorganization of the execu¬
tive and administrative departments .of the
government, the
President said:
of
President Roosevelt referred to the
proclamation issued by
this
from
is
particular
tive
his
kind
work
this
that
projects to be
China
In
for
valleys to take
more
same
coordinate
their
Special
Session—Says Tour of
Northwest Shows Need of New Farm
Legislation,
Wage and Hour Bill, Regional Planning, Govern¬
ment
Reorganization and Anti-Trust Measures—
Comments
add
chance
greater foresight than
a
And
creation
Legislation
Idaho,
western
second
a
need the
and
President
as
He similarly referred to the wTork
Dam, and, in part, added:
nation-wide broadcast and sent by short¬
a
to the other
wave
following statement:
in
propose to
who
read from the Presidents
were
valley
importance
urging public support for the memorial
messages
in other American countries
irrigation work in the Boise Valley in Idaho, wit¬
by the President during his recent trip, brought
nessed
the American republics to make available the funds for this
great memorial
which will ever serve not only as a beacon both for aerial and marine navi.
that
in
of
that
process
our
process
we
have
we
have learned to
learned
to
feel
ourselves
history, each section of America
people shall
be
my
people."
says
a
to
as
a
Nation.
Nation.
every
As
And
never
other section,
out
before
"Thy
Volume
Financial
145
from
there
and
the
than
cents
for
effect
been
good year—better
a
found particular optimism about the
from the steady spending by
I went I
is expected
which
largest farm income in many years.
have
we
many
business
on
fanners of the
But
in dollars
years—far better in the soundness of its pros¬
country this has
everywhere
And
perity.
good
of
most
not
this pros¬
United States were checked in their
prevent future piling up of huge agricultural surpluses and
the tumbling prices which inevitably follow them.
They were checked in their efforts to secure reasonable minimum wages
and maximum hours and the end of child labor.
And because they were
the
of
to
checked,
chasing
in
groups
many
and
power
of the country still have less pur¬
parts
many
lower standard of living than the Nation as a
a
these
realize
Americans
That is why
facts.
the
they
contrary,
regard
it
the
as
effective form
most
self-help.
wanted
and
railroads
'
'
.>
0
:
the roof is when the sun is shining.
the financial budget balanced, these American people.
But
budget balanced as well.
They want to set up a
economy which
balances itself with as little government subsidy
They want
the human
want
national
for they realize that persistent subsidies ultimately
possible,
as
their
They
they
that every detail be immediately right than
They know that just so long as we are
less concerned
are
that direction be right.
are
hit
we
bankrupt
government.
traveling
"thank you
a
occasionally
the right road, it does not make much difference if
on
That
is
Agriculture
of
overwhelming majority
our
citizens who live by agriculture are
clearly how they want government to help them in connection
very
the
time,
production of crops.
to open
irrigated acres.
up new
business-like
-
in
as
to
session of the Congress the
which local people will originate
done in
work of this kind to be
The Congress will, of course, determine the
budget limits.
■ "''-M"*•' ■'
the
within
Government
projects
:
-
Reorganization
twentieth centu,ry program, we must give
To carry out any
and
of planning
system
to the last
regions,
recommendations
selected
be
the executive
machinery to work with.
I
recognize that democratic processes are necessarily and, I think, rightly
slower than dictatorial processes.
But I refuse to believe that democratic
processes need be dangerously slow.
For many years we have all known that the executive and administrative
departments are a higgledy-piggledy patchwork of duplicate responsibilities
and
overlapping powers.
The reorganization of government machinery
which I proposed to the Congress last winter does not conflict with the
principle of the democratic process, as some people say.
It only makes
that process work more efficiently.
On my recent trip many people have talked to me about the millions
of men and women and children who still work at insufficient wages and
branch
the
of
government twentieth century
long hours.
it
industry has searched the outside
create
can
its
on
world to find new markets—
and most permanent
doorstep the biggest
very
It needs the reduction of trade barriers to improve
market it has ever had.
foreign markets, but it should not overlook the chance to reduce the
trade barrier right here—right away—without waiting for any
its
domestic
treaty.
few
A
dollars
more
week in wages, a better distribution of
a
will almost overnight make millions of our
shorter working day
jobs with a
lowest-paid
buyers of billions of dollars of industrial and farm products.
That increased volume of sales ought to lessen other costs of production
workers actual
the total amount of any major crop
grown in the whole Nation on all cultivated land, good or bad—control
by the cooperation of the crop growers and with the help of the gov¬
relates to
control
Crop-surplus
more
a
planning
seven
their particular regions.
but
They want government help in two ways—
first, in the control of surpluses, and second, in1 the proper use of land.
The other day a reporter told me he had never been able to understand
why the government seeks to curtail crop production and, at the same
with
needs
recommended
I
why
of
American
thinking
work
coordinate
and
over
marm."
Government Help for
The
workers in
greater foresight than we use today.
days when the financial institutions
out through the country and feel the common wis¬
It is refreshing to go
dom that the time to repair
Mississippi,
•
this
of
had been
date
to
the
industrial
thousands of
All
dam
of
told me that almost half of the
spent for materials that were
giving employment and wages to
the eastern third of the Nation, 2,000
in charge
engineer
that
east
miles away.
to
out in 1933, bailed out by the gov¬
being bailed
were
ernment.
they
The
of
cost
government ought not do—people who got all they
government back in the
from
the
whole
manufactured
people talk
bored sitting in Washington hearing certain
about all that
and talk
of
\ -V.'
,■
Sometimes I get
Idaho,
western
second chance for
a
as
Washington.
creation
On
organized
government as an interloper in their affairs.
do not look on
They
ask government not
they
has come back a long way.
stop governing simply because prosperity
to
in
valley
importance
whole
permanently allow.
can
therefore, assumes at once a national
willing farmers.
And, year by year,
propose to add more valleys to take care of thousands of other families
who need the same kind of second chance in new green pastures.
The other illustration was at the Grand Coulee Dam in the State of
That
we
must be done to make
done all that
yet
people
The
stable.
perity
efforts
includes
strip which
Mexico—a
that runs
the Canadian border
large portions of 10 States.
of the Nation all the way from
through the middle
to
They came from the dust strip
1,000 miles away.
moved
good in that valley today
Many of the families who are making
Prosperity Stable
Have Not Yet Done All to Make
For
2483 J
Chronicle
so
that
much
a
even
absorbed
considerable increase in labor costs can be
prices on the consumer.
imposing higher
without
ernment.
Land
Wage and Hour Legislation
is a policy of providing each farmer with the best
however,
use,
available, for his part in
that total
production.
Adding good new land for diversified crops is
offset by abandoning poor land now uneconomically farmed.
The total amount of production
largely determines the price of the
crop, ana, therefore, the difference between comfort and misery for the
I
quality and type of land we have, or can make
Let
farmer.
If
give an example:
were foolish enough to run every shoe factory 24 hours
me
Nation
could possibly buy—a surplus of shoes that would have to be destroyed, or
given away, or sold at prices far below the cost of production.
That
simple law of supply and demand equally affects the price of all our
day,
a
major
and
by
these
big manufacturers talk about control of produc¬
have heard
I
farmer
the
throw
indefensible "economy of scarcity."
an
as
manufacturers
same
plants,
never
hesitate
to
shut
down
their
And yet
huge
own
work, and cut down the purchasing power of
whenever they think they must adjust their production
out of
men
whole
communities
to
oversupply of the goods they make.
an
but
scarcity"
Of
mental
business judgment."
seriously, what you and I want is such govern¬
game that labor, agriculture and industry will produce
"sound
of the
rules
We
and
intend
To
farm program
this
believe
They
way
prices
mean
for
stable.
and the national budget kept out of
that in the long run prices will be more
so
be
can
all-
done,
when
the
effects
of
also
have
found
cf the
effects
We
the
ought
alternating
a
the
always
crop
and
surpluses
protect
to
the
to
to help the farmers to store up
way
scarcities, we shall
food supply from the
in years of plenty enough
in the years of scarcity.
the work
that
prevent
to
floods,
to
produce
electric power for more
general use, and to give people a chance to move from poor land on to
by irrigating thousands of acres that need only water to provide
better land
an
I
opportunity to make a good living.
saw
bare and burned hillsides where
forests
were
growing.
over
the
workers
building
water table
safety
and
a
They are now being planted
check-dams
few years
ago
great
to young trees, not
and small ponds and terraces to raise
and villages to remain in
they now
are.
souri, muddy with the topsoil
channels
deterrent
Would
Let
me
this type
In
the
irrigated
give you two simple illustrations
of why government projects of
have a national importance for the whole country.
Boise Valley in Idaho I saw a district which had
to
enormous
fertility so that a family can now
good living from 40 acres of its
land.
business
Anti-Trust
United
the
in
recovery
been recently
make a pretty
Laws
said, "The continu¬
States depends
far more upon
pricing policies, than it does on anything
policies, business
business
that
be done, or not done, in Washington."
may
Our
buys
be
Strengthen
country's leading economists recently
of the
one
of
■,
of living is a great
to business, and that business prosperity depends much upon a
policy which encourages the widest possible consumption.
business man knows that a high cost
The average
Ab
imposed upon business by private monopo¬
financial oligarchies.
and
lies
competitive system
quantity
large
any
is not altogether competitive.
Anybody who
of manufactured goods knows this, whether it
government or an individual buyer.
have anti-trust laws, to be sure, but they have not been
the
adequate
Whether or not they might have
adequate originally, interpretation by the courts and the difficulties
delays of legal procedure have now definitely limited their effec¬
We
to check
been
and
monopolies.
the growth of many
tiveness.
We
already studying how to strengthen our anti-trust laws
are
monopoly—not
end
I
to
hurt
but
to
gether, make a program
realize
that
to
business
legitimate
important
legislation
„
.
And I know you will
is necessary.
Conditions
plan today for the creation of
we
in order
of the
subjects, which, taken to¬
for the immediate future.
it,
attain
these
on
World
As
free
'
briefly
touched
have
ever-higher standards of living for
people of the United Slates, we are aware that our plans may
be most
the world outside our borders.
By a series of trade agreements we have been attempting to recreate
the trade of the world which plays so important a part in our domestic
seriously affected by events in
prosperity; but
the
chaos
Nor
of
can
we
war,
know that if the world outside our borders falls into
trade will be completely disrupted.
with indifference the destruction of civilized values
world
view
we
We seek peace not only for our generation but also
children.
them the continuance of world civilization in order that
throughout the world.
the
for
We
their
Regional Planning
before by
government's attitude toward
if there be any danger, comes not from
business but from restraints now
make it possible for farms
I saw the harnessing of the turbulent Mis¬
of many States. • And I saw barges on new
carrying produce and freight athwart the Nation.
where
make property more secure than ever
giving every family a real chance to have a property stake in the Nation.
Whatever danger
there may be to the property and profits of the
the
only
only to Btop erosion but to provide a lumber supply for the future.
I saw Civilian Conservation Corps boys and Works Progress Administra¬
tion
business nor to prevent them from earning a
Nation.
different thing.
I have just visited much of
the National Government is doing to stop soil erosion, to
policy is a
forests,
our
save
use
them out of
put
profit.
government is trying to
to
Land Use Policy
land
Our
by maintaining standards
In spite of the alarms of a few who seek to regain control
American life, most business men, big and little, know that their
decent
crop
Nation's
have enough food at prices within the reach of
For the consumers in the cities of America we
to
public.
avoid hardship
to
way
fluctuation.
same
consuming
must find
found that way to protect the farmers' prices from
have
we
and agree with
already understand
business
Most
the red.
'And
men
and hours far inferior to other sections of the country.
men, big and little, know that their government neither
of wages
ance
an
business
They agree also that no one section of the country can perma¬
nently benefit itself, or the rest of the country,
9c. corn
all of us—
build
buy
to keep our factories and
other articles necessary
far-sighted
this policy.
to prevent 4^c. cotton,
disaster these
the farmers themselves want to cooperate to
do that,
weather
a
again.
coming back
ever
find
to
all the
wheat—with
30c.
from
winter
this
maintain a decent standard of living or to
to
and
fully running.
think
low-price
without waste.
balanced abundance
a
I
enough
clothes
food,
farms
speaking
course,
who
make
not
But right
for all labor.
fully adequate pay
in
greatly concerned in increasing the pay of the lowest-paid
are our most numerous consuming group but who today
most
am
many,
baby who has the measles, they call it not "an economy
When it is their
of
do
the
believer
firm
a
labor—those
wants
crops.
You
tion
days a week, we would soon have more shoes than the
seven
I
now
Americans
we
am
generation
seek
for
of
our
American civilization may continue
achievements of civilized
I
from
want our
war
wished for.
to be invigorated, helped, by the
and women in the rest of the world.
great democracy
is not
suspicions,
men
to be wise enough to realize that aloofness
promoted by unavvareness of war.
be affirmatively reached
It cannot'just be waited for.
peace
must
In
for.
a
It
world of mutual
cannot just be
2484
Financial
Chronicle
Proposed Nine-Power Conference for Solution of Situation in China
We have
which
the
we
are
will
ence
made known
now
parties to
be
Nine-Power
willingness to attend
of
Washington,
injury.
of
"In
original signatories.
The purpose of this confer¬
by agreement a solution of the present situation in
seek
China.
In efforts to find that solution it is our
purpose to cooperate
the other signatories to this treaty,
including China and Japan.
Such cooperation would be an example of one of the
possible paths to
follow in our search for means toward
peace throughout the whole world.
The
development of civilization and
by
tions
of
certain
of
human
welfare
fundamental
is
based
decencies
in
in
their relations with
Ultimately
these rules
I
of
Meanwhile,
close
to
to
hope
each
remember
world
each
The
that
and
events,
common
that
from
in
the
sense,
"America
America actively
the
accept
fact
that
violations
1913
of
not
I
do.
to
of
America
America
war.
the search
in
engages
1921
agree
hopes
for
with
Powers
on
NLRB in
On Oct. 11 the United States
state¬
my
Therefore,
peace.
his term, be harrassed with
Dispute Under Wagner Act Affecting
Bethlehem Ship Building
Corp. and Newport News
Ship Building & Dry Dock Co.—Rulings on TVA
Commodity Exchange Act, Securities Act, &c.
personally was fairly
period, while I learned much of what
that
intelligence
hates
to
.
United States Supreme Court
Agrees to Pass
of
injury to the well-being of all nations.
an
do, I also learned much of what
ment
other.
will
nation
are
.
right to institute such
proceedings, and a public
beginning to the end of
proceedings to try his title."
v
conduct
Davis,
Mr.
denying Mr. Frizzell's suit:
important sense—every citizen and taxpayer is
very
officer might, from the
rela¬
other, and equally, the development of peace in the world
is dependent similarly on the
acceptance by nations of certain fundamental
decencies
a
same interest and the same
the
on
their
sense—in
a
.
each
with
individuals
but
1937
interested in the enforcement of the
laws, the administration of the laws,
and in having qualified officers to execute
the laws.
But that general
interest is not a private but a public
interesr.
That general in¬
terest is not sufficient to authorize a
private citizen to institute such
pro¬
ceedings; for if it was, then every citizen and every
taxpayer would have the
with
acceptance
district commissioner,
a
16,
in his argument placed his emphasis on
the failure of Mr. Frizzell to show
Justice Lamar said in his opinion
conference of the
a
1922—the Treaty
of the
one
to
our
Treaty of
Oct.
Congressional requirements for
Supreme Court consented to
the question of whether the National Labor Relations
pass on
for peace."
Board
legally conduct a hearing to determine whether
Shipbuilding Corp., Ltd., and the Newport
News Shipbuilding & Dry Dock Co. had
engaged in unfair
labor practices under the Wagner Labor
Relations Act.
A dispatch from
Washington Oct. 11 to the New York
"Times" regarding this and other
rulings by the Court on
the same day said:
can
the Bethlehem
United States Supreme Court Decides that
Petitioners
Questioning Hugo L.
Black's Elegibility
As
are
Associate
In Case to
terest
The United
motions
Justice
of
to Serve
Sufficient In¬
Without
Justify Proceedings
States
Supreme Court on Oct. II denied the
petitioners who challenged the right of
two
Hugo L. Black to assume office as an associate Justice of
the Supreme Court.
The motions, presented by Former
Federal Judge Albert Levitt, and Patrick
Henry Kelly, a
Boston attorney, were referred to in these columns
Oct. 9,
2322.
page
Associate Justice Black took his seat
the
on
This
New
was
Deal
handed
perhaps the most
Government's
important action
but through
program,
down,
consent
others
given
was
to
among
hear
a
by
the
the
Justices
300
procedural
or
The
Court
orders
question
in
the
against the Aluminum Co. of America, and to
reopen
case
attack in the lower Courts against the Federal
gold retriction
an
the
on
more
declined
to
consider
attacks
on
the
control
policy.
of
.
.
.
commodity
exchanges, thus upholding the New Deal.
Bench with the
reconvening of the Supreme Court a week
when the Court recessed after a session of less than
ago,
half
its
hour until
an
rulings
Oct.
on
Black took
Monday of this week.
11
part in the consideration
no
making known
the Court stated that
in which decisions
cases
In
orders
"Mr.
Justice
decision of the
or
this day announced."
Noting that the rejection of the effort to unseat Justice
Black was the Court's first
positive action at this term, the
advices from Washington Oct. 11 to the New
York "Herald
Tribune" continued in part:
The
petitioners who
thus
or
met
members of the bar of the
as
them
firmly that they had
Black and could show
no
no
failure
Neither the Levitt
nor
over his
.
the
brought their motions
.
It
was
this
on
finding that
Kelly motion alluded
source
to Justice Black's past
of the intense public con¬
appointment.
Two arguments
made
were
thus in
effect nullified his retirement.
Van De Vanter's retirement left
contended
that since Justice
passing the Ashurst-Sumners
no
Black
the Court
on
on the court, the
been
had
an
a
member
guarantees
petitioners
of the
full
Congress
to
pay
retiring
increase of the emoluments of the of¬
later appointed.
was
an
Besides alleging that Justice
place
Act, which
Justices, he had participated in
fice to which he
vacant
This, they stated made his seating
unconstitutional act.
Only two important
remain
avenues
denied in
minor case
a
important
affecting the Home Owners Loan
Corporation.
Without explanation,
at
the Justices declined to hear
a
Texas
aimed
case
upsetting last year's decision by which the Municipal
Bankruptcy Law
voided.
was
In the Bethlehem case the Labor Board
protests the action of
Court in granting
tions
of unfair
Court
in
hearings
The
a
District
a
temporary injunction postponing hearings on allega¬
practices in
the
upholding the lower
F'ore
River
court.
Sole
Yards
and
jurisdiction
the
on
First
the
Circuit
matter
of
rests with Circuit
Newport
Courts, the Board argued to the Supreme Court.
Shipyard contends that the Labor Relations Act
News
cannot
apply, on the grounds that the yard is not
engaged in commerce
a
business affecting commerce.
It also says that the course of the
NLRB in trying to conduct
hearings on allegations of unfair labor practices
will
disrupt peaceful relations with
naval
to
prove Justice Black ineligible.
In the
first place it was alleged that the
Ashurst-Sumners Act, under which Justice
Willis Van Devanter retired,
permitted him to retain his judicial status
and
was
an
or
based.
membership in the Ku-Klux Klan, the
troversy
.
injury therefrom.
was
A review
are
Supreme Court, but the Chief Justice told
judicable interest in the seating of Justice
the Court's denial of the motions
Reject Bankruptcy Law Test
Along with the labor statues, the Court agreed to review
case concerning picketing.
open
vessels.
Fourth
arguments
employees and delay construction of
Virginia Federal District Court and Fourth
Eastern
Court held against
the yard.
1
.
,
Picketing Case from Milwaukee
The picketing case was
brought to the High Court from Milwaukee
by Edward Lauf and the Amalgamated Meat Cutters of Butcher
Workmen,
which is affiliated with the American
Federation of Labor.
They ques¬
tioned the lower courts' right to
grant an injunction against "picketing and
peaceful persuasion by
of the
In
a
labor union and its members where the employees
employer who is being picketed
and are not
to give
by which these
The
Circuit
on
strike,"
are not members of such labor union
The picketing sought to force F, G. Shinner
& Co.
preference to union
men.
the
may be raised before the Court: A mandamus order
Aluminum Co. case the Supreme Court will decide whether
the
Government may proceed with its anti-trust suit in the
Federal courts in
an
New York, as would be permitted
by a lower court decision.
Chief Justice Hughes and Justice Stone took no
part in deciding whether
the Aluminum Co.'s plea should be
granted, it was announced, and thus,
it was presumed, will not join in
hearing the issue argued.
compelling the Attorney
General to institute quo warranto
proceedings to oust the new Justice as
unconstitutional appointee may be
applied for, and a litigant in a case
before the Court may claim that where
Messrs. Levitt and Kelly were un¬
injured by the seating of Justice Black, he does
have grounds for complaint.
The Court convened with its
usual promptness.
In a few minutes the Chief
Justice gave the Court's
.
than 300 petitions of
any appearance of haste.
of them
inee in
was
Mr.
Kelly petitions.
The
was
Chief
solicitor
as
general
was
Justice
began
without
preface,
"Ex parte,
an
Albert Levitt, petitioner.
order
be permitted to
serve as
an
by the President
to show cause
and
are
the
that
the appointment
confirmation
thereof
.
of Mr.
by
the United
.
the
a
the
a
be made.
was
no
vacancy for which
The motion
papers
petitioner other than that of
Court.
"It
disclose
a
the appointment
interest
no
Justice
of
citizen
and
a
could lawfully
member of the
bar
of the
of this
That is insufficient.
is
an
astablished
principle that
to
entitle
a
private individual to
invoke the judicial power to
determine the validity of executive or
legis¬
lative action
he
must
danger of sustaining
not
show
that
he
has
sustained
or
is
immediately in
direct injury as the result of that action and it
is
a
sufficient that he has merely
a
general interest
common
to
all
matter ended.
but
They
were
In
they
Tyler
merely said "the motion is denied" and
Judges,
v.
217 U. 8.; Newman
and Massachusetts
mentioned
v.
in
so
the
to cite precedental
the
subsequently distributed copies.
179 U. 8.; Southern Railway Co. v.
King,
Firzzell, 238 U. 8.; Fairchild
v.
Hughes, 258 U. 8.,
Mellon, 262 U. 8.
The governing case wras that of
lYizzell, in which Mr. Davis, as Solicitor General, presented
the Government argument the Court
approved in its majority opinion.
Newman
v.
v.
Precedent Under
The
Wilson
case
arose
out of President
Wilson's appointment of Oliver P.
former newspaper correspondent, to be a Civil Commissioner
of the District of Columbia.
William J. Frizzell, a resident of the
District,
Instituted quo warranto proceedings.
The Frizzell suit was based on the
Newman,
a
fact
Mr.
that
Newman's
residence
in
the
District
had
not
fulfilled the
Mr. Ogden lost
Securities Act Case Rejected
An appeal on a provision of the Securities Act of
1933 was thrown out.
Martin of Indiana sued directors of the
&
Continental
Importers Corp.
statements in
He
was
on
the ground
that they
were
Distillers
responsible for untrue
a
registration statement of stock, whose shares he
bought.
turned down by the Court of Claims.
The Georgia Power Co. failed to win
review of
a
a
Fifth Circuit Court
decision preventing the power
concern from concentrating its battle
against
Tennessee Valley Authority in the Tennessee Federal
District Court.
The complicated case started when the Northern
Georgia District Court
denied the Georgia Power Co. an injunction to
stop the TVA from building
the
line crossings.
Then the Georgia Power Co. and 18 other utilities won an
injunction from the Tennessee Court against expansion of the
TVA.
The
power
in
company
wanted to dismiss the Georgia case and proceed
entirely
Tennessee, but the Georgia District Court refused.
In the case
to
reading the opinion he did not bother
were
Circuit.
gold clause
and
"The motion is denied,"
Of the Kelly petition he
Fourth
bonds in gold despite their previous call for
redemption.
in the District of Columbia
Appellate Court.
mem¬
bers of the public.
cases,
the
The Justices declined to hear the suit of John
Ogden of Indiana against
Secretary Morgenthau to force payment of $6,000 Liberty Loan
Charles
Senate
the part
upon
in
pe¬
.
States were null and void
by reason of his ineligibility under
Article 1, Sec. 6, Clause 2, of the
Constitution of the United States, and
because there
.
The gold test to be reviewed arises from the
attempt of Arthur W.
Machen of Baltimore to make the
Treasury pay interest on Liberty Loan
gold clause bonds despite the call for redemption.
The Government lost
why he should
Associate Justice of this Court."
"The grounds of this motion
Black
in
A motion for leave to file
requiring Mr. Justice Black
.
nom¬
to have
the reading of the opinion on the Levitt
usual manner.
tition for
more
Davis, Democratic Presidential
Davis's early work
part in the next event, which
and
on
without giving
so
New members of the bar were then
sworn, one
sponsored by John W.
1924.
decisions
certiorari, and succeeded in doing
.
involving the Commodity Exchange Act pleas by the
Chicago
Kansas City Boards of Trade and the
Chicago Mercantile Exchange
the constitutionality of the law were refused.
The organizations
test
fought the Act unsuccessfully in the Seventh
illegally harsh
and
restrictive.
The
Act,
and
Eighth Circuit courts
passed
as
by
Congress in June,
Census of Unemployment to
Begin Nov.
16—Question¬
1936,
enlarged the old Grain Futures Act.
naire
to
Message
Reply
be Sent
of
to
31,000,000 Families—Will Bear
President
Roosevelt
Urging
Prompt
The unemployed census cards to be filled out
by all persons
unemployed or partially employed will be distributed to an
estimated
total
of
31,000,000 American
16 and 17, each
bearing a message
The President's message
families
on
Nov.
from President Roosevelt.
requests
unemployed workers to
Volume
the 14
answer
Financial
145
questions appearing
The
them before Nov. 20.
on
census,
FROM THE PRESIDENT
MESSAGE
To Eevery
essential
He
warned, however, that "solidarity of any group
the general
Committee, Secretary Wallace
six-point "all weather" pro¬
gram, endorsed by farm leaders at a conference in February,
and "suitable for time of surplus and for time of drought."
The
Secretary quoted President Roosevelt as saying that
would be intended "to level the peaks of oversupply into the valleys of shortage and disaster."
The
following is from the Secretary's remarks:
the program
'
ROOSEVELT.
D.
John D. Riggers, director of the census, said on Oct. 5 in
Washington that the results will be made known about six
weeks after the cards are returned, it was reported in a
Mr.
50
leaders who
60 farm
or
came
together
on
Feb. 9 recognized that
of balanced
I am happy to
say that on that day the Presidents of the American Farm Bureau Federa¬
tion and the National Grange, the Farmers' Union and the Fanners' Holi¬
day Association, and the Secretary of the National Cooperative Council
signed their names to a statement of principles that along with other
recommendations covered these points:
r
;i
;
abundance
complete
farm
national
permanent
any
"Herald-
that every effort would be made to get a
Riggers said
,
.
The
Washington dispatch, Oct, 5, to the New York
Tribune" of Oct. 6, which continued:
Conference
urged the farmers to adopt a
work and do not now have it.
FRANKLIN
Speaking at a meeting called by the
welfare "
Kentucky Farm
work and
are seeking work, please fill out this report card right away and mail it
before midnight, Saturday, Nov. 20, 1937. No postage stamp is needed.
The Congress directed me to take this census.
It is important to the
unemployed and to every one in this land that the census be complete,
honest and accurate.
If you give me the facts I shall try to use them for
unemployed or partly unemployed and are able to
the benefit of all who need and want
.
.
people and is in keeping with
balanced abundance for all the
STATES
Washington.
.
long stand up unless it helps to bring security and
cannot
Worker.
If you are
Louisville, at which he stressed that a "solid front" is
in the farmers' drive for new farm legislation.
in
Roosevelt's
OF THE UNITED
The White House,
addressed a group of farmers
and southern Indiana on Oct. 2,
also
Wallace
from Kentucky, Tennessee
is expected to give
the number of un¬
employed the country has ever had.
President
message to appear on the cards follows:
A
Secretary
the cards and return
the taking of which was
ordered by the last session of Congress,
the first reasonably accurate figure on
2485
Chronicle
and
program
be
must
farmer and
both
security for
program
a
consumer.
.
response
to this mail check, down to
follow-up Avork by the postmen on
"For instance, they will visit every trailer
said, "and leave registration forms in every trailer.
theirfcroutes,
gers
They will go to
He added that as a preliminary he planned to put on
as
part, in it,
'Y v'Y-
....
•
.V.'.'. ■
■; , '• . "■<>;.
Fifth, that the farmers' cooperative movement
occupy.
on
bearing
'
r'i
v
be
clear type on the ex¬
jl4 questions, covering the answering worker's age, sex, color,
need, length of unemployment, number of dependents, type of
of
appeared in
of
the
Agri¬
address Oct. 6 before the annual convention
processing tax
dollars
culture, in
sidered
held in Grand Rapids,
Mich.
farm
Companies,
A crop insurance program, he
further remarks
would assist in providing reserves
Mr. Howe's
summarized as follows by the Depart¬
were
pointed
is
and
6ystem
of payment
the
of
one
of premiums
the
that
out
wheat
unique
source
This
,
tion
follows:,;
as
gram
in years of short crops.
of funds to finance a cotton program,
features of the insurance plan
:
.
would preserve and build up the
as
The plan provides an
it
possible
insure
to
raise
cash
in
equivalent
indemni¬
option for payment of both premiums and
wheat
of
that
at
the market
as
He
instead.
an
could also
receive payment
y'-Y Y'l''-':
>-•
for losses in
cash
,
the cash equivalent
;M';
-v.
poor
In the most hazardous areas of production,
be high, and less insurance will be sold
land.
will
tend
is
In
to
On
areas.
not
submarginal land,
such
areas
the cost of insurance
presumably in those
where the rate will be highest, the
problem
of fluctuations in yield but of low average income.
the problem must be met not by insurance but by other
primarily
would
it
to
keep
serve
place
its
one
crop,
as
Form "Solid
Front" in Drive for New Legislation
regards cotton was
Oct. 1 by Secretary of Agriculture Henry A.
addressing a farmers' meeting in Memphis,
The Administration's future
outlined
on
Wallace
in
Tenn.,
attended
course" between
tion
a
by
some
3,000
as
persons.
As
a
"middle
unrestricted acreage and a drastic reduc¬
the Secretary outlined a six-point policy
of permanent cotton control legislation.
program,
system
policy
for
United States
and it would
loans to prevent price collapse.
would provide authority for marketing quotas on the entire
to he used after a referendum of producers in time of emergency
further protection against disaster from crushing surpluses.
it
a
♦
.
FTC
Order
Enters
Against
York, Alleging Unfair
Christmas Club
;y-vj
;
Christmas "Club,
New
Competition—Statement By
Trade Commission announced on Oct. 3 that
order to cease and desist from use of unfair
The Federal
it had entered an
contracts and price
A Corporation, at
341 Madison Ave., New York, engaged in the sale of pass
books, account books, advertising literature, and other
paraphernalia for use by banks and trust companies in the
conduct of Christmas clubs and other savings systems.
Herbert F. Hawaii, President of Christmas Club, made
the following statement concerning the cease and "desist order
of the FTC with respect to the activities of that corporation:
methods of competition, exclusive dealing
discrimination against Christmas Club,
Cease and desist order and the
Policy to
/
it would provide authority for
Sixth,
based,
"Middle
Six-Point
Aid Cotton Belt—Also Urges Farmers to
,
payments to cooperating farmers on an
Fifth,
agricultural programs.
Secretary
of
Agriculture
Wallace Offers
Course" Program for Cotton—Outlines
,
notice to the world that the
in the world cotton market,
-
would be determined
in part by the loss experience on the insured farm
and in part by the
loss experience for the county or district.
This insurance would lean very
strongly to an individual rating basis.
Each -farm would have its own
rate.
The loss experience for the farm can easily be determined once the
history of annual yields for the base period is known, Mr. Rowe stated.
Under the plan of insurance described, each producer would virtually
carry his own risk.
The efficient farmer would not be burdened with the
losses
of the inefficient, nor would good land carry the losses of the
premium per acre to be paid for this insurance
—
crops.
Fourth,
intends
Flexibility would be obtained
price of the wheat due him.
wheat.
the
The
feed
in kind.
alternative to payment
through the opportunity of using warehouse receipts or
of
Third, it
involving not only production but price,
The cash
equivalent would be the market price of the wheat.
If the farmer did
not choose to deliver wheat as a premium, he could pay the market price
ties
the markets of this and other
consumption of cotton in ways that
the standard of living of all our people.
would provide for an increased production of home food and
Second, it would encourage greater
yield of his crop.
make
fertility of the soil and still allow
of at least as much cotton as
been accustomed to take.
supplement the market price with
allotted cotton production goal.
would
income,
;Y;
have
would
insure
Attempts to
the
continue such moderate adjustment of produc-
yields only.
have
been one of the most important causes of
failure in the field of crop
insurance in the past, he said.
This program does not attempt to guarantee
the farmer a price for his product, but only to protect him against a low
plan
This
proposed.
as
V
/
,
the "middle course" program he pro¬
would, first,
course
production
in
;
If a processing tax is con¬
to the processors.
over
a
as
Pointing out that
countries
indemnities
i
:
principle
providing
be moderate in amount.
of Agriculture:
Mr.
ask Congress to go back to the
on
money
favorably
Rowe
ment
only
posed "would seek to give the farmer the greatest possible
income from cotton," Secretary Wallace outlined the pro¬
and
prices,
of food for consumers
of tax
tax should
pointed out, would tend to reduce the need for other forms
of agricultural relief, would help to stabilize farm income
and
the
as
cotton in effect under the Agricultural Adjustment
made the cotton programs nearly self-financing for 2% years up to
time
the Supreme Court nullified the tax and handed millions of
The
Agricultural Economics, United States Department of
of the National Association of Mutual Insurance
serve
commodity itself to bear the load of
funds," and added:
the needed
Act
an
9, will
These principles are in keeping not
platform.
a
consumers or business
I have given, which were among
leaders last Feb.
farm
that
of letting the
is the chief aim of
said William H. Rowe, of the Bureau
insurance,
the
is
the humblest farm
and which cannot
laboring men,
principles
six
the
of
South may want to
to Bring About Greater
for Farmers, Says W, H. Rowe,
of Bureau of Agricultural Economics
Financial Security
crop
solidarity which
farm
Memphis address, Oct. 1, Secretary Wallace pointed
"the South would find it difficult to get large
subsidies from the general Treasury year after year because
of the necessity of approaching a balanced budget and the
similar demands from other regions that would be certain
to arise."
He said that "it may be that the farmers of the
trade,
issue of Sept. 25, page 1997.
Greater financial security for farmers
;
In his
Designed
Insurance
Crop
■, ■.
agricultural welfare but with the general welfare, too.,
with
degree
unemployment
forthcoming
the
to
our
of
platform
a
by fair-minded
that
such
for
framework
out
reference
Previous
believe
I
recommendations
the
and total resources.
census
want
farmers
criticized
justly
men.
folded once,
so that the President's message will be on one side and the other will carry
the return address to the National Unemployment Census. Within will be
the
that
believe
I
The cards will be yellow, 9 by 8 inches, and
terior of each card.
they
,.4.
economically sound, to which 95% of the farmers, from
worker to the wealthiest landlord, can give allegiance,
on
The President's message will be printed in large,
•
■
(
ought to be encouraged.Sixth, that provisions ought to be Included in any national farm program favoring
the family-sized farm.
•
'V '
the questionnaires to be sent
Nov. 16 and 17 is also from the advices quoted above:
The following
out
Third, that conservation of the soil Is vitally important to the nation.
Fourth, that farmers ought to be assured of security of tenure of the farms
The "ballyhoo" will take place in
"big ballyhoo."
a
ever-normal granary.
an
what he agreed
the
weeks immediately preceding the census, and it is expected that the Presi¬
dent, who has given Air. Biggers carte blanche, will take a considerable
describe
to
Second, that consumer as well as farmer interests should be
gather."
along the rivers and railroads where transients
shacks
national Income.
"•
safeguarded through
First, that agriculture has a right to a fair share of the
v
camp," Air. Rig¬
were
solely in order to avoid the
Furthermore,
it is
Club, A Corporation,
trouble and expense of prolonged litigation.
management of Christmas Club, A
the belief of the
Corporation, that the interests
Nation
findings and conclusions on which it was
voluntarily consented to by Christmas
of the banks and trust companies of the
best served by the policy of
using the corpora!ion's services are
avoiding litigation.
In large measure,
traced to the
the factors resulting in the issuing of the order may
be
corporation's long established policy of avoiding litigation that
banking institutions.
In the circumstances
that the corporation may establish its right to the
directly or indirectly involves
of this case, it appears
exclusive
use
of its service
of the name Christmas Club on forms that
and
may
make up
litigation.
a
part
establish its right to the exclusive use of Rules and
Regulations and mechanical operating systems it originated oaly
through
2486
f Many
Financial
months ago,
voluntarily changed our forms of contracts,
we
Chronicle
there
con¬
sequently the Issuance of the order will not hamper or impede Christmas
was
Oct.
occasion for at any time during the period in which
any
The application of the very high margin requirement to the activities of
it has been engaged for the past 27 years.
W.
Aldrich
for
Break—Says
Cause
the floor traders and specialists on the stock
exchange has done as much as
Blames
Extent
Excessive
of
Regulations
"Thin"
Market
Recent
Market
Liquidity
been accustomed to deal
and
Decline
Due
Holds
—
Government
Stock
Hamper
anything else to reduce the volume of expert and competent buying and
selling.
Floor traders, especially in their dealings with other members of
the exchange, operating under the general rule against
over-trading, had
the
The recent
severe
primarily to
the
prices has been
Government regulations which impair
Chase
the
Oct.
National
before
14
the
raised to 122%, their ability to carry stocks at any given
70%.
In addition, in May of this year,
rule
made
was
Bank
of
New
York
Chamber
in
of
whereas
need
customers
not
be
called upon for
the outset
business corporation which needs
has maturities of
directly concerned with the activities of
the stock
urged a
"changed policy" of the part of the Government to restore
to. the market the activity "of men who have
knowledge,
buying power and courage."
Among the causes of the "thin¬
ness" of the market at the present time, Mr. Aldrich listed
the capital gains tax, high income taxes,
uncertainty in new
regulations promulgated by the Securities and Exchange
Commission, and high margin requirements.
He also blamed
what he termed "inquisitorial visits" of Securities and Ex¬
change Commission representatives to banks and brokerage
houses when investigation of sharp fluctuations in
security
prices was being conducted.
In discussing margin require¬
ments, Mr. Aldrich said:
Of first-rate importance in the narrowing of the stock market
is the very
As the Government states this
requirement, it
He went
the
to
a
margin of 55%.
As the brokers calculate it, it is a margin of
122%.
buys $10,000 worth of stock, the rule requires that he
supply
$5,500 in cash and that he may borrow no more than $4,500.
This means
If
man
a
reasons, higher margins
seemed
called for.
not on the total
Brokers
and
bankers have figured
purchase price of the stock, but
creased margin requirement is
a
drastic
very
on the
one
these
loan,
indeed.
percentages,
so that the in¬
It is
an
increase
from 20-25% to 122%.
much larger
of capital than formerly for a given volume
This greatly reduces his capacity to act.
It means, further,
a very
of operations.
that, in
he
as
a
sum
moderately declining market, he is
could
have done in earlier times,
becomes restricted if the margin falls below
arises.
Formerly,
a
man
with
a
122%.
tax.
During
when the market
the
was
first
half of
immediately
of this
to pay an In¬
year,
however,
many cases that individuals
erly margined
so
$25,000worth of stock in order
to get the account
prop¬
that $5,000 could be released with which to
pay the income
These
how to
do this
in
thin and
a
was
something very different.
made quite clear that the
purpose
Federal Reserve authorities and the
The
lower limit
a
the borrower
This they .till leave to the discretion of
the lender, trusting him to
out.
protect the safety of his loans in restricted accounts.
The
of the
purpose
new
margin requirements imposed by the Federal
Reserve authorities is, rather,
quite definitely to hold down stock market
specualtion on the rise and to prevent an undue increase in
the
of credit going to
security specualtion.
us
consider what
itself.
Assume
prevent
margin
specualtive
requirement
rapidly and
very
Let
us
accept this theory and let
policy should be followed under the law
that
we
have
excesses
would
here
in
be
a
the
new
control,
stock
market.
raised
especially when it
when
was
amount
the
this
on
theory
designed definitely to
On
stock
this
theory, the
market
was
rising
rising
rapidly on borrowed money.
the same theory, the margin requirement
ought to be
promptly lowered when the market breaks sharply or when loans on
securi¬
ties are being liquidated.
If this method of control is to be used, it should
But, per contra,
be
a
two-way control, flexibility and promptly applied.
a sharp break in the market should
not be grudg¬
ing and limited reductions.
A prompt drop in the
margin requirement
from 122% to 42% early in
September would have been a very helpful thing.
A drop from 122% to
80%, followed a week or two later by another drop
to 66% might have done
very little good.
When, at a later time under this
same theory, an increase in the
margin requirement is to be imposed, the
increase should
come in the same way as the initial increase
came, namely,
applying immediately only to new borrowing and to new accounts, but
applying to existing borrowing and to existing accounts at a
as
substantially
later date.
The
method
is
new
instrument of Governmental regulation, and
the Federal Reserve authorities
may wish to study it a good deal before
defining
consider
make
a
an automatic
as
an
policy.
But I venture to
urge
immediately whether it might not be well
very substantial reduction in the
at the present time to
existing margin requirement.
I venture also the
practical judgment that the
strongly that they
And
122% margin is higher than
com¬
liquidated.
To
pay such
taxes very large
blocks of
The liquidation of the whole of large estates
In another part
of his remarks Mr. Aldrich said:
The warning issued by Mr. Gay, the President of the New York Stock
Exchange, in his Annual Report for the
Aug. 11 and released to the press
antly justified.
able
of
a
year
so
broad and active, once
a
moderate amount of
very
concluding his address Mr. Aldrich said:
Let
me
summarize:
importance to
A
investors,
broad
and
active
business
to
to
the
commercial
banks
as
lenders,
a
very
market
the
to
borrowers and
as
on
drastic decline in stocks,
securities
corporations,
Treasury and other public bodies, both
recent
veals
cap¬
greatly reduced volume of sales only with
serious breaks in prices.
Conversely,
buying brings rapidly rising prices.
and
so
tremendous volume of security sales with moderate
can now absorb a
very
In
ending May, 1937, dated
Aug. 18, has proved itself to be abund¬
on
The stock market, once
absorbing
price recessions,
investors
is
of
United
as
and
tax
first
States
gatherers,
trustees.
The
moderate volume of selling,
re¬
an
impairment of the efficiency of the stock market that calls for
prompt correction.
This impairment is to be explained as the cumulative
a
variety of recent Governmental policies,
many
of which
can
and should be modified without
abandoning the underlying policy of elimiating abuses from the securities market.
The tax on capital gains at high
bracket income tax rates
gain in
can
revenue
be modified
to the
so
as
be changed to a low rate flat tax with positive
can
Treasury.
The rule regarding trading by insiders
to restore protective action
be made
a
by insiders
on
breaks,
The margin requirements
flexible instrument of control, rising promptly on stock market
booms and
dropping promptly on breaks.
The great range of uncertainty
regarding what is allowable in the activity of specialists and other dealers
can be greatly reduced by
prompt and clear definitions by the SEC, and,
above all, the unfortunate requirement of an
cation"
the
all
be withdrawn.
can
activity of
men
Changed policy
"affirmative proof of justifi¬
can
bring back into the market
who have knowledge, buying power and courage.
And
administrative policy can be reconsidered in the light of the declared
policy of Congress in the Banking Act Of 1935 with respect to the importance
of marketability as an attribute of investment securities.
Jesse H. Jones Fails
Decline—RFC
visors
to
Find Sufficient Cause for Market
Chairman
Tells
State
Country Has Seldom Been
Bank
Super¬
Prosperous
more
The apprehension of "fear" due to the current downward
trend in the securities market is not at all
warranted, Jesse
H. Jones, Chairman of the Reconstruction Finance
Corpor¬
ation, said in an address Oct. 8 before the convention of the
National Association of Supervisors of State Banks, held at
the Hotel
Waldorf-Astoria, in New York City.
said that while the market might have been too
seems no
good reason" for the decline to have
Mr. Jones
high, "there
far
gone as
as
it has.
Mr. Jones told the convention that
agency managers
the RFC have been instructed to
accept no more
for loans unless "a real emergency can
of
applications
be shown."
He said:
The RFC has been making comparatively few loans for the
past year,
our purpose to discontinue general
lending for the very good reason
on
The reductions made in
This is
The
inadequate stock market might easily bring in less than enough
of the fact that nothing whatever would
was
SEO have, moreover, very
carefully refrained from putting
margins or setting a figure at which the lender must sell
on
taxes.
be left for the heirs.
themselves, and in the discussions which preceded
Regulation U and Regulation T, it
70% for 75 millions.
over
brokers
know
tax gatherers.
cash to pay the taxes not to speak
tax.
high margin requirements have undoubtedly been a factor
intensify¬
ing the break which has recently taken place.
Now, what can be done
about this.
First, let us consider the theory on which these new
margin
requirements have been based.
They have not been applied for the pur¬
pose of making loans safe for bankers and brokers.
Bankers and
also
concern
millions,
and
securities must be
can
brokerage accounts, who had instructed their brokers to make the
Sep¬
tember 15 income tax payment for them,
imposed upon the broker the neces¬
say,
as
could easily withdraw
with
sity of selling,
borrowers but also
and still prevent unfair use of inside information.
for example,
as
September,
breaking, it occurred in
"average down,"
account
of
a matter
bination of the Federal and New York State estate taxes amounts to
22%
for estates of one million dollars, 40% for five millions.
50% for nine
A further complication
margin of 122%
cash from his account for special
purposes,
come
unable to
because his
It is
contemplates
The United States Treasury and the State,
moreover,
interested not only as
effect of
The upshot of this is that anyone
purchasing securities on margin must
employ
to every
State and municipality and agri¬
new issues or which has
every
which
especially true in connection with estate and inheritance
55% of the total cost of the stock, or that it is
122% of
Brokers and bankers, lending on active
stocks, have usually
considered 20 to 25% of the loan a
satisfactory margin from the standpoint
of the safety of the loan, reserving
always the right to require higher margins
if the loan was not well diversified or
if, for other
existing issues to refund.
corporation
the country, and
over
is likely to need new capital or which
or
Treasury, and to
credit
maturities to meet.
are
that his margin is
the $4,500 loan.
important to investors all
Federal
cultural
to say:
on
It is highly
high margin requirement.
is
their net position.
impaired efficiency of the stock market which is not a
concern for security dealers and brokers alone."
an
which
exchanges themselves, and others of which, designed for adifferent purpose, none the less restrict
drastically the trading
activities of the customers of the exchange."
He
of the day,
course
additional margin unless
on
of his address Mr.
so thin" that it has been unable to
absorb
moderate selling of securities.
This situation, he continued,
is the result "of a variety of Governmental
of
Stock
required to have
matter of
is "so restricted and
some
partners in
Aldrich declared that
"the recent drastic break in prices in the stock market reveals
Mr. Aldrich contended that neither do¬
mestic business conditions nor foreign unrest could be blamed
for the break in security prices, and he said that the market
policies,
other
are now
/
At
of
Rochester, N. Y.
are
and
day they have less than 122%
address
an
Commerce
traders
margin of 122% on their maximum position during the
at the close of the
Rochester
for floor
stricter
Exchange firms than for customers, because they
liquidity, said Winthrop W. Aldrich, Chairman of the Board
of
are
time is reduced by approximately
decline in stock market
severe
on a 20% margin of
liquid capital, with, of course,
protection of the value of their seats.
When margin re¬
additional
quirements
Primarily to Taxes,High Margin Requirements, &c.
due
as
Margins Applied to Floor Traders
of banks and trust companies throughout the country, a business in which
Restrictions
it
applied.
Club, A Corporation, in maintaining and extending its service in thousands
Winthrop
1937
16,
and it is
that there is
enough available private credit to meet legitimate demands
In the effort to quit lending we expect and believe we will
for all purposes.
have the cooperation of banks.
it
we
In
With that cooperation
cannot.
we can
quit, without
.
discussing the relation of State and National banks,
Mr. Jones said that "there should be the closest
possible co¬
operation between the National and the various State
Sys¬
tems.
Certainly," he stated, "there should be no rivalry
chartering banks."
He went on to review the banking
situation citing figures on RFC loans and
repayments.
In
conclusion, Chairman Jones had the following to say:
in
Our
country
has
seldom
been
crops, and while prices are not as
more
prosperous.
We
have
good
as they should be, with
through Government lending, too great sacrifice at harvest
avoided
to
some
extent.
Industry
is
employing
more
support
time
people
wages, and will soon adjust itself to these increased
wages and
abundant
some
at
can
be
better
higher costs.
We have not caught up with six
years of neglected construction and there
*Volume
is
no
power.fi Yet
shortage of buying
witnessing
an
Financial
145
during the last few weeks we have
continually falling securities market.
a
their
contributing reasons, but are they sufficient to warrant so
I do not believe
simism ?
there seems no good reason
The country needs a lot of things,
confidence.
people work,
We are not going
'>'■
Branch Banking
Open—
Development in Williamsburg Section of Brooklyn,
N. Y., and Experimental Community in Green-
belt, Md.
• ■
'r
missions of the Association shall be
opening at the beginning of this month, two
low-rent housing projects of the Federal Government are
rapidly becoming occupied. These housing projects are the
Public Works Administration's modern apartment develop¬
ment in the Williamsburg section of Brooklyn, N. Y., erected
at a cost of $13,459,000, and which eventually will house
1,622 families, and the Farm Security Administration's
experimental community at Greenbelt, Md.
The Greenbelt community, which, when completed will
have cost the Government over $14,000,000, will comprise
885 homes.
The community, located about five miles
outside the District, of Columbia, was conceived by Rexford
G. Tugwell, former Resettlement Administrator, and built
by the Resettlement Administration, since taken over by
the FSA.
In reporting that the first tenants had that day
moved into the new community, Associated Press advices
from Greenbelt, Sept. 30, to the New York "Times" of
Oct. 1, said:
Since their
The "pioneers" found a postmaster already on
is
rait for
the job.
Their settlement
which
of neat brick and cinder-block houses and apartments
cluster
a
$18 and $41
a
month and range up to seven rooms.
The rent in¬
guided accordingly:
preservation and continuation of the dual banking system by which
under either Btate or National charter.
We also believe
that the system of unit banks has been peculiarly adapted to the highly diversified
community life of the United States.
However, many of the States now authorize
We favor the
banks
are
free to operate
by law the operation of branch banks.
We believe that National banks should,
they do now, continue to enjoy an equality with State banks of branch banking
as
The Association supports in every
privileges within those States.
respect the au¬
tonomy of the laws of the separate States with respect to banking.
We reiterate
our belief that no class of banks In any State should enjoy a greater right in respect
to the establishment of branches
under State laws.
We are
the establishment of branch
indirectly.
'
than banks chartered
definitely opposed to any proposal or device looking to
>
banking privileges across State lines, directly or
by the Association
noted in special advices
from Boston Oct. 14 to the New York "Times" from Elliott
V. Bell, which in stating that the resolution adopted embraced
all the demands of the unit bankers and the newly inducted
President, Orval W. Adams and thus reinforced the move
with its own pledge to continue the fight against banking
"monopoly," added in part:
The
resolution
above
without
was
dissenting vote, it
a
adopted
was
-
That the action
was
left in
no
was
doubt.
It
was
hailed promptly as such by
lain, retiring President of the Association's
a
notable victory
H. M. Chamber¬
construed by the State bankers as a
State bank division, who issued
of the step.
prepared statement emphasizing the significance
heat, but water and lights are extra.
cludes
Eventually
a
There also are bright new buildings for a
beauty pallor, doctors, dentists, a restaurant, motion-picture theater
other services regarded as
Each
and
essential.
have a garden plot if he wishes.
tenant may
Applicants are limited to those with incomes between $1,000 and $2,000
but officials said allowances might be made from these figures for
tenants—below $1,000 for those without children and above
year,
desirable
for those with three or four children.
$2,000
Preservation of Autonomy
non-profit consumer cooperative will stock the food, drug
and general merchandise stores.
a
Bank
of that Division,
H. M. Chamberlain, with a request for clarification of the position of the
American Bankers Association upon questions involved in dual and branch
banking, the Resolutions Committee, in response to the request of the
State Bank Division, desires tc submit the following resolution for adoption
by this convention, so that all Divisions, Sections. Committees, and Com¬
Division, which has been transmitted to us by the President
Low-Rent Housing Projects
Government
Committee of the State
Pursuant to the action of the Executive
♦
Two
the dis¬
on
things that will give
1
■
Social Security Act to remove
banks.
State banks and other
between non-member
On the subject of branch banking the resolutions adopted
Oct. 14 at the concluding session of the general convention
had the following to say:
temporarily out of line, due
conditions, will be adjusted.
but it needs nothing as badly as it needs
within the limit of Federal Reserve
of State lines.
We urge the amendment of the
crimination
the McAdoo Bill
the purpose
introduced in the last session of Congress,
districts irrespective
for
frequently reflected by
invariable barometer.
The
strides, and is still definitely on the
Such economic factors as may be
haywire.
was
Business conditions are
National income has already made great
to new laws and new
we
(S. 2347) which
much pes¬
so.
the trend of the stock market, but it is not an
increase.
commend the militant fight against
Particularly do
of which is to authorize branch banking
The market might have been too high, but
its going as low as it has.
developed and carried oif so effectually by the
Association year now closing.
officers of the State Bank Division during the
from the National Administration to the boll weevil.
many
forstering sentiment in
respective communities to this end.
We endorse the program
apt to get as many dif¬
Fears that run all the way
There are of course
include "fear".
and that our members cooperate in
government,
been
Ask a dozen men for
explanation of this falling market and you are
ferent answers, but they will all
2487
Chronicle
"Not only did the Association
commit itself to the preservation
of State
of banking", said Mr. Chamber¬
lain, "but it also committed itself as unalterably opposed to the extension
of interstate branch banking, and, in addition, the association went on
autonomy and States' rights in the matter
record
as
opposed to any extension of chain banking
present laws are circumvented by the
by means of which the
branch bank promoters."
Remarking that the resolution "virtually brings to
fruition the vigorous
fight begun at the memorable convention in New Orleans two years ago,"
when Mr. Adams was elected to the Vice-Presidency, Mr. Chamberlain
said:
Convention
Annual
System—Opposed
Branch
to
Banking
Privileges
Lines—State
Bank Division Also
Similar
Declarations—Division
Protests
State
Across
Makes
officials, divisions,
pledged to ag¬
gressively champion the traditional American banking system and to oppose
any proposal or device looking to the establishment of branch banking
"The victory is the more
privileges across State lines."
In his address
Competition with Chartered
of Government Lending Agencies
banking and the dual system of banking, which
prominently before the American Bankers' Association
at its annual convention in Boston this week, were the subject
of resolutions of both the State Bank Division and the general
convention.
The State Bank Division adopted on Oct. 13
Branch
of its Committee
We reaffirm
has
our
prospered over
gram
a
authority of our
We are opposed to any pro¬
State banking systems or impair the effi¬
State Banking departments.
Unification of
proposed by some would not only destroy our State systems but
would involve centralization, inimical to our best interests as a Nation,
banking
as
and contrary to
While
number
fundamental concepts of the American Government.
deplore the fact that
we
agencies,
there are several Federal supervising
functions in some cases overlap, thus increasing the
of reports and examinations, we respectfully urge that care be
whose
taken lest in
rectifying this situation, the matter of unification of all bank¬
ing may be promoted and our State systems ultimately destroyed, r
We declare anew our unalterable opposition to branch banking across
State lines or on a nationwide
basis, and renew our allegiance to the prin-
branch banking. We cad to attention,
and protest against, the violation of State and Federal laws on this subject
through the operation of banks in various States through holding com¬
panies.
This action evades the prohibition against branch banking and is
violative of the spirit, if not the letter, of our branch banking laws.
cipxe of State autonomy as regards
President of the State Bank Division on
13,
the campaign undertaken during the past year
"against monopolistic trends in the banking field," and said
"in any fair presentation of the subject, our present dual
system of banking is bound to appeal to the people, since
monopolistic control in any line of business is directly op¬
posed to America tradition.
Any system which places the
scribed
Resolutions which said:
period of many years.
that would weaken our
ciency or
on
faith in the dual system of banking under which America
as
Mr. Chamberlain, who is Vice-President of the
Walker Bank & Trust Co. of Salt Lake City, Utah, de¬
Oct.
came
the report
complete because all officers,
commissions of the Association are now
and
committees
Continued
Against
Banks
American Bankers' Association
Favor of Dual Banking
of
Declare in
—Resolutions
control of the
banking
structure in the
hands of
a,
few is
repulsive to most Americans.
Destroy individualism and
you destroy the spirit which has built America."
Those who
espouse the cause of
branch banking claim
that the unit system is a failure, declared D. W. Bates,
Superintendent of Banks of Iowa, and this is "propagandapure and simple."
In referring to "branch banking on an enlarged scale" as
not the kind of banking
system we want in this country,
Mr. Bates declared that it "is not an improvement over our
present dual system, is not a substitute for the unit bank,
but is infinitely worse."
He also said that "too drastic a
cause the same situation as
would result from centralization.
He added:
reduction in unit banks" could
"A policy
of elimination of the small unit bank if pursued to the extreme
situation more dangerous to our banking system than the
people will have facilities of some character.
will bring about a
small unit bank for our
State Bank Division further declared:
The
"In
various
feel
We
that,
is
Federal
Insurance effective in the
Deposit
which should be discontinued, or
among
Federal Savings and Loan Associa¬
which compete with
business and thus accentuate the problem
endorse and stress the
principle of the balanced budget in
by many leading authorities,
economists, and businessmen generally.
Continued
Governmental affairs now being advocated
such
as
statesmen,
spending in excess of income must operate in the case Of governments the
same as it does in that of individuals, and will result in the loss of credit
and the ultimate impairment
be replaced
of solvency.
with economical management
\
"Laws
we
customers
probably will be proposed to liberalize branch and group banking
privileges.
as
of decreased earnings.
would
change if
production credit associations may be mentioned
other agencies sponsored by the Government
banks, reduce the volume of their
We
how sound they appear,
do not keep our houses
informed," Robert H.
Meyers, Vice-President of the Merchants National Bank,
Muncie, Indiana, told the meeting.
He likewise said:
need for the Postal Savings System,
should be operated in such a manner as it
with chartered banks.
tions, credit unions, and
which is certainly undesirable, so that I think there
justification in a moderate program of elimination."
"will not prevent radical
in order and keep our
vast
majority of banks there is no further
will not compete
will
and other forms of facilities with no super¬
The beliefs of bankers, no matter
and some perform both functions.
with
and stead of the unit bank, under supervision, you
vision as to competition,
beginning of the depression, and which absorb many loans which properly
could be handled by the banks.
Some of these agencies receive deposits,
others make loans,
the place
have credit unions, cooperatives
against the continued competition with chartered banks of
Government lending agencies, most of them established since the
We protest
we
see
What are we doing to tell our depositors.
.
.
the situation
Do they know that there are no legislative panaceas for
it?
economic ills?
Do they realize that an extension of branch, group or chain
systems may mean
into strange
the removal of banking control from their communities
and remote hands?
^
"They may understand that banking systems can get so big that Govern¬
ment, in times of extreme adversity, simply cannot let them fall; but
do
We would urge that prodigality
they realize that that only means postponing and aggravating the inevitable
of finances in all gradations of
and painful
adjustment?
Financial
2488
"Parenthetically,
now
the subject of branch banking, many who favor it
on
quarterdeck in such a set-up.
thinking in.terms of pacing the
are
Followed to its logical
admirals
and
more
conclusion, however, branch banking means fewer
the mast.
before
men
It can't
mean
Chronicle
Oct.
both State and national, in resisting political or
supervisory authorities,
other
1937'
16,
tending to make for unjustified expansion of the banking
pressure
facilities under their jurisdictions.
anything else.
<
Postal
Savings
Many of those who think branch banking is the desired solution are visualiz¬
ing themselves wearing epaulets; but I can assure you that if branch banking
ever
comes
on
large scale, there will be many more small, middling and
a
at
appropriate time in the consideration of such legislation or other
the
relative to the system which will be in the public interest,
measures
Economic
Policy
In
Commission
of
Convention
American
Bankers'
Believes Bankers Should Devote
tion
belief
The
mission,
is
its
in
expressed by the Economic Policy Com¬
Oct. 14 to the American Bankers'
Association in Annual Convention at
Boston that
bankers
"will be well advised" to devote increasing attention, to their
investment accounts. The Commission says:
One object
of such attention
The time has passed when
super-liquidity of bank assets could be regarded as measuring the quality
of good
Excess reserves are idle funds, and probably idol bank
banking.
bankers should continue to hope that as business re¬
that
that
recognizing
a
high in authority ii} the national
determination to balance the Federal
unusual
economic
circumstances
and
While
efforts to relieve human suffering and deprivation under emer¬
gency
conditions justified unusual expenditures of public funds, and being
aware
of the difficulty
theless
involved in the effort to balance the budget,
never¬
believe that a return to a balanced budget should be the prime
we
objective of
sound public fiscal policy.
a
this Association and its officers have
From time to time in recent years
emphasized the importance of this achievement; we now feel the time has
to
come
the steady progress of normal business and industrial
encourage
which
enterprise
with
In part the report, presented by the Chairman of the
Commission, Leonard 8. Ayres, Vice President of the
Cleveland Trust Co. of Cleveland, said:
It is natural
pleased to note
budget.
cannot
without
prosper
confidence
the
by bringing Federal expenditures through
engendered
funds should not be seeking investment.
Expenditures and Budget
by those
expressions
recent
necessary
well be directed toward securing the
may
fuller investment of the available funds of banks.
the
Government
From
government, we are
report
and
which will remove unjustified competition with the chartered banks.
Increasing Atten¬
Accounts
Investment
to
to Annual
Association
Report
extended researches completed during the year by the
on Banking Studies with respect to the Postal
Committee
Savings System, which have laid down an invaluable body of facts for use
large fish swallowed than larger fish doing the swallowing."
even
We approve the
Association's
which
will
be
economies in line
income.
Taxation
At the recent conference of the Governors of the several
mendations
States,
recom¬
made in line with the resolution adopted at our last con¬
were
duplicate taxation of the same
vention with respect to the overlapping and
covery continues we may once more have the old volumes of commercial
objects by local,
loans.
early consideration be given tc this important subject by the States working
loans
The reason why
were
that hope appears unwarranted is that commercial
abnormally large in the early 1920's while businesses were short
of working capital
due to the war-time advances in general price levels.
The loans shrunk rapidly towards the end of the prosperity period as busi¬
ness
increased its working capital.
The
national
income
commercial loans
then.
regained
of 1925,
the levels
much more than
are now not
collaboration
third
a
but the
large as they
as
Governments.
other and
each
with
Federal
Federal
the
with
We again
urge
that
Government and
looking not only toward the elimination of duplicate taxation but as well
toward greater
certainty in administration and standardization of tax laws.
Such action, we believe,
about
has
in
State and
would do much to bring about an increase in the
flow of business activity.
normal
were
It may well be that the time has come for bankers to reduce their
expenditures
lending facilities and personnel to the proportions
on
appro¬
Annual
Meeting
of
American
Bankers'
Association-
priate to the volumes of available lending business that now exist, or that
Presence
appear to be reasonable
During Convention—J. Franklin Ebersole Expects
expectations of the near future.
have
been
of
constantly
increasing
portfolios of commercial banks throughout the past 50
made up about
12% of the earning assets.
1910 they were 23%.
in
importance
22%.
were
In
many
2.5%.
For
the
years
mercial banks
was
yield from the investments
average
about 5% or a
30
some
little less.
than three and
more
they got from their investments.
of all
com¬
Now it has dropped to about
before the depression
years
received from their loans
as
a
the
banks
commercial
half times
much income
as
Now the income from investments is
about equal to the earnings from loans.
future.
near
increase
some
Reviews
Bank
Linen
S.
Investment
Securities—Remarks
of
It
wholly likely that there will continue to be
seems
in, the commercial loans,
Probably there will not be much change
and real estate loans.
that for
long time to
a
and in the earnings from
accounts
less than
much
are
safe to
seems
assume
investments will make up by far the largest
come
Moreover it will be the
largest net earnings will be derived, for the
investment
them.
with respect to collateral loans
soon
Under these circumstances it
class of earning assets.
this
one
from which by far the
expenses
of administering the
entailed
those
in
The resolutions
on
branch and dual bank¬
issue.
It
noted in the Boston "Transcript" of Oct. 12 that
were assembled in annual con¬
was
while the Nation's bankers
vention, an important gathering met at the home of Roy A.
Young, President of the Federal Reserve Bank of Boston,
at which
were
present all the 12 Reserve Bank Presidents,
Board of Governors, the General Counsel
two members of the
to the Board and
The
administering
The
Resolution
a
number of lesser Federal Reserve officials.
"Transcript" added:
impression prevails in financial circles that Federal Reserve officials
of
American
In its resolutions
Bankers
Association
adopted
on
Oct. 14 at the closing: session
in Boston
of its annual convention the American Bankers
Association thus discusses the business outlook:
The present moderate recession in business
activity should
mitted to obscure the fact that 1937 has been so far a
year
consistent gains for industry, commerce and agriculture.
of this year the
quarters
than
greater
it
was
traffic has been
over
in
not be per¬
of large and
In the fiist three-
volume of industrial production has been
the
corresponding period last
14% larger.
There has been 9%
Rail
year.
more
14%
freight
building
con¬
struction.
Department store sales have increased 8%.
The demand
deposits of member banks have advanced 5%.
These are important im¬
provements.
Only a few years in the past have shown greater gains.
The recent declines in the security markets, and the current
decreases in
business
activity,
be
to
appear
advances of last year and the
realization
on
to expect an
at
reactions
from
the
early months of this
exceptionally
it
had
been
advancing.
rapid
They reflect
one.
the part of investors and businessmen that it
indefinitely prolonged continuation of
which
was
a
unreasonable
recovery at the vigorous
Recessions have been
features of
all previous recoveries.
another
item
in
this
issue reference
is
made
the
to
adopted bearing on dual banking and branch
banking.
As to banking, taxation, postal savings and the
Federal budget the Association at its general convention
thus declared itself:
Banking
year
banking has made steady
notable increase in commercial
and these loans
are
now
over
progress.
loans of Federal
There
l^as been
Reserve member
50% larger in volume than they
were
banks
at the
the
warning
expressed
in
the
resolutions
of
the
American
Bankers Association at both its 1935 and 1936 annual conventions,
emphasize again
our conviction that
only in the nation
as a
a
criminate
institutions
chartering
enough to support
We
a
of
new
bank,
Public opinion
or
return to over-banking through the indis¬
in
in which there
places
are
which
are
net
large
already ample banking
believe that full public support should be given
here
whole but in every State should be kept alert
against any tendency toward
facilities.
we
the number of chartered banks should be
limited rigidly to the economic requirements of the nation.
not
their gathering is not
The
convention
a
believed to be in the nature of
has
provided
an
credit policies of the
coincidence that the heads of
the A. B. A. Convention, although
an emergency
meeting.
excellent opportunity for the Reserve
officials to exchange ideas concerning business and financial conditions all
the
over
country
with
the
assembled
bankers.
Up
to
the present,
the
efforts of the Reserve Board to stimulate business through desterilization of
gold, reduction of rediscount rates and liberalization of Federal Reserve
rediscount
privileges have not
industry.
The Federal Reserve authorities
elicited
a
favorable response in trade and
are
not interested directly in
stock market weakness, but they are vitally interested in -the reaction of
the market
up
on
basic business conditions, and this matter is likely to come
for discussion at today's meeting of the regional executives.
Mr.
Young's guests at what was described
included
McKee,
Marriner
a
S.
as
a
purely social gathering
Eccles, Chairman of the Board of Governors; John
member of the board; Walter Wyatt, the General Counsel, and
these district presidents:
George L. Harrison, of the New York District; J. S. Sinclair, of Phila¬
delphia; M. J. Fleming, of Cleveland; Hugh Leach, of Richmond; Oscar
Newton, of Atlanta; G. J. Schaller, of Chicago; W. McC.
Louis; J. N. Peyton,
B. A.
of Minneapolis;
G.
Martin, of St.
H. Hamilton, of Kansas City;
McKinney, of Dallas, and W. A. Day, of San Francisco.
This is the first time all twelve district Presidents have attended
vention
ol
the
American
Eccles planned no
Bankers'
Association, but it
was
a
con¬
said that Mr.
formal meeting of the Presidents while they
are
here.
Board is scheduled for next week at Washington.
It
was
taken
for
granted, however, that
even
at
Mr.
Young's social
gathering they did not overlook the opportunity for informal discussion of
credit
and
related
problems.
Tom K.
Smith, President of the American Bankers' As¬
sociation, and President of the Boatmen's National Bank of
St. Louis, Mo. in his annual address emphasized the im¬
portance of public relations,
increased efforts in this respect
reviewing the Association's
during the past year.
present value of the dollar probably will be main¬
tained for some time, J. Franklin Ebersole, Professor of
Finance, Harvard Graduate School of Business Administra¬
tion, tol.d the meeting of the National Bank Division of
the Association. W. F. Augustine in his address as President
of the division emphasized the dangers in
chartering too
The
beginning of 1936.
Repeating
the regional banks decided to attend
The regular quarterly meetings of these officials with the Federal Reserve
resolutions
During the past
It certainly must be more than
system.
Again
Warns
Against Over Banking
Through
Indis¬
criminate Chartering—Urges Return By Govern¬
ment
to
Balanced
Budget—Views on
Business
Outlook and Duplicate Taxation
a
of
W. Prentis
ing, and other subjects passed at the Convention, which was
brought to a close on Oct. 14, are referred to elsewhere in
will take advantage of their presence here to discuss the
In
Chase
were the discussions which featured the
annual convention in Boston this week of the American Bank¬
loans.
rates
H.
of
Status
"Road Ahead":
on
ers' Association.
It does not appear probable that these conditions will change radically
in the
Boston
Many and varied
assets.
For
Jr.
they constitute nearly 60% of all the earning
now
in
Foreign Trade Optimistic According
Wadsworth—John
Municipal
The great and sudden increase in them has taken
place since 1930, and
Eliot
National
In 1920 they were 24%, and by 1930 they were 29%
of the earning assets.
American
to
In 1890 they
years.
By 1900 they
for
the
officers
Reserve
Present Value of Dollar—Outlook
Maintenance of
Investments
Investments
Federal
of
the bank
banks.
Without international agreements for the
upward revaluation of currencies, which were difficult to
arrange, the odds appeared to favor the view he expressed,
many
Volume
"The one timely moment so far
upward revaluation without international
co-operation has passed," he said. "Such action might have
been used to cheek the boomlet of the spring of 1937 instead
of raising the reserve requirements.
Revaluation at any
time would be disturbing to business—we are inexperienced
in such matters and uncertainty would be created and linger
Professor
Ebersole said.
offered to
us
for
Mr.
S.
subsequent
that
"The result," he said,
too
changes had
"is that vital
brought us closer to the
telegrams
questions of national import are now
might be termed the paridetermined by the number of letters or
Congress by what
frequently decided in
mutuel system,
the odds being
received by a given
pro or con
Congressman."
prevents our referring here to the many
other speeches which featured the Convention, which, how¬
ever, will be given in full in our special edition, the American
Bankers' Convention Section, to be published at a later date.
of
Lack
Second Vice President of The Chase
reviewed the investment status
Linen,
said
Prentis
"pitfalls of pure democracy."
an
long."
John
2489
Chronicle
'Financial
145
space
National Bank of New York,
A principal difficulty in appraising
weight which should be given to
the respective factors, he said.
Notwithstanding "deplor¬
ably bad economic, social and financial conditions of some
municipal units, experience during the past decade and
before, had demonstrated in a most remarkable way, the
rare quality of security provided by municipal obligations,"
of
municipal securities.
such issues
was
CoalCo.—
Earle
A "sit-down" strike engaged in by 38 coal miners a quarter
of a mile below the surface in the Coaldale, Pa., colliery of
the Lehigh Navigation Coal Co., was ended on Oct. 11
following the intervention of Governor George II. Earle, of
Pennsylvania.
The strike had brought about a sympathy
walkout of 7,000 miners, forcing'the closing of the company's
Thirty-Eight Miners End "Sit-Down" Strike in
dale, Pa., Colliery of Lehigh Navigation Coal
Accept Terms Brought Them by Governor
to know the
Mr. Linen declared.
Too often
of interest
brackets.
it assumed that
was
municipal securities were
only to people subject to the higher income
Insurance companies, which gain but slight
feature, still constitute one
vantage from the tax exempt
the most important
tax
ad¬
markets for such securities, Mr.
said.
of
five collieries in Panther Creek
Linen
*
"constructive steps" in recent
Mr. Linen listed five recent
years
to improve the status
These
of municipal obligations.
are:
1.
Some progress in
3.
More
and municipal operating procedure.
Improved knowledge of budgetary
2.
practices.
disclosing weaknesses not previously
establishing more uniform accounting
complete statistical data
of capital expenditures.
More general planning
5.
Improved legislation dealing with debt
Robert L.
limits, budgets, tax
collection
of the
discussed "Aspects
Garner, Vice President and Treasurer
Guaranty Trust Company of New York
of the Government Bond Market."
*
outlook for American foreign trade
optimistic in the opinion of Eliot Wads worth, Chairman
long
term
American
of
section
Commerce, and President
merce,
expressed
as
is
of
the International Chamber of
of the Boston Chamber of Com¬
in
address
an
before
the general
13. To support this con¬
clusion Mr. Wadsworth cited these facts: the United States
has a surplus of raw materials and finished goods which the
world wants and we must sell; American domestic markets
are ample to absorb the imports we must take in; and we
have the capital to finance the business and initiative to
carry it through.
Urging savings banks to take an aggressive attitude in
meeting the competition from various government agencies
and privately operated organizations which seek to attract
the funds formerly concentrated in savings banks, Frank P.
Bennett, Jr., Editor of the United States Investor, ad¬
dressed the first general session of the convention on Oct. 12.
Prospects for profits in banking are not only fairly bright,
they are brighter than they are in most other kinds of busi¬
ness, were the conclusions expressed on Oct. 14 by Col.
Leonard P. Ayres, Vice President of the Cleveland Trust
Company, in an address before the concluding session of the
Association convention. How much more yield can be safely
obtained on bank funds will depend on three factors, he said.
session of the convention on Oct.
The first consists of the greater use
of deposits now lying idle
unproductive in excess reserves. The second possibility
lies in reducing operating costs of the lending and allied
departments of banks until expenses are less than earnings
from loans. The third possibility consists of securing^greater
returns from investments.
j£j
and
A
gradual decline in business, but nothing comparablejto
1929-32, seemed likely to Dr. Walter Lichtenstein,
National Bank of Chicago, when
that in
Vice President of the First
Oct. 12 before the Clearing House Round Table
Conference of the convention. However, he said that he had
"no intention of trying to date the beginning of this re¬
cession." H. H. Griswold, President of the First National
Bank & Trust Company, Elmira, New York, and Chairman
of the Association's Bank Management Commission, pre¬
sided.
Dr. Lichtenstein pointed out that a long continued
he
spoke
on
producing economic mal¬
continued downtrend and recalled that
uptrend has the same effect in
adjustments as a
since the summer of 1932 there had been a more or less steady
advance in economic activity. "After all, the collapse which
began in 1929 was probably the final
economic ruin caused by the war, and
liquidation of the
it is unlikely that
without another great war we shall have in the near future a
recession of similar magnitude and severity," Dr. Lichten¬
stein said.
'
of Henning W. Prentis, Jr.,
President of the Armstrong Cork Co. of Lancaster, Pa., on
"The Road Ahead", the Boston advices to the New York
''Times" from Elliott V. Bell, Oct. 13, said in part:
Referring to
Whereas a
the
the address
Dr. Glenn Frank, has warned
centralized authority in government, Mr.
moving ever closer to "the primrose
speaker of the previous day,
bankers of the hazards of
Prentis declared that the country was
direct rule of temporary majorities." History,
had worked successfully.
Reminding his auditors of the hedges that had been thrown up against
the possibility of "quick change by mob vote" in the original construction
of our Government, including selection of the President by electors rather
than by direct vote of the people, of Senators by State Legislatures and of
Congressional candidates by conventions rather than by direct primaries.
path of pure democracy—the
he said,
showed that a pure democracy never
was
stated:
strikers the terms offered
Coal Co., as a basis for negotia¬
tions.
He appealed to the miners to give up their strike, and directed
preparations for their trip to the surface after they had agreed.
During the day the Governor had flown to the mine, conferred with
the strikers and then had taken one of them in his plane to attend a con¬
ference with company and union officials at Harrisburg.
The men were greeted by loud cheers from a crowd of several thousand as
they walked out of the mouth of the mine, supported by relatives and
friends.
They were hurried into private cars lined up at the mine entrance
The Governor, on his second
procedure.
and foreclosure
the
agreement offered by the company which they accepted.
In advices from Lansford, Pa., Oct. 11, by the Associated
Press, it
known.
4.
The
y
The collieries were
Valley.
reopened on Oct. 13 and operations resumed.
Orifinally 45 miners began the "sit-down" strike on Oct. 5
but 7 were forced to leave the pit because of illness.
The
strike was called in protest against the company's methods
of computing pay on their output.
Governor Earle had
twice visited the miners in the pit and brought to them an
trip, brought the
by their employer, the Lehigh Navigation
and
.
rushed
were
their homes.
to
The entire group of 38 was
shaft head
some
200 yards inside the mine
in the
of the mine to the
before any made their appear¬
required to bring the men up
Four trips were
at the mine entrance.
ance
<
hoisted from the eighth level
dusty mine elevator.
that negotiations would begin at
from the company two proposals:
1. That it would pay the same rate for the same class of work on the
eighth level, where the strikers work, as on the seventh level.
2. Where conditions on the eighth level are different from those on the
seventh they would be subject to negotiations between J. B. Warriner,
President of the company, and Hugh V. Brown, District President of the
announced
who
Earle,
Governor
Harrisburg Wednesday, had brought
United Mine Workers of America.
The strikers had demanded pay
based on the yardage
which it was estimated would approximate
wage
of their coal output,
fixed
paying for the remova
$14 a day, instead of the
of about $6 a day which the company was
of chutes and tunnels.
of rocks and the cutting
Ogden L. Mills—Former Secretary of Treasury,
Attack—Notables Attend Funeral
Death of
Dies After Heart
Services
Funeral services were held in
New York City on Oct. 14
the Treasury, who
Among the
honorary pallbearers were former President Hoover and
seven members of his Cabinet, as well as Alfred M. Landon,
Republican nominee for President in the last election. At
the time of his death, which was attributed to coronary
thrombosis, Mr. Mills was only 53 years old.
Statements
of regret were issued by many men and women prominent
in public life, including Secretary of the Treasury MorgenOgden L. Mills, foririer Secretary of
for
died suddently on
Oct. 11 after a heart attack.
thau, who said:
I
am
sincerely grieved to learn
of the death of the former Secretary o
A man of keen and vigorous intellect and
integrity, he had served his country with great distinction In
well as military capacities.
His fellow countrymen generally will,
the Treasury,
Ogden L. Mills.
the highest
civil
as
well equipped and one who has partici¬
His departure will be most keenly felt
by all who have been privileged to know him personally.
mourn
this early passing
of
a man so
pated so actively in public affairs.
Hoover, in
Mr.
a
statement issued Oct. 11,
said:
service. In the New York
Legislature, in the World War, in Congress and in the Cabinet his fine
mind and his strong character gave real aid to the country.
No man was
more passionately interested and patriotically devoted to his country.
His
Mr. Mills gave
his whole adult life to public
passing is a great loss.
From
an
New
the
of Mr. Mills' career, as
given in
"Herald Tribune" of Oct. 12, we take the
outline
York
following:
entered politics 28 years ago because he felt that
In the years that fol¬
lowed, which saw him rise from ward captain to Secretary of the Treasury
and a moving force in the Republican party, Mr. Mills demonstrated con¬
clusively that his was not an idle statement.
Born to wealth, Mr. Mills had let it be known early that he was not
Ogden Livingston Mills
"a man with money
should justify his existence."
going to be content to
from
as a
be one of the "idle rich."
After being graduated
immediately entered a New York law firm
himself self-sufficient as a "matter of personal
Harvard Law School, he
clerk and set out to make
Within a few years he had done that.
promising legal career was halted abruptly when Mr. Mills de¬
cided that he couid serve no useful end by merely adding to the family
pride."
But
a
fortune.
of
to
He
saw
the
advantages of financial
politics and determined there and then
the
cause
of good Government.
independence in the field
that his life should be devoted
Financial
2490
Ilegan
"it
Bottom of Ladder
at
Chronicle
Mr. Mills threw himself into his newly chosen career with all the energy
has
Oct.
become
and enthusiasm that had marked his college days and his brief sojourn in
the legal world.
ment of the future of the
Beginning at the bottom of the political ladder, he climbed
steadily upward,
colleagues
First
as
winning
State
Senator and then
as
a
His less affluent colleagues looked with astonishment
who might have been leading a life of leisure,
man
the
at
but who preferred to
State offices and establish region,
been attacked,
gratulate
that I
regional directorsome
appraise
program.
satisfied with the Public Works organization through
Its integrity and efficiency
which is
as a
whole have never
credit to all members of the staff, and I
a
part in this achievement.
your
on
you
am
a
been delayed until there could be
public works
the years of its existence.
Representative at Washington,
Mr. Mills proved his ability, particularly in the fields of finance and social
legislation.
"I have been highly
the admiration and respect of his
went
both sides of the political fence.
on
a
he
as
to close all
necessary
comprised of several States, each region to be in charge of
This necessary action has
193 7
16,
It is with
con¬
keen regret
compelled to put into effect this partial dissolution of
an
out¬
standing government agency."
labor long and strenuously on public affairs—a thankless task at best.
His
colleagues might differ with his views, but they openly respected
and lauded his work.
In
1926, when Mr. Mills suffered his only major
SEC
Smith—even
Democratic
the
ablest challenge
"New York
World"
described him
with which Governor Smith has
ever
as
Acting
"the
confronted."
been
Spencer
When President Coolidge named him Under Secretary of the Treasury,
in 1927, Mr. Mills began the work which
the Nation.
financial authorities in
whom he served, gradually
shifted
was to make him one of the
The late Andrew
more
and
more
W
leading
and when Mr. Mellon became Ambassador to the Court of St. Jame's,
ers,
in 1931, Mr. Mills stepped
readily and easily into his post.
A delegate to all National Republican conventions from 1912 on, Mr.
had
Mills
he
meanwhile
a
power
in the
In
party.
the
late
1920s
considered among the most promising of the party's future lead¬
was
and he lived
ers,
become
to those
up
predictions,
being prominently mentioned
for the Presidential nomination in 1936.
In recent years the wealth that had permitted Mr.
Mills the independ¬
and time necessary for real public service allowed
ence
often to brand him
in
Personnel—Post
Abolished—C.
R.
Smith
Director of Utilities Division with G. O.
Assistant—W. J. Kenney Becomes Chief
Several changes
in its personnel
announced
were
by the
Exchange Commission on.Dct. 4, including
the abolishment of the post of Economic Adviser, held
by
Kemper Simpson.
of
Ad viser
nomic
Dr. Simpson, who had been Eco¬
Commission
the
1934, had recently been conducting
since
its
"^formation in
inquiry into margin
an
trading which
the post
was nearing completion.
With the ending of
of Economic Adviser, Dr. Simpson's services with
the Commission
his opponents too
severed.
were
The Commission also made known
on
Oct. 4 that C.
representative of "the interests," but it did not deter
a
him.
'•
"
■
of
Named
Securities and
Dr.
Becomes Power in Party
Changes
of Oil and Gas Unit—L. T. Fournier Also Promoted
Mellon, under
of the work to his should¬
Several
Makes
Economic Adviser
political defeat—when he ran for Governor and lost to Governor Alfred E.
Roy
Smith, formerly Chief of the Oil and Gas unit, has been
1
appointed Acting Director of the Public Utilities Division
J. T. Marriner, American Consul in Syria, Assassinated
—No Political Motive Involved—President Roose¬
velt and Secretary Hull
Express Regrets
James Theodore Marriner, United States Consul General
and George O. Spencer has been named Assistant Director.
In the same division, Leslie T. Fournier has been
appointed
Supervising Utilities Analyst.
Mr. Spencer has heretofore
been Chief of the Utilities Finance Section while Mr. Four¬
nier was previously employed as Public Utilities Economist.
Beirut, Syria, was shot dead on Oct. 12 in Beirut by an
Armenian, and advices from that place state that the act was
committed without
any
political
motive but because
As
visa for travel to the United States had been refused him.
Mr. Marriner, who was 45 years old, was slain as he stepped
the announcement of the SEC of Oct. 4:
in
a
from his automobile to enter the consulate.
The assassin,
identified it is said, as Mejardich Karayan, is
saying that he shot Mr. Marriner because he
member
of
the
Roosevelt and
consulate staff to arrive.
reported
was
Both
as
the first
President
were
among
shocked and remarked that Mr. Marriner had done
job.
He added that the assassination
unfortunate
occurrences
Hull issued the
that could not be
following statement
on
was
a
helped.
Secretary
career
success
one.
He
had filled
with
an
excep¬
conspicuous
the difficult posts of technical assistant and adviser to the
Prepa¬
ratory Commission for the Disarmament Conference, chief of the Division
of
Western
European Affairs in the
Department
Embassy at Paris and Consul General
at
of State,
counselor
of
Beirut.
His wide and unusual experience and his sound
judgment made him
particularly valuable member of the service.
the
Government and
and out of the
a
His death is
a
serious loss to
great personal sorrow to his many friends both in
the problem of organizing
The 48 State offices of the Public Works
Administration
will be closed at the end of this month and the direction of
the field activities of the Administration will be
concentrated
into seven regional offices to
open on Nov. 1.
The seven
regional offices, which will take over all of the work and the
necessary personnel from the 48 State
blished in New York,
agencies, will be esta¬
Chicago, Atlanta, Omaha, Fort
Worth, San Francisco, and Portland, Ore.
The New York
office, as headquarters for Region No. 1, will have jurisdic¬
tion
over
the
field
activities
of
the
Vermont,
PWA
in
New
York,
Massachusetts, Con¬
Maine, New Hampshire,
necticut, Rhode Island, New Jersey, Pennsylvania,
Mary¬
land and Delaware.
In announcing on Oct. 1 that the field service of the
PWA
be reorganized and
would
the Interior Harold L.
said that the
partially dissolved, Secretary of
Ickes, as Public Works Administrator,
change State to regional offices will result in
economies in payroll and overhead
expenses.
Existing PWA
offices in the seven regional cities, it is
pointed out, will be
used.
In Washington advices, Oct.
1, to the New York
"Herald Tribune" of Oct. 2, it was further stated:
The entire public works organization in the field and
the central ofrice,
all affiliated administrative work financed by Public Works
including
Administration, comprises 6,822 persons at present.
reduced
The force has been
by 4,116 since the peak of 10,938 in April,
1936, and
will
be
reduced further In the regional reorganization.
The PWA
of
now
has
$1,986,592,702,
under contract
or
a
2,980 projects,
either
having
under
a total cost
construction,
under allotment, to be carried out under the
legislative
authority of the public works extension Act of 1937, continuing the organi¬
zation until July 1
1939.
PWA has completed and put into service con¬
struction
of
total value of $2,303,254,629,
embracing 23,491 useful
permanent public works projects.
"Due to the rapid :ompletion of activities under the old
program and the
necessity for complei tng the remaining program of the PWA at a minimum
a
of administrative expense," Mr.
Spencer, in his
of the Utilities
position,
new
He is 38 years old.
will continue
Finance Section.
A
to
have
active
super¬
native of Augusta.
Me., he is
He has had many years of experience in the utility field and
years Vice-President in Charge of Finance of New England
49 years old.
for
10
Public Service Co.
He joined the Commission staff in
November, 1935.
Mr. Fournier has been appointed Supervising Utilities
Analyst, in charge
of a small group set up to
study the problems in connection with Sec. 11
of the
of
Holding Company Act.
Economics
Princeton
at
Public Utility Regulation.
ing and Finance,
ment and
Mr. Fournier has been Assistant professor
1924, handling the graduate work in
since
He has also specialized in Corporate Account¬
Public Utility and Transportation
Business.
He
was
Nationalization
and
regulation
and
of
Canada"
Regulation, Govern¬
previously employed by the Commission
He is
reorganization.
the
author
several
of
articles
a
volume
on
on
June, 1935, he has been Special
Jersey Board of Public Utilities Com¬
for
native of Sudbury,
Senior
a
the
New
Ontario, Canada and
University of British Columbia in 1923.
Kenney has been associated with
Attorney in the Oil and Gas Unit.
practice of law in San Francisco.
and
a
Company
Since
Utilities Consultant
He is
as
'Railway
Holding
Mr,
the
graduate
a
Commission since
Prior to that he
Kenney is
was
1936
as
in priveta
a
native of San Francisco
graduate of Leland Stanford University in
1926, and of Harvard
Law School in 1929.
Louis S. Posner Resigns from New York State
Commission—Succeeded by Leo P.
Mortgage
Dorsey of New
York City
Governor Lehman
on
Oct. 1 accepted with "very sincere
regret" the resignation of Louis S. Posner
the New
who
is
York State
as
Mortgage Commission.
member of
a
Mr.
returning to private practice of law, had
member of the Commission since its creation in
1935. In United Press advices from
in part a letter sent to Mr. Posner
"You have been
During that period
I know has been
my appreciation
"I
note
a
a
Posner,
been
a
February,
Albany Oct. 1, we quote
by Governor Lehman:
member of the Commission since its creation in
1935.
you
have rendered efficient and devoted service, which
great benefit to the people of the State.
May I express
of your fine service.
you are
returning to private practice of law.
have full measure of
success
I hope you will
and happiness in anything you
may undertake
in the future."
Announcement was made in Albany on Oct. 9 of the
appointment by Governor Lehman of Leo P. Dorsey of New
York City as a member of the State
Mortgage Commission,
succeeding Louis S. Posner. Mr. Dorsey, who is a lawyer,
State Counsel of the Home Owners Loan
Corporation
from 1933 to 1936 and HOLC State
Manager from late last
Fall until last
was
construction program under way
embracing
the administration and enforcement of the
University of Southern California in 1922.
Mr.
Regional Offices to Assume Control of PWA
Field Activities Nov. 1—State Offices to Be Closed
as
and the
A native of California, Mr. Smith
practiced law in Long Beach since his graduation from the Law school of
the
of the
Seven
1936,
He organized and established the adminis¬
enforcing the regulations of the Commission
missioners.
foreign service.
Gas Unit
appointed to the Commission's staff in July,
was
Public Utilities Economist.
a
Oil and
Kenney, who had
The following is from
Public Utility Holding Company Act.
was
since entering the foreign service in 1918 had been
the
John
provisions of the Securities Act relating to oil and gas royalty offerings.
It is contemplated that in his new capacity Mr. Smith will devote
himself
Mr.
Oct. 12:
Smith
head
to
William
attorney in the Unit.
trative machinery for
vision
Marriner, Consul General at Beirut.
His
Mr.
Smith
named
Chief of the Oil and Gas Unit.
those
I have been greatly shocked to learn of the tragic death of James Theodore
tionally distinguished and notable
senior
brilliant
of
one
Commission
been
to
Secretary of State Cordell Hull
those to express regret over the assassination of the Consul
General.
The President said on Oct. 12 that he was
greatly
Mr.
to
successor
the
Ickes said in his instructions to his staff.
ment of
from
Mr.
May. The following regarding the appoint¬
Dorsey is from an Associated Press dispatch
Albany, Oct. 9:
The term
runs until Jan. 1, 1939.
The position pays $12,000
annually.
Commission are Benjamin J. Rabin of New
York
City, Chairman, and Frank M. Led with of Brooklyn.
The commission was created in 1935 to
provide a method for the relief
of distressed holders of
mortgage participation certificates.
Other members of the
Volume
Financial
145
Dam
system in Seattle, Wash.,
and in 1935 went to Washington
Administration.
session of Congress,
Mr. Ross, who will be acting under the general supervision of
the Secretary of the Interior, is charged with the duty of
administering of the transmission and marketing of hydro¬
electric energy produced by the Bonneville Dam on the
Chief Engineer of the Public Works
Under legislation passed at the last
Columbia River
prepare a
fied
use
Mr. Ross also must
provide the widest possible diversi¬
energy generated at Bonneville.
near
branch office at 24 West 48th St., in Manhattan, it is
learned from the Oct. 8 "Weekly Bulletin" of the
De¬
open a
partment.
#
Bank
Federation
J.
Retires from M. J.
Meehan
linquishes Memberships . on
Compliance with SEC Order
M.J. Meehan, who was
Meehan & Co.—Re¬
Three Exchanges in
Work which was begun five months ago is
just being completed.
The bank reopened its doors in
October, 1932.
Jeremiah D. Maguire, President of the
bank, commented:
Although
through
began business at the depth of the depression
we
real
Exchange Commission of alleged violation of provisions of
the Securities Exchange Act of 1934 retired from partnership
in die New York Stock Exchange firm of M. J. Meehan &
Co., New York, on Oct. 15 along with James F. McConnochie, according to a New York Stock Exchange announce¬
ment issued Oct. 14.
Mr. Meehan has also transferred his
memberships in the New York Stock Exchange, the New
York Curb Exchange and the Chicago Board of Trade to
other partners in the Meehan firm, complying with the order
issued by the SEC effective Oct. 19.
The transfer of the
Stock Exchange membership to Thomas E. Doherty became
effective on Oct. 14,*at which time Mr. Doherty became a
Meehan & Co.
partner in M. J.
had
Meehan
been
senior partner,
The firm, of which Mr.
will continue under its
present name.
Previous items in the matter appeared in
our issues of Oct. 2, page 2166, Aug. 28, page 1355, and
Aug. 2,
page
of subnormal
years
many
showed
progress.
Total
assets
May 10, 1933, low point in the
The bank is now in
cash of $3,160,911 and securities
unusually
shortly following its reorganization.
sound
liquid
position;
(largely short-term government, State and
municipal issues) of $4,371,262
of all assets; this compares with
of $1,620,350, equal to about 24% of total assets
together currently account for about 59%
in
1933.
May.
...
The bank's deposits have more
this year,
than doubled to $10,634,616 on Sept.
accounts has also
increased to more
opened and less than 900 at the low
of the depression.
#
referring to the Sept. 30 statement of the First National
of New York, in our issue of Oct. 9, page
2329, we failed to give due recognition to the provision in the
statement not only for the dividend payable Oct. 1, 1937, for
which $2,500,000 was appropriated, but likewise the approp¬
riation of a similar amount ($2,500,000) for the dividend
In
Bank of the City
payable Jan. 3, 1938.
Undivided profits on Sept. 30,
following deduction of the $5,000,000 for payment of the two
dividends, were reported at $5,095,353, as against $7,641,636
June 30, after provision was made for payment of only one
dividend—that of July 1, in amount of $2,500,000.
867.
Brown
mittee
of
«
Elected Member of Governing Com¬
New York Stock Exchange—Named to
of Alpheus C. Beane
& Co., was elected
a
of the New York
Stock Exchange on Oct. 13 to fill the vacancy caused by the
death of Alpheus C. Beane.
Mr. Brown, who is in charge
of the New York office of Dean Witter & Co., whose main
office is in San Francisco, Calif., has been a member of the
Exchange since July 7,1933, when he came to New York from
San Francisco.
He still holds membership in the San Fran¬
Vacancy Caused by Death
Austin Brown, a partner of Dean Witter
member of the Governing Committee
cisco Stock Exchange.
Mr. Brown was born in
Colorado in 1897.
Prior to enter¬
ing the securities business in 1921, he was associated with the
Hercules Powder Co.
He has been a partner of the firm of
Dean Witter & Co. since its formation.
Elected President of American Bankers
Association at Annual Convention—P. A. Benson
W.
Adams
and
R.
M.
Hanes
Named
tive
Presidents—Dr.
Shepherd as Execu¬
Vice
Harold Stonier Succeeds F. N.
♦
of the Board of Directors of the
Williamsburgh Savings Bank of Brooklyn, died on Oct. 13
at his home in Garden City, Long Island, following a heart
attack.
He was 87 years of age.
Mr. Jewell had been a
trustee of the bank since 1900.
Regarding Mr. Jewell's
John V. Jewell, Chairman
we
career
quote in part from the New
session Oct. 13 of its annual convention in
Boston, the American Bankers Association elected Orval W.
Adams as President for the coming year to succeed Tom K.
Smith, President of the Boatmen's National Bank, St. Louis,
Mr. Adams, who is Executive Vice President of the
Utah State National Bank, Salt Lake City, Utah, served as
First Vice President of the Association the past year, in
Mo.
which post he is succeeded
of the Dime Savings Bank
by Philip A. Benson, President
of Brooklyn, Brooklyn, N. Y.,
previously Second Vice President of the Association.
Robert
President of the Wachovia Bank & Trust Co.,
Winston-Salem, N. C., was elected to succeed Mr. Benson
as Second Vice President, which office carries the right of
succession to the Presidency two years hence.
At a meeting Oct. 14 in Boston of the Executive Council of
the American Bankers Association, M. H. Malott, President
of the Citizens Bank of Abilene, Kan., was elected Treasurer
and Dr. Harold Stonier Executive Manager of the Associa¬
tion.
Dr. Stonier succeeds F. N. Shepherd, who had pre¬
viously announced that he would not be a candidate for re¬
election.
Mr. Shepherd had been Executive Manager of the
Association since 1922, with headquarters in New York City,
and had previously served, from 1917 to 1921, as a member
of the organization's Agricultural Commission.
M. Hanes,
ITEMS
ABOUT
York "Times" of
Oct. 14:
Bank before it was merged with
Jewell
became associated
with
President of the Twenty-sixth Ward
Mr.
1900 as
the Mechanics Bank of Brooklyn.
the Williamsburgh Institution in
Trustee, was elected Vice President in
1914 and President in 1923.
of Mr. Jewell were, director of the
Among the many banking connections
Kings County Trust Co., and an original stockholder and trustee of the
before the latter institution was merged with the Me¬
Nassau Trust Co.,
Manager
At the closing
Sept. 30, the Discount
Corporation of New York, New York City, reports total
assets of $74,513,748, consisting of $66,365,083 of United
States Government securities and bought under resale agree¬
ments; $4,877,903 of acceptances discounted; $3,168,697
of cash and due from banks; $93,164 of interest receivable
accrued, and $8,901 of sundry debits.
Capital and surplus
are each given at $5,000,000 and undivided profits at $2,210,862, a combined capital account of $12,210,862.
Mr. Jewell succeeded his father as
O.
30,
while the number of commercial
than 4,000 from 1,200 when the bank
from $4,975,000 in May, 1933,
In its statement of condition for
Austin
and have gone
economic conditions, our bank has
have increased to $12,741,814 on
Sept. 30, this year, from $6,661,470 on
an
total cash and securities
found guilty by the Securities and
15
bank quarters.
bank's operations
M.
Co., New York, on Oct.
Trust
&
celebrated the beginning of its sixth year in business at the
corner of 34th St., and Eighth Avenue by opening remodelled
Portland, Oregon.
rate schedule to
of electrical
the New York State Banking Department to
authorized by
Project
Appointment of James D. Ross, a member of the Securities
and Exchange Commission, as administrator of the Bonne¬
ville Dam project, was announced on Oct. 10 by Secretary
of the Interior Ickes.
Mr. Ross developed the public power
as
Irving Trust Co., New York City, on Oct. 7 was
The
Appointed Administrator of Bonneville
James D. Ross
2491
Chronicle
BANKS,
TRUST
COMPANIES,
&c.
Trading halted momentarily on the San Francisco Stock
Exchange on Oct. 13 while members of the Exchange paid
tribute to Milton A. Bremer, who died at his home in San
Mateo, Cal., on Oct. 11.
Mr. Bremer was the oldest mem¬
ber of the Exchange in point of years of membership having
been a member for 33 years.
He served as President of the
Exchange from 1914 to 1916 and was a member of major
Exchange committees.
♦
chanics
Bank.
For 15 years before his election to the
Williamsburg Bank Mr
all property upon
presidency of the
Jewell served on the funding committee, appraising
which loans were made.
♦
'
■
In its statement of condition as of
Sept. 30, the State Bank
of Albany, Albany, N. Y., shows total resources of $73,129,169 (comparing with total assets of $72,463,749 as of June 30,
1937) of which the following are the chief items: Cash in
and due from banks, $22,400,058; securities, $29,-
hand
373,307 (of which $18,338,106 are United States Govern¬
ments), and loans and discounts, $20,748,250.
On the
debit side of the statement, capital and surplus remain un¬
changed at $2,939,900 and $2,060,000, respectively, but
undivided profits have increased to $321,788 from $321,115
on June 30.
Total deposits are given as $66,577,505, up
from $65,930,782 on
the earlier date.
Frederick McDonald
is President.
4
Deposits on Sept. 30 of $239,413,490 and total resources of
$332,932,386 (comparing with $249,577,404 and $342,144,037, respectively, on June 30, last) are shown in the state¬
ment of condition of the Union Trust Co. of Pittsburgh,
Pittsburgh, Pa., as at the close of September.
The principal
making up the assets are: Cash on hand and in banks,
$49,600,098; United States Government securities, $134,328,319, and loans and investments, $143,177,293.
On the
debit side of the statement, capital and surplus account are
items
given at $1,500,000 and $75,000,000 (the same as at the
earlier date), but undivided profits are higher at $3,415,941
up
from $2,725,485 on June 30.
Clarence Stanley is Presi¬
dent.
♦
.
»
Peoples-Pittsburgh Trust Co., Pittsburgh, Pa., in its
condition report as at the close of business Sept. 30, shows
total assets of $110,187,863, as compared with total assets of
The
Financial
2492
Chronicle
on June 30, of which the followipg: are the chief
items: Cash and due from banks, $26,513,202; United States
$113,395,923
Oct.
seas), London, but will remain
and
$20,300,000; other bonds and
investments, $37,741,750, and loans and discounts, $20,983,640.
On the liabilities side of the statement, deposits
are
shown at $92,889,447, down from $95,994,203 at the
earlier date.
Capital and surplus remain the same at $6,000,000 and $7,000,000, respectively, but undivided profits
are higher at $3,596,048, against $3,436,895.
a
enough, Deputy Chairman of Barclays Bank Limited, has
been made Deputy Chairman also of Barclays Bank (Dom¬
inion, Colonial and Overseas).
THE
Price movements
Joseph E. Ferguson, heretofore Vice President and Cashier
Mahanoy City, Pa., has been
elected President of the institution to succeed George W.
Barlow * who resigned because of ill health, it is learned from
"Money & Commerce" of Oct. 9. Other changes made in the
personnel of the institution were: Dr. A. P. Seligman, a
f..
*
■
f*
i
1
j
tr*
.
...
tv
♦
_
i
.
....
i
EXCHANGE
the New York Curb
but
Exchange have
during the present week,
selling has been heavy, and while
a
few modest gains
have been recorded from time to time, the
market has
been
stocks have been
.1
^
CURB
on
been somewhat erratic and uncertain
of the Union National Bank of
.«
director of the institution
member of the London committee.
In place of Mr.
Tritton, Sir John Caulcutt, formerly Deputy Chairman, has
been elected Chairman, and William Maenamara Good-
Government securities (at par)
t\
a
1937
16,
toward lower levels.
tendency of the
Mining and metal
particularly weak and specialties, indus¬
sharply downward, many active
trials and oil shares moved
Cashier, and George Q. Kline named Trust Officer.
issues
the
Miners
from
Stockett has
National
Pottsville
a
merce" of Oct. 9.
the
bank
since
been
Bank
of
elected
a
Vice-President
of
Pottsville, Pa., it is learned
dispatch, appearing in
"Money
&
Com¬
lows for the
reached
year.
the
the market favorites moved up a point or more but most of
the gains held to fractions.
Singer Manufacturing Co. was
one of the weak spots and slipped back 4 %
points on a small
Mr. Stockett, who has been a director of
1931, is General Manager of the Pine Hill
Coal Co., it was stated.
new
transfers
of
volume
«
Ilelme
B.
sinking to
On Wednesday the
highest point in several
months, most of the transactions being on the selling side.
Curb market stocks were moderately firm during the
early
part of the two-hour session on Saturday, and while changes
were small, there was an increasing
tendency toward lower
levels as the session progressed. Some of the more active of
George
W. Barlow, Jr., has been elected a director to succeed his
father in that capacity.
transaction.
«
Chesebrough Manufacturing Co. was another
dipped 4 points to 98. Other declines in¬
cluded Cities Service pref., 1 point to 22%; Mead
Johnson,
1% points to 103%; Penn.Salt, 1 34 points to 139; Pepperell
Manufacturing Co., 134 points to 8534; Sherwin-Williams
(5) pref., 1% points to 107%, and National Power & Light
(6) pref., 1% points to 5834*
Sharp losses due to liquidation were apparent throughout
the session on Monday.
The declines were not confined to
any one section of the market, but extended to practically all
parts of the list, losses being registered by 369 stocks of the
527 traded in, while 128 were unchanged as the market
closed. Specialties, oil issues and public utilities were weak
weak stock and
The Central National Bank of
Cleveland, Cleveland, Ohio,
of Sept. 30, reports total
deposits of $139,146,661 and total resources of $155,510,847
(comparing with $138,396,332 and $155,119,148, respec¬
tively, as of June 30, last), the chief items of which are as
follows: Cash in vault, and with banks, $34,243,269; loans
and
discounts, $51,051,455; United States Government
bonds, $48,049,383, and other bonds and securities including
stock of the Federal Reserve Bank, $15,079,922.
On the
liabilities side of the statement, capital account is
slightly
lower at $12,920,000, against $12,960,000 on June 30, but
surplus and undivided profits have increased to $1,448,522
and
from
for
in
condition
its
$1,444,021
statement
on
as
the earlier date.
E. N. Granquist has been promoted to a Vice-President of
the
Liberty National Bank of Chicago, 111., it
from the Chicago "Journal
added
that Mr.
Granquist
is learned
of Commerce" of Oct. 11, which
has been with the Liberty Na¬
tional Bank for the past six years as an Assistant Cashier
in charge of the credit department.
Arrangements were completed Oct. 11 for the sale of a
membership in the Chicago Stock Exchange at $2,000, un¬
changed from the last previous sale.
the Milwaukee
"Sentinel" of Oct.
2
1933.
With the payment, to be made Oct, 15, stockholders will
have regained
of the special assessment
in full.
1936.
Twenty
levied
Depositors collected the full
interest,
against
per cent, of the amount
was
amount
them
to
depositors
repay
returned to them July 29.
of
their
deposits,
plus
6%
a year ago.
The Oct. 15 dividend amounts to $3,640.
The Boatmen's National Bank of St.
Louis, St. Louis, Mo.,
will celebrate the 90th
anniversary of its establishment on
Oct. 18. Organized as a
savings bank (the first in the State
of Missouri) primarily to meet the needs of
"the boatman
and other industrious classes of the
City of St.
Louis", it
opened for business on Oct. 18, 1847 as the Boatman's
Savings Institution. During the 90 years of its existence, the
bank has maintained one
identity and has never had a merger
or consolidation with
any other bank. Eight years
following
its formation, it was
reorganized under a special State
charter, and reopend on Jan. 2, 1856, with a
capital of
$400,000.
Again, in 1873, when the State had
adopted a
General Incorporation Act, it obtained a new
charter and at
the
session on Wednesday.
The transfers
605,860 shares, against 357,275 on Monday,
marking the largest turnover since March 11, 1937. The
recessions ranged from 1 to 8 or more points, Newmont
of the outstanding weak spots as it regis¬
points to 62. Other noteworthy losses
were Aluminum Co. of America,
3% points to 97; Carrier
Corp., 334 points to 33; Consolidated Mining & Smelting,
5% points to 57%; Fisk Rubber pref., 6% points to 64%;
Western Maryland (1) pref., 9 points to 76; Standard Oil
of Ohio, 3% points to 2334", Singer
Manufacturing Co.,
11 points to 250; Nehi Corp., 4 points to
37, and Jones &
Laughlin Steel, 234 points to 4634*
Lower prices prevailed as the market closed on
Thursday.
During the morning dealings several of the more active stocks
were inclined to move upward and some modest
gains over
Tom E. Smith is President.
A new Oakland,
Calif., banking institution, the Bank of
Commerce, with capital of $1,000,000, was opened for busi¬
ness
on
Oct. 7, it is learned from Associated
Press advices
from that city, which went
It
was
America,
on
to say:
organized by Arnold J. Mount,
Public utilities, as
fractionally higher and the specialties were
moderately stronger. Numerous declines were also apparent
but these were largely among the issues
less. frequently
traded in. Outstanding among the stocks closing on the side
of the advance were American
Cyanamid A 3 points to 32,
Consolidated Gas & Electric of Baltimore 2 points to
67,
New Jersey Zinc 1% points to 68, Newmont
Mining 134
points to 6334, Royal Typewriter 4 points to 59, Aluminum
Co. of America 134 points to 98% and Sherwin-Williams
1 point to 86.
Irregular price movements with a tendency toward lower
and
Tractor Co.
A.
Mr.
S.
Weaver,
former
Mount is Chairman and Mr.
Caterpillar
Weaver President.
On the advice of his
physicians that he curtail business
activities, Herbert Leslie Melville Tritton has
resigned as
Chairman of Barclays Bank
(Dominion, Colonial and Over¬
There
vance
were
the chief characteristics of the trading on
Friday.
brief periods of activity on the side of the ad¬
but with the exception of a few
special
were
were
stocks, the
were
not
maintained.
Aluminum
Co.
of
America
moved against the trend and closed at
10134 with a gain of
points and Penn. Salt climbed back 6 points to 140. Out¬
standing among the declines were American Superpower
1st pref. 5 points to 80, Childs Co.
pref. 6 points to 50 and
Brown Co. pref. 2 points to 46.
As compared with the
quotations of Friday last, prices were lower, American
3
Cyanamid B closing last night at 25% against 28 on Friday
week ago, Carrier Corp. at
31% against 3834, Common¬
wealth Edison (hew) at 2434 against
26%, Cord Corp. at 2
against 234, Creole Petroleum at 23 against
24%, Electric
Bond & Share at 8% against
10%, Fisk Rubber Corp. at
6% against 734, Ford of Canada A at 16% against
18%,
Gulf Oil Corp. at 43 against 44, Humble Oil
(new) at 65%
against 67, International Petroleum at 28% against
31%,
Lake Shore Mines at 4634
against 4834, New Jersey Zinc at
a
President of the Bank of
Vice-President of the
once
one
decline of 8
group,
gains
of $46,000,000.
a
the previous closing levels were recorded.
a
Federal Reserve
excess
erratic
to
Mining being
levels
joined the
System. To-day the institution has com¬
bined capital and surplus of
$3,610,000 and total deposits in
lows
year.
somewhat
time increased its
capital from $400,000 to $2,000,Still later, April, 1926, the Boatmen's
Bank became a
National institution under its
present title and
same
000.
new
Trading continued quiet though the day's
transfers
were
slightly larger than Friday.
Prominent
among the declines were Aluminium Ltd., 4% points to 80%;
Babcock & Wilcox, 3 points to 82; Lynch Corp., 3
points to
36; Penn. Salt, 5 points to 134; Pepperell Manufacturing Co.,
334 points to 82; Sherwin-Williams, 3y points to 85, and
United Shoe Machinery, 4% points to 70.
The New York Curb Exchange, the New York Stock Ex¬
change and the commodity markets were closed on Tuesday
for the Columbus Day holiday.
Declines due to selling again predominated
during the
tered
Circuit Judge John J. Gregory Friday (Oct.
1) authorized payment of
10% dividends to stockholders of the Hopkins Street Bank, closed Jan.
28,
30%
number of stocks in these groups broke to
increased
Concerning the affairs of the defunct Hopkins Street Bank
of Milwaukee, Wis.,
carried the following:
a
the
Volume
Financial
145
77A against 9 Yi,
18)4 and United
68 against 72, Niagara Hudson Power at
Standard Oil of Kentucky at 17M against
Shoe
Chronicle
We
Machinery at 69l/2 against 73 %.■
TRANSACTIONS
DATLY
AT
CURB
YORK
NEW
THE
,
purchase from Brokers and Investment
Firms
EXCHANGE
drafts, with securities attached, drawn
their
on
foreign correspondents and clients.
Bonds (Par Value)
Stocks
(Number
Week Ended
Total
Corporate
Government
Domestic
112,225
$15,000
$9,000
$607,000
47,000
$583,000
358,580
52,000
1,247,000
1.148,000
55
Wednesday
1,599,000
1,269.000
50,000
30,000
1,679,000
92,000
37,000
1,398,000
1,559,000
56,000
47,000
1,662,000
$6,158,000
$260,000
$175,000
397,515
531,635
Total
2,005,165
Member New York Clearing House
Member Federal Deposit Insurance
15
BANKS TO TREASURY
New York Curb
86,417,467
102,170,387
$338,593,000
10,193,000
8,206,000
Noon Buying
$651,297,000
1,921,685
2,005,165
Stocks—No. of shares.
CERTIFIED
$6,158,000
$12,158,000
Foreign government--
260,000
261,000
Foreign corporate
175,000
171,000
Domestic.-.-
FEDERAL RESERVE
BY
15, 1937, INCLUSIVE
Rate for Cable Trans'"^ in New
York,
Value in United ttaus Money
Country and Monetary
Bonds
Association
Corporation
UNDER TARIFF ACT OF 1930
1937, TO OCT.
OCT. 9,
1936
1937
1936
1937
Exchange
RATES
EXCHANGE
FOREIGN
Jan. 1 to Oct.
Week Ended Oct. 15
Sales at
STREET, NEW YORK
$6,593,000
605,210
Thursday
Friday
BROAD
Member Federal Reserve System
Holiday
Tuesday
FOREIGN DEPARTMENTt
OFFICE AND
PRINCIPAL
Saturday
Monday.
TRUST COMPANY
MANUFACTURERS
Foreign
Foreign
of
Shares)
Oct. 15. 1937
2493
Unit
Oct.
M,801,000
Oct. 11
Oct. 12
Oct. 13
S
$
Oct. 15
Oct. 14
S
9
$
10,070,000
S
Europe—
$
9
Oct.
Marconi
Central Mln
&
Wed.,
Thurs.,
Fri.,
Oct. 12
Oct. 13
Oct. 14
Oct. 15
103/9
6/6
430/1
69/4%
270/49/6
British Amer Tobacco.
Canadian
Tues.,
Mon.,
Oct. 11
In vest.
Cons Goldflelds of S A.
Crown Mines
Courtaulds S <fc Co
M
M
£12%
105/9
18/6
25/-
Electric & M uslcal Ind.
Ford Ltd
Gaumont Pictures ord_
A
Geduld (E)
Geduld Prop Mines...
Gold
Exploration
.
5/6
2/3
175/172/6
,
/25/7%
Hudson Bay Mln <fc Sm
141/10%
143/1%
Imp Tob of G B & I..
IMP S
143/9
143/9
17/9
67/6
13/3
46/3
Mines of Kalgoorlie.
Box
...
Palmietkuil Gold M
Rand Fr Est Gold
.
Mi
—
58/9
Roan Antelope Cop M_
46
Shell Transport
£4^'32
£4z932
So Kalgurll Gold M
8/200/59/3
34/6
155/26/3
30/-
8h
200/58/36/4%
Sub Nigel Mines
Unilever
Union
Ltd
Corp
United Molasses
West Rand Consol M._
,
—
-
.
.
.
12/6
45/7%
/3
£7%
£7
Areas
ENGLISH
.
8/201/3
58/36/9
157/6
27/1%
31/3
£4'5,6
27/30/£7
£7
4.960666
4.961083
Finland, markka.---.
.021875
.021875
.021893
.021881
.021905.
France, franc
.033179
.033218
.033562
.033685
.033650
.401575
.401588
.401550
.401592
.401603
.009085*
.009080*
reichsmark
Germany,
Greece, drachma
.009067*
.009073*
.009066*
.552875
.552882
.552857
.552546
.552764
.197425*
.197425*
.197425*
.197425*
.197425*
.052600
.052605
.052605
.052601
.052606
.248883
.248906
.249095
.249196
.189000
.188866
.188900
.188900
.188866
.044916
.044783
.044800
.044808
.044837
.007314*
.007339*
.007353*
Spain, peseta
.062714*
.063250*
.063125*
.063571*
.007353*
.062312*
Sweden,krona
.255391
.255410
.255589
.255704
.255745
Switzerland,
.230064
.230075
.230053
.230014
.230028
.023020*
.023020*
.023020*
.023020*
.023020*
.294333
franc-
Yugoslavia. dinar
HOLI¬
Asia—
DAY
China—
dol'r
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tientsin (yuan) dol'r
.295458
.295041
.293875
.294500
.295458
.295041
.293875
.294500
.294333
.295458
.295041
.293875
.294500
.294333
.295458
.295041
.293875
.294500
.294333
.309687
.309531
.309762
.309890
.310046
.374038
.374087
.374211
.374484
.374468
.288546
.288458
.288629
.288739
.288732
.580875
.580875
.581250
.581687
.581687
Chefoo (yuan)
Singapore (S. S.) dol'r
Australasia—
.945178* 3.948214*
3.950000* 3.952098* 3.951428*
pound. 3 .973750*3.977291*
3.981125* 3.980937*3.981145*
pound- 4.906666* 4.907812*
4.911964* 4.912343* 4.914583*
Australia, pound
New Zealand,
Africa—
Mon.,
9
Tues.,
Wed.,
Oc. 13
Fri.,
Thurs.,
Oct. 12
Oct. 14
Oct. 15
20d.
1.000420
Cuba, peso
.999166
.999166
.999166
.999166
Mexico, peso
.277500
.277500
.277500
.277500
.999166 J
.277500
.998154
.998183
.997890
.997823
.997949 j
.330275*
.330408*
.330650*
.330675*
.087238*
.087238*
.087238*
.087255*
.060088
.060000
.059744
.057722
Newfoundland,
Argentina, peso
.330208*
Brazil (official) mllrels
.087238*
(Free) mllrels
Chile, peso
Colombia, peso
.059916
.051680*
.051680*
.051680*
.570905*, .569905*
.569905*
.569905*
.051720*
.569905*
.791080*i .791080*
.789330*
.791080*
.791000 "i"
The
States
-
S.
with
a
year ago.
OF
BANK CLEARINGS
this week will show a decrease compared
Preliminary figures compiled by us, based
44%
44%
44%
44%
50.00
50.00
50.00
50.00
for the week follows:
77.57
77.57
77.57
77.57
77.57
77.57
101%
101%
101%
110%
110%
110%
110%
110%
Holiday
price of silver per ounce (in cents) in the
the same days has been:
(for.)
U. S. Treasury.
U.
COURSE
Bank clearings
50.00
101%
United
on
Bar N. Y.
.051725*;
44%
74%
101%
British 4%
—
I
Closed
74%
Holiday
3% %
War Loan
1960-90-
dollar
South America—
50.00
74%
74 16-16
140s.4%d.
74%
Holiday
Consols, 2%%_
British
upon
indicate that for the week ended today
Treasury
(newly mined)
Per
Clearings—Returns by Telegraph
Week Ending Oct. 16
THE
BERLIN
STOCK
1937
Oct.
Oct.
9
li
126
--—135
Berliner Kraft u. Llcht (8%)
167
Commerz-und Prlvat-Bank A. G. (5%)
120
Dessauer Gas (7%)
120
Deutsche Bank und Dlsconto-Geeell. (5%)-125
Deutsche Erdoel (6%)
149
Deutsche Reichsbahn (German Rys pf 7%)-128
Berliner Handels-Gesellscbaft
(6%)
Dresdner Bank (4%)
Farbenlndustrie I. G. (7%)
Geefuerel (6%)
Hamburger Elektrlzltaetswerke (8%)
Hapag
Mannesmann Roehren
(4%%)
Norddeutscher Lloyd--Reichsbank (8%)--Rhelnlsche Braunkohlen
Salzdeturth
-
(8%)
(6%)
Siemens & Halske
115
162
151
149
83
119
—83
202
230
126
135
167
120
121
125
148
128
115
161
150
149
83
119
83
202
Oct.
Oct.
Oct.
12
13
14
15
Par
FOREIGN
Act of
daily to
EXCHANGE
—
—
127
125
Pittsburgh
135
135
Detroit
167
168
167
Cleveland
120
120
Baltimore
120
—
—
..
Eleven cities, five
145
Other cities, five days
129
129
115
115
162
161
160
148
149
148
149
83
84
120
119
84
83
202
203
200
230
230
230
230
213
214
212
210
-
161
RATES
requirements of Section 522 of the
cable transfers in the different countries of the
record for the week just passed:
—5.5
74,565,506
+12.2
60,506,308
—3.6
$3,724,127,788
828,325,165
$3,799,807,367
—2.0
820,627,840
+0.9
$4,552,452,953
910,490,591
$4,620,435,207
1,122,668,742
—1.5
—18.9
$5,462,943,544
$5,743,103,949
—4.9
;
All cities, one day
Total all cities for
week
+5.5
—5.7
—0.3
—4.0
—3.2
83
120
days
—5.7
—10.0
147
Total all cities, five
-
—1.1
170,514,000
74,801,739
83,900,000
121,726,000
106,406,398
91,641,850
129
115
150
...
124
148
Tariff
certifying
the Secretary of the Treasury the buying rate for
a
days
124
148
Cent
290,000,000
119
120
—
124
—
273,984,284
121,410,000
102,192,179
88,691,174
83,684,915
58,309,017
San Francisco
127
1930, the Federal Reserve Bank is now
give below
City
135
Ex-dlvidend.
Pursuant to the
Kansas
120
...
-„
__
213
(8%)
Philadelphia
Boston.
Oct.
Per Cent of
Allgemelne Elektrlzitaets-Gesellschaft
Chicago
$2,451,761,282
258,344,622
274,000,000
153,536,885
78,915,666
79,100,000
New York
cable
1936
$2,425,943,330
EXCHANGE
Closing prices of representative stocks as received by
each day of the past week:
x
|
1.000625
telegraphic advices from the chief cities of the country
(Saturday, Oct. 16)
bank clearings from all cities of the United States from which
it is possible to obtain weekly returns will be 4.9% below
those for the corresponding week last year. Our preliminary
total stands at $5,462,943,544, against $5,743,103,949 for
the same week in 1936.
At this center there is loss for the
week ended Friday of 1.1%.
Our comparative summary
Silver, per oz._
Gold, p.
1.000432
.000618
♦Nominal rates: firm rates not available.
CABLE
Oct. 11
Sat.,
Oct.
1.000318
Canada, dollar
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
20 l-16d.
20 l-16d.
19 15-16d. 19 15-16d. 19 15-16d.
lineoz.140s.6Kd. 140s.6%d. 140s.4%d. 140s. 4d.
140s. 4d.
.249225
.007353*
The
as
.035001
Uruguay, peso
£6%
FINANCIAL MARKET—PER
4.957500
North America—
Wltwatersrand
West
t.954166
South Africa,
58/9
£39%
37/3
160/-
155/26/6
30/-
.
.221416
England, pound sterl'g 4 .953166
-
81201/3
58/-
£40
Triplex Safety Glass
70
58/9
£39%
.221125
.221425
Japan, yen
£40%
£4",s
58/9
,
Royal Dutch Co
.012850*
.035004
.221304
Hongkong, dollar..
India, rupee
18/1 %
£7%
£7%
£7%
Rand Mines
.012820*
.035000
.221150
Rumania, leu.
4/26/6
145/146/3
18/1%
70/13/-
18/1%
67/6
13/3
46/3
,
.012850*
.035000
Portugal, escudo
Gold
Lake View South
.012850*
.035000
Poland, zloty
£13%
4/26/143/9
143/9
4
4/23/3
.012850*
Norway, krone
106/17/9
25/5/3
2/1%
180/177/6
&
Finance of Australia. Holiday
Metal
.
.168457
Italy, lira
£13%
£13 9,6
103/18/6
24/6
5/3
2/3
175/172/6
.188233*
.168462
Hungary, pengo
105/9
17/9
25/4%
5/6
2/3
180/175/-
Beers
Distillers Co
De
.188214*
.168578
Holland, guilder
106/3
104/4%
5/9
6/8
435/440/71/3
71/10%
275/268/9
49/6
48/9
105/6/3
430/70/266/3
48/9
.
.188133*
.168546
Denmark, krone
Quotations of representative stocks as received by cable
each day of the past week:
Sat.,
.188133*
.168511
Czechoslo'kla, koruna
EXCHANGE
.188116*
Bulgaria, lev
STOCK
Austria, schilling
Belgium, belga
LONDON
THE
$676,168,000
$356,992,000
$12,590,000
S6,593,000
Total
world.
We
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
by the
cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results
for
the week previous—the week ended Oct. 9.
there was a decrease of 0.7%, the aggregate
For that week
of clearings for the whole country having amounted to
$5,657,711,946, against $5,699,483,757 in the same week
Financial
2494
Chronicle
in 1936.
Outside of this city there was an increase of 5.9%,
the bank clearings at this center having recorded a loss of
5.7 %.
We group the cities according to the Federal Reserve
the totals record
a
Week Ended Oct. 9
Inc.
register an increase of 1.6% and in
the Philadelphia Reserve District of 2.8%.
The Cleveland
Reserve District has managed to enlarge its totals by 11.5%,
the Richmond Reserve District by 7.3% and the Atlanta
Reserve District by 6.8%.
In the Chicago Reserve District
there is an improvement of 2.3% in the St. Louis Reserve
District of 0.1% and in the Minneapolis Reserve District
of 15.5%.
The Kansas City Reserve District enjoys a
gain of 8.6%, the Dallas Reserve District of 14.8% and the
San Francisco Reserve District of 11.9%.
In the following we furnish a summary by Federal Reserve
districts:
'
/:"":V
OF
or
Dec.
1935
1934
%
Seventh Feder at Reserve D istrlct—Chic ago—
Detroit
-
Grand Rapids
Lansing
476,091
1,877,833
-
Indianapolis...
South Bend...
Terre Haute...
Wis.—Milwaukee
Iowa—Ced.Raps
Des Moines...
Sioux City.
1,094,641
17,551,000
1,620.553
5,285,023
485,635
338,248
+ 1.9
69,639,098
53,304.478
+ 4.7
86,339,880
2,829,945
1,513,010
1,018,436
17,713,000
1,345,309
4,869,656
2,963,746
Ind.—Ft. Wayne
+ 18.8
400,690
88,004,419
Mich,—AnnArbor
2,008,414
1,547,452
416,200
+24.1
936,625
+7.5
•714,643
11,556,000
776,441
3,195,714
13,598,328
852,469
—0.9
+20.5
+ 8.5
—1.5
451,656
11,399,000
435,571
3,231,018
13,742,451
22,307,235
1,079,390
8,313,488
3,250,177
21,969,785
1,201,660
9,367.068
3,835,160
425,234
+ 12.7
6,467,013
5,839.089
+ 18.0
3,034,393
323,423
198,794,736
2,711,522
+ 11.3
680.691
359,595
+ 18.3
Chicago
311,845,627
306,755,579
Decatur
1,179,108
789,784
+ 1.7
+33.0
Peoria...
3,729,333
1,433,415
1,338,586
3,813,932
—2.2
1,988.313
914,505
1,105,639
+36.2
+21.1
928,542
399,214
193,105,500
482,089
1,982,263
610,240
817,804
475,198,282
464,719,250
+2.3
316,735,131
291,493.486
71,000,000
HI.—Bloomlngton
Rockford...
'■
SUMMARY
1936
1937
decrease of 5.5%, but in the Boston Re¬
District the totals
1937
16.
Clearings at—
districts in which they are located/and from this it appears
that in the New York Reserve District (including this city)
serve
Oct.
Springfield
BANK CLEARINGS
Total (J8 cities)
.
557,365
877,979
Inc.or
Week Ended Oct. 9,
1937
1936
Dec.
1935
1934
$
1937
S
%
S
»
Federal Reserve Dists.
1st
Boston.
2nd
New
3rd
12 cities
...
York. 13
Philadelphia 10
252,000,336
247,982,111
+1.6
175,365,781
194,064,817
3,181,218,353
"
3,365,398,868
•—5.5
2,710,206,763
2,209,192,832
"
378,758,946
368,264,848
+2.8
253,208,535
230,938,068
4th
Cleveland..
5
"
303,304,390
272,040,487 +11.5
173,126,299
Richmond
6
"
147,143,664
.
137,132,743
+7.3
153,539,391
+6.8
113,148,927
+2.3
+0.1
+15.5
+8.6
+ 14.8
316,735,131
163,930,708
"
475,198,282
St.
4
"
149,355,860
149,334,696
9th
Minneapolis 7
"
*'
121,839,765
105,518,840
140,106,394
128,994,205
"
73,090,183
63,675,028
"
271,760,065
Louis..
10th KansasClty 10
11th Dallas
6
12tb San
Fran..ll
-
Qulncy
96,458,236
112 cities
5,657,711,946
2,592,041,946
120,651,615
Total (4 cities).
104,354,458
104,169,187
103,360,384
47,557,011
Ninth Federal
85,217,716
120,818,075
44,108,039
Minn.—Duluth.
Minneapolis...
St. Paul
242,874,287 + 11.9
181,932,930
169,043,126
—0.7
4,415,379,390
3,788,097,050
S. D.—Aberdeen.
1,659,493,290
Mont.—Billings.
5,699,483,757
+5.9
2,446,928,899
1,793,803,151
Helena
Canada........32 cities
440,812,745
—7.7
477,371,002
359,851,519
figures for each city separately for the four years:
Tenth Federal
Inc.
1936
Reserve DIst rlct—Boston
.
Mass.—Boston..
Fall
River
Lowell
..
_
New Bedford-
Springfield
986,322
2,296.181
209,658.901
665,363
357,023
728,012
Conn.—Hartford
3,404,238
2,171,855
16,291,313
New Haven...
R. I.—Providence
N. H.—Manches'r
10,750,900
601,908
Worcester.
Total (12 cities)
4,094,320
252,006,336
877,127
2,146,705
212,567,797
603,018
353,754
686,949
3,280,530
2,017,855
10,682,677
4,158,772
10,057,700
649,230
247,982,114
Second Federa 1 Reserve Dis trict-—New
N. Y.—Albany..
8,195,136
8,751,826
Blnghamton...
1,208,668
1,042,919
Buffalo......
33,800,000
31,700,000
Elmlra....
509,002
584,238
Jamestown....
703,189
668,557
New York.... 3,065,670,563 3,252,554,858
Rochester
8,825,885
7,893,946
Syracuse......
4,775,376
4,111,347
WestchesterCo.
3,706,273
2,638.354
Conn.-—Stamford
6,447,531
5,504,315
N J —Montclair
379,968
404,946
Newark
18,234,448
28,762,314
Northern N. J-
1935
1934
Kan.—Topeka
17,339,148
32,204,415
3,181,218,353 3,365,398,868
Third Federal
Bethlehem
Chester.......
_%
+ 12.4
710,302
1,737,876
531,988
1,796.533
City.
St. Joseph
Colo.—Col. Spgs.
171,000,000
—1.5
160,701,093
689,340
272,099
504,697
2,428,740
1,164,194
7,179,015
2,852,488
+ 6.9
6,782,500
—7.3
343,437
6,961,600
308,410
+7.0
—1.4
+ 10.3
+0.9
+ 6.0
+ 3.8
+ 7.6
+53.9
+ 1.6
488,040
209,380
544,827
2,318,700
1,132,955
Pueblo
Total (10
194,064,817
+ 15
11,770,258
784,319
+6
23,800,000
4,489.295
584,805
22,780,044
—12
cities)
Lancaster.....
Philadelphia...
Reading.
Scranton......
360,000,000
1,556,844
2,209,707
Wllkes-Barre..
York...
N. J.—-Trenton.
1,097,210
1,783,520
9,133,000
Total (10 cities)
378,758,946
.
Fourth Federa
Ohio—Canton
...
Cincinnati....
■i
Cleveland....
Columbus.....
Mansfield
Youngstown
—6
+5
412,734
430,432
—5
2,622,576.232
+ 11
4,941,135
+ 16
2,511,942
2,195,864
3,478,927
289,145
14,813,580
22,202,188
+40.
+ 17
—6,
+ 5.
—10.
383.589
320.222
,129.603.760
4,652,650
2,914,355
1,846,856
2,650,746
285,000
18,544,541
20.236,969
-5.5
.
Total (5 cities).
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk
...
Richmond.
S. C.—Charleston
Md.—Baltimore
_
D.C.—Washlng'n
Total (6 cities).
Sixth Federal
Tenn.—Knoxvllle
Nashville.....
Ga.—Atlanta
Augusta
Macon.
Fla.—Jacksonville
Ala.—Bfrm'ham
.
Mobile
Miss.—Jackson.
Vlcksburg.....
La.—New Orleans
*430.000
+42.2
311,119
1,534,325
365,000.000
1,486,977
2,097,094
+23.8
1.076,366
+ 1.9
+ 1.4
+4.7
+ 5.4
1,452,303
+22.8
4,511,000 + 102.5
368,264,848
x
+2.8
207.474
253,208,535
807,908
694.644
230,938,088
x
73,721,654
68,890,873
272,049,487
+ 11.5
173,126,299
159,291,984
—1.8
+34.8
35.630,324
52,218,045
10.437.100
1,119,176
34,911,751
45,739,126
8,759,600
990,634
x
245,484
44,248,573
224,794
38,983,729
163,930,708
153.539,391
+ 12.2
1,841,522
635,140
848,934
+31.5
3,233,002
+ 1.2
615,755
687,699
2,615,742
3,053,535
105,518.840
+ 15.5
104,169,187
85,217.716
—3.1
121,839,765
Reserve Dis trict— Kans
544,354
476,867
City
as
59,773
76.958
96,081
110,746
—13.2
48.531
3,110,325
30,792,215
2,670,145
2,839,450
85,113,271
3,056,478
616,790
636,254
+65.2
108,571
65,802
—6.4
2,111,534
+ 7.7
—7.5
26,591,133
2,314,685
1,671,614
23.771,380
+33.2
+9.0
+9.3
2,611,382
83,065,259
2,845,990
+ 16.4
+8.5
529,884
428,800
579,864
399,086
128,994,205
+8.6
120,818,075
103.360,384
759,636
34,555.485
5,303,917
1.555.000
2,470,718
3,782,434
92,798,296
3.340,850
718,137
3,657,022
2,512,166
67.851,283
2,926,273
District—Da Has—
1,470,734
+2.1
971.850
48,038.252
+ 14.8
35,640,698
6,719,878
3,040,000
+24.8
781,983
+9.9
3,624,181
2,166,964
1.934.001
Total (6 cities).
73,090,183
63,675,028
+ 14.8
47,557.911
44,108,039
8,384,828
Twelfth Feder al Reserve D Istrict—San
Wash.—Seattle-
Spokane....
Yakima......
Ore.—Portland..
Utah—S. L. City
Calif.—L. Beach.
Pasadena
San
Francisco.
San Jose
Santa Barbara.
cities)
Grand total
870,171
+30.1
+ 15.7
+ 17.3
+35.6
+3.5
—2.0
+7.3
126,437
1,765.000
29,554,444
1.415,333
45.089,954
18,507,068
06,458,236
271,760,065
242,874,287
83,123
1,745.000
35,327.709
934,095
43,327,238
15.351.403
96.768.568
2,851,510
13,460,643
39.300.000
1,169,358
895,001
11,639,000
14,402,497
1,275,343
2,194,824
12,027,573
42,900.000
1,076,894
942,228
10,038,000
15,119,515
875,567
+ 9.2
181,909
*93,628
+ 13.5
27,973,666
25,895,323
+6.8
113,148,927
+2.8
—10.9
+8.5
+7.1
—0.9
+8.4
SCO—
+ 12.4
22,866,335
—5.5
7,718,000
690,116
—3.6
21,653,273
7,555,000
646.144
'
18,327,698
9,808.999
2,075,914
1,926,638
92,640.075
1,983,109
855,566
+ 10.0
23,659,829
11,299,437
3,285,175
2,362,958
108,183,492
2,341,541
884,515
1,641,532
+ 11.9
184,932,930
159,043.126
+9.3
+ 11.8
+13.4
+ 15.9
+ 13.7
+ 16.8
+ 19.0
1,570,710
—0.7 4,416.379,390 3,788,997,050
2,446,928,899
+ 5.9 1,793,803,151 1,659,493,290
Week Ended Oct. 7
Clearings at—
Inc.
1937
1936
129,354.406
139,355,852
63,260,047
19,997,249
27,608,068
Winnipeg
Vancouver..
Ottawa
5.900.697
3,204.131
6,706,302
Quebec
Halifax
8,695,502
2,235,205
2,278.277
3,766,238
5,241,708
5,189,947
544,903
Calgary..
Victoria
Edmonton..
Reglna
Brandon
;
723,148
Lethbrldge.
Saskatoon......
Moose Jaw
...
Brantford..
-
1,780,123
726,763
1,288.492
Fort William
958,185
New Westminster
855,311
425,457
136,546,963
140,406,543
89,489,377
22,384,949
29,408,330
6.740.239
2,804,004
5,620,951
7,412,508
1,979,693
2,333,026
3,127,687
4,334.258
8,303,086
...
Windsor
Prince Albert...-
1935
1934
—6.1
—12.5
+14.3
+ 19.3
+ 17.3
+12.9
—2.3
1.835,661
+20.4
2,455,984
3,923,808
8,206.946
+20.9
—37.5
454,766
532,960
+ 19.8
+35.7
350,749
594,872
2,236.159
—20.4
935,122
—22.3
1.146.358
861,370
742,582
+ 11.2
2,267,650
755,683
928,321
669,327
597,838
450,588
+12.4
+ 15.2
+35.6
+ 14.4
1.251.240
2,711,545
+ 1.0
490,008
496,525
1,020,133
1,263,309
102,862,399
83,067,621
83,787,848
15,778,374
23,867,515
4,250,642
2,458.039
4,178,201
7,225,226
1,625,855
+25.5
+10.9
—1.1
628,758
689,612
1,094,404
1,934,795
420,034
91,960,897
88.526.642
45,909.875
13,198,020
3.844,253
3,362,507
1,874,270
3,604,971
4,750,133
1,417,412
1,275,529
1,922,438
3,902,515
4,833,009
320,143
405,583
1,446.479
504.109
767,179
665,854
575,489
219,377
484,301
548,210
991,530
1,519.634
297,071
1,064.449
...
Chatham...
Sarnia
Sudbury........
Total (32 dtles)
Estimated,
x
786,618
+26.1
700.149
376.248
650.591
—422
595.486
499,726
966,839
599,007
Moncton..
*
—10.7
3,008,002
Sherbrooke
Kingston
—5.3
—0.7
—29.3
313,646
699,195
760,244
*800,000
Peterborough
Kitchener
or
Dec.
%
Canada—
111.163.552
+ 10.8
Franci
5.657,711,946 5,699,483.757
Outside New York 2,592,041,946
Medicine Hat...
+27.7
3,688,493
1,536,987
2,604,971
35,115,598
11,119,000
1,400,032
32,761,922
15,877,250
3,397,651
3,313,112
133,072,000
3,157,500
1,291,173
2,369,049
39,477,000
10,502,000
1,349,582
35,795,839
17,751,746
3,852,581
3,839,761
151,361,105
(112
London
x
2,397,236
2,383,894
53,087,931
23,975,629
1,695,506
3,778,689
St. John
Reserve Dlst rlct—Atlant
3,129,982
15,918.384
53,600,000
1,576,518
1,206,849
16,165,000
21,016,192
1,717,943
21.829,060
La.—Shreveport.
Hamilton
Reserve Dlst rlct?—Richm ond—
3,995,916
17,629,906
55,100,000
1.404,843
1,309,048
17,313,000
20,820,912
1.863,026
2,802,117
73,777.292
+ 9.2
+20.3
+ 4.3
Worth—
Montreal
x
303,304.390
137,132,743
+ 18.3
3,340,000
940,717
Fort
Galveston
Toronto
x
+ 4.3
147,143,664
+24.0
Wichita Falls..
2,818,000
123,894,035
312,327
polls-
26,187,746
897,316
129,247,138
2,250,000
41,223,977
1,432,044
68,594,498
23,319,897
a
2,923,279
69,293,503
3,624,008
82,003,331
28,592,206
2,690,014
835,050
822,568
3,272,588
223,000,000
849,924
1,487,738
+ 10.9
x
Reserve Dis trict—Minne
6,062,228
1,846,000
cities)
+24.7
1,941,416
70,994,289
22,844,775
104,354,458
175,084
52.323,100
_
Total (10 cities)
—2.1
219,312
397,710
192,103
905,261
244,000,000
1,013,871
1,756,536
561,891
1.128,851
3,033,000
.
80,515,844
13,775,700
1.540,808
406,376
2,604.000
48,352,808
120.651,615
1,501,514
55,144,435
Dallas
2.710.206,763 2,209,192,832
58,014,233
100,441,410
13,525,100
2,076,509
..
Pa.—Pittsburgh
+0.1
York
Reserve Dis trict— Clevel and—
x
149,334,696
Eleventh Fede rat Reserve
Texas—Austin
6,505,578
2,266,806
175,365,781
Reserve Dls trict—Phila delphi
480,073
+ 31.3
365,664
611,409
385,250
1,501.933
149,355,860
x
140,105,394
..
Wichita
Total (11
Pa.—Altoona....
321,000
233,156
Omaha..
or
Dec.
Stockton
Total (13 cities)
399,000
2,912,594
Lincoln...
Mo.—Kan.
First Federal
+ 46.1
690,533
Hastings
Clearings at—
Portland
464.000
139,518
Neb.—Fremont..
Week Ended Oct. 9
Me.—Bangor
61.300,000
20.408,938
22,324,520
281,555,54
Total (7 cities).
1937
23,036,797
26,215,818
96,768,568
N. Dak.—Fargo
Total
Outside N. Y. City
—16.8
291,403,486
"
Chicago ...18
Atlanta
37,992,300
111.—Jacksonvlle
111,163,552
464,719,250
10
7th
8th
6th
31,627,870
678,000
Tenn.—Memphis
159,291,984
6th
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
+2.4
81,700,000
83,700,000
+ 14.3
33,349,990
29,178,396
Ky.—Louisville. .
Mo.—St. Louis..
+79.9
+ 19.4
+23.4
392,300
449.525
382.868
304.583
1,127,839
537,401
501,862
864.204
797,309
670.041
440.812.745
477,374.002
—7.7
359.851,519
281,555.545
Figures not available.
570,897
Volume
reprint
Stocks (Concluded)
140s.
140s.
140s.
140s.
140s.
140s.
23
24
25
27
28
29
6d.
6Hd.
6d.
4Kd.
6Hd,
7d.
12s.
12s.
12s.
12s.
12s.
12s.
264,540
107,621
Japan
Neherlands
France
Switzerland
40,000
Netherlands
Other countries
11,544
Other countries
73 X
8
73 X
100
73 X
Oct
9X
10H
9X
4X
4X
10H
Oct
19H
Mar
4,900
60c
Jan
IX
Mar
1
70c
New
2,665
Zealand
Belgium
—
43,329
26.659
5,161
Czechoslovakia
30M
7
Feb
Mar
1,000
24H
24H
100
24H
Oct
46
Mar
21H
21 X
23
500
21
Jan
27H
Aug
1.50
Mar
7
Oct
Jan
11X
75c
76c 77 He
2,100
75c
8H
8H
8H
100
8H
Oct
22 X
55c
55c
65c
400
55c
Oct
IX
Jan
6c
6c
6c
1,000
6c
Oct
18c
Mar
1
21c
21c
23c
6,100
16c
Jan
72 He
Jan
15,300
15c
Oct
60c
Feb
1,100
1,700
8X
Oct
16H
Feb
2%
Oct
16c
15c
16c
8X
9
Industries...2
10
2 x
2%
5H
3
5X
1
75c
72 He
Investment
Oil Co
Menasco Mfg
Co
2H
12c
14c
8,000
lc
55c
100
52 He
Sept
Feb
Mar
Jan
4X
Jan
55c
IX
Feb
6H
1.45
Oct
IX
13c
23c June
97 He
Apr
Mar
40c
40c
40c
200
32c June
80c
7H
Corp.10
7H
7H
100
7H
Oct
12 H
July
45c
Ltd
Feb
Sept
80c
Feb
2.00
Mar
17c
20c
27,200
13c
32c
35c
3.700
30c
1.15
20c
5
33c
1
1.20
1
Oceanic Oil Co
20c
Ollnda Land Co..
1
7X
Pacific Clay Products
*
80c
Pacific Distillers Inc..
1
15 X
Pacific Finance com....10
25H
Pacific G & E com
25
21
Pacific Indemnity Co...10
40 K
Pacific Lighting com
*
6% preferred
* 104 H
4X
Republic Petroleum com.l
35
5H% preferred
50
5X
Richfield Oil Corp com...* >
Nordon Corp
2,700
Feb
10
5H June
Oct
72 He
700
80c
2.500
IX
Merchants Petroleum
National Funding
5H
Sep
55c
1
Co.._10c
& D..1
Mt Diablo Oil Mng
1.25
1,200
70c
Jan
20c
21c
5,100
16c
Sept
7X
8X
600
7X
Sept
80c
100
80c
Oct
1,400
15H
Oct
Warrants
32
80c
40c
Mar
Feb
18
1H
May
Jan
17
25 H
21
25H
100
25H
Oct
37H
Jan
21
200
21
Oct
35
Feb
39 H
40 X
200
39 H
Oct
52 H
Jan
104H 104H
5H
4X
4,700
35
104
10
Sept
Jan
107
Feb
13 H
Oct
4X
35
200
36
50
Sept
July
5H
ex
10,700
5H
Oct
10H
May
1H
IX
—
Jan
15H
*
1H
700
1H
Sept
3X
July
5
Oct
9X
Jan
Feb
Roberts Public
5
5
5H
700
Ryan
IH
IX
IX
1,100
1H
Sept
3X
*
*
6% preferred
10
Security Co units ben int..
Signal Oil & Gas A
:.*
Sontag Drug Stores
*
So Calif Edison Co Ltd..25
Original pref
25
25 H
25 X
25X
100
25H
Oct
25X
Oot
1.10
1.10
1.10
23
1.45 June
3.25
Mar
2%
2X
400
2%
Oct
33 H
2X
33 H
34
29
33 H
Oct
ex
56
26
26
26
200
26
Oct
48
25
--25
27X
25H
27X
25
Markets..2
Aeronautical Co...l
Safeway Stores Inc
Samson Corp B com
Exports
United States of America.. £71,600
Aden and Dependencies— x53.890
Arabia
x3,312
Egypt
x3.230
£48,801
70
Oct
8x
Mid-Western Oil
► The renewal of Indian selling has made the tone of the market a little
uncertain but in view of the firmer tendency of the dollar, American inter¬
est should continue to be in evidence at or slightly below the present level.
The following were the United Kingdom imports and exports of silver,
registered from mid-day on the 20th inst. to mid-day on the 27th inst.:
Imports
Oct
Corp..l
Lockheed Aircraft
changed at 19 15-16d. for cash and 19 13-16d. for two months' delivery,
conditions being rather quiet and the level just above that at which Ameri¬
can buyers were interested.
•.*
Yesterday the Indian Bazaars were inclined to sell and prices eased to
197Ad. and 19%d. for the respective deliveries and there was some Ameri¬
can support at the decline.
•
Japan
Oct
40
Lincoln Petroleum Co.. 10c
of the week under review prices remained un¬
four days
the first
420
200
24K
9X
6H
1
...10c
Kinner Alrpl & Motor
fine ounces for July 1937 and
Jan
460
10
300
10
420
9H
6H
9X
Milling..25
Jade Oil Co
SILVER
For
80c
42 X
40
Occidental Petroleum
69,460 fine ounces as compared with 67,093
68,830 fine ounces for August, 1936.
Feb
7
Oct
100
400
International Cinema
£2,469.680
£4,501,612
which left Bombay on the 25th inst., carries gold to
the value of about £342,000.
The Southern Rhodesian gold output for August, 1937, amounted to
Mar
4H
Holly Development Co
1
Hudson Motor Car Co...*
The SS. Straithaird,
Jan
10H
420
Mascot
Jan
Mar
3X
17H
17X
4X
40
Los Ang
12H
Oct
10H
67 He
420
Los Angeles
Oct
9X
700
5
8
600
4X
10
Globe Grain &
Feb
135
200
8
4X
Feb
Feb
4H
10H
Equip. .5
Goodyear T & Rub Co...*
Hancock Oil Co A com
*
" 152,808
2,012
Yugoslavia
5,882
Belgium
Sept
Gladdlng-McBean & Co..*
22,962
126,457
71,876
7,048
Finland
802,328
India
Australia
1H
8
General Motors com
'
British
Oct
100
Farmers & Merch Natl. 100
140s. 6.08d.
The following were the United Kingdom imports and exports of gold,
registered from mid-day on the 20th inst. to mid-day on the 27th inst.:
Imports
Exports
British South Africa
£1,226,406
United States of America. £4,100,524
Tanganyika Territory
8,038 British India
8,200
9,725
Kenya
3,321 Syria
Average
24H
1H
Creameries of Amer v t c..l
1.12d.
1.07d.
1.12d.
1.25d.
1.07d.
1.03d.
l.lld.
43
45
1 H
25
Feb
31X
73 H
5
Exeter Oil Co A com
12s.
Oct
18X
1H
Consolidated Steel Corp...
Equivalent Value
of £ Sterling
Ounce
100
18X
High
Low
Shares
24 H
100
Consolidated Oil Corp
Emsco Derrick &
Range Since Jan. 1 1937
for
Week
High
18X
24X
Claude Neon Elec Prods
parity.
Per Fine
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
18X
Central Investment
'
Low
Price
Par
Chapman's Ice Cream
Chrysler Corp
against notes amounted to £326,406,625
on Sept. 22, showing no change as compared with the previous Wednesday.
Conditions in the open market were active and there was a good inquiry
at the daily fixing for the amounts available, which totaled about £2,800,000
during the week.
Offerings were mostly taken for holding purposes and
the demand was sufficient to maintain prices at a slight premium over
Quotations:
of Prices
Byron Jackson Co
GOLD
exchange
Week's Range
Sale
The Bank of England gold reserve
dollar
Sales
Last
of
of
the following from the weekly circular
Samuel Montagu & Co. of London, written under date
Sept. 29, 1937:
We
Friday
SILVER MARKETS
THE ENGLISH GOLD AND
,
2495
Chronicle
Financial
145
6% pref B
5H% Pref C
So Calif Gas Co 6%
46,500
Jan
Feb
Mar
Jan
Oot
14H
1,200
20 X
Sept
32 X
Jan
8
34X
Aug
41
Feb
27X
25X
400
26 X
800
25
28
100
28
Oct
10
10
20 U
20 X
10X
21H
34
34
10
600
34
June
29H
Jan
June
28H
Mar
31
Aug
Mar
28
28
Germany
3,557
France
9,569
Southern Pacific
22 H
22 X
23 X
500
22 X
Oct
62 X
Africa
Other countries
2,800
2,671
Italy
3,019
Standard Oil Co of
32 %
32 X
34
1,500
32 X
Oct
49 X
3
500
2X
Oct
5
Feb
Sept
55
Mar
France
British
South
Hungary
2,335
2,050
Denmark
Sweden
,
Switzerland
1,753
Other countries
5,113
£202,371
£135,643
x
Coin not of legal tender
pref.25
Co...100
Calif..*
Sunray Oil Corp
1
Superior Oil Co..*
25
Transamerlca Corp
..*
Union Oil of Calif
25
Universal Consol Oil
10
VandeKamp's HD Bakers*
Victor Oil Co
10
Weber Shcase & Fix 1st pf *
in the United Kingdom.
Quotations during the week:
(Per Ounce .999 Fine)
Standard)
(Bar Silver per Oz.
19.917d.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
19 13-16d.
45
45
45
45
45
45
22
cents
cents
cents
cents
cents
cents
19.792d.
The highest rate
from the 23d to the
19 13-16d.
19 13-16d.
19 13-16d.
19^d.
19%d.
23
24
25
27
28
of exchange on New York recorded during the period
29th September was $4.95H and the lowest $4.94H»
Cardinal
The
National banks is
Comptroller of the Currency, Treasury
Department:
1—Seattle-First National Bank, Seattle,
Wash.
1—The First National Bank of Portland,
Town of Molalla, Clackamas County, Ore.
Oct.
Location of branch,
Ore.
Location of branch,
Certificate No. 1371-A.
Amount
VOLUNTARY LIQUIDATION
New Freedom, Pa
Agents, Howard N. Bailey and
of the liquidating bank.
Absorbed by
National Bank of York, Pa., charter No. 197.
COMMON CAPITAL STOCK INCREASED
Oct. 2—First National Bank in
Effective Oct. 1, 1937.
Lia.
12
Oct
16 X
Aug
6,200
20
Oct
100
8
Sept
28X
18X
July
Imperial
$50,000
Jan
ex
100
1H
100
2X
Mar
Sept
Sept
IX
6
6
100
6
7X
7X
7X
100
3X
4
400
ex
3X
9H
Feb
13 X
Apr
Oct
5X June
16c
10,000
15c
Oct
39c
20c
21c
4,300
20c
Feb
2X
100
IX
Sept
Apr
82 He
2X
2H
Mar
Development.25c
2c
2c
2c
14,000
lHc
Jan
9c
Feb
1
1
30c
30c
32c
2.000
30c
Oct
48c
Jan
6c
6c
7c
4,000
6c
Oct
15c
Jan
157H
3X
3H
500
Oct
187 H
15c
15c
Unlisted—
100
3
Tel
Corp (Del)
Caterpillar Tractor
Co...*
Co—._...*
Montgomery Ward & Co. *
New York Central RR—*
Aviation. 1
Co...*
America...*
Radio-Keltb-Orpbeum ..*
Sears, Roebuck & Co
*
Standard Brands Inc.....*
Tide Water Assoc Oil... 10
United Corp (Del)
*
Warner Bros Pictures
5
Radio Corp of
No par
151
151
Commonwealth & Sou—*
Curtlss-Wright Corp
1
General Electric Co
*
Intl Nickel Co of Can
*
•
Aug
21c
Gold
Gold
Aviation
Feb
9
Oct
6H
6H
1H
3X
Tom Reed
Zen da
X
1H
Packard Motor Car
the City of Puyallup, Pierce County,
103 Meridian Street, S. E., in
Wash.
Certificate No. 1370-A.
4,800
8X
6
1
G&SM..1
North American
AUTHORIZED
BRANCHES
Oct.
BANKS
following information regarding
13 X
2\X
X
8X
6X
Feb
2%
Gold
Consol Chollar
Cities Service
from the office of the
12
20
8X
Cons M.lOc
Blk Mammoth
American Tel &
NATIONAL
12 X
32
1,000
Mining—
2 Mos.
Cash
19 15-16d.
19 15-16d.
19 15- 16d.
19 15-16d.
19Kd.
19Hd.
Sept. 23
Sept. 24
Sept. 25
Sept. 27
Sept. 28
Sept. 29
Average
38H
34
20X
1
Co..
Yosemlte Ptld Cement
Wellington Oil
IN NEW YORK
IN LONDON
2%
2X
34
3X
151
Jan
3H
Oct
9H
Jan
66 H
Oct
97 H
July
100
100
66 X
June
66 H
2
66 H
2
2H
800
Sept
5H
Jan
IX
IX
200
IX
Oct
3X
3X
IX
3X
200
3X
Oct
4H
8X
Mar
39 X
39X
41X
300
39X
Oct
62 X
Feb
45
45
45
100
45
Oct
45
41
41
41
100
41
Oct
68 H
Mar
24H
6H
5H
Oct
54X
17H
Mar
Oct
12H
Feb
June
12 X
Jan
Apr
2
24H
24H
24H
100
6%
ex
5H
7H
400
5H
5X
400
7
7
8X
900
5
7
Oct
Jan
Oct
Jan
4H
4H
200
4H
Oct
10
66 X
66 X
66 X
100
66 X
Oct
66 X
9X
9X
9X
100
9X
Oct
16
Jan
15H
200
15
Oct
21H
Feb
8H
17X
Feb
15
15
3
3
3
100
3
Oct
8X
8X
8X
300
8X
Oct
Oct
Jan
value
C. LeRoy Curry, care
The First
Oct.
From
Oct.
4—The First National Bank of Celina, Celina, Ohio.
$100,000 to $125,000; amount of increase
4—The National Bank of Ocean City, Ocean City,
From $50,000 to $75,000; amount of increase
N. J.
DIVIDENDS
$25,000
25,000
Wm. Cavalier & Co.
pany
News
New York Stock
Los
San Francitco Stock
Los Angeles
Sale
Par
Co...l
Barn hart-Morrow Cons-.l
Berkey & Gay Furn Co___l
Bandint Petroleum
►
Warrants
Teletype L.A. 290
Price
Week's Range
of Prices
High
Low
for
Range Since
Shares
K
.
Jan
Apr
2X
2X
4
4,100
2 X
Oct
9H
45c
43c
45c
700
38c
Sept
90c
1.00
1.00
1.50
1,600
1.00
Oct
3H
Jan
55c
55c
75c
400
Sept
2.25
Feb
2
2X
1,400
2
Oct
Oct
Jan
Best & Co
50c 62 He
50c
7%
2.50
Jan
200
7c
5c
Sept
14c
Feb
be
5c
5c
4c
Sept
13c
Feb
6c
7c
6c
Sept
16c
Feb
Brandywine Shares
Brentano's Book Stores, Inc.
6c
1,000
2,000
2,000
Blum's, Inc., $1X
7c
Buckeye Union Oil
Vtc
Preferred v t c
10
62 He
com..l
7c
1
1
(quar.)
—
cumul. conv. pref. (quar.)..
(quar.)
Oct.
Nov.
Oct.
22
Oct.
30
Nov.
Oct.
20
16
9
20
Oct.
Oct.
Nov.
Oct.
Oct.
Sept. 25
Nov.
60c
Nov.
Oct.
12Hc
Oct.
15
6f§
Nov.
Oct.
23
50c
Nov.
Oct.
25
32c
25c
7 He
Bardstown
2
22
Nov.
25c
Hydro-Electric Co
Distillery (initial)
) Payable in 3% one-year notes.
Borland Shoe Stores, Inc., 7% pref.
Holders
Nov.
Plywood Corp
Preferred (quarterly)
Bangor
When
Payable of Record
t/.
Atlas
55c
B common
Investment
50c
Amalgamated Sugar Co.. 5% pref. (quar.)
American General Equities (quar.)
American Investment Co. (111.) $2 pref. (quar.).
American Motorists Insurance Co. (Chic., 111.).
Anglo-Canadian Tel<*. Co., 5H% pref. (quar.).
Atlantic Coast Line RR. Co., 5% pref. (s.-a.) —
Jan. 1, 1937
High
Low
Share
Company
Adams-Mill is Corp
Preferred (quarterly)
Alaska Packers Assoc. (quar.)
Allied Kid Co., common (quarterly)
Week
_
Bolsar-Chica Oil A com.. 10
i
Per
Name of
Sales
Friday
Stocks—
Trade
Exchange
Angeles Stock Exchange
Last
in our "General Corporation and
Department" in the week when declared.
announced this week are:
name
Chicago Board of
Exchange
Stock Exchange
523 W. 6th St.
are
The dividends
MEMBERS
Lot Angelet
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
Dividends
Nov.
Oct.
25
Nov.
Oct.
11
Oct.
Oct.
21
SIX
62Hc
31Xc
Nov.
1 Oct.
20
Nov. 15 Oct.
25
20
15
15
28$
Nov.
Oct.
Nov.
1 Oct.
25 Oct.
1 Oct.
2496
Financial
Per
Name of Company
Broadway Department Stores...-;
Preferred (quarterly).
Bullock Fund, Ltd. (quarterly)-..
California Water Service, pref. (quar.)Camden Fire Insurance (semi-ann.)——--Canadian Investment Fund, ordinary shares—
Special shares
Canadian Investors Corp., Ltd
i'.J
-
— — —
-
— .
-
-
-
6c
62 Mc
Jan.
37li?
*7&
25c
1 Oct.
20
1 Oct.
Corp. (increased)--
Knickerbocker Insurance Co., N. Y. (quar.)
Kress (S. H.) & Co. (quar.)__
.—
Special preferred (quarterly)
Extra..;
-
Loew's, Inc., $6M preferred (quar.)
Lone Star Gas, $6Hi preferred
(quar.)
Loose-Wiles Biscuit Co
—
Ludlum Steel Co
-
10c
SIM
$3 preference (quarterly)
20 Oct.
20
Oct.
50c
Dec.
Dec.
1 Nov.
15 Dec.
6% preferred (quarterly)
Minneapolis Moline, preferred
Mississippi Power & Light, pref. (quar.)—
Missouri Gas & Electric Service
Co., common
Mutual Investment Fund
Dec.
Dec.
Oct.
Oct.
Nov.
Oct.
Nov.
JS6M
-
N ash-Kel vinator
25c
Nov.
Oct.
Nov.
Dec.
Oct.
25c Nov.
National Automotive
Fibres, (initial)
16
1
1
Oct.
SIM
1
20
22
15
Oct. 15
Oct. 23
Oct. 15
Nov. 15
Sept. 30
Oct.
30
25c
Newberry (J. J.) Co., 5% prer. A (quarterly)
Noyes (0. F.) Co., 6% preferred
Oahu Ry. & Land Co.
(mo.)
Oliver United Filters, class A
(quar.)
Class B (resumed)
mmll„
Ontatio & Quebec
Ry. (semi-ann.)
Pacific Gas & Electric, 6% pref.
(quar.)
5M% Preferred (quarterly)
Payne Furnace & Supply Co
60c. conv. preferred A (quarterly)
Peninsular Grinding Wheel Co.
(quar.)
Pennroad Corp
Pittsburgh Brewing Co., preferred
Plymouth Rubber Co., Inc., 7% pref. (quar.)„_
Port Huron Sulphite & Paper Co.,
4% pref
Princeton Water, N. J. (quar.)
Procter & Gamble Co. (quar.)
i
Public Electric Light Co. (quar.)_
-
Extra
Randall Co., class A (quar.)
Rath Packing Co., 5% pref. (s.-a.)
Republic Natural Gas Co., common
Rhode Island Hospital Trust (Providence)
Rich's, Inc. (quarterly)
Richmond, Fredericksburg & Potomac RR—
_.
6% guaranteed (semi-ann.
i.).
Riverside Cement Co., 1st $6 pref. (quar.).
Rose's 5-10 & 25c. Stores, new,
(quar.)
Royal China, Inc
St. Louis Bridge Co., 6% 1st pref.
(s-a)-_.
3% 2d preferred (semi-ann.)
Nov.
Nov.
SIM
t45c
Dec.
Nov.
Nov. 16
Oct.
(quar.)
American Gas & Electric Co., pref. (quar.)
American Home Products Corp.
(monthly)
Preferred
1
27
1
Oct.
30
Oct.
Oct.
30
7
7
Oct.
26
Nov. 12
Oct.
Oct.
18
1
Oct.
Sept. 25
Nov.
Oct.
20
50c Nov.
Oct.
25c Nov.
Oct.
SI Nov.
50c Nov.
Oct.
Oct.
Nov.
Oct.
Oct.
25
20
20
25
20
20
$20
Nov.
Oct.
20
50c
Nov.
Oct.
20
S3M Nov.
S3 Nov.
SIM Nov.
Oct.
30
30
15
20
S2M
10c Oct.
15c Nov.
25c Oct.
S3 Jan.
SIM Jan.
25c Nov.
Nov.
$i¥e Nov.
37Mc Nov.
40c Nov.
SIM Nov.
Oct.
Oct.
Oct.
Oct.
Dec.
Dec.
Oct.
SIM Nov.
75c
Nov.
15
15
9
9
lOct
11
1 Oct. 15
31 Dec. 15
.
SI
Dec. 31
15
lb
18
9
15
15
20
Oct. 20
5 Oct. 20
1 Oct. 20
15 Nov.
5
1 Oct. 20
Dec.
25 Oct.
Nov.
1 Oct.
1 Oct.
7
14*
Nov.
1 Oct.
15
Nov.
1 Oct.
15
25c
Nov.
SIM
50c
SIM
SIM
t68Mc
25c
Extra
75c
87 Mc
$7 pref. (quar.)
American Toll Bridge Co. (quar.)
American Zinc, Lead &
Smelting, prior pref
Appleton Co. (quar.)
2c
SIM
SI
Extra
Dec.
-
30 Oct.
25 Oct.
13
1 Oct.
20
Nov.
Jan.
15 Dec.
Nov.
1 Oct.
28 Oct.
28 Oct.
28 Oct.
15 Oct.
15 Oct.
1 Oct.
1 Oct.
Oct.
Oct.
Nov.
SIM
Nov.
35c
Nov.
Feb.
1
Nov.
1 Oct.
Beatty Bros. Ltd., 1st pref. (quar.)
Belding-Heminway
—
20
20
15
15
21
20
m.mm
15
Nov. 15 Nov.
98c
Oct.
42c
Nov. 15 Nov.
1
Oct. 25 Oct. 11
Nov.
1 Oct.
8
Nov.
1 Oct.
5
84c
SIM
SI
SIM
SIM
Nov.
Nov.
50c
Oct.
Nov.
3%
SIM
Barnsdall Oil Co. (quarterly)
Bath Iron Works Corp., payable in stock
—
1
20
20
49c
25c
—
25c
25 Oct.
1 Oct.
1
11
20
1 Oct.
15
25 Oct.
15
1 Oct.
9
30 Dec.
1 Oct.
15
Nov.
Dec.
15
-
Beneficial Industrial Loan Corp., com
Common
Oct.
29 Sept. 21
25c
Bellows & Co..class A (quar.)
Belmont Radio Corp
■
Nov.
35c
8
1 Oct. 20
3 Dec. 20
Dec.
Oct.
31Mc
5
Oct.
Nov.
15c
Extra
5
15
Oct.
10c
Archer-Daniels-Midland Co., pref. (quar.)
Asbestos Mfg. Co., $1.40 pref.
(quar.)
SI.40conv.pref. (quar.)
Assoc. Telep. Co., Ltd., SIM pref. (quar.)
Associated Telephone & Telegraph, 7% 1st pref.
7% 1st preferred
$6, 1st preferred
$6 1st preferred
;
Atlantic City Electric Co.. $6 pref. (quar.)
Atlantic Refining Co. preferred (quar.)-Atlas Powder Co., pref. (quar.)Ault & Wiborg Proprietory Ltd.,
5M % pref
Badger Paper Mills
15
1 Oct.
Nov. 30 Nov.
SIM
-
1 Oct.
15 Dec.
Nov.
SI
Birtman Electric Co.
Extra
15
Nov.
37Mc
5M% pref
Preferred (quar.)
Argo Oil Co. (semi-ann.)
1 Nov. 25
25 Oct. 15
Oct.
Oct.
20c
30c
(quar,)
American States Utilities
Corp.
American Thermos Bottle
21
SI
SI
1 Oct.
SIM
American Machine & Foundry, common
American Paper Goods, 7% preferred
(quarterly)
American Shin Building Co
American Smelting & Refining
Oct.
Oct.
1 Oct.
10c
Preferred series A
Binks Mfg. Co
SI Oct.
Nov.
Nov.
40c
Dec.
1» Dec.
50c
Nov.
37Mc
30c
87 Mc
87 Mc
Preferred series A
Oct.
Nov.
SIM
'Extra.
12
Oct.
15
1 Oct.
1 Oct.
for 10.
21
Oct.
15c
5c
Nov.
25c Dec.
15
1 Oct.
15c
—
Oct.
20c
Nov.
1 Oct.
20 Sept. 30
30c
Allied Chemical & Dye Corp. common (quar.)
Oct.
Nov.
Oct.
SIM
15c Oct.
50c Nov.
Nov.
60c
Alaska Juneau Gold Mining (quar.)
Extra
L
50c Nov.
S3 Dec.
37 Mc Nov.
34 He Nov.
Nov.
10c
-
20c
—
30
22
1 Oct. 15
1 Sept. 30
15c
Metropolitan Investments, Inc. (quar.)
Michiagn Pub. Service Co., 7% pref. (quar.)
8
20
Oct. 20
Oct. 20
Oct. 30
Oct. 30
Nov. 10
21 Oct.
15c
30c
-
American Light & Traction Co. (quar.)
Preferred (quar.)
8
25 Oct.
75c
_
M erchants & Mfrs. Fire Insurance
(quar.)
Lawrence Flour Mills (quar.)
Preferred (quarterly)
San Antonio Gold Mines
Nov.
Oct.
D.) Mfg. Co. (quar.)
American Envelope Co., 7% pref. A (quar.)
American Equitable Assurance (quar.)
1
22*
Nov. 10
Dec.
1
Dec.
1 Nov. 10
Nov. 15 Oct. 29
Nov. 1
Oct. 19
Nov.
1 Oct. 25
Jan.
1 Dec. 17
Nov.
1 Oct.
15
Oct.
McKesson & Robbins, Inc., stock dividend
Div. of l-25th of a share of
$3 pref. stock
on the
common.
15
Sept. 30 Spet. 25
6c
Adams (J.
Extra
Administered Fund Second, Inc..
Alabama Mills, Inc., common.
15
Nov. 24 Nov. 13
Nov. 15 Oct.
Nov. 15 Oct.
Holders
15
25
2oc
Lumberman's Insurance Co. (Phila.) (s.-a.)
Macassa Mines, Ltd
Marquette Cement Mfg. (Md.), 6% pref. (quar.)
Manufacturers Trading Corp. (quar.)
Mclntyre Porcupine Mines, Ltd. (quar.)
When
Payable of Record
Oct. 30 Oct.
Nov. 26 Oct.
1 Oct.
1
Share
50c
Nov.
1
Per
Name of Company
21
22*
Nov.
5
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.
we
11
25
Nov.
10
1 Oct.
Oct.
Nov. 10
1
1
25
Nov.
1 Oct.
SIM
SIM
15
20
75c
1
10c
Preferred (quarterly)
Louisiana Power & Light Co., $6 pref.
(quar.)
15
15
American Cities Power & Light S3 cl. A
(quar.)—
Opt. div.. l-32d sh. cl. B stk. or cash.
Amerada Corp. (quar.)
American Cyanamid Co., cl A & B com
Nov.
$ik
21
1 50ct.25*
Nov.
$1.62
20
25
25
Dec.
3 Dec.
1 Oct.
25c
12 He
■
Nov.
1 Oct.
Nov.
1 Oct.
50c
Nov.
1 Oct.
Oct. 20 Oct.
10c
t75c Oct. 25 Oct.
Dec.
75c
1 Nov.
40c Oct. 30 Oct.
SIM Nov. 15 Nov.
t$7 Nov. 15 Nov.
1 Oct.
$1 Nov.
60c Dec.
1 Nov.
Oct. 15 Oct,
50c
Nov.
Nov.
t50c
10
SI
SIM
87 He
15c
Lexington Utilities, preferred
Preferred (quarterly)
Loblaw Groceterias, class A & B (quar.)
20
30
1
Dec.
20
21
Oct.
Oct.
Oct.
2.5c Oct. 15 Oct.
tSl Dec. 15 Nov.
75c Nov.
6 Nov.
$2M Jan. 10 Dec.
Jan.
Oct.
40c
22
50c
Oct.
20c
—
5
22
SIM
S3M
31
15
Oct.
Oct.
Oct.
Sept,
Oct.
Oct.
7% preferred (quar.)
American Bakeries Co , 7% pref (semi-annual)_
American Can Co. common (quar.)
Oct.
Oct.
Oct.
Sept. 15
2c Nov. 22
lc Nov. 22
SI Oct. 30
Aitorfer Bros., pref. (quar.)
Aluminum Manufacturing, Inc.
Oct.
1*40 5-6 c
SIM
$2H
9
15
15
Sept. 30
Sept. 30
t43Mc
15
15
20
20
Oct.
$1 M
...
Below
——
16
16
25
29
50c
—
common
_
22
Nov.
^
23
8
22
Nov.
-
Preferred (quarterly)
Iowa Electric Co., 7% preferred A
20
Nov.
-
$7 prior preferred (quarterly)
S3M Prior preferred (quarterly).
Interstate Dept. Stores
Seagrams, Ltd., pref. (quar.)
20
1 Oct.
Nov.
Inglewood Gasoline Co
International Utilities Corp—
Schwitzer-Cummins Co
20
1 Sept. 20
Nov. 10 Oct. 30
Nov.
1 Oct. 20
Oct. 30 Oct. 18
Nov.
1 Oct. 20
Nov.
-
Scotten-Dillon Co
18
1 Oct.
Oct.
Nov.
-
Extra
Home Insurance Co. (quar.)
Extra
St.
Nov.
10
Oct.
Hawaiian-Electric Co., payable in stock—
Hawaiian Pine apple Co
Hollinger Conol. Gold Mines (monthly)
Waiiuku Sugar Co
Walker Mfg. Co., S3 conv. preferred
Warren (Northerm) Corp., S3 pref. (quar.)
Wool worth (F. W.) Co. (quar.)
Oct.
—
1
30
25
25 Oct.
SIM
tSIM
Zion's Co-operative Mercantile Institution (qu.)
Oct.
Harnischfeger Corp., 5% cum. pref. (quar.)
5% non-cumulative preferred 2d issue
Hart (L.) & Son Co., Inc. (initial)
1st preferred (q uarterl y)
—
United States & Intern'l Securities, 1st pref
United States Fire Insurance Co. (quar.)
15
Oct.
—
11
22
10
Nov. 10 Oct.
Oct. 30 Oct.
Oct. 30 Oct.
Extra
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Oct.
United States & Foreign Securities—
1 Oct,
1 Oct.
Nov. 15 Oct.
—-
-
Wheeling & Lake Erie Ry., 4% prior lien (quar.)
Nov.
General Foods Corp. (quar.)
General Tire & Rubber, new (special)
Globe & Republic Insurance Co. (quar.)
— —
Western Maryland Ry., 1st preferred
Nov.
—
Toronto Elevators, LtdTyler Fixture Corp
United Fuel Invest,, Ltd., 6% preferred———
United Gas & Electric Corp., common
United New Jersey RR. & Canal (quar.)
20
20
Nov.
Extra
Frost Steel & Wire, 7% preferred
General Baking Co., common (quar.)
30
J$7
;—
22
Nov.
—
15c Oct.
25c Oct.
—
;
—
W. J. R., The Goodwill Station, Detroit (quar.).
West Virginia Pulp & Paper Co., pref. (quar.) —
Nov. 15 Oct.
Nov. 15 Oct.
Nov. 15 Oct.
—
—
16
21
1 Oct.
3 Dec.
20 Oct.
Oct.
15
10c Nov. 24
common
23 Oct.
3 Dec.
Oct.
Jan.
SIM
SI
Fireman's Insur. Co. of Newark (N. J.) (s.-a.)
Franklin Fire Insurance (quar.)
7% guaranteed (semi-ann.)
Nov. 15
Nov.
SIM
Extra
Goldsmith (P.) Sons.-
1
37 Mc
—
—
13
Sept. 20
Sept. 20
28 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
—
...
o
1
Oct.
-----
—.
10
1
Nov.
—
Duquesne Brewing Co. (quarterly)
Eagle Stores Co.. 6% preferred (quar.)
Empire Power Corp., participating stock
Faber, Coe & Gregg, Inc., 7% pref. (quar.)
Fidelity & Deposit Co. of Md. (quar.)
Fidelity Fund, Inc. (quarterly)
Fire Assoc. of Philadelphia (semi-ann.)
10
Dec.
——
—
23
Nov. 15 Oct. 25*
Nov. 30 Nov. 15
Nov.
1 Oct.
10
Nov.
1 Oct.
16
'
-
Oct.
15 Oct.
25 Oct.
Oct.
—
—
1
20 Oct.
20 Oct.
Oct.
—..
Kahler
Toburn Gold Mines, Ltd. (quar.)
Extra
Oct.
...
—..—
6M% preferred B
Jaeger Machine Co.,
21
21
25 Oct.
1
10c Oct.
Stix-Baer & Fuller Co.
Tennessee Central Ry. Co., 7% conv. pref
Oct,
——
—
,
30
21
Oct.
--
—
pref. (quarterly)-Consolidated Oil Corp., pref. (quar.)
Continental Can Col, Inc., common (quar.)
Copperweld Steel Co. (quarterly).
Cummins Distilleries Corp., 8% conv. pref. (qu.)
Dallas Power & Light, $6 pref. (quar.)
$7 preferred (quarterly).
')Dayton Rubber Mfg., class A
De Mets, Inc., preferred (quar.)
Dennison Mfg. Co., debenture (quar.).
Distillers Corp-Seagrams, pref. (quar.)
Dividend Shares, Inc
Dixie-Vortex Co. (quarterly)
Class A (quarterly)
conv.
Driver-II arris Co
Spencer Shoe Corp.,
3
SIM Nov. 15
South American Gold & Platinum Co
30
Oct.
——
Nov.
tSIM Nov.
Simpson's, Ltd., 6M% preferred
Shareholders Corp. (quar.)
Soivay American Corp., 5M% pref. (quar.)
20
Nov.
-
Commercial Investment Corp. (quar.)
15
25c
Oct. 20
Nov.
1
Oct. 15
Nov. 10
75c
Oct.
Oct.
-
Collins Co. (quar.)
Colonial Finance Co. (Lima, Ohio), (extra)
$1M cumul.
15
18
7c
20c
Nov. 15 Oct.
Oct. 25 Oct.
Oct. 25 Oct.
—
Extra
Oct.
Oct.
Nov.
— — —
— -
-
15
Oct.
Oct.
Holders
Payable of Record
SIM
Nov. lb Oct.
—
-
31
Seasoned Investments (quarterly)—
Sedalia Water Co., 7% pref. (quar.)
SilexCo
Simms Petroleum Co. (liquidating)
Nov.
Nov.
————-
—
-
Seattle Brewing & Malting.—
18
15
Nov.
—
— -
18
1 Oct.
1
Nov.
Champion Paper & Fibre (quar.)—— ——-—
6% preferred.Cherry-Burrill Corp., new (quar.)—------New (extra)--Preferred (quarterly)
-2Cincinnati Sandusky & Cleveland RR., pref—
Coca-Cola Bottling Co. of St. Louis (quar.)
.
Share
Oct.
Nov. 15 Oct.
— ——.
— —— —
28 Oct.
1937
16,
When
Per
Name of Company
Nov.
-
Central Ohio Steel Products.--
Holders
Payable of Record
Oct.
Oct.
Nov.
—— -
------
I
When
Share
Chronicle
-
Oct.
1
30
Dec. 20
Oct. 30
Dec. 20
1
Oct.
15
Oct.
15
Dec.
1
Oct.
15
Dec.
13
15c
—
•
Preferred (quar.)
Blue Ridge Corp., S3 pref. (quar.)
Opt. div. payment of 1-32 sh. of com.
Bon Ami Co. class A (quar.)
1 Oct.
15
Nov.
1 Oct.
15
Nov.
1 Oct. 15
1 Nov.
5
75c
Dec.
22 Oct.
15
cash
SI
Class B (quar.)
—
—
—
Nov.
SIM
—
or
Boston Edison Co. (quarterly)
Bourjois, Inc., pref. (quar.)
Brewer (C.) & Co. (monthly)
Brewers & Distillers of Vancouver
British Columbia Telephone, 6% 2d pref
(quar.)
Brooklyn-Manhattan Transit—
Preferred (quar.)
Preferred (quar.)
.
Oct.
25c
25c
(quar.)
_
Brown Fence & Wire Co.. pref. A (semi-ann.)
Buckeye Steel Castings Co
6% preferred (quar.)
6M% preferred (quar.)
Mc
$2
68 Mc
SI
tsi
SIM
Oct.
Oct.
Nov.
15
1 Oct.
11
Nov. 15 Nov.
Oct.
25 Oct.
Nov. 15 Oct.
Nov.
1
15
1
20
15
SIM
SIM
Jan.
Apr.
15 Dec. 31
15 Apr
1
SI
Feb.
28 Feb.
14
1 Oct.
3 Oct.
3 Oct.
20
20
Nov.
1 Oct.
15
Nov.
1 Oct.
50c
Nov.
SIM
SIM
SIM
SIM
37Mc
Nov.
Buffalo Niagara & Eastern Power 1st pref. (qu.)_
Bullock's, Inc., pref. (quar.)_
Bunker Hill & Sullivan Mining & Cone. Co..corn.
Calamba Sugar Estates (quar.)
40c
Calgary Power Co., pref. (quar.)
SIM
California Packing Corp. (quar.)
37Mc
Preferred (quar.)
62 Mc
Canada & Dominion Sugar, Ltd. (quar.)
t37Mc
Canada Northern Power Corp., Ltd
common.
tt30c
Canadian Bronze Co
Ltd., common (quar.)— J37Mc
Preferred (quar.)
JS1M
Canadian Industries, Ltd., class A & B_
:sim
Carolina Clinchfield & Ohio Ry. (quar.)
SI
Stamped certificates (quar.)
SIM
-— —
30 Oct.
30 Oct.
Nov.
20
11
Nov. 10 Oct. 20
Jan.
2 Dec. 15
Nov.
1 Oct. 15
Nov. 15 Oct. 30
Nov. 15 Oct. 30
Dec.
1 Nov. 15
Oct. 25 Sept. 30
Nov.
Nov.
Oct.
1 Oct.
20
1 Oct.
20
Oct.
30 Sept. 30
20 Oct.
9
Oct.
20 Oct.
9
Volume
2497
Chronicle
Financial
145
Name
of Company
Case (J. I.) (year-end
Oct.
(s.-a.)_--
Dec.
Oct.
10c
Oct.
Oct.
1
Nov.
Sept. 30
Hawaiian Commercial
10c
Oct.
Hecker Products Corp.
Nov.
Sept. 30
Oct. 15
Nov.
Oct.
15
Nov.
Oct.
15
Hercules Powder Co.
Oct.
Oct.
15
Hershey Chocolate Corp. (quar.)
Preferred (quar.)
Hibbard. Spencer, Bartlett & Co.
tfiS
6 % preferred
Central Tube Co
tSl 4
3c
-.
—
(quar.)
Century Ribbon Mills, pref. (quar.)
Cerro de Pasco Copper
Special
___■—
City Baking 7% pref. (quar.)
City of Pans Dry Goods Co. 7% 1st pref (qu.)_
City Water Co. of Chattanooga, 6% pf. (<iu.)
Civic Finance Corp. (N. Y.) cl. A (initial)
Preferred (quarterly)
Cleve. Cine. Chicago & St. Louis Ry. prefCleveland & Pittsburgh RR. Co. gtd. (quar.)
Special guaranteed (quar.)
Cluett, Peabody & Co., Inc., common (quar.)..
Columbia Gas & Electric Corp., common
6% cum. preferred series A (quar.)
— 5% cum. preferred (quarterly)
5% cum. preference (quarterly)
Nov.
—
Commonwealth Edison Co..
Oct.
18
Nov.
Oct.
O
Nov.
Nov.
18
27
10
Nov.
Oct.
20
Nov.
Oct.
20
Oct.
Oct.
7
i
87 4c
Horn & Hardart (N. Y.)
20
Inc.. vot. tr. ctfs.
Humberstone Shoe, Ltd. (quar.)
25c
Nov.
Nov.
Oct.
20
Nov.
Oct.
20
SIM
Nov.
Oct
20
31 Mc
5c
Nov.
Oct,
15
Nov
Oct.
Dec.
Novl 15
SI H
Nov.
Oct.
Nov.
Oct.
Dec.
Dec.
51
Nov.
Oct.
15
International Match
Nov.
Oct.
15
- -
l'Oct.
15
15
Nov.
liOct,
15
Nov.
6 4 % preferred (quar.)
Coon (W. B.) Co
Preferred (quar.)
Cumberland Co. Power & Light 6% pref.
29jOct.
14
3 Dec.
15
3, Dec.
Nov.
liOct.
Nov.
ljOct.
Furnace
Kansas City St. Louis & Chicago RR.,
Kaufmann Department Stores
52
SIM
Dec.
Kemper-Thomas Co.—
7% special preferrred
Keolculc Electric Co. 6%
24j Dec. 14
54% preferred (quarterly)
Nov.
1 Oct.
16
1 Oct.
16
Nov.
liOct.
20
15 Dec.
1
•
50c
Dec.
Preferred (quar.)
Sept. 30
Cutler-Hammer, Inc., stock dividend
--!
Distribution of one additional share for each
share held.
25c
Darby Petroleum Corp. (s.-a.)
Davenport Water Co., 6% pref. (quar.)
Davidson Bros., Inc
J
IDftfirp. ^ Qo
30 Oct.
20 Oct.
22
Oct.
Dec.
2
30 Oct.
liNov. 20
I >ec.
23 Dec. 23
Lanston
SIM
Dec.
1 Nov. 20
5
20 Oct.
-1
25c
Oct.
$2
Jan.
...
—
25c
1 Nov
15
1 Feb.
15
20 Oct.
9
I >ec
_
75c
j
Pepper Co. (carterly)
Dodge Mfg. Corp
Co
—
Dow Chemical Co
Mar,
25c
Preferred (semi-ann.)
Diamond Portland Cement
Oct.
20c
(quar.)
—
...
$44 preferred (initial.
(quarterly)
Electrographic Corp. (quar.)
Preferred (quarterly)
—
Electric Bond & Share Co., $6 pref. (quar.).—
$5 preferred (quarterly)
Employers Group Association (quar.)
Emporium CapwelI Corp.. 44% cum. pf. A'qu.)
Engineers Public Service $5 preferred...
$5 preferred (quarterly)
$5 4 preferred
$54 preferred (quarterly)
$6 preferred
$6 preferred (quarterly)
Erie & Pittsburgh KK. Co.. 7% gtd. (quar.) .
Eastern Utilities Assoc.
25 Oct.
20 Oct.
SIM
Oct.
Nov. 15 Nov.
4
.
SIM
tS-'M
SI H
Federated Dept. Stores pref. (quar.)
Fiberboard Products, 6% pref. (quar.)
Filene's (Wm.) Sons Co., pref. (quar.)
Firestone Tire & Rubber.
...
First National Bank of N. Y. (quar.)
First National Bank (Toms River, N. J.)
Fisk Rubber Corp. preferred (quar.)
V
Dec.
1 Nov. 10
1 Nov. 10
1 Oct.
7
Nov.
l,Oct,
30,Oct.
7
Dec.
Oct.
16
Jan.
Dec.
23
Jan.
Dec.
10
Jan.
Dec.
Jan,
Dec.
10
10
10
Marconi Internat.
Maytag Co. 1st preferred (quar.)
Cumulative preferred (quar.)
McCall Corp. common (quar.)......
^cOlatchy Newspapers 7% pref
(quar
Nov.
Oct.
20
_
6c
Oct.
1)ec
20 Oct.
'7 Dec.
25
SI M
Oct.
30 Oct.
20
Nov.
1 Oct.
25 Oct.
22
SIM
15
16
5
20 Oct.
3 Dec.
15
S25
7% preferred (quar.).
7% preferred (quar
Nov.
Oct.
10c
Oct.
20 Oct-
8
75c
preferred (quar.)..
Nov.
2oc
Preferred (quar.)
General Cigar Co.. Inc., 7%
Nov.
30c
■ -
.....
Oct.
15c
(quar.)
Jan.
SIM
SIM
Preferred (quar.)
Jan.
87 Mc
Nov.
1
Oct.
20
Dec.
1
Nov. 20
Mar.
1
Feb.
SIM
SIM
SIM
June
General Metals Corp., new
General Mills (quar.)
(initial, quar.)..—
— -
General Motors Corp., $5 preferred (quar.)
General Outdoor Advertising preferred
General Public Service, $6 pref. (quar.)
$5 4 preferred (quar.)
General Telep. Allied Corp. $6 preferred
$6 preferred (quar.)
Georgia RR. & Banking Co. (quar.)
Gillette Safety Razor Co., pref. (quar.)
Gimbel Bros, preferred (quar.)
_ _
Glen Alden Coal Co. (interim)
Gotham Silk Hosiery Co., Inc., 7% pref
1 Oct.
15
20 Oct.
8
(increased).
Metropolitan Industries, 6% pref
Michigan Bakeries, Inc., $1 prior pref. (quar)..
$7 preferred (quarterly)
Michigan Gas & Electric 7 % prior lien
1
Moore (W>n. H
7% preferred (quar.)
—
Green (H. L.) Co. (quar.)
Greenfield Gas Light Co 6% pref. (quar.)
Greenfield Tap & Die, $6
Preferred (quar.)
preferred
Co. (initial) __
Halle Bros. Co
Harbison-Walker Refractories pref.
(quar.)
15
tSl
Nov.
1, Oct.
15
si M
S2M
SIM
Jan.
SI 4
Oct.
25! Oct.
let.
9
20, Oct.
5
Nov.
l:Oot.
11
Nov.
1 'Oct.
11
40c
Nov
1
Oct.
15
75c
Nov.
1
Oct.
15
SIM
SIM
12Mc
15 Nov. 30
15
Nov.
1 Oct.
5*
Nov. 15 Nov.
Dec.
25c
Oct.
30 Oct.
23
SIM
Oct.
20 Oct.
6
Goods (quar.)
Morris & Essex Extension RR. (s.-a.)
Plan Insurance Societv (quar.)..
_• _
Munising Paper Co., 5% 1st pref.
MU'ual«'henucal Do. of 4mer,.«% pref. fquar.)
Mutual Telephone Co. (Hawaii) (monthly)
Myers (F. E.) & Bros, (extra)
National Bearing Metals Corp. pref. (quar.)
National Bronze & Aluminum Foundry Co
> Dry
(quar.)..1.1.
National
5
1
1
.
Oct.
20
Dec.
Dec.
24
Nov.
Oct.
20
15c
Oct.
Oct.
11
25c
Nov.
Nov
Dec.
Dec
5
14%
Nov.
Oct.
15
25c
Nov.
Nov
10
$1
Nov.
*14
5
Oct.
Oct.
Nov.
Oct.
Oct.
Oct.
13
Oct.
22
14
1
Dec.
Oct.
Oct.
5
Dec.
Nov
15
Oct.
Oct.
1
Dec.
Nov.
874c
27 Dec. 20
1 Oct. 26
Nov.
50c
$1
10
75c
75c
1 Oct.
15
Nov
15
2 Dec.
15
Dec.
1
20 Sept. 30
Dec. 10 Nov. 26
Dec. 10 Nov. 26
Oct,
Oct.
30 Oct.
20
Nov. 30 Nov. 20
(semi-annual)
Inc. (quar.)
(quar.)
Casket Co.
National City Lines,
$3 preferred
Dec.
31
Dec.
20
Jan.
3
Dec.
31
Nov.
1 Oct.
16
Jan.
3 Dec.
2
Nov.
1
$2
$14
$14
*1 4
24%
$14
43 4 c
Nov. 15 Nov."5
Oct.
25 Oct.
1
Nov.
1 Oct.
15
Nov.
1 Oct.
15
Oct.
15
1
Nov.
Nov
30 Nov. 30
1 Oct. 20
$1 4
Nov.
Nov.
Nov.
1
Oct.
Nov.
1
Oct.
Nov.
1 Oct.
15
Nov.
1 Oct.
15
Dec
Dec
5
$3
f25c
_
1 Oct.
1
15
1
Oct.
20
1
Oct.
20
15
37c
75c
$14
15
Nov. 15
Dec.
1
Nov.
1 Oct.
15
4
Nov. 20 Nov.
1 Oct. 20
Nov.
Nov. 15 Nov.
$1.64 Dec.
$14
174 c
20
25 Oct.
25 Oct.
Nov.
$14
23"
21
Nov.
75c
Oct.
Oct. 30 Oct.
1 Oct.
Nov.
25c
75c
11
11
30 Oct.
$14
$14
14
5
Nov.
Oct.
t$2.10jOct.
t$1.80.Oct.
15c
1
15
Oct.
tSl
SIM
$6 prior lien
Mil nor, Inc.. increased
Milwaukee Ry. & Light
15
Oct.
1
12 Mc
Corp.
LOct.
1
Nov.
Nov.
Metal & Thermit
l'Oct.
15
Nov.
SIM
,10ct
Nov.
25c
15 Jan.
25 Oct.
SIM
$14
$14
$1 4
t$3 4
pref
Co. 6% pref. (qu.)
Minneapolis-Honeywell Regulator (quar.)
Modine Mfg. Co. (quar.)
Monmouth Consol. Wire Co., $7 pref. (quar.)..
Moasanto Chemical Co. $4 4 cl, A pref. (s.-a.).
Represents proportion of the s.-a dividend
for the unexpired period ending Dec. 1.
Montana Power Co. $6 preferred (quar.)
Montgomery & Erie Ry. Co. (s.-a,)___
Montreal Light, Heat & Power Consol (quar.)..
Moody's Investors Service pref. (quar.)
9
Dec
50c
25c
6% preferred
15
4
Nov.
(quar.)
(quar.)
Refrigerating of N. Y. 7%
Corp (quar.)
6% preferred
Oct.
30
Oct.
30c
1
Oct.
>0
of Calif.—
Mfssinger
1
Nov.
$14
74c
(quar.)
(quar.).
Mercantile Acceptance Corp.
15
Nov. 15 0ct.
1 < let.
Nov.
tSl 4
Melville Shoe Corp. common
Oct.
25c
Nov.
(quarterly)
1
24
J6c
25c
Merchants
1, May 20
11
Oct.
20c
$1 4
(quar.)
Co.
11
18
10
Oct.
Oct.
374c
)_..
22
25'Sept
75c
Mc Lei lan Stores
Preferred
Nov
Nov.
50c
75c
Dec.
3
Oct.
SIM
Communication
20 Oct.
40c
General Electric Co
Marine
McCrory Stores Corp. 6% preferred
McGraw Electric (new, quar.)
Preferred
Nov.
25c
$2
10
15
1 Nov. 10
75c
Monthly
10
Nov. 30
Dec.
30c
8% preferred fquar.)
Lord & Taylor 2d pref. (quar.)
Lunkenheimer Co pref. (quar.).
...
Lyon Metal Products, Inc. 6% pref. (quar.)
Magnin ff.) Si Co. (quar.) 6% preferred (quar.)
Dec.
Nov. 30
Dec.
3%
...
Monthly
SIM
Oct.
$14
11
Oct.
of
(quar.)..
Dec.
Dec.
31
50c
Co. (monthly)..
Dec.
Dec.
Oct.
25c
Jan.
Nov.
li¬
$1 4
Jan.
Jan.
87 Mc
80c
9
31 Oct
50c
Jan.
$1 184 Oct.
Oct.
50c
Freeport Sulphur Co., preferred (quar.)
Froedtert Grain & Malting (interim)
(qu.)
(quar.)..
Little Miami RK., special guaranteed
Original capital
Lock Joint Pipe
28 Oct.
Oct-
$1,125 Nov.
Dec.
50c
Lion Oil Refining Co
Nov.
Oct.
$1
Preferred (quar.)
Nov. 15 Nov
19
50c
$1.40
(semi-annual)......
Life Insurance Co.
Lincoln Printing Co., pref. (quar.)..
Link Belt Co. (quar.)
8
20
1 Oct.
Oct.
60c
__
t$3
$ 1 06 M
(qr)--
for
13
1 Oct.
Nov.
25e
Lincoln National
8
Oct.
25c
56 Mc
tS2 M
sh.
25 Oct.
Nov.
$14
374c
in com. stk. at rate
each $11.20 of div.
25 Oct
25 Oct.
SI-35
25c
Inc. (quar.)
Le Tourneau,
one
1
.
Machine
Preferred
1
Nov. 15 Nov.;
Oct.
SIM
SIM
SIM
4
Nov. 15 Nov.
SIM
50c
9
SIM
pref. (quar.)
Famise Corp
Fansteel Metallurgical Corp. $5 pref. (quar.)...
....
Libby, McNeill & Libby
Opt. div. of cash or
20 Oct.
Oct.
SI
Guaranteed betterment (quar.)
(quar.)..
pref. (quar.)...
Special
....
Oct.
15c
debentures.
1
Dec.
SI
50c
SI
75c
,
Dow Drug Co
du Pont de Nemours (E. I.) 6%
....
Corp
_
Lehigh Portland Cement Co., com. (quar.)
Lehigh & Wilkes-Barre Corp. (quar.)
Lerner Stores Corp. Pref. (quar.)
Leslie Salt Co. (quarterly)
...
20
5 Dec
Monotype
11
mi
$14
.......
Lee Rubber & Tire
75c
RR. (s.-a.)
2
Dec.
40c
Keystone Steel & Wire
;
__
King-Seeley Corp
Kirkland Lake Gold Mining (interim)
Knapp Monarch Co., new (initial)
Kokomo WTater Works Co., 6% pref. (quar.).
Kroehler Mfg. Co. 6% pref. A (quar.)
Kroger Grocery & Baking 7% pref. (quar.)
Lakey Foundry & Machine Co
oandts Machine (quarterly)
...
7% preferred (quarfedv)
. ...
.....
Lane Bryant, Inc., 7% preferred (quar.)
Lansing Co. (quar.)
SIM
(2 shs. for lj
N. Y. (quar.)
7% preferred (quarterly)
Denver Union Stockyards 6 4 % pref. (quar.)
Detroit Hillsdale & Southwestern
20
Oct,
Dentists Supply Co. of
(quar.)
Oct.
Si
m
4
1 Oct.
Nov.
7Mc
-
15 Jan.
Jan.
SIM
6% pref.
preferred A (quar.)...
Kendall Co participating
Oct.
1 Oct. 15
1 Nov. 25
50c
;
15
__
Nov. 10
1
Nov.
15c
& Supply
23
1 Oct.
Nov.
Cuneo Press, Inc. (quar.)
4
20 Oct.
Nov. 10 Sept,
1
Nov,
$14
(quarterly)
Kalamazoo Stove &
Kellogg Switchboard
Preferred (quar.)
Dec.
$14
25c
Jonas & Naumburg Corp
15
1 Oct.
Nov.
30e
pref. (s.-a.)
Jan.
Nov.
1 Oct.
Oct.
Jan.
Oct.
15
2
1
18
Nov. 15 Nov.
Nov.
175c
Oct.
10c
(qu.)_.
$5
t$l %
■
11
62 Mc
Cosden Petroleum Corp., pref. (initial)
Crown Central Petroleum
Crum A Forsier 8% preferred (quar.)
15
15
Nov. 10 Oct.
....
25: Oct.
75c
Corn Products Refining (quar.)
1 Oct.
...
Oct.
1 Oct.
20
1 Oct.
20 Sept. 30
20 Sept.30
15
Nov.
1 Oct.
Nov.
Nov.
20 Sept. 30
25 Oct.
75c
Sept. 22
Oct.
SIM
Co. (quar.)
Corn Exchange Bank Trust
8
3 Dec. 31
4
30 Oct.
Nov. 15 Oct. 22
1 Oct. 20
Nov.
Oct.
Oct.
9
Oct.
t874c
t81Mc
preferred B
Co. (quar.)
Jamaica Water Supply Co. 74%
Jantzen Knitting Mills, (quar.)
q
Jan.
25c
__
6% preferred E_,
22
Nov.
$34
...
SI v%
-
$1M
$14
3%
fron Fireman Mfg.
Preferred
15
1 Oct. 20
30 Dec. 20
1 Oct. 15
Nov.
Dec.
A
•
Light & Power, 7% pref.
SIM
pref. (quar.).
Nov.
624c
30c
15c
Continental Telep. Co. 7% partic.
25
1 Oct.
50c
t50c
7Mc
Continental Service (quarterly)
11
5 Oct.
35c
5c
Consolidated Royalty Oil Co. (quar.Consol Steel Corp., $14 preferred
— - —
Grocery Store Products
6 4%
llOct.
Nov. 15 Oct.
25c
1 Oct.
Nov,
Nov.
50c
Inteytype Corp. common
Iowa Electric
1
20c
(quar.)
Consolidated Oil Corp. (quar.)
Consolidated Press Ltd., class A (qu.)
Extra
15
Oct
\ov.
Nov.
25c
Realization Co. (liquida'jl
pref. (quar.)
Mills, Inc
Interstate Hosiery
Nov. 15
Dec.
Nov.
12
2C
%2
International Nickel of Canada,
SI 4
SIM
*14
SIM
(quar.)
Consolidated Laundries preferred
Dec.
37 Mc
12 Mc
20
Oct.
Nov.
SIM
(quar.)
and B (qu.)..
15
20
Oct.
50c
30
Nov. 15
Extra
1 Oct.
20 Oct.
1 Oct.
Nov.
Nov.
1 Oct.
Nov.
50c
Co
Nov.
Oct.
1 Nov. 15
25 Oct.
60c
(special)
Preferred (quar.)..^
International Cigar Machine
24
Dec.
30c
Co
Interchamical Corp. (quar.)
20
19
25
Nov. 26 Nov. 16
Dec. 31 Dec. 21
25c
.
Indiana Pipe Line
20
25c
t50c
Prior preferred (quar.)
Consol. Edison Co. (N. Y.) pref. (quar.)
Gardner-Denver Co.
Incorporated Investors
25c
29 Oct.
Oct.
45c
(quar.)
Huttig Sash & Door Co. 7% preferred (quar.)..
Illinois Northern Utilities 6% pref. (quar.)
Imperial Chemical Industries (interim).....
Imperial Life Assurance of Canada (quar.). . ...
14
25
50c
Hussman-Ligonier Co.
__
1.
Nov. 15 Oct.
Nov. 15 Oct.
$1U
374c
(quar.)..
Hotel Barbizon
1
4
20c
.....
,.
10
21
1 Nov.
20e
(quar.)!!""!""""
Nov.
Oct,
Oct.
Connecticut River Power 6% pref.
Eureka Pipe Line Co
Fair (The) (Chicago),
-Extra...
Doe.
Nov.
SIM
SIM
--
Concol. Chemical Industries cl. A
Class A and B (extra)
Preferred
10
Nov
>ec.
50c
25c
9
1 Oct.
1 Dec.
Dec.
$1
20c
"
E.) Co.—
——
Class A common (quar.).
Holly Sugar Corp. preferred.
Homestake Mining Co. (monthly)..
Honolulu Gas, Ltd. (quar.)
Horder's, Inc. (quar.)..
20
Oct.
Jan.
75c
(monthly)...
.
Nov.
Oct.
Nov. 15 Nov.
preferred"(quar.)IIIIIIII
"
1 Oct.
30 Oct.
lc
Ltd. (quar.)
Hires (Chas.
SIM
Concord Gas Co. 7% preferred
Detroit Gasket & Mfg.
t.
Nov.
25 Oct.
3c
(quar.)..
Monthly
Monthly
24c
20c
(Del.) (quar.) ——
Commonwealth Ut lities 64% pref. C (quar.)..
Community Pub. Service Co. vot. tr. ctfs. (qu.).
Voting trust certificates (special)
Confederation Life Assoc
(Ont.) (quarterly).
Stock div. of 200%
-•>
Nov.
$14
SI 4
«m
SIM
Commonwealth Investors
Consolidated Cigar Corp. pref.
Nov
,
Sugar
Extra
Nov. 20
15
15
25
5
Nov. 15 Nov.
Oct.
20c
Agricultural Co. (monthly)
Hedley Mascot Gold Mines,
Dec.
si 4
si
75c
Preferred (quar.)
Nov.
Ilk-
Centrifugal Pine Corp.
15
15c
Oct.
18
18
Central N. Y. Power Corp., 5% pref. (initial) —
Central Power & Light 7% preferred—
15
1 Oct.
Nov.
Nov.
Oct.
Hawaiian
1 Oct.
Nov.
20c
and B
Oct.
20c
—
Central Investment Corp. (quar.)
Doctor
73c
68 Mc
Pref. (quar.)
$14
Centlivre Brewing Corp., class B
Central Hudson Gas & Electric (quar.)
Doehler Die Casting
Dome Mines, Ltd
Hat Corp. class A
40c
Celotex Corp
Preferred (quar.)
Diamond Match Co.
Hartford Electric Light
Hartford Times, Inc., 5M%
Payable of Record
Share
of Company
13
15
Oct.
Dec.
$6
S3 4
dividend).
CelaneseOorp. ot Am. 7% cum. lstpf.
Name
Payable of Record
Holders
When
Per
Holders
When
Per
Share
1
1 Nov. 10
Nov.
Oct.
11
Nov.
Oct.
31
Oct.
Sept. 30
Nov.
Nov,
Jan.
Jan.
Nov.
1
2
Dec
Oct. 15
Nov.26
25c
Nov.
Oct.
$14
Dec.
Dec.
16
8c
Oct.
Oct.
20
50c
Oct.
Oct.
15
Nov.
Oct.
18
$2
*1
$14
20
50c
Oct.
$2
25c
Nov.
Oct"." 30"
Nov.
Oct.
20
75c
Nov.
Oct.
20
2498
Financial
Per
Name of Company
National Distillers Products (quar.)
National Fund Corp., A & B (quar.).-A & B
When
Share
$1)4
13)4c
$1)4
$1.1854
$1 %
(quar.)
Neiman-Marcus Co. 7% pret. (quar.)
Neisner Bros. 4)4% preferred (quar.)
Nevada California Elec. pref. (quar.)
New Jersey Zinc Co
Nov.
Oct.
Dec.
Nov. 20
Oct. 15
Nov.
Nov.
50c
14
Sept. 30
Nov.
75c
Newport Industries
Payable in 5% notes maturing July 26,1947
New York Merchandise Co. (quar.)—
15
20 Sept. 30
Oct. 20iSept. 30
Nov.
l|Oct. 14
Nov.
Sept. 27
Oct.
Oct.
Oct.
20
15
20c
ser.
A & B (qu.)
Nov.
Oct.
20
10c
Extra
Niagara Hudson Power Corp.—
5% 1st pref. and 5% 2nd pref.
Nov.
Oct.
20
Nov.
Oct.
15
Nov.
$1)4
Niles-Bement-Pond Co. stock dividend
Dividend in stock of Shepard-Niles Crane &
Hoist Corp. at rate of 1 sh. Shepard-Niles for
Oct.
11
10 shs. of Niles-Bement-Pond held.
Nineteen Hundred Corp
class A (quar.)
50 c
Nipissing Mines Co., Ltd
12c
Norfolk & Western Ry. preferred
(quar.)
$1
North American Edison Co. preferred (qu.)
North American Invest. Corp. 6% pref
$1H
t$:
t$2
5)4% preferred
_
Northern Illinois Finance Corp. (quar.)
$1 Yi preferred (quar.)
Northern Oklahoma Gas Co. 6% Pret (qu.)
Northern RR. of New Hampshire (quar.)
25c
1 Oct.
15
Nov.
1 Oct.
15
Dec.
1
$1)4
Oct.
$1
Dec.
154%
Oct.
Oct.
cum
preferred (quar.)
20
15
1
Oct.
15
1
Oct.
15
Nov. 15 Oct.
Nov. 15 Oct.
Nov.
1 Oct.
20
15
20
16
1 Oct.
16
Nov.
1 Oct.
Nov.
1 Oct.
20
20
Nov.
1 Oct. 15
Nov. 15 Nov.
5
Feb. 15 Feb.
5
Nov. 15 Nov.
5
Nov.
55c
Nov.
1 Oct.
21
20
1 Oct.
55c
Dec.
$154
t$10
Dec.
Nov.
8
%
Nov.
1 Oct.
25 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
45c
$154
$154
50c
Nov.
I
Oct.
$154
$154
$154
$154
$154
1854c
654 c
$154
62 54c
3754c
—
31
1
Nov.
1
Sept. 30
Dec
Nov
20
15 Dec.
15
20
1
Dec.
Nov.
1
Oct.
Nov.
1 Oct.
Nov.
1
Oct. 20 Sept.
Oct. 20 Sept.
Dec.
6 Nov.
50c
75c
$154
$154
37 54c
$1 H
Nov.
1 Oct.
15
1 Oct. 15
Nov. 15 Oct. 25
Nov. 30 Nov.
1
25c
Oct.
$154
Oct.
25 Sept. 30
25 Sept. 30
Dec.
15
flOo
Dec.
1
20
20
20
25c
Reading Co. (quar.)
Regent Knitting Mills, non-cumu.. pref.
(qu.)..
Regent Knitting Mills, Ltd.
(initial)
Nov.
1 Oct.
50c
"I_IIIIII!I"
Nov.
1 Oct.
75c
Nov.
1 Oct.
50c
Nov. 11
Oct.
40c
Dec,
1
Nov. 15
25c
Nov.
5 Oct
15c
Reliance Mfg. Co. (111.)
(quar.)
Nov.
1
Republic Portland Cement. 5% preferred
$1 54
(quar.)
Dec.
Revere Copper & Brass
5)4 % pref. (quar.)
$1.3154 Nov.
7% preferred (quar.)
Nov.
$154
Rhode Island Public Service $2
pref. (quar.)
50c
Nov.
$4 class A (quar.)
$1
Nov.
Richmond Insurance Co. of N. Y.
(quar.)
15c
Nov.
Roan Antelope Copper Mines ord.
reg
2s. 6d
Oct.
14
15
21
1 Nov. 20
1 Oct.
11
1 Oct.
11
1 Oct.
15
15
11
1 Oct.
1 Oct.
Oct
"
25c
21
Oct.
20 Sept.
9
1 Oct. 15
3 Dec. 10
17c
I
Nov.
25c
Jan.
25c
III"!
I.IIIIII
Roxborough Knitting Mills, Inc.—
Participating preferred (quar.)
Royal Typewriters Co., Inc., common
25c
$154
8c
Apr.
1 Mar. 10
July
1 June
10
Nov.
1 Oct.
15
Dec.
1 Nov. 15
Oct.
15 Oct.
8
Oct.
15 Oct.
8
10c
Dec.
16 Dec.
6
10c
(quar.)..
Saguenay Power Co., Ltd., pref. (quar.)
_>I
San Carlos Milling Co
San Diego Consol. Gas &
Electric pref. (quar.)..
75c
$154
Dec.
50c
$154
20c
$154
16 Dec.
6
Oct. 15 Oct.
5
Nov.
1 Oct. 15
Oct. 15 Oct.
2
Oct. 15 Sept. 30
75c
Dec.
50c
Nov.
254c
75c
$154
m°
$154
30c
8754c
15 Dec.
1
1 Oct.
15
Oct. 16 Oct.
6
Dec. 15 Nov. 15
Oct. 11 Oct.
6
Nov.
1 Oct. 16
Dec.
8 Nov. 16
Jan.
3 Dec. 20
Oct. 15 Sept. 15
Nov.
Oct.
_
Oct.
18
15 Sept. 30
Nov.
1 Oct.
15
Oct.
15 Oct.
5
$1
Oct.
15 Oct.
1
15c
25c
Oct.
Oct.
$3
$1)4
15 Sept. 30
22 Oct. 15*
Nov.
1 Oct. 15
Nov.
Nov.
1 Oct.
Oct. 21 Oct.
Nov. 15 Oct.
90c
58 l-3c Nov.
1 Oct.
50c
Nov.
1 Oct.
41 2-3c Nov.
1 Oct.
Mining
15
20c
$1X
Oct.
15 Sept. 30
1 Oct. 19
20c
Nov.
10
15
$1)4
$1H
Nov.
Oct.
Jan.
Dec.
Oct.
Sept. 23
Oct.
5
Sept. 30
Sept. 30
Oct.
Oct.
Oct.
Nov.
Dec.
Dec.
15*
10
Oct. 15
Nov. 15
Dec. 15
Nov.
Oct.
Dec.
Dec.
Nov.
Nov. 15
Dec. 15
Oct. 15
Nov. 15
Dec.
Dec.
Dec.
Oct.
Oct.
Sept 20
Sept. 30
50c
Dec.
Nov.
68Hc
25c
Nov.
Oct. 20
Nov. 30*
Oct. 15
Oct.
Oct.
Oct.
Oct.
Oct.
Sept. 25
Sept. 15
(quar.)
$1)4
Oct.
$1)4
$1)4
$1)4
12)4c
17)4c
Jan.
Universal Lear Tobacco Co., Inc
Utica Chenango & Susquehanna
Valley RR
Utica Clinton 6c Binghamton RR
Debenture (semi-ann.)
75c
$3
Vapor Car Heating Co., Inc. 7% pref. (quar.)..
Virginia Railway, pref. (quar.)
Vulcan Detinning, preferred
(quarterly
Wailuku Sugar Co
Walgreen Co. (quar.)
Nov. 24
Dec.
87m
;
$2)4
$1H
$1)4
Apr.
July
Oct.
Oct.
Nov.
Nov.
(qu.)
(quar.)
Extra
Oct.
Oct.
Oct.
20 Oct.
20 Oct.
9
1 Oct. 15
$1,125 Dec. 15 Nov. 26
Nov
$2
1 Oct. 15
50c
Nov.
1 Oct. 15
Nov.
1 Oct.
Oct. 15 Oct.
Nov.
1 Oct.
Nov. 10 Oct.
Nov.
1 Oct.
Dec.
1 Nov.
Dec
1 Nov.
30c
Will & Baumer Candle
Williams Oil-O-Matic Heating
-
$1,125
$2
$1)4
t2s1
10c
Dec.
Oct.
Oct.
Oct.
25c
25c
$1)4
37)4c
$1)4
$1)4
$1 %
10c
12)4c
$1)4
(quarterly)
.
Wisconsin Gas & Electric Co., 6% pref. C
(quar.)
Wisconsin Telephone Co., 7%
pref. (quar.)
Worcester Salt Co., 6% pref.
(quar.)...
Wrigley (Wm.) Jr. Co. (monthly)
Special
Monthly..
Monthly
15
1
15
30
22
15
15
13
1 Nov.
9
15 Sept. 20
15 Sept. 20
30 Sept. 30
1-30-38 Dec
Nov.
1 Oct.
Nov.
31
15
1 Oct.
11
1 3-38 Dec. 15
Dec.
1 Nov. 15
Nov. 15 Oct. 22
Nov. 15 Oct. 22
Nov.
1 Oct.
5
Nov.
1 Oct.
5
Oct. 15 Oct.
1
Nov. 15 Nov.
1
Oct. 29 Oct. 15
Dec.
1 Nov. 15
Nov.
1 Oct.
15
$1)4
Nov.
50c
Nov.
1 Oct.
1 Oct.
15
$1)4
$1)4
$1)4
25c
50c
25c
Yellow & Checker Cab, class A
Zenith Radio Corp. (quar.)
Nov. 10 Oct.
75c
$1H
50c
Wilson & Co., Inc., common
Preferred (quar.)
Winstead Hosiery Co.
11
Oct.
Nov.
$1*4
.
1
Dec. 27 Doc. 16
Dec. 10 Dec.
1
Nov.
1 Oct. 1 6
Oct
(s.-a.)
...
1
20
Oct. |15
50c
(quar.)
preferred (quar.)
$4)4 cum. conv.
Washington Light & Traction Co. (D. C.) (qu.)_
Washington Ry. & El. Co., 5% pref. (quar.)
5% preferred (semi-ann.)
Wayne Pump Co., special
Weisbaum Bros. Brower (quar.)
Western Grocers, Ltd. (quarterly)
Preferred (quarterly)
Westinghouse Air Brake
Quarterly
Weston (Geo.) Ltd. pref. (quar.)
Westvaco Chlorine Products, pref
(quar.)
West Jersey & Seashore RR. Co.
(s.-a.)
6% Special guaranteed (s.-a.)
West Penn Electric 6% pref. (quar.)
7% preferred (quar.)
West Penna. Power Co., 7% pref.
(quar.)
6% preferred (quarterly)
Wichita Water Co., 7% pref. (quar.)
1
1
Dec. 15
Mar. 15
June 15
50c
(quar.)
Walton (Charles S.) & Co., Inc.,
8% pref.
Warren Foundry & Pipe Corp.
15
75c
(quar.)
(quar.)
United Stockyards Corp. (quar.).
Preferred (quar.)
15
$2)4
(quar.)
not closed
15
15 Oct.
30 Oct.
Preferred
Transfer booka
7
30
15
Oct.
Oct.
$1)4
$2
...
Extra
15
t25c
Preferred
•
1 Sept. 17
15c
50c
......
(quar.)
Warren RR. Co., guaranteed
Washington Gas Light
1
16
50c
50c
United States Graphite Co, (quar.)
United States Hofrman Machinery
5)4% pref..
United States Pipe & Foundry Co
com. (quar.)
United States Plywood Corp. (initial)
Preferred
1
15
50c
30
30
Nov.
15 Dec.
1 Oct.
15 Dec.
23 Oct.
2m
37)4c
50c
United States Smelting, Refining &
Nov. 30 Nov.
1
Dec. 20 Nov. 20
Nov.
1 Oct. 15
43 He
53c
(semi-ann.)
Preferred
5
53c
United States Sugar Corp
Preferred
Oct.
15
53c
United N. J. RR. & Canal (quar.)
United Profit 8haring preferred
Preferred
5
1 Oct,
15 Sept. 30
Oct. 15 Sept. 27
Nov. 15 Oct. 30
Oct
15 Sept. 30
Oct. 20 Oct.
5
Dec. 31 Dec. 1*
Nov.
1 Oct.
7
Oct.
11 Sept. 30
Dec. 31 Dec. 15
Nov.
15 Oct. 30
Oct. 26 Oct. 15
t3c
,
20
20
20 Sept. 30
Dec. 24 Dec. 10
Jan.
3 Doc. 21
58 l-3c Nov.
1 Oct. 15
50c
Nov.
1 Oct. 15
41 2-3 c Nov.
Oct. 15
50c
Oct. 30' Oct.
1
50c
6% preferred (monthly)
Public Service Co. of Nor. 111.
(quar.)
7% preferred (quar.)
6% preferred (quar.)
Pullman, Inc. (quar.)
Quaker Oats Co. preferred
(quar.)
Railway Equipment & Realty
(quar.)
6% first preferred (quar.)
Rapid Electrotype Co
(quar.)
Raymond Concrete Pile Co
Special
7% preferred (monthly)
7% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)..
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
20
Dec.
Nov.
10
Dec.
1
Dec.
1
Oct. 21
Oct.
15
Sept. 30
Oct.
Oct.
Oct.
1.4c
1.83c
58 l-3c
58 l-3c
58 l-3c
Series C registered
United Light & Ry. Co., 7% pref.
(mo.)
8
Jan.
Dec.
Oct.
75c
United Fruit Co
United Gold Equities of Canada, std. shs
United Investment Shares, series A reg
1
1 Oct.
Cc.-
(quar.)
Public Service Co. of Colorado
7% pref. (mo.j
6% preferred (monthly)...
5% preferred (monthly)
Public 8ervice Corp. (N.
J.) 6% pref. (mo.)
6% preferred (monthly)
__
11
Nov.
--
Superheater Co. (increased)
Supervised Shares, Inc. (quar.)
Symington-Gould Corp., common..
Syracuse Binghamton & N. Y. RR. (quar.)
Tacony-Palmyra Bridge Co. pref. (quar.)
Telautograph Corp. (quarterly)
Texas Hydro-Electric Corp., $3)4
pref.
Thatcher Mfg. Co., pref. (quar.)
Toledo Edison Co. 7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly).
Towle Mfg. Co. (quarterly)
Truax Traer Coal Co. (quar.)
Tuckett Tobacco, Ltd., pref. (quar.)
Tung Sol Lamp Works pref. (quar.)
United Biscuit Co. of America, pref.
(quar.)
United Dyewood Corp., pref.
(quar.)
1
$154
Nov.
.
8
Oct.
1 Nov. 20
Nov. 20
Dec.
State Street Investment Co. (Boston)
1
1 Oct.
Nov.
Standard Wholesale Phosphate & Acid Works—
Stanley Works (The) 5% preferred (quar.)
1 Oct.
75c
& Trust
$3
Spiegel, Inc. (quar.)
Preferred (quar.)
Squibb (E. R.) & Sons. 1st $6 pref. (quar.)
Standard Brands, Inc. $4)4 pref. (quar.)
Standard Fire Insur. Co. of N. J. (Trenton)
Standard Oil Co. (Ohio).5% cumulative pref...
Nov.
$154
5% 1st preferred
5% 1st preferred
5% 2nd preferred
II"
Nov.
1
Oct. 15
Oct. 15
Oct. 15
20
5 Oct.
1 Oct.
15 Sept. 20
Nov. 15 Oct. 30
15 Sept. 13
preferred (quarterly)
1 Oct.
25c
....
4.8%
Nov.
Nov.
Oct.
Spicer Mfg. Co
20
Nov.
20
Oct,
Southern New England Telephone
1 Oct.
Nov.
Oct.
Sept. 30
Sept. 30
Southern Indiana Gas & Electric Co.—
Nov.
15
Nov.
...—
Sundstrand Machine Tool Co
1
15
Oct.
1
Oct.
Oct.
.....—
15
$1)4
Pressed Steel Car
(quar.)"
Sept. 20
Sept. 20
15
$154
7% pref. (quar.).
Potomac Edison Co., 7%
pref. (quar.)
6% preferred (quarterly)
Prosperity Co.. Inc.. 6% pref (quar.)
(quarterly)..
Corp. (quar.)
1
Oct
Dec.
Ifg
7% preferred (quar.)
Pollock Paper & Box Co.
.
1
Oct.
preferred (quarterly)
Sou Calif. Edison. Ltd.. Original pref. (quar.)__
Preferred series C (quar.)
Common (qu.)
Southern Calif. Gas, 6% pref. (quar.)
6% preferred A (quar.)
Southern Canada Power Co., Ltd.—
»
6% cum. partic. pref. (quar.)
Common (quar.).
Southern Counties Gas of Calif 6% pref. (quar.)
1 Oct.
15c
Security Storage Co. (quar.)
Selected Industries $1A preferred
Selfridge Provincial Stores
Servel, Inc. preferred
Sept. 29
Oct.
6%
Nov.
12$
Schmidt Brewing Co.
(quar.)
Sears, Roebuck (quar.)
Sept. 30
Oct.
Oct.
15
50c
(s.-a.)
Savannah Sugar Refining
(quar.)
Oct.
Oct.
1 Oct.
25c
$2
Svn Francisco Remedial Loan
Assoc. (quar.)
Smith (H.) Paper Co. (quar.)
South Franklin Process 7% pref. (quar.)
South Pittsburgh Water Co., 7% pref. (quar.)__
Nov.
Jan.
15
Nov.
Preferred (quar.)
Ruud Mfg. Co
(quar.)
Extra
St. Croix Paper Co.
1
Stayton Oil Co
-techer-Traung Lithograph 7)4% pref. (quar.).
Steel Co. of Canada (quar.)
Sterling Aluminum Products
Stlx, Baer & Fuller. 7% preferred (quar.)
Sullivan Consol. Mines, Ltd
Sun Ray Drug Co. (quar.)
Preferred (quar.)
Nov.
Preferred
preferred (quar.)
Nov.
15
5
10c
Pittsburgh Screw & Bolt
Sharon Steel
20
20c
......
Sharp & Dohme, pre?. A
Sheaffer (W. A.) Pen Co
11
Nov
I
1654c
7% preferred (quar.).Penmans, Ltd. (quar.)
Preferred (quar.)
Pennsylvania Power Co, $6.60 pref. (monthly)
$6.60 preferred (monthly)
$6 preferred (quar.)
Pere Marquette Ry prior pref.
Prior preferred (quar.)
Philadelphia Co. (quar.)
6% preferred (semi-annual)
Philadelphia Electric Co. (quar.)
$6 pret. (quar.)
Phlllips-Jones Corp., pref. (quar.)
Phoenix Finance Corp., 8%
pref. (quar.).
Pick (Albert) Co
,
Nov
—
$154
$1)4
Peninsular Telephone, 7% pref.
(quar.)
Quarterly
Quarterly
4
Oct.
t32)4c
(quar.).
(quar.)
Oct.
75c
Package Machinery Co., 7% pref. (quar.)
I
5
Nov.
10c
„
Roos Bros., Inc
30 Oct.
8
Oct.
Oct.
35c
Extra
Pittsburgh Youngstown & Ashtabula Ry
Oct.
Oct.
Oct.
25c
$i v*
Pacific Public Service 1st preferred
1st preferred (quar.)
Rochester Button (quar.)
Rockland Light & Power
Roeser & Pendleton, Inc.
16
Oct.
Oct.
20 Sept. 30
20 Sept. 30
1 Oct.
15
30 Oct. 15
U£
6% preferred (monthly)
5% preferred (monthly)
5H% preferred (initial, quar.)
Old Joe Distilling Co. 8% pref. (quar.)
Orange Crush Ltd., 70c. conv. pref. (s.-a.)
Outlet Co. common (quar.)
1st preferred (quar.)
2d preferred (quar.)
Paauhau Sugar Plantation
(monthly)
Pacific Finance of Calif. 8%
pref. (quar.)
6)4% preferred (quar.)
5% preferred (quar )
Pacific Lighting (quar.)
(quar.)
Nov.
Sept. 30
Sept. 30
Oct.
Oct.
30 Oct.
25 Oct.
58 l-3c Nov.
1 Oct.
50c
Nov.
1 Oct.
41 2-3c Nov.
1 Oct.
,.
6% preferred
Oceanic Oil Co. (quar.)
Ohio Public Service Co. 7% pref.
(monthly)
Preferred
Nov.
Holders
Oct.
Extra
Simmons Co. (interim)
Simplicity Pattern Co., Inc—
Sivyer Steel Castings Co
Skelly Oil Co. preferred (quar.)..
Smith (8 Morgan* Co (quar.)
1937
Payable of Record
Sheep Creek Gold Mining, Ltd. (quar.)
5
30
Dec.
1 Nov. 15
Oct. 20 Sept. 30
Oct. 20 Sept. 30
Nov.
Pan American
Airways (new)
Passaic <fc Delaware Extension RR.
1
Nov. 19 Oct.
$1 A
6% preferred (quarterly)
Northwestern Engineering Co
Nunn-Bush Shoe Co. (quar.)
5% 2nd preferred,
Public National Bank
ublic
Nov. 15 Nov.
Oct. 20 Oct.
37)4c
Northern RR Co of N
J ,4% pref
(quar.)
Northern States Power Co. (Del.) 7% pfd.
(qu.)
Share
-
each
25,
When
Per
Name of Company
Oct.
in?
National Lead Co.. pref. B (quar.)
National Power & Light preferred (quar.)
National Tea Co. preferred
llOct.
Nov.
50c
Oct.
Holders
Payable of Record
17 )4c
(extra)
I
Chronicle
25c
T$1
50c
Oct.
Oct.
Nov. 15 Nov.
Nov.
15
15 Sept. 30
30 Oct. 20
5
1 Oct.
1 Oct.
20
20
Dec.
1 Nov. 20
Jan.
3 Dec. 20
Oct. 25 Oct. 15
Oct. 30 Oct. 15
Nov.
for this dividend,
t On account of accumulated dividends.
X Payable in Canadian funds, and in the case of
non-residents of Canada,
deduction of a tax of 5% of the amount of such dividend
will be made.
Financial
145
Volume
New York City
weekly statement issued by the
Clearing House is given in full below:
The
•
Capital
Clearing House
CLEARING HOUSE
SATURDAY, OCT. 9, 1937
THE WEEK ENDED
FOR
ASSOCIATION
Time
Deposits,
13,
1937 Oct.
1937 Oct. 14, 1936
6.
Deposit,
$
$
$
Average
Average
Profits
Members
week and the corresponding
comparison with the previous
date last year:
Oct.
Net Demand
Surplus and
Undivided
following shows the condition of the Federal Reserve
New York at the close of business Oct. 13, 1937,
The
Bank of
in
THE NEW YORK
OF MEMBERS OF
STATEMENT
Bank of
of the Federal Reserve
New York
Condition
York City
.Weekly Return of the New
Clearing House
2499
Chronicle
Assets—
Gold certificates on hand
Bank of Manhattan Co.
Chem Bank & Trust Co.
77,500,000
20,000,000
Guaranty Trust Co
90,000,000
National City Bank
Manufacturers
Cent Hanover BkATr Co
Corn Exch Bank Tr Co.
First National Bank
Irving Trust Co
Continental Bk A Tr Co
Chase National Bank
Bankers Trust Co
76,151,400
1,301,800
9.061,900
5,000,000
12,500,000
7,000,000
7,000,000
Marlne Midland Tr Co..
New York Trust Co
Comm'l Nat Bk A Tr Co
Public Nat Bk A Tr Co.
Seoured
14,825,000
8,665,900
Govt, obligations,
guaranteed
-
U. 8.
6,906,000
7,730,000
6,346,000
7,836,000
2,385,000
3,637,000
14,636,000
14,182,000
6,022,000
1,016,000
4,704,000
1,000,000
4,710,000
1,103,000
6,329,000
Bonds
211,831,000
Treasury notes
332,269,000
180,929,000
211,831,000
332,269.000
180,929,000
100,381,000
383,224,000
161,638,000
725,029,000
725,029,000
645,243,000
745,385,000
744,921,000
658,697,000
56,000
72,000
81,000
6,030,000
201,185,000
10,856,000
30,518,000
Other bills discounted
8,026,000
'
Total
bills discounted
Bins bought In ooen
1,317,000
86,203,000
288,088,000
74,519,000
79,194,000
28,125,700
7,976,700
by
direct or mlly
7,314,000
3,776,000
42,628,000
10,000,000
3,572,977,000 3,626,518.000 3,256,134,000
Bus discounted:
3,959,000
58,628,000
25,000,000
Title Guar A Trust Co..
3,494,271,000 3,544,640.000 3,193,365,000
1,765,000
1,894,000
1,657,000
61,004,000
79,978,000
77,049,000
Total reserves
55,986,000
24,862,000
47,526,000
d764.791.000
3,529,900
t
19,049,000
65,867,000
126,158.500 cl,869,346,000
500,000
Fifth Avenue Bank
Other cash
105,622,000
444,989,000
474,934,000
47,133,000
105,095,400
61,140,100
4,095,300
and due from
United States Treasury.*
Redemption fund—F. R. notes
198,926,000
180,657,900 51,344,275.000
447,114,000
44,247,000
700,153,000
68,756,100
246,096,000
17,632,600
42,661,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
100,270,000
Trust Co
10,631,000
47,957,000
140,404,000
13,252,400
425,568,000
25,804,400
58,932,400 al,486,608.000
418,864,000
54,330,900j
6,000,000
20,000,000
Bank of N Y 4 Trust Co
3,236,000
33,412,000
2,153,000
58,027,000
-
market
Industrial advances
United States Government securities:
Treasury bills
Totals
894,916,300
523,431,000
i.
751,376,000
9,400,630,000
Total U. 8. Government securities♦
1937; State, Sept. 30, 1937; trust
official reports:
National, Sept. 30,
companies. Sept. 30. 1937.
Includes deposits in foreign branches as follows:
As
per
(a) $279,002,000; (5) $98,138,000;
Total bills and securities
(c) $124,984,000; (d) $39,981,000.
Due from foreign banks
"Times" publishes regularly each
of a number of banks and trust companies
members of the New York Clearing House.
New York
The
returns
are
not
following
are
week
which
The
...
10,005,000
11,679,000
premises...
12,065,000
All other assets
ended Oct. 8:
the figures for the week
INSTITUTIONS NOT IN CLEARING HOUSE WITH
BUSINESS FOR THE WEEK ENDED FRIDAY,
NATIONAL AND STATE BANKS—AVERAGE
8,136,000
150,190,000
other banks—.
Uncollected items
Bank
8,171,000
147,113,000
10,005,000
Federal Reserve notes of
4,495,772,000 4.551,521,000 4,163,501,000
Total assets..
THE CLOSING OF
OCT. 8. 1937
FIGURES
Liabilities—
848,073,000
959.063.000
959,251.000
circulation
2,848,889,000
Deposits—Member bank reserve acc't-. 3,039,971,000 3,142,937,000
26,339,000
10,789,000
15,275,000
U. 8. Treasurer—General account
31,844,000
103,414,000
104,848,000
Foreign bank
89,709,000
71,239,000
113,638,000
F. R. notes in actual
Res
Other Cash
Loans,
Y
N
D\sc. and
Including
Investments
Bant Notes
Other
Dtp
Dep.,
Bants and
Oross
Trust Cos.
and
Deposits
Elsewhere
Other deposits
Sterling
National...
Trade Bank of N! Y.
7,735,900
2,541,100
7,233,000
1,706,498
292,000
286,700
1,570,200
105,000
753,000
324,800
234,000
129,400
445,000
21,422,300
25,235,000
6,641,729
263,546
81,843
6,362,600
4,963,000
National.
People'* National
141,362,000
Deferred availability Items
51,061,000
51,474,000
51.474,000
Surplus (Section 13b)
Reserve for contingencies
7,744,000
9,117,000
7,744.000
All other liabilities
2,008,000
1,656,000
56,195,300
Federation
9,404,866
10,976,933
20,433,900
28,211,100
65,053,581
Lawyers
United States
Gross
Deposits
$
$
%
*1,020,297
*6,594,600
*9,950,700
530,000
26,085,680
4,492,900
1,320,213
10,636,100
1,499,790
1,760,780
920,900
15,254,670
213,684
14,193
763,700
Brooklyn
for
66,745,100
10,456,671
11,186,109
24,160,600
36,736,000
76,656,192
31.621,835
with Federal Reserve as
Includes amount
to deposit
combined
reserve
$6,319,500; Lawyers,
and
84.7%
84.4%
84.6%
657,000
511,000
4,987,000
4,987,000
liability on bills purchased
foreign correspondents.-
Commitments
ad-
Other cash" does not include Federal
t
9,361,000
Reserve notes or a bank's own
Federal
Reserve bant notes
These are certificates given
over
from the Reserve
100 cents
to
by the United States Treasury
under
$9,337,100,
for the gold taken
31, 1934, devalued from
being worth less to the extent of the
banks when the dollar was, on Jan.
69.06 cents, these certificates
profit by the Treasury
Itself having oeen appropriated as
the provisions of the Gold Reserve Act of 1934.
difference, the difference
Fldu
follows: Empire, $3,499,400;
Industrial
make
to
bances
51,000 115,685,000
36,208,421
36,300,000
8,204,703
3,304,000
2,231,348
83,959,000
clary, $648,240; Fulton,
total
Contingent
i
Brootlvn—
Kings County
of
Ratio
F. R. note liabilities
■
*5,813,400
9,117,000
4,495,772,000 4,551,521,000 4,163,501,000
Total liabilities
Trust Cos.
$
Empire
Fulton
5,472,000
Dep. Other
Bants and
Y. and
N.
Cash
3
Manhattan—
Fiduciary
Surplus (Section 7)
Elsewhere
Res. Dep.,
Loans
Disc, and
Investments
193,790,000
50,248,000
50,825,000
7,744,000
8,849,000
7,191,000
143,027,000
51,084,000
7,673,300
COMPANIES—AVERAGE FIGURES
TRUST
*
3,273,732,000 3,328,379,000 2,996,781,000
Total deposits
27,963.000
25,818,000
5,732,143
Capital paid In
Brootlyn—
Lafayette
-
$
$
$
$
$
Manhattan—
Grace National
System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principa
Items of the
and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the 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.
Member Banks of the Federal Reserve
Weekly Return for the
resources
changes were made la the breakdown of loans m reported la this statement, wuioh
of New York of April 20, 1937, as follows:
oonflned to the classification of loans and discounts. This classification has been changed
(1) commercial. Industrial, and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or
also eliminates the distinction between loans to brokers and dealers In securities looated In New York Olty and those looated outside New
made also to Inolude
acceptances of own bank purchased or discounted" with "aooeptanoes and commercial paper bought la open market"
{'open market paper," instead of in "all other loans" aa at present.
Subeequent to the above announcement It was made known that the new Items "oommerdal. industrial, and agricultural loans
and "other
segregated at "on securities" and "otherwise secured and unsecured."
Commencing with the statement
announcement of the
The
ohangee
A more aetalled
ASSETS AND
of May 19. 1937, various
Fedcal Reserve Bank
explanation of the
LIABILITIES OF
s
%
$
1,295
9,017
1,155
1,882
-
agrlcul. loans:
710
4,407
474
729
On securities
unsecured..
660
408
713
514
2,131
186
288
247
1,046
248
272
1,049
53
54
10
19
13
40
340
600
39
258
44
44
15
11
98
85
145
260
160
178
141
1,802
597
300
125
4,231
4
52
12
7
26
4
35
8
54
6
1
4
3
20
477
89
194
24
18
12
37
995
22
24
4
13
15
55
18
14
37
40
10
327
96
37
16
678
85
21
369
177
29
20
60
6
243
46
84
27
1,167
carrying
securities
2
4
9
5
6
3
2
49
47
11
79
30
26
10
120
-
Real estate loans
-
Loans to banks
62
2
1
--
Other loans:
unsecured -.
obligations
by U. S Govt.
Otherwise secured and
265
10
15
60
36
106
40
29
58
42
57
261
27
55
50
821
1,415
188
680
250
259
829
166
3,014
315
196
429
170
7,911
189
46
12
45
28
119
39
34
51
286
113
325
728
On securities
United States Government
66
436
98
62
66
74
394
121
262
44
268
102
1,160
329
782
135
79
171
254
109
5,424
134
11
57
11
18
12
39
6
72
16
11
35
156
193
168
178
162
70
140
84
128
281
98
106
1,764
Bank..
with domestic banks
23
133
307
Reserve with Federal Reserve
Cash In vault
1,131
2,961
Other securities
Other assets—net.
$
3,047
92
Other loans for purchasing or
Balances
8an Fran
Dallas
%
%
S
$
S
550
Minneap. Kan. City
316
1,178
Open market paper
Loans to brokers and dealers
Obligations fully guar
603
ON OCT. 6.1937 (In Millions of Doll are)
St. Louis
Chicago
Atlanta
S
%
$
9,972
Investments—total
Otherwise secured and
Cleveland Richmond
loans" would each be
"Chronicle," page 3590,
BANKS IN 101 LEADING CITIES, BY DISTRICTS.
Phila.
21,975
S
Loans—total
Commercial. Indus, and
the May 29, 1937. issue of the
New York
Boston
Total
ASSETS
Loans and
revisions was published In
WEEKLY REPORTINo MEMBER
Federal Reserve Districts—
were described In an
primarily to show the amounts of
oarrylng securities. The revised form
York Olty Provision has been
under the revised caption
In the report form are
23
16
23
29
208
2,762
231
78
545
89
105
38
41
1,287
2,196
386
898
424
481
1,053
269
6,453
800
386
957
325
14,628
199
869
148
126
741
123
1,006
1,139
288
184
275
187
5,285
-
Demand deposits—adjusted
Time deposits
13
20
56
16
2
18
84
8
37
16
645
11
deposits..
192
714
238
121
361
202
250
210
Inter-bank deposits:
Domestic banks..
Foreign banks
Borrowings
Other liabilities
Capital account...
19
92
LIABILITIES
United States Government
.
-
364
5,177
220
2,056
273
340
542
9
504
3
1
1
862
25
396
22
17
25
3,615
237
1,612
227
348
92
21
88
367
1
15
3
7
"*324
56
91
81
327
1
7
7
1
7
1
1
3
8
891
2500
Financial
Chronicle
Oct.
Weekly Return of the Board of Governors of the Federal
Reserve
1937
16,
System
The following was issued by the Board of Governors of the Federal Reserve
System on Thursday afternoon, Oct. 14,
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the
1
week last year.
The second table shows the
Reserve note statement
resources
eight preceding weeks and with those of the corresponding
and liabilities separately for each of the twelve banks.
The Federal
(third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
returns
for the latest week
appear
COMBINED RESOURCES
in
our
The comments of the Board of Governors of the Federal Reserve System
department of "Current Events and Discussions."
AND LIABILITIES
Three ciphers (000) omitted
Oct. 13,
1937
OP
THE
Oct. 6,
1937
FEDERAL
Sept. 29,
1937
RESERVE
Sept.
22,
Sept.
1937
Gold ctfs.
9,127,389
BUSINESS
OCT.
13,
1937
Sept. 1,
Aug. 25,
Aug. 18,
Oct. 14,
1937
1937
1937
1937
1936
$
3
——
reserves
----
9,127,392
9,129,890
8,831.389
10,422
10,422
8,964
271,248
9,423
10,122
13,136
310,143
8,663
308.416
8.949
300,809
9,129,890
9,192
290.320
8,830,890
9,646
293,765
Redemption fund (Federal Reserve notes)—
Total
9,126,889
OF
Sept. 8,
15,
S
hand and due from U. 8. Treas.x
on
AT THE CLOSE
1937
ASSETS
Other cash
BANKS
the
upon
294,237
308.865
303,051
251,328
9,430,300
9,438,620
9,453,957
9,446,969
9,435,402
9,111,102
9,134,575
9.150.236
9,145.119
8,845,848
8,831,948
8,831,946
8,581,384
Bills discounted:
Secured
by
direct
or
Government obligations.
fully guaranteed
!
U.
8.
Bllls bought in open market
Industrial advances
12.327
11,951
12,187
12,915
11,312
13,755
11,639
13,356
10,839
13,151
10.729
3,963
10.047
11,372
10,811
7,391
4,533
4,196
23,056
23,590
24,195
23.198
23,559
23,726
18.703
18,288
8,159
2,830
-
Total bills dlscounted.
13,268
10,183
23,451
Other bills discounted
2,813
3,026
3,026
3,067
3,076
3,077
3.073
3,098
19,622
19.680
20,598
20,601
20,603
20,785
20.929
21,007
26,480
738.073
738,073
738,073
738,073
738,073
737,073
378,077
1,157,713
1,157,713
738,073
1,157,713
738.073
1,157,713
...
United States Government securities—Bonds.
3,076
20,709
1,157.713
1,157,713
630,404
030.404
1,157,713
630,404
1,157,713
630,404
630,404
631,404
635,969
608,787
2,520,190
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2.526,190
2,526,190
2,430,227
2,572,093
Total U. S. Government securities-..
630,404
2,526,190
—..
732,508
1.157,713
630,404
Treasury notes
Treasury bills
2.571.739
2,573,404
2,574,012
2,573,058
2.573,534
2,573,777
2,568.899
2,568,558
2,467,964
1,443,363
Other securities
Foreign loans
on
gold.
Total bills and securities..
Gold held abroad
Due from foreign ba
8
Federal Reserve notes ol other banks...—
Uncollected Items
173
Total assets-...
190
231
28,172
27,370
23,057
27,785
24,200
25,444
24,791
637,059
27,419
693,328
29,143
633,125
859.544
569,257
625,356
580,791
643,160
841,169
45,456
45,514
45,479
45,501
48,062
36,704
45,425
46,931
45,423
37,952
45,417
37,292
45,428
39,114
45.515
44,726
43,966
40,657
12,774,300
--
All other assets....
190
27,814
657,615
45,456
40,849
Bank premises-
12,756.416
12,775,446
12,824,627
12,979,510
12,309,527
12,452,652
12,414,551
12,471.975
12,268,707
190
221
221
220
227
216
LIABILITIES
federal Reserve notes In actual
circulation...
4,291,519
4.284,339
4,246,268
4,253,156
4,271,313
4,295,483
4.260,604
4.234,680
4,238,391
4,093,187
Deposits—Member banks' reserve account...
United States Treasurer—General
accountForeign banks.....
Other deposits
6,918,902
83,231
283,014
7,003,033
6,977,186
6.864,732
6,709,993
6,731,214
6,729.546
6,743,874
6,616,920
193,490
347,686
199,837
130,390
150,264
160,885
155.689
135,246
237.332
200.427
189,657
200,205
199,602
174,745
134,065
7,032,833
140,273
243,378
125,612
124,734
112,978
113,616
146,887
156.059
140,513
88,904
159,828
7,459,892
7,500.592
7.542,096
7.532,742
7.525,233
7,154,426
7,224,022
7,246,695
7,239,678
7,000,898
672,090
022,374
637.764
690,025
834.534
570,618
620,482
584,978
132,656
145,854
27,490
646,593
132,604
824,207
132,627
132,605
132,590
145.854
145,854
145.854
27,490
27,490
....
Total deposits
Deferred availability Items
Capital paid lu
—
— -—
76,183
287.311
35,803
8,996
Total liabilities
35.803
35,803
35,839
35,838
35,838
7,330
7,567
6,952
6,693
7,230
5,707
6,485
6,598
13,341
12.756,416
12,775,446
12,824,027
12.979,510
12,369,527
12,452,652
12,414,551
12.471,975
12,268,707
80.2%
80.1%
80.2%
80.2%
80.0%
79,6%
79.5%
79.7%
79.7%
79.7%
1,365
1,338
1,543
1,579
1,727
1,873
1,932
2,478
14.739
14,880
14.970
15,021
15,236
15,404
15,179
15,249
23,086
21,744
r
35,804
14,662
—.....——
Reserve for contingencies
All other liabilities..
132,588
145,854
27,490
35,838
1,511
.......——
145,854
27,490
35,803
12,774,300
Surplus (Section 7).
Surplus (Section 13-B)
21,306
21,223
21,422
20,537
16,546
10,083
6,579
27,490
132,594
132,531
132,533
145,854
145,854
145.854
130,243
145,501
27,490
27,490
27,490
27,088
34,242
Ratio of total reserves
to deposits and Federal
Reserve note liabilities combined--
Contingent
liability on
foreign correspondents
Commitments
to make
bills
purchased
industrial advances.
Maturity Distribution of Bills
Short-term Securities—
1-15 days bills
discounted-.
•
and
16-30 days bills discounted
discounted
21,219
291
434
1,429
445
706
802
362
397
62
824
954
1,012
850
854
1,024
1.101
914
920
527
348
'
21,534
301
-
31-60 days bills discounted
61-90 days bills
discounted-...—
Over 90 days bills
for
318
436
556
603
333
1,092
742
006
874
234
141
73
74
194
139
222
117
23,590
24,195
23.198
23,559
23,726
18,703
18,288
8,159
391
1,200
1,271
69
132
569
200
1,286
49
1,016
2,275
391
391
1,555
1,200
1,333
90
273
278
302
1,235
723
168
416
391
1,555
295
2,331
2,486
1,317
200
682
1,284
1,328
784
142
497
2,830
2.813
3,026
3,026
3,067
3,076
3,076
3,077
3.073
3,098
1,009
1,179
1,133
887
908
970
936
783
301
Total bills bought In
open market
174
23,056
960
1-15 days bills bought In
open market
16-30 days bills
bought in open market
31-60 days bills bought In
open market
61-90 days bills bought In
open market
Over 90 days bills
bought In open market
187
23,451
Total bills discounted.
290
190
894
469
26
31
I- J
(days Industrial advances...
10-30 days Industrial
advances..
31-60 days industrial
advances
61-90 days Industrial
advances
Over 90 days Industrial
advances
Government securities
334
224
426
561
423
462
526
049
691
696
723
728
667
498
564
445
16,814
17,961
1,039
17.975
18,143
18,227
18,457
18,556
18,662
23,571
19,680
20,598
20,601
20,603
20,709
20,785
20,929
21,007
26,480
27,349
25,282
30,190
27,472
27.549
26,006
25.282
28,306
27,472
103,105
28.546
26,000
101,670
32,189
20,24o
104.170
60,794
37,521
59,729
57.034
55,472
54,821
65,661
86,948
29,685
59,655
57,016
106,880
507
35,561
Government securities—
59,486
61,055
60,168
63,358
59,655
60,794
2,352,485
61,055
54,736
59.729
58.034
2,350.438
2,350,146
156,053
2,351,815
2,353,663
2,280.813
2.276,455
2,276.299
2,278.079
2,114,144
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
4,608,405
316,886
4,609,199
4,602,269
4,624.774
4,563,174
4,560.971
356,001
4,613,505
300,349
4.620.315
324.860
4,554.501
4,378,990
349,002
329,291
302.570
326,291
316,110
285,803
4,291,519
61-90 days U. S.
Government securities
Over 90 days U. 8.
Governmeut securities
Total U. 8.
445
572
19,622
Total Industrial
advances
422
664
903
16,788
1-15 days U. 8.
Government securities
16-30 days U. S.
Government securities
31-60 days U. 8.
209
645
928
4.284,339
4.246,268
4,253,156
4.271.313
4.295.483
4.200.604
4.234.680
4.238.391
4,093,187
4,639,132
23,149
4.636,132
22,822
4.633,132
4,633.132
4,632.132
4.619.132
4.600.632
4,594.632
4.593,632
22.183
22.755
4,362,838
22.807
23,166
23,339
18.277
32,000
32.000
17.907
32,000
32,000
32.000
6,590
32,000
20.0C0
20,000
20,000
88,000
4.687.315
4.687,887
4,686.939
4,674.298
4.632,909
4.631.539
4.457,428
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
Security for
Notes Issued to Bank—
Gold ctfs. on band and
due from U. 8, Treas.By eligible paper
United States Government
securities
Total collateral
•
x
cents
4,694,281f
"Other cash" does not include
Federal
These
on
are
Jan.
certificates given
31,
Reserve notes,
Reserve Act of 1934.
t Revtsed
to
4.643.971
figure.
by the United States Treasury for the gold taken
1934. these certificates being worth less
the provisions of the Gold
4.690.964
over
the extent of the difference,
from the
Reserve banks when the dollar
the difference
Itself having
was
devalued from
been appropriated
as
100 cents to 59.00
profit by the
Treasury under
Volume
Federal Reserve System (Concluded)
Weekly Return of the Board of Governors of the
Three Ciphers
(000)
AND LIABILITIES OF
OF RESOURCES
WEEKLY STATEMENT
2501
Chronicle
Financial
145
Omitted
Cleveland
Phila.
Neve York
Boston
Total
Feaeral Reserve Agent at—
Richmond
on
hand
and
$
5
S
%
9
RESOURCES
certificates
$
%
$
$
due
503,845
467,493 3,494.271
9,126,889
from United States Treasury
Redemption fund—Fed. Res. notes..
702,998
311,158
$
719,094
188,000
296,721
197,382
281,488
244.557 1,719,882
%
i
5
San Fran
Dallas
Louis Minneap. Kan. City
St.
Chicago
Atlanta
'
Gold
OF BUSINESS OCT. 13, 1937
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE
132
1,657
1,091
749
808
1,416
339
949
522
185
320
1.478
9,646
293,765
Other cash *
25,139
77,049
23,992
16,547
16.431
13,120
37,585
16,034
7,047
19,604
15,556
25.661
492,764 3.572,977
528,928
720,294
328,397
259,093 1,757.806
298,471
204,951
316,510
203,876
746.233
398
9,430,300
Total reserves
Bills discounted:
Secured by U. S. Govt, obligations.
direct and (or) fully guaranteed—
13,268
230
6,906
1.402
550
472
844
1,600
245
125
152
344
725
7.730
177
52
221
505
67
9
71
149
85
10,183
392
Other bills discounted
693
1,349
1,667
254
196
544
493
483
109
98
23,451
955
14.636
1,579
602
205
1,017
291
268
79
200
2,830
19,622
2,919
53,791
4,704
3,661
807
1,885
156
777
244
682
560
1,145
738,073
211,831
62,330
71,850
38,868
81,340
32.543
24,009
36,266
28,818
1,157,713
84,374
332.269
97.76S
112,703
60,968
32,428
50,866
127,584
51,046
37,661
56,885
630,404
45,944
180,929
53,238
61,369
33,198
27,697
69,474
27,796
20,506
30,976
45,202
24,614
2,082
63,999
100,387
2,526,190
184,109
725,029
213,336
245,922
133,034
110,991
278,398
111,385
82,176
124,127
98,634
219,049
2,572,093
188,188
745,386
218,867
247,599
135,721
112,594
281,194
111,961
83,108
125,310
100,351
221,814
173
14
56
19
17
8
7
23
2
2
6
6
13
1,428
2,085
1,858
3,828
2,342
485
62,117
1,385
40,935
30,732
3,662
32,477
3,171
1,364
3,372
1,710
1,404
2,916
489,027
-
Total bills discounted
Bills bought in open market
Industrial advances
S. Government securities—Bonds.
U
Treasury notes
Treasury bills
Total U. 8. Govt, securities
Total bills and securities
Due from foreign banks
79
54
78
352
54,663
147,113
48,235
93,399
35,443
45,465
3,015
10,005
4,857
6,254
60,430
2,728
21,791
Bank premises.
2,205
4,620
2,354
All other resources
40.849
2,362
12,064
5,527
4,307
2,522
1,509
3,613
1,506
1,110
22,103
1,511
1,409
531,891
399.057 2,144,483
452,079
314,194
213,019
168,965
9/6,106
182,216
140,369
166,810
93.075
347,356
255.518
184,530
27,814
548
8,171
912
657,615
62,840
Fed. Res. notes of other banks...
Uncollected Items
749,731 4,495,772
12,774,300
Total resources
807,345 1,042,016
LIABILITIES
F
959,251
288.122
4,291,519
R. notes In actual circulation
439,442
316,788
Deposits:
Member bank
345,261 3,039,971
15,275
3,320
6,918,902
reserve account
83,231
U. 8. Treasurer—General account-
3,714
13,704
225,243
144,722
270,142
201,089
604,544
42,084
32,927
3,876
1,847
34,039
10,165
9,645
1,996
2,037
291
705
11,989
4,059
9,759
976,516
10,628
32,343
3,703
8,365
3,753
949
6.065
193,730 1,020,436
102.868
104,848
27,324
25,651
3,296
113,638
6,315
16,525
372,231 3,273,732
406,750
505,548
241,725
141,362
49,377
64,960
62,178
51,084
12,259
12,936
4,877
4,391
12,891
33,849
3,846
19,689
2,891
51,474
13,362
4,869
5,616
21,504
4,655
2,874
7,744
4,325
3,422
754
545
9,117
3,000
1,497
1,690
1,200
2.034
941
1,484
679
304
355
1,416
7,749
1,513
3,116
1,003
1,570
14,323
1,007
3,121
.525
370
238
807,345 1,042,016
531,891
399,057 2,144,483
452,079
314,194
489,027
Deferred availability Items
672,090
Capital paid In
132,656
145,854
65,201
9,383
9,826
27,490
35,803
'
2,008
524
8,996
Total liabilities.
161
3,553
20,354
Reserve for contingencies
All other liabilities
19.796
2,566
176,665
10,649
174.745
Surplus (Section 7)
Surplus (Section 13-B)
562,887
8,157
8,086
215,028
11,846
283,014
7,459,892
4,759
8,086
451,526
2,016
132,795
2,948
6,413
Other deposits
Total deposits
6,377
371,095
207,110
Foreign bank
749,731 4,495,772
12,774,300
338,218 1,010.487
23,556
4,057
3,613
1,142
3,851
1,262
338,218 1,010,487
Contingent liability on bills purchased
for foreign correspondents
657
131
123
57
47
155
40
39
39
95
97
31
1,511
.4,987
148
888
1,742
310
10
1,035
51
269
3,225
14,662
1,880
117
Commitments to make Indus.advances
..
•
"Other cash"
does
include Federal
not
notes
Reserve
RESERVE NOTE
FEDERAL
Three Ciphers
(000) Omitted
Total
Boston
$
%
Federal Reserve notes:
$
Chicago
$
$
$
S
S
S
San Fran
Dallas
Louis Minneap. Kan. City
St.
$
%
$
*
178,776
11,966
100,462
7,387
391,799
44,443
15,920
11,513
18,398
28,860
12.327
145,945
-?■
5,576
288,122
959,251
316,788
439,442
213,019
168,965
976,106
182,216
140,369
166,810
93,075
347,356
336,000 1,060,000
337,000
467,000
225,000
190,632
148,000
180,000
105,500
1,479
602
623
254
195
544
493
483
14,621
171,000 1,020,000
1,657
1,243
20,000
399.000
4.639,132
23,149
In actual circulation...
462,620
23,178
4,291,519
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
held
Atlanta
Cleveland Richmond
Phila
New York
S
Federal Reserve Bank of—
Collateral
STATEMENT
192,243 1.021,657
202,886
148,195
180,544
105,993
399,483
329,225 1,055,466
96,215
41,103
4,608,405
316,886
332,708
187,363 1,004,966
224,532
194,543
by Agent as security
for notes issued to banks:
Gold
certificates on
and
hand
from United States Treasury
Eligible paper
due
Total collateral
United
Government
338,479
336,955 1,074,621
4,694,281
States
York Stock
955
32.000
U. 8. Government securities
Securities
on
the
225,623
467,602
New
Transactions
at
Daily, Weekly and
Exchange—See following page.
Rates
quoted
are
the
New
Bills—Friday, Oct. 15
THE
0.33 %
9 1938
0.20%
Mar.
27 1937
0.20%
Mar.
16
1938.
0.33%
Nov
3 1937
0 20%
Mar.
23
1938
0.33%
Nov
10 1937
0 20%
Mar. 30 1938
0 33%
Nov
17
1937
0 20%
0 35%
Nov. 24
1937
0 20%
6 1938
April 13 1938
0.35%
1
1937
0 25%
April 20 1938
0.35%
Banque de Paris et Des Pays
0 25%
April 27 1938
0.35%
Banque de l'Unlon Parlslenne—
0 25%
May
20 1937
Dec
8 1937
Dec
....
15 16 17& 181937
Dec
April
Oct.
20 21 & 22 1937-
0.25%
Dec.
29 1937
0 25%
May 11 1938
May 18 1938
5 1938
0.27%
0 27%
May 25 1938
June
1 1938
0 27%
June
8 1938
June 15 1938
0.30%
June 22
1938
0
June 29
1938
19 1938
Jan.
26 1938
...
1938..
Feb
2
Feb.
9 1938
30%
1938
Feb
16
0.30%
July
Feb
23 1938
0.30%
„
6
....
25,800
600
1,300
47
535
25,360
613
1.304
47
530
25,300
658
1.370
47
536
25,900
631
h370
47
530
25,800
688
700
697
-...
230
695
Cotv
239
468
242
478
245
493
23s
488
1,500
1,290
295
1,465
1,510
I'fO®
314
530
1,470
2o0
—
Generate d'Electrlclte
Generate
Transatlantlque..
Citroen B
0.45%
S
A
co^rteresV;:::::::::::::::::
0.45%
Credit Commercial de France..
0.45%
—
461
Cle
0.33%
1938
M&8
473
Cle
0.40%
July 13 1938
2 1938
Mar
6,500
1,160
470
Baa
Cle Dlstr d'Electrlclte
0.40%
....
Credit Lyonnatee..
0.45%
.......
Eaux Lyonnaise cap
Energle Electrique du
Nord
Energle Electrlque du Littoral..
Kuhlmann
L'Alr Llqulde
Quotations for United States Treasury
Notes—Friday,
Oct. 15
Lyon(PLM)
HOLI-
-
Nord Ry
Orleans Ry
— -
6%
—
Pathe Capital
a
Figures after decimal 'point represent one or more
point.
32ds of
Pechlney.....
3%
1917
1918...
1932 A
4 H%, 1932 B
5%. 1920
Rentes, Perpetual
Rentes 4%,
Rentes 4%
Int.
Maturity
Dec.
15 1938...
Dec.
15 1941...
Sept
15
1939..-
Dec
15
1939...
June
15
1«%
14%
m%
.
100.23
Rentes
Int
-
Maturity
Ailed
100.25
Mar. 15 1940...
Mar. 15
1942...
99.21
99 24
100 24
100 26
Sept
15 1942...
15
Rate
Bid
Asled
%%
1*4%
I
101.6
101.8
100.24
100.26
100.26
102
102 2
100.5
101.30
102
101.1
Sept. 15 1938...
Feb.
1 1938...
2H%
100.31
15 1939...
100.16
1939...
2%
2)4 %
101.14
June
2 H%
100.24
100.26
100 24
Mar
15
1941...
100.21
June
15 1938
2Vs%
101.24
101.26
15
1940...
1X%
lH%
100.19
June
100 24
100.26
Mar
15 1938...
3%
101.10
101.12
D^
15 i<un....
m%
100.23
100.25
Rentes
Rentes
100.3
m%
1941...
Mar.
>
Bid
Rate
6,500
9,900
1,140
459
Comptolr Natlonale d'Escompte
0 45%
Jan.
12 Oct. 13 Oct. 14 Oct. 15
Francs Francs Francs
Francs
6,490
Canal de Suez cap
0 45%
0 27%
12 1938.-
Jan.
11 Oct.
Francs
6,300
nanfidian Rftplflc
0 45%
Jan.
9 Oct.
Francs
Bank of France
0.40%
Dec.
stocks as received by cable
of the past week:
each day
0 40%
4 1938..
BOURSE
PARIS
Atled
Bid
Ailed
Quotations of representative
Oct
Exchange,
for discount at purchase.
Bid
Oct
Stock
York
Yearly—See page 2517.
Averages—See page 2517.
Stock and Bond
United States Treasury
12,000
4&%.
Royal Dutch
Saint Gobain C & C
Schneider & Cle
Societe Francaise Ford
Fonclere
8oclete Lyonnalse
Societe Marseillaise
Tubize Artiflcal Silk, pre!
—--
d'Electrlclte
Wagon-Llts
....
302
520
230
261
220
25S
.
..
1.3^0
47
....
221
....
....
1,460
1.370
314
510
656
1,160
724
759
356
25
1,982
667
677
1,195
722
770
1,210
735
780
355
25
2.036
74.70
71.80
70.75
77.60
78.60
71.20
70.80
77.00
78.20
98.40
5,910
97.60
5,900
1,996
120
1,315
472
2,070
1,150
71
117
1,390
473
380
148
395
155
412
92
92
95
1,940
Soclete Generate
Union
DAY
500
644
1,160
710
749
352
23
1.645
73.80
70.30
69.25
76.30
77.40
96.25
5,890
-----
259
1,110
71
121
1,296
472
150
....
25
2,024
74.45
.....
....
77.20
97.30
....
2,058
1,150
-..-
1,135
68
118
1,358
474
157
408
96
1,160
....
359
If'oR
71.30
70.10
77.00
78.20
97.40
5,800
....
70
2502
Oct.
16,
1937
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day.
such sales In computing the range for the year.
No
account is taken of
United States Government Securities
Below
furnish
the New
on
York Stock
Exchange
daily record of the transactions in Treasury, Home Owners' Loan and
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal 'point represent one or more 32ds of a point.
we
Oct. 9
Oct. 9
Daily Record of U. S. Bond Prices
Oct.
11 Oct.
115.21
{Low.
12 Oct.
115.14
Treasury
13j Oct.
14
[Oct.
15
115.If
115.If
115.21
115.17
115.14
115.If
115.If
115.16
Clouts
115.17
115.14
115.If
115.16
11
2
106.14
Low.
Clos@
3*8. 1943-46
e
15
100.14
100.16
100.14
100.11
100.10
100.11
100.13
Close
100.15
100.13
100.13
100.16
100.16
5
92
24
19
17
99.21
99.21
99.19
99.23
99.24
Total tales in $1.000 unlit.
100.16
106.16
105.14
106.11
106.11
106.11
106.1
99.19
99.17
99.17
99.18
99.19
106.14
106.11
106.13
106.13
106.16
I Close
99.19
99.17
99.18
99.43
99.24
1
5
3
12
Total sales in $1,000 units...
13
46
36
23
18
110.16
111.11
111.13
(High
99.13
99.13
99.10
99.10
99.10
99.10
(High
2*s, 1951-64
-(Low.
mmmm
mmmm
111.9
111.8
111.9
mmmm
mmmm
110.10
110.10
111.13
33
43
109.20
109.18
■
High
Low.
99.9
99.9
99.9
(High
99.9
99.9
Total sales in $1,000 units...
109.18
99.11
-I Low.
(Close
32
Low.
Close
2*8, 1966-59
57
19
8
97.27
97.27
8
97.26
97.27
97.29
mm mm,
mmmm
109.16
109.20
109.18
Low.
97.25
97.24
97.22
97.23
mmmm
mmmm
109.18
109.20
109.18
Close
97.25
97.24
97.24
97.27
2
Close
Total talet in $1,000 units.
6
10
Total sales in $1,000 units...
8
16
21
39
106.23
106.24
100.24
fl
2*s, 1949-63
•
106.26
Low.
106.25
106.25
106.23
106.24
106.24
Close
106.26
106.25
100.23
106.24
106.24
■! Low.
(Close
7
26
1
1
1
Total sales in $1,000 units...
Total talet in $1,000 units..
97.26
97.26
70
-
..
106.29
High
■
14 Oct.
100.13
106.13
Total talet in $1,000 units...
3*8, 1943-47
13 Oct.
100.15
(H)gh
106.13
High
3*8. 1946-66
12 Oct.
Mortgage
106.15
Total tales in $1.000 units..
4s, 1944-64
11 Oct.
Oct.
Oct. 9
Farm
J Low.
Treasury
2*s, 1948-51
9
(High
Dally Record of U. S. Bond Prices
115.21
Total tales in $1,000 units...
1947-52
Federal
a
Federal Farm Mortgage
3 * 8, 1944-64
(High
I
1
I
1
I
I
•
1
1
1
«
1
1
1
1
1
II
1
I
«
t
1
«
HOLI¬
(High
•
102.21
102.21
102.17
102.20
102.24
Low.
102.18
102.18
102.10
102.18
102.21
Close
3s, 1951-66.
102.18
102.18
102.17
102.20
102.24
-{Low.
(Close
33
16
9
60
20
Total sales in $1,000 units...
Total tales in $1,000 unlit,.
(High
8s, 1946-48
•
104.6
Low.
mmmm
104.3
mmmm
Close
Total tales in $1,000 units...
104
104.3
104
102.7
102.1
102.4
102.6
mmmm
102
102.3
120.7
DAY
72
14
Low.
mmmm
102.27
102.26
mmmm
102.26
105.25
High
....
102.27
mmm m
....
'
mmmm
2
!
105.24
105.24
105.21
Low
105.25
105.24
105.21
105.25
105.24
105.24
25
6
5
High
105.21
1
Federal Farm Mortgage
105.21
(Close
Total talet in $1,000 units...
102.19
'
—
1
DAY
3*8, 1940-43.
3
19
102.26
Close
Total sales in $1,000 units...
17
1
102.4
102
102.6
mmmm
High
3s, 1942-47
104.5
104.2
31
HOLI¬
Federal Farm Mortgage
102.2
102.5
(High
3s, 1944-49
104.2
104.2
104
31
mmmrn
104.5
104.2
Federal Farm Mortgage
mmmm
2*8, 1942-47
101.12
Low.
mmmm
mmmm
101.12
....
....
Close
mmmm
mmmm
101.12
'mmmm
....
Total sales in $1,000 units...
mmmm
2
*!*
(High
106.16
Low.
106.16
100.14
106.13
106.15
Close
106.16
106.14
106.13
106.15
tl,000jmUs...
2
1
*6
Total tales in
104.23
104.19
104.25
(High
106.14
....
1946-49..........J Low.
(High
| Low.
106.15
....
104.20
104.19
104.21
104.25
4
104.10
104.10
104.11
104.5
104.10
104.11
104.14
104.10
104.10
104.11
5
3
2
106.16
106.15
106.12
106.15
Low.
106.16
106.15
(Close
100.16
106.15
13
9
.
Total tales in $1,000
units...
*
106.15
106.14
25
25
4
(High
100.12
8*8, 1944-46.......... «Low_
106.10
106.10
106.12
106.10
I Close
106.10
106.9
100.9
106.10
106.10
106.10
106.12
9
11
30
Tota
tales in $1,000 units..
*
3
(High
—
_
100.12
100.12
100.9
100.12
100.15
•{ Low.
100.10
100.8
100.6
100.7
100.12
100.8
100.7
100.10
100.22
100.20
100.18
100.16
100.15
100.18
100.18
100.16
100.20
100.20
11
19
21
10
100.12
100.13
100.10
High
20
100.9
Low.
100.12
100.10
100.6
100.9
100.12
100.10
100.8
100.9
1
59
.
34
*1
Odd Lot Sale.
Note- -The
bonds.
above
table
includes
only
Transactions in registered bonds
sales
of
coupon
were:
1
Treasury 3s 1951-1955
Treasury 2*s 1955-1960
Treasury 2*8 1945-1947
20 Treasury 2*8 1951-1954
5 Treasury 2*s, 1948-1951
102.14to 102.14
4
____100.5
3
to 100.6
102.15 to 102.15
99.16 to
99.16
100.15
Total tales in $1,000
units...
20
28
90
20
102
High
102.13
102.14
Low
2 *8. 1945-47
100.20
100.10
{Close
2*8. 1956-60
100.18
106.14
100.15
100.21
100.20
Total sales in $1,000 units.
6
28
100.22
mmmm
106.12
19
Low
mmmm
100.12
32
CIqqq
106.15
•
10
.Close
1
(High
9
Total sales in $1,000 unus...
2*8. 1942-44
104.14
(Close
J
102.4
102.9
Home Owners' Losn
In.$1,000 units...
3*8. 1941
102.2
102.5
2*8, series B. 1939-49..
20
104.14
102
102
High
104.23
2
102.9
102.5
102.3
102.3
Home Owners' Loan
104.23
104.19
31
102.3
102.6
102.7
Total sales In $1,000 units...
104.20
102.5
Low.
.Close
mmmm'
104.20
....
102.7
High
3s, series A, 1944-52.__
mmmm
....
l Close
3* 1,1949-52
106.13
....
*
ittitaletin $1,000 units...
Total tales
Home Owners' Loan
1
3*8. 1941-43
102.15
102.11
102.16
102.13
102.12
102.10
102.11
102.16
102.13
102.14
102.10
102.11
102.16
39
1
2
100.13 to 100.13
Close
Total talet in $1,000
units...
2
7I
United States
United
Treasury Bills—See previous
States
Treasury
Notes,
page.
&c.—See
previous
page.
New York Stock Record
LOW
AND
HIGH
SALE PRICES—PER
Saturday
Monday
Oct.
Tuesday
Oct.
Oct.
9
$ per share
Jr.
41
*
*61
$ per share
42
65
41%
*
65
10S4
H34
21%
11%
*21
25%
25
62%
138
n2
17g
—
90
11%
134
60
138
*
11%
"i% "1%
*16%
17
*16
20
1%
1%
1%
*75
1134
Stock
151
16%
16%
*16
17
*16
20
16
21
*16
21
22
22
Exchange
*11%' 11%
183% 183%
*1334
14%
16%
17
11%
11%
*60
46%
*15
3%
30
64.
21%
11
177
11
*60
1334
17
90
11%
~~i% "l34
16
*
60
Oct.
15
$ per share
40%
60
1,000
mm
60
10
1034
21%
23%
2234
20%
21
1,200
24
23%
1%
24%
3,200
57%
1%
60
1%
1%
...
10%
1%
15%
1%
6034
1%
90
1034
134
16
700
13,500
1%
1,300
9,200
1%
*
90
10
10%
"i% ~T%
16
6,300
.
$
per
share
$
Lowest
share
per
$
per
40
Sept 27
Sept 8
65
Mar
69
Mar
6
42
Mar
Acm« Steel
59% Oct 14
85
Aug 13
59
Apr
Holiday
Adams
Co......
Express
25
No par
10
Oct 13
22% Mar 11
Adama-Mlllla
No par
20%
Oct 15
28% Feb
3
Address Multlgr Corp
Advance Rumely
10
19% Oct 13
36
9
No par
1% Oct 15
57% Oct 6
1% Oct 15
80% Jan
Air Reduction Inc
Ne par
Air Way El Appliance. .No par
Ala A Vicksburg RR Co..100
32", 400
1,700
Albany A Susq RR
100
Allegheny Corp
Ne par
6* %Pref A with $30 warlOO
97
Mar 11
Jan
4% Jan 26
7
5% Jan 25
5
100% Jan 22
15*4 Feb 25
166
Aug 10
1% Oct 13
Sept 24
10
59% Feb 11
9% Sept 24
146
Oct
5% Feb 18
9% Apr
17% June
22% Jan
*1% Jan
68
Apr
2
Jan
91
Mar
13
July
178 Aug
2%
12%
12%
74%
Nov
Feb
15% Nov
35*4
Feb
37%
Oct
21%
Jan
88% Nov
6% Apr
103
Nov
17% Sep*
195
Mar
5% Nov
61% Nov
Jan
60% Nov
*14
17
300
6H%Pref A with $40 warlOO
14
*13
16
*13
17
100
6 Hi %Pref A without
*15%
14
13% Sept 25
58% Feb 17
16%
15
300
12%
$2.50 prior
14
Oct 15
52% Feb 18
27
1934
2034
4.700
Allegheny Steel Co
1934
Oct 15
45% Mar 15
9%
8%
16912 174
2 500
26% July
Allen Industries Inc..
Allied Chemical A
8%
Oct 15
23% Apr 12
5,600
Oct 13
1,300
Allied
Oct 15
258% Mar 9
17% Aug 14
21%
20
21
10
11
10
10
180
1334
16
1334
16%
172% 176
1334
15%
13
13%
15%
15
15%
2,400
10%
24,200
57
5978
600
18,000
10%
43%
46%
14
14
2%
27
16
1334
60
9%
45
48%
44
46%
13%
14
14
27
*13%
2%
25%
234
2%
25%
500
No par
1
par
169
Kid Co
5
Allied Mills Co Inc
No par
Allied Stores Corp.....No par
13
Dye.No
15
9%
6%
70
73%
Z71%
72
68
70
65
66%
67
68
64
65
16%
1,500
14%
15%
58%
15
15%
14%
15
5,200
58
56
56
120
$ In receivership,
a
Del. delivery
Feb 11
Oct 15
33% Jan 16
Oct 15
21% Mar
6
Oct 15
85
9
6%
n
Preferred
New stock,
67% Sept 25
14% Oct 15
50
r
Cash sale.
Oct 15
56
x
Oct 15
Ex-div.
y
Aug
6%
34
Oel
Aug
Nov
20% Nov
Nov
83% Jan 22
35%
Jan
8i
Deo
39% Jan 28
19% May
8% Mar 13
64
23
245
90
Oct 13
1
coi«v
Jan
Nov
64% Nov
Jan
2% Oct 13
25% Oct 14
6%
157
60
40%
Jan
14
Amalgam Leather Cos Inc
Jan
Apr
69
43% Oct 13
No par
preferred
50
Amerada Corp
......No par
75
69
15%
58%
59
Alpha Portland Cem
57
Am Agrlc Chem (Del)..No par
American Bank Note
10
72
69
Oct 13
preferred......
100
A Ills-Chalmers
Mfg
No par
9,200
16%
*56
war 1(H)
25%
72
*56
15
pref-No par
2%
75
Bid and asked
prices: no sales on thin day.
oonv
2%
25%
*69
share
Jan
16
14%
10%
58S4
70
Apr
15
60
3%
28
per
8
56
16
169
Day
Highest
share $
15%
*14%
14
11%
15
59
Year 1936
Highest
No par
Alaska Juneau Gold Mle
1,100
5,100
59
Par
Abbott Laboratories
13,500
75
16
Range for Previous
100-Share Lou
Abraham A Straus....No par
-
60
58
On Basis of
Lowest
Shares
40%
*
Range Since Jan. 1
STOCK
EXCHANGE
Week
11
60%
15
STOCKS
NEW YORK
the
60
10%
15%
3%
Sales
59%
10%
60
47%
27%
1%
$ per share
41
41
11%
45%
234
1%
60%
14
64
47%
30
22
24%
Oct.
20%
181
1334
16%
CENT
Friday
*13
Columbus
22%
11
10%
1534
Closed—
16
*18
65
11
59
1%
1%
41%
60
19%
Thursday
13
$ per share
*21%
62%
1%
Oct.
10
25
NOT PER
RR
for
60
90
11
*
SHARE,
Wednesday
40%
*--■-,
61
21i2
*1%
6H2
$ per share
65
21i2
25
*
12
41%
61
113s
•4
11
52%
114%
101%
41%
Mar
Mar 15
4
Oct
31% Nor
Mar 11
75
Jan
Jan 22
Jan 16
49
July
36
Dec
65
Jan
75% Feb
Ex-right
.
4
34% Nov
5% Deo
39% Dee
125% Mar
89
Nov
55%
Apr
73
Nov
1 Called for redemption.
NEW
j or
Monday
Saturday
$ per share
$ per share
13
Oct.
12
44
93
94
94%
92%
92%
200
24
25
22
23
54
49%
51
49
49
49
49
*46%
48
20%
20
21
19
20%
19%
2078
*24
29
94
*24
29
*24
150
94
94%
94%
96
*81
150
*94
150
*94%
*100
95
29
29
*24
29
*24
49
Oct 13
6
Oct 15
23% Mar
3
7% July
Oct 11
30'4 Mar 31
20% July
15% Oct 15
33% Jan 21
16%
Jan
89
3%
Apr
Apr
984
Jan
6
15
16
15
16%
14%
15%
6,600
Am Comm'l Alcohol
19
19
17
19
16
16%
1578
16%
15%
157S
4,100
87
87
87
88
*86%
90
87
87
87
87
American Crystal Sugar
10
6% 1st preferred..
100
American Encaustic Tiling.. 1
9
*6
300
*175
6
*5
300
*175
4%
4%
30
30%
30
11%
11%
10%
11
10
10%
9%
10%
9
24%
12%
22%
23%
22
22%
21%
22%
*21
13
13%
12%
13%
12%
12%
4%
3%
24
12%
4
28
27
37%
38
36%
£36%
37
2
2
*18
23
18
9
8
*8%
6%
510
29%
7%
3,600
Amer Internat Corp.—No par
22%
7,600
American Locomotive..A* par
100
75
Oct
13%
5^200
Amer Mach A Fdy Co.-No par
13
Oct 15
5%
34%
8,800
Amer Mach A Metals.-No par
8,900
Amer Metal Co Ltd
107%
300
412 Oct 13
29% Oct 11
Sept 14
129% Feb
64
*60%
14%
5%
55
58
4%
32%
107
*56
60
5
6%
47%
47%
39%
45
46
44
44%
43
44
38
39%
35%
37%
36%
37%
13
12%
13
11%
1278
12%
13%
39%
I284
*147% 153
28%
28%
85%
*23%
148
*147% 152
28%
26%
3,700
13%
46,800
24%
82
78
80
21
22%
79
82%
80%
24
23%
23%
*2278
17
17
14%
37
35
35
57%
60%
19
17%
17%
16%
17%
35
35%
36
37%
36
36
*35
63
56%
5978
61%
135% 135%
62%
134% 135
59%
*134% 137
13%
13
154
Stock
71
12
*84
*84
89
6%
35
34%
31%
30%
Holiday
73%
11%
11%
12%
86
84
6
39%
40%
4%
38%
33%
31
32% 111,400
46
800
15
102
102
102% 102%
*120
102"%
8
5
38
35%
37%
74%
7%
74%
74%
*80
100
*80
41
40
-
9
5
37
9
*
95
100%
8
7
35
IO'I
*97
678
7%
70
*80
70
*80
100
40
36
39
8
9
8
4%
5%
4%
74%
5
5%
95
♦
95
36%
*80
15%
10%
4%
40
1,200
5
34%
35
5,200
10%
*378
11
600
35
1,400
98
400
*120
*120
100
87g
*
4
73
8%
5%
190
♦
10T"
101
8%
10%
*4%
*120
*100%
102
11
12%
4%
48
102
10T"
*90
6%
7%
70
70
99
*80
38
35
7%
8%
4
4%
95
*
678
53,800
70%
Oct 14
Armour A Co of
7% preferred
Cork Co ...No par
*76
80
100
*75
100
*75
100
55
46
44
44
40
42
*38
8778
*84
877«
"42%
45%
*84
*84
877S
*84
877$
50%
"4434
49%
"42%
47%
83%
83%
84%
84%
84
84
84
84
84%
30i4
30%
30
31
27%
307g
27
*7%
*8
11%
8
8
12%
12%
*12%
20%
21%
20%
12i2
15l2
221,1
20%
22%
104% 104l4 *104i2 105
lli2
117s
1134
117$
46
46
4534 4534
*1212
.
58
61
61
*11414 117
7%
*lli4
*7
12
45%
57
57
*53
114
7
7
6%
7i2
8
11%
11%
3io
314
*20l8
27%
*20U
37g
27i2
*20%
4%
4%
418
3%
3i2
4
45%
3%
*
85
46%
*6%
11
20%| 21%
104
104
878
3%
378
3%
8%
12%
13
17
10%
8%
10%
8%
"14%
"12%
14%
"l2%
19%
20
16
18%
16
17%
16
17%
15
*34%
35
34%
34%
34
34
36%
36%
*34
36%
100%
*99
100%
100%
*99
*99
*99
100%
-
No par
tr
13
ctfs
......100
4% preferred
18
16%
17
16%
17%
15%
16%
8,800
15
14%
15%
15
15
14
14
2 400
Barker
16
34
32%
15%
11%
16%
14%
11%
11%
35
*
9%
14%
*31%
*94
*82
86%
12%
15
19%
19%
19%
18%
*45
48
45
45
43%
55%
61%
2,800
97
8%
*19%
60%
T7%
26,600
11%
33
*90%
14
1478
11%
*98
9%
*82
14
11%
99%
8%
9%
15%
11%
33
35
15%
32%
99%
97%
86%
*82
32
110% 110%
all0% 110% all0% 110%
17%
17
17%
17%
97%
100
34
14%
12
*110% 111
*110% 111
18%
19%
17%
*18%
*98
99%
*98
997«
100
55%
16%
61%
17%
8%
87g
*82
86%
34
33%
33%
97
96
96%
3,700
*82
86%
12%
13%
13%
13%
18%
14%
19%
19%
17%
18
44
43%
43%
42%
42%
59%
56
59%
55%
5878
*357$
19%
14%
17%
17
16%
16%
16
16%
102
103
98
101
97
98
96
98
40
*35
40
*32
40
*33
40
33
34%
18
19
18
18%
18
18%
19%
14%
20
*
68
267$
20
13
15
*15%
15
*
*
75
25%
18%
18%
13%
14%
20
*
20
*
75
*
75
•Bid and asked prices: no sales on
"25%
27%
this day,
"24%
13
14
♦
27%
17
1st
27%
13%
preferred...........100
25
Beatrice Creamery...
500
8%
86%
778
8%
Co......—..5
No par
Bayuk Cigars inc
30
17%
98
preferred.......—60
Barnsdall Oil
3,100
16%
98
100
1037s
103
10
Brothers.....—No par
5!4%
160
*32%
32%
15%
11%
16%
11%
♦
.....100
Barber Co Ino
15
*32
100
Bangor A Aroostook
—.60
Conv 6% preferred.—100
.
16%
33
15
200
Feb
9
7
9% Oct 15
44% Oct 15
56
Sept 25
11334 Apr 26
6
Oct 15
116% Feb
6
18% Mar
Jan
14
June
2
Sept 25
Oct 15
62% Mar
Oct 15
9% Jan
3% Sept 10
11% Jan
9% Jan
2334 Aug
Feb
6
8% Oct 13
60
Sept 10
18% Jan
9% Feb
40% Mar 17
157#
Apr
Apr
4784 Mar 17
21
Apr
34
Oct 13
Feb 11
39
Dec
120
45
4
110% Feb
15% Oct 15
438g Mar
9
14
Oct
Oct 15
29% Sept 24
Oct 13
11
Sept 27
110% Oct 15
16% Oct 15
1434
32
Jan 21
42
1
20% Jan 16
115
t lQ receivership,
a Def. delivery.
n New
May
18
Jan
Aug
Jan 16
30% Feb
2384 Jan
62*4 Jan
105% Mar
20
Jan
16*4 June
100
12% Oct 13
17% Oct 15
Oct 15
Jan
P
R
2884 Feb
15*4 Feb
16
14%
110
88% July
42% Oct 15
55% Oct 13
13%
Aug 16
Oct 15
84
24% Nov
Jan 21
35% Feb
77$ Oct 15
8
4
11
5
8
11
Jan 18
35
85
Feb
Feb
13
Dec
83
June
21%
Jan
20
Jan
48
Jan
45*4
Apr
Apr
16%
107% July
96
Oct 15
129% Feb 16
33
Oct 15
23
Jan
18
Sept 25
69*4 Feb 10
38
Jan 21
28'4
Deo
2978 Mar 10
14% July
12% Sept 25
20
Sept 27
.......
26%
29%
8
100
7
18% May
94% Jan 16
77% July
32% Jan
......
"24%
2% July
2% July
Oct 14
96
-
5% June
29% June
3
Ap»
Oct 15
50
Co.....20
...No par
Bethlehem Steel (Del).No pa*
59,400
6% preferred
20
2.107T
7% preferred
.....100
1,700
200
Bigelow-BanI Carp Inc.No par
Black A Decker Mfg Co No par
2,500
Blaw-Knox Co..------No par
5,400
Bloomlngdale Brothers.No par
Blumeothal A Co pref.—.. 100
Boeing Airplane Co
5
47,000
26% June
12%
43% Feb 19
II484 July 14
Best A Co...
Jan
15
105«4 Mar
..6
Apr
Sept
48
3684 Feb
Sept 11
13%
26% June
109
zll2
Oct 13
3
21% Apr
11
Apr
Jan 13
133
8
234
Jan
Jan
6
9
2
1
26
12
29
30
18
19
fl9
90»4
52% Mar 10
94
Mar 11
Oct 15
Beneficial Indus Loan..No par
600
20% Oct 13
101% Sept 29
Oct 13
Bendlx Aviation
2,700
75
June 29
94«4 May
98
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref..—
14,600
20
88
104
33
Beech-Nut Packing
.......
*
Feb
preferred w w....No par
Beech Creek RR
50
•
98
Mar 11
18%
33
9
Mar
57% Feb 18
Feb 18
106
37
100
...A
.60
Baltimore A Ohio........
300
-
Dec
....25
7,900
-
9
Jan
12% Apr
95
...100
Preferred
*
8314 Oct
95
6
Jan 28
Jan 18
16%
18%
*15
26
*99
100%
Jan
2484 Mar
Mar 13
Vot
43.400
9%
12%
Jan
44
31,000
1478
42i2 Oct 15
Jan
Aug
Feb
29
Assented........—.——
11%
85
Oct
104
7%
65% Mar 17
-.100
.No par
Auburn Automobile
No par
Austin Nichols...
No par
15 prior A
No par
Avian Corp of Del (The)....3
^Baldwin Loco Works.No par
34,500
9
82
Jan
4% June
66%
8%
Oct 15
6% conv preferred...
120
14%
834 Oct 15
July
17% Jan 21
100
July 23
Oct 14
Atlas Tack Corp
2,500
19%
Io%
Mar
3
16% Feb 27
Oct 15
6% preferred.....
6,900
3
9%
Oct 15
8
Atlas Powder
1,500
6%
19
14
7% Oct 15
15%
47%
11
RR...100
4% conv pref series A
Atlas Corp
30
3%
2%
70% Mar 13
5% preferred
700
3%
4%
Oct 15
27
1,000
53
100
6
Feb
Atlantic Refining
29,700
115
warrants 100
Fe.-lOO
Jan
96
SS Llnes.-Nc par
300
400
10%
8%
126
1
35
125
Atl G A W I
18,600
20%
8%
1384 Feb 27
99% Mar
Sept 30
Aug 5
Atlantic Coast Line
100
3%
8%
3%
6% Oct 15
Oct 13
70
84
5% preferred
7,700
19%
11%
26
105%
5
800
45%
6
6
Oct 14
$5 pref without
9%
7
Mar
Aug 27
preferred
Atch Topeka A Santa
18,300
44%
*50
58%
114% *114
111
40
7% 2d
...
11
16
45%
100i2 Oct 13
5% pref with warrants.. 100
7%
21%
104% 104%
10%
10%
45%
*114% 116
59
*114i4 117
714
104% 104%
11%
10%
"43%
May
107
6% 1st preferred..
28
llio
31%
8i2
12I2
22%
28%
*8
85
85
118
2
Feb 13
46
Assoc Investment Co ..No par
300
84%
*
85
8
2434 Aug
111
101
......
42%
"48%
1
100
100
Dry Goods
Associated
7,100
10%
*75
*
Apr
11684 May
121% Feb
Sept 25
95
*76
84%
June
37
...100
11%
87
9
10% Feb 10
Feb 18
4
Ac par
81
*84%
37% Jan 12
Oct 15
10'4
34l2 Oct 13
Preferred
.......
..6
Jan
Jan
May
Artloom Corp
100
*
No par
100
97
97
2,800
*76
*44
5
Oil no Is
16 conv pref
..........
4%
*44
*76
35
4
*75
82%
Jan
Feb 23
Arnold Constable Corp
81
~io%
May
2,100
95
~~8%
1078
82%
24
28
Oct 13
7% preferred
100
ArmourACo(Del)pt 7% gtdlOO
3% July
Feb 23
798s Fob 23
14
No par
Jan
7% Sept
52*4 Sept
69% Mar 10
102
Co
1
14% Jan 18
Jan 12
20
Apr
19%
9284
Oct 15
7%
100
10%
5i2 Oct 15
No par
Daniels1 Midi'd.No par
Feb
Jan
878 June
3
79
J6.50 conv preferred.No par
Andes Copper Mining
20
Archer
107
Mar
88% Mar
136
30% Oct 13
Armstrong
*76
11
Oct 15
20% Feb
Apr
87
4
84
Oct 15
A P W Paper
20% Mar
149%
Jan 28
9978 Feb
Jan
129
8
29% Jan 13
46
Corp
Jan
Oct 14
3478
Anchor Cap
Apr
24% Dec
48% Apr
11
25
Cable__No par
Jan
20%
99
Oct 15
Anaconda W A
Jan
133%
160% Jan 26
Oct 15
Mining..50
Jan
6684
7014 Sept 24
128i4May 13
6
Oct 15
4%
$5 prior conv pref
25%
6
Feb
187
Oct 13
Oct
136% Jan
57% Mar
143«4 Jan 13
257$ Jan 25
3 884
Anaconda Copper
Mar 19
3984
Apr
73% Jan 21
lOU Oct 15
14978 Oct 15
70
Dec
18
26% Jan 20
6678 Jan 11
3012 Oct 15
8,500
*75
12
12
31
148
Oct 13
Sept 23
10478 Oct 11
36%
~io%
*11"
27%
3
Feb 20
68% Jan 29
Sept 24
127
Feb
106% Mar 11
164
Jan 28
No par
Preferred
100
Amer Zinc Lead A Smelt
1
1,000
99
No par
American
700
33%
16
..100
Founders Ino
10
Wks A Elec.No par
%6 1st preferred
Woolen
300
9,100
31
50
38
26,000
4,100
15%
38%
Am Type
Am Water
29,600
50
class B
6% preferred
100
6%
16
26
25
Tobacco
American
11,100
3478
49
A Teleg Co—100
Amer Telep
Common
39%
14
11
Am Sumatra Tobacco..No par
5,200
5%
49
4%
2,500
34'8
18%
12%
1,300
25,900
7
51%
Refining..100
100
Preferred
35
6%
17
*102% 104
American Sugar
No par
American Stores
600
35
7%
50%
5
1,300
5%
18
13%
6% preferred
100
Foundries..No par
Amer Steel
1,100
84
5
11
57
13%
1,000
Jan
2384 July
68
13412 Oct 11
49
Oct 13
12,700
Apr
29
66t2 Oct 13
100
25
74
7
6
7%
18
*4%
38<%
Smelting A Refg.No par
137% 137%
139
*51%
*102% 105
Ship Building Co .-No par
Snuff
Feb
I884
167
36
Oct 15
Amer
American
36%
3
Jan 21
45% Mar 11
Sept 24
35
Feb
101% Aug 18
Amer
38
6%
35
3378
14978 152%
71
71%
*84
6%
41
39
Day
8%
44
40
43
10778 10778
18%
16%
74%
7%
12%
86
5%
71%
*136
7%
11%
Closed-
Columbus
43%
7%
8%
8%
70
72%
86
42%
43
43
*41
7%
6%
151% 154%
73
139
*137
89
6%
6%
18%
71%
Exchange
107% 107%
21
*18%
151% 156
70
70%
74%
139
139% *137
8
8%
7%
12%
11%
12%
734
12%
110%
18%
157%
71%
50
*48% 50
133%
133% *125
27% 28%
30%
12
12%
12%
12%
30% 31
31%
31%
32%
31%
*105
71
75
*136
.
19%
19%
157% 157%
72
72%
74
%
29% Feb
170
32,000
136% 138
27%
30%
12
31%
10478 109
20%
*19%
13
31%
31%
*10478 109
*■ 31%
1434
43
72% Jan 12
23% Oct 15
78
Oct 15
21
Oct 15
133% *125
27%
31
25
Preferred
Feb
Oct 15
1158 Oct 13
500
Jan
7%
34
180
49
50
49
*125
133%
28%
30%
13%
*135% 138
50
50
50%
133% *125
50%
*125
It 30%
57%
1,600
15
x35%
16% Jan 13
American Seating Co.. No par
1,500
85%
Dec
Feb 16
87% Jan 18
4Yx% conv pref
...100
American Safety Razor.. 18.50
2,700
23%
83
23
Apr
Apr
76
14712 Oct 14
Rolling Mill
10
27
118
1
Oct 15
100
American
29,600
May
4% Oct 15
No par
Preferred
Apr
Apr
21
41
No par
$5 preferred
66
Feb
23%
6884 Mar 10
Oct 13
55
Am Rad A Stand San'y.No par
20
150
"23%
24
61
*
36%
12%
86
*1734
16% Sept
9% Apr
6
125
8
106
16 pref erred........ No par
2,000
43
34
♦
26%
24%
27%
Amer Power A Light
44,500
41
147% 147%
148
25
5%
No par
Jan
2% Sept
8
13% Jan 20
20% Oct 15
6% conv preferred
100
Amer Nowb N Y Corp..No par
400
60
4%
5%
6%
Preferred
70
13
5
*56
6
5%
6%
5%
66
£14%
4%
33%
32%
3178
30%
*107% 119
*107% 112
108% 108%
58 %
60%
*108% 119
*63
*62
15
Oct 15
7%
Oct
37
3
29% Mar
16
18
70
4%
32%
31%
27% Feb 15
1784 Mar 11
5878 Feb 4
800
7%
20%
6%
3378
100
pref
non-cum
16%
8
23
*16
Oct
4%
484 Mar 16
1% Oct 13
15
Oct 13
..No par
7%
14%
*6
6%
62% Mar
Oct 15
35
21%
16
15%
1584
American
Ice
Jan
Feb
11% Mar 13
55S4 Mar 13
7%
15
*63
73
33
1,900
1%
1%
Apr
13
21
7
Oct 13
24l2 Oct 14
American Home Products... 1
6,500
37
35
25
5
3i8
50
6% preferred
1,200
687a Jan 22
Oct
12
10
American Hlae A Leather...1
25,400
25
Hawaiian SS Co
Oct 15
9
No par
21%
24%
15
3%
Amer
Oct
6878 Jan 18
38% Jan 22
6% Apr
2984 Jan
12
Apr
23%
15
.
8%
*65
76
1,800
3%
1%
1%
13
175
4
21% Oct 14
No par
%5 preferred
Mar
13«4 Jan 22
7%
18
23
24%
23%
*67
2
%7 2d preferred A
3,700
25
26
37%
36
36%
1%
2%
24%
5,700
9%
225
3% Oct 15
25% Oct 15
No par
22
12%
3%
3%
26
25%
27
2
3%
3%
4%
27
27
30
27%
30
17 preferred
Jan 18
17
4
Oct
2
13% Jan 28
Oct 13
6
185
No par
3,900
27
99% Mar
9
Nov
27
Jan 25
29
3% Oct 13
100
Express Co
Amer & For n Power
24,800
378
25%
28
Amer
------
Oct
87
No par
Amer European Sees
200
8%
195
3%
.
10,700
3%
3%
*4
*175
195
3%
4%
3%
4%
4
4%
6
*175
300
4%
8%
3%
4%
3%
4%
8%
4%
47$
4%
*6
*175
Nov
87% May
1412
10
Corp..20
8
16
240
6
June 15
14%
7
67
111
92
8%
7%
Oct
Apr
Apr
30%
104% Feb 4
3334 Aug 25
160
Apr 25
112
Aug 12
1812 Oct 15
115*
Jan 25
American Colortype Co
2,600
7%
4
25
16%
7%
May
9
Feb
Co)25
8%
8%
Dec
162
Jan
71
No par
Am Coal Co of N J(Alleg
16%
8
110
174
100
5% preferred
96
May
9
Oct 15
100
American Chicle
150
96
95%
Apr
124
Jan
Oct 15
Am Chain A Cable Inc.N# par
1,100
150
*100
40
Feb 18
22
86l2
No par
Preferred
700
80% Feb 18
160
152l2 Apr 12
100
Preferred
American Car A Fdy
9,900
19%
18%
Lowest
$ per share
121
25
Can
American
5,600
2378
54
20%
*87
42
125
9,700
86%
share
Sept 24
Mar 25
per
100
5h% conv pre!
20
154% 15478
g
Am Brake Shoe A Fdy.N* par
2,100
128% 128%
*154% 156% *154% 156%
22%
Par
Shares
42
42
46
133
Highest
I per share
Lowest
Week
15
$ per share
% per share
*128
128
128
*127% 134
*12734 134
96
97
94%
97%
*154% 156% *154% 156%
25%
2378
26%
25%
EXCHANGE
the
Friday
Oct.
14
Oct.
$ per share
45
45%
J? per share
45
44
49
*44
Oct.
Thursday
Wednesday
Tuesday
11
Oct.
9
Oet.
100-Share Lots
On Basil of
STOCK
YORK
Range f^ Previous
Year 1936
Range Since Jan. 1
STOCKS
Sales
CENT
NOT PER
SHARE,
SALE PRICES—PER
HIGH
AND
LOW
2503
New York Stock Record-Continued—Page 2
145
Volume
66
Oct
2
21% Sept 27
4984 Mar
stock, r Cash sale, x E»-dlv. y Ex-rlghts.
3
1678
Apr
t Called for redemption
W
New York Stock Record—Continued—Page 3
2504
SALE PRICES—PER
HIGH
AND
LOW
SHARE,
NOT PER
CENT
STOCKS
Sales
Tuesday
$ per share
$ per share
9
Oct.
$ per share
♦34%
87
12
Oct.
13
33%
34
82
82%
39%
18%
39%
39%
19
21%
21
19
21%
20%
36%
36%
34
36%
33
6
6
40
40
♦1%
26
26
29%
80%
*39%
17%
*434
*1%
84
3934
18
20%
3434
5%
1%
23
23
10%
28%
1134
29%
18
5
17%
20%
33%
5%
1%
25%
25%
33%
*80%
239%
21%
35%
6%
*1
4%
24
6%
*1
1%
31%
29%
12%
31%
28%
30
40
39
39
36
40
*34
*34
35
*32
33%
34
34
*32%
32%
4%
*1%
21%
10%
27
34
12%
2%
12
11%
13%
12%
12
13%
41%
2%
9%
14%
43
41
41
39
40
21%
21
22
20%
21%
20%
21%
*40
41
40
40
*38%
41
*38
40
*10%
10%
10
10%
8%
9%
10%
*95
11
10
10%
9%
94%
94%
5
6
2%
2%
►9%
13%
11%
14%
13
41
43
21%
9%
*
99%
6
8
58
6%
56
56
5%
38%
5%
5
38
19%
19%
*9%
23%
10
19%
9%
24%
23
3%
3%
3
9%
38%
21
*17
15
10%
4%
19
19%
18
22%
3%
22
24
4%
12%
3%
11%
*31%
18%
26%
*50%
4%
12%
42
42
*18%
*27
19%
28%
*50%
2%
17
23
"2%
14%
15
8%
22%
9%
24
4
3%
11%
*35
26%
*50%
2
2%
26%
9%
9
9%
21%
20
21%
14
14%
12%
14%
8%
*35
40
*8%
37%
8%
14
Mar
59%
Apr
35%
Dec
Dec
Oct 15
5,800
Burroughs Add Mach..No par
25
3%
3,000
JBush Terminal
8%
21%
234
Oct 15
1134 Jan 29
10%
700
9
Oct 13
39
12
Oct 14
14
240
9
83g
8%
35
21,500
*40
*85%
24
23
23
23
23
*4
5
4
4
4
4
121% 123
112
120
72
Stock
26%
*64
65
62
66%
28
29
29
3%
*99
13
4%
101%
*101
Closed—
25
Columbus
7
7%
8
*6%
106
*90
55
56
54
7%
*47
49
90
*1%
26
*90
12
44
45%
48
39%
39
40%
*89%
1%
2%
1%
5%
90%
4%
15%
4%
1534
1%
2%
1%
*1%
4
4
1%
1%
1%
15%
*35%
1%
3%
*3
9%
16
6
5
1%
2%
2%
*7%
*4
15
2
2%
1%
2
2%
9
5%
6
5%
5%
2
6%
13%
36%
34%
1%
3%
3%
1%
3%
15%
6
37
85%
80%
1434
74
*63
5
4%
321
*33
31
88
31
*82
*48%
36%
*48%
35%
17%
17
*127%
1*23
12%
120
9%
15%
6;%
15
5%
*34%
40%
86%
78
15
14
26%
107% 107%
14
81
15
47%
32%
28
334
438
31%
Oct
6
Oct
8
88% Oct 1
21% Oct 15
Carriers A General Corp
Case (J I) Co
1
100
1%
30
15%
1%
2,300
5,200
134
2%
13
16,900
14,400
2,500
7,300
900
5
102
103
*10
36
17%
18%
10
10
23%
10%
21
17%
9
12%
12
24
*10
23
*20
14
75
151,700
14%
334
30
4
30%
200
50
48
9%
8%
78
76
17-%
9
"44%
*89
834
86
*100
107%
9
1%
9%
1%
41%
42
40
200
120
700
4034
this day.
1%
Mi
37%
391o
69%
Apr
69
Jan
51
Jan
90% Mar
68% Mar
100
Chrysler
a
77% Nov
4% Mar 16
1% May
3%
Jan
2% Jan
1% Apr
8%
2%
Dec
Feb
14%
Dec
4
Mar
18% Mar
32
4
Jan
6
12%May 19
May
Jan 20
25% May
3% Mar 18
7% Mar 17
12
Apr
2% Apr
6% Mar
Oct 13
2%
Oct 15
Oct 11
Oct 15
4
Apr
6% May
l%Sept 13
Oct 15
2
9%
13%
Oct 13
Oct 15
5%
Oct 15
Oct 11
3% Mar 17
Oct 13
par
10
37
6
70%
334
30
Oct 13
9
10% Feb 19
8% Mar
8
12% Apr
2%
5%
Feb
4%
Feb
12%
Oct
3
8
Jan
8
July
7
Jan
80
25
Jan
85%
Jan
15%
72%
Jan
Mar 11
135% Feb" 11
21% Feb 18
92
Feb 18
74
July 15
10% Mar
Oct 13
48
10234jUne21
113
1
Aug 10
Jau
7
24% Dec
Apr
19% Jan
17% Sept
45
Jan
Mar
434
Jan
23%
Jan
107%
Jan
Dec
51
Dec
23
13% Nov
48% Aug 16
33
July
90
Jan 14
82
Feb
90
Special guar 4%
50
Molybdenum..No par
Cluett Pcabody A Co
No par
47% Mar 31
50% Feb 26
48
Mar
51
33%
Oct 13
36%
16
Oct 15
48
Apr
77%
No
Colgate-Palmolive-Peet No
par
115
170% Apr
Oct 15
56% Jan 29
59
June
Collins A Alkman
Jan
129
July
84
Jan
134
Nov
Jan
58
Nov
Oct 15
100
Oct 14
104%
Oct 15
62% Feb 13
112% Mar 11
preferred
30%
25% Mar 19
6
June
21%
Dec
Aug
39% Apr
106%
Feb
100
6634 Nov
100
Sept 25
No par
26
Jan 18
30
Colo Fuel A Iron Corp. No par
Colorado & Southern
100
Oct
17
Oct 15
51% Feb 10
28% Sept
48
Dec
9
Oct 13
27% Mar
19
Dec
36%
Feb
4%
Beacon
Oil
1st preferred
100
11% Oct 15
4% 2d preferred
100
Columbia Broad SysIncclA2.50
Class B
2.50
v
t e
45
30
9
29
Oct 14
32
20
to No par
No par
Oct 14
20
Oct 15
86
Oct 15
Apr 12
5
19%
Jan
37% Mar
16
Jan
36
31% Aug
125% Apr
2
1
57,800
Columbia Gas A Elec..No par
8
46% Jan 20
20% Jan 14
900
6% preferred series A... 100
5% prefep-ed
Commercial
4Yx%
76
100
Credit
31,400
Commercial
100
?6 prpfprm'i series
n
New stock,
r
8
108
101
69%
114
80%
120
Jan 20
94
Jan
31
May
39%
Dec
14
Jan
136% Aug
x45%
51%
Jan
Jan
8
90%
Jan
23% July
10834 Oct
Jan 14
S034
Jan
103
Jan
44
Jan
Jan
8
Jan 12
100% July
Jan 26
55
Jan
Jan
Aug
84% Sept
128
Nov
9134 Nov
Jan 25
97
Oct 15
21%
Jan 21
14% June
24%
Feb
1% Oct 13
37% Oct 14
4%
Jan 13
Apr
5%
Feb
8%
vnr
Cash sale,
Oct 13
Sept 29
47% Sept 27
99
Sept 20
Solventa.-A'o par
No par
No
July
90
Cominonw'Jth A Sou
3,100
Oct 11
75
Comm'l Invest Trust.-No par
$4.25 conv pf ser '35.No par
98,000
Oct 15
44%
...10
conv preferred
5
Mar
2
39%
v
preferred. No
Jan
Jan 14
Oct 15
conv
8%
Jan 25
Aug
Oct
Del, delivery,
13
100
conv
15
100
124
55%
11
No par
Oct
"Dee
9
par
Jan
Dec
2
100
6% preferred
5%
125% Aug 11
29% July 15
132%June 3
No par
Deo
47%' Oct
9
100
Preferred
Coca-Cola Co (The)
Class A
Nov
Nov
46% Mar
11134
Oct
Oct
Jan
89% NOV
50
Oct 13
Climax
Oct
13834 NOV
28
8
Feb
32%
30%
1434
82
36
8,300
Feb
1% Apr
3% Apr
3%
27% Jan 14
22% Jan 29
15% Mar 3
par
300
Jan
33% Nov
1%
19% Feb 17
2
5
Clark Equipment
No par
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The).l
$2.75
"MOO
Nov
100
13% Mar 17
1%
par
Corp
39%
38
6
Deo
111
Mar 11
4%
26
1%
1%
1 lif ecei veraliip.
Jan
2
No par
Chile Copper Co
Columbian Carbon
79
48%
Chicago Yellow Cab. _-No
Columbia Pict
*60
102%
22%
Feb 13
Oct 13
Oct 15
100
6% preferred
Colonial
1,100
Dec
48
JCbtc Rock Lai A Pacific... 100
7% preferred
100
1,600
79
72%
Dec
Feb
4,900
45
47
46% 47%
*89
102%
*89% 102%
48
49%
49%
48%
*100
107% *100% 104%
8%
9%
8-%
9%
Nov
19% Mar
Aug 28
16-%
*60
47%
Oct
74
38%
45
89
8%
57% Sept
108
Aug
33
32%
80
Jau
8% June
Mar
Oct 15
15
8
47%
Feb
—
19
Oct 15
*28%
*78%
1%
4034
8%
17
3234
78
10
4734
on
1534
77
10
Bid and askpd prices; n<> •iaief
87
*28
76
9%
1%
40%
450
82
*
47%
91
90
100% 100% *100
9%
1%
"3",500
9%
36
20
49%
107%
1%
17%
9
20
76
82
17
21%
89%
9%
78%
90%
*11
21%
38
80
18
22%
17
5,400
36
12%
57
Clev A Pitts RR Co 7% gtd.50
*98% 100
32%
34%
30%
32%
101% 101% *101% 106
20%
97% May
Sept
101
Oct 15
Feb 16
11,500
22
Feb 10
Feb
3
60
12%
11%
Jan 14
4%
15%
100
11
*9
Oct 14
Oct 15
Sept 25
Sept 24
3,700
Dec
63%June 10
1% Aug 31
14
10
20%
88
8
70
600
"127%
9
*30
Oct 13
Oct 13
100
85
22
38%
4
No par
150
9
90%
18%
115
86
1
86% Mar 10
Jan
Apr
35
23% Feb 10
6Vi% preferred
City Investing Co
City Stores
"5466
25%
14% Mar
Oct 15
Oct
1
Dec
Jan 11
City Ice A Fuel—
3,100
20
18
Jan 15
Oct 15
60
32%
13
*32
4) a4
2434
110
Jan 26
2,400
107% 10734
23
2238
Dec
107%
11%
Childs Co
5,400
12%
Dec
9%
33
Chlckasha Cotton Oil
60
58%
12%
37%
preferred—No par
53 conv
6,800
117""
9%
Chicago Pneumat Tool. No
2,300
58
9
44
100
5%
48
115
17%
Preferred
13%
13%
5%
*34%
70%
2,200
5,200
4,100
*11
May
Jan
6% Nov
Jan 28
37%
JChic Mil St P A Pac-No par
5% preferred
100
f Chicago A North West'n.100
400
22
18%
46
9
54
12%
90
100
9%
12<%
38%
*
18
4% preferred
9%
*9%
*21
2234
90
36
7
82% Jan
39% Jan 12
1034 Sept 13
Chic Ind A Louisv 4% pf__100
Chicago Mall Order Co..
6
2,900
100
32% 35%
*101% 104%
39%
82
100
Jan
Dec
Apr
111
Preferred series A
Nov
32%
19
Oct 15
Chesapeake Corp
No par
Chesapeake A Ohio Ry
25
z91
2134 May
106
July 13
.5
July
9
24
*
June
143
Jan
5434
186
8
107
Checker Cab
Feb
934
Jan
Jau
92%
116
June
100
35%
634 May
Dec
48% Mar
Oct 15
%
6
No par
1%
16%
100
prior preferred
Common
2%
2%
16
101%
6%
115
ChampPap A Fib Co 6% pf 100
1%
17%
*99
48%
50
2
16%
101% 101%
34% 37
91%
680
1
I
Oct 15
Oct 15
Sept 23
95
xA7
2
16%
13
82
..100
33
1%
2
17%
12
8-%
Preferred
Cerro de Pasco Copper .No par
14
Oct 15
Oct 15
5%
Certain-Teed Products
Feb
41%May 20
Oct
103%
105% Aug 11
June 29
5
par'
100
9
13
Oct 15
10%
Central Vloleta Sugar Co.—19
Century Ribbon Mills..No
Nov
Jan zlOO
Jan
Oct 13
3%
14,800
4,500
12%
100
"moo
~35%
12
5% preferred
*21%
5634
53
87
9% Apr 20
6,100
3434
12%
95
600
*4834
12%
*91
2,000
7
4%
15%
35*34
13
33%
210
100
.
..No par
Feb
Feb
18%
91
19134 Aug 3
12934 Jan 22
5%
3
*3
"35%
*127%
117% 121
*58
58%
7% preferred
Celotex Co
Apr
6834 Nov
8
1% Sept 10
3~5~%
58l4
*22%
100
Feb
Apr
1234 May
4534 Jan
16% Nov
106
Jan 18
35%June 2
15
2%
*48%
33%
128
100
102
Jan
15
11
15
fChlc A East 111 Ry Co... 100
36%
57%
No par
Celanese Corp of Amer.No par
3% Oct
103% Oct
110% Sept
64% Oct
102% July
2234 Oct
103% Oct
6% preferred
100
tChlcago Great Western.. 100
30
128
100
700
*82
119% 120%
1
100
Preferred
3,000
86
...
5
2,900
31
123
100
1%
30
17
16
2
3
*82
....
Aug
Jan
52% Oct
1%
88
31%
60
2.%
*82
88
Jan
90
2,600
16,800
75
30
54
Jan 14
40
75
10734 107%
Dec
61
100
Stamped
Carpenter Steel Co
90%
*73
434
30%
37
41%
*63
30
Apr
9
100
73
3%
10%
18% Mar 11
52% Jan 2
12
75
30
38% Mar 19
61 %
*7%
44%
38%
*89%
1%
73
107% 107%
Oct 15
Oct 15
3,000
*63
4%
12
Oct 15
40
75
33
40%
5
8
40
74
10%
*
24
50%
6%
*73
19
49%
6
*63
10
91%
75
Jul
Jan
35
106
*90
74%
19
"48"
82%
14%
534
*34%
6
30
1
1,900
Nov
20% Jan 12
Capital Admin class A
J3 preferred A
Caterpillar Tractor
Dec
3
373* Feb 13
Pacific Ry
Cannon Mills
4834
Jan
Oct 15
Oct 15
Canada Dry Ginger Ale
5% preferred
5834
75
36
*
6%
48
9%
13i4
7%
%
18
"l'eoo
33
1%
3
2.%
9<%
13%
6%
48
6% Feb 25
Deo
Dec
Oct
88%
3334
52% Sept 29
Oct 13
96
z47%
2
Mar 22
Apr
30% Apr
No par
6*866
23%
5%
48% Feb
22
2
10%
TtfioO
24
5%
343* Mar
6% Mar
29%
par
Campbell W A C Fdy._No
( anadlan
Jan 11
1%
50
1
Central 111 Lt 4M% pref-100
Central RR of New Jersey. 100
14
56%
12%
..50
26
34%
1%
2%
2%
Oct 13
24% Oct 15
16%
Central Agulrre Assoc.-No par
Central Foundry Co
...1
13
56%
13
par
800
34
1%
54% June
3134 Nov
16% Nov
33% Nov
2% Jan
16% Apr
91
21,800
14
3%
9% Feb 25
3334 Mar 9
Oct 15
25%
36
2%
9%
15%
Oct 15
35
334
3%
*99% 101%
11%
10%
5
5%
4%
11%
2
11
*11
9%
1
58%
*101% 102%
*36%
37%
*102% 104%
78%
5634
*25
12%
*107% 109
36%
*82
1%
1%
3%
45
No par
5% preferred..
"
105
3:21%
36
3
*9%
6%
16
1
15%
35%
3
9
*107% 112
*56%
*
9
7
2%
8%
16
15
123
4%
1%
2%
2%
75%
17%
*127%
6%
4%
15%
1%
2%
1%
75
36
5
2%
*74%
4%
5
6%
1%
3-'%
1'%
5'%
16%
*63
*31
1%
15%
16
6%
*40%
84%
18%
46
90%
4%
7
California Packing
106
22%
7
37%
*4
17
54
6%
*89%
96
1%
106
52
27
29% 31%
29%
107% 107% *107% 108%
*40
42
40% 42
12
*7
12
*9%
*1%
1%
*4
*16%
*32
7%
4
4
6%
*104
6
*90
54%
6%
6
*534
106
50
334
*99% 101%
11%
11%
6%
6
6%
39%
*8912
12
6%
Holiday
26
3%
1%
*1%
6%
13
62
26
11
49
38
39%
90
24
61
4
*99% 101%
Day
56%
47
38%
*12
62%
26%
3%
106
*9%
106
23%
24%
103% 103%
62
7%
7%
*34
39
31% 34%
107% 107% *107% 108%
42
41% 42%
42%
11
*104
25%
7%
11
68
2412
103%
27
7%
*90
4%
4%
3%
103% 111%
103% 108
119
119% *116
68
65%
65%
64%
26
13
8
*6%
No
10
100
3,200
4,700
22
*116
106
22%
64
28
15%
Byron Jackson Co
3
6
par
6
1,000
4
116%
*104
Exchange
105
"26%
101%
No
17% Mar
90
*23
*85%
21%
25%
Oct 15
Butte Copper A Zinc
Byers Co (A M)
Partlc preferred...
Oct 11
90
90
106
Dec
Dec
8
47%
90
23%
Apr
1,100
47%
69%
14%
13%
29%
10
Carolina Clinch A Ohio Ry. 100
8%
*40
15%
*7%
6% conv preferred
25
500
35
8
*86
*104
1
2
3
Calumet A Hecla Cons Cop..6
*85%
*
45% Feb
18% Mar
23,000
18,500
Dec
36% Mar
8
12%
Mar
Oct 15
Callahan Zinc-Lead...
12
Oct
9
33%
Oct 11
100
13%
34%
Jan
Jan
83.i
28,200
13
Apr
2%
8%
1
21%
1%
13%
Feb
8% Apr
10
50%
2,900
2,500
Oct 13
85
7
30
26%
90
*99
tBush Term Bldg gu pf ctfa 100
Butler Bros
26
47%
4%
100
18-%
26%
90
4%
par
17%
24%
50%
1%
7%
30
*40
30%
No
Debentures
18'%
3
*86
105%.
1
6,100
22%
*86
*
Burl'ngton Mills Corp
3%
834
3,300
120
115% Sept
2t»34
90
108
Jan
45% Jan 18
183s July 14
353s Feb 9
90
*116
15% May
Oct 15
48
119%
115
Jan
18
*86
119% *116
Jan
9%
No par
12%
2234
8%
107% Sept
Co
10%
2234
3
Jan 11
22%
21%
9
Deo
Sept
143t,
117% Mar 12
Bullard
9
36%
2134
24% Feb
Oct 15
Oct 13
Oct 13
3,100
1,700
35
*8%
Dec
24% Jan 11
Jan
10
*35
Jan
22%
Sept
8% May
11%
18%
36%
8%
Oct
65%
7
2
18
8%
37%
8%
Oct
57
45
Jan
Jan
2%
8%
58% Sept
Feb 15
19%
9%
51% Mar
106
13
*86
71
100
Dec
44% May
5
par
7% preferred
Feb
9%
94%
100
No
Jau
9734
2
50
6
8% Oct 13
5
7% preferred
Budd (E G) Mfg
40%
Jan 12
5234 Jan 14
15
Oct
39
33
53
102% Jan
65% Mar
*40
26%
Brooklyn Union Gaa__.No par
Brown Shoe Co...No par
38% Jan 14
27
25
24
98
91
106
No par
Oct 15
47
71
16 preferred
Apr
Oct 15
90
26%
50% July
12% Mar
Jan
Oct 15
*40
*104
Jan
4%
4
*86
*
41
Jan 13
50
*86
*116
Jan 23
8
Sept
7% Sept
9% Sept
32% Sept
20% Oct
33
7%
18%
2%
8%
37%
*8%
11
47
11
Canada Sou Ry Co...
8
8%
Oct 13
2
No par
*51
*51
34
Bristol-Myers Co
No par
1%
12%
69
5
Brooklyn A Queens Tr.No par
Watch
*50%
1%
....
18% Feb
64% Mar
Bulova
20%
9%
21%
1%
7%
18%
y!2% July
43% Apr
Dec
35
19
16%
11% Jan
5% Nov
47
40
*35
Apr
1% July
53% Feb 13
8,100
2,000
8,300
42
6
Aug 14
23% Feb 23
59% Feb 11
Bucyrus-Erie Co
21,900
4,200
9
22
9%
23
3%
11%
32% Aug
4% Jan 11
34
Nov
Jarj
1534 Mar 23
Sept 27
Oct 15
Oct 15
47
June
25%
Budd Wheel
8%
12
9
39
100% Apr
Oct 15
18
3%
11
12%
42
19%
27
12
22%
3%
10%
Oct 15
Jan 22
Oct 15
400
51
50
Dec
80% June
63% Mar
40%
48% Feb 13
27
30
31,600
5%
Oct 15
35%
No par
8,500
934
36%
19%
10%
23%
8%
10%
24
Bearing Co. 17
Bridgeport Brass Co ...No par
Brlggs Manufacturtng.No par
Bruns-Balke-Collender.No par1
99
4
3%
9%
Briggs A Stratton
Roller
5,200
9%
33
9
Bower
100
19%
9%
21%
100
4,100
39
9%
50% Aug 25
32%
4%
1%
21%
10%
5
Maine RR
par
5
9%
2234
3%
9%
Oct 15
Corp
Borg-Warner
Boston &
par
53
834
Jau 18
share
pa
Aug 16
28
$6 prerfered series A.No
53
9
9%
24%
25
Oct 15
Highest
share $
pa
46% Apr 13
20
15
Bklyn-Manh Transit...No
9%
4%
39% Oct 11
17% Oct 15
..1
Borden Co (The)
2,500
4%
3634
5%
No par
Class B__
Bond Stores Inc
11,000
12,400
1,000
40
*95
5%
93
3,300
1,300
12,600
9
10%
29%
2034
*38
$
share
per
80% Oct 15
""*900
100
$
No par
fBotany Cons Mills class A.60
8%
12%
20%
99
5
55%
3
9
*8%
9%
*95
800
Lowest
Highest
share
per
Bon Ami class A...
42
8%
1134
*38
934
9%
16,700
5
Bohn Aluminum &. Brass....5
140
1,600
13,400
35%
34
2%
2
2%
*8%
11
54
38
19
9%
4%
37%
19%
5
38%
2
2%
12%
99
5%
6%
*55
2%
40
28
35%
*32%
Par
1,500
43
17%
20%
34
4%
1%
22
11
100-Share Lots
Lowest
Week
Shares
3134
80%
20
38
12
11%
24
*37
31
15
Oct.
$ per share
33
39%
18
14
$ per share
34
*83
21
*18%
Oct.
$ per share
Range Jo/r Previous
Year 1936
Range Since Jan. 1
On Basis of
1937
16,
EXCHANGE
the
Friday
Thursday
85
33%
35
*82
Oct.
Wednesday
STOCK
NEW YORK
for
Monday
Oct. 11
Saturday
Oct.
z
Ex-div.
y
75&«
.Ian
Ex-rlghts.
IX
2%
501t
A
nr
136
82
Nov
Fpb
1 Called for redemption.
Volume
AND
LOW
7
27
27
26
11
11
8
7
83g
*
14%
13%
81%
"78"
78
77
*78
85
*78
85
*78
2%
8%
8%
8
28%
28%
28%
26%
7%
6
6%
6%
11
11%
11%
10%
104%
104% 104% *104
4%
4%
4%
4%
%
%
%
%
6%
7
27%
2634
2734
26%
98%
96
98
9434
6%
6
*104
6%
27%
22
25
*84
86%
84%
17%
12%
84%
2
2
80
80
1734
18%
13%
13%
2%
81%
2
*80
10% Oct 13
49%
11
11
10%
11%
28%
1%
29
26%
1%
29
52%
63
58%
60
51%
52
50%
60
434
59%
60%
5834
60
11%
42
*41%
44
*4134
44
4134
3934
4134
*36%
39
*36%
39
37
37
14%
12%
14
3734
1
7%
6%
5%
4%
%
6%
4%
634
5%
5%
38
13%
78
38
102
79
33
*80
%
1,800
6
4%
12,800
86
86
120
20
700
90
*20%
6%
20%
57%
4%
55
22%
634
57%
55
55
4
1434
1234
334
12%
13%
14%
3%
13%
14%
334
70
*34
40
34
55
55
50%
54%
10
10
103s
14%
14%
14%
14%
101% 101% *101% 102%
97
97
97
91%
23%
22%
2334
2384
15
15%
15%
15%
20
20%
19%
10
34
*34
40
Exchange
50
50
48
Closed—
*14%
10
49%
9%
9%
9%
9%
14%
14%
15
101% 101% *101% 102%
94
91
9084
2234
22%
22%
23
1434
1434
1434
15
18
1934
1834 20
Columbus
Day
8%
Holiday
2%
934
14
40
*12%
15
*12%
*40
55
*40
52
*22
23
2234
2234
33%
22%
32%
22%
*32
32%
32
32
10%
10
10%
13%
1334
15%
72
72
*63
900
14
600
100
160
89
6,300
*21%
14%
22%
1,800
1434
1,800
17
18%
10,700
8%
19,200
9
85%
8%
14%
52
60
52
*40
22
2234
22%
2234
33%
9%
30
"l'lOO
30
*15
934
12
13%
74%
*60
*9
1438
9
13%
74
400
*60
16%
1,500
II,600
100
70
400
15
15
1834
16%
17
*15
16%
*31%
34
31%
31%
31
60
33
31
36%
25
23%
25%
24
21
22
41
42%
22%
39%
41
39%
40
2,800
9,100
2,900
31,400
2512
25%
43%
4134
42%
8
7
7
*7
3818
39%
38
40%
*100
104
102
*31%
17%
15
*12
a4
44%
31%
31%
13%
13%
*%
%
%
14%
14%
119
136
119
126
133% 133%
*133% 134% *133% 133%
*115
116% *115
116%
7
7
684
7%
6%
25%
24%
156
6%
6%
5-%
25
23%
6
5
23%
162
*161%
22%
24%
27
5
5%
24
5%
25%
10
23%
5%
5
23%
25
4%
43s
419
12%
11
123g
10
11%
634
7%
73s
634
63s
'
4%
4%
4%
7
4%
133s
12
13%
11%
50
46
4634
44%
47
43%
46
41
43%
47
40
40
40
42
43
43
38
30
28%
28%
2834
29%
27%
28
25%
84
«4
34
%
%
38
%
2U
2%
2%
2%
19%
2%
20%
40
40
10,700
24,900
18,500
60,800
4,500
27
H
3,200
12,500
40
%
3
2%
20%
*35
109% *107
6%
6%
48
53
234
1%
20%
20%
21
44%
40
40
109%
107
534
7
48
48
56%
*52
72
3%
3%
9%
14%
9%
14%
12%
78%
50%
*48%
*52
*50%
72
*50%
3
3
234
50%
55
70
3
14
*9%
10%
*71
78%
534
5%
13
*5
5%
5
2
2
134
10
12
8%
32%
2
10
34
36
*92
2%
7%
11%
*7%
*71
2
32
49%
*40
78%
2%
*96
5%
47%
*71
1%
—
18
37
107
78%
5%
12%
37%
834
13
2%
«.«
3
14
1334
12
2%
10%
2
5%
48%
56
*48
8
13
5%
13%
48%
6%
48
10%
9%
*71
534
*47%
1234
14%
9%
109%
*107
6
48
10
8
9%
8%
13%
~
107
2
*90
158
28%
8%
44
37%
160
164
24%
5,900
3,500
5%
7%
21%
12
5
162
25%
500
170
4%
3
*2
6%
300
14,000
115
115
8
*39
2
114%
4%
28%
*20%
5-%
13%
134% 134%
4,300
200
116% 116%
124% 128
1343s 134%
159
160
25%
132
534
7
*161%
*161%
25%
117
128
700
15
*12
15
114
115
115
164
157
164
*161%
134%
*12
*116
12%
*116
130
*71
258
2%
*116
*11
2%
1%
2%
135
*48
2%
*34
2%
119
6%
1
%
135
*107
*34
234
*116
28%
7%
4%
1234
4984
46%
*28%
*34
1%
...
18%
37%
2,500
49%
300
65
8%
7,200
3,800
123s
200
78%
5
13s
11%
1%
1%
134
8%
9%
8%
9
35%
*93%
34
*35%
37
34%
36%
3434
3434
12
12
12
12
11
11%
10%
11
10%
80
*78%
80
*78%
3034
10%
80
3034
~2~566
5,600
30
81
81
88
*70
90
*70
95
*70
95
*95
101.
*95
101
*95
99
96
101
96
*95
4
3%
4
3
3%
3%
33g
3
3%
7,100
4
4%
3%
3%
334
2%
134
2
3%
1%
4,200
2
4%
2%
3
4%
4
25%
24
24%
23%
24
•
2
24%
Bid and asked prices; no
saiee on this day.
J in
receivership,
23
a Def
Jan 15
100
12,300
2,400
delivery
Apr
63% Aug
Oct
69%
82% June
Dec
170
158
Aug
10% Mar 16
Oct 15
4
4
July
3
41
Oct
50%
Deo
"35"
Mar
~37%
Nov
56% Feb
6
36% Oct 15
11% Oct 15
5
Crown Zellerbach Corp
738 Mar
Oct 15
100
No par
102
Preferred
(The)
Cuba RR 6%
Preferred
6
3
Oct
91% Nov
95% Apr
1% Sept
Oct
Dec
3%
20
Jan
Jan
129
6%
Dec
35% May
44%
16% June
24%
6
4
6
99% Mar
109% Jan
63%
Dec
14% Mar
20% Feb 11
Oct 15
54
Deo
6684
125
Sept
9
4
19%
1438 Jan 12
127
Jan 11
43
Mar
1
Oct 15
19% Sept 25
6
Oct 15
Cudahy Packing
50
Curtis Pub Co (The)...No par
Preferred
No par
Apr
28
Jan 11
17% Jan
5% Oct 14
4% Oct 15
86
Dec
7% May
135
% Oct 13
10
100
Sugar
58% Nov
49% Nov
44
8134 Mar 3
MarlO
Oct 15
33
100
pref
Cuban-American
35% Sept
10834 Apr 15
74
Cuba Co
15% Mar
Jan
46% July
43%
3
8
47% Jan 28
25% Apr 13
$5 conv pref
No par
Crucible Steel of America. .100
Deo
Jan
Apr
Deo
114
9% Mar
4
Jan
10%
Jan
Sept
21%
36% May
70%
Jan
43%
8884
Dec
1
3% Oct 15
8% Mar
1
Cushman's Sons 7% pref.. 100
11% Oct 15
23'4Mar
67% Aug 19
30
Sept 20
48
Oct 14
9
Oct 15
14
Oct 15
86
Jan 14
69
62
Feb 27
24
Feb
5
99%June 28
85% Oct 15
109
Jan
5
107
Dec
108%
Deo
143% July 23
3134Mar 5
52
Jan
10834
Dec
27
Jan
32% Nov
5
19%
Apr
33% Nov
68% Mar 17
H6s4
Jan
5434
Oot
24% Mar 17
14% Apr
23 %
Feb
9%
Feb
Curtlss-Wright
A
Class
No par
preferred
$8
Inc—No par
Cutler-Hammer
-5
25
4>$ % pf-100
Davega Stores Corp
Conv
5%
pref
Dayton Pow & Lt
No par
Deere & Co
6%pfl00
100
29
2
10% Feb 18
Oct 15
100
Sept 11
153
Feb
7
128
May
19
4
Apr
11%
May 13
13
June
21%
Jan
76% Feb 19
36% Feb 2
42
Jan
63
Dec
30%
Oct
40%
37%
Oct
43
Oct 14
25
30
Oct 15
9
Oct 14
40% Feb 4
23
Apr 10
Co..2
Corp-Seagr's Ltd No par
19% Nov
Jan
22
pref
Jan
May
No par
Match
8% participating
Dec
30
9
12% Oct 15
59
Aug 10
Diamond T Motor Car
Jan
4%
90
22
116%
9% Apr
Ry Co—100
Jan
Jan
7% Apr
Jan 16
18%
8% Oct 15
5% non-cum preferred-.100
Devoe & Taynolds A ..No par
Diamond
90% Mar 10
22% Oct 11
14% Oct 15
17
Oct 15
20
10
Delaware A Hudson
100
Delawaro Lack & Western..50
Preferred
Dlesel-Wemmer-Gllbert
Oct
Jan
Aug
12
Oct 15
29
Mar 17
18%
Apr
34%
6% pref with warrants..100
Dlxle-Vortex Co
No par
70
Sept 27
Oct 15
96
Mar
9
93
Dec
95%
25
Feb
9
19
Oct
25
30
Oct
2
41% Jan 25
40
No
CastlngCo No
Dome Mines Ltd
No
Dominion Stores Ltd.-No
Douglas Aircraft
No
Aug
21
Oct 15
4634 Feb 17
51
Jan 28
41%
Jan
12% Mar 8
Jan 25
7%
Apr
12%
50%
Jan
82%
Oct
29
Jan
51
Deo
Jan
36%
Dec
184
Jan
Distil
Class A
Doehler Die
Dow Chemical
Jan
7
100
100
%June 25
1% Jan
5
% Sept 11
3% Feb 19
12
100
No
No
Elec Storage Battery..No
lElk Horn Coal Corp..No
preferred
$6 preferred
6%
114
Feb
120
Jan 18
133
Apr
18434 Nov
129
Feb
136%
5
115% Jan 22
zlll% June
5
5% July
Oct 15
17
198
par
par
12%
Deo
Deo
Dec
Aug 16
156
Apr
185
Aug
Jan 11
162
July
166
Mar
40% Nov
28%
Jan
634
45% Feb 11
16
Feb 23
3034
10
Apr
Apr
Apr
5
Dec
47% Nov
17% Feb
734 Feb
26% Jan 14
6%
Oct 15
25% Oct 15
% Oct 15
par
par
1% Oct 13
18
Oct 15
37
Oct 15
7% Feb
6
15% Nov
Jan
25%
Deo
92%
Jan
7
32:%
Jan
94%
Dec
87
Jan
8
29%
Jan
44% Jan 16
39%
Dec
87%
55%
Deo
Jan
2
Jan 19
%
Jan
1%
1% Jan
22% Nov
6%
Dec
29%
Dec
8
Jan 18
29
Jan 18
63% July
Aug
Feb
69
Feb
116
July
60
Feb 11
105%June 10
115%
Jan 19
5% Oct 13
47% Oct 15
173* Jsp 16
7%
Jan
16%
78%
Jan 30
45%
Jan
8484
81
Feb 19
48
Jan
89%June
86% Feb 10
«34 Jan 15
55
Jan
97
34%
Oct
48%
Oct 14
63% Sept 24
2% Oct 15
110
Deo
Oct
June
10% Deo
18% Sept
7%
Oct 15
23% Mar 17
11
11%
Oct 15
36% Mar 17
28% Mar 17
16
Apr
Apr
Apr
II84
Jan
29
Oct
Jan 14
68
Jan
69
Jan
Jan 21
34% Mar 3
12
Jan
15% Aug
40% Jan
8% Mar
434 Mar
-
9% Oct 11
£75%May 27
4% Sept 11
9% Oct 15
1%
Buffet Corp.No par
Oct 14
134Sept 11
-25
-100
8% Oct 15
32
Oct 11
Co.No par
150
Mar 31
Oct 15
10% Oct 14
79
Oct 13
3034
100
Federal Mln & Smelt Co—100
Preferred
-.-100
Federal Motor Truck.-No par
Federal Screw Works..No par
preferred
66% Jan 27
94% Apr 9
80
14%
634 Jan 21
6% Jan 28
Jan 28
Serv A.-No par
Federated Dept Stores.JVo par
26
Dec
Jan
7184
Deo
210% Jan 14
210%
Dec
61%
Deo
Jan 11
31%
29% Jan 18
I884
Apr
2784
4
84
Jan
101%
Dec
150
Mar 11
37
Aug
92
Mar
129
Apr
69% Mar
73# Jan
70
103
Jan
2
11% Feb 19
11% Feb 25
y
8% Apr
Jan
Feb
Oct 15
E*-dlv
2% June
122%
Oct 13
21%Sept 27
x
23% July
4% Jan
3484
3
1% Oct 15
5%
71% Jan 15
28
3
Federal. Water
rCash sale.
116
37% Feb 11
16
Mar 17
38
w..No par
No par
Equitable Office Bidg. -No par
Erie Railroad
100
4% 1st preferred
100
4% 2d preferred
100
Erie & Pitts RR Co
50
Eureka Vacuum Cleaner
5
Evans Products Co
5
New stock.
163
Mar
Oct 13
10
$5^ preferred w
$6 preferred
n
Aug
4% Sept 13
Oct 15
41
Oct 15
—
5%
$6
Dec
Jan 19
23% Oct 13
6% Oct 15
Endicott-Johnson
Fairbanks Co
Jan
180%
5
Natural Gas
Corp
50
preferred
100
Engineers Public Service
1
$5 conv preferred
No par
El Paso
18%
Apr 29
150
Apr 2
22% Oct 6
50
-3
preferred
Oct
13% Aug
135% Feb 19
151
Light. No par
$7
Jan
Jan 16
884
122
5
--3
Inc Am shares.
3
4% July
8%
May 28
110
5% 1st pf_100
Eastern Rolling Mills..-.-—5
Eastman Kodak (N J)-No par
6% cum preferred
100
Eaton Manufacturing Co
4
Eltlngon Schlld
No par
Ejectric Auto-Lite (The)
5
DuQuesne Light
Electric Boat———
Jan
Deo
124% Oct 15
(E I)«fe Co 20
6% non-voting deb
% May
1%
Dec
61% June
17% Jan 19
Sept 13
112
5%
40%
Jan
Deo
Nov
130%June 29
100
preferred
Du P de Nemours
39%
2% Sept 13
1
No par
Electric Power &
14334 July 13
55
Jan 16
conv A No par
No par
Duplan Silk
Elec & Mua
77%
31% Oct 13
12
Oct 15
JDuluth 8 8 & Atlantic...
6% preferred
Dunhlll International
8%
36% Sept 13
6% Sept 23
32% Sept 24
101
Oct 13
par
No par
Co
Class B
15
par
par
par
par
1,600
1,300
*75
2%
71%
Deo
46
Dec
55% Apr
171% Jan 14
153
preferred
100
Fajardo Sug Co of Pr Rlco.20
Federal Light & Traction.. 15
95
25%
Feb 13
6%
85
2%
77
Jan 15
8% preferred
Fairbanks Morse &
*75
25%
50% Oct 15
8
44%
25
35% Mar
54%May 13
Apr 14
Jan
24% Mar
28% June
49
56% Jan
2,320
4,700
*81
1%
223s
Mar
2%
3% Feb 11
July 19
Oct 13
14% Oct 13
2834
Exchange
79
*4%
Apr
1%
3034 Oct 13
100% Feb
3,900
1,650
—
31
34
"
5~300
134
33%
300
234
2
*93%
50
6%
47%
12%
33
600
107
11%
1%
134
9%
2,500
1,400
1,200
3,800
2,300
Feb
4
41%June <29
10iaTDresser(SR)Mfg
500
46
8% Oct 15
35% Oct 15
800
34
35% Apr
$2.25 conv pref w w..No par
Pref ex-warrants
No par
44%
*%
4234 Jan 23
Crosley Radio Corp—No par
Crown Cork & Seal
No par
14
*31%
1
%
12
2,00in I
*%
2%
*12%
•
7
39%
102
101
12
14
14
37%
1
%
3
6%
101% 102
44%
*27%
*34
%
164
7
40%
15
44%
*15%
*12%
7
37%
102
101
104
*3112
*2%
7
4034
7
37
26% Oct 15
Jan 16
JDenv & Rio Gr West
12%
10% Oct 15
37
Det & Mackinac
12%
Nov
87%
23% Oct 11
6% conv pref
Detroit Edison
15
Nov
6334 Dec
17% June
Cream of Wheat ctfs—No par
1,200
16
4
109
Aug 13
2,400
*6%
67%
115
2%
16
10934 Feb 17
Jan
Jan
35% Nov
Jan
1%
Oct 15
101%
*17
42%
26% Mar
10%
Oct
2
*3114
*31%
2434
Dec
Deo
Jan 14
99
100
*30%
10%
10
15%
9
14
100
*40
19
2,400
49%
48
*12%
50
74
40
6
27
Co
Crane
24
*6
*40
9%
37%
69% Jan 9
2534 Jan 23
No par
25
100
Coty Inc
102%
102
102
*6
16
93s
8%
2%
234
102
*12i8
15*8
70
*34
15
1012
16,000
70
3
234
2%
3%
*102
108
*10212 106
*72
1,200
78,700
*55
20%
10
*11
334
12%
70
*10
16
54%
3%
11%
*55
34
*11
6,100
54
4
6%
34
*55
9
6
6;
6%
*55
Stock
70
*55
14%
270
20
*86
634
%
20%
91
20%
7%
57
100
4%
91
f>34
4,700
36%
6
20%
4%
400
103
%
21
59%
200
5
88
4%
Jan
June
5% Jan 15
3734
Oct 15
24,600
90
*86
48
Continental Can Inc
300
6
%
5%
4%
21
634
74
35%
41%
39
88
*58
36%
11%
24%
9%
38%
41%
36%
123s
103
*101
%
634
434
100
74
41%
41%
32%
8%
10
3834
36%
37
1
*684
24%
20
Continental Diamond Fibre. .5
Continental Insurance—$2.50
Continental Motors
1
Continental OH of Del
6
Continental Steel Corp. No par
Corn Exch Bank Trust Co..20
Corn Products Refining
25
Preferred
100
preferred
8%
14,500
8,200
1,700
1,000
2,800
6,400
24%
*36%
12%
102
40%
99
37%
80
*77
80
103
9934
9%
10
9
1034
38%
390
5,000
4%
4
24%
24%
*23%
11%
15,900
3,500
200
31%
99%
42
9,300
2,800
3,100
21,000
165%
*158
5
32%
4%
100
11%
38%
14%
31
5%
33
30%
100
1%
32%
31
15%
15
100
74
52% Apr
Oct 15
Oct 15
158
...No par
B
Class
400
15
51
40%
*75
1%
33%
32
160% 160% *15734 160
165%
160% 160% *160
5
53g
5%
5%
33%
31%
3334
3234
100
102
100%
102
24%
23%
2434
*24%
13%
1%
52%
51%
5834
54
1
37% Apr 13
48
61
1
Oct 15
51
14%
1%
38 May
2
92% Aug 16
16
100
5% preferred v t c
49
17%
17
*101
84% Oct 11
1«4
1%
33%
16%
Deo
1234 Nov
1684 May
Consumers P Co$4.50pfNo par
74
1%
17%
106% June
12% June
6
100
74
3034
9% Nov
Jan
1% Feb 27
1,000
77
13.1
13% Apr
Oct
July
5% Sept
101
23
77
35%
4% Oct 13
19
Oct 13
109
Apr
11%
5
4
85
80
1%
33s Oct 13
%Sept 17
10% Jan
*19
Continental Bak class A No par
33%
17% Apr
Feb
48%
3% Apr
105% Jan 23
6
Jan
102
Jan 12
*83
10,900
22,500
3034
30
20%
15%
13% Feb 26
Oct 15
Aug
Apr
27% Apr
Jan
108
5% Oct 15
934
9
Feb
7%
49% Jan 23
Oct 13
9434 Oct 15
104
4% Sept
85
16,100
134
44
6,400
16%
36%
17%
85
4,500
23,600
preferred-..-
1134
1%
29
104
15
10%
1%
11
42
No par
Consol RR of Cuba 6% pf-100
tConsolldated Textile. .No par
Consol Coal Co (Del) v t C..25
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
preferred
15
1834
2534
16
28
*79
Nov
1
Jan 20
534
1% Oct 15
6% Oct 15
{2 partlc pref
No par
Consol Edison of N Y..No par
12
12%
*102
94
17%
12
14%
Nov
Feb
10%
12%
14%
95
73%
163g
12%
61
Nov
Jan
5
7834 Oct
*20%
5034
12%
*53%
85
72%
Mar
13
2%
51
17%
65'4 June
Mar 11
92
18
49%
31
87
95
8
10%
51%
1%
3534
Deo
Sept 25
Oct 15
16%
51
31
19%
70
13%
4834
June
7
72
183s
80
8
Jan
100
100
100
6Prior pref w w
Container Corp of America. 20
134
July
18%
*83
85
*83
Jan
26
Deo
2534 Mar
Jan 15
Mar 2
Consol Film Industries
%
4
33%
15%
44%
Oct 14
400
%!
5
Aug
Jan 14
July
6
2,900
31,500
1,200
3,500
60,100
5%
334
15
1234Sept 27
"4",400
104
22
7
30% Aug
5%
22
4%
5-%
20%
4%
19
*25
934
104
8% Oct 15
1
6V£ % prior prf ex-war—
5%
9%
5%
6
29%
1038
10%
104%
104% *104
3%
4
3%
4%
%
%
%
%
6%
5%
6%
584
10
Jan
share
per
No par
preferred
7%
160
1%
7%
27%
95%
1%
16
11
Conn Ry & Ltg 4H % Prel-100
85
8
*95
97%
98%
6%
98%
Consolidated Cigar
73
*74
7%
Consol Aircraft Corp
4,400
19% Jan 23
per
$ per
25
No par
6,600
160
73
72
2
1%
2%
98%
*
85
*74
85
7%
2534
8%
6
75
274
78
2
2%
2
2
1234
73
70
73
*78
Cigar
Congress
share
per
Sept 27
$
Congoleum-Nalrn Jnc_.No par
6%
9%
6
7%
*
73
*65
400
12
8%
14%
*11%
8%
14%
9%
13%
9%
9
9%
15%
26%
26
27
11
9%
8%
8%
25%
11
share $
share
19% Feb 11
45% Mar 11
No par
Conde Nasi Pub Inc
\
5% Oct 14
Oct 13
Par
I,200
5,700
6
5%
5%
5%
Highest
Lowest
Highest
Lowest
Shares
$ per share
$ per share
$ per share
6
6
25
143a
15%
14%
share
15%
*11
11
*10%
per
10<yShare Lots
EXCHANGE
Week
15
Oct.
14
Oct.
the
Friday
Thursday
\
13
Oct.
26%
25%
15%
t
7
7
7
Wednesday
12
Oct.
$ per share
$ per share
*11
Tuesday
11
Oct.
9
Oct.
On Basis of
STOCK
YORK
NEW
for
Range for Previous
Year 1936
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
Monday
Saturday
2505
New York Stock Record—Continued—Page 4
145
6
Jan 14
43«4 Mar
Ex-righta.
4
3
Apr
2%
Jan
20%
Jan
Dec
123% Nov
12% Mar
6
Dec
6
Oct
46% Nov
If Called to rredeaptlon.
New York Stock
2506
WW
AND
HIGH
SALb
PRICES—PER
SHARE.
NOT PER
Record—Continued-Page
CENT
Sales
STOCKS
'
frtr
VVW
AJufT
JOT
Saturday
Monday
Oct.
Oct.
9
$ per share
11
1
Oct.
S per share
*75
77
77
31
30
♦23
12
29
♦23
26
25'g
*9312
94%
30%
17's
36i2
167g
35*4
36
16
16*4
*31>8
3
3
3
37i2
89
3514
8612
871a
2114
20
*
24%
*106
107
94
35
36
1434
*31 h
36
*24%
234
34*8
*87i2
2984
2%
278
3
87
18
20h
*
""3*4
*
24
35
29
25i2
25l2
*14
16
14
14
3
3
2*4
3
2l2
6i2
6
6i2
5U
6
*25l2
27
6%
*2414
♦15*4
28
*25i4
*15i2
28
16
17
15
*92
96
*92
96
14
*92
7%
8i2
♦90
7*8
8i2
7'8
73g
6I4
8*s
7
*80
98
*80
42i2 4212
8i2
8*4
8i2
87s
*11778 120
*11778 120
4*8
4i2
4i2
4%
8
117
14
127g
1334
1H2
25
25%
23
*65
98
*65
*39
50
*38
56
45
45*4
32
32
7
50
7%
4012
"2"
*90
33i2
34
30
30
*17i2
I8I4
17
30
21
25
15*4
15
1178
12
*6212
65
12i2
12
11U
*60
10*8
12ifi
65
60
2914
29l2
29
4912
'32
4912
*49
*61
'16
*2*4
27s
3*4
3*8
*
212
3*8
"2314
'211-8
23%
Closed—
2378
4*8
78i2
*67
2's
214
2
5*8
2%
6
5
*14
214
2'8
1334
1934
28*8
13U
33*4
3012
15
*2014
*2914
14%
35*4
14l2
36*4
*30l2
31
♦
2H2
30
29
12
*21%
13%
11%
65
*55
62
Columbus
Day
*61
2984
2914
50
*49
49l2
'32
Holiday
1034
2%
'16
'32
2*8
3*8
3i2
*
214
3%
*
100
"
"19*8
6478
*60
2314
25
92
92
2234
*90ig
434
5lg
4l2
*67
*67
78i2
2ig
2
1%
5
3«4
418
20
14
13
I384
3212
34
30
30i2
*
29%
21%
20
1034
10%
9%
138
8*8
lh
*6
7
*6
7
6
23
23
*27%
3H2
lh
29
28
31h
8h
100
♦
100
»7338
3
96
*743s
3Jg
3
318
9778
99%
8i2
9i8
*9U2 101
*98*4 101%
8*4
834
*91% 101
*127
2078
115
125
378
154
*127
2078
20
115
4ig
*96
97
1534
60
2i8
8i4
978
*127
20.l8
154
I984
*127
154
*21
25
*
334
60
97
"13*8
5312
1414
80
7%
3,500
900
Hamilton Watch Co ...No par
20
6% preferred
100
Hanna (M A) Co f5 pf.No par
Harbison-Walk Refrao.Ne par
*127
154
—
24
*
7
7
684
8*s
2%
984
8
27s
2
No par
100
Gulf Mobile A Northern.. 100
2U2
53
200
400
55
52
88
*85%
8%
64
4,100
600
300
88
6% preferred
Hat Corp of America ol A
6)i % preferred w w
Hayes Body Corp
4
117% Jan 22
5% Jan 20
II8I2 Mar
2
Apr
478 Deo
48ig Deo
26% May
3314 Apr
3212 Apr
17
21
Oct 11
30i8 July
13%
Oct 15
43% Feb 11
24
Aug 30
20% Feb
1
88% Feb 23
2938 Mar 9
70
90% Mar
84
1034 Sept
Sept
10% Oct
56% Oct
24
25
13
15
9
28% Oct 15
51i2 Jan 28
45
58% Jan 18
Sept 25
'32 Oct 6
2%
®is Oct
Oct 15
3% Oct 15
Aug 25
100
July
13% June
Aug
6*4
18
19% Oct 14
28% Oct 15
Oct 15
12
2934 Oct 15
29
Oct 15
132
July 21
50% Sept 14
20
Oct 15
10%
Oct 15
8% Oct 14
1% Oct 15
55U
Jan
56
Dec
Feb 17
3%
Mar 11
Jan
6I4 Nov
116
Feb
Jan
Sept
21*8 July
xlOO
13i2 Jan 18
Dec
812 Apr
2
June
4i2 Feb
llU Mar
15
Jan 12
1*8 July
5% Jan 22
27% Feb
1
48% Feb
8
47*8 Jan
5
28X2 Mar 8
56%May 20
42i2 Jan 2
145X2 Mar 2
64x4 Mar 10
391* Mar 10
16% Feb
8
318 Apr
16
Apr
24% Aug
28% Jan
Jan
Jan
14912 Aug
6OI2 Mar
65
22
Apr
3978 Nov
14*4
Dec
1778 Nov
434 Jan 11
1*8 July
30
Jan
33
June
6
Jan
15ii Deo
23
Oct 13
31
Feb 16
14
Jan
32
102% Oct 15
9734 Oct 6
108
Feb 18
*104
Dec
105
Jan 22
100
June
23% Oct 15
128
Apr 13
x7
Oct 14
90
Aug 11
2% Oct 14
93
Oct 15
8
Oct 15
96*8 Aug 25
May 6
140
Oct 15
par
5
No par
100
12.60
par
49% Oct 8
90% Oct 14
21
Oct 15
68% Mar
140
5
24
July
3018
Jan
Feb 26
120
Jan
17*4 Jan 11
12
Jan
Nov
107
Feb 26
104
8
Jan 14
4*8 Apr
99*8 Dec
12*8 Aug
117
May
15014 July
2512 Apr
117% Aug 13
15% Jan 25
126
Feb
9
166
Jan
6
39% Feb 11
185
Feb
07»4 Jan 21
111
37
Jan 19
587g Sept
102
Sept
Oct
80
Jan
119
Feb
5234 Feb
120is Jan
3034 Mar
4
108
June
9
9
Jan
19% Oct 15
Aug 6
43% Sept 25
43% Jan 7
11434 Mar 3
50%June 29
1914
108
Jan
Feb
115
407
Dec
544
397s June
2214 July
64*4 June
33
Oct 15
Oct
8
110
25
Oct 14
41
Jan
6
5
stk. No par
52
Oct 14
73
Jan 11
100
85
Sept 28
94
30ig
Jan
49*4 Deo
124
33*4
427g
4414
Deo
Oct
Deo
Oct
Feb
Feb
Mar 20
C..25
7
Oct 15
5
51
Oct 15
17x2 Jan 22
90is Mar 10
100
2
Oct 11
6% Jan 21
100
v t
5% Oct 15
15% Jan 21
8
Oct 13
2
Oct 13
23% Feb 17
4% Aug 17
6*s
Jan
48*4 Jan
3% June
812 Apr
1312 May
Hupp Motor Car Corp
Illinois Central
500
6% preferred series A.—100
22
Oct 15
*45
46
46
48
46
07is Mar 11
30
46
June
180
Leased lines
46
Oct
72
Jan 20
58
Jan
25% Mar 11
11
May
Jan
41
13% Oct 11
23
97
27% Feb 11
Manhattan
5% preferred
Hudson Motor Car
No par
1
100
4%
100
RR Sec ctfs series A...1000
r
Jan
Deo
4
11% Oct 15
Houston OH of Texas
nNewBtock.
21*8
141
165
June
18,200
Def. delivery.
Mar
Mar
Deo
18,000
a
Jan
9
Apr
2%
In receivership.
115
133
150
11%
1
Deo
135
22
day,
55
Jan
IO84
Bid and asked prices; no sales on
tnis
1051a Mar
13512 Deo
I8I4 Nov
Aug
22
*
12513 Nov
84
123g
400
Aug
Nov
126
24
8%
37
Dee
3
24
8%
66
135i2 Feb 2
6% Sept 15
2i2
13i2
9
4*4 Deo
7
59
27
*8i4
Oct
lli2 Mar 18
11*8
9*2
Jan
Dec
31
Jan
27
8h
44
136
Jan
1378
914
6*8
*25% Nov
6214 Nov
22*8 Oct
46*8 Oct
4214 Deo
16
32U
46
914
Deo
9
30
10
Deo
14*8
4% Feb
46
*9U
10578
9612 July
*27
13
Dee
86ij Nov
31% Apr
Jan
30
143s
Oct
3512
77
48
1418
2
500
Feb
Feb
5
48
3
9
7i2
10U
118
Jan
*27
9*4
27g
Nov
8
3% Oct 11
Howe Sound Co
3,400
Jan
3712 Dec
5214 Sept
21g
6'4
8I4
214
1H8
*7
90
27if Nov
92
Jan
No par
Hudson A
'l9% "Oct
20% Feb 10
2
Houdallle-Hershey ol A. No
com
Dec
2
47% Mar 11
96
Deo
Oct
8% Feb 19
141
71
89
31*4 Deo
44i8 Nov
Jan
6% Feb 25
115
Feb
Deo
Jan
6
Jan
June
6*8
67
106
88
7
110
312 Apr
3212 Apr
3434 Feb
No par
Homes take Mining
1,800
22,700
63s Jan 13
65% Feb
36
No par
preferred
Household Fin
Jan
Jan
June 29
25
Hershey Chocolate
23,400
8%
105
27
100
6% cum preferred
Rights
734
6
5*4
69% Deo
15*4 Deo
33% Jan 25
65
Nov
123% Nov
Jan
Mar 20
Jan 19
77
Jan
18*8
Oct 15
100
2
8
1
19
110
Jan
Aug
26% Apr 17
6% Oct 15
1
Preferred
51%
5%
15% Feb
5378
9
Jan
123
62% Oct
34% Deo
Hecker Prod Corp v t c.No par
...25
7
6%
834
2i2
60% Jan
Feb
Oct
70li
Jan
Helme (G W)
51
2
Feb
4*8
71
30i|
100
Hazel-Atlas Glass Co
Class B
Jan
6
10
5% preferred..
212
7g
Deo
26
Water....
7% preferred class A
5% conv preferred..No
14,300
Nov
59% Mar
Holly Sugar Corp
7% preferred
12%
52%
Deo
44
Oct 13
2,000
29
65
23
Hollander A Sons (A)..
11%
152
19*4 Mar
4.500
1312
Jan
3412 Apr
33*8 Feb
Jan
3,100
30
140
914
Hlnde A Dauche Paper Co. 10
Holland Furance
No par
21%
128*4 Nov
59ig June
9
100
110
Deo
Jan
Jan
Dec
5
23
15%
21%
60*8
17
70ij
49
Jan
21
97
Jan
Deo
17% Mar
21
"l5"
11*4
28
3% Jan 18
124
Oct
Oct
Jan
Oct 15
23
*
9
Nov
Sept 13
24l2
15
Jan 13
64% Jan 21
44% Feb
Deo
20
165
7
4
152
76
6
100
Hall Printing
conv
Mar
14% Nov
10412 Apr
5*4
4
65
Nov
25
6% preferred
94
Feb 11
32% Mar
Jan
30
105ia Aug
17% Nov
12
25
97
"14*8
27,700
141
Oct 15
Oct 15
*25
878
53i2
214
634
14%
May 22
27
2
22
125
49%
9384
14
4
Jan
42% Apr
10*4 Apr
4
110
49%
*91%
97
48% Jan
70% Feb
100
1212
*5214
*85i4
7*8
778
5I84
Oct 15
Oct 15
20
25
2i8
1% Oct 15
16
27
*125% 128
1434
2
June 28
18
303s
88
•
104
No par
*28
*85i4
~
5
Feb
153
Nov
15U Dec
8i2 May
86% Feb 17
19% Jan 14
8
Oct 15
No par
46
*51i2
100
~
l%Sept
21
Motors
4534
13
13,800
«...
Oct 15
Sept 27
Oct 15
Hercules Powder
46i2
88
914
31%
46
55
55
200
19%
110% 110%
46
45%
53
Preferred
..100
Green Bay A West RR Co. 100
Green (H L) Co Inc
1
23%
500
534
12
10334
Hercules
illO
*11114
Grant (W T)
No par
Gt Nor Iron Ore Prop .No par
Great Northern pref
100
Great Western Sugar..No par
900
12,100
lli2 May
100
1
9
118
1
Sept 25
334 Oct 13
6
1,200
19% Feb
15% Mar
105% Jan
7*8 Aug
Jan
70% Feb 11
122% Feb 2
Oct 15
July
30
1% Oct 15
133g Oct 15
Guantanamo Sugar
8% preferred
2,400
40
113
5
1,400
100
Jan 16
106% Jan 28
I84 Oct 15
4,100
270
*
33
3*4
Jan
Oct
Grand Union Co tr ctfs
1
S3 conv pref series...No par
Granite City Steel
No par
Hackensack
7% Mar 3
153gJuly 19
z39%Juue 21
1
1%
28
3112 Apr
135g
Motors
Feb
47*g
8
74
No par
Dec
4
50% Mar 11
No par
78
5312
Jan
100
preferred
Gotham 81lk Hose
Apr
48% Jan
73
Oct
Feb
Nov *135
16
1,700
*21
2412
97
22,300
35*8
108
1
2,400
25
*
4,100
Mar 25
87% Mar 11
23
*20%
102% 102%
90i8
22
1514
20%
1034
-
23i2 July
32% Jan 13
Jan
1
Feb
97*4
July
May
45*8 Deo
127
July
14
19
90%
13%
29
20
63
Oct 15
6%
50
22
4734
3,800
9
58
110
50
1514
2,000
10,700
Jan
64% Jan 29
18
55
23
conv
95*4 July
60% Oct 15
20% Oct 15
87% Oct 15
4% Oct 13
70
Sept 27
Granby Consol MSA P
18,800
117
1
6% preferred
No par
Goodyear Tire & Rubb.No par
$5
24% Apr
65% Jan 18
110
92
24
...i
3
11*4 Mar
4812 Deo
June
8
20
*21
25
Gobel (Adolf)
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
3% Aug
Jan 14
Oct 15
115
92
25*4
60
Deo
Deo
32
52% Jan 23
Sept
53
Deo
66*4
34U
Oct 13
46
42*8
Dec
1
126*8 Mar 31
19
125
*50
9278
No par
preferred
conv
1
3012 Sept
45
Deo
68% Nov
9
5
111
1934
*12518 128
*125is 128
378
r3%
r3*s
334
23%
21*4
IIII4 IIU4 *11114
47
46i2
4614
*29
29
3078
1578
1578
14l2
55
53
*5312
*85lg 90i8 *85i4
9%
9ig
8i2
2i8
100
125
23
*57
♦
4%i %
Oct
40'g Sept
36%
105*4 Nov
25i2 Mar
3
Oct 15
Sept 27
38% Oct 13
30% Oct 13
Rights
3,800
1,400
"24"
"231", 24
23%
25i8
2412
*126i2 132
*126l2 132
*126% 132
x7
7
734
7
8U
7*8
96
96
*733s 96
*7184
*7134
3%
2*8
27g
2l2
2%
2%
93
96
*9U8
96i2
96i2 96%
9
8
8i2
8%
834
8%
*91l2 101
*9U2 101
98%
98%
*111
*5018
92i8
2512
*15i4
100
16 preferred
Glldden Co (The)
9
8%
23
23
2514
2314
102*8 1026s *102*8 10312
♦
No par
No par
23%
*27%
31%
33
112
3l2
56
24
25U
*273g
*31i2
734
8I4
Brothers
6
28
31%
Glmbel
16
1%
6X4
27%
28
Gillette Safety Razor..No par
$5 conv pref erred... No par
10,200
55
9
lh
*23
Gen Theat Equip Corp .No par
Gen Time Instru Corp .No par
General Tire & Rubber Co.. 5
Oct 13
25
1
12
9
125
93
*15
154
6I4
Gen Realty & Utilities
$6 preferred
No par
General Refractories...No par
Gen Steel Cast $8 pref. No par
Greyhound Corp (The)-No par
5)4% preferred
10
21
111
125
*4978
*92%
96
18
614
8
25*4 2534
253s 253g
*102*8 103i2 *102*8 10312
"24"
24*4 "24"
2412
*126i2 132
*126% 132
9
8
*7*4
8
25
100
4%
29
10%
Gen Public Service
No par
Gen Railway Signal...No par
1%
13%
133
*5l"~
1
No par
Graham-Paige
12%
31%
29
2934
General Printing Ink
$6 preferred
Preferred
12
2934
General Motors Corp
10
$5 preferred
No par
Gen Outdoor Adv A...No par
Common
No par
76,400
28%
34
Gen'l Gas & Elec A
$6 conv pre! series A.No par
General Mills
No par
6% preferred
100
2
1,300
2:2014
*9
700
7,300
20
23U
lli8
9
lh
2,800
434
29
55
25
23
78%
133
*20
-
90
*51
25
m
700
133
25
-
24,100
55
10U
m,
-
60
133
*5l"
55
7,700
10,100
«»
1%
4%
1%
13%
19%
1414
19X2
29i2
13i2
2934
2%
3%
20
*67
2
29
300
57.400
20%
87%
4%
47g
78i2
2ig
47a
*17
4,800
%
60
92
30
29*8
49%
"l8"
2434
21
600
100
21%
64l2
2
20,200
60
2%
3%
*
6,100
14,600
10%
49%
'32
2i2
4,800
14%
10%
56%
28%
3*8
100
_
2214
19*8
*5934
11%
64i2
29*8
49i2
*16
23,000
500
12
100
No par
...No par
No par
6% preferred
2112
1512
21
8
100
1,700
21 *2
13*8
19i2
2834
12*8
3Hs
3H2
4,300
2%
23
16
107s
914
8i2
60
21
2
33
130
1534
135g
*27*8
m
400
14%
2
28
m,
16*8
24
*27*8
*31i2
8i2
16,400
15
14%
11%
334 Oct 13
10% Oct 15
110
17
*60
5
General Foods
310
12
No par
Cable
Class A
7% preferred
General Electric
3,100
2,000
1%
General
20% Jan
*24% Jan
10012 Feb
40
Apr
Apr
117
Oct 15
Oct 13
49*4 Nov
Sept
83
7% Oct 15
117
10,300
534
12
12%
10334 104%
1%
No par
90,400
6
*90
__5
18 1st preferred
General Bronze
23
1,100
2%
5
115*8 Nov
Apr
183* Jan 12
Oct 15
Oct 13
Dec
38
54% Feb
9
25% Oct 14
13% Oct 15
93% Sept 11
6% Oct 13
6% Oct 15
98
Aug 2
39% Oct 15
100
30
21
....No par
2%
5%
No par
1,100
40
41% 154,600
2,800
116% 116%
30
preferred
21%
share
per
105
98
135
6
June
9
1
6
5
9
Highest
share S
per
58
Oct 13
104% Sept 30
22% Oct 13
10% Oct 15
7% cum preferred..
100
General Cigar Inc
No par
«»*•
25
*1314
*20
98
22
65
2%
29*4
8,500
1,200
28i2
10l2
*25
4,600
28
2318
112
*65
4
11%
24%
30
Ills
914
914
334
10h
2414
90
700
55
l%
118
6,200
25
oF2
7h
118
16
*51~
10*8
9U
Gen Am Transportation
General Baking
16
3934
734
28
*24
*51
2,000
9,600
7%
95
3934
16
14
3678
30l2
133U 133U
135
634
*70
Gabriel Co (The) cl A..No par
Galr Co Inc (Robert)
1
13 preferred
10
6,700
5,500
6%
27
IH4
26l4
9514
5i2
78h
214
5*8
95
6%
2
*6884
67
6
67g
712
3%
10
Gamewell Co (The)
No par
Gannet Co conv $6 pt..No par
Gar Wood Industries Inc
3
Gen Amer Investors...No par
M84
23%
6578
5i2
10
21
Exchange
234
334
67
*67
90
1714
29
2634
9612
*95l4
14%
29
62
67
100
25
1*8
61
26
6,600
17'g
2734
60i2
100
6
2
2912
50i2
*
100
5i2
70
360
96
Free port Sulphur Co
6% conv preferred
100
Fuller (G A) prior prel.No par
$6 2d preferred
No par
4,100
19
III4
'32
130
30
10i8
'32
6,000
1512
Stock
65
1212
55
28
15*8
15*4
F'k'n8imon&CoInc7% pi 100
mm + m
2%
104J2 104%
2%
234
*23
2312
*90
99h
100
184
*17i2
27U
17i2
*25
31
634
12
12l2
*10412 106
2%
212
23
2412
2084
2012
3314
Oct
2,400
17 conv preferred...No par
Francisco Sugar Co
No par
88
4
100
S
share
107% Feb
52% Mar
46% Feb
58% Feb
39% Mar
9% Feb
Oct 13
11
41
4314
116% 116%
31
SO'4
634
6l2
12*8
12I2
4334
7
2
19
28
2's
20i2
33i4
*31i2
18
23
98
2% Sept 10
32% Oct 15
86% Oct 11
100
10
2's
4134
8i2
8
Foster- Wheeler
10%
95
Machinery Corp
4H% conv pre!..
Oct 15
5,200
2284
25i2
Food
140
*92
*70
116
30
12i2
12%
*104i2 10512 *104i2 10434
258
25S
2i2
2l2
23
*24% 25
24i«
*
100i2 *_
100l2
"2"
4,500
2,400
33%
"21" % 22%
10512 106
134i2
414
11%
12%
23 h
24
98
116
»
Oct 15
87%
19%
8734
25
25
2578
25%
2514
*11014 121l2 *110'4 121'2 *11014 121%
3814
40%
39*8
41.3s
39%
40%
3014
32h
3134
3214
3134
32%
1
1*8
1%
1%
1%
1%
*38ig 45
50
*38i8 50
*38%
53
*53
56
5414
*53% 55
11914 11914 119
119
119
119
4314
4512
116*8 116*8
31%
3H2
634
7*8
1214
1234
116*4 116*4
Oct 13
*25'4
55*8
55*8
1191s 1191s
*119i8 120
Oct
26
«.«.
100
67
4
2578
*55%
31
10,000
*22%
13l2
x8
4%
1334
28
*65
Oct 13
No par
"I"
*120
14
98
14%
Florence Stove Co
Florehelm Shoe class A.No par
t Foliansbee Brothers. .No par
15%
2l2
57g
714
*20
2612
26*4
25%
25i2
*11012 121% *110'4 12D2
42 lg
41%
397s
42*4
3214
3278
31*8 32*4
1%
1%
1'4
1*8
34%
17
40
118
3*4
22
First National
per
39«4 Feb 19
41% Mar 11
25% Sept 30
93% Oct 11
12lg
*80
42i2
834
Fllene's (Wm) Sons Co.No par
~
6*8
98
4178
Oct 13
9534
8
43*4
Oct 13
13 J 2
714
8
105
43*4
75
28
9534
*
1512
96
108% Mar 9
45% Jan 18
Fed Dept Stores V/i% pf..lOC
Fidel Phen Fire Ins N Y..2.5(J
6% preferred series A...100
Stores.-Ac par
Fllntkote Co (The)
.No par
*
4
2%
5%
25%
%
700
36
Year 1936
Lowest
shate
per
2,000
66i2
11
S
35
18
8784
25g
12
Pat
3,800
28%
2%
T
Highest
Firestone Tire & Rubber...10
2%
32%
87%
24
23%
22l2
2312
*105i2 114
*106i2 107
25
22i8
22% *2234
107
*2514
Shares
29
*31 lg
*2334
HA-Mhnrt
Lowest
100
20'4
*55
1
IUv o/HUc ix/m
6.900
34*8
"1%
git
dCL9%$ Oj
24
90
*
8784
4%
67
fisted*
(Jn
92
15h
19
/1m
22
34%
14*8
Range for Previous
Range Since Ian. 1
HTATIT
DiUUn
*83
26
34i2
86i2
VflRlf
IUXVJ&.
1937
16,
EXCHANGE
Week
29
28>s
*22%
29
36
,
67
"23*4
24%
114
♦88
14l2
26
•'
•
434
♦
2312
93l2
2914
*31)8
1
j
88
"lh
5
28h
*22i2
22*8
29
the
t per share
75
75
16
37
*
88
67
$ per share
76
75h
36
21i2
"5"
*55
14
35*8
31
3
37i2
♦88
Friday
Oct.
15
247g
2212
*88
36
*26
Oct.
29
♦22i2
1
93 ij
30
20*8
,
25%
40
*31%
♦27*4
13
28
23i2
93i2
Thursday
8 per share
75
76
$ per share
31
29
Oct.
77
31
Wednesday
Tuesday
1
Oct.
5
Caah sale
x
1034 Oct 15
7
8% Oct 15
Ex-dlv.
y
38
Mar 17
18*8 Apr
Mar
*78*8 Nov
137g
Deo
65
Deo
67s
Jan
17*8 Feb
22*8 Nov
29i| Oct
54*8 Sept
73U Oct
20
Ex-rlg hta.T Called lor redemption.
Oct
Volume
9
Oct.
9»4
$ per share
8%
9%
27%
99
138
14%
5%
*100%
4%
13%
3%
*33%
85%
*132
138
70
77
14%
4%
11%
3%
11%
3%
83S
8%
8%
44
134
1
3%
11
3
28
28
11%
13%
*4%
4%
4
4%
21%
32%
31%
*100
104
100%
3%
3%
4
10%
11%
12%
3%
2%
3%
27%
27%
29%
137
76
81
~5"666
Inland Steel
24,500
3,000
3,100
t Interboro Rap Transit-—100
d Interchemlcal Corp. .No par
1,000
5,500
32,500
12,100
1,300
900
78%
19,200
No par
Intercont'l Rubber
No par
Iron
Interlake
Agricultural. .No par
Internat
100
Prior preferred
10%
11%
13%
13
....
10%
8
IU5 I M .<■?
4%
4%
4%
57"
4%
3%
*45%
46%
"44%
45%
4234
44%
43
23
22%
22%
21
21%
21
3934
3934
*39
39%
*39
3%
30
22
23%
23
23
20%
20%
77
74
77
73
74
73
73
81
16
78
77
80%
75%
15%
77%
12
12
11
11
11
11%
25
24%
24
125
*100
62%
24
24
24
*100
125
*100
125
2484
24%
125
59
'84%
90%
90
87
125
125
125
*123
99
99
97
99
90
*21
934
*18
*2034
23
*1734
18%
*20%
Deo
16% Jan 29
284
Apr
Sys cl A...25
Int Mercantile Marine. No par
Internat
1
Mining Corp
15
No par
C
No par
*1134
9%
20%
93
1134
11%
1134
10%
884
734
8%
8%
39
11%
1034
29
29
2%
3
33
25
19
19
16
27%
18%
19%
19%
19%
19%
7
7
7
Closed—
7
34""
29
"
28i2
7
9%
10%
17
1734
17%
17%
10
9%
*19%
22
19%
20%
16%
884
Day
9%
28
15%
9
*7%
20
Holiday
16%
2034
16%
21
21
*108
170
*108
834
1%
6%
8%
*1%
16%
16%
8%
9%
*18
20%
1834
6%
1%
29
27%
27%
234
2,600
234
"14% "15%
9%
88
1
6
734
1
1%
434
27%
12%
584
86
89
18%
4434
1%
34%
1%
37%
334
3
24%
25%
106%
*106
17%
67
64
23
23%
*27%
2934
18
19
87%
88%
45
18%
63%
18%
66%
35%
35
36%
1%
35%
3%
24%
3
3%
2%
23
24
106%
105
106
1%
1%
17%
*125
1%
18%
103
17%
17%
134
*27
30
17
1,500
35%
11%
33%
34%
10
11%
2,800
25%
1%
26
1%
1%
4,000
1,000
6%
7%
8%
260
7%
8
600
11
11%
11%
30
2534
27%
*2%
3%
26%
2%
*1%
27%
2%
8%
8%
7%
6
*13%
1434
2%
2%
7%
8
1334
2%
734
27%
47%
7
7
*26%
*30
32
.
—
-—
*97% 106
16
16
1334
13%
13%'
23s
2%
2%
7%
7%
*15
*
6%
13
2%
7%
*15
27%
6
6
13
12%
2%
7%
2%
7%
1
1
9
11
11%
1
1
*5%
1%
3034
30%
9
11%
1%
31%
14
15%
13%
15
17%
18%
17
18%
4
4%
33%
3%
31%
3%
33
27
11
18%
155
6%
1
8
1
15%
27%
534
9
*5%
30%
*47
27%
7%
8
....
1
32
*148
*15
*
7%
9
*30%
15%
18%
34
10
"7%
1
2
34
*
t
3
*5%
*1%
4%
"T
9%
1%
32%
2634
148
44%
634
*27
1%
26%
28
148
155
44%
46
6%
634
26%
32
*10
1%
13%
*Io%
1%
1%
3134
30
13%
1634
334
31%
14%
4%
12%
16%
3%
3134
31%
18%
26%
155
*148
157
45
45
46
6%
26%
*
30
26
6%
*24
*30
*30
*97% 106
15%
16
£14%
6%
29%
*96
25
*148
43%
6
*23%
200
10
27%
10
6%
5,900
12%'
700
2%
4,900
7%
1
14,100
730
8%
13%
1%
320
30
800
70
3%
31%
15,400
14,000
2,400
1,200
2534
2,900
13%
17%
157
40
44
1,400
1,500
6%
29%
100
♦So
*30
*97% 106
15%
1534
(The)...No par
Lehn A Fink Prod Corp
5
Lerner Stores Corp
No par
Gl.No par
Llbby McNeill A Libby No par
Life Savers Corp
5
Liggett A Myers Tobacco—25
Llbbey Owens Ford
Series
106
*96
15
14
106"
14%
2,000
B
Preferred
Liquid Carbonic Corp-No
Loew's Ipc
—No
Bid and asked prices; no salee on
this day.
I In receivership,
pa!
pa!
preferred—..—No parr
46.60
No par
Lone Star Cement Corp No par
Long Bell Lumber A ...No par
Loose-Wiles Biscuit
25
6% preferred......
100
Lorlllard (P) Co
10
7% preferred
100
Louisville Gas A El A ..No par
Louisville <fe Nashville.—100
Ludlum Steel...—.........1
MacAndrews A Forbee
10
Loft Inc
preferred...—No par
No par
Macy (R H) Co Inc
No par
Madison Square Gard—No par
Magma Copper.—...— 10
J Manatl Sugar—.—...100
Certificates of deposit—100
Preferred
—-100
Pref ctfs of deposit
100
Mandel Bros
No par
X Manhattan Ry 7% guar. 100
Modified 6% guar
100
Mack Trucks Inc
2&
Manhattan Shirt
Exploration—1
5
100
6% preferred
100
6% prior preferred
100
6% 2d preferred
100
M arlln-Rock well Corp
1
Marhe all Field A Co.—No par
Martin (Glenn L) Co
1
Martin-Parry Corp
No par
MasonlteCorp
No par
Mathleson Alkali Wks.No par
7% preferred
.100
May Department Stores—10
Maytag Co
....No par
43 preferred w w
No par
43 preferred ex-warr.No par
461st cum pref
No par
McCali Corp..
No par
Maracalbo Oil
Midland Corp
Market Street Ry—-
Marine
d Change of name
»
...
25
100
Lily Tulip Cup Corp—.No par
Lima Locomotive Wks.No pa
Link Belt Co
No pa!
6%
25%
30
3%
29%
5,300
8,300
4%
7%
510
6.900
25
11%
15
7,400
8,300
1,800
24
31%
27%
17%
preferred...—.100
50
No par
preferred
50
6% conv
Lehman Corp
*128
*3%
15
1%
36
3
19%
134
*27
Lee Rubber A
100
11,100
*125
2934
*128
*28%
9
600
4,700
30,100
500
11
8%
2,800
4,300
2934
(The)——No par
...No par
Tire——.—5
Lehigh Portland Cement—25
Lane Bryant
900
600
56
24%
34%
9
400
10534
104
-.100
preferred
Lambert Co
3,300
22
35%
9%
65%
400
21
*27
5%
100
Oct
15
Apr
a Pet, delivery,
n New
Nov
Feb 19
50
June
Nov
19%
127
Aug
82
Jan
15
Jan
2438 Aug
152
88
126
Jan
2
12184
136
Feb 15
75% May
6
39% July
Oct 15
1838
Oct 13
46
Jan
8
121
Mar 17
116
Oct 15
29
Mar 17
Feb
Nov
Jan
13
19%
44% Jan 16
Oct 15
18% Oct 14
16% Oct 15
15%
35
634 Oct 15
19% Jan 14
99
Oct 13
109% Feb
3638
Oct 13
69»8Mar
9
Oct 15
20% Mar
27% Oct 15
4634 Apr
2% Oct 13
20% Oct 13
938 Mar
14
Oct 13
18%
Oct 15
6% Sept 14
May 11
105
4
10
8
14
30
Jan
19%
2338 Feb 11
Oct 15
Dec
80
Jan 14
110
Jan
23%
27% Jan 18
5
Jan
17
5
Mar
313s Nov
126
58%
8
Mar 18
Oct
Apr
2284
Apr
5
Jan
88
Feb
107
Jan
May
113
4
87% Jan
120
934
93
37% Nov
155
Oct
Feb
Nov
103s Apr
Oct 13
85
53%
35
11% Sept
107% Apr 6
26% Jan 30
30
Apr 15
55% Oct 14
7
Oct
30
15% Feb 19
75% Oct 15
2:934 Oct 15
115% Apr
10%
61% Nov
36% Jan 18
Dec
17%
Dec
87
Feb
28%
Jan
Sept
933s NOV
Deo
126%
Deo
Dec
133
50%
Dec
Apr
26
Apr
48% Aug
121
36% Nov
Feb
33%
110
Nov
283s
Jan
24%
Jan
107
Oct
633s Nov
1784 June
24%
Oct
18%
46%
Deo
Jan
3% May
7%
61
Jan
Nov
30
Apr
35% July 6
29% Jan 2
15% Jan 16
20%
4%
Apr
Apr
Jan 13
74%
Feb
135
Dec
Feb 30
71
147
32% Nov
18% Nov
Oct 15
47% Jan 23
3684 Aug
51
Nov
Oct 15
24% Jan 14
19% June
28
Jan
834 Oct 15
27% Jan 14
20%
33%
Jan
Oct 15
41% Jan 14
32
26
16%
17
15% Sept 25
6% Oct 15
13% Oct 15
1834 Oct 14
108
Sept 24
Mar
6
1734 Mar
1
24
27% Oct 15
12% Sept 25
2934 Oct 15
Apr
June
15% July
7%
Jan
27% Mar 11
12
51% Feb
1
Feb
1
Apr
94% Apr
8% Jan
203
July
16%
Oct
Feb
9% Apr
89
May
19
Oct
38% May
65
47%
80% Nov
Jan
Jan
79
153s Mar
2
7
May
25
Oct 13
29
Aug
5
25
May
113% Feb
4
97
Mar
28
Oct 13
41% Oct 15
Oct 13
Oct 13
1734
62%
104% Sept 25
1
June 22
34% Oct 13
2% Oct 15
Oct 15
18%
Oct 15
Oct 13
103
Jan 16
12
Oct 15
Oct 14
23%May 5
83% Feb 15
19
Apr
25%
63
36
July
55
43
Apr
87% Aug 11
110
Jan 23
21
76% Mar 11
1034 Jan 26
43% Jan 8
110
May 12
21
Oct 13
4l34Mar 11
Oct 15
Oct 15
25% Oct 15
104%
Jan
36
Mar 17
Feb 11
Feb
Apr
3% Feb
99
10
Jan
"67%
Aug 14
9784 Mar
23% Feb
63% Nov
Deo
26% July 26
Oct 15
33%
Jan
Oct
55
Oct 15
Jan
Dec
160
2834 Jan 13
24
Nov
116%
170%
Jan 13
7
28% Oct 7
127% Aug 10
31%
Nov
115
175
Oct 15
July
13
Jan 28
17
127
12384 Nov
2IS4 Nov
114
28% Feb 8
14784 Jan 20
17
Nov
18% Jan 18
43%June 10
213g Feb 11
58% Jan 9
Oct 15
173s
180
4
8
85% Oct 15
151
May 20
Feb
18% Nov
I884 Deo
45% Nov
2684
22
2
46
87% Oct 14
50% July
July
434 Oct 13
55
*128
Laclede Gas Lt Co St Louis
47
Mar 11
110
Oct 14
534 Oct 13
Oct 15
13%
84%
23
52
38% Oct 15
20% Oct 15
9,900
7,300
7,500
2,000
1,500
10,200
6,800
22%
26"
4%
Oct
Oct
Jan
Apr
19%
384 Jan 18
60
34%
11
Jan
83* Jan 30
57% Feb 16
2834 Jan 25
493s Jan 4
4% Sept 25
24% Mar 17
2134
25
11
3
Feb 16
Oct 11
60
36%
11%
1%
11%
10
3%
Oct 15
22
28%
9
Jan
Oct 15
6638 Nov
136
68%Sept 22
1
66
25%
*6
Deo
334
Oct 15
40
6
21
2234
8
19
No par
Co No par
Klmberly Clark
No par
Kinney (G R) Co——-—-.1
48 preferred
No par
45 prior preferred
No par
Kresge (S S) Co
10
Kresge Dept Stores.—.No par
8% preferred....
100
Kress (8 H) & Co
No par
Kroger Grocery A Bak. No par
Keystone Steel & W
4% conv
*51
35
*1
Deo
8%
4% Sept 10
Oct 13
Lehigh Valley Coal
17%
3634
*15
14%
1%
Jan
Jan
834
Lehigh Valley RR-—
17%
28%
9%
2%
43% May
14" loo
17%
17%
36%
11%
15
3,600
—1
Kennecott Copper
290
17
28
10
8%
25
*24%
85%
85%
88%
8734
158% 158%
17%
17%
28%
28%
41%
41%
65%
64%
105% *102% 10534 *105
18
2934
*128
43
45
135
64
22
89
87
17
18
*60
87%
*125
18%
135
88
8
9%
27
158% 159% *158% 161
18
17%
18
17%
3134
30
28
29%
161
18%
9%
1%
5%
29%
123g
30
62%
3%
634
48
*24
—5
B
Class
125
46
934
240
400
*28
12%
7,200
4,100
2,100
50%
12%
400
6%
30%
*18
*8%
780
1334
47%
8%
68
*27%
16
50%
65
17%
19
31%
1053s 1053s
134
17
12%
30%
1734
3%
20
47
12%
19%
24%
8
53%
18%
4
16%
8
32
3334
25
16%
30
434
46
106% *106
16%
834
434
183s
1%
26
29%
12%
2934
46
35
26
34
6
32
*9
800
190
30
19%
*128
6,000
29
35
18
59,500
9%
*108
1
161
134
38%
9
125
1%
6%
48
1734
37
19%
*108
Stores.412.50
Kayser (J) & Co
10
40%
19
1
*46
*120
734
20
8%
*32
334
99
1034
99
15%
20
100
preferred
Kendall Co 46 pt pf A. No par
634
*95
15%
6%
13%
125
4%
pf ser B No par
100
City Southern
Kansas
820
934
8%
7%
7%
10
Kalamazoo Stove & Furn
4,700
3,500
11
14%
£19
Preferred
Kelsey Hayes Wheel conv cl A1
7%
1534
Jones & Laugh Steel pref—100
Johns-Manvllle
Kelth-Albee-Orpheum pf._100
Xl334
*85
25
Feb
Sept 23
—No par
No par
100
40
7%
89
*105
125%
Oct 15
1 Z116
preferred
Jewel Tea Inc—
1,900
15%
16%
*85
1%
37%
darlO'
Jan 5
19% Sept 22
18
5pr 6
91, Apr 6
8
Oct 13
17
800
92
1%
738s
13534
44
24
1
85
5,100
*25
No par
Intertype Corp
Island Creek Coal
16%
7
*88
37%
Oct 11
l27%May 27
73
85
19
9%
6784
Dec
100
No par
17%
18%
25%
67%
18%
Oct 13
93
*6%
6%
Preferred
Kaufmann Dept
7
9
*104% 105%
Feb
Dec
21
Storea.No par
100
1,300
1938
25
19
20
16
27
19
19%
19
15
*25
*18%
8
13 38
100
preferred
7%
Interstate Dept
700
19
7
*108
31%
*159% 161
Jan
7
Oct 15
Inter Telep & Teleg
Kan City P & L
"2",600
19%
8%
4734
90
7%
1584
16%
27
90
15%
21%
*25
9%
17
20%
21
53%
934
13%
5234
2,900
21%
170
34
13
*33
7%
14
30
30
1,910
234
7%
5%
29%
12%
6%
29
16
8
17
♦16%
90
2%
"
1634
*8
88
234
*27%
29
*9%
16
4%
Ian
41
—
Shoe
International Silver
Dec
9
18«4
No par
No par
100
preferred
6%
10
Columbus
—•»
*29"
37%
14
Exchange
39%
19
Stock
3
99
28%
2%
20%
11%
29%
99
36%
984
41
29%
*85
99
100
4134
3
17%
17%
85
40%
11%
*27%
18%
20%
17
100
100
100
6,500
120%
15%
734
12
*834
87%
19%
17
100
5% conv pref
Internat Rys of Cent Am.. 100
10%
15% Apr
▼
100
Preferred...
Inter Pap & Pow Co
16
125%
19
11%
93
1,000
"""166
85
20%
85
*85
*85
55
90%
1784
17%
23%
Deo
Apr
120
700
Deo
194
160
125
*45
120% *118
120% *118
7
8%
8%
9%
8
21
10
*100
55%
90
19
20%
*16
17
17
26
900
66,200
9,300
125% *124
90
97
*118
120%
120% *118
10
934
*8%
*118
86
125% *124
183s
21
21
21%
55%
88
*55%
60
*55%
*123
89%
14%
75%
1334
1434
12%
*55%
13%
75%
Z934
*22%
*77
81
*100
6%
1534
16
*12
534
7%
Jan
♦260
6%
6%
14%
6%
534
634
6
Deo
5% Mar
148%
International
77
15%
63% Apr 14
18%
Jan 18
International Salt
*23
2% July
2234 July
160
Apr
162
500
28
634
9% Apr 14
144% Apr 30
5% Oct 13
4% Oct 13
7% Oct 15
Preferred
400
80
6%
2% Jan
9% July
11% Mar 16
28% Mar 11
4834 Nov
Sept
5% Deo
112
105%
800
80
Apr
Jan
39
*25
May
56%
21
3834
37
107
5
4234
41
*20
39%
Jan
64% Apr 20
111% July 16
4
200
30,800
1,000
Deo
Jan
18%
Jan
Voting trust certlfs.-No par
21
40%
3%
43%
*22%
*39%
4834
40
54%
4
49%
334
24%
7%
Jnn
Aug
Class B
50
Oct
Dec
6%
120
Class
58""
5
10%
Jan 18
6
1384 Jan 20
189
1
"57"
Nov
33% Feb 23
1
1
122
Oct 15
200
50.500
Deo
88% July
6
Oct 11
Int Nickel of Canada..No par
45%
*132%
140
76
85,000
....
147
Aug
134
46%'
47%'
45%
*132%
*131%
May
No par
100
Harvester
22,400
8,300
6,800
44%
47%
Feb
106
125
Feb
Int Business Machines. No par
Internat
Int Hydro-EIec
•
'413s Nov
5
July 30
131% Mar
11% Oct 15
4% Oct 13
4
Sept 25
30% Oct 14
100
Sept 20
3% Oct 15
10% Oct 15
2% Oct 15
27% Oct 15
100
preferred
6%
10
No par
share % per share
15% Nov
4% Jan
per
25% May
47% Apr 20
Oct 14
70
Inspiration Cons Copper.__20
Insuransharee Ctfs Ino
1
141
141
137
77
83
80
134
12%
100%
4
13%
33g
75
12%
4%
43g
100
preferred
6%
138
70i4
*147% 149
148% 148% *147% 149
534
5%
5%
638
5%
6%
4%
434
434
5%
4%
4%
7%
8
8
834
7%
8%
9
48%
4%
30%
136
85%
538
133%
4%
28
634
1
133% Mar 27
143
12%
*148% 150
14%
144
77%
136
4%
1334
Oct 15
76
135
6%
47%
Oct 15
88
*132
7%
534
*133
24
No par
138
5%
634
No par
Ingereoll Rand
*132
81%
86
Industrial Rayon
800
94
4%
5
32% 33
*100% 109%
22% Jan 20
Indian Refining
4,500
*92
4%
10
2.000
25
7%
t
share
per
90
7
92
81%
%
4 per share
7
Oct 15
Highest
Lowest
Highest
Lowest
Par
24
92
134
151
151
25%
95
7634
100-Share Lots
734
26
7%
26
138
*132
*133% 139
Shares
On Basis of
Weelt
$ per share
14
$ per share
8%
7%
25
13%
14%
438
4%
4%
4%
5%
5%
*30
33
33
109% *100% 109%
3%
334
4%
12%
13%
13%
3%
338
3%
28
33%
36%
*30%
Oct.
13
$ per share
14%
*4%
•
$ per share
Oct.
Range for Previous
Year 1936
Ranoe Since Jan. 1
STOCKS
NEW YORK STOCK
EXCHANGE
the
Friday
Oct. 15
Thursday
Wednesday
88
90%
82
*79
12
9
27%
26
99
*132
Oct.
NOT PER CENT
SHARE,
PRICES—PER
Tuesday
11
Oct.
$ per share
27%
SALE
HIGH
Monday
Sates
for
AND
LOW
Saturday
2507
New York Stock Record—Continued—Page 6
145
35%
3%
z3834
107
Jan
Jan
Feb
Deo
8% Mar
Oct
45
Jan
113
Sept
140
Deo
20
May
Jan
22% July
33
3%
61%
May
21% Apr
57%
Deo
108% July
Oct
26%
151
Jan
Jan
30%
102%
Oct
Oct
35
Feb
42
Jan
134% Nov
Feb 9
Mar 8
Mar 8
Jan 20
127%
Jan
273s
Jan
49%
40%
Apr
65% Nov
8%
Jan
15%
MarlO
34%
Jan
57
Nov
7% Jan 12
1%
Jan
9
Dec
132%
62%
58%
1538
63
1% Oct 15
Oct 15
7
Mar 30
6% Oct 15
30
Jan 11
Oct
Deo
1
Oct 11
9
7%
14
Oct 13
Sept 25
584 Oct 13
12% Oct 15
2% Oct 14
Oct 15
7%
1
7
Sept 10
Sept 8
11
Oct
6
1% Sept 14
30
Oct 14
12%
Oct 15
14% Sept 20
3% Oct 13
31% Oct 13
25
Oct 15
142
May 17
21% Apr
"7% "Jan
6
16% Jan 11
7
June
Jan 14
32
Dec
12%
Dec
39
16% Jan 20
29% Jan
684 Feb
14% Feb
3% Mar
30*
17
13
29
20
Jan 21
39
Jan 20
6% Mar 27
6134 Mar 4
30% Mar lu
29% Apr 30
13% Jan 10
74
Feb
8
2% Jan
8% Apr
1%
41
Jan
Feb
2434 Deo
684 Mar
1284 Aug
3% Mar
23
Nov
45
Nov
7%
Deo
56% Nov
11%
Jan
25% NOV
6%
Apr
"27%
Apr
165
Jan 25
163% Jan
43% May
Oct 15
66% Mar 1!
15% Jan 11
13%
26
Oct
8
44
Jan 13
35
June
3
45
Jan 13
97
July
8
111
from Intern atlonal
Nov
May
Oct 15
36
Prlntllng
stock, r Cash sale, x Ex-dlv.
Jan
2% July
6
Oct 15
Jan
6% July
I884
18
57%
23%
"l2"
Mar
5
4134 Jan
17% May
43%
14
35% Deo
42% Nov
163
Deo
70
Nov
Apr
21%
43%
Dec
55
Feb
44
Nov
50%
Apr
Jan 22
103
Jan
110%
Oct
2
29
Feb
37
Dec
Jan
Feb
Ink 'Corp.
tEx-rights.
1 Called tor redemption.
New York Stock
2508
LOW
AND
HIGH
SALE PRICES—PER
SHARE.
Record—Continued—Page 7
NOT PER CENT
STOCKS
Sales
NEW
for
Saturday
Monday
9
Oct.
11
Oct.
$ per share
Wednesday
Tuesday
Oct.
$ per share
13
Oct.
12
13
11
12
10
75
75
*71
19%
19%
14%
37%
26
11%
37%
9%
£19
92
*78%
19%
19%
14
14
13%
37
37
36%
*26
27
24%
10%
11%
10%
37
37%
*35%
9%
*78%
9
94
9%
*78%
Oct.
$ per share
$ per share
98
12%
*75
Thursday
Friday
14
% per share
11%
10%
98
19
11%
*71
*70
Par
Shares
10%
10%
82
Lowest
Week
$ per share
14,800
80
McCrory Stores Corp
6%
100
McGraw Eiec Co
*17%
19
13%
117g
33%
13%
11
11
1,300
33
34
4.800
24%
10%
25%
24%
25
5,500
107g
37
10%
*30%
8%
23%
10%
37
39
21%
9%
35%
Mclntyre Porcupine Mines..5
McKeesport Tin Plate
10
36%
800
9
8%
8%
7,700
8%
9%
92
107g
92
*78%
600
20,400
McKesson & Robbing
18%
16%
18%
15
17
~4~5o6
85%
85%
85
85
*83
85
♦83
85
80
*77
78
78
78
75
75
*75
80
75
75
300
*50
56
*50
56
*48%
56
*48%
56
27%
*19
24
♦45%
10%
22
6%
6
6%
5%
12" 100
5%
25%
25
26
24%
25
*19
24
19
19
19
19
*18%
19
100
48%
10%
*45%
9%
47
45
22%
20%
*1%
3
*2
2%
*18%
3%
20
12%
13
•3%
22%
90%
93
*27
108
108%
44%
28%
102
*94
97
74
$5.50 pref ser B w w'bNo par
*4
0
2
*65
%
75
*34
*1%
1%
2
75
2
1,200
*%
%
1%
17%
2%
18
12
17
3,200
17%
Oct 13
72% Mar
Oct 13
10
8%
18%
No par
23%
1st pref
100
Ry & Lt 6% pf-.100
99%
8%
cum
Mllw El
conv
pref
Mission Corp
..No
13,000
1%
2%
20%
1%
2,000
3
7,200
20% 21% *20% 21
21
90
87%
88%
86
88
89%
*104% 108
*104% 108
*104% 108
1,700
preferred..
Mohawk Carpet Mills
5,000
3%
3%
43%
39%
27
27
25
25
25
25
50
*48%
49
48%
48
48%
1
%
48%
%
%
%
%
42%
40%
43
100
41
61,200
25
900
49%
%
19%
39%
24%
*47
130
5%
Mfg
*63%
*106
7*4
*53
14
*19
14%
9%
22
66%
106% *106
54%
14%
*61%
65
1,000
22%
6%
54
0
54
£53
14
53
49%
12%
15%
13%
15%
16
15
15%
13%
14%
12
13
9%
8%
8%
8
21% 22%
*148% 155
20
Stock
19
109
107
10
*5
6%
25%
40
*
ClosedColumbus
*106
Day
19
*
88
21%
15%
107
8%
20
"■16"
23
"40%
16%
110
*106
110
8%
5%
8%
5
5
24%
25
*24
23
*20%
23
*20%
7
6%
31%
31%
29% 31
*155% 159
*155% 159
*137% 138
*137% 138
28%
24%
23
*19
7
6%
6%
30
27%
*155% 159
*136
6
24%
22%
6%
29%
28%
26%
26%
24%
♦155% 159
138
*136
7%
7%
7%
7%
*%
%
%
%
65 "
68%
28%
6%
%
*%
65%
*
%
69
29
25%
115
115
110
5
5
5
9
24%
110
5
9%
34
75
9%
34
80
42
*106
*11%
19
*38%
*30%
*70%
42
41
108
138
%
*%
65%
67
27%
26
108
108
4%
39%
103
108
3%
25%
*106
4%
900
13,800
100
9,700
10,200
M
-
m m m,
1
No
15% Aug 16
99% Mar 19
36% Feb 11
61
Oct 13
90
102
6
Apr
8
| Oct 15
49% Oct 15
6
12%
Oct 13
National Biscuit
10
20
Oct 15
100
145
May 18
Nat Bond & Invest Co .No par
19
Oct 13
100
90
Aug 20
Nat Bond & Share Corp No par
Nat Cash Register
No par
40
Oct 13
20
Oct 15
15
Oct 15
7%
cum
pref
A w w__
ser
Nat Dairy Products
No par
6%
100 zl07%June
preferred
Nat Distillers Prod
No par
~
66%
9,000
26%
15,300
108
700
4%
4,700
9
8%
9
2,800
*27%
29
600
75
*70
75
106
~
-
—
-
"906
39
60
*10%
17%
*10
17
16%
18%
£16
17%
13%
15%
40
41
41
42
39%
41
24
20%
22%
20%
22%
19%
21%' 148,500
~
27,000
1,700
3%
Dec
2%
Feb
5%
Feb
6%
Feb
29%
9%
33%
Deo
4
Feb
7%
33%
Jan
19% Aug
May
79
35%
41%
Deo
94
Feb
Sept
108%
Jan 26
20% Feb 11
Mar
71
1
£24% Jan 28
47% Mar 11
24
Mar
9
18% Jan 21
33% Mar
167
2
Jan 18
33%
Jan 13
103% Feb 3
57% Aug 17
38% Feb 25
26% Feb
8
60%
%
Feb
Oct
Deo
103
Mar
Nov
Jan
68
Dec
59%
Feb
Jan
71
Feb
2% Nov
Jan
28% Apr
43%
Jan*
70
May
21
Jan
44% May
102% July
14
Apr
43
27
Oct
Nov
101% Nov
36% Deo
79% Aug
108
Deo
22% Mar
Jan
62% Nov
20% May
12% Apr
9% Apr
28% Oct
47% Oct
19% Deo
15% Mar
38% Jan
153
Jan
Dec
164%
37%
Deo
100
Dec
107%
Dec
21
Apr
Apr
32% Nov
28% July
112% Mar
30%
21
Dec
112% Mar 11
107%
112
107
Dec
10
Apr
24% Nov
33% Mar
8
Oct 13
4%
Oct 15
Oct
112
10% Jan 28
22% Oct 15
35
Mar 17
25% June
Nat Enam A Stamping.No par
Nat Gypsum Co
1
20%
Oct 15
38
Mar
28
5%
Oct 15
National
26
Oct 15
44
June
18% Apr 22
Lead
10
7% pr ferred A
6% preferred B
100
154% Apr 26
127
150
6% 2d preferred
National
Steel
9
Oct 15
6%
Oct 15
%Sept 9
% Sept 11
100
Corp
25
National Supply of Del
65
10
Oct 11
24
—100
Preferred..
July
23%
108
National Tea Co
No par
Natomas Co
No par
Nelsner Bros Inc
Sept
3
Oct 13
3%
Oct 14
a:8% Sept 10
1
28
Oct 14
4H% conv serial pref___100
Newberry Co (J J)
No par
5% pref series A
100
80
Oct
100
Newport Industries
1
N Y Air Brake
No par
New York Central
No par
8
39
Oct 15
100
Apr 7
Sept 25
12
3
Mar 11
171
100
t New Orl Tex & Mex
m
Mar 13
May 20
24% Mar 9
Nat Rys of Mex 1st 4% pf.100
%
1
106% Oct 15
10
1,300
%
17
6% Sept 25
par
22,600
7
40
39
.5
Nat Mall & St Cast's CoNo par
National Power & Lt--.No par
1,900
29
*10
Corp..
Oct 13
No par
39
39%
39%
106% 106% *103
40
No par
Nat Depart Stores
*69
106
Nash-Kelvlnator
10
4,000
9
75
Myers F <fc E Bros
100
100
24%
4
5% preferred
Murray Corp of America
7% Pref class A
7% pref class B
28
9
30%
*70%
%
*%
65%
%
21,500
6
6%
(G
""160
*152% 159
*133% 143%
%
67%
27%
m-
m
6,600
20%
7%
%
17,200
23%
23%
Co
Oct
15
Nat Aviation Corp
20%
24%
7
%
8%
42
23%
7%
4%
30
106% *106
106%
15%
*11%
15%
19%
17%
19%
44
26
Murphy
6%
3% Feb 26
70
Oct 13
5
20%
'
*26%
1
No par
No par
C)...iVo par
Oct 15
"V.660
22%
20
B
class
15
110
5%
Co
$7 conv preferred
Munslngwear Inc
5% pref
42
4%
...
Co
12
2,200
106% 106%
8%
8%
8%
Jan 18
Nashv Chatt & St Louis..100
mmmM,
15%
*106
Feb 17
66%
1,600
20%
15
*106% 109
*5
578
26
20
Mar 10
46
Oct 14
National Acme
190
88
"41%
42%
21%
16
69
Oct 15
6.400
19
*
21
27.300
8%
*17
88
16%
8
Holiday
19%
21%
*107% 109
9
12%
20% 21%
20
20%
21%
20%
*148% 155
*148% 155
*148% 155
Exchange
88
22
8%
8%
21
17%
16%
17%
*108
111
*108% 111
*9
400
14
23
*30%
49%
12%
15
17
*70
21,600
12%
22
*%
20
6%
13
47
68%
28%
106
14%
19
*42
6%
106
7%
14%
88
*19
106%
6%
9
21%
*5
7%
14
14%
9%
49
25%
04
13%
17%
20
*44
*9%
*61
106% 106% *100
54%
*84%
*107
03%
7%
7%
57%
*148% 155
*21
400
61
106%
7
120
15
Oct 15
24%
Oct 15
Mulllns
72
*12"
39%
48 4
2
Nov
12% Mar
2% Aug
2% Jan
16% June
5% Jan
14% Jan
Feb 13
6,200
6%
♦
17
Jan 23
6% Jan
57% Jan
1% July
Mar 15
7
7%
70
40%
107% Aug 27
109
Sept 24
51
Brass
70
4
8
34
Apr 5
9% Mar 17
34% Mar 17
6% Mar 17
12% Mar 17
Jan
26
Mueller
*13
5% Mar
6%
38% Jan 15
Wheel
1,200
7%
-2%
3
Jan 23
Oct 13
Motor
22%
15%
t
Aug
13% Oct 13
5,700
22%
73
Oct 15
Oct 13
108
20
14%
23
7
120
1
6,900
13%
22
14%
22%
6%
14%
20
15
112
Dec
6
21%
24
.72%
Apr
119
%May 12
18% Oct 15
24
8
265
MarlO
16% Mar 11
Morrel (J) & Co.......No par
Morris & Essex..
50
25
18%
64%
Mar 17
124
Oct 11
19%
75
120
14
Oct 15
Oct 5
Apr 29
16%
7
109
85
21%
75
Mar
108
13%
*15%
63%
Feb
88
10
19%
8%
110
Jan 22
$4.50 preferred
No par
Mont Ward & Co Inc..No par
16%
16
Jan
106
Oct 13
16
80
48% Sept
131% Mar
Sept
122
Oct 15
20
Deo
30% Nov
Oct 15
2%
21
8%
Jan
Oct 13
16%
16
Apr
21%
1%
22%
*73
217%
48% Mar
Oct 15
16
18%
35% Mar 10
2%
9%
Mother Lode Coalition.No par
Motor Products Corp..No par
*21%
Oct 13
Oct 15
17
%
22%
23,500
Nov
16%
par
78
22%
%
Oct
65
100
20
conv
Deo
Jan
100
tMissouri Pacific
12
Jan
%Sept 15
1% Oct 15
Monsanto Chemical Co
2%
1%
Jan 16
5%
100
Preferred series A
41
5
1
Mo-Kan-Texas RR—„lVo par
12,800
~9l" "Oct
26% Feb 23
100
3
55% Jan
6% May
45
100
7% preferred
4% leased line ctfs
Deo
Nov
Jan
Oct 13
75
Minn St Paul & S S Marie. 100
10%
1%
2%
6%
preferred.No par
conv
122
31%
40%
1 Oct
99
Minn Mollne Pow Impl No par
$6.50
28%
Jan
Dec
Oct 14
74
100
B
ser
14% Nov
49% Nov
21% Nov
108% Deo
June 21
94
Minn-Honeywell Regu.No par
4%
Deo
Jan
8
45
Mid Continent Petrol
Dec
12%
x95
9
5
Midland Steel Prod
£95
Jan 13
16% Feb
47% Mar
4%
5
9%
1%
86
6
Oct 13
'24% Oct 15
■
Mesta Machine Co
2%
3%
Oct
24%
49%
Oct
93% Aug 13
Mtaml Copper
270
200
52%
1
100 ^
Jan 14
Sept 10
200
1%
Sept 25
share
per
23% Nov
101% Deo
June
8% Apr
37% Jan
11% Apr
8
Feb 16
19
300
1%
1%
No par
1st pref
conv
16
34% Apr 19
101
Merch <fc Mln Trans Co.No par
50
13,100
1
2
10%
1%
108
40%
m-m
2%
2
3%
'
m — m
*98% 102%
6%
0%
74
*65%
7%
70
5
June
38%
17
Jan
112%
10
Oct 15
5%
2% May
19
14
19
Oct
Highest
share $
92
47% Jan 12
15
......
$ per
24
14
85
Mengel Co. (The)
share
15
25
15
No par
16 pref series A
120
97
74
99
7
75
99% 100
*94
75
99
7%
75
3%
21%
92
43
3,200
101
12
3%
21%
91%
19%
25%
97
17%
3-%
22%
18%
23%
75
2%
10%
1%
20
105
7%
1,400
9
26
75
103% 103%
46
8%
17,100
17,300
*94
3%
1^%
2
3%
11%
45
9%
19
24%
17%
2%
*2
20%
18
18
3%
47
8%
28
105
2
2
46%
10
18%
26%
2%
*1%
46%
8%
100
No par
Mead Corp
430
10%
21%
1
Melville Shoe
56
4%
25
28
28
3038
107%
10712 107% *101
*94
97
*94%
97
78
78
75
78%
*98% 109
*98% 109
8%
7%
8%
8%
76
85
80% *75
%
*%
h
50
5
26%
26%
*28
*107
6
4%
17%
Oct
9
Sept
35i2 Oct
8*8 Oct
92
Sept
per
28% Jan
42% Jan
42% Mar
16% Mar
Oct 15
11
32%May 10
5
6% conv preferred
18
90
24% Feb 11
106% Mar 2
21
Sept 21
2H2
No par
McLellan
92
*78%
20%
17
1
new
13 conv preferred
Stores
$
Sept 25
17% Oct 15
McGraw-Hill Pub Co..No par
35
*19
*517,8
6%
10
share
71
36%
17%
Year 1936
Lowest
Highest
Oct 13
per
1
13%
*85%
*26%
t
100
preferred
conv
34%
17%
Range for Previous
EXCHANGE
the
15
Oct.
Range Since Jan. 1
1937
16,
On Basis of 100-Share Lots
STOCK
YORK
Oct.
37% Apr
26% June
36% Nov
Jan 22
155
Oet
171
Deo
Jan 29
61%
137%
Jan
147
Nov
Jan 22
64
Dec
61%
9% May
147g
14% Jan 14
2% Jan 18
1
9 % Aug 14
41% Aug 6
Aug 2
12% Jan 15
137
13% Feb 25
57% Feb 13
87
Sept 21
64% Mar 10
109
Jan 11
37
Mar 17
41%
39
98% Feb 10
Jan 18
Deo
Feb
%
Jan
3
Feb
%
Jan
1%
Feb
67%
Apr
Jan 18
13% Oct 15
Oct 11
Oct
19% Jan
74% Jan
7% July
10% June
32% Apr
41
Apr
104% Apr
10% Feb
78
Deo
75% Nov
133
Deo
12% Nov
13%
60
Jan
Nov
64% Nov
110
Nov
43
Apr
9
Apr
40
Deo
32%
Jan
83
Deo
Jan
24%
21
*26
30
28
28
25%
25%
25
25
*20
22
400
N Y Chic & .St Louis Co.-.100
50
Oct 14
72
53
25
52%
*18%
Mar 17
53%
48
50
17%
Jan
45
46%
44
44
49%
53%
2,200
18
Oct 15
100
Jan 22
19
36%
95
18%
Jan
18%
18
18%
Oct
Sept
17%
18%
2,200
6% preferred series A... 100
NYC Omnibus Corp.-No par
New York Dock
No par
44
19
15
Nov
2?%
5
*11%
120
s58
7%
1%
6
*45
*91
5
4%
12
10%
120
120
%
%
3
3%
7%
1%
6%
7%
1%
5%
55
45
102
«
~
4%
1
4%
4%
11
10
*118
120
%
%
%
9.300
2%
2
2%
13,300
6%
7%
6%
5%
6
1%
2%
5%
*1%
1%
1%
1%
6
5%
5%
5
5%
3
4%
45
92%
♦81'
45
*45
92%
*81
%
50
40
92%
*82%
7%
*
97
95
7%
97
*92
16%
*37%
2%
*21%
13%
39%
11%
17%
38%
2%
26%
198
202
*90
*
*105% 110
18%
17%
51
51
101
*95
50%
500
7%
33.600
98%
*90
97%
*90
96
100
91
*91
94
70
*
95
"14%
37
2%
2
16%
26
14
13
13%
37
40%,
10
11%
9%
*93
*93
*9
7%
27
*20%
21
*48
50
*116
20
*48
25
91
16
14%
37
*37
2%
23%
20%
50
*116
10%
95%
8%
26
"l9~
48
19%
48
83
77
80
13
13
12%
5%
10%
16%
"
13
12%
12
12%
32%
34
9%
10%
8%
8
*15%
95%
93
8%
7%
25
4%
15
62%
22
18
144
62%
20
9%
5
15%
*
40
28,700
7,900
11,600
No Amer Edison $6 pf.No par
Northern Central Ry Co
50
Northern
Pacific
100
2l",7o6
20
100
3,200
20
78%
8,200
12%
3,300
5
5
4
4%
430
15
15
11
11%
340
1
Jan
Oct 13
48% June 18
6% Oct 15
50
No par
Elevator
Otis Steel
7%
Prior preferred
Oct
91
Oct 14
13%
9
17%
3
Jan 21
104% Jan
105
8
Jan 28
278
310%
115
Jan
Oct
Oct
23%
52%
Apr
35% July
Feb
59
6%
Jan
7%
126
36% Mar 11
50
Aug
2
Jan
6% Mar
3
114
Jan 18
Feb 13
Oct 13
19% Mar
Oct 15
45% Jan 21
July
Jan1
53% Jan 22
22% Apr 5
73
Apr 20
26% Feb 16
Oct 15
98
97%
Apr
2378 July
40
100
$5 50 conv 1 st pref--No par
Outboard Marine A Mfg
5
57% Feb
12
22
100
Jan 14
20% Oct 14
32% Oct 15
8% Oct 15
90% Sept 24
No par
No par
34%
1% Aug
Nov
14%
June
Dec
'
97
Oct 13
Preferred
109% Aug
May
Oct 15
Sept 25
Ohio Oil Co..
104
Apr
105
2
Oliver Farm Equip
No par
Omnibus Corp(The)vtc No par
Mar
210
17%
Feb
83
Jan
8
Deo
15% Mar
99
Sept
93%
Jan 14
8
Oct
May
114
Apr
34
Telegraph
Apr
272
102% Sept 30
50
Northwestern
July
Oct 15
9
Norwalk Tire A Rubb-.No par
6% preferred
*116
12%
1
8% preferred A
100
Oppenhelm Coll A Co..No par
18%
12%
50
Otis
50
77
preferred
North Amer Aviation
10
"l7%
13
6%
No par
Jan 22
9%
Oct 14
102
pref
North American Co
76%
4
150
57.
102% May 3
92
Sept 25
112%May 5
102% Sept 30
4% Mar 3
June
195
100
Adjust 4%
*
5.400
*48
8*2
100
100
Western
3,000
62
63%June14
Sept 25
73
$7 pref ser A ctfs of dep
t Norfolk Southern
8%
146
1
3
92
Norfolk &
93%
19%
78%
No par
No par
23%
50
*116
80
13
5%,
60
4,400
37%
*93
39,200
2%
21
*48
*116
16%
14%
42%
2
*140
84%
5
13%
*37
2%
20%
23
63"
*
12%
15%
15%
43
*130% 132
*130% 132
*130% 132
11%
10%
10%
11%
10%
10%
83
5%
2
12%
33%
13
37
*140
63
34,000
6%
36%
*25
40
50%
2%
*140
110
7%
11%
63
700
51%
40
*58
"l",306
..No par
Feb
Deo
7
8
19% Feb II
$7 pref8erles A
2%
6%
18%
7%
Jan
Oct 15
N Y Steam $6 pref
Jan
Apr
7% Apr
2
40
29% Nov
Jan
9% Mar
26% Feb 25
6% Feb 11
130
3% July
10% May
Oct
119
Oct 13
Oct 15
Corp part stk..l
7% preferred
100
27%
Oct 15
%
l%Sept 10
7
23%
12%
34%
*140
*50%
Jan 20
3
....
18%
No par
25% Jan 22
135
5% Oct 15
195
17%
119
31% Mar 19
12% Jan 22
Conv preferred
100
t N Y Ontario & Western.. 100
92%
18%
Oct 15
Sept
N Y Shlpbldg
*90
98%
*93
95%
95%
*8
9%
9%
27%
26% 27%
*130% 132
*130% 132
12
11
11%
11%
18
Sept 13
7%
1,900
7%
15%
36%
*23%
51
"...
Oct 15
4
55% Mar 17
7,500
8,700
101
"l%
199% 200
195
106
106% *106
Oct 15
2
7
7%
95
198
...50
IN Y Investors Inc
17%
No par
N Y & Harlem
$6 pref ctfs of dep
♦
102
"1% "l%
51
7%
45
5% preferred
19%
1NYNH & Hartford—100
~
105% 105%
18%
19%
54
130
%
-...
*51
120
120
2%
"l% "T%
*105% 110
19%
19%
1,320
%
200
208
1,440
9
2%
_
*102
"1% "l%
*204
4%
7%
10
120
122%
4
4%
8
3%
7%
1%
45
*81
92%
-
*101
5
11%
120
'
7
140
10% Oct 15
112% Jan 23
62% Oct 14
146
1
Feb
3
24% Mar
8
97
Oct 15
Mar
8
17% Oct 15
28
48
75
Jan 12
Preferred
100
Owens-Illinois Glass Co..12.50
Pacific Amer Fisheries Inc
5
114
17
107
July
Jan
8
Jan
24%
Apr
123
Jan
12% July
70
July
79
Deo
103
36%
57
Nov
Feb
Mar
4% Mar
32
Nov
18
Dec
59% Dec
25% Mar
115% Feb
19% Nov
39% Nov
136
June
20% Mar
120% Nov
83% Deo
Jan 26
No par
19
Aug
12% Aug
24% Jan
106% July
Outlet Co
Pacific Coast
lRt preferred
77
12%
Oct 13
May
4
Oct 13
Oct 14
115
June
9
47
Jan
70
Nov
114
July
114
July
10334 Aug 11
23
Jan
7
10
4
Oct 15
15% Feb
1
No par
11
Oct 15
40
3
Mar
"l3"
July
3% Jan
8% July
22
Dec
15
Dec
32%
Deo
Volume
LOW
AND
Oct.
9
11
Oct.
$ per share
.5 per share
10
17
17
*16
2634
27
26
39%
39%
39%
*15%
1634
16
130% 130%
131
16%
132
135
136
1,000
Pacific Finance Corp
25%
41
15%
25
25%
7,600
Pacific
Gas &
39
3934
3,400
Pacific
Ltg Corp
40%
14%
7
14
340
1534
15
15%
1434
15%
15%
6%
634
6
6%
878
8%
6%
934
5%
8%
5%
*734
8
8
1%
54
1%
57%
1%
47
47
1%
8%
1%
1%
1%
1%
58
58
55
57
4534
46%
46
46
99%
*91
99%
16%
15
16%
107
112%
*91
16
*111% 115
*
100
1434
23
2%
2134
2%,
2%
2%
eo 1—-r *?
*22%
234
3134
32%
31%
CO
21
21%
*238
2%
2%
23g
2
7%
7%
634
7%
634
11%
1134
11%
11%
11%
5%
*37%
3938
5
39%
38%
7934
8034
79%
2%
4%
23%
2%
2%
2%
2%
4
4%
4
*19%
26
21%
*17%
25%
18
*16%
25%
*38
54%
30
*
36
7%
8
10
25
26
t
43%
"lo"
40
10
*1
Us
197S
1134
934
3i2
3i2
3%
1%
107g
4%
9*4
1112
*934
32
52i4
117*4 11714
365s
3634
134
12
12%
2%
10
2%
1
lis
20%
18
15
113s
3%
10%
3%
8%
103s
12
9
28
49%
36%
36
98
98
97
97
*107
112
*108
130
*117% 130
121
*138
140
97
97
112
3412
14
9l2
*14%
834
62
5i2
51
60
50%
5,900
117% 117%
£60
117% 117%
36
3634
9534
9534
97%
9634
110
109% 109% *106
118% 118%
119% 120
9
8
*90
63*4
60
4%
55S
32i2
8%
15
7%
8%
*95
6134
69%
5%
4%
*28%
25
2:25%
34
*32
34
*32
34
12%
434
47g
*55
*1%
1%
*11
15
12
12*2
12%
4%
434
11
12%
12%
12
12
11%
12
8334
84
3%
3
19
*28
*28
17
17
*85
100
*1334
1434
46*4
46%
67
11*2
k
1%
16%
*80
*28
80
1334
1334
45%
46%
♦
15%
*85
1334
45%
16
*57%
61
20
*2%
41
1%
*3%
2038
378
41
134
37g
7
7
*12
18
"ie"
80
75
16%
100
14%
46
67
1%
200
1,100
300
10
9
1134
1134
3,700
800
11
*10
20,900
15%
14
14%
73
65
65
400
81
82
180
82
2%
36,800
*30
♦
3
2%
20%
18%
1934 133,600
100
80
80
*35
85
15%
*85
75
200
-
-
«•
-
to
4,000
60
*28
70
106
*60"
15%
17%
16%
*
106
*60"
to«to*-'--
50
75
15%
15
15%
2,500
99%
*85
99%
'.to—--
13%
13%
45%
46
*62
64
*11
11%
13
12%
45%
45%
59%
1,100
62
6,900
170
67
*62
*10%
11%
*11
5%
15,300
14%
5978
13
14%
*13
14%
13%
13%
400
14%
*54
55
55%
*56%
59%
*57%
59%
300
20
20%
20%
20%
20%
2034
20
*62
5%
*15
*
18
106
*80"
*80
100
90
"16%
18%
16%
234
1834
*
1%
1%
1,300
88
3%
20%
*80
91
100
82
82
1834
21%
75
14%
*65
2%
3%
110
~r75~
82
84
90
"17%
80
75
*10l2
i
19
110
*62
1938
*82
91
90
60
12
*82
215g
1,500
11
16%
2O84
100
4
57
12
70
*82
34
57
16
14%
*2%
39
1%
3%
*6%
*12
!11%
6%
4
2%
2%
41
37%
38%
1%
1%
1%
3%
934
18
3
*638
*12
3%
934
18
Jau
110
Dee
1% Sept 14
4
Jan 12
Oct 14
28
Jan 12
10
1% May
5%
*2%
39
1%
2%
*6%
*12
6%
3%
40
*11
•
5%
2%
38
31
86
June 17
Oct 15
par1
100
100
11
Oct 13
Nc
8% conv preferred
6% preferred..
Purity Bakeries
Nc par
Quaker State OD Ref Corp.. 10
Radio Corp of Amer
No par
$5 preferred B.
No par
107%June 28
50
Reading
50
50
4% 1st preferred
4% 2d preferred
6
100
Real Silk Hosiery
Preferred
Relg
1st
No par
100
(Robt) A Co
preferred
Reliable Stores Corp
No pai
10
Remington Rand
1
Preferred with warrants..25
Rensseltu-r A Sar RR Co. ..10O
Reo Motor Car
5
Reliance Mfg
Co
..No par
6% conv preferred.. ...100
6% conv prior pref ser A. 100
Revere Copper A Braas
5
Class A
10
7% preferred-.
...100
6
preferred
100
Reynolds Metala Co—No par
6M% conv pref
100
Reyno ds Spring
1
Reynolds (R J) Tob class B.10
Common
10
Republic Steel Corp
2%
500
3934
6,800
El A Pow—
Richfield OH Corp
No par
RJtter Dental Mfg
No par
Roan Antelope Copper Mines
Ruberold Co (The)
No par
Rutland RR 7% pref
100
St Joseph Lead
..... 10
11%
20
Rhine Westphalia
...
1,700
.100
1%
5,700
t St Louis San Francisco
3%
3%
8,600
984
10
preferred.
*..100
{ St Louis Southwestern.. 100
5% preferred,
.100
*6%
18
.
6%
r»
New stock,
r
Cash «t de
Apr
Feb
Deo
May
Jan
Jan
Jan
1%
684 May
17%
Oct
Oct
Oct
40% May
II534 Dec
1784
57%
65% Jan 15
4
52»4 Jan 21
Apr
39
103%
Feb
113%
8
128% Jan 21
140% Jan 20
162% Jan 25
112% Feb
Apr
Apr
Apr
128
146
112
Jan 25
72% Feb
384
2734
4%
118% Jan
113%
41%
12
Feb 11
35% Oct 15
9534 Oct 15
Jan
20
Feb 10
Oct 15
Jan
1% Apr
11% Jan
3% Jan 22
Oct 13
30
1%
*12
Oct 15
9
9% Apr
112% Nov
21
6
Jan 12
23
30% De«
Oct
2%
58%
2978 Apr 22
22% Aug 30
33% Feb 4
110
2%
934
9%
47% Mar
3
$5.No par
Nc par
1%
18
Oct 15
Jan
36%
4
Jan
Aug
16
103
243, Feb 3
11234 Feb 27
May
91
Oct 15
Feb 15
91% May
8
Oct 13
2334 Feb 25
9% May
15
Oct 14
187a Jan 21
7
Oct 15
12>4 Mar
6
Sept
103
Jan
4
107
16%
Oct
934 May
26% Mar
29% Deo
11% Deo
384 Deo
13% Deo
28% Deo
28% Deo
73%
Deo
56
Dee
122%
Feb
50% Nov
113
July
130
July
144% July
164
July
114
Apr
69%
Deo
24% Mar
13334 Apr
117% Mar
20% Nov
19% Oct
14% Jan
108%June
8
83%
Jan
Jan 15
68%
Apr
80
10% Apr 19
37% Aug 25
5
Jan
2878
Jau
10% Nov
38% Nov
8
7
105
80
Oct 15
Dec
4%
June
14
8% Feb
1
141
July 14
2% Sept 25
12
27% Sept 25
*31%
334
12
70
49
>3 50 conv 1st pref..A"o par
fRadlo-Kelth-Orph
.No par
32
*11
17
Mar 10
Raybestos Manhattan.No par
37%
1%
13
12%
Deo
Oct 13
122
400
8,100
24
4%
71
Deo
29
59,100
60
28%
59%
15%
3l2
4
37%
4
70
15
13%
Dec
4%
57%
22
*55
1%
Apr
23%
57% Oct 15
28%
4%
17
-to--*--
24
59%
77U
115
40
*55
*12*8
I6I4
*73%
734 259,400
7
*95
29
59%
1%
100
16
*15
32
40
*32
600
12,500
24
28
25%
*37%
8%
*37%
29
32%
5912
93
8%
434
40
500
111
91
60%
4%
25
*13s
40
May
7%
8
109% Oct 14
118% Oct 15
132
Sept 29
7% preferred
8% preferred.
160
8
Mar
60
Jan 18
Mar
Mar
43
100
..100
100
6% preferred..
Pub Ser El A Gas pf
111
83s
115
59%
,
*26%
15
5%
f37%
155
20
6
...
100
500
135
135
9
64%
3234
*11
1,000
*110%
111% 111%
93%
93%
115
40
4%
139
4,800
Deo
175
5% Df (ser of Feb. 1 *29).100
Pub Serv Corp of N J..No par
$5 preferred
No pai
14%
1234
111% 111%
*25
*55
36
77
Oct 15
49% Sept 25
Pure Oil (The)
115
35% Apr
Apr 12
114% Mar 25
63,300
*3712
*28
35%
Dec
7% Oct 15
14
No par
Procter A Gamble
13%
8
165
Jau
18%
100% Aug 14
Oct 15
300
12%
*90
Oct 15
7% June
15,400
13%
9
62% Aug
9%
50
15%
Dec
9%
12%
*15
4934
3%
13%
934
Feb 17
8%
9%
11
16
37%
7% Oct 15
17% Oct 15
15
Sept 11
5
60
Deo
Dec
2%
5% conv 1st pref
5% conv 2d pref
Feb
27%
3%
600
Deo
84
July
18%
69
34 Sept 27
t Postal Tel A Cable 7% pf.100
1
Deo
11%
Jan
2
76% Jan 22
14% Aug 16
par
Pressed Steel Car Co Inc
Mar
623s
8
15% Jan 20
3178 Feb 11
9%
88
Jan
5
Jan 18
Apr
18% Jan
878 Oct 15
z97% Apr 29
par
May
70
Jan 13
1178 Jan 22
11,900
884
Jan 20
56
25
100
100
par
Nov
38%
% Oct 14
278 Oct 15
858 Oct 13
33%
*14%
7% Oct 15
Jan
16
6% July
68
6
July 26
9%
74%
2034
33%
3%
IOI84 July
Apr
784
2% Oct 15
Class B
30
95g
64
Mar
66
No par
300
33
16
87% Jan
Oct 11
40% Oct 15
16% Mar
1% July
1
Jan 16
Porto Ric Am Tob cl A .No par
7,900
23
834
20
1,800
8,500
1034
*110%
8
3% Feb
95% Aug 31
3,900
15
23
111% 111%
94
94
Mar
3,500
17%
15
31%
94
12
1
17%
33
94
Jan
Jan
9%
18%
31
97
100
3%
8%
234
500
85"
33%
1
Oct
2
Jan 12
1
84
27
138% 138% *135
115
*
100
Pullman Inc
3484
14*4
121
*110%
*110%
11H8 lllis
*94
140
11134
No par
102%
9%
2%
34
*21
5134
No par
Pittsburgh Steel Co
J&n
1
•
^
1,120
10
9
'
9%
117% 117%
*117
138
3%
9
*25
%
4%
103g
% Oct 15
Apr 7
7% Oct 13
31
Pittsb Screw A Bolt
Jan
81%
3%
3
1%
7,200
-
14%
20
10%
3%
100
"l2"
34
17%
11
1
70
100
Pitts Teim Coal Corp..
290
2%
2%
15%
*15
3%
Oct 14
July 16
..No par
Chicago
100
Deo
54% Aug
45%
8
14
4
40
CorpNo par
Dec
7% Feb
2% Oct 15
65
6684
Jan
100% Jan
shares"
100
7% pref class B
170
......
12
*
100
18%
15
54% Jan 14
*
6% preferred....
Pittsburgh United
Conv pref Unstamped
Pittsburgh A West Va
Plttston Co (The)
No
Plymouth OH Co
>
Pond Creek Pocahon__A%
Poor A Co dlass B
No
2%
2%
1
200
1%
10
14%
15%
*1
12
34
14%
Pitts Ft W A
8,000
60
*50
1*4
*
100
*
1%
4%
65
*1
*107
*110i4
60
25%
19% Mar
10% June
59% Mar 10
Oct 15
$5 conv pref
8
14
13% Feb 19
Oct 13
23
"
*14
*1
16
28%
28%
53
51%
117% 118 :
3634
36%
5214
61
20
185s
*15
412
15%
Oct 13
Oct 14
6% preferred
Pitts Coke A Iron
150
14
7%
8%
15%
8%
9
Nov
Nov
18%
123s June
21% Mar 11
35
pref...100
25
Pittsburgh Coal of Pa
169
Holiday
123
1134
*31
*166
284
2%
"14%
20
1012
*105s
169
17%
*
17*2
n8
43«
*166
Day
2
*12
2%
123
19i2
170
8%
15%
61
*1
17*2
*15
*166
60
17
61
2
Columbus
-
100
70
93
*15*2
63
*34
69
75
1818
25s
71
72
Deo
31
5
Pirelli Co of Italy "Am
400
7%
*70
-
90
Jan
100
Preferred...
700
35
7%
10
*7%
10
72
-
122
Jan
16
Oct 13
Plllsbury Flour Mills
to to -
Jan
56
3
Phoenix Hosiery....
Pierce Oil 8% conv
8%
31
40
*35
No par
1,000
40
"1%
938
64%
8
Jan 11
5
No par
2,000
'
170
8%
40
"9"
7
Jan
No par
8
*
Jan
25
27%
Ltd...10
No par
100
Oct
7% Feb
46% Aug
91
11% Oct 11
50
50
58
87
Oct 15
preferred
Oct
9
17
June 28
23%
7%
Jan
45
25% Apr
76
7% preferred
10
23
Apr
4
2784 July
June
28% Apr
5
35
Phillips Petroleum
600
*7%
Closed—
73
9*4
17
Exchange
*166
80%
*12
41
40
*6l2
9
3
40
8%
*
9
3
24
2334
40
9
*35
10
44
*1
*35
43%
10%
24%
Stock
25%
25
38
Dec
4
Oct
55
25
Phillips Jones Corp
10
28,900
*30
6%
7%
8%
7%
884
8%
35
6
74
Sept 25
Oct 15
11
Corp
Phillip Morris A Co
400
70
par
No
Phlla A Read C A I
8,700
42%
65% Feb
17
Jan
10% Mar
Jan
Mar
50
7% preferred
11,100
7%
7%
35
45
*35
45
*35
3%
3
%
40%
45%
100
100
JPhtla Rapid Tran Co
570
460
78%
*65
70
42%
*3%
11684 June
Mar
6%
3% June
4% Jan
28'4
Feb
73
112% Nov
48% Mar
Philadelphia Co 6% pref...50
$6
2%
%
Mar
Oct 15
3
..100
MUk
Phelps-Dodge
4
4
110
13% Oct 15
Corp of Am
5
Pfelffer Brewing Co
No par
400
9
*7%
*65
45
43%
4
4
8
72
*65
Pet
35%
75
59% Nov
11634 Jan 27
30% Oct 15
Petroleum
5,400
6,600
34
Feb
110% Sept 27
74
81
78
80%
30
63
22,200
4%
%
%
h
78
9
50% Mar
6% Prior preferred
5% preferred
5%
"2%
234
4
434
484
434
74%
"2%
234
Mar
Oct 14
100
Deo
60
69
3778 Oct 14
1,100
334
8
23
2
1
10
17
6% Jan
12% Feb
1%
Apr
17% Nov
9
23% Oct 15
100
11%
10% May
Jan
64
Oct 13
1578
Jan
6% June
10334 Mar
Oct 15
No par
Corp v t cNo par
4%
Jan
Aug
Oct 13
Pere Marquette
30%
*
32% Nov
10
Apr
3
Peoria A Eastern
35
37
*33
Apr
6
237g Mar 11
7% Feb 18
7% Jan 14
10% Jan
50
600
11%
5
30%
*
75
%
82%
65
63
29
36
h
78
3,100
29%
5%
5%
6
""234
11
29% Aug 25
Oct 15
Sept 24
No par
16
*12
1134
11%
11%
#
16%
Jan
23
2
Peoples Drug Stores
Dec
Deo
6% conv preferred
100
People's G L A C (Chic)..100
200
174
47% Mar
7
21
Pennsylvania RR.
June
4084 May
Oct
par
$7 conv pref ser A
Penn G1 Sand
700
*12
No par
No
Dec
Dec
2
38%May 13
78% Oct 15
No par
Cement
25
5%
76% Feb
2984 Feb
900
21
27,100
27%
434
6l2
Penn-Dlxle
59
34% Jan
3% Jan
3
.
Feb
Dec
Oct 15
11
Coal A Coke Corp...10
Penn
16%
29%
8
170
11,500
2434
46
9*8
*15%
3%
21
21%
21%
29
65
80%
3
16%
5
45%
*166
2
4,300
3,400
23%
11%
10
*6
3%
Corp...
(J C)
Penney
97%
109%
7% Aug
2284
6%
.No par
Penlck A Ford
7934
2%
78%
16%
47k
*40
2%
3
81
*14
72
"*912
400
16
*8
*
6,400
39%
50
*65
*253s
4%
*38
2%
16%
24%
38%
:
*9
4
39%
60
79
*36
4%
38%
8034
*43
3
h
*4
Peerless
*36
37%
37%
37%
*110% 114
*110% 114
*110% 114
34
32
31%
30%
34%
34%
4
3
4
3%
*3%
3%
15
16
16
15
13%
16
75
83
46%
Patlno Mines & EnterpriVo par
*48
3
h
8,900
4%
38
434
4h
12%
60
27%
3
82
12
•52
75
~3~
113s
11
Apr
July
ar
19% Oct 13
I84 Oct 15
2.50
Transporta'n.JVo par
Patbe Film Corp
17
6
31%
Parmelee
67
103
R
37%
31
12,500
*38
38
*36
Parker
10
90
8% Aug
No par
Rust Proof Co
1,800
Jan
17% Jan
284 July
2
6%
Jan
18%
Apr
74% Apr
4%
5
8% Feb 25
4434 Feb 3
12
1
2
Oct
Jan
2184 Oct 13
1
CM
13%
20%
10978 Mar 18
2834 Jan 28
200% Jan 28
2634 Jan 28
Oct 15
Oct 13
Oct 15
100
100
10
Inc
Deo
678 Jan
12% Aug
1%
6
Sept 30
13%
1
20
25
12
z95
1®4
*47
5%
43
100
Parke Davis & Co
3,800
Oct
No par
6%
52
11%
Transp_.5
23%
4% Jan 25
121
May 13
Oct 14
8
Dec
Apr
H84
5% Oct 15
No par
47%
14% May
2934 Apr 6
12% Feb 18
17% Jan 20
Oct 15
14%
10
Corp
19%
60
6%
6
July
7
*50
12%
12%
152
2%
20
*45
*14%
Deo
Jan
63s
54%
16
*14%
153
140
2
19%
60
*
Jan
2
1st preferred
2d preferred
Utah
Park
15%
38%
118
100
Oil
Park-Tllford
23%
16
23%
*45
50
50
2,800
4%
23%
21
46%
*110% 114
*110% 114
*37
39
37%
34%
8
6%
*4%
*4%
17
16
20%
*17%
*
32%
2%
19
*38
46%
3134
81
25%
23%
2%
32%
38%
3
4
Jan
preferred
conv
6%
6%
36,700
2%
Jan
149
100
200
32
152
Apr 28
conv preferred
Paramount Pictures Inc
12,400
5
4%
5
82
80%
12%
2134
2
Oct 15
133
49% Oct 15
4,600
12
*20%
2%
7%
11%
*3734
5%
10234
13%
July
129
4%
21
23s
6884 July
Oct 15
100
Parafflne Co Inc
14% 141,200
109
Western
8%
41
39% Nov
14
5334 Jan 14
44% Jan 9
1% Sept 27
650
12%
21
19%
21
21%
1,200
Jan
Dec
Sept 25
tPanhandle Prod & Ref No par
99%
*20%
14
2134
2%
32%
12%
22
46%
13%
15
107
101
107%
13%
22
2,600
*
99%
1334
1%
52
45%
47
8
1%
49%
Dec
3034
4434
36
No par
Pan-Amer Petrol &
400
8
30
3284 Jan 14
38
Jan 12
Oct 15
No par
Packard Motor Car
94,700
2
27% Feb
25
6% preferred
Pac
2,800
1434
534
5%
55
47
1534
13%
14%
14%
51
*
96
134
14%
15%
6
1534
Oct 15
per
25
Electrlo
Pacific Telep & Teleg
80
share
7
15% Oct 14
(Cal).10
Pacific Mills
2,100
129%
134
138
*135
14%
129
130
130
138
*135
136
1534
25%
26
39%
39%
15%
15%
130% 131
40%
300
15%
8%
Highest
share I per share
29% Dec
4% Jan
%
share
$ per
per
Pacific Coast 2d pref. .No par
8%
16
8%
25%
..
Shares
$ per share
15%
8%
16
8%
15%
Par
Lowest
Highest
Lowest
Week
15
Oct.
14
$ per share
$ per share
$ per share
17
2634
Oct.
13
Oct.
12
9%
884
*9%
*135
Oct.
Year 1936
100-Stone Lou
EXCHANGE
the
Friday
Thursday
Wednesday
Tuesday
Monday
On Basts of
STOCK
NEW YORK
for
Range for Previous
Ranoe Since Jan. 1
STOCKS
Sales
NOT PER CENT
SHARE,
SALE PRICES—PER
HIGH
Saturday
2509
New York Stock Record—Continued—Page 8
145
July
Oct
22
Oct 15
47
35%
Jan
5034
36
June 26
49
Jan 11
39
Jau
50
Deo
4384
Jan
8
37
Jan
47
Nov
31% Sept 24
334 Oct 15
57
Oct 15
1
Sept 11
9
Oct 15
Mar
9%
13% Jan 16
83
Jan
31
Mar
5
12% May
II84 Oct 15
22% Feb
8
16
11% Oct 14
35% Mar 31
14
Oct 15
65
Oct 15
81
Oct 15
30
29% Mar
Aug
17% Aug
9
81
94% Jan 30
110
1684
65% Oct
1% Apr
100
6
Jan 20
4% Mar
Dec
99% Sept
Feb 18
4%
Jan
Deo
Deo
Deo
24% Nov
"25*
Nov
90% Nov
Apr
114
2% Oct 13
9% Feb 18
4% July
8% Mar
18% Oct 15
47% Mar 11
16% Apr
29% Dec
124
77
Apr 23
May
128
Deo
80
Oct 15
90
Sept 24
110% Mar 10
78% May
104%
Oct
15% Oct 15
10
Apr
3984
Dec
24% June
79%
Deo
7
49% Apr 14
98
Apr 14
139
Apr 17
90
Apr
138
Oct
6
9534 Jan 26
92
Dec
98
Nov
15
Oct 15
30% Jan 14
22% May
34
Feb
100
Sept 24
117
Jan
42
Oct
110
Oct
74% Oct
7
8
105
Apr
12% Sept 15
34%
Jan 22
25
July
36% Nov
45% Oct 13
69% Sept 13
11% Sept 10
58
Jan
8
50
60% Nov
5% Oct 13
13
Oct 13
55
Oct 13
20
Oct
8
2% Sept 11
37% Oct 13
2% Oct 13
1% Ocr 15
7
18
Oct
9
Sept 20
112
Jan
67
Jan 26
Apr
5878 Sept
14
Feb 23
884 Nov
6%
31% Feb
June
19%
Feb
35"
Mar
Jan
7534
Deo
53$ June
10%
Feb
503s
Deo
4
934 Feb 19
65
Feb
Jan
32
4
86% Mar 10
38
13%
65%
Oct 13
22
Mar 11
July
4'4 Mar 17
1%
Jan
11% Feb 25
238
Jan
7%
Jan
3% Mar
684 Deo
16
Oct
Jan
37
20«4 Mar
6
37% Mar 11
18
Oct
Calle t lor redemption.
New York Stock
2510
HIGH
AND
LOW
SALE PRICES—PER
SHARE,
Record—Continued—Page 9
Sales
CENT
NOT PER
STOCKS
NEW YORK
for
Monday
Saturday
Oct.
13
Oct.
$ per share
25*2
26%
24%
26i2
Oct.
12
$ per share
$ per share
$ per share
2612
11
Oct.
9
Oct.
100
*93
100
*93
•96
98
97
97
*96
•17
17
19
33l2
*8614
*1%
*7>4
*39*4
1
31*2
33%
*86%
1%
7%
39%
87*2
1%
7
1
1
24*2
*93
100
10
*96
101%
20
103
104%
210
*5%
*49
15%
51%
29*2
16%
99
99
*99
29
*2834
10
30
31
834
*25
28
25
34
34*2
*88%
3%
24
102
102
102
21%
17*2
18%
19
18
19
1434
15%
16*2
15%
16%
17%
142
14
15*2
22%
25*2
22
24
*31
38
*31
4
4
42%
42%
*31
40
4
4%
*45
46
*82
89
44*4
*82
4
4%
*11
12%
*
3%
10%
*
75
*24%
14%
45
334
42%
44*4
*82
89
89
*82
4*8
3%
3%
10%
10*2
1034
*
75
"23%
26
4*8
"23%
24%
15
23*2
75
"24"
15
24
14
26
*23
24
*22
24
22
*40
46
*41
45
*40
45
15%
15%
14%
15%
14%
15*2
a:1384
65
65%
26*2
65*2
67
65
66*8
2534
65
65%
2334
24%
10
984
103% 104
3%
3%
13%
Stock
25
25*2 Exchange
10
10%
10*4
Closed—
*103
10334
10384 *103
3%
3*2
3*2
334
5
5
Columbus
4%
6%
*25%
24%
10
10%
*21
2684
1%
34%
37%
*33
52%
*26
59%
12%
*11
13%
8%
*59%
119
14%
27
11
9»4
10334 104
3%
3%
3
4%
8*2
10%
20
21%
25
2184
2
*184
11
*1»4
2
*1S4
2
35%
32%
34%
32%
33%
32%
3784
36%
37
35%
3712
36%
36
*33
Holiday
36
*33
36
*33
53%
51*2
62%
50
5234
32
26
26
25
26
59%
68
58
56
56*4
5634
13
12*2
13
12
12%
11%
11%
13%
8%
11
11%
10
10*2
12
13%
8%
10«4
13
*10
7
8
59
59
*58
36
7
8
60
*59
60
119
119
119
*11684 119
64
2234
1,400
9%
9%
49,600
103% 104
3%
3%
334
4*8
8
834
17
17%
23
19*2
2
*134
700
16,600
26
25
25
57%
12%
12%
57
57%
10*4
1138
10%
600
200
140
6% preferred
1334
1234
13%
28
2534
2%
26
17*2
16%
17
23
18
21%
1534
1784
26%
18%
16
18
19
28
28
27
27%
10%
10%
884
9%
10*2
8
46%
6%
8%
*5%
8
6
7*2
4%
31%
,
4634
31
IO84
9%
784
7%
29
5%
684
4234
8%
4.484
3%
30
47
438
3%
30%
9%
7*s
10%
7%
*8%
8%
7%
*46*8
26
10*2
7%
46%
19%
*14%
17*2
26%
9
8%
7%
9*2
I584
£7%
7%
7%
49
5%
784
45%
4
31%
10%
7%
46%
a:5*2
7%
8,300
2,600
33,300
3,000
2,300
2%
16%
17
20*2
1534
20
20
15
1534
18
17%
18
26%
9%
734
25%
26
30
31
4
9%
10%
6%
7%
3%
30
9%
6%
634
25
*20
*25%
33
*27
33
*27
30
27
27
200
*60
62
60
60
*55
60
*55
60
634
83
*30
5
40
2%
*6%
2%
20*4
20*4
3%
3
*11%
16
7
15
16%
86
86
16
16
*51
13%
52*2
13%
6%
*
684
6%
n
83
""4%
*25
2%
*6%
19
284
5*4
35
*25
2%
18
3
2%
9%
14%
11
15%
*85
15%
91%
85
16
15%
44
48
13%
13%
1234
734
13%
8%
9%
4%
a
c3o
OY8
484
97*2
9684
9634
834
8%
*7*2
26%
10
*50
6%
16%
51
4%
28%
85
48
934
36
*33
5%
10
9
4*2
96
8
8*2
*7%
2534
27%
37
*31
6*8
96
8%
10
27%
35
434
50
50
44*4
50
11%
10%
11%
10%
11
2
2
*63*2
14*2
67%
14*2
*88
89*2
88
88
2384
23*2
23%
23%
20%
22%
24*4
5,000
45,800
8,900
1,700
12,200
*7
10
26%
28
*33
5
41%
1034
134
12%
8334
20*2
98%
22»4
1234
14%
95
*2384
46*2
123g
23%
21%
Bid and a*ked prices
81%
n<» hhi** on this day
15%
7
8
8%
4%
484
95%
*9434
95%
300
7%
1,700
8
35*2
5*4
43
11
2
64%
14%
6%
*7
10
26%
27%
100
com
$4 50
23*2
23*2
2,000
22%
20
21%
40,500
Def
de!Jv«ry
re -elver-nip.
a
300
Dec
Jan
37%
Oct
Jan
13*2 Nov
26% Nov
35%
Jan
15
Nov
20%
Deo
12% Nov
15%
Deo
Jan
8
57*2 Feb 3
8% Jan 12
15% Mar
6% May
5% Apr
28% Jan
3
6
Mar 30
Nov
33
9% Mar 15
Jan
6*2 Oct 14
15% Jan 28
64% Mar 6
28
7*2 Jan
9% June
23
Oct 15
24
Sept 27
48
Feb 19
33% Apr
Oct 13
64
Jan 13
59
6
Oct 15
2
Oct 15
8% Oct 15
14%
Oct 15
13% Oct 15
x40
8*2
15%
28%
10%
40%
21%
98*2
28%
Sept
5
.
3%
8%
24%
4%
Jan 25
26
Feb
1434
4
Oct
8% May
Feb 11
Jan 25
Jan
Mar
8% June
85
Jan 13
Mar
Jan
Jan
JaD
Jan
Apr
Jan
Aug 13
Feb 11
Oct 13
79
Feb
4
12%
Oct 15
17
Aug
7
Oct 15
8
Oct 15
22% Jan 11
27% Jan 22
11% Mar 8
12%
Jan
2
TrbContinental Corp..No par
$6 preferred
No par
Truax Traer Coal
Truscon Steel
4% Oct 11
95*2 Oct 14
6% Oct 15
No par
10
109% Jan 21
12
3
Sept 25
2534 Oct 13
26% Mar
8
40% Mar 13
34
Sept 27
4*2 Oct 15
50
41% Oct 14
10% Oct 15
1
Mar
10
No par
94
Jan 20
25
56
Apr
14% Jan
10% May
7% Jan
93
Jan
Mar 29
Mar 13
17% Jan 22
Under Elliott Fisher Co No par
Union Bag A Pap new.No par
62
Oct 11
0% Jan 25
100% Jan 8
12
Oct 15
Union Carbide A Curb. No par
Union Oil California...
25
79% Oct 15
20
Sept 27
111
Union
92
148% Mar 16
4% Jan
7% Apr
22% June
31% Apr
8% May
65*4 Jan
18% Sept 17
1*2 Oct 15
Pacific............100
4% preferred....
100
Union Tank Car
New stock
r
Cash sale,
Feb 20
28% Feb
4
86% Oct 15
r
99% Jan 13
23% Oct 13
19
Sept 27
No par
United Aircraft Corp.......5
•
Oct 15
31% Feb
4
35% Mar
5
&t-div.
y
Deo
6*4 Mar
Jan 21
16% Jan 22
81% Oct 15
82
86%
60
42%
Jan 20
44
10
1234
86%
23*2
Jan
6%
Mar 31
44
Ulen A Co
87*2
Jan
834 Oct 15
16% Oct 15
Oct
Nov
20*4 Apr
28*2 Apr
3% Oct 11
29% Oct 15
Oct
Dec
125
23
8
Transamerlca Corp
2
Transcont & West'n Air Inc.5
Transue A Williams St'l No par
4,900
6,100
15%
3
65% Apr 22
No par
12
20%
94*2
30%
Jan
Jan 20
41% Oct 15
Sept 25
ia4 Sept 8
10
Oct
Mar
9% July
Jan 25
Mar
36
No par
40%
78*2 Nov
24*2 Apr
91
2
Tlmken Roller Bearlng.No par
3,600
92
Sept 13
634 Oct 13
Dec
Dec
Mar 11
10
Twin Coach Co
79%
20*8
5
Jan
Deo
Deo
70%
27
3
V«4 Mar
1
170
97
6134 Feb
47%
39%
20*2
28%
33%
2334
17%
1534
3
2
46*2
8334
7
Oct
Jan
48*2
31
118
4
46*2
10%
1%
63%
20%
7% Oct 15
46
Jan
47Feb
70
4
Jan
13*4 Mar
pref
Mar
Feb
20% July 12
Oct 15
Oct 15
14%
9%
Feb 17
13% Feb
$1.50 preferred
No par
Twin City Rap Trans..No par
Preferred
.......100
20%
7
5%
20th Cen Fox Film Corp No par
1,700
7,800
23,200
13,500
5
93*a Jan
11,100
11
1%
Mar
6
"3",700
66
48
Oct 15
Tlmken Detroit Axle
Jan
25
55% Jan
24*4 May
Aug 31
pref
conv
32%
9
4
Tide Water Assoc Oil
Jan
Mar
83
pref
Dec
3*4
Aug
76
1
484
35*2
82
t In
conv
72%
Feb
|
36% July 12
100
.......
Deo
60
Third Avenue Ry
100
Thompson (J R)
25
Thompson Prods Inc..No par
Thompson-Starrett Co.No par
$3 60
9
No par
...No par
4%
*33
94
87*2
23*2
20%
pref
conv
The Fair
500
8%
834
434
734
6
5
Thermotd Co
900
45*2
14%
20%
15,200
31,500
13
63
84%
21%
9834
23g
8%
]4%
47*2
2
97
8%
45%
12%
7%
834
4%
95*2
x7%
62
20*4
2
10
400
3,400
10,100
2
98*2
89*2
6
18
13%
13
85*2
2%
6
16*2
50
Texas & Pacific Ry Co
100
Thatcher Mfg
No par
$3 dlv
"i'loo
Feb
Dec
62
Apr
Apr
16% Apr
..9
Tennessee Corp
35
2
2
ll35
13*4 Mar
65
8
Nov
18% Nov
9%
27%
Jan
Jan 29
16% Oct 13
"43%
Nov
Apr
Feb 11
2%
Oct
July
75
12
27
92*2 Oct
36*4 Jan
24*8 Aug
63*4 Mar
21
2534 Oct 11
114*4 Nov
9*4 Mar
37
Oct 13
1
Preferred
85
62
21%
*25
2%
6*2
18%
2%
1,500
"8~, 400
13%
2
84%
6%
4
15%
15
63
9784
35
10
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal & Oil... 10
Texas Pacific Land Trust
1
$3.60
Jan 11
Feb 19
Aug 6
Sept 15
5H% preferred
Telautograph Corp
83
4
4%
85
*76%
2
21
6%
83
143g
81%
62
13*2
82%
*88
2%
934
15
5*2
53*2
11%
2%
6%
18
234
12%
5°8
*5%
*25
2%
15%
4%
28
4%
6%
20
15
10*2
*34
35
*11
0°8
10
6*2
*70
484
2%
6%
6%
19%
10*2
4%
*9684
884
10
6*2
83
4%
200
7
4
118
Without warrants
600
72% Jan
125
Oct
Oct
Jan
Oct 13
25% Oct 15
8% Oct 15
30
9%
6%
9*2
2484
26«4
8
8
77*2 Jan 11
Sutherland Paper Co
Sweets Co of Amer (The)
Apr
10% Oct 15
Oct 13
1,400
Mar
Mar
Oct 15
Sunshine Mining Co..
10
Superheater Co (The)..No par
Superior Oil
1
Superior Steel
100
May
56
Jan
17,600
56,200
14,900
10,100
19,300
18,700
2
Jan 22
58
...No par
100
June
21% Apr
14% Apr
Jan 20
Jan 12
50
Jan
25
18
62
"1"
11
15
14
15
Apr
82
Oct
*50
134 Sept 25
13
*20
24
19*2 Oct 15
32% Oct
35% Oct
30%May
4934 Oct
17*2 Oct 14
30
23
103% Oct 7
2% Sept 13
50
*25
25
Oct 15
17% Jan 20
33% Jan 29
Talcott Inc (James)...
43
9%
20
1,500
5%
6
22*2 Oct 15
Mar
Dec
11% Nov
Jan
44
28*4 Feb 11
95% Apr 28
48% Mar 8
Oct 15
8
7%
41%
3%
29%
834
Oct
Jan 18
Oct 13
Symington-Gould Corp ww__l
5*2
45
62
Aug 14
50
Oct 15
25
20
35
Oct 15
9,100
4,500
8%
43%
334
2334 Jan 12
June 29
6%
9
49
5%
7%
2
12% Sept 24
20*2 Oct 15
101%
684
6%
73%
2934
15%
13%
2
Jan
10
7%
7*2
Feb
36
10%
1
8%
*46%
94
1
(The)
7
8
46%
77% Mar 17
10412 Jan 7
9% Jan 28
73% Sept 20
22*2 Oct 6
Swift & Co.
Swift International Ltd
800
69
684 July
63% June
Feb 26
7,200
3,400
-
54%
Jan
No par
Stone & Webster
58
2%
22*2
10
6
119
13%
*14%
10
Sterling Products Inc..
58
18
25
Stewart-Warner
118
2%
par'
Standard Oil of New Jersey.25
Starrett Co (The) L S._No par
60
2634
17
Standard Oil of Calif..No
Standard Oil of Indiana
119
3
Jan
65
Stokely Bros & Co Inc..
14%
19
34
Oct 15
56,700
28
6
60% Mar
17
1,100
25,400
13%
26*2
2%
43% Mar 17
65% Jan 20
11% Mar 16
Oct 15
7
3*8
23*2 Jan
12% Apr
Oct 13
11
6%
Feb
65% Mar 11
8
Studebaker Corp
Sun Oil
7%
1484
19%
47
2,300
11,600
Jan
25
31
13%
Apr
160
Oct 15
44
Mar
3% July
26
2
Jan
3
1
Sept
12% May
32*2 Jan 13
155
No par
Standard Oil of Kansas
37366
Oct 15
10
Stand Investing Corp..No par
36%
51%
10%
10*a
!
17,50LT
4984
6
Oct
2%
21
110
9
6% Feb 26
$4 preferred
No par
$6 cum prior pref....No par
$7 cum prior pref
No par
JStand Gas & El Co
9,100
100
85
40% June
421a Jan 12
Oct 15
Sept 29
Jan
Dec
Sept
8
June
16%
104%
12%
14%
32%
Stand Coram Tobacco
33
53%
11
1
Standard Brands......No par
$4.50 pref
No par
2,100
34,300
30,900
1,800
36
*33
Square D Co class B__
115
Oct 15
42
No par
Conv $4.50 pref.....No par
650
28*2
16
62
*11634
26300
400
22*2
32%
35%
13%
20
Spencer Kellogg & Sons No par
Sperry Corp (The) vto
1
Spicer Mfg Co
No par
$3 conv preferred A..No par
Spiegel Inc
2
24,900
13%
6234
284
16*2
19
*25%
10%
$5.50 preferred
"""400
Mar 18
39*2 Sept 28
3% Oct 13
Sparks Wlthlngton....No par
Spear & Co
1
64
54% Jan 11
Mar 29
100'
97%
40% Peb 16
2934 Feb 15
23% Aug 14
20% Sept 24
22% Oct 15
Spalding (A G) & Bros .No par
1st preferred
100
Spang Chalfant & Co 6 % pf 100
1,000
14
1334
20*2
*40
Mar
Oct 15
2% Oct 15
25
6% preferred..
23~, 800
2534
1438
20*2
47%
120
4
Oct 13
14% Oct 15
15% Oct 15
Mobile & Ohio Stk tr ctfs 100
3%
June 17
19*2
Mar 10
141
9,900
8
18
Southern Pacific Co......100
Southern Railway........100
23,700
Oct
102% Feb
Oct 13
55,700
x3% June
26
60% Apr 22
Oct 15
197
96
Dec
8% July
1934 Jan
15%
.100
102
Marl6
98*2 Apr 29
85% Jan 2
10
Jan
4% Apr 21
Sept 13
Sept 29
24
75
*24~
3
24
100
Southern Calif Edison
89
i>
17% Mar 11
30%
Jan
Jan
July
4*4
8
68
Jan
43% Jan
30% Apr
1434 Apr
3434 Feb 19
105% Feb 2
Oct 15
8% preferred
10
Feb
Oct 15
1
Oct 13
~M00
120
2%
44
89
Jan 21
South Am Gold «fe Platinum. 1
So Porto Rico Sugar...No par
3,800
"l~,300
10
Feb
110
140
*82
14
Socony Vacuum Oil Co Inc. 15
Solvay Am Corp 5 Vi % pref 100
21,800
42%
MarlO
8
Smith (A O) Corp
500
42*4
120
24%
No par
10
Smith & Cor Typewr..No par
8nider Packing Corp...No par
2,500
85,200
3%
15%
11%
2084
Oct 11
Sloss Sheff Steel & Iron...100
16 preferred...
No par
260
13%
3
*25
*25
103
4
Feb
Jan
Apr
17% Feb 10
42*2 Mar 10
Oct
6% preferred
""120
2534
14%
28%
*8%
51%
%
2
30*2 Aug
3% July
59% Jan
5
1
15%
Skelly Oil Co
96%
93
3%
37
Day
2
2
65
6
Dec
1% May
7% June
14
7
28
No par
Simonds Raw & Steel..No par
25
300
45
33*4
*14%
*
24
21%
25%
17%
22
1734
23
21%
24
10%
784
9%
25
17%
31
4%
8%
1734
25
23
*46*8
*5%
8%
46%
4%
4%
26»4
134
3
8%
10
934
9
10
Oct 15
Oct
conv
Rim ma Petroleum
2,200
22
1434
14%
6%
50
conv
June
93
Simmons Co
4,700
31%
20
23
47*2
Oct 15
Oct 15
11
37% July
99
6J4%
9,300
15,800
24
*31
14%
*23
Sept 27
2
17
15
preferred... 100
Silver King Coalition Mines.6
300
21
23%
14%
3%
11%
*44%
15%
Shell Union OH
20*2
22%
13%
89
3%
►
75
6,700
No par
No par
13,400
*125
23%
*10
pref
Sbarpe & Dohme
""166
1434
16*2
113
113%
2%
2%
24%
26
25%
15%
21%
Oct 15
8% Oct 15
20*2 Oct 14
74% Oct 15
par
No par
conv
13.60
14%
15%
42*4
2534
1
...NO
18
99*8
8%
25%
3%
*88%
21%
22%
13%
No par
No par
2884
4
24%
584
3%
45
27%
16%
Sept 25
6%
37%
%
2*2
pref ser A.N0 par
Sheaffer (W A) Pen Co. No par
102
21
1
5
23% Oct 15
4% Oct 13
$5
53
86
140
24%
1334
26%
15%
6,700
600
75
30%
1434
16*2
*125
Oct
27% Mar
51«4Mar
98% Mar
3% Feb
23% Feb
45*4 Jan
2% Jan
8% Jan
54% Apr
11% Mar
Jan 4
Oct 15
86
98% Aug 18
*21
25
21%
2534
14%
29%
par
5
100
34
500
140
110% Sept
Oct 13
3,000
*120
3
Oct 13
18
20*2
22*2
21%
Feb
17
17
21%
27
1534
21%
113
65
18
25
Oct 15
Sears, Roebuck & Co..No par
15%
24
Aug
103
100
Shattuck (F G)
Sharon Steel Corp
6,100
1834
24
108
Seaboard Oil Co of Del. Aro par
Seagrave Corp..
No par
600
19%
15%
6
Servel Inc
8
113
112% 112% X113
2%
2%
2%
2%
142
*120
21%
4%
15%
Jan
17%
102
14%
113
28
94
17%
5
9%
2134
3*2
*18
Oct
10,600
♦49%
33%
96%
96
Dec
97
8%
2034
74%
5*4
24
100
15%
16%
17
*111% 112% *111% 113
2h
2%
2%
2%
26
27
26% 26%
*31
3%
90
100
4-2% preferred
5,300
July
6
1
Line
27
Mar
36,700
24%
30%
*88*2
Air
share
per
Jan 13
103
18
8*2
*22
tSeaboard
46
9
100
Scott Paper Co
80
$
$ per share
July
100
8% preferred..
5,500
share
95
tScbulte Retail Stores
22,000
per
24% Oct 11
100
67
99
34%
Year 1936
Lowest
Highest
17
27
90
20
5
Range for Previous
Lots
65
101
24
32%
*88*2
23
»
6
8%
94
*18
%
2%
53
2884
19
25
94
19%
*120
834
2834
3%
96
21%
*1534
16%
*99
*96
104
2034
*19
18
101
2412
99*2
5*2
*50*2
2834
1734
96
102
*97
3%
6
8
25
37
99%
17*2
9%
20%
74%
51%
29%
2834
I684
2934
3%
*35%
*88%
5*2
9*2
27%
39
1%
2%
24%
5%
66
75
29
*96
5
75
5%
1734
18%
*98% 102
*912
26
76*a
6%
*47
*38*2
1
2234
52
1,400
2%
24%
5
6934
19
10
22*2
74%
21
•47
9.900
39
9%
76%
1%
7%
1
70%
18%
24'a
•76'a
63a
1
6%
2%
2334
434
9
600
1
1
65
1,200
$
No par
5% preferred...
6% preferred
7% preferred...
Savage Arms Corp
No
Schenley Distillers Corp
5H% preferred
7.800
7%
3
17
18*a
9%
22%
17
32
88
1
1
6
7234
20%
10
24
69
17
29%
*85
7%
2%
23%
4*2
2534
Par
Safeway Stores
6,300
95%
7%
39
38*2
1%
3%
3
10%
24%
81
6'2
2934
*314
17%
34%
86%
1%
7%
39%
72%
197a
*10
♦16
18%
32«4
86%
33*2
88
1%
8*4
40
Ha
3's
265s
6
3'«
2612
•5'a
7118
1934
1033a 103%
103% 103%
Shares
25%
24%
Lowest
97%
97*2
10312 104%
17
17*2
31%
32%
86%
87*2
101
*103*2 108
$ per share
26
25*2
95%
100
Range Since Jan. 1
On Basis of lOO-Share
STOCK
1937
16,
EXCHANGE
Week
14
$ per share
26
•93
the
Friday
Oct.
15
Thursday
Wedivesday
Tuesday
Oct.
Ex-r»gbta.
2% June
74% June
"71% "Jan
2034 Aug
108*2 Jan
90% Jan
22% Jan
20% Apr
5 C*Ued for redemption
Volume
LOW
New York Stock Record—Concluded—Page 10
145
AND
HIGH
SALE
PRICES—PER
SHARE,
Monday
Oct.
9
Oct.
Oct.
934
105s
*10
21
Wednesday
Oct.
12
$ per share
new
12
20
20
19
Par
21,100
97g
914
200
20
*12
12
*112
110
19
llOU
1,500
112
*67
69
66%
67
66
66%
65
66
63
64i2
1,100
*2634
3%
27%
26
26^8
2512
25%
33s
25
25
24
24
323g
8
11
31
314
32i4
31 ig
8ig
7is
1112
1H2
Rft
89
89
112
*112
32%
8ig
12%
90
90
3%
3%
32%
8%
1212
33
778
1134
31*4
8%
5%
578
30%
3478
64
6234
11
60
6184
11
113s
IHS
105
5
8»4
*85
8is
5ig
834
*8*4
9
*8i4
10l2
834
1%
8*4
9
3
ih4
87,400
20
18,100
1,300
458
31
57
5734
10l2
1034
5,400
37,700
5
United Biscuit
9
Sept 27
2438
Oct 13
31U
No par
100
110
No par
63
Oct
5
91
United Carr Fast Corp No par
United Corp
No par
24
Oct 15
35
3
31
Preferred
_
$3
preferred—
No par
United Drug Inc..
5
United Dyewood Corp
Preferred
Feb
13
16
Mar
9% Feb
48% Aug
Oct 13
2634 Apr 19
15
93
Jan
4
July
30
Oct 13
63
No par
57
Oct 15
8634Mar 19
United Gas.Improvt
No par
preferred
No par
June
105
8%
32% June
66% Jan
Jan 14
17
Oct 14
10t2
102% July
U S & Foreign Secur—.No par
9% Mar 11
Mar 2
Oct 14
4ig
Deo
034 Nov
87
Nov
19%
14% Nov
Jan
109
Jan
9
13
Apr
20
Feb
3
91
Jan
100
Nov
3% Jan 28
2
Jan
5
Jan
1137g Jan 14
1
16% Feb
Oct 11
2484 Mar
5
100% Feb
113% July
8
4
Oct 13
8%
10
16% Feb
29% Aug
Jan
106% Feb 26
5
$6 first
Apr
Apr
Jan
117
1034 Apr
Oct 14
6
200
35% Nov
IOI4
United Eng & Fdy
United Fruit..
55
9684 Nov
Jan
6%
40%
8
Oct
Jan
22%
4678 Jan 14
Oct 15
37% Nov
33% Nov
68
8% Jan 14
Oct 14
25% Sept
111
3
Oct 13
share
Jan
Apr
24% Mar
16%
Mar 17
United Electric Coal Cos
2,200
500
11734
Highest
per share $ per
89
10
United Paperboard
1%
30'4
Oct 15
7ig
100
8,900
85
*1
18i2 Oct 15
S
share
Jan 12
Feb 10
Jan 11
Feb 6
per
12
87g
83s
85
%
share
ver
5
478
4i2
Year 1936
Lowest
Highest
No par
Boscli
United Carbon
700
10414 106
li2
United Amer
6,900
13,600
1,600
89
418
88
*1
900
31
Un Air Lines Transport
30
3i8
32i4
734
11%
*80
5%
3H2
58i2
11
10514
514
87g
*85
I
884
4%
85
85
1%
57l2
10l2
10514
106
4
88
*li4
1%
4lg
31
II
1034
534
*85
88
*1%
58*4
106
7%
3H8
6OI4
18i2
—
3
534
47g
30
*10434 106
534
558
834
10*4
*
89
5%
105
778
1212
*
33
578
*31
3
3%
32
*110l4
Range for Previous
100-Share Lots
Lowest
Shares
$ per share
10%
93g
12
On Basis of
stock
Week
15
Oct.
S per share
12
20
203s
14
Oct.
10*4
9i8
16
20
13
york
exchange
the
Friday
Thursday
9 per share
10i8
*12
20
*2014
11
$ per share
$ per share
10%
Tuesday
Range Since Jan. 1
stocks
Sales
CENT
NOT PER
for
Saturday
2511
100
85
par
1
Oct 13
100
8
Oct 15
2U% Jan 19
10
Apr
2334 Nov
No par
9
Oct 15
34 78
24% June
80% May
39% Jan
125% Nov
preferred
U S Distrlb Corp
...No
Oct
*
10
*8%
1084
1034
47
23%
*42lg
2034
6i8
6%
IOI4
11
534
11
42
23
20is
4I2
834
2134
6*8
*75
108
*71
34
32
3312
4012
11
514
35l4
66
68
71
69
68%
71
70
234
*59
15
62%
69i2
6934
65
68
67
65%
69
150
150
234
2
60
*11U
59%
14
61
147
24
25
26*4
25ig
*105i2 115
39
"484
32
32
*110
278
27g
23s
Columbus
234
5%
*484
514
412
47g
4U
584
233s
23
85
85
83
36i2
3%
*45
484
Day
Holiday
9
9*4
8
22
35i2
36l2
1914
*18%
1914
16
13
*
3i2
384
*45
834
*
414
1214
*12
12%
*26%
193g
2534
193g
18
19*4
1734
36%
x32%
36*4
32i2
338
75U
3
1*8
277g
*7514
1*8
28%
75%
100
9412
95
*
*89l2
100
94
120
120
114
113l2 114 1
20
20*8
512
412
1143s
*9
23%
558
12lg
*9
I84
134
158
3i2
3%
3
32
32
*26%
27i2
109
110
*125
130
10*8
15s
3114
3%
32%
26i2
2712
106i2 111%
*125
140
18
18
♦35l2
1634
17l2
18
37
35i2
1684
1514
2534
3512
15%
*2512
27
*75
94
100
*90
34
345s
*75
*90
31l2
*Hg
27
75U
78
95
*98"
1203s 120%
*2H2
5%
27g
3
1*2
30
95
166"
.
3%
27
*
2534
734
z2234
*74is
7i8
3434
3714
185g
1478
♦
50
414
15
26l2
I8I4
3334
334
9
9
270
5% preferred
100
Virginia Ry Co 6% pref---100
Vulcan Detinnlng
100
Preferred
100
*89l2
120
17
*3512
1414
25
4
8%
33g
120
120
113% 113i2
20i2
203s
4
434
9
13s
2i2
9
125
1578
*35i2
1434
25
♦1193s 122 \
11312 11312
19i2
4
67g
H2
1
3
2%
305s 32
2212 25i2
104l2 10834
125
16i2
37
15
2514
90
410
12,400
300
1%
3,500
27g
19%
*35%
1414
25
37
3212
31%
*62
72
*62
72
19%
*15
17
*15
1214
II
11
12%
11
13%
11%
3U
27g
2I2
234
2%
25g
1978
1734
20
I6I4
3is
234
3
234
4i2
*9i2
684
4%
412
9%
4%
834
1714
25g
4l2
97g
43g
834
17l2
27g
43g
163s
3i2
678
614
684
5lg
27g
29%
67
15
25g
414
9
9
6I4
512
9
6lg
65
11%
11
2l2
15
2i2
4%
8%
5l2
*55
534
*60
23
397g
21U
21
22
20
20
71
71
69
69
68
7014
63i2
64
71
*65
70
65
66
64
68
*55l2
75
*55
75
*55
60
74
69
70
67%
70
67i2
67l2
65
66
64
6478
33
33
33%
34
32
32
*69
13%
14
110
*105
313s
4934
Jan
107
Jan
110
Apr
Feb
102
Sept
116%
IH84
Jan
Jan
124% Sep
116«4 Dec
8%
Apr
Apr
12% Feb
23% Sept
6%
West Penn Power 7%
6%
11
105
1318
105
Western
6%
Westlngh'se Air Brake.No par
Weston Elec Instrum't.No par
5% conv preferred
50i2
4834
4634
88
84
84
30*4
2212
384
3%
Bid and asked prlcea: no
26l2
3%
sales on this day.
Macb—No par
No par
54 conv preferred
& Gas
Willys-Overland Motors
6% conv pref
-
*75
12%
28l2
4912
7% pref A stamped.—.100
Preferred B 6%
100
6% preferred B
87
*23%
2514
3%
3&g
105s
1134
57,900
100
60
2712
28
46
48
1,700
21,300
*77
85
stamped 100
Wright Aeronautical ...No par
.No par
Yellow Truck A Coach cl B
Preferred
100
100
21
3's
1 In receivership,
23
3%
2% Oct 13
29
Sept 24
22% Oct 14
Oct 15
10234
115
Oct 15
1412 Oct 15
35% Oct 11
14i4 Oct 13
25
85
114
Oct 13
Oct
5
Jan 18
Young Spring A Wire—No par
T ——No par
preferred
100
Radio Corp
No par
Products Corp
.-1
Youngstown S A
16,600
Zenith
7.100
Zonite
a Pef. delivery,
25
—1
100
n New
stock,
r Cash sale,
9f
8
19
Oct
6
9184
Feb
Sept
29% July 12
15
434 Mar 17
1% Nov
11% Mar 17
6% Aug
72% May
83% Jan 22
Feb
4
9% Feb
96% Nov
6
3484
Jan
94%
123%
Jan
Jan
Dec
25078
167% Jan 22
170
Jan 22
160
67«4Mar
Oct
153%
22% June
35% Oct
1984 June
34% Jan 7
115
Apr 13
31'4 Nov
35%
126
99
Oct
Jan
3384
30% Jan 22
39 May
6
27% Feb 23
65
Aug
6
Mar 11
126% Aug 14
34
Jan
39
Jan
32
July
91
July 2120
21% July
84
July
Oct
Nov
Oct
39%
Dec
109%
Feb
9034 Aug 31
Sept 11
23%May 15
1112 Oct 15
33% Feb 16
18%
11
18% Jan 25
13«4 July
Oct 13
2i2Sept 13
16
Oct 15
4igSept25
preferred
100
Woolworth (F W) Co
10
WorthingtonPAM(Del)No par
Preferred A 7%—
100
123% Mar
115% Jan
6
Oct 15
1
10
56
Aug 26
23% Mar
1
2% Oct 15
No par
Wilson & Co Inc
4
678 Oct 15
5
Wrlgley (Wm) Jr (Del)
102
pari
Wilcox OH
Yale A Towne Mfg Co
4614
3%
ctf. -No
84% Feb
5
67
1
Mar 17
1134 Mar
par\
Motor Co
56
Oct 14
4
55 conv prior pref...No
White
800
lli8
9
29l2 Oct 15
99
May 20
1,100
102
Apr 10
19% Oct 15
100
64
50
25
No par
Class A
31
47
378
60
60
1st preferred
64
28ig
3034
100
Union Telegraph.100
30
295g
378
—100
Pacific—
preferred
65
287g
118
100' 110% Apr
Co—10
Western Maryland
100
4% 2d preferred-100
33
31*8
*84
pref-1001
preferred
Western Auto Supply
65
30
3034
*
137g
110
67i4
preferred--
*31
313g
88
*84
12i8
*100
64i4
Dec
96
140
73
83«4
87
75
60
73
78
Feb 11
75
*55
Jan
Dec
Aug 26
170
*55
284
62%
1
109
200
78
Feb
Aug
33% June
103
300
4012
6
108
1,700
23,100
65
2% Jan
6%
July 14
100
100
preferred--—--
White Sewing
23
*55
"li%
1
90i2June 17
81
July 1
3,300
6,900
40%
75
June
9«4 Feb
89
7%
19,700
2,200
75
Dec
6034 Aug 10
West Penn El class A..No par
3,000
40
*55
39%
Sept 25
2,900
39%
*55
19% Apr
WhlteDent'lM fgCo(The 88120.
25g
43g
834
4012
7434
38% Feb 19
75
"""166
2l2
40
75
Oct 14
Preferred
4,500
I6I4
40i2
21
*60
17
No par
54 conv preferred
White Rk Mln Spr
3978
2014
*60
Dec
5
21
Oct 13
1,200
65
*66
37%
Mar 10
July 15
20
4038
80
46
P%
44
1
18" 100
67%
*70i2
Oct 15
18
27
17
66
22%
Dec
25
Co
Motor
12*8
11%
65
*70l2
38%
No par
Jan
Apr
25i2
67
12
15%
3%
1
105
12
35% Jan 16
30
Wheeling & L Erie Ry. Co.100
5H% conv preferred--.100
Wheeling Steel Corp ...No par
*85
135s
Dec
11
Westvaco Chlor Prod ..No par
105
12%
12«4
900
*85
15%
Deo
Jv»
1,500
105
14
69
4%
147g
*75
*15
Dec
Apr
12% Jan 25
Westlnghouse El &, Mfg
100
70
1838
69% Jan 23
Oct 15
Sept 25
230
1,500
5
Oct 15
Sept 24
120
15%
Jan
7
18,600
14%
2
47
8,200
30,200
115
99% Mar
5
30%
22i2 24
10234 109
94
110
Oct 15
No par
Western
100
*15
45
7% Nov
105
Nov
Wesson Oil & Snowdrift No par
6,300
33
*75
3112
Waukesha
180
414
714
1288 Deo
4984 Nov
Nov
410
2,000
Dec
Jan
Apr
Jan
Apr
300
2038
39%
an
47%
Preferred
140
90
Nov
Apr
9%
Nov
Wells Fargo & Co
92
61
30
52
2i2Sept 25
92
784 Mar
20
No par
10
1038 Mar
Jan
Webster Eisenlohr
95
Feb
Jan
4% June
Apr
1,900
99
5
Feb
4%
Apr
30i4Sept 15
98
137% June
2%
1
*91
Aug
2% Aug
10%
Wayne Pump Co.
91
120
86
17%
5,700
993
70
1
3% Oct 15
3212
76
Dec
131% Aug
8
13
30%
220
Dec
41%
Jan
Aug
2114%
1034 Feb 26
53.85 conv pref
3,800
Dec
1384
19% Jan
t Warren Bros
No par
53 convertible pref.-No par
Us
Dec
50% Feb
No par
100
Class B
Warner Bros Pictures
2778
78
8%
5884
114% May
61% July 15
81,100
Ug
Aug
80
Oct 13
~7\500
27%
*7514
Aug
48% July
1734 Oct 15
17
1%
8
May
493j Nov
116
3334 Oct 15
18%
34i2
3
Feb
14
Deo
No par
Preferred
Ward Baking class A...No par
17
3
19% Feb 11
Apr
Dec
30%
Walk(H)Good & W Ltd No par
Warren Fdy & Pipe
27«
Mar 17
4
57
5%
26%
6
1,200
2,800
*90
*67
49
2534
17>4
94
*80
7% Oct 15
217g Sept 25
8234 Oct 15
25
91
3212
No par
25%
100
305s
16
*25%
*75
34
183s Mar 16
1
12
12
7
Mar
Oct
2%
Oct 15
100
300
12«4 Jan
4% Jan
2884 Aug
109
6% Mar
92% Aug 18
1834 Mar 11
55
3^8
6
Oct
12
*98
25i2
c
6
Feb 15
Oct 15
12
75%
1434
7
884
12»4 Apr
743s Apr
115
4
3%
45
May
3%
8,500
3%
72
10% Mar 16
800
45
Mar 27
122% Jan 11
3,600
384
80
2U Oct 13
18%
13i4
53
Jan
Feb
Apr
Mar 12
No par
Co
2834
xll0%
40
98
32,500
500
9
6
May 12
62% Oct 13
II784 Feb 2
7i8
36
3334
Oct 14
Mar
Apr
47
4
8234
36
384
44% Jan 20
115
100
100
100
Waldorf System
Walgreen
Oct 15
June 29
June
16%
5
6
55
100
37
5,300
1,900
334
25% Oct 15
105
30
3938 Mar 11
Jan
6% preferred B
8
2212
Sept 27
58% Jan 20
Mar
5% preferred A
230
66
1
Jan
July
37
tWabash Railway
4,300
103% Aug 19
38
Sept 24
3%
135
8234
76
18
"2'700
16l2 Oct 15
22% Oct 15
47g Jan 13
2% Jan 20
Oct 14
8
28
47a
4i8
10
*712
15s
1%
3%
2l2
3234
303g
2514 265g
104U 10984
125
12514
Oct
11934 Sept 23
85is
2734
120
100"
preferred
4H % pref with warrants 100
Walworth Co
No par
1%
*113l2 116
2078
2014
10
6%
400
28%
937g
7%
22
1784
93
loo"
8
23
32i2
234
*Hs
3
No par
Chem
10<4
*13i8
8is
Va-Carolina
Virginia Iron Coal & Coke. 100
*90
1912
6812
Vick Shreve & Pac Ry Co. 100
170
14%
"3%
5
4
183s
c
100
4
183s
312
7% 1st preferred
Vlck Chemical Co
Va El & Pow 56 pref--.No par
13
*45
6
Van Raalte Co Inc
200
60
94
75
*67
2,700
2,000
100
Preferred
Vanadium Corp of Am.No par
imoo
4,400
4%
100
110
*278
9,400
Sales
Vadsco
27
*90
*15
*19
7,000
110
2512
*75
*67
1514
"334
94
♦85
*12
9
9%
8lg
*45
43g
27
*295s
334
53
*45
934
16
*3
60
74
29
111
35g
312
4
53%
55
"4"
153
Jan 18
preferred-.
110
438
28
*110
84%
8%
18i2
*1412
27%
♦lis
2234
*78ig
7%
36i4
812
*1214
36
♦
62i2
125
*119
125
*119"
*11934 127
2%
2%
2%
2%
214
23s
4
4
412
35s
414
378
534
534
584
*314
*314
*314
37U
9*8
414
.74
11%
20
53
Jan 19
108
60
31
18
1612
22i2 23i8
10378 105
38
38%
12134
*11814 12134 *110
71%
6212 *62l2 7112 *62l2
85
8
8i2
55
*1914
4i8
10
233g
9ig
984
23i2
*18%
*1478
1914 20
19
1712
2312 24i4
*10314 115
38i2 39
Us
78
1
*9U
8%
78
"418
Apr
164
6
*11934 127
125
*119
125
78
45g
29i8
4
Closed—
Us
*
Aug
115
Sept 25
8%
•
Us
III
*110
412
12is
12ig
*11984 122i2 *11934 120%
70
*62l2 6984
*6212
*119
"4"
28
Exchange
13l2
13t2
74
3'%
111
4i2
5
Stock
5
27
111
*4i2
*
74
*110
39
39
39%
"4%
47g
*10314 115
165
Jan
No par
78 Oct 11
19i4 Oct 14
20l2
Nov
Mar
Universal Leaf Tob
No par
19
57% Apr
500
Jan 21
li8Sept 11
22
Nov
92
May 17
86
^Utilities Pow & Light A..—1
78
102
21
10,700
1712
884 Nov
6734 May
84% Jan 11
6
Oct
34
22
*
Oct 15
11% Oct 14
30
78
Apr
59
142
1
July
5
50
100
lis
78
July
168
Universal-Cyclops Steel Corp 1
Universal Pictures 1st pref.100
3312
144
Oct
300
30
1%
Apr
160
9
5
280
33
131
5
8% Feb
40
1*8
9
Oct 15
61
33
Apr
79% Deo
15434 Nov
Jan
2
No par
Jan
Jan
75%
Mar
Oct 14
147
20*2
74
56 conv pref. A
100
Nov
103«4 Nov
9% Feb
4%
United Stores class A..No par
19% Deo
49% Nov
101
Jan
115%
Jan
Dec
63%
169
147
1
72% July
Jan
Sept
104
136
1177g Oct 6
Apr 29
100
*34
29
3934
No par
Jan
68%
4638
126% Mar 11
150
Jan 22
Oct 15
*55
18U
*39
115
*144
29
*
,
Mar 11
753g Jan 18
61
1
27l2
1312
8 Tobacco
Preferred
105
145
32
20%
13i2
100
100
United Stockyards Corp
Oct 15
65l2 Oct 15
65% Oct 13
Jan
47
Feb 18
65
50
Jan
Apr
9%
18%
7% Apr
16% Jan
7238Mar31
118
145
1
*26
50
2%
50
115g
11%
*29
*105% 115
60
*50
U
10
5,200
16,600
43s
Oct 15
62l2 Oct 15
-.100
U 8 Smelting Ref & Mln
50
59
Oct
21%
9
20% Nov
62% Nov
Aug
71
193g Jan 12
4% Oct 15
29
4%
Feb
169%
Jan
Aug
10
Mar 30
72% Mar
Oct 13
*55
1*4
1*4
7S
No par
9
15% Mar 13
112
May
8%
2238 Mar 17
63
34
31
No par
8% 1st preferred
Preferred
31% Aug
31
20
U S Steel Corp
43% Feb
Oct 15
4i2 Oct 13
8% Oct 13
85
Sept 23
100
Preferred
49
20
class A.No par
U 8 Rubber
100
160
23% Mar 22
70
Mar 22
Oct 15
*142i2 147
61
*142
li4
25s
*50
63
59
453
conv
U S Realty & Impt
150
27g
14
Partic &
3
Feb 10
40i2 Oct 13
26,700
44,900
7,600
3,100
68% 204,000
4,500
4%'
Feb
172
U S Pipe & Foundry
14578
*148
4l2
137
U S Industrial Alcohol-No par
U S Leather
No par
116
4ig
70*8
147
115
122l2 *120
*148
64
7534
69%
11612
*148
3178
Oct 13
May 10
9U
"moo
6512
31%
5%
29
512
67i2
*6512
7578
69
2i2
63
1%
67i2
27g
♦142
*3234
3234
68
31%
478
68
156
Corp.__5
50
Prior preferred
65
33
3234
5is
534
438
14
108
303s
478
*50
70ig
*14
7,600
6,200
20
preferred
5ki% conv pref
4,800
34
25g
278
53s
3414
4l2
484
5
*75
2078
5
9%
10
*75
108
116
115% 116
*120
12212 *120
150
150
152
108
7%
Jan 13
100
U S Gypsum
U 8 Hoffman Maoh
300
20
53s
10
preferred
U S Freight
10
2,600
43
*37
2134
2018
514
9i2
534
10
65lg
70%
70
6578
7114
11514 116
H584 117
123%
*118
123i2 *120
*148
43
*39
*65i2
69
*65l2
1,900
4,200
10
914
1012
5i8
30%
6412
6*4
327g
68
72 I8
68
63g
*66
9l2
69
Conv
150
8I4
31
33*4
35i2
6
3484
9
71
10
1034
9i2
Ids
9i2
70
8
158i4 158i4 *15434 161
44%
9%
105
*75
71
*15434 161
11
12
*11%
*4214
225s
IOI4
68
10i2
70
74
*69
717g
*154.34 165
*15434 165
97g
8i4
10
8% Oct 15
5% Oct 13
634Mar22
46% Jan
4
6% Jan 25
5% Sept 7
12
Sept 7
12% Feb 27
3%
16
234
Feb
Apr
Apr
Jan
6% June
28% Nov
17% Nov
684 Nov
43
Nov
5% Mar
11
Jan
65
Oct 13
91% Mar
June
87
Jan
39U
Oct 15
65% Jao 20
4484
Apr
71
Nov
Jan 22
23%
Apr
36«4
Deo
56
Apr
8684
Dec
47
Jan
8O84
Oct
Jan
20
Oct 15
47
2
70
63i2 Oct 15
112% Mar 25
64
Oct 15
112
75
Sept 20
100
82% July 12
5934 Sept 27
63
Sept 27
128
Mar
6
62%
76
Jan
7
92
Aug
6
MarlO
Aug 11
140»4 Sept
63
Aug
79
Feb
30
Oct 15
62% Jan 27
33%
Apr
51
Nov
10%
Oct 15
37% Feb 16
884
Jan
Jan 23
83%
Jan
100
Oct 15
2712 Oct 15
46
Oct
6
84
Oct 13
21
Oct 15
3% Oct 15
i Ex-dlv.
142
46% Feb 16
101% Mar
115
6
Jan 27
4334 Aug 31
9%
Jan 16
y Ex rights.
42% July
41«4 Jan
105
Jan
11% Jan
684 July
23% Dec
163% Dec
56
87»4
122
Apr
Oct
Aug
42% Nov
9%
Jan
1 Called for redemption.
2512
Oct.
Week's
Friday
"IT1 1-
BONDS \
Range or
Range
Sale
•mA.
Friday
Since
Price
Bid
<k
Low
Asked
High
No.
Low
115.14
15 1947-1952 A O
15 1943-1945 A O 106.16 106.11
Dec. 15 1944-1954 J
Treasury 354s---Mar. 16 1946-1956 IVI
Treasury 394s_._June 15 1943-1947 J
Treasury 3a
..Sept. 16 1951-1955 M
Treasury 3s.....June 15 1946-1948 J
Treasury 354s
June 16 1940-1943 J
Treasury 354s.--Mar. 15 1941-1943 M
Treasury 354s...June 15 1946-1949 J
Treasury 354s
Dec. 15 1949-1952 J
Treasury 314s
Aug. 16 1941 F
Treasury 4s
Treasury 354 s
15 1944-1946 A
Apr.
Treasury 254s.-.Mar. 15 1955-1960 M
Treasury 254s...Sept. 15 1945-1947 M
Treasury 254s
Sept. 16 1948-1951 M
Treasury 2?^b.,-June 15 1951-1054 J
Treasury 2Mb
Sept. 15 1956-1959 M
Treasury 2Mb
Dec. 15 1949-1953 J
D
8
D
111.13 111.8
109.18 109.16
115.21
29
113 .16121.14
106.16
25
104 .2
111.13
108
109.26
109.26
109 .12115.20
107 .12114.9
106.29
36
104 .28110.18
102.24 102.16
D
D
S
D
D
A
O
8
S
S
D
S
D
18
106.24 106.23
102.24
138
104.5
101
106.28
104
104.6
80
102 .10107.30
105.21
105.25
37
104 .20107.27
106.13
106.16
10
104 .24108.24
1C4.26
57
104.23 104.19
104.6
1004 106.12
Price
Bid
<k
Range
k2
o
Asked
Since
O
OQCC
High
Jan. 1
Low
High
102 .20108.24
♦Sinking fund 7s of 1920
♦Sinking fund 7s of 1927—1947 F
25-year gold 4 54s
♦7s stamped
1957 F
Cordoba (Prov) Argentina 7S..1942 J
Costa Rica (Republic of)—
1951 M N
102 .24108.18
78
104 .24108.24
External 6s of 1914
106.12 106.9
106.12
53
104
109.25
260
99
104.30
Sinking fund
A
External loan 4 54s
100.15
102.16 102.10
102.16
100.16 100.lt
100.16
157
99 .2
104.16
99.24
136
98 .4
103.17
51
99.24
99.17
99.10
99.9
99.13
92
97 .26
97.22
97.29
100 .18106.16
154
9654
28
96
S
2554
10554
I.OI54
99
30
"5654
104
77
6554
9654
6854
80
95
99
42
30
10554
56
90
2554
3654
10054 10554
101
58 M
10354
10354
9754 102
10254 105
103
171
50
6854
103 54 10554
10354 10554
104
10354
1942
96 54 10154
93
100 54
80
10154 CIOI54
103
1951
B
70
10054
*104 54
♦Public wks 554s--.June 30 1945
ser
*
15 1953
Czechoslovakia (Rep of) 8s
Sinking fund 8s
3054
A
1949
6ks—Jan
3054
20
1949 F
Cuba (Republic) 5s of 1904
ser
20
1
1944 M
♦7s Nov 1 1936 coupon on
11
106.16
31
34
24
9854
9754
7854
98
A
J
2054
24
23
99
23
23
A
1952 J D
1953 M N
—1957 F A
Copenhagen (City) 5s
♦Cordoba (City) 7s
23
1947 A O
1946 M N
♦Colombia Mtge Bank 6 54s
104.14
10354
98
103.18
96 .6
101.22
Denmark 20-year extl 6s
1942
105J4
106
102
10454 10754
10154
10454
10154
33
1955
24
10054 10354
101.7
*102.10103.10
106.10
External g 4 54s
Apr 15 1962
Deutsche Bk Am part ctf 6s
1932
10054
10054
10154
94
102
102.7
J
102.19
102.27
101.8
105.23
8
1 1942-1947 M
Mar.
25*8
Home Owners'
Nft.
Friday
Loto
External gold 554s
101.22
101.22
99.6
104.10
15 1942-1947 J
Jan.
3s
Week Ended Oct. 15
Range or
Sale
EXCHANGE
100.15 100.6
Mar. 15 1944-1964 M 8
May 16 1944-1949 M N 102.7
3s
STOCK
High
Federal Farm Mortgage Corp—
3MB
Y.
Foreign Govt. & Mun. (Cont.)
115.21
Oct.
Treasury 4 5^8
Last
BONDS
N.
Jan. 1
u. S. Government
Treasury 354s...Oct.
Week's
Friday
Last
STOCK EXCHANGE
Week Ended Oct. 15
N. Y.
1937
16,
108
100.11105.17
Loan Corp—
9754 10154
S
*62
Dominican Rep Cust Ad 654s„_1942 M 8
1st ser 5 54s of 1926
1940 A O
74
74
73
7054
7054
7054
82
82
71
8154
M
{♦Stamped extd to Sept 1 1935..
60
45
^
8254
102
102.9
1 1944-1952 M N 102.9
1 1939-1949 F A 100.20 100.15 100.22
100.13
1942-1944 J
J 100.9 100.6
May
254s series G
98
99.24105.3
81
98.28103.2
95
7054
O
70
70
70
8154
5 54s 2nd series
1969 A O
♦Dresden (City) external 7s... 1945 M N
3s series A
2Mb series B.-Aug.
7054
7054
7754
70
70
70
81
*19
1954
20
5554
6654
2d series sink fund 5 54s
1940 A O
Customs Admins 554s 2dser_1901 M S
98.16102.31
1969 A
5 Mb 1st series
Govt. & Municipals—
Foreign
♦El Salvador 8s ctfs of dep
♦Sink fund 6s Feb coupon on.1947
F A
♦Sink fund 6s Apr coupon on.1948 A O
Akersbus (Dept) Ext 5s
1963 M N
♦Antloqula (Dept) coll 7s A —1945 J
J
1945 J
♦External s f 7s series B
J
23
23
Too""
7 54
♦External
s
f 7s series C
J
754
TVs
♦External
s
f 7s series D
1945 J
J
7 54
♦External
s
f 7s 1st series
1957 A
O
654
1945 J
♦External
sec s
f 7s 2d series. 1957 A
O
654
♦External
sec s
f 7s 3d series. 1957 A
O
654
100 M
Antwerp (City) external 6s
1958 J D
Argentine (National Government)—
lExtl s f 6s of May 1926
1960'M N
lExtl 6s Pub Wks May 1927.1961 M N
S f external 4 Ms
1971 M N
1972 F
S f extl conv loan 4s Feb
A
A
O
8 f extl conv loan 4s Apr
1972
1955 J
J
External 5s of 1927
1957 M
S
External g 4 54s of 1928
1956 M N
J
1957 J
Australia 30-year 5s
Austrian (Govt) s f 7s
23
100732
100732
9954
9954
754
754
754
754
654
654
654
99
20
9
38
9
854
754
754
754
22 54
22 54
19
30
97
10054
2054
754
20
7 54
20
754
2054
45
654
1754
36
654
1654
26
654
10054
44
101 54
57
9354
9354
1654
9854 102
46
9254
154
100
104
10354
106
10554
10054
10454
159
101
31
73
19
10454
10854
*1954
10854
109
17
108
111
1955 J
105
105
106
10
105
11054
♦External sinking fund 6s... 1958
♦Brazil (U S of) external 8s
1941
♦External b f 654s of 1926... 1957
♦External s f 6 Mb of 1927—1957
J
J
37
37
A
2954
29
A
2954
3054
1952 J
♦7s (Central Ry)
Brisbane (City) s f 5s
*11354
102)4
1954
1954
1954
1954
1957 M
Sinking fund gold 5s
1958 F
20-year
10054
1950 J
f 6s
s
Budapest (City of)—
♦6s July 1 1935 coupon on
*10154
1962 J
r2554
Buenos Aires (City) 654s B-2..1955 J
(Prov) extl 68—1961 M
♦68
10054
39
3054
3254
3254
10254
10154
10154
20
99
8
18
2554
20
1854
191
29
5954
4754
1976
7154
7154
A
1975 M N
J
1984 J
Extl 8 f 4 54s-454s
3% external s f $ bonds
Bulgaria (Kingdom of)
♦Sink fund 7s July coup off. .1967 J
J
29
(
!
1960 A
O
1952 M N
6s
Aug 15 1946 F
10-year 2 54"
25-year
7-year
30-year
ser
1954 J
1950 M
6
11
101
10554
6
25
33 54
6
100
10254
17
"2
105
*1954
5754
57 54
9654 10154
1554
20
20
25
2054
107
12
20
20
3054
"ii
20
3054
2754
21
20
24
20
5 7 54
""6
*11354
Lower Austria
1947 F
J
4754
111
D
(Province) 754s. 1950
85 54
♦Assenting 5s of 1899
8054
88
2954
22
32
14
(Colombia) 654s
J
3054
6254
11554
2954
1954
95
4s of 1910 large
4s of 1910 small
*
7
454
554
17
854
8
4
4
10
4
1154
4
25
4
1194
11
*354
254
354
254
354
~56
354
554
9
23
254
354
954
__
954
254
454
254
354
32
254
J
454
454
15
454
1354
J
454
454
454
5
454
13
6354
Milan
9954
♦Montevideo (City) 7s
60
40
♦6s series A
1959 M N
New So Wales (State )extl 5s..1957 F A
External s f 5s
O
Apr 1958
2654
40 54
Norway 20-year extl 6s
i(3054
20-year external 6s
1454
4854
2554
2
4
42
20
10054
J
,
95
27
44
...
8954
of '13 aasent(large) '33 J
9254
5454
5
354
D
9854
34
9
fl254
*154
D
14
5454
5254
2
754
—1954 J
1954 J
4s of 1904
19
33J4
185
9354
4
(City, Italy) extl 654s...1952 A O
Minas Geraes (State)—
♦Sec extl s f 654s
1958 M S
♦Sec extl s f 6 54s
1959 M S
33
7
a254
J
1946
♦4s of 1904
♦Assenting
♦Assenting
♦Assenting
♦{Treas 6s
♦{Small
1945 Q
6554
39
♦Assenting 5s small
6554
10454 11054
111
11454
97
10154
9654 10354
41
'
166""
♦Assenting 5s large
2154
70
153
56
39
D
66
5
80
A
1954 J
s f7s
6554
65
56
O
7154
7154
7554
19
..1952 J
1943
1944 F
9
1854
"66 k
6554
33
60
5754
D
60
5854
12
1854
34
1854
2054
7154
6854
16
1854
33
5
65 54
76
7154
6654
2
82
10154
10154
102 54
28
68 54
6054
10154 10554
10154
101
10
101
10654
10754
19
A
10754
10154
10654
10754
S
105
105
106 54
31
10254
10254
10254
10154
10354
44
10454 10854
10554 109
10154 106 54
99 54 10454
102 54
A
106
105
189
1454
25
External sink fund 454s
External s f 454s
1956 M
1454
3354
1754
1754
1965
O
15
17 54
67
15
25
4s
1963
A
1454
93
1454
1454
2454
Municipal Bank extl
9554 102 54
f 58—1970
D
15
1754
1754
75
15
15
al0254 a!0254 al02 54
1
77
2454
2454
1952 F
A
10254 103 54
20
20
2
17
Oriental Devel guar 6s
Extl deb 5 54s
2554
1953 M
S
5254
5654
90
52 54
85
4754
51
34
Oslo (City)
4754
1955 A
O
10154
17
9754 10354
1953
D
10654
4
59
1554
1554
13
1554
15
16
29
15
1254
1254
1354
D
12M
12
12 54
12
15
O
4
12 54
4
£H2J<
s
f 6s
1962 M N
125*
1254
1554
1354
24
11254
1960 M S
1154
1154
13
19
1154
1954
♦3054
1954
♦Leipzig (Germany)
1957 A
♦Medellln
*Guar
1
J
Utility extl 7s_—1952 J
Japanese Govt 30-yr s f 654s...1954 F A
Extl sinking fund 554s
1965 M N
Jugoslavia State Mtge Bank—
♦Mexico (US) extl 5s of 1899 £
♦Chinese (Hukuang Ry) 5s
1951 J D
♦Cologne (City) Germany 5148.1950 M S
2517.
1
I854
105
*1954
1960 M N
♦Mexican Irrlg assenting 4 54s. 1943 M N
♦Chilean Cons Munlc 7a
:
Irish Free State extl sf5s
8454
f 6s—
page
J
92
s
•
26
20
20
J
7154
41
•Guar
1
100
105
9754 106 54
82 54
9354
50
"is"
For footnotes set
20
94
£ 26 54
1963 M N
sS^s
9954
82 54
2
J
♦Ry ref extl s f 6s_.
Jan 1961 J
♦Extl sinking fund 6s..Sept 1961 M S
♦External sinking fund 6s
1962 M S
J
2654
6754 *0054
7
1454
O
1
98
29
15
Colombia (Republic of)
♦6s Apr 1 1935 coup on__Oct 1961 A
♦6s July 11935 coup on..Jan 1961
2654
71
2854
15
D
3554
2654
2054
71
25
1454
A
♦Hungary
42
2754
5
*15
A
34
33
29
9954 103 54
9954 10354
70
*32
9954
♦Hungarian Land M Inst 754S.1961 M N
♦Sinking fund 7 54s ser B
1901 M N
(Kingdom of) 7548—1944 F
2354
33
29
21
2654
O
O
1961
1940 J
4
65
32
50
29
1960 A
1957 J
1961 J
♦7s unmatured coupon on
2954
3154
2854
2554
30
3054
6554
29
*3054
1960 J
A Apr 15 1938 A
♦External sinking fund 6a
(Republic) s f 0s ser A
1952
♦Hamburg (State) 6s
..1946
♦Heidelberg (German) extl 754s '60
Helslngfors (City) ext 654s
I960
Hungarian Cons Municipal Loan—
♦754s unmatured coup on
1945 J
25
*2554
2654
1968
39
3154
2554
2754
2354
16
2854
9954
9954
9854
9354
124
30
17
♦Chile (Rep)—Extl s f 7s
1942 M N
♦External sinking fund 6s
1960 A O
♦Extl sinking fund 6s—Feb 1961 F A
Chile Mtge Bank 6 Mb
♦Sink fund 654 s of 1926
f ser 7s..1964 M N
1908 F A
2754
29
D
♦Sink fundsecured 6s
6s part paid
18
2054
1854
7654
57 54
11254
"9254
1967 J
♦Farm Loan 6s
s
23
25
1958 J
♦(Cons Agrlc Loan) 654s
138
69
7
99
23
"28"
2554
7554
7154
7254
7654
9854
9854
9254
100
2454
6654
7154
7554
112
25
♦7s unstamped
1949
German Prov <fc Communal Bks
83 54
112
"~99
1944 J
3s
♦Carlsbad (City) s f 8s
♦Cent Agrlc Bank (Ger) 7s
♦Farm Loan s f 6s..July 15
♦Farm Loan s f 6s
Oct 15
♦6548 of 1930 stamped
1965 J D
♦554s unstamped..
1965
♦5548 stamp(Canad'an Holder) "65
♦German Rep extl 7s stamped. 1949 A O
Italian Public
87
10754
100
German Govt International—
D
Italy (Kingdom of) extl 7s
1951 J
Italian Cred Consortium 7sser B,'47 M S
"76k"
10654
12454
47
7154
7154
10654
A
1961 J
35£s
254s
100
1949
102
98
11954
10554 130
9954
4754
1
Canada (Dom of) 30-yr 4s
114
3054
32
♦Sink fund 7 Mb May coup off 1968 M N
D
'14
107
2954
2554
77
20
10254
*10754
10454
98
10054
10554 109
2554
1754
60
57
7154
99
41
*81
1977 M
1976 F
20
5754
10754
25
37
10854
87
1961 F
454s-454s
103 54
110
101
*90
f 4Ma-4 Mb
s
Extl re-adj
2054
2554
11554 11854
20
10054
1961 M
f 4MB-4MB
Refunding
25
;
stamped
*6 Mb stamped
s
1854
114 54
1949 J
♦7s with all unmat coup
♦Buenos Aires
Extl
2954
3054
10054
10054
10154
2654
10354
External 7s stamped...
7s unstamped
5654
99
10754
99
-.1941
Haiti
98
1949 M S
1955 J D
Bergen (Norway) extl s f 5s...I960 M S
♦Berlin (Germany) s f 654s
1950 A O
754s unstamped
♦Greek Government
1946 F
External 30-year s f 7s
♦Frankfort (City of) s f 654s. ..1953 M N
French Republic 754s stamped.1941 J D
10454 11054
10454 110
9954 103 54
51
Belgium 25-yr extl 6 Mb
J
99
1945 M S
100*32 10354
100*32 10254
9654 10354
9054
9554
9254
9454
♦Bavaria (Free State) 054s
External s f 6s
5654
1967
Finland (Republic) ext 6s
754
20
100732
100732
9254
10554
10454
30
30
29
100*32
100*32
9954
9254
9254
10554
10454
100>4
A
22
2354
2354
10054
854
1948
Estonia (Republic of) 7s
Agricultural Mtge Bank (Colombia)
19
1854
1854
1854
55
1954
2054
2054
20
•
12
2454
2154
2154
2154
22
2154
53 54
MM*.
1
95
67
73
1854
2654
1854
1854
38
38
s
f ext loan
♦Nuremburg (City)
s
s
extl 6s
f 454s.
Panama (Rep) extl 554s
♦Extl s f 5s ser A
♦Stamped
1958 M N
51
10154
1963 M N
1963 M N
Pernambuco (State of)—
♦7s Sept coupon off
10154
10654
54
55
49
5154
10
10454
79 54
107
3
54
85
10
49
76
1947 M S
♦Peru (Rep of) external 7s
1959 M S
♦Nat Loan extl s f 6s 1st ser.. 1960
D
♦Nat Loan extl s f 6s 2d ser..1961 A O
1754
1254
1054
1054
1754
1254
1454
26
1754
1254
3054
28
1254
182
1054
1254
54
♦Poland (Rep of) gold 6s
1940 A
♦Stabilization loan s f 7s..
1947 A
♦External sink fund g 8s.....1950
1054
1054
O
1054
26
26
5754
56
5754
27
47
0254
O
7154
5154
71
7154
5254
11
60
80
36
4554
64
J
4954
1954
27
Volume
145
Y.
STOCK
Week's
Last
Range or
Range
Sale
Friday
Since
fe-S
EXCHANGE
Week Ended Oct. 15
Bid
Price
A.
-1
Foreign Govt. &Munic. (Concl.)
Porto Alegre (City of)—
♦8s June coupon off
1966 J
J
Rio de Janeiro (City of)—
♦8s April coupon off
*98
6%s
100
1966 a
o
91
1944 j
d
107
20
32 H
23
15
20
34 H
1st M 5s series II
1st g 4%s series J J
20
17H
19%
17h
24
20%
15
24
17H
19
28
17h
Big Sandy 1st 4s...
33
D
"fi"
32 h
83 H
A
40%
40
40 %
25
25 %
41h
Bklyn Qu Co A Sub con gtd 5s. 1491
1941 j
1st 5s stamped
21%
27
Bklyn Union El 1st g 5s
3
20%
16
19 h
35%
34%
19H
34
34
35
8
34
44
Brown Shoe
22
22
23
45
22
43 H
19%
19%
10
19%
Buffalo Gen Elec 4 Hs ser
J
18
18
18%
34
18
O
87
86%
88
28
80%
98
19 H
D
*19
32 H
22
f deb 3%b
25
27H
27 H
28 %
54
25 H
31%
26 H
26 H
28%
38
24
31
50%
50%
31H
14
40 H
57
28
39 %
ICal G A E Corp unlf A ref 5s.
Cal Pack conv deb 5s
90 %
98%
*25
A
A
105
J
51
S
1964
49%
1958
1961
105
5
51
28
50
101%
49%
.
57%
57%
63
26
57%
55 %
60
142
55%
56
59
66
56 H
O
A
*
82
"99 %
M N
F
50 %
A
D
J
48H
99%
50%
56%
51 H
56%
8
56
51
*
mm
..
m
mmm
"63
"63
*«•*.
2
*
122%
132%
108% 110%
104% 104%
mmm
m
56
07%
63
93
15
15
32
14%
31
90%
*85 h
^
100*32
104
_
51
61h
33
100*32
60
60
— ^
~49h
44 h
48
—
1
11
104 h
12
*111
113h
104h
j
85
mmmm
j
44%
83
73%
58
100% 103%
49
103
4
105%
11
42
112
....
119%
112h
13
j
j
"l'l5%
115h
115h
35
113
a
o
117%
117h
*117h
117%
27
114% 121
115h
112h
f
a
j
d
...
113
112h
s
112h
112h
Guaranteed gold
122 h
121h
123
a
m
j
4Hs.-8ept 1951
86
s
22
110% 116
25
140
120% 128%
86
99%
15
101% 105%
101 %
112%
112%
17
110
103 h
104%
67
99%
23
103% 110%
96
105%
C
m
114% 121
112% 118%
110% 116%
89%
101%
87
A/f
17
7
113
j
f
109% 116
118%
117%
115%
113%
_
86 %
h
103% 107
100
102
109%
o
57
26
12
105%
"109h
o
j
83 H
39%
109
o
100h
19
103
1962 a
70%
78
92 h
106
27
105 h
"109%
_
99% 103
....
88
105
d
70%
38
113
8
j
ivi n
72
56
53 %
101
111
7
90%
105%
1942 a
80%
A
50
100
20
115
1940 j
73 H
50
3
"53"
"165"
1960 a o
1937 m n
78%
100H
113
88
j
5s
Canada Sou cons gu5sA
106
49
O
IVI N
Bank 7s.-1952
(City of) 6s...
1952
49
N
IVI N
Venetian Prov Mtge
104%
83
87% 115%
112h
o
♦Camaguey Sugar 7s ctfs
A
Consol
55
0
87 h
20
{♦Bush Term Bldgs 5s gu
48 H
F
"87h
115
1955 j
N
D
mmmm
a
j
63% 104
mm-Mm.
112h
1952 a
M N
M
53%
60
..
{Bush Terminal 1st 4s
61
69
41%
101%
97% 105%
*
a
1934 a
{{♦Burl C R A Nor 1st A coll 5s
♦Certificates of deposit
"21
♦
f
41%
9%
72'
101
—
-
1938 j
85%
34%
9
55
33
67
91%
12%
6
,
12
90
55
60
68%
-
25
J
s
1981
B
Buff Niag Elec 3Hs series C._ 1967
1957
Buff Roch A Pitts consol 4 Hs.
35%
34 H
53
12
100%
a
1950 f
Bruns A West 1st gu g 4s
19%
M
Yokohama (City) extl 6s
Debenture gold 5s
J
25%
1960
'l00%
1945 ivi n
1947 ivi n
1950 j d
1957 ivi n
Bklyn Un Gas 1st cons g 5s
1st lien A ref 6s series A
55%
12%
9h
j
1950 f
1st lien A ref 5s series B
*19
99%
112
56
11
60
9
ivi n
S
1952
A
^..1961
IVI
Trondhjem (City) 1st 5Hs
1957
F
♦Uruguay (Republic) extl 8s
1946
(City) external 7a
20H
25
90
"58" "33
,
"12 h
11
Bklyn Edison cons mtge 3%s._
ivi n
Bklyn Manhat Transit 4%s— 1966
24
53
*
1966 ivi n
18%
20 %
26%
100% 106%
107
55
55
j
1941 j
Brooklyn City RR 1st 5s
61
20%
126
*
98
24
93%
10
67
*19
220
54
of deposit
64
f 5Hs guar
♦External s f 6s
♦Certificates
18%
J
18%
3
«
22%
102 h
90\
a
64
*
20
100 h
%
mmmm
27
20
2
28
18%
20 h
h
High
mmmm
20
32
*107h
o
18%
D
Tokyo City 5s loan of 1912
...
12
f
{♦Boston ANY Air Line 1st 4s 1955
1934 a
{§*Botany Cons Mills 6Hs
32 H
18
Low
mmmm
*19h
1967 m s
ivi n
1955
1961 a o
O
1955
1971 J
Sydney (City) s f 5 Ha
s f 5 Ha
10
No.
mmm
23%
20
o
19
F
Taiwan Elec Pow
19%
J
1946
Syria (Province of) 7s
18
mm
>
40
♦Silesia (Prov of) extl 7s
1958
F
♦Slleslan Landowners Assn 6s. .1947
♦Warsaw
j
104h 113h
113
*104%
o
2
20 H
24
J
Vienna
20
14
20
—
t 6s
20 h
108
107
20
O
1940 A
1945
1946
Serbs Croats & Slovenes (Kingdom)
♦8s Nov 1 1937 coupon on.
1962
♦7s Nov 1 1937 coupon on
1962
8
a
105%
108
1936
♦Saxon State Mtge Inst 7s
♦External
23
"~Cons mtge 3 % s series E
33
1953 J
f 7s
s
25 h
33
♦External 6s July coupon off. 1968 J
External
25%
10%
Jan. 1
High
23%
1955 a
♦Debenture 6s
♦Berlin Elec El A Undergr 6 Hs 1956 a
Beth Steel cons M 4%s ser D__ 1960 j
100
17h
11
17 %
J
g
Low
j
Since
Asked
&
d
22
105h
...1966 M N
1967 J D
coupon off
♦Sinking fund
92
....
20
20
♦External 8s July coupon off. 1950
♦External 7s Sept coupon off 1956 M
s
19
20 H
105
♦8s May coupon off....
1952 Ml N
♦Extl 6Ha May coupon off..l957 IVI N
San Paulo (State of)—
J
J
Secured
100
19H
20
20
18%
1
O
1968 J
♦Saarbruecken (City) 6s
Sao Paulo (City of, Brazil)—
Bid
♦Berlin City Elec Co deb 6 Hs.. 195) j
1959 f
♦Deb sinking fund 6Hs
33 %
31
§2
Friday
Sale
High
A
Rome (City) extl 6%s
1952 A
Roumania (Kingdom of) Monopolies
♦7s August coupon off
1959 F
§♦88 July
Low
Boston A Maine 1st 5s AC
1946 A
♦6 %s Aug coupon off
1953 F
Rio Grande do Sul (State oQ—
♦8s April coupon off
1946 A
♦6s June coupon off
♦7s May coupon off
♦7s June coupon off
19
"l9%
1947 F A
1950 M S
A
19
19
O
s f 7s. .1941 A
♦Rhine-Main-Danube 7s
18%
10
18%
1952 (VI N
♦Prussia (Free State) extl 6 %s. 1951 M S
♦External s f 6s_._
1952 A O
Queensland (State) extl
25-year external 6s
No.
18%
Last
Price
j
Belvldere Delaware cons 3Ha.. 1943
D
Range
Range or
si
NO.
Week Ended Oct. 15
1
Jan
High
Low
1961 J
♦7%s July coupon off
Prague (Greater City) 7%s
Asked
&
bonds
STOCK EXCHANGE
N. Y.
Week's
Friday
£5
Friday
JB xs
BONDS
N.
2513
New York Bond Record—Continued—Page 2
101h
Collateral
INDUSTRIAL
AND
{{♦Abitlbl Pow & Paper 1st 5s. 1953
4s
1948
Coll trust 4s of 1907
1947
10-year deb 4%s stamped.. 1946
Adriatic Elec Co extl 7s
1952
Ala Gt Sou 1st cons A 5s
1943
1st cons 4s series B
1943
♦Albany Perfor Wrap Pap 6s. .1948
6s with warr assented—...1948
Adams Express coll tr g
73 h
73%
S
M
N
F
99
A
81
J
j
3 H8
1946
Alleghany Corp coll trust 5a.—1944
Coll <fc conv 58
1949
♦Coll <fe conv 5s
1950
Alb & Susq 1st guar
107"
1950
Allegh & West 1st gu 4s
19y8
Allegh Val gen guar g 4a
1942
Allied Stores Corp deb 4%s
1950
4 %s debentures
1951
Allls-Chalmers Mfg conv 4s—.1952
♦5s stamped
►
102
102
83%
105%
Carriers A Gen Corp deb
105%
99 h
110h 115
110
105h
59
70
74
101
4s
107
84 %
80
74
J
66
66
72h
43
60 %
96 h
♦Mac A Nor Dlv 1st g
50
93 h
♦Mid Ga A Atl Dlv pur
27h
72 h
♦Mobile Dlv 1st g 5s
.
50
A
F
37 H
108 H
108H
"l"08%
O
A
1
133
94
*
M
A
50
27 h
96
96
98
8
95 h
17
102 %
102%
104%
294
M
8
101 %
101%
101 %
1
M
8
07%
137
92
92
101h
93 h 102 h
"3
S
M
107 %
96
92
102 %
112%
101 h
100%
105
♦Chatt Dlv pur money
2030
1953
Amer I G Chem conv 5Hs
1949
Am Internat Corp codv 5%s._1949
American Ice s f deb 5s
Amer
Telep & Teleg—
J
M
N
Anaconda Cop Min s
1961
1966
1950
1975
f deb 4 Hs 1950
♦Anglo-Chilean Nitrate—
5 f Income deb
'
{Ann Arbor 1st g 4s
Ark A Mem Bridge & Term
1967
1955
53.1964
series B.1955
1st M s f 4s ser C (Del)
1957
Atchison Top <fc Santa Fe—
Armour & Co (Del) 4s
1995
1995
—1995
Conv gold 4s of 1909—- —1955
Conv 4s of 1905
-.1955
Conv gold 4s of 1910...
1960
Conv deb 4Hs
1948
Rocky Mtn Div 1st 4s
1965
Trans-Con Short L 1st 4s—1958
Cal-Ariz 1st & ref 4 Hs A
1962
Atl Knox A Nor 1st g 5s
1946
Atl A Charl A L 1st 4 Hs A
1944
1st 30-year 5s series B
1944
Atl Coast Line 1st cons 4s July 1952
General unified 4Hs A
1964
10-year coil tr 5s
May 1 1945
LAN coll gold 4s
Oct 1952
Atl A Dan 1st g 4s
1948
Second mortgage 4s
1948
Atl Gulf A W I SS coll tr 5s
1959
Auburn Auto conv deb 4%s—1939
Austin A N W 1st gu g 5s
1941
General 4s
Adjustment gold 4s
Stamped 4s
Baldwin Loco Works 5s
stmpd.1940
July 1948
1995
July 1948
Ref A gen 6s series C
1995
PLE&WVa Sys ref 4s
1941
Southwest Dlv 1st 3%s-58._1950
Tol A Cln Dlv 1st ref 4s A—1959
Ref A gen 5s series D
2000
Bait A Ohio 1st g 4s
Refund A gen 5s
series A
1st gold 5s
Conv
4Hb
M 5s series F
Bangor A Aroostook 1st 5s
Ref A gen
Con ref 4a
—
I960
1996
1943
1951
1951
Battle Creek A Stur 1st gu 3s—1989
Beech Creek ext 1st g 3hb
1951
Bell Telep of Pa 5s series B
1948
1st A ref 5s Beries C
1960
4s
stamped
For
footnotes
see
page
2517
102%
102
96 h
M N
debentures
3Mb debentures
♦Am Type Founders conv deb.
Amer Wat Wks & Elec 6s ser A.
62 H
*90
J
20-year sinking fund 5%8—1943
J
Convertible debenture 4 %S-_1939
3%s
62 H
D
A
113%
60
111 %
105
110
101 %
O
100
100H
131
O
Jan
J
M
A
J
J
4s
103
104%
92
103
29h
32
25
29h
51
19
47
101
94
92 H
110%
104
103
104%
D
D
D
*106
106%
*104
J
J
8
J
8
26
52
90%
99 h
102
104h 108
C
105
107
113
110
114
112H
111
113%
93 h
93H
90
78
81%
100
100%
MN
84
84
38%
5
63
109 h
♦Certificates of deposit...
5s—
1st 4s.
Chicago A Erie 1st gold
78
99 h 106 %
86
39
84
99 h
40 %
21
38%
60 h
34h
5
34%
54
05%
3
64%
34 h
36
12
31
85%
105
3
104
*102 H
A
♦1st A gen 6s series B_.May
Chic Ind A Sou 60-yr 4s
Chic L S A East lst4%s.
91%
93
91%
J
D
50%
50 h
61
A
O
98%
97%
99%
281
59%
72%
49
91
33
88 H
105
78%
83 h
62
78%
107 %
72%
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J
J
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8
F
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M
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59
150
65
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111%
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109% 115
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108%
41
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1
104% 110
110 «
2
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110%
34
108 h
110
30
100% 116%
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25
112
mmmmmm
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98#
3
14%
13%
18%
146
A
13
13
m n
»
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m
17
117h
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*
117%
m
s
j
j
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26
j
25
4
21
j
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24
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264
113%
107% 117%
119
97% 101%
13%
46%
13
45%
116% 124
19%
51%
22
44%
mmmm
22
43
mmmm
20
39%
,
23%
52
230
90
44h
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106
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107h
108H
28
103
115% 121 h
126%
120
131
26%
26%
97% 107%
110% 111%
j
j
30
34%
19
30
j
j
29
29
6
29
57%
j
j
33h
36
18
33%
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j
35
35
1
35
69%
j
38%
71%
36%
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30
A.--.—
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41
_
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12%
4%
....
13%
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4
484
923
11%
4
66
12%
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28
27%
49%
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30
52%
29
52%
31%
54%
27
56
37
52
61
mmmmmm
m n
mmm
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mm
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•
*
31
m
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28
m m
....
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30
28
28%
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12%
12%
14
15
27%
12%
j
d
12
11%
13%
65
11%
j
4%s series a.
mmm
j
♦Conv
m
m n
78 h
117%
....
D
m n
110h
103 h
8%
,J
m n
107h 116h
71
8%
12
99
*97%
m n
116
102
71H
19
9%
8h
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93 h
111
\
9
"§h
T
m n
82 h
49
m
8%
8%
.
t £
o
93 h
60
mm mm
mn
a
99%
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117h
117h
126H
126H
94 %
49
44h
*
50 h
108H
5
50
106"
91
88
44 H
107 H
108
j
B.
97% 116h
59% 103 h
89%
78%
102%
94% 102%
j
Chic Mllw A St. Paul—
102 % 104
104
59%
94
106 h
♦lst A gen 5s series
107 %
O
J
106% 109
116% 128%
109m
109%
j
99 h
♦Gen g 3 Hs series
D
104% 108
83 %
105
M N
92
90%
....
*106h
40
95%
125%
....
109
j
{♦Chicago Great West
93 h 105 %
41
28
34%
J
115%
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104%
107% 111
....
a
t n
?
m
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64 %
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,
118% 118%
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109"
78
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21
109%
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f
105%
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A
96 *
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5
mmmmrnm
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109%
1
45
94 %
88
mmmmmm
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103% 110
106 h
109 h
58
94%
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104 % 109 %
107%
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14
88%
78%
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107
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61 t
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77
117
118
94
100%
109
106% 112%
101
108%
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....
117
104%
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111%
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L £
s
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9
117
4s_.
112
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104%
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117%
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35%
37
87
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9
87%
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23%
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92% 104%
104
57%
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11%
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100% 108%
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„
23%
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102
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107
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23%
40
1
55
77
8%
1
40
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s
5s
112
102
106%
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J
m
Cbes A Ohio 1st con g
106% 116
2
17
113
J
J
__
9%
25
100% 244
80
125%
37
106 %
104
106 %
15
1
104%
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,
105%
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M
a
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*
90% 100%
106%
107%
D
J
"~60
104 %
55
71
33
96
♦
o
33
80%
105%
95
36
mmmm
106
ivi n
May 1 1942
105
100
"90%
109%
J
j
a
74
*
80%
m
•! "55"
j
42 h
47
103h
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105%
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47
mmmm
£ "95%
o
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t
m
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29h
mmmm
s
\
96% 102%
200
103%
14
28
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105
100% 110h
mmmm
♦
j
18
33
23
mm
j
14
23%
c
90% 102%
22
103h
D
4s—
11
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A
1
-3
General
10
m
]
Central of N J gen g 5s...
9h
8%
f "104%
s
a
40
81%
36%
mmmm
16
™
1
1
ref 3 %8.1
Cent 111 Elec A Gas 1st 5s
]
Cent Illinois Light 3Hs
J
Gen mortgage 5s..
21%
*12
i
29
109h
103h
J
it
m
Cent Hud G A E 1st A
5s extended to
101
M N
J
114
113
110
Nov
J
1
m 5s.]
1
97%
23%
9
*18
\ H
\ j
j
j
5s
93
76
"15"
9h
106%
78
12
70
8%
95
mmmm
*
0
83 %
80%
75%
"76"
0
115%
55
1
95
95
f
100%
*90%
1
55
*
"~78h
a
109 h
106
90 %
J
92
87%
100%
90 %
O
108% 111%
a
100
106
8
F
99%
99%
102% 105%
38
L
1
96% 106 %
103h
J
J
102
112 H
D
M
4
105
M N
A
"49
62 h
87
113%
J
Q
100
93 % 102 h
J
J
A
96
103H
3
110%
55
23
Central Foundry mtge 6s
{♦Cent New Eng 1st gu
1955
Alpine-Montan Steel 7s
Am & Foreign Pow deb 5s
102%
109%
Mm
f £
d
1
1
]
g 4s_.]
78 h
"36"
102 %
109 h
1
{♦Central of Ga 1st g 5s..Nov
♦Consol gold 5s
♦Ref A gen 5Hs series B
♦Ref A gen 5s series C
76
64
10
♦Cent Branch UP 1st g
78H
A
"102%
d
j
1
Celotex Corp deb 4Hs w w
F
A
d
96
,mn
Cart A Adlr 1st gu gold 4s
76
107
102 h
5s w w 1
]
97
99.
100
65
'*6i y]
A
A
73 h 109 %
106
JT
j
96
__
95
97
114
f
J
A
81h
95
"97"
D
J
T03%
j
Caro Clinch A Ohio 1st 5s.
D
J
d
^
j
trust 4Hs...
{♦Car Cent 1st guar 4s
COMPANIES
j
j
RAILROAD
j
d
11%
11%
14%
64
11%
36%
36%
0%
9%
652
6%
24%
m n
mrnmrn
7
m
rn
m
"29%
63
38
New York Bond
2514
Record—Continued—Page
Oct.
3
Friday
bonds
n
Bennett
y.
& Johnson
'Bros.
stock
Gen a ref 5s
ser
Gen a ref m 4s
Tiew York,
Y,
<DItby 4-5200
Connections
-i• 'Bell
Randolph 7711
Cgo. 543
System Teletype
n. y.
Last
exchange
stock
Range
Sale
Week Ended Oct. 16
or
Bid
&
o
♦Certificates of deposit
f ♦Secured 4 Jis series a
1962 ms
20 m
24 m
173
20 m
20 m
20 m
15
20m
10ji
11m
105
10 H
42 m
26 Ji
8 Ji
10 Ji
62
8j4
22 m
10 Ji
10
11m
72
9
i960 mn
1961
j
June 16 1951 j
d
d
*
5j4
10
12
8h
4h
106"
22 m
16
65
53
65
49
45
48
55
40
1956 m n
112M
81
3ms
guaranteed
81
75 m
91
106 Ji
106 ji
110
11
104
109m
10
106 Ji
106m
107
21
104 m 113
103
lllji
104 m
104 Ji
11
ioo"
100
101Ji
99 Ji
19
j
1962 m
Chllds Co deb 5s
s
1943 a
1st a ref m 4 Jis ser d
o
98 Ji
67
67
5s--.1952 m n
Cincinnati Gas a Elec 3 Jis
1966
1st mtge 3 ms
1967
CIn Leb a Nor 1st con gu 4s.-.1942
Cln Un Term 1st gu 5s ser c_—1957
1st mtge guar 3 Ms series
d..1971
Clearfield a Mah 1st gu 4a
f
j
d
65M
13
60
65
65
2
65
94 M
58
53
93 Ji
89
52
89
o
m
Cleve Cln Chic a St l gen 4s ... 1993
General 5s series b
1993
4s
1990
Spr a Col Dlv 1st g 4s..-—-1940
w w Val Dlv 1st g 4s
1940
Cleve-Cllffs Iron 1st mtge 4j4s.1950
Cleve Elec Ilium 1st m 3j48-—1965
"17
2
94
d
t
104 m 104 m
94 x
11
80 h
103 ji
103 Ji
3
j
*.-.--
m
107 ji
76
98 m
103m 106m
j
1943 j
{♦Florida East Coast 1st 4 Ms—1959 j
d
f 7s
1974 m s
♦1st a ref 5s series a
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91 ji
94m 104 ji
Galv Hous a Hend 1st 5 Ms a..1938 a
Gas a el of Berg Co cons g 58—1949 j
Gen Amer Investors deb 5s a.-1952 f
105 54 108
105 Ji 111j4
Gen Cable 1st
55
55
j
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109m
113""
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a
103
—1948 m n
-.1950 f a
4Mb series a
1977 f a
Gen a ref mtge 4 Ms series b.1981
j
Cleve Short Line 1st gu 4 Ms.—1961
o
Cleve Union Term gu 5 ms
o
1972
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o
1973
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109 m
107
109
101 Ji
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105
111m
108
106m
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1951
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1939
Gen Steel Cast 6 Ms with warr.1949
A
105 Ji
108"
116M
106
113
o
102
lllJi
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112m
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106 m
102 m
97 m
102
107 h
103 ji
98
15
56
43
.
97
109
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73
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1
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•
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16 1961 j
j
93 Ji
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93
97 h
94 Ji
31
5
77 m
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92
105
105 Ji
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o
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a
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1955 f
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1965 m n
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103 ji
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..—1942 j
Commercial Invest Tr deb 3 Ms 1951 j
d
100 Ji
j
101m
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Codo Ry a l 1st a ref 4 ms
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guar 4
97
31
100 Ji
101
76
100 Ji
lOIJi
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13
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104 m 106
96 Ji
1943
ms
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1951
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106 Ji
106
ji
21
99 Ji
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14
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30
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j
d
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1940
1948 ivi n
s
f deb 6s..
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J
24Ji
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J
100 Ji
20
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146
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21
41 m
20
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1951
d
non-conv deb 4s-.1954
j
94 m
94 m
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98
18 Ji
173
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1955
j
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1965
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1956
j
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58
103m
60 m
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103 54
21
106 Ji
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102 H
101m
102 M
26
97 54
102
98 Ji
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9
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j
1960
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May 1 1965 m n
1st mtge 3 ms
1970 m n
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1968 m n
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15-year deb 5s
1946 j
d
1943 j
d
20
106 Ji
98
102 M
95
20
95
Copenhagen Telep 5s.-Feb 15 1954
f
a
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f
a
99m
99 m
1950 m n
104 m
103 Ji
104 m
103 Ji
38
s
f deb 3 Ms
Crown Cork a 8eal
b
1951
f 4s
Crown Willamette Paper 6s
1951 j
1942 j
Cuba Nor Ry 1st 6 Ms
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1952 j
7ms series a extended to 1946... j
6s series b extended
to
j
d
j
100
38
44 m
d
46
j
1946
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d
42
a
o
44 m
46
42
104 m
Del a Hudson 1st a ref 4s
1943 m n
Del Power a
1971 j
j
1st a ref
1969 j
j
103
1969 j
j
*10554
107 m
107 m
i-lght 1st 4 Ms
4Ms.._
1st mortgage 4 Ms
Den Gas a el 1st a ref
s
f 5s.-.1951
Stamped as to Penna tax
|*Den a r g 1st cons g 4s
1951
ivi
n
"71ji
71 ji
106 m
106 m
103
m n
107 Ji
j
"ujji
15m
j
8*Consol gold 4mb
1936 j
{♦Den a r g West gen 5s. Aug 1965 f a
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j
16Ji
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654
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footnotes
gu
see
1936 j
4 Ms—.1947 m
page
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42
20
106 Ji
26
97 j4
100
100
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18
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Gulf States Steel
s
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58
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95
1
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97
103
13
104
107
15
103 ji
38
106
48
21
9
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46
42
1
42
105
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51
79m
107
103
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65
64 Ji
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55
108
220
99 Ji
52
88 M
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100
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J
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1937 M N
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16
16 Ji
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108 Ji
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36
7
19
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75
97 M
50
86 Ji
13
100
40 M
132
120
51
56 M
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19
28
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102
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105 M
102 M 105 Ji
105 Ji 108
23
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Ji
78 M
58 Ji
20 M
81
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106
16
35M
103 Ji
57 M
116M 124
51
85 Ji
1854
36 M
101J4
110
110
109 Ji
111
Extended 1st gold 3 Ms
1st gold 3a sterling
1951
1952
63
63
"
92 M
93
Collateral trust gold 4s_.
63
2
63
95
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1955 M N
64 Ji
64 Ji
66
10
64
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54
79
58 M
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79
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45
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1951
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36 Ji
38
22
i
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108 Ji
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75
1951
104
106 Ji
98
1951
101 Ji
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86
11
115M
1970
2
10
24
....
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1955 M N
127
28
15
106 M
99 M 106 M
88
103 Ji
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106 Ji
108 Ji
,
108 Ji
141 Ji
111 M
96
65
7Ji
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99
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1949 M N
J
1952 J
1953 M N
95 Ji
93
109 Ji
106
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104
75
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Collateral trust gold 4s
71m
60
~29
86 Ji
98
116
O
Illinois Bell Telep 3 ms ser b
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60
97 Ji
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1999 J
1944 A
A
7
99
116M
119M
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111
104
100
89Ji
110
22
....
100
89Ji
24
3
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♦Hoe (r) a Co 1st mtge
O
i
113M
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104
Aug
1 1966 F
1950
1953
8m
33
0%
23
93
6m
22 Ji
Springfield Dlv 1st
12 ji
129
9ji
32 Ji
12
Western Lines 1st g 4s
4
42
57 Ji
g
A
45
71 Ji
54 ji
ji
100 M 107 Ji
100 Ji 107 M
93
*
*104
1951
8h
42
94Ji
109 M
O
Omaha Dlv 1st gold 3s
1951
St Louis Dlv a Term g 3s.-.1951
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1951
554
8
520
A
F
98 Ji
95 M
97Ji
86 M
a. 1957
69
61
113 Ji
103 Ji
98
♦Adjustment income 5s Feb 1957 A
95
34
3
65
97 Ji
O
D
107Ji
94 Ji
J
ser
93
109M
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M
lOIJi
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109M
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Hudson Coal 1st s f 5s ser a—.1962 J
Ji
103 M 103 M
108Ji 111
111
J
Hudson Co gas 1st g 5s
Hudson a Manhat 1st 5s
153
104 Ji
J
104 m 107
107 m
20
O
3
44
....
107 Ji
18 ji
105 m
103 Ji
104 Ji
96
111
1949 J
4 Ms
167
113 Ji
1952 J
g
52
100
104
1961 A
-
21 M
30
92 M 107
U3M
1966 A
--—.1946
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Hocking Val 1st cons
52
35
104"
J
1952 J
Gulf States Utll 4s series c
44
30
95
1940 M N
1950 A O
-
24 Ji
"7l"
64
J
J
1st mtge 5s series c.._
1950 A
Gulf a 8 11st ref a ter 5s Feb 1952 J
Hackensack Water 1st 4s
8
50
J
1952
Gen mtge 4s series h
J
1946
Gen mtge 3 jis series i
J
.1967
♦Green Bay a West deb ctfs a
Feb
♦Debentures ctfs b
Feb
Stamped
5
"69"
71
-—1973
Greenbrier Ry 1st gu 4s
Gulf Mob a Nor 1st 5 Ms b
97 M
25
109M
65
105 M
103 M
27 Ji
D
J
98Ji 105
98 Ji
100
58 Ji
*108M
A
Ji
15
97M
lOIJi
41
60
92 Ji
1947 J
4Jis series a..1961
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General 5s series c
3
104M
1944 F
1950 J
gu 5s
Gt Cons ei Pow (Japan) 7s
40 Ji
102
41
101 Ji
Gotham 811k Hosiery deb 5s w w *46 IVI s
Gouv a Oswegatchie 1st 5s
1942 J D
Grand r a i ext 1st gu g 4Ms..l941 J
J
40
19
27
*20 M
*19
92 Ji
26m
103 m 110m
99 m 107 m
22
47
96
27
8
103
101 Ji
101
68 Ji
24 Ji
J
102 M
40
92 Ji
J
33
40
29 M
96 Ji
1976
105j4
101m
30
6
D
mtge 4 jis
1977
103 m
5
39
D
1956
Goodyear Tire a Rub 1st 5s.-.1957 IVI N
1st
1946
105 Ji 112m
104 Ji 107 Ji
38
101 Ji
100 Ji
38M
39
4
38 M
102 Ji
38
J
General 4 ms series d
100m 108 M
107 X
38 M
38
38M
J
General 4 Ms series e
General mtge 4s series g
9
105 Ji
121M
100
101
10
*19
87 M
100 Ji
122 Ji
105Ji
100 M
106 ji
107 m
55
90
100 Ji
94
104 54
j
d
1951
55
100 Ji
108Ji
101
♦Consolidated Hydro Elec Works
of Upper Wuertemberg 7s.—1956
110 Ji
105 Ji
j
102
104 Ji
b f 3JiB a
1961
Consol Edison (n y) deb 3 Jis. 1946
3 ms debentures...
1956
Consol Gas (n y) deb 4mb
Consol Oil conv deb 3Ms..
38
104
1951
Conn Rlv Pow
{♦Consol Ry
105 Ji
97 a
103 Ji
5
106M 107 Ji
107
j
Grays Point Term 1st
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2 Ji
3
a
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106 m
9 Ji
6 Ji
1947 j
♦Gen Elec (Germany) 7s Jan 15 1945 j
f 5 Ms a
s
♦20-year
110j4 110 ji
1
87
20 Ji
20
89 Ji
o
o
108
in
96 Ji
81 M
104
j
108""
82
70
9
107"
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a
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90
105
3
4
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73
4
d
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111
103 M
98 M 102 M
98
103 M
173
9
8 Ji
*2 Ji
*2 Ji
j
1941
Framerican Ind Dev 20-yr 7 ms 1942
j
Francisco Sugar coll trust 6s.-.1956 m n
91 Ji
106 M
98
60 M
17 Ji
{}♦ Proof of claim filed by owner m n
♦Certificates of deposit
a
*
....
7Ji
1952
{§♦ Proof of claim filed by owner. m n
1982
*109
97
75
80 Ji
100 Ji 105
(Amended) 1st cons 2-4s
j
*104 m
103 Ji
63
Fonda Johns a Glov 4mb
j
o
1st a f 4mb series c
1977
Coal River Ry 1st gu 4s
d
1945
Colo Fuel a Iron Co gen s f 58—1943
a
♦6s Income mtge
o
-—1970
Colo a South 4Mb series a
1980 m n
3
"26
93
8Ji
♦100 ji
106
Series d 3 Mb guar
90
"63"
8
"~4
102
*
"63"
*104
Gen
100 ji
91M
of deposit
95
*109J4
3
"98"
j
j
b.1942
1942
—.1942
15
98
101
"93"
s
s
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lOIJi
*57
100M
m n
Cleve a Pgh gen gu 4Mb ser
Series b3hs guar
64 M
70
100 Ji
98
1946 j
30-year deb 6s series b
Fort St u d Co 1st g 4 ms
115m 118
"49
76
m n
j
94
115m
"76""
j
j
1977
Cairo Dlv 1st gold 4s
— 1939
Cln Wabash a m Dlv 1st 48.1991 j
St l Dlv. 1st coll tr g
109m
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100 Ji
101
{♦ Fla Cent a Penln 5s
103 Ji
114 Ji 119
118 Ji
109
114 Ji
♦108M
1942 m 8
1954 j d
40 m
*101
d
8
f 5s stamped
92 Ji
94 Ji
116
116 X
8
s
35
103 Ji
103m
j
1942 m
1942 m
International series
Flat deb
104 x 108 h
105 m 109 m
101
110m
116
b
94
2
180
*116Ji
a
67
104 m
60
52
144
65
8
d
19
97 m 104 x
104 m 105
80
60
53
j
1956 j
98X 105h
"I
*60 Ji
J
1954 f
5s
103 M 107
92
106 Ji
60
Fairbanks Morse deb 4s
1st Hen 6s stamped
106
60
Federal Light a Traction 1st 5s 1942 m
1st Uen
106 M
12
1947 ivi n
1938
19
100 Ji
108
m n
m n
101
104 m
104m
101 m 108 j4
108 Ji
100
34 m
101
m n
1943 j
Ref a lmpt 4 ms series e
*15m
a
70
107 h
112
105
45
52
81
4 ms
106 Ji
103
105
94 Ji
53 Ji
1975 a
1955 j
3d mtge
109M
*105M
*105M
o
1957 j
n y a Erie rr ext 1st 4s
131
139 M
103 M 111
108J4 113M
100 M 106M
109"
69
o
Erie a Jersey 1st s f 6s
f 6s
116 Ji
103M 107 M
103
o
Genessee River 1st
s
111
112
104 Ji
HlJi
103 M
*
1967 ivi n
Ref a lmpt 5s of 1930
72 M
110
92
1953
4s series d
102
65
1953
Ref a lmpt 5s of 1927—
32
30
65
1953
b
94 h
o
cons
Conv 4s series a
13
105 Ji
118 Ji
j
1996
98 m
99 k
j
—.1963
j
1963
-...--.1951 m s
Chic a West Indiana con 4s—-1952 j
{♦Choc Okla a Gulf
1st consol gen lien g 4s
Ernesto Breda 7s
1944
Guaranteed 4s
d
1st mtge 3 Jis series e
Series c 3 Ms
Erie rr 1st cons g 4s prior
100m 102 Ji
*97M
o
69
81
*
103 M
*110Ji
d
1965 a
111
3
107
104 Ji
*132
1965 a o
j
1940 j
j
1940
j
1996
86
Chicago Union Station—
1st mtge 4s series
1951 j
5s stamped
Erie a Pitts g gu 3 Ms ser b
1
101 Ji
35
113M
113
103M
55
112M
*107
113
j
el Paso as w 1st 5s
90
113m
32
105 M
1941 m n
89
105
112M
101 Ji
j
a
conv
111 M
109 M
60
60
*38
o
Gen
101
*38
"32"
Series
9
70
*38
105 Ji
25 m
164
*86
*
-—-.Dec 1 1960 m 8
5s
10
55i
d
Memphis Dlv 1st g 4s
1951 j
Chic th4 s'eastern 1st 58—1960 j
8Ji
5ji
d
Inc gu
83 m
43 m
10 m
8 Ji
♦Certificates of deposit—
3 ms
68
20 m
a
1934
Gold
High
20 m
♦Certificates of deposit
♦Conv g 4 ms
Low
57
i*Refundlng gold 4s
cb 8t l & New Orleans 6s
High
104 Ji
116Ji
llOJi
d
j
el Paso Nat Gas 4 Ms ser a
Low
{^Chicago Railways 1st 6s stpd
Feb 1 1937 26% par paid
{♦Chic r i & p Ry gen 4s
1988
6
103M
*38
j
Elgin Jollet a East 1st g 5s
Jan, 1
109 Ji
106 Ji
105 Ji
d
Electric Auto Lite conv 4s——1952 f
Since
Asked
High
111 M
d
Ed el 111 Bklyn 1st cons 4s
1939 j
Ed el ill (n yl 1st cons g 5s.. 1995 j
Range
Friday
Price
Low
6
25
109M
103 Ji
{(♦Dul Sou Shore a Atl g 5s... 1937 j
.1965 j
Duquesne Light 1st m 3 Ms
Week's
No
107Ji
1995 j
East t Va a Ga Dlv 1st 5s
Friday
bonds
High
113M
107
107 Ji
109 Ji
East Ry Minn Nor Dlv 1st 48..1948 a
fi. T. 1-761
aa
1995 j
Detroit Term a Tunnel 4Ms.. 1961 ivi n
Dow Chemical deb 3s.
1951 j
d
135 So. La Salle St.
Asked
1995 j
♦1st 4s assented
♦Second gold 4s.—
♦2d 4s assented
Chicago, III.
Vrivate Wire
o
Gen a ref mtge 3 Ms ser g... 1966 m s
♦Detroit a Mac 1st lien g 4s... 1995 j d
%AlLROAD 'BONDS
Jan. 1
dt
113 Ji
a
o
1965 a
f
ser
f
1952 a
e
Since
Friday
Bid
Low
Detroit Edison Co 4Ms ser d.. 1961
'
Range
Range or
Sale
Price
'j
Member,
One Wall Street
Last
exchange
Week Ended Oct. 15
1937
16,
Week's
*92
*
♦III—'
*1—11
90 Ji
90
104 Ji
80
104
109
93
98
89 M
83
95
87Ji
92 Ji
*
M
106 X
95
102 M
82 M
89 Ji
88
92 Ji
88 Ji
93 M
98 M
100 Ji
3 Ms.—1951
1951
96
74 M
100 Ji
90
101 M
Volume
Friday
Y.
Week Ended Oct. 15
Range or
Sale
EXCHANGE
STOCK
Week's
Last
bonds
N.
Friday
Price
Bid
Range
Since
Jan. 1
Asked
&
Low
BROKERS IN BONDS
High
Low
High
FOR BANKS AND DEALERS
111 Cent and Chic St L A N O—
59 X
55
Joint 1st ref 5s series A
1963
1st A ret 4 H8 series C
1963
*35
1940
107
107 K
*9§"
55
107 H
33
59
*23
Ind 111 A Iowa 1st g 4s
1950
{♦Ind A Louisville 1st gu 4s...1956
Ind Union Ry 3 Ha series B
1986
58 H
1932 \A
§*10-year conv 7% notes
1932
o
deb 4s
M s
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A..July 1952
95 H
16H
65
35
59 H
56
91H
63 H
13
59 H
91
j
"23 H
100 H
23 H
6
86
100 K
26
7H
23 H
5H
23 H
53
5
145
5H
1
23 H
25
63
40 H
90
58
89 H
63
70 H
114
58
58
61 H
6
j
94 H
s
B—1972
1947
Int Telep A Teleg deb g 4 Ha—1952
Conv deb 4 Ha
1939
1st Hen A ref 6 Ha
1955
Debenture 5s
25
94 H
96 H
59
85
85
88
44
m N
85 H
85 H
86
6
f
94 H
94
96
17
A
H
j
51
51
56
j
j
82
82
85 H
136
f
A
55 H
55 H
61H
117
s
3H
3H
3H
24
J
{♦Iowa Central Ry 1st A ref 4s_1951 iw
■■
61
94H 102H
101H
83 H
83
94
95
102
51
75
79
94 H
55H
80 H
3
9H
IW
4s__. 1959
4Ha A.. 1961
4s.. 1990
James Frank & Clear 1st
j
D
iw
s
99H
a
O
Kanawha A Mich 1st gu g
||*K C Ft S A M Ry ref g 4s. 1936 A O
♦Certificates of deposit
Kan City Sou 1st
Ref & lmpt 5s
i 36 H
32 H y 35
73
73
"52
6
106
73
95
o
j
65H
65H
65H
1
1960 j
j
108 H
108 H
1
106
109H
D
103 H
108 H
103 X
103 H
50
2
1st 4s
4Ha—- 1980 j
Kansas Gas & Electric
1st 6s... 1943
♦Ctfs w w stmp (par $645).. 1943
♦Otfs w w stmp (par $925).. 1943
♦Ctfs with warr (par $925).. 1943
1946
Keith (B F) Corp 1st 6s
1987
Kentucky Central gold 4s
Kentucky & Ind Term 4H8—- 1961
73
Kings County Elev 1st g
I'll *108H
111H
j
*
*100
a
85
j
Kinney (G R) 5 Ha ext to
1941 j
Koppers Co 4s ser A..
...
1945 j
1947 f
lOOH
*99H
100 X
101
102 H
102H
102H
A
trust notes. _.
{♦Kreuger & Toll secured 5s
1959
Uniform ctfs of deposit.
Laclede Gas Light ref & ext 5s. 1939
1953
Coll & ref 5 Ha series C
1960
Coll & ref 5 Ha series D
3 Ha collateral
U2H
112H" H2H
j
5
95
95
115H
84
108H
105H 114
~~ 109 H
*105
d
1951 M n
84
H 100
101H
107H
109H 109 H
107 H 108 H
146 H 161
160
84
o
1943 J
Marlon Steam Shovel 8 f 6s
D
1947 a
U A I Namm A Son 1st 6s
o
A...April 1940 Q J
Mead Corp 1st 6s with warr.. 1945 iw N
Metrop Ed 1st 4 Ha ser D
1968 iw s
Metrop Wat Sew & D 5 Ha
1950 A O
}{*Met West Side El (Chic) 48.1938 F A
Market St Ry 7s ser
1956 J
Michigan Central Detroit & Bay
City Air Line 4s
1940 J
f 7s
s
Jack Lans A Sag 3 Ha
1st gold 3 Ha
-
1951
1952
1979
1940
1961
Ref A lmpt 4 Ha series C
"4
7
112H 119H
99 H 102
100
104H
101H tllH
14
94 H 102 H
"62
M St P & S8 M con g
1st
cons
5s
4s int gu_1938
1938 j
j
J
-.1938
int
1946 j
iw
1st A ref 6s series A
25-year
1949
1978
1941
1959
5 Ha—
1st ref 5Ha series B
1st
Chicago Term s f 4s
{♦Mo-Ill RR 1st 5s series A
Mo Kan A Tex 1st gold 4s
M-K-T RR pr lien
32
90
95
56 H
62
48
56
70 H
68 H
j
j
1962
1978
Jan 1967
70 H
Prior lien 4Ha series D
♦Cum adjust 5s ser A
1965
{♦Mo Pac 1st A ref 5s ser A
♦Certificates
of deposit
70
♦1st A ref 5s series F
95H
99 H
♦1st A ref 5s series G
♦Certificates of deposit
1978
♦Conv
1949
1980
Lehigh & New Eng RR 4s A... 1965
f 5s.
Lehigh Val Coal 1st & ref s
1944 f
o
1964
33 H
1st & ref s f 58
1974
85
2
37
13
33H
"86"
1954 f
1975
1977
J 34
105H
94 H
100H
83
36 H
7
33 H
2
33
5
86
78
77
75
100H
86 H
92
92
2
92
107
78
78
83
10
78
103H
32 H
31H
133
31H
34
32*
gold
5 Ha
♦1st A ref g 58 series H
♦Certificates of deposit
104H
86
A
101h
11H
7
*1M
*2 X
100
♦Certificates
4%..July 1938
{♦Mobile & Ohio gen gold 4s—1938
Mo Pac 3d 7s ext at
♦Montgomery Dlv 1st g 53—1947
1977
♦Secured 5% notes
1938
Mohawk A Malone 1st gu g 4s. 1991
Monongahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv
1st mtge 4 Ha
I960
♦Ref A lmpt 4 Ha
2003
iw N
2003
2003
Leh Val Term Ry 1st gu g 5s—1941
Lex A East 1st 50-yr 5s gu
1965
Liggett & Myers Tobacco 7s—1944
iw N
33 H
32 H
39
42H
76H
Montana Power 1st & ref
iw N
40 H
40
48 H
52
40
86
97
98 H
10
97
109
*120
122 H
116
129H
Gen & ref
s
"11
129
136
Gen A ref
s
9
117
126 H
108
108
1965
Gen A ref s f 5s series A
A
O
a
O
A
O
1951 F a
series A—1962 M n
Loews Inc s f deb 3 Ha.
1946 f A
Lombard Elec 7s ser A
1952 j d
5s
129*
130
129
122 H
122
122
Little Miami gen 4s
Long Dock Co 3Ha ext to.... 1950 a
1938
—1949
1949
—1949
Long Island gen gold 4s
Unified gold 4s
Guar ref gold 4s
4s stamped
iw
s
"l9
32
iw
s
M s
iw
101H
s
119
106 H
106
106
106
3
2003
o
o
87 H
93 H
87 H
a
109 H
109 H
s
93 H
17
19
10
2
95 H
113
113
14H
Maine Central RR 4s ser
Gen mtge 4 Ha ser
A
A—1945
1960
102"
99 H
135
87 H
111
98
105 H 111H
96 H
115
100 H
106
101H
105 H
4
d
62
62
2
Lines) 4s.—1939
..1959
For footnotes see
page
2517
j
iw
75
*25
76
74
54
54
58 H
54
96 H
88 H
52 %
50
52
76
50
40
46
79 H
80
24
48 H
"50"
"50"
24
"~7H
24 H
23 H
23
24
23 H
22H
222
27 H
20
26
39
45 H
7H
23 H
24
49
47
23
23 H
48H
22
45 H
6
18H
23
48 H
46 H
23H
28 H
23
27
23H
*-..
MN
M
A
S
M
~22H
15H
15H
15H
S
O
A
7H
*80
170
64
'
83 H
22 H
mmmm
mrnmm
23 H
49 H
23
47
92 H 100
93
97
1
22 H
54 H
36
18
15H
39 H
39
18H
84
H
15H
39 H
82
107H
i
98 H
107H
105
111H
103 H
104H
31
100
108H
M S
iw n
A
3
92
S
F
M
6H
22 H
104
O
mm
97
98 H 110H
92
83
a
*
1947
5%..1941
J
85
Nat
iw N
iw N
31H
31H
d
1951
1946
Dairy Prod deb 3Ha w W..1951
Distillers Prod deb 4 Ha—1945
stpd
♦100
'lOOH
101
99H
101
National Rys of Mexico—
♦1H
2H
2H
A
O
69 H
78 H
32
41
18
32 H
—
•
100 H
163
103H
84
O
J
A
O
1914 coupon off—1951 A
♦Assent warr A rets No 4 on *51
97 H
97
31H
95
111
98 H
63 H
101
99 H 107
101
106 H
4
4
4
2H
24
4
2H
2H
2H
6H
2H
4
*2H
j
85
4
*2 K
A
O
♦4s April 1914 coupon
♦4s April 1914 coupon
on...1977
1977
off
'77
4 Ha—
1926
♦Assent warr A rets No 4 on.
♦4s April 1914 coupon on
1951
2H
♦4s April
2H
"26
"2H
2H
*1H
*2H
♦Assent warr A rets No 5 on
Nat RR of Mex prior lien
2H
20
2H
2H
Nat Steel 1st coll s f 4s
1965
j
d
1954
"2H
""2H
"32
105H
105H
105H
40
iw N
'2H
*67
84
d
*116
120
117
j
*_
67
52
j
j
52 H
52 H
j
d
4s__1986
I960
1983
N O A N E 1st ref A imp 4 Ha A 1952
New Orl Pub Serv 1st 5s ser A..1952
1st A ref 5s series B
...1955
New Orleans Term 1st gu 4s... 1953
f
5a—1945
♦Consol guar 4s
7H
102 H 107H
93 H
77
Newark Consol Gas cons 5s—1948 j
j
{♦New England RR guar
"ek
....
New Or I Great Nor 5s A
70
11
85H
100H
84
102
112H 119
£*1H
♦4H July 1914 coup off
♦Assent warr A rets No 4 on *57
N J Pow A Light
27
114H
*2H
1957
1957
1957
N J Junction RR guar 1st
90
75H
106
A
j
J
Nat
76 H
*114
M n
79 H
iw N
Mutual Fuel Gas 1st gu g 5s...
53
33 H
80H
5
57 H
92 H
86 H
80
*
84 H
90 H
16H
85 H
79 H
82 H
*
83 H
26 H
82 H
104 H
79 H
84
?0
92 H
99 H
98 H
84
80
26 H
83
91 H
9
92
100H
37
90
98 H 105H
86 H
62
42
79
91H
100H
*
"§3H
40
*68
28 H
20
82"
35
1
"9H "225
82
27H
83
39
27 H
J
11
*92 H
61H
74
1955
98
*16H
95
75
2000
s
41H
83
95 H
48
"48
f 5s series D
Gen A ref
41
28H
20
H
28 H
95
*96
12H
75
Morris A Essex 1st gu 3 Ha
35
S
J
4
a
40
iw N
j
76
a
27H ~ 31 H
D
iw n
"I
C—1955
28 H
6
30
14
f 4 Ha series
27
o
32
41H
15
14
f 5s series B
35
o
9H
14H
'
14
a
1945
New England Tel A Tel 5s A—1952
1st g 4H8 series B
1961
1
3
13
15H
24
{♦Naugatuck RR 1st g 4s
99
10
1955
1955
♦4 Ha July 1914 coup on
102
103
a
14H
*11
67
3Ha-1906 J
1941 J
"2M
2
98 H
a
1st ext 4s
...
♦4 Ha Jan 1914 coup on
103
101H
f {*Manatl Sugar 1st 8 f 7 Ha—1942
♦Certificates of deposit
{♦Man G B A N W 1st 3 Ha.—1941
6s debentures..
102H
109 H 115
99 H
93
d
J
9H
9H
15
46
Nassau Elec gu g 4s
98 H 108H
93 H 103 H
92
1
117
{♦Manhat Ry (N Y) cons
4s. 1990
♦Certificates of deposit
♦Second 4s
2013
Manila Elec RR & Lt s f 5s...1953
Manila RR (South
"
8H
37 H
14
145
104 H
i
103
iw
N
McCrory Stores Corp s f deb 5s.1951
McKesson & Robblns deb 5 Ha. 1950 iw N
13
10
2H
28
Mut Un Tel gtd 6s ext at
1
99H
99H
99H
126
110H
'
j
a
15
21H
3
27
5 Namm (A I) A Son—See Mfrs Tr
Nash Chatt A St L 4s ser A
1978 f
106
*111H
iw N
f
90
87
87
s
14
6
23
108
105H 109 H
58
2003
8
67
57
29
24
103H
49
90
1946
4s
.1980
St Louis Div 2d gold 3s
1945
Mob & Montg 1st g 4 Ha
South Ry Joint Monon 4s__. .1952
1955
Atl Knox & Cln Dlv 4s
Lower Austria Hydro El 6 Ha.. .1944
98 H
3
20
6
23H
24H
106H
116H 124H
75 1 100 H
106
106H
series E
1st A ref 3H8
31
100H
93 H
89
109H
o
1st & ref 4s series D
5
1
o
Paducah & Mem Dlv
14
28
98 H
2003
.2003
1st & ref 4 Ha series
5
78H
H" 106 %
C
1st & ref 5s series B
101H
94H
95H
95 H
106H
m-
<
j
2
101H
HI
101H
♦106H
3H
14
24H
O
Nat Acme 4Hs extend to
126H
i
7
72
fiP
^
55
M n
96H
95 H
75
21
A
B—..1955
102
94 H
119
91H
46 H
m n
Constr M 4Hs series
101
126H
99 H
77
— *■--
22 H
6H
79 H
95H
95H
75
90
----
23
MN
69 H
94 H
j
85
----
83
"T
23
101X
a
83
89H
3
m"s
M n
s
j
90 H
35
99 H 105
99H 105
95
"24"
1955
S
<.
18
6
A
Constr M 68 series A
D
m-
24
"26"
F
101H
iw
j
----
*20
j
97 H
*101H
O
A... .1969
.1966
Louisville Gas A Elec 3H®
.1945
Louis & Jeff Bdge Co gu 4s
Louisville & Nashville RR—
.1940
Unified gold 4s
72 H
35
100 H
90
89
104 H 110H
108
96
*68
O
"51
iw
.1944 A
deb 7s
5s
Louisiana A Ark 1st 5s ser
99
69 H
70
O
.1951 F
Lortllard (P) Co
"98"
98
1
*77
Montreal Tram 1st A ref 5s
97
General cons 5s
— —
-
100 H
99H
28"
103 H 105 H
----
96
♦
A
of deposit..
j
Lehigh Val (Pa) cons g 4s
General cons 4 Ha
105H
5H
24 H
-
100
16H
2H
-----
♦26
"mi
100 H 104 H
8H
3
~26"
96
96
J
1981 FA
♦1st A ret 5s series I
1940
4 Ha
Leh Val N Y 1st gu g
j
34H
_
33
35 H
106H
66
64
83
1st & ref s f 5s
gold notes
5a
29H
100
36 H
37
Secured 6%
100H 106H
98
109H
90
76
103
*
A
1954
Leh Val Harbor Term gu
25
89 H
*100
1st & ref s f 5s
1938
9
88
31
*.
1945 M s
4s
Lehigh & N Y 1st gu g
a
96 H
29 H
1975
♦1st mtge income reg
1954 j
j
Lehigh C & Nav s f 4Ha A
Cons sink fund 4H8 ser C... 1954 j » j
101H
*6H
¥
♦Certificates of deposit
Lake Erie & Western RR—
102 %
100
M N
J
49
102
120
J
5s ser A—1962 j
5
100H1103
108 a
s
D
2
100 H
106
J
J
1990
60
D
106
107H
109 H
j
♦General 4s
50 H
101
j
J
J
49 H
1997 j
97
J
J
1st cons 5s gu as to
j
49
3 Ha
Ltd—
103
36
85
*88
j
100
85
100H
*107
J
75
2
97
1939 j d
Con ext 4 Ha
1939
{♦Mil Spar & N W 1st gu 4s—1947 iw's
j
{♦Mllw A State Line 1st 3 Ha—1941 J
{♦Minn A St Louis 5s ctfs
1934 M N
♦1st A ref gold 4s
1949 iw s
♦Ref A ext 50-yr 5s ser A
1962 Q F
50
gold 5s
1
75
High
97 H 104
85
*103H
j
1942
2d
75
Low
97
O
1942
Lautaro Nitrate Co
32
j
D
Coll tr 6s series B_»
Lake Sh & Mich So g
No.
103 H
Jan. 1
"85"
1st ext 4 Ha
25
*91H
High
103H
M S
A
Coll tr 6s series A
1941
103H
Since
Asked
iw n
#»Milw A No 1st ext 4Ha(1880) 1934 D
80
3% to.. 1947
Range
&
20
J
49
5s 1937 extended at
Bid
D
1971 J
{♦Mid of N J 1st ext 5s
Mllw El Ry A Lt 1st 5s B
1st mtge 5s
91H
63 H ~ 66
H if 64 H
Price
♦4s (Sept 1914 coupon).....1977 M S
29
31H
Friday
1977 M S
♦Mex Internat 1st 4s asstd
29H
90 H
63 H
90 H
Range or
Sale
Low
Mfrs Tr Co ctfs of partlc in
63 H
S
a
it
Week Ended Oct. 15
40-year 4s series B
iw
Week's
Last
EXCHANGE
Y. STOCK
99
102
i
*150
44
89 H
109 H
O
93
108
98H
*99H T105
j
4s..
13
*92
j
1954 j
Kresge Foundation coll tr
35
j
1954 j
1st & ref 6 Ha
31
25
94 H
1949 F
Kings Co Lighting 1st 5s
21
H
1937 A
4s...
25
93 H
1961 j
unguaranteed—;
105
11H
iw's
1961 j
Kings County El L A P 6s
102 H
40
*23
93
65H 100
20
16H
*15
mn
4
16H
*38
M n
1961 j
;
Plain
4 Ha
33
87 H 102 H
99 H
97 H 108
33
66 H
32 H
64
1950 j
Apr
♦Karstadt (Rudolph)
Stamped
"33"
17
71
100
1950 a
gold 3a
Kansas City Term
101
99 H
*96
Friday
bonds
N.
♦Mlag Mill Mach 1st
90 H
87 H
87 H
Jones A Laughlln Steel
NEW YORK
A. T. & T. Tele. N. Y. 1-1598
40 K
63
Int Rys Cent Amer 1st 5s
Stock Exchange
Wall St.
Telephone WHltehall 4-2900
17H
o
—1955 m
63
80 H 104H
102
100
42 H
O
B—1947
f 6s series A
Members New York
108
23 H
j
j
101
56
1941
6s
Internat Paper 5s ser A &
s
52 H
1956
1944
C
Internat Hydro El deb
Int Merc Marine s f 6s
Ref
11
75
1956
♦1st 5s series B
♦1st g 5s series
J
97
58 H
18
80 H
o
IW N
stamped 1942
Int Agrlc Corp 5s
80 H
O
1947 a
52 H
16H
62 H
61H
♦Certificates of deposit...
conv
25
107
58 H
58
"17H
D. H. SlLBERBERG & Co.
43
61 H
102 H
102 H
of deposit
29 H
98H 105 H
101 H
103 H
*100
}♦ 10-year 6s
Interlake Iron
87 H
100H 107
30
*20
1961
1966
{Interboro Rap Tran 1st 5s
91H
106H 108
104 H 104 H
Ind Bloom & West 1st ext 4s_.1940
Inland Steel 3Hs series D
56
55
102H
Illinois Steel deb 4 Ha
♦Certificates
2515
New York Bond Record—Continued—Page 4
145
122 H
82
74 H
123H
118H 127 H
120
120
110H
125H
100
101
106H
106H
104 H 108H
98
79 H
♦122H
iw N
a
1st 4 Ha
*
93
92 H
"""
'92"?
79 H
70
85 H
58
92
36
92
103 H
103
73 H
92
93 H
93
80 H
87
5
86 H 100H
New York Bond Record—Continued—Page 5
2516
BONDS
N.
Y.
Last
It
EXCHANGE
STOCK
Week Ended Oct. 15
<k
Low
{{♦N O Tex A Mex n-c lnc 5S..1935 A O
♦1st 6s series B__
1954 A O
♦Certificates of deposit.—.-.
♦1st 5s series C
—1956 F
A
Newport A C Bdge gen gu
N Y Cent RR 4s series A
38 M
J
42
60
Parmelee Trans deb 6s
40
J
*110
36%
111 M
A
90
90
91
49
O
96 M
96 M
98
99
A
O
69M
69 M
78 M
130
91%
80M
91%
87%
3%s
i—1952 M N
J
N Y Cent A Hud River M 3MS-1997 J
J
Debenture 4s
1942
96
250
y#M
94M
9 5*4
Ref A impt
O
*70%
104%
70 M
Lake Shore coll
A
Ref A lmpt 5s
series C
2013
Conv secured
4%s ser A......2013
gold 3%s
1998
Mich Cent coll gold 3 Ms
1998
|N Y Chic A St L 1st g 4s
Ref 6 Mb series A
Ref 4Mb series C
3-year 6s
.....Oct 1
4Mb A
N Y Connect 1st gu
1938
A
A
...
O
S
75~~
75
65
101 "32
82%
71
91
83
46
97
19
*108%
49
109 %
51
-1938
A
O
1965
1966
A
O
100%
A
O
100M
100%
100%
100%
N Y Gas El Lt H & Pow g 68-1948 J
D
Purchase money gold 4s—-.1949
A
*123%
112%
112M
123%
113M
41
40%
41
E
16
80
49
41
100M
42 M
1968 M S
1944(A O
Pat A Passaic G A E
62%
♦Paulista Ry 1st ref s f 7s
1942 IVI
Penn Co gu 3%s coll tr ser B..1941 F
Guar 3 %s trust ctfs C
1942 J
Guar 3 %s trust ctfs D
1944 J
23
15
O
104%
Pennsylvania P A L 1st 4%s—1981 A O
Pennsylvania RR cons g 4s
1943 IVI N
Consol gold 4s
1948 IVI N
4s sterl stpd dollar May 1 1948 IVI N
"loo"
105
i
104% 108%
70%
96%
86
98%
85%
97%
75
105
65
95%
80
100%
1941 M
10
95 M
.1973 M N
4Mb series B
N Y L E A W Dock A Impt 5s. .1943
N Y A Long Branch gen 4s.... .1941 M
J
Debenture g 4%s__.
General 4%s series D
Gen mtge 4%s series E
Conv deb 3%s
60
Peop Gas L A C 1st
cons
6s
105%
*
M
*20
A
4s
April
.1956 J
.1948 J
J
♦Collateral trust 6s
.1940 A
♦Debenture 4s
.1957 IVI N
of 1927... 1967
J
D
M
S
{♦N Y Providence A Boston 4s.
45
29
60
7
23%
37%
12
1949 IVI
71
s
Pitts C C C A St L 4 %s A
1940 A
O
1942 A
1942
14
9M
58
11%
14
7%
100
"74
107 M
108
27
1951 IVI N
105M
105M
106
35
105%
55
95
98
4
20
105%
20
*12
12M
20,
1
79
79
"*87
87
*
...
Series J
16
*"1
107%
107%
92%
91
12%
50
1
60
107
96
106
69%
106%
109%
101%
101%
101%
25
101
102
*77 M
85
1949 F
81
94%
82%
98
82 M
82%
"*4
5%
103%
107M
1960 F
1963 F
8%
201
103%
107%
3
100
22%
109%
5%
cons
1970 J
O
Pitts Va A Char 1st 4s guar
Pitts A W Va 1st 4 %s ser A—.1958 J
1959
O
1960
Pitts Y A Ash 1st 4s
1948
A
Port Gen Elec 1st 4 %s
mm
116
129
1
112
119
113%
93%
103%
18%
5%
13%
113%
3
107%
107%
113%
18
Porto Rican Am Ton
conv
*
108
S
116M
100
116%
112
103
100
122
'106%
*98 %
.101
100% 105%
102%
104
101% 106%
98 %
8
100%
98% 107
8
125
120
120
{Northern Ohio Ry 1st guar 5s—
*70
♦Oct 193? and sub coupons.. 1945
72%
83
87
82
87
sale of April 1 '33 to
April 1 1937 incl coupons.-1945
69
C
2047
2047
2047
Ref A impt 5s series D
2047
Nor Ry of Calif guar g 5s
100%
65
82 M
82%
98 M
98
92
"*89*"
1938 A
Northwestern Teleg 4 Ms ext...1944 J
♦Og A L Cham 1st gu g 4s
1943 M
1965 M
89
1st mtge 3Ms
1972 J
Ohio Indiana A West 5s..Apr 1 1938
lOhlo Public Service 7s
ser
Oklahoma Gas A Elec 3% 8
4s debentures
70%
78
92
84
40
102
303
92%
90%
6
18
*103
16
100%
100
95
108
I6l%
{♦Providence Sec guar deb 4s..1957
{♦Providence Term 1st 4s
1956 IVI
8 f deb 5s
1948 J
Gen A ref 4 Ms series A
Gen A ref 4 Ms series B
J
♦Rhine-Ruhr Water Service 6s. 1953 J
J
♦Direct mtge 6s
95
107%
{{♦Richfield
1955 A
119
2
111
115
115
1
114%
114%
106%
1
113%
113%
104%
112%
79%
106
*104
m'mmm
*
78
67
67
71
*....
*
106%
Rlchm Term Ry 1st gen 5s
100
♦Rima Steel lsts f 7s...
gu
53%
12%
103
10%
91%
99%
103%
105%
105%
68
41
99%
101%
51
87%
97%
109
109
101%
101%
*19
"26"
con
.
20
*20%
21%
21%
"21%
86%
86%
A coll trust 4s A
*56*
Safeway Stores
1947
102%
78%
78%
80%
21
Ref mtge 3%s ser C
Paducah A 111 1st s f g 4 Ms
{{♦Pan-Am Pet Co (Cal)
1966 J
conv
D
♦Certificates of deposit
Panhandle Eastern Pipe L 4s..1952 IVI
Paramount Broadway Corp—
1st M
For
s
f g 3s loan ctfs
footnotes
see
page
1955 F
2517
J
102%
102%
105%
98% 104%
97
101
100%
100%
99
101%
101
106
108% 108%
A
97%
63%
97%
63%
98%
66%
37
58
36%
8
91
f deb 4s
Saguenay Power Ltd 1st M 4%s '66
99%
1996 J
6
109%
1
*
J
1966 A
100%
109%
*99%
St Jos A Grand Island 1st 4s.. 1947
St Lawr A Adlr 1st g 5s
2d gold 6s
14
*19
O
100
54%
91%
84
22%
52%
116% 117
107% 109%
102
34%
103%
99% 104%
107
112%
97
101**32
99
*1111
96
103%
90
92
102
St Louis Iron Mt A Southern—
♦{Riv A G Dlv 1st
g
4s
1933 IVI N
68
♦Certificates of deposit
66
70%
69
30
66
89%
88%
24
2
48
74%
85
37%
67%
95
97
D
1955 J
6s '40 J
1948
ISt Jos Ry Lt Ht A Pr 1st 5s—1937 M N
*
103% 104%
53%
60
14
106%
101%
18
101%
f 6s
66
103
105%
101%
J
88
25%
32%
105%
O
28%
15%
1963
...
27%
28%
19%
8
1961
2d ext gold 5s
1938 J
Pacific Tel A Tel 3%s ser B...1966 A
19%
17
Oslo Gas A El Wks extl 5s
92
19%
22%
28%
15%
102%
94% 100%
~23%
10
15%
94
27%
20%
15%
123
98%
26%
19
"2
117"
98
32
18
*15%
120%
111
24
20
"l
1946
99%-107%
24%
109%
10%
10
15%
103
130%
106
109%
10%
'*15%
102%
100%
9
1949
1941
106%
20
20
2
82
102
100
100
56%
120
65
89
23%
Guar stpd cons 5s
Ore-Wash RR A Nav 4s
8
112
212
87%
108
%s series D___—1977
8
99% 115%
116
22%
.1949
♦Rut-Canadian 1st gu g 4s
♦Rutland RR 1st con 4 Ms
*86
9)
103% 108
63
69%
121%
98
28%
84
126%
89% 104%
103% 108%
68
*50
*
116
66%
73
*104
1955
5
103% 107%
99% 103%
78%
92%
89%
"7
*20%
116
A
7%
85%
112
116
D
45%
106
88% 100
90%
89
89%
{♦Rio Grande West 1st gold 4s. 1939
♦1st
120
5s—.1946
J
12%
100
112
116
116
♦Ruhr Chemical
1938 F
110%
91% 101
85
90
103%
114
1966
4
*92*"
106
1st A ref mtge 3 Ms ser I
Pac RR of Mo 1st ext g 4s
3
7%
6
105%
101%
250
43
'91%
91%
O
Gen mtge 5s series E
1962
{{♦R I Ark A Louis 1st 4%s..l934
101%
15%
103
89
1952
Roch G A E 4
105%
108
*110
5s. .1939
110% 115
107% 115
D
mmmm
66
101%
D
97%
88
101%
D
96
74%
8
96% 100%
100% 104
1962
96%
67
1952 IVI
109% 112%
Otis Steel 1st mtge A 4 Ms
11
40%
86%
98%
Pacific Coast Co 1st g 5s
1946 J
Pacific Gas A El 4s series G...1964 J
1st A ref mtge 3%s ser H...1961 J
mm
— -
123%
113
35
111%
2
mm
124
107%
119% 124%
1*08%
cons g
74
111%
108
Ore Short Line 1st
4
114%
114%
125%
124%
N
96%
D
113
IVI
iI6%
g 4s...1946
mmmm
IVI N
Oil of Calif 6s...1944
♦Certificates of deposit
4s s f conv debentures
96%
114
122
119
114%
J
........1952 IVI N
1953 F A
{♦Rio Grande June 1st
*111%
109
*117%
♦Rhine-Westphalia El Pr 7s... 1950 MM
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
109%
s
J
'110%
*111%
2
103%
IVI
Revere Cop A Br 1st mtge 4 % s. 1956 J
♦Rhelnelbe Union s f 7s
..1946 J
D
101%
109
84
Gen mtge 4%s series B
1961 F A
Purch money 1st M conv 5%s '54 M N
Gen mtge 4%s series C
1956 IVI N
89
J
A
109
104
Rensselaer A Saratoga 6s gu
1941 IVI N
Republic Steel Corp 4 %s ser A. 1950 M S
D
Ontario Power N F 1st g 5s....1943 F
1
109
90
1997
Remington Rand deb 4%s w w.1956
J
1966
111%
S
1997
...1946 J
3.. 1946
111
111%
J
{♦Radio-Keith-Orph pt pd ctfs
for deb 6s A com stk (65% pd)...
{♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 4s. 1951
88% 110
100
95
112%
110
*109%
IVI N
A
Ontario Transmission 1st 5s...1945 IVI N
Oregon RR A Nav con
112
15%
33%
109% 109%
*107
J
98
107
15%
N
72%
81%
100% 112%
65
82%
82% 106
104% 104%
J
1948 J
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s
O
102
113%
113%
125%
119
110% 113%
12%
A
82%
106
75%
A
60
109
106
110%
110%
88%
F
60
111
106
110%
111
108%
O
60
107% 111%
49
1957 IVI
31
100%
108%
56
1961
17
108%
85% 102
90
105
No Am Edison deb 5s ser A
15%
106
8
North Amer Co deb 5s_
90
2
90
30
6
{{♦Norfolk A South 1st g 5s... 1941
Norf A W Ry 1st cons g 4s
1996
A
50%
26%
81
Purity Bakeries
Ref A lmpt 4 Ms series
Ref A lmpt 6s series B
13%
59
60
Ref A impt 5s series
65
105
M N
65M
16
104%
56
46
100M
5%
49
16%
J
74
105
13
F
18
8
56
13
1997 Q
2047 Q
102
86
J
A
North Pacific prior lien 4s
Gen lien ry A id g 3s Jan
47
21
6s.. 1942
F
as to
61
103%
*102
J
♦Stpd
96%
108% 117
91% 106%
49
J
coupons-1945
113%
105
{♦Postal Teleg A Cable coll 5s. 1953
A sub
107
mm
J
Potomac Elec Pow 1st M 3%s.l966
Pressed Steel Car deb 5s
1951 J
♦Oct. 1 1934
103% 119%
106
S
104
M
144
110
D
1960
1st 5s 1935 extended to 1950
108
IVI
74% 103%
A
97% 109%
13
32%
-.1974
1974
1
D
ser
80
Gen A ref 4 Ms series A
101
24
112
D
1st gen 5s series B..1962
1st gen 5s series C
1974
1st 4 %s series D
1977
106
North Cent gen A ref 5s
106
92%
83%
79%
120
o
3
99 %
87
81
26%
112
D
1st mtge 4%s series B
1st mtge 4%s series C
12
80
103"
113
*117
J
1977 J
1943 M N
61
A
99
6
*109%
mmmm
"112
D
1975 A
100%
F
79
107
mmmrnrnm
mm
1964 IVI N
4%s
guar
99
Aug 15 1963
111%
103%
A
99
Nov 15 1969 N IVI
91
116% 121%
117%
111
104%
A
O
Deb 5 Ms series B
Deb 6s series C
107
103% 111%
102% 111%
1
107
A
A
loo"
115%
"79%
D
1953 J
1957 M N
Gen mtge 5s series A
Gen mtge 5s series B
Gen 4%s series C
105%
108%
108%
106%
"so"
126
123
"79%
M N
fund 6 Ms.... 1950
{{♦Norfolk South 1st A ref 5s_. 1961
♦Certificates of deposit-..-.
Nord Ryext sink
5
94
116%
116%
103%
47
8%
107
'mm
11
80
6
6
mm
1945 M N
Series G 4s guar
Series H cons guar 4s
Series I cons 4%s
93%
102%
102%
98%
107
50
,
101% 109%
5
16%
12%
46%
42%
101%
75
108
6
34
O
Series C 4%s guar
Series D 4s guar
Series E 3 Ms guar gold
Series F 4s guar gold
105%
93%
102%
"82 M
226
116%
111
111%
13%
{♦Philippine Ry 1st
Series B 4%s guar..
93 M
103 %
94%
117%
111%
91
91%
mm rnmmm
5%
37%
*104%
D
45
8
55
102M
6s stamped
1946
{♦N Y Westch A Bost 1st 4%s. 1946 j"j
1966 M S
Niagara Falls Power 3 Ms
Niag Lock A O Pow 1st 6s A... 1955 A O
Niagara Share (Mo) deb 5Ms— 1950 IVI N
1967 J
99%
9
102M
1946 J
D
90%
1947 M N
N Y Trap Rock 1st 6s
57
105%
J
J
23%
1951 M N
J
{♦{N Y Susq A West 1st ref 5s. 1937 J
1937 F A
{♦2d gold 4 Ms
1940 F A
♦General gold 5s
1943 IVI N
♦Terminal 1st gold 5s
N Y Telep 1st A gen s f 4 Ms—- 1939 M N
ref mtge 3Ms ser B
1967 J
J
J
A
5
N Y Steam 6s series A
1956 M N
A
1977 J
1981 J
87
N Y A Rlchm Gas 1st 6s A
1st mtge 5s...
1st mtge 5s
105%
102%
O
1974 F
25
*70
J
104
102%
Apr
13
O
M N
J
O
8
104
O
90%
11H
7M
*98 M
A
A
A
27%
9
O
4s... 1993
Pow 3 Ms.. 1965
{N Y Rys prior lien 6s stamp.. 1958
J
90 %
D
N Y A Putnam 1st con gu
O
97
112%
109%
95%
115%
106%
112%
60
40
1942 A
N Y Queens El Lt A
A
J
f 4s
1937 J
J
Pillsbury Flour Mills 20-yr 6s_.1943 A
Pirelli Co (Italy) conv 7s
.1952 IVI N
Pitts Coke A Iron conv 4%s A_ J w52 jIVI 8
47
1955 J
♦General 4s
116
23M
23M
♦Harlem R A Pt Ches 1st 4s. 1954 M N
{♦N Y Ont A West ref g 4s.—. .1992
23
37M
"iok
22%
70
96%
21%
21%
5
94%
46%
13
109
O
94
99% 106%
108
23
112%
112%
A
26
21
"89
86
93%
20
102
103% 105%
103% 107
....
20
103%
23
15
119%
J
23%
100%
113
95%
119%
8
23 %
*25"
O
*99%
96%
D
25%
105
112%
{♦Phila A Reading C A I ref 5s. 1973 J
21M
6
104%
112%
Phila Electric 1st A ref 3%s...l967 IW
23
23
J
95
114%
General g 4%s series C
General 4%s series D
44%
47%
99% 106%
32
112%
47
25
107%
104% 110
97%
112%
98
22
104
5
42
109%
General 5s series B..
♦Conv deb 6s
96
107
105%
104%
*109%
98
35
5
104 %
107
1956 J
5s series A
85
101% 106%
104
112%
—1980 IVI 8
Phelps Dodge conv 3%s deb.-.1952 J D
Phila Bait A Wash 1st g 4s
1943 M N
sec
77%
116% 122%
....
112%
1990
96%
103
109% 111
1st g 4 %s series C
Phila Co
5
High
100%
103%
24
*24%
21%
22 M
J
.1956 IVI N
♦Conv debenture 3 Ms
♦1st A ref 4 Ms ser
105%
24%
95
95
6
92%
104%
m mm mm
107
Peoria A Eastern 1st cons 4s—1940 A
109% 117%
100%
'mmmrnm
119%
Peoria A Pekin Un 1st 5%s....l974 F
Pere Marquette 1st ser A 5s
1956 J
105% 106%
106
108%
*97*"
43
D
97% 105%
109%
99% 102
105M
90
7
104%
105%
100%
104%
mmmm'rnm
S
1947 M S
Refunding gold 5s
101
102
A
♦Non-conv debenture 4s
debenture 6s
101%
*
M
{♦N Y & N E (Bost Term) 4s.. -1939
{♦N Y N H & H n-c deb 4s.... .1947
♦Non-conv debenture 3Ms.. .1947
♦Non-conv debenture 3Ms.. .1954
♦Non-conv debenture 4s.... .1955
♦Conv
"95 M
101%
N Y Lack A West 4s ser A.... -1973 M N
N Y LE A WCoal ARRSMs. .1942 IVI N
36
1970
1981
1984
1952
1943
General 4%s series A
General 5s series B__,
97% 101%
99% 107
94% 105%
*102"
.2000 M N
gold 3 Ms
N Y & Harlem
95%
48
1970 A O
1960 F A
1965 J D
Consol sinking fund 4%s
105%
A
116% 125%
95
77%
1968 J
i
1
41
D
1963 F
Gen mtge 3%s ser C
,
95% 105%
106
109%
108% 109%
47%
72%
40%
72
97
94% 105%
79
*105
D
Pa Ohio A Det 1st A ref 4 %s A. 1977 A
4%s series B_.
1981 J
94
48
88
mimm-mrnm
1952 Nl N
Low
No.
82
104%
-
91% 109%
E trust ctfs
ser
1st 4s series B...
*
......
D
Since
Jan. 1
99%
*118%
m mmm
88
-
Penn Glass Sand 1st M 4%s..l960 J
Guar 4s
28-year 4s
♦Income
N Y A Greenwood L gu g 5s... .1946 M N
mi,I
8
Penn-Dixie Cement 1st 6s A
5
20
8
A
Bonds Sold
High
94%
77%
43
113%
90
106%
96% 104%
69%
96%
80% 103
36
41
5s... 1949 IVI
cons
Asked
43
94%
1947 IVI
57
N Y A Erie—See Erie RR
F
debentures
55%
99>516102%
'
65
*108%
1951
Serial 5% notes
Certificates of deposit
12
95 M
1953
N Y Edison 3%s ser D
1st lien A ref 3Ms ser
9
82 %
1953
1st guar 5s series B
N Y Dock 1st gold 4s
51
95 M
O
1946
trust
4s collateral
M
7
78
86
*
O
1937
1974
1978
88
86 %
85M
A
117
105
86
conv
38%
110
1998 F
10-year 3%s sec s f.....—.1946 A
Ref A lmpt 4 %s series A
2013 A
O
3%s
45
49
56
&
93%
1955 J
Paris-Orleans RR ext 5%s
43
45
Friday
Bid
Low
Paramount Pictures deb 6s
51%
59%
64%
"is
Range
Range or
Sale
Price
"-■ft.
High
44
41%
*38
4%sl945
Low
Last
STOCK EXCHANGE
Week Ended Oct. 15
42%
46%
42
38 M
No.
High
41%
*._...
O
Jan. 1
44
*
of deposit
♦Certificates
N. Y.
Since
Asked
42 M
A
1956
1954
♦1st 4 Hs series D
♦1st 5 Ms series A
*
BONDS
Range
Friday
Bid
1937
16,
Week's
Friday
Range or
Sale
Price
Oct.
Week's
Friday
57%
97'% 101%
63%
75%
{•8 L Peor A N W 1st gu 5S-.1948
St L Rocky Mt A P 5s stpd... 1955
{♦St L-San Fran
pr
25
74%
♦Certificates of deposit
♦Prior lien 5s series B
♦Certificates of deposit
♦Con M 4 %8 series A
♦Ctfs of deposit stamped
1950 J
13%
1
15%
128
13%
33
12
11%
15
53
11%
J
11%
11%
13%
26
11%
33%
13
11%
13%
182
11%
33%
11
10
12%
132
10
30%
13%
-
1978 IVI
74%
12
11%
lien 4s A..1950
s
33%
36%
Volume
New York Bond Record—Concluded—Page 6
145
BONDS
N. Y.
STOCK
fe!
Last
^a.
Price
79
EXCHANGE
Loto
1989
M N
♦2d g 4s inc bond ctls. ..Nov 1989
{♦1st terminal & unifying 58.1952
J
♦Gen & ref g 5s series A
i
St Paul A Duluth 1st
1990
No
Low
25
83
32 M
"19"
16
1942 J
Virginia El & Pow 4s
Va & Southwest 1st gu
1st cons 5s
D
15M
1
15M
37
Virginian Ry 3%s series A
11X
71
10M
27
♦JWabash RR 1st gold 5s
J
S A A Ar Pass 1st gu g 4s
*102M
104 M
♦119
121
113
94 H
31
109M
108M
16
108 % 112M
108M
1
105M 110%
112
J
J
109M
San Diego Consol G & E 4s...1965 M N
108M
112
93
J
J
J
A
O
A
O
♦Stamped
♦Guar
s
f 6Ms series B
1946
♦Stamped
22
{♦Refunding 4s
23
41%
24 M
32
36
22
43
6
25
1
113
1
19
35 M
13%
36 X
AH
O
19
15M
59
5M
31
9
78
7%
7%
*7
9M
11M
9X
9
19
l
6
19
■
5M
A
5M
5
5M
16
5
conv
deb 4Ms—1951 M
Shell Union Oil deb 3 Ms
M
Shinyetsu El Pow 1st 6 Ms
♦{Siemens & Halske s f 7s
♦Debenture
s
97
1951
1952 J
14%
14 M
♦Silesia Elec Corp 6 Ms
Silesian-Am Corp coll tr 7s
Simmons Co deb 4s...—
1946
1941
55
2
62
"62
"lO
50%
73
A
20
20
1
18%
25M
82%
54 M
F
1st
100 M
106 X
6
104 X
5
94
97 M
39
O
98M
97
98 X
J
D
75
75
80 M
80 M
12
97
101M
76 M
8
75
99 M
84 M
103
Ml
S
67 M
67 M
73M
101
M N
66 M
6-7
66 M
67
72%
138
72
169
67
M N
J
J
1st 4s stamped
1955
1994
Devel A gen 4s series A
1956
Devel A gen 6s
1956
Devel & gen 6 Ms
1956
Mem Div 1st g 5s
1996
St Louis Div 1st g 4s— .1951
East Tenn reor lien g 5s
1938
5
106
7
1001,6 103 M
78
108M
100 M 100M
94
112M
85 %
52 %
105 %
71
74
110M
106
98
98
J
102M
1
~96M "22
"94M
"94""
52 X
58 X
128
A
71
52 X
71
76 M
112
A
74
74
79X
76
J
¥
"92""
J
S
♦99
82
D
S-western Bell Tel 3 Ms ser B...1964 J
S'western Gas A Elec 4s ser D..1960 M N
106
105%
106
100
100
103
J
J
16
Staley (A E) Mfg 1st M 4s..—1946 F A
Standard Oil N J deb 3s
1961 J D
Tenn Coal Iron & RR gen 5s. ..1951
Tenn Cop & Chem deb 6s
B...1944
Tennessee Corp deb 6s'ser C
1944
Tenn Elec Pow 1st 6s ser A
1947
Term Assn of St L 1st g
1939
1944
1953
1950
1951
1943
2000
4Ms
1st cons gold 5s
Gen refund s f g 4s
Texarkana A Ft S gu 5Ms A
Texas Corp deb 3 Ms
Tex & N O
con
gold 5s
Texas A Pac 1st gold 5s
Gen A ref 5s series B
J
10
16
102
29
99
27
15
104M
17
J
93
98
"73
IVi N
J
J
M S
M S
D
J ^
A O
F A
J
A
D
71M
105M
87 M
163
105M
30
105
105
O
73
6s debentures
85M
8
"83M 104"
106M
106M
2
106
109%
115
"26
96M
8
108M
94
102 M
102M
*
104
123
118
'""3
32
O
92 X
92X
94 X
O
93%
93 X
94
1980
D
94
95 M
17
109M
109M
10
32 M
38M
9%
79M
175
Tex Pac Mo Pac Ter 5Ms A—1964 M S
g
5s.
Tide Water Asso Oil 3 Ms
33
7X
7M
79M
J
J
'99%
99M
100
9
85
3
14
56 M
D
104M
Toronto Ham A Buff 1st g 4s. . 1946 J
1949 M
Trenton G A El 1st g 5s
92 %
Guar
sec 8
1952 F
f 7s
103
Wash Term 1st gu 3 Ms
104%
32 M
96
83
108M
103
102M 107M
12
Union Electric (Mo) 3Ms
106
119
123
97M
90
101 %
95
90
.1962 J
104 M
77
74 M
June 2008 M
June 2008 M
1st lien A ref 4s
1st lien A ref 5s
103%
106
S
115M
O
"94""
.1971 M N
35-year 3 Ms debenture
United Biscuit of Am deb 5s... .1950 A O
.1953 IVI
United Drug Co (Del) 5s
106%
.1970 A
34-year 3 Ms deb
92
80
t
94
106%
84 M
112
111
114
U S Rubber 1st A ref 5s ser A.. .1947 J
♦Un Steel Works Corp 6Ms A_. .1951 J
.1951 J
♦Sec 8 f 6 Ms series C
.1947 J
♦Sink fund deb
104M
104M
105%
23%
23M
Utah Lt A Trac 1st A ref 5s
Utah Power A Light 1st 5s
.1944 F
A
*»Util Power & Light 5 Ms
.1947 J
D
*99M
119M
110
110
105M
105M
97%
101%
24
108M
1
.1959 F
♦Debenture 5s
Vanadium Corp of Am conv
Vandalla cons g 4s series A
5s. 1941
1955
F
1957 M
Cons s f 4s series B
{♦Vera Cruz & P 1st gu
{♦July coupon off
A
4Ms...1934
J
J
A
43 M
95
1966
1952
1977
2M
105 %
q*;
95
o
100 %
100M
J
108M
29%
S
"21%
S
21M
21M
23 %
J
100M
100M
100%
24
Funding & real est g 4 Ma
1950
25-year gold 5s
...1951
IVI N
1946
Western Union coll trust 5s
74
59
74M
74
77M
38
66 M 107 M
S
71
70 X
74 M
93
63 M 109 M
10
19
25 M
17
84
100 %
♦Westphalia Un El Power 6s
1953 J
J
19%
West Shore 1st 4s guar
2361
J
J
84
84
87
2361
J
J
78 %
78 %
78%
M
S
D—1966
ser
F
1966
White Sew Mach deb 6s
.
Conv deb 3Ms._
20 M
20%
22
1955
1st mtgesf48 8erC
25
106
93 M
24
91M 100 %
108M
10
15M
17%
23
106 % 115
35 M
15M
15M
15M
10
15M
32%
10 X
10%
10M
25%
10%
10%
10%
10%
24
104 M 107%
22
33 M
23M
22
89 %
7
98
98
32 M
32 M
52
41
1961
included in the yearly
current week and not
during current week, a Deferred delivery sale; only
transaction during current week,
n Under-the-rule sale; only transaction during
current week,
x Ex-Interest.
{ Negotiability Impaired by maturity,
t Accrued
Cash sale; only transaction
interest
payable at exchange rate of $4.8484.
nearlng maturity.
receivership, or reorganized under
by such companies.
A
current week.
. fi
t Companies reported as being In bankruptcy,
Section 77 of the Bankruptcy Act, or securities assumed
*
♦
Bonds selling flat.
z
n
No sales transacted during
Friday's bid and asked price.
Deferred delivery sales
43 M
85
41
week and not Included
No sales.
New York Stock
the
at
Daily, Weekly and
Oct.
Railroad <k
State,
United
Total
Number of
Miscell.
Municipal &
States
Bond
Bonds
For'n Bonds
Bonds
15. 1937
Shares
613,000
444,000
10,516,000
324,000
7,871,000
1,799,000
1,425,000
1,749,000
478,000
8,576,000
10,098,000
$31,394,000
$7,106,000
$2,005,000
$40,505,000
2,567,030
Thursday
1,681,430
8,273,000
6,827,000
Friday
2,538,280
9,023,665
$146,000
$800,000
1,333,000
82,475,000
5,948,000
Monday...
Sales
$3,421,000
7,894,000
488,980
1,747,945
Saturday
Holiday
Tuesday
Total
Jan. 1 to Oct.
Week Ended Oct. 15
New York Stock
15
1936
1937
1936
1937
Exchange
9,023,665
8,514,600
317,087,393
378,088,888
$1,945,000
6,650,000
$318,578,000
$237,291,000
State and foreign
$2,005,000
7,106,000
Railroad and industrial
31,394,000
59,906,000
279,619,000
1,685,110,000
2,289,591,000
$40,505,000
$68,501,000
$2,283,307,000
$2,785,393,000
Bonds
Total
258,511,000
Stock and Bond Averages
daily closing averages of representative
listed on the New York Stock Exchange
compiled by Dow, Jones & Co.:
'
Below
are
the
stocks and bonds
as
Bonds
Stocks
10
30
20
20
Total
10
10
First
Second
10
Grade
Utili¬
40
Rails
ties
Bonds
Indus¬
Rail¬
Utili¬
70
Indus¬
Grade
trials
94M HI
110M 111
110
Exchange,
Yearly
Stocks,
Week Ended
67 %
20
'
.
^
v
transacted during the current
the yearly range:
69
45
2%
105
1949, Oct. 14 at 103M.
91M 106M
47
111 M
7
98
104
100M
105 %
93%
2%
7
7
7
•
Cuba 4Ma,
170%
111
29
62
40
100
range:
114M
36 %
51
91M
95M
47
9M
102 M 104
104 M
99
103
23
44 M
94M
47
20M
"i'o'%
IVI N
Cash sales transacted during the
e
97 %
~1~8
108
20 M
Youngstown Sheet A Tube—
28
38
1
29
91M
"15%
f ♦Wis Cent 50-yr 1st gen 4s
1949
♦Certificates of deposit
{♦Sup A Dul div A term 1st 4s '36 IVI N
♦Certificates of deposit...
J
f^Wor A Conn East 1st 4 Ma
1943 J
116M
91 %
87M 103 M
102M 105
108M
91M
1947
1960
Winston-Salem S B 1st 4s
113M
9M
9M
*102 X
99
99M
1938
Wilson A Co 1st M 4s series A.
17
20%
conv
Wllmar A Sioux Falls 5s
80
102 %
J
J
7s A .1935 MN
^♦Wlikes-Barre A East gu 5s
1942 J D
♦Ctfs for col & ref
"93"
102 X
107
106
20 M
102%
96
105
87 M
1940 M N
^♦Wlckwire Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank
78 %
*111
A
Wheeling Steel 4 Ma series A
2
108
*107M
1949 M S
RR 1st consol 4s
111M
69
20 %
Registered
39%
21M
69
20 %
Wheeling A L E Ry 4s
40 %
21
100 M 104 M
69
D
.I960 IVI
30-year 5s
111
24
21
106 M
95
100M 108 %
106
111M
76
1938
1943
A
123M
106M 111M
109 %
102
78
O
109 %
128
117"
2
A
111M 116M
93M 101M
92 % 101M
105M 109
80* 103M
52
"I
Ml
ser
♦5s assented
103
25M
*110
N
J
1946 IVI
X*Western Pac 1st 5s
27
♦110
A
J
1st & ref 5 Ms series A
West N Y & Pa gen gold 4s
Date
O
S
1
17
80
108M 112M
104M 108M
127 M
116
13
Government
91%
91M
44 M
110M
J
110
23M
*
6Ms ser A...
O
106
*107"
1961
45
23M
27%
D
102 M
121M
99M
H9M
Gen mtge 3 Ms
1967
West Penn Power 1st 5s ser E..1963 IVI
76
'
77
100
106
41
3
34
100
A
F
9
70
*
120M
Stocks—No. of shares.
11
110
~27M
.1944 A
37
34
*
106
116M 121M
105 M 114M
115%
.1934 J
{f♦United Rys St L 1st g 4s
U S Pipe A Fdy conv deb 3 Ms. .1946 Ml N
D
34
*109
103M 105
94M
X
106%
80 M
.1944 IVI
U N J RR A Can gen 4s
94
92 M
S
J
43
117%
105% al06%
112
111*
106 M
106
111M
S
104M
11
11
117%
105%
Ml
1st mtge 3 Ma series I
Western Maryland 1st 4s
40
83M 100M
55 %
44%
196
53%
100
75 %
A
t{♦Union Elev Ry (Chic) 5s... .1945
Union Oil of Calif 6s series A... .1942 F
.1952 J
3 Ms debentures
Union Pac RR 1st & id gr 4s... .1947 J
99 M
52 %
D
73%
95
♦
.1945 IVI
53 %
A
Sales at
UJigawa Elec Power s f 7s
S
Wednesday
51
116
107M
106
106
M
"82
85
1939
f 5s
Transactions
7%
46%
79M 101M
97% 101M
101
104M
90
92 M
~83M
Westchester Ltg 5s stpd gtd.__1950
107M 110%
2
♦118M
A
"83 M
1945
1945
4s
108M
94
172
95M
73
106%
93% 108
*
S
Tri-Cont Corp 5s conv deb A.. 1953 J
M N
Tyrol Hydro-Elec Pow 7Ms... 1955
56 %
51
102
*
33
44
109 M
117M 128%
Tokyo Elec Light Co Ltd—
1953 J D
1st 6s dollar series
Tol & Ohio Cent ref A Imp 3Ms 1960 J D
1950 A O
Tol St Louis & West 1st 4s
1942 M S
Tol W V & Ohio 4s ser C
104
92
S
3 MS---2000 F A
Washington Cent 1st gold 4s...l948 Q-M
105 M
110
100
105
107 M
117%
105 M 111M
108 M
94
9
¥
O
1939 M
Warren RR 1st ref gu g
118M
109M
♦116M
14
28
.1955 A
s
43%
"39
17
f Bonds called for redemption or
85%
1979
J
71M 159
13M
*34
73
guar
41
77 %
D
40-year
44
105M
1980
♦Certificates of deposit
Walker (Hiram) G&W deb 4Ms. 1945 J
Walworth Co 1st M 4s
1955 A
Wash Water Power
41M
14
17
14
r
"85 M
94
"l7
"l7"
13M
14
101M 105
1977
1937 J
1952 J
103
102M
J
1960 J
102
101M
D
Jan 1960 A O
95
102 M 107M
126
117
Gen A ref 5s series D
♦AdJ inc 5s
{♦Third Ave RR 1st
101M 106 M
101M
109M
12
15
13%
40
119M
104M
*118
44%
17
14
14
A
O
109M
106%
103
97M
Gen A ref 5s series C
Third Ave Ry 1st ref 4s
95 %
81%
17%
D
J
15%
101M
97 M
101 M
105%
90% 103
101% 105
100M
81X
109M
101 %
94 M
92
82
1943
68.1945
1950
92
A
1938 M S
♦fSpokane Internat 1st g 5s—1955
91% 102 M
52
100',6 100',6
J
M
97%
94 M
91X
106
M N
1955 J
J
Southern Ry 1st cons g 5s
80 M
106M
91%
O
f 80 Pac of Cal 1st con gu g 5s..1937
♦Studebaker Corp conv deb
Swift A Co 1st M 3Ms
103% 106%
94
100M
100M
67M
98
66M
97%
1950 A
Staten Island Ry 1st 4 Ms
4
S
10-year secured 3%s
Mobile A Ohio coll tr 4s
98% 100 %
105
107%
101 % 107 M
IV1
San Fran Term 1st 4s
4s
106M
A
1968
1969
1981
1946
So Pac RR 1st ref guar
100 % 107 M
130
118
"22
104 M
94
1946
Gold 4 Ma
Gold 4 Ms
Gold 4 Ms
'44
104
106M
1947
1951
coll)-.1949
4Ms (Oregon Lines) A...1977
105M
99%
106M
106M
"99%
1965
1st mtge pipe line 4 Ms
So Pac coll 4s (Cent Pac
102%
97% 102%
94
♦122M
-.1961
Southern Kraft Corp 4Ms
Southern Natural Gas—
68
11
104M
105M
1962
1st mtge & ref 4s
Southern Colo Power 6s A
20
♦95
1950
Southern Calif Gas 4 Ma
75M
95
97 H
15
"l5"
O
1st mtge 4s ser H
94
South A North Ala RR gu 5S...1963
South Bell Tel & Tel 3 Ms
100
100
74
1951
Socony-Vacuum Oil 3 Ms
106
♦98M
1952
Skeily Oil deb 4s
104M 117M
95% 102
89%
54M
S
D
1935 J
1951 M
f 6 Ms
9SM
97
99 %
A
1st
USharon Steel
71M
97%
A
^♦Warner-Quinlan Co deb 6s. .1939
f ♦Warren Bros Co deb 6s
..1941
85
60
91
♦Certificates of deposit
23%
22%
38%
6M
81
49%
15
Warner Bros Pict deb 6s
59
20
106M
*
20%
5M
60
97
♦IIIII
20
5M
86
82 M
64
*~~~~~
7M
237
68 M
93 M
♦IIIII
8
11
9
*
1976 F
♦Ref & gen 5s series D
13%
78 M 103M
98 %
54 %
47
1978
43%
121
4
9M
19
♦Certificates of deposit
{♦Alt A Blrm 1st gu 4s
1933 MS
J♦Seaboard All Fla 6s A ctfs.__1935 F A
1935 F
44
32
io x
4
107M
13
82
78M
*35
♦Certificates of deposit
113
19
101
49
104M
103%
104%
£
18
♦Certificates of deposit
♦Ref & gen 4 Ms series C
115
27%
101M
5
20 M
♦Ref A gen 5s series B
14X
♦Certificates of deposit—
♦1st A cons 6s series A
1945 M S
♦Series B certificates
110
28
A
Oct 1949
1959 A
♦Adjustment 5s
gen
5
3
67
110
85
A
1941
1941
5 Ma A.1975
4
31X
45
103
♦Toledo A Chic Div g 4s
^♦Wabash Ry ref &
High
41%
10
104 M 109%
88
♦Omaha Div 1st g 3 Ms
113
1989 M N
51 ♦Seaboard Air Line 1st g 48..1950 A O
5♦Gold 4s stamped
1950 A O
F
103%
Low
45
1939
24M
~28~
Scioto V & N E 1st gu 4s
35
110
1941
22
"23"
1946 J
6 Ms
93
63
45
1954
23
Santa Fe Pres & Phen 1st 5s__1942 M S
guar
124
109%
93
1943
San Antonio Pub Serv 1st 6s__l952
{♦Schulco Co
♦1st Hen g term 4s
♦Det & Chic Ext 1st 5s
101M 106%
J
1940
1972
No.
12%
*
IVI N
1939 F
♦Des Moines Div 1st g 4s
tPacillc ext gu 4s (large)
High
*103
45
S
IVI
1966
1939
♦2d gold 5s
Jan. 1
cq<3
108%
10
O
1958 A
10%
St Paul Minn & Man—
St Paul Un Dep 5s guar
107 M
107 M
J
J
2003
4s
15M
"io'%
Asked
10
1955 M N
A
ser
Va Iron Coal & Coke 1st g 5s.-.1949 IVI
65 M
54
109M
102
&
Since
13
Friday
Bid
Low
♦Vertlentes Sugar 7s ctfs
74M
Range
Range or
Sale
Price
NO,
High
18 M
1
102
it
Week Ended Oct. 15
100
79
47 M
32 M
"27
34
22 M
18M
102
g
N. Y. STOCK EXCHANGE
Jan. 1
48 X
4S..1968 J D
J
t*St Paul E Gr Trk 1st 4M8---1947
f8t Paul & K C Sh L gu 4 Ms. 1941 F A
con
79
BONDS
Since
©
03 &Q
High
J
JSt L SW 1st 4s bond ctls
©
Asked
<k
Last
Range
k2
Friday
Bid
Week's
Friday
5
Range or
Sale
Week Ended Oct. 15
2517
Week's
Friday
roads
ties
Stocks
trials
Rails
113M
Total
135.48
33.64
21.07
44.86
68.03
102.11
95.07
15.
105.71
5M
Oct.
104.41
2%
34.29
21.37
45.36
104.64
106.05
95.84
14.
136.54
102.50
4
Oct.
70.15
4
138.20
106.25
96.07
13.
102.55
Oct.
70.54
106.41
71.51
102.79
96.45
106.69
72.50
102.90
96.88
Oct.
35.26
21.59
46.05
104.94
HOLI DAY
12.
Oct.
11.
138.79
35.40
21.80
46.28 i
Oct.
9.
143.93
37.39
22.61
48.19 '
105.08
105.44
<
New York Curb
2518
Exchange—Weekly and Yearly Record
Oct.
1937
16,
NOTICE—Cash andMeferred 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 m 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. 9, 1937) and ending the present Friday (Oct. 15, 1937). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include
every security, whether stock or bond, in
which any dealings occurred during the week covered:
week
Last
Week's Range
for
Sale
Par
Acme Wire v t
of Prices
Low
High
Price
*
Class B
Agfa Arifico Corp com
Alnsworth Mfg
Feb
38
Oct
22
Feb
Oct
4
May
2%
%
300
65
65
58
2 K
Alliance Invest common.
Oct
87
Jan
Brewster
68
Oct
77
Jan
300
"166
J,
-
«
»
5%
Ltd common.*
80
121
12%
95
1%
53
55
1,600
IK
Am Cities Power & Lt—
Amer Cyanamld class A. 10
Class B n-v
10
Amer Equities Co com
1
Amer Foreign Pow warr
Amer Fork & Hoe com.—*
Amer Gas & Elec com
*
Preferred
*
American General Corp 10c
<2 preferred
1
$2.50 preferred
1
Amer Hard Rubber com.50
25
com
6% preferred
Amer Meter Co
*
*
Amerlcap Thread pref
*
2%
Arcturua Radio Tube
32
Preferred
10
Arkansas P & L $7 pref...*
Art Metal Works com
5
Ashland OH & Ref Co
1
Common
1
Class A
1
$5 preferred
*
"24%
Jan
Buckeye Pipe Line
Buff Niag & East Pr
2%
27%
25%
4%
1%
1%
4,400
400
22%
25%
13,100
108%
6%
2,900
106
5%
30
30%
14
Class A common...—10
Babcock & Wilcox Co
*
13%
20%
14%
"28"
"28~
"36"
"lK
20"606
25%
26
26%
1,400
%
%
500
%
5
1
80
32
Jan
37
Mar
Oct
38
Feb
13%
Oct
Jan
Sept
26%
28%
54%
Amer dep rets pref shs £1
Calamba Sugar Estate. .20
Canada Cement Co com..*
Canadian Car & Fdy pfd 25
Jan
Canadian Indus Alcohol A*
53
Apr
Carman & Co class A
Class B
5
Oct
10%
Jan
Carnation Co
Carter (J W) Co
,
4%
4%
7
600
4
11
Machine Co
Blauner's
*
com
*
Bliss (E W) & Co
101%
July
5,600
12,400
23,600
916
3%
Oct
4,100
3%
6%
Crtfs for
u v
8
9%
700
5
Blumenthal (S) & Co
*
footnotes
NwrM—
1
-
page
-
Oct
8
Oct
4%
8,000
4%
Oct
10%
11%
400
10%
Apr
%
1%
8%
%
1%
8%
%
8,600
24,600
2,800
%
1%
8%
Oct
*16
*16
5
1%
10%
Oct
Oct
i|* May
61,700
%
July
3ie
59%
4%
5%
8%
42%
110%
3
Jan
Casco Products
Castle (A M) com
Feb
Jan
15%
8%
Feb
Jan
Jan
Mar
Jan
732
1%
Sept
Feb
Jan
Jan
Jan
Feb
% May
15
30
83
Oct
90
Sept
5%
32
1,100
5
Oct
13%
57%
Mar
1%
9%
10,500
1,100
4,400
2,200
2,100
9%
400
19%
130
80
84%
425
14,000
1,900
30%
1
14
%
3
8
8%
83
15%
%
2%
7%
8%
%
3%
340
30%
1
Oct
Oct
14
Oct
%
Oct
2%
Oct
7
,
6%
Jan
Apr
4
29%
3%
9
11%
16%
Feb
Jan
2%
10
10
2%
10
4%
5%
800
8,600
100
1,500
43
Jan
80
Oct
156
Jan
Sept
Oct
10
8%
1%
Oct
Sept
15
Aug
5
Mar
2%
Oct
8
Feb
Oct
21
Feb
10
4%
Oct
6% Sept
80
10
10
11
'"Ik ""I% "T%
11%
3%
11%
200
""600
161%
12%
3%
4%
161% 163
116%
116
117
4
4
1
1%
11,200
4
10
22%
1%
Apr
103
Oct
*18
July
Sept
1,900
1,100
10
20
159
60
113% June
100
3%
11% June
11% Aug
Sept
Sept
Feb
Jan
May
27% Aug
4% May
18% July
916
10%
May
Sept
19
Feb
Oct
4
Jan
8%
%
11%
2,100
300
9i6
10%
33%
200
33
Oct
2%
15%
37%
8
9%
500
8
Oct
14%
12
Oct
15
Oct
24%
Sept
Oct
9
"4^660
27
150
7%
7%
Mar
Feb
Mar
Feb
July
Sept
Jan
10
26
26
1%
1%
38%
"7%
2523.
1
>-
7
1%
38%
10
Sept
10
Sept
26
Oct
41
Aug
3,700
1%
Sept
200
38%
Oct
1,100
7%
Oct
4%
48%
43%
4
Jan
Jan
Jan
60
500
3%
Oct
warr
10
10
47
750
44
Oct
22
600
22
Sept
"96"
96
100
150
93
June
18%
18
2,100
18
70
Oct
Sept
32
/Aug
»i6 Aug
3% Sept
5
2%
3%
Mar
3
400
15,
16
4%
4%
"l %
4%
1%
11%
4%
22
1%
1%
Apr
Jan
Apr
Sept
Mar
Feb
Mar
Jan
Aug
Jan
Mar
Jan
Mar
Mar
%
Oct
1%
Jan
Oct
Sept
1%
%
5%
32%
Mar
Mar
3j6
4%
5,900
100
Oct
Oct
Jan
Feb
Feb
Oct
20
21%
75
Oct
31%
Feb
5%
4%
2,100
4%
Oct
8%
Jan
200
Apr
7%
Jan
1%
11%
12,800
4%
1%
11%
1
"I"
Feb
»t6
100
17
Oct
1%
1
Oct
Sept
24
""!%
Feb
June
100
11
17
4%
8
Oct
22%
17
38%
%
5%
Feb
Mar
500
716
'16
15,
"5
Mar
""160
5
Mar
300
21
Oct
1%
78%
Oct
12,400
22%
1 %
3%
Jan
23% May
2%
26%
8%
35
Jan
July
July
Jan
75
Sept
31%
31
39%
13,000
30
Jan
3%
102%
-97%
67%
6%
6
7%
2,000
6
Oct
14%
Feb
Sept
38%
42%
10%
July
17
18
2,500
600
16%
Oct
28
June
"5",700
3
Oct
105
150
99
Oct
Oct
"3%
99
4
225
27
Oct
10
75
Oct
13%
13%
14
600
Oct
83%
83%
83%
9%
1,100
13%
83%
8%
K
10,000
1%
%
8
725
6%
12
12
25
8%
50
1%
%
%
100
6%
7%
12
Conv preferred
100
Conv pref opt ser *29.100
4,300
124
15
57
105%
19
Feb
Jan
Jan
Aug
Feb
Jan
June
Mar
Mar
Mar
Jan
12
Oct
96
Feb
Oct
Feb
Sept
22%
91%
Oct
6%
Jan
Sept
Oct
2%
27%
Jan
Oct
75
1%
Centrifugal Pipe
*15%
28%
12%
30%
51%
25%
106%
31%
10
19%
85
5%
44
100
9%
Oct
400
100
2%
39
Oct
3%
22
44
1
com
52
Jan
Apr
Jan
7
8
75
7
Oct
33%
Jan
6
8
50
6
Oct
26%
Jan
*
3%
3%
4%
3,700
3%
Oct
7
Mar
Chamberlin Metal Weather
Strip Co
5
8%
8%
9%
22%
9%
1,000
8%
19
May
10%
200
Oct
Sept
Charts Corp
Cherry-Burrell
10
new com.
Chesebrough Mfg
.5
25
*
common
*
Preferred B
—*
Preferred BB
*
Cities Serv P & L $7 pref.*
$6 preferred
"23"
150
22%
Oct
98
100
200
98
Oct
46
46
47
150
46
12%
%
13%
900
12%
%
4,000
%
50
61
......
50
1%
20
2%
20
1%
20
2%
20
625
2%
92,600
23%
2,600
2%
100
20
10
7
3,800
Club Alum Utensil Co
*
Colt's Patent Fire Arms.25
50
1%
20
2%
20
Conv 5%
preferred.. 100
Columbia Oil <fc Gas
1%
1%
8,000
"§4"
6
"§3% "34"
""460
5%
2,000
3%
"i~K
7%
4%
1,800
1
Oct
60
Oct
5%
58
July
Feb
Apr
Jan
Jan
Jan
Jan
Sept
79%
Sept
76
Feb
15%
4%
Feb
Oct
Sept
1,400
Oct
%
7%
33%
Jan
Aug
Aug
Oct
9
Apr
May
Sept
Sept
22
7%
2%
2%
2
Sept
3
800
3
Oct
6
6
2%
3%
7%
10,600
3
100
1
12
52%
57%
57%
3%
59
5,600
4%
4K
50
18,800
Jan
16
1%
52%
Apr
Mar
88
8
52%
3%
Feb
Oct
1%
100
40
Feb
Oct
5%
3%
8
*
com
Oct
18%
2%
92%
5%
Oct
5%
5%
47
Sept
Oct
Columbia Gas & Elec—
Columbia Pictures
76% May
Oct
Sept
Oct
25
1%
Cockshutt Plow Co com..*
Fuel & Iron warr.
Apr
Sept
3%
Clayton
Cleveland Tractor com
*
Clinchfield Coal Corp..100
Feb
Sept
38
5%
10
& Lambert Mfg..*
Cleveland Elec Ilium
*
16%
27%
123
35
*
Clark Controller Co
1
Claude Neon Lights Inc.. 1
9
23
100
*
City Auto Stamping
City & Suburban Homes
57
Sept
3%
29
Oct
2%
Jan
Mar
Mar
9%
8%
4%
24%
74%
Apr
104%
10%
Jan
Feb
Feb
Feb
Feb
Jan
June
39
Jan
Oct
33
Aug
Commonwealth Edison—
New common....
.....
10
5
Colorado
33
33
60
Oct
Sept
Sept
77
Mar
1
7%
4%
30
Cent P & L 7 % pref—100
Cent & South West Utll 50c
6% pref without
7% preferred
Jan
4
Cent Hud G & E com
__*
Cent Maine Pow 7% pf 100
Cent Ohio Steel Prod
1
Cent States Elec
Sept
44
77
Sept
4
Feb
27
125%
5%
16
32
77
170
Mar
Jan
Oct
29%
Cohn & Rosenberger Inc.*
Colon Development ord...
6% conv pref
£1
8%
33
*
Aug
Sept
26% Mar
Oct
*
$7 dlv preferred
1st preferred
Cities Service
Feb
17
4
60
3%
*
Preferred
80
60
1
Mar
Mar
Mar
25%
25%
24
10
Chicago Flexible Shaft Co 5
Chic Rivet & Mach
.4
Chief Consoi Mining
1
Childs Co preferred
100
Mar
Mar
25
1,600
Celanese Corp of America
7% 1st partlc pref
100
Celluloid Corp common. 15
Feb
5%
39%
1
common.
Catalln Corp of Amer
96
3
1
com
Jan
12%
13%
10%
13%
common
Feb
Feb
18%
30%
*
see
Oct
Sept
11%
common..*
Bliss & Laughlin com
Blue Ridge Corp com
$3 opt conv pref
Oct
4%
*
com
Oct
220
75
*
com
Oct
Sept
Sept
Feb
12%
Jan
1,500
*
Jan
1
916
3%
3%
6%
5
Jan
Jan
104%
8
4%
*
2%
13%
3%
1%
1,400
7%
3%
*
Sept
Carolina P & L $7 pref.—*
$6 preferred..
_*
Carrier Corp
_.*
13
83
25c
Jan
Oct
35*
2,600
7%
*
Carnegie Metals
1,600
5
Capital City Products
Carib Syndicate
1
^
Jan
4%
4
83
Mar
Marconi
Jan
400
8%
59
Canadian
3
2,500
3%
6%
Oct
2%
Mar
99
4
11
Oct
52
3%
*
Oct
2
103
%
25%
82
non-voting
Oct
18
4
Sept
B
Sept
1%
13
,
Apr
1
13%
3%
Purchase warrants..
common
Feb
Oct
Oct
46
*
May
28
46
Am dep rets A ord sh._£l
Am dep rets B ord shs.£l
80
*
pref
*
Blrdsboro Steel Foundry <fc
Cable Elec Prod v t c
Cables & Wireless Ltd—
Feb
1,000
13%
Berkey & Gay Furniture. 1
conv
Jan
Mar
77
31
1% Sept
Burry Biscuit Corp.. 12%c
28,800
85
"in
Bath Iron Works Corp
1
Baumann (L) & Co com
*
7% 1st pref
100
Blckfords Inc
42
Jan
1%
1
80
5%
Conv pref
Oct
100
*
300
9%
1%
Bell Tel of Canada
100
Bell Tel of Pa 6%% Pf-100
Benson & Hedges com
*
12
36%
600
Burma Corp Am dep rets..
5%
4
1
Oct
80
1
8%
1%
2%
1
48%
112%
Jan
Feb
19
""l75
8%
1%
com
24
Oct
30
2,800
4%
Bellanca Aircraft
Oct
26%
25%
*
$3 convertible pref
Warrants
fio
"""900
13%
Locomotive—
Purcb warrants for com..
Bell Aircraft Corp com
Burco Inc common
June
5%
800
19
{Baldwin
Beaunlt Mills Inc com.. 10
$1.50 conv pref
20
Beech Aircraft Corp
1
Aug
Oct
26
400
Baldwin Rubber Co com.l
Bardstown Distill lnc
1
Barium Stainless Steel... 1
Barlow & Seellg Mfg A
5
37
23%
"l9"
1
Automatic Products
5
Automatic Voting Mach—*
Avery (B F)
5
Axton-Fisher Tobacco—
Sept
x20
10
1%
*
Aug
$5 1st preferred
*
Bunker Hill & Sullivan 2.50
Oct
106
225
10
"30""
27
Jan
22%
200
26
8
Jan
Oct
Jan
Jan
30% Mar
14% Mar
5% Aug
21%
Jan
108% Apr
3% Feb
7% Feb
16% Mar
8% May
5
50
37
5%
4%
Oct
May
Sept
33
pref25
Oct
Oct
25%
1
com
Oct
14
Birmingham &
Atlas Corp warrants
July
Brown Rubber Co
Jan
*
Atlas Plywood Corp
Austin Silver Mines
Mar
Class A pref
.*
Brown Forman Distillery. 1
$6 preferred
*
Feb
Feb
8%
*
47
14%
6
Assoc Laundries of Amer.*
Coast RR Co pref
100
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..50
Class B
Brown Co 6% pref
100
Brown Fence & Wire com.l
41%
14
warrants
V t c common
£1
25%
Am dep rets ord reg—10s
British Col Power class A
Oct
100
500
1,300
Sept
108%
Apr
*16 Sept
1%
Oct
3%
Oct
21% Oct
28
26%
Jan
Apr
June
"Ik
Associated
Elec Industries
Amer deposit rets
£1
Assoc Gas & Elec—
Amer dep rets reg
28
300
800
8%
Oct
20
Am dep rets ord bearerfl
Oct
12,400
27%
6
8
Jan
23%
89%
5%
4%
21%
8%
Registered
Oct
28%
1
Arkansas Nat Gas com.—*
Common class A
—*
8%
2,000
British Amer Oil coupon.
5,000
3%
2%
5%
Sept
Jan
Mar
British Amer Tobacco—
1.400
28
3%
11%
1%
3%
British Celanese Ltd—
Mar
1%
2,200
2,100
7%
4
*
78%
1%
4%
1 %
Wupoerman— 1
Apex Elec Mfg Co com
*
Appalachian El Pow pref.*
11
Oct
Oct
13%
3%
23
_
Class A
42
125%
6
Anchor Post Fence
Oct
7is
100
Jan
Mar
24%
Sept
17%
3%
11%
1%
»
7% preferred.
Oct
~25%
Superpower Corp com*
Angostura
28
32
Amer Potash & Chemical.*
Amer Seal-Kap com
2
—*
5
75
Jan
Feb
Class A
Brillo Mfg Co common.
2~506
"i~y< "2%
2K
Amer Pneumatic Service.*
1st preferred.—
Preferred
Oct
Oct
Mar
1%
4,800
1,200
6
3%
11%
*
26
300
28
25
Amer Mfg Co common 100
Preferred
100
Amer Maracalbo Co
1
May
32%
3%
Mar
""600
.100
Bruce (EL) Co
"28
-
Amer Invest (111) com
*
Amer Laundry Mach__.20
131
Feb
Sept
19%
17%
6
1
Corp class B
Sept
700
Jan
%
7%
2%
32%
Sept
%
4
2,500
"2%
"2
17%
*
Preferred
Brill
Feb
%
Bright Star Elec cl B
30
26
*
1
Class A
-.25
Class A with warrants 25
Class B-1
Mar
Oct
Sept
10%
400
%
140
Oct
Oct
50
500
5
716
*
1,100
1%
5
10c
—
12%
1%
30
13
—
Common class B
S3 preferred
15.60 prior pref
Amer Centrifugal Corp
120
2,100
July
June
73%
450
15%
Jan
16%
26%
177%
119%
17%
14%
Sept
6
1,000
24
Jan
Sept
110%
14%
150
10%
10c
Oct
400
110% 112
14%
14%
6%
6%
75% 82
120% 121%
12%
Sept
Sept
95
800
Oct
13
3,500
1%
Capital—
common
103
10%
100
Amer Box Board Co com
For
13
Jan
Mar
in
Oct
20
101%
5%
Sept
Sept
%
100
6% preferred
-.100
American Airlines Inc.—10
American Beverage com__l
$2.60
2%
100
112
"2%
*
Aeronautical
Jan
19
4%
%
16
100
Bridgeport Machine
13
Aluminum Industries com*
Atlanta
65
110
2%
4
%
100
400
13
*
7% 1st preferred
2d preferred
Brazilian Tr Lt & Pow
Breeze Corp
56%
%
*
58%
2%
13
Aluminum Goods Mfg
Jan
11
13% June
.*
com
High
Oct
Oct
20
40
{Botany Consoi Mills Co.*
Bourjola Inc
Bowman-Blltmore
June
13
100
Jan
Low
3%
50
4
20%
20
Range Since Jan. 1 1937
Shares
25
80
*
Aluminium Co common..*
Jan
3%
100
Oct
10
American Book Co
5%
34%
1%
Price
*
7% let preferred
Borne Scrymser Co
60
25
preference
Oct
2
pref
Class A
May
Bohack (H C) Co com
75
_
Allied Products com
Week
67%
Allied Internat Invest com*
Amer Lt & Trac
Oct
Sept
%
for
of Prices
Low
High
"""%
*
*
$6 preferred
Option
2
18
Ala Power $7 pref
Am
14%
1
%
Alles & Fisher Inc com..
A
Mar
9
66
Class
Sept
6%
700
1%
60
American
24%
Oct
3,100
1,400
10
1%
60
Aluminium
Oct
2%
1,600
23
9
Warrants.--Alabama Gt Southern.-50
6%
18%
100
Conv preferred-
conv
Jan
2,600
Week's Range
Sale
Par
56%
3%
Last
High
Oct
18%
Air Investors common.--*
S3
Low
38%
20
23
common..6
1
Air Devices Corp com
Sales
STOCKS
Continued)
Shares
38%
2%
Range Since Jan. 1 1937
50
38%
18%
2%
Supply MIg class A.*
Aero
Friday
Week
20
c com
I
Sales
Friday
STOCKS
Commonwealth
Warrants
25
24%
24
26%
9,100
316
4,000
24
& Southern
%
%
%
Sept
7i«
Jan
Volume
2519
New York Curb Exchange—Continued-Page 2
145
Sales
Friday
STOCKS
West's Range
Last
{Continued)
Bale
Par
Commonw Distribut
Low
Range Since Jan. 1,1937
for
Weet
of Prices
Price
High
Shares
Cities Service Co.
High
Low
1
Oct
*
2*
Jan
Community P & L $6 pre! *
23
24 *
650
23
Oct
64
21*
21*
50
21
Sept
34
Jan
%
%
400
*
Sept
2*
13*
800
12*
Oct
17*
Jan
38
Oct
38
Oct
Preferred
and
Mar
12*
Common
Jan
Community Pub Service 25
Community Water Serv__l
Compo Shoe Mach—
New
v
t c ext to 1946
12*
BOUGHT—SOLD—QUOTED
WILLIAM P. LEHRER CO.,
Conn Gas & Coke Secur—
60
S3 preferred
Consol Biscuit Co
*
1
2*
Consol Copper Mines
5
Consol GELP Bait com *
5% pre! class A
Consol Gas Utilities
4*
65*
100
113*
1
1
Consol Min & Smelt Ltd.5
55
Consol Retail Stores
1
8% preferred
4*
3*
1,500
6*
67
113* 113*
1
1*
55
57*
4
4*
29,400
1,100
2*
4*
64 A
80
]
j
*
*
9'
9
Continental Secur Corp. .5
4
Cook Paint & Vara com..*
"io"
*
*
19
Cppperweld Steel com..10
21
21
2
2
Cord Corp
814
19
6*
5
8*
6*
Courtaulds Ltd
2*
12*
12*
22
24*
*
Croft Brewing Co
1
»
Crowley, Mllner & Co
82
23
£1
7*
'*
7*
5*
(Md)_5
Mar
Jan
7,600
Oct
4
74
Oct
Sept
*
800
1,900
9
Oct
4
Oct
STOCKS
8
Last
(Continued)
Sale
Mar
Par
135
Mar
3*
17*
102*
Mar
4
Jan
7% 1st pref..
Fisk Rubber Corp
66 preferred
Feb
Florida P & L 67 pref
15
Feb
Ford
Jan
Jan
Jan
Fire Association (Phlla)
for
of Prices
Wee t
Low
Price
First National
60
30
112
112
100
1
..100
113
20
6*
64*
Apr
Oct
52*
Jan
Oct
18*
Jan
24*
34
May
June
5*
Jan
Mar
6,400
175
1,000
8*
29*
31*
18*
Mar
92
Mar
65
Mar
5*
16*
6*
18*
3,900
4,300
16*
Oct
Oct
18
19*
350
18
Oct
2*
7*
7*
100
300
7*
Oct
100
6*
Sept
Am dep rets ord
x9H
200
x9
Oct
14*
16*
reg..£l
17*
500
16*
6
Ford Motor of Can cl A..*
*
Class B
Feb
14*
x9
Fox (Peter) Brewing
5
Franklin Rayon Corp com 1
Oct
2
114*
5*
Amer dep rets... 100 frcs
21
Jan
109* June
6*
Oct
64*
Oct
24*
Oct
18
35
15,300
82*
16*
21*
61*
Oct
6*
High
Oct
60
Motor Co Ltd—
Oct
Mar
7*
64*
31*
6*
■
"24*
*
Oct
1,900
Low
Shares
Stores—
10
8*
High
60
10
52
19
Range Since Jan. 1, 1937
Week's Range
Jan
10*
400
3,100
1
Sales
Friday
Feb
Mar
100
1-1943
Teletype: N. V.
Feb
Jan
Ford Motor of France—
2*
7*
7*
7*
7*
5*
10
10
1*
25
19 *
1*
19*
8
*
10,100
400
300
2*
16
July
Gamewell Co 66 conv pf..*
12*
22
14*
38*
Aug
Oct
Oct
7*
Sept
7,900
*
5*
Sept
Sept
Jan
20
12
2,700
5*
Oct
Jan
Mar
1*
Feb
500
Sept
8*
1
Common
Conv
15
preferred
2*
5*
Jan
11* June
Oct
Feb
Gatlnean
Pow
3*
38
38
Feb
Jan
May
13
2*
*
June
Cusl Mexican Mining..50c
'16
Petroleum com—5 U 8*
Davenport Hosiery Mills.*
Darby
Dayton Rubber Mfg com.*
*6
8*
Feb
108*
Feb
Sept
Aug
7,800
2,500
8*
21
Oct
Sept
"8
Feb
Feb
18*
15*
28*
Feb
33
Apr
Jan
Apr
13
11
Oct
150
20
Sept
Q
9
70*
900
21
11
21
Dejay Stores
1
Dennlson Mfg 7% pref-100
Jan
50*
Oct
12
11
—35
*
9*
Sept
Sept
15
37
100
7
Oct
16
Jan
74
190
60
June
87
May
8*
July
4*
4,100
2*
62*
Oct
Oct
89
Detroit Gasket & Mfg coml
10
10
10*
600
10
Oct
19* May
6% pref ww
20
Detroit Gray Iron Fdy—1
Det Mich Stove Co com. .1
16
16
16*
400
16
Sept
Derby Oil & Ref Corp com*
Preferred
*
2*
1*
2*
1*
2*
1*
3
6,000
1,400
1*
2*
Sept
Oct
20
Aug
Feb
3* May
11
Feb
Jan
63
conv
68*
Oct
Sept
6*
Feb
Feb
19
Oct
23
700
1,600
14*
*
25*
1*
200
65 *
Oct
Oct
Oct
*
800
12*
1*
13*
1,900
45
12*
45*
200
Feb
100
Oct
85
1*
Aug
Mar
s16
Jan
Sept
300
32
pref
Tire
Oct
2
400
65*
stock—*
General Telephone com. 20
General
66
16*
*
65*
Gen Rayon Co A
2*
Mar
20*
Gen Outdoor Adv 6% pflOO
*
98
14*
*
66 preferred
Warrants
Jan
19
*
25
400
300
2,300
July
15*
Jan
16*
""306
20
3
Jan
21*
19*
Amer dep rets ord reg.£l
Gen Fireprooflng com
*
General Investment com.l
Feb
50
3*
2*
2*
5
19*
38
75
67
66
5% pref 10
*
General Alloys Co
Gen Electric Co Ltd—
16
1*
10
"§*
*
'""166
"96"
~90~
Oct
2,700
100
-.5
Sept
1
Jan
19
Oct
15
Sept
Sept
Oct
10
1*
102
Cuban Tobacco com v t c
Curtis Mfg Co
Fruehauf Trailer Co
28
Oct
10
6* % preferred
July
Oct
78
900
6
*
com
Cuneo Press Inc
Oct
Oct
800
8*
*16
11
Drug Co com..25c
Preferred
Mar
3
8,400
Jan
7*
94*
**
3,900
4
Crown Cork Internat A.
....
Sept
Sept
200
3*
16
16
....5
Crocker Wheeler Elec
Class A.
Oct
200
3*
17*
12*
2%
50
preferred
Crystal Oil Ref
6% preferred
Oct
4
INC.
Street, New York City
Froedtert Grain & Malt—
78
Crown Cent Petrol
7*
2*
S6 preferred A
*
Cosden Petroleum com.—1
Crown
55
200
25
3
Creole Petroleum
11*
20
1
oonv
500
3,100
Wall
2-5383
10
11*
52
prior preference
5*
2,600
50
4
52
*
Corroon & Reynolds—
Common
916
10*
10
*
com
Copper Range Co..
July
Jan
11
11*
89*
114*
Oct
125
5*
74
74
*
14 preferred
112*
1*
4
4
Cont G & E 7% prior pf 100
Continental Oil of Mex_..l
Cooper Bessemer
June
92
10
*
Cont Roll & Steel Fdy
Oct
4*
1
100
Consol Royalty Oil
Consol Steel Corp com
S3
20
Oct
2*
64
HA
96*
3*
Feb
22*
51*
Feb
Jan
1* June
12*
Oct
45
Oct
Jan
Rubber—
&
88
1
Gen Water G & E com
63 preferred
*1
Georgia Power 66 pref—*
Gilbert (A C) com
*
Preferred
_*
Gilchrist Company
Glen Alden Coal
Oct
100
16
Feb
45*
12*
Feb
Aug
8
Oct
July
7
Oct
Apr
Apr
Jan
*
*
Oct
15
Jan
3214
150
31
Oct
61
Feb
12
13
600
11
Sept
95*
50
85
*
2,200
6*
6*
12
95
Goldfield Consol Mines.. 1
95
*
63 preferred
Gorham Mfg Co—
6,000
6*
Feb
Feb
107
Sept
*
Feb
June
£
4
300
4
Oct
7
29
50
29
Oct
38
Apr
23*
24
5
29
5
*
extend.*
7*
*
*
Gorham Inc class A
V t c agreement
800
7
Feb
11*
36*
95*
Sept
31
*
A.*
'
8%
7
107
Sept
32*
65*
32
8
*
Godchaux Sugars class
Class B
67 preferred
100
Oct
7
100
6% preferred A
25
Aug
1
3
3
3*
1,400
3
Oct
10*
Detroit Steel Products—*
27
27
29*
800
27
Oct
64
Grand National Films Inc 1
1%
1*
32
35
100
28*
10*
July
35*
Sept
Grand
9*
9*
Sept
10*
Sept
Gray Telep Pay Station. 10
5
5
16*
Sept
30
Apr
Jan
Non-vot com stock
21*
Mar
7,200
1*
Oct
400
9*
Oct
5
Oct
33*
4*
18*
22*
Oct
117*
Jan
700
Great Atl & Pac Tea—
10*
29*
5*
22*
Jan
Detroit Paper Prod
10
De Vilbiss Co com
10
Preferred
Diamond Shoe Corp com. *
16*
17
"125
100
9
Apr
200
26
Mar
Distilled Liquors
Corp...5
9
9
9
Distillers Co Ltd
£1
26
26
26
Dlvco-Twin Truck com__l
Dobeckmun Co com
"l4"
200
13
Oct
16
1,200
12
Jan
15
28*
17*
Jan
July
Aug
Mar
Apr
Sept
10
50
Apr
Sept
50
20*
Oct
63
60
63
50
60
Oct
96
Jan
*19
*17
22
500
17
Oct
42*
Jan
100
10
Driver Harris Co
20*
21*
2
Aug
Sept
111
2,000
500
61
Oct
79
*
Oct
1*
7*
10*
27*
105*
100
preferred
Dubilier Condenser Corp-1
Duke Power Co.
100
2
2
61
61
2*
64
Durham Hosiery cl B com *
Duro-Test Corp com
4*
6
6
10*
*
Eagle Picher Lead
3*
10*
5*
800
4*
Oct
6*
4%
1
*
10
Duval Texas Sulphur
900
6
Oct
7,000
13
10*
Oct
3*
Sept
6*
May
4* % prior preferred-100
6% preferred
100
Eastern
Malleable
Iron. 25
Eastern States Corp
*
3*
4*
"46"
11*
1 *
57
38*
40*
11*
1*
*
*
Economy Grocery Stores.*
6
300
50
13
1
700
25
57
30
$7 preferred series A
*
2,900
25
30
1
Elec Bond & Share com..5
13*
1 *
8*
15 preferred
*
51*
16 preferred
*
55
Elec P & L 2d pref
A
3*
1
Class A
3*
*
30
Option warrants
Electric Shareholding—
1
Common
1*
50
Mar
Mar
Jan
Feb
Oct
71
Jan
Oct
26*
6*
82*
82*
13*
Oct
16
3*
5*
1
15
1*
25
1 *
25
1*
Emsco Derrick & Equip..5
"9 *
10c
1*
1*
30
26*
225
25*
30
500
25
250
26
23*
300
23
800
1
11
1*
15,800
9*
10*
300
Oct
Sept
31*
19*
2*
Oct
10*
Sept
47*
Sept
1*
3*
45*
27*
8*
11*
25*
Sept
1
9*
29
Eureka Pipe Line com—50
81
Oct
8*
*
Option warrants
Evans
7% preferred
Ex-Celi-O Corp
100
3
Falstaff Brewing.
1
Fanny Farmer Candy
Fansteel Metallurgical
1
*
Fedders Mfg Co
5
3,600
11
10
10
Aug
Oct
6*
"V*
"~6* "7*
10*
10*
21*
1
3*
7*
Oct
*
11
26*
7:
1,800
2*
Sept
1,300
6*
Oct
19*
2*
6*
22*
Ferro Enamel Corp
*
*
11*
.....
3
Falrchild Aviation
Fldelio Brewery
4,600
6,400
*
*
Wallower Lead..
500
10*
Apr
Oct
Sept
800
21*
Oct
""766
9,000
6*
* Sept
17*
15*
47*
1*
Hud Bay Min &
Hummel-Ross Fibre Corp 5
page 2523.
Apr
33*
Jan
Jan
5*
Oct
11*
22*
Feb
Mar
36
Sept
16
4*
4*
101*
101
5
27
101*
12
14
22*
20*
22*
67*
7*
64*
6*
4*
250
25*
Oct
Oct
Preferrred
9*
101
Oct
12
Oct
16*
20*
Oct
42
Oct
87
9,900
4,100
600
64*
10
2*
38
5*
5*
15*
2*
July
Mar
17*
17*
17*
13*
Oct
27*
Feb
Apr
Feb
Feb
26
Sept
13
3,700
2*
Oct
Sept
5*
53*
37
200
4
1,500
3*
1,800
2,300
15*
350
15*
5
Britain
and
35*
Ireland..£1
11* May
Oct
33* May
13* May
Sept
Sept
Sept
10
pf.100
7% preferred
..100
Indpls P & L 6*% pref 100
34
July
62*
Feb
Mar
Mar
5,800
17*
Oct
9*
24*
2,300
17*
Oct
24
Feb
200
13*
Oct
15
Mar
35*
9
100
35*
Oct
44*
7*
12*
30
19*
18*
13*
12
590
Jan
Jan
15
Mar
Oct
36
Jan
14
12
12
Sept
39*
Jan
90
8*
Indiana Pipe Line
Indiana Service 6%
Jan
Mar
Oct
Imperial Tobacco of Great
Aug
Feb
Feb
Sept
8* June
17*
Registered
2
*
9*
50
Imperial Tobacco of Can.5
Feb
12*
23
100
Illuminating Shares cl A.
imperial Chem Indust—
Am dep rets ord reg._£l
Imperial Oil (Can) coup..*
Jan
Feb
400
39
17*
5*
16*
Jan
Sept
Oct
7*
2*
July
Jan
6*
24
15*
Ctfs of deposit
*
*
*
9
41*
112
60
17
Common
15*
400
12
6*
200
JHylere of Delaware Inc—
Mar
Mar
Feb
Jan
Jan
July
Aug
Oct
15*
Feb
16*
47*
14*
15*
Feb
Feb
Mar
Mar
Jan
28*
500
Hussman-Llgonler Co...
Illinois Zinc
Apr
Oct
15*
14*
*
Humble Oil & Ref
Sept
105
Jan
Indian Ter Ilium OH—
Non-voting class A
Class B
For footnotes see
Smelt—*
Apr
10*
"n* "12"
25*
5%
11
Sept
June
50
European Electric Corp—
Oct
Feb
Mar
35
Illinois Iowa Power Co...*
Feb
Feb
Mar
Jan
Oct
Feb
50
7
4*
22*
52
25*
9*
45
3*
Mar
Oct
Sept
Sept
Jan
3*
Feb
77
Oct
700
ill 100
Sept
Sept
38*
74
Oct
10*
11*
"n*
Jan
10*
Feb
72*
Oct
Feb
Feb
"600
Hydro Electric Securities. *
Hygrade Food Prod
Hygrade Sylvanta Corp
Oct
18*
17*
20
7% pref stamped
100
7% pref unstamped.. 100
24
Sept
40
Jan
25*
26*
32
9*
1
Co com
preferred
100
Hubbell (Harvey) Inc...5
60
15
13*
Sept
Jan
Oct
Feb
400
35
14
Oct
15
200
Oct
Oct
4
Oct
400
Horn & Hardart
Aug
23
10*
Esquire-Coronet
12*
June
5*
43
Horn (A C)
Apr
1
600
36
Jan
3*
Jan
Jan
700
40
80
70
800
....
"9"
,
1*
1*
35
Oct
25
Aug
Oct
Sept
May
1* Sept
10
Jan
75
24
15*
3*
14
Hires (C E) Co cl A
Hoe (R) & Co clasB A...10
Heyden Chemical
Jan
2,200
Apr
Jan
Oct
Jan
Feb
Feb
Mar
Mar
Jan
17*
7*
Oct
10
9*
Oct
95
Sept
400
Mar
Jan
Jan
June
11
24
Jan
84
22*
com
Jan
Jan
Feb
90
10
23
Jan
Oct
22*
ww
Jan
1*
63*
July
25
5
Preferred
Hewitt Rubber
Mar
»ie Sept
6
200
11*
29
31
10*
1*
1*
5*
14*
10*
8
87*
6*
400
7
Oct
100
2~,800
15*
7
Oct
250
26
25*
com..
Oct
7*
30
*
2
Class A
3*
26*
"36"
Heller Co
53*
3*
38
100
100
100
8% preferred
100
Empire Power part stock
preferred
6* % preferred
7% preferred
Jan
41*
1,000
1,500
Empire Dlst El 6% pf-100
Empire Gas & Fuel Co—
30
Feb
Jan
Jan
Jan
7*
98*
22*
17*
5*
40*
11,700
56
Holophane Co com
*
Holt (Henry) & Co cl A.
Hormel (Geo A) Co com
Oct
May
109
6
Sept
Sept
Sept
8
Hollinger Consol G M—5
1*
132
6
Jan
2,800
16*
8*
3*
5
Feb
4*
Oct
1,600
1,600
4,700
5
80
2,100
Apr
*
Rubensteln
Helena
28*
29
Feb
47
""§* "~314
14
14
5*
Oct
2*
13
"3*
1*
Oct
440
39
128
Oct
10
1*
900
4
414
'32
S16
44
87
84
84
1
com.l
Hazeltlne Corp
*
Hearn Dept Store com..5
6% preferred
50
Hecla Mining Co
25c
8*
2,200
6*
Sept
Sept
10
Oct
29
72
Hat Corp of Am cl B
51*
58*
1*
13*
41*
Harvard Brewing Co
1,200
10*
53*
4*
Sept
516
43
Hart man Tobacco Co...
82,800
8*
51*
3*
3*
Oct
6
68
Elgin Nat Watch Co
Equity Cora com
37
Oct
8*
3*
'32
Jan
119
com.*
Hartford Elec Light
25
Oct
1*
13
Electrographic Corp com.l
6%
Jan
Jan
1*
6
■
Jan
125
Hamilton Bridge Co
10*
11*
3*
1
25
Gulf States Util 65.50 pref *
S6 preferred
*
Gypsum Lime & Alabas..*
Hall Lamp Co
*
1*
1*
16 conv. pref w w
Elec Shovel Coal $4 pref..*
Electrol Incvtc
Guardian Investors
Haloid Co
80
30
8*
75*
Jan
150
33
29
1,500
140
78
121*
119
119
114
10
6*
75*
Rights
4*
3,500
29
4*
1,400
200
16
53*
1
Elec Power Assoc com
6*
16
2
Elsler Electric Corp
100
25
Greenfield Tap & Die
*
Grocery Sts Prod com..25c
Feb
55* June
36
$6 preferred series B_.
Easy Washing Mach B
Edison Bros Stores...
*
7% 1st preferred
Gt Northern Paper
Feb
East Gas & Fuel Assoc—
Common
Rapids Varnish—*
Gulf Oil Corp
L) Shoe Co—
7% preferred
Draper Corp
7%
May
10
100
6* % preferred
Oct
1,800
Domin Tar & Chem com.*
Douglas (W
3*
3*
13*
13*
1
Dominion Steel & Coal B 25
3*
13
3*
Feb
1*
*
1*
1*
400
1*
1*
1*
200
1*
Sept
Sept
4*
4*
Jan
Jan
New York Curb Exchange—Continued—Page 3
2520
Sales
Friday
STOCKS
Last
Week's Range
for
{Continued)
Sale
of Prices
Low
High
Price
Range Since Jan. 1, 1937
Low
V t
—1
c common
7%
preferred
%
100
Insurance Co. of No Am, 10
%
8
8
9%
International Cigar Mach *
49%
20 %
Intermit Holding & Inv__*
1%
5234
300
325
2,600
54
40C
21
1%
300
%
8
Oct
Oct
49%
20
1%
Pref
60
13.60 series
14%
14
A stock purch warr
17%
%
%
3,800
Oct
Sept
Oct
2%
2234
75%
28%
4%
International Petroleum. _*
28%
"d"
3 54
Feb
Feb
July
Feb
32
International Products—*
334
3 34
3%
700
"7% "8%
"800
100
6% preferred
'~7%
44
Jan
2%
18%
Sept
9
9
9%
,S16
500
Mar
38
Mar
Oct
Jan
103
7%
Oct
Aug
Apr
Mar
*
Nat Mfg & Stores com
National Oil Products
4
Aug
10
10
100
10
Oct
30
30
100
30
Oct
38
Old warrants
•*16
2,500
'J1S
Jan
--
New warrants
3,
16
.
1
_
Interstate Home Equip,
334
,1
16
3%
4%
4
4%
Mills.,*
27
pref,*
6
Interstate Power $7
Iron Fireman Mfg v t
Irving Air Chute
Italian Superpower
c.,10
1
3i6
3%
Sept
600
4%
Oct
Oct
1734
7
100
27
170
6
Oct
42%
24 %
%
Sept
i»i6
18%
8%
350
1754
Sept
1,100
%
1,000
10%
3%
2,200
Warrants
Jacobs (F L) Co
1
8%
8%
Jeannette Glass Co
*
2%
2%
1,100
7
Oct
54
Sept
'32 Sept
8%
Oct
2%
Oct
Nat Service
July
1,000
7
Feb
7
34
Oct
Mar
Jan
Jan
Feb
Jan
27%
18%
2% Feb
%' Feb
18% Feb
Jones & Laughlln
Steel, 100
2%
44
5
"l"2k
Oct
.....
3%
3%
4%
1%
2,500
1%
100
1
Mar
Oct
Oct
Aug
3%
Sept
3%
Oct
Feb
Sept
«,6
16
"~7% ""8"
'"260
500
7%
7%
Oct
7%
8%
101% 101%
100
101 %
Oct
Oct
10% Sept
8
8%
2,200
46%
3
46%
49
3
4%
3,200
4,700
8
Oct
63
Oct
46
Sept
1%
3
Oct
95
Aug
14 %
*
4%
*16
1%
14
14%
4%
916
200
1%
Sept
July
1334
1734
11134
1234
2134
7834
5934
934
110
%
8,300
3
100
Loblaw Groceterias A
*
3
3
*
Locke Steel Chain
5
Lockheed Aircraft
1
Lone Star Gas
*
7%
7%
8%
*
2%
2%
2%
preferred
10
8%
100
6% pref class B
9
11%
7% preferred
6
*
68
100
100
4%
*
100
Sept
434
Oct
19
65
New England Tel <& Tel 100
New Haven Clock Co
434
"64"
109
109
"1254
New Jersey Zinc
..25
New Mex & Ariz Land
1
68
Newmont Mining Corp. 10
New Process common
*
65
~66%
Sept
"_250
64
Oct
70
109
Oct
66J4
1434
7134
134
1,000
70
12)4
2,700
900
1234
6634
134
Oct
Oct
*
134
60
1,300
88
Oct
5
60
Oct
13554
Jan
37
234
254
200
234
Oct
5
com
534
200
5
Oct
16
Sept
34
634
N Y City Omnibus—
Warrants
N Y & Honduras Rosario 10
2734
2734
2834
250
2734
Jan
N. Y. Merchandise
10
11
11
1134
700
11
Oct
N Y Pr & Lt 7% pref.. 100
$6 preferred
99
9834
99
9834
Oct
90
Feb
Jan
Jan
Feb
Mar
35
14034
3034
94%
26
134
Jan
30
8
5
Majestic Radio & Tel
Mangel Stores
9
Oct
734 June
434
Oct
1254
554
Mar
Feb
Founders shares
1
New York Transit Co
5
434
434
2134
2134
10
21
Oct
65
Jan
754
954
24,600
6
Oct
1634
Feb
100
5% 1st pref
100
Oct
100
5% 2d pref cl A
100
93
Feb
94
Feb
100
65
July
7934
Aug
Oct
39
Aug
5% 2d preferred
6% 2d pref cl B
100
98
Feb
Oct
3034
16%
Jan
34
3
Sept
22% Sept
22% June
7
Mar
25
Sept
Class B common
5
2234 June
1834
Jan
1634 Feb
1434
Jan
Class A pref
Niles-Bement Pond
100
20
434
Feb
July
5,500
7%
Oct
10,100
2%
64%
Oct
Oct
93
52
Oct
80
Jan
Oct
Jan
55
325
3
1,500
10,800
2%
8%
40
6%
"36"
%
30
700
3
Oct
6%
1534
234
55%
5%
1034
Oct
82
Sept
8%
9
%
1%
Sept
200
550
1%
1,200
3%
20
4%
2%
8%
%
30
Oct
Sept
Oct
1%
20
20
100
42 %
20
25
200
17
Oct
Marconi Intl Marine—
10
Class A opt warr
Class B opt warr
734
77
78
34
1
1
34
134
200
77
1,100
300
34
1
Sept
Oct
115
54
254
634
8
1,500
"4§k
"600
654
Nineteen Hundred Corp B1
16
Sept
May
98
Apr
62
Aug
Aug
15
Aug
Feb
154
Sept
434
434
2
434
2,700
1
2,000
434
Oct
354
1134
1
1%
134
2
5,600
134
Oct
734
42
44
21,500
42
Oct
77
26
2634
300
26
Oct
5134
26
2754
300
26
Oct
50
4734
48
150
Oct
5054
5134
Feb
No Am Utility Securities.*
Nor Cent Texas OH
5
454
54
454
134
454
4734
54
454
Jan
Nor European Oil
Jan
Nor Ind Pub Ser 6% pf. 100
34
6934
34
6934
3ie
6934
Jan
Jan
Aug
2554 May
*
2454
Marlon Steam Shovel
*
6%
8%
2,000
MassUtll Assoc vtc
1
2%
5%
2%
6%
3,000
16%
17%
650
Massey Harris common..'*
16%
May Hosiery Mills
$4 preferred ww
55
*
McCord Rad & Mfg B___*
McWilliams Dredging
*
3%
13%
13
Mead Johnson & Co
*
96
95
Memphis Nat Gas
com
5
4
4
Mercantile Stores
com
*
4%
4
100
Jan
6%
2%
5%
16%
Oct
Sept
Oct
Oct
55
200
4
2,700
15
3,700
13
Oct
105
450
95
Oct
4
1,900
3%
55
10
3334
2234
334
1634
2534
Jan
3%
1434
4434
Jan
Mar
Aug
125
Feb
Feb
July
Sept
Oct
100
24
Oct
3134
Jan
4%
2,300
3
Oct
Jan
%
200
%
Oct
1134
21
45%
*16
49%
916
125
45 %
Oct
SO]
15,700
1%
.....
Sept
4
1%
200
1
Participating preferred.*
Merrltt Chapman & Scott *
4
25
600
%
Merchants & Mfg cl A...1
100
Mesabi Iron Co
1
300
'
24
"45 k
1
Metal Textile Corp com..*
Partlc preferred
*
4%
26
3
Warrants..
634% A preferred
'
16
1%
30
Metropolitan Edison pref
82
Mexico-Ohio Oil
Michigan Bumper Corp._l
Michigan Gas & Oil
1
Michigan Steel Tube__2.60
Michigan Sugar Co
Preferred
%
1%
1
154
8,500
1
5%
5
534
1,800
2%
10
10
11
54
*
1,000
54
4
300
254
34
3
1,900
5
6
7
v
t c
*
Class B
v
t c
*
2%
Oil conv pref
*
Steel Products—
54
Oct
Mid-West Abrasive....50c
Midwest OH Co
.10
Midwest Piping & Sup
100
*
com
Ohio Brass Co cl B com..*
Ohio Edison $6 pref
*
Jan
6% 1st preferred
com
$3 preferred
Overseas Securities
Pacific Can Co com
63
63
50
6% 1st pf.25
1st preferred—25
$1.30 1st preferred
Pacific Tin spec stock
Feb
Oct
2
Feb
Oct
10
Jan
%
Voehringer
2.50
1
Machine Tool..*
Montana Dakota Utll
*
Mar
454
14%
Mar
1%
1%
800
1%
Oct
7%
1,600
7%
Oct
"i'% "2%
~3~600
Jan
Peninsular Telp com
Preferred
13
Aug
5
Feb
Penn Mex Fuel Co
3234 Sept
43
Jan
Sept
"70"
"75"
"""20
Oct
98
Jan
Pennroad Corp v tc
Pa Gas & Elec class A
109
"70"
July
118
Feb
Pa Pr & Lt $7 pref
9
Oct
Oct
Penn Traffic Co
Oct
25
Feb
Apr
May
Penn Salt Mfg Co
5%
1654
1134
Sept
Pepperell Mfg Co
Feb
Perfect Circle Co
70
$6 preferred
9%
9%
9%
6%
5%
7
13
13
900
7,100
3%
100
2
3%
1,200
1,100
3%
Sept
17
Jan
137""
"""90
133 %
Sept
157
Feb
27%
"3%
13
7
1%
137"
2523.
136"
Sept
37
Jan
13
134
Oct
2434
3434
2434
3434
25
700
40
375
2434
34%
Oct
67
9334
9334
9334
Sept
110
108
10634
108
10634 108
25
100
91
""16
1054
754
1054
100
934
1,600
21
24
900
9134
834
21
"234
93
75
2
254
Sept
Oct
2%
434
*
3554
7,300
10654 May
10234 June
11134
Sept
90
Sept
100
112
21
Oct
11154
10454
1434
1454
3254
9134
Oct
106
1054
754
2
Oct
Oct
Oct
8
Sept
Sept
26
Oct
534
834
37
100
70
..ft.-..
""9l"
93
Oct
41
6
1054
"5934
800
26
28
300
26
104
2854
834
2854
104
25
103
2934
10754
33
Apr
2854
5434
10634
Oct
26 34
26
5934
5934
10
33
40
20
2154
3,900
534
36,000
450
Sept
May
5834 Sept
434 Sept
1834
Oct
10134
434
434
20
Oct
434
Oct
334
Oct
1534
Oct
1534
1534
19
19
21
2,300
19
25
25
25
30
25
50
Sept
Oct
2934
434
23
434
23
5
2334
300
200
Sept
434
Oct
23
Oct
10954 May
100
Stf
89
834
954
634
30
3034
53
43
1234
3054
110
Penn Edison Co—
Oct
1%
14
10
Parkersburg Rig & Reel__l
Patchogue-PlymouthMills*
Pender (D) Gorcery A
*
$2.80 preferred
$5 preferred
9
*
page
Mar
90
7%
10
Montgomery Ward A
24
Oct
1%
Monogram Pictures com.l
1
Sept
7%
"l%
500
*
7
Feb
Oct
Oct
Sept
15
Paramount Motors Corp.l
Mar
734
1054
54
1
9634
10334
1254
14
*
Jan
Oct
63
1
Oct
Sept
Sept
Sept
3,000
*
534%
Jan
34
6934
13
100
8
2%
5
50
pref...
Oldetyme Distillers
conv
Pacific G & E
Jan
10
120
1054
5
Pacific Ltg $6 pref
*
Pacific P & L 7% pref..100
Pacific Public Service
*
434
334
1154
1834
134
11
100
Oklahoma Nat Gas com. 15
6%
700
Oct
79 34
Ohio P S 7% 1st pref...100
Ollstocks Ltd
1,100
10
cl A. .100
5Nor Texas Elec 6% pf.100
Northwest Engineering..*
Novadel-Agene Corp
*
Page-Hersey Tubes Ltd..*
Pan-Amer Airways new. .5
Pantepec Oil of Venez
1
Oct
Oct
1834
63
Miss River Power pref. 100
For footnotes see
Nor Sts Pow
42
100
Class B
*
Mining Corp of Can
Minnesota Mining <fc Mfg. *
Minnesota P & L 7% pf 100
Montreal Lt Ht A Pow
7% preferred
1
Jan
Jan
4
1,400
*
*
Monroe Loan Soc A
com
Parker Pen Co
Class A
Molybdenum Corp
prior preferred
Mar
Middle States Petrol—
shs
6%
Mar
Oct
Oct
%
7
5354
Sept
Sept
Sept
Sept
10
1,700
4
10
Co
$6 preferred
*
North Amer Rayon cl A._*
Class B com
.__*
Ohio Oil 6 % pref
100
Ohio Power 6% pref... 100
5534
Oct
Jan
Mar
Mar
154
Nor Amer Lt & Pow—
Common
Pa Water & Power Co
*
2934
*
65
.1
1
*
254
'~87~~
3
21,200
87
89
325
Oct
2 54
Oct
Sept
4234
72
854
554
1734
130
8254
140
87
Oct
20
82
May
112
600
130
Oct
179
2
140
Sept
2.50
113
434
71
*
*
June
934
254
8234
*
100
Oct
354
*
50
Feb
Oct
40
9134
"4l"
5
Mar
Feb
Feb
Feb
15
634
*
Nipisslng Mines
Jan
Feb
Niagara Share—
Northern Pipe Line.
Communlcationord reg£l
Margay Oil Corp
Master Electric Co
Jan
N Y Shipbuilding Corp:—
N Y Water Serv 6% pf.100
Oct
*
Mapes Consol Mfg Co..
Mar
Niagara Hudson Power—
8
52
8%
1
preferred
Feb
Mar
Feb
Oct
69
Lucky Tiger Comb G M.10
common
Mar
1534
11554
10534
Feb
9
2,600
5,900
68
100
Loudon Packing
*
Louisiana Land & Explor. 1
Monarch
Apr
Noma Electric
Common
Jud.
Sept
New Engl Pow Assoc
Long Island Ltg—
Common
Oct
134
10%
2$%
11234
5934
8034
1954
1934
254
2354
8934
634
Jan
Sept
25
Mock,
Sept
334
334
Feb
Oct
%
21%
non-cum dlv
8
931
1234
Apr
4%
22%
$2
Jan
634
28
13%
234
1354
*
Mid vale
400
1,000
54
734
5734
20
1,100
Lion Oil Refining
Lit Brothers com
Midland
Jan
19
Common
7,400
100
Midland
7
934
Sept
June
9134
1234
Jan
6,400
0
20
conv
32
*
New Bradford Oil
N Y Auction Co
>02*
100
Jan
Feb
1%
80
*
Jan
28%
Feb
10734 Sept
334
Jan
8834 Mar
6534 Feb
8%
Feb
8%
Jan
1%
Apr
21
900
8
47
24
1H
20
$5
38
12%
105%
20
Lynch Corp
""16
35
1,250
Le Tourneau (R G) Inc.-l
*
7%
16734 10734"
36
Oct
7,000
*
Corp
Oct
8%
3%
*
Oct
250
37%
26
;
1
15
*
6% preferred
Oct
Sept
Sept
Sept
200
Nebel (Oscar) Co
Mar
Aug
1934
554
2,900
Oct
12
June
134
1634
1
15
July
8%
16%
'"766
Oct
5,500
23 %
8%
12%
Sept
234
1085*
30
34
2
2
1
2
10
11454
200
T,2o6
25
Oct
Oct
"8%
800
Line Material Co
Class B
"l9k ~2Q%
15
com
5
49
46%
Lackawanna RR (N J) -100
Develop
200
2
June
49
Koppers Co 6% pref
100
Kress (8II) & Co pref.-.10
Kreuger Brewing
1
Oil
34
234
34
.....
85
1
Preferred..
"4,300
80
""300
Kleinert (I B) Rubber.. 10
Knott Corp common
1
Leonard
"534 ""5% "654
1,800
Klein (D Emll) Co com..*
Lehigh Coal & Nav
Oct
1
Nestle-Le Mur Co cl A
1934
1334
Sept
Sept
*
Nev-Callf Elec
1334
Oct
554
Nat Union Radio Corp
Navarro Oil Co
Jan
18
45
Sept
57
*
Jan
4434
1434
334
1054
13
-29
3%
44
3,800
300
Nat'l Tunnel & Mines
9%
126%
23
Oct
734
250
""834 "~8~
100
July
Sept
June
61
87%
44
"2,400
10
30
8
Oct
700
29
654.
2%
Oct
5834
29
Neptune Meter class A
3%
1
14
1st preferred
*
Nelson (Herman) Corp ..5
3»/s
Lakey Foundry <fc Mach-.l
13
Jan
.....
Hlrkl'd Lake G M Co Ltd. 1
Lake Shores Mines Ltd
1334
Jan
1
Lane Bryant 7% pref.. 100
Lefcourt Realty com.:
1
"734 "9%
965^
2%
1
734
15534
2834
4
734
89
87
Jan
7
1034
"l9k
com
Oct
654
June
100
Klrby Petroleum
1,600
17
June
1
Breweries
1954
75
75
Kings Co Ltg 7% pref B100
5% preferred I)
Kingston Products
17
23%
23%
109% 109%
87
Kimberly-Clark Co preflOO
Kingsbury
Oct
Sept
National Transit
Nebraska Pow 7% pref-100
*
Oct
12
*
Nehi Corp common
13434
10
National Sugar Refining..*
National Tea 534 % Pref. 10
Jan
Oct
43
*
12.50
5
700
66
Kansas G & E 7% pref, 100
Ken-Rad Tube & Lamp A *
1
common
Conv part preferred
National Steel Car Ltd
5
13
200
10
8
Apr
12
16",200
4554
184
Sept
13
.....
44
6
10
20
75
Julian & Kokenge com—*
Kennedy's Inc
._.*
14
Jersey Central Pow & Lt—
634% preferred
100
6% preferred
100
7% preferred
100
Jonas <fc Naumburg—2.50
10
Oct
12
National P & L $6 pref..
National Refining Co
25
Nat Rubber Mach
Mar
7%
27
34
17%
*
A
500
1,800
3,100
conv
Jan
%
%
7%
H
1
Investors Royalty
Oct
534
*
*
Interstate Hosiery
$3
5
13434 13434
National Candy Co com..*
National City Lines com.l
Feb
Feb
Sept
*
13,
534
"17"
t c__
Aug
154
434
_*
.
pref
50
National Container (Del).l
$3.50 prior pref
.
v
.
1534 May
1% Feb
$1.75 Preferred
34
1,800
National Baking Co com.l
Nat Bellas Hess com
1
39%
21%
3%
15%
Class B
234
Nat Auto Fibre A
Oct
July
Oct
1%
Sept
28%
33%
3%
100.
9
38
1%
"12"
*
.
High
Sept
Sept
180
*
National Fuel Gas
*
1
Class A
Vitamin
25
Class A 7% pref.....100
Moore (Tom) Distillery__1
Nachman-Springfilled
Low
Shares
Murray Ohio Mfg Co
Jan
Oct
8%
Moody Investors pref
Moore Corp Ltd com
Price
Jan
Mar
International Utility—
International
Week
'~6H ""634 "7" "5", 100
2%
B_*
Internat Safety Razor
for
of Prices
Low
High
Mtge Bk of Col Am shs
Mountain City Cop com 5c
Mountain Producers
10
Mountain Stfl Tel & Tel 100
Feb
%
28 %
20,600
8,900
*
Internat Radio Corp..—1
Oct
%
10
Internat'l Paper A Pow war
Registered
14
400
Week's Range
Sale
Par
Internat Hydro-Eleo—
Internat Metal Indus A__*
Last
High
Industrial Finance—
1937
Range Since Jan. 1, 1937
STOCKS
(Continued)
Shares
16,
Sales
Friday
Week
Par
Oct,
8134
71
100
71
Oct
95
81
8534
575
81
Oct
151
25
27
100
25
Oct
37
Jan
Volume
Week's Range
for
Sale
of Prices
Week
Pharis Tire & Rubber
5
*
com
pref
5
Phillips Packing Co
1
Conv pre! series A
Pierce Governor
7K
7K
IK
7%
Feb
1
3K
3K
4X
900
116 K
33K
35X
27X
25
50
400
Oct
15 K
Feb
3K SePt
28KSept
11 N
Mar
40
Mar
"llK
1
"16"
IK
Pioneer Gold Mines Ltd..l
IK
200
IK
3K
3K
Sept
6K
2,900
5K
1,400
9
Oct
3%
5%
5K
9
*
Meter
Forgings
1
& Lake Erie.50
9
Southern Pipe Line
Plate Glass..25
Pleasant Valley Wine Co.l
93
"93"
Power Corp of Can
Oct
116 N
9K
Sept
16 K
Oct
Feb
93
2,200
800
10
5
"is
X
IK
5
4%
4 K
5%
5,500
Sept
Sept
4K
16 K
com..*
25
Premier Gold Mining
1
Pressed Metals of Amer..*
2
1,200
2N
25N
June
2 5K
100
316
25 N
Oct
2
*
Pratt & Lambert Co
Feb
Jan
4K
35 K
Oct
1,900
Jan
Feb
1
*
3ie
Aug
Jan
Prosperity Co class B
800
9
Oct
Mar
Providence Gas
*
8N
8N
150
SK
Oct
*
7N
7N
100
7 K
Oct
Producers Corp
16 preferred
Pub Ser of Col 7% 1st
6%
preferred
316
10
9
Jan
Common class B
Jan
105
Jan
98
June
29
Oct
15
17N
110
75
75
68 K
Mar
111
Oct
120
Aug
Starrett (The) Corp vtc.l
115
Apr
Steel Co of Canada ord..*
Stein (A) & Co common..*
87K
Pub Utli
103
Feb
Sept
106K
4N
Jan
9CK
60 N
Jan
N
Oct
27 N
Oct
$5
*
preferred
575
13 K
20
Jan
25
Apr
1~500
32
27K
$6 preferred
13%
Pyle National Co com
5
Pyrene Manufacturing.. 10
Quaker Oats com
*
"T%
15
13K
~~7K "SK
7K
Oct
14 K
Feb
Oct
124 K
130
104
100
100
100
Apr
Jan
16
16
*
17
150
16
Oct
25 K
100
12 K
Oct
28N
Class A
*
Class 3
*
K
316
K
K
316
800
N June
July
K
Feb
S16
Raymond Concrete Pile—
Mfg
com
50c
Red Bank Oil Co
*
4
Reed Roller Bit Co
*
27
K
Sept
46 N
Taggart Corp com
..1
Tampa Electric Co com..*
Sept
8K
2,100
K
Oct
Oct
1%
32 K
1,200
6K
Oct
13 N
2%
1,500
2
Oct
7N
July
200
UK
2,200
3K
Oct
5%
2,900
K
Oct
2K
1
*3 li
Root Petroleum Co
conv
"%
*
2N
104 K
Feb
27%
15N
4K
13K
Aug
Tobacco Prod Exports
Aug
Tobacco
Feb
Am
"966
conv
7K
7K
Rustless Iron & Steel
$2.50
54 K
*
7K
"3
Ryerson & Haynes com._l
Safety Car Heat & Lt ...»
2H
St. Anthony Gold Mines. 1
2K
IK
"~X
St. Lawrence Corp Ltd
conv
K
Oct
7K
Oct
Oct
10,600
150
3K
2K
3,700
2,500
25
90
90
5
7% preferred...
100
Samson United Corp com. 1
316
3K
4K
"3 N
3K
4K
■2
2
2
*
16 X
1,600
pref
16 K
32K
700
1,000
109
36 K
*
Scranton Lace Co com
Scranton Spring Brook
Water Service pref
16 K
30K
109
*
600
50
38
50
Selberllng Rubber com
1
*
Selby Shoe Co
N
Jan
July
Apr
6K
Jan
Sept
8
Mar
141
Apr
X
15 K
38%
UK
Apr
3K
90
3K
Jan
Oct
Sept
Oct
May
2
Jan
Apr
Apr
Apr
Jan
"Jfi
Oct
69
4K
July
IK
1
Convertible Stock
$5.50 prior stock
Allotment certificates
Selfridge Prov Stores—
Amer dep rec
Sentry Safety Control
Unexcelled Mfg Co
Union Gas of Canada
36K
54 K
Sept
78 K
Oct
IK
Oct
5N
40N
Oct
SON
1
Oct
Oct
150
17 K
Oct
IK
IK
4,600
IK
Oct
100
'76%
76N
82
800
77 K
82
350
16
16
.
4K
9K
30
77 K
Oct
104
Jan
Oct
300
s,6
Sept
2K
IX
5
5
if 5K
1,100
5
Sept
2
2K
4,600
2
Sept
12 %
6K
9%
SK
10 K
5,300
Sept
28 N
Oct
33K
154K
20K
23
600
85
com..25
90
2,700
106N 107 N
5% cum pref ser AAA 100
Sherwln Williams of Can.*
120
K
7K
K
7K
SlmpUclty Pattern com
Singer Mfg Co
Investment
May
Jan
Jan
Jan
Feb
Mar
Jan
Aircraft
Jan
Mar
Mar
June
1
100
K
Sept
100
7K
Oct
7% pf 100
Skinner Organ com
*
Smith (H) Paper MH1
*
Solar Mfg Co
1
28 K
1
10 K
35
29K
Aug
2%
2H
2,100
2 K
Sept
7K
7
7
7
2,000
7
Oct
13X
250
250
261
90
250
200
4
4K
4K
Oct
K
Oct
98
2%
2523
2K
16
3K
25
1,000
Apr
£
16
17
Feb
Aug
7,600
%
IX
23%
5
1,600
5,100
700
10,600
Feb
Apr
Jan
Aug
Feb
Feb
July
1,500
1,300
600
4
July
16
Oct
2K
Oct
370
6X
100
5X
29K
100
"3,200
IX
300
50*
750
7
ilH
Feb
July
July
May
4N Sept
Oct
I3N
8
Oct
34
Aug
6N
77N
Feb
Jan
112
Jan
7N
Jan
25N
18N
Sept
Mar
4
Oct
10N
Apr
66
Oct
4N
Oct
Oct
18N
3
Feb
Oct
74
July
July
105
Feb
99
June
115
Mar
IX
47
""16
X
1,500
N
Jan
"16
400
X
Oct
2%
3K
4,300
6,200
1,200
2N
Sept
6N
Oct
N
Oct
May
6K
%
8
Jan
3
9N May
13
10N
Sept
49 %
300
45
Sept
86
3 K
3
Oct
7%
8K
2,200
1,200
7%
Oct
1%
2
400
IN
Oct
IX
1%
IX
IK
100
IN
4,100
Sept
IN
Oct
Feb
May
11N
13N
9N
6N
Feb
Feb
Feb
Feb
1,500
800
14
4N
Jan
13 K
Oct
18N
8N
Oct
10N
Jan
July
X
700
N
Apr
Apr
10
Sept
12
Aug
85
10N
10
10
1,900
12
10
Jan
85
Jan
10
Oct
30N Mar
13N Feb
52N May
3N
3N
4 K
800
%
100
"Ik
"5%
57,666
4N
400
95 *4
47
95
)8
95
1
IN
United Lt & Pow com A.*
Sept
2%
22%
2%
2%
21N
2X
28
2%
21%
69%
"""175
55
3X
19N
United Milk Products..
"69"
$3 preferred
United Molasses Co—
100
800
"3 X
""600
IX
1
2N
69 %
74 X
2,800
2,200
38 K
39N
70
"~7 X
7K
8%
7
6%
7X
1,500
3,200
IK
69 K
15
_
Jan
Oct
124
Sept
Oct
Oct
Oct
Sept
May
94
Jan
11N
Jan
Jan
Jan
3N
UK
Jan
75N
Jan
45
Feb
75
Feb
8N
Apr
10
"
Oct
253
Aug
1
Oct
2
July
July
12
2N
Sept
Oct
ft
Mar
May
Jan
Jan
Oct
Apr
7N Sept
96 N
15
Aug
Oct
18N
Feb
68 N
37 N
6N
47N
3
Jan
Mar
,516
100
62 N
,S16
IN
20 K
...
Card
1
60
60
warr
Feb
244
....
United Shipyards
United Specialties com—
Mar
13H
9N
United N J RR & Canal
cl A—
Class B
__1
United Shoe Mach com_25
Preferred
—25
5%
6N
IN
6N
ord reg...
100
United Profit Sharing
*
Preferred
10
dep rets
Jan
*11
Oct
^ Sept
1
21,600
1,200
8,800
3%
2
Mar
82 N
2%
Common class B
9,000
Oct
July
*11
4X
United G & E 7% pref. 100
U S Stores Corp com
Feb
Apr
5N
13N
3
1
Jan
Jan
Feb
11%
13%
non-voting.*
U 8 Rubber Reclaiming..
Jan
2
47
"l%
warrants
U S Playing
July
»i«
7X
1%
*
1
U S and Int'l Securities.
Jan
Jan
2N
%
Jan
Mar
Mar
K
*
United Gas Corp com
$7 conv 1st pref
United Stores v t c
Jan
5N
31N
*
Apr
Sept
Mar
Jan
Oct
1K
2N
53
4K
19
Feb
41
Sept
1,400
"2K "2%
warrants
U S Lines pref.
Sept
16N
92N
10 N
1st pref with
32 %
100
United Elastic Corp
Am
46
119
Transport
$3 cum & part pref
Jan
Oct
9
47
2X
6X
'*16
U S Radiator com
4X
Sioux City G &E
For footnotes see page
114
2K
Singer M fg Co Ltd—
ord reg.£l
Oct
Oct
Sept
Feb
Jan
Mar
Jan
Feb
Feb
Mar
Apr
Feb
Apr
X
10
*
United Chemicals com
Option
Jan
22N
Jan
8
K
Warrants
United Corp
50
Oct
575
com..*
Union Stockyards
Oct
l02X 102%
U S Foil Co class B
*
pref
85
106 K
100
SImmons-Broadman Pub—
Simmons Hard're & Paint *
8K
20 K
21
Shreveport El Dorado Pipe
Line stamped
25
Silex Co com
*
Amer dep rec
Oct
14
2
Shawinigan Wat & Pow..*
Conv
76 K
4K
28X
101K
1
Seversky Aircraft Corp
4%
13%
47
Union Premier Foods Sts.l
*
Shattuck Denn Mining..5
Sherwin-Williams
Union
Oct
33
Mar
15 K
$6 1st preferred
Seton Leather com
200
Union OH of Calif deb rts..
2K
£1
1
4%
IX
7N% pref—25
2
Oct
100
77 K
25
19K
5% preferred
Mar
1,600
14
15,400
55
80c div preferred
Jan
Jan
Feb
19N
4N
3
May
8,100
14
X
IK
11K
55
IN
5
2N
Oct
5N
33 K
4N
47%
1st $7 pref
IK
28
Oct
111
32 K
1
Class A
26
17K
*
Oct
13N
35
108
Tubize Chatillon Corp.-.l
Feb
Selected Industries Inc—
Common
Oct
10
300
*
109
IN
1
2K
X
300
4
10
Oct
Oct
3K
18N
1
2K
800
13%
3X
2%
33
2K
...1
Oct
16K
30 K
109
100
IK
41
41
K
13%
X
8
Tung-Sol Lamp Works..
Ulen & Co
Feb
11N
14N
Tri-Contlnental warrants..
Trunz Pork Stores
Feb
33%
2%
17
4N
*
Trans western OH Co
Feb
Oct
Trust
Common
1
13N
Sept
15 N
Trans Lux Pict Screen—
Jan
July
51
Securities
Sept
1
101
reg
£1
reg___£l
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
7% preferred A
100
Tonopah Belmont Devel.l
Tonopah Mining of Nev.l
Mar
Sept
24
*
Securities Corp general.._*
*
Mar
i
11
1,050
dep rets ord
United
Seeman Bros Inc
Segal Lock & H'ware
1
Oct
58
Manufacturing..25
Scranton Elec $6
25,600
125
90
90
Mar
Feb
Mar
Feb
Oct
175
IK
10
Am dep rets del
Jan
18
Oct
90
7
3K
15N
13N
7N
6%
Oct
1,300
14
15 K
Tishman Realty & Const. *
Jan
55%
110K
14K
17K
Oct
2%
IK
1,100
*
Schiff Co common
7N
42
27 K
5
com
Savoy OH Co
Sept
54 K
*
St Regis Paper com
ScovUl
Oct
3K
Oct
UK June
% June
2,300
50
pref A
Sanford Mills
8K
9K
42
42
*
pref
Ryan Consol Petrol
$2
June
7*® Oct
800
59
Jan
6K
Tobacco and Allied Stocks*
"U ~"~X
8
Sept
7,200
1
4X
1
July
2,000
58
40
10
3%
3
11
20K
5
new com
Sept
Rotalite Oil Co Ltd
Russeks Fifth Ave
Sept
Apr
100
X
IK
2
Tllo Roofing Inc
K
32
Royal Typewriter
6
35
1,100
2,200
4H
1
Texon Oil & Land Co
Feb
107
Tenn El Pow 7% 1st pf. 100
Texas P & L 7% pref...100
97 K
4K
3K
Mines
Feb
July
Feb
2~666
"OK
32 K
1
200
400
8
Teck-Hughes
Feb
21N
Sept
Oct
Technicolor Inc common.*
2,000
IK
20
pref
Rossi a International
7%
Taylor Distilling Co
K
26
7K
15N
5K
108
Tastyeast Inc class A...1
Thew Shovel Co
Rio Grande Valley Gas Co-
Amer dep rets ord reg.£l
Rome Cable Corp com..
Roosevelt Field Inc
5
"i00
"l7~"
44
21%
27
4
1
K
98K
Mar
10
93
Feb
14
Oct
7K
X
25
7
2
Oct
2
97K
Feb
2N Sept
93
11
13N
3 K
6K
K
Mar
OK
35
Swiss Am Elec pref....100
2
Voting trust ctfs
Sept
8
$3.30 class A participat *
Swan Finch OH Corp... 15
0%
Rochester G & E 6% pf D100
Rolls Royce Ltd—
Jan
<£25N
Oct
4K
50
Feb
1
Radiator
"is
Oct
2,800
K
Mar
*
K
Oct
4
107
'16
Mar
Richmond
K
Reynolds Investing
3
N
9%
400
S16
10
"l7"
Jan
900
2K
..._*
53K
7K
Rice Stlx Dry Goods
UK
3%
15 K
~3K
1
Reybarn Co Inc
Feb
4K
15N
49
1,500
K
Reliance Elec & Engln'g
$1.20
..*
Oct
2,600
H
25
1
Jan
5
K
Sept
3
Sept
400
*
Relter-Foster Oil
1,300
4,000
Superior Ptld Cement B__*
Mar
Feb
Apr
Mar
Jan
Feb
Mar
Feb
Reeves (Daniel) com
Jan
13 X
14
3
300
30
3K
27
69N
11
22
24
3
23 K
3
3
28K
Oct
4K
*
5
pref
Jan
28 N
11
K
..1
conv
Jan
7%
100
7
4N
23 K
preferred
conr
5N%
105N
7%
4
20
Sunray Oil
Oct
1
Oct
"T
41
Common.....
$3
Raytheon
100
.....
Machinery.....*
Sunray Drug Co
*
Jan
3i<
200
Mar
23
100
1
9K
"17"
Sullivan
Rainbow Luminous Prod
45
1,800
50
preferred..
preferred
JStutz Motor Car
Jan
Jan
Aug
Apr
16 K
100
Stroock (S) & Co
Jan
12 K
21N
13N
12
.._*
Stetson (J B) Co com
Stlnnes (Hugo) Corp
Jan
150
63N
Oct
Sept
20
Steriing Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
Jan
12 K
*
Ry. & Light Secur com
Oct
125N
..100
6% preferred
Quebec Power Co
1st
2d
Puget Sound P & L—
18N Sept
Sept
Wholesale Phosp
6 K% preferred
Sterchl Bros Stores
Jan
100
300
H
K
K
Sept
98K
100
100
Secur $7 pt pf
*
Sept
17H
8N
IN
2%
Feb
Pub Service of Okla—
27
Oct
18,500
3,000
1
4
Jan
93
& Acid Works com
Jan
Aug
Apr
IK
IK
IK
X
98
Standard
Jan
23N
Oct
Oct
9X
41
6% prior lien pref
7% prior lien pref
8K
8K
27 K
23
100N 100 K
400
K
28 K
Oct
117K
2,600
12
July
Sept
18 X
IN
100
100
6% preferred
7% preferred
19K
200
"In
May
15
50
N
17 K
19 K
17K
"23 X
75
15
100
17«
77
Common
Sept
Sept
1
14N
60
$6 preferred
Pub Serv of Nor 111 com..*
Apr
4N
25
Standard Steel Spring new5
Standard Tube cl B
1
10
150
12N
Sept
19 N
Preferred
_.*
Standard Products Co...l
Standard Silver Lead
1
31
Mar
Oct
2
500
17 K
*
Feb
99
IN
x6
100
K
17 K
1
109
29
29
Mar
Apr
1,100
18
""%
100
Oct
99
*
*
5%
preferred
Standard Pow & Lt
Public Service of Indiana—
$7 prior pref
Jan
1
7%
N May
Standard OiI (Neb)
25
Standard Oil (Ohio) com 25
103
105N
10
105 K 105 %
Aug
42
24 K
50
7K
2K
Standard Invest $5% pref*
Standard Oil (Ky)
10
Sept
98
*
pf 100
100
56
Oct
37
Jan
2K
x6
6X
10
preferred
Jan
UK
3,000
2,100
43
24K
Standard Dredging Corp—
$1.60 conv preferred-.20
Jan
Prudential Investors
Conv
Aug
7N
5N
UN
Mar
Feb
Oct
8X
37
37
Standard Cap & Seal com. 1
Feb
Feb
Mar
Oct
2
Spanish & Gen Corp—
Am dep rets ord reg_.£l
41
% Sept
3,500
163
8N
Aug
600
24K
4K
12K
33 N
Oct
July
2K
7H
8 K
Jan
Feb
83
Oct
5
25
West Pa Pipe Line..50
July
Apr
8
Feb
3
T206
"3 K
Jan
K
Oct
July
154N
4N
6K
2
19
Jan
Jan
3
100
3
2
2
Am dep rets ord bearer £1
Spencer Shoe Corp
*
Stahl-Meyer Inc com
*
Standard Brewing Co
*
Oct
Sept
IK
1,200
So
Mar
28
65
*
Southland Royalty Co
South Penn Oil..
June
147 K
IK
"3"
Feb
64 K
6
3
Jan
27 K
Mar
10 K
10
25c
Potrero Sugar com
Powdrell & Alexander
96
IK
IN
*
Pneumatic Scale Corp.. 10
Plough Inc
Polaris Mining Co
10 K
300
10
Southern Union Gas
200
67
ION
24 N
3
7% preferred
100
South New Engl Tel... 100
Jan
Feb
60
64 K
64 %
Metallurgical 10
27
Southern Colo Pow cl A.25
Pltney-Bowes Postage
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
33 K
~25~~
26
Feb
Oct
10 K
3N
5K % pref series C
K
3
Oct
1,600
IK
5% original preferred.25
6% preferred B
25
6K
33 %
Oct
10
T.600
~U~X
Mar
34
1,700
Aug
July
41%
29N
33N Sept
26N June
24% June
June
IK
IK
Jan
10N
5N
Sept
June
8,200
4
3N
3K
*
com
1
5
10
Winterfront
1
Sosa Mfg com
31
Securities—
Common
Pines
6
2N
July
Apr
South Coast Corp com
Southern Calif Edison—
July
20
111
5
IN
5%
4,400
25
31%
31%
*
High
Low
Shares
High
Jan
8K
Sept
Range Since Jan. 1, 1937
for
Week
of Prices
Low
Price
Sonotone Corp
500
*
Phila El Power 8% pref.25
Phoenix
1,100
5N
Oct
7
1
Philadelphia Co
Par
High
Low
Week's Range
Sale
(Continued)
Shares
High
Low
Price
Last
STOCKS
Range Since Jan. 1, 1937
Last
Par
Sales
Friday
Sales
Friday
STOCKS
(Continued)
Phila Elec Co 15
2521
New York Curb Exchange-Continued—Page 4
145
400
60
Oct
93 N
Jan
IK
800
Oct
50
Oct
4H
34 N
Mar
20 K
IN
20 N
5
Oct
16
Mar
2N
Oct
14
Mar
1516
Oct
Feb
5
X
"x
5N
400
2%
%
3N
2,700
N
500
3i« June
5X
2%
5K
60
4N June
18N
Jan
X
800
Sept
IN
Feb
K
K
Jan
ar
New York Curb
2522
Sales
Friday
STOCKS
Last
Weefs Range
for
(Concluded)
Sale
of Prices
Tjow
High
Price
United Verde Exten—50c
Wall
Paper
Universal Corp vto
2%
23$
23$
2%
12,000
1
8
Insurance
Universal Products
"lX "2'x
173$
1X
IX
2X
50X
7
common.. 1
X
100
12X
pref
5
Petroleum
4,400
1*
Oct
3
50
35
Oct
143$
Oct
38
MX
300
4X
IX
9,700
IX
IX
700
'~7X
*
~~7~X "~9
33$
13$
Sept
June
"900
65
703$
953$
963$
X125
1263$
66
96
1954
65
65
703$
73$
23$
Oct
1944
158
Oct
Delaware El Pow 53$s 1959
100
102
July
Denver Gas A Elec 58.1949
Det City Gas 6s ser A. 1947
Cuban Tobacco 5s
Oct
June
*
63$
6X
1
1
1
IX
13$
IX
*
200
63$
1
1,000
1,400
6s 1st series B
Sept
8
9
600
7
Mar
6
6
63$
400
6
Oct
73$
63$
23$
Sept
3
7X
3X
400
Wentworth Mfg
1.25
Western Air Express
1
West Cartridge 0% pf.100
73$
2X
4X
5
43$
Sept
—
2,900
500
Grocery Co...20
ux
""50
11
Sept
76
20
70
Oct
117
Mar
20
150
20
Oct
z32
Feb
July
Aug
9
June
60
62
Sept
83$
23$
2X
2X
1,700
23$
Williams (R C) A Co
*
Williams Oll-O-Mat Ht„»
V' "5"
'1%
4X
""266
5X
900
43$
Oct
3i«
Sept
"506
13$
Oct
1
*
12 3$
cl B
12
13
11X
ux
ux
300
2X
7X
6X
2X
3X
1,000
23$
Oct
7X
9
6X
7X
1,800
1,100
73$
63$
Oct
113$
Oct
123$
13$
93$
Feb
Jan
Jan
24
May
105$ May
6
Wolverine Tube com....2
Wood ley Petroleum
1
Wool worth (F W) Ltd—
Amer dep rets
5c
6% preferred
£1
Jan
10
Sept
95
Jan
83$
183$
123$
Feb
Oct
mm
Jan
Feb
Jan
—
~
153$
15X
200
"b'x "m
6,800
153$
0
Oct
Apr
63$ June
Sept
193$ Sept
13$ Sept
55
*
"l9X ~2ix
21
5
IX
IX
IX
2",400
3,400
233$
•63$
83$
803$
Jan
Apr
Jan
Mar
303$
Sept
43$
Mar
BONDS
1942
103x 104
Alabama Power Co—
1st A ret 58
1940
98
99
1st & ref 5s
1st A ret 5s
1951
92
95X
1950
00
1st & ref 6s
1908
82
SIX
83
1st A ret
1907
74
74
76
4^8
Aluminium Ltd debt 5si948
Amer G A El debt 5s..2028
90
Oct
102
1053$
106 X
1063$
50,000
86X
98,000
91
•
90
Oct
Oct
79
2,000
1,000
27,000
12,000
104
2,000
109
105X 1053$
99 X
115
99 X 100
96
94X
423$
38
38
36,000
47,000
98,000
62
66
30
36
32 X
323$
36
1950
35
34
39
1908
34
33
373$
40
1977
1033$
96
1053$
"70"
53$ s A'55
Lt 43$8-1955
Works—
71X
74
Bell Telep of Canada—
1st M 5s series A... 1955
1st M 5s series B...1957
6s series C
i960
68
783*
67X
100 x
94
99 X
"92"
"§73$
39X
39 X
42 X
53$s '53
Chic Dlst Elec Gen
43$s'70
0s series B
1901
Chicago A Illinois Midland
106
Ry 4^8 A..^
1950
Chic Jet Ry A Union Stock
Yards 5s
1940
94
{♦Chic Rys 5s ctfs
55
0s series B
1955
1950
Cities Service Gas
53$s '42
Cities
Service
Gas
107
1103$ June
1193$
Jan
1023$
Jan
1043$
Jan
673$
Jan
38
Oct
May
833$ May
023$
Jan
323$
Oct
61
43,000
47,000
3,000
34
Oct
33
Oct
23,000
76
Oct
98
Apr
88
40
Oct
053$
053$
003$
913$
1053$
Jan
1943
ootnotes see
763$
1003$
Mar
2,000
69.000
19,000
723$
1,000
Jan
703$
79
77,000
70
89
6s series A
105,000
70
Oct
Mar
6,000
110
1947
B
Indiana Gen Serv 6s_.1948
Indiana Hydro Elec 5s 1958
6s
Oct
1033$
Aug
Sept
2,000
113
Mar
121
Indiana Service 5s
4,000
1950
1143$
Mar
Apr
1st lien A ref 5s
1903
85
07
673$
90
103
1033$
1063$ 1073$
933$
943$
1,000
21,000
11,000
9,000
14,000
58,000
25,000
1013$ 102
94
913$
993$ 100
933$
933$
92
923$
40,000
28,000
1,000
4,000
70
2,000
903$ 152,000
43
45
20,000
48,000
42
49
63,000
1003$
16,000
933$
94
55
88
.
573$
' 88
20,000
2.000
08
85
Mar
100
Sept
Sept
105
Jan
Oct
Mar
1043$
1043$
Jan
98
93
May
1033$
Jan
92
Oct
1043$
Jan
993$
913$
69
873$
393$
Oct
Sept
Oct
393$
Oct
42
Oct
1033$
1043$
92
94
Jan
Feb
99
Jan
723$
723$
753$
Jan
72 3$
Oct
703$
12
16
783$
19,000
893$
63,000
84
64
Jan
June
Mar
107
June
Apr
100
Jan
32
Oct
Oct
263$
11,000
2,000
87
Sept
23
963$
1023$
Sept
Apr
Jan
203$
923$
99
16,000
98
25
25
1,000
25
673$
68
11,000
102
,
673$
74
69
Mar
Sept
Sept
Mar
Oct
Oct
Sept
1073$
983$
8,000
108
Aug
Feb
Oct
853$
90
57,000
853$
Oct
83
88
83
1,000
83
Oct
873$
88
8,000
85
873$
873$
4,000
873$
733$
73 3$
75
9,000
73
11075$
82
83
1063$
...j..
7,000
84
2,000
1063$ 1063$
till
'54
-
54
—
1
1063$
82
1053$
1093$
6,000
623$
603$
1
54
573$
51
1033$
Sept
Oct
Sept
Aug
Oct
Mar
Feb
Oct
155
Mar
Jan
Oct
833$
Feb
81
Feb
109
May
2,000
105
47
97,000
28,000
41
Oct
25
Oct
69
703$
21,000
683$
63
66
Sept
63
Oct
96
98
9,000
92
June
96
96
3,000
92
July
Apr
13,000
—
—
47
66
168
80
513$
41
Stamped
47
2,000
1043$
993$
66
5s series B
1947
105
Mar
1961
1033$
106
Mar
110
Jan
55
Oct
84
Jan
88
Oct
1013$
Feb
Kansas Power 5s
91
Sept
1053$
Jan
52 X
73,000
7,000
95
543$
Oct
98
95
Oct
70,000
82
10,000
993$
Oct
Kansas Elec Pow
33$ 8.1906
Kansas Gas A Elec 08.2022
Jan
1st mtge 5s
83
Jan
103
Jan
1947
63$s series D
53$s series F
1043$
Jan
96
Jan
Jan
883$
Jan
1043$
Feb
1043$
Feb
1063$ May
1053$
Jan
793$
Feb
Jan
80
Feb
Oct
71
Feb
5,000
41
Oct
663$
Jan
3,000
105
Apr
ser
1963$
115
1003$
103
Mar
1053$
Apr
19,000
1023$
Apr
1053$
Jan
933$ June
5s series I
Lake Sup Dlst Pow
1948
97
1969
33$s *66
Lehigh Pow Secur 6s..2026
95
89 3$
1955
78
95
1023$
98
115
973$
1213$
1043$
Mar
3,000
113
June
14,000
100
Mar
77
Oct
973$
21,000
15,000
1 893$
2,000
1003$ 1003$
77
H...1901
78
82
82
95
953$
1023$ 103
120
96
98
1
000
38,000
34,000
29
96
Jan
47
Kentucky Utilities Co—
Sept
24,000
623$
763$
693$
72
42
1053$
1033$ 1033$
Jan
Oct
303$
66
June
Apr
65 3$
64
11053$ 1053$
101
1013$
793$
77
41
101
111
1063
Mar
65
9,000
Jan
Jan
25
63
Oct
101
Jan
41
.1961
108
1073$ June
82
25
1956
Jan
Jan
Jan
Oct
Oct
1073$ 108
99
78
55
64
105
1063$
Jan
Jan
Jan
Sept
55
1
1952
10,000
603$ 292,000
273$
Aug
1043$
Feb
1053$ Sept
1033$ June
33}$
Apr
883$
Feb
863$
Feb
1103$ July
1003$
1063$
1043$
993$
90
86
.1957
28,000
Oct
Feb
Sept
Oct
26,000
90
43$a series C__
^ 913$
1023$
373$
Oct
95
903$
37,000
Iowa Pow A Lt
43$8..1958
Iowa Pub Serv 5s
1957
107
Jan
Jan
Jan
Jan
943$
1053$
5s series B
02
753$
1093$
Jan
106
30,000
943$
105
D
943$
1055$
107
943$
Jersey Central Pow A Lt—
57
463$
Jan
Jacksonville Gas 5s... 1942
Jan
Sept
913$
page 2523
Oct
102
13,000
91
125
3,000
Jan
107
543$
993$ 100
75
1003$
523$
5s series
Feb
107
51
43$ s series F
1958
Iowa-Neb LAP 5s.—1957
Aug
Jan
1003$
105
Interstate Power 5s... 1957
Debenture 6s
1952
Interstate PubUc Service—
31
893$
105
8,000
1
Jan
Oct
3,000
99
Jan
88
90
11055$
99
Jan
1053$
27,000
40
93
Feb
Feb
97
Oct
473$
1203$
Mar
Oct
8,000
102
Jan
Jan
66
81
88
Jan
Jan
57
32
96 3$
Mar
Jan
7,000
463$
102
May
Sept
Jan
Jan
26
Oct
613$
Jan
40,000
1101
88
77
Apr
21U.
7,000
Jan
253$
Oct
213$
753$
75
32
Sept
Jan
11
1,000
51
Isarco Hydro Elec 7s. 1952
Isotta Fraschinl 7s
1942
Italian Superpower 0s. 1963
Apr
91X
99X
1013$
1043$
1023$
1013$
1013$
1043$
993$
Oct
11003$ 1073$
International Salt 5s..1951
Feb
Oct
Sept
A 1952
7s series E
7s series F
Sept
91
Oct
Sept
98
983$
Feb
Jan
99
933$
74
90
88
853$
Oct
Sept
Mar
1003$
2,000
25,000
Feb
Oct
13,000
Ind'polls P L 5s ser A. 1957
International Power Sec—
63$ 8 series C
1955
Sept
Sept
101
"54X
95
♦Indianapolis Gas 5s
703$ June
1113$
11,000
873$
393$
393$
106
130
93
1,000
973$
...1957
118
134
783$
1053$
1053$ June
102 3$
13,000
58
1953
1951
Indiana A Mich Elec 5s '55
Mar
103
Indiana Electric Corp—
63$ 8 series
Feb
Jan
19,666
243$
703$
53$s.._May 1957
Jan
Oct
733$
1083$
933$
Mar
Oct
1013$
75
66
75
1947
IU Northern Utll 5s...
1957
IU Pow A Lt 1st 68 ser A
'53
1st A ref 53$8 ser B. 1954
Feb
703$
Oct
67
903$
96
1947
C...1956
54
1033$ June
17,000
57
1949
ser
Jan
75,000
122
Hygrade Food 6s A... 1949
1st A ref 5s
933$
62
63$s with warrants-1943
♦Hungarian Ital Bk 73$s*63
S f deb
Jan
Oct
26,000
66
Jan
683$
14,000
993$
993$
853$
57
Jan
Jan
115
843$
84 3$
903$
1043$
1033$
92
753$
_
Mar
*
Oct
813$
12
109
July
52,000
171
Oct
Jan
Jan
Mar
92
863$
112
133$
123$
43$
43$
953$
Oct
93
723$
1073$ Apr
1003$ May
1023$ May
1,000
54
853$
185
Jan
Jan
Mar
101
7,000
2,000
68
993$
85 3$
1977
Jan
68
88,000
763$ 110,000
98
♦Hamburg Elec 7s... 1935
♦Hamburg El Underground
A St Ry
53$ s
1938
♦Leonard Tietz 73$8..1946
Lexington UtiUties 5s. 1952
For
1
Sept
Sept
1003$ 1013$
98
♦Gesfurel 6s
1953
Glen Alden Coal 4s... 1965
Gobel (Adolf)
43$s... 1941
Grand Trunk West 4s. 1950
Gt Nor Pow 5s
stpd.. 1950
Grocery Store Prod 6s. 1945
Jan
Pipe
Line 0s
Oct
13$
92
88
1003$
{♦Gen Vending Corp 6s.'37
♦Certificates of deposit.
6s series B
53$
813$
82
1940
Heller (W E) 4s w W..1946
Houston Gulf Gas 0S..1943
13,000
93
Gen Wat Wks A El 58.1943
Georgia Power ref 6s.. 1967
5s series C
1063$ 1063$
1900
'
Oct
June
693$
Guantanamo A West 08 *58
Oct
Mar
20,000
6
80
1053$
1093$
Oct
11013$
103
1023$ 104 3$
103 3$
103 3$ 104
Gen Pub Utll 63$s A. 1956
♦General Rayon 0s A. 1948
Hall Print 6s stpd
Jan
Sept
106
54
Guardian Investors 5s. 1948
Hackensack Water 5s. 1938
1073$ June
1083$ June
1063$
Jan
1063$ Aug
1083$ Mar
100
6
67
Deb gold 6s. June 15 1941
Deb 6s series B
1941
5s series A
1,000
Oct
1053$
1043$ 1043$
6s ex-warr
stamped. 1944
Gatlneau Power 1st 5s 1956
Jan
Oct
Oct
92
Florida Power A Lt 5s_ 1954
Gary Electric A Gas—
General Bronze 6s
96
Jan
933$ Mar
Jan
983$
1043$ July
1013$ July
Oct
Oct
1023$
77
70
Oct
69
11,000
106
Banks 6s-58 stpd
1961
Firestone Cot Mills 5s. 1948
Firestone Tire A Rub 5s *42
First Bohemian Glass 7s '57
Jan
Jan
Oct
$1053$ 107
St Ry 53$s A *52
Conv deb 5s
95
Oct
983$
69
ex-warrants...1954
Cities Service 5s
1053$
993$
62
$1123$ 116
101X
91X
1908
1927
Jan
Jan
36
89
m
Cedar Rapids M A P 6s '53
Central 111 Public Service—
Cent States PAL
65
993$
23,000
68
Erie Lighting 5s......1967
Federal Water Serv
63$s *54
Finland Residential Mtge
121
..
Cent Pow A Lt 1st 5s. 1950
Cent States Elec 5s... 1948
1083$
105
783$
76
118
Broad River Pow 5s.. 1954
4Kb series H
1981
Cent Ohio Lt A Pr 5s.. 1950
Cent Power 5s ser D..1957
Jan
62
1103 3$ 105
Empire Dlst El 5s
1952
Empire OU A Ref 63$s. 1942
Ercole Marelll Elec Mfg—
63$ s series A
1953
134
Birmingham Elec 43$b 1908
Birmingham Gas 6s... 1959
6s series G
Jan
Sept
Apr
10,000
1,000
29,000
1123$ 1133$
Bethlehem Steel 0s... 1998
43$sser F.1907
Oct
1043$
40
t
♦0 without warrants 1938
♦0 stamped x w.,1938
1950
Apr
Mar
983$ Apr
933$ June
Locom
6s series E
Apr
100
Idaho Power 5s
Conv deb 53$s
1938
Conv deb 43$s C...1948
Conv deb 43$s
1949
Canada Northern Pr 5s '53
♦Canadian Pao Ry 08.1942
Carolina Pr A Lt 5s.
1950
Oct
813$
104 X 104 X
115
June
74
iblx
94 X
Cincinnati
98
1053$ 105 X
96 X
903$
Arkansas Pr A Lt 5s..1950
Associated Elec 43$b__ 1953
Associated Gas A El Co—
53$s
18,000
44,000
1,000
23,000
16,000
4,000
79
79
Ark-Loulslana Gas 4s 1951
Conv deb 53$s
Assoc TAT deb
Jan
106
100'
2024
Debenture 5s
102
105 X
Appalachian El Pr 5s. 1950
Appalachian Power 5s. 1941
Conv deb 5s
90
$10,000
106
Am Pow A Lt deb
0S..2O10
Amer Radiator 43$s._1947
Amer Seating 0s stp._1940
Debenture 0s
118
3,000
13$
13$
763$ 803$
1043$ 105
76 3$
1043$
Georgia Pow A Lt 5s.. 1978
Abbott's Dairy 0s
Feb
63$
53$
15
m
—
Jan
Jan
1093$
1253$
6
6
101
130
1043$
2,000
96
1083$ 1083$
1053$ 1063$
1023$ 1023$
6
General Pub Serv 5S..1953
Wright Hargreaves Ltd__*
Youngstown Steel Door. .5
Yukon Gold Co
Oct
June
70
Wise Pr A Lt 7% pref. 100
Wolverine Portl Cement-10
common
10
1,000
Mar
Mar
93$ July
Oct
"ix'Tx
fWil-Iow Cafeterias Inc__l
*
14
Sept
5
Apr
953$
53$
Oct
83$
"
102 3$
Elec Power A Light 5s.2030
Elmlra Wat Lt A RR 5s *56
El Paso Elec 5s A
1950
76
1
Winnipeg Electric
Oct
20
West Texas Utll $0 pref..*
West Va Coal A Coke
*
Wilson-Jones Co...
Wlllson Products
Aug 1 1952
♦Certificates of deposit
Eastern Gas A Fuel 4s. 1956
Edison El 111 (Bost) 33$s '65
UX
*
preferred
♦Deb 7s
Feb
Westmoreland Coal Co...*
West N J A Seashore RR 50
106
1950
♦63$8
Aug 1 1952
♦Certificates of deposit
76
Western Maryland Ry—
7% 1st preferred
.100
Weyenberg Shoe Mfg
Oct
101
1083$
Detroit Internat Bridge—
June
13$
98
Oct
Apr
62
133$
May
July
765$ 116,000
20,000
993$ 101
800
112
1073$ Aug
1003$
Jan
1043$ June
903$
Jan
105
10,000
70
Jan
Oct
1133$ Apr
1133$ Sept
1123$ July
Sept
Aug
983$
Jan
80
603$
Oct
93
69
101
High
793$
Oct
65
1233$
1083$
}1193$ 1193$
600
Wellington Oil Co
1st A ref
9,000
18,000
16,000
1107
3X
Walker Mining Co.....
Wayne Knit Mills
5
Welsbaum Bros-Brower.-l
{Baldwin
1003$ 1013$
1003$
14X
common. •
Atlanta Gas
58,000
1023$
2X
(The) Co
New
10,000
13 X
Wahl
Western Tab A Stat
31,000
34,000
1043$
1023$ 103
23$
ICO
Waltt & Bond class A
Class B
3,000
1113$ 112
106
1063$
13 X
preferred
Conv
5,000
11,000
*
t c
7%
Western
1103$
Jan
1103$
Jan
1073$ Apr
1073$ Apr
1023$ Mar
1003$ Mar
1023$ Mar
1123$
106
1943
Cont'l Gas A El 5S...1958
Crucible Steel 5s
1940
Cuban Telephone 73$8 1941
Oct
463$ June
112
1939
Gen mtge 4>$s
Consol Gas Utll Co—
6s ser A stamped
11.0C0
104
1981
6b
603$
1113$ 1113$
111
1113$
1957
(Balt) 33$s ser N... 1971
Consol Gas (Bait City)—
Oct
48,000
473$
473$
♦
Waco Aircraft Co
v
900
78,000
112
Conn Light A Pow 7s A *51
Consol Gas El Lt A Power-
Sept
113$
2,200
533$
523$
111 3$
Community Pr A Lt 5s '57
Community P S 5s... 1960
Oct
833$
1
Vogt Manufacturing
Oct
1,300
14 X
4
4
Oct
Low
Shares
603$
43$s series C...1956
1st 4 3$ s series D
1st M 4r series F
Range Since Jan. 1 1937
High
473$
473$
47 X
33$s series H
1965
Com'wealth Subsld 53$ s '48
•ll June
Oct
13$
38
Va Pub Serv 7% pref.. 100
Wagner Baking
13X
3X
3
Van Norman Mach Tool.5
Venezuela Mex OU Co.. 10
Venezuelan
UX
com__l
c
Oct
Sept
55
300
1
7% preferred
Valspar Corp v t
1st
Low
48 3$
1st M 5s series A...1953
1st M 5s series B
1954
Oct
Oct
23$
23$
50
X
2X
X
Oct
47
300
55
X
IX
Week
♦Commerz A Privat 63$s'37
Commonwealth Edison—
Oct
173$
IX
150
2X
55
for
of Prices
Price
Sept
2,500
2X
preferred
conv
12 X
200
250
X
IX
Weefs Range
Sale
Cities Serv P A L 53$s. 1952
53$ 8
1949
Oct
in
200
10X
Utility Equities Corp
Vot tr
"woo
173$
47
Priority stock..
*
Utility A Ind Corp com...6
Sept
4
4
*
Oct
14
123$
Utah-Idaho Sugar
6
Utah Pow A Lt 17 pref--.*
Utah Radio Products
*
Conv
23$
5,600
16, 1937
Sales
Last
High
A"
23$
Universal Pictures com—1
iUttl Pow A Lt
Class B
Low
10
Universal
BONDS
(Continued)
23$
2
Universal Consol Oil
Range Since Jan. 1. 1937
Shares
Oct.
Fridai
Week
Par
United
Exchange—Continued-Page 5
10,000
943$ June
88
July
78
Oct
93
Mar
1003$ Iday
183$ Mar
96
Oct
993$
1073$
1033$
993$
1013$
1113$
263$
105
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
Jan
Volume
Last
Week's
(Continued)
Sale
of Prices
Low
High
Price
Llbby McN & Libby 5a '42
10233 10233
10433 10433
1043*
5%s 1951
*
10433 105
8733
Feb
10533
Apr
10433
Sept
Feb
103
SeDt
10624 May
July
105
Oct
103
4,000
28,000
102H
Ref M
♦7s without warr'ts.1941
6,000
9 8 33
9733
{♦McCallum Hos'y 6%s *41
McCord Rad A Mfg 6s '43
85
85
Memphis P & L 5s A.. 1948
83
83
8333
Mengel Co conv 4%s.l947
92
90
97
Metropolitan Ed 4s E.1971
10533
Middle States Pet 6%s '45
Milw Gas Light
4%S—1967
Minn P & L 4%s
1978
1st & ref 5s
1955
Mississippi Pow 5s
8,000
6*
B.
Oct
104
Jan
July
104
Jan
So'west Pub Serv 6s.. 1945
Oct
118
Apr
90
10133 May
79 3*
Oct
70
Oct
97
June
Oct
*98
90
9133
49",000
90
99
99
9933
21,000
99
7333
7333
7633
10,000
73 %
83
87
13,000
83
Oct
108
108
9,000
107
10733
9933
9733
106 J3
10223
Feb
108"
Oct
59 33
1,000
6033
6033
Sept
Oct
1944
....
♦Munson~SS~6~%8~ctfal 1937
333
Nassau & Suffolk Ltg 5s '45
10133
Nat Pow & Lt 6s A...2026
533s 1939
{Standard Pow A Lt 6sl957
♦Starrett Corp Inc 5s_1950
Jan
9923
10033
10933
8424
Jan
Jan
Apr
10033
1433
Feb
Jan
2030
5s
1950
♦income 6s series A. 1949
4j£s stamped.. 1950
N Y P & L Corp 1st 4%s '67
N Y state E & G 4%S 1980
N Y & Westch'r Ltg 4s 2004
Debenture 5s
1954
58
10633
2,000
111
July
Oct
93
16,000
Oct
7234
31,000
5,000
113
Apr
43,000
55
Sept
12633
Jan
110
Terni Hydro-El
9933
12133
8433
2,000
5734
Sept
85
Jan
53,000
56 34
Sept
8424
Jan
8634
Oct
Jan
9033
38,000
8934
Sept
10133
10223
9133
20,000
8533 June
9524
Jan
7233
24,000
6833
Oct
9934 May
10633
8,000
103
Mar
Apr
10633
34,000
98
9933
27,000
96
June
10033 10033
11033 HI
6,000
100
Apr
2,000
11033
Apr
1,000
5434
Oct
1956
533 s series A
Nor Cont'l Util
5%s..l948
No Indiana G & E 6s. 1952
Northern Indiana P S—
6s series C
1966
5s series D
..1969
10733
stmpd'45
N'western Pub Serv 5s 1957
Ogden Gas 5s
1945
N'wett to Elec 6s
Ohio Power 1st 5s
B..1952
4%s ser D. 1956
4%s__-1951
5s conv debs
1946
Okla Power & Water 5s '48
Pacific Coast Power 5s '40
Pacific Gas & Elec Co—
1st & ref
Jan
1941
Invest 5s ser A. 1948
Ltg & Pow 5s.. 1942
Pow & Ltg 5S..1955
Pacific
Pacific
Pacific
Penn
1st
4,000
10624
Oct
Sept
Jan
107
Jan
90
94 J3
21,000
90
Oct
10524
10433
10333
10333 10333
3,000
Jan
Jan
Jan
93
94
41,000
93
104""
104
104
5,000
104
Oct
10533
10533 106
8,000
10423
Jan
104
104
20,000
103
Feb
5,000
96
Apr
92
23,000
91
Oct
86
4,000
10433
97
9633
9133
"9133
8533
*103
116
11633
6633
10033 10033
52,000
Sept
100
Jan
Oct
108
Jan
115
Mar
119
Oct
Mar
10234
Jan
117
Jan
61
Oct
9333
8334
9933
1,000
4s series
1981
Phlla Elec Pow
Phila
El 6%s *60
Pittsburgh Coal 6s... 1949
Pittsburgh Steel 6s
1948
44,000
86
Oct
96
June
88
June
103
Jan
91
92
17,000
Oct' 106
80
85
4,000
Mar
Jan
Apr
Jan
8933
88
97
*10633 107
*10333 10433
10733 10833
10733
*10633 107
8533
833
"7833
52
Potomac Edison 5s E.
""62"
31,000
32
52
62
91
Oct
26,000
80
Oct
105
May
10033 May
10733 Mar
105
Mar
10524
109
10633
11133
108
100
8534
833
Oct
15,000
5,000
10834
Mar
2,000
7833
Oct
9933
52
Oct
77
23,000
16,000
Oct
3033
113
Jan
June
Jan
Jan
Oct
Mar
Feb
Jan
99
7133
7133
Un Lt A Rys (Del)
533 s '52
100
7433
1952
6s series A
59
83
84
Q9
Q9
1944
Utica Gas A Elec 5s D 1956
108
109
Jan
Oct
81
Mar
96
Oct
104
94
Sept
102
Feb
18
Mar
25
July
Jan
2,000
Feb
10233 10233
104
104
30,000
533s'57
Va Pub Serv 533s A.. 1946
105
1,000
10024
102
Apr
Mar
10533
9834
Jan
Jan
9733
9733
9933
29,000
68
68
73
22,000
68
Sept
65
7133
15,000
65
Sept
96
Jan
6033
6633
38,000
59
Sept
9233
Jan
97
97
5,000
97
24
24
1,000
2233
9133
9133
93
*18
10733 10733
1033
933
10233 10333
*126
*26
27
♦Schulte Real Est 6s.i.l951
9733
1
18
3,000
15,000
18,000
10433
933
10033
126
128
10724
*10933
1955
32~"
27
22
6,000
27
10233 10253
5,000
10633 10633
10,000
102 33
10233 103
10233 10233
10,000
10233
102
10233
22,000
6433
6433
1,000
80
80
1,000
62 33
80
8533
9233
16,000
8534
10233
10233
111
84
89
20%
19%
1933
Oct
3,000
10124
10524
10124
10123
10133
Oct
Mar
Apr
Jan
Oct
Apr
107
Jan
2824 Aug
2523 Aug
10824 May
1833 Mar
107
Jan
Oct
132
Jan
Feb
11134
Mar
Oct
July
Apr
Mar
Mar
Mar
Sept
Oct
35
Sept
47
Mar
10324
Jan
10733 May
105
10433
10533
Sept
102
Jan
Jan
106
Feb
Mar
107
Jan
Feb
104
Sept
104%
10553
10233
Sept
90
84
Sept
June
1733
10433
10253
Jan
101
Jan
108
Jan
107
Mar
106%
105%
11433
99%
7933
105%
Feb
Jan
Jan
Jan
Feb
Feb
108
Apr
Feb
107
Apr
102%
107%
100%
Jan
Jan
1,000
4653
7,000
10453
12,000
107
2O",666
94
25,000
Apr
86
7,000
11,000
103% June
8133 May
Agricultural Mtge Bk (Col)
♦20-year 7s
1946
23
22% June
23
2333
2333
4,000
1947
22,000
22
Apr
1951
Aires (Province)—
20
20
1,000
18
Sept
1952
*82
♦7338 stamped..—1947
♦Cauca Valley 7s
1948
Cent Bk of German State A
♦Prov Banks 6s B..1951
♦6 series A
...1952
*82
96
92
1937
5s
Jan
3233 June
Sept
8333
York Rys Co
Jan
90
7,000
59,000
106)3 106)3
Yadkin River Power 5s '41
Jan
103
13,000
99
106
89
Jan
8933
Oct
5,000
10533
Jan
83
3,000
10653
96%
115
Sept
5833
22,000
10533
18
1733
1954
10533
5s...1958
4s
1951 106 33 10633
Wash Water Power 5s 1960
10513
105)3
99
West Penn Elec 5s
2030
10533
West Penn Traction 5s '60 "10533
88
8833
West Texas Util 5s A 1957
43
43
West Newspaper Un 6s '44
10433
104J3
West United G A E 533 s "55
*108
Wheeling Elec Co 5s.. 1941
10633
Wiso-Mlnn Lt A Pow 5s '44 "10633
9333
9333
Wise Pow A Lt 4s
1966
♦58 income deb
Jan
Feb
July
27
Oct
June
103
80
Wash Ry A Elec
11733
7933
Oct
7133
80
Wash Gas Light
Jan
June
Oct
99
Jan
Oct
58
•
94%
Mar
Mar
5333
18,000
*72
Oct
60
12,000
8533
1950
6s
1946
Waldorf-Astoria Hotel—
♦20-year 7s
♦Baden 7s
Buenos
♦7s stamped
Danish
533s
25
Jan
Jan
♦Secured 6s
♦Issue of Oct
1927 —
50
Feb
July
Mar
Oct
101
10933
Jan
Feb
Jan
25%
25%
Aug
Aug
26
Aug
2533
29%
Aug
Mar
Oct
33
July
Oct
21
Feb
96%
Apr
Mar
17
17%
Apr
13
24
9
24
Sept
1033
«3
24
22
Apr
23
24
21%
*10
*..-...
98 33
18
18
99
15%
5.000
19
20
35,000
19
1853
30,000
17
53
Vs
19,000
6.000
17
33
H
*53
53
7433
1053
....1949
1961
1053
1
53
74 33
1053
1053
11%
95%
Feb
Oct
July
Apr
Feb
Feb
Mar
13% Aug
10033 June
27%
27%
2133
34
Oct
35%
2
Apr
%
Oct
Sept
153
1%
Apr
Apr
1%
81%
2033
20%
%
%
2,000
6253
Sept
Jan
13,000
10%
Oct
19,000
10%
Oct
in year's range.
rule sales
range,
♦
x
Bonds being
Jan
Sept
"l.bbb
Deferred delivery sales not included
Jan
Oct
%
Apr
Mar
Mar
Mar
» Under
not Included in year's range,
r Cash sales not Included in
Ex-divldend. y Ex-interest.
♦ Friday's bid and asked price.
No sales were transacted during current
the
year's
week.
traded flat.
{ Reported in receivership.
f Called for redemption.
e Ca«h sales transacted during
the current week and not
Included In weekly or
yearly range:
No
stock dividend paid Sept. 22.
Under-the-rule sales transacted during
d 100%
y
the current week and not
Included In
weekly or yearly range:
Jan
Oct
77
Jan
17
9553
♦633s certificates...1919
♦533s
1921
♦5338 certificates...1921
♦Santa Fe 7s stamped-1945
Feb
72
Apr
17
95
633S--1959
♦Russian Govt 633 s.—1919
a
Apr
90% June
.
July
Jan
Feb
Apr
9
♦Rio de Janeiro
No par value,
27%
102%
101%
Mar
95
Mtge Bk of Denmark 5s '72
♦Parana (State) 7s—1958
♦
Sept
9
♦Mtge Bk of Chile 6s. 1931
6s stamped
1931
♦7s
Feb
29
97
*99)3 10033
1927
Aug
Sept
99
100)3
24
96
21
20
27)3
100
*1333
94%
Feb
Feb
Mar
Apr
19%
*21
1953
5s
External
25
Oct
8
25
25
30
29%
83% May
84% Mar
833
8
1955
-
♦Santiago 7s
2633
6s.. 1937
55
36
8,000
104
104
104
1st ref 6s series B
♦Issue of May
Pub Serv of Oklahoma—
L A P 6s B '52
Oct
Mar
59
23
1933
18
Jan
Apr
62
July
933
Apr
10,000
10533 10553
*20
1933
July
10524
104
21,000
67
105
10733
Jan
109
2033
1953
10434 June
10333 June
10524 May
Elec—
1952
10433
Jan
Sept
57
Mar
♦Ruhr Gas Corp
Sept
1952
5s series E
1933
19)3
Mar
"6033
85
106%
2,000
3,000
1,000
57
Mar
104
Feb
12,000
5833
1973
A Lt 6s A..2022
6s series A
433s
106
106
106
1933
101
10233
113
United Lt A Rys (Me)
20
101
9933
1947
♦Hanover (City) 7s—1939
♦Hanover (Prov) 633s. 1949
♦Lima (City) Peru 633s-*58
♦Maranhao 7s
1958
♦Medellin 7s series E.1951
Mendoza 4s stamped.. 1951
Mtge Bk of Bogota 7s. 1947
105
10233
Feb
Oct
1,000
46,000
39,000
27,000
64,000
Jan
5,000
'
1948
Shawinlgan WAP 4338 '67
1st 433» series B
1968
1st 433s series D...1970
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 5s. 1957
Southeast PAL 6s._.2025
58
85
5,000
5338.1943
5333
58
Oct
62
10233 10233
102 33 103
Scripp (E W) Co
Servel Inc 5s
22 33
5333
1974
1959
633s
533 s
~8",666
Aug
Apr
♦Saxon Pub Wks
2233
♦1st 8 f 6s
6433
62
11233
10524
San Joaquin
1945
2233
2 2 33
6233
6353
57
Apr
Sauda Fails 5s
60
2233
633 s
1952
♦German Con Munlc 7s '47
11033 11033
10233
106
Danzig Port A Waterways
10833
10323
{♦St L Gas A Coke 6s. 1947
San Antonio P 8 5s B.1958
3,000
2,000
5,000
60
22 33
Jan
2,000
3,000
6338-1953
♦Ruhr Housing 6338..1958
Safe Harbor Water 433s '79
11353 114
60
Aug
147
5338 series A
11333
1956
633s.'41
♦United Industrial
25
Oct
1956
1966
106
Oct
11,000
107
12833
Queens Boro Gas A
United Elec N J 4s... 1949
United El Serv 7s
40
36
36
108
2,000
433s ser D. 1950
Conv 6s 4th stamp. 1950
Oct
132
1st A ref
5,000
33,000
10753 108
67 53
7 0 53
Jan
130
1966
6753
Apr
Public Service of N J—
4s series A
108
533 s *52
1833
"l'ooo
6% perpetual certificates
Pub Serv of Nor Illinois—
80
Oct
Ulen Co—
9954
99
Puget Sound PAL 533 s
1st A ref 5s series C_ 1950
Twin City Rap Tr
10624
20
1960
1962
Toledo Edison 5s
1,000
94
99
Oct
9733
11",000
88
8633
15,000
20
4%s series I
8633
Feb
58
102%
102
103
9933 10133
2033
99
5s series C
10753 June
9833
Jan
8533
Jan
Oct
62
FOREIGN GOVERNMENT
*90
4%s series D
1978
433s series E
1980
1st A ref 4%s ser F.1981
10933
Oct
Oct
Jan
Aug
Sept
Mar
AND MUNICIPALITIES—
1949
1st A ref 5s
Oct
105%
7433
Tletz (L) see Leonard
Oct
Jan
Jan
Electric 6s. 1954
Power Securities 6s
♦Prussian
11233 113
7933
7833
*61
Potrero Bug 7s
Power
8733
933
107
10733
*10733 110
1956
stmpd.1947
Corp (Can)4%sB '59
833
*18
1961
4%s series F
8533
106
106 33 10633
"9933
♦Pomeranian Elec 6s. .1953
Portland Gas A Coke 5s '40
Aug
"8",000
87
5%s..l972
Rapid Transit 6s 1962
Pledm't Hydro
103
Jan
88
34
*9033
1950
B
Mar
Jan
3533
10533
10524
32
Deb
{♦Peoples Lt A Pr 5s. .1979
Jan
11124
Jan
10624 Mar
10524 May
10023
Jan
10833
Jan
88
*11233 117
61
Sept
105 33
105
113
21,000
90
*
Feb
102
10433
11633
49%
106%
106%
98 33
9733
10333 104
t
Tide Water Power 5s.. 1979
Vamma Water Pow
Oct
Penn Ohio Edison—
4%s series B
...1968
Peoples Gas L A Coke—
May
Oct
1979
5%s series B..1959
Penn Pub Serv 6s C..1947
5s series D
1954
Penn Water & Pow 5s. 1940
108
Jan
Jan
9754
1971
6s series A
10033
6933
33,000
10233
2022
6s series A
Utah Pow
23,000
3s —1964
Cent L & P 4%s.l97v
5s
39)3
10934
Jan
10733 Aug
10433
Jan
10434 May
11224 July
8624 Feb
99
Park Lexington
Penn Electric 4s F
1,000
Feb
9933
1938
Palmer Corp 6s
8733
60
10333
United Lt A Pow 6s... 1975
Jan
92
10424
9653
9733
98
Okla Nat Gas
1st 6s sextea'BT"-
11,000
89
4433
4433
10733 10733
8733
1970 '"9l""
4%s series E
55
633s.. 1953
Texas Power A Lt 5s..1956
Jan
Jan
Jan
42,000
106
8733
Mar
10533 10553
Texas Elec Service 5s. 1960
Jan
87
105
Nippon El Pow 6%s_.1953
No Amer Lt & Pow—
Mar
10233
65
4,000
Jan
July
102
10633
106
.1957
5s series B
44%
2,000
9,000
3,000
3,000
3,000
33,000
21,000
33,000
64
6233
55
106
62
*101
10633
9833
May
Mar
*7~666
10533
7433
61
106
37
105
62
New York Penn & Ohio—
Ext
56
2,000
7433
6833
6833
Apr
39
Tenn Public Service 5a 1970
89
N Y Central Elec 5% s 1950
37
75
8633
89
Mar
10533
Tennessee Elec Pow 5s 1956
89J3
1942
Jan
96
44
*37
105
1970
1954
433s
43 33
44
Syracuse Ltg 533 b
New Orleans Pub Serv—
5s stamped
102
20,000
Jan
5733
87
Oct
Oct
Sept
19
Feb
Jan
6033
Assn 5s. 1948
Debenture 5%s
1954
Mar
Oct
96
5653
10724
9734
78
72 33
11633 11633
62 33
58
"5733
Mar
96
18
19
107
May
1948
Conv deb 5s
New Eng Pow
95%
Oct
5253
8353
4953
1633
Oct
110
58
Mar
Oct
53
1,000
68,000
Oct
June
11633
N E Gas & El Assn 5s. 1947
95
53
19,000
Sept
6,000
72 33
New Amsterdam Gas 5s '48
5333
5933
5933
3 H
114 33 11433
95
93
Nevada-Calif Elec 5s. 1956
1st
Jan
"93
2,000
81H
4433
4433
10733 108
Neisner Bros Realty 6s '48
Mar
5533
56,000
100 %
51
4433
95
22,000
15,000
2,000
Oct
10733
Mar
Oct
Oct
Oct
5833
9,000
May
1981
Jan
95
3,000
17,000
44
2022
6s series A
106
49 X
'49%
1940
1946
2d stamped 4s
2d stamped 4s
71
{♦Nat Pub Serv 5s ctfs 1978
Nebraska Power 4%s
Oct
5333
8333
Super Power of 111 433 s '68
8,000
71
9933
56
52 %
Jan
17", 000
Stlnnes (Hugo) Corp—
Feb
7633
71
Jan
Sept
104%
5833
52 %
Debenture 6s. Dec 1 1966
Standard Investg
106
Jan
104
83
9733
53
Jan
103%
56
53
87
9333 May
Oct
53
53
Jan
May
9733
5333
"5333
1951
Jan
105
Oct
5533
♦Certificates of deposit
Debenture 6s
Jan
108
Jan
59
5333
5333
110%
10233
7,000
2,000
*78 * 83
9933 100
100
108
Mar
104
Aug
107%
Mar
Apr
9953
9933
2,000
9633
9733
1935
♦Convertible 6s
59
59
| 96
♦Certificates of deposit
Jan
Jan
Mar
Feb
Jan
333
333
10133 10133
8633
8133
82
Deb 58 series B
10,000
96
95
95
June
92
96
{♦Stand Gas A Elec 6s 1935
Power
Dakota
1,000
"59"
S'western Assoc Tel 5s 1961
Mar
103
29,000
10433 10433
106 H
So'west Pow A Lt 6s..2022
84 H
83
High
Low
10.000
101% 102
105 K 10633
S'western Lt A Pow 5s 1957
9933
{♦Missouri Pub Serv 5s *47
Montana
Mar
"7", 000
1957
Miss River Pow 1st 5s. 1951
60
91
1955
Miss Power & Lt 5s
"Feb
10,000
72
70
Aug
Aug
5,000
8,000
10533 106
83
*7933
Midland Valley RR 5s. 1943
27>3
101
50
89
10133 10233
Sou Counties Gas
2233 May
9734
Oct
*2133
"9831
1960
433 s 1968
Sou Indiana Ry 4s
1951
1st A ref mtge 4s
Jan
—-
11,000
30,000
105 ~ 10533
102
Ref M 324s B.July
Mansfield Mln & Smelt—
Marion Res Pow 4%s_1952
324s
1945
324s. May 1 1960
1 '60
Debenture
May
107
1 1937
Range Since Jan.
Low
Sou Calif Edison Ltd—
106
87
22,000
6,000
for
of Prices
Week
High Shares
Price
High
Low
Shares
Sales
|
Week's Range
Sale
(Concluded)
Week
104
Last
BONDS
1, 1937
Range Since Jan.
for
Range
103
103
^ Lone Star Gas 5s
1942
Long Island Ltg. 6s
1945
Louisiana Pow <fe Lt 5s 1957
Friday 04
Sales
Friday
BONDS
♦Manitoba Power
2523
New York Curb Exchange—Concluded—Page 6
145
S&10S
z
Deferred delivery sales
transacted during the current week
and not included
In weekly or yearly range:
2STO £}&1©S
Abbreviations
Used
"cum," cumulative;
"v t c," voting trust
without warrants.
Above—"cod," certificates of deposit; 'cons," consolidated
'conv," convertible; "m." mortgage; "n-v," non-voting stock
certificates "w i," when issued; "w w," with warrants ;"x-w.
2524
Financial
Chronicle
Other Stock
Bid
Ask
Unlisted Bonds
Ask
39
Drake
32
11 West 42d St 6XS--1945
Pennsylvania Bldg ctfs
24
45
600 Fifth Ave 0XS---1949
Internat Commerce Bldg—
10 East 40th St Bldg 5sl953
80
38
2124-34 Bway Bldgs5Ms'43
250 W 39th St Bldgs 6s '37
(The) 6s
94
1939
6 Ms
—1943
Park
Place
Dodge Corp—
Income bonds
v t c
Baltimore Stock
on
S.
Established
Calvert St.
12
39
BALTIMORE, MD.
14
Louisville, Ky.
Oct. 9
to
Oct. 15,
Friday
Par
Arundel Corp
Bait Transit Co
Week's Range
for
Sale
Stocks—
of Prices
Low
High
Shares
Price
*
16%
1%
16%
vtc.*
*
com
2%
18%
2%
18%
Black & Decker
67
65
68%
*
com
Consol Gas E L & Pow—*
6% preferred
..100
Eastern Sugar Assoc—
Common
1
Preferred
113%
10
Houston OH pref
100
Mfrs Finance 1st pref...25
Second preferred
Mar Tex Oil
—
—
Casualty5
—
Sept
38
64
June
89%
Jan
New York Stock
284
99
Oct
130
Apr
New York Curb
102
36%
Oct
48%
Jan
Oct
Aug
105%
37
18%
8%
%
2%
2%
"
Oct
23%
12%
Oct
2%
2%
2%
Opt
4%
4%
00
11%
280
July
18%
Oct
41
22
Oct
27%
Oct
82
200
18%
69
Oct
95
Feb
14
Sept
18%
Feb
Oct
29%
Jan
700
%
600
40
14
17%
75
5,455
14%
Feb
2
1%
Feb
101
$1,000
21,500
101
Oct
101
Oct
25%
28
3,000
28
99%
1947
Read Drug & Chem 5
%s '45
99%
1,000
1,000
2,000
99%
Oct
95
Oct
i-* o o X
96
Sept
95
Jan
102%
Au
101% 101%
Townsend, Anthony
Oct
23%
41%
Sept
100%
Jan
48
Jan
Aug
Tyson
and
Exchange
Oct. 9
to
Oct.
30 State St., Boston
Common
(new)
Par
Price
Exchange
of Prices
High
Low
American Pneumatic ServCommon
*
6%
non-cum
pref
80c
50
1%
1st preferred
Araer Tel & Tel
Boston & Albany
100
110
Boston Edison Co
Boston Elevated
100
125 X
100
54%
20%
Boston-Herald-Traveller
.*
Boston & Maine—
Common
Calumet & Hecla
4%% Prior pref
100
1st preferred
5
6%
4
7%
I
57%
37
40
1
1
30
Adjustment
100
.....
Hathaway Bakeries—
Preferred
*
25*
For footnotes see page 2528
17X
IX
July
Oct
6%
30
187%
Oct
147
Sept
Oct
160
Jan
Jan
Jan
Jan
Jan
Jan
Oct
Oct
14 %
Mar
230
16%
Oct
56%
Mar
•
170
5
40
42%
10%
11
6%
4%
8%
Oct
89
Feb
Jan
71
Mar
Jan
7%
*25%
IX
Oct
8
Oct
X
Oct
11
Oct
7
Oct
100
20
1,750
Sept
9%
Oct
9%
800
8%
10%
7,300
8%
Oct
23%
24%
250
Oct
28
23%
30%
700
27
12%
180
12
1X
8%
55%
900
%
6%
54%
54%
8
1%
1%
2
X
1,250
1,330
9
Sept
Oct
6%
52
1%
19
Oct
Oct
Chic El Mfg class A
*
Chic Flexible Shaft com..5
Chic & N W Ry—
Common
Chic Rys—
46 X
Oct
6%
110%
Mar
Commonwealth
2
22%
Oct
28,150
1,500
2%
Oct
39
22 X
48
IX
*
Oct
48
20
May
32
Feb
Oct
77
Mar
2
Oct
1
100
1
July
14%
310
13
Oct
10 x
350
2 X
15.250
1%
200
34
34
24%
31%
26%
40
9%
1%
Oct
1%
May
24%
of
Jan
37
24%
31%
Oct
32
200
Oct
3
2,700
33%
48%
2
Oct
11
2
2
150
2
Oct
Continental Steel—
Curtis Lighting Inc com.
Dayton Rubber Mfg com
-----
13
—
— —
2
Jan
Dixie Vortex Co
Oct
50
Jan
Elec Household Util cap.5
*
99%
40
98
2 X
Sept
9,550
2
June
75
78%
70
75
Sept
13
—
12
Sept
99%
2
2
5
Decker (Alf) & CohncomlO
Dexter Co (The) com...
com
99%
100
Cudahy Packing pref. .100
Cunningham Drg Stores 2%
37%
27%
5%
2%
2
3
*
3
2
.....
111—
Con partsbs vtcB
Preferred
Cord Corp cap stock
13,400
Oct
6%
34
Edison—
25
3
12
3%
3
-----
8
15
3%
15
3%
15
3
13%
3%
Mar
37
200
9%
1%
1%
Jan
Sept
46%
1
-----
20%
26%
6%
Jan
Jan
160
2
13
75
200
2
------
*
New
Co
150
2X
20
Jan
Feb
23%
46%
19
Feb
Feb
*81%
2%
37
-----
100
Part certificates 1
100
Chic Rivet & Mach cap..4
120
3%
Mar
Sept
Sept
4%
July
Mar
22%
2%
37
*
13
July
4
Preferred
50% Aug
22% Feb
15% Feb
28% Feb
30% Mar
43
Oct
Cherry-Burrell Corp com.5
Chicago Corp common
*
Feb
Mar
Sept
%
8,000
,
Feb
18%
36%
Oct
Jan
3 X June
14% Mar
20%
Feb
Oct
16
84
Jan
July
Mar
33
150
550
34
15 %
Oct
20%
2,600
140
Oct
7
8%
300
Oct
8%
26%
7
4
Consumers
Oct
Feb
4
Mar
Oct
Feb
14%
43%
36
3 X
51
4
30%
14%
Oct
85
Compressed Ind Gases cap*
Consolidated Biscuit com
Jan
Oct
34
Aug
Oct
800
2,750
84
48%
3
25
Jan
Aug
Oct
%
Coleman Lp & Stove com.*
Jan
Feb
22
34
Oct
10%
20%
23%
Oct
84
6X
81
Oct
16
*
Cities Service Co com
Club Aluminum Uten
Oct
Oct
14%
Preferred
*
Cent States Pr & Lt pref. *
Chicago Yellow Cab Co..*
Sept
11
Jan
350
1,350
12
12
1
Prior lien pref
Oct
25%
9%
"29%
*
1%
39
750
20%
*
pref
Central S W—
Common
Oct
28
8%
Jan
4
50
6%
25%
9
Feb
55
7,000
4,250
Oct
9
7%
20%
17%
35% June
Oct
Sept
12%
7%
7%
10
1
Oct
17
51
400
*
5% conv preferred
30
Castle (A M) common. .10
Cent Cold Storage com..20
Central Illinois Sec—
12
100
8
7%
10
Oct
Oct
AUg
7%
1
Oct
30
12%
7%
16
Oct
30
"12%
36%
7X
11X
16%
16%
14%
8%
16
2 X
25
14%
33
235
16 X
Mar
16
1,068
1,389
101
9
33%
Jan
145
Mar
Jan
8%
10
Oct
110
Corp—
Mar
515
9
550
16
1
Mar
7%
Oct
4%
2%
3%
11
1
18
245
14%
5
29
30
17
250
1%
39
11
..10
20
55
Oct
3
1%
com.*
Oct
X
Oct
4%
39
1
*
*
Oct
400
350
500
Asbestos Mfg Co
Associates Invest
6%
4%
350
200
13
17%
51%
8%
1%
Warner
Sept
6%
360
17
cap
Oct
10
4%
5%
9%
12
com
40
1,650
1,800
10
51%
com
700
300
43 X
10
17
Oct
93
High
2%
3%
12
25
7%
135
Low
4%
8%
10
51%
6%
Class A
10%
Jan
Range Since Jan. 1 1937
Shares
55% Feb
17% Feb
Jan
12%
12% Mar
14% May
17% Apr
23% Feb
Feb
26%
Jan
84%
13% Feb
4% Mar
57% Feb
5
6X
Amer Pub Serv Co
pref. 100
Armour & Co common...5
20
113
High
6%
Aetna Ball Bearings com.l
100
90
X
July
Oct
4X
525
25
2 X
10
12
X
25
19%
12%
Feb
Oct
for
Low
10%
Allied Laboratories com..*
Allied Products Corp com 10
Common
$1.50 conv pref
Cent 111 Pub Serv
High
69%
30%
9
11%
*
30 %
8 X
5
8
11X
1
4
4
16X
IX
*
Class B
8
3
4
16%
20
*
6
8
9%
7%
2%
30
Eastern Steamship com..*
Employers Group
*
Georgian Inc (The)—
18
11X
2%
100
100
Gillette Safety Razor
20
100
Class B pref
Class A pref...
Gilchrist Co
265
4%
55%
39 %
125
21
4
100
6% preferred
East Mass St Ry—
Common
74
635
149 X
109 X
54 X
4%
16%
2 %
7 %
6%
3,775
IX
14
364
7X
*
60
56
10 X
East Gas & Fuel Assn—
Common
300
80c
20
5%
25
Low
54%
iex
26
Copper Range
Week
Shares
IX
15
157%
109% 111%
125% 130
4 %
*
com
Range Since Jan. 1 1937
100
149 X
100
Prior pref
100
Class A 1st pref stpd- 100
Class D 1st pref stpd. 100
Boston Personal Prop Tr. *
Brow-Durrell Co
14
for
80c
IX
50
100
Oct
Sales
Bruce Co (E L) com
Burd Piston
Ring com
Butler Brothers
Sales
Sale
Stocks—
7%
3%
Jan
Week
(New) com
5
Brach & Sons (E J)
cap... *
Brown Fence & Wire com 1
Class A pref
*
N. Y. Tel, CAnal 6-1541
Lewiston
Week's Range
543
216
of Prices
40
Bliss & Laughlln Inc
cap. 5
15, both inclusive, compiled from official sales
lists
Last
Mar
Week's Range
Price
Adams (J D) Mfgcom...*
Adams Royalty Co com..*
Borg
Portland
Friday
2 X
Abbott Laboratories—
Berghoff Brewing Co
Binks Mfg Co capital
New York Curb Exchange
C4*so.)
Boston Stock
Apr
Sale
Ba8tian-Blessing Co
Private Wire System
Bangor
1%
Last
Belden Mfg Co com
Bendix Aviation com
UNLISTED TRADING DEPARTMENT
Boston Tel. LAP 7010
100
$2,000
Friday
Par
Autom Washer conv
pref. *
Barlow & Seelig Mfg A com 5
1887
New York Stock
Exchange
2% June
46%
Chicago Stock Exchange
Chicago Curb Exchange
Automatic Products com.5
Members
Boston Stock
Jan
Oct
both inclusive, compiled from official sales
lists
Stocks—
Athey Truss Wheel
Established
98
36 X
95c
Apr
8,230
Chicago Stock Exchange
Oct. 15,
to
Sept
23%
Finance Co of Amer 4s 1942
4s
9
Mar
Oct
10%
1% Sept
Oct
916
28
-
20
Oct
Unlisted
Exchange
Jan
63%
Oct.
Jan
95
—
Sept
69
10 So. La Salle
St., CHICAGO
Jan
Oct
1,035
1%
Oct
260
95
73
101
—
Oct
25%
SECURITIES
(Associate)
Advance Alum Castings..5
"23%
30
65
1,013
Jan
Bonds—
Balto Harrlsb RR 1st 5s '38
Bait Transit Co 4s
(flat) '75
A 5s flat..
1975
917
Sept
Members
Apr
610
24%
14%
Oct
Oct
1
Jan
200
8
470
14
14%
Jan
Aug
%
55
10%
14
17%
115
205
20
9I6
2
1,276
5
69
Sept
10%
Jan
Paaf H.Davte & €>a
Jan
1%
72
Listed and
48
63%
—
—
22%
11%
Oct
Jan
Oct
1%
A10
com
Fidelity & Guar
Jan
21
22
11
160
1,676
11% Mar
25%
Jan
16% Feb
33%
Jan
3%
Feb
41% May
32% Aug
9%
4%
71
Jan
9
742
18%
22
Oct
100
38X
1%
2%
2%
7X
3%
CHICAGO
Apr
3
Oct
420
260
"18%
North American OH com. *
Owlngs Mills Distillery.. 1
Penna Water & Pow com.*
U S
to CO £
Aug
2%
17%
200
260
pf25
Seaboard Comm'l
1
400
22
""~2%
Mt Ver-Wdb Mills pref. 100
New Amsterdam
Oct
16%
252
30%
%
2%
2%
50
4%
8
High
Oct
8
50
Merch & Miners
Transp..*
Monon W Penn P 87%
Low
Apr
%
Oct
Oct
300
32 X
28X
74%
95c
7%
3%
14%
23%
239
1
30
1948
10
1
Common class A
4%s
112
8
25
Mercantile Trust Co
A
27
17%
Mar
Jan
640
12
Bonds—
765
30 X
"18%
Mar
Mar
Jan
9%
2%
29%
44%
1,150
15%
69
2%
12
99
93
Oct
Sept
23%
38X
*
Oct
2%
15
5
27X
_70"
*
10
99%
"30%
70
9
10%
Mar
Mar
40c
15%
25%
1
Waldorf System Inc
Warren Bros Co
21
20
23%
11%
10%
"95c
Series
Range Since Jan. 1 1937
2,220
113% 113%
10
1
Fidelity & Deposit
Fidelity & Guar Fire
18
1
~~4 H
Apr
x6
142
Week
1%
3%
19%
1st pref vtc
8
14%
11%
Oct
Oct
200
65c
23%
4%
23%
11%
Jan
Feb
Oct
IX
106
34
Mar
3%
56
8,328
3
8
3 X
220
70
47c
1
Oct
659
2%
14%
*
29 X
2,600
2%
109
70
Sept
Eastern Mass St Ry—
Sales
Last
4X
2%
175
32
1%
64
360
2%
50c
Corp..*
Exchange
Sept
2%
Union Twist Drill Co
5
United Shoe Mach Corp. 25
Preferred
25
both inclusive, compiled from official sales
lists
Oct
25
3X
50
2%
Jan
6%
Jan
23% May
Mar
9
20
106
70
Utah Metal & Tunnel
Venezuela Holding
Baltimore Stock
2
370
4%
100
Torrlngton Co (new)
Members New York, Baltimore and
Chicago Stock Exchanges
Chicago Board of Trade
New York Curb Exchange
(Associate)
1,230
10
25
2%
29 X
106"
Stone & Webster
*
Suburban Elec Sec com..*
York, Pa.
3%
High
Oct
35c
9
"2%
25
Reece Button Hole MachlO
Shawmut Assn tr ctfs
*
Broadway
Low
1,000
25
Pacific Mills Co
Pennsylvania RR
Qulncy Mining Co
Range Since Jan. 1 1937
Shares
40c
3
9%
Preferred
100
N YNH&HRR
(The) 100
2.50
North Butte
Old Colony RR
High
35c
3
100
Nat'l Tunnel & Mines
*
New England Tel & Tel 100
New River Co—
NEW YORK
Hagerstown, Md.
com
Low
35c
Inc
Exchange
1853
Price
Mergenthaler Linotype..*
Narragansett Racing Ass'n
SteinBros.&Boyce
6
Week
5% cum preferred... 100
Mass Utilities vtc
*
6
6
Orders Executed
for
of Prices
Helvetia Oil Co t c
1
Isle Royal Copper Co...25
Maine Central
B'way & 38th St Bldg 7s '45
Bryant Park Bldg 0%sl945
Par
Week's Range
Sale
Stock* (Concluded)
Bid
1937
Sales
Last
Exchange
Closing bid and asked quotations, Friday, Oct. 15
Bonds
16,
Exchanges
Friday
New York Real Estate Securities
tfnllsted
Oct.
705
13
Oct
20,
3
Oct
600
12
Oct
350
3%
105
5%
110%
26%
10%
28%
11%
17%
Feb
Mar
Feb
Feb
Jan
Jan
Mar
May
Aug
Feb
Jan
Aug
Apr
Feb
Mar
Feb
Feb
Apr
3
Oct
70
8
Sept
17%
"250
15
Oct
25
4%
Feb
2,200
Oct
12%
Jan
8
3%
Jan
Jan
Volume
Financial
AS
Sales
Friday
Weel's Range
Last
Sale
Stocks (Concluded)
Par
2525
Chronicle
Range Since Jan. 1 1937
for
Week
of Prices
Low
Price
High
Members Cincinnati Stock Exchange
Shares
High
Low
Trading Markets in
Active
Elgin Nat Watch
Fltz
„_15
Slm&ConDk&Dge cm*
Fuller Mfg Co com
8%
8X
3
1
250
28
26
26
3
8X
3X
26
Oct
100
8
Sept
750
3
Oct
40 X
Mar
5X May
Gardner Denver Co—
New
13
5
4X
1
16
400
1434
5794
50
37%
12
14 94
20
pref
12
50
12
494
4%
2,200
2X
10,550
4%
Oct
2394
70
July
19
BALLINGER & CO.
July
Oct
Sept
1494
37 X
*
common
cum conv
Gen Candy Corp A
Gen Finance Corp com
Feb
Mar
Listed and Unlisted Securities
Cincinnati and Ohio
Jan
20
UNION
TRUST
CINCINNATI
BLDG.
Phone Cherry 6711—Bell Sys.
5% May
Tel. Cin. 363
Gen Household Util—
Common
32
30
32
Oct
1094
5094
Feb
14
14
10
14
Oct
38
Feb
2594
25X
28
Oct
6X
8X
6X
Oct
12 %
14X
1,450
1,450
2,550
25X
6%
Oct
50
12%
7%
42%
12%
2994
Oct
14
1,100
6X
Oct
Oct
1194
1394
IX
*
*
"ll"
Goldblatt Bros Inc com..*
Gossard Co (H W) com..*
Great Lakes D & D com. *
_
Hamilton Mfg cl A pt pf. 10
Helleman Brew Co G cap.l
Heln-Wern Mot Pts com.3
Heller (W E) pf ex-warr_25
With warrants
Hlbb Spencer Bart com..25
common
*
Horders Inc
13
7%
7X
7%
6%
6X
7
(new)__l
Illinois Brick Co cap
10
111 North Util pref
100
Indep Pneum Tool v t c. *
Oct
Mar
Cincinnati Stock Exchange
Oct.
9
Oct.
to
July
15, both inclusive, compiled from
Jan
Apr
Last
Week's
Sale
Jan
Mar
Par
Stocks—
450
22
22
100
22
Mar
25
100
22
Oct
26
Feb
45
45
46
140
45
Jan
5294 May
Amer Laundry
15
15
17
340
14
Sept
2194 June
Amer Prod
17
17
5C
15
Sept
23
550
2
Oct
6
Oct
Range
6X
6
2X
6
2X
794
6
1,400
100
103
160
9994
May
28
29
100
28
Sept
*29*
494
1994
11194
49
*
Industries.
Aluminum
534
534
21
220
20
Oct
3634
Feb
2
2
100
2
May
394
Feb
2
250
Aug
Jan
.100
107
*
7
*
694
394
3%
9734
9734
394
9994
Jan
Aug
Mar
Champion Paper pref.
Churngold
Cin Advertising Prod.
5
Feb
Jan
63
June
107
1
107
June
111
7
7
40
7
Sept
1394
Feb
694
694
10
694
Oct
1434
Jan
25
334
9734
Sept
794
Mar
2
2
42 94
4294
107
350
3%
Oct
1034 May
Cin Ball Crank pref—
4X
10
434
Oct
21
Jan
Cin Gas & Elect
17%
Sept
Cln Street Ry
50
6
6
18 X
150
19
22 X
1,900
2494
24 X
100
43
43
26 X
43
Jefferson
Electric
*
com
Joslyn Mfg & Supply com 5
Katz Drug Co com
1
6X
1,750
Kellogg Switch <& Sup com *
Ken-Rad T & Lamp com A*
50
Ky Util jr cum pref
Kerlyn Oil Co cl A com..5
Kingsbury Breweries cap.l
La Salle Ext Unlv com—5
Lawbeck Cor 6%cum
Leath & Co com
Cumulative
pflOO
»
preferred._*
10
Le Rol Co com
Llbby McN & Libby._.10
Lincoln Printing Co—
Common
_.*
*
10
$334 preferred
Lindsay Light com
Lion OH Refining Co com. *
Loudon Packing com
_*
694
7
6%
1*
2%
"iix
Mer & Mfrs Sec cl A com.l
Prior preferred
84
84%
74
8394
2434
Oct
51
Feb
Cin Union Stock Yard
*
14
14
14
10
14
Oct
22
Jan
43
Oct
55
Aug
Coca Cola A
150
150
150
2
103
July
Oct
Feb
Crosley Radio
10
275
Jan
34
Oct
50
Jan
1,850
5
Oct
Feb
26%
11X
40
25
June
634
6%
100
25
1,400
3X
1,900
1
Oct
Oct
June
Oct
Sept
1%
Feb
Jan
Mar
Jan
Aug
9X
2X
2,150
8X
Oct
2X
Oct
1294
20
8X
3X
1394
3494
1994
1594
3034
3%
Sept
Oct
4%
Mar
16%
2%
Jan
33%
July
Oct
6%
Jan
100
5
ux
Oct
34
34
3%
3X
22 X
21%
2%
750
6
Early & Daniel pref.— .100
110
110
—
Mar
40
20 X
Sept
4834
Feb
37 X
38
60
37X
Oct
57 34
Mar
IX
Oct
434
Jan
Oct
3094
Mar
IX
13
13
IX
15X
500
4
5
25
494
2,750
3,750
27
40
Oct
35
13
4
Oct
24
Sept
Hatfield
2%
Oct
5
Oct
56
Aug
Feb
7
Jan
3194
IX
IX
2X
2,700
IX
Oct
X
X
700
%
Oct
*
1,750
2
~2
IX
2
2X
20
Jan
994
Kahn 1st
pref
156
Sept
26
*28"
28
14
32
Oct
3
Oct
1294
Oct
3634
1%
450
Sept
394
1,200
Oct
28
2X
Oct
4%
IX
Oct
1634
Jan
200
14
Oct
37
23
23
2
2
30
30
50
50
213
213
*
17
17
♦
24
*
25
pref... .100
..10
10
36
Sept
81
8%
preferred
Randall A
Rapid
Rike-Kumler
Sabin Robblns
U S Playing
Card
*
U S Printing
1%
74 X
15
Sept
54
116
20
June
27
Oct
3034
2994
94%
Feb
20
Oct
3494
25
234
Oct
634
65
9
Oct
21
Jan
162
16
Mar
26
May
107
92
Jan
134
Apr
17
10594
Feb
Feb
Exchange
WOODc'o
A. T. & T. CLEV. 565 & 566
from official sales lists
Sales
Sale
Par
Price
TVeel's Range
of Prices
High
Low
Apr
Apex Elec Mfg pr pref.. 100
83
100
45
1794
Jan
City Ice & Fuel
*
Jan
Clark Controller
1
High
Low
Jan
30
5
Oct
83
83
25
83
Oct
100
45
45
11
45
Oct
45
Oct
14 94
Airway Elec Appl pref..100
35
Shares
6
14%
120
14%
Sept
21
Feb
21
23
145
21
4094
Feb
6
Jan
Canfield Oil
Range Since Jan. 1, 1937
for
33%
Jan
Mar
Feb
74
79
74
Oct
334
Cleve Cliffs Iron pref.
Feb
Cleveland Railway
36
32
36
904
31
Oct
IX
Oct
Jan
Cleve &
166
Jan
Cliffs Corp vtc
94
1734
10194
6394
4%
Mar
Oct
688
IX
2X
74X
Mar
794
Cleve Builders Realty
8
4%
Oct
Oct
400
IX
IX
1
2,100
I
Heit
534
334
2
1,100
IX June
434
1%.
74
300
150
74X
—
*
100
Buffalo Transit..*
*
16H
17
-
—
—'
"65
13%
7X
25%
18
15X
56
117
24
9
23
Sept
30
Jan
10
96
10
Oct
22%
Feb
24
10
122
Jan
Faultless Rubber—.
94X
Oct
12534
Jan
Foote-Burt
150
Jan
Great Lakes Towing riioo
Grelf Bros Cooperate A..*
31
31
25
30
Oct
54
Apr
50
50
50
50
Oct
60
5
17
17
1
20
Sept
121
1894
Oct
3734
1
Mar
*
Oct
Halle Bros pref
Oct
734
334
Feb
1
Feb
Harbauer
490
11
Oct
3634
Jan
Interlake Steamship
1,750
IX
Oct
294
1,100
Oct
8
100
2894
750
18 X
2894 June
1634
Sept
♦
o
-—
Feb
Aug
Mar
35
Mar
48
48
4
22
22
60
Kelley Isl Lime & Tran... *
Heel
Lamson & Sessions
*
20
..
Lime Cord Sole &
Mar
Metropolitan Pav Brick..*
Cum 7%
Jan
Jan
Monarch Mach Tool
80
80
80
80
Oct
95
Jan
160
7X
25%
7X
2,050
1,350
1,950
27 X
900
17%
1534
19X
1734
2.400
1,550
334
1434
Oct
65
3X
8394
Jan
Oct
634
■4894
2094
20
May
Oct
18
Apr
7394
3794
Mar
Sept
Sept
30
Oct
Oct
6
Oct
13
175
12
Oct
27
Jan
20
20
25
24
Oct
60
Feb
894 June
■
14
4
1194
Mar
78
5
78
Aug
85
Mar
10%
4%
29%
10%
5
22
Jan
35
Mar
Oct
29%
1294
3094
36%
40
3%
36y2
Oct
Sept
1534
Mar
Ohio Confection cl A. .—*
O
7
25%
Oct
3394
Mar
Packer Corp
12
17X
Oct
28 34
Mar
Patterson-Sargent
15X
Oct
2834
Mar
Peerless Corp
*
*
3
Reliance Elec
5
150
50
3%
494
Oct
2994 May
Q
6
6
6%
350
6
Oct
1534
16
17 X
500
16
Oct
26 34
July
2
2
2%
3,700
2
Oct
494
Apr
Seiberl'g Ru 8% cum pf 100
S M A Corp....
1
X
X
350
2
Jan
Steuffer cl A
IX
2
2
23%
594
634
Mar
Oct
67
17
6
Feb
12
Oct
1094 May
2094 Mar
Oct
34
116
3694
18X
4X
18%
4%
15
1294
19%
5%
1694
40
40
41
31X
27
31%
11
11
3394
3394
300
32%
1894
3%
Jan
35
15
Oct
432
40
Sept
55
25
Oct
120
10
Sept
165
1,105
734
Feb
Mar
18
Sept
5794
6494
Mar
Feb
1,200
1,350
Feb
Feb
200
15
16
Jan
450
13
Mar
Feb
594
78
3%
*
*
Mar
125
20
25
Nineteen Hun Corp cl A__*
Ohio Brass B
Jan
50
Jan
2034 May
Jan
Oct
690
m
6
National Refining
66
9
Mar
20%
3%
7X
594
6
100
pref
7
325
4194
3094
Jan
12
20
*
Medusa Port Cement-_..*
107
3%
175
'*
Oct
20
25
_*
July
3%
41%
9 94
July
1434
2734
41X
..100
2%
IX
10
_
95
13
Jan
Aug
Sept
10
3X
Aug
30
>
Sept
96
65
3%
Mar
105
107
*
Jan
Mar
50
Oct
15
46
107
750
^
—
Sept
45
45
Doe Chemical pref._ -.100
96
3%
234
Jan
Leland Electric
-----
2,365
21
Jan
9934
120
750
3%
IX
10
28 %
100
107J4
250
18 %
13
IX
X
Commercial Bookbinding.*
June
70
Jaeger Machine
IX
%
17%
2X
108
230
142
11
"i17;X
294
Oct
10
530
94% 104%
1
"2l"
20
110
1
10
Corp—
X
5
IX
IX
Walgreen Co common
*
Wdliams Oil-O-Matlr com *
22 X
Bank shs com.*
594
494
7
21X
For footnotes see page 2528.
Sept
102
33
234
934
1,050
2%
Convertible preferred..*
Zenith Radio Corp com..*
105
8
2234
294
5
IX
4%
IX
2X
Southw Gas & El 7%
2
105
21
234
Last
Halle Bros
30
Woodall Indust com
105
21
Oct
8
Wisconsin
105
Jan
Sept
8
»
May
10
18 X
1
7
Feb
29
26
Slgnode Steel Strap—
pref
38
Oct
20
98
Convertible
Oct
25
Mar
50
2894
Wahl Co (The) com
24
50
2334
10%
Oct
Common..
154
25
Friday
Jan
Oct
Util & ind
27
25
15, both inclusive, compiled
Mar
15
Thompson (J R) com
25
(The) com
2
Utah Radio Products com *
Jan
24
215
Cleveland Stock Exchange
Oct. 9 to Oct.
2X
65
Trane Co
Feb
July
Feb
Telephone CHerry 5050
24 X
150
15
6594
Union Trait Building, Cleveland
Oct
350
25
Oct
Sept
GILLIS
Sept
17X
International
894
45
Mar
Ohio Listed and Unlisted Securities
1
1594
72 34
Sundstrand Mach Tool Co*
2934
17
102
14
15
Swift & Co
2
211
102
50
65
Swift
Oct
2
40
1
100
50
16%
Storkllne Fur com.
Jan
Mar
45
16
500
65
pf 100
Southwest Lt & Pw pref.. *
St Louis Nat Stockyds cap*
Standard Dredge com
*
1
28 X
140
142
6
10
cap..5
37
17
9
IX
Schwltzer-Cummlns cap._l
So Bend Lathe Wks
Oct
213
16
1594
14
11034 112
10
South Colo Pow A com..25
23
Jan
Mar
50
50
Jan
100 x
Sears Roebuck & Co com.*
Preferred
Jan
j
31
100
Preferred
Wurlitzer
Jan
Oct
10
20
29
110
..1
Serrlck Corp cl B com
106
102
2434
9
Jan
Hos Mills—
Common
Oct
5234
100
101
30
*
6
2
25
24
Mar
1
....
60c
6% pref v tc
Rollins
•
101
101
Oct
1634
Jan
1094
*
Reliance Mfg Co com
20
31
10194
26
•
t c
1634
*
Feb
934
7X
Raytheon Mfg—
v
1694
*
Feb
68
350
Public Service of Nor 111—
Common
1634
101
Stocks—
1
14
1%
1,700
15
14
*
100
Sept
494
Feb
100 X 100 X
1594
.6
Pictorial Paper Pack com.6
Pines Wlnterfront com
1
com
May
Sept
95
Feb
15%
36 X
29
Penn Gas & Elec A com..*
Preferred
25
105
Procter & Gamble
Jan
24
15
100 x
Conv pref
Parker Pen Co (The) com 10
Rath Packing Co com
5
9534
Jan
24
40
36 X
pref 100
100
100
*
25
95
Lunkenhelmer
Jan
30 X
IX
100
6% preferred
7% preferred
Quaker Oats Co
25
95
Feb
20
9
»
25
594
Feb
345
3
3X
Common
100
Jan
27 X
7%
Process Corp com
5
♦
Jan
134X
Oct
24
2X
1
10
24
7X
Potter Co (The) com
Prima Co com
Oct
18
2X
com
4
100
Northwest Bancorp com..*
Northwest Eng Co com
*
Perfect Circle Co
994
894
4634
19
North American Car com20
A..10
Oct
70
National Standard com..10
conv
5
Feb
Sept
137
3
Penn El Switch
Feb
5
Members Cleveland Stock
2%
18
Natl Union Radio com___l
Oct
2
137
24
com.
Jan
36
Feb
5
28X
60
250
3
Peabody Coal Co B
25
Oct
Mar
Sept
150
3
29 X
5
24
preferred
IX
4
pref. *
pref..*
7%
Sept
2434
Jan
140
2X
2X
28X
National Battery Co
Okla Gas & El 7% pref. 100
Oshkosh B-Gosh Inc—
115
14
130
Jan
134
1294
Oct
2
2
IX
2
Montg Ward & Co cl A
•
Musk Mot 8pec conv A..*
N'west Util pr conv
Sept
100
no
Jan
Oct
3
200
3
Modlne Mfg Co com
*
Monroe Chemical Co com *
NobIitt-Spark8 Ind com..5
Apr
105
1534
25
*
Midland Util—
Natl Repub Inv Tr
2
15
Jan
5
1594
794
Midland United Co—
pref..*
Mar
I100
prior pref
Preferred
2,100
18.300
conv
9
""12
Nash
200
7X
7% preferred A
Oct
2434
Julian & Kokenge
Jan
45
36
2%
6% prior lien
6
15
Moores Coney A
21
5
Miller & Hart
Jan
55
634
25
—
Jan
21
700
2X
100
100
100
28
*
Gibson Art
Little Miami guar
700
5X
7% prior lien
190
Oct
*
Formica Insulation—
July
3%
24%
3
2X
*
6
Dow Drug
Kroger
35
2%
1
preferred A
*
Jan
934
k*.-
Middle West Corp cap
5
Stock purchase warrants
Conv
934
Mar
Mlckelberry's Food Prod—
Common
934
F*
*
Common
"I*
Mar
950
8X
McQuay-Norrls Mfg com.*
Manhatt-Dear'nCorp com*
*
UX
Jan
84
IX
2%
1,650
100
Cincinnati Telephone . -.50
494
35
26X
McCord Rad & Mfg A...*
Marshall Meld com.
X
5
5
5
Lynch Corp com
2
34
34
Jan
Sept
Feb
26 X
3X
10594
2994
12 X
16
Jan
108
Sept
6
27
300
12 X
1
""394
1,050
Oct
Jan
Oct
110
8X
318
299
6
Sept
3534
19
1694
1294
2894
4394
734
394
394
26 X
12 X
50
pref.. :ioo
2
65
4294
Feb
594
694
Feb
20
2
6X
18
13 34
20
6
19 X
Sept
5
Mach. ZI20
494
Iron Flrem Mfg com v t c. *
90
594
7
prior pref.
*
Burger Brewing
Champion Paper & Fibre.*
Interstate Power $6 pref.. *
1
High
Low
Shares
High
Indiana Steel Prod com__l
Jarvls (W B) Co cap
Range Since Jan. 1, 1937
for
Week
of Prices
Low
Jan
22
Price
official sales lists
Sales
Friday
22
6
"22""
com
.
1%
6
Hormel & Co (Geo) com A*
Hupp Motor
Jan
32
1%
.
Godchaux Sugar cl A
Class B
IX
22X
4X
5
6X
21
6
8
31X
800
300
1,850
1,150
4,400
X
134
IX
22
Sept
Oct
Oct
Sept
5
4934
434
Oct
1234
5
Oct
12
694
21
*
Richman
Jan
3%
Troxel Mfg
Feb
*
Upson Walton
Feb
*
Van Dorn Iron
Oct
1534
Feb
Warren Refining
*
2
Oct
43%
Aug
Weinberger Drug Inc
*
Mar
Vlchek Tool
8
.1
„
3X
3%
2%
2%
20J4
20
3
1094
1394
5
Oct
50
8
Sept
394
235
3%
Feb
55
200
8
100
192
294
1794
19
Oct
14
Oct
1594
5%
Sept
Feb
26
Aug
Jan
May
Apr
Mar
Feb
Jan
Jan
July
2526
Financial
Chronicle
Oct.
1
16, 1937
1
"
»-
Last
Week's Range
Sale
Stocks (Concluded)
Watling, Lerchen & Hayes
New York Stock
Exchange
Mitten Bank Sec
New York Curb Associate
Detroit Stock Exchange
RR
Pennsylvania
Buhl
Building
Penna Salt Mfg
DETROIT
154
154
754
1,110
7
1.217
12,930
254
Oct
3,906
2354
Oct
51
14954
Sept
3
254
2354 2554
14954 150
254
2454
50
2
Oct.
9
Oct.
to
Exchange
15, both inclusive, compiled from official sales lists
Last
Par
Stocks—
Week's Rang
for
Sale
of Prices
Week
Price
Low
High
Range Since Jan. 1, 1937
1
*
1
Low
Shares
"54"
50
254
To no pah
High
Auto City Brew com
1
Baldwin
1
Rubber com
*
Burry Biscuit com...12 54c
Briggs Mfg common
mm
mm mm
mm
mm
Motors com.l
Crowley, Mliner com....*
Det & Cleve Navcom...10
Det-Mlch Stove com
47
Feb
2954
2954
275
2954
Oct
56*4
Jan
3c
Feb
2*4
United Corp common
3c
Oct
7X0
Mar
8X
Oct
20
Mar
7154
80
1,373
71 *4
Oct
1654
16X
Eureka Vacuum com.
254
354
1654
475
154
500
IX
54
54
900
1,400
2 54
273
915
22
Oct
5
154
Oct
IX
100
3*4
11*4
3*4
*16 May
Oct
100*4
IX Sept
Oct
2%
Oct
3*4
Jan
Feb
*4
10
16*4
Oct
28
554
100
Oct
14
Oct
27*4
Oct
23
11*4
100
13X
354
354
4
665
3X
454
100
4*4
Oct
154
1454
154
1454
500
IX
Sept
115
14*4
Oct
754
3,593
654
45
40
4,403
Oct
19*4
754
Oct
20
20
2354
Jan
4554
54
420
54
Sept
354
2,330
254
Oct
Oct
254
3
*
3 54
812
3
Oct
32 54
118
32
Oct
1154
12,244
1054
Oct
10454 105J4
854
954
431
June
Jan
Feb
11454
102
9
166
854
Oct
223
9
Oct
11
$38,000
654
Oct
Jan
Jan
Jan
Jan
1454
9
8
.*
Jan
,S16 May
1654
Jan
Feb
•
Bonds—
Mar
70
Pittsburgh Stock Exchange
Feb
254
6,267
IX
Oct
4*4
Feb
1
454
354
4.54
454
1,172
4*4
Oct
5*4
354
354
835
3*4
Oct
7
9
9
Oct
11
Apr
Feb
to
Oct.
15, both inclusive, compiled from official sales lists
Jan
9
9
June
9
Oct.
Feb
m
m m
m
m m
m
mm
m
mm
1154
854
54
354
1854
13 54
50
854
1554
1754
1554
954
54
54
17
1154
354
1954
354
4
640
13*4
Oct
22
280
17
Oct
11*4
Oct
22*4
27*4
8*4
Oct
23
X
3*4
18*4
3*4
Sept
1*4
Feb
Oct
Feb
Oct
8*4
29*4
Oct
900
1,655
1,900
4,210
157
1954
454
1
McAleer Mfg common
McClanahan OH com
*
154
154
®16
154
1
McClanahan Refln com__l
Mich Stl T Prod com.2.50
10
Sugar.pref
1
com
10
mmm
*
Wolverine
com
*
13
Penln Metal Prod
com
1
3 54
*
554
Mid-W Abrasive com..50c
*
Motor Wheel common
5
Murray Corp common..10
Packard Motor Car com..*
common
Brewing com
900
154
1,580
154
800
1*4
916
154
4,935
*4
last
Par
Stocks—
Rlckel (H W) common
2
River Raisin Paper com..*
10
1
com
10
454
254
154
19 54
1354
Feb
Arkansas Nat Gas com...*
354
...100
654
Armstrong Cork Co
*
Jan
Blaw-Knox Co
*
3754
1454
Byers (A M) Co
*
1
12
12
Preferred
2*4
Sept
Sept
4*4
Feb
1*4
Jan
Copperweld Steel
10
2*4
Jan
Devonian Oil
10
Oct
Feb
18
Oct
4*4
2*4 June
254
354
4
7*4
Mar
4*4
Jan
560
1*4
19*4
Oct
4*4
37*4
Aug
13*4
Oct
26
Feb
Jeanette Glass
654
754
3,408
6*4
Oct
20*4
High
654
4,553
5*4
Oct
12*4
Feb
2,802
31*4
Oct
44*4
Feb
Oct
19*4
Aug
Jan
5*4
Aug
Feb
3 54
40
654
41
146
1554
160
3754
1354
1154
10
154
154
1,815
454
100
954
125
2554
2554
10
18
18
18
300
1354
1354
1454
477
12
12
100
1454
18
180
Oct
Oct
Oct
Oct
Sept
Sept
1454
"18
Mar
1254
1054
7054
2954
2154
Mar
Oct
Feb
Jan
Mar
July
Feb
4
154 June
4
854
2454
Oct
Oct
854
2054
3454
18
Oct
26
13 54
Oct
2454
10
Jan
1454
Aug
Oct
41
July
70c
80c
2,500
70c
2354
2454
320
2354
35
35
10
102 54 103
70c
43
79
1,048
Oct
Feb
Jan
Aug
Feb
Feb
1.25
Jan
5854
Mar
Feb
654
40
654
454
Harb-Walker Refrac com *
100
354
854
1
Fort Pitt Brewing
1,100
2054
154
Duquesne Brewing Co...5
*
Follansbee Bros pref...100
154
1954
3154
32
13
243
4
1,100
354
Oct
13
3*4
Jan
pref
100
Hoppers G & Coke pref 100
Lone Star Gas Co
*
102 54
754
754
154
154
300
Mountain Fuel Supply..
6
654
1,200
*
10
Natl Fire proofing com—5
254
554
135
5
Oct
354
855
3
Oct
6*4
Jan
Phoenix Oil com
254
354
354
980
2*4
Oct
9*4
Feb
Pittsburgh Brewing com..*
Preferred
*
3*4
Oct
5
2
4
Oct
254
25
354
454
454
25
454
775
700
575
678
23*4
Feb
5*4
Jan
6*4
Oct
4*4
13
Oct
35
Mar
10*4
Jan
13
13
100
13
Oct
28*4
Feb
Tivoll Brewing com
Tom Moore Dlst com
1
4
4
454
2,630
4
Oct
10
1
154
154
8
Feb
275
1*4
5*4
Oct
554
254
554
1,509
*
Oct
11
*
5
5
100
4*4
/o
2 54
19
1,405
2*4
125
19
Oct
35*4
2054
354
54
300
20*4
Oct
29
603
3*4
Oct
7*4
Feb
802
*4
Oct
1*4
Jan
Oct1
7*4
25
Oil & Gas
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Plymouth Oil Co
3
2
9
7
Jan
102 54
Oct
110
Sept
754
Oct
1454
Jan
154
Oct
454
Feb
6
Oct
1254
2 54
Sept
5c
June
2854
9454
99
4,000
6c
2454
Plate Glass..25
Screw & Bolt..*
Steel Foundry *
Sept
400
6c
3
Oct
35
3
200
515
2
100
Oct
Feb
Oct
Mar
25c
Jan
854
Oct
3
2454
154
9454
Jan
10
Feb
50
Feb
Mar
554
14754
1954
9654
55
954
854
275
9
Oct
115
7
Oct
30
Jan
16 X
Feb
2954
Apr
154
354
Sept
Oct
Sept
2 54
Mar
Oct
754
1154
6154
Mar
Jan
56
Sept
Feb
Mar
Feb
United Shirt Dlst
854
McKlnney Mfg Co
6
23 54
454
Low
160
454
Electric Products
13 54
4
24
Shares
22 54
Clark (D L) Candy Co...*
Columbia Gas & Electric.*
10
Range Since Jan. 1, 1937
for
Week
High
2054
Feb
400
100
Low
Allegheny Steel Co com...*
Feb
Sept
600
Price
Feb
9*4
1
3
of Prices
July
1*4 June
696
454
Week's Range
Sale
3
5
com
154
13
Prudential Investing com.l
common
54
10
******
254
154
1954
1354
654
554
3154
Motor Products com
154
154
Sales
Friday
Carnegie Metals Co
Masco Screw Prod com
Standard Tube B
Feb
70
2,127
754
854
4654
1754
Elec & Peo tr ctfs 4s.. 1945
Feb
Oct
6*4
40
154
2*4
Kresge (S 8) common
10
Lakey Fdy & Mach com_.l
Scotten-Dillon
954
354
954
39 54
Jan
July
Sept
Kingston Products com__l
Motor
Feb
1054
106
Feb
754
1354
1654
Feb
2*4
21*4
X
Hurd Lock & Mfg com—1
Reo
Sept
Jan
900
B
*
Hudson Motor Car com..*
Pfelffer
654
Feb
54
Houdaille-Hershey
Parke-Davis
Oct
Oct
4
Feb
9
54
Hosklns Mfg common....*
Parker
254
Feb
Apr
Jan
54
com
Micromatic Hone
Oct
Mar
..1
Hall Lamp common
*
Home Dairy Class A
,.*
Hoover Ball & Bear com. 10
Mich
18
Feb
11
Oct
454
654
Feb
Apr
Feb
352
4034
154
354
11754
3554
3554
Jan
706
1354
3
17854 June
Oct
10854 June
3154 June
32
1054
Jan
Mar
Jan
1,725
1054
10
2
Feb
Apr
3*4 May
354
354
1754
1054
Graham-Paige common..1
554
1454
554
5054
Jan
145*4
354
1654
1354
""154"
285
Oct
Oct
Mar
mrnmmmm
Fruehauf
220
1,050
154
7
Mar
2454
Mar
Sept
Sept
5X
10X
Fed Screw Works com....*
1,127
Oct
654
Mar
132*4
554
Ex-Cell-O Aircraft com. ..3
Frankenrauth Brew com__l
100
154
6
54
101
5
Federal Mogul com
*
Fed Motor Truck com...*
1654
154
10054 10354
154
154
rnmrnmmm
1
5
*
Westmoreland Coal
5
54
254
3
*
*
Westmoreland Inc
555
3c
754
39
.__*
Preferred
United Gas Impt com
Preferred
525
mmmrnmrn
1
Det Paper Prod com
Det Steel Corp com
General Finance
Feb
Oct
Sept
X
8X
10
mmmmmm
100
Grand Valley Brew com
15*4
31
mm
...5
Gar Wood Ind com
Oct
300
854
Cripple Creek Gold..l
Detroit Edison com
Det Gray Iron com
General Motors com
3,848
7154
1654
Chrysler Corp common...5
Consolidated Paper com. 10
Det
1,500
954
3354
54
854
Traction..
854
Chamberlln Met W Str com
Continental
54
31
54
854
31
Mining
450
854
254
754
219
5
7
5
Paper
200
4
454
Salt Dome Oil Corp
Scott
Union
Bohn Alum & Brass com..5
'""254"
Reo Motor Car Co
Sales
Friday
,
*
50
7% preferred
50
Philadelphia Traction...50
2
11254 114
3154
3154
18
2154
254
254
11254
3154
25
Phila Rapid Transit
Detroit Stock
High
854
154
Phila Elec of Pa $5 pref..*
Phila Elec Pow pref
Phila Insulated Wire
Low
654
Penn Traffic common..254
Telephone: Randolph 6530
Week
Shares
7
*
1
50
Pennroad Corp vtc
Chicago Stock Exchange
Range Since Jan. 1 1937
for
699
654
pref---25
Nat Power & Light
of Prices
High
Low
Price
..50
Lehigh Valley
Members
Par
——Smfl
Sales
Friday
Feb
Sutherland
Paper com..10
com
Univ Cooler A
B
*
Unlv Products
*
com
Walker & Co A
*
B
mmmmmm
19
2054
354
2054
354
54
1
com
254
54
*
Warner Aircraft
254
16
Wayne Screw Prod com..4
3
3
4
500
*
Renner
18
5
Co
-1
.1
Feb
Shamrock Oil & Gas
Sept
9*4
tr 73
Feb
Oct
8*4
Mar
154
3
Feb
Vanadium Alloy Steel
Co
48
*
1
1,350
1054
101
10
3054
35
150
3054
48
70c
70c
27
Westlnghouse Air Brake..*
W'house Elec & Mfg
50
Los Angeles Stock Exchange—See
page 2495.
500
154
354
154
354
354
Standard Steel Sprg
Victor Brewing
40
10
(new) *
United Engine & Foundry 5
Mar
19
235
50
45
Jan
Oct
870
70c
Oct
1.25
Feb
280
2654
Sept
5654
Feb
69
75c
27
10754
Oct
163 54
Jan
10754 11054
ST, LOUIS MARKETS
I. M. SIMON & CO.
Business Established
Established 1874
Enquiries Inoited
DeHaven & Townsend
Mid-Weetern and Southern
New York Stock Exchange
Chicago
Chicago Stock Exchange
PHILADELPHIA
NEW YORK
1513 Walnut Street
80 Broad Street
315 North Fourth St., St.
to
Oct.
Week's Range
for
Sale
Stocks—
of Prices
Price
100
12*4
151 *4
American Tel & Tel
Securities
Barber Co
*
Chrysler
116
General
Motors
I
For tootnoiee
Oct
25
Oct
45
Mar
Brown Shoe com.
18*4
95
Mar
Bruce (E L) pref
291
16 X
Oct
112
May
43
115 X 116*4
Mar
Burkart Mfg com
75 *4
6*4
5%
1,241
1,065
84*4
512
11*4
Sept
5X
Oct
4X
Oct
2654
187H
12754
1454
13
Feb
A S Aloe Co com__
Jan
American Inv com
Jan
Preferred
for
of Prices
Low
High
Week
Price
20
39*4
....
mmmmmm
27
*
Feb
Century Electric Co... 100
Coca-Cola Bottling com__l
mm
mm
mm
75 X
Oct
6*4
Oct
13454
2054
Mar
130
Feb
Columbia Brew
645
25 X
Oct
4454
Jan
Dr Pepper com
*
26*4
45 X
40 X
108 X 111
1,361
40 X
Oct
Oct
7054
Feb
Ely & Walker D Gds com25
m m
25*4
27*4
100?* 102
6
4*4
299
25 X
Oct
4 *4
15
10054
4*4
Oct
2528.
7
40
807
108
Oct
139
4154
112
13 54
Feb
com
5
28*4
mmmrnmm
1st pref
Feb
100
Emerson Electricpref. .100
Jan
Falstaff Brew com
Jan
Griesedieck-West Br com. *
1
High
75
6*4
30
30
Sept
35
20*4
39*4
21
879
20
July
25
40
130
39*4
Oct
49*4
47
47
100
47
Oct
49
30
155
27
Oct
37
32*4
20*4
*
100
1
Low
31
27
*
....
Range Since Jan. 1, 1937
Shares
31
29 X
6*4
100*4
150
168
25 X
*
page
1,775
25 *4
25*4
100
see
157 X
4*4
Horn& Hardart (Phila) com *
Horn & Hardart (N Y) com*
Preferred
150
5*4
10
Lehigh Coal & Navig
Par
Stocks—
High
697
4*4
5
Corp
Storage Battery..100
Low
Week's Range
Sale
13 H
5*4
Curtis Pub Co common..*
Elec
Shares
Last
16*4
10
Budd Wheel Co
12 H
High
Sales
Friday
Range Since Jan. 1, 1937
25
pref.50
Bell Tel Co of Pa pref_.100
Budd (EG) Mfg Co
*
Low
Exchange
15, both inclusive, compiled from official sales lists
Week
Par
American Stores
Oct. 9 to Oct.
Sales
Last
Bankers
St. Louis Stock
16, both inclusive, compiled from official sales lists
Friday
Louis, Mo.
Telephone Central 3350
Philadelphia Stock Exchange
9
New York Curb (Associate)
Board of Trade
St. Louis Stock Exchange
Philadelphia Stock Exchange
Oct.
all
Securities
MEMBERS
Members
New York Stock Exchange
,
1874
on
32*4
145
31*4
7
7
Aug
Aug
Feb
Sept
Jan
Feb
32*4
Mar
10
7
Oct
9*4
Aug
28
Sept
28*4
2*4
26*4
29
250
2*4
27*4
Oct
6
290
25
Jan
48
23
23
10
23
Oct
32
Feb
Jan
125
June
Oct
125
Mar
121*4 122
75
77*4
7
7*4
27
28
100
27
150
1,175
120
2*4
118*4
75
6*4
27
Oct
Oct
39*4 May
11*4
40*4
Mar
Feb
Mar
Apr
Volume
Financial
145
Sales
Friday
Week's Range
of Prices
Week
Price
Ilussmann-Llgonier com..*
Huttig SAD com
5
com...
International Shoe
Johnson-S-S Shoe
39
Sept
2094
Feb
June
90
Apr
Feb
26
Aug
10
32
25
203
1794
39
3994
594
39
Oct
12
Oct
4934
1734
Jan
Jan
Rainier Pulp & Pap
Par
Laclede Steel
1,120
5
Oct
1334
Feb
35
10
35
Sept
50
Apr
1394
594
134
1734
14
1,096
1394
594
134
Sept
1934 June
1094 May
334 May
18
1
Richfield Oil Corp com
Warrants
_.*
Roos Bros
__1
100
97
97
97
*
534
1634
534
1634
*
14
July
21
Aug
30
Sept
36
Apr
14
1494
260
14
Oct
22
Mar
Schles'ger Co (B F) pref.25
Oct
3234
Mar
Shell Union Oil
M id-West Pipe & Sup
9
Preferred
30
100
National Oats Co
Rice-Stlx D Gds
...
"~7 9*
*
*
com
......
*
com
1194
St Louis Pub Serv
10c
Scruggs-V-B Inc
3
..*
Preferred A..
l
*
.5
com
Scullln Steel pref
......
Wagner Elec
Mar
Signal Oil & Gas Co A
*
26
2634
Mar
34
440
Oct
13
Aug
Soundview Pulp Co com. .5
Preferred
100
96
96
31
50
Oct
70
Mar
115
200
11234
Jan
116
May
300
7
Oct
16
Sept
7
Oct
3
Oct
10
Sept
7
734
1634
1634
115
334
225
135
13
1134
1934
2634
fUnited Railways 4s.. 1934
fUnlted Ry 4s c-d's
27 94
70c
Oct
47
934
Oct
1994
2934
Sou Calif Gas 6%
100
2934
2934
134
1634
1234
2134
2894
200
194
1494
1234
Oct
20
Oct
17
Sept
194
*
15
Union Sugar Co com
25
Aug
Universal Consol Oil
10
Victor Equipment com
Preferred
1
594
Oct
25
Sept
,
20
2634
794
594
125
1,500
940
20,752
3,714
6,577
9
12
1,840
634
1,512
12
450
3994
230
Oct
2234
34 June
Mar
Aug
1
Oct
Jan
5
Oct
Oct
Feb
2194
1634
2834
2894
Feb
Aug
Feb
Oct
Oct
19
July
Oct
794
594
934
17)4
July
12
Oct
3734
Oct
75
Oct
350
5
12
Waialua Agricultural Co 20
Wells Fargo Bk & U T.100
285
285
290
60
285
21
21
24
611
21
Oct
4094
35
35
40
250
35
Oct
64
Jan
3734
3734
Western Pipe & Steel.
10
Yel Checker Cab Co A..50
Jan
3334
36J4
Aug
194
1494
1234
Transamerica Corp
2
Union Oil Co of Calif...25
Mar
28
3034
6534
294
Feb
Mar
11,000
28
2794
2834
Oct
June
Tide Water Ass'd Oil com. 10
Yosemite Port Cem pref. 10
May
27
July
2134
128
33
400
Mar
July
105
4934
102
Sept
Oct
Oct
Oct
Oct
25
96
Oct
July
3,000
28
Oct
10
13
li
14,000
2634
3334
96
34
3234
Thomas-Allec Corp A
Feb
3,795
Feb
400
Jan
Mar
548
40
Jan
Apr
3,061
Jan
1194
26
1634
2594
Oct
260
Mar
1234
3394
4834
6934
15
Mar
4994
Sept
34
13
.*
11734 June
Oct
694
Oct
5
13
Super Mold Corp of Calif 10
100
32
110
50
1,473
10
955
33
Oct
27
73
449
Oct
97
2634
94
34
Standard Oil Co of Calif.. *
Apr
Oct
1734
10
510
i
2234
94
34
3234
Feb
B
240
Oct
27
Mar
So Pac Golden Gate A.__*
Feb
4,640
27
pref. .25
Southern Pacific Co
2294
94
34
3294
Mar
1234
2034
2634
794
101
28
f)8 c-d's
16
10c
com
305
11894 11934
7
694
32
3334
7
1334
834
1
100
934
1334
934
Oct
29
84
1
1
■
1394
66
10c
10c
30
20
7
3
101
3234
15
tClty & Sub P S 5s
9
30
11934
1
com
com
58
Oct
170
101
100
South west'n Bell Tel pf 100
Sterling Alum
Oct
1234
10
9
11
*
Securities Inv pref
1794
36.34
472
18
7
St Louis B Big Equip com *
St Louis Car com
10
com
60
14
634
194
534
1634
2594
3334
115
Natl Bearing Metals com.*
common
Preferred
'
38
1794
3634
1234
534
1334
594
134
1734
10
1794
Aug
5
35
50
369*
1234
79
5
100
*
High
Oct
35
15
com.,
Low
4334
1
12
•
1,568
50
31
Mo Port Cement com...25
49
'
Petroleum
534%
15
12
r CO *
Shares
preferred
Rheem Mfg Co com
Republic
*
20
Natl Candy com
Week
45
31
12
com
com
McQuay-Norrls
for
of Prices
Loio
High
Cap-10
*
com
com
Preferred
Laclede-Christy C Pr
Week's Range
Price
*
Knapp Monarch
*
July
11
12
85
2434
*
23
75
■
12
10
com
Oct
15
80
16
Stocks (Concluded)
High
Low
Shares
85
100
Hyde Park Brew
High
15
...
Preferred
Low
Range Since Jan. 1 1937
Last
Sale
for
Sale
Par
Sales
Friday
Range Since Jan. 1 1937
Last
Stocks (Concluded)
2527
Chronicle
__
334
334
250
334
Oct
334
July
Jan
Feb
Mar
Jan
434 June
£ In default.
STRASSBURGER & CO.
Dean Witter
133
Co.
8c
Montgomery Street, San Francisco
NEW YORK OFFICE: 25 BROAD STREET
(Hanover 2-9050)
Privet* Leased Wires
MUNICIPAL AND CORPORATION BONDS
Members: New York Stock
cisco Curb
Exdxmge, Chicago Board ofTrade
(AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
Mcmberr. NevYork Stock Exchange, SanFrandscoStock
New York Curb Exchange
San Francisco
Stockton
Sacramento
Oakland
Tacoma
Seattle
New York
Portland
Fresno
Beverly Hills
Honolulu
Exchange; San Francisco Stock Exchange; San Fran¬
Exchange; Chicago Board or Trade; New York Curb Exchange (Assoc.)
Direct Private Wire
Teletype S. F. 138
Los Angeles
Ppsadena
San
Long Beach
Oct
Oct
9 to
Francisco Curb
Sales
Friday
Francisco Stock
San
Oct.
Week's Range
for
Sale
of Prices
Week
Price
Low
High
Alaska Juneau Gold Min 10
1094
1094
1094
745
1094
Anglo Cal Nat Bk of S F.20
17
17
17
150
17
Assoc Insur Fund Inc..-10
394
394
Co. 5
7
7
Bank of California N A..80
190
190
5
*
20
7
7
17
17
Atlas Imp Diesel Eng
2194
434
5034
Caterpillar Tractor com..*
70
70
100
104
California Packing com..*
.50
Preferred
Preferred
834
3234
Claude Neon Elec Prods—*
Clorox Chemical Co
10
Cst Cos G & E 6% 1st pf 100
Cons Chem Indus A
*
103
*
D1 Giorgio Fruit com...10
.*
594
2994
7
Mar
Oct
Oct
20
50
May
270
70
Oct
30
225
270
10
Oct
10134 May
Oct
834
32
Oct
10134 May
125
35
Jan
5
730
434
1194
Oct
13,320
74
Oct
700
Oct
665
;
59*
250
28
150
7
Emsco Derrick & Equip. .5
3394
934
11
1,050
Fireman's
76
75
77
190
3234
394
3234
394
36
17
17
17
*
32
32
32
4034
4034
794
4434
10
Galland Merc Laundry
General Motors com
10
9
General Paint Corp com..*
Gladding McBean & Co..*
Golden State Co Ltd
10
434
*
9
434
394
10
10
434
Hawaiian Pineapple new.*
10
Home F&M Ins Co
Honolulu Oil Corp new
Hudson Motor Car Co
Hunt Bros
13
*
*
*
10
common
2794
2794
39
39
2134
734
194
10
4
Langendorf Utd Bak A... *
11
Preferred
B
13
234
*
21
834
134
334
11
234
3634
10
37
LeTourneau (RG) Inc.—1
20
20
Lockheed Aircraft
Magnin & Co (I) 6% pf 100
834
534
194
9994
Marchant Cal Mach
17
894
534
134
9994
1634
734
Leslie Salt Co
1
Lyons-Magnus Inc A—*
Magnavox Co Ltd
234
com
Meier & Frank Co
.5
834
10
1534
Nat Automotive Fibres..*
Natomas Co.
9
*
1634
794
13
2934
3934
22
734
194
434
12
1,254
100
50
60
1,382
761
687
1,800
934
75
Oct
Oct
Aug
Oct
1734
310
2,047
170
1,037
110
460
410
850
Apr
31
Aug
12
12
12
10
12
Oct
259*
Feb
z
Apr
Mar
9634
5794
Mar
Honokaa Sugar Co
Mar
1834
3134
Feb
Oct.
89*
13
279*
369*
21
73*
134
334
11
Oct
Lighting
25
25
com
preferred
Pac Pub Ser (non-v)
6%
Preferred
*
1,015
...»
com. *
104
20
2,328
9
2,170
334
1694
*
19
335
9
2,302
89*
53*
13*
999*
1634
734
1634
734
70
575
17
79*
22
Feb
Mar
Oct
894
6434
1034
Mar
79
July
Oct
Oct
Oct
Sept
Oct
494
8
Feb
334
40
675
934
Oct
Sept
Oct
2194
3734
125
21
Sept
45
35
June
71c
80c
6,000
70c
Sept
1.60
Mar
2.00
2.00
140
1.40
Jan
2.00
May
Mar
2194
213*
36
71c
179*
Apr
734
Jan
80c
50c
Oct
1.85
Mar
634
99
594
Oct
1594
Feb
534
50c
594
50c
3,820
37c
Oct
1.25
Mar
3.45
5,200
2.85
Oct
7H
Mar
25c
8,050
13c
2,000
10c
Oct
50c
4.50
5.00
200
4.50
Oct
10.50
1.75
1.75
2.10
190
1.75
Oct
4.80
Jan
-1
30c
27c
34c
24,750
27c
Oct
63c
Feb
3.10
•
~
m
-
m
Olaa Sugar Co
42
Feb
Onomea Sugar
453*
1634
734
3.10
10
3.50
Sept
734
734
543
734
Oct
1734
179*
Mar
25
29c
29c
32c
800
28c
Sept
82c
Feb
U
694
694
30
634
Sept
1794
«.•»*.
6
6
1
2.00 June
6
Sept
—
.20
Pacific Clay Products
Jan
z
m
5
Jan
Jan
Oct
28
Feb
z
Oct
133*
1.50
Sept
2,100
75c
Oct
4834
1594
534
483*
1594
634
10
Pacific Western OH— .10
335
1594
6 94
21
21
100
20
Feb
Radio-Keith
Orpheum
33
Mar
*
m
634
Mar
...
Riverside Cement A
1634
Schumacher Wall Board
Mar
Oct
28
Oct
12J* May
18
3294
Jan
Oct
299*
Apr
Oct
Feb
Feb
Mar
834
1,725
634
Oct
434
1134
50
434
Oct
150
1094
Oct
2094
2.15
634
434
1094
1294
379*
1294
934
300
Sept
Shasta Water Co com
Oct
16
20
13
Oct
27
27
10
27
Oct
4134
Oct
10
2.00
534
Sherwood Swan
534
85
594
107
894
24
Jan
Schwabacher 8k Co.
Members New
Jan
York Slock Exchange
Jan
111 Broadway,
Jan
127
131
120
127
Oct
15234
135
10
133
Apr
150
Jan
134
New York
Jan
135
*
46
46
46
Oct
87
Feb
100
94
94
94
20
94
Oct
109
Feb
*
2
2
2
30
2
Oct
6%—
100
594
60
For footnotes see page 2528
534
60
6
392
60
10
4234
534
54
Oct
Oct
534
189*
899*
Jan
Jan
Jan
Cortlandt 7-4150
Private wire to own offices In
Santa
Barbara
—
Del
Monte
Jan
Jan
9.50
2.00
13
27
2.00
Preferred
Jan
2934
5334
Feb
Jan
27
Jan
60
July
Jan
Oct
25
46
1.80 May
Feb
259* Mar
3734 Sept
1033* May
Oct
334
Oct
169*
4.15
"
.20
Feb
Feb
189*
Sept
200
2,690
85c
Packard Motors
Radio Corp of America.
Jan
8
834
1.65
75c
8
Jan
Mar
50
Oct
1.50
Pac Port Cement pref— 100
32
40
75c
8
108
449*
1334
25
1.50
_.
Pac Coast Aggregates _"io
Oct
May
40
40
.20
Co
Feb
1834
1,560
Jan
Feb
38
1,710
Jan
734
m** *
Copper. 5c
Petroleum
Occidental
Feb
Mar
10c
4*50
-.1
... _
Monolith Port Cement-
City
72c
10c June
-5
.10
Klelber Motors
Oct
Oct
Sept
3.60
350
8
5
50c
Pacific Distillers
Oct
8.
1,300
2,730
8
534
20c
Jan
135
Ry Equip & Realty com..*
Mar
37c
z
127
Plg'n Whistle pref
Feb
2334
4894
2.85
Jan
100
Preferred
Oct
60
61
20c
Feb
Pacific Tel & Tel com.. 100
6% preferred
Parafflne Cos com
Feb
35
60
40c
163*
494
Oct
2834
2694
675
100
1034
Jan
2.95
Mountain
Oct
41
1,145
40
934
60
North American Aviation 1
Sept
253*
40
413
434
334
ft
1
Feb
7
6,194
334
334
1
Jan
Sept
-1
Preferred
23
Oct
11
27
10334 10434
434
334
1734
1694
5.25
4.00
40c
Kinner Air & Motor._ -1
Italo Petroleum
Pioneer Mill Co
8
2634
3934
Mar
1
Internatl Cinema
Oct
2234
934
534
134
9994
17
27
3.00
.20
_
MJ&M &M Consol
19
1st preferred
534% preferred
Mar
50
Mining. 1
Idaho-Maryland
Aug
Oliver United Filters A...*
6%
534
394
234
134
594
...
Mar
Oct
Pacific
Jan
1
Sept
Oct
1234
834
Mar
70c
.20
31
Oct
8 *
1.90
2
1,170
Holly Development.. -.1
363*
4434
Sept
1234
1.45
2
134
20
Oct
Oct
Sept
12
2534
1.35
40
McBryde Sugar Co
z Menasco Mfg Co
Sept
1,511
—
Hawaiian Sugar Co
z
Apr
Oct
16
8
1.45
19c
4.00
Holly Oil Co
Oct
26
2594
2834
2694
3934
Mar
..1
Preferred
Mar
9
10
*
July
1.90
Gt West Elec Chem com..
249*
4734
199*
4 34
100
15
Feb
50c
Jan
Internatl Tel & Tel
215
Pacific Can Co
82c
Aug
40c
994
z
16
Pacific G & E common. .25
Oct
2,065
2,875
2,000
3,775
25c
1.50
GeneralMetals
Jan
13
Paauhau Sugar
19c
33c
1.40
2
Feb
26
834
1234
5,000
30c
1.45
1
Preferred
Claude Neon Lights
703*
1234
*
22c
33c
40
26
B...
20c
1
Central Eureka
Oct
13
16
1
,
Carson Hill Gold
Cities Service
Jan
Jan
1734
Oct
Apr
Mar
Jan
2.50 Sept
Oct
23*
20
Jan
1394
794
1734
32
20
1,375
Oct
125
4034
794
3634
200
Oct
694
Mar
564
1,025
3
200
200
May
Mar
26
16
11,069
2.75
Cardinal Gold
7
10
100
734
18
z
Mar
22
Occidental Ins Co
com..
4
594
2.50
Mar
Oct
North Amer Oil Cons... 10
North Amer Inv
.
Calif Art Tile A
Oct
905
934
3
""994"
Jan
Mar
2.50
z
17
200
18
3
1834
994
18
Feb
3294
394
37
234
Oct
.10
z
Hale Bros Stores Inc
994
Feb
.10
Sept
Oct
25
60
Feb
13
Bunker Hill-Sulllvan
z
Oct
.234
Oct
General Electric Co
1334
A preferred.
4
4.00
Bolsa Chica Oil A
Curtiss-Wrlght Corp
33
Food Mach Corp com
Feb
Mar
210
Foster & Kleiser com.
Bancamerica-Blair
Mar
625
w___50
Aug
Sept
1534
Fund Insur..25
20
Feb
9
34
cum pref w
63
2734
11.50
1,205
434
994
594
-3
5
Oct
4.60
434
994
I****'
~
200
Sept
18
4.00
4~ 00
..1
«.
17
17
"
-5
59
Oct
14
434 %
Feb
Aug
Aviation Corp
10834
Jan
97c
Mar
63*
Jan
Feb
85c
Mar
25
16
2934
18694
Oct
3234
1234
4834
56
Oct
Oct
Sept
-
Atlas Corp com
46
Oct
•
57c
•
Ark Nat'l Gas A
1063*
12
15034
40c
Sept
1434
3394
93s
Emporium Capwell com..*
100
331
900
•
Mar
993*
1049*
1294
100
12
15034 157
Columbia River Packer
794
7
15194
Feb
4,078
Argonaut Mining
15
33
100
Anglo Nat'l Corp
25
Feb
65c
Feb
219*
43*
534
60c
July
10
Feb
Oct
57c
214
343*
50c
134
494
60c
Oct
Oct
Jan
13*
494
61c
190
Jan
Jan
6c
100
60c
Feb
634
45c
1,500
Anglo American Mining
25
17
2.50
300
lie
American Toll Bridge.. ..1
Oct
100
8194
7
73*
Oct
296
103
74
594
American Tel & Tel
1,724
3834
30
High
1.65
134
4 94
134
494
American Had SS
Feb
10
834
3234
3834
434
1194
100
Doernbecher Mfg Co
834
32
103
Feb
313*
7
910
104
74
Crown Zeller Corp com..5
$3 preferred
104
3834
434
1194
Creameries of Amer Inc-.l
Preferred
25
159*
Oct
394
250
70
Calamba Sugar com
Calaveras Cement com...*
Low
1.65
1.65
12
Sept
1,666
190
2194
434
2534
5034
Byron Jackson Co
Week
10c
.25
—5
1,075
334
1034
734
1934
2134
434
2694
5034
Bishop Oil Co
Shares
Price
Alleghany Corp com
American Power & Light—
High
Low
Shares
Alaska Treadwell
Alaska United Gold
Range Since Jan. 1, 1937
Last
Par
for
of Prices
Low
High
Salts
Friday
Stocks—
Par
Stocks—
Week's Range
Sale
lists
1937
Range Since Jan. 1,
Last
Exchange
15, both inclusive, compiled from official sales
Oct.
9 to
Exchange
15, both inclusive, compiled from official sales lists
San Francisco — Los Angeles —
—
Hollywood — Beverly Hills
Feb
Mar
Jan
fMay
Financial
2528
Range Since Jan. 1 1937
Last
Week's Range
for
Sale
(Concluded)
of Prices
IsOW
High
Shares
Price
Par
5
8%
Sou California-Edison. ..25
20%
Sliver King
Coal
5%% preferred
6% preferred
z
10
95c
40c
40c
6%
8
53c
6%
—
Texas Consol Oil
United Corp of Delaware.
*
No par value,
c
7%
Cash sale,
a A.
15%
Sale
Stocks-
Mar
Feb
1.30
14%
Oct
21
1.20
31
Oct
100
1
Canada Bud
*
Canada
*
Jan
Canada Vinegars
Canadian Marconi
8%
Malting
2.90
Feb
126?*
Mar
3
Aug
18
Feb
Cash sale—Not Included In range tor year,
Listed,
x
Ex-divldend.
y
Ex-rights.
2,335
20,025
1.30
Oct
3%
Jan
5c
4c
Sept
31c
Mar
2.50
2.65
870
2.50
Sept
10.00
Feb
Preferred..
3*c
Feb
22
June
19?*
May
23*
Sept
2j*
25
52c
4,900
Oct
Jan
50c
Sept
3.60
Sept
58%
Apr
75
29
May
43
Aug
97%
July
99
Sept
175
30
98%
98%
15
45c
50c
2,675
45c
Sept
3.35
Feb
7
8
110
7
Sept
18%
Apr
50c
875
50c
Oct
20 %
22 %
5,250
20 %
Oct
lil!
Feb
28
28
28
Oct
32%
Feb
7
~22%
28
*
*
10
9
100
83
83
1%C
Montreal LH&P
*
National Steel Car
*
Pawnee-Klrkland
1
Pend Oreille
1
Prairie
*
Cities
Ritchie Gold
20c
29%
24
24
55c
l%c
July
4VsC
15C
Oct
Apr
352
28
Oct
Jan
145
23
Sept
373*
57%
IMC
6,000
2,000
1.80
2.50
32,554
4
3%c Sept
Oct
1%C
1.80
2
75
Bid
Anhalt 7s to
Bank
1940
21
24
1948
/22
/22
7s
8s'35^4(M6-48
/21
24
f!9%
21
8s
--
--
Barranquhla
Bavaria
6% a to
1945
Bavarian Palatinate Cons
Cities 7s to
1945
/14
/12
/II
1945
Bolivia (Republic) 8s. 1947
7B
/5
1958
78
1969
0s_
/4 H
/4 H
/6
/19
1940
__
24
Hansa SS 6s stamped. 1939
6s unstamped
Housing <k Real Imp 7a '46
Hungarian Cent Mut 7s '37
/16
Hungarian Ital Bk 73*s '32
Hungarian Discount <fc Ex¬
1936
3%
Jan
16c
Feb
Oct
12%c
Jan
3c
4,500
38,400
4%
110M
4%
35
2%
June
21%
21%
15
Oct
3
3%
60
21%
2%
22
22%
15
22
1948
fl9%
15
Ilseder Steel 6s
Jugoslavia 5s funding. 1956
5%
5%
Jugoslavia 2d series 6s. 1956
6 %
Nov 1932 to May 1935
*
100
Nov 1935 to May 1937
72%
Land M Bk Warsaw 8s *41
20%
Leipzig O'land Pr 03*s '46
Leipzig Trade Fair 78.1953
Luneberg Power Light &
fi8%
Oct
»
125
120
130
480
/8
/7
/19
Par
AdministeredFund2ndInc*
22
Affiliated
Fund Inc
1%
Amerex Holding Corp
»
Amer Business Shares .50c
Amer & Continental Corp.
Madgeburg 6s
/13
/13
/67
7s assented..
Chilean Nitrate 5s
1908
City Savings Bank
Budapest 7s
9
9%
16
16
70
0j*s_ 1946-1947
6^8.1948-1949
Colombia scrip Issue of '33
/96
1946
/0O
/07
/24
/25
/25
Cordoba 7s stamped.. 1937
Costa Rica funding 5s. '51
Costa Rica Pac Ry 7%a *49
5s.......
1949
63*8.1.1959
Boston
/l8
Hungary 7j*s
1962
Mtge 7s
1948
1947
72
Protestant Church
/19
Prov Bk Westphalia 6s '33
Dulsburg 7% to
1945
/19
21
/19^
fl9%
fl9%
Prov Bk Westphalia 6s '36
5s
1941
63*8
1953
European Mortgage & In¬
vestment 73*s
1960
73*8 Income
1966
21
21
/34
/28
/35
Rio de Janeiro 6%
1945
/30
/19
21
French Nat Mall SS 6s *52
100
105
7s
1967
7s
Income
1967
Frankfurt 7s to
54%
Gelsenklrchen Mln 6s. 1934
6s
1937
/32
/l5
1940
German Atl Cable 7S..1945
German Building
bank
German
8s
/21H
24^
/19
21
Santa Fe 7s stamped -1942
8%
1948
Conversion Office
Funding 3s
f29%
30%
Santander (Colom) 7s. 1948
/93
1946
97
Sao Paulo (Brazil) 6s..l943
/19
/18
03*8
1951
Saxon State Mtge 6s. .1947
/18
Stem & Halske deb 6s.2930 /360
/58
/40
July to Dec 1933
Jan to June 1934
July to Dec 1934
Jan to June 1935
/35H
f34%
July to Dec 1935
/33
Jan to June 1936
State
28
/2l
25
7
German Dawes coupons:
/9
/18
Dec 1 '34 stamped
fll%
/14
June 1 *35 to June 1 '37..
Graz (Austria) 8s
1954
Great Britain & Ireland—
9%
18%
37
109%
50
/19
21
90
5
>
30
3.59
1.31
1.47
5.45
5.70
13.27
14.27
2%
N Y Stocks Inc—
Agriculture
9.70
8.57
10.41
8.78
9.58
10.35
9.09
9.83
7.25
7.85
Steel
8.74
9.45
No Amer Eond Trust ctfs.
55
2.17
2.69
2.68
Series 1956
1
2.63
2.48
\
B1
ser
Series 1958
D
1
Northern Securities
3.70
1
5.45
6.10
25c
xl.23
1.38
18.35
19.91
30*
Eqi it Inv Corp (Mass)-.5 27.72
Corp $3 conv pref 1
28 %
Fidelity Fund Inc
»l 19.71
21.22
13%
Fiscal Fund Inc—
E M'lty
29.79
31%
60
70
29
31
10
12
Class B
«
1%
10c
.49
.58
Quarterly Inc Shares.. 10c zll.35
Representative TrustShslO
9.55
12.43
Plymouth Fund Inc
Republic Invest Fund.25c
Royalties Management-.1
Selected
Amer
Shares.2%
Selected Income Shares
Bank stock series
10c
Insurance stk series. 10c
Fixed Trust Shares A
10
2.70
3.06
9"
17
395"
.74
".82
16.16
4.15
State Street Invest Corp. *
16.80
17.83
Super Corp of Am Tr Shs A
Fundamental Tr Shares A2
4.88
5.50
Standard
4.42
General Capital Corp
»
General Investors Trust.*
30.91
33.24
*4.99
5.43
1.32
1.44
-92
1.01
Building shares
1.30
1.42
1.24
1.35
.78
.86
Automobile
shares...
shares
/53
Steel
.1955
68
Unterelbe Electric 6s. .1953
/19
21
Vesten Elec Ry 7s
1947
/19
21
1945
/19
21
5.
D_,
5.86
__3
shares
shares
Tobacco shares
Guardian Inv Trust com.*
1
2.39
Trustee Stand OU Shs A.l
6.37
Series C
3.24
361*169 r>
Series B
1
;
Holding Corp
1
Trusteed Amer Bank Shs B
Trusteed Industry Shares.
1.00
1.09
1.32
U S El Lt & Pr Shares A..
12 %
13%
1.21
1.90
2.00
.78
.86
1.36
Un N Y Bank Trust C-3_*
2%
3%
1.03
Un N Y Tr Shs ser F
*
1 h
1%
Wellington Fund
1
13.82
15.22
.82
%
%
.35
.75
B
Voting shares
1.38
17.51
18.83
Insuranshares Corp (Del)l
1%
1%
1.30
Corp. 1
e
Ex-coupon,
5%
class B
First Boston Corp
*
35
*
Central Nat Corp cl A
4
10
12%
Schoelkopf, Hutton &
Pomeroy Inc com
value,
.68
.76
Investm't Banking Corps
Bancamerlca-Blalr
1.24
1.20
par
5.81
.93
Bank Group shares
Insurance Group Shares
Incorporated Investors..*
No
10.71
Trustee Stand Invest Shs._
1.10
Institutional Securities Ltd
*
9.86
.85
RR equipment shares
/41
Huron
3.37
2.14
C_,
.94
/47
1946
9
.50
3.23
1.00
1-21
.1.11
-74
1.25
Investing shares
Merchandise shares
Petroleum
3.30
87
2.14
Supervised Shares
4s... 1946
91.26
AA
.46
83
B..
Group Securities—
4s... 1936
Repub
Utilities Inc.50c
BB
*
7s unstamped
72
%
10.58
3.10
3.90
Food shares
22
.58
%
4.18
10
21
20
.51
9.71
Standard Am Trust Shares
Spencer Trask Fund
Foundation Trust Shs A.l
B
10.35
15.35
Sovereign Investors
3.44
9.50
7.83
B
2
*
3.00
Fundamental Invest Inc.2
88
2.45
100
Pacific Southern Inv pref. *
Class A
._*
erslfled Trustee Shares
Eaton & Howard Manage¬
ment Fund series A-l
25
9.27
8.12
...
No Amer Tr Shares 1953.*
4.78
99
11
3.49
Wide Securities 25c
1
Mining shares
17 %
Nation
Voting shares
National Investors Corp.l
New England Fund
1
N Y Bank Trust Shares.. 1
Series 1955
Agricultural shares
*86.65
12.24
1.79
/59
1943
21.73
11.20
Metals
20
110
/42
1947
20.48
Railroad equipment
27
/19
Union of Soviet Soc
Mutual Invest Fund..
Oils
shares... 10
Dividend Shares
Wurtemberg 7s to
108 %
1953
page
B
to April 1937
Tolima 7s
/45
1957
see
Common
Stettin Pub Util 7s...1946
14 %
Hanover Harz Water Wks
For footnotes
17
56
Electric 7s
7". 19
1
10
Mass Investors Trust
Deposited Insur Shs
54
Certificates
6.64
2%
6.56
Deposited Bank Shs ser A1
Deposited Insur 8hs A... 1
/60
Toho
2.74
24
100 116
7% preferred
100
Cumulative Trust Shares.»
1956
7% gold ruble
1948
Haiti 6s
1
10
com
Crum & Forster Insurance
17
Oct 1932 to April 1935
12
107
1960-1990
6s
1
Certificates
Dec 1934 8tamped
Apr 15 '35 to Apr 15 '37German Young coupons:
5.99
18.64
Machinery
50
Oct 1935
18.62
7.84
mod
Stinnes 7s unstamped-1936
July to Oct 1937
German scrip
17.04
9.33
Coupons—
/30
/23
11.83
Series 8-2
8.63
54
2d series 5s
f3l%
Jan to June 1937
10.81
Insurance stock
Jugoslavia
1956
16.97
17.09
Series K-2
2.74
AA
Chemical
Mtge Bk
5s
July to Dec 1936
4s
f7%
115
15.49
Series K-l
Series
/60
/50
Saxon Pub Works 7s._1945
Series B-3
8.67
3.50
/23
/86
26.60
8.01
/80
Scrip
Int ctfs of dep Jan 1 *38
German defaulted coupons:
Guatemala 8s
1947
24.39
2.23
Santa Catharina (Brazil)
<fc Land-
63*s
1948
8s ctfs of deposit-1948
42
Keystone Cust Fd Inc B-2
Accumulative series..-1
C
/12
4s scrip
/55
Ask
11.17
66 %
/18
/18
/34
/29
35
10.52
7.24
140
1957
7
3.50
Saarbruecken M Bk 6s '47
Bid
1
Building supplies
Electrical equipment
H
1945
10
2.23
.
/32
Royal Dutch 4s
com.
2.31
.
Series AA
/17
/23
/20
/18
R C Church Welfare 7s '46
/85
/60
6s
1
Par
Invest Co. of Amer
Investors Fund C
1
/20
/98
/17
7%
Jan
Jan
Feb
Bank stock
/17
/15
7s ctfs of deposit. 1957
15*
9%
1933
Salvador
26.20
3.79
63*8 '46
Rom Cath Church
24.50
x!3%
5
8
Dl
Rhine Westph Elec 7% '36
6s
1941
.48
23.54
Commonwealth Invest
21
East Prussian Pow 08.1963
Electric Pr (Germ) 0j*s '60
1946
17.64
.33
Con8ol Funds Corp cl A.l
Continental Shares pf.100
Corporate Trust Shares
1
(Ger¬
21
21
5
Sept
Major Shares Corp
Maryland Fund Inc..-10c
3.65
/26
Series ACC mod
/8
/19
many) 7s
1
8% preferred
1945
5
21.92
Crum & Forster
Duesseldorf 7s to
Dortmund Mun Util 6s '48
1,20
Feb
623*
3%
Series 8-4
.79
20.38
40
1908
4%
5%
2%
.85
10
Century Shares Trust...*
22
Porto Alegre 7s
.71
3.85
/19
/30
30
.76
9
19.34
a;3.45
22
30
9%
Bullock Fund Ltd
194
to
5.45
Canadian Inv Fund Ltd.. 1
Oldenburg-Free State
7s
25
1% June
Ask
13.52
4.94
18
/89
/88
/l9
Panama City 63*s_...1952
Panama 5% scrip
27
/21
Bid
12.72
16.49
Inc
1946
Oberpfals Elec 7s
62
Fund
British Type Invest A
1
Broad St Invest Co Inc..5
National Hungarian & Ind
4s
/28
Cundlnamarca
(A&B)
North German Lloyd 0s '47
1953
Issue of 1934 4s
Nassau Landbank 63*s '38
Nat Bank Panama
(C & D)
Nat Central Savings Bk of
f22%
1934
Chile Govt 08 assented..
/19
/19
13
10
19%
Quotations for Friday, Oct. 15
Bankers Nat Invest Corp •
Basic Industry Shares..10
1940
18
June
21
1944
Sept
17
21
Ceara (Brazil) 8s
..1947
Central German Power
23*
36
Assoc. Stand Oil Shares..2
Callao (Peru) 7%a
Cauca Valley 7%a
Jan
10
80
9%
1%
340
,75
/8
/II
/0
15
230
Merldionale Elec 7s
Caldas (Colombia) 7^s '40
Call (Colombia) 7s... 1947
2%
39
/20
Buenos Aires scrip
/60
Burmelster & Wain 0s. 1940 /no
Municipal Gas & Elec Corp
Recklinghausen 7s.. 1947
Mar
175
Amer Gen Equities Inc 25c
Am Insurance Stock Corp *
Munlc Bk Hessen 7s to '45
Jan
58c
36
22
1945
3.50
Jan
150
/19
Munich 7s to
Mar
20c
36
/19
64
90c
29,000
22
/30
1957
Jan
145
24c
Investing Companies
/22
22
1953
56
1.50
150
1948
63*s
Oct
1.50
»
/51
Water 7s
Jan
Mar
9%
21HC
*
/60
/42
fl8%
Hungarian Bank
-1902
Sept
Feb
2j*
100
Mannheim & Palat 7s. 1941
7 J*8
Feb
8%
34
23c
»
Brown Coal Ind Corp—
British
122
62
Koholyt 6j*s
1943
Apr
52
60
109
27
1.50
...»
1
Coupons—
8
m
1940
»
•No par value
22
50
110
-.100
Stand Paving
Preferred
17
14
Feb
Sept
3c
Waterloo Mfg A
/20
6.65
June
3c
l%c
1st pref
United Fuel pref
Walkerville Brew
/20
/26
Feb
1%C
3c
l%c
Stop & Shop
Temlskaming Mines
Thayers
/90
21
71 %
.
Ask
/75
1939
/20
Brandenburg Elec 6s.. 1953
Brazil funding 5s.
1931-51
Brazil funding scrip
Bremen (Germany) 78.1935
6s
27
change Bank 7s
Bogota (Colombia) 63*8 *47
8s
Bid
Ask
/19
/24
1946
of Colombia 7%. 1947
Antloqula
Jan
6c
2%C
1
Preferred
Jan
12c
Oct
Robb Montbray........ 1
Rogers Majestic
Shawinlgan W & P
Jan
40
34
3%
Feb
69c
Oct
4}*C
4K
Apr
17
4c
1.85
Jan
Mar
108
Sept
.
10
AXc
4%c
"
Feb
18%
Oct
18c
4,000
17
28
"28
*
Oil Selections
l^c
1,500
7,000
17
Sept
8%
83
25
18c
15c
15c
100
260
10%
18c
1%C
Malroblc
20
83
18c
Mandy
Closing bid and asked quotations, Friday, Oct. 15
Feb
50c
Preferred
Foreign Unlisted Dollar Bonds
Jan
31%
33
"45c
*
Kirkland Townslte
Tel. HAnover 2-5422
Aug
12%
7%
1%
29
29
*
i
Mercury Mills pref
St., N. Y.
lc
35
10,522
lc
50c
...100
Inter Metals A
52 William
3,000
17
2^
*
July
10
lc
7%
*
Hudson Bay M & S
BRAUNL
18
16
7%
Humberstone
WALTER E.
Feb
1.60
4c
Honey Dew
Inactive Exchanges
21
1.30
3 2%
Hamilton Bridge
Foreign Stocks, Bonds and Coupons
Feb
17
16
Foothills
f In default.
17
Jan
Apr
1.30
Daihousle Oil
t Company In bankruptcy, receivership or reorganization.
230
Oct
17%
..
Dominion Bridge
Dom Found A Steel
z
Sept
33
4%C
2.50
"50c
b Ex-stock dividend.
r
7%
915
430
Feb
12
Oct
8
Jan
21c
10^
38%
4%
34
7%
32
lc
d Stock split up on a
two-for-one basis.
Stock dividend of 100% paid Sept. 1, 1930.
50
5
Consolidated Press..
two-for-one basis on March 9. 1937.
0
High
10
1% Sept
3%c June
1
Consolidated Paper
Crown Dominion Oil
M. Castle & Co. split Its common stock on
1,000
73*
♦
Coast Copper
Cobalt Contact...
Oct
5c
4%
32
Central Manitoba
Oct
10
5c
Feb
2%
4%
Sept
1%
7%
Low
Shaies
High
2%
2%
Bruck silk
Oct
1.15
65
355
*
Feb
3.75
Sept
3
4.50
3,630
Low
Range Since Jan. 1, 1937
for
Week
of Prices
Price
Brett Trethewey
Aug
14
Par
Beath A
Feb
Oct
75
Sales
Week's Ranoe
Last
Jan
2.70
30c
3%
1%
7%
1%
.5
Warner Brothers
Jan
5%
1.60
65
29%
Exchange—Curb Section
Friday
Jan
100
71%
1%
9%
3
1.30
1.40
100
Utah-Idaho Sugar
1937
16,
15, both inclusive, compiled from official sales lists
Oct.
to
Mar
Oct
600
9
Feb
15%
32 %
28%
53c
3,485
1.35
.
1
US Steel com.
45
14
1.25
1
U S Petroleum
155
Oct
210
14
Superior Port Cem B
z
High
8%
Oct
20% Sept
^24% June
25% June
9%
Oct
1,107
25%
27%
10%
Sterling Oil & Develop... 1
Studebaker..
Low
8%
21%
53c
9%
Stearman-Hammond 1.25
Toronto Stock
Week
8%
20%
25%
25%
9%
25
.25
Standard Brands Inc
Oct.
Sales
Friday
Stocks
Chronicle
x Ex-dlvldend.
y
10c
Ex-Stock dividend.
6 %
37
6
14*
XfciksfiatiBOIL
new
members
WILLIAM
52
Volume
2529
145
Canadian Markets
AND
LISTED
Jan
1 1948
4Kb
Oct
1 1956
Province of
Ask
Bid
57 K
July
4Kb
Oct
12 1949
95 K
1 1953
of
Province
15 1965
118
107
113
115
Par
Stocks (Concluded)
119 K
105 K
Quebec—
1434
95 K
4Kb.
Mar
2 1950
109 K
111
94
4s.._
Feb
1 1958
106 K
108
Imperial Tobacco of Can.5
Preferred
£1
2 1959
92
Dec
Apr
110K 112
Sept
Mar
June
15 1943
80
104 K
5Kb.
4Kb.
Nov
15 1946
77
80
1 1951
76
79
107
108 K
Oct
115 34 116 K
Pacific Ry—
6s
5s
Dec
1 1954
4Kb
Dec
16 1944
99
July
1 1944
112
10134 10134
103 K 104 K
1 1960
July
99 34
11234
4Kb
6a
97
96
4Kb
4Kb
4Kb
11234
11534 11534
July
Oct
1 1969
1 1969
6a
Feb
1 1970
11734
118
1 1946
July
6Kb
112 34
58
2834
*
100
5
5
5
75
June
12 K
81
81
1
84
Sept
98
100
14
14
1634
575
14
Oct
43 K
1234
12K
16
1,425
12 K
Oct
27
Aug
14
14
40
Sept
22
Mar
16 K
Mar
15
Mar
121X 122 K
48
Jan
1 1962
3s
Jan
1 1962
106 K 107
95 K
93 K
6K
2,215
1234
1234
6,584
28
29 34
5,036
28
Sept
22
80
May
2,157
36
Sept
42K
Feb
Feb
534
Sales
Range Since Jan.
for
Sale
88
88
*
Preferred
25
National Steel Car Corp..*
3634
36
3734
36
36
36
25
25
28 K
31
31
32
National Breweries
of Prices
Loto
High
1 1937
Week
Agnew-Sur pass Shoe. .
Alberta Pacific Grain A__*
_
Associated
44
44
7,273
170
185
190
170
Oct
300
Mar
158
158
120
150
Apr
158
July
—
1834
99
Jan
Jan
23
June
1234
Oct
3334
Power Corp of
Canada.
Price Bros & Co pref...
21
21
1
1234
1834
1234
15
18
24
1,900
11,785
53
52
58
1,850
16
15K
17
565
8K
9
290
8
Apr
20
104
Jan
106K
Mar
Jan
103 K
Apr
«
—
*
*
100
„
*
*
100
Power
Quebec
Regent Knitting
-
-
-
834
104K 104K
9834
50
1434
10
Sept
42K
25
25
Sept
30
Apr
13
240
11
Jan
16
Mar
110
50
110
93*
133*
1.25
5,962
1633*
397
15
Oct
1.50
157
23 K
Apr
5.75
Jan
May
1634
Oct
32 K
Oct
5K
Oct
5%
315
45
50
350
Can Forglnga class
100
Preferred
*
Canadian Bronze
100
Preferred
45
4
is"
Canadian Celanese
*
100
*
Preferred 7%
W Rights
*
100
Canadian Pacific Ry
22H
Oct
111
25
Dominion Glass pref
50
100
100
100
1 Of
Montreal
1234
2034
18
20
Oct
29K
034
18K
61K
222
19K
July
9K
July
a 37
37
37
270
35
Sept
26
105
Oct
105
7H
105
10 H
4,980
734
Oct
110
21K
100
Royal
Apr
Jan
Oct
8834
Mar
59 K
4
Oct
4
1,250
2'K
280
Mar
11K
Oct
7
Jan
40
5
47
Sept
60
Mar
20
20
250
20
Oct
35
June
115
40
-
534
40
115
25
115
Oct
115
Oct
8
20
9
Sept
23
Jan
10K
Jan
234
-
8'
2 34
2 34
234
334
1,285
23*
Oct
230
Oet
10
Jan
Oct
43
Jan
82 34
Oct
12K
12K
95
234
12K
60
1234
60
15
55
3
Sept
Oct
June
60
58
120
154
154
154
23
150
Jan
168
168
168
83
168
Sept
211
19634
196 34
198
143
196 K
Oct
241
Feb
314
Jan
340
Mar
176
Sept
226
FH
5734
5734
315
315
318
180
170
180
5734
54
241
ESTABLISHED
16
16
21
1,451
16
Oct
32
161K
Aug
Jan
Canadian Government
i
Municipal
19
21
1,085
19
Oct
31
Mar
108 K 109
19
19
15
110
Oct
126
Mar
80
19
Oct
22
Mar
15
30
10
Sept
30
Jan
107
11
105
Apr
106
Mar
255
18
Sept
33
Feb
65
105
Aug
105
Aug
and
Public Utility
1883
Feb
19
......
11K
107
18
18
.....
20
105
105
Oct
834
Jan
920
434
33*
Oct
73*
5
934
Sept
23 K
Oct
17 K
22K
1003*
Mar
4 34
9
8
854
53
53
8Vs
Montreal Curb Market
Mar
Oct
3K
5,835
9
220
61
4,576
10
834
53
Oct
Mar
Oct
9
to
Oct.
15, both inclusive,
Last
Sale
Par
Stocks—
34
*
Bathurst Pr A Pap class B *
Beauharnols Power Corp.*
Brewers A Distill of Van..*
Brit Amer Ol) Co Ltd..--*
B C Packers Ltd
*
51K
5934
5K
5K
18
330
18
Sept
138
138
140
7
*
7
13
990
76
135
»
1
140
16,490
734
•
78
135
77
...100
40
165*
135
6K
93*
15J*
654
Mar
Sept
Jan
2854
Mar
Sept
18 H
Apr
8554
July
232
73
Jan
28
140
July
145
Feb
Oct
20
Jan
GK
1,265
11
Oct
130
3
Sept
150
10
June
600
11
Oct
31
Apr
7
Oct
14
Aug
15
14
3
3
3
12
12
11
12 %
834
1,916
68K
322
59 K
Oct
7534
Aug
Mar
......
Foundation Co of Can
7
59 X
7
59 K
8K
1634
6,285
8K
Jan
18
GurdCharles...
8
8
8K
605
7K
Jan
Gypsum Lime A Aiabas..
Hamilton Bridge
634
6
734
1,450
6
Oct
7
7
734
430
7
Sept
15K
18K
18K
10
9K
63
10
63
5K
334
5K
6
6
434
20
63K
Jan
90
Mar
Jan
Feb
Mar
Canada Bud
Apr
1134
140
1834
1134
20
1134
1,847
734
33K
260
33
Canada Malting Co
Apr
No par value
1,490
734
im
Breweries—*
Ltd..*
Can Nor P 7% cum pref 100
Canada Vinegars Ltd
*
Canadian Breweris Ltd__*
Canadian Breweries pref- - *
Cndn Marconi Co
-1
Cndn Pow A Pap Inv
*
Can PAP Inv 5% cum pf *
355
734
Apr
24
2,770
3,428
4,600
25
18
for
no
109
17K
17K
1.75
1.75
15
1.50
15
1.50
110
936
High
Low
,
15K
Oct
80
Apr
92
July
334
Sept
Oct
5
Sept
6
Sept
50 K
1834
11
734
22
Mar
10
Jan
200
33
Sept
39
Apr
121
109
Jan
112
Feb
20
Aug
Sept
.Ian
1.60
1,050
1.50
Sept
25
1.50
1.50
1.50
11
Jan
Apr
Sept
1.75
11
9
Sept
Hl4
1.50
934
Apr
Mar
1734
11
12 K
20K
Oct
497
1.85
Apr
Oct
2 54
25
875
18
16
1 1937
Week
Shares
14,485
53
234
Range Since Jan.
4
25
18
13K
Range
of Prices
High
100
6% cum pref
Asbestos Corn Ltd
7
Week's
Low
Co..*
Abltlbl Pow A Paper
Mar
Price
lists
Sales
3
Mar
133*
compiled from official sales
Friday
Mar
23 3*
145
Industrial Bonds
330 Bay St, Toronto
Sparks St, Ottawa
Jan
6,475
9
VA
56
Montreal
Jan
53*
454
255 St. James St.,
58K
69 K
Feb
29
100
61
75
INCORPORATED
Oct
General Steel Wares
Mar
HANSON BROS
Mar
Oct
Preferred
Feb
96K
Jan
Apr
12K
Gatineau
1834
Oct
Jan
Oct
30
English Electric B
Sept
Banks—
1,320
Enamel A Heating Prod..
Preferred
100
100
Preferred
3,015
Paper
Electrolux Corp
1134
60
234
1434
Textile
Preferred
175
781
B
3334
Dryden
12K
64
—
Woods Mfg pref
Apr
1234
434
30
*
Feb
30
60
*
12K
Dom Tar A Chemical
333*
Apr
1234
United Steel Corp
123*
Dominion Steel A Coal B 25
Aug
60
*
25
25
100
Dominion Coal pre
98
Oct
30
Dominion Bridge
Oct
Sept
*
Distill Corp Seagrams
June
Feb
Oct
734
2
*
Con Mln A Smelt new
Mar
12
964
25
Cockshutt Plow
25
16
Commerce
95
620
*
Canadian Locomotive
Oct
20
Jan
55
33*
Canadian Indust Alchol..*
Canadian Ind Alcohol cl B*
20
280
Canadlenne
721
1154
Canadian Cottons pref. 100
Cndn Foreign Invest
50
1,091
Canada
2,587
1054
......
20
3,126
Jan
10 34
?10 34
Canadian Converters ..100
|& "Preferred
73
20
17
Jan
96 A
7 34
95
Canadian Car & Foundry—
25
Oct
Mar
Apr
3
Canadian Car & Foundry.*
Preferred
July
30K
39K
11K
ny8
3934
Feb
12
83*
*
A
Canada Steamship (new).*
5
170
Oct
434
2234
Nova Scotia
si
Canada North Pow Corp. *
Apr
Sept
50
5
110K
Oct
11
17,388
1,512
Dominion
Jan
35
25
16
14
15,705
60
100
Wabasso Cotton
*
Western Groc Ltd pref. 100
Windsor Hotel pref
100
Winnipeg Electric A
*
Apr
Oct
7,600
634
16
1.75
5 34
t
Jan
June
11
18
434
48
Vlau Biscuit pref
163
i 95 k
Apr
Mar
14
20
Jan
20
33 'A
*
mmm
9934
15
9834 100
16
7
1.25
100
2534
50
Oct
5 34
Canada Cement pref
79
20
1.75
16 34
Canada Cement
Feb
48 K
Oct
pref 100
85
32 K
Building Products A
Oct
Oct
1SK
Shawlnigan W & Pow
*
Sherwln Williams of Can. *
St Lawrence Paper
Vlau Biscuit
*
Mills
18
52
48
Jan
Brazilian Tr Lt A Power..*
Silk
434
St Lawrence Flour Mills..*
Sept
83
British Col Power Corp A.*
Bruck
Jan
Oct
Feb
12
11
ilex
i 3734
k534
» & 5
* 145
4834
10
83
AH
B
Feb
20
Jan
Bathurst Pow & Paper A_*
100
83
95
Sept
110
Telephone
Feb
Oct
K
6
8K
110
Bell
Jan
64
25
1
..^..100
Bawlf Northern Grain.
67K
Sept
10
75
Breweries—
Preferred
43 3$
Sept
30
103
10
9K
"12"
*
Oct
25
10
Steel Co of Canada
High
Low
Shares
12
9K
50
36
225
170
*
Southern Canada Power.. *
25
100
Preferred
Amal Elec Corp pref
Associated Breweries
114
1,230
103
84
1.75
1.75
Feb
100
Power...100
Ottawa Traction
100
10
10
Jan
36K
Ontario Steel Products...*
84
6K % Pref-100
Apr
44
*
100
Preferred.....
Acme Glove
5K
90
A preferred
compiled from official sales lists
Week's Range
Price
Jan
1234
*
.
*
*
Montreal Tramways... 100
Rolland Paper pref
Last
Par
Oct
5K
8K
Jan
«•
Friday
Stocks—
14
Mar
28
-
Price Bros & Co Ltd
Grand Trunk Pacific Ry—
15, both inclusive,
Oct.
18,955
McColl-Frontenac Oil
Saguenay Power pref. .100
St Lawrence Corp
*
9 to
Jan
*
Power
Ottawa L H &
Montreal Stock Exchange
Oct
434
Jan
3,738
Preferred
Canadian Northern Ry—
6s
Mar
32
Ogilvie Flour Mills
As t
Bid
Ask
11234 113
11234 11234
11534 11534
11734 11734
39 H
Jan
29
Noranda Mines
Guaranteed Bonds
Dominion Government
.Sept
1 1951
June 15 1955
Feb
1 1956
July
1 1957
Oct
Mar
48 K
Niagara Wire new
1 1946
Sept
4Kb
4Ka
Oct
2834
365
Mtl L H A P Consol
87 1
8634
debentures.
106 34
Sept 15 1942 /106
4s perpetual
Canadian National Ry—
K
Oct
Feb
7
29
Massey-Harris
Ask
Bid
Canadian
Bid
44
1334
10
44 34
Lake Sulphite
Ask
Ry—
Oct
17
2,428
734
2634
Lang & Sons (John A)...*
Pacific
Mar
2634
6,780
1334
734
4534
International
Railway Bonds
Canadian
July
245*
15K
7K
38K
7334
Od
1934
1334
-
Apr
3434
106
Internat- Pet Co Ltd
82
Bid
Sept
Lake of the Woods
5s...
103 34
1 1960
*.
Oct
14K
Jan
15K
May
99
International Power pf
107
15 1952
6s
253
2634
Intl Nickel of Canada
105
Province of Nova Scotia—
4Kb
'
-
4,455
*
Industrial Acceptance
Prov of Saskatchewan—
15 1960
151961
Apr
1 1961
May
4Kb-
94
«* —
1,362
18
17
1734
13K
Imperial Oil Ltd
92
1034
12
1434
100
100
Preferred
High
Low
Shares
100
11
11
*
Smith Paper
Howard
1 1937
Week
High
Low
6
Holllnger Gold Mines
94
Prov of New Brunswick—
4Kb
4Kb..
Jan
116K 117 K
1962
1
of Prices
Price
Range Since Jan.
for
Week's Range
Sale
1 1941
June
5s
June
4K8-
97
May
4s...
Last
15 1954
Aug
5s
15 1943
1 1959
Sept
5s...
99 K 100 K
Province of Manitoba—
4Kb
110K HIK
6s...
Prov of British Columbia—
Sales
Friday
Ask
Bid
Ontario—
5s...
56 K
/56
/ 55
Montreal Stock Exchange
15
Quotations for Friday, Oct.
Alberta—
UNLISTED
Municipal Issues
Provincial and
5s__.
TORONTO
OFFICES
CONNECT
PRIVATE WIRES
BONDS
BUILDING
BANK
ROYAL
YORK
NEW
MONTREAL
6a.
STREET
BUILDING
ALDRED
Province of
Cable Address Hartwal
1-395
INDUSTRIAL STOCKS AND
UTILITY AND
CANADIAN
IN
SPECIALIZING
association
security dealers
york
Bell System Teletype NY
Telephone HAnover 2-0980
30
5
17
4.00
Jan
Jan
23 Va
Aug
334
Jan
Sept
7.75
Jan
Aug
27K
Jan
2530
Financial
Chronicle
Oct.
16, 1937
E
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Sales
Friday
Last
Stock* (Conclude )
Par
Can Vtcker* Ltd
Week's Range
for
Sale
of Prices
Price
Low
•
4H
CndnVlckers7% cro<pf 100
Canadian Wineries Ltd
*
"jLOO
City Gas A Elec Corp
70c
1.70
50
16
Jan
Members Toronto Stock Exchange
65
Jan
Canadian Commodity Exchange, Inc.
New York Curb (Associate)
July
3%
2.60
70c May
20c Sept
Jan
Mar
25c
25c
25c
1,000
1.25
1.55
2,330
1.25
Oct
4.00
Jan
7%
7%
10
36,640
7%
24%
50
20
Oct
Sept
Apr
Apr
Apr
50
~~7
7
7H
6H
6
m
8x
4,417
2,155
7
7
4
4%
pf.100
~~4
Falrchlld Aircraft Ltd
6
Ford Motor Co of Can A.. •
Fraser Cos Ltd
•
Voting trust ctfs
51
5,150
7
6%
Paper A.....*
cum
Sept
20
260
80c
73
6%
Sept
12%
6%
Oct
Sept
19 %
Apr
7
19
Apr
6
Sept
33
Jan
3%
Sept
13
Jan
16%
Oct
Oct
29 %
60
Feb
17
50
1,135
1,225
10%
18%
17
17
21
17
17
17
Oct
60
5
78
Sept
92
3%
105
95c
1,900
"~75c
Lake St JohnP&P
Loblaw Groceterias Ltd A *
MacLaren Pow A Paper.
70c
40
_
40
16
798
200
48
23
22%
Oct
70c
Week's Range
for
Sale
20
15
19H
43
24
May
1,606
220
15
of Prices
Low
High
Week
90
92%
72
2.00
281
1.50 June
6H
5%
427
11%
1,090
9
1.00
1.00
9
4
1.00
58
Bagamac Mines
1
Bank of Montreal..... 100
Bankfieid Con*.
Mar
198
Oct
63c
Base Metals Mln
«
16c
7,500
15c
Oct
650
Bathurst Power A....... *
11%
11%
13H
1,165
11%
Oct
24%
5H
10
5%
Oct
10
1.05
5%
1.00
1.15
5,700
14
17 %
130
14
103 % 103 H
5
99
1.50 June
Beartie Gold
Apr
Beatty Bros A.......
19
19
50
1.15
Apr
Oct
14
*
2d preferred........100
BeeuharitolH
Bel Tel Co of Canada
Jan
3%
51%
Jan
Jan
25
BIdgood K'rkland... ....1
Big Missouri
48c
47c
54c
40c
40c
43c
20
BUtmore Hats..
9
9
9H
70
4%
4H
50
13c
11,200
1,005
20,370
"~5%
...
163
...
Feb
.....
•
60c
60c
73c
11,275
60c
Oct
Bobjo Mines
Feb
lHc
l^C
l^c
10,000
Bralorne Mines..
*
l%c
Oct
4%C
Jan
20c
Brazilian
20c
20c
9,800
19c
Sept
65c
Feb
*
47c
47C
47c
400
44c
Sept
79c
Big Missouri Mines Corp. I
Bouscadiiiao Gold Mines.)
Aug
40c
39c
43c
May
14c
17c
3c
3c
1,800
11,100
2,000
41c
14c
22 H
22 H
320
1.05
1.02
1.10
13c
12c
17c
2,550
16,400
38c
23,600
28c
4,050
11c
]
1.90
1
B Idgood- Kir kland
Brownlee Mines (103B)
l
Bulolo Gold Dredging
6
CaD Malar tic Gd M Ltd.*
Carrier-M aiartlc O M Ltd 1
Central Cadillac G M Ltd.l
Consol ( hlbougamau....!
Dome Mines Ltd
..*
Duparquet Mining Co...*
East M aiartlc
»
•
27c
25c
42
mmmm
5%C
Falconbrtdge Nick M Ltd.
»
Francoeur Gold M Ltd...l
"ll85
......
J-M Consolidated
Gold.._l
Lake Shore Mines
1
22c
.....
Iamaque Contact G M..*
Lebel Oro Mines Ltd
Lee Gold
MacasHa Mines
.....l
1
M..6
Mining Corp of Canada..*
Moffatt-HaU Mines
1
Newbec Mines Ltd......*
O Brien
Gold Mines Ltdlll
Pandora Cad
Parkhlll Gd M Ltd new.,1
Pato Gold
...
.
Perron Gold Mines
Ltd... 1
Pickle Crow Gold
1
Pioneer Gold of B C
]
June
4.60
Feb
Jan
65c
Mar
2 70
Feb
50%
Jan
Sept
15c
Jan
Sept
3.60
Apr
5.90
945
5.50
Sept
12.75
Feb
39c
39c
4,800
390
Oct
1.68
Feb
20 H
22c
4.60
680
♦
47 %
4c
7c
6,200
4,700
13c
47%
2c
5,000
22 H
25c
1,000
2Hc
5.00
350
6,500
1,800
Oct
60c
Feb
Oct
41%
Feb
20C June
57c
Feb
20%
46%
Sept
4c May
12C June
2c
Oct
4.10
Sept
1.12
1.12
500
37 H
2.34
37%
515
33%
June
1.05 June
Jan
69
27 %c
30c
Jan
Jan
7%c
Jan
8.60
Jan
1.56
Jan
2.34
150
2.32
Sept
2c
2c
2c
2,000
2c
July
3Hc
3%c
1,500
3%C
Aug
lie
Feb
3.70
3.70
4.00
5,770
360
Sept
Jan
33c
33c
35c
4,450
30c
Sept
13%
1.10
11c
Oct
42c
Feb
1.90 June
3.80
12c
2,500
2.00
2.20
1.77
2.45
2,350
3,700
75c
.....
75c
6.00
82c
5.10
3,050
425
1.79
Oct
70o
June
4.30
Sept
Feb
8c*
Jan
Mar
6.50
Feb
2.61
Jan
9.10
Reward
Ritchie Gold Mines
Ltdlll
Ban Antonio Gold
Mines. 1
35c
35c
500
30c
2.95
3.35
Sept
6.85
Feb
23c
25c
1,500
1,500
2.65
20c
Sept
2.00
Feb
6c
8c
6c
Sept
32c
Feb
3%c
3c
3Hc
2%c Sept
16c
Feb
....
1.45
1.45
100
Oct
Sept
6.75
17
85c
Oct
1.45
Oct
May
Feb
2.38
Jan
35c
30c
37c
6.500
30c
Oct
1.13
Feb
1.20
1.20
1.60
13,275
1 20
Oct
4.00
Feb
2.90
2.90
3.25
7,660
2.75
Sept
6.65
Jan
i
96c
93c
96c
8,600
76 He
June
2.50
Jan
143,260
1.07
11,799
52c
Oct
2.90
Mar
84c
Sept
2 25
Jan
2.59 June
4.70
Feb
j
Stadaoona-Rouyn
Buillvan Cons Mines
Sylvanlte Gold
"*
Ltdll
63c
62c
62c
1.00
1.00
___i
2.85
2.85
2.95
300
1
4.70
4.70
4.70
150
Teck Hughes Gold.
Thompson Cad
Towagraac Exploration
Ventures Ltd....
\
...
.*
26c
25c
34c
17,750
1
60c
60c
60c
100
5.40
5.75
400
25c
29c
6.50
6.50
14,650
1,000
♦
Cad
25c
Wright Hargreaves M Ltd •
4.60 June
25o
Oct
1.00 May
5.40
Oct
24c
Sept
5.95 June
6.10
2
Feb
16
Jan
1.95
Feb
8.40
Aug
73 %c
Apr
8.10
Jan
Oil-
Calgary A Edmonton.
*
Calraont Oil Ltd
.1
DaJhousie Oil Co
"•
Foundation Petroleum.".!.
Home OU Co
Homestead Oil
1.56
1.56
1.95
35c
50c
.....
2,900
1.50
Sept
6.40
Feb
12 %c
15
to
Oct.
8
10H
95 %
95
95 H
Canadian Packers...
*
75
75
76
Canada Permanent
Can Steamship (new)
Preferred new
Can Wire A Cable B
100
146
145
146
8
3
•
10 %
165~"
165
175
165
15 %
Canadian Canners
5
Canadian Canners 1st pf .20
18
Cariboo Gold
Castle Trethewey
1.02
Preferred
A
Aidermac Copper
Alexandria Gold
10H
Mar
Jan
Feb
21
270
Oct
21 %
32
35
37
Oct
47
1.02
17H
18H
65
5%
4%
1.09
35
7,288
6,707
8*4
Jan
7H
Jan
85c June
2 30
Feb
4
1.50
850
1.41
July
1.75
70c
70c
•2.10
Sept
Sept
Jan
2.30
3,000
12,715
1.66
2.01
6.26
Feb
7%c
7%c
10c
8,700
7He
Oct
43c
Jan
55c
60c
'""42c
2,400
50c
Sept
1.44
Jan
39c
51c
16,520
Oct
147
Jan
21c
"~8%
1.75
1.15
17
27c
1
8%
1.75
1.10
16%
25c
21c
70c
39
500
18 He
Sept
224
8H
Oct
22 %
1.75
100
1.75
Oct
3.50
1.22
2,800
1 00
May
2.14
Jan
680
16 H
Sept
23
Feb
21c
Sept
2.68
Feb
52 H
192H
18
29c
95c
60%
194
194
195 H
246
20
20
21 H
50
20
Oct
105
27 H
100
105
60
100
Aug
105 H
Oct
2.95
52 H
Dark water
Dlst Seagrams
Dome Mines
•
13c
30
12%
12%
16
39%
"is""
13%
7
3,287
7,422
37
205
Mar
12 H
Jai
865
6%
340
6H
Sept
Sept
32c
Oct
13c
4,300
10c
Apr
85c
83c
5%
30
90c
5H
30
14
12,150
65c
June
10
4
Sept
30
Oct
1.80
1.80
5%
5%
100
"5ll5
5.00
6.00
6,515
•
19%
19%
21 %
2,839
8c
10 He
20,700
1
8c
17
17
2.10
Oct
20
*
•
26%
12H
17,365
13,300
25
......
Jan
Mar
39c
*
Ford A.
51
13H
125
19,516
18%
4,444
1.75
5
Mar
24
13H
16
28 H
250
17H
10c
Jan
Aug
Oct
70
14
Feb
40
Sept
9
18
7H
10c
Feb
June
209
18
8
14
Federal-Kirkland
Oct
7
*
.
Sept
7
*
....
12H
Mar
Mar
32c
99c
Equitable Life Insur
Falconbrldge
23
100 %
211
32c
•
Fanny Farmer
43 %
13c
Jan
Oct
7%
1
Mines
39
57,200
10,000
Feb
Mar
Oct
205
*
..1
50c
25
•
Easy Washing
13c
105
25
Dominion Bank
..100
Dominion Coal pref
26
Dom Steel Coa IB......26
Dom Stores.
52%
Jan
10
8,900
5,188
Mines......
i
Da vies Petroleum
,.*
Jan
Mar
Mar
2.01
*
6
May
Oct
Oct
"~70c
...5
...._.*
Jan
4%
17H
1.50
Jan
4
115
18H
Sept
18
1.22
45c
24
2.05
9%
39
6 65
JaD
Mar
Apr
Feb
Feb
Feb
Jan
Jan
Feb
Apt
Apr
8
5 00
Oct
12 90
May
19
Apr
25 H
July
6Hc Sept
:
17
54c
Aue
Jan
Oct
29%
Jan
Foundation Pete
Low
18c
18c
21c
6,900
18c
Sept
1.25
Feb
Franpnetir
High
•
•
39c
37c
50c
12,100
37c
8ept
1.58
Feb
...
Frost Steel
2%
Oct
15H
Apr
Oct
24
80
Apr
10c
Sept
20c
10Hc
Jan
Preferred
*
.
Preferred
100
2%c
4,000
2c
Sept
25c
32c
4,100
22 He
Sept
57c
Jan
2
2
Oct
6%
Jan
General steel Wares..... •
Gillies Lake Gold
1
Gienora
1
Sept
43H
Jan
God's Lake Mines....... •
Goldale Mines
1
Oct
95c
Feb
10%
10%
65
20c
36c
19,705
20c
9
...
»
68c
58c
78c
29,175
58r
Oct
1.89
l%c
1 %c
l%c
8,000
1H
Sept
4%
Jan
Gold
Belt
Feb
l
*
No par value.
50c
10H
11
109 % 109 H
8
8H
*
2
Jan
11
100
Gatlneau Power
32c
10 %
20c
Oct
5
145
Oct
2
l
959
9
Oct
*
100
5H
18H
JaD
l
P. Consol OUs
Aug
1H
*
125
Jan
23 H
8
Dorval siscoe
East Crest OU.
2%c
3%
Jan
11
•
Jan
Oct
14H
65
i
Preferred
Mar
2%c
210
1.05
175
*
59%
1
Sept
715
17 H
1,175
Consumers Gas--.....100
30c
Mines Ltd...
AJax OU & Oaa
165
Aug
5,716
Cosmos
955
Alberta Pacific Grain
Alberta Pacific Grain—
110
185
Apr
Apr
34
8%
Dominion Tar
4,900
170
July
July
7
18
3
Oct
10c 10 He
19
12%
]
East Malartic..
10c
15
160
3
Eastern Steel
Afton
July
July
Feb
8
Feb
3,525
1,330
2
9
A pr
Aug
98
12
Mar
4
33%
140
202
110H
3
21c
2%
24
Sept
Sept
8
1.70
24
75
12
.
Conlaurum Mines
Cons Bakeries
Jan
3
150
Jan
Feb
*
Cons Chibougamau
Cons Smelters
Feb
24
Oct
*
Conlagas Mines
85c
*
Oct
95
Oct
4%
Commonwealth Petroleum*
CockHhutt Flow.......
•
4.10
*
8
76
Mar
1
8
4
...»
Chromium Mining
Oct
100
900
75
10 %
59 H
23
3311
4
Central Patricia
1
Central Porcupine ......1
Chemical Research......1
40c May
Abltlbi
Sept
Feb
26
100
6% preferred
Acme Gas A OU
Sept
Sep
47
Jan
6 65
10%
4%
3.60
Shares
34c
4H
45
Jan
12 %
"35"
Oct
High
44 %
Feb
Aug
20 H
•
Apr
Low
8c
23c
19
Oct
*
Wineries
17,475
Price
Oct
Oct
*
32c
Par
Sept
3c
8
8
Aug
of Prices
Sept
14 H
660,
8%
Canad Car A Foundry.. *
Preferred
25
1.25
Stocks—
5
17%
7%
73c
Range Since Jan. 1 1937
15%
7%
21c
for
Week
10c
245
200
18%
2nd preferred
48c
Sales
Mar
Mar
7,600
374
25
Preferred
Eldorado
3H
25
*
100
Week's Range
2%
10%
Feb
6%c
100
48
Mar
74%
4,700
4%
48
12 50
Mar
Oct
45
4%
Canada Bread..........*
Canada Bread B
50
Canada ('errent
Canada Cement pref...100
99c
Sale
3c
26 H
2c June
60
12Hc 13Hc
15
15H
Apr
Sept
32c
Last
8.25
1.45
200
Friday
2Hc
48
1,818
3,500
15,425
11,850
Exchange
2c
45
10 He
38c
51c
15, both inclusive, compiled from official sales lists
10c
1.95
35c
Toronto Stock
9
June
35c
Economic Invest Trust. .25
Oct.
65
1.55
21c
Sept
Jan
Sept
37c
R
Jan
Feb
Mar
33
1.60
21c
34
29c
e.oo
30%
9H
5,500
1
F
Jan
38
Oct
»
Canadian Maiartlc
Canadian OU
Feb
Feb
6H
39
Oct
Calmont OUs
B
72c
16 H
Sept
5H
18%
Calgary A Edm
Canadian Dredge.....
Canadian Ind Alcohol A.
Jan
33
Oct
Can Bank of Commeros 100
Canadian Breweries
•
Feb
1.70
255
3c
48 He
30
Jat
30 H
32c
30 %
125
May
190
1 00
»
6.40
10
33%
Ltd" 1
Royalite OU Co.....
July
Sept
Jan
176
3H May
10 He
Oct
30%
_»
& Gas
38c
9
30 H
C
3.00
3.40
13
Apr
38c June
2b
Canadian
100
1,020
8,600
4,000
*
154
Jan
9%
4,920
12 He
Burt (F N)
Feb
3.40
13%
....
!_""
l
Ltd.Ill
...
Bunker Hill
Burlington Steel...
7.75
20
607
Feb
M»r
1
7%
20%
33%
2c
45
...»
Burry Biscuit
Feb
3.40
13
6Hc
1
Buffalo-Canadian
Feb
11c
2.00
4.80
5%
18%
10c
i
Building Products
Apr
42
7.30
10%.
4H
76
21 H
105 H
35
*35
.....
3Hc
....
*
Mar
2.03
6c
6.70
2c
....
Feb
2.28
47 He
71c June
1.75
4c
Corpi
Read-Authler Mine
Red Crest.....
Wood
22c
220
39
20,125
13c
.....
Sept
Sept
Sept
25c
Development
Quebec Gold Mining
Slscoe Gold Mines
Bladen Mai
12c
30
13
Placer
Shawkey
Sherrltt-Gordon
90c June
2.10
1.80
...
Pend-Orellle
22%
1.85
4c
...l
Mclntyre-Porcuplne
Buffalo- A nkerite
6,200
13c
1
Mackenzie Red Lake
Brown OU
10%c
1,825
Sept
Sept
Sept
Sept
Feb
Apr
Aug
33
18%
....
Jan
Oct
6H
162% 165 H
5%
5
Oh
Feb
4,400
7c
A
Brit Columbia Power A__*
13c
6c
7c
Brewers A Distillers
B
'
1.15
85c
7c
....
,
Oct
6c
39c
Graham-Bousquet
Gold Ml
Hudson Bay Mln A Hmolt *
198
42
Feb
7.30
17
3c June
85c
1
Eldorado Gold M Ltd
27c
.........
140
72C
5%
Ribbon...........
__.j
Gold
98c
26,338
3,200
July
Blue
Aldermac Copper Corp
15c 18 He
B
Mines—
Beaufort
Jan
Aug
Mar
July
Oct
85
273
5
Sept
I
340
165
1.50
Sept
Apr
Feb
Sept
Jan
34%
18%
53c
8,232
jan
49c
245
May
Sept
450
Oct
235
106
4,395
70c
16HC J tint
195
31
Feb
60
305
1,600
1.60
63c
3,900
Feb
25c
Oct
June
16
104
37
21c
200
57
66
104
1.50
20c
195
5c
34
Jan
Jan
34%
19,800
58
320
Mar
1.50
6c
5c
58
240
20
35
Feb
16
1
318
110
65c
1 42
Oct
235
30
1.50 June
16H June
Sept
318
Mar
5
28o
22c
235
Sept
18
8,425
4,700
100
15
18
Feb
34c
27c
..100
87%
4%
8 75
28c
20c
.....
25
50
Oct
Bank of Nova Scotia
265
700
1.50
4.00
Bank of Toronto
16
90c
Oct
350
Feb
90
4%
1.00
1.00
Feb
16
4H
Sept
Sept
4.45
9%
88
90c
High
26c
Sept
9.00
Sept
16
90c
Low
14C
22c
60
88
5
1.00
"""5c
Bank of Canada....
Paton MfgCo
*
Price Bros 4% conv debs.*
Quebec Tel A Pow A
Alexandria Gold Mines
Range Since Jan. 1 1937
Shares
1,100
3,129
30c
Astoria- Rouyn
Page-Hereey Tubes Ltd..*
United Distillers of Can..*
United Securities Ltd.. 100
4.00
1.00
)
.
5%
18c
4.00
»
....
Arntfle'd Gold
Mar
89H June
2.00
16c
Argosy Gold Mines.....
Jan
Sept
16c
...1
Anglo-Can Hold Dev
Feb
25%
37%
Price
Par
Mines
Aug
July
87
Oct
40%
5H
10
Amm Gold
Jan
3%
Sept
23
Stocks (Continued)
Oct
11
Oct
40
2.00
WaikervlUe Brewery Ltd *
Walker-Good A Worts (H)*
Walker-G A W 91 cum pf.*
Sales
Last
Apr
22%
Sept
90
Melchers Distilleries Ltd.*
Melchers Distilleries pref. *
Mitchell (Robt) Co Ltd..*
Montreal Island Power
*
WA. 3401-8
Exchange
Friday
Anglo Huronlan
3
242
42
Maasey Harr 6% cu pf 100
MeOoll-F Oil 6% cm pf 100
Toronto Stock
July
3%
West, Toronto.
Apr
80%
22%
21H
80%
22%
16,740
soH
22%
*
Intl Paints (Can) A......*
Internal! U rill ties Corp B.
15 King Street
Jan
16%
Goodyr T A R of Can Ltd. *
Halifax Fire Insurance.. 10
Co.
&
STOCK BROKERS
Sept
4%
115
3.00
High
1.25
Don
Paper B
E Koote P 7%
Low
640
23
70c
Range Since Jan. 1, 1937
Shares
5
4%
3.00
*
Claude Neon Gen Adv..
Commercial Alcohols Ltd. *
Consolidated Paper Ltd..*
Donnacona
High
20
Dom Engineering Works.*
Dominion Stores Ltd
*
Duncanson, White
Week
61
61
65
381
6
July
100
100
Sept
122
8
Oct
14
11
109 H
Oct
Oct
Aug
46
61
Oct
75H
9%
9%
10 %
435
8
Jan
18 H
Apr
16c
12c
21c
40,300
12c
Oct
65c
May
4%c
4%c
4Hc
4,700
3 Ho
July
30c
Jan
46c
45c
52c
21,200
40c
June
1.02
Jan
18c
18c 18 He
27c
27c
5,100
5.200
16
12c
Sept
Mar
49
Aug
Jan
39c May
Volume
Financial
145
2531
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
F. O'HEARN & CO.
STOCKS
11 KING ST. W.
Stocks (Concluded!
Cobalt
Montreal
Noranda
Sudbury
Hamilton
Kirkland Lake
Montreal Curb Market
Sarnla
North Bay
Bourlamaque
Canadian Commodity Exchange (Inc.)
Chicago Board of Trade
12c
4,600
10c
Oct
460
41c
48c
45,659
38o
Sept
1.38
Jan
1
79c
79c
81c
70c June
2.50
Jan
lc
lc
7,700
1,500
lc
Oct
3Ho
Jan
Apr
Sept
26 H
4 25
9.20
Feb
3.20
Sept
6.85
Feb
Gold
...1
5.10
3.30
3.60
10,705
4,515
30,350
1
1.17
1.12
1.33
12H
12H
15
...1
~2~05
Royalties..
Pressed Metals
Preston
of Prices
High
h
....
15c
2.00
2.10
Price
Par
Low
1
.
Preferred
28c
33c
8c
8c
11c
80
60
Goodyear Tire
28c
.1
•
Gold Eagle
Goodfish Mining
53
82
79
1
1
*
4Hc
36c
1,200
31c
Oct
85o
3.25
6,985
2.70
Sept
0 85
Feb
25c
2,300
20c
Sept
1.95
Feb
17o
Oct
1.78
Feb
Great Lakes Paper
Preferred
Gunnar Gold
17c
25c
76c
79c
1
9c
12c
10,200
Sept
Apr
Roche Long Lac..
July
22c
Apr
78
Sept
97 H
Aug
Royal Bank
RoyallteOIL.
100
100
33
33
100
"99 H
99H
99 X
Jan
Saguenay Power pref
63o
Feb
St Anthony
13c
7,366
lOo
Oct
Sept
14c
18c
67c
Feb
5,000
4 He
Oct
18c
Jan
5X
12
15H
760
Oct
26*4
39H
774
31
Oct
53H
20
20
20
Oct
25
.
Sheep Creek.....
30
60
Mar
99 X
1,100
July
103
June
32c
12o June
Jan
5
6
190
5
Oct
14H
Apr
18
100
17
Oct
36 H
Aug
Apr
~1~40
1.37
1.45
9,080
1.25
2.40
Jan
34c
30c
38c
Oct
1.10
Feb
880
92c
10,550
1,600
30c
88c
60c
Apr
1.00
Oct
1.25
1.25
1.61
Feb
57,447
1.25
Oct
3.95
IX
2
25
1.50
1.85
Oct
pref..*
4
4
295
3H
Sept
Aug
4H
Aug
....*
6
7
150
6
"7 He
7 He
8c
2,500
7c
Sept
18c
Feb
Sherrltt Gordon
1
65c
65C
70c
17,500
65c
June
1 26
Jan
Stlverwoods
*
6H
7H
1,760
6
Oct
1RH
Apr
Sllverwood
33 H
75
30
Jan
Apr
Simpsons B
6
227
1
Shawkey Gold
•
..
Jan
Feb
Mar
Sept
Sept
60c
San Antonio
1
Gy Dsutn Lime A Alab
Jan
1
Apr
1
.
176
Jan
17
50
A
Aug
Sept
48 Ho
18,300
St Lawrence Corp
6c
1.35
9o June
14
15c
*
Get
60
1.47
72c June
32
180
J
52 H
12
178
178
*
61
10,400
31
31
55c June
49,350
6,850
9c
7 Ho
20
12
*
........
.
Great West pref
Grull Wlksne Mln
18c
10c
,
Jan
Feb
36
36c
76c
27
67
Oct
Feb
2.90
1
4Hc
10Hc
Grandoro Mines
569
4.50
26
23,005
*
7c
54
6c
Sipt
23c
1
...
6c
53
Graham Bousquet
Granada Mines
10,700
26,110
68
July
3.20
1
Read Authler
81c
Red Lake G Shore.
Cigh
Low
Shares
33 H
29c
65c
Reno Gold
Stocks (Continued)
Feb
Oct
"~65c
Red Crest Gold
\Weel
90
2.20
Oct
1.90
1,300
3,990
30
26
*
75c June
Jan
12 H
15c
535
15c
1
Dome
Quebec Mining....
Range Since Jan. 1 1937
21
80
4.70
3.30
♦
25c
Corp
Premier
Sales
22
4.70
1
Pioneer Gold-...
Exchange
21H
*
..1
Pickle Crow
Power
for
Jan
10c
Prairie
Week's Range
Apr
10c
42c
Powell Rouyn
Sale
410
1
Photo Engravers
Timmina
Last
High
Oct
6c
....1
Pet Cobalt Mines
Owen Sound
Friday
Low
11,200
Perron
Winnipeg Grain Exchange
Toronto Stock
7Ho
Range Since Jan. 1 1937
for
Week
Shares
Paymaster Cons....
The Toronto Stock Exchange
Ottawa
6c
1
Paulo re Gold
MEMBERS
Toronto
of Prices
Low
High
Price
Par
Partanen-Malartlo
OFFICES
Week's Range
Sale
TORONTO
WAverley 7881
Sales
Last
GRAIN
BONDS
Exchange
Friday
Dairies
Oct
Jan
17
225
3H
Sept
40 H
7
Jan
Slscoe Gold
.......I
2.90
2.90
3.25
10,284
2.75
Sept
6.66
Hard Rock
1
90c
1.06
26,110
80c
Sept
3.44
Jan
Bladen Malartlo
1
94c
93c
1.00
June
2.49
Jan
•
11c
13c
9,800
1 lc
Oct
33c
Feb
Slave Lake
1
29o
32c
18,700
3,600
76c
Harker
27c
Sept
2 50
Feb
Oct
90c
Mar
5c
5c
1,000
5c
Oct
19c
Aug
Oct
22H
Jan
Stadacona
2 85
Apr
Oct
16HC
Jan
Standard Chemical——*
Apr
Jan
Jan
Steel of Canada
Hamilton
33 H
Cottons pref. .30
Harding Carpets
"~zx
*
13c
10c
*
High wood Sarcee
4
3H
8,000
135
Hinde & Dauch
*
17
15
17
Holhnger Cons..
6
11H
11H
12 H
2,710
1.00
1.00
1.22
13,160
Home OH Co
...
Homestead Oil
1
30c
33 He
8,225
Howey Gold..
1
25c
32c
26,450
Hunts A
*
100
100
87c
72c
Jan
Sept
11H
55
11
20
12
.*
—b
Imperial Oil.
Imperial Tobacco—
19
Mar
18
Mar
95
June
70
70
48
70
Sept
Oct
10
61
10
Oct
207
207
10
201
Sept
13,591
17
Oct
Intl Mining
17
17X
13H
international
N lckel
*
International
Pete
*
28 X
28 %
internal
53c
51c
"62"
10 H
61
10 X
65
60 X
65
Oct
15H Mar
240
May
24
X
15H
Mar
Mar
Sudbury
*
2.75
1
Basin
Oct
Oct
Oct
2 75
15c
12c
86c
Sept
3.25
Jan
2.67
Sept
4.80
Feb
15
Sept
16 X
Jan
Feb
12c
95c
Sylvanite Gold
Mar
60 X
13 Ho
12c
1.00
1.07
5,400
6,700
2.70
2.95
7,435
Sullivan Cons
Feb
88
60
10,700
3,900
2.70
Sudbury Contact
im
96
15 Ho
Oct
Oct
6.90
Feb
Oct
40Hc
Tamblyns
*
15
15
1SX
325
Tasbota
1
3Hc
3Hc
4XC
8,800
3Hc
Sept
28H0
4.70
4.70
5.00
8,375
9,975
4.55
June
6.00
25
Sept
Teck Hughes
1.37
1.25
I
2 35
Jan
Jan
Jan
Oct
19H
Jan
Oct
Oct
73H
Feb
39 H
Mar
9
Oct
21H
Mar
4.65
Jan
70c
Oct
3 15
Feb
Toronto Elevators.
21H
21
22
180
20
Sept
46
Apr
15c June
1.62
Mar
Toronto General TrustslOO
85
85
85
10
85
Oct
110
Feb
Towagmac
8
42,896
44 H
9,073
28 X
..*
Texas Canadian...
Tip Top Tailors
..._*
Tip Top Tailors pref...100
1
Toburn Gold.
1.26
13
30
10
Feb
16
Aug
108
"ios
13
108
5
104
Mar
110
Apr
Sept
1.80
800
2.35
2.15
2.15
1.05
785
54c
2,200
1
30c
35c
38,769
25c June
63o
Mar
60c
50c
63c
6,600
50c
Oct
2.00
1.05 177,703
70c June
2.15
Feb
Tread well - Yukon
32c
32c
32c
600
32c
Oct
2.60
Feb
June
69c
Feb
Uchl Gold
60C
62c
60c
50c June
1.10
Aug
Union Gas
85c
Consolidated.
21c 27He
1
*
Kelvlnator
11,000
19c
12
14
30
12
Oct
39
Feb
106
106
5
106
Sept
108
Mar
12
100
Kel vlnator pref
Exploration._*
...1
........—*
4X
5.00
5.00
5.90
*
1.40
1.30
1.88
30,850
1.30
Oct
4.65
Feb
34 X
34M
37 X
19
Oct
52 H
20
July
17 X
34H
17H
Oct
17 X
7,850
1,148
United Oils
1.97
45,823
1 70
Oct
1.05
76c
Oct
2.65
1.15
1.29
6,475
50,700
Apr
Feb
United Steel...
76c
1
90c
l-ei-
1.70
Apr
Walte Amulet..
_.l
30c
40c
2,700
30c
Oct
1.10
Feb
Walkers
1
46 H
15
49 X
3,798
46
Sept
59 X
Jan
Preferred
16H
175
15
Aug
4Hc
8,200
55c
7,400
Lake Shore
Lake Sulphite
*
1
...
Laiuaque Contact
La pa Cadillac
47c
1
*
Laura Secord..
85
60
60
60
90c
l
85c
Lebsl Oro
1
12c
15c
Lee Gold
1
2c
2Hc
Gold
-
8,750
23,058
8,500
Oct
4c
May
47o
Sept
Oct
60
68c June
27
28c
1.33
77
Feb
Jan
Ventures
1.30
July
Jan
11c
June
30c
2c
Sept
7 He
Jan
1.35
Feb
1
50c
60c
7,825
45c
June
Little Long Lac
*
4.50
4.90
4,748
4.30
Sept
8.40
*
West Can Flour..
—*
23H
946
23
Apr
25
20
21H
837
Oct
23H
Aug
1
4.40
5.10
4 10
1
1.00
1.25
17,565
49,213
l
68c
88c
84,100
*
16c
16 He
4,700
16c
Oct
*
2c
2 He
8,500
2c
June
Maple Leaf Gardens pref 10
Maple Leaf Milling
•
4X
4H
50
2H
Jan
1
3
1
Oct
J*
*
Macassa Mines
Cockahutt
Madsen Red Lake
Mc Doug all Hegur
East
.....
Preferred
4
*
Maralgo Mines.......
1
Masaey Harris
•
460
4H
9c 10 He
5H
7
823
36
45
12 J
12H
12 X
90
90
93
-.6
33
33
37 H
..100
♦
Preferred
Sept
8.60
1 00
Oct
4.85
Jan
50c
Sept
1 20
Mar
3H
8 He
5H
Oct
Sept
Oct
Sept
36
Jan
16c
5
11
MoWatters Gold
16H
14H
86H
JuJy
32 H
May
42H
1.00 June
2.03
1,390
II
Oct
18 H
5
90
Sept
106H
Jan
5c
Oct
30c
Mar
1 He
Sept
5c
Jan
17c
Feb
8c
2c
12,300
4,000
3c
3Hc
1,000
3H
290
3c
3
Preferred..........100
•
3
Aug
Knitting Mills
Oct
Jan
44
26c
30c
6.30
6.25
6.80
9,670
20c
27c
77C
5.85 June
8.10
Jan
20c June
52c
Feb
Oct
5H
Oct
27,300
5H
5H
5H
Jan
Feb
Sept
24c
7,100
124
*
Jan
10
10
20 He
Ymir Yankee Girl
Jan
10
25
26c
Wright Hargreaves
June
641
3
10
19H
Oct
3c
3
19H
3
Toronto Stock
5H
Exchange—Curb Section
See Page
2528
Sept
1.18
Oct
63c
Mar
6c
39C
Feb
1 70
Sept
Oct
6.00
Feb
5 He
Oct
33 He
Government
May
•
Municipal
•
Corporation
Jan
17c
SECURITIES
CANADIAN
Jan
4,100
19,160
19,100
18c
230
170
170
5Hc
4
25c
23 He
1.65
12,700
1.86
46,279
33c
Oct
Oct
5H
Oct
June
18Hc
522
32
Oct
130
145
Oct
18H®
Oct
23c
23,300
Morrl» Kirkland
i
Muir heads
*
25c
25c
200
25c
Oct
1
2Hc
2 He
July
*
3Hc
7 X
10,300
7H
100
IX
Oct
...
National Grocers
128
128
100
13H
National Sewerplpe
100
Nay hob Gold......
202
202
35
13X
205
40
6
1.75
Norgold Mines
.
Feb
'49
1949
Co 6s '47
Cedar Rapids M & P 5s '53
Consol Pap Corp 5Hs 1961
1.55
44
2Hc Sept
Jan
Oct
95c
Apr
Sept
49c
Feb
Feb
Dom Gas A Elec
Donnaconna
700
65c
9,500
14c
3.65
95c
125
3H
Aug
4H
11,448
3.60
Sept
13.26
Jan
4.10
Okaita Oils
*
85c
85c
Sept
Olga Oil A Gas
Omega Gold
*
2Hc
2Hc
1,000
2c
Sept
12c
Jan
1
37c
42c
18,445
35c
Sept
1.28
Jan
97
97
5
*
98
5
4,800
15
430
Oro Plata Mining
•
1.25
1.55
10,300
Pacalta Oils
*
lie
14c
24,900
Payore Gold
*
*
]
1
Park hill
1
Page Hersey
Pamour Porcupine
Pantepec OH
86
86
90
450
18,000
2.75
3.15
4HC
19c
5Hs ex-fltock
4Hc
25
18HC
19c
6,300
10c
12c
3,000
96
5
Aug
Sept
115
10
June
Jan
85c June
2.20
Mar
Apr
43HC
Feb
Oct
118
10c
86
1 90
June
4H
Oct
18Hc Sept
10c
Oct
4.00
9H
35
40
Mar
4S
7s 1942
1949
FraserCo68
Jan 1 1950
Gatlneau Power 5s—1956
Gt Lakes Pap Co 1st 5s '55
Int Pr & Pap of Nfld 5s '68
Lake St John Pr & Pap Co
Eastern
5HS-
*
1961
5s
Jan
Feb
Darles 6s
1961
No Dar value.
72 H
MacLaren-Que Pr 5Hs '61
98 H
Manitoba Power 6HS-1951
63
108
92 X
109
103 H
99
98 H
102
101
103
89
111H 113
60
/
49
/
79
78 H
99
—
79
-
57
103
100H 100 x
92
99
Ask
99 H
80
58 X
112H 113
78
.......
East Kootenay Pow
Jan
July
1958
1961
6H3-1945
Paper Co—
Bid
A*t
57 H
Canadian Vlckers
Feb
90c
100
Canadian Inter Pap 6s
Canadian Lt A Pow 5s
16Hc
65c
1
Feb
July
65c
O'Brien Gold
3.60
83
2 23
2,500
3H
4.00
Sept
Oct
Oct
3HC
3H
..
Canada Nortb Pow 5s. 1953
10,692
5
90 H
Jan
1.15
North Star pref
Feb
Feb
1.49
16c 18Mc
1
21H
212
f71X
Calgary Power Co 5S..1960
Canada Bread 6s
1941
3c
*
_
3,625
11,271
140
June
Bonds
78
6a '63
1946
Beauharnola Pr Corp 6s '73
Bell Tel Co. of Can 5s. 1955
Burns & Co 5s
1958
Abltlbl P A Pap ctfs
Alberta Pac Grain 6a.
Feb
95c
1
Nordon oil
2.00
48
44
44
Apr
Feb
8,300
N1 pissing
Feb
Bid
Jan
10c
2-6303
Quotations for Friday, Oct. 15
12c
36c
35c
1.50
11
York • HAnover
Tele. NY 1-208
ewwwwwwwwwwwwwwww*
Industrial and Public Utility
Feb
1.05
3HC
*
88c
Apr
Aug
June
Sept
22c
2,500
1
1 98
45 H
190
wee* * tee
May
35c Sept
6,500
New Golden Rose
*
Sept
July
4c
Newbec Mines
North Canada
12 X
28c
3HC
......
Oct
128
201
25c
1
Noranda Mines
50
•
New
Iiell System
July
96c
Royal Securities Corporation
30 Broad Street
Mar
56c
4
New York, Montreal and Toronto
Private wire connection between
63c July
23 He
150
145
145
20
26c
12c
36
32
32
6Hc
4
100
100
pref
Orange Crush pref
Jan
11X
99
1HC
Wood Cadillac
Mar
3,000
1
Ontario Steel
Aug
12H
5c
*
Fagle
Jan
101
7c
*
Normetal
36 Ho
Sept
Mar
June
20c
Moore Corp
Preferred
Oct
4H
B
Mar
bX
37c
M oneta Porcupine
National Trust
25c
40
Mar
74
4,000
19c
*
Murpny Mines
1,000
5c
Jan
33c'
.....
A
Jan
25c
Mar
6 He
1.16
12c
*
Mining Corp
Monarch Knitting
Monarch Oils
9.10 May
Oct
500
11
Jan
36c
46
1.02
l.C
1
Merland Oil
Mar
5H
Winnipeg Elec A—
Mar
12 X
..*
1
McKlnley
Mercury oils.
Feb
11X
Feb
2,198
13,200
12,800
7,100
McKenzle Red Lake
Mines
70c
Oct
90
11
100
Wllt«ey-Coghlan
York
Sept
13c
4
44c June
...»
Mclntyre Mines
MInto Gold
5,425
5,620
38
100
Preferred
McColl Frontenac
75
20
Jan
19
5X
Whitewater Mines
Feb
B
*
—
Preferred.
White
5X
Oct
12
25c
Weston s
Jan
24
*
'..
Jan
Leltch Gold
Loblaw A
4
Westflank OH
4c
1.70
i
Lake
Laguna Gold
14c
14c
—...
14 X
16c
13
13
1
Hud Bay
Feb
2,400
3,495
4,760
4,055
3,645
3 30
Kerr Addison
Manitoba A
14c
Sept
61
13 He 15 He
2.75
3.05
26
Preferred
Straw Lake Beach Gold.
Oct
51c
10
6,505
52c
Jeillcoe Cons
MacLeod
*
61c 172,896
175
70c
Jacola Mli es
Lava Cap
13 H
5c
......*
1
l ili B
Watte._
Kirkland
1,048
25
9
9
*
Intl Utilities A
48 H
32
44 H
45 X
225
8
8
1
Corp
19H
13H
Southend Petroleum.....*
Jan
Oct
10
207"
405
May
12
20% Preferred
Kirk
3o
25c
14
70
100
Imperial Bank
J M
100
11
B
Huron & Erie
Jack
10c
15
lOHc
Jan
100 H
Maple
Leaf Milling—
72
94
103 H 104
/44H
45 H
103
Montreal LH4P (150
par value) 3s
3Hs
3Hs
1939
1956
1973
50
50 X
98 H
93 H
94 H
99 H
Montreal Tramway 5s 1941
100
101H
5Hs '70
103
105
Ottawa Valley Pow
Can 4Hs *69
6s
Dec 1 1957
Provincial Pap Ltd 5H8 '47
Power Corp of
97 H
103
4Hs
ser B
98 X
98 X
1966
Shawlnlgan WAP 4H» '67
Smith H Pa Mills 4Hs '51
102 H
103
101
80
United Grain Grow 6s. 1948
United Secure Ltd
99
101H 102 H
Saguenay Power 4Xs A.'66
70
5H8 '52
Winnipeg Elec 6s.Oct 2 '64
100
60
2**8 to '38—5Hs to '49
Massey-Harrls Co 6s_ _ 1947
McColl Frontenac Oil 6s *49
Minn & Ont Paper 6s. 1945
Montreal Island Pr 6Hs '57
82
Financial
2532
I
Quotations
New York
03 MS
96
9654
1975—-
99 M 101M
1
1954
104
105
1 1954
Nov
a3M» Mar
105
105M
1 1964
o4Ms Mar
1 1966
o4M» Apr
o4Ms Apr 15 1972
1 1974
a4Ms June
1 19(30....
<13 Ms May
103
104 H
o4Ms Feb
101H 10254
1 1975—
o354« July
a4s
May
10
a4Ms Nov
106
111
111
1
Ask
112M
112M
Par
Bank of Manhattan
Co
Bid
24 H
10
Bank of Yorktown__66 2-3
1977
15 1978
Ask
65
100
100
115
48
125
National Bronx Bank...50
42
13.55
34
36
Natlona 1 Safety Bank. 12 M
14
31
33
Penn Exchange
10
10
12
100
157
163
Peoples National
50
65
67
..100
910
950
Public National
25
29 M
31M
Sterling Nat Bank A Tr.25
26 M
28M
20
25
95
Chase
City (National)
112M 11354
112M 113M
Bid
Klngsboro National —100
Merchants Bank.
-12 M
Bensonhurst National ...50
112
113
Par
Ask
2654
66
111M 112M
11154 11254
15 1976
o4 548 Jan
15 1976....
o3Ms Jan
New York Bank Stocks
Bid
1
16.
Over-the-Counter Securities—Friday Oct 15
on
Ask
1 1977....
Jan
<*354s July
Oct.
City Bonds
Bid
a3B
Chronicle
Commercial National
—
Fifth Avenue
1 1957
107M 109
1
1981
115
First National of N Y
o4s
Nov
1 1958....
107 M
109
a4Ms May
1
1957
113M 115
Flatbush National...
04 8
1 1959
107 M
109
a4 Ms Nov
1
1957
11354 11554
o4a
May
May
1 1977
108 M
110
o4Ms Mar
1
1963
114
a4s
Oct
110
o4
1
1965
114M 115 M
1
1967
16
«4
54s Mar
1 1980—
109
a4Ms Sep.
1 1960
11054 112 J4
o4M* July
a4J4s Mar
1 1962....
11054 112 >4
o4
**w
mtn
;
Ms June
Ms Dec
1
35
100
1855
45
Companies
117
117M 118M
Par
Comm
Banca
Bid
Par
Ask
Itallana.100
105
115
440
450
Guaranty
Bankers
Bronx
New York State Bonds
.10
County
38 1981
62.80 less
Canal A Highway—
5e Jan A Mar 1964 to '71
Highway Imp 4 Ms Sept *63
Canal Imp 4 Ms Jan 1964..
Can A High Imp 4Mb 1965
Bid
1
51 M
854
99
20
98
100
.
454s April 1940 to 1949.
62.15
11M
Irving
1700
Kings County.
..
47 M
65
72
25
15
17
New York
25
108
12 M
14
Title Guarantee A Tr. ..20
7
Manufacturers
20
20
Preferred.
4s Mar A Sept 1958 to'67
121
Corn Exch Bk A Tr
20
5054
5154
Underwriters
Canal Imp 4s JAJ *60 to '67
121
Empire
10
25
26
United States
128M
tm
Barge C T 4s Jan *42
mm
mmm
37
45 M
mmm
126
25
50
128 M
**
A '46
Barge CT 4548 Jan 1 1945.
12 M
1750
41
102
Lawyers
Chemical Bank A Trust. 10
Continental Bank A Tr.10
Hlghway Improvement—
62.95
260
Colonial Trust
Ask
World War Bonus—
Ask
250
255
Clinton Trust
Ask
1
754
93
.100
Central Hanover
Bid
62.75 less
49 M
7
Brooklyn
Bid
230
Fulton.
Bk of New York A Tr__100
38 1974
12 M
Trade Bank
New York Trust
116
116
1979
100 1815
—
—
115
115
15 1971
o4 M« Dec
*
114
100
36 M
46 M
75
.100 1520
38M
48 M
111
8
85
1570
110
113M
mmm
Chicago & San Francisco Banks
Par
Port of New York
Bid
Ask
American National Bank
Authority Bonds
A Trust
100
—
185
Par
Harris Trust A Savings. 100
Northern Trust Co
100
205
Bid
Ask
310
360
560
600
44
46
Continental Illinois Natl
Bid
Ask
Bid
Port of New York—
Holland Tunnel 454s ser E
1938-1941
MAS
Gen A ref 4» Mar 1 1975.
106
Gen A ref 2d ser 354s '65
10354 10454
Gen A ref 3d ser 3 Ms '76
99 M 100 M
92 M
94
Gen & ref 4th Ber 3s
1976
Gen & ref 3Ms—..1977
107
9554
1942-1960
MAS
Inland Terminal 454s ser D
1938-1941
MAS
1942
9654
1960
..MAS
Ask
Bank
A Dust
33 1-3
85
90
100
212
222
First National
60-75
SAN
FRANCISCO
Bankof AmerlcaNTASA 12i2
1.75
11154 112M
Insurance Companies
61.00
1.75
107 M 109
George Washington Bridge
Bid
Aetna Cas A
Ask
Par
Aetna Life
American Home
United States Insular Bonds
Philippine Government—
4s1946
Bid
10
10
American of Newark...2M
American Re-Insurance. 10
Ask
Bid
Ask
American Reserve
10
Automobile
10
Home
41
Homestead lire
23
24
77
Ins Co of North Amer
2054
Knickerbocker
5
28
Surety
Aetna
78
39
1954
110M 112
74
70
4Mb ser B 1940-53.m N
29 M
Lincoln Fire.
5
1054
954
12J4
Maryland Casualty
1
1054
Mass Bonding a Ins._12M
29
31
Merch Fire Assur com.-.5
M
101M
Honolulu 5s
63.50
1959
102
104
U 8 Panama 3s June 1 1961
114
4 Ms July
1952
102
104
April 1956
5s
Feb
1952
106
109
1941
110
11154
4
100 M 102
Hawaii 4Mb Oct 1956
Ms July 1958
58
<13.75
3.00
116
3.50
Baltimore Araer
109
Bankers a
110
7M
110
Shippers
25
100
Camden Fire...
JAJ
38 1966 opt 1946
MAN
Merch a Mfrs Fire New'k.5
15 M
17
53 M
5554
5
6
81M
85M
586
563
10
National Liberty
3M« 1956 opt 1945. -MAN
48 1946 opt 1944
JAJ
18M
22 M
New
19 M
21
10
2754
2154
3M
4254
554
New York Fire
5
2654
1954
38
Phoenix
Excess
48 1957 opt 1937
MAN
4s 1958 opt
MAN
1938
16M
—
4tfs 1958 opt 1938..MAN
Ask
100'16 100 M
101M 102
100' ,« 100 H
103 M 103 %
3
40
6
-...
Federal
454
10
36
Fidelity a Dep of Md___20
99
Fire Assn of Phlla
10
58
64
Fireman'8 Fd of San Fran25
76
10
6M
2
New Jersey
5
5M
6
7
110
115
2
New Brunswick
21
10
9
20
National Union Fire
New Amsterdam Cas
10
2M
Employers Re-Insurance 10
Bid
4Mb 1957 opt Nov 1937
4M
47
Merchants (Providence)..5
National Casualty
10
Eagle Fire
A
10054 10054
10054 10054
10054 10054
10154 10254
10854 10954
454
47
22 54
Continental Casualty
Federal Land Bank Bonds
JAJ
3M
3M
42 M
43
8M
53 M
12
2754
Connecticut Gen Life
3s 1956 opt 1945
34 1956 opt 1946
10M
40 M
City of New York
Ask
52
2054
Carolina
Bid
10
254
1754
2654
2 M
Boston
108
Conversion 3s 1947
11054
107
July 1948
U S conversion 3s 1946
114M 116
Importers A Exporters. ..5
Ask
38 M
Govt of Puerto Rico—
68
154
WH
Security
Natlona J Fire
100
4 Ms Oct
6Ms Aug
Bid
10
...10
Fire
11
12
10
27 M
29
Hampshire Fire...10
40 M
39
42
20
4254
2
17 M
12.50
Northern
16
85
88
2154
2354
North River
2.50
Northwestern
National.25
Pacific Fire
...25
117 M 122 M
110
115
78
Firemen's of Newark
Franklin Fire...
6
...5
M 104 M
754
26
854
27 M
10
Preferred Accident
5
Providence-Washington. 10
Reinsurance Corp (N
Y) .2
30
10
Revere
General Reinsurance Corp5
Republic (Texas)
10
(Paul) Fire
7254
1454
7454
27
29
7
2154
21M
6M
1554
8
2254
23
32
Rhode Island
10
21
23
Rossla
...5
5
6
Gibraltar Fire a Marine. 10
20
22
St Paul Fire a Marlne..25
180
190
Glens Falls Fire
6
38
6
13 M
31M
Georgia Heme..
Joint Stock Land Bank Bonds
Bid
Ask
Bid
Atlanta 5s
100
mmm
Atlantic 5s
100
mmm
Burlington 5s
/47
California 5s
10C
Chicago
57
100
Denver 5a
654
mmm
96
98
97
First Carollnas 5s
99
First of New Orleans 5s—
99
101
First Texas of Houston 6s.
99
M 100 M
Chicago 4 Ms
Fletcher 3148.
78
85
4J4s
Iowa of Sioux City 4 Ms—
Kentucky 5s
La Fayette 5s..
100
91
100
99
Lincoln 5s
86
99
100
/62
Pac Coast of Los Ang 5s.
66
100
mm
100
-
Pennsylvania 5s
100
107
97
•
.
-
10
2854
..15
80
85
Springfield Fire a Mar..25
5
19
20 M
Stuyvesant
Great Amer Indemnity
Halifax
1
8
954
10
22M
24
Travelers
Hanover
f27
—
83
Tennessee 5s
100
Union of Detroit 4M8
Virginia-Carolina 5e
—
28
29 M
15M
5754
5954
U S Fidelity A Guar Co—2
U S Fire
4
14 M
10
4454
4654
54
56
U 8 Guarantee
45
48
...5
27
28 M
Westchester Fire
28 M
30
100
99
Bid
m
10
2.50
All series 2-5s
18
mrnrn
82
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-68 '63.
....
86
1953
79
86
3-68
1953
Nat Union Mtge Corp—
Series A 3-6s...
1954
Series B 2-5s
Potomac
46
Cont'l Inv Bd Corp 2-5e '53
43 M
48
78
Contl Inv DebCorp 3 Os '53
1954
49~~
Bond
Ask
Par
60
New York..
42
74
••
(all
Issues )2-5s
1953
Potomac Cons Deb Corp—
73
45 M
1953
43 M
43 M
45M
43 M
45 M
3-6s.
Potomac Franklin
1945
43
...
1953
3-6s
1953
Potomac Maryland Deben¬
82
...
ture
Corp 3-6s
Potomac
Bid
Ask
11
14
North Carolina
...100
44
48
Pennsylvania
--100
24
65
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-68.1953
1953
/32M
34 M
73
Realty
1953
71
Atlantic
Deb Corp 3-6s
Realty
Bond
a
43 M
45M
Mortgage
deb 3-6s.
1953
45 M
28
70
39
Bondholders part ctfs
(Central Funding series)
Deb Co
35M
Co of Md
Inc 2 6s.
77
42
15
Potomac
55
60
San
100
4
7
Virginia
Fremont
100
1
3
Virginia-Carolina
2
4
Antonio.
5
—
1
100
50
43 M
45M
Unified Deben Corp 5s 1955
Par
J) com.*
100
Bid
92
Ask
96
Par\
New York Mutual Tel. 100
160
165
Pac A Atl Telegraph
Bell Telep of Pa pref-_100
Debentures
115
118
Peninsular Telep com
Cuban Telep 7% pref--100
48
Preferred A
Emp A Bay State Tel..100
Bid
Ask
57
61
Franklin
Ask
37
41M
*
88
91
100
87
Mtn States Tel A Tel.. 100
133
Telegraph
100
Corp—
15 1937 6 .45%
F I n IMB. ..Dec
..Jan
15 1937 6 .45%
15 1938 6 50%
FIC lMs. -Feb
15 1938 6.55%
F I C
ms...Mar 15 1938 6.60%
Cl^s...Apr 15 1938 6.70%
FIC 1 Ms...May 16 1938 6 70%
FIC 1 Ms
June 15 1938 6.75%
FI
...
20
Ask
25
25
*
17
21M
20
26 M
115
100
110
100
110
So A Arl Telegraph
25
Sou New Engl Telep—100
18
22
152
155
S'western Bell Tel pref. 100
118
Wisconsin Teiep 7% pf.100 arl 14
121
Rochester Telepnone—
50.50 1st pref
Gen Telep Allied
56 preferred
Fields. ..Nov
Bid
113M 116
Bell Telep of Canada-.100
Bid
38"
Telephone and Telegraph Stocks
154
Preferred.
Federal Intermediate Credit Bank
35
55
Am Dlst Teleg (N
78
Corp
Potomac Deb Corp 3-6s '53
•
90
First Carollnas...
F I C IMS
Ask
54
6o"~
Associated Mtge Cos Inc—
Debenture
100
56
Bid
Ask
Allied Mtge Cos Inc—
30
11
Lincoln.
416
m
100
Virginian 5s
38
Dee Moines
754
480
406
109
100
A6M
50
100
654
100
10
Nat
Dallas
103 M 106 M
430
mm
Joint Stock Land Bank Stocks
Denver.
5
100
Life Assurance
10
Interstate Deb Corp 2-5s'55
Atlantic
Sun
2954
Hartford Fire
Mortgage Bond
Bid
954
20
10
Great American
2-3s
Par
854
Seaboard Surety
Security New Haven
Empire Properties Corp—
Atlanta
Seaboard Fire a Marine..5
15
36
Surety Guaranteed Mortgage Bonds and Debentures
100
Southern Minnesota 5s
100 M
40 M
mm.mm
Southwest 5s
---
M
99 M 101
100
San Antonio 5s
87
15
7M
Hartford Steamboller
Home
100
Potomac 5s
81
100
111 of Montlcello
mm.
99 M 100 M
101
North Carolina 5s
Ohio-Pennsylvania 5a
St Louis 5s.
102
100
Illinois Midwest 6s
mmm
Phoenix 5s
100
Greensboro 5s
100
mmm
Phc Coast of Salt Lake 5s_.
98
100 M
Fremont 6s
mm
Pac Coast of San Fran 5s.
rnmrn
96
Greenbrier 5s
100
Pacific Coast of Portland 5s
100
First Trust of
100
Maryland-Virginia 5s
Mississippi-Tennessee 5s—
Oregon-Washington 5s
First of Fort Wayne 4Mb.First of Montgomery 5s...
Ask
Louisville 5s
New York 5s
/554
Dallas 5a
Globe a Republic
Globe a Rutgers Fire
2d preferred
5
Int Ocean
Telegraph
For footnotes
see
page
2534.
135
Volume
Quotations
2533
Chronicle
Financial
145
Over-the-Counter Securities—Friday Oct. 15—Continued
on
RAILROAD BONDS
Guaranteed Railroad Stocks
BOUGHT
SOLD
.
QUOTED
.
Monthly
Earnings and Special Studies
3o$epb Walkers Sons
fiitmbcn Njrw York
Stock Exchange
Dealer* in
420 Broadway
NEW YORK
e. sloane a co.
john
Tel. REctoir
41 Broad St., N. Y.
2-6600
STOCKS
York Security Dealers Association
Members New
GUARANTEED
Bulletin
Request
on
HAnover 2-2455
-
-
Bel! Syst. Teletype NY 1-624
Since 1853
Raliroad Bonds
Bid
Asked
56
59
1945
56
59
1953
91
Guaranteed Railroad Stocks
(Guarantor In Parenthesis)
1945
Akron Canton A Youngstown 634 s
68
Dividend
Augusta Union Station 1st 4s
Albany A Susquehanna (Delaware A
0.00
78
10.60
Hudson)
144
100
6.00
85
2.00
32
(New York Central)
Boston A Providence (New Haven)
100
8.75
108
Prior lien
8.50
115
122
Central)
.100
2.85
51
56
Carolina CUnchfleld A Ohio (L A N-A
C L) 4%... .100
Canada Southern (New York
4.00
85
89
100
5 00
87
90
5.00
93
50
3.50
82
98 34
85
2.00
48
61
2.00
42
45
5.50
70
75
100
10.00
175
4.00
59
63
100
60.00
900
1050
3.875
46
52
(D L A W)— .100
5.00
74
50
Betterman stock
Delaware (Pennsylvania)
(N Y Central)
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
York Lackawanna A Western
New
,
-50
4.00
92
46
Oswego A Syracuse (Del Lack A
55
Western)
50
1.50
38
50
3.00
77
(Pennsylvania). .100
7.00
165
176
92
85
88
1945
1978
1946
54
100
0.00
140
100
3.00
100
0.00
Canal (Pennsylvania) — .100
Susquehanna (D L A W)
100
Valley (Delaware Lackawanna A Western)
.100
Vicksburg Shreveport A Pacific (Illinois Central)..
10.00
94
97
15
1965
100
103
1961
65
70
..1955
88
92
1949
1956
32
42
1946
1966
63
68
90
93
1951
1945
1957
58
61
St Clair Madison A St Louie 1st 4s
1951
93
Shreveport Bridge A Terminal 1st 5s
1955
1955
88
New
Hoboken
York A
Piedmont A Northern
Ferry general 6s
Ry 1st mtge 3%a
Portland RR 1st 334 s
.........
Consolidated 5s
Frisco Terminal 434s
Island
240
246
73
78
85
5.00
63
68
6.00
65
50
3.50
40
45
...50
3.00
67
60
,
1st ref 4s
434s
3V$s
Toronto Hamilton A Buffalo
Par
Quotations-Appraisals Upon Request
Alabama
Associated
Gas A
17
68
70
*
*
*
4
6
8
10
preferred
Atlantic City
El 8%
..25
31.60 preferred
Carolina Pr A
6%
434 s
1.20
2.25
62.50
2.00
63.25
2.50
New Orl Tex A Mex
6s
63.25
2.50
New York Central
334» Dee 1 1936-1944—
63.25
2.50
434s._
6s
Boston A Maine
434s
58..
434s—
63.20
63.20
2.50
Canadian Pacific
2.35
Cent RR
434s
New Jersey 434s_
63.10
62.76
1.75
6s
National
_
2.50
63.80
2.75
62.90
2.25
62.00
1.25
Northern
5s
1.00
4s Berles
Lt 37 pref*
*
preferred
3.50
65.00
4.75
Pere
4.85
Reading
65.25
86
68
89
86
89
64.00
434s..
Marquette 434s
—
2.50
63.75
2.25
62.50
534s
1.75
6s
62.50
1.75
434s
63.00
62.25
1.75
61.80
1.25
62.00
2.25
1.10
99
100
Northern 434s
Great
61.80
1.25
Hocking Valley 5a
61.75
1.00
Illinois Central 434 »
63.10
1
68
Texas
62.50
Long
Island
434s—
434s
3.00
2.25
434 s
100
Maryland
1.10
Western
Western Pacific 5a
63.10
2.30
63.75
3.00
58
Maine Centra* 5a
534 s
Minn St P-A89M 4s
For footnotes see page
2534.
99
98
2.30
534s
434s--
92
9734
9934
68
71
*
*
Ohio Edison 30 pref
37
8234
93 34
83
94 34
101
10234
106 34
87
108
100
102
2434
24
2534
Pacific Pow A Lt 7% pf 100
59
253^
28
Penn Pow A Lt 37 pref
*
88
Philadelphia Co 35 pref..*
Pub Serv of Colo 7% pf 100
62
40
50
182
108
106
109 34 11134
22
19
5
7
40
43
preferred
89
10134 104
62
65
10434 10734
43
47
-25
100
6% pref 100
7% preferred
100
Texas Pow A Lt 7% pf-100
Toledo Edison 7% of A 100
United Gas & El (Conn)—
7% pref
100
Utah Pow A Lt 37 pref.
*
50
54
Virginia
Kings Co Ltg 7%
pref.. 100
6% pf-100
51
Long Island Ltg
52
Tenn Elec Pow
111
54
preferred
100
pf.100
6% pref series B
47
100
pref.*
pref.*
*
68
67
52
34
34
57
434
96
97
90
92
Calif Edison—
South Jersey Gas A El.
108
56
54
x3H
Rochester Gas A Elec—
6% preferred O
52 34
pref. 100
Mississippi Power 36
37 preferred
100
1
6% preferred
Republic Natural Gas
Southern
89
—
Ry
.100
.
28
27
182
42
34
45""
51
5234
99
100 34
104
101
82
79
46 34
48 34
149
142
Chain Store Stocks
1.00
99
63.10
90
*
Ohio Power 6% pref... 100
Ohio Pub Serv 6% pf._100
7% preferred
100
OklaG A E 7% pref...100
87
1.00
99
61.75
68
100
(Del) 7% pref
(Minn) 5% pref
Jamaica Water 8upply—
1.00
96
-
preferred
*
pref erred... 100
1.00
61.70
6s
cum
1.50
96
534s
cum
7%
Sioux City G A E 37
100
preferred
2.00
61.70
434 s
Ry
36
Northern States Power—
Southern Utilities—
2.40
96
1.10
37 pref..*
Interstate Power
2.00
5s
1.50
Interstate Natural Gas...*
Kan Gas A El 7%
61.50
Wabash Ry 434 s
61.75
*
100
7% preferred
2.25
61.50
5fi
62.50
J>8
Louisv A Nash
1.75
64 00
63.00
68
Internat Great Nor
Virginia
48
New Eng G A E
Queens Borough G A E—
2.00
62.25
58
Union Pacific 434 s
41
46
77
182
62.85
2.25
65
39
75
Gas—100
734% preferred
50
JerCent PA L 7% pf..l00
62.90
43^8
27""
64
New York Power A Light
Idaho Power—
2.50
2.25
26
73
120
63.50
62.90
5s
2 35
preferred—*
*
37 cum preferred
Memphis Pr A Lt 37
Pacific 4s
109
120
8434
Gas A Elec of Bergen.. 100
7%
107
70
Corp—
36 cum preferred
63.15
434s
5s
26
23
Derby Gas A El 37 pref..*
Gas
100
Essex Hudson
62.75
Southern Ry
4
29
83
76 34
7334
100
pref 100 X1113* 11334
62.50
434 s
2
23
37 prior lien pref
.*
New Orl Pub Serv 37 pref*
94
7%
2434
26
75
9234
Iowa
534
22 34
100
Nebraska Pow 7% pref-100
73
Consumers Power 35 pref. *
63.00
Pacific
5s
2.25
68
2.25
55
112
434
100
preferred
Nassau A Buf Ltg 7% pf
634 % Pf- *
N E Pow Assn 6% pref. 100
New Eng Pub Serv Co—
Continental Gas A El—
36 preferred
97
5s
Erie RR
2.00
98
534 «
Southern
63.75
2.00
62.75
63.00
Co 434s
5a
St Louis-San Fran 4s
St Louib Southwestern
5fl—.
1.00
62 85
53
109
Newark Consol Gas.... 100
9
Federal Water Serv
25
Bid
Penn
pref
2234
8134
52
7% preferred
West
62
6
Dallas Pr A Lt 7%
Par
21 %
79 X
48
36.50 cum
63 00
1937 50
3.00
634s
1.25
g non call
Dec 1
434«
Denver A R G West
1.20
52
Mississippi P A L 36 pf
*
Miss Rlv Pow 6% pref. 100
Missouri Kan Pipe Line..5
7%
127"
7% preferred
100
36 preferred
—100
Cent Pr A Lt 7% pref.. 100
Consol Elec A Gas 36 pref *
Consol Traction (N J) .100
Hudson County
Jan A July lf>w-49
3.50
64.50
6a
61.75
E due
2 J* 8 series
64.50
Chicago R I A Pac 434 s—
3 00
3 00
61.50
2.00
~4H~b~.
2.00
64 00
62.00
Pacific 434s---
61.75
St Paul
2.25
64.00
434s—
5s
62.76
Chic"MUw"*
63.00
62.60
434s—
6a
N Y N H A Hartf
68
Nbr West 434«-
2.60
4348.
58
434s
Chicago A
2.50
434 s—
Pennsylvania RR 434s
Cheeapeake A Ohio
3.00
63.50
534*
N Y Cblc A St L
Canadian
64.00
63.50
Missouri Pacific
b 1.90
63.00
Line 43-48.
Ask
97
49
Mountain States Pr com.. *
10
8
122
Central Maine Power—
Bid
92
60
Birmingham Elec 17 pref
Ast
82
111
Pub Serv 7%
Buffalo Niagara Eastern—
Equipment Bonds
79
109
Monongahela
107
pref
Bangor Hydro-El 7% pf 100
83
Ask
7% pref*
Electric
36 50 preferred
Philadelphia, Pa.
Bid
66 H
Original preferred.
Stroud & Company Inc.
Private Wires tc New York
Coast
87
Utility Stocks
6534
Power $7 pref.
Arkansas Pr A Lt
Baltlmore A Ohio
86
84
..1957
1966
1954
Toledo Terminal RR 434s
EQUIPMENT TRUST CERTIFICATES
Atlantic
83
1951
Southern Illinois A Missouri Bridge 1st 4s
Public
Bid
91
73
Somerset Ry
Washington County Ry Is*
Railroad
94
„
5.00
Preferred
Shore (Pennsylvania)
76"
/II
Rock
6.00
United New Jersey RR A
Utlca Chenango A
A Western)
66
91
72
1978
1939
1949
1st 4s
Montgomery A Erie 1st 6s
145
140
(Terminal RR)
634 s
Minneapolis St Laul A Sault Ste Marie 2d 4s
70
RR)
let
Meridian Terminal 1st 4s
85
Second preferred
West Jersey A Sea
46
88
...
66
Maryland A Pennsylvania 1st 4s
180
80
(Delaware A Hudson)
Warren RR of N J (Del Lack
/38
1995
Chateaugay Ore A Iron 1st ref 4s
Choctaw A MemphlB 1st 6s
Cincinnati Indianapolis A Western 1st 5a
Cleveland Terminal A Valley 1st 4s
60
62
Macon Terminal 1st 5s
170
7.00
0.82
100
,
Tuone RR St Louis
1942
...1949
1965
81
Kansas Oklahoma A Gulf 1st 5s
82
8 Steel)
.
Preferred
Bridge 1st pref (Terminal
98
76
lOl"
99
Long Island refunding mtge 4s
42
Pittsburgh Bessemer A Lake Erie (U
Louis
94
1st ref 6s
Ltttle Rock A Hot Springs Western
60
St
89
Hoboken Ferry 1st 5a
53
4.50
Preferred
-85
Georgia Southern A Florida 1st 5a
96
4.00
Pittsburgh Fort Wayne A Chicago
73
1940-45
1961
Goshen A Deckertown
185
Northern RR of N J (Erie)
Northern Central (Pennsylvania)
Rensselaer A Saratoga
67
78
Y Central).
Pittsburgh (Pennsylvania)
Cleve Clnn Chicago A St Louis pref (N
Fort Wayne A Jackson pref
1944
Albany 1st 434s
Buffalo Creek
.100
Common 5% stamped..
Cleveland A
434s
Convertible 5s
112
100
1950
1942
55
Prior Hen 4s
Boston A Maine 3s
35
Boston A Albany
96
Boston A
90
50
1957
April 1, 1943
Birmingham Terminal 1st 4s
150
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
—
86~
84
Ohio 4 Mb 1939
Baltimore A
85
100
Central)
Alabama A Vicksburg (Illinois
Asked
Bid
Par in Dollars
62.75
2.25
62.65
2.75
63.75
2.75
Bid
Par
Ask
*
8
11
7% preferred
100
B/G Foods Ino common..*
90
Kress (S
A sk
Bid
1134
11
H) 0% pref.
100
Beriand Shoe Stores
Blckfords Inc
$2.50 conv pref
*
*
2 3*
1034
3334
3
1134
common—*
7% preferred
100
Diamond Shoe pref
100
Flshman (m H) Co Inc—*
Kobacker Stores
*
7% preferred
100
Boback (H C)
3
34
4
15
105
105
pref... 100
100
Reeves (Daniel)
2734
3234
•
»
-
19
100
10
6
(I) Sons common..*
6 34% preferred
100
Murphy (G C) $5 pref. 100
Miller
2.00
63.75
Par
United Cigar-Whalen Stores
8
10
Common
10
20
$5 preferred
74
81
*
%
%
.100
22
26
2534
Financial
Chronicle
Oct.
1937
16,
Quotations on Over-the-Counter Securities—Friday Oct. 15-Continued
Securities of the
Specialists in —
Associated Gas & Electric System
Water Works Securities
S. A. O'BRIEN & CO.
Complete Statistical Information—Inquiries InvitfM
Members New York Curb Exchange
150 BROADWAY, NEW
YORK
Swart, Brent & Co.
75 FEDERAL ST., BOSTON
COrtlandt 7-1868
HANcock 8920
INCORPORATED
Direct Teletype Connections—New York to Boston
40
Bell System Teletype—N. Y. 1-1074
Public
Amer Utility Service 6s '64
66 Pi
93
Associated Electric 5s. 1961
Assoc Gas A Elec
Bid
Cumberl'd Co PAL 3 Hi '68
Dallas Pow A Lt 3 Pis.1967
mmm
68 Pi
94 Pi
45
46 Pi
28Pi
federated Utll 6 Pis.-.1957
Green Mountain Pow 5s '48
29Pi
Corp—
Income deb 3 Hi—1978
Income deb 3 Pis—1978
1978
30
31
32
36 Pi
37
59
Kan Pow A Lt 1st 4 Pis '65
Conv deb 4Hi
Conv deb 5s
59
61
...1973
64
70
74
93
95
8s without warrants 1940
92
94
Metrop Edison 4s
96 Pi
101
32 Pi
33 Pi
90
105
104
104 Pi
1965
93 Pi
94 Pi
Northern N Y Utll 5s.l955
103 Pi
32
29
33
32
35
33
36
41
North*n States Pow 3 Pis'67
30
33
Ohio Edison 4s
87
Sink fund lnc 5 Hi—1983
Sink fund lnc 4-5S..1986
N Y State El A G
5s.
96
33
35
Ohio Pub service 4s.. 1962
100
36
Old Dominion par 5s—1951
58
Sink fund lnc 5Pi-6 Pis'86
37
41
96 Pi
97 Pi
Atlantic City Elec
■
102
Hy El 5s 1968
103 Pi
107 H
...
Cent Ark Pub Serv 6s. 1948
85
87
Centra] G A E 6 Pis—1946
1st lien coll trust 68.1946
65
99 Pi
/62 Pi
104
Pub Utll Cons 6 Pis—1948
65
105
ser O
68
"60
71
lOOPi
Sioux City Gas A El 4s 1966
94 Pi
95
38Pi
39
General mtge 3Pis..l962
Central Public Utility—
98 Ji
99 Pi
Income 6 Pis with stk '52
/2Pi
Utlca Gas A El Co 6s_
Colorado Power 5s... 1953
105 Pi
102
Conn Lt A Power 3 Pis 1956
103"
106
102
3Pis series F
r.1966
105
3 Pis series G
1966
101
Consol E A G 6s A
1962
42 Pi
43 Pi
1962
6s series B
42
.
1957
43 Pi
1st mtge 4s
1961
1942
i960
mmm
99
4
1958
98
99
83
86
1st A ref 5s A
1967
82
ser B 1961
South Bay Cons Wat 6s '50
South Pittsburgh Water—
100
99
Shenango Val 4s
85
Pi
65"
62
1952
95
97 Pi
1952
95
97 Pi
1st mtge 5e
1955
103 Pi
104
6s series A
1960
10m
106
5s series B
1960
Huntington Water—
6s
1954
1954
n
5s
lOOPi
103
1962
Terre Haute Water 5s B '66
6s series A
1949
mmm
mmm
103
Texarkana Wat 1st 6s
■mmm
lOOPi 102 Pi
1966
5s
99pi 101
1958
101
104
100
102
96
98
95
98
Western N Y Water Co—
1958
90
1957
103
1st mtge 5s
Lexington Wat Co 5Pis '40
102 Pi 104
104
Monmouth Consol W 5s '66
1950
1951
92
1st mtge 5 Pis
.1950
Westmoreland Water 5s '52
98
101
101
103
94
104Pi
103 p-i' 105
99 X lOlPi
Long Island Wat 5 Pis. 1955
Middlesex Wat Co 5Pis '57
Utilities—Industrials—Railroads
104"
6s series B
Kokomo W W Co 5s.. 1958
Reports—Markets
102
Water Serv 5 Pis '51
Union
Indianapolis Water—
Joplln W W Co 5s
96
100
W Va Water Serv 4s.. 1961
Illinois Water Serv 5s A *52
Estate Securities
104 Pi
92
Springfl. City Wat 4s A '56
5s series B
Indianapolis W W Securs—
Public
Pis
87
100
ScraD ton-Spring Brook
Water Serv 5s
1961
99 Pi 101 Pi
100
103
98
84
95
104
Hackensack Wat Co 5s '77
SPisserles B
1977
99Pi
101
93 Pi
104
1950
Rocb A L Ont Wat 5s 1938
St Joseph Wat 4s ser 19A 66
Scran ton Gas A Water Co
98
6s series A
1st mtge 3 Pis
Real
107
92 Pi
5s series B
99
100
102 Pi
104
105
1942
6s series D
117'
Westchester Ltg 3Pia.l967 t ....
Western Mass Co 3*8 1946
102
102 Pi
Western Pub Serv 5 Hi 80
78
81
Wisconsin G A El 3 Pis 1966
100
101
Wise M lch Pow 3 Pis- -1961
Wisconsin Pub Serv—
99
105
Roanoke W W 5s
6s series B
66Pi
1948
Plalnfield Union Wat 6s '61
Richmond W W Co 5s. 1957
Greenwich Water A Gas—
64 Pi
98 Pi 100 Pi
99
101
1948
70
E St L A Interurb Water
3Pi
Tel Bond A Share 5s. -1958
86
91 Pi
101
96
Pi
Pi
83
Pittsburgh 8ub Wat 5s '68
95
Davenport Water Co 6s '61
72
95~~
90 Pi
66
99
191
6s series A
Sou Cities Utll 6s A...1958
69
68
1946
73
93
Prior lien 5a
1948
Phlla Suburb Wat 4s. .1965
Pinellas Water Co 5 Pis '59
mmm
64
Central New York Power—
106
1st consol 5s
mmm
105Pi
68
Ohio Cities Water 5 Pis '53
Ohio Valley Water 6s 1954
Ohio Water Service 5s 1958
62
4 Pis...
105pi
100
mmm
.
67
Cent Maine Pr 4s
Penn Telep Corp 1st 4s '65
Peoples LAP 5 Pis—1941
95
1st consol 4s
6 Pis series B
92
5s 1953
1st coll trust 4Pis., 1966
Peoria Water Works Co—
1st A ref 5s
1950
mmm
lOOPi
104 Pi
1957
6s series A
99 Pi 101
Public Serv of Colo 6s. 1961
Blackstoue V G A E 4s 1965
101
Connellsvllle Water 5s 19J
Consol Water of Utlca—
Parr Shoals Power 5s.. 1952
Pennsylvania Elec 6s. 1962
3Pis '64
87
Newport Water Co
69
70
Penna State Water—
■
60
Bellows Falls
194
100
101
34
64
85
City Water (Chattanooga)
Pi
Pi
100
mmm
City of New Castle Water
1st 6s series C
96 X
100
mmm
102 Pi
195
6s
Sink fund lnc 4 Pi-5 Pis'86
Sink fund lnc 5-6S..1986
mm
102
6Pi8serle8 A
-H
1967
103
104
Ore-Wash Wat Serv 5s 1957
90
Corp—
4s
101 Pi
102 Pi 104
102 Pi
36
35
mmm
94
99 Ji
101
5 Pis
1951
New York Wat Serv 5s '51
103
103
6 Pis series A
108 Pi 108 Pi
Morgan town Water 5s 1965
M uncle Water Works 5s "65
New Jersey Water 5s. 1950
Ask
101
New Rocbelle Water—
5s series B
1951
102 Pi 104
101 Pi
103
Cons ref deb 4 Pis. .1958
mmm
101
101 Pi 102 Pi
95 Pi
96Pi
Sink fund Income 4s 1983
102Pi
101
98
ser O '65
Missouri Pow A Lt 3Hs '66
Mtn States Pow 1st 6s 1938
Sink fund lno4Pis._1983
Sink fund Income 5s 1983
Bid
Monongabela Valley Water
5 Pis
1950
98 Pi
Narragansett Elec 3 Hi '66
Newport N A Ham 5s. 1944
Assoc Gas A Elec Co—
97
102 Pi
98 Pi
66
1973
8-year 8s with warr.1940
Ask
94
104 Pi 106
61
102
Keystone Telep 5Pis..1955
Conv deb 6He
103 Pi
59
Kan City Pub Serv 4s. 1957
67
Bid
97 H
104
33
Income deb 4 Pis—1978
Conv deb 4s
1973
A
96 Pi
102H 103 Pi
Houston Lt A Pow 3 Pis '88
Idaho Power 3 Pis
1967
Iowa Sou Utll 6 Pis...i960
Income deb 4s
1973
NEW YORK
Teletype: New York 1-1073
Water Bonds
Ask
77
Amer Wat Wks A El 6s '75
Tel. HAnover 2-0810
Utility Bonds
Bid
Amer States P 8 6 Pis.1948
EXCHANGE PLACE,
Wichita Water—
5s series B.
1956
1
58 series C
101
I960
6s series A
94"
91
95 Pi
1949
103 Pi
103 Pi
W'msport Water 5a... 1952
102 Pi 104 Pi
AMOTT, BAKER A CO.
{INCORPORATED
BArclay 7
160
h 2360
Sugar Stocks
Tei,
Broadway, N. Y.
Par
Real Estate Bonds and Title Co.
Bid
Aiden
1st 6s
1941
/37
Broadmoor (The) 1st 6s '41
B'way Barclay 1st2s.. 1956
B'way A 41st Street—
1st leasehold 6Pis..l944
Broadway Motors Bldg—
4-6s
1948
Chanln Bldg ino 4s.-.1945
Chesebrough Bldg 1st 6s '48
Court A Remsen St Off Big
1st 6a
Apr 28 1940
Dorset (The) 1st 6s~ .1941
f22
39
Bid
24""
69 Pi
68
58
/35Pi
f26 Pi
42
61 Pi
1st mtge 2s stmp A reg'55
1st A gen 6s
1946
N Y Eve Journal 6
Pis. 1937
N Y Title A Mtge Co—
5 Pis series BK
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 legended
50
Bway Bldg 1st 3s lnc '46
500 Fifth Avenue—
6 Pis stamped
1949
62d A Madison Off
Bldg—
6s
65Pi
65
44
49"
38
...
Nov 1947
Film Center
40 Wall St
6 Pi
68
/47Pi
Bldg 1st 6s '43
/47 Pi
Corp 6s
60 Pi
54
5 Pis series F-l
5 Pis series Q
19th A Walnut Sts
(Phila)
1st 6s
July 7 1939
Oliver Cromwell
165 Bway Bldg 1st 5
Pis '61
52
1939
65
Prudence
1st 3 Pi-6 Pis Btam ped 1948
Fox Theatre A Off
Bldg—
35
5Pi stamped.
1961
Realty Assoc Sec Corp—
1400
1st
Broadway Bldg—
6 Pis
.Oct 1 1941
Fuller Bldg deb 6s
1944
5s
/6
57
62
f25X
26 Pi
/26 Pi
28Pi
28 Pi
28
8
99
/49
...
51
21*
/19
income
1943
Roxy Theatre—
64 Pi
66 Pi
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s 1943
42
44
45
48"
3s with stock
1956
Shernetb Corp—
3-6Hi deb lnc (ws).1956
Hotel St George 48
44 Pi
46
1950
11
48
Lewis Morris Apt Bldg—
1st 6Pis
Apr 15 1937
Lincoln Bldg lnc 5Pis.l963
Loew's Theatre Rlty
1st 6s
(Bklyn)
...
/42
1947
6Pis.l940
57
...
/62Pi
65Pi
/48
60
24
/18Pi
(Newark) 6s 37
26Pi
20 Pi
38
/28
3Pi-5s with stock...1950
Syracuse Hotel (Syracuse)
Oct 23 1940
63"
Textile Bldg—
1st 3-5s (w
s)
90 Pi
92
Trinity Bldgs Corp—
1st 5 Pis
/42
45
41
70
43
...
41
1936
Majestic Apts 1st 6s..1948
Metropolitan Chain Prop—
43
6s
I)
1948
/26 Pi
1939
6l"
Walbrldge Bldg (Buffalo)—
28 Pi
87
1st 6 Pis
July 1938
Oct
19
101
100 % 10023j2
No par
/ Flat
selling
value,
price
»»
a
...
101 '32 101*}2
lPis
June
1 1939
Reynolds Investing 58.1948
Trlborougb Bridge—
100*'32 lOOPi
82
4s s f revenue 1977 -AAO
100Pi|100Pi
Interchangeable,
Nominal quotation.
Curb Exchange,
on New York
on
Ask
103 Pi
b
u>
z
Basis
( When
price,
85
104
104 Pi
62.40
3.60
4s serial revenue 1942-68
*
d Coupon,
Issued,
x
e Ex-rlghts'
Ex-divldend.
9 Now
Ex-stock dividends,
New York Stock Exchange
t Quotations per 100 gold rouble bond, equivalent to 77.4234
CURRENT
grams
qt pure gold.
C.
Woodruff,
President
NOTICES
of
L.
the
C.
L.
Corp.,
announced
that Ernest L.
Nye and J. Homer Platten have been elected members of
the board of directors and of the Finance Committee of
L. C. L.
Mr. Nye
is a member of the firm of Freeman & Co. and a
director of American Car &
Foundry Co. and Mr. Platten is executive assistant to the President of
American Car & Foundry Co.
—H. D. Shuldiner & Co., 39
Broadway, N. Y. City, members New York
Security Dealers Association, have prepared for distribution an
analysis
and
earning statement
—Alexander
for
the
Eisemann
1938
f20
23
1st fee A leasehold 4s '48
66
69
&
year
ended
Aug. 30,
1937
on
the
Hotel
Co., members
New
York
Stock
Exchange,
announce that
Sergius L. Rolbein has become associated with them in
their branch office in the Paramount
Building, 1501 Broadway, N. Y.
City,
nounce that
79
Loeb
&
Co.,
members
New
York
Stock
Exchange,
William A. Spafford is now associated with them
Department at their office
at 99
as
an¬
manager
Madison Ave.
—Eli T. Watson & Co., Inc., announce that
Henry Weier, Mrs. Frieda
Weier, C. F. Wm. Mertens, Jacques P. Martineau and James
P.Rohrbach
have joined their New York Retail
Department.
—Announcement is made of the formation of L. Dorfman & Co. to
Westlnghouse Bldg—
82
lPis
of their Raw Silk Futures
61
65
5Pi
Bid
Henry Hudson Parkway—
4s
April 1,1955
Home Owners' Loan Corp
2s
Aug 15 1938
lOOPi lOOPi
April 1938
—Newburger,
1958
58
1942
1st 6 Pis (L
4Pi
St. George.
/40
60Pi
93
44Pi
Broadway Bldg—
1st 6 Pis
Corp
London Terrace Apts 6s '40
Ludwlg Bauman—
1st 6s
65
1 Pis
/III
616 Madison Av
lst6Pis'38
61
Lefcourt Manhattan
Bldg
1st 4-68 extended to 1948
IX
31 Pi
74
43
60 Park Pi
lPis
Sept I 1939
Federal Home Loan Banks
t Now listed
/8Pi
Savoy Plaza Corp—
1st fee A l'hold
River Bridge 7s
1953
Federal Farm Mtge Corp—
—Graham
58 H
68 Pi
Ask
H
29 Pi
Ask
91
Bear Mountain-Hudson
—
Co—
54 X
/40 Pi
5Pis unstamped.... 1949
Graybar Bldg 5s
.1946
Bid
Associates Invest 3s.. 1946
37
/38
(The)—
1st 6s
Nov 15 1939
1 Park Avenue—
2nd mtge 6s
1951
103 E 67th 8t 1st 6s...1941
1958
42 Bway 1st 6s
Bid
Haytlan Corp Amer
*
Savannah Sug Ref com___l
West Indies Sugar Corp__l
Miscellaneous Bonds
95
/48
/34 Pi
5Pis series C-2
/5
90
62
East Ambassador Hotels—
1947
1945
Munson Bldg 1st
6Pis.l939
N Y Athletic Club—
61
38
19
14Pi
Metropol Playhouses lnc—
■
1st A ref 5 Pis
1947
S f deb 5s
40
17
Par
10
Ask
Metropolitan Corp (Can)—
6s.
Ask
13 Pi
7
Mortgage Certificates
Ask
/41
Bid
Cuban Atlantic Sugar....10
Eastern Sugar Assoc..
Preferred
duct
a
general investment business with offices at 52
con¬
Broadway, N. Y. City.
Volume
Financial
145
Quotations
Over-the-Counter Securities—Friday Oct. 15—Continued
on
Industrial Stocks and Bonds
Bid
Par
Arch
*
27
Book
100
51
Hard Rubber—
2K
3K
*
IK
2)4
57
American
Foundation Co Forshs...*
32
American
Industrial Stocks and Bonds—Continued
American
shares
*
5
22)4
24)4
*
14
17
American Mfg 5% pref.100
American Republics com.*
79
83
Graton A Knight com
Andlan
*
44
46
Great Lakes SS Co com..*
Art Metal Construction. 10
24
25)4
Great
8%
Garlock
Hardware
25
National Corp
100
90
preferred... 100
cum
Amer Maize Producte
9 K
Packing com
18)4
19)4
31)4
33)4
6
7)4
7
61
63
37)4
39 K
27
100
Preferred...
10)4
53
52
*
Gen Fire Extinguisher...*
Golden Cycle Corp
10
Good Humor Corp
1
American
Ask
Bid
Par
Ask
American
2535
Chronicle
30
Bid
Par
Petroleum
Publication Corp com
7)4
49
100
K
9K
10 K
J4
1)4
11
Lord A Taylor com....
6% preferred
2d 8% preferred
cum
....
5
15
101
Continental Can 4)4% pf_*
Remington Arms
com
260
25
Singer M anufacturlng.. 100
Singer Mfg Ltd
$7
34
Publishing com..*
100
—
—
8)4
7)4
50
53
27
I
Merck A Co Inc com
37
29
2
Dennison M fg class A
Dentists' Supply Co.....10
114)4
100
preferred.
6%
m
100
80
M uskegon Piston
Rlng.2 )4
12
13
Casket
l*
48
55
*
109
112
Nat Paper A Ty pe com... *
5
7
7% Preferred
51)4
54)4
42
47
*
49
53
100
119
(Jos) Crucible... 100
Douglas Shoe preferred. 100
Draper Corp
*
52
56)4
20)4
24)4
New Britain Machine
56
61
New Haven Clock—
Devoe 4 Raynolds B com *
Dictaphone Corp
Preferred
Dixon
Du Pont (E I)
Preferred.
4H
*
Northwestern
5)4
w
com
32
82
92
17
20
Norwich
10
15
Ohio
i__
9
11
35
Patbe Film 7%
Pharmacal
Leather common...*
57
39)4
12
6
Ohio Match Co
Preferred wl
53
37)4
Yeast... 100
30
25
Follansbee Steel
27)4
30
100
Preferred 6 V4 %
100
Follansbee Bros pref
25)4
*
100
preferred
5%
110 K 110)4
4)4% pref.*
Federal Bake Shops
Preferred
National
---
17
*
9
7)4
United Artists Theat
5)4
American Tobacco
4a. 1951
1942
106
19)4
Chicago Stock Yda 5s. 1961
Cont 1 Roll 4 Steel Fdy—
93
18)4
3)4
11
Bonds—
Wire Fabrics 7s..
Am
94
96
89)4
92
1955
94
96
1937
1938
Kelsey Hayes Wheel Co—
/68
/14
71
1948
75
85
1939
;1946
145
Shipbuilding 5s.. 1946
90
1940
1st conv s f 6e
1st 3)48
3
2
Haytlan Corp 8s
10
8)4
1)4
Conv deb 6s
7K
100
Martin (Glenn
43 K
7%
preferred
100
Weet Dairies Inc
S3
com v t o 1
45)4
14
•
N Y
105
1945
Scovlll Mfg 5)48
23"
20
Standard
Textile
107)4
105)4
Products
assented... 1942
Utd Clg-Whelan St Corp—
5s
1952
White Rock M in Sprtng$7 1st preferred
100
/22J4
Wltherbee Sherman 0s 1944
102)4 105
2 K
1)4
98
Wickwire Spencer Steel..
11
X25
1962
1962
1st 6s
22
18)4
WJR The Goodwill 3ta_.
57)4
53)4
29
Woodward Iron—
10
Wlllcox 4 Glbbs commonSO
24
/26
1st 0 )48
23
19
preferred...
32
/25
17
•
cum
16
L)—
Conv 6s
Nat Radiator 5s
Welch Grape Juice com..6
109
100
Cudahy Pack conv 4s. 1950
Warren Northam—
West Va Pulp 4 Pap com •
Preferred
...100
98
33 K
9K
38 H
40)4
98
102
United Merch 4 Mfg com *
United Piece Dye Works.*
13 conv preferred
63)4
90
16)4
2)4
*
com
59
126
18 H
*
pf.10
11 K
2d conv inc 5s
103)4
93)4
88)4
.28
103
100
•
pref
9)4
4)4
*
Preferred
95
3
cum
59
*
9)4
31)4
8)4
»
common
preferred
7%
mm
Mock Judson A Voehrlnger
109
10
preferred
Young (J S) Co
Taylor Wharton Iron 4
Steel
16
56
100
com._.10()
100
preferred
7%
32
255
Stromberg-CarlBon Tel Mfg
Sylvania Indus Corp
*
Tennessee Products
14)4
York Ice Machinery
4K
3K
30
Skenandoa Rayo" Corp..*
Standard Screw new
20
Tublze Chatlllon
'
crowell
49
Ask
10
1..100
Deep Rock Oil 7s
120
*
Worcester Salt
248
Scoviil Mfg
Trico Products Corp
no
Preferred
101)4
17
220
Macfadden Pubilca'n com *
7
13
preferred..
100
100
100
1st
5)4
1
Molybdenum
* t
Columbia Baking com...*
14
Lawrence Portl Cement 100
4)4
10
)4
1
16)4
9
Climax
$1
Klidun Mining Corp
King Seeley Corp com
9)4
51
10
1
9)4
Harris burg steel Corp
7)4
Belmont Radio Corp
Beneficial Indus Loan pf.*
Bowman-BIltmore Hotels
Burdlnee Ino com
Chilton Co common
10)4
6
1
Lawyers Mortgage Co. .20
Bankers Indus Service A.*
1st preferred
Paper. .25
Woodward Iron com
5
45
*
*
..
Northern
IK
H
Bid
Par
Ask
4
Con version... 1
Petroleum Heat 4 Power.*
For footnotes see page 2534.
Tennessee Products Common
...
WICKWIRE SPENCER STEEL
EDWARDS & CO
S.
H.
New Common
1 Pittsburgh Stock Exchange
New Y0rk curb Exchange (Associate)
v...
Atemoers
^
120 Broadway,
New York
Teletype N. Y. 1-809
Tel. REctor 2-7890
Bank
Union
52 Wall
Building, Pittsburgh
Wickwire Spencer
A. T. & T. Teletype N. Y.
Air Associates,
Bought—Sold—Quoted
Incorporated
STOCK
COMMON
QUAW & FOLEY
BOUGHT AND SOLD
Members New York Curb Exchange
30 Broad
1-1642
Steel Co.
STOCK
COMMON
New York City
Street,
HAnover 2-3080
Prospectus on request
Hanover 2-9030
St., N. Y.
ROBINSON, MILLER & CO.
INC.
Living of Wage Earners in United States Con¬
Cost of
tinued
Upward
During
September,
Telephone
Teletype
N.Y.
52 William Street,
HAnover 2-1282
Na¬
Reports
N.Y. 1-905
tional Industrial Conference Board
living of wage earners in the United States
September, 1937, was 0.4% higher than in August,
according to the monthly survey of the National Industrial
Conference Board, issued Oct. 11.
Increases were noted in
the cost of each of the major groups that compose the budget.
Living costs in September of this year were 4.1% higher
than a year ago, 24.7% higher than in the spring of 1933,
but 11.6% lower than in September, 1929.
The Board's
The cost of
Oct. 11 continued:
announcement of
Food prices advanced
0.3% from August to September, which made them
1.7% higher than in September, 1936, 43.4% higher than in
1933, although 20.6% lower than in September,
the spring of
The
following securities were sold at
By Adrian H. Muller & Son, New
moved sharply upward, rising 0.9% from August to
1 Harrison Rye
B
per
$20,000 373 Park Avenue Corporation
bonds.
Due Dec. 1,1976. Series 23.
Cost of
the
Living
or
1923=100 b
in
Increase(+
Decrease (—)
from Aug
Family
Sept
Budget
,
1937
Aug
,
1937
to
Sept
1937
,
,
1937
33
87.6
87.3
Housing
20
88.6
87.8
+0.9
Clothing
12
a
78.5
(86.7)
97.1
97.0
100
value
a
_
By Crockett & Co., Boston:
' Ver Shares
Shares
Slocks
1 Ludlow
Manufacturing Associates.
International Match Corp., part,
J-24,
pref., par $35
10 Plymouth
•-*1
$25
$6 pref. stamped
Match Corp., part, pref., par $35
Cordage Co., par $100
By Barnes & Lofland,
-
-
6/l
*001/
Philadelphia:
$ per Shares
\
Stocks
22
f/
-
*iU
+0.1
89.4
89.0
+0.4
111.9
112.4
—0.4
CURRENT
ol
all Items
-J&c
llj
Co., preferred, par $100.
+0.7
(86.7)
of
dollar
Ba«ed on food price indexes
Sept.
84.4
(83.2)
30
Purchasing
2 United States Envelope
( + 1.2)
(0)
Gas and electricity
dates
( + 1.1)
85.0
Coal
average
* VeT Share
80
.......
Co., Chelsea, par $100
National Bank, par
2 Pratt Food Co., par $100...
50 E. L. Mansure Co., preferred, no par
50 American Dredging Co
(+0.7)
(84.2)
5
Sundries
~
Stocks
2 Central-Penn
+ 0.9
(84.6)
(7C.9)
(71.7)
Women's
Fuel and light
Weighted
77.8
(85.2)
Men's
6%
100 Ozark Corporation
Shares
+0.3
Food
n
90 International
Percent of
Cent
registered gold
(N. Y.), 50-year 7%
Trustees certificate
By R. L. Day & Co., Boston:
25 Springfield Gas Light Co., par
10 Associated Gas A Electric Co.,
Indexes of
--*17 lot
Corp. (N. Y.), par $100
Bonds—
90
Relatlre
Corp.,
preferred
4 Chelsea Trust
and 100 cents in 1923.
80-100 Harrison Rye Realty
Realty Corp., common; 1
50 City Housing
Shares
Item
$ per Share
BeachCoT, Inc." (New York)7par $100
$250 lot
123 Globe & Rutgers f ire Insurance Co. (N. Y.), cum. second pref, par $15-- 82
207 Knollwood Cemetery (Mass.) stock representing interest In one-half procoeds of sale of the use of lots, stamped, no par; $6,500 Knollwood Cemetery,
1st mtge. 6% gold bonds.
Due March 1, 1924. March 1908 and subsequent
coupons attached
1
80 Street-Chatfield Lumber Co
(111.), par $100
—
*2 lot
975 Idlewlld
of this year they
were 0.2% lower than a year ago, and 7.8% lower than in September, 1929.
The cost of sundries in September was slightly, 0.1%. higher than in
August, 2.8% higher than in September, 1936, 7.6% above the low point
of 1933, and only 2.0% below the level of September. 1929.
The purchasing value of the dollar was 111.9 cents in September, 1937,
as compared with 112.4 cents in August, 116.4 cents in September, 1936,
advanced seasonally, 1.2%, but in September
Importance
York:
Stocks
Shares
September. 1929.
Coal prices
auction on Wednesday
of the current week:
.
1929.
Septem¬
ber. Since a year ago, there has been an advance of 10.3% in rents, and
since the beginning of 1934, the low point, an increase of 41.3%. In Septem¬
ber of this year rents averaged only 4.0% below the level of September, 1929.
Clothing prices increased 0.9% from August to September a slightly
larger increase was noted in the prices of women's clothing than in men's
clothing. Since a year ago clothing prices have risen 6.7%, and since their
low point of 1933, 29.3%. They were, however, still 20.4% below those of
Rents again
SALES
AUCTION
in
of the United States Bureau
14, 1937, and Aug 17, 1937.
prior to July. 1936, may be
1914-1930," price $2.50.
James Talcott,
Corp., N.
of Labor Statistics for
b Revised series. Figures on revised basis for
found in "Coat of Living In the United States;
.
Inc., has been
NOTICES
appointed Factor for the Bergen Fabrics
Y. City, distributor of silks and rayons.
—Conroy & Co., Inc., announce
ciated with the firm.
•
that Timothy M. Godde is now asso¬
Financial
2536
r
Chronicle
Oct.
16,
1937
.
General
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
5%, $100
par, preferred stock.
General mortgage bonds, in the amount
new preferred, and one new no par common
$100 of the remaining 60%.
Railroad Credit Corporation debt
of $70,397 would be paid half in new preferred, and one share of common
for each $100 of the other half.
of
$1,959,400, would get 40% in
for
rights-scrip
each
Preferred
principal amount of $1,509,700, would get one new
preferred, and common stock, principal amount of
one new common for each 30 old shares.
Interest on prior lien and general mortgage bonds would be paid in new
common.—V. 143, p. 1862.
New York Stock Exchange
120
Dec. 31, '35
Cash
on
V-
'
Receiver's
current
hand and
on
deposit..
UNDER
following additional registration statements (Nos.
inclusive), have been filed with the Securities
Commission under the Securities Act of 1933.
The total involved is approximately
other
subs,
represented
be offered at $2.50 per share.
986,430
775,065
1,524,499
947,522
1,504,856
3,072,701
2,213,721
3,242,171
70,450
by
.......
3,647,115
Investments in bonds
72,150
71,350
$6,373,817
Deposits with trustee for bondholders
67,852
Invests. In & advances to wholly-owned subs.. 45,568,290
Invests. In shares of cos. not wholly owned
1,500,613
$6,617,828
Timber'
Proceeds will be used for equip¬
ment, tools, laboratory, transmitter and working capital.
No underwriter
named in registration.
John W. McKay is President of the company.
Filed Oct. 7, 1937.
Clarksburg-Columbus Short Route Bridge Co. (2-3465, Form D-l)
of
Parkersburg, W. Va., has filed a registration statement covering certifi¬
cates of deposit for $647,000 of 61^% first mortgage sinking-fund bonds,
due 1952.
The certificates were not accompanied by a plan of reorganiza¬
tion.
Filed Oct. 8, 1937.
...
•
$8,441,036
83,819
84,176
44,928,664
1,500,637
45,130,406
1,500,636
f
Invests, in mills & equip., rys., water-powers,
townsites & bldgs.—less reserves
$10,900,000.
Universal Television Corp. (2-3464, Fprm A-l) of New York, N. Y.f
has filed a registration statement covering 500,000 shares of common stock,
par, to
403,765
800,367
ACT
3464 to 346S,
and Exchange
$1
393,489
794,518
from
Inventories
The
223,301
689,211
......
shipments
STATEMENTS
SECURITIES
Aug. 31, '37
$
assets:
current assets......
REGISTRATION
$
Receiv. from G. H. Mead Co. for newsprint
Receiv.
OF
Dec. 31, '36
$
Accounts receiv.—customers, less reserve...
Telephone REctor 2-7815-30
Bell Teletype NY 1-1640
FILING
Bal. Sheet
'
Assets—
New York Curb Exchange
Broadway, Naw York
old
Abitibi Power & Paper Co., Ltd.—Condensed
g
Members
15
$2,406,700, would get
7
McDonnell&CQ-
stock,
for
common
Specialists
1917
,
and
concessions
owned—less
freehold
reserves
48,258,438
Real estate and office buildings
Chattels and equipment
Prepaid expenses
48,348,565 a46,618,215
19,939,429
19,923,510
327,052
26,795
198,980
timber
........
327,004
32,029
173,121
...
Total..
19,923,510
326,746
25,095
369,954
122,240,593 121,955,850 122,419,774
Liabilities—
Liabilities of Receiver:
Receiver's certificates
(secured)
3,000,000
4,008,000
3,650,000
602,967
726,527
740,559
4,610,967
Other.
4,376,527
3,740,559
341,382
750,147
23,705
.
St. Anthony Gdld Mines, Ltd. (2-3466, Form A-2) of Toronto,
Ontario,
has filed a registration statement covering 1,700,000 shares of
.$1 par com¬
stock and
mon
holders and
3,300,000 warrants.
The warrants will be offered to stock¬
1,000,000 shares of the new stock will be reserved for conversion
of the warrants.
New stock will be offered to stockholders at 35 cents a share and the
un¬
subscribed portion of the 1,000,000 will be offered to the public through Old
Colony Securities, Ltd., at 35 cents or the market, whichever is higher.
Proceeds from the issue
and debt retirement.
to
are
be
used for
development, working capital
350,000 shares at 25 cents.
company.
Filed Oct. 11, 1937.
Bellingham, 350,000
H. P. Bellingham is
receipts representing 100,000 shares of $10 par common stock.
None of
the stock is to be issued until all of the 100,000 shares, as
represented by
interim receipts, have been sold.
Public offering price will be $23.50 per share.
E. H. Rollins & Sons, Inc.,
Proceeds of the issue are to be used for capital, surplus
is the underwriter.
Tinsley
reserves.
W.
Rucker,
Jr.,
is
President
of
the
company.
Filed Oct. 11, 1937.
Industries Capital Corp. of N. Y. (2-3468, Form A-l) of New York,
N. Y., has filed a registration statement covering 10,000
participations of
$100 face amount of 5% cumulative convertible preferred of Series A, B, C
and
D.
for purchase of shares of
2,727,917
6% 1st mtge. gold bonds
c Capital stock
352,584
23,705
23,705
50,161,686 b50,162,986
50,161,686
...
Nominal surplus of period prior to receiv'ship.
6,321,324
6,762,277
54,846,735
a4,451,644
5,443,538
8,443,998
54,846,735
54,846,735
*
Avail, towards deprec. & bond int. from opers.
3,195,675
Total
122,240.593 121.955,850 122,419,774
Reduction is largely attributable to transfer of the Crystal Falls devel¬
to the Hydro-Electric Power Commission of Ontario and the
writing off of its book value as carried on Abitibi's books,
b Includes
$1,300 interest coupons to Dec. lf 1931, which are unpaid,
c 10,000 7%
cum. pref. shares, $1,000,000; 348,818 6%. cum. pref. shares, $34,881,800;
1,088,117 common shares, n. p. v., $18,964,935.
Note—Interest or dividends accrued to July 1, 1937: (a) Upon 1st mtge.
5% bonds (incl. int. on arrears), $15,189,022; (b) Upon 7% pref. shares,
$402,500; (c) Upon 6% pref. shares, $13,080,675.
Contingent liabilities—Newsprint Institute of Canada claim $600,019 is
expected to withdrawn.
a
Casualty & Surety Reinsurance Co. of America (2-3467, Form A-l)
York, N. Y., has filed a registration statement covering interim
of New
and
contract
Thunder Bay Paper Co., Ltd
during period of receivership
The remaining 700,000 shares are optioned to D. M.
shares at 20 cents and
President of the
Owing on
Gen. creditors'claims incurred prior to receiv.
Reserve for contingencies
The
preferred participations are of 2,500 for each series.
The
statement also covers 250,000 $2 equity
participations, Series A, B, C, D,
each series of 62,500.
The participations will be sold in units of one pre¬
ferred and 25 equity participations at $150 a unit.
The company also
registered 500,000 equity
participations of $2 face amount which will be
reserved for the conversion of the preferred.
Proceeds will be used for
investment purposes.
Warren F. Hayes Co. will be the principal under¬
writer.
O. Milford Ferguson is President of the company.
Filed Oct. 12,
opment
Two Amendments to
Ripley Plan Proposed—
At
the meeting of bondholders, which convened in Toronto, Canada,
15, Joseph P. Ripley, chairman of the bondholders' representative
committee, upon whose plan of reorganization the bondholders were
assembled to vote, proposed two important amendments to the plan dealing,
respectively, witn the amount of new money securities to be issued and
with the lien of the debenture bonds to be issued in part exchange for
present first mortgage bonds.
Oct.
The first amendment proposed by Mr. Ripley provides that instead of
new first mortgage bonds in the amount of $14,000,000, the plan be
in such manner as to decrease tne $14,000,000 of new money
securities by an amount equal to the Abitibi earnings, before depreciation,
issuing
amended
The SEC has announced that at the
request of
it has consented to the withdrawal of the
cants
the appli¬
following
registration statements filed under the Securities Act of 1933:
Car
C?* (3204) covering 121,097 shares (par $10)
Filed May 29, 1937.
Calo Food
stock
(par $1).
Louisville
mon
stock.
common
1
Products, Inc. (2786) covering 100,000 shares of
common
Filed June 12, 1937.
Drying Machinery Co. (3364) covering 70,000 shares
stock (par
com¬
$1).
Filed Aug. 23, 1937.
Marquette Metal Products Co. (3339) covering 50,000 shares (par $20)
6% cum. pref. stock and 250,000 shares of common stock (par $1).
Filed
Aug. 14, 1937.
Mining Truth Blind Pool of 1937 (3350) covering $100
$250,000.
Filed Aug. 12, 1937.
■
■
tions not to exceed
earned
subsequent to June 30, 1397, and up to the approximate date of
of the assets, and remaining over and above interest accruals on
general mortgage bonds and debentures.
In the calculation, it
will make no difference whether, in the interim, such earnings remain in
working capital or flow through working capital into improvements, said
Mr. Ripley.
"We still believe that if Abitibi is reorganized before the end of this year,
the proceeds of $14,000,000 of new money securities will not be excessive,"
Mr. Ripley stated.
"We wish to make clear our reasons for the amendment.
There are two reasons: (1) junior interests may attempt to delay the effect¬
ing of the plan and (2) in order to bring unanimity of approval of the plan
by bondholders, we wish to recognize in a reasonaDle way the expressions
transfer
the
new
of opinion of those bondholders who believe that the issue of new money
should be reduced.
securitias
participa¬
par
The last previous list of registration statements
in our issue of Oct. 9,
page 2378.
"With the foregoing amendment in respect to amount, we see no danger
new Abitibi will be launched with excassive funds."
that the
was
given
With respect to the amendment placing a lien upon the new debentures,
Mr. Ripley said:
"We have noted that
our plan is criticized because the debentures to be
are not secured
by mortgage.
We think the point is
unimportant, in view of the strong negative pledge clauses
referred to in the plan, and which we think some people have overlooked.
However, in a desire to answer the point we are proposing an amendment
issued
thereunder
relatively
Abbott Laboratories—Plans
of
Preferred Issue—
A special shareholders' meeting has been called for Nov. 4
for the purpose
asking approval of creation of an authorized issue of 50,000 shares of
$100 par convertible cumulative preferred stock.
Of this proposed pre¬
ferred, the company plans to offer 20,000 shares of a dividend rate of 43^ %
annually, doing so at a price of par for purpose of increasing working capital
for
additional inventories and accounts receivable.
The unissued balance of the proposed
preferred will
in the future at annual dividend rates to be set
be subject to issuance
by directors.
The preferred will be convertible at rate of one share for two
shares and will be callable at $107 a share.—V. 145,
p. 2214.
Addressograph-Multigraph
Corp.—Earnings—
8 Months Ended Aug. 31—
Net profit after charges, depreciation and Federal
income taxes, but before surtax on undistributed
profits.
Shares
common
Earnings
common
stock
share.
—V. 145, p. 2215.
per
Alabama Tennessee & Northern
1937
$1,444,525
753,599
$1.91
1936
*
$793,188
746,313
$1.06
$64,025, and with
a
new
dollar capitalization of
There would
issued
The
in
$3,259,344, excluding common stock.
i
oe a new first mortgage
4% issue of $450,000, under the
$300,000 would be sold for cash, and $110,000 would be
full
satisfaction of a Reconstruction Finance Corporation note.
$40,000 would be authorized from time to time.
-A
bonds, in the amount of $1,672,860, would get 40% in new
4% second mortgage bonds, and 60% in new non-cumulative
remaining
Prior lien
30-year
by a mortgage subject to the first mortgage and
mortgage."—V. 145, p. 2378.
Allied Kid Co.—Sales—
The company reports total leather sales of $2,709,252 for the three month
period ended Sept. 30, constituting the first quarter of its current fiscal
year.
This dollar volume, reflecting higher prices based on the increased
cost of raw
materials, shows a gain of approximately 9% over the total of
$2,486,173 in the same quarter of 1936.
Physical volume amounted to
10,667,358 feet for the quarter just ended, against 11,454,633 feet in the
same period a year ago, a decrease of somewhat l3ss than
7%.
•
Sales during September amounted to $856,633, an increase of about
12% over September last year, representing an output of 3,320,532 feet
against 3,602,950 feet in the same period a year ago.
The company observes that although there was comparatively little
change in prices of raw goatskins during the quarter ended Sept. 30, a
moderate decline has occurred during the last ten days, following lower
levels for nides and calfskin prices.
This decline, they attribute to the
lack of interest by tanners as a result of inactivity of the shoe business and
general uncertainty as to immediate prospects.—V. 145, p. 2061.
RR.—Adjusted Plan—
The company has notified holders of prior lien and general
mortgage
bonds that it has drawn up an adjusted plan of
reorganization, calling for
total fixed interest and sinking fund on new securities of
plan, of which
to secure the debentures
the general
American Brake Shoe &
Stockholders
Foundry Co.—Merger Voted—
two-thirds vote approved the merger of the parent
Corp. and American
Manganese Steel Co.
The merger involves the issuance of an additional
10,316 sharesof American Brake Shoe common.
The purpose of the merger
is mainly to reduce tax liability.
American Brake Shoe for some time has been following a policy of con¬
solidation of subsidiaries and by the end of 1937 there will be only four
domestic subsidiaries as compared with 14 several years ago.
In addition
to the saving in taxes entailed by the consolidations, the parent
company is
company with
by
a
two subsidiaries, American Brakeblok
Volume
Financial
145
able to combine certain executive functions and
an
2537
Chronicle
reduce expense to
thus
extent.—V. 145, p. 2061.
American Chicle
com.
1937—9 Mos.—1936
1937—3 Mos.—1936
$831,281
$2,808,038
$2,291,116
438,000
$2.33
stock
440,000
$1.89
438,000
440,000
$5.21
out¬
standing (no par)
Earnings per share
—V. 145, p. 596.
American Electric Securities Corp.
$6.41
-Earnings—
Gross income
1934
1933
40,399
Net profit on sale of se¬
curities
1935
$51,143
36,421
$49,210
34,888
$54,331
7,264
222,640
Interest received
Other income-
83,236
3,402
Dr34,726
$170,799
40,712
21,348
$87,500
33,160
$108,739
$54,340
$323,961
63,846
69,333
Expenses
Prov. for income tax
Total profit.
$190,782
$21,510
Cash
39,326
13.694
Invest's at cost...
714,140
$25,357
13,120
18,810
527,492
Misc. inv., at cost.
157,715
10,800
Deferred charges..
699
617
Accrued
D1v8.
130,000
$45,911
23,123
65,000
184,700
170,038
77,441
shs.
$1)
1,617
1,393
260,731
$947,084
Total
$596,198
$
26,257,438 108,299,171 104,036,477
20,983,353
84,479,13 1 83,343,099
3,873,069"
$596,198
5,274,085
23,820,040
20,693,378
43,268,660
1,805,009
193,391
41,627,697 181,839,352 143,567,719
1,640,091
6,469,122
7,674,472
289,547
715,086
917,643
49,140,129
4,452,855
48,831,420 212,843,600 172,853,212
5,778,212
20,588,078
23,221,469
Dividends
44,687,274
42,045,287
43,053,208 192,255,522 149,631,743
42,026,598 168.173,974 168,032,943
Balance
2,641,987
1,026,610
stock outstanding 18,686,794
18,678,488
18,685,997
18,670,327
$2.30
$10.29
$8.01
Interest income
Other income—net
Total income
Interest deductions
Net income
a
24,081,548def18401,200
Aver, number of shares of
743.
Represented by 30,000 no par shares.—V. 143, p.
$
$
$
30,000
30,000
450,957
unclaimed—
Surplus
$947,084
Period End. Sept. 30—
Dividend income
$72,369
Common shares.
x
this year
last year.
Telegraph Co. Only
1937—3 Mos.—1936
1937—12 Mos.—1936
$2,264
1935
taxes
pref.
Partic.
(
Net oper. income
Coll. loan payable.
(par
$26,868
24,605
1936
Accounts payable-
Accts. receivable..
Accrued interest-.
The total number of telephone calls during the nine months of
about 7% in excess of the number for the corresponding period
was
Operating revenues
26,004,858
Oper. exps.,incl. taxes— 22,131,789
Liabilities—
1935
MILWAUKEE, WIS.
Earnings of American Telephone &
31
Balance Sheet Dec.
1936
Assets—
x
Phone Daly 6392
Teletype Milw. 488
1936
$60,922
Calendar Years—
Total
in
Wisconsin Issues
Milwaukee &
$1,022,665
int. and Federal taxes.
Shares
We Invite Inquiries
Co.—Earnings—
Period End. Sept. 30—
Net profit after deprec.,
cap.
Earns, of A. T. & T. Co.
European Securities Co.-
American
Interest rec'd
$267,305
95,364
$329,338
99,601
accr'd—
or
$214,841
85,074
353
rec.
Consolidated Accounts of Company and
Period End. Aug. 31—
$429,569
$363,004
$299,914
$297,507
Interest paid or accrued.
41,736
113,363
22,446
113,363
14,986
113,363
113,363
securities sold
$274,470
prof 1,838
$227,195
2,279
$171,566
59,921
$170,590
651,347
$276,309
$224,916
$111,646 loss$480,757
Expenses, including mis¬
cellaneous taxes
13,555
interest in the undivided
profits or deficits of subsidiary companies.
630
in securities—
$2.39
share
Does not include the company's proportionate
a
$216,712
80,442
Miscell. interest
Divs.
per
1934
1935
1936
1937
9 Mos. End. Sept. 30—
Inc.—Cash divs. rec'd..
Earnings—
1937—3
25 Principal Telephone Subsidiaries
Mos.—1926""T937—12'Mos^IMT
$
$
$
Operating revenues
261,940,157 247,636,382 1037099160 968,944,849
x Operating expenses—179,897,814
164,841,819 688,950,942 652,834,694
Taxes
33,637,491
30,590,140 127,757,092 111,049,079
$
on
Total profit
stock dividend re¬
y
Net oper. income
48,404,852
Other income—net--5,913,549
52,204,423 220,391,126 205,061,076
6,078.486
33,420,645
23,361,516
Total income
Net loss
Interest deductions
54,318,401
10,831,981
58,282,909 253,811,771 228,422,592
12,062,857
45,922,024
50,199,131
Total net income
43,486,420
46,220,052 207,889,747 178,223,461
Pref.
100,000
150,000
quirements
75,000
Net income applicable to
$126,309
$124,916
$36,646 df$480,757
Note—Stock dividends are not treated as income, but are entered on the
books of the company recording only the number of shares received and
making no increase in the cost of book value of the securities involved.
Balance, surplus
Comparative Balance Sheet Sept. 30
x
96,301
71,363
.16,550,026
1,652,404
16,552,921
1,647,904
Invest, securities:
Stocks.Bonds
Furniture and
d
615
615
3,023,000
3,023,000
Option warrants
Funded debt
Int. on fund, debt.
50,338
50,338
General reserve...
600,000
600,000
2,704
3,104
fix¬
706
tures
Accrued taxes
Accrued interest on
bonds
21,000
21,000
Total
18,319,732
496,435
Deficit
18,293,894
522,673
18,319,732 18,293,894
Total
by 354,500 shares of no par value,
c Represented by
50,000 shares of no par $6 cum. stock,
d There are issued and outstanding
option warrants entitling the holders to purchase at any time without limit,
20,500 shares of common stock at a price of $12.50 per share,
e At cost,
—V. 145, p. 427.
b Represented
111. (& Subs.)—Earnings—
193L,
1935
American Investment Co. of
'*
$281,681
120,000
$1.57
30—
1937
$484,675
264,274
9 Mos. Ended Sept.
Net inc. after all charges
$1.65
Shares common stock
Earnings per share
$1.73
Based on the earnings for the past quarter there
surplus of about $1.15 per common share from which to de¬
termine the regular and extra disbursements before the year ends.
Based
on the increased number of shares outstanding, since July, earnings will be
The company states:
should
be
a
about $2.15 per
American
share.—V. 145, p. 1408.
Light & Traction Co. (&
Subs.)—Earns.
31—
--1937
of sub. (after eliminating intertransfers)
^0,563,204
General operating expenses
H'onn'ili
Maintenance
z ,zuu
Provision for retirement of general plant
General taxes and estimated Federal income taxes.
4,975,355
12 Months Ended Aug.
1936
Gross oper. earns
company
^9*9?n,n'li
operations of subs
Non-operating income of subs
Net earnings from
Total income
119,956
$9,206,395
-
$38,218,936
ovoo'i
9«
4,634,287
$8,192,031
566,728
$8,758,759
4,241,093
of subs
Balance
4,249,448
$4,509,310
min com.stk.
10,984
10,070
Equity of Am L & Trac Co. in earns of subs
Income of Am. L. & Trac. Co. (excl. of income received from subs.)
$4,954,317
$4,499,240
Proportion of earns., attributable to
■
1,254,319
$6,502,211
$5,753,559
215,764
179,265
$6,061,622
Total
1,547,894
$5,490,678
Expenses of Am. L & Trac. Co
Taxes of Am. L. & Trac Co——
224,826
Balance
Balance transferred to
Dividends on preferred
142,042
consolidated surplus
stock
—-----
Earnings per share of common
—V. 145, P. 1891.
American
121,785
$5,919,580
804,486
$5,368,893
$4,564,407
$1.65
deductions
Balance
stock-------------
$1.85
American
804,486
Republic Corp.—Registrar—
Co. has been appointed registrar of
capital stock of this corporation.—V. 145, p.
The Colonial Trust
common
83,617
$5,115,094
Holding company interest
Telephone
&
Telegraph
the $10 par value
1575, 1248, 597.
Co.—Quarterly
Report—
During
the
third
quarter of this
177 000 telephones as
year
the Bell System gained about
compared with 223.000 during the third quarter
of
The total gain for nine months this year was about 706.000 as
compared with 597,000 during the nine months of last year * The system
has regained substantially as many telephones as were lost during the de¬
last'year.
pression and there are now
service.
poinanl
.!
by public
2,628,686
$2.19
about 15,200,000 Bell System telephones
in
3,363,234
12,385,543
12,787,608
42,856,818 195.504,204 165,435,853
$2.29
$10.46
$8.86
Includes current maintenance, depreciation, traffic, commercial, gen¬
eral and miscellaneous expenses and operating rents.
y
Includes proportionate
controlled companies,
V.
145, p.
interest in net income
(partly estimated)
of
not consolidated, including Western Electric Co.—
1891.
American Water Works & Electric
Co.—Weekly Output
Output of electric energy of the electric properties of American Water
Electric Co. for the week ended Oct. 9, 1937, totaled 48,451,000 kwh., a decrease of 2.26% under the output of 49,573,100 kwh. for
the corresponding period of 1936.
Works &
Wk.End.—
1937
1936
Sept. 18--- 49,865,000 *46,010,000
Sept.25--- 48,453,000
49,046,000
Oct.
2.-- 48,048.000
49,010.000
Oct.
9--. 48,451,000
49.573,000
*
Includes Labor Day.—V; 145, p.
1935
1934
1933
41,051,000
40,380,000
37,100,000
41,187,000
2380.
32,158,000
32,470,000
34,738.000
32,643,000
33,077,000
32,904,000
32,196,000
31,221,000
Androscoggin Water Power Co.—Bondholders* Agreement
The holders of the 1st mtge.
20-year 6% gold bonds are in receipt of the
following letter from the bondholders' committee:
"Prior to 1925, all the property which is now owned by the company was
owned by the Pejepscot Paper Co. or its subsidiaries.
At that time the
power company was formed and the paper company transferred to it the
real estate, dams, water power rights, riparian rights, and all other prop¬
erty which it now owns.
This property was conveyed by an indenture of
trust to First National Bank, Boston, as security for the bonds outstanding,
originally to the amount of $1,500,000 but now reduced to $773,000 by
operation of the sinking fund.
At about the same time the trust mortgage
was executed, the power company leased to the paper company the identical
property which it had acquired from the paper company.
The lease in
substance provided that the paper company would pay as rental the taxes
on the property, provide funds for payment of interest on the bonds and a
sinking fund of $75,000 annually, and provide for proper depreciation
allowances.
This lease was for a term of 21 years, or one year longer than
the maturity date of the trust mortgage.
At the same time, the paper com¬
pany executed an instrument of guaranty in which it guaranteed the punctual
payment of principal and interest and sinking fund.
f*All the
common
stock of the power company, except qualifying shares,
is owned by the paper company
and its officers are officers or executives of
and in view of the lease above described the power
carries on no business itself and has no present source of income
exceot that provided for under the lease of its properties to the paper com¬
pany.
By reason of its failure to pay taxes on the property since 1935,
interest since August, 1935, and sinking fund since 1935, at which time 75%
of the bondholders waived the sinking fund requirements for a term of five
the
$4,965,301
Interest, amort, and pref. divs.
ciibq
stock—
$
c Preferred stock
5,000,000
b Common stock..10,139,510 10,139,510
•$
5,000,000
Liabilities—
S
Cash
e
held
of
Net income applicable to
A. T. & T. Co. stock— 40,857,734
Per share, A. T.& T. Co.
1936
1937
1936
1937
Assets—
fitoplf
paper
company
company
years, the paper company is in default of its obligations under both lease
and guaranty.
The taxes for both companies, including the 1937 levy soon
to be due, amount to about $60,000 and by Maine laws are a lien that is
prior to the bonds.
In August, the two years' interest due and overdue
amounted to $92,760, making a total of $152,760.
"But while these defaults have been occurring the paper company has.been
using all the property of the power company for general corporate purposes
and for the benefit of its unsecured creditors.
That is to say, all other
interests concerned, except municipalities, have been receiving 100% for
their dues from the paper company, which has been helped to do this by its
uninterrupted occupancy, rent free, of a property for which it should be
paying for the benefit of the bondholders nearly $6,000 monthly for interest
and taxes alone, and this condition may continue indefinitely unless objec¬
tion is made by the committee.
But this the committee cannot do now for
reasons defined elsewhere in this letter.
"The paper company and the power company are in reorganization under
77B of the United States Bankruptcy Act, having filed petitions which were
approved by the court on July 10, 1937.
"The committee notified bondholders under date of Aug. 9, 1937, that it
had filed a petition with the U. S. Court seeking its approval of the terms and
and conditions of a proposed deposit agreement and that a hearing would
be had on Aug. 31.
On the same date the committee asked the bondholders for an expression
of their opinion about the appointment of trustees for both of the companies.
Up to the time of the hearing on Aug. 31, responses had come in from the
owners of about 38% of the bonds and approximately 2% have come in
"At the hearing on Aug. 31, the Court approved the proposed bondholders
agreement and it is now operative.
At the same time, the matter of appoint¬
ing trustees or continuing the paper company in control was before the
court, but is was determined to ask for a further continuance, because the
committee, in the short time available, had not been able to enlist the
support of as many bondholders as were necessary to entitle it to a proper
2538
Financial
It is the sentiment of the committee that it
authoritatively represent at least two-thirds of the outstanding
Chronicle
standing before the court.
should
Oct.
Barker Bros.
Period End. Sept.
Corp. (& Subs.)—Earnings—
30—
bonds if it is to take affirmative action leading toward reorganization or
other settlement of the power company's affairs.
"Bondholders are now asked to deposit their bonds and promptly, with
Net
Portland National Bank, the depositary of the committee.
1937—3 Mos.—1936
Expenses & depreciation
Alfred A.
Committee:
Montgomery, Chairman, W. Parker Straw,
Arthur F. Maxwell, Rupert H. Baxter, and Ainsley G. Welch, with Theron
A.
Woodsum, Secretary, 443
Congress
St.,
Portland,
Me., and Bradley,
p. 1575.
Linnell, Nulty & Brown, Portland, Me., attorneys.—V. 145,
Anglo American Corp. of South Africa, Ltd.—Results
of Operations for the Month of September, 1937—
Tons
x
Milled.
Companies—
In South African CurrencyValue of Gold
Declared
Costs
Profit
135,500
136.500
£243,920
273.036
152,200
88,500
Brakpan Mines, Ltd
Daggafontein Mines, Ltd
Springs Mines, Ltd
West Springs. Ltd
304,448
116,003
£138.015
£105,905
132.613
156,011
41,048
140,423
148,437
74,955
Each of which is incorporated in the Union of South Africa.
Note—Revenue has been calculated on the basis of £7. 0. 0. per ounce
fine.—V. 145, p. 1891.
1937
16,
sales
$3,930,513
2,383,228
Cost of sales.
1937—9 Mos.—1936
$3,427,168 $10,558,019
2,043,753
6,348,795
$8,629,813
5,247,048
1,340,941
Other income-
Total income.
3,714,696
3,003,432
$206,344
28,409
Operating profit
1,104,975
$278,440
$494,528
36,601
94.766
$379,333
87,649
$234,753
$315,041
33,998
44,824
$589,294
83,432
$466,982
Federal income taxes
Net profit
Shares coiumon stock
$200,755
$270,217
$505,862
178,200
$0.87
150,000
$1.49
178,200
$2.08
$401,266
150,000
$1.76
x
Earnings
x
share
per
Before Federal surtax
on
undistributed profits.--V. 145, p.
65,716
1892.
Bergen Turnpike Co.—Merged—
Company has been merged into Public Service Coordinated Transport.
—V. 73. p. 268.
x
Berkshire Street
Ry.—Bond Extension—
Company has requested the holders of the following bond to agree to an
same to June 1, 1947 at 6% interest:
(1) $775,000 Berkshire
St. Ky. 1st mtge. bonds, due June 1, 1937.
(2) .$242,000 Pittsfield EI.
St. Ky. 1st mtge. bonds due July 1, 1938.
(3) $400,000 Hoosac Valley
St. Ry. ref. 1st mtge. bonds due Sept. 1, 1938.
According to press dispatches from Pittsfield Oct. 4 the extension of the
bond issues has been effected by a special committee representing the board
extension of
Associated
'
Gas
&
Electric
Co.—September Output—•
Electric output of 392,063,875 units (kwh.) is reported for the month of
September by Associated Gas & Electric System.
This is an increase of
5.7%, or 21,004,323 units, baove the production of September a year ago.
This is the smallest percentage increase pver a con parable month reported
since June, 1935, a period of 28 months.
Construction of output has already
resulted in a reduction in operating Income.
Gross revenues have not kept
pace with output increases because of continuing rate reductions.
Oper¬
ating expenses have been mounting steadily and tax costs are running
25% ahead of a year ago.
So long as these factors exist, an adverse effect
on operating income seems assured.
Output for the 12 months ended Sept. 30 amounted to 4,604,871,146
units.
This is 519,045,790 units, or 12.7%, above the previous comparable
figure.
Gas sendout for September ran 10.7% ahead of September 1936.
Sendout was 1,693,270,600 cubic feet.
For the 12 months ended Sept. 30,
sendout was 21,855,810,700 cubic feet.
This is 3.9% above the figure
reported for the previous year.
Weekly Electric Output Up 6%—
For the week ended Oct. 8, Associated Gas & Electric System reports net
electric output of 91,712,132 units (kwh.), which is an increase of 5,176,980
units, or 6.0% higher than the production for the comparable week a year
ago.
Gross output,
including sales to other utilities, amounted to 103,774,299
units.—V. 145, p. 2381.
Atlantic
Gulf
West
&
Indies
Steamship Lines (and
Subs.) —Earnings—
Period End. Aug. 31—
1937—Month—1936
1937—8 Mos.—1936
Operating revenues
$2,339,761
$2,039,325 $18,708,232 $16,442,849
Oper. exps. (incl. deprec)
2,069,744
1,713,082
17,090,871
14,613,133
Net operating revenue
$270,017
56,118
$326,243
40,168
$1,617,360
423,543
$1,829,716
261,007
Other income
$213,899
3,304
$286,074
2,817
$1,193,816
35,577
$1,568,708
37,330
Int., rentalsi &c.
$217,204
109,128
$288,892
112,568
$1,229,394
889,110
$1,606,039
936,967
x$108,075
$176,324
x$340,283
$669,072
Taxes
Operating income
Net Income
These operating earnings are before any year end audit adjustments,
and no provision has been made for surtax on undistributed profits as the
x
earnings cannot yet be determined.—V. 145,
Atlas Corp.—Purchases
Between April 30 and
1734.
p.
Own Stock—
Sept. 30,
1937, the corporation bought 192,119
shares
of its own common stock ($5 par), according to a report to the
Securities and Exchange Commission.
Company on Sept. 30 held 658,242
shares of its own stock in treasury, leaving 3,514,702 shares outstanding.
—V.
145,
2063.
p.
Atlas Plywood
The directors
Corp.—50-Cent Dividend—
declared a dividend of 50 cents per share on the
value, payable Nov. 15 to holders of record Oct. 25.
A like payment was made on Aug. 16, last and compares with 37^ cents
paid on May 15 and Feb. 15 last and 25 cents paid on Nov. 16 and on
Aug. 15, 1936, this latter being the first dividend paid since July 15, 1934,
when a oi vidend of 50 cents per share was distributed.—V. 145, p. 1734.
common
stock,
Autocar
have
no par
of directors.
In
a
cjrcular issued to the holders of the bonds
It is
impossible for company to provide funds for the payment of all or
any of the bonds maturing June 1, 1937, or to arrange at this time to refund
upon satisfactory terms the company's funded debt.
Consequently, it
seems to the directors necessary to ask all bondholders to cooperate in a
further postponement of the maturity date for the payment of the principal
of ail the company's outstanding bonds, and some of the large holders of
such bonds have approved this course.
in this period of changing customs and conditions in travel and trans¬
portation, it is impossible to predict future earnings, but the company is
requesting holders of the three issues of bonds to consent to a postponement
of the respective dates of payment of said bonds to June 1, 1947. in con¬
sideration of the company's agreement to arrange for payment in cash of
5% of the principal of said bonds and to pay interest on the balance of the
principal and semi-annually at the rate of 6% per annum, and of its further
agreement to create and maintain sinking funds for the retirement of a
portion of the respective issues on or before June 1, 1947.
It is proposed to pay into the sinking funds each year one-half of the gross
Income remaining after payment of interest on all outstanding bonds,
including those in the sinking funds.
The agreements provide that holders of bonds may become parties thereto
by deposit of their bonds with Agricultural National Bank, Pittsfield,
Mass., June 1, 1947.
The trustees of the property of New York New Haven & Hartford RR.
have agreed, subject to the approval of the U. 8. District Court, to consent
(1) to the postponement of the principal of such of the bonds as are In¬
cluded in the estate of the New Haven, being $353,000 of Berkshire St. Ry.
bonds owned, and $100,000 of Hoosac Valley St. Ry. bonds pledged by
this company as collateral for a note issued to New York New Haven &
Hartford RR., and (2) to the payment of gross income into sinking funds
as above described.
The trustees have also agreed to seek the authority
of the court and the consent of the Public Works Administration and
of $3,333,000, and accrued interest thereon, and to the postponement
referred to, such consent being necessary because of the pledge, by New
York New Haven & Hartford RR., of its holdings of Berkshire St. RR.
first mortgage bonds with the PWA and the pledge of all the outstanding
debentures, notes and capital stock of this company with the RFC.
Said
trustees are to receive, in part consideration for the cancellation of said
notes, the $60,000 of Hoosac Valley St. Ry. bonds held in this company's
treasury.—V. 144, p. 3323.
Blaw-Knox
Co.—Listing—Acquisition—
The New York Stock Exchange has authorized the listing of 1,900 addi¬
tional shares of capital stock (no par) value in connection with the acquisi¬
tion of certain assets, making the total amount applied for 1,353,458 shares.
On Aug. 27, 1937, directors approved a contract of Aug. 2. 1937, and
supplement of Aug. 12, 1937, between the company and R. M. Gordon &
Co. pursuant to which the company is pin-chasing all of the assets, business
and goodwill of R. M. Gordon & Co. as a going concern engaged in manu¬
facturing and selling devices for automatic pressure lubrication of ma¬
chinery.
On the same date the directors directed the payment of 1,900
shares (no par) capital stock to R. M. Gordon & Co. as the consideration
agreed in the contract to be paid for the assets.
Consolidated Balance Sheet Dec. 31
Co.-—Registration Statement Withdrawn—
June 30 '37
Cash
Works—Bookings—
The dollar value of orders taken in September by the Baldwin Locomotive
Works and subsidiary companies, including the Mid vale Co., was an¬
Oct. 15 at $1,673,241, as compared with $2,532,734 in Septem¬
on
688,339
(net). 2,248,028
1,656,581
2,318,661
Inventories
Oth. current assets
2,786,860
10,035
Securities
12,529
30,884
427,933
195,659
5l"l47
654,971
527.842
Res've for conting.
261.717
261.717
Miscell. reserves..
64,635
62,283
&c. taxes
xProp.,plant &eq_13,365,683 12,750,477
in the
Pats.,
Minor,
period of last year.
Consolidated shipments, including
,
Mid vale,
in
September
aggregated
$2,397,298 as compared with $1,719,434 in September of last year.
Con¬
solidated shipments for the first nine months of 1937 were $29,190,436 as
compared with $16,833,497 for the first nine months of 1936.
On
30, 1937, consolidated unfilled orders, including Midvale,
$29,622,017 as compared with $30,531,416 on Jan. 1, 1937,
and with $13,781,459 on Sept. 30, 1936.
All figures are without intercompany eliminations.—V.
145, p. 2381.
tr.
mks.
&
574,725
Adv. to employees,
&c
Deferred charges
22,100
51,537
y
-
65,572
__
Pitts¬
10,802
10,223
Capital stock.—11,104.662
11,019,970
burgh Rolls Corp
597,629
5,321
goodwill
int.
Earned surplus
2,664,398
Capital surplus.._ 4,235,171
1,978,696
4,042,535
Sept.
amounted to
Bardstown Distillery,
Inc.—Initial Dividend—
Belden
1936
$790,336
Provision for depreciation
Provision for Federal income taxes and surtax
undistributed profits
142,918
$578,160
146,148
122,325
18,309
63.843
35,461
$506,785
429,640
$332,707
112,080
Balance Sheet Dec. 31
Assets—
1936
Cash
$153,384
1935
$108,743
Notes and trade
receivable
512,643
Other curr. assets-
Invest.
and
345,831
1,384,879
35,038
1,211,181
39,240
assets
34,062
43,548
1,168,358
b Plant
Prepayments
1,081,233
84,754
53,503
sales
Accrued
Other
taxes
cur.
llabll..
Long-term
lndebt.
Conting.
and
deferred charges
247,734
Other accruals
other
$40,000
149,059
reserve._
Capital stock
Surplus
the 20th anniversary of
died on Oct. 11 of pneumonia
office was informed.
He was
5,232
168,858
90
22,471
29,658
90,000
53,770
1,868,000
456,881
Meeting—
At the annual stockholders meeting held Oct. 13, directors were re-elected.
Filing of a proof of claim on behalf of Boston & Providence against Old
Colony RR. in proceedings for reorganization of New Haven railroad was
approved as was the employment of H. N. Rodenbaugh as an expert
advisors to the directors with respect to traffic and accounting in connection
with the reorganization
proceedings.
Action on the proposed issuance of bonds, coupon notes or other evidences
of indebtedness to an amount not exceeding $2,170,000 for refunding
company's 15-year 5% debentures, due July 1, 1938 was deferred.—V. 125,
p.
3475.
Bridgeport Machine Co., Wichita, Kan.—Earnings—
Period End. Sept.
Advance collections
on
Co.—Obituary—
Arthur W. Milburn, who was to have observed
his Presidency of this company on Oct. 17,
at Baden Baden, Germany, his New York
1935
1936
$440,000
trade
accept, accounts
Inventories
Liabilities
Notes payable
Accounts payable,
x After reserve for depreciation of $5,028,499 in 1937 and $4,916,166 in
1936.
y Represented by 1,322,395 no par shares.—V. 145, p. 1576.
Boston & Providence RR.—Annual
1935
on
Provision for contingencies
20,540.273 18,560.151
Total
63 years old.—V. 145, p. 2383.
Manufacturing Co.—Earnings—
Years Ended Dec. 31—
20,540,273 18,560,151
Total
Borden
The directors have declared an initial dividend of 7 M cents per share on
the common stock, payable in
3% one-year notes on Oct. 27 to holders of
record Oct. 21.—V. 144, p. 3997.
a
Investments
605,736
600,000
Accrued expenses.
Pro v. for Federal
ber, 1936.
The month's bookings brought the total for the consolidated group for
the first nine months of 1937 to $27,905,527 as compared with $23,902,050
same
$
748,258
payable-
Notes payable
34,364
449,451
Accounts
Dec. 31 '36
$
Liabilities—
%
1,003,714
Receivables
June 30 '37
Dec. 31 *36
$
Assets—
nounced
Re¬
construction
Finance Corporation to the surrender for cancellation of
certificates for 48,981 shares of capital stock of this company, and to the
cancellation of promissory notes of this company in the aggregate amount
See list given on first page of this department.—Y. 145, p. 2381.
Baldwin Locomotive
requested the extension
company states:
100,626
23,182
20,403
•r
170,000
35,461
1,868,000
466,970
30—
Net inc. after exp., depr.
and other charges
x
1937—3 Mos.—1936
x$205,790
$116,567
1937—9 Mos.—1936
x$586,492
$349,581
Before income taxes.
Current assets
as
of Sept. 30, 1937, amounted to $4,725,552 and current
liabilities, including $1,250,000 of notes payable, were $1,591,929, compar¬
ing with current assets of $2,896,796, notes payable of $50,000 and current
liabilities of $264,977 on Sept. 30, 1936.
Cash amounted to $221,367
against $316,069, and inventories were $2,095,573 against $1,481,180.—
V. 145, p. 1576.
Broadway Department Store, Inc.—Larger Dividend—
Total
a
..$3,382,605
After
reserve
reserve
for
$2,873,7941
Total
$3,382,605 $2,873,794
for losses of $84,557 in 1936 and $58,249 in 1935.
depreciation of $1,653,583 in
1892.
—V. 145, p.
1936 and $1,579,691
b After
in
1935.
The
directors
have
declared
a
dividend
of 60 cents per share
stock, no par value, payable Oct. 28 to holders
Dividends of 40 cents were paid on Aug. 2, and on May
common
being the initial distribution on
on
the
of record Oct. 18.
1, last, this latter
the common shares.—V. 145, p. 429.
Volume
Financial
14S
Broad Street
Investing Co., Inc.
9 Mos. End. Sept. 30—
Cash dividends on stock
-Earnings—
1936
1935
1934
$83,323
$69,829
1,426
$74,033
2,153
x$209,495
1,346
x$83,323
*$71,255
545
585
$76,186
1,153
2,673
906
498
514
8,892
6,001
2,020
31,055
5,247
5,703
2,135
12,107
2,285
2,722
2,008
1,530
7,331
2,118
1,840
6,891
2,110
550
705
2,192
462
457
464
"""786
16
660
1937
$209,211
Interest
284
Total income
Custodian fees
Registrar
and
•
After deducting bond interest requirements, there would be a balance of
$1,000,726 for preferred and common stock in the 40-week period.
Under
plan, dividend requirements on the preferred stock for a whole year
would be $600,000, same as at present.
'
■
'
Stating that these earnings indicate real recovery and progress, the Presi¬
dent told bondholders it was their responsibility to determine the speed
with which reorganization is completed and the $145 past due interest
on each $1,000 bond paid.
He said that this large sum of money could not be made available K) bond-holders until the company is reorganized because It is being used by thethe
.
Capital stock and other
Directors' fees
Service fee
Stockholders' meetings &
statements
712
1,171
Salaries
"
Cost of disbursing divs..
Interest
1,655
"""858
expenses.
"l",55l
526
$153,980
93,381
$51,845
81,621
$54,520
58,623
$57,092
lossl,340
$247,361
y225,375
$133,466
50,297
$113,143
48,830
$55,752
53,290
Net profit on securs. sold
on
cap.
_
stock
x Includes
all cash received or receivable from the sources specified,
whether payable from earnings or otherwise, except amounts expressly
stated
to
be
liquidating distributions.
In
economic sense, therefore,
y Includes
an
the amount shown is not in whole to be considered true income,
$66,073 special dividends
on
Statement of Surplus Sept. 30,
$3,770,872
Additional Federal income and capital stock taxes paid
for prior yeais, and interest
391
$3,770 481
Excess of proceeds of capital stock sold over par value
thereof (after giving effect to allocations to the ordinary dis¬
tribution account), less cost of issuance
step in restoring the preferred stock to an investment position.
Since company's reorganization plan was filed in Federal District Court,
before Judge Peters on Aug. 9, many New England civic and governmentalj
have passed resolutions favoring the plan and urging
holders to assent to the plan.
Many of the resolutions pointed
groups
416,585
Ordinary distribution account from Jan. 1, 1936:
Balance, Dec. 31, 1936
Net income
in
respect
6,955
$163,788
159,302
Investment
profit and loss and special
1, 1936:
Balance, Dec. 31,1936
Net profit on sales of investments
$2,599,215.
300,000
Reserve
496,835
18,295
134,087
96,089
21,690
$8,600,421 $2,730,332
Total
12,575
Special deposits for
Note—Investments
based
1936
$96,089
$21,690
52,146
22.732
Common stock.
_
18,822
546,405
2,143,416
1,373,995
7,055,460
the union, Douglas L. MacMahon, Vice-President in
charge of B.-M. T. organization, and Austin Hogan, General Secretary,
signed the agreement, which will become effective with the approval by
the union membership.
Union mass meetings will be held Oct. 15 and
until Dec. 31, 1938.
According to company
estimates, the adjustments will add approximately $2,40 ,000 to the com¬
pany's costs during the 15-month period.
This amount includes the three
independent organizations not represented by the union, of motormen.
signalmen and ticket sellers, with whom agreements are being negotiated
to bring them to a parity with the T. W. U. members.
Mr. Meyer, with his colleagues, Professor Joseph P. Chamberlain of
Columbia, and William M. Leiserson, Chairman of the National Railway
Mediation Board, of Chicago, told the Mayor that both the company
management and the union had "cooperated to the fullest extent."—
V. 145, P. 2383.
(Maine)—Earnings—
Ltd.—Earnings—
1937
$4,833,242
1,972,437
1936
$4,515,625
1,/26,787
$2,860,805
_
$2,788,837"
.
Net earnings.
-V. 145, p. 2384.
Capital Administration Co., Ltd.*- -Earnings—
1936
$30,244
204,622
1935
$88,948
180,825
1934
$102,906
154,372-
y$234,865
57,105
$269,773
128,137
$257,278..
128,138
1,273
2,394
5,863
3,638
2,398
9,403
4,944
2,508
9,778
7,115
2,718
2,334
11,695
3,086
2,681
9,0492,822-
1,287
1,169
681
848
1,170
739
25,317
2,180
1,444
27*740
1,177
748
2,345
26,926
2,140
1,341
23,888
1,900
1,416.
...
$160,185
97,650
$79,351
97,650
$80,342
97,650
$76,587
130,209
sold...
sur$62,535
*218,556
$18,299
465,433
$17,308
183,451
$53,613
45,613
9 Mos. End. Sept. 30—
Income—interest
Cash dividends
Total income
Int.
on
Amort,
__
5% gold bonds._
of discount and
1937
$28,000
207,736
y$235,736
25,981
expense on debentures
Custodian fee
Registrar and
agent service
1,914
5,864
3,026
transfer
Taxes
Legal & auditing
exps
Trustee's fees
.
Stockholders' meetings &
statements
Cost of disbursing divs.
SEC registration
_
Service fee
Directors' fees
Miscellaneous expense. .
Unamort.
discounts
&
on
exps.
for
debs,
called
38,480
redemption
Net inc. carried to
Divs.
on
pref. stock.
sur
Balance, deficit.
x
2,200
2,185
on securs.
of $21,670.
y Includes,
specified, whether payable
After provision for normal Federal income tax
all cash received
or
receivable from the
sources
from earnings or otherwise, except amounts expressly stated to be liquidating,
distributions.
In an economic sense, therefore, the amount shown is not
in whole to be considered true Income.
Statement of
Surplus, Dec.31,1936--
Surplus Sept. 30, 1937
,
Jan. 1,1936:
$357,502
Balance, Dec. 31,1936....
Net income
;
Net prof, on sales of securities
Less; Prov. for normal Fed. inc. tax..
x$2,676,634
-
— ..
Income & profit and loss account from
160,185
$240,226
21,670
1936
$736,244
$2,831,746
$634,947
Preferred dividends.
Reorganization—Urges
Class A dividend...
Class B dividend...
■
H. J. Brown, President, in a letter to all security holders urging them to
speedily assent to the plan expressed the belief that the earnings, the
assets, the history and the future of Brown Co. all indicate its bonds will
be worth their stated value and that interest will be earned on the entire
issue through its life under the company's plan.
Although the letter stated that the proper amount of depreciation and
depletion has not yet been determined, the normal allowance for these
items for the 40-week period, according to previous income statements,
has been about $925,000.
Deduction of this amount would leave a total
of $1,906,746 with which to cover bond interest requirements of $906,020
for the 40-week period.
This is equivalent to coverage of bond interest
2.11 times.
Power Corp.,
12 Months Ended Aug. 31—
Gross earnings
218,556
1937
40 Weeks Ended Sept. 4—
Net income after current int. & inc. taxes, but
before depletion, depreciation and bond interest
Justify
,.
Calo Food Products, Inc.—Registration Withdrawn—
See list given on first page of this department.—V. 145, p. 2065.
Profit
Oct. 16.
The agreement will run
Says Earnings
Speedy Acceptance of Plan—
$883,005
2384.
p.
J. Quill, President of
President
17,854
$1,105,148
expense and redemption premium and expense on bonds and debentures ,
redeemed in 1936, which will result in no taxable income for 1936.—V. 145,,
$8,600,421 $2,730,332
market
Brooklyn-Manhattan Transit Corp.—Wages Increased
Co.
203,077
$2,299,215.
239,766,
957,816
30,03b
175,998.
12,600
exps.,
Mayor La Guardia's Fact-Flnding Committee on Oct. 11 negotiated an
agreement between the B.-M. T. system and the Transport Workers Union,
a C. I. O. affiliate representing nearly
9,000 of the company's employees,
which granted them a 10% wage increase, a $25 weekly minimum and a
closed shop for the catergories of workers represented by the union.
The agreement was signed in the Mayor's office at City Hall on Oct. 11
as Arthur S. Meyer, Chairman of the Committee, announced to the Mayor
the results of the Committee's efforts.
The Committee began its hearings
Sept. 22 after the union members had voted to strike and Mayor La Guardia
had intervened by naming the Fact-Finding group.
William S. Menden, President of the B.-M. T. companies, and Michael
Brown
842,856
45,047
Including $66,672 for amortization of extraordinary operating expenses
Operating and maintenance.
quotations as of Sept. 30, 1937,
amounted to $7,367,863, or $579,413 less than cost.
Under the Federal
Revenue Act of 1936 mutual investment companies as defined in that act
pay no normal income tax and no surtax on undistributed profits with respect
to so much of their net taxable income for the entire taxable year, including
profits realized on sales of investments, as is paid out to stockholders in the
form of taxable dividends during the year.
The corporation is a mutual
investment company of the type contemplated by the act.
In view of this
no provision was made on Sept. 30, 1937 for normal Federal income tax or
surtax with respect to the net taxable income.
y Represented by shares par $5.—V. 145, p. 1735.
on
—
238,043
on
1937
taxes, &c
y
dividends
1,606
—
work.
$2,452,025
Canada Northern
Surplus
Dividends receiv..
Total
for
reserve) $2,795,727
Net income
Sept. 30
Liabilities—
xl,645,782
Net oper. rev. & other income (before approp.
.
for retirement reserve)
;
$2,752,025
Appropriation for retirement reserve
300,000
$7,055,460
The unrealized depreciation of investments on Sept. 30,1937 was $579,413
as compared with an unrealized appreciation of $1,249,867 on Dec. 31,1936.
$2,561,980 Dividends payable
Due for sec. purch.
1936
$4,280,091-
deferred in 1931.
Note—No provision has been made for Federal income taxes or surtax
undistributed profits for 1936 as the company claimed as a deduction in.
its final income tax return for that year the unamortized discount- and
$7,092
93,381
—
..
34,400
1936
1937
$4,670,273
1,874,546
Dr45,308
x
$100,472
66,073
Balance Sheet
Co.—Earnings—
$2,634,309»
4,216
Dr39,310
distribution
from Jan.
capital stock.
Power
Oregon
12 Months Ended Aug. 31—
Operating revenues.
Oper. expenses, maintenance and taxes
Rent for lease of electric properties
Interest charges (net)
Amortiz. of prelim, costs of projects abandoned—
Amortiz. of debt discount & expense.
,
Other income deductions.
of
capital stock
Co.—Meeting Again Postponed—
Meeting of stockholders shceduled for Oct. 11 has been further postponed ;
Adjournment without action was taken due to present condi¬
tions of the securities market, the company announced.
Holders are to
vote on amendment to provide for issuance of convertible preferred and
common stock.—V. 145, p. 2384.
to Oct. 25.
4,486
Cash in banks
•
...
.
Gross income
$2,853
153,980
...
Net amount allocated to this account
sales and repurchases of capital stock
Inveetm'ts at cost$7,947,276
Reed, for sec. sold.
41,927
.
Quebec, Canada.
R. A. B. Cook, counsel for the general creditors
advisory committee,
which has assents to the plan from nearly 90% of the general creditors ofcompany, has addressed a letter to bondholders and preferred stockholders
asking them to cooperate with the committee by giving prompt acceptance..
to the plan.—V. 145, p. 2383.
Miscell. non-operating revenues
Inc. from merchandising, jobbing & contract
$7,016,574
1937
of New
Net oper. rev. (before approp. for retire,
the ordinary distribution account)
$414,995
Expenses in connection with registration of capital
stock under Securities Act of 1933, as amended
1,591
Assets—
security
out that
England's employment and prosperity depended upon the
continued successflil operation of the company whose plants are located
in Berlin, N. H., and whose timber holdings are pread out inwide aresf
of Vermont, New Hampshire and Maine, as well as in the Provincd o
Excess of cost of capital stock repurchased over par
value thereof (after giving effect to allocations to
on
.
Mr. Brown declared that "many substantial preferred stockholders haveto the plan and are cooperating with us in making it effective,^
because they tooIbelieve that the adoption of the plan is the first necessary
California
3,662,678
$7,433,159
Special dividends
,
assented
Add:
account
.
capital additions, amortization of current secured debts andwould be eliminated under the.
reorganization plan.
Bullard
1937
Deduct:
on
.
capital stock.
Capital surplus: Balance, Dec. 31,1936
Ordinary dividends
^
payment of other charges, most of which
much
Divs
for
trustees
taxes
Legal & auditing exps
Net profit for period.
,
.
transfer
agent services
Miscellaneous
2539
Chronicle
$97,650
71,703
30,720
200.073
536,171
$3,212,806
Prov. for
res. as required by charter:
Balance, Dec. 31, 1936
Res. for 9 months ended Sept, 30,1937.-.
$258,997
32,605
291,602,
$2,921,204
x
on
This balance includes capital surplus to Dec. 31,
1936, and net loss
sales of securities and excess of dividend distributions over net income
to Dec.
31, 1935.
.
Financial
2540
The unrealized appreciation of investments on Sept. 30, 1937, after doducting provision for normal Federal income tax was $1,531,171 less than
Dec.
on
1936.
31,
#
„
_
_
,
Balance Sheet Sept. 30
1930
1937
Assets—
0,730
Dep. in for'n curr.
7,212
Int. <fc divs. rec_.
23,493
31,887
31,510
5,091
51,247
44,933
25,420
Spec. dep. lor divs
35,933
135,611
Sept. 30, 1938— 1,600,000
434,000
143,405
Class B stocka2,400
Surplus-——-—- 3,212,806
1.865,000
lor
Res.
Central Maine Power Co.—Bonds Called—
—
due
loan
Bank
Central Ohio Steel Products Co.—35-Cent
The directors
expenses
taxes, &c
Preferred stock
434,000
143,405
c2,400
3,021,346
d Class A stock.—
a
Par
1
value
based
b Investments,
cent,
—$5,480,208 $5,050,474
Total
market quotations as
on
Sept. 30, 1936, were in excess of cost by $2,065,937 after deducting
the normal Federal income tax on the unrealized appreciation of investments.
No deduction has been made for liabilities, if any, with respect to Federal
excess profits tax or surtax on undistributed profits,
c Represented by
240,000 no par shares,
d Represented by shares of $1 par value,
e In¬
vestments, based on market quotations as at Sept. 30, 1937 amounted to
$5,798,758 (or $838,096 in excess of cost) after deducting provision of
$168,000 for the normal Federal income tax on the unrealized appreciation
of investments based upon the cost of such Investments for tax purposes.
No deduction has been made from the unrealized appreciation of invest¬
ments for liabilities, if any, with respect to Federal excess profits tax or
surtax on undistributed profits.—V. 145, p. 429; V. 144, p. 3999.
at
Week Ended Sept. 30—
Gross revenues..
Week Ended Oct. 7—
Gross revenues——
Ry.—Earnings—
—V.
1936
$4,308,844
—
Decrease
$38,955
$5,916,339
1936
$4,134,000
1937
Increase
—
Gross
Week Ended Sept.
Gross earningsWeek Ended Oct.
—
7—
Gross earnings. ———.
—V. 145, p. 2219.
1936
Other income (other than disc, on treas. bds.
Total income.
-_
funded debt.-
on
Balance
Discount
Net
of
America—
of this department.
Corp.—Acquisition-—
This corporation has purchased a controlling interest in the American
Gypsum Co. with a plant at Port Clinton, Ohio.
The acquisition was brought about by a cash settlement of undisclosed
amount.
As of July 31, 1937, American Gypsum had total assets of
$1,059,000 and current assets of $316,000.—V. 145, p. 2384.
Mills Co. (,& Subs.)—Earnings—
Earnings for Year Ended June 30, 1937
Profit--.
——
----------
-
$8,500,646
7,572,067
600.908
expenses
$327,671
30,837
--------
Net profit from operation of grain elevators and warehouses—.
—
-
ac¬
2,650
cept, receivable.
Misceil. receiva
Inventories
3%-6%
.
rec.
fr.subs.
35,227
62,122
-
—
-
50.983
Fixed assets
.
Depreciation (exclusive of non-operating properties)
'
.
46,255
$306,183
23,198
Net income before provision for Federal income tax
Provision for Federal income tax
Central RR. Co. of New
The
Commerce
Interstate
Jersey—Construction—
Commission
9 Mos. End.
1937
Sept. 30—
$310,277
.
4,976
Consolidated net income—.
Dividends paid
$305,301
124,295
-
as
computed by the
com¬
panies is on tne basis that reimbursements made to customers during the
fiscal year 1937, arising out of the invalidation of the processing taxes,
constitute allowable deductions for income tax purposes for the year. The
provision is subject to final determination by the Government
year in which such reimbursements will be deductible.
as
to the
Total income
\
Drafts and acceptances
Customers'
accounts
receiv¬
Notes
$274,468
148,950
$101,473
91,512
107,277
69,203
$63,121
57,817
59,090
40,246
$77,260
$38,074
$18,843
1935
1934
shares—Bal. Dec. 31-$14,844,359
For the 9 mos. end.
$9,252,412
$5,441,904
$5,121,855
1,470,364
4,653,153
2,282,165
124,823
$16,314,723 $13,905,565
$7,724,069
$5,246,679
$7,724,069
$5,024,486
964,449
833,337
Proceeds
from
issue
Sept. 30
of
—
less reserve $5,863------—
88,852
Accrued State & local taxes—
Advances on grain purchases—
Inventories of grain, flour, feed
82,964
Reserve tor
-
—
grain sales
Fed.
-
income
period....
Minority
stockholders'
held by sub. for re¬
222,192
32,677
-$15,119,874 $13,872,888
Credit result, from pur¬
chase & retire, of shs..
at
less than average
paid-in
dates
value thereof
of purchase:
964,449
4,933
Total
$1,154,148
Bal. of prof. & loss from
sales of securities:
$969,381
$964,449
$964,409
Bal., loss, Dec. 31
$2,803,995
Loss for 9 mos. ended
$2,720,855
$2,671,337
$2,637,363
41,549
Sept. 30Adjust, to Fed.
72,585
57,943
$400,000
35,458
204,080
86,302
inc.
tax basis..
53,765
2,622,700
195,220
764,286
80,786
Total loss$2,799,183
$2,801,641
Bal. of capital accounts_$13,474,838 $12,040,628
47,614
yl,269,356
Prepaid exp. & deferred chges.
41,790
—
$2,743,922
$5,944,595
$2,695,306
$3,293,589
Balance Sheet Sept. 30
sale to employees
1937
Plant and equipment-.
131,072
prof4,812
—
inter¬
est in subsidiary..
Capital stock (par $100)—
Paid-in surplus---..
Earned surplus
x412,432
1,194,849
—
Balance.-..
183,006
and
windfall taxes
and supplies
1,276,833
Other notes & accts. receivable
83,584
Non-operating properties.—_
Treasury Btock—1,368 shs. at
and employees
on
paid-in
average
value of shares purch.
& retired during the
49,907
726,425
cost—
Less
971,142
Deposit of farmers, stockhold¬
able, less reserve $55,883—
to wheat growers,
ers
1934
1935
1936
1936
Sept. 30
pay.—banks & brokers.
Advances
certificate
a
211,038
Income
Balance Dec. 31—
For
9 mos. ended
Accounts & other notes payable
Advances
issued
Capital Account 9 Months Ended Sept. 30
Uabtiities—
Cash In banks and on band
1
$91,857
—
Dividend paid Aug. I...
at
Consolidated Balance Sheet June 30, 1937
Assets—
Oct.
$229,679
211,182
237,169
159,909
$324,927
300,656
302,895
Income received
Net income-.-—
$329,381
19,104
Proportion accruing to minority stockholders in subsidiary
Note—The provision for Federal income tax
on
authorizing the company to construct a line of railroad extending easterly
from a connection with its main line near 33d St., Bayonne, to the bulkhead
of a port terminal proposed to be constructed in the waters of upper New
York Bay, a distance of 1.87 miles, ail in Hudson County, N. J.—V. 145,
P. 2220.
Total
Net income
-—$2,589,376 $2,359,123
Total
.$2,589,376 $2,359,123
reserve for depreciation of $2,169,143 in 1937 and $2,135,905 in
b Comprised as follows: Capital surplus arising from reorganiza¬
tion, $251,792; capital surplus arising from treasury stock acquired at no
cost, $1,000; earned surplus appropriated for sinking fund reserve, $164,167;
earned surplus available for dividends, $363,878.
c Includes 17,464 shares
bonus stocK authorized and subsequently issued, par $1.—V. 143, p. 2671.
After
1936.
52,326
—,
.
394,425
115,359
462,446
cl45.578
b780,837
1,509,104
55,931
1937
Net operating profitMiscellaneous income (net)—
321,300
389,275
$10)
...
4,249 Com. stk. (par $1)
Surplus
1,519.652
52,391
sub. companies
a
Deferred charges..
321,300
non-conv.
-
53.671
Inv. In & advs. to
$125,072
100,491
840,029
cum.
'
Accts.
1930
$46,335
153,717
752,334
pref. stock
(par $10)
3%-6%conv.cum.
pref. stock (par
2,150
311,059
1,097
359,933
J
...
$358,509
———
-
$141,303
1937
$212,153 Notes & accts.pay.
218,219 Accr'd liabilities—
Long-term llabil—
263,270
Undistributed
Net operating profit--
$326,309
Century Shares Trust—Earnings—
Net sales—flour, feed and other grain products
Cost of sales (exclusive of depreciation)
———
Shipping, selling, administrative and general
$273,170
107,735
24,133
UabUUies—
1936
$188,380
(cust.).
Other assets
y$887,234
Co.
$230,526
42,644
$476,977
109,146
41,522
—
-
-
Notes & trade
1937—9 Mos.—1936
x$162,207
Reinsurance
Centennial Flouring
2,497
$474,480
1937
Accts. rec.
Registers with SEC—
page
--
Balance Sheet June 30
a
first
--
profit
Assets—
„
Celotex
--
2,220
41,233
3,270
Net profit before depreciation and Federal in¬
come and excess profits taxes
$187,000
x$396,426
240,000
120,000
240,000
♦
120,000
$3.70
$3.30
Earnings per share
$1.01
$1.35
x No provision has been
made for Federal surtax on undivided profits,
y After excess profits tax and provision for surtax on undistributed profits.
—V. 145, p. 1735.
See list given on
$338,590
61,685
6,204
37,050
3,124
4,462
97,878
treasury bonds purchased
contracts
1937—3 Mos.—1936
Surety
$619,081
pur.)
—
—
on
Advs. & wood i
&
$318,380
20,210
Non-oper. deductions, other than int. & bond disc.
Interest on bank loans, notes & miscellaneous
(A. M.) Ca*tle & Co.—Earnings—
Casualty
-
—
Increase
Corp.—Asset Value—
y$242,547
$567,690
51,391
*
-
1,427,846
Increase
The company reports asset value per common share was $8 on Sept. 30,
1937, compared with $9.80 per share on June 30, 1937, and $11.87 on Dec.
31, 1936—V. 145, p. 751.
Period End. Sept. 30—
Net profit after deprec.
ana Federal taxes
Shares common stock—
$531,356
208,515
——-
Operating profit
Cash
Carriers & General
$831,386
260,303
3,393
—
Canadian timber expense--
$103,000
$4,670,000
1936
$3,189,000
$3,376,000
—-
1936
$1,959,202
Provision for depreciation
Provision for Federal income & excess profits taxes
1937
$4.7/3.000
1937
30—
-——...
1937
$2,611,225
1,779,839
—
—
profitSelling, general and administrative expenses
$165,844
Earnings—
the
Paper Co., Inc.—Eamingsr—
Net sales—
Cost of sales (exclusive of depreciation)---
145, p. 2219.
Canadian Pacific Ry
Dividend—
dividend of 35 cents per share on
Amortization of bond discount and expense
1937
$5,877,384
——
a
par
Years Ended June 30—
Interest
Canadian National
declared
have
$1, payable Nov. 1 to holders of record Oct. 20.
A
similar amount was paid on Aug. 1, last, and compares with 25 cents paid
on May
1 and Feb. 1, last: an extra dividend or 25 cents and a regular
dividend of 35 cents was paid on Nov. 1, 1936; and a dividend of 25 cents
was paid on Aug. 1, 1936, this latter being the initial dividend on the $1
par stock.—V. 145, p. 430.
stock,
common
Central
.—$5,480,208 $5,050,4741
Total
7
16,
A total of $71,000 first mortgage 30-year 5% gold bonds due Nov. 1,
1939, have been called for redemption on Nov. 1 at 105 and interest.
Pay¬
ment will be made at the State Street Trust Co., Boston, Mass.—V. 145,
p. 2066.
$135,611
23,292
$35,933
*
Rec. lor sec. sold-
1930
1937
IMbUUUs—
|
Invest, at cost. —e$4,960,062bS5,102,6581 Divs. payable
Cash
204,356 Due lor sec. purch
421,021
Oct.
Chronicle
1936
$
Assets—
S
Investments:
1937
Liabilities—
Accrued expenses.
Accrued taxes
Casualty insur..
755,598
668,865
-.$4,453,268
Fire insurance—
8,011,164
1,062,042
7.609,308
x
x After reserve for possible loss on disposal of $72,004.
y After reserve
for depreciation of $980,279.
Note—Due to the unusual situation created by the invalidation of the
1,065,470
1936
$
$1,586
Undistributed
N. Y. banks and
$
$2,195
Total
Agricultural
1
——$4.453,2681
Adjustment
Act
and
Total——
determination by the
Government of the windfall and income taxes for the years 1936 and 1937,
the
pending
final
adequacy of the reserve of $49,907 provided for these liabilities cannot
be definitely established at this time.
The reserve includes $24,567 repre¬
senting the balance of processing taxes accrued and not paid, less reim¬
bursements to customers, payment of windfall and Income taxes, and other
expenditures incident to the invalidation of the processing taxes.—V. 145.
p. 1735.
life insurance—
trust cos
trust cos.-.—
_Total
Metropolitan took $1,500,000 and the Penn Mutual, the balance.
V. 145, p. 2384.
723,703
552,811
306,441
60,771
See also
49,791
-13,575,269 12,119,474
Total13,575.269 12,119,474
x Represented
by 510,113 participating shares (no par) In 1937 (457,525
in 1936) and 510,113 ordinary shares (no par) in 1937 (457,524 in 1936).
—
145,
p.
—
752.
Cherry-Burrell
It is understood that the $2,500,000 3Ms of 1967 were sold to the Metro¬
politan Life Insurance Co. ana the Penn Mutual Life at a price of 102. The
77.260
1,866,788
153,540
Cash In bank..
Acer. divs. receiv.
Corp .—Insurance Com-
panies Purchase Bonds-— '
12,040,628
91,857
Other banks and
—V.
Central Hudson Gas & Electric
Shares outst'g—13,474,838
in¬
come
2,808,450
6,378
Corp.—Initial and Extra
Dividends
on
New Stock—
The directors have declared an extra dividend of 25 cents per share in
addition to a regular quarterly divided of 35 cents per share on the new
common
stock,
par
$5, payable Oct. 25 to holders of record Oct. 21.
Volume
Financial
145
r
The company recently split its common stock on a three-for-one basis—
issuing three new $5 par shares for each old no-par share held.
See V. 144, p. 2644 for detailed record of dividend payments on old no-par
shares.—V. 145, p. 2385.
Ohio Ry.—Hearings
Acquisitions Oct. 20—
&
Chesapeake
and Erie
The
Plate
Investment
Commercial
Trust
Corp.—Options—
outstanding as of the close of business Sept.
for the purchase
Oct. 20 the matter of permitting company to effect direct control of the
New York Chicago & St. Louis RR. and Erie RR. through purchase of
stock
from holding companies.
The C. & O. already has indirect control of the two carriers through its
ownership of two holding companies, Virginia Transportation Corp. and
Allegheny Corp., which together hold 57.02% of Nickel Plate and 55.68%
of Erie.
The argument will be held before Division 4, headed by Com¬
missioner B. H. Meyer.—V. 145, p. 2220.
Exchange that there
30,1937 options providing
the New York Stock
The corporation has notified
were
Dasis:
Expiration Date
of 20,115 shares of common stock on the following
Price
Number of Shares—
120
Dec. 31,1937
June 30,1939
$29.16 2-3
$35.00
400
Commission has assigned for oral argument
Commerce
Interstate
Nickel
on
2541
Chronicle
Dec. 31,1941
Dec. 31,1939
Dec. 31,1941
Dec. 31,1939
In addition to the above a maximum of 1,408 shares are available for
sale to employees of subsidiaries.—V. 145, p. 2068.
37.50
33.33
45.00
45.00
6,000..
1,560
11,000
1,035..
Community Water Service Co .—Official Resigns—
Reeves J. Newson on Oct.
11 resigned
as an
officer and director of this
and Its subsidiaries, according to an announcement by H. Hobart
Porter, President of the American Water Works and Electric Co., Inc.,
which has a controlling interest in the Community Water Service Co.—
V. 145, p. 1094.
T
company
Chicago Burlington & Quincy RR.—Files for Loan—
The company has applied to the Interstate Commerce Commission for
authority to issue and sell $3,650,000 in 2>$% equipment trust certificates
to mature annually in 10 equal payments.
The proceeds of the sale are to be used for the purchase of rolling stock,
including 5 steam locomotives, 250 automobile cars, 600 box cars, 100 steel
hopper cars and 300 gondolas.
The cost of the equipment, all to be built
in the company's own shops, is estimated at $4,888,000.
The company will open bids on Oct. 20 on the $3,650,000 of 2H% equip¬
ment trust certificates.—V. 145, p. 2220.
$30,000,000 for $80,000,000 Previously
In
view of
Western
North
&
Ry.—Abandonment
and
Operation—
issued
Commerce Commission has
The Interstate
a
certificate (1)
per¬
mitting abandonment by Charles P. Megan, trustee of the company of
the so-called Amasa branch extending from its terminus at Amasa northerly
and southeasterly to a connection with its Mansfield branch at survey
station 701.70,
approximately 12.953 miles, together with the part of
the Mansfield branch extending from its easterly terminus to the west end
of the bridge over Paint River, approximately 1.279 mils, and (2) authorizing
him to operate, under trackage rights, over a line of railroad of the Chicago,
Milwaukee St. Paul & Pacific RR., extending from a connection with the
Milwaukee's main line at a point near and northeasterly from Crystal Falls
northeasterly to Kelso Junction, thence northwesterly and northerly to
Amasa and beyond to a point where the main line of the Milwaukee diverges
from the Amasa branch, approximately 19.35 miles, all in Iron County,
Mich.—V. 145, p. 2220, 2385.
Cotton Oil
Chickasha
Earnings
on
$2,405,332
132,147
Rent collections
$2,537,479
227,799
27,465
367,684
Total earnings
General expenses
Operating expenses for banking premises
Interest paid on acceptances, &c
.
tion
Of the
purposes.
__
$1,914,532
approval for $30,000,000 of debentures the company
In asking
improvement of plants and distributing systems and the reimburse¬
ment for money already expended.
The issue will, accordingly to the
petition, fall due on Dec. 1, 1957, and will bear interest not exceeding
and
^^the
petition also stated that the new flotation would
1, 1938.—V. 145, p. 2387.
on
$8,928,773
7,527,565
-
Loans and discounts
Bills
237,660
purchased
7,504,412
Investment in securities
Trust
fund
deposited
with
Acceptances
14,500.000
Trust fund payable (contra).
206,219
General participation of syn¬
dicate loans
206,219
Guaranty
36,037,514
(contra)
163,518
5,805,336
20,055
1,914,531
deposits
Accounts
36,037,514
dicate (contra)
6,697,305
49,335
receivable
Accrued interest receivable..
Banking
226,824
Reserve
V
banks (contra)
Loans made on behalf of syn¬
Accounts
$10,000,000
Capital
hand and due from
payable
Accrued interest payable
Net profit for the year
Period End. Sept.
Sales
—V.
Total...
$68,873,997
....
Consolidated Textile Corp.—New Plan—
'
have agreed upon a new plan of reorganiza¬
for the corporation to be filed on Oct. 22 with Peter B. Olney Jr.,
Various bondholders' groups
tion
145, p. 2222.
referee.—V.
Consolidated Water Power & Paper
dend
on
New Stock—Old Stock Split
the
common
new
coupe $918, compared with $810 for the 1937 model;
$963, against $860; brougham $963, against $870; touring
brougham $975 against $880; sedan $998 against $910, and touring sedan
$1,010, as compared with $920 last season.
In the Chrysier Imperial line, the coupe is to be $1,123, compared with
$1,030; rumble seat coupe $1,160, against $1,070; touring brougham $1,165,
against $1,070 and the touring sedan $1,198, compared with $1,100 last
season.
The prices are delivered, Detroit, and include Federal taxes.
Prices of convertible models of the Royal and Imperial and the Custom
Imperial are to be announced later, Mr. Frazer said.—V. 145, p. 936.
Short
Bridge
Route
Co.—
The company on
Aug. 15 split its old $100 par common stock on a
$25 par shares for each old $100 par share
Continental Gas & Electric Corp.
Gross
(& Subs.)—Earns.—
1937
xl936 ■>'
31—
operating earnings of subs, (after eliminating
12 Months Ended Aug.
transfers)
...
General taxes &
4,220,307
estimated Federal income taxes..
Frank R. Hanrahan has been elected President of this company,
succeed¬
R. Wilson, resigned.
At the same time four directors
They are George D. McGwinn, Chairman; Alva
from the board.
resigned
William H. Gerhauser, and Joseph R. Nutt.
New directors elected to the
board are Mr. Hanrahan, Robert Budd, M. C. Harvey and Paul Howland.
—V.
145,
1897.
p.
—$12,254,845 $12,275,241
...
4,734,278
5,153,055
$7,520,567
$7,122,186
17,748
14,737
Equity of Cont. G. & E. Corp. In earns, of subs.
G. & E. Corp. (excl. of inc. received from subsidiaries)
$7,502,820
$7,107,449
65,329
42,417
Total
$7,568,149
$7,149,866
111 ,629
43,623
120,608
$7,412,897
$6,995,772
Balance
of earnings, attributable to
Proportion
common
minority
„
stock
Coca-Cola Bottling
Co., St. Louis—Extra Dividend—
an extra dividend of 25 cents per share in
quarterly dividend of like amount on the common
stock, both payable Oct. 20 to holders of record Oct. 10. Similar amounts
were paid on July 20, last.—V.
145, p. 106.
The directors
have declared
Collins & Aikman
Corp. (& Subs.)- -Earnings—
Aug. 29 '36
$3,245,648
Aug. 31 *35
451,014
261,025
566,400
250,470
354,353
$2,084,958
$2,418,223
$1,755,739
Aug. 28 '37
6 Months Ended—
$2,806,402
Operating profit
$2,360,877
315
Interest
Depreciation
270,430
•
Federal income tax,
&c
Net
profit
Preferred dividend
Expenses of Cont. Gas & Electric Corp
Taxes of Cont. Gas & Electric Corp
-
-
Surplus
Earnings per share on 562,800 shares
common stock (no par)
Note—No
V.
145, p.
Colon
provision
1094.
was
$558,323
$3.49
made for surtax
on
$3.91
$2.75
undistributed profits.—
Development Co., Ltd.—Earnings—
Earnings for 3 Months Ended June 30,
Profit after expenses, depreciation, &c.,
—V.
145,
p.
Colonial Finance Co.—Extra
The directors have declared
the
common
1937
but before depletion..
£58,367
2221.
an
Dividend—
extra dividend of 50 cents per
dividend of 25 cents per share was
share on
of record Oct. 13. An initial
paid on Oct. 1, last.—V. 145, p. 1897.
stock, payable Oct. 25 to holders
33,485
^
2,600,000
due 1958
discount and expense
Balance
-
Earnings per share
2,600,000
164,172
164,172
$4,648,725
1,320,053
transferred to consolidated surplus
Dividends on prior preference stock
Balance
$4,231,600
1,320,053
-
$3,328 672
$15.52
$2,911,547
$13.58
Adjusted.—V. 145, p. 1898,1095.
Continental Securities Corp.—Net Assets—
company
estimates net assets (valuing investments at market
quotations or estimated fair value in absence thereof) as of 8ept. 30, 1937,
without deduction for debentures outstanding, to be $3,902,157 which
compares with $4,508,534 as indicated in the audited report as of June 30,
1937. Such net assets as of Sept. 30, 1937 are equivalent to $1,404 per each
$1,000 debenture outstanding, and to $80.15 per each share of preferred
stock outstanding. Unpaid dividend arrears on the cumulative $5 preferred
stock amount to $28.75 per share.—V. 145, p. 755.
The
Continental Shares, Inc.—Dissolution
Blocked by Court—
of the company and reorganize it were
Circuit Judge Edwin T. Dickerson at Baltimore
the only issue before the Court.
Judge Dickerson took a petition for dissolution under advisement after
hearing a charge that a move for reorganization was being engineered
by Cyrus Eaton, who founded the firm.—V. 145, p. 2388.
Efforts
119,635
1,407,000
Common dividends
„0„
Income of Cont.
x
addition to the regular
615,297
614,894
subs
Interest, amortiz. & pref. dividends of subs
Bradley,
ing Paul
^,640,720
3,118,136
$11,639,951 $11,659,944
Total income of
Amortization of debenture
Co.—New President—
ro1
$36,772,908 $34,531,839
14,125,076 13,445,578
1.871,705
1,667,460
Holding company deductions:
Interest on 5% debentures,
of this department.—V. 135, p. 1827.
Cleveland Railway.
fourheld.
paid a dividend of $1.50 per share on its old common stock
on July 1, last.
This compares with $1 paid in each of the four preceding
quarters; dividends of 50 cents per share paid each three months from
March 30, 1935, to and incl. March 31, 1936; 75 cents per share paid on
Dec. 31 and on Oct. 1, 1934; $1 on July 2, 1934, and 50 cents per share on
Jan. 2, 1934.
No dividends were paid during 1933, while $1.50 per share
was paid on Dec. 31, Sept. 30, June 30 and March 31,1932.—V. 145, p. 107,
Balance.
Registers with SEC—
See list given on first page
share
30 to
Sept. 30.
Net earns, from operations of subs
Non-operating income of subs.
Increases averaging approximately $100 for its 1938 line of cars were
announced by this company, Joseph W. Frazer, Vice-President in Charge
of Sales of Chrysler division, stated that prices are to be as follows:
Clarksburg-Columbus
declared an initial dividend of 37 M cents per
stock now outstanding, par $25, payable Sept.
The directors have
on
Provision for retirement
Chrysler Corp.—Prices for 1938 Models Increased—
Chrysler Royal:
Co.—Initial Divi¬
Up—
M aintenance
$68,873,997
Total
-V. 143, p. 1870.
rumble seat coupe
1937—9 Mos.—1936
$6,156,708
$6,744,015
$870,790
$1,011,470
145, p. 1737.
inter-company
117,389
Other assets
Inc.—Sales—
1937—Month—1936
30—
General operating expenses
1,567,824
premises
be issued in one
series not later than Jan.
The company
Liabilities—
Assets—
banks
said the
construction, completion
funds would be used for acquisition of property,
for-one basis, issuing four new
Balance Sheet Dec. 31, 1936
Cash
original $80,000,000 issue, which was filed with
Commission on Sept. 30, $20,000,000 was to
be utilized for construction and expansion purposes.
holders of record
Net profit-
markets and because
the Securities and Exchange
Consolidated Retail Stores,
Development Finance Corp., Ltd.—Earnings—
Earnings for Year Ended Dec. 31, 1936
interest, commission, invest., prof., misc. inc., &c_
on
Sought—
condition in securities
no
funding issue of $60,000,000 of 4>£% debentures, included in a proposed
financing program aggregating $80,000,000 of debentures.
The company filed a petition with the New York P. S. Commission re¬
questing withdrawal of the $60,000,000 issue and at the same time requested
authorization to issue $30,000,000 of new 20-year debentures for construc¬
Co.—Capital Reduced—
authorized capital stock was reduced from $6,000,000 to
$2,550,000 at the annual stockholders meeting held Sept. 14.
Outstanding
stock consists of 255,000 shares of $10 par value.—V. 145, p. 2067.
The company's
China
drew
unsettled
the
Company
Loan of
longer advantageous to the company, the company with¬
Oct. 13 from prospective offering to the public of its proposed re¬
it is deemed
Chicago
Inc.—Company
Consolidated Edison Co. of New York,
Amends Financing Plans—Unsettled Markets Cause
to
Withdraw
Proposed Issue—Would Substitute
to
block
dissolution
checked Oct. 7 when State
ruled that liquidation was
Copper Range RR.—Plan
Confirmed—
1, 1949, were notified
date of Sept. 20 that the plan of re¬
its creditors and stockholders, was
approved by an affirmative vote of the holders of 99.09% of the principal
amount of bonds voting and by an affirmative vote of ail the stockholders
voting thereon, that such approval has been certified by the Interstate
Commerce Commission to the U.S. District Court for the Western District
of Michigan, and the plan has been confirmed by the Court.
The plan provided for a stock issue of an authorized amount of $2,280,000
of 5% non-cumulative preferred stock (par $100) a share, which was to be
issued on the basis of 10 shares for each $1,000 par value bond; in addition
to the preferred stock the holders of the bonds shall receive in exchange
therefor five shares of common stock ($50 par) for each $1,000£par value
To holders of the
first mortgage bonds due Oct.
by George H. Wescott, trustee, under
organization, which was submitted to
2542
Financial
bond held.
The ICO
April 23. 1937, granted the company authority
to. issue the securities contemplated by the plan.
Bonds with the Oct. 1, 1934, and all
succeeding interest coupons at¬
tached thereto should be sent to First National
Bank, 17 Court St. (transfer
department), Boston.
Certificates for the proper number of shares of
on
Chronicle
clearing
Davidson
common stock will be issued and sent in exchange for
interest coupons which will thereupon be
canceled.—V. 144,
3170.
p.
Crown Cork International
Depreciation
Selling & admin, exp—
1937
1935
$2,409,182
1,526,399
$1,981,091
1,262,596
379,248
$2,019,989
1,260,226
95,257
365,103
23,398
28,293
32,729
$509,761
32,702
147,292
72,233
57,466
51,998
and other taxes.
Portion of net inc. accr.
to min. int. in subs
104.381
82,283
364,629
Other income—net
Other
...
98,543
84,837
21,428
18,083
$226,922
$213,790
$187,777
Dr275
on
Net profit
Dividends paid—cash
$168,797
Balance Sheet
Charge arising from
change in res. for net
of net
35,446
Factory
15,928
19,851
$175,548
realized
at Dec.
20,280
9,878
$193,939
$175,372
Cr232
Cr 6,500
connection with assets
in Spain
in
excess
150,000
......
Divs.
on
Cr25,074
share
$44,172
139,126
266,303
$0.16
$189,733
85,999
344,000
$0.55
$161,864
173,500
359,000
$0.45
(at market)
XiNotes and accounts receivable
Inventories
Sundry investments and advances, &c
y Land, buildings and equipment
Patents and trade rights, less amortization
Unexp. ins., taxes. &c., and sundry def'd charges.
Goodwill of English and Canadian subsidiaries—
Tota
otal
.-
-
Liabilities—
Loan payable to foreign bank
Accounts payable and sundry accruals
Accrued Fed. inc. cap. stk. & State franch. tax, &c_
Pay. to wholly owned subs. & other affiliates
Dividend payable
Due to officers of subsidiary
Due to affiliateson
1936
$1,308,518
12,824
985,950
1,360,904
hand
Amount due from foreign bank, &c
Invest, in cap. stk. of allied co., at cost, less res.
(less than indicated amt. per allied co.'s accts.).
Investment in and advances to wholly-owned subs.
Instalments
$1,745,835
Res.
15,239
2,402,185
107,995
49,736
415,453
$7,167,631
$7,043,642
to
$92,151
421,745
14,800
168,186
114,979
1,037
222,095
a81,194
amount to $2 per share.—V.
remitted to parent company
Spain
Deferred profit
29,210
141,770
20,659
26,349
•
35,009
350,000
account
Total
145,
p.
Grande
2223.
Western
RR.—RFC
Action to Sever Subsidiaries Unless Debt Is Met—
2,600,512
541,464
150.000
2,222
2,433,716
2,706,230
471,576
Calling attention to its "extensive powers of control" over the Denver
Ry. and Denver & Salt Lake Western RR., the Reconstruction
Finance Corp. on Oct. 4, reiterated its threat
to have these two companies
merged
as an independent system unless the RFC's debt to the
road is
full in the proposed
reorganization.
The RFC's position was made known in a
brief filed with the Interstate
Commerce Commission in connection with the Rio
Grande's recapitalization
Pointing out provisions of loan agreements with the D. & R. G.
W.,
more than 99% of the D. &
S. L.'s stock is pledged with RFC
and the latter is placed in a
position of being able to control also the Salt
Lake Western, the RFC said:
wherein
"Obviously, RFC
may
Rio Grande either cash
or
reasonably expect to receive in a reorganization of
the cash equivalent for its two loans of
$3,631,000
a merger of Salt Lake and Salt Lake
$3,110,850, respectively, since in
Western, for an original investment of $6,741,850 and accrued
interest, it
practically the entire ownership and control of the unified Salt
Lake-Salt Lake Western system.
The sale of such ownership and control
to some other road, such as the
Burlington, would enable RFC to work aH
of its loans out, without loss.
Such a sale migh t easily result in a substantial
profit to RFC on all of its loan for, as has
already been pointed out, the
properties have an immense strategic value."
would get
The RFC, as pledgee of the D. & S. L.
stock, has refused to assent to a
consolidation of the Salt Lake with the D. & R. G. W. as
proposed by the
debtor's reorganization plan and has used its
power as holder of this stock
in an effort to bring about consolidation of the
D. & R. G. W. and Western
Pacific.
RFC, as the registered holder of more than 99% of the stock of
Lake, desires to cooperate with the debtor Rio Grande ad
,lts
yet it cannot reasonably be
expected to sacrifice its entirely
secure position by
prematurely signifying its assent to a consolidation of
Salt Lake with Rio
Grande," it was stated.—V. 145, p. 2223.
the
After allowance for doubtful notes and accounts of
$85,128 in 1937 and
Salt
creditors,
Detroit Edison Co. (&
Subs.)—Earnings—
12 Months Ended Sept. 30—
Gross earnings from operations:
$7,043,642
6,003
2,492,108
$72,412 in 1936.
y After allowance for depreciation of $2,010,704 in 1937
and $1,773,172 in
1936.
z Represented
by 249,658 (266,304 in 1936)
shares of $1 cumulative
participating class A stock and 200,000 shares of
$1 non-cumulative class B stock, both no
par value,
a Reserve for amount
by which net current assets, translated and included herein at June
30
rates of exchange, exceed same at
$.0337 per French franc and former par
for other currencies.—V.
145, p. 2388.
Electricity.
1937
Rubber
Co.- -New
Mfg.
Automobile
Tire
An-
nounced—
Following
meeting of the directors of the company Oct. 14, it was an¬
nounced that the company has perfected a new automobile
tire of revolu¬
tionary design and construction which is being announced to the trade
a
Oct. 18.
The new tire is a product of seven
years of intensive research and devel¬
opment work, according to President A. L. Freedlander.
Tire experts
consider it the greatest single contribution to the
safety of automobile travel
that has ever been made by the tire
industry, he said.
A new type tread, called by the company a "toe action" tread because of
the resemblance of its action to that of the toes of a
running track athlete,
makes the tire absolutely unskiddable under even the
most adverse weather
conditions.
(
i
The tire also embodies the
use
of
type of fabric called "datex,"
textile manufacturer.
The new
"datex" fabric eliminates the deterioration due to frictional heat
that occurs
in the fabrics of the ordinary tire.
evolved
t
,
in
cooperation
with
The tire is made in both
a
a
new
leading
four-ply and a six-ply construction.
How¬
ever, a new method of manufacture gives the six-ply tire the
flexibility
and riding qualities of the
ordinary four-ply tire with the additional factor
of safety provided by the
six-ply construction.
) The new tire will be the highest priced in the world and will be offered to
consumers at 62above the prices of the regular first-line
tires, Mr.
Freedlander stated.
r
Steam
Gas.
Miscellaneous
Total
Operating & non-operating
$58,647,634 $53,842,288
41,898,683
36,436,261
expenses
Balance, income from operations
Other miscellaneous income
$16,748,951 $17,406,027
128,108
Gross corporate income
Interest on funded and unfunded debt
Interest charged to construction
Preferred Dividend—
A
stock,
Net income
130,391
$16,877,059 $17,536,418
5.734,386
6,160,381
Crl 1,100
270,040
277,720
$10,872,633 $11,109,417
Note—The foregoing figures do not take into account
any Federal surtax
undistributed net income.
With respect to the year 1936,
according to
the company's Federal income tax
return, there was no undistributed net
income subject to surtax on the basis of
present estimates, it is anticipated
that no such tax will be
payable for the year 1937.—V. 145, p. 1899.
on
Detroit-Michigan Stove Co.—Earnings—
Earnings for the Year Ending July 31, 1937
Gross sales, less discounts, returns and allowances
$4,397,642
Cost of goods sold, excl. of am ortiz. of tool
costs, deprec., & taxes
3,093,818
Amortization of cost of tools, dies,
jigs, and patterns
96,781
Depreciation
Taxes (other than income taxes)
Selling, general and administrative
15,901
96,300
expenses,
exclusive of de¬
preciation and taxes
856,142
3,283
Provision for doubtful notes and accounts receivable
a
The directors have declared
$2 convertible class
1936
$56,340,252 $51.457,382
1,905,313
1,935,750
387,266
366,441
14,802
82,715
.
Amortization of debt discount and
expense
Dayton
Threatens
& Salt Lake
26,804
407,595
$7,167,631
sale of investment
Minority interest in partly owned subsidiaries
z Capital stock
on
Rio
"The
in
x
69,011
15,496
30,389
171,518
Loan payable by a subsidiary
Res. for taxes payable when profits of
foreign sub¬
Surplus
$44,314
323,132
current assets, con¬
former herein at current rates
not due within one
year
are
&
case.
by which net
exchange exceed same at par of rates
Instalment on contract for purchase of patents,
Reserve against investment & other
contingencies.
Reserve for possible loss in connection with assets
Mfg. Co.—$2 Preferred Dividend—
The directors have declared a dividend of
$2 per share on account of
on the
8% cum. debenture stock, par $100, payable Nov. 1
holders of record Oct. 20.
Arrearages after the current dividend will
and
of
sidiaries
95,300
contracts for purchase of patents,
incl.
$1,968,243
satisfied in
reserve
for amt.
verted and
14,929
842,988
1,353,983
309,999
376,252
32,606
2,286,941
32,395
45,795
415,448
construction, &c., due within one year
Foreign income and other foreign taxes accrued—
Miscellaneous
Total
accumulations
Denver
1937
on
108,240
850,000
641,121
Met's, Inc.—Accumulated Dividends—
Dennison
Consolidated Balance Sheet June 30
Marketable securities
12,375
def'd
preceding quarters.—V. 145, p. 605.
$200,621
62,414
249,658
$0.80
Shares class A stock
Cash in banks and
124,700
for depreciation of
$79,076.
against receivers of closed banks amounting to $2,707
and one against the Department of
Internal Revenue in connection with the
floor tax on processing cotton
goods for $8,703 are not included in the
assets.—V. 144, p. 3329.
De
of for¬
end. June 30..
class A stock-_
per
Inc.
The directors have declared a dividend of
55 cents per share on account
of accumulations on the $2.20
cumulative preferred stock, no par value,
payable Nov. 1 to holders of record Oct. 22.
Similar distributions have
been made in each of the 16
at
mer par
Earnings
Fed.
reserve
Net income for the six
mos.
normal
tax on undistributed profitsDeposit on employees' stock
purchase contracts
$1,968,243
After
x
curr.
rates
for
<fc excess profits taxes & sur¬
Note—Claims
prov.
translated
Reserve
Common stock (par $1)
Cr6,847
......
Prov. for possible loss in
assets
47,091
expenses
53,136
X288.747
Land contracts payable,
instalments
Total
in rate of tax..
res.
9,500
28,853
payable
Accrued taxes, payroll & other
Surplus
Reduction of reserve for
doubtful notes
provided for net
$14,760
131,602
Taxes
$148,517
a
Amt. of red. in
payable—cur¬
Instalments
25,527
property
31, 1933,
decrease
arising from
$144,303
Notes pay., equipment purch.
Accounts payable, trade
Crl4.361
on
investm't sold in 1934.
Reduc. in accr. for'n inc.
tax
2,526
reorg. exp—
amts.
309,252
22,106
1,006,121
15,000
Prepaid Ins., taxes & other exp.
Property, plant & equipment.
Unamortized lmpts. to leased
contracts
rent
escrow)
(ex¬
fluctuation,
Surplus
Add'l
inventories
Land
$248,355
Contract fulfillment deposit (In
in
curr. assets
receivable
Merchandise
countries
change
net)
$384,786
191,250
$0.52
Liabilities—
hand and In banks._.
Accounts
French currency, &c.
Decline in dollar amt.
for'n
on
23,967
July 31, 1937
Assets—
U. 8. Treasury notes & accr'd
interest thereon
in
68,015
26,025
30,660
undistributed profits
Earned per sh. on 850,000 shs. of capital stock.___
Cash
assets
$165,593
Cr2,677
,
expenses—net
Provision for normal Federal income tax
Provision for Federal excess profits tax
Provision for surtax
Extraordinary items:
current
$1,178,338
1,012,745
1934
$2,965,892
1,902,091
114,229
453,416
$3,796,987
2,618.649
$1,986,676
1,476,914
1936
1936
$5,998,457
4,011,782
(Including Subs.)
1937
Int. & other exp., less
)
int. & other income
Provision for foreign in¬
come
Bros., Inc.- -Earnings—
Corp.—Earnings—
Consolidated Income Account
6 Mos. End. June 30—
16, 1937
A similar payment was made on
Sept. 1 last, this latter
up all accruals on the class A stock.—V. 145, p. 2388.
Years Ended July 31—
preferred and of
bonds and
Oct.
record Oct. 21.
a
semi-annual dividend of $1 per share on the
no par
value, payable Oct. 28 to holders of
Profit from operations
$235,417
30,496
Other income
Total
Interest expense
Miscellaneous deductions
Provision for Federal normal income tax
Net profit
Earnings
per
share
on
458,742
common
shares (par $1)
,
$265,913
11,854
3,112
43,035
$207,912
$0.34
Volume
Cash
$»
on
1936
1937
banks
in
1936
1937
Liabilities—
Accounts payable.
Notes payable.
A
$107,121
$238,107
424,685
438,258
y7,909
2,704
983,236
654,081
18,344
19,120
lection fees, ins.,
33,911
50,060
Miscell. accruals..
27,673
Customers' depos.
hand
z9,084
195,000
Acer, payroll, com¬
Accts. & notes rec.
less reserve
82,791
100,995
59,878
mission, Ac
47,503
Balance Sheet Sept.
Taxes payable and
Owing from officers
and employees..
Inventories
Cash in closed bk.
accrued
Accrued
...
sound value
Amt.dueon orbef.
135,000
*105,000
Cash
on
4,823
Loans
$86,687
1,972,640
$45,387
1,409,216
deposit...
Investments
Accounts recelv...
Int.
9,451
1
Unexp. ins. prems.
33,800
stationery & off.
real est. &
suppl.,
9,870
debs.
x
2,490,000
2,490,000
25,000
$6 cum.pref.stk.
y
42,500
RFC
25,000
Com.stk.,no par
75,000
75,000
1,221,282
value
by mtge. on
sec.
15,885
due Aug. 1, 1947
tax..'
Note pay. to
debs.
presented
20-yr. 5)4%
9,154
'
1,285,028
1
$200,000
$70,000
Accts. pay. for sees.
Prov. for Fed. inc.
1,277.707
preclation
Goodwill A patents
pay. on
not
"4404
1936
1937
seed.
pay.,
by collateral
purchased
of land & bldgs.
lit A eqpt., less de-
,
30
Liabilities—
1936
1937
Contract for purch.
Land, bldg., mach.
'•
Assets—
col¬
int.,
Ac
Invests, in secure.,
h Dec. 1, 1938...
.
Additional reserve required to reduce Investments to quoted market
value at Sept. 30,1937, $209,846 less excess of reserve provided at June 30,
1937, on securities held at that date and sold during the period ending
Sept. 30, 1937. $5,869 balance (as above) $203,982.
y
$113,101
$73,139
$102,448, and net unrealised appre¬
absence thereof, to estimated values of
ciation on securities of $97,944.
Condensed Balance Sheet July 31
P""Assets—
2543
Chronicle
Financial
145
Deficit
731,091
pay. on or
prepaid
expenses,
105,507
Ac
equip,
before
May 22, 1940..
70,575
210,000
Total.
10,946
Purch. mon. obligs
7,616
(par $40).. 1,030,920
Com. stk. (par $1)
499,992
562,849
Capital surplus
1,030,920
1,543
Deferred income..
5% non-cum. pref.
—Y
stk.
500,000
75,000
$3,063,418 $2,892,935
Amount due
x
on
or
before Dec.
of the company) and Florence C. Fry, his wife, or the survivor of them in
connection with exercise of option on June 1, 1936, to purchase 60,000
shares of common stock of the company at varying prices aggregating
$135,000.
y Includes miscellaneous accounts receivable,
deposits.—V. 144, p. 1955.
men's
z
Di
144,
on
Divs.
redeemed June 1,
$503,093
404,256
$755,522
def351,266
$220,331
def571,597
on
Provision for amortization of cultivations
Administrative, selling and general expenses.
Provision for doubtful accounts
preferred stock to Dec. 31, 1935.
Balance Sheet Dec. 31
$4,584,750
3,496,083
195,775
171,405
500,597
17,455
Total....
$404,256 def$351,266
$547,350
$586,046
289,456
$492,891
284,514
...
Other income deductions...
Funded
Dominion
373,692
2,386,704
Roll. Stk. Co. Ltd.
Inventories
Trade accts.
1,904,772
116,789
rec..
Other accts. recelv.
131,060
589,865
Investments
"
Surplus
375,527
,142,633
586,046
...
547,350
28,003,828 28,250,211
Total
28,003,828 28,250,211
Total
681,050
166,976
114,703
3,046,871
Reserves
301,814
180,657
5.597,500
661,823
158,133
110,392
ated cos. (net)..
325,613
162,983
Deferred charges..
5,065,036
debt
75,040 Accts. pay. A accr.
liabilities
2,144,882
1,676,310 Wages payable—
188,714 Accrued Interest..
15,100 Bal. pay. to associ¬
b Balance recelv..
$
stock...12,000,000 12, 000,000
Preferred stock
6,000,000
6 000,000
Common
Properties
22,262,150 23,303,253
Cash (trustees)...
38,829
75,813
a
Invest.
1935
$
Liabilities—
$
Assets—
Cash
$203,435
Income from operations
Other income
1936
1935
1936
Cost of sales, including operating expenses
Provision for depreciation
360,000
Includes $91,200 dividend paid on
x
Gross sales, less discounts, returns and allowances.
a$4,311,262
Income from commissions, packing & loading & other misc. oper.
273,488
a After
depreciation of $19,598,613 in 1936 and $18,294,337 in 1935.
b In liquidation of accounts with associated companies.—V. 145, p. 757.
$208,377
Balance
Proportion of
earns,
Dominion
9,969
Normal income tax
Tax on undistributed profits
1,287
1,301
of subs, applicable to minority stockholder.
Net income to surplus
a
64,939
476,909
Profit & loss surplus..
Earnings for Year Ending Dec. 31 1936
T
125,698
455,451
$489,896
547,350
X451.200
surplus
pref. stock
Giorgio Fruit Corp. (& Subs.)—Earnings—
Total income
436,439
Coal Co
bonds, &c
Net profit
4342.
p.
414,499
90,000
berland Ry. &
Int. & disc,
Includes sales¬
Delaware Electric Power Co.—Stock Redeemed—
1937.—V.
730,000
30,000
Provision for inc. tax
Previous
All of the company's $6.50 preferred stock (no par) was
L.492,178
730.000
30,000
Ry. & Coal Co
(President
1, 1938, from John A. Fry
1934
$2,840,348
1,503,678
Half net profit of Springhill div. tran. to Cum¬
$3,063,418 $2,892,935
Total
1933
1935
$1,699,532
1936
transf. to Cuniberland
254,910
462,821
Co., Ltd.- -Earnings-
$2,449,396
Operating profit
Sink, fund & deprec
1,425,000
Rent, of Springbill props,
000 shs.com .stk.
to be Issued
Earned surplus
1416.
p.
Years End. Dec. 31—
pur.price
par of 60,-
over
145,
Dominion Coal
499,992
Excess of
Total
$1,454,603 $2,068,779
Total.
$1,454,603 $2,068,779
x
Represented by 5,000 no par shares,
y Represented by 75,000 no par
shares, of which 25,000 shares are held in the company's treasury to be
delivered to holders of warrants attached to the 20-year 5H% debentures.
5,000
Res. for contlng..
$195,820
The item of gross sales does not include $37,083, representing additional
Eroceeds of wine pool sales, which amount was withheld by Fruit Industries,
ltd.,
revolving fund.
This amount is entered in the books as a deferred
as a
received.
Loss
1934
1935
31,440
10,220
1,353
32,296
122,485
Directors' fees
—
Legal fees
Expenditure for develop, and research
Reserve for deprec. and renewals—.
24,740
10,100
1,946
29,644
121,668
$89,944
53,448
10,238
Executive salaries.
$128,157
$169,797
prof$107,849
operations.....
on
Companies]
1936
Calendar Years—
...
credit and will be transferred to income account in the year it is
Engineering Works, Ltd.—Earnings—
[Including Wholly Owned Subsidiary
$357,895
"10,556
45",094
92,491
Consolidated Balance Sheet Dec. 31
a
Liabilities—
$
$
341,473
Acer,
receivable
to
taxes,
345,188
87,645
38,966
3,388
Dividend payable.
1,769,990
118,322
1,715,229
356,849
345,406
86,335
20,882
176.715
wages, Ac......
380,166
6,695
Due to officers and
Notes A mtgs. pay.gl,023,335
Sinking fund cash.
Notes & accts.rec.,
employees
Div. pay. to minor.
185,660
183,966
635,839
Prov. for Fed. tax.
bjjProperty acct8„ll,259,395 13,084,871
1,903
stkhldrs. sub.co.
585,504
Prov.for est. addlt.
Ac., non-current
Investments
Prepd.
ins.,
Profit
11,256
20,670
A def'd charges.
245,038.
95,000
43,318
49,452
2,524,931
2,686,842
256,717
348,008
14,249
12,500
Customers' depos.
Funded debt
Res.
for contings.,
incl.
def'd items
Cap. stk. Klamath
Lum A Box Co.
c
d
e
$3
partlc.
preferred stock. 5,947,500
7% pref. stock..
460,700
Common stock.. 1,608,080
Surp.
5.862,700
545,500
1,608,080
mach.
&
and
2,134,835
Earned surplus
198,623
f Treasury stock.. Dr 116,260
2,134,925
2,162.225
Drll6,350
y
plant,
equlp_$2,457,953 $2,434,729
Cash
16,471,117
14,833,823 16,471,117
Total
b After reserve
1935 and special
in 1935.
c Rep¬
resented by shares of $100 par.
d Represented by shares of $100 par.
e Represented by shares of $10 par.
f Represented by 1,045 shares of $3
cum. partie.
pref. stock at par in 1936 and 932 shares at par in 1935.
and 1,176 shares of common stock at par in 1936 and 1,150 shares at par
in*1935.
g Notes payable only.—V. 144, p. 1597.
a
After
of $3,870 in
reserve
1936 and $20,632 in 1935.
for depreciation of $3,829,255 in 1936 and $2,006,223 in
created by transfer of capital surplus of $3,680,533
The
directors
have
declared
a
dividend
Doubled—
of six cents
per
share on the
capital stock, payable Oct. 23 to holders of record Oct. 15.
Previously
quarterly dividends of three cents per share were distributed. In addition,
a
year-end dividend of five cents per share was paid on Oct. 20, 1936.
—V. 145, p. 757.
Domestic &
r
3 Months Ended
Foreign Investors Corp.—Earnings—
Sept. 30—
1937
1936
1935
Interest
on
$17,258
$10,555
402
2,657
2,815
2,841
1,263
1,208
,56,025
debentures
loss$48,986
968,313
Net profit
Deficit, June 30.—
1
Profit
on
securities sold
.
$11,602
$8,083
1,052,439
1,690,466
22,070
35,181
154,138
Balance, deficit, Sept. 30
y
Dr203,983
x287,676
Accts. receivable..
224,480
x
Consists of excess of reserve
$1,221,282
$731,091
$1,493,063
250,000
419,376
250.000
Accts. payable, Ac
690,053
959,668
985,926
Work in progress..
6,438
194,413
85,000
284,286
10,797
108,617
Inventories
341,898
166,970
Deposit on tenders
Investments In sub.
116,791
companies
insurance
27,844
39,146
and taxes......
$4,799,770 $4,555,353
Total
After depreciation reserve
..$4,799,770 $4,555,353
Total
of $2,459,294 in 1936 and $2,626,318 in
1935.
143, p. 1875.
Dominion
Stores,
—V. 145, p.
Ltd.—Sales—
1937—4 Whs.—1936
1937—40
$1,519,101
$1,487,037 $14,915,510
Period End. Oct. 2—
Dominion Rubber
Co., Ltd. (& Subs.)—Earnings—
Year Ended Dec. 31
Consolidated Income Account for the
(after
all
allow.,
&
discount
1934
1935
1936
Sales
1936
$14,820,914
1899.
_
$9,005,393
transportation)..
$10,421,800
Cost or goods sold, sell, and general
expenses, Ac
9,557,096
$9,121,233
8,155,637
7,783,158
$864,704
$965,596
15,928
7.736
$1,222,235
Profit from operations
Income from investments.
13,260
Profit realized on investments sold..
Profit arising through revaluation
marketable
securi ties
692
of
of bonds
purchased for redemption
Amounts
transferred
from sundry
reserve, no longer required
Amount transferred from reserve for
doubtful accts., no longer required..
7,382
67,400
;
Bond discount written off
Provision for depreciation
$1,101,780
540,862
Income
—
Executive
346,265
6,645
x574,018
42,365
6,439
remuneration
Directors' remuneration
12,519
,
47,184
Provision for contingencies
Provision
Net
for income taxes..
profit for the year
Dividends on preferred
x
....
37,818
100,000
$946,056
346,162
6,800
Total
18,282
3,272
26,287
...
Excess of par val. over cost
Amount written off investments
provided at June 30, 1936, on securities
■held at that date and sold during the period ended Sept. 30,1936, $87,282;
decrease In reserve heretofore established to reduce book value of invest¬
ments to their aggregate quoted market value where available, or in the
"f
for contlng..
1,165,578
175,000
Interest on bonds
Increase in market value of securities.
Miscellaneous credits
^
$10,098
Dividends and interest received
General expenses
Interest paid on loans
1936
1935
$2,900,050 $2,900,050
Capital stock
Res.
Surplus
1,044,875
reserve
Dividend Shares, Inc.—Dividend
154,737
315,567
i...
Dom. Govt, and
Sales
14,833,823
$90,632
$43,554
Liabilities—
1935
1936
Real est.,
—V.
retire, of cap.stk
Total.
6.239
$26,259
Assets—
*
a
arising from
restatement
68,102
Consolidated Balance Sheet Dec. 31
Prepaid
cum.
$275,792
90,564
94,596
240,000
Net loss.
other bonds....
eral taxes
223,283
investments realized.
Call loans
prior years Fed¬
taxes
on
Operating reserve transferred.
int.,
321,746
officers
^ and employees..
Inventories
Revenue from investments
$
$
328,214
Accounts payable.
244,374
Notes and accts.
Owing
1935
1936
1935
1936
Assets—
Cash
Total loss
7,652
27,492
4,780
20,265
loss$21,617
...
....
Including a provision of $63,358 for idle plants.
$92,523
210,000
$1,315,277
372,398
28,103
495,172
"
6,399
25,000
34,960
46,465
.,.$306,778
210,000
Financial
2544
Consolidated Balance Sheet Dec, 31
$
1,202,046
925,120
Accts.rec.Oess res.)
Cash..
...
Accts.
664,448
co
2,672,808
Marketable secur.
134,638
107,020
134,074
72,384
7,511,804
188,791
Prepd. & def. assets
7,870,104
Goodwill,
4,000,000
4,000,000
2,433,700
142,215
57,400
57,700
gold
6% coll. trust
bonds
_
Res. for contlng..
Min.
In
Int.
4,214,053
National Power & Light
—V. 145, p. 2389.
Sept. 30—
Exps., incl. taxes
2,805,500
Amount
4,007,000
5,323,000
4,847.000
112,372,000
53,835,000
75,844,000
Co... 80,691,000
Gross income....
x
3,000,000
par)
b Common stock.
1936
1937
Electric Bond & Share
Period End.
3,000,000
2,805,500
Capital surplus... 1,506,240
Earned surplus
1.854,103
4,214,052
Increase——
t
Operating Subsidiaries of—
American Power & Light Co—116,379,000
Electric Power & Light Corp.. 59,158,000
145,439
7% pref.stk. ($100
patents
and formulae...
compared
cap.
stock of sub. co.
153,894
1937, the kilowatt-hour system
2,436,200
bonds
sub.
consol..
Prop. & plants.
a
188,735
payable
1st & ref. 5% gold
Shares In & accts.
from
1,417,994
input of the
Power & Light
& Light Co., as
with the corresponding week during 1936, was as follows:
For the week ended Oct. 7,
operating companies which are subsidiaries of American
Co., Electric Power & Light Corp. and National Power
\39,000
.....
Loans
153,157
rec/
247,221
57,062
39,000
Ac.
wages,
135,933
Secur. & mtges...
455,251
43,399
Accrued Int. on bds
339,431
1,982,920
Inventories
cos. not
accr.
pay.,
Accrued taxes....
837,305
from
rec.
affiliated
Accts.
813,674
I
%
Liabilities—
16, 1937
Inc.—Weekly Input—
Ebasco Services,
1935
1936
1935
$
1936
Assets—
Oct.
Chronicle
Co.—Earnings—
$2,431,460 $10,157,539
2,108,483
8,433,930
$463,118
$322,977
30,000
142,000
1935.
Co., Ltd. (& Subs.)—Earns.
Dominion Tar & Chemical
1934
1935
1936
1933
Net oper. profit after de¬
ducting oper., manage¬
ment & selling exps.,
excl. of the earn'gs apnterests
filicable to minority
on
277,177
10,010
352,419
129,281
2,710
292,771
3,192
350,214
72,630
3,640
$384,167
$243,563
Directors' fees
profit
$478,517
313,189
$553,629
304,050
3,118
301,801
5,221
3,460
$966,012
Prov. for depreciation..
Inc. taxes paid & accr'd-
24,802
424,064
5,475
3,460
loss$64,022 loss$292,475
Divs. on pref. shs. of Al¬
berta Wood Preserving
19,692
22,960
21,456
Consolidated Balance Sheet Dec. 31
1936
1936
Accts.
755,272
pay.to min.ints.
Accr. int. on debs.
421,401
113,073
Taxes payable
Divs. decl, on
Unexpired insur'ce
21,699
& def'd charges.
Cash
value of
suit,
own
52,430
58,912
trustee
for
deb.
5,602,988
3,823,283
debs.
162,500
4,798
4,291
127,800
securities sold during the 12 months
been applied to capital surplus.
Comparative Balance Sheet Sept. 30
1937
3,478,000
1,305,000
3]4%
53,605
686,078
681,905
861,839
741,410
.12,643,679 12,443,855
reserve for depreciation of $2,867,158 in 1936 and $2,515,902 in
b Represented by 273,184 no par shares (272,500 in 1935).—V.
After
145,p. 434.
Inc. (& Subs.)'—Earnings—
Earnings for 52 Weeks Ended June 26, 1937
$2,396,469
.
_
Sales of accessories and sales and rentals of non-theatrical films..
16,226
12,676
Miscellaneous
Total income
$2,425,370
Amortization of short subject productions & producer's share
of rentals offeatur.es & Western productions.
1,339,724
10,320
596,338
292,576
9,326
Cr28,263
Cost of accessories & of sales & rentals of non-theatrical films
Commissions to film distributors
General & administrative expenses
Taxes (other than Federal & State income taxes)
Portion of general expenses charged to film production costs
"
Profit
;
__
payable
_
Provision for irrecoverable costs of feature & Western product'ns
Prov. for deprec. of buildings, furniture & fixtures
Bad and doubtful debts
Cost of
(ledger
...537,368,563 538,602,735
856,862
143,149
554,608,589 551,816,841
Total
.554,608,589 551,816,841
—Shares Outstanding—
x
Sept. 30 '37 Sept. 30 '36
300,000
300,000
1,155,655
1,155,655
Common stock and scrip ($5 par)
5,267,147
5.267,147
z No par—stated value $100 a sb.; entitled upon liquidation to $100 a
Represented by:
z $5 preferred stock
z $6 preferred stock
Chairman
274,200
b Common stock._
notes
1,405,655
1,803,310
(approp. fr.
cap. surplus).
4,901,741
4,803,302
Capital surplus.314,152,236 314,123,649
Earned surplus. 59,488,407
57,769,563
299
1,040,722
Is
245,200
Earned surplus...
on
2,108,483
2,038,577
Capital stock.171,901,234 171,901,234
...
sh. and accumulated dividends.
par)
Total income—
pref.
Res.
1,499,528
200
1,107,115
on
stocks
x
2,197,317
securities
5,035,000
7%
cum.
red.
pref. stk. ($100
Interest
accr'd
Accts. receivable
serv'g Co., Ltd.,
;
Taxes accrued.
61,246
100,180
53,605
Alberta Wood Pre¬
Other income
5,700,000
1,525,000
227,112
Co., Ltd., 6H%
cum. pref. stock
($100 par)
5,035,000
Film rentals
2,900,095
Deferred charges
Dom. Tar & Chem.
Educational Pictures,
Divs. declared or
sec.
Total
res..
$
10,128
17,912
payable.
3,305,408
Cash in banks—
value)
cos..
1936
S
Liabilities—
Accts.
10,178,436
demand
Invest'ts
1,600,000
Total
$
Accr. Int. recelv.
A
of sub.
12,643,679 12,443,855'
1937
1936
$
time deposits.
3,360,000
Min. int. In subs..
7,857
—....
6% debentures was reduced, by
for the six months ended April 30, 1935, to a rate of 1H%
and for the period from May 1, 1935 to Oct. 31, 1937, to a rate,
annum and interest has been accrued in the income account at
of 4% per
these rates.
U. 8. Govt.
series A
3,692,679
sales price of investment
ended Sept. 30, 1936 ($716,519), have
The interest rate on Cuban Electric Co.
agreement,
15-yr. debs. 4>£%
5,904,732
res.
a
4,427
during the three months ended Sept. 30, 1937 ($14,173), the three
30, 1936 ($263), and the 12 rnenths ended Sept. 30,
Misc. short-term
Gen. & cont.
Total
24,305
4,281
1937 ($24,304), and excess of ledger value over
Pref. stock skg, fd.
1935.
24,305
Balance, Sept. 30, 1937..
$59,488,407 $314,152,236 $373,640,642
Note—Net excess of sales price over ledger value of investment securities
sold
on
B
debs.
Series
2,377
on
1,723,609
$59,493,318 $314,152,236 $373,645,553
4,911
4,911
Cash in banks—
A
Serial
holders
Discount
Series
67,325
of
Fixed assets
Goodwill
Total
$314,123,649 $371,893,212
146
Miscellaneous deductions
Preserv'g
Series
67,065
hands
Sept. 30, 1937
......
Total
pref.
Alberta
debs, due 1949;
advances
1937, net.
Miscellaneous
Assets—
6% sink, fund gold
invest's &
in
26,125
132,864
Co., Ltd
75,687
-
364,171
142,553
74,852
402,840
Serial notes pay..
debs, (at
cost)
Sundry
Cash
stock of
26,777
Wood
life ins. policies.
Co.'s
pay.
divs. of asub.co.
In banks
30,000
.
Capital
Earned
Balance, Oct. 1, 1936
$57,769,563
Surplus income 12 months ended
Sept. 30, 1937....
1,723,609
Excess of sales price over ledger
value of invest,
securities sold
per annum
incl.
1,747,018
1,013,632
hand and
on
$
Liabilities—
$
1,478,681
(less reserve)...
Summary of Surplus for the 12 Months Ended
1935
$
1935
& bills rec.
Accts.
Cash
,
$
Inventories
$881,971
surtax
profits..
months ended Sept.
18,116
Co., Ltd
Asset 8—
undistrib.
during 12 months ended Sept. 30,
$1,155,764
Interest on debentures..
Premium paid on coup..
Net
$9,315,901
8,433,930
$1,723,609
54,000
Fed.
Includes
x
for depreciation of $7,672,148 in 1936 and $7,206,552
b Represented by 112,220 no par shares.—V, 144, p. 449.
Years Ended Dec. 31—
a
$2,571,601
2,108,483
After reserve
a
n
...17,754.803 16,572,858
Total
Pref. stock dividends...
Net income..
9.9
6.4
1937—3 Mos.—1936
1937—12 Mas.—1936
$3,044,761
$2,897,002 $12,033,950 $11,513,190
473,160
465,542
1,876,411
2,197,289
Surplus income......
17,754,803 16,572,858
Total
1,506,240
2,089,759
3.6
appraisal
Federal income tax
$205,350
22,851
$228,201
11,464
11,516
22,485
4,986
325
10,118
Scores
Utility
Act—Tells
Stockholders
System
Jeopardized—
At the annual meeting of shareholders of the company held Oct. 13,
E. Groesbeck, Chairman of the Board, described the Public Utility
Holding Company Act of 1935 as a deliberate attempt by the Federal Gov¬
ernment to remake the utility map of the United States.
He asserted that
the statute threw such a cloud on holding companies that their credit and
ability to provide the necessary equity money to their operating subsidi¬
aries was seriously impaired, if not destroyed.
Addressing the shareholders present, Mr. Groesbeck said that in the
Northwest the Government project at Bonneville .scheduled to go into
O.
operation early next year, was merely adding subsidized power to the re¬
sources of an area which already "has an adequate supply.
"Elsewhere in the country," said Mr. Groesbeck, r'Government agencies
are helping to finance electric power facilities which in the main must com¬
pete for the consumer market with privately financed companies.
The
industry is in the sorry position of helping to finance these projects by being
forced to pay an ever-increasing amount in taxes."
In speaking of the Electric Bond & Share Co., Mr. Groesbeck said that
probably the subject of most vital concern to it and its shareholders at
present was the Public Utility Act and the legal proceedings instituted by
the Securities and Exchange Commission against the holding company and
its associates in trying to force the widespread system to capitulate to the
requirements of the Act.
In justifying the present corporate set-up of the Bond & Share system,
Mr. Groesbeck outlined a detailed analysis of the company's policy since
its inception in 1905.
He said Bond & Share early adopted the plan of
sponsoring the organization of holding companies to take the equity securi¬
ties of electric companies in widely separated geographic areas so that the
"diversity of risk arising from this diversity of location and the volume
of business created by combination in a single financial organization would
furnish a background for the equity financing which not one of the oper¬
ating companies confined to a single location and to a small volume of busi¬
ness,
could achieve."
Taking
a
page
Court,
requiring the company to file with the SEC,
from the company's current appeal to the Circuit
from the lower court decision
,
and struggling small
brought into the Bond & Share system were not acquired "through
competitive buying, piratical and destructive competition, or
through combination of established existing units strongly entrenched and
fully developed in their fields."
*
'
Mr. Groesbeck told the shareholders that the scattered
Net profit.....:
Portion of net losses of sub. companies applicable to outside ints.
Net consolidated
profit
$167,307
750
$168,056
....
utilities
reckless
Law's Aims Oppose
Consolidated Balance Sheet June 26, 1937
Cash in banks & on hand
Cash in
Notes & accrd. int. pay., seed.
Acct. payable to bank, secured
35,334
escrow
Notes & accts. receivable
x96,698
Inventories
512,842
of
the
capital
90,646
Royalties
Payment on account of purchchase
$572,382
Accounts payable, unsecured..
Account payable to officer
$79,546
payable
producers
stock
to
1,400
4,125
outside
33,202
1,000 Reserve for Federal Income
of Sklbo Productions, Inc
tax
10,118
Deferred charges
Sundry accrued liabilities
Other liabilities
y407,609
31,941
10,346
20,293
Reserves
Land, bldgs., turn. & fixtures.
13,374
Other interests' equity hi sub.
22,848
companies....
Common stock ($1 par)
89,730
Capital surplus
186,289
Unrealized appreciation arising
from revaluation of capital
of
sub.
companies from May 15, '37
(date of reorganization) to
June 26, 1937
27,030
...
Total
x
$1,164,969
After
reserve
reserve
for
doubtful
I
notes
group.
Declaring that the provisions of the Act were of such nature as to becloud
the future of the company by jeopardizing sources of revenue, Mr. Groes¬
beck said: "In view of the many intricate legal questions which the Act
raises, and of the latitude of discretion entrusted to the SEC in its
and
$1,164,969
accounts
p.
of
3172.
$39,781.
adminis¬
tration, no one can predict in what form, if at all/your company might be
permitted to survive and carry on substantially the business which it now
does."
Mr.
Groesbeck added,
however, that
despite the primary importance
"effort is being made to con¬
and protect the investments of the company and to put the system in
of the Public Utility Act to the system, every
He outlined steps taken
by the management in the last i five years to lower fixed-interest-bearing
obligations and to improve the properties and plants of companies in the
system.—V. 145, p. 2072.
Elizabethtown Water Co.,
y
After
Consolidated—Dividends—
$2.75 per share on the capital stock, par
This compares with a dividend of $3 paid on Dec. 24,
1936, and semi-annual dividends of $2.50 per share previously distributed.
—V. 143, p. 3998.
•
The company paid a dividend of
Total
for_depreciatlon of $152,612.—V. 144,
were
order to meet any conditions which may arise."
83,186
earns,
objectives of the Public
in direct conflict with the major theories behind the forma¬
of the Electric Bond & Share Co. and its affili¬
ated companies in that the law envisaged only regional grouping, in a single
ownership, of contiguous properties and was generally directed against the
financial grouping of diversified properties into a single holding company
Utility Act
tion and present structure
serve
assets
Undistributed
System's
Mr. Groesbeck went on to say that the primary
UabUities—
Assets—
$100, on June 30, last.
.
.
.
Volume
Gross operating revenue
Operating expenses, maintenance and taxes *
Depletion and depreciation
was
31,1937
$65,638,959
45,252,669
11,020,721
Months Ended Aug.
:
-
Liabilities—
Assets-
Cash
a
$9,365,569
3,034,951
Net operating revenue
Other income, incl. income from affiliated pipeline company
on
Cash
Freight payable on empty con¬
deposit with trustee
funds
Net
Inventories
Due from others
*
Includes provision for normal Federal income tax and reserves for pos¬
sible liability for Federal surtax on undistributed profits.—V. 145, p. 435.
1st mtge. real
Empire Power Corp.—Accumulated Dividend—
March 15 last and
on
15 and
Dec.
of 75 cents per share on
dividend
a
1,
Oct.
Goodwill,
cents
Ewa Plantation
1
34,093
2,683,361
2,664,784
Gross profit on
and molasses
$879,942
97,552
$1,107,012
Other operating income.
89,678
$611,663
67,258
$977,493
$1,196,690
$678,921
6,300
$977,424
$1,190,390
157,270
GY1.616
175,494
Cr2,470
$1,136,310
$1,368,355
6,740
on
sale of secur's.
113
Income charges
Amort, of bond
$1,639,373
574,972
435,057
471,020
57,900
168,465
40,000
3,874
5,450
137,375
1,955
50,222
81,000
170,426
40,000
4,900
4,450
132,647
9,424
52,891
$576,240
238,514
$335,266
189,395
$302,626
$337,725
3,907,907
$145,871
3,762,036
3,459,411
$3,907,907
$3,762,036
$3,907,907
397,524
$0.84
Consolidated Balance Sheet
$3,762,036
378,790
$0,80
....
10.666
—
~5~,666
...
Prior years adjustment....
Applicable to int. of min. stockholders
Dr4,124
Net
profit
.
1,194
.
27,079
sale of secure
157,522
$1,504,556
$1,223,056
Drl ,580,279
Goodwill written off
$1,116,756
$1,350,489
295,352
307,310
$889,097
200,559
950,000
$1,043,179
1.100,000
$688,537
600,000
$128,596
Profit for year
Taxes (estimated)
$56,821
.
—
Shares common stock (no
600.000
Earnings
1936
Assets—
1936
Cash
$27,732
$25,081
Payrolls
Due from agents..
468,345
504,380
Growing crops....
2,853,420
equipment,
'
v
3,001,508
280,000
&c_ 3,119,688
210,000
Leasehold valuat'n
Adv. to affil. cos..
38,712
311,585
Prepaid
Dom. of Can. bds.
210,000
280,000
x
After
reserve
for depreciation
affiliated cos
in 1935.—V. 144, p.
Cash
months of 1937 totaled $5,369,401, a
gain of 48%
equipment
ahead of 1936, with
2074.
158%
113,345
large
backlog
x
Federal Grain,
taxes
Cost ofsales
from
Income
from
invests
........—.—
...——
..............
premiums..
$2,593,121
1,373,599
$1,219,522
279,000
Other deductions
x
—.....—..............
$940,522
16,621
...........
—....
....—.—
Income charges
Provision for Federal
-
—.
and State income
taxes—estimated
Net income for the year.................................
Earned surplus, Jan.
1,1936—
Surplus credits
Gross surplus
Dividend on common stock
Dividend on 6% cumulative
..........—........
......
....
on
$757,193
565,740
...—...
—
57,789
....
$1,380,722
—
—
convertible preferred stock
property sold or abandoned during the year
Amount paid in settlement of litigation applicable to
Loss
$957,143
60,690
139,260
—
prior years
675,000
23,669,
74,161
3,041
31,1936
$604,850
Note—This statement includes the consolidated income of the Falstaff
Brewing
Corp.
(Del. corporation)
and its wholly-owned subsidiary,
Falstaff Brewing Corp. (Maryland corporation) for the period from Jan. 2
to Oct. 15,1936, and the income from the merged companies from Oct. 16,
Earned surplus, Dec.
1934
1935
1936
1937
46,430
$239,990
10,185
$258,041
10,127
$273,265
$250,175
217,136
1,500
44,002
1,308
18,777
X219.240
1,500
$268,168
234,155
$251,179
$166,633
.
204,178
22,086
3,600
26",549
15,240
$9,458
$84,611
prof$14,195 prof$3,965
Bond interest only.
Note—The
provision made for depreciation of properties
$110,114, computed at modified rates.
%
'
1,538,889
Cash
receiv'le
Accounts
Stocks
on
Accrued
59,078
*
37,705
98,276
83,572
grain-
15,436
78,047
8,196
41,357
53,195
2,889,467
103,670
129,022
86,001
$
$
s5andlng
checks
Sundry creditors..
-
331,415
1,102,420
552,616
25,742
6,584,038
15,000
1936
1937
Liabilities—
Bank loans <fe out-
86,001
6,510,056
and equipment
July 31
1936
hand...
20,000
earnings.
Investments
Bonds of co.purch.
Memberships,
cost
x
Gross income..
15,897,731 22,705,975
shares.—V. 145, p. 1738.
46,248
...
loss
Net
for sinking fund.
...................—......
Dr5,203,825
-
Total
1,218
Assets—
$5,350,452
2,757,331
off cap.
acct
1,250
44,780
Directors' fees
Executive salaries
Prepaid expenses..
...—
2,185,434
81,473
g'dwill
of
written
35,296
$213,063
Total income
Bond int. &
1937
State inspection
Selling profit
Administrative and general expenses
Income credits
154,683
3,907,907
444,179
145,000
the
Adv. sec. by
Profit from operations..
80,523
..
Balance Sheet
—.....—................
profit
Selling and delivery expenses.
Gross
Res. for inc. tax..
434,059
781,149
145,000
130,000
Mtges. on theatres
Res. for conting
Ltd.—Earnings—
30—
co.'s
opers. (after deprec. on
property & equipment)
Years End. July
Income
the Year Ended Dec. 31,1936
deducting Federal revenue and
and freight paid on sales)
......
25,000
2,017
& equip,
after
year
Surplus
19,403
Represented by 397,524 no par
Corp.—Earnings—
Income Account for
3,794
due
contr.
15,897,731 22,705,975
amounted to
Net sales (after
129,299
(current)
gation
Propor.
246,815
Legal fees
Fire Association of Philadelphia—Extra Dividend—
declared an extra dividend of 50 cents per share in
addition to the regulat semi-annual dividend of $1 per share on the common
stock, both payable Nov. 15 to holders of record Oct. 22. Similar distri¬
butions were made on Nov. 16,1936, and on Nov. 15,1935.—V. 145, p.1417.
230,084
Adv. payable, &o_
.
of the sales
52% during
of orders on hand.—
28,351
cos.
consolidated
Deferred charges..
Total
payable.
obli¬
Accr.int.,taxes,&c.
110,345
of sub.
32,719
in one year
Purch. money
one
Prem. paid for cap.
stk.
equip
due with¬
Accounts
23,947
496,586
The directors have
Falstaff Brewing
39,685
728,867
38,409
corresponding period of 1936, according to
Domestic frit sales accounted for only 26%
43% of total sales as against
stockholders
Notes pay.
Sundry debtors.-.
Foreign sales, by subsidiaries, Mr. Weaver stated, showed a gain of
65% in the first nine months of the year totaling $1,632,565 as compared
with $985,221 in the same period of last year.
As examples of the increase
in the company's foreign business, Mr. Weaver cited sales of $493,537 in
Holland during the first nine months as against $295,794 in the same period
of 1936.
Large increases were also shown in the business done in Canada,
Brazil, Australia, Argentina and England.
Sales of enameling furnaces by Ferro and kilns for pottery, brick and
tile industries by Allied Engineering Co., wholly owned Ferro subsidiary
V. 145, p.
421,329
881,351
7,756,000
minor.
Interest of
Notes pay. &
335,648
I
275,000
licenses & instal.
increase, and represented only
the first nine months of 1936.
were
3,559
Mtges. receivable-
sales of $3,615,175 in the
products.
30,550
$
9,179,065
799.730
Funded debt
2,090,709
62,928
Reorgan. of capital
and funded debt
figures announced by R. A. Weaver, President.
Analyzing the sales gain, Mr. Weaver said that 74% of the increase in
sales during the first nine months was accounted for by sales that have
resulted from a broadening of the company's operations and diversification
of its
125,579
166,372
1,000,858
1,993,588
-
$3,698,708
Corp.—Sales Up 48%—
Sales for the first nine
over
_
$8,456,215 $8,543,355
Total
772.
Ferro Enamel
.
Dep. to sec. contr.
Call loan
of $3,819,903 in 1936 and
7,671,056
37 Dec. 28 *35
$
9,179,065
7,100,000
Common stock..
x
contr.
Cash with trustee-
surplus
Jan. 2
Liabilities—
'
10,262,788
Equity acquired in
5,000,000
2,847,665
222,238
303,425
expenses-
Sound
$8,456,215 $8,543,355
Total
$
"
414,300
144,879
Franchises, &c
■
Leasehold valuat'n
mach'y,
xBldgs.,
$
Property account.10,922,390
30,275
;
42,951
Reserve
—399,705
1,238,295 Common stock... 5,000,000
2,716,643
3,001,499 Surplus
444,281
1,238,295
Investments
Mat'ls & supplies.
$35,117
accounts
52,300
440,291
94,455
other accts. red.
-
1935
$45,659
41,258
Long-term contr..
Personal and trade
Accounts, notes 4c
397,524
Jan. 2 '37 Dec. 28 '35
jA.88€tS,~*m~
Liabilities—
$2,185,434
....
$1.45
Comparative
sur$88,537 sur$623,056
Comparative Balance Sheet Dec. 31
1935
par)
share
per
'
Balance, deficit
Dr479,920
281,500
Total surplus
$821,404
Dividends.
$302,626
Cr32
11,126
19,442
""5,065
$1,663,272
415
130,000
149,432
46,795
....
Directors' fees
280,432
$916,559
-
Officers' shares and legal fees
$1,386,964
$678,921
237,637
449,603
462,455
Amortiz. of leases, franchises, &c
Amortization of expenditures, &c
888
prems.
discount
on
$1,788,394
522,334
...
Foreign exchange
Gross oper. profit..
Fin'l inc. (divs., &c.)
'34
*37 Dec. 28 *35 Dec. 29
2
$2,009,077
....
Depreciation
U. S. exchange
$1,387,851
69
income
Operating charges
Prem.
Jan.
...
Interest
$1,313,532
74,319
^ Total
Ltd. (& Subs.)—
Players Canadian Corp.,
Provision for conting
Provision for income taxes
sugar
$3,817,532
-
$4,245,632
2,622,208
and
Total
•
■
_
18,666
450,000
604,850
764,876
owned
1098.
$3,935,741
2,921,143
Cost of producing
770,299
...
-
exchange of
even
a Requirement on 1st mortgage 10-year 5% sinking fund bonds
by company and pledged as collateral on real estate loans.—V. 145, p.
Famous
$3,276,447
stock
conv.
cum.
Paid-in surplus
Years Ended—
$3,790,373
6%
stock of Fal¬
staff Brewing Corp. (Maryland corporation)
Common capital stk. (par $1).
$3,817,532
Total
Operating profit
$3,801,085
and molasses
23,669
Earned surplus
1933
1934
1935
2,169
pref.
conv.
1st & 2d pref.
1936; a dividend of 40 cents
Co.—Earnings—
1936
180,000
cum.
Reserve for
on
Calendar Years—
Loss
Pref.
on
Gross receipts from sugar
5% s. f. bonds
(par $1)
&c
names,
262,843
200,000
-.---.
estate notes.—
stock (contra).
1,637
Deferred charges
July 1 and March 16, 1936; 75 cents on Nov. 9, 1935, and 50
May 20, 1935 and on Nov. 10, 1934.
Quarterly distributions of
56 cents per share were made on this issue Jan. 1 and April 1, 1932; none
thereafter until May 10, 1934, when a dividend of 50 cents per share was
made.
A record of dividends paid on the participating stock follows;
July 1926, 40c.; Oct. 1926 to Oct. 1927. 50c. quar.; July 1928 to April 1930,
50c. quar.; July 1930, $3.04; Oct. 1930, 56c.; year 1931, $2.25; year 1932,
$1.12.—V. 145, p. 1256.
paid
was
Div. on 6%
trade
trade-marks,
re¬
Miscell. suspense accounts
98,736
Other assets
the
$2.25 cum. partic. stock, no par value, payable Nov. 10 to holders of
record Oct. 30.
This compares with 50 cents paid on Sept. 15, June 15 and
have declared
100,000
cus¬
(contra)...
23,669
Leasehold Improvements—un¬
amortized portion
The directors
turnable..------
2,055,436
Property
to
containers
for
tomers
1st mtge. 10-yr.
Deposit with Guaranty Trust
Co. of N. Y. for div. (contra)
$3,040,756
income
(contra)
Securities owned
Amount
40,389
180,000
(net)
rec.
maturing on
refundable
40,217
378,626
334,299
Fed. & State revenue stamps.
Notes & accts.
estate notes
July 15, 1937. .
real
mtge.
1st
2,770
salesmen
5,580,553
0171,196
3,950,406
42,372
174,443
Accrued accounts.-
of
hands
(est.)
tainers returnable
20,000
In
$223,345
payable
Accounts
$607,657
hand and In bank
on
Working
$12,400,519
_
Subsidiary deductions—Int. charges & amort, of discount..
Earnings applicable to minority interests
Empire Gas & Fuel Co. interest charges
Dec. 31,1936
Balance Sheet
.
for slaking fund
Gross income
subsidiary into the parent company
31, 1936.
The merger of the
consummated on Oct. 15, 1936.
to Dec.
Empire Gas & Fuel Co. (& Subs.)—Earnings
Consolidated Income Account for 9
2545
Chronicle
Financial
145
Surplus
-
391,437
3,524,000
116,399
3,000,000
1,250,000
476,048
at
....
Properties
Deferred chargesTotal
24,187
31,550 1st mtge. s. f. bds. 3,395,000
116,786
31,879 Bond redemp. res55,712 Pref.shs. (par$100) 3,000,000
y Common shares. 1,250,000
Accrued taxes
8,608,826 10,047,223
Total
8,508,826 10,047,223
$2,127,616 in 1936.
y
2366.
Follansbee Bros. Co.—Underwriters of Plan Withdraw—
Court Hearing Nov. 4—
depreciation of $2,227,695 in 1937 and
Represented by 200,000 no par shares.—V. 143, p.
x
After
The company has petitioned the U. S. District Court at Pittsburgh for
general continuance of its reorganization plan.
_
^
The company's petition cited a letter from Donoho & Co., which was to
underwrite the purchase of $4,000,000 in bonds and 70,000 shares of com¬
mon stock, electing "to be released from any and all obligations."
The brokerage firm's letter stated it was withdrawing because "political,
economic, financial and market conditions at the time of our offer have not
improved to the point where in our judgment it is practical or possible for
us or our associates to resell or find purchasers for new securities at or
above the prices specified in our offer.'
.
a
Financial
2546
Chronicle
Oct.
16. 1937
The hot strip mill will be equipped to roll a 60-inch sheet, instead of a
48-inch sheet as at present.
Additional equipment will be installed in the new cold finishing mill,
by the court for Nov. 4 on the question of allow¬
ing continuance of the plan of reorganization and of granting a further
period o*' time for securing new underwriters, or purchasers for the new
securiti
.which must be sold for cash.—V. 145, p. 1585.
A hearing has been set
including
78-inch continuous pickler and 12 sets of three Bell-type bright
Contracts for this work have been let.
a
anneal electric furnaces.
Fiberloid
Corp.—--Earnings—
End.
Years
31—
Dec.
The
Depreciation--
1934
1935
1936
$1,297,063)
}•
Net gain for the year—
230,000]
Federal Income taxes
26,200
1,955
$564,274
316,775
1,507
840,229
31,035
$380,644
239,129
$158,084
106,574
Profit
1,513,694
$141,515
1,125,904
$47,636
1,076.636
Z)r158
686
Dr403
1,632
$1,492,306
$1 513,694
$1,267,016
$1,125,904
Bal.,surp., Dec. 31—
Condensed Balance Sheet Dec. 31
1936
1935
$187,575
806,093
accepts receiv..
903.678
other-
9,661
1,023,267
788,265
3,688
notes
Accte.,
—
Accrued expenses.
1,158,891
6,000
(sec.)..
rec.
payable.
Federal taxes
and
Inventories
Notes
Accts.
Res. for conting..
Preferred stock
y
on
Interest
on
Interest
on
6% coll. trust bonds
1st mortgage bonds..
loans, &c
x
1935
$321,001
230,000
80,677
513,836
2,8*52*200
Common stock-
Surplus...
1,492,306
z$495,905
See
z
68,667
296,808
1,081,900
1,624,500
1,513,694
assets and
49,145
27,666
283,274
Com. Btk. in treas.
$5,489,921 $5,071,374!
x
Investment
After reserves for depreciation of
1935.
y
shares in
First
New
cost)
Gen. accts. receiv.
England Corp.—Organized—Stock Offered to
The holders of preferred stock of United Investment AssuranceJ Trust
are advised of the organization of First New England Corp. with offices
Exchange Place, Jersey City. N. J.
This is the result of the response
to theplan proposed in letter of Aug. 3 sent to United Investment Assur¬
ance Trust preferred stockholders (V.
145, p. 960) by the organization
The purpose of this plan is to afford the preferred stockholders of
United Investment Assurance Trust the opportunity to continue their
investment with a view to the possible recoupment of losses.
The First New England Corp. is offering for sale 9,000 shares of preferred
stock and 9,000 shares of common stock in units of 1 share of preferred stock
and 1 share of common stock at $11 per unit.
There is no underwriter
for any of the shares included in this offering and no commissions are to
be paid directly or indirectly to any person in connection with the sale of
group.
shftfes
Oct. 8, 1937, as a
1937
2,290
England
Corp. was organized in New Jersey on
general Investment company and proposes to use any or
all available funds for the purchase and sale of securities of any ana all
classes for its own account, and may, from time to time as opportunities
fund gold bds.,
due 1942
n
308,215
6% coll.
bonds.. 2,866,500
Unpaid 1st mtge.
trust
74,507
283,600
Materials & suppl.
-
rec.
bond interest.
Loan to
accts.
and growing
Accrued
Charges
488,187
82.054
59,868
Acer,
may
65,703
59,587
77,392
-
Def. reorg. exps..
int.
Fed.
5% per annum
of dividends to
and no more, in preference to the declaration and payment
holders of the
common
stock are cumulative from July
1,
stock.
Dividends on the preferred
Upon any distribution of any
1938.
assets, other than by way of dividends from surplus or net profits, the holders
of the preferred stock are entitled to receive $11.25 per share and divs.,
and no more, before distribution of any assets to the holders of the common
stock.
The preferred stock is redeemable in whole or in part at any time
and from time to time on not more than 60
at the
option of the directors, at $11.25
per
nor
less than 30
share and divs.
days' notice,
Preferred stock
shall be convertible into common stock at the option of the holders within
the following periods and at following rates: five shares of common stock
stock up to Oct. 31, 1938; 3 shares of common stock
for 1 share of preferred stock from Nov. 1, 1938 to Oct. 31, 1939; 2 shares
of common stock for 1 share of preferred stock from Nov. 1,1939, to Oct.
for 1 share of preferred
31,
1940, and I share of common stock for 1 share of preferred stock from
1, 1940 to Oct. 31, 1942.
Options—Options or option warrants evidencing the right to purchase
In the aggregate up to 18,000 share of common stock of the corporation
at the price of $1 per share, at any time or from time to time
dining the
period of three years after the expiration of one year from the date on which
this offering shall be terminated, are to be granted to the present officers
and directors of the corporation, provided, however, that the total number
of shares purchasable under such options or option warrants shall be limited
to such number of shares which, after the purchase thereof, will not exceed
25% of the total outstanding common stock of the corporation.
Proceeds of Issue—The minimum net amount to be realized by the corpora¬
tion, provided all of the shares being offered hereunder are sold, is the sum
of $99,000.
It is estimated that the expenses incidental to and in connec¬
tion with the organization of the corporation, and the sale of shares will
not exceed $5,000 and, therefore, the net proceeds from the sale of all of
Acer.
coupons,
inc. tax
Int.
int.
1,021
coupons
(see contra)..
Cap.
stock
Total
11,618,584
11,286,2501
5,000,000
633,979
11,618,584 11,286,250
Total
After reserve for depreciation on plant and equipment of $5,322,240
b After reserve for Colonos' and other
accounts of $1,227,328 in 1937 and
$1,375,115 in 1936.
c Originating since
a
in
1937 and $5,224,476 in 1936.
company went
into receivership Nov.
d Originating prior to
15, 1933.
Nov. 15,1933.—V. 144, p. 105.
Fraser
Companies, Ltd, (& Subs.)- -Earnigs—
Calendar Years—
x
1936
Depreciation
Depletion
Bond interest
Other interest
Prov. for Dom. inc. tax.
Net loss
x
After
operating
1935
1934
1933
$2,100,920
903,000
105,989
749,867
227,039
20,050
$1,827,624
$1,576,227
$1,115,541
622,188
130,521
763,263
395,940
651,596
106,385
782,880
407,208
490,044
42,773
prof$94,974
Profits
$84,288
$371,842
$615,449
expenses, taxes,
782,880
415,293
&c., and provisions for bad and doubt-
ful debts.
Consolidated Balance Sheet Dec. 31
1936
Assets—
$
Cash..
Fraser
Liabilities—
$
663,127
52,542
1, 158,182
Accts. rec., &c
1,098,356
Industries,
Accts.
$
y
1935
$
payable
1 ,008,671
Funded debt..
.12 ,896,964
779,824
15,175,716
2 ,301,792
2,965,677
Special loan
Inc
?
1936
1935
15,378
3,186,319
y Land, bldgs.,<fcc_18 178,961 18,842,171
Investments
11,351
11,353
Bond int. accrued.
348,305
Taxes payable—_
Secured bank loans
52,754
Shipment reserve.
47*412
46.612
Cash held by trus¬
General reserve
91,567
77,862
Spec, loan ins.
72,754
Inventories
tees
2 923,619
...
Deferred charges..
19,186
45,530
116,491
accr
Inst, of def. int.
22,954,425 23,368,1401
27,976
140,564
and
Cap. stock
Surplus
Total...
118,150
567,000
on
bonds
Payroll
x
the steel rolling
2,231
($100
par)........... 5,050,151
Surplus
1,344,574
Co.—Expansion Program—
The program calls for instalation of new equipment in
and finishing mills, which were completed two years ago.
35,000
Unpresented 1st
mortgage bond
The company announced on Oct. 10 that it would spend $40,000,000
within the next year in an expansion program at the River Rouge
plant,
thereby doubling the amount spent in the 1935-36 program.
Included will be what is said to be the largest blast furnace In the world,
all-welded and with a capacity of 1,000 tons.
It will cost $4,500,000.
In
the various building operations 45,000 tons of new steel will be used.
Besides the new 1,000-ton blast furnace the expansion calls for auxiliaries
including a new battery of 61 coke ovens, now under construction, plus
additional ore storage and handling equipment; a new cast alloy steel
foundry building to cover about eight acres and increase the floor area of
thr foundry, now the largest in the world, to 38 acres; reconstruction of the
present open hearth steel furnace facilities and reorganization of manu¬
facturing methods.
Nine 100-ton furnaces will be rebuilt; an addition will be made to the
open hearth building, to house new Bessemer converters.
The new equipment will be used in preliminary processing operations in
the open hearth mill and will speed up these operations substantially by
reducing time consumed in completing heats in the furnaces.
16,482
on
other
Total
346,359
260,513
3 ,279,857
2 367,426
charges accrued.
Ford Motor
j21,983
21,625
same
Nov.
the securities estimated to amount to the sum of $94,000.
Such estimated
proceeds are proposed to be used for the general business purpose of the corportion.—V. 145, p. 941.
[
int.
&c., due 1934
authorized
to issue 10,000
shares of 5% cumulative convertible preferred stock (par $10) and 100,000
shares of common stock (par $1).
The incorporators subscribed for 1,000 shares of common stock at the par
value of $1 per share and 100 shares thereof have been issued and paid
for in cash.
The holders of the preferred stock are entitled to dividends at the rate of
(91,214
Purchase of cane,
deem
N. Y. City; Curtis B. Dall (director), N. Y. City; Paul J.
Bertelsen (director), Boston; John Finger (Sec. and director, Jersey City.
IN*, J,
presently
bond
with'ld thereon
and director),
is
on
same
disc. & exps.
on bonds
Management—The officers and directors of the corporation are: C. Shelby
Carter (Pres. and director), N. Y. City; Thomas H. Quinn (V.-P., Treas,
Capitalization—Corporation
179,600
payable
Un presented bd.
and
def.
paid in advance.
may arise, participate in syndicates, corporate reorganizations, the under¬
writing of securities, and engage in any business, within the powers granted
by its certificate of incorporation, which the management
advisable and for the nest interests of its security holders.
66,819
int.
467,287
Def.
|
675,000
co
Mtge. on land..
cane
13,5001 2,880,000
20-yr.
83,139
hand
20-yr.
sinking
7)4%
2,231
16,482
hand.
Colonos'
(est.)..
1st mtge.
contra)..
Cash in banks and
on
188,892
Company's iiabil.d
60,938
Trust Co. to pay
bond
int.
(see
b
331,741
348,279
49,831
326,129
25,454
Expenses pay. on
sugar and mo¬
lasses
contracts
pay..
Acct. pay. old..
Dep. with Bankers
on
151,124
Accounts
39,909
1,854,102
116,701
sugar & molasses
■ ,,v
•
Business—First New
2,299
38,810
2,421,298
1,207,244
crop lien 1936-
.
Sugar shipped
at 15
1936
c
sugar & molas¬
Balance pending on
United Investment Assurance Trust Stockholders—
liabil.
cur.
ses of crop 1937
1,526.289
Advances against
%
Fire Ins. Co. (at
Sugar on hand
1936
Advances against
8,249,320
stock
of
Globe & Rutgers
$5,489,921 $5,071,374
$1,501,712 in 1936 aad $1,444,162 in
Represented by 254,611 no par shares in 1936 and 27,245 no par
1935.
x Includes Federal taxes.—V. 144, p. 4344.
$174,056
45,150
1937
pref.
Total
11*183
Liabilities—
Recs.'
2d
in
67,497
22,500
9,000
405
-
$165,402
.
$
$
Property, plant
and equipment. 8,001,084
-
199,949
1936
1937
Assets—
-
9,476
67,521
187,126
property retired
Balance, net profit for the year
a
-
21,000
6,117
2,497
Loss on property retired from service
Reserve for depreciation of plant and equipment.-
44,873
2,037,077
20,919
18,994
v
Prepaid expenses.
Total
-
Consolidated Balance,
1,918,623
216,005
'
Proportion of bond discount and expenses
Proportion of reorganization expenses
Depreciation and adjustment of working capital
Plant, equip, and
processes
i
Reseivers* fees and expenses
Cancelation of long-term lease
Federal income tax, 1935 (estimated)
Deposits with mu¬
tual tire ins. cos.
$745,740
Reserves for taxes
1936
Liabilities—
$465,709
808,999
Accts. rec.,
$714,101
107,494
81,632
57,203
8,633
-
Total income
Interest
$245,992
1,267,016
def$21,230
U. S. Govt, sees—
$654,185
91,555
operations
on
Other income.
8,047
Govt. securi ties
Assets-
$2,449,270
1,795,085
$637,382
76,719
expenses
S.
Surplus
Balance, surplus, Jan. 1
Adjust, of prior years—
Cash
$2,260,828
133,945
32,368
22,129
$2,933,349
2,295,967
Total
Cr4,174
value of U.
1936
$2,710,121
126,946
61,573
34,709
Miscellaneous operating income-
Operating
217,028
Canadian funds
in
Year Ended June 30
1937
Reserve for discount on
Dec.
Co.—Earnings—
Molasses sales (final molasses)
Net profit on Invert molasses
Add. to reserve for con¬
tingencies
Francisco Sugar
production, ore requirements will rise
against 850,000 tons at present.—Y. 144,
as
Consolidated Income Account for the
$1,067,063
purch
yearly,
4,281
13.202
Surplus
1,500,000 tens
p. 3672.
$153,803
Govt, securities
Dividends paid
Prem. on pref. stk.
to
185,170
I
third 110,000-kilowatt turbo-generator.
a
When the blast furnace is put in
*365.174
$365,487
$564,274
profit
$1,067,063
Surplus
realized
from
purchase of pref. stk.
Res. for reval. of U. 8.
Net
tion of
1933
(
j
Not available
capacity of the main power house is being increased again by instala¬
2,508.059
840,750
...22,954,425 23,368,140
Represented by 355,016 no-par shares In 1936 (168,150 in 1935).
After reserve for depreciation of $4,995,620 ($4,092,620 in 1935) and
reserve for depletion of $3,018,251 ($2,943,607 in 1935).—V. 145,
p. 1585.
x
y
Fox Theatres
Corp.—Suits Settled for $22,500—
Milton O. Weisman, receiver for the corporation, was authorized Oct. 13
by Judge Martin T. Manton of the U.S. Circuit Court of Appeals to accept
$22,500 in settlement of its suits for $1,577,500 against the American Tele¬
phone & Telegraph Co., Western Electric, Inc., and Electrical Research
Products,
Inc.
The purpose of the suits, filed in 1934, was recovery of royalty payments
sound equipment used in motion-picture theatres.—V. 144, p. 452.
on
Franklin Fire Insurance Co.—Extra Dividend—
The directors have declared
an extra dividend of 10 cents per share in
cents per share on the
stock, par $5, both payable Nov. 1 te holders of record Oct. 20.
addition to the regular quarterly dividend of 25
common
Volume
145
Financial
Chronicle
Similar payments were made on Aug. 2, May 1 and Feb. 1
last, and extra
dividends of 5 cents per share were paid in each of the 10
^preceding quarters.
—V. 145, p. 435.
2547
Balance Sheet
Assets—
■
Sept. 30, 1937
Liabilities—
.
Cash in bank, demand deposit
$302,282
Accounts payable:
Accounts receiv. for securities
Frost Steel & Wire Co., Ltd.—Accumulated Dividend—
The directors have declared a dividend of $1.75 per share on account of
accumulations on the 7% cum. red. sinking fund 1st pref. stock, par $100,
■
payable Nov. 1 to holders of record Oct. 16.
The amount will be paid in
Canadian funds, subject to a tax of 5% in the case of non-residents.
A
similar
payment was made in
15 and March 15, 1935,
June
each
1932.
1,
the
eight preceding quarters, on
26,204
24,081
...
Cash dividends receivable
and
market value
4,254,419
1,117,585
$4,660,727
$4,660,727
1937
1936
$579,502
1935
1934
$429,306
239,292
122,112
$355,503
210,014
105,099
$286,379
166,428
117,531
5,194
$67,902
3,947
$40,388
4,199
$2,419
6,179
$117,737
7,803
x34,080
$71,848
10,135
15,036
$44,587
4,911
5,502
$8,598
2,993
$46,678
$34,175
$5,605
314,727
152,232
$112,543
Total income
Miscell. deductions
Federal income tax
Total profit for period
$75,855
x Includes undistributed
profits tax.
x Represented by 181,334 shares issued
(including 53,903 shares held in
treasury, no par.
The corporation by vote of the stockholders on Dec. 18,
1934, amended its certificate of incorporation so that stockholders may
require the corporation to redeem its stock at "liquidatiting value" out of
assets available for the purpose.
Treasury stock held at Sept. 30,
1937,
represents in part stock so redeemed and in part stock purchased in the
open market.
Note—The marketable securities at Sept. 30, 1937, are carried on the :
corporation's books at cost, $5,349,262.
No provision has been made in the above statement for Federal normal
income or undistributed profits taxes on profits for the nine months ending
Sept. 30, 1937, inasmuch as the corporation expects to qualify for 1937 as a
"mutual investment company" and, under the policy adopted, liability
for such taxes, if any, will be small and can be finally determined only at
the close of the corporation's fiscal year, Dec. 31, 1937.—V. 145, p. 1900,
Comparative Balance Sheet Sept. 30
Assets—
1937
1936
x
$393,920
$372,886
10,287
11,088
1
equipment, &c_.
1
Patents
Goodwill
Treasury stock
22,476
Deferred charges.
Cash
16,971
2,888
2,946
126,516
127,393
34,685
32,685
Notes & accts. rec.
134,691
116,315
Inventories
201,931
135,111
_
Securities
General Motors
Liabilities—
Bldgs., machinery,
132,223
7,375
Accounts payable.
Divs.
on
class A
165,592
188,733
27,212
Surplus
$443,500
173,553
Reserve for depre¬
ciation
Commission
17,609
are
17,923
paid
Accruals, &c
75,330
20,953
11,692
11,827
$927,395
$815,396
$927,395
Total
September sales of General Motors cars to dealers in the United States
and Canada, together with shipments overseas, totaled 82,317 compared
with 19,288 in September a year ago.
Sales in August were 188,010.:'
Sales for the first nine months of 1937 totaled 1,594,378 compared with
same
nine months of
Sales of General Motors
cars
1937
1936
103,668
74.567
260.965
158.572
144,874
196,721
$
238,377
229.467
May
216,654
2,626,600
June
203,139
3,954.000
July
August
September...
226.681
188,010
82,317
222.603
217,931
204,693
121.943
19,288
90,764
191,720
239,114
134,597
181,188
167,790
124,680
39,152
127,054
182,754
185,698
1934
62,506
100,848
153,250
153,954
132,837
146,881
134,324
109,278
71,888
72.050
61,037
41.594
2,037,690
1,715,688
1,240,447
June 30,'37 Dec.
Liabilities—
31,'36
$
$
Investment in road
Capital stock
2,626,600
equipment.13,903,931 13,977,610 Outstanding bonds 3,953,000
Audited accts. and
and
investm'ts
733,885
1,001,467
wages
250,439
Other curr. assets.
5,573
receivable.
12,362
133,581
138,196
Interest due
Materials & suppl.
119,990
116,820
6,962
6,874
167,560
15,552,746
15,476,157
13,224
October..
November
15,801
December
Tax liability
Accrued deprec'n.
168,512
33,624
15,796
79,198
117,084
Deferred assets
debits
April
41,782
22,180
payable..
88,856
Cash
8peclal deposits
Misc. accts. pay..
interest
Unmat'd
accrued
1935
121,146
169,302
184,059
March
31,'36
States totaled
Total Sales to Dealers in United States and Canada Plus Overseas Shipment s
January
February
Galveston Wharf Co.—Balance Sheet$
in the United
Sales of General Motors cars to dealers in the United States totaled 58,181
September compared with 4,669 in September a year ago.
Sales in
August were 157,000.
Sales for the first nine months of 1937 totaled
1,282,238 compared with 1,260,154 for the same nine months of 1936.
,
June 30,'37 Dec.
1936.
to consumers
88,564 in September compared with 85,201 in September a year ago.
Sales
in August were 156,322.
Sales for the first nine months of 1937 totaled
1,279,930 compared with 1,346,915 for the same nine months of 1936.
$815,396
Represented by 20,000 shares class A stock and 40,000 shares class B
stock, all of no par value.—V. 145, p. 2391.
■
x
Assets—
.......
98,268
63,605
64,802
126,824
131,275
2,417,681
Unadjusted credits
1,896
Corporate surplus. 6,277,732
Total.
2,345,794
Sales to Consumers in United States
1,092
6,295,592
1937
January
February
92,998
51.600
—V.
1936
1935
15,552,746 15,476,157
198,146
200,117
143.909
178,521
153,866
163,818
156,322
88,564
195,628
189,756
163,459
133,804
85,201
44,274
155,552
173,472
109,051
137,782
108,645
66,547
68,566
136.589
122,198
1.720.213
1.278.996
I...
March
144, p. 2652.
General Baking
Co.—Earnings—
June
13 Weeks Ended
Period—
52 Weeks Ended
Sept. 25, '37 Sept. 26, '36 Sept. 25, '37 Sept. 26, *36
Net profit after deprec.
Fed. inc.
taxes, &c.,
but before surtax on
undistributed profits.
July
August
September
October
November
$695,960
$785,987
$2,048,781
$2,604,218
$0.32
$0.38
$0.85
$1.19
Earns, per sh. on 1,588,697
shs.
com.
stock
—
196.095
May
Total
102.034
96,134
181,782
April
Total
December
Total.
(par $5)
v. 145, p. 435.
Capital Corp.—Earnings—
January
February...
.
Earnings for 9 Months Ended Sept. 30, 1937
70,901
49,674
...
$181,552
36,483
216,606
April
199.532
May
June
Net income
..$145,069
121,884
Net profit from transactions in securities
....
Net profit
$266,953
Note—No provision has been made in the above statement for Federal
or undistributed profits taxes on profits for the nine months
ending
income
Sept. 30, 1937, inasmuch as the corporation expects to qualify for 1937 as a
"mutual investment company" and, under the policy adopted,
liability
for such Federal taxes, if any, will be small and can be finally determined
only at the close of the corporation's fiscal year, Dec. 31, 1937.
During the nine months ending Sept. 30, 1937, there was unrealized
net
depreciation amounting to $1,159,331 in quoted market value of
marketable
securities
which
is
not
included
in
the
above
statement
of
profit and loss, but is shown in the accompanying statement of surplus.
quoted market value
over
July
August
September.....
October
...
November..
December
....
$2,982,934
132,577
Total
75,727
92,907
132,622
152,946
105,159
150,863
139,121
103,098
22,986
97,746
147,849
150,010
1,370,934
General Public Service Corp.30—
927,493
1934
46,190
82,222
119,858
121.964
103,844
118,789107,554
87,429
53,738
50,514
39,048
28,344
959,494
-Earnings1936
1937
$172,246
12 Months
1937
Taxes (other than Federal inc. taxes)
interest and Federal and State(
40,394
$191,608
64,620
14,850
$280,412
57,631
$212,640
51,499
5,585
$271,078
46,505
8,869
$338,718
73,384
7,447
200,512
200,706
272,239
$44,956
Interest on bonds and notes
Revenue from option contracts
prof$14,998
$14,352
675
Deb.
payable under deb. indentures
Net loss.
134i375
$4,153,265
$1,940,837
Capital surplus at end of period.
Earned surplus (from Jan. 1, 1932):
Income surplus:
Balance at
beginning of period
Net loss, as
above
Balance at end of
period
3,035,680
Surplus, excess of assets, based upon marketable securities at
quoted market value, over liabilities and capital at Sept. 30,
1937, as above
$1,117,585
$35,378
$35,378
$117,346
44,956
$71,744
prof14,998
$86,742
14,352
$72,390
$86,742
$72,390
$1,143,966
951,072
65,068
$490,902
441,146
12,453
$794,112
1,537,440
52,615
$886,004
478,377
$428,693
124,483
1,000
$1,484,825
727.344
$1,551,593
$794,112
$1,551,593
$1,623,983
$880,854
$1,623,983
Security profit surplus:
beginning of period
Net profit on sale of securities
Provision for Federal income taxes
Net credit
Dividends on preferred stock
1,094,843
12 Months
Capital surplus:
Sept. 30, *37 Sept. 30, '36 Sept. 30, '37
Excess or assigned value over cost
of preferred stock purchased
and retired
$35,378
$35,378
Balance at
Cost of treasury stock
Unrealized net depreciation in quoted market value
of marketable securities owned at Sept. 30, 1937,
131,134
116,762
162,418
194,695
187,119
186,146
177,436
99,775
4,669
69,334
156,041
197,065
-9 Months-
1,159,331
$4 018 8Q0
"
1935
Comparative Surplus Statement
Surplus, excess of assets, based upon marketable securities at
quoted market value, over liabilities and capital at Sept. 30,
1937, per balance sheet
$1,117,585
Note—In accordance with a vote by directors, the corporation's operat¬
ing deficit account was closed into capital surplus account as of Dec. 31,
1936.
The amounts for capital surplus, earned surplus and cost of trea¬
sury stock, per books at Sept. 30, 1937, and the unrealized net depreciation
in quoted market value of marketable securities owned at that date below
cost thereof, were as follows:
Capital surplus.
Earned surplus less dividends paid since Dec. 31, 1936
69,090
62,752
41,530
p.2391.
securities during the nine months ended Sept.
30, 1937 (Sept.
30, 1937, net deprec., $1,094,843; Dec. 31, 1936, net apprecia¬
tion, $64,488)
68,911
98,174
106,349
95.258
112,847
101,243
86,258
71,648
Unit sales of Chevrolet, Pontiac, Oldsmobile. Bulck, La Salle and Cadillac
commercial cars are included in the above figures.—V. 145,
taxes
573,439
1934
23,438
passenger and
such stock
over
held at Dec. 31, 1936 (40,584 shares, cost $1,367,397)
Unrealized net deprec. in quoted market value of marketable
...
473,151
Increase in general capital corporation stock held in treasury at
below cost thereof
180,085
162,390
187,869
157,000
58.181
Expenses
Total
Sept. 30, 1937 (53,903 shares, cost $1,940,837)
.....
Period Ended Sept.
Dividends on stocks
liabilities & capital at Dec. 31, 1936 $2,242,829
266,953
Deduct dividends to stockholders
1936
-9 Mos. Ended-
Statement of Surplus for 9 Months Ended Sept. 30, 1937
Surplus—excess of assets, based upon marketable securities at
Net operating profit for the nine months
Proceeds from sale of 19,448 shares of unissued stock ($842,663 in
excess of amount credited to capital stock account
$369,512)..
127.346
1,682.594
March
Income cash dividends
Expenses and taxes
54,105
77,297
126.691
Sales to Dealers in United States
1937
General
com¬
in
ful accounts
Total
Corp.—September Car Sales—The
Oct. 8 released the following statement:
1,516,092 for the
due
accts.
pany on
5,768
stock
when
1936
1937
$443,500
Capital stock
Reserve for doubt¬
Unadjusted
x3,445,346
25,515
Total
income
Accts.
51,258
11, '37
Shares sold but unissued
profit on sales
other
8,116
Dividend payable Oct.
Surplus
Selling & admin, exps
fund
3,838
State taxes..
Capital stock
2225.
p.
Cost of sales
and
Provision for accrued Federal
Marketable secur. at quoted
Accruals after the current payment will amount to $19.25
9 Mos. End. Sept. 30—
Net sales
Sinking
(on per-dtem basis) and
unpaid
per
Fyr-Fyter Co.—Earnings—
Other
not delivered
$9,068
expenses
Estimated expenses accrued
145,
per share.—V.
Net
53,741
General Capital Corp. sold,
and on Dec. 17, 1934.
The last regular
share was made on the above issue on
quarterly distribution of $1.75
Feb.
of
Management fee and other
sold, not delivered
Accounts receiv. for stock of
Expense
on
debentures retired.
Balance at end of period
Earned surplus at end of period
Financial
2548
Comparative Balance Sheet Sept. 30
Assets—
1936
1937
)p[l V68t D18QtS
and
65,789
65,789
68,112
15,522
5%, 1953
5H%. 1939
2,369,000
2,631.000
2,369,000
2,631,000
Pref. stock
2,084,143
2,305.258
669,886
669,886
b35,377
......
a
c
Common stock..
Capital surplus
Earned
Jan.
69,708,239
Total
Miscellaneous
68,958,6051
surp.
1,1932)... 1,623,983
Total
880,854
——-
$114,125
1,634
59,950
5,645
-
.....
Taxes—Fed. income, State capital stock, & loans—
Services, sinking fund trustee & paying agent....
Depreciation
Amortization of bond discount
Premium on bonds purchased
69,708,239 68,958,605
Represented oy 22,320 shares (1936, 24,640 shares) $6 dividend pref.
210 shares (1936, 280 shares) $5.50 dividend pref. of no par value
(entitled to $110 per share upon redemption or voluntary liquidation, or
$100 per share upon involuntary liquidation, plus accrued dividends).
Total pref. stock authorized 47,610 shares, of which 23,690 shares of $5.50
preferred are reserved for conversion of 5% debentures.
Junior preferred stock authorized 10,000 shares of no par value, of which
$153,398
2,934
58,580
12,127
Total income
210
210
40,812
4,000
—
...
(from
13,053
1.072
revenue
Administration expense
Interest.
1935
$100,000
916
Interest and dividends
Convert, debens.:
94,431
'
32,306
1936
$132,250
20,233
Calendar Years—
Total rent paid
621,297
int.
receivable—.—
1936
$127,179
33,769
Deb. Int. accrued.
stocks$7,520,439 16,311,547
Preferred stocks
497,910
637,455
Bonds
947,383
1,259,881
Cash
794,837
564,656
Accounts
1937
.
Taxes accrued....
Common
1937
16,
Harrisburg Hotel Co.- -Earnings—
UabUUies—
Accounts payable.
Pref. dlv. payable.
#
Oct.
Chronicle
40,812
4,000
165
...............
Net income.
$34,571
$1,873
a
Comparative Balance Sheet Dec. 31
and
shares have been issued.
no
b During
Assets—
Int.
Acc't
$35,377 and this amount was credited to capital sundus.
c Represented
by 669,886 shares of no par value.
Authorized 900,000
shares, of which 26,310 shares are eserved for conversion of 5H % debs.
—V. 145, p. 436.
such shares by
p.
quarterly dividend of 25 cents
a
per
Valley Gas Co.—Plan Delayed—
Because the Public Utility Holding Company Act of 1935 requires
approval by the Securities and Exchange Commission before submission to
a Federal court, details of the proposed reorganization plan for company,
will
265
Funded debt.....
1,016,500
6,235
Sinking fund cash.
10,828
not
be available
to
creditors and
shareholders
before Nov.
1.
Total
—V.
Georgia & Florida RR.—Earnings—
Period—
Week End.
Total
....$2,612,350 $2,585,970
137. p.
Hawley Pulp & Paper Co.- —Earnings—
1936
1935
1934
$2,875,996
2.380,797
138,024
278,180
$2,612,261
2,223,519
167,544
282,941
$2,298,634
1,859,725
,prof$78,994
43,067
$61,744
53,021
$26,594
43,399
$122,061
def$8,723
$16,805
cordance with reorganization inden¬
ture dated Jan. 18, 1934)
78,170
87,259
14,212
16,486
8,943
61,818
53,958
53", 206
99,855
18,549
39,192
34,874
57,402
$227,493
$233,068
Cost of sales, incl. shutdown expenses
Loss on sales.
Other income
>
$1,026,493
....
Total income
Interest
accrued
ac¬
on
Other charges
$885,504
183,265
282,237
bonds and note
on
(payable from available funds in
capital assets & timber sales.
Expenses incurred in reorganization.
1 to Sept. 30
1937
1936
1936
$28,524
$2,612,350 $2,585,970
149.
Calendar Years—
Loss
—Jan.
Sept. 30
1937
$29,200
749
Surplus
Net sales
The
filed with the Securities and Exchange Commission on May 28
hearing was held, but the SEC has not as yet reached a decision regard¬
ing approval.—V. 144, p. 4008.
was
Gross earnings
—V. 145. p. 2226.
4,810
2,297,266
cash—
Fixed assets
a
—
871,700
1,049,600
653,005
871,700
10,391
10,275
2,297,266
708,537
Common stock...
232.104
depositor's par¬
ticipation ctf
...
Reserves
Sell., administration & general exps_.
Depreciation and amortization
Genesee
and
265
:
Amortiz. of bond disct. & expenses..
share was disbursed.—V. 145,
941.
plan
Accounts payable.
255" 132
.General Tire & Rubber Co.—To Pay S-pecial Common Div.
The directors have declared a special dividend of 50 cents per share on
the common stock, payable Nov. 10 to holders of record Oct. 29.
This will
be the first dividend to be paid on the common stock since Feb. 1, 1932
1935
$10,652
Accrued interest..
4,036
1,225
receivable..
Investments
1,
the period May
1936
$10,538
1935
$30,674
2,669
from inv.
Restricted
1937 to Sept. 30, 1937 the corporation
purchased and retired 2,320 shares $6 dividend preferred and 70 shares
$5.50 dividend pref.
The cost thereof was less than the assigned value of
when
rec.
UabUUies—
1936
$40,222
Cash—Gen. fund.
Provision for income taxes
2,025
Loss for the year..
$35,247
Ghdden Co.——Sales—-"
Balance Sheet Dec. 31
Period End. Sept.
Sales
30—
1937—Monthr—1936
$4,611,097
1937—11 Mos.—1936
$4,421,893 $49,573,199 $40,111,373
Assets—
1936
an
extra dividend of five cents per share
$3,729
31,766
Acct's A notes rec.
Globe & Republic Ins. Co. of America—Extra Div.—
The directors have declared
Liabilities—
1935
Cash
Marketable secure.
—V. 145, p. 2226.
305,841
Advs.
In
on
$98,753
352",525
State
Notes A accts. rec.,
to the regular quarterly dividend of 20 cents per share on the
stock, both payable Oct. 30 to holders of record Oct. 20.
Similar
payments were made on July 30, last.—V. 145, p. 436.
552,113
468,589
231
1,513
Godfrey Realty Corp.—•Recapitalization Voted—
x
Bondholders at a recent meeting approved the plan for reduction of
capital structure and lowering interest rate on first mortgage bonds from
6% to 4%.
Out of $1,400,000 bonds outstanding, $904,000 voted in favor
and $16,500 against.
New first mortgage bonds maturing June 1, 1952,
will be issued on equal basis with old.
The capital stock was reduced from
25,000 shares of no par value to 8,400 shares of no par value.
New structure
eliminates certificates
of indebtedness
and
second
mortgage
bonds.—
V. 144, p. 3838.
3.300
Cash in bank
assets
Mill site & deprec.
154*722
6,023,275
for
82,825
Bonds A note pay.
Stated capital...
value of Milwau¬
Initial surplus
Operating deficit..
1933
191,839
84,500
31,925
14,295
10,113
kee
cutting-up
plant destroyed
by fire Aug. 13,
42,839
10,113
2,501,330
empl.
hospital fund
y
2,245,260
4,116,091
4,116.091
1,415,493
752,636
1,415,494
843,636
194,134
Deferred charges to
100,700
operations
Golden State
62,247
county
Prov.for Fed.taxes
Reserve
268,656
5,800,828
Capital
and
taxes accrued but
not due...
non-current
Dep. with trustee.
1935
$54,092
com¬
liabilities
24,922
Inventories
common
wages,
missions & other
timber
cutting contract
addition
1936
$72,607
Accounts payable.
Acer,
101,605
Co., Ltd. (& Subs.)—Earnings—
Calendar Years—
Net sales
1936
1934
1935
$23,814,433 $21,718,442 $18,606,902 $15,115,337
123,432,696 20.860,822 (14,065,383 10,979,048
Operating expenses
f
\ 4,089,415
3,735,980
Prov. for depreciation..
543,540
541,178
540,272
531,532
Cost of products
Loss from operations.
$161,804prof$316,442
Income from misc. oper.
Other
income,
net
of
other expenses.......
Total
1933
$88,168
259,861
$131,223
222,536
Cr59,655
Cr25,214
Z>r4,680
$341,656
76,779
$167,013
92,545
Drl3,708
31,473
Cr3,103
7,536
Cr6.963
Net income
loss$189,269
Shs. cap. stock (no par).
478,326
Earned per share
Nil
$219,695
$70,036
479,334
$0.15
$10,846
Total
$7,283,927 $7,395,119
x Representing
balance of "available funds" to be
expended, at the
direction of the board of directors, under the provisions of the reorganiza¬
tion indenture, for purchase and retirement of bonds and (or) for
capital
plant expenditures,
y Represented by 20,000 shares, no par value, first
preferred $7 per share (cum. divs. adcrued to Jan. 1, 1934, amounted to
$420,000.
Dividends for succeeding five years have been waived); 8,000
shares, no par value, second preferred $6 per share, cum. after Jan. 1, 1939,
and 200,000 shares par value $1 each common.—V. 143, p. 2053.
$104,526
100,643
JDrl6,098
3,765
$7,395,1191
Crl3,213
Total income
loss$102,149
Bond int. and expense..
67,257
$7,283,927
Other
int.
expense,
Helena Rubinstein, Inc. (&
net
of interest income
Prov for Fed. inc. tax..
$0.46
1936
Cash
a
Accts.Anotes
rec.
Inventories
1935
$367,544
1,547,170
2,189,537
UabUUies—
$567,724
1,387,156
479,334
$0.02
1,152,665
Notes,lncl. cabinet
& equip,
in
cap.
of affiliated
Misc.
,
cash
112,972
—
34,772
stks.
50,828
34,787
cos.
50,828
40,514
bond
41,889
38,434
5,288,973
207,582
5,435,119
237,191
1
1
savings account.
Land
contracts
1,200,000
229,483
200,000
217,907
6,731
one year
and
goodwill
Patents and trade¬
mtge. 6s
75,000
31,038
41,910
883,000
168,888
958,000
41,889
credits..
9,926
c Capital stock
4.783,260
Capital surplus
1.093.876
Earned surplus...
223,504
3,656
4,642
Operating income
Miscellaneous earnings
$9,844,940 $8,948,9491
liability
Total
40,535
39,529
$168,044
19,779
$188,842
19,033
$299,197
.
46,156
$85,031
11,145
$96,176
$187,824
$207,874
83,738
a46,273
39",682
$169,186
550,231
$56,494
607,137 '
Prov. for income taxes
Balance Jan. 1
Total surplus
Divs. paid on pref. stock
28,467
25",466
$159,357
616,405
29,066
$182,409
524,945
37,465
$719,416
325,000
16,133
$744,819
109,803
18,612
$550,231
$607,137
$616,405
100,990
$0.56
103,550
$1.54
107.487
$1.70
pref. stock out¬
standing (no par)
Earnings per share
Including tax of $443
on
10 632
4,783,260
1,099.762
512,250
$804,828
106,255
91,436
100,000
$1.69
Earned surpl. Dec. 31
Shares
$663,631
102,134
11,267
$378,283
Miscell. deductions
undistributed profit of a subsidiary company.
Consolidated Balance Sheet Dec. 31
Assets—
1936
1935
$1 ,039,219
$1,015,485
197.500
235,500
UabUUies—
Cash on hand and
in banks
Total
40,802
$290,084
9,113
Total income
Write-down
of cost
of
N. Y. leasehold impt.
38,434
230,250
Deferred
marks
1933
$228,371
65,475
Bonds pay. within
Notes A mtgs.pay.
Empl. cash bond
1934
$208,580
Miscellaneous credits
A
Res. for comp. ins.
Golden State Milk
-Earnings—
1935
$131,187
Depreciation on furn.,
fixt. & equip., amort.
p., amort,
of leaseholds, imp., &c.
Federal
Products Co. 1st
equipment
Deferred charges..
routes
$720,206
mortgage
b Land, bldgs. and
Trade
for
1935
$980,677
Income tax
investments
Empl.
Accrued liabilities.
Prov.
contr'ts
(non-current)
Inv.
1936
Accounts payable.
Notes pay., bank.
Subs.)
1936
$330,886
.
Consolidated Balance Sheet Dec. 31
Assets—
Calendar Years—
1936
Accounts payable.
Customers'
credit
1935
$84,675
$34,421
$9,844,940 $8,948,949
Marketable sees..
a After provision for losses of $193,953 in
1936 and $204,272 in 1935.
b After provision for depreciation of $5,932,649 in 1936 and
$5,637,142 in
Accrued int. ree'le
1,520
1,574
Accts. receivable
143,367
1,096
123,071
1,392
193,633
Reserve for taxes.
Capital stock A
paid-in surplus.
814,872
2,566
2,700
Earned surplus...
378,283
852,034
550,230
15,310
15,710
.$1,844,862
$1,799,593
1935.
c
a
Sundry accts.
Represented by 478,326 no par shares.—V. 143, p. 1879.
rec.
Inventories
Advs.
(P.) Goldsmith Sons—To Pay 50-Cent Dividend—
The directors have declared a dividend of 50 cents per share on the
stock, payable Oct. 31 to holders of record Oct. 15.
The last
previous dividend, one of 25 cents per share, was paid on Dec. 18, 1936.
—V. 139, p. 3642.
common
Grumman
Aircraft Engineering Corp.—Amends
State¬
ment-—
The corporation has filed an amendment with the Securities and
Exchange
Commission changing
the underwriting commitments on its proposed
common stock offering the following basis: Hemphill Noyes & Co., to
pur¬
chase 40.000 shares, subject to warrants, 17,000 shares; G. M.-P.
Murphy
& Co., to purchase 25,000 shares subject to warrants, 10,000 shares; Hayden
8tone & Co., to purchase 25,000 shares, subject to warrants, 10,000 shares;
Lee & Co., to purchase 5,000 shares subject to warrants, 3,000
Gibson
—V.
145, p. 2075.
to
222,992
salesmen
A oth. employees
Deps.
on leases, Ac.
balances
Acer,
b
11,628
salaries,
penses,
ex¬
Ac
84,218
471,186
71,914
290.993
Horoytus
Realty
Co., Inc., advs.
a
35,583
38,883
127,779
100,278
28.320
35,780
1
Land A
28,583
36,608
a
1
Furn., fixtures A
bldg
leasehold lmprs.
Prepaid advertis'g,
Insurance, Ac..
Formulae,
trade¬
marks, Ac
Total
...$1,844,862 $1,799,5931
Total
a After reserves,
b Represented 100,000 shares of convertible $3 div.
preference stock, no par, in 1936 (100,990 in 1935) and 285,292 shares in
1936 (294,492 shares in 1935) of common stock, no par.—V. 144,
p. 4022.
Hartford
Gas
F.4S. Pickford
V. 144, p. 2482.
was
Comparative Balance Sheet Dec. 31
Co.—Obituaryf &c.—
Jptonson, a Vice-President of this
r
'
2549
Financial Chronicle
Volume 145
June
on
16,
Hewitt Rubber Corp. (&
elected
Assets—
died on Aug. 6, last.
company,
last,
Assistant
Treasurer.—
Subs.)—Earnings—
1936
Properties (net)
Crops
Ad vs. to planters.
Inventories......
Acc'ts receivable..
Earnings for 9 Months Ended Sept. 30,1937
Stocks..
Net profit after all charges, incl. deprec. and Federal income tax
but before provision for possible surtax on undist.
profits....
$260,968
Earnings per share on 168,188 shares common stock..
$1.55
For the quarter ended Sept. 30,1937 earnings were 36 cents per share as
C. Brewer A Co.,
Ltd., agents—.
Cash
compared with 47 cents for the like period of 1936—V. 145,
Deferred items
...
1260.
p.
$850,133
Unsettled labor ao-
count
$3,965
187,463
13,821
25,822 Payroll
40,145 Personal and trade
accounts
15,571
8,180
772
174,200 Unpaid checks
x Capital stock... 1,250,000
1,845
217,206 Deferred items
17,321
138,948 Res. for Fed. taxes
1,623
80,589 Social security tax.
2,198
1,186 Res. for cap.stk.tax
_
384,189
—.
Store account
24,457
1,717
...
1935
1936
Liabilities—
1935
,
$830,495
157,564
21,680
43,315
14,841
174,200
_
$606
11,820
9,363
714
1,250,000
-rn+'mrnrn
_
18,710
——
3,080
Res. for Territorial
Hickok Oil Corp.
.
Surplus account
Years End. June 30—
1937
1936
1935
1934
Net sales
.—.....$19,841,921 $13,941,627 $10,752,583 $11,131,862
Material cost of sales... 13,879,106
10,813,668
7,941,097
8,041,437
Operating
K
3,371.562
1,684,479
1,701,381
Operating profit..... $2,591,253
263,524
$1,443,480
299,057
$1,110,106
.......
135,849
Represented by shares of $20 par.—V. 143, p. 4156.
x
$1,433,864
133,407
Other income.
Home Dairy Co.,
Earnings—
Saginaw, Mich.-
1935
Sales.....—.
$1,756,140
Oost of goods sold..—.............
1,119,981
611,268
Store, general & admin, expenses....
....—..
526,163
$1,742,537
188,589
256,779
$1,245,955
208,614
169,730
$2,085,683
$1,297,168
$867,611
...
Fed. inc. tax & conting.
$1,567,270
249,394
203,420
-
-
1934
$1,481,809
914,524
550,763
$1,410,106
861,889
531,280
1936
Calendar Years—
~
Total income..
$2,854,776
Other expenses........
242,930
-
Total-....^.$1,652,459 $1,673,874
Total....—.$1,652,459 $1,673,874
1,656,561
expenses.....
-
4,592
374,987
4,676
340,666
income tax_^
(& Subs.)—Earnings—
-
Operating profit..—.........
Balance
...—...
$24,890
$16,521
Other deductions..................
Other income.
5,395
Cr4,085
2,055
$16,937
5.746
Cr3,999
2,090
$13,156
35,718
$13,100
19,510
JDrl39
Cr210
Prov. for Federal income tax——
3,854
Cr5,187
"
3,100
70,635
49,979
Net profit—..
.....
Class A stock dividends......——
$23,123
34,347
$1,114,457
Minority interest in prof.
...
§» of sub. cos.......... Drl83,216
Proportionate share of
v
net
profit of controlled
companies
19,256
......
315.676
Balance Sheet Dec. 31
Combined earnings... $1,921,722
$1,612,845
$938,107
$1,164,645
69,930
72.706
115,150
115,150
28,068
on common stock- xl,549,950
199,999
105,332
198,805
K* $549,997 paid on old class A common stock, $499,953 paid on new class
A common stock and $500,000 paid on new class B common stock.
DIvs.
Divs.
Divs.
on
on
prior pref. stock
5% pref. stock.
...
$
$
Cash-..——
1,236.312
Notes and accounts
Inventories
Other assets
z
Permanent assets
1935
1936
1935
$39,434 Accounts payable.
$93,595
$66,607
Notes payable-...
9,600
Dividends payable
8,495
2,889
9,139
Liabilities—
9,589
94,011
19,837
909,951
53,803
Accrued expenses.
Due to officers.-..
Prov. for Fed. Inc.
1936
1937
Liabilities—
S
940,040 Notes payable
Accounts payable.
-
.
485,840
675,775
:
Payment
$
8,705
7,451
......
3,100
taxes
1936
Assets—
....
Cust. accts. (net).
Deferred charges..
Consolidated Balance Sheet June 30
1937
1936
$28,886
7,887
154,710
>
14,349
897,866
50,881
Assets—
Cash
on
2,130
20,000
22,000
174,110
425,050
real
x
Class A stock...
14,000
31,000
169,910
y
Class B stock...
425,050
Paid-in surplus
Earned surplus...
268,151
119,751
estate mortgage.
Long-term debt
441,650
'
receivable
Inventories
1,571,059
818,584
...
1,135,839
651,275
State gas
taxes
A corp.
companies
Inv. in controlled
125,259
► companies
216,349
Other assets..
Land
683,324
contracts
118,770
161,155
•'.mm
m.m-rn m
xBldgs., machln'y
payroll—
(non-current)
Mtge. A land contr
equip., Ac— 8,857,012
Goodwill, trade
695,162
names, Ac.
&
Prepaid
taxes &int__
Accrued
100,820
15,573
990,000
605,665
208,966
140,738
530,289
999,000
1,500,000
370,836
Notes pay. to bank
A
mtges. recelv'le.
i
1,649,794 Acer,
275,067
17,482
58,872
30,269
Divs. payable....
Unredeemed coups.
Federal taxes
495,975
50,904
25,071
707,645
169,593
payable..
Due from control'd
985,995
4,625,788
Res. for conting.
_
Conditional liabiTs
822,922
Int. of min. stkbld
Prior pref. stock-.
expenses,
188,060
Ac..—
115,572
5% pref.stock.-_- 2,249,953
Com. cl. A stock.
500,000
Com. cl. B stock..
500,000
.
Earned surplus...
4,947,194
Paid-in surplus...
239,401
245,190
179,966
284,002
13,238
999,000
2,000*666
200,000
4,158.441
185.856
Total
.—$1,154,681 $1,126,625
Total
x
.—14,552,278 11,045,997'
Total .........14,552,278 11,045.997
After
depreciation, depletion and amortization of $3,529,867 in 1937
$2,285,005 in 1936.—V. 145, p. 1260.
Honolulu Plantation Co.Calendar Years—
Gross proceeds
$3,898,651
x3,242,833
Cost, deprec., &c
Net profitOther income.
.
1935
Howey Gold Mines, Ltd.—Earnings—
1936
1935
1934
1933
$1,328,119
769,486
75,180
39,472
$1,601,579
$1,161,424
Admin. & gen, expenses.
Reserve for taxes..
$1,249,451
716,755
63,539
29,274
812,473
70,318
43,253
718,199
52,682
13,017
Deprec'n, bldg., plant,
equipment.
b Develop, and pre-operating expenses.
136,752
135,705
132,750
119,109
105,706
96,993
96,351
103.240
$197,426
200,000
$211,282
250,000
$446,432
500,000
$155,277
$2.574
$38.718
Calendar Years—
Gross income........
a
Operating
expenses. ... .
.
...
.
$655,818
107,166
.
...
Net profit
Dividends paid
$2,886,667
*2,929,492
$3,575,388
3,018,178
loss$42,825
y502,643
$53,522
118,759
$557,210
95,573
Territorial income tax—
Tax on divs.not withheld
$762,984
76,843
93,418
37,662
$459,818
63,188
$1722281
42,639
$652,783
131,378
Crl,878
$555,061
575,000
$396,629
450,000
$129,641
487,500
$523,282
600,000
$19,939
Balance, deficit
Deficit.
$53,371
$357,859
$76,718
x After deducting molasses sales of $24,185 in 1936, $22,305 in 1935 and
$10,998 in 1934.
y Including amounts received from Secretary of Agri¬
culture, net, of $324,847.
1936
Cash——
Ctfs.
$620,253
50,000
13,551
158,786
175,940
8,645
deposit.—
Accts. receivable..
on
Sales In suspense..
Inventories
Accrued Interest-
.
U.S. Dept. of Agri¬
1935
Accts. A Int. rec—
Dom.
$429,806
50,000
110,623
214", 914
Honolulu drafts
Drafts
on
$1,191
517,694
Growing crops
773,302
517,693
893,688
Francisco......
Land, buildings, &
equipment, Ac. 3,242,329
1,881
Prepaid rents.
Other def. assets..
10,553
3,193,568
1,470
y2,674
56,241
80,279
25,538
in susp.
3,273,458
Bango deposits
Misc. curr. liabil—
See y
...
1,393
14
4,285
93,418
37,682
42,793
6,675
2,498
excise tax.
interest-
6,555
18,828
7,000
810
383
Hawaiian unempl.
relief tax
employ ins. tax.
5,901
x Capital stock... 5,000,000
Surplus—
230,793
...
5,000,000
201,568
1,318.305
Other
Int.
....
.......
revenue
on
Net profit..
Dividends paid
Operating profit.
.
.
Total income.
Taxes.....—...
Other Income charges.
Net income
.....
Dividends paid
1933
$812,144
704,104
$709,740
642,496
$574,395
626,801
$726,879
669,330
$108,045
$67,244
34.161
loss$52,405
56,486
$57,549
48,204
$150,336
$101,405
25,818
19,611
... ..
....
5,674
489,901
See
x
$3,692,075
2,757,973
x
$3,215,186
2,757.973
V
20,574
361,110
See
x
$1,549,612
18,165
100,000
1,865.829
$780,524
Consolidated Balance Sheet Dec. 31
26,382
2,802
$4,081
4,599
13,037
$105,753
17.688
5,810
$104,907
$72,220 loss$13.556
$82,255
(10%)125,000 (7%)87,500 (6%)75,000 <6%)75.000
terms
of
1936
A
in- c d ft*
........
of
Canadian currency)
1935
31
i-
31
2,454,608
Canada
Liabilities—
2,105,508 Accounts payable.
Contracts payable
296,301 Accrued payroll..
1936
$
301,774
202,648
1935
■
$
398,438
29,939
111,771
72,165
109.299
6,577 Mlscell. accr, liab.
75,388
3,540,391 Prov. for taxes A
650.000
Accts. rec. (sundry)
750,000
contingencies
38,180
78,409
Inventories...... 1,419,323
1,239,246 c Capital stock...30,984,205 30,984,205
b Fixed assets....22,926.345 23,845,083 Surplus.
3,286.697 2,325,351
Deferred charges.. 4,698,808
3,500,583
bonds.........
1934
42,291
..
Other income—-—...
639,633
See
017,716
96,871
4,033
Includes depreciation of $1,091,513 in 1936, $1,060,621 in 1935 and
$1,713,715 in 1934.
yln terms of Canadian currency,
z In terms of
United States currency.
Cash
Sugar Co.—Earnings—
Operating Income
Oper. & marketing exp—
1,059.441
$6,363,005
3,311.703
Crl3,152
299,936
Depreciation....—...
Includes Bango deposits.—V. 143,
1935
1,025.774
$7,502,145
*5,366,803
043.747
244.840
2.954
Current debenture exps.
Amort, of debt discount
and expense.........
Dom.
1936
1,278,208
$9,175,457
*5,381,506
bds. & bk. loans.
$5,585,233 $5,420,690
"
Honomu
$7,422,447
$10,031,574
5,733.163
Cr33,298
expenses
Balance.
Cost of sales
(In
Calendar Years—
$8,527,919
other sales & delivery
x
Social security un-
y
on
Freight, refining and all
Prov. for taxes & conting
plus accr.
Accr. cap. stk. tax
Represented by shares of $20 par.
p. 4156.
of $820,896
Smelting Co., Ltd. (& Subs.)—
yl934
*1933"? J
Hudson Bay Mining &
Add'l Fed. Income
x
for depreciation
Earns, for Cal. Years—
yl936
yl935
Sales of metals
...$11,349,879 $10,453,665
6,372
Territorial inc. tax
Total—
$5,193,478 $5,102,238
Total—
reserve
1,097
53,945
5,068
43,517
30,509
Accrued Territorial
Total.——$5,585,233 $5,420,690
b After
and $684,144 in 1935.
c Including discount less premium
d Represented by shares of $1 par.—V. 145, p. 115.
shares,
24,413
Fed'l income tax..
taxes
licenses. 3,274,215
27,000
9,697
5,000,000
25.649
271,661
15,935
8.276
On band and en route,
1936
9,300
Tool deposits—
Accrued wages
on sales
165,956
14,513
.
$5,397
Marketing charges
12,298
-•
550.294
243,522
Total.„.......$5,193,478 $5,102,238
in
1935
$39,891
San
8,925 Accrued rentalsAccounts payable.
culture, fertilizer
application
1936
Unsettled labor.
Investments
Reserve for taxes.
1935
$24,949
27,000
102,885
10,000 Unclaimed divs...
d Capital stock..- 5,000,000
683,374 Surplus..........
38,644
278,732
10,000
11,069
.
prop. &
1936
Liabilities—
$489,739
63,518 Accounts & wages
payable—.....
7,543
$847,385
64,205
12,319
Canada
of
bBldgs.,mach'y &
equipment, Ac.
Inventory
Developments,pre*
operating and fi¬
nancing chgs.,Ao
Prepaid Insurance.
Deferred charges
c Mining
claims,
a
Liabilities—
$53.568 sur$155,277
1935
1936
Rec'le for bullion
Comparative Balance Sheet Dec. 31
Assets—
......
Balance Sheet Dec. 31
Assets—
Cash———
bonds———.
charged to expense
Net prof, to sur. acct.
Dividends paid..
...
....
Of which $1,239,134 was recovery from "ore in 1936; $1,319,764 in
1935; $1,594,222 in 1934,and $1,158,470 in 1933.
b At rate of 20 cents a
ton in 1936,1935 and 1934 and 30 cents a ton In 1933.
a
Total income.——.
Other deduc. (incl. tax).
Federal income tax.—..
.....
""a
1933
1934
$2,804,893
*2,751.371
130,975
Total ..——$1,154,681 $1,126,625
x Represented
by 16,991 no par shares in 1936 and 17,411 no par shares
y Represented by 85,010 no par shares,
z Less depreciation of
$395,588 in 1936 and $322,839 in 1935.—V. 144, p. 107.
_
—Earnings—
1936
269.596
In 1935.
......
and
'; ' '
<;•.
Accr.
a
Int. rec....
Metals.....—.
296,301
2,749
3,835,467
Total..... —35,710,010
34,571,871)
a At refinery or in transit,
b
in 1936 and $7,568,384 in 1935.
—V. 144, p. 3503.
Total——35.710.010 34,571,871
After reserve for depreciation of $8,639,754
c
Represented by 2,757,973 no par shares.
—
Balance, deficit....
$20,093
$15,280
$88,556
sur$7,255
Home Insurance Co.—Extra Dividend-^The directors have declared an extra dividend of 15 cents pee share in
addition to the regular quarterly dividend of 25 cents per snare on the
Oct.
Financial Chronicle
2550
stock, both payable Nov. 1 to holders of record Oct, 15. Similar
were made on Aug. 2 and on May 1, last.
dividend of 1.29 of a share of common • tock for each share held
was paid to stockholders of record March«25, last.
See V. 144, p. 454 for
detailed record of previous cash distributions.—V. 145, p. 610.
common
distributions
A stock
Co.—Prices for
Car
Motor
Hudson
1937
16,
sit Commission on the eve of the trial will ask that the motion be dismissed.
and proceedings in the Federal Court be abandoned.
Decisions in the
State Courts and the State Court of Appeals have upheld the obligation of
the Interborough to continue unified service over the subway and elevated
lines, he maintained.
' '•
Joining with the Transit Commission in opposing the application for
lease disaffirmance was William G.
Mulligan, Assistant Corporation
Council for the city. Mr. Mulligan announced that the city also will file an
application with Judge Mack before the disaffirmance trail, without
specifically stating the nature of the city's demand.-—V. 145, p. 2394.
,
.
1938 Show Minor
Changes—
Prices of Hudson cars for 1938 will show only minor changes with In¬
of less than 2% on the volume models and reductions on some of the
higher priced group, due to a re-alignment of the accessory policy.
The
new prices which were announced by William R. Tracy, Vice-President in
charge of sales, begin at $796 on the Hudson Terraplane, $909 on the Hud¬
son Six and $990 on the Hudson Eight.
"These are actual delivered prices
in Detroit, except State sales tax." states Mr. Tracy,
"The prices include
safety glass all around as well as all essential and many de luxe accessories.
The range of increase is from $13 to $27 on Hudson Terraplanes, Hudson
Sixes and Hudson Eights with closed bodies.
Increases on the Sports
creases
Industrial Acceptance Corp.,
■
_
———
.........
type convertibles is somewhat greater.
On the custom Eights, the reduc¬
$11 due to changes in our policies on equipment." —-V. 145,
p. 1742.
tions range up to
—
.
Hutchinson Sugar Plantation Co
1936
Calendar Years—
•Earnings—
1935
1934
$1,196,898
86,065
$1,282,963
991,328
31,340
$1,245,698
Oost. of prod.dep. & depl
Other expenses, &c. ....
Federal income tax.....
Territorial inc. tax 1936.
36,405
11,629
Sundry other profits
Total profits........
Net Income.
Dividends paid
$212,263
... .....
......
$1,039,709
$282,900
120,000
220,000
$69,379
90,000
$113,765
Preferred dividends
1935
$41,350
3,548
35,471
51,843
74,442
57,145
53,916
51,615
300
300
32,597
296,367
1 ,929,269
11,262
32,596
372,334
1,921,469
8,583
$2 ,587,944
12,542,990
Accts. receivable..
Sales in susp——.
Advances.—
—
Store account
Inventories......
132
Investments
Growing crops—
Land, bldgs. A eq.
Deferred items...
x
otal.
a
........
on
$37,137
21,000
16,683
Honolulu
__
$4,867
22,814
36,405
4,030
11,629
Territ. excise tax..
3,380
Unemploy. taxes..
2,881
d Capital stock... 1,500,000
Surplus..........
931,984
_
I,fi00~o6o
951,380
$2,587,944 $2,542,990
Huttig Sash & Door Co. (& Subs.)—Earnings-—Consol.
profit before Fed. normal inc. & undistributed profits tax
Normal
income taxes
$271,838
57,244
23,750
......
Net profit after all charges...
Dividends paid
...... ...........
worthless.
$190,845
70,487
...........—.
...—..
Consolidated Balance Sheet Dec. 31, 1936
a
$177,588
................
Customers'
accts.
A
notes
662,761
receivable...........
Meshandlse Inventories.
b Advances, Ac...
Miscellaneous assets....
.....
Investments.
c
Fixed assets..........
d
Treasury stock...
Total—,.
—
—
848,313
21,777
33,852
306,127
1,033,491
24,689
—
Deferred charges.......
—
Notes payable—banks
Accounts pay. & accruals.....
Inc.
& undistributed profits
Illinois Bell
taxes payable
e
Contract for purchase..
7% pref. stock ($100 par)
Common stock ($5 par)
Capital surplus.............
Operating surplus....
...
67,652
93,353
885,800
699,305
733,483
75,727
15,160
—
.—$3,123,760
Total... ———
...$3,123,760
Telephone Co .—Earnings—
Period End. Aug. 31— 1937—Month—1936
1937—8 Mos.—1936
Operating revenues..... $7,209,852
$6,657,516 $57,850,597 $53,462,782
Uncollectible oper, rev..
17,030
16.339
136,301
130,514
Operating revenues... $7,192,822
Operating expenses.....
5,014,390
Net oper. revenues...
Operating taxes
....
Net oper. income....
-V. 145, p. 1742.
of
12,100
533,507
71,500
473,374
322,000
52,500*
367,319
876,500
credit
37,513
71,500
13,326
Office equip, and
automobiles
57,389
Preferred Shares.. 1,600,000
55,9281 & Common stock.. 1,005,000
14,811 Earned surplus...
293,661
12,659
13,513
106,443
.....
c
40,331
outstanding
52,500 f Reserves..
26.217,6% conv. debens.
d Co.'s own shares
l.obo'ooo
105,470*
Investment in, &
due...
of debs., Ac....
Goodwill........
1
1
10,973,777
Total
7,847,343
10,973,777
Total
7,847,343
b Acquired in settlement of debts, less reserve,
c Less reserve for
depreciation of $51,311 in 1936 and $44,127 in 1935.
d Held in trust.
• By affiliated company,
f For deferred income and credit contingencies,
g Represented by 60,000 shares of class A stock, no par, and 25,000 (20,000
shs. in 1935) shares of class B stock, no par.—v. 144, p. 4181.
Inter-City Baking Co., Ltd. (& Subs.)—EarningsYears Ended Jan. 31—
$2,178,432
1,085;429
$1,093,003
Legal fees
$962,772
$9,503,758
$8,903,593
1937—Month—1936
$852,122
$852,478
655.354
499,446
from ry. oper.
$296,768
x82,188
Net ry. oper. income.
110,213
$42,568
197,732
$56,251
137,782
$32,523
105,260
$277,377
$3.75
—.
Previous surplus
—
$240,300
$3.01
$197,732
$137,782
$2.66
$1.54
$353,032
71,599
68,799
1934
$216,473
83,950
100,000
12,000
and equip, scrapped..
3,699
Profit & loss surplus
Earns. on com. (par $ 100)
x
Before taxes.
Consolidated Balance Sheet Jan. 31
1937
Assets—
1936
Property acct—.$2,218,905 $2,275,669
Goodwill........
b Investment..
1,072,824
11,100
Deferred charges..
Cash......
11,100
6,000
7,326
90,238
326,559
7,840
228,115
Invest,
1,072,824
83,731
100,869
75,204
(current)..
Total— -—$3,798,589
a
After
reserve
Liabilities—
1937
1936
Common stock..$2,114,500 $2,114,500
First
mtge.
bonds..
5^%
1.247,500
1,447,500
133,580
25,631
277,377
240,300
Accts. pay. Aaccr.
liabilities
Prov. for taxes
Earned surplus
136,450'
18,194
108,573
58,654
$3,956,944'
Total
$3,798,589 $3,956,944
for depreciation of $557,346 in 1937 and
bin partly-owned
«
e
subsidiary,
cSecured by mortgage.
Represented by shares of $100 par.—Y. 143, p. 2523.
$468,439 in 1936.
.dLess reserve.
com¬
1937—8 Mos.—1936
$7,075,762
4,512,889
$6,576,172
4,067,763
$2,562,873
x693,715
728,617
$2,508,409
492,137
585,807
$104,367
1,434
$212,634
2,039
$1,140,541
15,492
$1,430,465
17,308
Total income..—...
$105,801
Misc. deduc'ns from inc.
Total fixed charges.....
3,378
37,354
$214,673
3,203
37,536
$1,156,033
25,901
299,792
$1,447,773
25,400
304,852
.......
$32,523
$37,076
240,300
—
1935
x$250,464
82,213
100,000
Net profit on secur. real¬
ized less loss on mach.
Inventories......
RR.—Earnings
Railway tax accruals...
Eq. & jt. facil. rents....
Otherincome
Surplus-
—
cLoan..
by the consolidation of certain railroad subsidiary companies of the
pany.—V. 145, p. 1587.
oper. expenses.
$56,251
887
.
Net profit
Common dividend..
$2,093,905 $18,590,030 $17,417,283
1,131,133
9,086,272
8,513,690
stock and of not more than $15,000,000 of 1st & ref. mtge. bonds, 4%
series,
due Jan. 1, 1967, to be issued by Illinois Terminal RR. to be organized
oper. revenues.
$63,713
21.145
29,949
—......
Income tax..
a
Illinois-Iowa Power Co.—Stock Purchase Canceled—
Period End. Aug. 31—
$79,366
42,290
Depreciation—
1936
x$286,328
80,388
100,000
28,742
484
13,000
Executive salaries——
d Accts. receivable
Indiana Harbor Belt
1937
x$303,790
72,587
100,000
21,000
Net earnings—
Bond interest
$6,641,177 $57,714,296 $53,332,268
4,547,272
39,124,266
35,914,985
The Securities UncLExchange Commission on Oct. 11 consented to the
withdrawal of an application of the company under the holding company
Act for approval of its acquisition of 250,000 shares ($100 par) common
rev.
33,651
636,842
Dealers' credit bals
Letters
16,947
Def. charges, Ac.,
$395,000
183,440
After provision for credit losses, freight allowances, &c., of $60,706.
b On consigned merchandise,
c At cost less reserves,
d Represented by
2,398 shares of common (1,780 shares set aside to fulfill option).
e Balance
due serially—1938 to 1946-—in annual installments on contract for purchase
of W. J. Hughes & Sons Co., Inc., quick assets.—V. 145, p. 115.
Net
316
Letters of credit..
a
Railway
Railway
42,748
7,103,699 Reserve for income
25,084
taxes
;...
b Real est., mtges.
and securities..
6,595,000/ $4,883,000"
Liabilities—
Assels*-
Cash.
39,953
1935
$
$
Bank loans
Accounts payable.
Cost of redemption
Earnings for Year Ended Dec. 31, 1936
Non-recurring charges (consisting of securities w/o as
1936
514,942
Cash with trustee,
e
4157.
9,847.433
Accts. receivable-
amounts
and surtaxes.
$26,990*
Liabilities—
$
$787,558
receivable..
47,924
4,200
20,584
2,201
Fed. cap. stk. tax.
Territ. income tax
p.
$
Cash..
Accept, and notes
Fed. Income tax..
Represented by shares of $15 par.—V, 143,
$105,470
1935
1936
Assets—
11,833
Mkt. chgs. on sales
in suspense
Total-
$56,990
30,000
Balance Sheet Dec. 31
Ltd—...
Sundry creditors
$155,470
50,000
1935
1936
Brewer A Co.,
Drafts
Accrued interest..
Mtge. receivable..
Balance at credit Dec. 31
Liabilities—
C.
$45,400
5,708
5,872
$293,661
Add'l prov. for credit contingencies. _
Balance Sheet Dec. 31
1936
$69,689
3,750
82,954
Assets—
$127,336
26,990
1,143
60,000
x After processing tax paid of $116.
y Including amount received from
$18QJ91.
Secretary of Agriculture, net, of $180jr
Cash————
$100,60555,196
$318,661
25.000
-—
Balance
Previous surplus
Profit on redemption of debentures..
$193,078
63,471
12,270
$213,191
105,470
.....
18,000
$314,984
45,974
32,800
23,018
profit
Interest on debentures
Provision for income taxes———
851,060
56,808
18,076
$175,078
60,000
.... — .
Net operating
854,979
59,895
47,924
$83,60517,000
$254,984
Balance, Income.
Dividend received from affil. company
$984,073
55,636
$894,456
769,738
44,194
11,145
y250,046
.....
1933
$818,328
76,128
x$995,652
Gross profits...
Ltd.- —Earnings—
1935
*
1934
Calendar Year—
1936
Gross volume of purchases financed.-$21,888,989 $15,555,490 $12,302,950
x Gross income
1,009,131
733,327
1,081,814
381.926
331,338
Administrative and general expenses
414,826
245.270
167,974
Interest on borrowed money292,542
106,144
153.270
Insurance premiums..
64,649
13,909
12,070*
Provision for depredation..—
15.940
30.931
Executive salaries...——
29,125
3,765
Legal fees.
—....—
4,286
2,195
4,980
Directors'fees and salaries.......—
5,460
International Paper & Power Co.—SEC Denies Re~
hearing on Stockholders' Application for Exemption from
Utility Holding Company Act—
The application of John Lawless Jr., a stockholder of the company, for
rehearing on that company's petition for exemption from the utility
Holding Company Act of certain securities issued under a plan of re¬
capitalization was denied by the Securities and Exchange Commission on
a
Oct. 13. The decision of the Commission follows:
The first ground relief upon by Mr. Lawless as a reason for a
rehearing is
that "the findings and opinion of the Commission and its order of July 31,
1937, exempting issue and sale of certain securities of International Paper
& Power Co. were not acted upon, considered or issued by a
majority in
number of the members of the Commission, or even a majority of those
Commissioners who heard or took part in these proceedings."
The hearing held July 15, 1937, was attended by Commissioners
Landis,
Mathews, Douglas and Healy. The Findings and Order of July 31, 1937,
adopted at a meeting of the Commission attended by Commissioner
Landis, then Chairman, and
Commissioners Mathews and Douglas.
Commissioners Ross and Healy were necessarily absent.
Commissioners
Landis and Mathews voted for the Findings and Order.
Commissioner
Douglas voted against them. Thus they were adopted by a majority of a
quorum and not by a majority of the Commissioners.
This circumstance
were
Net Inc.after fixed chgs.
$65,069
$173,934
$830,340
$1,117,521
Net inc. per sh. of stock.
$0.86
$2.29
$11.93
$14.70
x Includes $12,502 for the month of August and $96,360 for the
eight
months ended Aug. 31, account carriers' excise tax In connection with Rail¬
road Retirement Act, at 2H % of payrolls.
No similar charge in 1936.—
V. 145, P. 1904.
Industries
Capital Corp. of N. Y,—Registers with SEC—
See list given on first page of
this department.—V. 145,
p.
611.
Interborough Rapid Transit Co.—Transit Commission
Opposes /. R. T. Appeal on Manhattan Lease—
Opposition to the application of the company's receiver to disaffirm the
Manhattan Ry. lease, a hearing upon which has been scheduled by Federal
Judge Julian W. Mack for Nov. 4, was voiced Oct. 13, by W. S. Palmer,
Attorney for the New York Transit Commission.
Characterizing the application for disaffirmance as a request for leave to
violate the laws of the State of New York, Mr. Palmer stated that the Tran¬
does not make the vote invalid.
There are good grounds for believing that the Commission has the
legal
right to grant the rehearing. Whether the Commission ought to do so is the
important question. Mr. Lawless on Aug. 25, 1937, notified us by letter
that it was his intention to appeal from the order of July 31 to the Circuit
Court of Appeals, and Sept. 11, 1937, filed his petition for review with the
U. S. Circuit Court of Appeals for the First Circuit, serving a copy of such
petition on the Commission on Sept. 16, 1937. On or about Sept. 17, 1937
the
new
securities which
were
scheduled for immediate issuance under the
plan of reorganization became available to security holders.
The new securities were registered under the Securities Exchange Act of
1934, the preferred stock and common stock being listed on the New York
Stock Exchange and first dealt in on Sept. 20, and the warrants
being:
listed on the New York Curb Exchange and first dealt in on Sept. 17.
Volume 145
Financial
Since the listing of these new
securities, they have been actively traded
on the above-mentioned
exchanges.
Prior to that time they were the sub¬
ject°f considerable "when-issued" trading in the over-the-counter markets.
Mr. Landis is no longer a member of the Commission. Mr. Ross did not
hear
the
arguments.
Although Commissioners Douglas
hold to the views stated in their dissents as to certain
and Healy still
aspects of this matter
and if the order of
July 31, 1937 were now up for decision by the three
Commissioners participating in the
disposition of this application for
rehearing, it would fail of passage by two votes to one, nevertheless, in the
circumstances
already detailed, it is our unanimous conclusion that the
petition for re-hearing ought to be denied.
In reaching this conclusion we have not failed
to consider the second and
third grounds of the Lawless
application. The second is little more than a
formal reiteration of the view
mission after full
already rejected by
majority of the com¬
hearing, i. e., that the Commission was without juris¬
diction to issue its report on the International
Paper & Power Co.'s plan of
reorganization and to enter its order of July 31, 1937.
The third ground
Chronicle
2551
'
Key West Electric Co.
Period End. Aug. 31—
Operating
Operation
$12,203
4,360
Maintenance
Taxes
1937—12 Mos—1936
$148,919
$139,009
56,888
59,807
8,731
9,817
a21,561
17,679
$11,597
4,687
,
845
565
1,347
1,584
$5,650
Dr277
$4,760
$61,738
679
3,009
$51,705
7,599
$5,372
1,999
$5,440
2,175
$64,747
25,618
$59,305
26,362
$3,372
$3,264
$39,129
$32,942
Net oper. revenues
Non-oper. income (net)
_
Balance
Int. & amortiz., &c
a
Earnings—
1937—Month—1936
revenues
Balance
Approps.
for retirement
reserve
20,000
includes application for leave to adduce "additional evidence with reference
to the earnings of the
company to establish the unfairness of the plan of
reorganization of the company," the charge of unfairness resting on the
claim that the earnings of the
company during "the past months of 1937"
indicate earnings for 1937 in excess of
$14,000,000.
The Commission's
Preferred dividend requirements.
majority and minority reports on the plan were made May 5, 1937. We see
good reason for now attempting a further review of any of the problems
and questions engendered by the
plan.—V. 145, p. 2077.
surtax on undistributed
no
Inter lake
Steamship Co.—Earnings—
Calendar Years—
Income from freights
1936
1935
$5,939,389
$3,748,459
3,404,040
215,539
Cr208,047
632,976
124,668
256,032
2,380,304
193,153
Cr253,248
536,066
124,668
103,141
$1,514,181
1,504,927
464,682
$3.25
$664,374
784,379
484,727
$1.37
•.
Operating
expenses (excl. of deprec. and amort, of
transportation contract)
General expenses
Other income
.
.
Depreciation
.
Amortization of transportation
Federal income tax
contract
..
Net profit carried to surplus
Dividends paid
.
.
Shares of capital stock (no par)
Earnings
per share
_
'
$
Assets—
Cash in banks
1935
$
948,367
U. S. Govt. sees..
HOLC securities..
47,864
Notes receivable..
Acc'ts receivable..
147,303
5,255
Insur'ce
711,312
Accts. payable and
accrued taxes
$
217,872
148,884
1,067
33,085
256,004
Prov.
39,603
39,603
4,246,352
4,323,032
935,108
384,500
184,555
1,065,259
7,401,054
for
7.983,486
Co.'s own capital
stock
Federal
(non-current)
_.
Insurance reserve.
6,304
-
2,075,439
Vessels
&
int.
Uncompleted
1936
Cash
<fc
a
Drafts
Sundry
Products
$18,539
'
9,400
creditors.
279,345
803,806
787,296
Deferred assets...
6,051
3.202
Territorial
250,694
buildings,
equipment, &c.
Land,
2,765
tax accrued
Territorial
mm*
reserve
p.
for
depreciation.
2,520
excise
!,
1,352
Total
2,167
1.741
1,000,000
308,787
28,836
Capital stock
Surplus..
143,
~
2,513
Unemploy. taxes..
$1,385,538 $1,414,793
After
4,412
■
tax accrued
Paid-in surplus
x
2,674
20,904
7,395
Federal cap. stock
•;
Total
*m'm
5,189
income
tax accrued....
'
mm-
4,683
Fed. lnc.tax accr'd
16,710
y
Total
17,906,987
1,000,000
308,787
49,599
$1,385,538 $1,414,793
Represented by shares of $25
y
par.
1884.
1936
Corp^—New President,
&c.—
At a meeting of the board of directors held Oct. 7, E. Hope Norton was
elected President of the corporation.
Jonathan S. Raymond, who has been acting President, and is a director
of the company, will sever his connection on Oct. 15 when he will become
Vice-President of the Mellon National Bank in Pittsburgh.
William F. Feeney, Vice-President & Treasurer of the
company, was
elected a director in place of Mr. Raymond.—V. 145, p. 2395.
Interstate Department Stores,
Consolidated Income Account for Calendar Years
18,462,617
and $11,797,471
in 1935.
b Represented by 490.000 no par shares including shares in
treasury,
c Represented by 5,273 shares, at cost in 1935 and 25,318 shares
at cost in 1936.—V. 145, p. 1262.
International
$18,063
SanFran-
hoe deposits
8.915
16,710
past-due
for depreciation of $12,107,028 in
reserve
on
cisco
Koppers Co.—Annual Report—
17,906,987 18,462,617
After
1,824
11,321
22,665
,
1935
Electric meter and
Growing crops
1,745,359
90,521
115,094
.
.
1936
drafts
outstanding
14,338
30,835
Inventories
—V.
1.620,690
loss$41,937
Liabilities—
U.S. Dept.of Agri¬
culture fertilizer
2,160,499
49,174
Transp. contract..
Deferred charges.
$130,434
Honolulu
$321,079
824
plantation
678,161
b Capital stock...13,200,000 13,200,000
Surplus.
2,156,604
2,132,350
re¬
placements
Total
1935
$224,712
Acc'ts receivable..
mtges. recelv
bet¬
$537,817
576,060
3,694
Balance Sheet Dec. 31
Assets—
from sale
on
$736,817
578,067
7,412
20.904
$45,937
(1935)
Net profit for year.
of vessels & accr.
other
property
terments
profit
$505,153
1,186
31,478
$698,330
624,993
20,005
7,395
Cost of operations.
Other expenses
x
payable
1934
1935
$587,115
6,127
21,263
122,312
-
Res. for unrealized
Mtges. receivable,
a
1936
Total income
Federal income tax
Federal
is
$650,970
6,265
41,095
from Sec. of Agricul. (net)
rec.
$3,576
Co.—Earnings—
Other revenue
■
c
income taxes, of which
profits.—V. 145, p. 2229.
Years Ended Dec. 31—
Revenue from operations
Molasses sales (net)
Investment
income tax
Accounts
Federal
Kilauea Sugar Plantation
Amts.
$11,431
$5,245
$6,025
application
storage grain car¬
39,707
115,445
Includes
a
103,334
Pro v. for handling
41,352
claims...
Investments
$
goes
Funds with trustee
Dep. in closed bks.
1935
Liabilities—
1,603,892
475,256
701,812
53,335
1,255,307
Accr'd int. ree'le..
1936
$12,942
24,374
Balance, deficit
Notes receivable at
Balance Sheet Dec. 31
1936
20,000
$19,129
24,374
Balance
Inc.—50-Cent Div.—
The
directors have declared a dividend of 50 cents per share on the
stock, payable Nov. 1 to holders of record Oct. 25.
This compares
$2.25 paid on Jan. 25, last, and 50 cents paid on Oct. 6, 1936, this
latter being the first dividend paid on the common stock since Dec. 29,
1931, when 50 cents per share was distributed.
1936
1935
Net sales of products and
1934
1933
t
sundry oper. revenues.$37,153,513 $32,224,685 $28,854,184 $23,235,167
Qost
of
sales
excl
of
depreciation!
27,810,955
4,970,390
24,264,247
4,801,311
21,419,053
3,488,727
17,266,076
3,080,025
$4,372,168
1,668,394
279,657
210,612
$3,159,127
1,948,211
389,590
115,179
$3,946,404
2,447,061
973,867
54.026
$2,889,066
1,935,212
1,363,091
19,804
$6,530,832
Depreciation
1,154,168
Int. on term indebted—1,765,246
Other interest charges
87,557
Taxes on bond interest.80,127
$5,612,108
1,163,808
2,151,869
180,041
82,791
$7,421,358
928,667
2,303,356
182,172
80,166
$6,207,173
162,823
48,372
11,752
24,607
128,910
214,759
18,513
17,041
25,752
212,322
252,107
16,295
49,079
40,586
10,794
Sell., gen. adm.,&c.expNet profit from oper..
Dividends received
Int. received & accrued-
Miscellaneous income—
Net income
-
-
common
176,034
60,660
12,544
Miscell. deductions—106,966
Federal income taxes
21,900
850,712
2,257,017
229,859
94,192
Amort, of debt discount
with
*
Official Resigns—
Philip I. Carthage has resigned as a director, Treasurer and Comptroller.
his place the directors elected as Treasurer
Albert Parker, who is a
director and Secretary and the
company's counsel.
Richard A. Hohfeler,
who recently joined the organization
has been appointed Comptroller,
and Oscar C. Weitzberg, Assistant
Secretary, has also been appointed
Assistant Treasurer. —V. 145, p. 2395.
and expense
Reserve
In
come
Investors Fund
per
share.
as
of the close
This compares with
a
Federal
In¬
-
Common dividends...
on
$3,409,779
1,200,000
1,000,000
$2,406,531
1,200,000
500,000
$388,132
$1,209,779
$706,531
Consolidated Balance Sheet Dec. 31
of $14.84
1935
1936
Assets—
1936
Liabilities—
$
33,572,061
78,333,374 102,761,257
Cash
3,925,174
The directors have declared a dividend of 43 % cents per share on account
of accumulations on the 7% cum. class a pref. stock, par $100, and a divi¬
dend of 4054 cents per share on the 6>4 % cum. class B pref. stock, par $100.
Accts.
Both dividends will be paid on Oct. 20 to holders of record Oct.
Inventories
&
Similar
payments were made on July 20, April 20 and Jan. 20, last, Oct. 10 and
July 10,1936.—V. 145, p. 439.
3,300,030
Other assets
Deferred Items.
8.
2,413,932
1,651,838
b
Uncompl.work
362,711
5,758,640
on
Oct. 4 declared
a
384.434
Oth. accr. taxes.
376.387
472,051
Accrued Interest
180,640
Due to affiliates
1,129,196
126,004
270,287
79,452
1,279,835
177,560
deprec. 18,061,858
181,562
17,206,164
Oth.
dividend of $1.25 per share on the
Res. for
tax
Surplus
res.
2,342,619
687,679
2,356,209
589,665
for
deb. bonds, f.
Deferred
916,667
Predecessor
Predecessor
Total
129,666,701
Feb. 1 '37 to Feb. 1 '36 to Feb. 1 '36 to
Sept. 30 '37 Sept. 30 '36 Jan. 31 '37
Gross income from store operations._ $1,291,889
$1,172,093
$1,985,826
Profit from real estate operations
26,764
19,253
22,523
a
Current.
vestments.
shs.
150,249,893
39,633
32,252
8,958,058
13,336,472
Capital surplus.
Kennedy's, Inc.
credits
Earned surplus.
share previously.—V. 145, p. 1743*.
Period—
4,183,951
6,247.718
129,666,701
150,249,893
Total
Amount due from affiliates (not current)
b In progress of construction divisions,
(reduced from 807,091
shs.
on
Sept. 30,
1936)
is included in in¬
c Issued,
100,000
at
stated
value.—
V. 145, p. 945; V. 144. p. 4005.
Total income
$1,318,653
Selling and administrative expenses
884,043
Rents.
199,875
Taxes (other than Federal income)-29,571
Provision for deprec. & amortization.
17,836
Provision for normal Fed. inc. tax
26,939
Net profit
Note—Figures
contlng..
Res. for Ins., &c.
Kennedy's, Inc.—Earnings—
are
& ac¬
liabil..
Res. for Fed. inc
of 25 cents per share was paid on Dec. 15, 1936.
Previous dividend distri¬
butions were as follows: 25 cents on Sept. 1, 1936; 15 cents on Dec. 2, 1935;
10 cents on Dec. 10. 1934; 20 cents on June 1, 1931, and quarterly distribu¬
per
curr.
crued
stock, no par value, payable Nov. 24 to holders of record Nov. 13.
This compares with dividends of 25 cents paid on Sept. 1, June 1 and on
March 1, last.
A 10% stock dividend in addition to a regular cash dividend
31M cents
1,377,033
21,900
inc.
taxes
common
tions of
2,143,046
payrolls.
Fed.
Accr.
3,481,600
and
pay.
accr.
Jaeger Machine Co.—Larger Dividend—
The directors
39,405,000
28,000,000
pay.(bks.)
Accts.
4,052,508
673,861
5,112,808
704,795
227,587
Due from affll.
Term lndebt...
Notes
1,986,871
notes
receivable
a
$
20,000.000
43,364,172
c
34,222,671
equipment
1935
$
Com. stock... 43,364,172
Preferred stock. 20,000,000
Prop., plant and
Investments
Iowa Electric Co.—Accumulated Dividends—
28,832
$1,588,132
1,200,000
$1,165,630
-
Balance, surplus
of business
valuation
69,000
$3,065,630
1,200,000
700,000
contingencies
Preferred dividends
C, Inc.—Asset Value—
Sept. 30 was
per share
at the close of the preceding quarter and $15.95 per share on Dec. 31,1936.
The capitalization of the fund is now composed solely of Investors
Shares, due to amendments to the certificate of incorporation having
become effective Oct. 11.—V. 145, p. 2228.
$12.41
for
tax
Net Income
,
The valuation of the fund
-
Cash discounts allowedCanadian taxes on divs.
$1,191,346
770,808
189.878
14,280
26,966
$160,390
shown
on
this
statement
of the
$2,008,348
1,187,432
283,197
31,919
38,035
27,252
71,656
$162,161
$396,109
predecessor
company
for store operations only.
In the above statement
provision has not been made for Federal undis¬
tributed profits tax.
Above first two column figures are interim figures and
audit.—V. 145, p. 2079.
subject to final
Lawyers Title Corp.—Court Weighs Offers to Buy Stock—
Alfred
Frankenthaler
on
Oct.
11
took under
advisement
two
offers
to
purchase stock of the corporation, organized by the Insurance Department
to carry on the title insurance business of the defunct Lawyers Title & Guar¬
anty Co.
One offer was made by Globe & Rutgers Fire Insurance Co. and the other
by the creditors' committee of the New York Title Insurance Co., similarly
created by the Insurance Department after taking over the New York Title
& Mortgage Co.
Superintendent of Insurance Louis H. Pink, through his counsel, D. Wil¬
liam Leider, advocated acceptance of the Globe & Rutgers offer. Mr. Leider
said the second offer was not made to Mr. Pink until Sept. 25.
The Court,
however, drew from Mr. Leider and counsel to certificate holder creditors
Loblaw Groceterias Co.,
1960
Buffalo & Susquehanna RR. 1st 4s, 1963
Lehigh Coal & Navigation Cons. 4}^s, 1954
Lehigh Valley Coal 6s, 1938
Lehigh Valley Annuity 43^8 and 6s
Nov. 10.
A. T. & T. Teletype—Pbila.
St.
Similar amounts
The directors
common
22
on
Mr. Pink had approved the Globe & Rutgers
Sept. 25.—V. 143, p. 2525.
.
$1.60
Louisville
$7,717,648
37,598
y3,500
Interest
Federal income taxes
44,973
21,000
discount and expenses
14,965
Cr5,423
1,139
14,325
10,730
10,733
Gain on bonds
Dr342
-
Idle plant expenses
Loss
on
disposition
of
cap. assets, net of gains
Miscellaneous expenses-
"
the
this department.—V. 145, p. 1425.
MacAndrews & Forbes Co.—Earnings—Period End.
x
Balance, deficit
Shares class A stock out¬
loss$44,524
loss$29,035
42,220
$218,908
29,856
151,947
$682,194
89,568
455,841
$618,004
89,568
455,841
$37,105
$34,137
$136,785
$72,595
$0.62
Surplus
$215,940
29,856
151,947
$0.61
$1.95
$1.74
Earns, per share on 303,894
shs.
co..
stock
After expenses, Federal income taxes, &c., but
x
$114,756
85,146
$75,541
A dividends
$44,524
$71,255
sur$29,610
84,029
85,146
$1.70
-
McCormick's, Ltd.—Offer to Shareholders—
Stockholders of this company have been notified that they may elect,
before Oct. 30, to accept the alternative exchange offer of one common
on or
Nil
Weston, Ltd., and for each share not provided for under
cash adjustment of $5 per share.
Supplementary letters patent,
Sept. 20, have been issued covering the plan of reorganization.—
145, p. 1426.
y
terms a
dated
V.
Estimated.
McKesson & Robbins,
Comparative Consolidated Balance Sheet
June 20'37
Accts. receivable
$231,490
12,089
12,190
—
Inventories
Bond Interest fund
Accts.
50,893
b
10,209
Earned
and
mills
24,011
2,558,286
10,954
20,867
2,100,000
surplus.—
310,357
surplus...
41,797
-
flour
U.
Government,
Land at
7,791
580,000
self-
Capital stock
Paid-in
11,790
life insurance.,_
for
insurance
34,018
Cash surrender val.
Claims agst.
21,267
580,000
-
Long-term liabll..
Reserve
45,679
$248,577
21,387
Federal taxes
448,346
Prepaid insurance,
tax,e« &c
$312,109
S.
.
93,000
-
Los Ang.
30,000
not In use
693
Bond red. fund...
950
Leasehold deposits
Plant & equipment
2,173,210
Deferred charges..
46,243
2,287,739
1
The directors have declared
June 27*36
payable and
accrued expenses
159,842
Miscell. assets
June 20'37
Liabilities—
June 27'36
$137,537
182,076
660,655
Assets—
15, 1931, when
$3,392,978 $3,450,480
Total
111,900 shares class B
for the first nine months are approximately 16
ahead of the
period of 1936, Mr. Coster said.
common stock dividend in the form of preference
stock, due to the fact that the rapid expansion of the liquor division has
necessitated the investment of earnings in that department.
The company has been advised that the taxable value of the dividend to
stockholders will be based on the market for the preference stock at the
dividend disbursement date, and that the total value of the dividend estab¬
lished at that time will be deductible in calculating the surtax on undis¬
tributed profits.—V. 145, p. 2398.
Sales
same
Directors declared the
mon
Mines, Ltd.—Dividend Increased—
stock, par
an
initial dividend of 5 cents was paid on Nov.
754,430
495.628
$26,953
Accounts receivable..
Inventories
;
Deferred assets
a
....
a
dividend
of $2.12H
per
,
share on
Libbey-Owens-Ford Glass Co. (& Subs.)—Earnings—
9 Mos. End. Sept. 30—
1935
$9,259,772
2,012,653
1934
$6,204,861
$12,783,798 $10,398,025
656,305
580,740
$7,247,119
1,086,870
$4,578,969
479,454
$13,440,103 $10,978,765
$8,333,989
$5,058,423
1937
1936
Manufacturing profit—$14,395,998 $12,370,411
Depreciation
1,612,200
1,972,386
Profit
-
Other income
1,625,892
Accrued pay roll & taxes—
Total income
&
gen.
exps.,
,
2,516,484
*2,075.460
2,023,855
xl ,584,950
1,798,431
940,080
1,772,695
Federal tax
Net profit
Shs .cap .stk.out. (no par)
Earnings per share
$8,848,159
2,506,559
$3.53
$7,369,960
2,503,000
$2.94
$5,595,478
2,526,553
$2.21
$2,819,068
2,537,053
$1.11
contingencies, &c
466,660
Includes provision for Federal surtax on undistributed profits.
*
For the quarter ended Sept. 30, 1937, net profit was $3,216,690, equal to
$1.28
a
share on 2,506,559 shares, comparing with $2,266,988 or 90 cents a
September quarter of 1936.—V. 145, p. 440.
share on 2,503,000 shares in the
Listed Securities,
and
Inc.- -Qualifies in the States of Missouri
Michigan—
Registration of company, a mutual investment fund, for the sale of its
shares at an original offering price of $6.75 has just become effective in the
States of Missouri and Michigan, it has been announced by the sponsors,
the First Mutual
the
Corp. of New
York.
Announcement also
was
made of
appointment of Charles H. Doellefield as the representative of the First
Mutual Corp. in both States.—V. 145, p. 1425.
Total
$1,337,307
Corp. (& Subs.)—Earnings—
Period End. Sept. 30—
$99,042
Notes payable.
103,421
Accounts
Inventories
623,481
Insurance
prepaid
Interest prepaid
Impounded cash in closed bks.
Stock of other companies
a
Real
estate,
mills,
22,311
1,333
427
252
Dividend
-
payable
sus pense
Items paid in advance
Capital
Surplus
stock—
-
$500,000
92,289
73,476
18
485
1,350,000
1,308,929
power
plant & equipment
p.
$1,029,903
$2,864,576
$2,996,086
$0.17
$0.18
$0.49
$0.54
sh, on cap. stk.
144,
2834.
Market Street Ry. Co.(&
Sub.)—Earnings—
1937
$7,326,380
6.317,291
12 Months Ended Aug. 31—
Operating
Operating
revenues
expenses,
maint, & taxes
-
Other income.
Total
$3,325,198
Total
!
for retirement res.)
Appropriation for retirement reserve
$1,009,089
7,281
$1,222,993
$1,016,370
$1,230,912
7,919
-
500,000
-
—
...
..
Interest charges
Amortiz. of debt discount and expense
Other income deductions
Net income
500.000
$516,370
467,531
23,584
3,444
$730,912
488,424
25,224
4,647
$21,811
Gross income
$212,618
—V. 145, p. 2398.
Marlin-Rockwell
Corp.—Hearing Postponed—
The Securities and Exchange Commission announced Oct. 13 that the
hearing scheduled to be held that day in the matter of the proceedings
instituted to determine whether the common capital stock ($1 par) of the
corporation should be suspended or withdrawn from listing and registration
on
the New York Stock Exchange, has been postponed until Oct. 27.
—V. 145, p. 2230.
Marquette Metal Products Co.—Registration Withdrawn
See list given on first page of this department.—V. 145, p. 1103.
Mathieson Alkali Works
(Inc.)—Earnings—
1937—3 Mos.—1936
1937—9 Mos.—1936
$3,138,209
$2,765,406
1,306.483
1,258,660
$1,036,734
437,352
$1,028,388
425,319
Income credits
$599,482
11,507
$603,069
9,107
$1,831,725
34,220
$1,506,746
26,081
Income charges.
$610,988
33,392
$612,176
33,.97
$1,865,945
98,615
$1,532,828
95,746
Total income-
$577,596
$578,979
$1,767,330
$1,437,081
100,998
94,490
296,954
234,709
$476,598
830,428
$484,490
830,428
$1,470,376
830,428
$1,202,372
830,428
$0.52
$0.54
$1.62
$1.30
Net
earns,
from opers.
$3,325,198
a After depreciation of $1,960,217.
Note—During the year capital stock was reduced from $2,700,000 to
$1,350,000 by reducing the par value of 27,000 shares from $100 to $50
per share.—V. 115, p. 2801.
1936
$7,458,234
6,235,241
P.
Fed. inc., undist. profits
& capital stock taxes-
2,474,929
v
$1,013,689
interests
Earns, per
—V.
Prov. for depr. & deplet-
Taxes payable
-
1937—9 Mos.—1936
1937—3 Mos.—1936
Net oper. earnings after
taxes & adjusted min.
Period End. Sept. 30—
earns, from opers-
Liabilities—
Assets—
Cash
Accounts receivable
$1,337,307
Total
Alter accrued depreciation of $456,054.
Total
Lockwood Co.—Balance Sheet June 30, 1937—
$921,087
53,982
200,000
162,237
—
-
Surplus.—
-
.
Admin.
payable
Capital stock-
563,963
Plant account
a
Accounts
3,281
731,951
11,157
....
Marine Midland
declared
1,1934.—V. 145, p.285,
Liabilities—
Assets—
Cash...-
$495,853
495,628
$265,712
495,628
the
6preferred stock, par $100, payable Nov. 10 to holders of record
Oct. 30.
A similar payment was made on Aug. 10, May 10 and Feb. 10,
last, and compares with $5,62>4 paid on Nov. 10, 1936; $2,12
per share
paid on Aug. 10, May 11 and Feb. 11, 1936, and $1,62^ per share paid on
Nov. 14 and Aug. 10, 1935, prior to which the last dividend disbursement
on the company's preferred stock was made on Dec. 15, 1933.—V, 145,
p. 1425.
have
share on the com¬
$1, payable Nov. 1 to holders of record Oct. 15. Thiscom-
ast.
Iiares Dividends totaling 515 cents per share were paid during 1936 March 1,
with dividends of cents per share paid on July 2 and on and 1935
1934
1935
1936
1937
Lexington Utilities Co.—Preferred Dividend—
directors
expected that sales
Madison Woolen Co.—Balance Sheet June 30,1937—
Nil
Nil
Earnings per share.-..y$1.34
$3.47
x No
provision has been made for Federal surtaxes on undistributed
profits,
y Based on 12 months' dividend requirements on 56,752 shares of
4% preferred stock outstanding at close of the period, balance of earnings
for the 12 months ended Sept. 30, 1937, is equal to $1,41 a common share.
—V. 145, p. 439.
The
regular quarterly distribution of
the last quarter of the year will exceed any previous quarter in the
company's history, F. Donald Coster, President of the company, said.
and
deprec., deplet., &c—*$1,289,928 x$2,207,863
-
a
for
Lehigh Portland Cement Co:—Earnings—
^$25)
share of $3 series
a
25 cents per share was made.
Based on advance reports of September sales, it is
Macassa
b Represented by 84,000 shares class A stock and
Shs. com. stk.
dividend of 1-25 of
The directors have declared a dividend of 10 cents per
stock, both of no par value.—V. 145, p. 2080.
12 Mos. End. Sept. 30Net profit after taxes,
stock since Sept.
mon
62,561
$3,392,978 $3,450,480
Total
Inc.—To Pay Common Dividend—
a
Sreference recordfor each share will be the first dividend paid on the 15 to
olders of stock
Dec. 1. This of common stock held, payable Dec. com¬
152,248
Goodwill
before Federal surtax on
441.
share of Geo.
84,000
standing (no par)
84,000
Nil
$1.39
Earnings per share
x Includes amortization of leasehold improvements,
Cash
1937—9 Mos.—1936 ^
1937—3 Mos.—1936
Sept. 30—
Net profit
dividends
Preferred
12,210
$117,541
42,000
Net profit
Co.—Registration State-
Machinery
Drying
Withdrawn—
undistributed profits.—Y. 145, p.
Class
the
totals
stock for the current year now
common
(par $10)----
7,991
3,621
5,243
8,507
14,189;
dividend of 10 cents per share on
a
1263.
p.
Common dividends
bond
of
on
See list given on first page of
$5,202,310
469,267
265,647
38,841
6.700
220.742
*281,738
Cr78,446
37,495
Depreciation
Non-operating income-_
Amortization
$5,991,420
311,681
x268,895
$6,636,432
351,865
*259,509
Cr91,204
—
2081.
Pay 10-Cent Dividend—
stock, payable Nov. 1 to holders of record Oct. 25.
This com¬
of 50 cents per share previously distributed eacb
share.—V. 145,
a
rnent
June 26 *37 June 27 '36 June 29 *35 June 30 '34
Gross profit
Oct. 14 declared
June 1 last.—V. 145, p.
by the heavy additional Federal and State taxes.
The company's affairs are being adjusted to meet existing conditions
nd directors are reasonably confident of improvement from
now on.
Philadelphia
Langendorf United Bakeries, Inc.- -Earnings—
Total net sales
on
Directors of the company In announcing the current dividend also stated
that volume of business has increased over last year, out profit margins
have been reduced by increases in wages, materials and supplies, and also
of the parent companies that
Years Ended—
paid
pares with dividends
three months.
V Total distribution
offer six weeks prior to
were
Loose-Wiles Biscuit Co.—To
YARNALL & CO.
Walnut
share
cents per
in addition to the regular quarterly dividend of 25 cents per share on the
class A and class B common stocks, both payable Dec. 1 to holders of record
Missouri Public Service 1st 6s,
1528
Ltd.—Extra Dividend—
The directors have declared an extra dividend of 12 H
IN
WE DEAL
1937
16,
Oct.
Chronicle
Financial
2552
No. of shs. of
Earns,
per
com.
sh.
on
stock
—Y. 145, p. 442.
stock
com.
Volume
Financial
145
2553
Chronicle
Earnings for 12 Months
{Glenn L.) Martin Co.—Earnings—
30—
--
$3,218,751
profit
Expenses
-
—
62,752
Selling, general & administrative expenses
1935
$1,04^,416
584,036
1936
16,013
Other income
$664,725
14,641
Total income
Interest
.
1,085
87,000
Amortization of note discount & expense
Prov. for normal Federal income taxes
Miscellaneous charges
69,467
_ _ .
Total
share
870,041 shares capital stock
on
25,809
$460,380
$1,010,393
$697,546
$474,229
24,583
177,442
income
Inventory adjustments, &c
Depreciation and amortization
49,188
77,288
19,582
78,001
13,849
1,811
96,845
Federal income tax
Net
profit
66,701
35,289
y$709,712
Loss of subsidiaries.
$504,369
$341,357
Pressed Steel Co. from date of acquisition.
Before surtax on undistributed profits.—V. 145, p. 614.
Youngstown
Includes
x
x$492,532
$0.56
x After
all
appropriate charges for depreciation,
experimental and
development, and taxes, but without provision for possible excess profits
Net profit...
per
$671,737
89,511
Operating profit
Other income
$648,712
Net profit from operations. 1
May 1,1937.
y
....
undistributed earnings taxes.
and
$1,411,687
739,950
2,507,286
Cost of sales
Earnings
Ended Sept. 30
xl937
$1,961,187
1,040,305
$92Qf882
12 Months Ended Sept.
Gross
Earnings for 3 Months Ended Sept. 30, 1937
Net sales, incl. royalties and license fees
Missouri Gas & Electric Service
Co.—Initial Dividend—
dividend of $1 per share on the common
holders of record Nov. 15.—V. 145, p. 2082.
Directors have declared an initial
stock, payable Dec. 1 to
Comparative Balance Sheet
3,677,527
Accts. receivable
3,056,990
252,410
Inventories
4,242,606
2,092,722
44,070
Investments
355,131
Property,
and
48,906
and
355,897
155,345
185,000
820,000
870,042
6,988,864
185,000
Accrued liabilities.
Notes
(non-
2,265,798
6% conv. notes...
13,881
Cap.stock ($1 par)
Capital surplus
13,435
138,092
Other assets
217,532
183,324
1,155,500
842,083
Deficit.
229,161
6,685,827
1,273,868
Total
11,215,361
8,458,884
98,448
11,215,361
8,458,884
charges_.
Total...
pay.
current)
copyrights.
Deferred
155,258
553,737
depreciation.
•
The company's back-log of undelivered orders has increased materially.
As of Sept. 30, 1937 the back-log totaled $13,490,329.
On June 30, 1937
the back-log was only $11,406,663.
Since third quarter sales totaled
$3,218,750, it is apparent that new business, not publicly announced, has
been accepted by the company in the total sum of $5,302,417.
The company's plant expansion program is rapidly nearing completion.
The new engineering building will be occupied by Dec. 1, and the new
assembly hall, and plant facilities for the construction of large aircraft of
all types, will be finished about Jan. 1, next.
This expansion program will
effect a substantial increase in the company's rate of production.—V. 145,
After
a
P.
reserve
for
613.
Light &Power Co., Ltd.—Earnings-—
Mexican
earns,
Oper. exps.
1937—8
4,311,527
3,710,510
$208,292
$1,573,631
$1,461,016
—V. 145, p.
$184,244
1746.
$5,171,526
-
-
___
Michigan Public Service Co.—Preferred
v
Dividends—
have declared dividends of $1.75 per share on the 7%
stock, par $100, and $1.50 per share on the 6% cum. pref.
directors
The
pref.
cum.
Mos.—1936*
$5,885,158
Aug. 31—
from oper..
Netearnings
stock, par $100. Both dividends are payable on account of accumulations,
on Nov.
1 to holders of record Oct. 15.
Like distributions were made in
each of the six preceding quarters.
Dividends of $1.31)4 and $1.)^12
share, respectively, were paid on Feb. 1, 1936 and on Nov. 1, 1935,
preceding quarters dividends of 87 M cents and 75
share, respectively, were paid.
Prior to then regular quarterly
dividends of $1.75 per share on the 7% preferred stock and $1.50 per share
on the 6% preferred stock were distributed.—V. 145, p. 1104.
iM&d
per
while in each of the six
cents per
Mining Truth
drawn—
Blind Pool of 1937—Registration With¬
./-.-'..V ,;-v.-. V.",.
See list given on first page
of this department.—V. 145, p. 1266.
Power
Minneapolis-Moline
Implement Co.—Accumu¬
lated Dividend—
dividend of $6.50 per share on account of
preferred stock, no par value, paya¬
record Oct. 23.
The company paid a dividend of
$3 per share on this issue on Dec. 24, 1936, this latter payment being the
first made since May 15, 1931, when a regular quarterly dividend of $1.62 )4
per share was distributed.—V. 145, p. 2399.
The directors have declared a
accumulations on the $6)4 cumulative
ble Oct. 26 to holders of
Minnesota Utilities Co.—To
Issue Stock—
Commission has declared effective a declara¬
tion filed under the Utility Act by the company covering 2,000 shares
common stock.
The stock will be sold to American Utilities Service Corp.,
a parent, for $48,500 and proceeds will be used by Minnesota Utilities to
partially reimburse its treasury for expenditures made in enlarging and
interconnecting its utilities properties.—V. 117, p. 2330.
H
The Securities and Exchange
Mississippi Power & Light
Co.—Accumulated Dividend—
dividend of $1.50 per share on account of
accumulations on the $6 1st pref. stock, no par value, payable Nov. 1 to
holders of record Oct. 15.
Like payments were made in each of the six
preceding quarters and compare with $1 paid on Feb. 1, 1936; 50 cents
paid on Nov. 30, 1935; 75 cents paid on Nov. 1 and 50 cents paid on Aug. 1,
May 1 and Feb. 1, 1935; Dec. 15, Nov. 1, Aug. 1, May 1 and Feb. 1, 1934,
and Nov. 1, 1933, and Aug. 1, 1933, prior to which the regular quarterly
dividend of $1.50 per share was paid.— v. 145, p. 2082.
The directors have declared a
Monarch Machine Tool Co.—Earnings—
Period End. Sept.
Net profit after
income taxes
—V.
145,
p.
3 Months
30,1937—
Federal
deprec. & prov. for estd.
-
$150,272
9 Month
$334,173
1266.
interests of the common
stockholders in the corporation
of assets.
in any respect.
It does not involve any distribution
A special meeting of common stockholders will be
held Nov. 9, for the
of taking action upon a proposal (a) to reduce the capital of the
corporation from $506,779 to $87,429 by retiring the 16,774 shares of pre¬
ferred stock which are held now by the corporation as treasury stock and
(b) to reduce the number of authorized shares of the corporation by relin¬
quishing the right to issue preferred shares.—V. 145, p. 771.
purpose
Mullins Mfg. Corp.
Period End
Gross
The amended plan of reorganization (dated Dec.
District Court for the Eastern District
the U. S.
Sept. 30—
profit
Expenses
Operating profit--
$252,327
17,751
Total income
Inventory adjust., &C-_
Depreciation & amortiz
Loss of subsidiaries.
—
Federal income tax.
$778,144
37,956
$173,386
1,722
16,634
$536,182
11,167
59,382
8,298
'
18,754
$516,310
$816,100
$164,578
8,808
$270,078
5,146
68,258
1,546
25,042
-.
Other income
_
(& Subs.)—Earnings—
y1937-9 Mos—1936
$1,602,352 $1,108,022
308,775
237,025
824,208
591,712
xl937-3 Mos.—1936
$561,102
$401,603
146,225
1,811
84,578
19.872
Class A Debt—30-year
Unaffected Indebtedness—The indebtedness of the debtor at Aug. 31,
1936, not affected by amended plan, shall include (a) Account payable to
Georgia Power & Light Co., $250; (b) unclaimed cash dividends on stocks
of the deotor, $481; (cj liability on syndicate participation; (d) interest
coupons due Aug. 1, 1936, or prior thereto, on the debtor's collateral trust
bonds; (e) any indebtedness and liabilities which may, after the date of
this amended plan, be incurred or contracted by the debtor, prior to the
termination or the proceeding in connection with this amended plan;
(f) any and all claims of the U. S. for taxes or custom duties, as well as any
other claims or interests of the United States; (g) any and all other indebted¬
ness of the debtor not included as class A, class B or class C debt under
this amended plan.
All "unaffected indebtedness" shall continue and remain undisturbed
paid in cash in full as and when due, and
z$170,086
profit
$136,276
Pressed Steel Co.
undistributed profits.
x
Includes Youngstown
z
Before surtax on
y
z$575,188
See x below,
NY PA NJ Utilities
such indebtedness and to provide, without cost
the debtor, all cash requisite for the payment
of the United States shall have, and shall con¬
tinue to have, the same priority and preference over the claims of other
creditors of the debtor, with respect to the assets of the debtor.
All costs of administration and other allowances which may be made by
the court shall be paid in cash.
NY PA NJ Co. has agreed to provide,
without cost or expense to the estate of the debtor, all cash requisite for
the payment of such costs of administration in full.
All of the property and assets of the debtor, including cash, and whether
pledged or unpledged, shall be transferred, conveyed, delivered and paid
over to the NY PA NJ Co. free and clear of all claims of the debtor, its
stockholders and creditors in consideration of the payments, obligations
(including purchase money obligations)
and assumptions herein pro¬
vided for.
There shall be issued, in exchange for the $3,926,500 class A debt ana
all unpaid interest thereon accrued and to accrue,. $3,926,500 of an issue
(to be created) of purchase money secured 5% debentures due 1956 of the
NY PA NJ Co.
Each holder of class A debt shall be entitled to receive,
for each $1,000 thereof, a like principal amount of the new secured 5%
debentures.
The new secured 5% debentures will be dated as of Aug. 1,
1936. New secured 5% deoenture shall be secured by the pledge or the
same
property as at the date of the consummation of the amended plan
is pledged as security for the class A debt.
There shall be issued, in exchange for the $232,500 class B debt and all
unpaid interest thereon accrued and to accrue $232,500 of an issue (to be
created) of purchase money unsecured 5% debentures due 1952, of the
NY PA NJ Co.
Each holder of class B debt shall be entitled to re¬
ceive for each $1,000 thereof, a like principal amount of new unsecured 5%
debentures.
Simultaneously with the delivery, by the holders thereof, of
the class B debt, there will be delivered in exchange the new unsecured 5%
debentures of the NY PA NJ Co.
The new unsecured 5% debentures
has agreed to assume
Co.
expense to the estate of
thereof in full.
The claims
or
.
will be dated Jan.
15, 1937.
There shall be issued, in
exchange for the $856,120 of class 0
debt owned
by Keystone Public Service Co., an operating public utility company sub¬
sidiary of the debtor, and all unpaid interest thereon accrued and to accrue,
$856,000 of the new unsecured 5% debentures of the NY PA NJ Co.
Each holder of $856,120 of class O debt shall be entitled to receive for each
$1,000 thereof a like principal amount of new unsecured 5% debentures,
adjustment being made for principal amounts of class O debt of less than
$1,000
There shall be issued in exchange for the remaining $4,313,596 of class 0
no
debt,
NJ
$2,156,500 of the new unsecured 5% debentures of the NY PA
Each holder of $4,313,595 of class C debt shall be entitled
for each $1,000 principal amount thereof, $500 of new unescured
Co.
to receive
5% debentures, no adjustment being made for principal amounts of said
than $1,000.
Simultaneously with the delivery by the holders thereof of the class O
debt there will be delivered in exchange the new unsecured 5% debentures
of the NY PA NJ Co.
The holders of 53,289 shares of the 6% cumulative preferred stock of the
debtor, shall be entitled to receive one share of $4 cumulative preference
stock of associated Gas & Electric Co. for each five shares of 6% cumulative
class C debt of less
,
,
,
„
preferred stock of the debtor.
In lieu thereof, each holder of preferred stock
.
of the debtor shall be en¬
presentation and surrender
blank, to the depositary.
of the debtor shall exercise
said shares of $4 cumulative preference stock in
titled to receive $2 per share in cash upon the
of the certificates therefor, duly endorsed in
The holders of 6% cumulative preferred stock
lieu of cash on or before July
Each holder of the common
27, 1937
stock of the debtor shall be entitled to
in cash upon the
therefor.—V. 143, p. 3640.
10c. per share
Mutual Investment
receive
presentation and surrender of the certificates
Fund—Asset Value—
asset value as of Sept. 30, last, after all ex¬
penses, dividends, and reserves, was $13.13 per share as compared with
$16.33 per share on Sept. 30, 1936.
Securities carried at cost of $2,173,646
had a market value on Sept. 30. of $2,101,174.—V. 145, p. 443.
The company reports net
Nash Kelvinator Corp.—Car Sales Higher—
continued to soar during August, the company enjoy¬
ing a 110% increase over the same month of the preceding year, it was
announced on Oct. 12 by C. H. Bliss, Vice-President and director of sales.
Quoting the official registrations figures for the United States, Mr. Bliss
said that in August sales totaled 6,465 cars, as com pared with a total of
3,074 in the san e month of 1936.
This was a gain of 3,391 units, or 110%.
The Industry's gain for the month was 16.7%.
During the first eight months of 1937, ended Aug. 31, the company g
Sales of Nash cars
sales
were
55,574 cars, as compared
National Automotive
of
industry's gain during
registrations figures.
with 30,415 during the same period
This was a gain of 25,159 cars, or 82.7%. The
eight-month period was 7.91%, according to
—V. 145, p. 614.
1936.
the
Fibres, Inc.—Initial
Dividend
on
New Common Stock—
The directors
the
Net
6% sinking fund collateral trust bonds,
Feb. 1, 1956 (secured)
$3,926,500
demand notes (secured) aggregating
232,500
demand notes (unsecured) aggregating—__
5,169,717
Preferred Stock—6% cumulative, $100 par value, 150,000 shares
authorized, issued and outstanding—
53,289 shs.
Common Stock (no par)—65,000 shares authorized; issued and
outstanding
62,267.3 shs.
series A, due
Class B Debt—5%
Class C Debt—5%
56,329
$409,304
7, 1936) as approved by
of Pennsylvania, under
Bankruptcy Act, provides as follows:
The indebtedness and capital stock or the debtor are as follows:
Section 77-B of the
their election to receive
Corp.—To Reduce Capital—
corporation has authority to issue 25,000 shares of preferred stock
(par $25).
It issued only 16,774 preferred shares and it has since acquired
has since acquired all these shares and now holds them as treasury stock.
It is proposed to eliminate this treasury stock from the balance sheet by
reducing the capital by $419,350, the amount applicable to such preferred
shares and to give up the right to issue preferred shares in the future.
This
Morristown Securities
The
will not affect the
anization—
and shall be
(Canadian Currency)2
1937—Month—1936
$759,583
$682,157
& deprec...
575,339
473,865
Priod End.
Gross
Co. (Me.)-—Amended Plan of Reorg¬
7
•
■
Municipal Service
$
payable.
325,671
Deposits on contr's 1,899,048
Accounts
plant
equipment. 2,973,373
Pats., trade-marks
Dec. 31,'36
$
Liabilities—
$
Cash
a
Sept. 30,'37
Dec. 31,'36
Sept. 30,'37
Assets—
have declared an initial dividend of 25 cents per
stock, payaole Nov. 24 to holders of record Nov.
new common
dividend is payable at
preferred stock.
1267
6%
p»
•
share on
1. The
the holders' option in cash or in new $100 par value
The company was recently reorganized.—V. 145.
2554
Financial
National Bond & Share
on
bonds
$255,820
23,561
22,093
--
*
_
Provision for miscell. Fed., State & other taxes
Net income
x$210,166
135,000
Dividends declared.
Surplus
$75,166
Earns, per share on 180,000 shares capital stock (no par)
$1.17
x No deduction has been made for
any surtax on undistributed profits for
the period and no deduction has been made in respect of unrealized
apppre-
ciation, for any surtax on undistributed profits or any excess profits tax
which might be payable if the appreciation were realized.
Balance Sheet Sept. 30, 1937
ZAabilUies—
Securities owned, at cost
$6,669,559
Cash in banks
Div. pay. Oct. 15, 1937
4,186,003
34,539
1
Divs. receiv. & int. accrued..
Payable
$45,000
Reserve
Furniture & fixtures
for
securities
pur¬
chased but not received...
for taxes
(without
prov.
for possible surtax
undistributed
commutation passengers and revenue, interline and
for August, 1937, increased 217,733, or 13.06%, but
resulting therefrom increased only $302,780, or 5.83%, and for
the eight months of 1937 the increase in interline and local passengers
amounted to 3,148,100, or 29.58%, with an increase in revenue of only
$2,988,356. or 8.06%.—V. 145, p. 2233.
local
„
Total income
1937
16,
passengers
revenue
$245,675
9,270
875
Other income
Expenses
Oct.
Note—Excluding
Corp.—Earnings—
Earnings for the 9 Months Ended Sept. 30, 1937
Cash dividends
Interest
Chronicle
67,375
*4,500,000
5,249,595
773,881
x$92,257
x
$0.96
$0.35
Before surtax
New York
on
1937—9 Mos.—1936
x$249,028 x$l.007,051
x$577,188
(no
par)
$2.23
$3.88
undistributed profits.—Y. 145, p. 445.
Chicago & St. Louis RR.— Undeposited Bonds
The company announced Oct. 9 that $15,507,000, or 94.66% of the 1st
mtge. 4% bonds due Oct. 1,1937 have been deposited for extension, leaving
a balance of
$874,000 principal amount of bonds outstanding, which have
not been deposited for extension or presented to Edward B. Smith & Co.
for purchase and deposit for extension.
It also announced that it has in¬
structed the Guaranty Trust Co. of New York as its agent to receive, up to
and including Oct. 15. 1937, deposits of these bonds for extension.
Edward B. Smith & Co. will continue to purchase at 100 and int. accrued
Oct. 15,
254,251
Capital stock.......
Capitalsurplus
Surplus Income
120 shs. cap. stk.
Co.—Earnings—
1937—3 Mos.—1936
and Fed. income taxes
Earns. per share on 259,-
to Oct. 1,
on
profits)
New York Air Brake
Period End. Sept. 30—
Net profit after deprec.
1937 the unextended bonds of the above issue
and including
up to
1937 and will deposit them for extension, in accordance with their
agreement with the
company.—V. 144,
New York Telephone
p.
2399.
Co.—Earnings—
$10,890,102
Period End. Aug. 31—
1937—Month—1936
1937—8 Mos.—1936
Operating revenues
$16,594,263 $15,771,0501136,855,430$131,716,434
Uncollect, oper. rev
84,352
71,919
570,020
538,691
Note-^-The aggregate value of securities owned, based on market
quo¬
tations was in excess of average cost at Sept. 30, 1937
by $20,108.
If this
Operating revenues.__$16,509.911 $15,699,131$136,285,410$131,177,743
Operating expenses
11,844,644
10,980,182
92,303,536
90,329,178
appreciation had been realized, taxes thereon (computed on the basis of
specific costs in accordance with Federal tax regulations) at current rates
were estimated to be $128,422.—V.
145, p. 1267.
Net operating
Operating taxes
Total
$10,890,102 I
Represented by 180,000
x
National
Period End.
no
par
Total
shares.
Railway oper. revenues.
Railway oper. expenses.
Mexican Currency]
1937—Month—1936
12,569,017
10,811,719
10,418,092
8,430,233
2,150,925
2,381,485
16,123.726
13,833,726
53
30,263
2,150,925
132,397
...
Total income
Deductions
Net operating income.
2,381,485
149,976
16,123,673
1,363,864
13,803,463
975,236
2,283,322
793,305
Other income
$2,637,051 $24,427,304 $24,424,591
—V. 145, p. 2399.
1937—7 Mos.—1936
83,125,926
72,912,321
67,002,199
59,078,595
Tax accruals and uncol¬
lectible revenues
Balance
$4,718,949 $43,981,874 $40,848,565
2,081,898
19,554,570
16,423,974
Net operating income. $2,154,013
Railways of Mexico—Earnings—
July 31—
$4,665,267
2,511,254
revenues
2,531,461
654,918
17.487,537
4,577,586
14,778,699
3,316,053
1,490,017
1,876,544
12,909,952
11,462.646
—V. 145, p. 1909.
New
Yoyk
•
Westchester
&
Boston
Ry.—Receivership
Made Permanent—
Federal Judge John C. Knox on Oct. 8 made permanent the appointment
of Edward L. Garvin and James L. Dohr as equity receivers for the com¬
pany.
The Court also approved a plan under which the company's lines
from New Rochelle to Port Chester Junction will be turned over to the
trustees of the New York New Haven & Hartford RR. on Oct. 31 and
operation of the remaining section assured until Dec. 31.
Decision was reserved on the application of Guaranty Trust Co., trustee
under a first mortgage executed in 1911 which underlies the issue of the
company's first mortgage bonds, for an interpretation of the terms of the
mortgage.—V. 145, p. 1910.
North
Boston
Lighting
Properties—Six
Units
Seek
to Issue Notes—
National
Supply Co. of Del.—Merger Voted—
Stockholders of this company on Oct. 11 approved the plan of
recapitali¬
National Supply will merge with Spang Chalfant & Co.
zation whereby
into
Pennsylvania corporation to be known
—V. 145, p. 1594.
a
new
as
National
Supply Co.
Nevada-California Electric Corp. (& Subs.)—Earns.—
Period End. Aug. 31—
Operating revenues
Oper. revenue deduct'ns
1937—Month—1936
$485,516
$470,219
266,352
219,407
47,801
53,815
563,712
$5,678,179
2,701,603
602,725
4,962
$196,996
4,153
$2,056,509
105,071
$2,373,850
42,571
$201,149
111,274
$2,161,580
1,336,089
$2,416,242
1,360,444
7,049
1,337
7,177
1,142
85,020
14,294
95,903
13,102
$54,493
$81,556
$726,176
$946,972
Cr3,926
Drl,806
Cr32,357
Drl3,467
Dr4,367
Dr 83 3
$171,362*
Net oper. revenues...
Other income
Gross income...
Interest,.
....
Amort, of debt discount
and expenses
income
deduct'ns
Net income
Profits on retirement of
bonds & debentures
Other
misc.
$5,679,279
3,059,058
$176,325
113,445
Depreciation
Misc.
1937—12 Mos.—1936
debits
credits to surp.
&
(net).
.
Cr23,449
Dr5,313
Earned
surplus avail,
redemption
of
for
Six
subsidiaries of the company,
Association,
a
subsidiary of New England Power
registered holding company, have filed declarations with the
Exchange Commission under the Holding Company Act
covering issuance of 3 % notes to their parent to cover previous advances by
the parent.
The declarations follow:Securities
a
and
Gloucester Electric Co., Boston (43-79), $235,000.
Beverly (Mass.) Gas & Electric Co. (43-80), $650,000.
Maiden (Mass.) Electric Co. (43-81) $200,000.
Suburban Gas & Electric Co., of Revere, Mass.
(43-82), $785,000.
Salem (Mass.) Gas Light Co. (43-83) $425,000.
Haverhill (Mass.) Electric Co. has filed an amendment to its declaration
(43-77) increasing the amount of such notes from $674,375 to $1,014,375,
the amendment covering $340,000 of obligations held
by North Boston
Lighting Properties.
North Boston Lighting Properties has previously filed a declaration
(43-76) covering the issuance of $13,000,000 of secured notes, 3Ya.% series
due 1947, proposing to use the proceeds for the repayment of bank credits
and notes and to advance $674,375 to Haverhill Electric Co., which in turn
in its declaration (43-77) proposed to use this sum for the redemption of its
outstanding bonds in that amount.
Opportunities for hearings in these matters will be given Oct. 18.—
V. 145. p. 2235.
Northern
RR.—Abandonment—
The Interstate Commerce Commission on Sept. 24 issued a certificate
permitting abandonment by the Northern RR. of its Bristol branch ex¬
tending from Franklin station, in the City of Franklin, to Bristol station,
in the Town of Bristol, approximately 13 miles, all in Merrimack and Graf¬
ton counties, N. H.—V.
135, p. 458.
bonds, divs., &c—.
$54,051
$78,916
$781,983
$928,192
This statement properly omits extraordinary credits and
surplus arising from sale or property, amortization of pension
fund, &c.
(2) The slight change in presentation of this statement results
from adoption of Federal Power Commission uniform
System of Accounts,
Jan.
1, 1937.
Comparisons with earlier periods will be approximately
accurate.—V. 145, p. 1746.
Notes—(1)
debits
to
Northern States Power
Co., Del. (& Subs.)—Earns.—
Period End. Aug. 31—
1937—8 Mos.—1936
1937—12 Mos.—1936
Operating revenues_ .—$23,609,913 $22,798,188 $35,659,528 $34,226,071
Oper. exps., maint.
&
taxes
13,776,995
13,273,353
20,726,919
19,610,602
Net oper. rev.
Nevada Central RR.—Seeks Abandonment—
approp.
The company
has asked the Interstate Commerce Commission for author¬
ity to abandon its 92-mile system between Battle Mountain and
Austin,
Nev., because, it says, it is not earning sufficient income for safe mainte¬
nance
of the line and equipment.
The road says the service it formerly
has been replaced by cheaper and
rendered
—V.
superior highway transport.
122, p. 3602.
New
England Telephone & Telegraph Co.—Earnings—
Period End. Aug. 31—
Operating
Uncollect,
revenues
oper. rev
1937—Month—1936
1937—8 Mos.—1936
$6,262,818
$5,968,850 $49,596,510 $47,138,381
20,542
Cr33,614
132,380
55,788
(before
for ret. res.) $9,832,918
63,324
Other income
$9,524,834 $14,932,608 $14,615,469
50,558
84,060
64,831
Net oper. rev. & other
inc. (before approp.
for restire. res.)
Approp. for retire, res.
Grossincome
Int. charges (net)
Amort, of debt disc't
$9,896,241
1,886,667
$9,575,393 $15,016,669 $14,680,300
1,886,667
2,900,000
2,900,000
$8,009,575
2.782,400
_
$7,688,726 $12,116,669 $11,780,300
3,951,858
4,751,243
5,927,084
&
417,953
41,800
expense
Other income deductions
376,191
34,892
607,332
59,673
Divs.
j revenues.
Operating
expenses...
..
..
$6,242,276
4,636,367
$6,002,464 $49,464,130 $47,082,593
4,170.574
35,474,734
33.471,417
on
pref. stock of
sub. held by public...
Min. int. in net income
of sub-_
Net oper.
revenues.
..
Operating taxes
h
$1,605,909
664,808
Net oper. income..
—Y.
145,
p.
$941,101
$1,831,890 $13,989,396 $13,611,176
601,053
5.417,894
4,626,243
$1,230,837
$8,571,502
1746.
$8,984,933
733,333
733,333
45,177
45,177
65,968
68,892
$3,988,911
$3,280,608
$5,899,119
$5,170,126
—
Netincome.-
563,884
50,314
*
Weekly Output—
Electric output of Northern States Power Co. system for the week ended
1937, totaled 26,388,185 kilowatt-hours, an increase of 7.6% com¬
pared with the corresponding week last year.—V. 145, p. 2400.
Oct. 9,
New York Central
RR.—Earnings—
[Including all Leased Lines]
1937—Month—1936
1937—8 Mos—1936
Ry. operating revenues.$30,248,956 $29,938,319 $247801,482 $230970,941
Ry. operating expenses. 23,475,944
22,234,995 186,947,019 174,335,956
Period End. Aug. 31—
Net rev. from ry. oper. $6,773,012
Railway tax accruals.x2,387,684
Equip. & jt. facil. rents.
1,175,527
Netry.
oper.
Other income
income. $3,209,801
1,499,674
r
$7,703,325 $60,854,463 $56,634,985
2,151,202 y22,056,688
17.170,852
1,172,613
9,808,354
11.140,228
$4,379,509 $28,989,421 $28,323,905
1,611,150
14,813,823
13,372,710
Total income
Misc. deducts, from inc.
Total fixed charges
$4,709,475
159,577
4,287,229
Net inc. aft. fixed chgs
Net inc. per sh. of stock.
$262,669
$957,375
$7,011,298
$0.04
$0.19
$1.09
.
$5,990,659 $43,803,244 $41,696,615
151,540
1,168,828
1,059,386
4,881,744
35,623,118
38,269,297
Includes $427,990, account of carriers
Railroad Retirement Act, at 2%% of
x
excise tax in
payrolls.
1936.
No
$0.47
with
charge
:
1937
1936
-$30,838,807
18,425,081
$29,698,037
17,860,235
Net oper. rev. (before approp. for retire. res.)--.$12,413,726
$11,837,802
1,093,022
expenses, maint. & taxes
Other income
1,051,447
Net oper. rev. & other income
for retirement reserve)
Appropriation for retirement
Gross income
Interest charges (net)
Amort, of debt discount & expense
Other income deductions
Netincome
—V. 145, p. 2400.
(before approp.
reserve
$13,465,172 $12,930,824
2,445,874
2,442,290
$11,019,298 $10,488,534
3,895,931
5,075,903
575,561
532,994
50,500
40,292
$6,497,306
$4,839,345
in
Includes $3,324,274, account of carriers excise tax in connection
with Railroad Retirement Act, at 2%% of
payrolls for period. Jan. 1 to
Aug. 31, 1937.
No similar charge in 1936.
y
Co., Minn. (&Subs.)—Earns.—
revenues
$2,367,932
connection
similar
Northern States Power
12 Months Ended Aug. 31—
Operating
Operating
(Charles F.) Noyes Co., Inc.—Accumulated Dividend—
The directors have declared a dividend of 45 cents per share on account
of accumulations on the
6% cumulative preferred stock, par $30, payable
Volume
Financial
145
^Nov. 1 to holders of record Oct. 27.
Similar amount was paid on Aug. 1
last.
A dividend of 75 cents was paid on April 26 last; 60 cents was paid on
Jet). 1 last and dividends of 45 cents were paid on Nov. 2 and Aug. 1, 1936.
Arrearages after the current payment will amount to 90 cents per share.—
V. 145, p. 446.
Old
Colony RR.—Plan for Autonomy Outlined to ICC—
Sale to New Haven Alternative—
In accordance with its announcement to the Interstate Commerce Com¬
mission of several months ago, a protective committee of shareholders
submitted to the ICC on Oct. 12 the outline of a plan for the operation of
the road independently of the New York, New Haven & Hartford RR.
System.
The outline, based on a study by Joseph L. White, special adviser
provides also for an alternate course:
sale of the Old
■Colony to the New Haven.
This latter scheme is contained in the New
to the committee,
Haven s own reorganization
plan, filed last June.
The shareholders'
committee, of which Francis R. Hart of Boston is
chairman, said, however, that unless the New Haven's plan was "read¬
justed ' so as to give the Old Colony shareholders a "fair" share of New
Haven securities, they would present to the Commission their own plan for
independent operation.
Under independent operation the Old Colony would establish fast freight
ferries between Newport and New York to connect with Western and
Southern trunk-line railroads.
It would offer to rent to the New Haven
the use of tracks between Boston and Providence, as well as terminal
facilities.
The outline contained estimates of income for the road
as an
independent
property.
The total revenue was estimated at $19,664,000, of which a
little more than $2,000,000 was assigned as earnings of the car ferry.
Other members of the committee are William Dexter, George Peabody
Gardner Jr. and Alexander Whiteside of Boston and E. Sheldon Stewart
and
Eugene S. Taliaferro of New York.—V. 145,
Utilities, Ltd., and has entered into a contract to purchase 1,658 shares or
more than 98.6%
of the issued share capital of Elk Creek Waterworks
Co., Ltd.
Company directly and through ownership of the foregoing
provides the above-mentioned services in communities of total population
^approximately 14,000 persons. The number of consumers served is
.
*
Additional bonds are issuable
in the trust deed, but so that the total bonds outstanding at any one
exceed in the aggregate $600,000.
Earnings—The annual net earnings of the company and its
before provision for interest, depreciation and income taxes
Gold Mines,
as
Purpose—Proceeds will be used for the acquisition of shares of Elk Creek
Waterworkds Co., Ltd., for redemption of the 7% bonds of that company
outstanding, and for other corporate purposes.
Sinking Fund-—Trust deed will provide for semi-annual sinking fund
all bonds redeemed by operation of
sinking fund, the first of such payments to be made on April 1, 1938.
now
payments of $3,000 plus interest on
Pacific
Pacific American Fisheries, Inc.—Pref.
a
Telephone & Telegraph Co.—Earnings—•
Uncollectible oper. rev._
1937—Month—1936
1937—8 Mos.—1936
$5,773,788
$5,355,117 $44,403,544 $41,200,773
23,696
17,100
170,798
136,299
stop order sus¬
(No. 2921) filed
Operating revenues...
Operating expenses
$5,750,092
4,038,451
$5,338,017 $44,232,746 $41,064,474
3,487,169
30,915,983
27,755,792
Net oper. revenues.__
$1,711,641
$1,850,848 $13,316,763 $13,308,682
revenues
a
.
The directors have declared a dividend of 50 cents per share on the class B
stock payable Nov. 1 to holders of record Oct. 21.
This will be the first
dividend to be paid on the class B stock since 1931.—V. 145, p. 1269.
Stockholders at
$44,120
45,679
48,947
59,317
68,109
$32,478 Dec. 31, 1933
35,225 Dec. 31, 1934
36,608 Dec. 31,1935
38,925 Dec. 31, 1936.
41,235 12 mos. end. June 30, '37
42,498
Dec. 31. 1931.
Dec. 31, 1932.
Oliver United Filters, Inc.—Resumes Class B Dividends—
.
subsidiaries
have been
follows
Dec. 31, 1927.
Dec. 31, 1928.
Dec. 31. 1929.
Dec. 31, 1930.
Period End. Aug. 31—
Ltd.—Stop Order—
The Securitity and Exchange Commission has issued
pending the effectiveness of the registration statement
by company, an Ontario corporation.—V. 144, p. 1971.
time
may not
Operating
Old Diamond
Issued
$300,000
180,000
87,850
18,550 shs.
only in accordance with the provisions
Capitalization—
Authorized
5% 1st mtge. coll. trust sinking fund bonds, ser. A.
*$300,000
6% prior preferred shares
250,000
7% 2d preferred shares
200,000
Common shares (no par)
20,000 shs.
2237.
p.
2555
Chronicle
Rent from lease of oper.
71
651,941
586
5,901,338
585
5,075,646
$953,419
$1,198,978
$7,416,011
$8,233,621
Operating taxes.
Stock Issue—
special meeting held Oct. 14, voted to amend the certi¬
71
758,293
property
Net operating income.
—V. 145, p. 2400.
ficate of incorporation to authorize 100,000 shares of 5% cumulative con¬
vertible preferred stock ($100 par).—V. 145, p. 2086.
■
Panhandle Eastern Pipe Line
Co.—Collateral Deposited
The City Bank Farmers Trust Co.,
Pacific
Finance
Corp. of Calif. (& Subs.)—Earnings—
9 Months
3 Months
Period—
Sept. 30 *37 June 30, '37 Sept. 30, '37 Sept. 30, '36
Net profit after charges
and
prov.
for Federal
income taxes
$438,339
Earns, per share on 430,956 common shares.__
$1,267,221
$436,093
$1,322,625
Park &
*
<
$0.80
$0.80
' $2.29
Note—No provision was made in either period for surtax on
$2.58
undistributed
profits.
The
Calif.,
for
current report
a
does not include any earnings from Pacific Co. of
wholly owned subsidiary; that company had an operating deficit
nine
months
of
approximately $45,000.
However, tne above com¬
parable net profit for nine months last year included earnings of $31,500
from the subsidiary.
Total volume of purchases for nine months of this year amounted to
$75,454,966, as against $69,668,285 for corresponding period of 1936.
Total outstandings as of Sept. 30, 1937. amounted to $40,863,576, as
against $41,880,025 on June 30, 1937, and $35,021,359 as of Sept. 30, 1936.
The balance sheet as of Sept. 30, 1937, shows total cash of $7,647,021,
as against $6,866,493 on June 30.
1937.—V. 145, p. 1109.
Pacific
Nov. 15
on
Gas
Electric
&
as trustee under the mortgage and
1937, has notified the New York Stock Ex¬
change that there has been deposited with it to be held as additional col¬
lateral under said mortgage and deed of trust an unsecured one-year promis¬
sory note in the face amount of $500,000, made by Panhandle Illinois Pipe
Line Co. payable to Panhandle Eastern Pipe Line Co. on Dec. 31, 1938.—
V. 145, p. 2238.
deed of trust dated March 1,
Co.—FPC
to
Hold
The
meeting of the directors held July 6, 1937, it was declared advisable
that the present amended certificate of incorporation
a change in the capital of the corporation
from 250,000 shares of capital stock to 300,000 shares of common stock
(par $1) and 40,000 shares of 6% cum. conv. preferred stock (par $50).
The stockholders on July 22 authorized the filing of the amended certificate
of incorporation.
The stock provisions gave the right to preferred stockholders to convert
preferred stock in the ratio of 1M shares of common stock for each share
of preferred stock.—V. 145, p. 1432.
At
and
Parker
Hearing
public hearing Nov. 15 on
six
the north fork of the Feather River
a
The six proposed developments, designated by the
Commission as Project
1391, have an aggregate proposed installed capacity of 368,000 kva.,
the Commission's announcement said.
Rust-Proof
Fed.
a
dam, located about two miles
a tunnel about
18,000 feet in length; and a powerhouse with installed
capacity of approximately 59,000 kva., operating under a static head of
about 295 feet.
(3) Rock Creek plant, consisting of a dam, located about a quarter-mile
downstream from the mouth of Chambers Creek, about 55 feet in height,
creating a diversion reservoir with maximum water-level at about elevation
2,030; a tunnel about 25,000 feet in length; and a powerhouse, located near
the mouth of Rock Creek, with installed capacity of approximately 72,000
kva., operating under a static head of about 370 feet.
(4) Cresta plant, consisting of a dam, located across the north fork just
downstream from the mouth of Grizzly Creek, about 125 feet in height,
creating a diversion reservoir with maximum water-level at about elevation
1,660; a tunnel about 17,000 feet in length; and a powerhouse with installed
capacity of approximately 64,000 kva., operating under a static head of
common
$229,303
Film
Pathe
Water
Co.,
Ltd.—Bonds
Offered—
series A at 95^ and int. to
.
Penman's, Ltd., Montreal—Earnings—
Depreciation
140,000
140,000
1934
$5,193,194
x637,407
140,000
Bond interest
110,000
60,000
13,050
110,000
50,000
13,050
Sales
Profits
Bad debts, &c., written
off
1935
$5,230,935
x613,215
110,000
-
140,000
—
■
49,765
y4,799
y6,056
22,030
Contribution—Canadian
5,003
Red Cross
$306,240
Net income
Pref. dividends
64,500
193,554
(6%)
Common dividends
--—-
—
$274,591
$277,512
64,500
193,554
$295,366
64,500
193,554
64,500
193,554
$19,458
1,412,706
x Includes
income from investments of $1,209 in 1936, $792 in 1935
and $7,423 in 1934.
y Bad debts only.
$48,186
1,514,742
Surplus
Total profit and loss
$16,537
1,429,244
$37,312
1,466,556
Balance Sheet Dec. 21
$4,642,439 $4,721,776
Fixed assets
sink. fd. require¬
Deferred
7,358
1,100
12,722
543,570
Wages
Surplus
receivable627,083
75,000
602,163
1,569,431
pay.,
incl.
183,359
7,146
144,974
31,565
19,961
1.466,555
1,420,654
Inventory
Total
$7,451,959 $7,376,987
payable..
Total
1,514,742
1,348
$7,451,959 $7,376,987
$1,220,132 in 1936 and $1,104,403
b Represented by 64,518 no par shares.—V. 143, p. 2530.
After reserve for depreciation of
1935.
prov. for taxes.. /
Bills
Call loan
a
1,776,50Q
742,048
10,907
in banks
n
2,150,600
1,747,500
Reserve account..
742,046
594,740
prepaid expenses
Cash on hand and
Accts.
$1,075,000 $1,075,000
2,150,600
Accts.
charges,
1935
(par
5 Yi%
1st
mtge.
sink. fd. bonds..
purch. for
ments, at cost..
stock
b Common stock..
1
marks, &c
1936
TAaWUies—
Pref.
$100)
trade-
Goodwill,
Bonds,
1935
1936
Assets—
yield 5ZA%.
due Oct. 1, 1957.
Prin. and int. (A. & O.), payable
in lawful money of Canada, at shareholder's option at any branch in
Canada (Yukon Territory excepted)
of the bankers of the company.
Coupon bonds in denoms of $500 and $1,000 and are registerable as to
principal.
Bonds callable at option of the company on any int. date on
30 days' notice ^t 103 and int. up to and incl. Oct. 1, 1942; thereafter at
102 and int. up to and incl. Oct. 1, 1947; thereafter at 101 and int. up to
and incl. Oct. 1, 1952; thereafter at par and int. until maturity.
Trustee
Canada Permanent Trust Co.
In the opinion of counsel these bonds will be a legal investment under
the Canadian & British Insurance Companies Act, 1932, for funds of In¬
surance companies registered under that act.
Company was incorp. in December, 1935 for the purpose of operating
directly and through its subsidiaries, electric light and power, telephone
and domestic water services in the Province of British Columbia.
Company
owns all of the issued share capital of Quesnel Light & Water Co., Ltd.,
Vancouver Island Utilities, ltd., Quesnel Telephone Co., Ltd. and Hope
Oct. 1, 1937;
1933
$5,005,103
549,542
110,000
50,000
13,050
1936
$5,599,931
x640,350
Calendar Years—
a
Dated
Co.—Merged—
Corp.—Contract—
Directors remuneration,
&
$1.71
Negotiations have been compieted between Ned Depinet, President of
Distributing Corp. Frederic Ullman Jr., Vice-President and General
Manager of Pathe News, Inc., and O. Henry Briggs, President of Pathe
Film Corp. resulting in a contract between Pathe News, Inc., and Pathe
Film Corp.
Under the terms of this agreement, which runs for five years
commencing Jan. 1, 1938, all news printing, negative developing and rush
work will be handled exclusively by Pathe Film Corp.
Pathe Film Corp. acquires exclusive 16 mm. and 8 mm.rights to the News
quintuplets pictures and other items of interest in the News library.
This
material will be released by Pathegrams, Inc., a subsidiary of the Pathe
Film Corp.
Pathe Film Corp. also announced completion of plans for a new and
complete laboratory to be situated in the Pathe Building at 35 West 45th
St., New York City.
This laboratory will be fully equipped in all respect
and is designed to offer facilities to Eastern producers in addition to those
already afforded by the Pathe laboratories at Bound Brook, N. J.
Con¬
struction will commence immediately and the plant will start operations by
the first of the year.—V. 145, p. 951.
Foe plant, consisting of a dam, located about 1M miles downstream
from Poe siding, about 180 feet in height, creating a diversion reservoir with
maximum water-level at about elevation 1,100; a tunnel about 3,000 feet
in length; and a powerhouse, located at the upper end of the diversion
reservoir of the Big Bend plant, with installed capacity of approximately
50,000 kva., operating under a static head of about 197 feet.
The power to be developed in the proposed plants, is to be sold by the
company to consumers in the central and northern parts of California and
the projects will be connected to the company's entire generating and
transmission system.—Y. 145, p. 1269.
Power
$738,487
$2.09
RKO
Prov. for income taxes..
Pacific
$901,656
$0.47
Paterson & State Line Traction
about 270 feet.
Lawrence Smith & Co., Ltd., Vancouver, B. C., recentlyoffered $300,000 5% 1st mtge. & coll. trust sinking fund bonds
$204,282
$0.53
shares
Company has been merged with Public Service Coordinated Transport.
(5)
(6)
1937—9 Mos.- -1936
—V. 145, p. 617.
about 290 feet.
Pulga plant, consisting of a dam, located a short distance upstream
from the present Big Bar stream-gauging station, about 35 feet in height,
creating a diversion reservoir with maximum water-level at about elevation
1,370; a tunnel about 14,000 feet in length; and a powerhouse with installed
capacity of approximately 62,000 kva., operating under a static head of
-Earnings—
&c.,
tax.,
without prov. for
undist. prof.
but
(1)
downstream from the Howells plant, about 105 feet in height, creating a
diversion reservoir with maximum water-level at about eleveation 2,325;
inc.
surtax on
diversion
about 650 feet.
(& Subs.)-
Earns, per sh. on 429,498
The proposed developments, in detail, are as follows:
Ho wells plant, consisting of a dam, located about one mile down¬
powerhouse, about 145 feet in height, creating a
reservoir with maximum water-level at about elevation 2,975;
a
tunnel about 25,000 feet in length; and a powerhouse with installed
capacity of approximately 61,000 kva., operating under a static head of
Co.
1937—3 Mos.—1936
Net profit after deprec.,
stream from the Caribou
Camp Rodgers plant, consisting of
a
recommended
be further amended to authorize
Period End. Sept. 30—
The Federal Power Commission will hold
(2)
common
for 290 908 sh&rcs
the application by the company, for a preliminary permit to construct
No.
Exchange has authorized the listing of 50,000
stock (par $1) upon official notice of issuance
stock, making the total amount applied
Stock
in conversion of shares of preferred
Feather River Project—
major hydroelectric developments on
in California.
Tilford, Inc.—Listing—
York
New
additional shares of
Financial
2556
Patino Mines
&
Enterprises Consolidated,
Chronicle
Plume & Atwood Mfg.
Inc.—To
Change Par Value—
The company has notified the New York Stock Exchange that stock¬
holders at a special meeting on Nov. 24 will consider a proposed change in
authorized capital stock from 2,500,000 shares of no par value, to 2,500,000
Postal
The
declared
have
directors
dividend
a
of
25 cents
share
per
on
the
like amount
Dec. 28, 1935, this latter being the first payment made since
when 20 cents per share was disbursed.—V. 145, p. 1795.
Phoenix Securities
The
reports
asset
Phoenix Silk Mfg. Co., Inc .—Files New Plan—
An amended plan of reorganization, dated
Oct. 7, was filed tinder Sec¬
tion 77-B of the
Bankruptcy Act in Federal Court Oct. 11. A hearing on
the plan will be held before Federal Judge Robert P. Patterson on Nov. 8.
A petition filed by the debtor asks that the court find the
company
in¬
solvent and to rule that present preferred and common stockholders have
equity.
no
The amended plan provides that holders of outstanding bonds are to
receive for every $100 principal amount held one 30-year $50 income bond
and three new common shares; holders of outstanding serial notes will
receive
one new
common share for
each $50 principal amount of notes
held, and unsecured creditors will receive one new common share for each
$50 of their claims.
Secured creditors will be paid in full in cash, except those secured cred¬
itors who hold mortgage bond certificates on plants or real estate and
they
will receive "considerably less" than the amount of their
claims, the exact
amount not being mentioned.
The plan provides for the organization of a new company to be financed
by a $150,000 Reconstruction Finance Corporation five-year loan, and
$50,000 additional
mortgages
on
to
be borrowed from outside
sources
1,884,982
1,797,235
15,279,786
14,215,350
$71,547
2,500
40,000
$466,754
40,000
$1,173,593
40,000
626,290
320,000
Total telegraph and cable
by
means
of two
Taxes assignable to oper.
77,046
Operating deficit
Non-operating income..
Gross deficit
Deduc'ns from gross inc.
$99,108; prof$31,803
248,113
239,113
Net deficit
$347,221
Extra Dividend—
The directors have declared
an extra dividend of $1 per share in addition
regular quarterly dividend of 25 cents per share on the common
par value, both payable Nov. 1 to holders of record Oct. 20.
See also V. 144, p. 2671.—V. 144, p. 2842.
2842,
the
to
stock,
np
R. C. A.
Communications, Inc.
•
Gross income
Other deductions..
2,809,733
2,676,588
$42,602
33,563
36,395
1,000
18,726
$682,921
258,471
$260,218
265,259'
307,665
Uncollect, oper. revenues
Taxes assignable to oper.
$95,508
31,948
36,864
6,000
42,616
Operating income
Non-operating income..
$41,976
71,054
$20,045
48,079
$342,530
607.712
$113,031
28,539
$68,124
29.644
$950,242
228,214
$430,789
254,952
$84,491
$38,480
$722,028
$175,837
787,118
Net tel. & cable oper.
Other operating revenuesi
Other operating expenses
$98,057
27,468
9,558
Federal income tax.
Net income to surplus
$61,031
60,420
Dividends paid
$2,936,805
324,153
revenues
.......
1937—8 Mos.—1936
$3,492,654
367,724
$76,448
21,609
Net operating profit.
Earnings—
1937—Month- -1936
$463,233
$366,755
expenses
$863,566
Cost of goods sold, selling and general
expenses, depreciation
and taxes (other than income)
$1,055,883
$2,133,260
Public Electric Light Co., St. Albans, Vt.—Bonds Sold
Privately—Ail issue of $350,000 1st mtge. bonds, series C,
434%, was sold privately in September, which together with
$250,000 likewise placed privately in March, last, brings
the total outstanding up to $1,900,000.;—V. 144, p. 2842.
Tel. & cable oper. revs..
Total tel. & cable oper.
Net sales
$207,310
$170,783prof$835,398
1,891,281
1,962,477
—V. 145, p. 1913.
Period End. Aug. 31—
Corp.-—Earnings—
Income Account for Year Ended Dec. 31, 1936
Other income.
_
„
$199,536prof$813,593
28,753
21,805
$103,051 prof$29,047
3,944 \
2,757
certain plants and real estate.—V. 145, p. 2401.
Pictorial Paper Package
_
operating expenses—
Net telegraph & cable
Corp.—Asset Value—
net
$15,746,540 $15,388,943
$1,868,782
ating revenues
Sept. 15, 1931,
value as of Aug. 31 was $10,862,996,
equal to $8.39 a common share, against $10,107,666, or $7.48 a common
share, on Aug. 31, 1936.-tV. 145, p. 447.
company
1937—8 Mos.—1936
1937—Month—1936
$1,862,976
operating revenues.def $22,006
Uncollectible oper. revs4,000
stock, par $1, payable Dec. 15 to holders of record Nov. 12.
A
was paid on Dec. 1, 1936, and compares with 20 cents paid on
common
Co.'—Stock Increase Voted—
Telegraph Land Line System—Earnings—
Period End. Aug. 31—
Telegraph & cable oper¬
Corp.—To Pay 25-Cent Dividend—
1937
16,
Stockholders at a meeting held Oct. 11 voted to authorize an issue of
4,000 additional shares of company stock in the ratio of one new for each
\2lA shares at $25 a share.
Record and payable dates will be announced
later.—V. 145, p. 2402.
shares, par value $10.—V. 145, p. 2086.
Pennroad
Oct.
•
Gross income
Deduct, from gross inc
301,315
18,000
279,548
8,000'
128,724
-
$81,088
349,701
Balance Sheet Dec. 31, 1936
Assets—
Cash
on
a
$41,604
50
Accts. receivable (trade)...
Inventories (at cost)
Other current assets
b
....
Property, plant <fc equlpm't
Deferred charges
182,383
Total
Notes payable—banks.
Common stock (par $5).
Capital surplus
528,500
7,925
222,588
8,850
Earned surplus
reserve
—V.
145, P.
1914.
Riverside Silk
71,223
Mills, Ltd.- -Earnings—
Calendar Years—
Net
1936
and taxes
Divs.
x$80,941
112,500
class A stock
on
for bad debts of
Total..
$712,901
b After
$13,390.
reserve
tion of $462,615.—V. 145, p. 2401.
for deprecia¬
Surplus.
Previous surplus..
Tax adjustment.
....
.
Balance
Pittsburgh Brewing Co.—Accumulated Dividend—
The directors
have declared a dividend of $1 per share on account of
accumulations on the $3.50 cum. pref. stock, no
par value, payable Oct. 29
to holders of record Oct. 18.
A like amount was paid on Aug. 16, last and
with 50 cents paid on June 10, last $1 paid on Nov. 20,
1936,
dividends of 50 cents per share were paid on Aug. 18, and June
12, 1936.
Oct. 19, 1935, and on Oct. 20, 1934, this latter being the first disburse¬
ment on the preferred stock since the third
quarter of 1920, when a regular
quarterly dividend of 87cents per share was paid.—V. 145, p. 618.
compares
Pittsburgh & Lake Erie RR.—Earnings—
Period End. Aug. 31—
Net
revenues.
expenses.
1937—Month—1936
1937—8 Mos.—1936
$1,997,948
$2,000,468 $16,574,741 $13,642,806
1,459,425
1,453,673
13,114,160
10,539,578
from ry. oper.
tax accruals
$538,523
Railway
Equip.& jt.fac.rents—Cr
Net ry. oper. income.
Other income
rev.
xl78,745
187,218
$546,795
168,250
153,744
$3,460,581
xl ,457,458
1,409,039
$3,103,228
1,148,231
1,357,964
$546,996
13,387
$532,289
14,658
$3,412,162
260,740
$3,312,961
117,252
Total income
Misc. deducts, from inc.
Total fixed charges
$560,383
66,140
3,382
$546,947
71,161
5,434
$3,672,902
39,938
$3,430,213
535,780
56,141
Net inc. aft .fixed chgs
Net income per share of
$490,861
$470,352
$3,195,416
$0.54
stock (par value $50).
x$75,044
60,000
$53,637
30,000
$15,044
481,979
$23,637
458,755
437,548
$19,912
397,022
Dr 840
I>r414
$483,176
x Includes profit
$3,237 in 1934.
on
$516,094
$497,022
$481,979
sale of bonds of $2,861 in 1936, $2,962 in 1935 and
Balance Sheet Dec. 31
Assets—
Cash
1936
Dom.
1935
$24,541
$21,102
48,375
54,149
139,545
hand and
on
of
Canada
wages
Dividends A stock
bonds
Accts. & bills rec_„
161,927
124,374
104,017
Prepaid expenses.
y Fixed assets
5,338
527,177
5,178
540,004
$891,734
Prov.
$863,996
Total
1936
1935
$27,142
Liabilities—
$20,628
15,000
Accts. pay. & accr.
in bank
for
67,500
Federal
13,918
Capital stock
Surplus
300,000
300,000
483,176
516,094
$891,734
$863,996
x
Total
Represented by 30,000 cumulative class A shares (no par) and 20,000
class B shares (no par),
y After reserve for depreciation of $299,312 in
1936 and $264,799 in 1935.—V. 143, p. 3855.
Remington Rand, Inc.—Sales—
This
\
including its new subsidiary. General Shaver Corp..
September sales of $4,100,000 as compared with $3,600,000 in
September 1936, an increase of $500,000 or 14%.
For 12 months ended Sept. 30, 1937, sales totaled $51,100,000, against
$43,457,000 in like 1936 period, an increase of $7,643,000 or 18%.—V. 145,
p. 2088.
company,
reports
Republic Natural Gas Co. (Del.)—Initial Dividend—
The directors have declared
$3.70
$3.29
Includes $31,994 for the month of August and
$240,329 for the eight
months ended Aug. 31, account of carriers excise tax in
connection with
Railroad Retirement Act, at 2% % of
payrolls.
No similar charge in 1936.
—V. 145, p. 2240.
common
x
an initial dividend of 10 cents per share on the
stock, payable Oct. 25 to holders of record Oct. 20.—V. 145, p. 1434
Retail
Properties, Inc. (& Subs.)—Earnings—
Earnings for 6 Months Ended Aug. 31, 1937
Gross income—Rents
Operating expenses
Pittsburgh United Corp.—Decree Sustained—
,
Taxes and insurance
The Common Pleas Court at Pittsburgh Oct. 11 ruled
of the corporation shall be redeemed in
com.
that preferred stock
stock of United States Steel
Corp. at the rate of $111.25 a share for the latter stock.
(While this ruling
was being handed down the Steel
issue list a new low for the year on the
New York Stock Exchange, closing at $66 a
share.)
The principal asset of Pittsburgh United which the
trustee, Peoples
Pittsburgh Trust Co., is directed to pay out is 108,402 shares of common
stock of U. S. Steel that the
company took in payment when Steel bought
the predecessor corporation. Oil Well
Supply Co. in 1930.
Since action was first brought by preferred stockholders
seeking liquida¬
tion of their shares following sale of the predecessor
company in 1930, the
value of the 108,402 shares of common stock of Steel has varied between a
low of $2,303,643 in 1932 and a high of $21,504,898 in 1930.
In July, 1937
Judge Elder W. Marshall, in Common Pleas Court ruled that the preferred
issue should be liquidated, payment being made in common
stock of United
States Steel at the Feb. 27, 1937 closing price of $111.25 a share.
This figure arbitrarily places a value of $12,059,723 on the
of Steel for liquidation and during September
108,402 shares
Pittsburgh United preferred
stockholders argued against that figure because Steel was
selling around
$104 a share at that time and the 108,402 shares were really only worth
$11,273,808 on the market, or $785,915 less, they claimed.
Closing quota¬
tion of $66 (Oct. 11) represents a drop of
$4,905,191 under the price selected
by the Court.—V. 145, p. 1433.
Administrative
Pleasant
Valley Wine Co., Inc.—Earnings—
Period End. July 31—
&
1937—3 Mos—1936
Fed.
inc.
taxes
on
but
$6,399
loss$4,171
$42,463
$19,980
Earns, per share on 250,sns.
cap.
$1)
—V.
144,
p.
179
70,865
30,531
9,872
Depreciation
Amortized debenture discount
Net
loss
$13,688
There is no interest to be distributed
above period.—V. 145, p. 2404.
Richfield Oil
on
the series B debentures for the
Corp.—Securities Listed—
The New York Stock Exchange has admitted to the list the common stock
(no par) and the 15-year 4% sink, fund conv. debentures, due March 15,
19o2.
The
Exchange has suspended from dealings Pan American Petroluem Co.
1st mtge. 15-year conv. 6% sink, fund bonds, due Dec. 15, 1940, and
certificates of deposit for 1st mtge. 15-year conv. 6% sink, fund bonds,
due Dec. 15, 1940, and Richfield Oil Co. of Calif., 1st mtge. & coll. trust
bonds, series A 6%
due May 1, 1944 and certificates of deposit for
bonds, series A 6% conv. due May 1, 1944.—V. 145,
conv.
1st mtge. & coll. trust
2088.
Combined gross sales for nine months ended Sept. 30, 1937, were $2,192,193, comparing with $1,987,912 in like 1936 period, an increase of $204,281,
or 10.3%.—V.
144, p. 4197.
-
4021.
Rock
Island
&
Dardanelle
The Interstate Commerce
stk. (par
—
$97,758
undist.
profits
000
...
$179,131
18,763
45,961
16,649
Robert Reis & Co.—Sale—
1937—9 Mos—1936
profit after charges
before surtax
expenses
Operating profit
Other expenses—Net
Debenture interest (excl. series B debentures).
P.
Net
12,275
Income taxes
m
x
$2,838,292
$0.57
....
1933
1934
x$79,912
60,000
def$31,559
516,093
Drl ,359
Inventory
Ry. operating
Ry. operating
1935
after deprec.
earns,
1
$712,901
After
$50,000
29,565
25,688
Accounts payable
Accrued liabilities
248,051
9,373
Patents, trade-marks, &c
a
Net income
Liabilities—
hand & In banks
Investments (at cost)
$0.02
Nil
$0.17
$0.08
Commission
Ry.—AbandonmentV—
on
Sept. 22 issued
a
certificate
permitting abandonment by Frank G. Lowden, James E. Gorman, and
Joseph B. Fleming, trustees of the Rock Island & Dardanelle Ry., as to
interstate and foreign commerce, of a line of railroad of that company in
Volume
Yell
Financial
145
County,
Ark.,
and
abandonment
operation thereof by them as
Chicago Rock Island & Pacific Ry.
extending in a northerly direction from a connection with the
Oklahoma Gulf RR. (subsidiary of the Rock
at Ola to a point at or near Dardanelle, 13.92 miles, all in Yell
trustees
Balance Sheet Dec. 31
of the
Said line
main
line
Island)
2557
Chronicle
of
of the Choctaw,
County, Ark.
Assets—
$287,160
837.679
726,670
Offs.& em pis. accts
47,793
142,034
$86,070
64,679
100,454
145,630
145,030
Inventories
a
Life Insurance..
c
1934
1933
$4,512,265
359,824
53,584
$3,865,837
$3,391,724
199,312
29,606
$306,240
68,409
73,854
$169,706
56,963
$107,606
56,556
1935
$5,081,117
386,469
x67,000
$319,469
52,962
202,686
_
Sales
Net profit
Federal income tax
11,298
31,618
Accrued accounts.
($100 par)
Common stock ($5
66,517
66,210
7.264
7,556
Improvements to
leaseholds
124,606
17,000
1936
$120,876
payable.
375,111
13,657
b Property & equip
Roos Bros., Inc.—Earnings—
Accounts
44,946
423,181
Other assets
Calendar Years—
Deferred charges..
7% cum. pref. stk.
6,100
par)
67,375
Common stock dividends
$63,821
—
Earnings
per
share
common stock
of pref.
on
$112,743
stock—
$1,713,526
Cash value of
$1,505,6251
policies,
821,536
$1,713,526 $1,505,625
Total.....
b After allowance for depreciation,
c
After
$51,050
$1.48
$163,977
$0.67
•
nn
$2.97
$3.62
Including $8,823
Assets—
undistributed profits.
surtax on
1936
Cash...
1935
19,973
1,043,473
5,808
$214,166
39,240
$197,869
30,512
21,289
Mdse. orders
10,891
rec
Inventories
17,210
Fed. & State taxes
accrued
100,331
163,661
127,818
—
233,730
1,022,942
793,445
33,777
26.318
Preferred stock
Prepaid
expenses,
48,427
56,569
y
Fixtures <fc equip.
401.248
265,633
20,000
14,843
20,000
14,209
Own ins. reserve..
30,708
725,628
30,708
1
1
Res. for conting..
25,000
25,000
Other assets
Goodwill
Total
Miscell. curr. liabs
80,000
-—$2,883,017 $2,692,5351
321,616
385,436
725,628
Earned surplus
z
1,000,000
80,000
1,000,000
—
Common stock.
Capital surplus.
$2,883,017 $2,692,535
Total
X, ^f^eT-^0c^ucting reserve for depreciation and amortization of $496,427
($510,077 in 1935).
y Represented by 80,000 shares (par $1) in¬
cluding 6,296 shares held in treasury,
z After deducting 1,852 shares of
preferred stock and 6,296 shares of common stock purchased and held by
i
In 1936
company at cost of $144,630.—V. 143, p. 3856.
Calendar Years—
Field and concession
1936
1935
1934
1933
$98,321
5,278
65,604
5,339
$82,179
8,484
60,490
$87,374
19,140
65,648
9,399
"l"l",036
l"l",022
$74,756
12,995
53.721
28,078
12,785
$183,943
$162,190
$183,183
Liabilities—
Miscellaneous
Int., divs. & disct. rec'd.
2,845,773
192,600
and admin, expenses__
Prov. for doubtful accts.
174,587
199,043
166,112
12,617
"10,163
"9~,2~17
$3,262
233,269
$14,085
219,184
!
$25,077
194,107
Depreciation
203,412
6,888
9,562
Operating deficit
Res. for unemployment
1,093
$194,107
$219,184
57,934
155,279
Reserve
958,445
Notes payable
Merchandise
981,074
Surplus...
Treasury stock
Life Ins.—cash
surr.
Total
value...
.....
$6,809,286
.
1935
Russ Building Co., San
Calendar Years—
$1,800,000 $1,800,000
2,284,773
2,284,773
1,998
Accounts payable.
1,361
2,217
Accrued expenses.
3,339
Capital stock
Paid-in surplus
a
136.847
136,847
57,656
53,253
40,209
109,587
securs.
50,899
76,274
Deferred
Bond & mtge. loan
Invest,
in
Motor
75,000
75,000
Deficit
Develop. Corp..
Notes, accts., &c_
19,216
1,289,936
-
Total
$6,809,286
..
Francisco—Earnings1935
1936
1933
19§4.
Miscellaneous
revenue
Oper. expenses & taxes.
Amort. & deprec. of prop
Bond & note int. & amort
16,688
2,560
15,485
4 <343
$764,123
15,164
6,260
$809,784
510,085
79,956
Garage
$750,107
506,127
79,936
$748,598
547,415
71,078
$785,548
559,424
71,032
^
of disct. and expenses.
219,513
222,646
219,771
222,803
Net income for year—
$229
x$58,602
x$89,666
x$67,711
Indicates loss
x
Condensed Balance Sheet Dec. 31
Impts.
to
$
6,192,250
42,212
71,931
Ref.
33,177
43,242
Contract payable.
14,602
31,778
35,317
17.167
3.750,000
7,950
35,317
248,327
Accr. Int. payable-
4.125,000
3,750,700
3,290,000
3,500
Accts. pay. & accr.
217,727
Cash with trustee-
4,125,000
171,001
64% income
7,478
deposit
notes rec.
.....
exps.
Deferred charges..
Excess of par value
134,500
7,478
18,015
122,210
111,641
17,880
112,208
111,870
134,500
notes
hand and
Organization
$
$
3,750,000
Common stock... 3,750,700
1st mortgage 6s— 3,290,000
3,500
5-year 6.4 % notes
6,122,739
39,362
169,082
175,977
Leasehold
on
Liabilities—
6% pref. stock
leased
property
on
1935
1936
1935
$
Assets—
expenses
Deficit-.
67,500
Inventories
300,000
—
$784,505
23,876
1,402
Revenues—Rentals
Investments
1935
1936
Liabilities—
$3,383,790
512,114
2,204,311
Reserve for machinery
—Y. 145, p. 2243.
Accts. &
Consolidated Balance Sheet Dec. 31
Assets—
1936
b Plant property .$3 ,385 203
ins
for depreciation..
Accounts receivable
Cash
$233,269
$236,531
$37,528
156,579
81
1,750
485,210
Bonds
Mach'y & equip..
Net loss..
Previous deficit
$2,500,000
Capital stock.
Contingent discount
Reserve for Federal taxes..
1936
Oper., maint. and gen'l
Treasury stock
Deferred charges..
$1,132,969
Machinery
$182,335
rev.
revenue.
School revenue
Total revenue
Ai SS€t 5"**"™*"'
Real estate and buildings
Total
Roosevelt Field, Inc. (& Subs.)—Earnings
1936
Balance Sheet Dec. 31,
Cash
Life ins. surr. val.
Lease deposit
$2,593,897
33,563
1935
1936
Mdse. & gen. cred.
829,181
Earnings for Year Ended Dec. 31, 1936
Profit.
Dep. on sub. leases
receivable
Other accts.
$656,314
79,443
accts.
Royal Weaving Co.—Earnings—
Net sales
Liabilities—
$213,053
Securities..
Customers'
Flight
Total
a
Balance Sheet Dec. 31
x
214,380
Surplus from conv.
allowance for amortization.—V. 145, p. 1914.
Balance
x
67,375
219,770
970,047
Paid-in surplus...
Earned surplus—
Net income
Pref. stock dividends
1935
1936
Liabilities—
1935
1936
$320,280
Cash
Cash
Marketable
Total
8,800
236,531
233,269
proe. from
capital stock...
over
9,090
credits..
Total
...10,964,762 10,954,397
16,166
Russell Motor Car Co.,
21,842
21,259
$3,864,8101
$3,861,742
$3,861,742 $3,864,810
Total
Represented by 360,000 $5 par shares.
and reserve for revaluation of
property of
in 1935.—V. 143, p. 2067.
a
b After reserve for depreciation
$602,644 in 1936 and $632,517
1934
1933
$151,567
$111,811
$65,534
$37,372
Preferred dividends
132,040
100,000
53,000
51,000
$11,811
429,877
$12,534
417,343
def$13,628
430,971
Calendar Years—
Net sales
$441,688
$429,877
$417,343
Common dividends
$449,215
1935
$3,267,870
2,661,113
$485,988
5,157
$606,757
3,235
Accts. receivable..
Bonds <fc pref. stks.
of Industrial cos
$491,146
29,350
112,858
$609,992
25,135
102,409
Common stocks of
$348,938
6,227
Bank
Balance Sheet Dec. 31
1936
1935
$18,050.
32,902
$46,807
28,778
232,625
249,843
186,693
164,612
27,713
26.417
38.476
.
Total income
...
;
General & administrative
expense
Depreciation
Depletion
95,957
6,690
$482,448
57,494
155,112
7,842
Prov. for Fed. & State income taxes (est.)
39,900
36,800
$200,163
$225,199
77,875
Miscellaneous expenses (net)
2,469,162
2,469,162
Net profit
Extraordinary non-recurring loss
.......
Net profit for year
Dividends on $1.20 div. conv. pref. stock
Dividends paid on common stock
$200,163
49,164
168,022
$147,323
24,762
Assets—
1936
a
Notes
Accounts payable-
$283,072
162,783
172,520
489,946
50,000
149,842
Accrued liabilities.
Unpaid dfvldends.
75,139
12,283
80,194
receivable
expenses.,
10,762
108,000
673,404
50,000
11,168
b Conv. pref. stock
8,001
10,000
18,390
10,000
Inventories
Cash in
Prepaid
escrow
Invest, in affil.
c
1936
Liabilities—
1935
$321,358
Accts. receivable
co.
Leasehold prop.,
Ac
d Prop.,
plant
equip
Goodwill.
170,942
5-year 6% notes..
$1.20
dlv.
conv.
pref.
-
131,842
Com. stk. ($1 par)
Capital surplus...
e Excess of par val.
747,205
Operating deficit.
Approp. surp. sink¬
&
690,751
1
1
—
68,513
12,313
84,090
ing fund res
832,900
336,045
856,900
336,045
715,618
715,618
cos..
furniture
199",762
$2,121,2111
18,611
$2,149,956 $2,121,211
a After reserves,
b Of the Root Petroleum Co. at cost, acquired for
sinking fund,
c After reserve for depletion, depreciation, and doubtful
leases of $485,905 in 1935 and $103,248 in 1936.
d After reserve for de¬
preciation of $1,308,624 in 1935 and $1,274,173 in 1936.
e Over cost of
1,200 shares of $1.20 dividend convertible preference stock of the Root
Petroleum. Co. canceled.—V. 145, p. 954.
•
$2,149,956
Rose's 5, 10 & 25-Cent
Total...
Stores, Inc.- -Earnings—
Calendar Years—
Profit for th e year
Provision for income taxes
Provision for surtax
Net profit
1936
$411,069
76,198
26,441
Surplus
Shs. com. stock outstanding ($5 par).
Earnings per share
1934
$363,080
69,635
count—
441,689
1
$3,005,622 $3,024,096
Total
Total.....
$3,005,622 $3,024,096
—V. 144. p. 118.
Rutland
RR.—Earnings—
oper. revenues.
oper. expenses.
Net revenue from rail¬
way operations
Railway tax accruals
Equip. & joint fac. rents
Net ry. oper. income.
Other income
Total income
Total fixed charges
1937—Month—1936
$307,705
$311,045
270,316
265,692
1937—8 Mos.—>936
$2,404,041
$2,251,170
2,178,472
2,115,592
159",9§I
$293,445
17,101
60,605
$148,449
29,126
$10.59
$218,979
29,006
$10.06
$215,739
24,242
$11.40
$45,353
13,435
$37,389
x24,222
CV2,207
$15,374
Dr80
"$31,838
3,949
3,791
$19,323
$35,629
$225,569
xl87,103
Crl0,369
$135,578
103,839
$48,835
30,272
$30,920
47,063
Dr819
469
265
33,901
34,138
$79,107
3,142
272,496
$77,983
4,621
274,363
$15,047
prof$l,226
$196,531
$201,001
^
Net deficit after fixed
the month of August, and $38,265 for the eight
account Carriers Excise Tax in connection with
Railroad Retirement Act, at 2 % % of pay rolls.
No similar charge in 1936.
—V. 145, p. 2243.
Includes $4,866 for
months ended Aug. 31,
x
Ruud Manufacturing Co. (&
Calendar Years—
Operating profit
Other charges (net)....
Prov. for depreciation..
Extraordinary charge—
Prov. for est. Federal &
State taxes
$308,666
16,775
72,912
$308,430
Preferred dividends
Common dividends
1935
$378,555
69,888
1,200,000
800,000
&
fixtures
charges
Total
556,407
1,200,000
800,000
449,215
—
and
Misc. deduc'ns from inc.
11,736
235,014
37,981
_
$556,407
ments, &c
Common stock...
1935
$228,883'
stock ($20
par)
subsidiary
Office
Railway
Railway
$384,249
a
allied
Period End. Aug. 31—
Consolidated Balance Sheet Dec. 31
Cash
stocks
In
$26,000
and unpaid
Res'ves for invest¬
Profit and loss ac¬
Com. stks. of ry. &
Inv.
Dividends declared
Preferred stock
industrial cos...
public utility cos
Net operating profit.
1935
1936
Liabilities—
38.476
Assets—
Cash
expense-
$7,526
Total surplus-
1936
3,158,671
Gross profit
Other operating income
12,000
441,689
$3,644,659
Cost of sales
1935
1936
Balance, surplus
(& Subs.)—Earnings—
Ltd.—Earnings—
■Calendar Years—
Net profit for year
Prior surplus
Root Petroleum Co.
Selling
10,964.762 10,954,397
Total.
—Y. 142, p. 4353.
Net oper. profit
Investment income
Net profit for year
Dividends
x
paid
Subs.)—Earnings1935
1936
$73,367
Cr9,308
36,440
29,475
$33,642
6,203
34,769
1933
1934
loss$38,1191
9,019.1
33,569
) Unavailable
xl,912
4,000
$14,847
39,177
los8$l 1,331
44,903
loss$80,708
47,689
$54,025
73,482
$33,573
loss$33,019
104,375
48,988
loss$61,156
92,266
of RuudDividends paid by Ruud Mfg.
Provision has been made for sutax on undsitributed profits
Humphrey Water Heater Co. of Texas.
Financial
2558
of the notes maturing in 1939, 1940, 1941 and 1942, respectively.
Halsey
Stuart & Co.. Inc., is underwriting $1,250,000 of the bonds, $25,000 of the
notes due in 1938 and $20,000 each of the four other note series.
the income of that company.
Consolidated Balance Sheet Dec. 31
Assets—
Marketable
secure.
190,865
1,092,816
7,876
292,889
622,252
4,942
3,920
Accounts payable.
$297,265
1,170,630
9,902
286,312
820,372
37,719
Interest accrued..
Customers'
1935
$89,431
12,837
The other underwriters
6,536
Accrued
for
y
Capital stock...
Surplus
z Treasury stock. .
—
38,779
21,700
618,605
22,000
618,605
2,076,109
Dr6,250
Misc. other assets.
Gas
Nat'l
1,187
Cash in banks and on hand...
Accts. A notes rec., less res...
$67,238
5,733
12,295
417,388
*227,235
Cashsurr.val.oflifeins. policies
Water
inventories...
Heater Co., Ltd.
x
—
Fixed assets
37,657
58,231
(London, Eng.).
Land, buildings,
machinery, Ac..
......
88,486
Miscellaneous assets.........
Patents..........
1
1
Deferred assets...
38,575
payable—banks
payable
—
Accrued expenses...
—
Res. for Fed. Inc. A undistrib¬
$70,000
68,634
4,164
4,820
3,881
y547,110
Surplus....—119,767
uted profit taxes
Res. for red. of prem. coupons.
32,937
$2,830,436 $2,831,8901
...
After depreciation of
sented by 123,721 shares,
x
Rustless Iron & Steel
Period End.
.—.
Gross
$1,213,614
'867,603
$346,011
55,262
42,616
$183,490
37.164
33,330
.......
Gen. & admins, expensei
Research
patent exp
$496,208
101,404
10,767
26,745
.
.
$236,253
$102,229
5,189
$683,453
16,253
The directors have declared a dividend of 37 M cents per share on
Total income—
Inc. deduct'ns, int., &c.
Prov, for Fed, Income &
$241,620
profit taxes....
profit carried to
earned surplus..
Deprec. prov. has been
$107,417
4,267
$699,706
4,765
12,900
120,100
$90,251
$574,841
charged
$228,273
as
general
ministrative
$18,338
$8,712
$52,054
$26,270
739
809
2.310
1,759
$19,077
$9,521
$54,364
$28,029
The
Total——..
—V. 145, p. 1598.
Ryan Consolidated Petroleum Corp.
Calendar Years—
Total
expense..
1934
$173,164
116,996
$167,933
126,676
$112,450
174,322
Comm's
loss$61,872
on
Cash....
Notes A accts.
1935
$54,305
41,294
rec.
Liabilities—
$184,472
31,890
Oil and gas prop.,
with equipment.
3,832,555
4,041,182
Drilling equlpm't.
32,729
32,729
4,350
Warehouse mat'l—
Prepaid A deferred
3,431
$45,029
826,202
1,073,002
Capital stock... 3,200,321
accrued accounts
Reserve for deprec.
Res. for depletion.
x
Deficit-—.......
Treasury stock..
1,174,934
Drb.ZQS
Net
Total——..$3,964,315 $4,296,166
into
(as
Gross revenue.
Other Income.
......
Total income..
...
Int. chgs. & other deduc.
Deprec. and depletion.
_
Provision for Fed. capital
stock tax—...
837,535
$237,099
68,272
$266,184
134,266
$248,658
84,961
$501*964
167,257
108,748
$305,371
212,240
107,418
$400,450
197,028
105.451
$333,619
200,485
107,629
16,950
7,616
2,406
—
income.........
6,517
$209,010
40,575
184,964
Deficit
Barns, per sh. on 92,482
$16,529
shs. com, stk.(par $25)
$1.82
Common dividends—.
1,199,638
477,358
.....
$18,989
46,204
$95,566
41,745
46,241
$78,107
sur$7,580
sur$18,989
Assets—
Cash
U. S
$
.......
Govt, secure.
Other market, inv.
x
After deducting profit on syndicate participations amounting to
Nil
$0.58
Nil
.
z
Loss.
Balance Sheet Sept.
1937
$
'
Cash In banks, on
hand and at call. 2,479,555
Motes A accts. rec.
1936
Liabilit ies-—
780,223
131,665
272,343
134,933
Materials, supplies
A coal on hand.
1037
Liabilities—
c
1,964,061
Prepaid
expenses.
Investments
Sinking
fund
92,592
5,897
43,885
de¬
for redemp. of bonds.
Sundry notes and
429
19
receivable
72,098
73,456
tr.-mks
will A
,
accrued
Int.
accr. on
stock.—.—
develop't-12,284,307 12,264,260
Total
13,771,128 13.799,274
Par $25.—V. 145, p. 777,
St.
$
Taxes
68,025
103,821
72,550
56,691
and Federal
mtge
5%
__
39,431
2,761
3,277
$
9,475,000
2,121,585
2,093,334
Dr.10,755,621Dr2,271,964
exp.,
taxes, Ac—
403,897
12,728 Bank loan—
12,884,440
798,491 Int. accr, A divs.
565,202
payable
Due for sec. purch.
92.820
544,813
Total ——41,872,978
a
339,282
3,884,440
716,098
71,286
39,036,950'
24,992,321 22.607,888
Total
—.41,872,978 39,036,950
Investments owned on March 31, 1931, are carried at the lower of
or market at that date.
Subsequent purchases are carried at cost.
Investments, based on market quotations as at Sept. 30, 1936, or, in the
absence thereof, on their then fair value in the opinion of the corporation,
in excess of the amount shown by $14,052,974, after deducting the
were
50-
year gold bonds. 2,678,000
Reserves..
3,254,953
y Common stock.. 2,312,050
Preferred stock...
762,100
Capital surplus
4,128,974
Total
9,475,000
Surplus
cost
329,178
2,896,000
3,208.303
2,312.050
818,900
4,051,804
345,708
.13,771,128 13,799,274
Joseph Railway, Light, Heat & Power Co.—Under¬
The company has filed with the Securities and
Exchange Commission an
amendment giving the underwriters and redemption
provisions for its
proposed issues of bonds and notes.
258,927. Reserves for
40,748
51,767
accr.—local
1936
stock——
2,121,585
Common stock— 2,093,334
— -
74,057
writers Named—
226,834
se¬
Spec! depos., Ac..
un-
Dividends payable
1st
good¬
1935
e
b Stk.in treas.
1st M.
bonds, Incl.
Earned surplus
y
$
expense
Deferred income
posited
accts.
able. AC
Receivable for
$
$5.50 cum. prior
d $1.50 cum. conv.
16,466
61,075
—f38,564,56l a35941,668
Accts. payable and
presented coups.
94,109
12,449
44,820
Investments
30
1936
$
curities sold
1935
$37,502.
surplus $20,635,249.
(This balance includes capital surplus
1936, and net loss on sales of securities and excess of dividend
distribution over net income to Dec. 31, 1935) and earned surplus of $2,394,498 (this balance includes all income and security profits and losses,
less dividend distribution from Jan. 1, 1936)
Int. A dlvs. receiv¬
$
441,402
500,584
107,188
213,742
1,658,967
y Capital
to Dec. 31,
Deposits in foreign
Consolidated Balance Sheet Dec. 31
1936
055,714
2,042,335
209,606
currencies—
.....
974,641
1,027,860
Bal., sur., Sppt. 30—$24,992,321 $22,607,888 $22,059,880 $22,304,866
loss$21,903
Preferred dividends
1,032,354
$26,669,318 $24,859,829 $23,115,595 $23,963,833
declared:
Assets—'
Net
—
$1,086,193
$354,777
147,187
1,081.952
.
$5.50 div. prior stock.
$1.50 cum. conv. stk.
1933
935,536
-
$25,587,366 $23,827,475 $22,087,735 $22,989,193
above).
Dividends
Rocky Mountain & Pacific Co. (& Subs.)—
1,011,212
27,568
——y$23,029,747 $20,635,249 $22,530,741 $24,527,320
sale of secure-.
2,557,619
3,192,226
z443,006 zxl,538,128
Total surplus
1,196,642
66
1,242
-----
on
Balance
See list given on first page of this
department.-—V. 138, p. 2941.
general exps.,&e_—
1934
1935
$22,529,499 $24,527,254
Net income for 9 months
Anthony Gold Mines, Ltd.-—Registers with SEC—
$1,201,720
$974,641
—
Total
Profit
1937—4 Wks.—1936
1937—40 Wks.—1936
Sates—.$3l,683,983 $28,180,768 $293,288,700 $258,618,005
—V. 145, P. 1914.
1934
$1,027,860
of common stock—...
Safeway Stores, Inc.-—Sales—
1935
$1,248,311
21",736
$1,032,354
Arising from retirement
Period End. Oct. 2—
St. Louis
26,558
$1,081,952
—
convertible stocks
common stock.
of
Earns.—Cal. Years1936
Net sales.—————— $1,551,419
Cost of sales, operating &
$1,195*773
69,577
129,818
$1,259,285
72,323
132,544
Statement of Surplus Sept. 30
Represented by 298,532
St.
$265,368
901,656
28,750
$1,380,135
84,187
172,514
51,762
39,319
1937
1936
Balance, Dec. 31.
.$23,029,747 $20,607,681
Add—Arising from conv.
no-par shares,
y Represented by 891 no-par
shares in 1936 and 1,641 in 1935.—V.
143, p. 1570.
*
income
1934
1935
$238,457
1,017,657
3,171
66,219
187,767
127,315
52,103
Taxes.
$10,433
980,093
1,272.065
3,200,321
1,156.705
Drl0,041
1,543
Total—......$3,964,315 $4,296,1661
,
$1,515,355
—
-—-
Interest—
Accts, payable and
y
charges........
.
1935
1936
underwrites
General expenses
Service fee.
Balance Sheet Dec. 31
1936
$78,413
1,430,369
6,574
—
Total income
1936
$129,940
1,250,195
1937
Sept. 30—
dividends-
duction
Assets—
1937—36 Wks.—1936
$
$
50,388,116 386,344,207 338,732,507
1937—4 Wks.—1936
$
$
Selected Industries, Inc.- -Earnings—
9 Mos. End.
Cash
$41,257
dividend of 40 cents per share on the
15 to holders of record Nov. 5.
last and compares with 30 cents
54,758,329
—
Interest income
Net profit
$56,168
a
Sears, Roebuck & Co.—Sales—
Period End. Oct. 8—
1933
$226,811
147,723
$79,088
have declared
paid on May 15 last; 50 cents paid on Feb. 15 last, Nov. 14 and Aug. 15,
1936; 30 cents paid on May 15, 1936; 50 cents on Feb. 16, 1936; 30 cents
share in each of the three preceding quarters; 50 cents on Feb. 15,1935;
30 cents per share paid on Nov. 15, Aug. 15, and May 15, 1934; 40 cents
on Feb. 15, 1934, and 30 cents per share in each quarter of 1933.
In addi¬
tion, an extra dividend of 30 cents per share was paid on Feb. 15, 1933.
—V. 145, p. 620.
Earnings-
1935
before de¬
of deprec.,
depl, , & drilling exp.
directors
Sales.—.
—V. 145, p. 2406.
1936
Gross income from oper.
oil and gas properties.
,
per
ad¬
&
exp.——
v
stock, par $10, payable Nov.
Similar payment was made on Aug. 14
follows:
Cost of goods sold. .
:■
common
Net
Selling,
2088.
Scotten Dillon Co.—40-Cent Dividend—
29.000
$199,920
p.
$269,982
12,709
41,700
the
stock, payable Nov. 1 to holders of record Oct. 20.
Previously
regular quarterly dividends of 25 cents per share were distributed.
In
addition an extra dividend of 25 cents was paid on Jan. 25, 1937.—V. 145,
common
$258,720
11,262
5,367
.
with
Schwitzer-Cummins Co.—Dividend Increased—
96,173
11,881
$9,498,218
Company had in operation 273 stores on Sept. 30 last, as compared
249 at the end of September last year.—V. 145, p. 1914.
39.910
.......
Net profit from oper.
Miscellaneous income.
excess
$971,670
139,705
121,768
1937—9 Mos.—-1936
$8,929,135
Period End. Sept. 30—
1937—Month—1936
Sales—
——$1,204,133
$1,031,982
and
develop,
$818,376
y Consisting of 3,894 shares
class A stock and 2,000 shares of class B
After reserve for depreciation of $214,954.
Schiff Co,—Sales—
1937—9 Mos.—1936
$1,795,769
$3,375,976
2,404,305
1,299,561
$675,357
491,867
profit on sales-
Selling expense.
x
of pref. stock, 17,856 shares of
stock.—V. 120, p. 3325.
Corp.—Earnings-
1937—3 Mos.—1936
Sept. 30—
Net sales.
Cost of goods sold—....
Total—........$2,830,436 $2,831,890
$716,806 in 1936 and $694,127 in 1935.
y Reprer
z Represented by 1,250 shares.—V. 145, p. 1113-
Total.——.———
$818,376
Total.—.—.......—
Total
■
Notes
Accounts
Capital stock........
309,304
380,113
$12,898
undistributed profits.
Liabilities—
Assets***"'
6,250
2,442
6,250
Ins. div. rec......
Real est. not used.
Burr, kc.;
Balance Sheet June 30, 1937
"MOO
Misc. accts. rec...
Co.; Coffin &
Earnings for Year Ended June 30, 1037
Z)r6,250
Net profit after Federal taxes on income &
Ac.......
&
Schaffer Stores Co., Inc.—Earnings-
2,095,567
Advances to sales¬
men,
Harris Hall
are
E, H. Rollins & Sons, Inc.; F. S. Moseley & Co.; Arthur Perry & Co.;
E. W. Clark & Co.
Each of them is underwriting $500,000 of the bonds
and $10,000 of each of the five-note series.—-V. 145, p. 2243.
con¬
tingencies
rec—
Inventory........
Sees, owned, Ac..
22,434
taxes..—■
Reserves
notes
and accts.
1936
$97,537
Liabilities—
1935
1936
———
1931
16,
The First Boston Corp. is the principal underwriter, underwriting
$1,750,000 of the bonds, $35,000 of the notes, due 1938. and $30,000 each
Co. during 1936 exceeded the estimated income subject to undistributed
profits tax and therefore no provision for such tax has been made against
Cash
Oct.
Chronicle
normal Federal income tax on the unrealized appreciation of investments.
No deduction has been made for liabilities, if any, with respect to Federal
profits tax or surtax on undistributed profits.
Investments having
fair value in the opinion of the corporation of $2,832,830 are pledged as
collateral for bank loan due Dec. 2, 1938.
excess
a
b Represented by 36,394 (15,744 in 1936) units allotment certificates
($1,420,090 in 1936), and 75,456 (9,6^6 in
1936) shares $5.50 cum. prior stock at cost of $7,297,091 ($851,874 in 1936)*
c Par value
$25.
d Par value $5.
e Par value $1.
In addition, there are reserved unissued of shares com¬
mon stock as follows:
1,272,951 for conversion of convertible stock. 307,644
for exercise of purchase warrants and 200,000 for options at $15 per share;
total, 1,780,595.
f Investments owned on March 31, 1931, are carried at the lower of cost
carried at cost of $3,458,530
or
market at that date.
vestments, based
on
Subsequent purchases are carried at cost.
In¬
market quotations as at Sept. 30, 1937, or, in the ab-
Volume 145
Financial
-
■
•.
Chronicle
2559
'
/
,
sence
thereof, on their then fair value in the opinion of the corporation,
were $3,613,307 in excess of the
amount shown above.
The market or
fair value of investments not
being in excess of their cost basis for tax pur¬
(165,442 in 1936) no-par shares after deducting 44 shares in treasury.
f Represented by 20,020 no-par shares.
The income statement for the years ended June 30 were published In
V. 145, p. 2406.
poses, no deduction has been made for any tax liabilities with respect to
unrealized appreciation of investments.—V.
145, p. 2406.
Simpson's, Ltd.—Dividend Elan Canceled—
Selfridge & Co., Ltd., London, England-—Earnings—
Years End. Jan. Zl—
1937
£375,139
11,714
136,589
£355,644
£257,9j3
78,000
100,000
5,680
78,500
£226,836
78,000
100,000
5,671
38,100
£196,862
78,000
100,000
5,696
22,500
£5
Ordinary dividends
£414,190
21,392
134,895
£4,277
sur£5,065
£9,334
Deficit—V.
143,
p.
Stockholders at a special meeting held on April 8, 1937, approved a plan
for the elimination of preferred dividend arrears on the 6 H % preferred stock,
1934
£298,822
78,000
100,000
8,327
112,530
Net profitPreference dividends
Pref. ordinary dividends
Staff part, share divs.
1935
£485.086
40,119
146,145
Profit after expenses....
Debenture interest:—..
Taxes & deprec., &c
1936
(see "Chronicle" of April 10, 1937, p. 2499).
The dividend rate on the
preferred stock was to be reduced to 5% and all arrears canceled.
Holders
of preferred shares were to receive one-half a share of class A and of class B
stock for each preferred share held in consideration of cancellation of divi¬
dends.
However, owing to the fact that a large number of shareholders
living abroad and not voting at the meeting were not in favor of the plan,
it was announced on May 25, 1937, that the directors had decided not to
proceed further with the aforementioned plan.
11,741
147,041
Accumulated Dividends
1572.
In April last the directors declared a dividend of $1.25 per share on the
new 5% cum. pref. stock payable May 1, but due to the cancellation of the
refinancing plan, this dividend has been credited to the old 6 H % pref.
stock and accumulations reduced accordingly.
Accumulations now stand
at $22.62M per
share^-Y. 145, p. 779.
Sharon Steel Corp.—Earnings—
(Formerly Sharon Steel Hoop Co.)
.
„
9 Months Ended
Gross sales
x
Manufacturing
Balance
Sept. 30—
1937
1936
-.-$17,087,201 $14,969505
13,917,934
12,515,633
costs———
$3,169,267
607,221
517,811
58,111
21,375
—
Selling, general and administrative expenses
Depreciation
Ordinary taxes—-
——
Provision for doubtful accounts, &c
Preferred Stock—
on
The directors have declared a dividend of $1.25 per share on account of
accumulations on the 6H% cumulative preferred stock, payable Nov. 1 to
holders of record Oct. 23:
Somerset Union & Middlesex
Lighting Co.—Merged—1
merged into the Public Service Corp. of New
4156, 3512.
The company has been
$2,453,872
780,676
635,078
42,576
63,375
Jersey.—V. 128,
p.
South American Gold & Platinum Co.-—10-Cent Div—
The directors have declared
a
dividend of 10 cents
per
share on
the
capital stock, par $1, payable Nov. 24 to holders of record Nov. 9.
Balance
Other income-
$1,964,749
85,003
$2,049,752
63,146
—340,000
$1,093,235
150,966
118,899
Net profit—...—
———y$l ,646,606
Preferred dividends
174,637
Common dividends-------—.
345,629
Similar
April 23, last, Dec. 10, July 29 and March 30,
1936; Nov. 27, July 25 and April 30, 1935 on Dec. 31, Sept. 25 and May
29, 1934, and on Dec. 12, 1933.—V. 145, p. 1271.
distributions
$932,167
161,068
$823,370
_
.
.
_
—
Profit-—
-
——
Interest, amortization, &c.
Federal and State income tax———..
-
.
made
were
on
Southern Canada Power
12 Months Ended Aug.
Gross earnings
Co., Ltd.-—Earnings—
31—
|
1936
_
$2,292,400
673,079
—
$2,140,753
664,102
277,251
226,905
$1,342,070
1,311,535
$1,249,746
1,299,804
$30,535
Taxes-——
-
1937
,
.
Operating and maintenance expense------
def$50,058
-
—
Net earnings.-—————-—-
Surplus
Shares
x
—————
common
Earnings
per
—
———
$3.79
-
After discounts, returns and allowances,
on undistributed profits.
Int., divs., deprec., bad business-—-
$1,126,339
stock.—.387,773
share
368,359
Before any provision for
y
Surplus.
$1.94
—V.
Federal surtax
Note—The foregoing figures for 1937 do not reflect profit of $7,627 of
joungstown Pressed Steel Co., a wholly-owned subsidiary which was sold
during the period to Mullins Mfg. Corp.—V. 145, p. 2406.
1——
—
145, p. 2407.
Southern
Ry.—Earnings—
„
SHesian-American
Calendar Years—
Interest earned-----Miscellaneous income.—
Total income..
-
Int. & discount on bonds
Admin, exp, and taxes..
Additional
income
tax
for prior years—----
1936
1935
$587,584
$366,712
1934
----
$587,584
357,398
*104,919
$366,712
45 t,678
59,893
9,901
$183,864
$188,861
194,775
329,831
exp_
Net credit to surplus—
x
76,745
$200,274
$140,970
$10,911
No Federal surtax on undistributed income is deemed
payable
1936
1935
©
0
Cash In bank—
494,435
Accts. receivable..
348
Accr'd Int. receiv.
504.710
Bond disc. & exp_.
143,226
42,120
28,885,864
5,745,183
1,554
206,479
7% coll. tr. bonds.
129,610
91,329
Invest,
(pledged).28,735,864
Inv.
(not pledged) 5,220,183
Furn. & fixtures..
1,554
*
"
Accounts payable.
Fed. taxes accrued
Int.
93,116
34,783
bonds
Common stock— 1,000,000
Capital surplus.
9,445,274
Surp. arising from
bonds retired.1,518,545
Earned surplus—. 5,138,001
x
_
Total.
Total
$
.
1,000,000
9,445,274
1,441,800
5,014,472
.34,725,221 35,477,239
on
2,680
288,505
60,900
8,082
2,961
52,590
—_
288.819
57,983
19,058
2,961
23,220
6,550
$306,710
$315,283
Note—No provision has been made in the above statement for Federal
undistributed profits taxes other than reflecting the accrual for the calendar
year 1936 in the figures for the 12 months ended June 30, 1937.-—V. 145,
-
-—— -
292.
p.
Spang Chalfant & Co.—Merger
Voted—
13 approved the plan of recapitalization merging
with National Supply Co.
The corporation, a Pennsylvania
corporation, will be known as National Supply Co.—-V. 145* p. 1915.
Stockholders on Oct.
Spear & Co.
The directors have declared a liquidating dividend of 75 cents per share
the common stock, par $10, payable Nov. 3 to holders of record Oct. 25.
Dividends of 50 cents were paid on Aug. 3, April 30 and Jan. 9 last: $1.25
on
paid
11,670
—
6% bonds.—
due April 1, 1956-
Net Income
Simms Petroleum Co .-—Liquidating Dividend—
was
1,247
10,942
———
this company
.—.34,725,221 35,477,239
Represented by 200,000 no-par shares.—V. 143, p. 1573.
x
$719,513
j.ool
—-—
-,—
Amortization charges.-----—
Federal income tax
— — - - Federal undistributed profits tax-..---——--
159,476
7,804
178,412
150,500
5,345,000
6,230,000
7% coll. trust bds
7% cum. pref. stk. 12,000,000 12,000,000
accr. on
-
Interest on 7% notes
Other interest—
1935
$
$699,103
20,409
-
co.
1936
Liabilities—
-
Federal income tax- —
Federal undistributed profits tax.
Southwestern Public Service Co.:
Interest on 1st mtge. 20-year s. f.
Balance Sheet Dec. 31
A gopfft
-
Subsidiary companies:
Interest charges-
$111,303
by the
income-
Gross
53,598
160.063
167,939
$741,929
Net operating income-----—
Non-operating income
8,164
1936
$2,162,457
1,081,753
63,212
; - -— - -----——-
—-
7
177.791
180,573
—
Federal income)-—-------—
—
Oct.
$732,501
9,427
;
.
Depreciation
369,441
tion with bds. retired.
oo
-
Taxes (other than
$258,137
Adj. of bond disc. &
_
Operating expenses--—.——
40,005
Net loss for year——prof$115,365
Credit to surp. in connec¬
1937
$2,347,888
1,193,812
Gross operating revenues—
Maintenance-
to
(& Subs.)—Earnings
12 Months Ended June 30—
$430,331
610,463
78,006
1
1937—1936
$3,496,888$100,523,85S $92,661,459
$3,512,537
—-
Southwestern Public Service Co.
$419,141
11,189
$403,905
518,989
73,777
—Jan.
Oct.—
1937—1936
Gross earnings (estd.)
—V. 145, p. 2245.
1933
$394,067
9,837
-
Week
Fourth
Period-.
Corp.—-Earnings—
W-:,V
..
July 29,1936; $ Ion Jan. 27,1936;
one
of $1.25 on Oct. 18,1935,
and one of $10 per share on July 5, 1935.—V.
145, p.
1114.
(L. C.) Smith & Corona Typewriters, Inc.—Consoli¬
(&Subs.)—Earnings
1936
1935
1934
$9,851,127
$7,022,148
6,542,806
$6,511,252
6,143,568
13.020
123,898
117,998
108,107
$1,124,941
100,856
$342,424
$141,579
9,557
$1,225,797
$357,870
32,632
176,828
30,111
55,000
$151,136
26,816
20,000
$272,759
$104,320
------------
$1,016,337
80,437
77,344
112,500
Surplus----—--------------
$746,056
Calendar Years—
Net sales——
—---
8,524,146
Costs and expenses--
Prov" for"ioubtfufaccounts
68,060
—-
133,979
Depreciation, &c
Operating income
—
Other income——————
—
15,446
dated Balance Sheet June 30—
1937
a
In
Inventories.
Non-curr.
10,122
2,494,722
2,126,383
3,910,101
_
2,725,822
receiv.
inv.,.accts.
and notes
Other accts.
rec
not
41,990
97.223
129,052
38,941
-----_
300,000
341,959
9,209
763,670
exch—
Dividends payable
2,093
Res.
for
1,600,000
200,311
60,243
523,332
for
10,122
150,989
43,770
21,041
12,926
100
100
branch
office fire Insur.
1,713
and
deferred charges
352,245
c Plants & equip— 1,491,667
Goodwill, patents,
&C_
950,555
Patents, subject to
amortization
6,649
redempt.
of Corona Type.
311,674
1,470,965
Co. pref. stock.
Res.
on
1,000,000
&
for
9,790
111
-
-—----- - -----
&c~—
Net Income-——————
Preferred dividends--
2d preferred
——
dividends.——---
Common dividends- -
-
-
inspect,
con¬
Res. for for. exch.
income for the year 1936 has been taken up in the
Loss for the two months ended Feb. 29, 1936, charged
to capital surplus, $65,116; net profit for the 10 months ended Dec. 31,1936,
carried to earned surplus accumulated from March 1, 1936, $1,081,454, net
income as above, $1,016,337.
(2) Flood losses of March 18,1936, In net
amount of $96,627, have been charged to capital surplus account.
follows:
Balance Sheet Dec. 31,1936
Liabilities—
A. 88€t8~~~~'
band-—.
Instalment accounts receivable (trade)-.----——
Cash in banks & on
155,760
75,986
Deferred income..
136,380
—
a
82,596
Inventories--
477
Bonded
Indebted-
——-
Miscell. accounts receivable—
30,000
Due from officers & employees
Mtges. payable.—
4,030
6% cum. pref. stk-fl,468,720 d2,140,086
e
Common stock.. 3,027,564
1,996,197
585,099
1,575,125
1,005,162
Total———10,050,699
policies,
—
bldgs., fixtures and
insurance
b Land,
631,879
equipment
c
—————
Leasehold Improvement-—
Deferred charges-.——
10,050,699
8,477,136'
6,619,412
1,212,233
36,988
21,499
264,406
to the certificate of incorporation filed Dec. 10, 1935, the 7% cumulative
preferred stock then outstanding, consisting of 22,000 shares of the par
value of $100 each was changed into new $6 preferred stock consisting of
30,000 shares without par value (convertible into common stock at the rate
of five shares for one until Jan. 1, 1938, and thereafter at the rate of four
for one until Jan. 1, 1941), on the basis of one and four-elevenths shares of
new stock for one share of such old stock.
There is issued 25,8* 6 22-11
shares (3,375 shares reserved for exchange of 2,475 shares of old 7% cumuative preferred, $100 par, not yet surrendered,
e Represented by 241,261
—
(trade) -—transit)
Customers'deposits.-.--.—
Accts. pay. (mdse. In
———
Res. for Fed. taxes & coatings
1,787,890
405,781
68,505
d $5.50cum.
pref. stock
$5.50 cum. 2d pref. stock-Common stock (par $1)—-—
e
Capital surplus
Earned surplus—i———
For the
payment of dividends,
b Less payables, foreign subsidiary,
under restriction as to convertibility into United States funds,
c Less
reserves of $3,188,314 in 1937 and $3,011,307 In 1936.
<1 By amendment
$1,850,000
513,973
37,822
286,956
Accruals---——;
122,282
Fed. income tax pay. in 193730,000
Mtge. instalments due in 1937
20,000
Mortgage payable (4%) —380,000
Notes payable
Accounts payable
8,477,136
Earned surplus
a
$449,199
Casb surrender value of life
Capital surplus.—
Total-.
-
Notes: (1) The net
accounts as
bks,
10-year serial debs, 1,575,000
111
Total Income-
Interest,
Federal & State income taxes-
liability
coupon
tract liability—_
Cash deposits with
trustees
res. for
$
pref. stk.
Res,
exp.
—...
other expenses—
Past divs. payable
98,899
subject
to withdrawal—
Prepaid
—
Other accts. payAccrued taxes and
1936
$
Notes payable
Accts. pay. (tr.)
on new
120,550
b Cash rec. & inv.
Cash
553,281
9^7
Accts. & notes rec.
1937
Liabilities—
special
account—-
and
$
582,916
—
Cash
1936
$
Assets—
Cash.
Total—.
-
$10,865,912
475,000
1,950,000
1,875,000
225,000
2,288,705
811,172
Total—,.———$10,865,912
and collection
b After reserve for depreciation of $454,233. c After
amortization of $139,004.
d Represented by 19,500 no par shares,
e Rep¬
resented by 18,750 no par shares.—V. 145, p. 1115.
a
After reserve for doubtful accounts, returns, allowances
expenses
of $350,000.
Spencer Shoe Corp.-—Sales—
Period End. Sept.
30—
Sales
—V.
145, P. 2407.
1937—McmM—l936 ~T 1937—9 Mos.—1936
$664,630-,!^ $861,957
$7,332,644 $5,616,038
Financial
2560
Spencer Trask Fund, Inc.—Net Assets—
net assets as of Sept. 30, 1937, were equal to $17-45
per share, comparing with $19.61
per share on June 30, last.—V. 144,
The company reports
p.
3694.
Ltd.—Earnings—
Standard Clay Products,
1933
1934
1936
1935
Operating earnings
$28,543
$29,712
loss$5,014
Bond interest...--
27,474
27,474
27,474
xl3,634
xll,609
9,724
$12,564
$9,371
772
10,143
$42,212
52,355
$46,128
98,483
$10,143
$52,355
Years—
Calendar
Depreciation-
-—
Net loss
Previous surplus
$26,531
....
1935
$19,750
15,859
24,045
receivable..
Accounts
...
5,960
5,960
Inventory.......
198,194
Property...
896,394
60,000
750,000
4,247
__
2,290
457.900
750,000
772
defl1,792
investments
Other
Good-will
Deferred assets...
.....
'■■■■
/
'
t
■
v
Total
SI ,206,764 $1,217,285
Total
'
■
$1,206,764 $1,217,285
Standard Oil Co. of La.—To
19.024
4,001
1.712
previous tax exemption contracts entered into by the oil company
May 4 involve the expenditure of $3,693,000 for a gas polymerization plant,
a propane dewaxing plant, a propane deasphalting and deresining or acffltreating plant, a phenol plant and a paraflow recovery plant.
These units
are expected to be completed by Jan. 1,1939, and are creating employment
for about 2,000 men in construction.
About 4,000 will be permanently
employed In operating the plants after completion.—Y. 143, p. 1576.
State Street Investment
expenses
236,108
income
Dividends declared
Net
82,498
213,406
$637,813
29,597
145,542
1934
$478,041
18,384
110,712
$1,179,909
1,124,978
Reserve for taxes
—
—
1935
$898,316
811,780
$462,673
555,812
$348,945
451,642
1936
$1,194,221
worth
Number of shares
Net worth per
—V.
share
def$93,139 def$102,697
Sept. 30 '36 Sept. 30 '35 Sept. 30 '34
$86,536
—$44,982,398 $51,101,148 $36,627,481 $24,289,475
499,990
449,930
476,784
398.526
$89.97
$113.58
$76.82
$60.95
Balance Sheel Dec. 31
in
other
1936
1935
$1,500,000 $1,500,000
49
1,147
362
1,417
23,758 Unpaid wages
1,097
1,084
3,060 Taxes accrued
3,928
■
21.287 Unclaimed divs.._
Deficiency..
154,185
135,264
September net sales were $474,920 as compared with $452,233 in Septem¬
$22,687, or 5.0% —V. 145, p. 2089.
Studebaker
of
accounts$l,325,889 $1,267,229 Capital stock
Accounts
of
stocks
102
companies
supplies.
10,815
Accts. receivable..
919
Mat'ls &
Dep. for State ins.
requirements
15,230
37,519
12,257
Cash
Other assets
747
.
522
Prepaid insurance.
$1,351,252 $1,368,384
Total
-V. 142, p.
passenger
and commercial cars during September
as compared with 63,293 units sold
of 1936, an increase of 15.9%.—V. 145, p. 957.
73,335 units
during the same period
payable.
300
...
$1,351,252 $1,368,384
Total
4357.
Toronto Mortgage
Cost of mgt.,
Co.—Earnings—
1933
1934
$314,866
1936
$306,612
1935
$312,348
177,641
183,317
186,215
188,198
$128,970
$128,651
100,693
$130,631
121,616
$129,031
110,964
$250,586
118,380
$239,996
118,380
$229,344
118,380
$219,073
118,380
$132,206
Gross earnings
$121,616
$110,964
$100,693
incl. taxes,
„
int. & all other charges
Net profit
Previous surplus
.
Balance, surplus
.
Balance Sheet Dec.
$318,829
_
88,442
31
<
1935
$45,000
$45,000
101,966
89,273
4,097,632
4,150,219
12,500
12,500
712,327
648,208
127,500
127,518
130.953
134.639
4,863
1935
1936
Liabilities—
1936
premises...
R'l est .held for sale
5,802
Assets—
Office
bonds....
Securities
Stks. fully
Cash
paid-up
$986,500
$986,500
fund
1,165,002
1,165,002
Reserve
Divs.
29,595
29,595
2,919,438
2,910.448
132,20®
121,616
unpaid
Profit and loss ac¬
count
chartered
In
...$5,232,741 $5,213,161
Total
—V.
Capital stock
Current liabilities.
Loans on stock and
$5,232,741 $5,213,161
Total
143, p. 2538.
Trane Co.—To
Corp.—Sales—
Studebaker
totaled 9,541 units, according to announcement released on Oct. 7 by Paul
G. Hoffmann, President of the corporation. Total sales for 1937 amount to
UaMtUies—
1935
1936
Cash in office.....
ber 1936, an increase of
$31,032
17.686
Net loss for the period
Sterchi Bros. Stores, Inc.—Sales—
Sales
$14,991
274
$17,206 write-down on in¬
(incl.
banks
145, p. 1275.
$13,346
ventories caused by obsolescence)
Mortgages
$54,931
Sept. 30 '37
Surplus
$13,620
$14,991
Total loss
Total surplus
Dividends paid
Corp.—Earnings—
1937
$1,499,704
83,687
9Mos.End.Sept.Z0—
$17,258
2,267
Dividends, interest, &c
Calendar Years—
Two
$1,712
3.377
5,520
4,898
1,536
------
5.920
Inv.
months.
Net
Rice property
Salaries-.:.-
Property
Expand—
A $3,000,000 plant expansion program will be undertaken by this com¬
pany under a contract signed on Oct. 14 with Governor Richard W. Lecbe
granting 10 years of property tax exemption to the company on that portion
of its plant involved in the new construction.
IteThis contract, the 53d signed under the State's industralizatfon program
lia$le8s. than a year, brings the total of new industries to the $35,000,000
mark, of whlcu nearly $7,000,000 represents investment by the oil company,
ajpubsidiary of Standard Oil Go. of New Jersey.
According to M. J. Rathbone, President of the oil concern, the present
program will assure the company an adequate, continuous supply of raw
material, insofar as its manufacturing operations are concerned, and also
permit increased marketing of certain new types of products, like aviation
gasoline, for which there has recently been a growing demand.
About 400
men will be employed during the construction period, estimated at eight
Divs. & int. received—_
Western Mine
loss$5,626
Net profit
Loss on exploration:
Assets—
year.—V. 145, p. 2407.
832
2,783
lease
Other
Standard Gas & Electric Co.— Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Oct. 9, 1937 totaled 110,224,791 kwh., an increase of 3.8% compared with the corresponding week
last
Loss due to abandonment of Vellecito
Other income:
...
$8,214
5,669
5,358
--
Loss
r.
$100.—V. 143, P. 1729.
Par
x
Surplus
1935
1936_
$21,539
Office expenses, rent, stationery, &c
Taxes (franchise, capital stock, &c.)
50,000
4,381
Common stock
198,676
897,502
$6,323
2,289
457,900
Funded debt
x
1935
$8,367
payable-
Accrued interest..
3,291
22,000
1,258
receivable...
Bills
Government bonds
1936
Liabilities—
1936
Cash...
Accts.
Tonopah Belmont Development Co.—Earnings—
Income
Nevada Belmont Mine shut-down expense
Balance Sheet Dec. 31
Assets—
bemg regisfor conversion of 60,000
by the pending registra¬
tion.
Originally, the company registered 145,000 snares common Btock in
addition to the 60,000 shares of preferred.
Of the common shares originally
registered, 60,000 were to be reserved for conversion of the preferred ana
85,000 were to have been offered for sale. The offering price of the preferred
will be $25 per share, according to the amendment.
Originally, the initial
offering price of the preferred was given at $25.75 per share.—V. 145, p. 958.
to 60,000, all of which are to be reserved
shares, $1.40 convertible preferred stock covered
tered
Wages, property taxex and expense
Includes depletion.
x
Inc.—Amends Registration Statement
and Exchange
Tilo Roofing Co.,
The company has filed an amendment with the Securities
Commission reducing the number of shares of common stock
Years Ended Dec. 31—
$772
Profit and loss balance def$ll ,792
$7,857
45,000
8,985
16, 1937
Oct.
Chronicle
Pay 25-Cent Common Dividend—
declared a dividend of 25 cents per share on the
stock, par $2, payable Nov. 15 to holders of record Nov. 1.
Simi¬
lar amounts were paid ha each of the three preceding quarters.
A dividend
of 50 cents was paid on Dec. 22, 1936, on the $5 par stock previously out"5,
standing; one of 7 Yi cents was paid on Nov. 15, 1936, and a dividend of 10
The directors on Oct. 11
common
■
—
■
"
Prior
share was paid on Oct. 15,1936, on the $5 par value shares,
Divito Oct. 15,1936, the common stock had a par value of $100 per share,
dends paid on the $100 par stock were as follows: $2 on Sept. 15, 1936, and
$1.50 on Aug. 15,1936, and each three months previously.—V. 145, p. 2408.
cents per
Superheater
Co.—Earnings—
[Exclusive of Canadian Affiliate]
1937
1936
1935
$1,534,475
$439,988
$200,744
747,316
501,003
334,176
9 Mos. End. Sept. 30—
Profit from plant oper—
Other income
Total income
Profit
—
$2,281,791
income
—
0425,115
539,172
266,964
162,963
143,637
$674,026
$371,957
$378,120
Tri-Continental Corp.—Earnings—
$84,983
1,524,776
1936
$156,316
1,319,701
391,365
365,251
1937
9 Mos. End. Sept. 30—
Interest earned
Dividends received
.
145, p. 957.
undistributed profits.—
•
on synd. partic—
Managem't & service fees
Total income
Taxes
Supervised Shares, Inc.—Asset Value—
The company reports total net assets, at Sept. 30 market prices, of $10,084,604, comparing with $11,256,731 on June 30, 1937.
On the 876,214
shares outstanding on Sept. 30 this amounted to $11.51 per share.
At the
close of the preceding quarter, when 844,157 shares were outstanding, net
value per share was $13.33.
Net cash holdings increased by $138,698
during the quarter to a total of $814,454 at the close of September.
Net income from cash dividends received during the third quarter,
together with undistributed balances and equalization receipts, aggregated
$113,949 and the Oct. 15 dividend distribution from such earnings amounted
to 13 cents a share; total, $113,907.
In addition, a dividend of 2 cents a
share is being paid from undistributed security profits, making a combined
current payment of 15 cents a share.—Y. 145, p. 2246.
...
Expenses
Prior
year's
3,171
x$2,007,699 x$l,841,269 x$l,651,934
50,212
88,526
78,651
292,691
396,883
369,147
expenses,
under accrued
Other charges
Int. on 5% gold
$456,415
830,726
39,308
148,028
206",119
6,574
Miscellaneous income
1934
1935
$410,047
1,032,596
Profit
Note—No provision made for Federal surtax on
V.
$521,757
$2,167,734
_.
Net
$534,919
$940,990
333,556
sale of
re-acq'd
company stock
Deprec., Fed. taxes, &c.
on
1934
$188,201
$1,474,477
12,389
Cr6,250
226,800
132,759
284",559
284,509
$1,339,351
$1,223,101
$1,012,134
683,400
607,330
debs—
1,135,626
607,330
1,173,564
$884,449
1,173,564
asset
Netprofit.
Preferred dividend
Includes
all
cash
to
SurplusDec.31
Texas & Pacific
Profit
Ry.—Equipment Trusts Offered—A new
2%% equipment trust certificates,
series D (non-callable) was publicly offered Oct. 14 through
a banking group headed by F. S. Moseley & Co. and includ¬
ing Kean, Taylor & Co. and R. W. Pressprich & Co.
The
certificates, which are issued under the Philadelphia plan,
mature at the rate of $85,000 annually from Nov. 1; 1938, to
Nov. 1, 1952, and are priced to yield from 0.85% to 3%,
according to maturity.
guaranteed unconditionally as to principal and divi¬
in the opinion of counsel,
for savings banks in New York and Connecticut.
Issuance of the certificates is subject to approval by the Interstate
The certificates are
dends by the company, and are legal investments,
Commerce Commission.
F.
S. Moseley & Co. and associates
bought the certificates at 100.434.
Salomon Bros. & Hutzler, Dick &|Merle-Smith and Stroud & Co. bid
Brown Harriman & Co., Inc., and Laurence M. Marks & Co. bid
and Freeman & Co. bid 98.2956.—V. 145, p.
2247.
99.559.
99.519,
the sources specified,
expressly
therefore,
Surplus Sept. 30
1936
1935
1934
_.x$25,862,288 $33,840,667 $33,661,323 $36,195,988
1937
Previous
$1,275,000
receivable from
payable from earnings or otherwise, except amounts
be liquidating distributions.
In an economic sense,
the amount shown is not in whole to be considered true income.
stated
sub-shares, leaving 1,338,989 sub-shares issued and outstanding
of Oct. 8, 1937.—V. 145, p. 1917.
of
or
Statement of
of 8,000
issue
received
whether
Texas Pacific Land Trust—Shares Canceled—
The company has notified the N. Y. Stock Exchange of the cancellation
as
.
Common dividend
x
42,960
262,559
undistrib.
loss
1,339,351
1,315,854
Net income
on
sale of secur—
Transf. to
res
1,037,354
1,223,101
2,797,183
.for conting
650,896
912,235
884,449
1,012,134
983,131 l's2,701,105
35,431
Excess of cost over stated
Drl,417,766
val. of pf. stk. retired.
Excess of redemp. price
over
stated val. of
pref.
Dr7,649,959
stock redeemed
Common dividends
$28,517,493 $27,755,872 $34,708,922 $33,728,436
683,400
1,135,626
1,173,564
1,173,564
607,330
607,330 *
Surplus Sept. 30
$27,226,763 $26,012,917 $33,535,359 $32,554,872
Total.
Pref. divs. declared
(this balance includes capital surplus to
and excess of dividend
and earned surplus of
$2,121,311 (this balance includes all profits and losses, less dividend dis¬
tributions, from Jan. 1, 1936.)
The unrealized appreciation of investments on Sept. 30, 1937, was $14,352,819 less than on Dec. 31, 1936, with respect to tax liabilities as of
Sept. 30, 1937 unrealized appreciation of investments on Dec. 31, 1936
reflected a provision for normal Federal income tax.
x
Capital surplus $23,740,977
Dec. 31, 1936, and net loss on sales of securities
distribution over net income to Dec. 31, 1935)
Volume
Financial
145
Balance Sheet Sept.
1937
3,526.855
57,231
Receivable
Due for sec.
purch.
23,292
8,000,000 10,000,000
5% conv. deb
2,460,000 2,460,000
3,837,500
1,100.564 a 6% cum. pf. stk_ 3,837,500
438,699
337,900
Special deposit for
int. & dlAddends
295,051
30, 1938
b Common
stock.
d Treasury
27,226,763 26,012,917
stock_Z)r262,158
46,009,970 48,686,698
Total
a Represented by
153,500 no-par shares,
b Represented by 2,429,318
shares, c Investments, based on market quotations as at Sept. 30,
1937, or, in the absence thereof on their then fair value in the opinion of the
corporation, amounted to $42,007,330, or $198,640 in excess of cost. The
market or fair value of investments not being in excess of their cost basis for
tax purposes, no deduction has been made for any tax liabilities with respect
to unrealized appreciation of investments,
d 2,500 shares $6 cumulative
preferred stock held in treasury at cost.—V. 145, p. 451.
Corp.—Earnings—
Transue & Williams Steel Forging
1937—9 Mos.—1936
1937—3 Mos.—1936
$66,070
$77,913
$266,302
65,072
109,664
x30,128
39,683
21,768
37,255
$347,127
x90,623
141,166
loss$3,741
400
$18,890
1,243
$115,438
3,656
Net earnings from oper. of sub. & controlled cos_$21,047,591
Non-oper. income of sub. & controlled companies.
1,856,374
$20,195,421
2,111,124
Total income of sub. & controlled
loss$3,341
prof $20,133
$119,094
24,000
Balance
Expenses
Other income
Est.
Fed.
2,500
&c.
inc. tax,
Total
Increase
$7,374,861
$6,593,932
loss$3,341
$17,633
$95,094
$82,104
Nil
$0.13
$0.71
860,265
$7,950,961
$7,454,197
244,180
90,960
154,664
$7,615,821
$7,281,115
1,375,000
—-
—
—
576,099
-
—
-
1,375.000
Holding company deductions—
Interest on 5H % debentures due 1952
Amortization of debenture discount and expense
145,
$4,623,217
..
1,239,909
Corp.—September Shipments—
"Indications of Business Activity"
under
$5,863,127
1918.
p.
United States Steel
V. 145, p.
42,988
$6,197,833
1,229,932
Balance
Adjusted.—V.
42,988
,
..
Prior preferred stock dividends
$0.61
18,418
$4,967,900
Balance transferred to consolidated surplus
preceding page.—
a
on
1755.
Universal Television
depreciation based on appraisal to conform to treasury
in
2,363,915
attrib. to minority com. stock..
Balance
See
x
13,605,849
$8,700,696
2,106,764
Expenses of United Light & Railways Co
Taxes of United Light & Railways Co—
b
Net profit
Earns, per sh. on capital
stock.
earns,
Equity of United Lt. & Rys. Co. in earns, of
subsidiary and controlled companies
Income of United Lt. & Rys. Co. (excl. of income
received from subsidiaries)
x
Profit.,
13,165,189
$9,738,776
-
—
Propor'n of
$95,104
13,000
Depreciation
companies—$22,903,965 $22,306,546
Int., amort. & pref. divs. of sub. & controlled cos._
$91,566
3,538
Gross profit
Profit
4,390,024
7,095,403
7,768,676
2,429,318
2,429,318
no-par
Period End. Sept. 30—
4,072,274
7,542,887
9,212,103
—
Surplus
..46,009,970 48,686,698
36,040,054
General operating expenses
Provision for retirement
2,250,100
1,690,400
9,620
Bk. loan due Sept.
receivable, &c—
33,805,406
-—
General taxes and estimated Federal income taxes.
Due for sees, loan'd
against cash
72,141
20,696
companies
(after eliminating inter-company transfers):
$77,914,908 $73,254,931
Maintenance-
payable
se¬
curities sold
Int. and dividends
Total
629,757
1,043,814
Int. accr. and div.
c41
1,808,690 42,942,526
for
282,419
336,107
xl936
1937
12 Months Ended Aug. 31—
Gross oper. earns, of sub. & controlled
expenses
and taxes
4,075,537
20,779
Deposits in foreign
► currencies
Invest, at cost
for
Res.
.
$
Liabilities—
Cash In banks, on
hand & at call.
1936
$
1937
$
Light & Rys. Co. (& Subs.)- -Earnings—
United
30
1936
$
Assets—
2561
Chronicle
Corp.—Registers with SEC—
See list given on first page of this
department.
decision.—V. 145, p. 451.
Inc.—Sales—
Union Premier Food Stores,
1937—4 Wks.—1936
1937—40 Wks.—1936
$1,172,337
$741,308 $10,006,399
$6,319,143
Period End. Oct. 9—
Sales.
—V. 145, p.
1917.
v
United Corp.
(of Delaware)—Earnings—
76,146
1937—9 Mos.—1936
$7,163,544
243,341
154,627
217,044
expenses.
85,056
$2,185,351
1,866,521
$2,091,809
1,866,515
*■».
income
Net
Preferred
dividends
$7,402,197
235,755
80,749
41,843
Taxes.
Current
Earnings for Year Ended Dec. 31, 1936
Net profit from operations before prov. for
Normal income and excess profits tax..
Surtax on undistributed
Period End. Sept. 30—
1937—3 Mos.—1936
Dividends received
$2,303,340
$2,257,614
x
Valley Mould & Iron Corp.—Earnings—•
$7,011,815
5,599,562
$6,703,159
5,599,531
share
per
stock (no
Does
x
$1,103,628
Liabilities—
Assets—
Cash
$707,825
381,520
hand and on deposit--
on
Accounts rec. (customers)
Raw material, finished
Accounts
$0.07
$0.10
$0.02
$0.02
estimated Federal surtax on un¬
product
which at Sept. 30,
carried on the books at a cost or declared value of $581,285,157,
for depreciation of securities of $350,000,000 (created by a
charge to capital surplus), had an indicated market value of $168,854,100
at such date, based on current published quotations.—V. 145, p. 452.
1937,
$5.50 cum. prior pref.
Common stock ($1 par)
21,782
b Property, plant and equip— 1,306,634
Prepaid expenses
4,437
c
United Fruit
Period End. Sept.
y
After
a
c
536,115
147,600
reserve
b After
of $5,000.
$2,418,003.
stated value of $50 per share.
for depreciation of
Represented by 25,918 no par shares at a
145, p. 1602.
Van Norman Machine Tool
1937—3 Mos.—1936
1937—9 Mos.—1936
$3,750,000 $10,177,000 $10,628,000
2,906,000
2,906,000
2,906,000
$1.29
$3.50
$3.65
$2,746,952
Total
reserve
—V.
Co.—Earnings—
30—
Net earns, before taxes $2,585,000
Shs.com.stk.out.(no par)
2.996,000
Earnings per share
$0.89
96,920
surplus
Capital
$2,746,952
Total
reserve
y
131,013
58,352
stock, 1,295,900
&?_
Profit and loss, surplus
were
a
$481,045
&c
Reserve for contingencies,
204,752
distributed profits.
Note—The securities in the corporation's portfolio,
less
purchases,
for
pay.
expenses,
Accrued taxes, expenses, &c„
Other assets
par)
$3.50
stock, $1 par...
Condensed Balance Sheet Dec. 31, 1936
and supplies
include any provision for
not
$481,679
207,013
193,840
stock-
Earnings per share on 96,920 shares of common
on
ebc
14 AyQ 4.Q1
mon
$1,412,253
$225,294
$318,830
Surplus
90,000
9,000
Net profit
Dividends paid on prior preference
Dividends paid on common stock
a
Earnings
$580,679
est. Federal taxes..
profits
Income account
Net sales, less
Co.—Earnings—
for the year ended Dec. 31, 1936
$1,654,048
1,005,832
cash discounts
Cost of sates, after charging
depreciation amounting to $22,517-
Estimated figures.—Y. 145, p. 2248.
United Fuel
Investments, Ltd.-—Accumulated Dividend
of
accumulations on the 6% cumulative preferred stock, payable Dec. 15 to
holders of record Nov. 30.
Dividend of $3 was paid on Aug. 16 last.
Accruals after the current payment will amount to $33.50 per share.
The directors
—V. 145, p.
have declared a
dividend of $1 per share on account
profits
Surtax on undistributed
Improvement Co.—Weekly Output—
Week Ended—
Electric output of system
—V.
145,
p.
United
Oct. 9 1937 Oct. 2 1937 Oct. 10 1936
(kwh.)_... 92,573,451
91,662,336 89,746,675
2409.
Investment
Assurance
Trust—New Company
Organized—See First New England Corp. above.—V. 145,
p.
960.
United
Light & Power Co. (& Subs.)—Earning
sub. & controlled companies
(after eliminating inter-company transfers)
$88,164,454
General taxes and est. Federal income taxes
stock dividends paid
Assets—
Cash
Accounts
&
receivable,
notes
reserves
—
Sundry receivables & invest's.
a
$82,959,320
38,583,057
Plant and
equipment
earns,
Liabilities—
$168,683 Accounts payable
Notes payable
320,449 Federal income taxes payable312,894 Sundry Federal & Massachu¬
setts taxes accrued—
929
287,080 Accrued expenses
3,387 Reserves for contingencies
4,894,109
8,220,073
8,840,413
Deferred charges.-
-----
goodwill—
Pats., pat. rights &
controlled cos--$23,595,567 $22,421,667
sub. & controlled companies
2,407,647
3,094,610
from oper. of sub. &
147,775
Common stock ($5 par)
Paid-in
surplus
Surplus
$1,241,199
Total
Net
($5 par)..
Earnings per share on 88,829 shares of common stock
Balance Sheet Dec. 31, 1936
Inventories
4,593,171
8,564,811
10,396,543
Provision for retirement
dividends paid
stock
Common
—
41,014,361
$287,255
26,187
139,903
$3.23
profit for the year
Preferred
less
Gross oper. earnings of
General operating expenses-.
Maintenance--
Net
xl936
1937
12 Months Ended Aug. 31—
Non-oper. inc. of
$346,578
2,864
Cr 4,542
51,200
9,800
Operating profit
Interest paid and miscellaneous chargesInterest earned and miscellaneous incomeProvision for Federal normal income tax__.
1439.
United Gas
$648,216
301,638
Gross profit
Selling and administrative expenses
a
After reserve for depreciation
—
...
-
$104,758
12,500
61,000
V
■
22,137
22,730
2,400
444,145
506,355
5,173
$1,241,199
Total
of $118,469.—V. 145, p. 961.
~
Total income of sub. & controlled
companies--$26,003,214 $25,516,277
15,812,438
16,244,342
$10,190,776
2,360,076
$9,271,935
2,103,575
Equity of United Lt. & Pow. Co. in earnings of
subsidiary and controlled companies—
$7,830,700
$7,168,359
Int., amort. & pref. divs. of sub. & controlled cos-Balance
-
Proportion of earns, attrib. to minority com.
stock.
Income of United Lt. & Pow. Co. (excl. of income
y74,218
58,271
Balance
$6,936,113
2,318,073
192,564
$5,193,306
$4,425,476
175,854
Co
-
Holding company deductions—Int. on funded
Amort, of bond discount and expense
2,318,073
159,413
-
—
$7,190,028
203,908
50,007
$7,670,793
Total
Expenses of United Light & Power
Taxes of United Light & Power Co
21,669
$7,904,918
received from subsidiaries)
debt
Balance transferred to consolidated surplus
Adjusted,
y Includes $43,825 profit on sale of temporary investments.
—V. 145, p. 1918.
x
Veeder-Root, Inc.—Capital Increase
States
&
International
Securities
Vick Chemical
dividend of $1.25 per share on account of
accumulations on the $5 cum. 1st pref. stock, no par value, payable Nov.l
to holders of record Oct. 25.
A like payment was made on Aug. 2, May 1
and Feb. 1 last; a dividend of 75 cents was paid on Dec. 24, 1936; $2 of
Dec. 15, 1936; $1 on Nov. 2, 1936, and dividends of 75 cents per share were
paid on Aug. 1 and May 1, 1936.
A dividend of 50 cents per share was paid
on Feb. 1, 1936, and on Nov. 1 and Sept. 10, 1935, this latter being the first
dividend since Nov. 1, 1930, when a regular quarterly dividend of $1.25
per share was distributed.—V. 145, p. 784.
Co.—New Vice-Presidents—
Walker Mfg. Co. —Accumulated Dividend—
dividend of 75 cents per share on account
pref. stock, par $50, payable Oct. 25
to holders of record Oct. 15.
A similar payment was made on Aug. 1 and
June 1 last; Nov. 1, Aug. 1, May 1, and March 1, 1936, and compares with
$1.50 paid on Nov. 1 and Aug. 1, 1935; 75 cents on May 1, 1935; $1.50
on Feb. 1, 1935, and 75 cents per share in each of the five preceding quarters.
The directors have declared a
of accumulations on the $3 cum. conv.
145,
p.
294.
Corp.—
Preferred Dividend—
The directors have declared a
have
The company announced the election of two of its officials to the post of
Vice-President, at a recent meeting of the board of directors.
James Allen
and Holt S. McKinney, former Assistant Treasurers, were the officials
selected for the new posts.
Mr. Allen's duties will be in connection "with
the company's investments while Mr. McKinney will attend to financial
and corporate tax matters.—V. 145, p. 1602.
—V.
United
First
Voted—
approved recommendations of directors increasing
100,000 to 400,000 shares and shares outstand¬
ing from 100,000 to 200.000.
Stated par value was reduced from $25 to
$12.50.
The additional 100,000 shares were issued to stockholders of
record Oct. 13.—V. 145, p. 1119.
Stockholders
the authorized capital from
Weeden &
*
Co.—Earnings—
Period End. Sept. 30—
1937—3 Mos.
-1936
1937—9 Mos.—1936
Net loss after oper. exps.,
Fed. inc. taxes, deprec.
&
other
before
charges, but
for Fed.
prov.
surtax on
undist. earns
Earns, per sh. on
—V.
$22,730
prof $30,283
143, p. 3166.
$92,315 prof$98,973
HP-
25,000
shs. common stock
Nil
$1.21
Nil
$3.96
Financial
2562
Washington Gas Light Co.*—Application Withdrawn—
of the
company, a subsidiary of the Washington and Suburban Companies, to
withdraw an application covering acquisition by it from the latter of the
Washington Suburban & Gas Co, and of the Alexandria Gas Co,
Com¬
mission also permitted withdrawal by Washington Gas Light of a declarartion covering the issue of sale of securities that would have gone with the
acquisitions,—-V. 145, p. 294.
The Securities and Exchange Commission has granted the request
Western Grain Co.,
Years End. July 31—
Net earns, aft. oper. exp.
1936
x$122,448
1935
x$103.340
1934
$138,474
163,901
116,368
1,050
<7r65,806
166,266
164,396
169,161
1,075
010,400
1,200
01,450
1.250
07,278
$224,394
50,563
$34,493
85,057
$60,806
136,782
9,080
$24,659
165,684
18,858
23,100
Depreciation
Directors' fees
on
investments...
Western Maryland
Surplus from red. of bds»
Adj. of accrued taxes—-
-w——'
x
$173,831
$50,563
$85,057
Ry.—Accumulated Dividend—
The current payment is for the
year
145, p. 2249.
(M. J.) Whittall Associates, Ltd.-—Balance
Cash-.
Other assets—
$6,945
$26,294
201,297
-
Accounts recelv
338,745
1,460.777
1,329,033
42,326
20.814
3,085,376
301,819
Operating plants.- 3,054,397
Closed plants.——
25,000
Patents
1
1
51,198
63,274
-------
1936
paying agents-
14,172
24,429
Notes & accts. rec»
8,955
19,516
Cash ticket
&C-
Saskatchewan
&
84,288
77,387
18,114
18,050
17,639
90,476
2,815,200
1,900,000
y Common stock—
775,229
Deficit—
173,831
—.
9,467
209,378
18,679
4,420
168,134
sur50,563
2,802,670
20,969
5,597
159,449
2,720,000
1,900,000
775,229
-----
141,942
trustees of bond¬
x
4,437,851
321,500
(non-
Trustees' pf.
Total-.-—.$4,729,546 $5,277,753
a
Represented
cert. 1,935,210
1,935,210
certifij. of
—
Total-.
—
_
2,058.240
586.802
nnn
2,058,239
282,537
.—$4,729,546 $5,277,753
b Represented by 100.000
certificates of $10 par.
by
80,500
—
796.
Effec¬
tive—
The
by its
company's plan of recapitalization was on Oct. 8 declared effective
Stockholders are being notified that the new stock
board of directors.
olders
Erovidedcontinueplan will be available to have November. Preferred stoekby the for the time being early In an opportunity to assent to
the company's
of convertible
Listing of Capital Stock—
4,548,761
...—15,481,168 $7,670,6791
Total.--- ——-$5,481.168 $7,670,679
Less depreciation of $887,817 in 1937 and $784,796 In 1936.
bj 200,000 no-par shares.—V. 145,
sente i
189,828
—
Deficit
New
The
-
80,353
79,313
500
holders---.
Fixed assets
Total
98,139
prior preferred stock, one-half share of non-convertible prior preferred stock
and 1 1-5 shares of common stock.
Holders of class B 6% preferred stock
are to receive one-half share of convertible prior preferred stock, one half
share of non-convertible prior preferred stock and three-fourths of a share
of common stock.
Funds in hands of
x
141,323
-
note
mtge.
the plan by presenting their certificates for stamping.
Under the terms of the plan, holders of each share of
class A 7% preferred stock are to receive one-half share
Memberships & in¬
vestments
State taxes
Accrued accounts.
RFC
Worthington Pump & Machinery Corp.—Plan
customers'
Sundry loans,
mtges. & agree¬
ments of sale-
78.000
440,529
certificates of no par value.—V. 144, p.
Preferred stock.—
in storage
expenses-
$55,980
(est.)
margin accounts
Bonds
.charges on grain
Prepaid
orders,;
——-
and
64,224
other
Inventory of grain
and coal.-——
120,000
283,316
Federal,
trust———
1936
$1,970,000
-
Accts. payable, ac¬
crued
liabilities
Adv. freight, accr.
storage
(current)
payable.
city and
Accounts
b Com.
1937
(sec.)
Accr'd taxes
by
Belief Oomra'n.
$486,646
a
Liabilities—
Bank loans
$34,281
due
$490,292
Note payable
[Including Mutual Grain Co., Ltd.]
$515,075
1936
Notes pay. (secur.)
Mtge. note payable
payable
$136,782
Sheet Aug. 31
1937
Liabilities—
1936
1937
current)—
Cash--—Cash in bands of
Balances
$323,176 $13,911,513 $12,208,705
$339,310
Consolidated Balance Sheet July 31
1937
Jan. 1 to Oct. 7—
1937
1936
1937
After providing for depreciation.
Assets—
ended June 30,1920.
Week Ended Oct. 7
Period—
Gross earnings
Deferred charges.-
Balance forward-—.
1937
a dividend of $7 per share on account of
the 7% cu». ulative first preferred stock, par $100, pay¬
able Nov. 15 to holders of record Nov. 1.
A similar dividend was paid on
Dec. 15,1936, this latter being the first dividend to be paid on this issue.
Assets—
—
16,
accuij ulations on
Merch. Inventories
Net loss
Previous surplus
Oct.
The directors have declared
—V.
1937
loss$8.881
Bond interest
Divs.
Ltd. (& Subs.)—-Earnings—
Chronicle
Western Pacific
RR.—Hearing
y
Kepre-
455; V. 143, p. 2702.
p.
on
Plan—
The Interstate Commerce Commission has assigned oral argument on
Nov. 16 and 17 on the plan of reorganization for the road advocated by the
Commission's bureau of finance.—V. 145, p. 2249.
Western Union
Telegraph Co., Inc.—Earnings—
Period End, Aug, 31—
Tel. & cable oper. revs-Total tel.&cable op.exps.
1§Z7—Month—1936
1937—8 Mos.—1936
$8,413,234
$8,252,343 $67,678,746 $64,085,597
7,184,818
6,819,170
57,401,087
52,220,018
Net tel.&cable op.rev.
$1,228,417
Uncollectible oper. rev-Taxes assign, to oper--
33,653
457,468
Operating income-—
Non-operating income-
$737,295
90,769
$1,058,845
90,488
$6,315,966
1,014,614
$8,804,954
966,091
$828,064
610,997
$1,149,333
615,916
$7,330,581
4,908,616
$9,771,045
5,413,327
$217,067
$533,417
$2,421,965
$4,357,718
Gross income——
Deduc'ns from gross inc_
Net income--—V. 145, p. 1918.
-
$1,433,173 $10,277,659 $11,865,579
41,262
321,638
414.973
333,066
3,640,054
2,645,652
York
Stock
Exchange
has
authorized the listing of 72,531
stock designated as cumu¬
shares (par $100) of cumulatiev prior preferred
lative prior preferred stock, 4M% convertible
series, and 72,531 shares
(par $100) of cumulative prior preferred stock designated as cumulative
prior preferred stock, 4 H% series, and 132,975 shares (no par) common
stock on official notice of Issue to holders of class A and class B preferred
stock and in accordance with the terms and provisions of the plan of re¬
capitalization, dated March 25,1937, of the corporation, and 145,062 shares
of common stock initially reserved for issue upon conversion of shares of
cumulative prior preferred stock,
convertible series, and 1,500 shares
(no par) common stock to be issued to Glore, Forgan & 0o. for services in
connection with the plan of recapitalization.—V. 145, p. 2411.
(Rudolph) Wurlitzer Co.—Offers Dividend Plan—
Directors are offering holders of 7% preferred stock a dividend of
In cash and 1 V> shares of common stock in lieu of back dividends.
$6.75
Ar¬
preferred totaled $36.75
a share as of Oct. 1, 1937.
Common
stock offered under the plan is now held in company treasury.
In making the offer, tne directors point out that the proposed dividend
cannot be declared unless company is assured that practically all holders
of 7% preferred will agree to accept common stock and cash In satisfaction
of accumulated dividends on their preferred.
If sufficient acceptances
warrant declaration of the dividend, holders who do not agree to plan will
receive accumulations In cash.
Directors propose to meet on Nov. 1 to
consider declaration of dividend.
Company states that if plan is accepted
and present business continues, regular payments of $1.75 quarterly will
be resumed on preferred stock starting Jan. 1.1938.—V. 145, p. 1122.
rearages on
The Commercial Markets and the Crops
COTTON—-SUGAR—-COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
contract closed 3 to 8
Friday Night, Oct. 15, 1937
Coffee—On the 9th inst. futures closed 1 to 8 points off
in the Santos contract, with sales of 11 lots. The Rio con¬
tract closed 2 to 5
points off, with sales of two lots. Although
Brazilian cables were stronger,
disappointment was evident
because of failure of the Latin American
producing countries
to reach a control agreement. Brazil's
open
rate
to-day (Saturday)
was
market dollar
better by 50 reis at 16.250 mil¬
reis to the dollar.
Rio terme prices were 50 reis higher to
unchanged, and the spot price 100 reis higher at 16.5C0.
Santos "C"
contracts
were
75 reis
higher to unchanged.
Coffee destruction in Brazil for the last half of
amounted to 559,000
September
bags, against 575,000 bags in the first
half,
or a total for that month of 1,134,000 bags, against
1,735,000 in August and 2,197,000 in July. On the 11th
inst. futures closed 2 to 9 points up in the Santos contract,
with^sales of 27 lots.
The Rio contract closed 7 to 9 points
As an indication that Brazilian
with sales of 16 lots.
up,
control is to be continued, the trade pointed to the further
improvement of the Santos "C" terminal contract, which
was
125 to 150 reis
which
was
higher, and the
open
Beyond these factors, however, there
market to justify strength.
were
as
market dollar rate
better by 50 reis at 16.20 milreis to the dollar.
was
nothing else in the
Shipment offerings from Brazil
unchanged to 5 points lower, with Santos 4s here as low
10.50c.
On the
13th inst. futures closed 3 to 7 points
lower in the Santos contract, with sales of 47 lots.
The Rio
points lower, with sales of 20 lots.
The small volume
COMMERCIAL EPITOME
reflection of the
where
lower.
was a
offerings in circulation
The open
the rate
were
quiet actual market
unchanged to 10 points
market dollar rate
was
weaker by 50 reis,
being 16.25 milreis to the dollar.
Rio terme prices
25 to 50 reis higher, and the spot
price was 100 reis
higher at 16.600. The Havre market closed 12 to 13 M
francs below Monday's final levels.
On the 14th inst. futures closed 36 to 48 points down in
the Santos contract, with sales totaling 191 contracts.
The
Rio contract closed 32 to 23 points down, with transactions
totaling 40 contracts.
Possibly due to further weakness in
Brazilian exchange, the coffee market was considerably
lower to-day.
Santos contracts opened 1 to 8 points off,
while Rios were about 3 points lower.
Brazilian cost and
freight offers were unchanged. In Rio de Janeiro prices were
50 to 200 reis lower. The free market exchange rate weakened
to 16.38.
Mild coffees were steady. Havre prices were 734
to 8% francs higher.
To-day futures closed 7 to 13 points
up in the Santos contract, with sales totaling 139 contracts.
The Rio contract closed 7 points up on December, and 1 to
6 points down on the balance of the list.
Sales totaled 57
contracts.
After the opening, when losses of from 1 to 4
points were recorded in Santos contracts and of from 3 to 7
points in the Rio contracts, both markets rallied on con¬
tinued Brazilian support and short covering, and by early
afternoon Santos contracts stood at from 10 to 16 points
above the previous close.
The continued downward trend
of milreis exchange colored early trading. A new low for the
year of 16.95 to the dollar was reported from Rio, while in
were
the local market the milreis
Janeiro futures
was
offered at 17.24.
from 25 to 75 reis
In Rio de
higher, while the
Havre market reported losses of from 5 to 734 francs. In the
were
Volume
local
a
145
Financial
and f. market Santos 4s
c.
were
offered at 10.25 cents,
drop from yesterday of 10 points, although it was believed
business could be done at
substantially lower levels.
that
Milds remained firm with Manizales offered at
ll^c.
Rio coffee prices closed as follows:
December
6.121 March
May.
September
.5.26
5.13
Santos coffee prices closed
March
__5.43
July
-
as
December
...8.59
2563
In the market for
raws the asked price was advanced 3 points
3.20c., although buyers refrained from altering their ideas,
which are 3.15c.
No business was reported.
The world
sugar contracts were up from 1 to \x/2 points in the early
trading, with November at 1.10c.
Volume of trading in
this market during the forenoon amounted to 107 lots.
London closed yd. to yd. advance on sales of 4,000 tons.
to
Raws in that market continued to be offered at 6s. 6d.
follows:
___8.84
May...
July
5.15
j
Chronicle
September
9.57
--
8.30
.....8.39
Prices
July-
were as
follows:
2.361 January
March
__
December
Cocoa—On the 11th inst. futures closed 4 to 8
points net
lower.
The opening range was 4 to 5
points higher than
previous finals.
Transactions continued very light, only
122 lots, or 1,635 tons
changing hands.
London reported
gains of 6d. on the outside, while futures ran 3 to 6d. higher,
with sales
was
on the Terminal Cocoa Market 560 tons.
There
little of real interest in the local market. Outside interest
proved entirely lacking, the market having a purely pro¬
Local closing: Oct., 6.09; Dec., 6.15; Jan.,
6.14; May, 6.28; July, 6.36. On the 13th inst. futures closed
2 points lower to
unchanged.
Influenced by the nervous
stock market, cocoa futures
dropped the early gains and sub¬
stituted moderate losses,
finally closing quite steady.
At
the high point the markets stood net 2 to 5
points up, while
the lows of the day
registered 4 to 7 points under Monday's
finals. Transactions continued rather
limited, a total of 269
lots or 3,605 tons
changing hands.
London outside prices
came
in 3d. higher, but futures on the Terminal Cocoa
fessional aspect.
Market
ran 9d. to Is.
weaker, with 680 tons trading. Local
closing: Oct., 6.07; Dec., 6.13; Jan., 6.12; March, 6.18; May,
6.28; July, 6.36; Sept., 6.45.
On
the
14th
down.
The
pending
a
afternoon
inst.
trade
more
cocoa
improvement
the side lines
no
closed
unchanged to 1 point
to be in a waiting attitude
stable situation in the stock market.
This
prices
was
on
futures
appeared
were 4 to 5 points higher, but this
short-lived. Manufacturers were reported
pressure
awaiting further developments.
There
was
from producing countries, but on the other hand
buying was limited. Warehouse stocks continued to accu¬
mulate. An increase of 2,000 bags raised the total to approxi¬
mately 1,387,000 bags. Local closing: Dec. 6.13; Jan. 6.11;
6.18; May 6.27; July 6.36; Sept. 6.45. Transactions
totaled 155 contracts.
To-day futures closed 5 to 3 points
March
down.
eased
Transactions totaled 163 contracts.
off
3
to
Cocoa futures
5
points in sympathy with the continued
weakness of the stock market.
In the early afternoon
December cocoa stood at 6.08 cents, off 5 points.
London
was
steady but the local trade lacked interest and confidence.
Volume of trading was small, totaling only 125 lots
up to
early afternoon.
Warehouse stocks continued to pile up.
They increased 4,000 bags over night and now total approxi¬
mately 1,391,000 bags.
Sugar—On the 11th inst. futures closed steady at un¬
changed to 1 point lower.
Transactions were extremely
small, amounting to only 42 lots. The market was very dull,
with prices changing very little. The weakness of the stock
market and commodity markets in general appeared to have
little or no effect on sugar futures.
Although rumors of
business at 3.15c. were current in the raw market, no sales
definitely were reported. There were parcels of raws avail¬
able at 3.17c., with full
quantities held at 3.20c. The re¬
finers, it is believed, are fairly well covered for their October
requirements and were interested mostly in purchases for
November melting.
The world sugar contract closed un¬
changed to l/2 point up. Sales in this market were 149 lots.
London raws afloat were obtainable at 6s. 6d., equal to 1.11c.
f.o.b. Cuba with freight at 29s.
The spot position in the
terme market there was yd. lower, but other months were
up yd.
On the 13th inst. futures closed unchanged to 2
points up.
Trading was very light and without feature.
This low volume of business reflects the quiet
prevailing both
in the refined and
market
raw
divisions.
Total sales in the futures
only 41 lots. In the market for raws, National
paid 3.15c. for 14,500 bags of Puerto Ricos, due Nov. 8,
and at the same price additional business was
reportedly
transacted, but details were not available. One offering at
the close was held at 3.17c., although up to 5,000 tons were
said to be available. Bulk of the offerings was held at 3.20c.
The world sugar contract closed 1 to \y2 points lower, with
transactions totaling 253 lots.
Raws in the London market
were
steady and unchanged. In the terme market at London
declines over our holiday ranged from Id. to l^d.
On the 14th inst. futures closed unchanged to 1 point up
in the domestic contract, with transactions totaling 172
contracts.
The domestic market was a decidedly quiet affair,
with fluctuations very narrow.
The only feature was sales
of March against the purchase of May at a spread of 3 points.
In the domestic raw market the sale of Philippines for prompt
delivery at 3.15c. was reported unchanged on the spot
position.
In the world sugar market prices were firm, with
values at the close ranging y2 point up to y2 point down.
Transactions in this market totaled 155 contracts.
Today
futures closed 1 to 2 points up in the domestic contract, with
sales of 97 contracts.
The world sugar contract closed 1 to 2
points up, with sales of 151 contracts.
Domestic contracts were at a standstill after the opening,
with the exception of the March position, in which 3,500 tons
were transacted at 2.30c., or 1 point above the previous close.
were
2.30
2.27
November
2.27| May
2.30
-2.34
Lard—On the 9th inst. futures closed unchanged to 2
points lower. Scattered liquidation as the market opened
caused prices to drop 7 to 10 points in tbe active deliveries.
Trade interests were fairly active buyers on the scale down,
and when light commission house support made its
appear¬
ance, futures rallied about 10 points from the lows of the
day. Lard stocks are reported to be decreasing at a rapid
rate due to the heavy
consumption during the past few
months, while hog marketings have been running far below
a
year ago.
No lard exports were reported from the Port of
New York on Saturday. Liverpool lard futures closed Is. 3d.
to 3s. down, while the October
delivery finished unchanged.
Hog prices at the end of the week were nominally unchanged
at Friday's finals. The nominal
top price on hogs at Chicago
was $11.25.
On the 11th inst. futures closed 22 to 50 points
net lower.
The market opened 12 points higher to 17 points
lower. .The marked depression in the securities and com¬
modity markets had its influence on lard, and encouraged
much selling for foreign account,
especially in the distant
deliveries. There was quite a little speculative selling also
in evidence, and prices closed at the lows of the
day. Wester
hog receipts were far below those of a year ago and totaled
59,400 head, against 80,700 head for the same day a year ago.
Chicago hog prices were steady as Western hog marketings
were
below trade expectations.
Closing hog prices were
mostly 10c. to 15c. higher.
The top price reported was
$11.35, and the bulk of the sales ranged from $10 to $11.30.
Liverpool lard futures were off 3d. to up 3d. Over the past
week-end it was reported that 28,000 pounds of lard cleared
for Trieste from the Port of New York.
On the 13th inst.
futures closed 5 to 10 points net higher. In the
early trading
active covering
said to have been influenced by the marked strength in
cottonseed oil.
This upturn in lard attracted heavy profittaking for speculative account, resulting in a sharp setback
to prices, most of the early gains being erased.
Hog prices
at Chicago were mostly 10c. to 15c. lower, the
top price
registering $11.15, while the bulk of sales ranged from $9.85
to $11.10.
Western hog marketings were moderately heavy
and totaled 51,200 head, against 65,300 for the same
day
last year.
Export clearances of lard from the Port of New
York today (Wednesday) were 10,150 pounds, destined for
Antwerp and Helsingfors. Liverpool lard futures were 6d.
lower to unchanged.
On the 14th inst. futures closed 10 to 17 points higher.
The lard market displayed a very steady undertone through¬
out the session.
At one time values scored advances of 20
to 27 points over the previous close.
This bulge brought out
considerable profit taking, which resulted in a loss of some
of these gains.
However, the undertone at the end was firm
and
final
prices registered material gains.
Total hog
receipts at the leading western packing centers amounted to
48,300 head, against 75,100 head for the same day last year.
Hog prices at Chicago closed 5c. to 10c. lower, with demand
reported fairly active.
Sales were reported during the day
ranging from $10.75 to $11.10.
Export clearances of lard
from the Port of New York today (Thursday) totaled 65,800
pounds, destined for London, Liverpool and Southampton.
Liverpool lard futures closed irregular, 6d. higher on October
and 3d. lower on November and January deliveries.
Today
futures closed 20 to 10 points up.
The strength of the grain
markets did much to influence short covering, which resulted
in a substantial advance that held up to the close.
prices scored
an
advance of 25 to 45 points
DAILY CLOSING PRICES OP LARD
Sat.
10.02
October
December-
January
May
-
Mon.
on
FUTURES IN CHICAGO
Tues.
Wed.
Thurs.
Fri.
H
O
9.77
9.90
9.90
9.80
9.40
9.45
9.62
9.75
9.77
9.70
9.35
9.37
L
9.45
9.50
9.55
9.60
9.70
l'O.lO
9.70
Pork—(Export), mess $33.25 per barrel (200 pounds);
family, $33.25 (40-50 pieces to barrel), nominal, per barrel.
Beef: (export) steady. Family (export), $26 to $27 per barrel
(200 pounds), nominal. Cut Meats: Pickled Hams—Picnic,
Loose, c.a.f., 4 to 6 lbs., 20c.; 6 to 8 lbs., 17^c.; 8 to 10 lbs.,
16c.
Skinned, Loose, c.a.f.—18 to 20 lbs., 19J^c.; 14-to 16
lbs., 21Me.
Bellies: Clear, f.o.b. New York—6 to 8 lbs.,
25H>c.; 8 to 12 lbs., 25Kc.; 10 to 12 lbs., 253^c.
Bellies:
Clear, Dry Salted, Boxed, N. Y.—-16 to 18 lbs., 17%c.; 18
to 20 lbs., 17%c.; 20 to 25 lbs., 17%c.; 25 to 30 lbs., 17%c.
Butter: Creamery, Firsts to Higher than Extra and Premium
Marks: 29H*c. to 363^c. Cheese: State, Held '36, 22c. to 24c.
Eggs: Mixed Colors—Checks to Special Packs: 17c. to 25}^c.
Oils—Linseed oil is still quoted 10.4c. for Tank cars.
Quotations: China Wood—Resale, nearby, drums 23 He. to
25c.
Coconut: Crude, November, forward 4%c.; Pacific
Coast, nearby 4%c.
Corn: Crude, West, tanks, nearby
.06yc. nominal. Olive: Denatured, nearby, drums $1.30 to
$1.35. New crop, shipments 95c. Soy Bean: Crude, Tanks,
Financial
2564
West, for'd. .05He. to .05Me.; L.C.L. N. Y., Oct., .08He.;
Forward .08c. Edible: 76 degrees 11 Me. Lard: Prime 13)4c.;
strained 12 Me. Cod: Crude, Japanese nominal;
Norwegian light yellow 41c. to 41 Me. Turpentine: 32Me. to
36Mc. Rosins: $8.65 to $9.75.
This
Raw hide futures
contracts.
Extra winter,
Cottonseed Oil, sales, including switches, 256 contracts
Crude, S. E., 6Mc.
Prices closed as follows:
October
7.25#
7.50#
7.51#
February
7.53 #
November.
December
January—
*
*—
7.50#
March
7.50#
April
...............
May
Rubber—On the 9th inst. futures closed 3 to 9
7.53
7.50#
7.58#
points net
Rubber prices strengthened further today, though
the volume was light both in futures and the outside market.
The opening price range in futures was 9 to 12 points lower.
Transactions totaled 1,400 tons. Outside prices were quoted
on a spot basis of 16Ac. for standard sheets, although some
rubber probably would have been available at a slightly
lower price if bids were made.
London and Singapore closed
steady and quiet respectively, prices unchanged to l-16d.
lower.
Local closing: Oct., 16.71; Dec., 16.84; Jan., 16.84;
March, 16.98; May, 17.04. On the 11th inst. futures closed
13 to 20 points net lower.
Speculative selling in sympathy
with the break in securities was taken by the trade rep¬
resentatives, but what support there was failed to stem the
downward trend of prices until the force of the selling had
spent itself.
Dealings prior to the holiday were not par¬
ticularly active in the outside trade and prices showed a
decline of 3-16c. on spot grades of ribs and crepe and of lAc.
for browns and ambers.
Factory interest was restricted.
Local closing: Oct., 16.53; Dec., 16.66; Jan., 16.71; March,
16.79; May, 16.84; July, 16.92; Sept., 17.00.
On the 13th
inst. futures closed 4 points lower to 1 point higher.
Trading
was active and nervous throughout most of the session, but
closed quite steady when a good amount of factory buying
entered the market.
Futures opened 9 to 28 points lower,
following weakness in London and the reported failure of a
small London rubber firm.
However, the rally in the stock
higher.
market had
a
wholesome influence and resulted in consider¬
able short
covering and the wiping out of most of the earlier
Outside prices were steady and at¬
tracted a good volume of factory buying.
Standard sheets
were quoted unchanged on a spot basis of 16 ll-16c.
London
and Singapore closed quiet and easier, prices declining M
to 15-32d.
Local closing: Oct., 16.51; Dec., 16.64; Jan.,
16.68; March, 16.75; May, 16.85; July, 16.91.
On the 14th inst. futures closed 11 to 5 points down.
rubber futures losses.
Transactions totaled 175 contracts.
trade
was
reported
News that
Sentiment in the rubber
an ocean
as more cheerful than in some time.
freight rate increase would go into effect
Jan. 1, coupled with persistent reports of agitation in the
east for a reduction in export quotas, contributed to the
better feeling.
Commission house, dealer and foreign Buying
were reported.
Prices this afternoon were 15 to 23 points
higher. However, heavy profit taking developed in the later
trading and all the early gains were lost, the market showing
substantial net losses at the close.
Local closing: Dec.,
16.58; Jan., 16.57; March, 16.70; May, 16.80; July, 16.85.
Today futures closed 8 to 2 points down.
Transactions
totaled
196
contracts.
Easier
cables
and
a
weak
stock
market
discouraged traders in rubber futures, with the result
that prices were 3 to 11 points lower this afternoon except
for March, which was unchanged at 16.70c.
Sales up to
early afternoon totaled only 1,520 tons.
Switching from
December to March at 10 points difference was a feature.
C.
I. F. offerings were said to be more liberal.
London
closed steady, 1-16 to A lower.
Singapore also was off.
Oct.
Chronicle
16, 1937
opened 7 to 20 points lower,
when pressure relaxed.
13.05c., off 8 points.
Transactions up to that time totaled 1,320,000 pounds.
There were reports of a better inquiry for spot hides, but no
transactions were reported, and apparently the stalemate
between tanners and packers remains unchanged.
but recovered
a
afternoon
part of these losses
December stood at
Ocean Freights—The demand for tonnage in general
during the week has been rather slow, though a little im¬
provement in the demand for sugar tonnage was reported.
Charters included:
Grain: 35 loads, Gulf to Antwerp-
Nov., 5s 6d.
Gulf to Antwerp-Rotterdam,
3d, option picked, United Kingdom ports, 5s 6d, Oct.-
Rotterdam,
5s
(position unconfirmed). Reira to Antwerp-Rotterdam,
1-10, 38s lOd, maize.
Cape Town to picked ports
United Kingdom, Oct., 35s 6d, maize.
Karachi to picked
ports United Kingdom-Continent, Nov. 1-20, 40s, wheat.
Rosario to picked ports United Kingdom, Oct., 36s, with
options.
Bahia Blanea to Antwerp, Oct., 34s 6d. Sugar:
Cuba to Casablanca, Nov., 28s 9d.
One port, Cuba to
United Kingdom-Continent, Dec., 28s.
Cuba to United
Kingdom-Continent, end Oct .-early Nov., 28s.
Nov.
Nov.
Coal—Temperatures below freezing in some of the
of the country have stimulated demand for
coal, and in many instances mines and dealers are being
rushed to supply the demand, so informed circles state. The
opinion prevails in not a few quarters that the higher coal
prices which will be set presumably by the Bituminous Coal
Commission, will come at a rather untimely period, or when
stocks and commodities are declining.
Thus there will be
extra sales resistance to overcome.
However, in an attempt
to weaken this resistance the coal trade will point out the
northern parts
cheap prices which have prevailed during the summer and
during the fall up to now. Moreover, the coal dealers and
wholesalers plan to advertise extensively.
Some of the coal
dealers state that the National Bituminous Coal Commission
given the impression that household coals will not be
by the higher code prices which will soon be an¬
and go into effect immediately.
It is said that
dealers will follow the code prices upward in their sales to
has
affected
nounced
the
general public.
Tin, Lead, Zinc, Steel
appearing here, will be found in the
the end of the department headed
"Indications of Business Activitywhere they are covered
Metals—The
report of Copper,
and Pig Iron, usually
articles appearing at
more
fully.
pointed out that during the past five weeks
about 6%, but the Australian
market is off about 15% from the opening of the season on
American style topmaking wools.
In face of a downward
trend in the fine wool markets of Australia, dealers here are
standing by their domestic raw materials until some sub¬
stantial mill demand opens up a real market, which has been
noticeably absent for a long while.
Resistance on the part
of large holders to the decline in the raw material appears to
be based mainly upon the conviction that there is no real
market for wool ana unlikely to be any until the goods market
experiences a change of heart.
Attention is called to the fact
that wool prices are holding remarkably well in the face of
declining prices in practically all the chief commodity mar¬
kets of the country.
It is true that wool prices have been
quietly easing off a bit, but nothing like weakness has de¬
veloped in any quarter. Australian wools are now becoming
more competitive with prevailing Boston prices on domestic
types, and it remains to be seen what the future has in store
Wool—It is
domestic wool has declined
in this direction.
Hides—On the 9th inst. futures closed 3 to 8
points net
higher. The opening range was 3 points off to 8 points ad¬
vance.
Transactions totaled 3,240,000 pounds.
No new
developments were reported in the domestic spot hide situa¬
tion as the week ended. Local
closing: Dec., 13.25; March,
13.60; June, 13.91; Sept., 14.22. On the 11th inst. futures
closed 9 to 12 points down.
The opening range was 9 to 7
points off. There was a fairly substantial turnover, transac¬
tions totaling 5,480,000
pounds. The weakness in the hide
futures market
was attributed
largely to the weakness of
stock market and general decline in most
commodity
markets.
There was nothing of interest in the spot hide
the
situation.
Local
closing: Dec.,
13.82; Sept., 14.13.
13.15; May,
13.47;
June,
On the 13th inst. futures closed 6 to 10
points net higher.
The opening range of prices was 10 to
points up from the previous finals. Transactions totaled
4,120,000 pounds. No new developments were reported in
17
the domestic spot hide markets nor the
Local closing: Dec.,
13.24; March,
Argentine market.
June, 13.88;
13.56;
Sept., 14.19.
On the 14th inst. futures closed 11 to 9
points down.
Transactions totaled 96 contracts.
The futures market dis¬
played
firm undertone despite comparatively small interest.
11 to 17 points above the previous finals during
the afternoon, but these gains were subsequently wiped out
as
a result
of profit taking and some short selling, the
market showing substantial losses at the close, the final range
being at the lows of the day. It was reported that inquiry
for spot hides was better.
Certificated stocks in licensed
warehouses decreased 2,100 hides to a total of 840,612. Local
closing: Dec., 13.13; March, 13.45; June, 13.78; Sept., 14.10.
Today futures closed 9 to 11 points down.
Sales totaled 70
Prices
a
rose
higher to 1}Ac.
exceedingly well in view of the
weak stock market and declining commodity markets all
along the line. Opening sales went at no change, while the
closing found the various deliveries holding steady, with
some showing substantial net gains.
Transactions totaled
1,530 bales. Japanese cables came in firmer than on Friday,
the final day of business here.
There were gains of 15 to
17 M yen for Grade D, putting this gTade at 765 in both
Yokohama and Kobe. Futures on these markets ranged net
Silk—On the 11th inst. futures closed 3 AiC.
The
lower.
market held
higher and 4 to 10 firmer respectively.
in futures on
both markets totaled 4,050 bales.
Local closing: Oct.,
1.64M; Nov., 1.59M; Dec., 1.55; Jan., 1.54% March,
1.53M. On the 13th inst. futures closed unchanged to 2M<*.
net higher.
Opening prices ruled l lAe. lower to Ac. higher.
At one time quotations ranged lc. to 1 Ac. under the previous
finals. Volume of trading was light, totaling but 1,100 bales.
Japanese cables were easier. Grade D fell 10 yen to 755 yen
in both Yokohama and Kobe.
Bourse prices on these
markets were respectively 4 to 9 yen lower and 3 to 9 yen
easier.
Cash sales totaled 800 bales, while transactions in
futures on these markets totaled 2,200 bales.
Local closing:
Oct., 1.64; Nov., 1.61; Dec., 1.57M; Jan., 1.57; March,
1 yen
lower to 8
Cash sales
1.55 A;
were
yen
575 bales, while transactions
May, 1.55.
On the 14th inst. futures closed 3Mc to le. up.
totaled
155 contracts.
This market
was
Transactions
influenced by an
improvement in the Japanese markets, advancing 3 to 4c. in
the early trading.
The price of crack double extra silk in
the New York spot market advanced -3c. to S1.73M- Yoko¬
hama closed 10 to
18 yen
higher.
Grade D silk
was
12M
Volume
Financial
145
higher at 7673^ yen a bale. Local closing: Oct., 1.673^;
Nov., 1.62; Dec., 1.60M; Jan., 1.5834; March, 1.57; April
1.5634; May, 1.5634Today futures closed 1 to 2c. up.
2565
Chronicle
yen
Sales
totaled
163
contracts.
Firmer
Japanese cables and
From
Exported to—
Aug. 1, 1937, to
Oct.
Ger¬
Great
15, 1937
Exports from,— Britain 1 France
Galveston
63,875
54,773
49.739
in
Houston
57,484
66.074
40,377
28,640
27,277
Corpus Christ!.
69.074
51,421
50,705
42,334
staging a further
up 134 points
In the early afternoon prices
all active positions, with December
at SI.62 and March at $1.5834Transactions to that time
totaled 370 bales.
The price of crack double extra silk in
the New York spot market advanced lc. to $1.7434The
Yokohama Bourse closed 5 to 11 yen higher, while the price
of grade D silk advanced 234 yen to 770 yen a bale.
recovery.
were
on
Beaumont
1,974
New Orleans
7,759
Total
Tues.
16.296
18,563
45,004
18,243
22,127
21,906
9,881
7,645
15,322
8,579
463
381
1,548
420
545
20,837
2,938
Galveston
Corpus Christi
Mon.
21,528
36,812
12,642
3,680
13,571
2,134
31,862 106,798
941
4,298
8,725 114,115
10,818
1,389
17
__
New Orleans
Mobile
Pensacola, &c
—
—.
Jacksonville
Savannah
m
—
—
Thurs.
Wed.
677
—
Fri.
12,467 121,097
230
■
^
748
494
242
578
441
951
7,713
3,687
4,210
11,618
3,687
1,243
-
73
Wilmington
—
—
—
10
166
365
387
41
230
Baltimore
55
148
343
1,518
295
20
410
Norfolk
295
----
Totals this week.
61,932
87,031
83,677
36,312
68,259 379,066
41,855
The
following table shows the week's total receipts, the
total since Aug. 1, 1937, and the stocks tonight, compared
with last year:
1937
This
This
I, 1937
week
Since
Aug
•
mmmm
mmmm
12,655
46.838
1,395
mmmm
mmmm
247
9
2,391
mm-mm
mm
mm
mm
420
458
62.645
9,316
20,136
1,280
343,947214,764
223,412 123,222
55,901
10,983 191,211 1163,440
262,564214,990
229,824' 115,304
Francisco
155,177
154,867
52,975
282,296
259,981
4,928 168,71211009,666
'
mmmm
2,600
822
_
Total 1935
NOTE—Exports
to
Canada—It
has
76,050
never
been
mmmm
1,298
mmmm
4,381
1,485 134,296 1103,783
include in the
being that virtually
practice to
our
above table reports of cotton shipments to Canada, the reason
all the cotton destined to the Dominion comes overland and it is impossible to give
concerning the same from
returns
week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to
hand.
In view,
however, of the numerous inquiries we are receiving regarding the matter, 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.
1937, there
For the 11 months ended June 30,
were
859,688 120,298
661.744
878,815
707,744
877*700
88",635
479,527
806",681
4,298
7,051
4,210
372,822
4,465
635.173
87,476
28,497
2,271
93,433
125,952
16,082
678,806
81,431
19,924
3,325
167,020
381,575
73,062
27,403
663,810
132,814
14,032
3,475
171,122
ll",6i8
130",659
3,687
365
62.169
2,738
1,518
295
50
Corpus Christi...
Mobile
17
Pensacola, &c
230
Jacksonville
Savannah
58
3,142
83,278
7,666
2,056
93",784
900
5.348
2.089
8,188
6,651
10,818
253.019
6,495
647,583
102,398
57.049
3,090
12,286
114*,Il5
New Orleans
774
6,889
110", 135
24,296
3.623
Brunswick
Charleston
Charles
ington
Norfolk
Newport News_
45,288
87", 170
51,282
9,066
20,879
76", 388
30,420
12,216
25,925
_.
100
4,891
975
Boston
""ioo
3,215
New York__
ore
850
Philadelphia
Totals
379,066 3.176,028 370,723 2,453.680 2,950,723 2,325.877
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
1936
1937
Receipts at—
1935
1932
1933
1934
106.798
114,115
10.818
4.210
120,298
88,635
110,135
24,296
3,142
108,216
104,506
76,600
22,849
17,997
50,343
67,548
40,302
10,234
4,605
11,618
"7",666
17,416
1,619
2,289
""7",419
"4",511
121.097
Houston
Orleans.
Mobile
Savannah.
112,397
131,071
87,731
10,737
5,649
3,277
5,169
2,684
3,095
116,546
137.641
68,418
9,716
5.493
Galveston
Brunswick
Charleston
365
Norfolk
Newport News
900
1,518
Wiln ington..
2,089
669
961
3,431
2,493
"
8,527
13,562
21,453
24,412
31,080
33.675
379.066
370,723
372,945
208,963
376.859
395,485
All others
Total this wk.
Since Aug. 1 3.176,028 2,453,680 2.476,383 1,807,471 2,919,172 2.560,040
week ending this evening reach a
of which 53,284 were to Great Britain,
35,846 to France, 41,731 to Germany, 18,482 to Italy,
2,600 to Japan, and 34,760 to other destinations.
In the
corresponding week last year total exports were 148,787
bales.
For the season to date aggregate exports have been
1,163,440 bales, against 1,103,783 bales in the same period
of the previous season.
Below are the exports for the week:
The
exports
for
the
total of 186,703 bales,
Exported to—
Week Ended
Oct.
15. 1937
Exports from—
Ger¬
Great
Britain
France
many
Italy
Japan
China
Other
Total
19.674
6,622
18.234
4,968
6,747
56.245
Houston
4,800
17,417
7,904
5,475
13.662
49,258
Corpus Christi
9,933
Galveston
New Orleans
_.
6,236
Norfolk
Angeles
San Francisco
8.720
2,800
Mobile
Charleston
9,933
9*178
6*623
8,039
164
4*759
4*059
"*37
"*44
438
2"600
1,300
592
11,618
12.203
618
1L585
38,796
250
250
Lake Charles
683
2,925
7,417
300
300
34,760 186.703
53.284
35,846
41.731
18.482
2,600
1936
34.908
22.632
19,749
8.256
44.563
18.679 148.787
Total 1935
47,311
10,095
18,805
9,678
40.878
11,837 138,604
Total
On
Shipboard Not Cleared for—
Oct. 15 at—
Leaving
Great
Ger¬
Britain
16,800
23,523
6,954
Orleans
Savannah
New
37,985
36,438
Coast¬
Foreign
wise
l",806
54,674
22,516
14,970
__
15,100
6,289
14,796
7",397
Galveston
Houston
Other
many
Francs
20,000
7,590
4,392
3,000
2,966
35,500
13,402
1,659
Stock
Total
90,400
53,770
27,801
788,415
752,911
651,005
167,020
87,170
67,271
20,879
Charleston
Mobile
14*
4",963
160
Norfolk
Other ports
229,921
Total 1937.
.
Total 1936
Total 1935
31,982
12,794
16,539
31,760
cotton
for
5,966 186,131 2,764,592
4,315 138,596 2,187,281
1,000 143,703 2.256,068
55,524
62,533
79,434
future
however,
the
market
had
a
delivery
sharp
largely at the expense of the shorts.
106",798
Beauiiont
to above
exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
day,
1936
1937
1, 1936
City
Houston
Total
548
m
active, with price trend generally downward.
121,097
Galveston
Texas
Since Aug
week
15
Oct.
Los
mmmm
12,996
5,936
mm
1,314
3,244
Speculation in
Stock
1936
Receipts to
New
mmmm
«.
5,707
230
1,108
706
1,604
Charleston
Lake Charles
we
13,828
46,399
mmmm
-
-
mmmm
17
Sat.
Houston
Baltin
154,801
6,366
6,578
•
262.709 bales exported, as against 217,827 bales for the 11 months of 1935-36.
Receipts at—
Lake
284,732
2,274
30,495
200
1,062
:
•
348
In addition
Wilr
252.626
200
4,887
19,523
mmmm
3,142
Total 1936
bales.
51,602
48,080
3,040
67
24,376
48,254
4,834
-
-
mmmm
180
Charleston
255.663
mmrnm
39
Savannah
-
39,416
7.949
21,895
15,502
Penscaola, &c_
-
mm
Total
2,909
mmmm
3,323
3,048
Jacksonville
Total
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 379,066
bales, against 441,721 bales last week and 479,801 bales the
previous week, making the total receipts since Aug. 1, 1937,
3,176,028 bales, against 2,453,680 bales for the same period
of 1936, showing an increase since Aug. 1, 1937, of 722,348
mm
16,311
4,978
20,078
1,466
4,100
__
Mobile
San
The Movement of the
20.941
20,805
Lake Charles
Norfolk
Friday Night, Oct. 15, 1937
31,567
41,754
Los Angeles
COTTON
100
rnmm
Other
China
Japan
Italy
many
support credited to Japanese interests aided the silk market
failed
to
hold
and
large
securities
substantial
rally,
But the improvement
downward drift
continued
the
fol¬
expected to be active in a
little time, at least until the
traders are not
Washington,
very
the
fairly
With the enormous crop figures recently pub¬
so
much uncertainty regarding the action of
lowing day.
lished
and
was
On Wednes¬
way
for some
markets
and
political
siuation
become
more
settled.
prices closed 14 to 25 points net higher.
sharp adjustment of the market's technical
On the 9th inst.
There
was
a
position today (Saturday) following Friday's heavy declines
on the publication of the Government crop estimate.
The
market, as a whole, was trying to adjust itself to the crop
estimate of 17,573,000 bales.
The trade now is awaiting
developments in Washington where it was believed efforts
were being made to devise some plan
which might combat
the depressing influences of a crop of this enormous size.
There was relatively little hedge selling, this reflecting the
withdrawal of farmers from the market temporarily, some to
place their cotton in loan and others waiting to see what
action Washington authorities would take.
Consequently,
offerings became very light, and when shorts attempted to
cover they found a rather sensitive market, prices running
up rapidly as demand from this element increased.
Most of
the improvement took place during the last half hour.
Southern spot markets, as officially reported were 23 to 25
points higher.
On the 11th inst. prices closed 3 to 8 points
up.
The market opened steady and 2 points lower to 2
points higher. There was moderate hedge selling and liquida¬
tion.
Evidences that much cotton is going into the Govern¬
ment loan at present price levels did much to check aggres¬
siveness on the bear side.
However, with the stock market
still tending lower and the 'commodity markets showing
bearish trends generally, together with the general feeling
of uncertainty as to what action Washington will take as a
result of the enormous cotton production—there is very little
disposition to operate in cotton in a large way , especially on
the upward side.
As an outcome of the crop estimate, spot
markets were inactive.
Mills were not disposed to buy even
on small rallies, while offers from the country fell off ma¬
terially and the spot basis advanced.
Southern spot markets
as officially reported, were unchanged to 6 points higher.
Average price of middling at the 10. designated spot markets
was
7.95 cents.
prices closed 44 to 48 points net higher.
spectacular rally the market has enjoyed in months
took place during today's session.
The holding movement
in the South, where farmers were placing cotton in Govern¬
ment loan, left the market with a relative dearth of con¬
tracts.
As a result prices ran up rapidly on foreign and
trade buying, as well as covering through commission
houses and new outside buying by traders who had been
waiting for definite evidence of a change in the trend.
December, which closed at 7.96 cents Monday, advanced to
8.42, while May gained 49 points to 8.36.
The market
On the 13th inst.
The most
2566
made
Financial
better showing from
a
8 to 10
range
points higher.
at the
the start, with the
opening
At the extreme advance prices
highest since late in September, and were ap¬
proximately $2 a bale above quotations prior to the publica¬
tion of the Government crop report on Oct. 8.
At today's
highs prices showed a recovery of 76 to 84 points from the
were
extreme lows of the movement. It was believed that a call for
a
special session of Congress to consider farm legislation,
among other things, may have been responsible for the
spectacular jump in prices. Southern spot markets as
officially reported, were 35 to 45 points higher.
On the 14th inst. prices closed 14 to 20 points net lower.
These prices at the close represented about the lows of
the
There
day.
was no important change in underlying
but the opinion prevailed that the recent ad¬
vance, which carried prices up approximately $4 a bale, had
been too rapid and might bring increased pressure from
the South.
There was no appreciable increase noted in
hedge selling, but there was active domestic and foreign
conditions,
liquidation, which found the market without very sub¬
support.
The market was lower from the start,
with initial losses of 7 to 12 points.
October was under
liquidating pressure, as trading will cease at noon tomor¬
stantial
There
row.
were
16 October notices issued before the open¬
Chronicle
16.
7
Futures—The highest, lowest and closing prices
New York for the past week have been as follows:
Oct.
at
Monday
9
Tuesday
Wednesday
Thursday
Friday
Oct. 11
Saturday
Oct. 12
Oc. 13
Oct. 14
Oct. 15
Oct.
(1937)
Range
Closing
7.82- 8.19
8.03- 8.19
8.24- 8.64
8.43- 8.56
8.15
.
8.18- 8.19
8.63
8.43- 8.45
—
—
8.21- 8.41
Nov.-
RangeClosing
8.04W
8.0871
8.5271
7.62-7.97
7.82- 7.97
8.02-
7.92- 7.95
7.96- 7.97
8.40- 8.41
8.25
Range..
7.50- 7.87
7.70- 7.84
7.89- 8.28
8.11- 8.20
8.05- 8.24
Closing.
7.76ti
7.84
8.28
8.13
8.2371
8.3471
8.3471
Dee.—
R ange
-.
Closing
.
9.42
8.23- 8.33
—
8.13- 8.32
8.26- 8.27
Jan A1938)
—
—
—
Feb.—
Range..
Closing-
8.297!
8.1471
8.2371
7.90- 8.31
8.15- 8.22
8.06- 8.29
7.83- 7.85
8.30- 8.31
8.16- 8.17
8.23- 8.24
7.77«
7.857!
8.3271
8.1771
8.2371
7.61- 7.95
7.75- 7.89
7.95- 8.36
8.16- 8.25
8.07- 8.30
7.80- 7.81
7.87- 7.88
8.35
8.18
8.24
8.2571
7.767!
7.847!
Range..
7.55- 7.90
7.70- 7.85
Closing.
7.75- 7.77
March—
HOLI¬
April—
RangeClosing.
May—
Range..
Closing.
DAY.
—
June—
Range..
Closing.
7.8271
7.897!
8.3771
8.2071
Range..
7.66- 7.98
7.80- 7.93
8.01-8.42
8.20- 8.29
8.11- 8.32
Closing
7.85- 7.87
7.92
8.39- 8.40
8.22
8.26- 8.27
ing, which were subsequently stopped by leading spot inter¬
ests.
Southern spot markets, as officially reported, were
July—
14 to 17 points off.
Average price of middling at the 10
designated spot markets was 8.23c.
'
Oct.
Aug.—
Today prices closed 1 to 10 points up, with the exception
of October, which closed 3 points off.
The cotton market
was mixed today, with trading moderate in volume.
Trade
buying and covering caused some rallying in the late morn¬
ing, but by the start of the last hour active positions were
3 points lower to 7 points higher.
At noon the list was 3
points down to 10 points advance.
The October contract
expired at that time with the final sale at 8.40, off 2 points.
During the life of the contract it moved between a high of
13.98 and a low of 7.80. The market opened steady, down 6
Sept.—
to 10 points
in response to lower Liverpool cables and under
hedge selling and liquidation.
Hedge selling was quite lib¬
eral, as was pressure which came from brokers with Mem¬
phis connections.
Bombay brokers bought the distant po¬
sitions.
The trade also supported the list.
Premiums and Discounts for Grade and Staple—-The
table below gives the premiums
and discounts for grade and
staple in relation to the base grade, Middling %, established
for deliveries
contract on Oct.
on
21, 1937.
Premiums and
discounts for grades and staples are the average quotations
of 10 markets,
designated by the Secretary of Agriculture,
and staple premiums represent 60% of the average premiums
%-inch cotton at the 10 markets
over
%
15-16
Inch
Inch
Oct. 14.
on
I In. dt
Longer
16-16
Inch
1 In
.65
on
.90
on
1.14
on
Good Mid.....
.68 on
.83
on
1.07
on
St
Good Mld-
.60
.75
on
.99
on
Mid..
on
.14
....
on
.33
on
.54
.05 off
Mid..
.15
on
.36 on
.64 off
.43 Off
.23 off
on
St. Mid
.35 on
.61 on
.84 on
•St. Low Mid.. 1.49 off 1.33 off 1.18 off
Mid
Basts
.25 on
.48
•Low Mid
.62 off
.37 off
on
—
Good Ord
•Good Ord
2,25 off 2.14 ott 2.07 off
Tinged—
.18 off
1.43 off 1.27 off 1.14 off
2.18 off 2.13 off 2.07 Off
Good Mid...
2.79 off 2.77 off 2.75 Off
Low Mid
•Mid
.45 off
St. Mid.—.
—......
Low Mid.
♦St
White—
.
.29 off
.13 off
.71 off
.63 off
.36 off
1.60 off 1.39 off 1.27 off
2.30 off 2.24 off 2.17 off
Good Mid.....
St. Mid
;
.50 on
.75
.35
.61
on
.84
Mid.
Even
.25
on
.48 on
Good Mid..... 1.22 off 1.05 off
.60 off
.36 off
.16 off
•St
—
—
St. Low Mid...
on
on
.99 on
•Low Mid
Nominal
Range for future prices at New York for week ending
Aug. 15, 1937, and since trading began on each option:
Oct.
7.82 Oct.
1937—
...
:
........
GrayGood Mid¬
.56 off
.36 off
.19 off
st. Mid——
.80 off
.58 off
.43 off
♦Mid......... 1.40 off 1.26 off 1.16 off
Not deliverable
on future contract.
13
Nov. 1937Dec. 1937-
Jan.
1938—
"7lOrt"*9 "8"42" Oct?"l_3
7.60 Oct.
8.28 Oct.
9
13
Feb. 1938Mar. 1938-
Apr. 1938.
May 1938-
T55oFt:""9 "8.3T Oct""l3
7.80 Oct.
9.04 Sept.
7.60 Oct.
7.50 Oct.
8 1937 13.98 Apr.
1 1937 12.40 July
8 1937 13.93 Apr.
9 1937 13.94 Apr.
5
12
5
5
1937
1937
1937
1937
8.40 Sept.27 1937 13.85 Mar. 31 1937
Oct.
8 1937 13.97 Apr.
5 1937
7.62
-
7.61
Oct.
8.36 Oct.
9
13
1938—
Aug. 1938July
7.60 Oct.
9.63
June 1938—
~7.~66~Octr"_9 ~8A2 ~OctI~13
8 1937 12.96 May 21 1937
Aug. 27 1937 11.36 July 27 1937
8 1937 11.36 July 27 1937
7.65 Oct.
Sept.1938—
The Visible
Supply of Cotton tonight,
as
made
up
by
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are this week's returns, and consequently all foreign
brought down to Thursday evening. To make
complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only,
ifigures
are
the total show the
1Q37
1 f;
Stock at Liverpool,.,...._bales.
Stock at Manchester....—
617,000
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam_
726,000
lLi.OOO
159,000
10,000
Stock
Stock
Stock
Stock
It/9,000
quotation for middling upland cotton in the
day for the past week has been:
New York market each
Oct. 9 to Oct. 15—
Sat.
Middling upland—8.33
Mon.
Tuea.
8.33
Hoi.
W«d.
8.78
Thura.
8.58
Fri.
8.56
New York Quotations for 32 Years
lQ9fi
IQTi
1Q94.
669,000
71,000
369,000
58,000
877,000
75.000
740,000
148,000
147,000
427.000
185,000
14,000
12,000
22,000
54,000
10,000
952,000
353,000
145,000
23,000
at Genoa
quotations for middling upland at New York on
Oct. 15 for each of the past 32 years have been as follows:
8.56c.
1936-- —-12.41c.
1935- ——11.25c.
1934
-12.53c.
1933—— 9.40c.
1932
6.5Jc.
1931
6.20c.
1930
10.40c.
1929
-18.35c.
1928---. -19.55c.
1927
-21.50c.
1926
-13.60c.
1925--. -21.60c.
1924
-23.40c.
1923-30 45c.
1922---. -22.50c.
—
.
1921 —-.19.65c.
1920--..-22.00c.
191935.05c.
1913-13.50C.
1912—10.75c.
1911---— 9.40c.
1910---.-14.90c.
19j9
13.90c.
1908----- 9.20c.
1907-.- —11.75c.
1906-. —-11.40c.
—
1918----.32.30c.
1917-----28.00c.
1916---.-17.55c.
1915-- —,12.45c.
1914
The total sales of cotton
week at New York
are
on
at
on same
the spot each
day during the
indicated in the following statement.
reader, we also add columns
glance how the market for spot and futures
days.
a
Spot Market
Saturday.
Monday
Tuesday
Wednesday.
Thursday —
Friday
..
SALES
-
Market
Closed
Closed
Steady, 25 pts. adv. Steady.
Steady, 3 pts. adv..
HOLI
Total week.
Since Aug. 1
Spot
Conlr'ct
700
Total
700
3",400
3,400
2,100
400
1,600
700
2,2.,
1,800
22,597
7,900
63,200
.9,700
85,797
Ver^r steady
Steady, 45 pts. adv. Firm...
Quiet, 20 pts. dec
Steady
Steady, 2 pts. dec
Steady
385,000
53,000
41,000
9,000
4,000
9,000
352,000
633,000
1,043,000 1,125,000
779,000 1,585,000
32,000
35,000
50,000
45,000
358,000
251.000
468,000
337,000
Egypt. Brazil,<fcc., afl't for Europe
203,000
160,000
148,000
157.000
Stock in Alexandria, Egypt
182,000
244,000
159,000
235,000
Stock in Bombay, India
702.000
631,000
667,000
433,000
Stock in U. S, ports
2,95J,723 2,325,877 2,399,771 2,993,954
Stock in U. S. interior towns
1,9 j4,035 2,098,733 2,132,345 1,735,609
U. 8. exports today
36,387
33,148
3,535
24,800
India cotton afloat for Europe
American cotton afloat for
500
200
Europe
...
—7,407,145 7,068,758 6,462,651 7,729,363
supply...
Of the above, totals of American
and other descriptions are
as
follows:
A. 771 &vi CCL7l~~~~
213,000
201,000
98,000
241.000
Manchester stock.
45,000
36,000
21,000
35,000
Bremen stock......—72,000
95,000
108,000
292,000
Havre stock..
123,000
107,000
43,000
115,000
Other Continental stock
28,000
21,000
50,000
83,000
American afloat for Europe.....
468,000
337,000
358,000
251,000
U. 8. port stock
—......2,950,723 2,325,877 2,399,771 2,993.954
tr.-S. interior stock.....—1,9 4,»-35 2,098,733 2,132,345 1,735,609
U. S. exports today.
36,387
33,148
3,535
24,800
Liverpool stock.
bales.
.....—
Total American-.—.....
900
2,600
5,840,145 5,254,758 5,213,651 5,771,363
East Indian, Brazil. &c.—
Liverpool stock...
404,000
64,000
...
Manchester stock
Bremen stock
....
...
.....
Indian afloat for Europe
Egypt, Brazil, &c., afloat—..
Stock in Alexandria, Egypt
Stock in Bombay, India..
Total East India, &c
Total American.
Total visible
Futures
317,000
at Trieste..
Total Continental stocks..
Other Continental stock.
New York
the convenience of* the
which show at
38,000
25,000
8,000
5,000
at Venice and Mestre
Havre stock-.
Market and Sales
27,000
8,000
3,000
—
65,000
.—.
The
1937——
.
at Barcelona
Total visible
The official
closed
8.64 Oct.
9
Total European stocks.
.93 off
Mid.— 1.72 off 1.62 off 1.43 off
•Mid.
2.41 off 2.28 off 2.22 off
♦St.
For
Range Since Beginning of Option
Range for Week
Option for—
2.89 off 2.84 off 2.80 off
Yet. Stained-
on
1.41 off 1.24 off 1.12 off
Good Ord. 2.15 off 2.10 off 2.04 off
♦Good Ord.... 2.76 off 2.75 off 2.73 off
Low Mid
*
n
4
Longer
St. Low Mld-.-
Extra
RangeClosing.
Spotted-
Mid. Fair
St. Good Mid..
•St
,
Closing.
f)rt
7A
Inch
White—
Range
.
supply
...
38,000
36,000
20,000
32,000
16 J,000
182,000
631,000
468,000
35,000
53,000
40,000
69,000
35,000
203,000
244,000
667,000
271,000
37,000
77,000
22,000
52,000
50,000
148,000
159,000
433,000
636,000
40,000
61,000
30,000
52,000
45,000
157.000
235,000
702,000
1,567,000 3,814,000 1.249,000 1,958,000
.....5,840,145 5,254,758 5,213,651 5,771,363
Middling uplands, Liverpool..
Middling uplands, New York....
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.l staple.s'fine,Liv
7,407,145 7,068,758 6,462,651 7,729,363
4.82d.
8.56c.
9.62d.
4.04d.
6.02d.
4.19d.
6.99d.
12.45c.
11.20d.
5.79d.
6.40d.
6.97d.
11.25c.
9.23d.
5.77d.
12.50c.
8.88d.
5.34d.
7.99d.
5.80d.
.....
Continental imports for past week have been 136,000 bales.
The above figures for 1937 show an increase over last
week
of
449,429 bales, a gain of 338,387
944,494 bales Over 1935, and
322,218 bales from 1934.
increase
of
1936, an
decrease of
over
a
Volume
145
Financial
At 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, and the same items for the
corresponding period of the previous year—is set out in
detail below:
2567
Chronicle
New Orleans Contract Market—The
•
Saturday
Oct.
Movement to Oct. 15,
1937
Movement to Oct.
1936
16,
Receipts
Ala., Blrming'm
Stocks
ments
Week
15
18,947
480
Montgomery.
4,209
Selroa.
6.588
1,962
10,567
Forest City..
Helena
6,412
Hope
Jonesboro
Week
|
16
Season
7.794
23.594
1,615
48,139
9,107
468
6,090
461!
10.708
66,833
711
2,967
29,047
1,918
53,550
965
3.509
44.328
2,117' 80,645
9,490113.488
58,566
18,276
5,176
80.738
14.952
689
19.373
2,747
16.271
1,234
3.684
35,680
3,873
32,389
2,701
29,968
8,699
39,748,
36,587,
5,528
21.545
4,852
34,431
4,330
2,963
10,972
1,2)2
16,360
2.340
10,631
2,269
13,937
10,925
56,128
4,877
66,951
16,170
94,852
7,521104,571
4,465
Little Rock__
20,378
2,286
18,901
3,147
13,439
2,181
Newport
91,526
17.206
13,553
58,501
4,218
53,389
8,493
44.428
5,302
Oct. 15
Oct. (1937) 3.0lD-8.05a 8.105-8.12a
8.35
8.54
7.98
8.04- 8.05
8.48
8.33
8.34- 8.36
Jan.(1938)
February
7.89
7.91
8.36
8 21
8.29
7.87
7.90
8.34- 8.37
8.23- 8.24
7.91
7.95
8.41- 8.42
8.25-
7.92- 7.93
7.98
8.39
8.28
21,957
1,408
25,862
5,750
21,739
3.657
22,471
Ga., Albany
1,397,
12,276
707
18,869
139
9,455
1,009
17.821
Athens
1,840!
21,238
1,010
24,625
2,360
8,035
1,130
Atlanta
21.912
8,000
32,310
5,000
89,478
7,592
28,328
1,225
82,838
7,030
87,935
4,951 124,937
9,096
97,970
6,721 139.369
200 33,950
Augusta
Columbus
1,200
Macon
Rome
9,600
1.000
34,100
500
4,575
3,110;
...
29,069
1,897
34,073
1.571
22,865
38.788
22,452
1,952
2,050
6,541
1,150
18,103
1,920
5,243
15,6491
La., Shreveport
Mlss.Clarksdale
84,098
6,550
55,956
8.438
68,067
94,441
8.001
69,016
90
36,409
2,205
24.259
1,693
20,043
145,778
10,196
98.923
3,902
47.575
3,826
35,073
7.882
17,606
2,298
12,936
16,104'
16,20l!
Greenwood..
21,783
130,946
Jackson
5,180
37,562
Natchez
1,889
5,793
Vicksburg...
4,011
17,257
Yazoo City..
3,432
Mo., St. Louis.
4,717
28,616
6,338
950
6.901| 45,158
5,823! 53,244
78.736
262
5,052
1,236
2,154
3,525
19,738
2,152
15,139
41,024
36,745
2,228
34.811
1,819
27,678
21,313
4,747
1,660
10,771
51,023
10.921
833
89
600
7
44,168
144,411
3,131
Tenn.,Memphis 134,019
495,689
■
14,484
1,789
303
2,515
217
1,512
20,894 137, 351
2,035 58, 253
11.521
59.265
8.754
94,487
52,016
4,408
48.436
Oklahoma—
towns
S. C.,Greenville
Abilene
25,724
4,919
Austin
6,605
81,829 460, 295 157,011
4,416
3, 699 19.522
27,608
13,487
156
Brenham
362
724,839114,869 591.052
75,672 14 412 23,031
1, 493
3, 272
633
11,473
707
5,019
57,841
8,019
10,377
Dallas
1,641
350
8,188
3,042
205
2,827
8,000
50,013
,000
16,712
6,263
13,311
,554
2,560
58,929
9,822
13, 703
19, 323
45,940
9
,754
15,627
224
1, 770
107.
93
12,531
376
6,741
84
632
4,977
705
20,104
68,215
4,010
12, 857
11,601
18, 564
19,487
48.536
,738
3,821
4011
2,429,
10,661!
443
4,346
Paris
,647
11,495
Robstown
San Antonio.
T xarkana
Waco
._
5,274
...
Total. 56 towns 408,5472,029,746 220,205 19Q4035
8.26
June.
July
August
September
October
8.47&-8.48a
..
Tone—
Spot
Steady.
Steady.
Options...
York
New
Steady.
Steady.
Very
Steady.
Steady.
Steady.
Steady.
stdy.
Steady.
,
Cotton
Exchange Fixes Limitation of
Interest—The Board of Managers of the New York Cotton
Exchange voted on Oct. 13 to set the maximum limit of
interest on future contracts for delivery in any one month
by any member, firm or corporation and his or its affilia¬
tions at 250,000 bales for delivery in October, 1937, and in
all months up to and including September, 1938.
3,447
390,3862,233,850271.989 2098733
Five Elected to Membership in New York Wool Top
Exchange—The Board of Managers of the New York Wool
Top Exchange at a meeting held Oct. 1 elected the following
to membership in the Exchange: Stanley Herbert Lawton of
Co., of Boston, Mass., who are selling
agents of woolen and worsted goods; Maurice McAllister
Henkels, Treasurer of Lucas Henkels & Co. of Boston, who
are engaged in the scoured wool, noils, grease wool and wool
waste business; Gordon N. McKee of Dewey, Gould & Co.,
Boston, who are engaged in the grease wool merchandising
business; Theodore W. Jenks, Secretary of the Providence
Combing Mills Co., Providence, R. I., who are engaged in
manufacturing worsted tops, and Norman E. Dupee, Treas¬
urer of Forte, Dupee, Sawyer & Co., Boston, who do a mer¬
chandising business in wool, noils, wastes and specialties.
Herbert Lawton &
Includes the combined totals of 15 towns In
Oklahoma.
Census
Overland Movement for the Week and Since
Aug. 1—
We give below a statement
showing the overland movement
for the week and since
Aug. 1, as made
up
reports Friday night.
Aug. 1 in the last two
from telegraphic
The results for the week and since
years are as follows:
1937
Shipped—
'
Week
Louis
Mounds,
4,747
Week
10,921
260
99
421
3,599
18,598
1,032
40,731
57,992
5,089
18,697
52,068
31,065
1,471
3,535
43,436
73,452
.33,270
147,907
40,452
205,027
295
6,651
2,259
46,517
774
6,889
3,353
84,138
6.250
Via Louisville
"76
Virginia points
'Lim
Via other routes, &c
on
Bureau
Production—On
Oil
Cottonseed
issued
Census
the
of
1937 and 1936:
CRUSHED AND ON HAND
COTTON SEED RECEIVED.
(TONS)
Aug. 1
22,197
25,695
&c
Island
the
13
statement
Since
Aug. 1
Report
the following
showing cottonseed received, crushed, and on
hand, and cottonseed products manufactured, shipped out,
on
hand, and exported for two months ended Sept. 30,
Oct.
-1936-
Since
Via Rock
DAY.
May
31,649
9,417 102,065
2.430 29,130
Columbus
N.C.;Gr*nsboro
HOLI¬
April.....
51,899
4,192
Via
Friday
Oct. 14
16.647
Walnut Ridge
Via St,
Thursday
Oct. 13
December.
23,282
3,514
Fine Bluff...
Via
Wednesday
Oct. 12
11
.
26.886
47,726
Ark.,Blytheville
Oct.
Receipts
1,217! 47,987
7,270
30,222
*
Oct.
March
Season
6,154j
Eufaula
Stock
Week
Oct.
|
Ship¬
ments
Ship•!
Week
Texas,
Tuesday
Monday
9
November
Towns
15
closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
5,225
On Hand at Mills
Received at Mills*
Crushed
Aug. 1 to Sept. 30
State
Aug. 1 to Sept. 30
Sept. 30
1937
1936
1937
1936
1936
1937
v
vui*
51 von
Shipments—
..
movement
87,919
72,355
51,222
60.164
184,762
154,746
77,428
59,523
107.718
95,849
California
11,799
197.275
16,816
12,398
8.562
4,869
9,362
154,457
124,804
95,566
74,799
60,768
Louisiana
136.042
124,497
64,117
72,129
76.909
Mississippi
49,262
114,898
297
—
6,490
8,053
55,427
26,780
9,124
92,480
94,380
31,328
110,647
by rail to Canada.
324,278
384,504
271,642
32,816
135,386
23,155
197,177
51,268
17,669
28,524
15,837
56,787
14,846
30,057
7,569
27.232
South Carolina
57,962
39,204
36,768
11,599
94,289
107,429
44,882
28.790
43,422
21,844
Tennessee
'
North Carolina
Oklahoma
......
...
Leaving total net overland *_
including
131,802
Georgia
5,977
-
Total to be deducted
*
138.860
Arkansas
*
Deduct
Alabama
49,820
64,818
630,050
316,998
16,793
332,931
20.325
143,994
32,082
319,991
15,714
182,880
35.443
1,918.815 1,510,197
972,619
697,289
988.590
834,834
Texas
All other States
8,332
15,560
The
foregoing shows the week's net overland movement
this year has been 26,780
bales, against 31,328 bales for
the
week
last
year,
and that for the
aggre&ate net overland
of 18,167 bales.
exhibits
a
0.
.,
Sight and Spinners'
Week
over
Southern
mill" "takings
Includes seed destroyed at mills but not
COTTONSEED
530.846
188,342
1,280,000
31,328
135,000
4,548,508
1,054,062
537,051
118,397
3,989.327
892.316
92,480
1
370,723
719,188
sight in previous
Week—
Bales
18.......
1934—Oct.
19-_._
634,671
396,323
607,552
1933—Oct. 20
4,773,395
19,191,508
0441,052,343
206,643,382
6155,426,596
1936-37
318,973,305
1937-38
41,952
115,716.820
422,938
\
Lin tens,
48,301
293,496
Hull
Bales
4.510 481
3 177,250
H'ly
the
Southern and
of the week:
at
4|73l!299
Other Markets—
closing quotations for middling cotton at
principal cotton markets for each day
other
Oct.
15
Galveston
Saturday Monday
Tuesday
7.81
8.04
8.25
8.48
8.06
Savannah
8.02
8.06
8.50
8.49
Norfolk
8.25
8.05
8.18
7.95
7.80
7.80
7.38
7.38
8.33
8.35
8.50
Montgomery
Augusta
Memphis
Houston
Little Rock
Dallas
Fort Worth
8.30
HOLI¬
8.05
8.21
DAY.
7.95
7.84
7.80
7.41
7.41
8.65
8.50
8.65
8.40
8.25
8.25
7.85
7.85
8.10
8.35
8.50
8.25
8.10
8.10
7.70
7.70
70,347
110.203
168,954
43,819
164,215
109,494
1937-38
1,828
9,786
1,943
9,671
1936-37
fiber,
88
5,458
1,465
4,081
1937-38
7,379
10,036
4,227
13,188
1936-37
600-
bales
—
2,991
6,216
3,799
5,408
23,893
96,389
205,208
98,540
...
*
Includes 4,272,188 and 20,342,099 pounds held by refining and manufacturing
establishements and 4,369,480 and 29,577,920 pounds In transit to refiners and
Aug. 1, 1937 and Sept. 30,
1937, respectively.
pounds held by refiners, brokers, agents,
and manufacturing establishments
and 7,957,878 and 6,433,079 pounds in transit to manufacturers of lard substitute,
oleomargarine, soap, &c., Aug. 1, 1937 and Sept. 30, 1937, respectively.
a
Includes
13,349,453 and 9,635,494
and warehousemen at places other than refineries
b Produced from
167,156,316 pounds of crude oil.
AND
IMPORTS
OF
MONTH
Friday
8.33
Mobile
New Orleans
181,125
217,610
134,671
61,547
43,422
on—
Wed'day Thursday
7.77
7.98
8.08
361.493
228,451,108
103,397
125,212
1936-37
.
Closing Quotations for Middling Cotton
93,181,542
0311,861.656
251,014
65,053
1937-38
running
EXPORTS
Week Ended
*108,070,190
311,173
258,175
1936-37
1937-38
tons
consumers
are
1937-38
1
meal,/
bales
years:
Quotations for Middling Cotton
Below
165,994,989
lbs./
Refined oil,
and
226,466.894
Grabbots. motes,
&c.,
500-lb.
Since Aug. 1—
1935
1934....
1933
Sept. 30
282,117,467
1b. bales
1935—Oct.
On Hand
Sept. 30
*11,141,266
1936-37
655,448
250,660
On hand
Aug. 1 to
Sept. 30
Aug. 1
Shipped out
Aug. 1 to
1 1937-38
Crude oil, lbs...
Hulls, tons
5,348",732
45,905
Produced
On Hand
Season
Item
Cake
*108,248
uecrease.
Movement into
SHIPPED OUT,
ON HAND
1936-37
*253,838
North, spinn's' takings to Oct. 15.
42,394 tons and 21,926 tons on hand
PRODUCTS MANUFACTURED.
Since
Week
Aug. I
2,453,680
110,647
1,425,000
consumption to Oct. 1
Came into sight during week.....
Total in sight Oct. 15
*
*
Aug. 1, nor 18,309 tons and 10,500 tons reshlpped for 1937 and 1936, respectively.
1936
Aug. I
3,176,028
to Oct. 15
379,666
Net overland to Oct. 15..,
26,780
South'n consumption to Oct.
15.-125,000
of
the
year ago
Since
Takings
Excess
a
date
AND
J
Receipts at ports
decrease from
1937
_
In
to
season
United States.
PRODUCTS
COTTONSEED
ENDED
FOR
ONE
AUG. 31
1937
Items
1936
8.12
8.34
8.36
8.37
8.50
8.35
8.51
-
8.25
8.10
8.10
7.71
7.71
42,249
8,916
—
137,443
125,373
....
155
506
24,779
10,585
*11,494", 182
14,484,289
1,201
2,482
Exports—Oil, crude, pounds
Oil, refined, pounds
Cake and meal, tons of 2,000 pounds
Linters, running bales
—
Imports—Oil, crude, pounds
Oil
refined, pound*
Cake and meal, tons of 2,000 pounds
*
350
Linters, bales of 500 pounds
*
Amounts
for
September
not included above
1,120
are
5,534,132
pounds refinered
•entered directly for consumption," 2,616,302 refined "withdrawn from warehouse
for
consumption," and 2,687,590 refined "entered directly Into warehouse."
Financial
2568
Frank J. Knell Elected President
Oct.
Chronicle
Cotton Consumed and on Hand,
Census Report on
of New York Wool
16. 1937
Top Exchange—At a meeting of the Board of Governors of
the New York Wool Top Exchange held Oct. 11, Frank K.
Knell was elected President of the Exchange in place of the
&c., in September—Under the date of Oct. 14, 1937 the
Census Bureau issued its report showing cotton consumed in
the United States, cotton on hand, active cotton spindles
Mr. Knell has been a member of
Exchange.
John E. Smith
was elected a member of the Board to fill a vacnacy result¬
ing from the death of Mr. Beane.
and
late
Alpheus C. Beane.
the Board of Governors of the
Agricultural Department's Report on Cotton Acre¬
Condition and Production—The Agricultural De¬
604,380 bales of lint and 72,215 bales of linters in August,
1937 and 629,767 bales of lint and 68,799 bales of linters
In
age,
in
partment at Washington on Friday (Oct. 8) issued its
report on cotton acreage, condition and production as of
Oct. 1.
None of the figures take any account of linters.
Comments on the report will be found in last week's issue in
in
the editorial pages.
Below is the report in full:
of 17,573,000 bales Is forecast by the Crop
Bureau of Agricultural Economics, based on
1937.
This would be the second largest crop on
record, and compares with 12,399,000 bales produced in 1936, 10,638,000
bales in 1935, and 14,667,000 bales, the five-year (1928-32) average.
The
indicated yield per acre for the United States of 249.3 pounds is the highest
on record and compares with 197.6 pounds in 1936 and 169.9 pounds, the
lO^ear (1923-32) average.
,
The increase in prospective production over that indicated on Sept. 1,
which is general throughout the belt, is due to better than average con¬
ditions for the maturing of the crop, together with very light loss from boll
weevils.
Harvesting is progressing rapidly, although a general shortage of
pickers is reported.
A United States cotton crop
conditions as of Oct.
The following is the statement:
3.28%.
SEPTEMBER REPORT OF
OP OCT.
AND ACTIVE COTTON SPINDLES
[Cotton in running bales, counting round as half bales, except
foreign, which Is In
500-pound balesj
Crop Reporting Board of the Bureau of Agricultural Economics
following report from data furnished by crop correspondents,
and cooperating State agencies.
The final outturn of
cotton will depend upon whether the various influences affecting the crop
during the remainder of the season are more or less favorable than usual.
Cotton
Sept. 30
During—
Splnales
Two
Months
Year
In
In Con¬
Public
Storage
suming
Sept. 30
ments
presses
(bales)
-{
Ended
(bales)
United States
(bales)
(bales)
1936 629,767 1,204,781
803,787 6.864.291 17,694,270
702,132 6,615,806 17,313,244
51,609
5,546,998
147,597
32,989
5,479,960
117,029
10,465
645,680
39,840
1936 526,319 1,007,187
1937
Production (Ginnings)a
Oct. 1 Condition
Acreage
500-lb. Gross Wt. Bales
Yield per Acre
(Prelim.)
State
Indi¬
Av.
Av.
1923 1936 1937
1923-
1936
32
-32
cated
37,457
29,270
3,539
6.878
13,249
24,339
11,101
24,554
29,374
13,759
22,901
1936
All
1937
other States
160.137
33,124
Avge.
1928-32
1936
Egyptian cotton
15,153
Crop
Indic'd
5,921
11,951
1937
Other foreign cotton
11,435
8,473
22,975
1,497
3,048
3,140
4,930
1,643
145,915
170,005
131,321
52,396
1936
Crop
1937
728
1936
1,682
1937
Araer.-Egyptlan cotton.
Oct. 1
1937
73,700
68,799
15,593
•
14,736
2,177
Not Included Above—
1,000
%
Lb.
Lb.
Lb.
76
%
%
Acres
270
1,000
1,000
Bales
1,000
Bales
Linters
■:
Bales
>-t
725,700
Included Above—
1936
1937
Harvest
1937
74,378
83,831
15,621
19,617
1937
States...
155,806
1936
New England
Sept.
(Number)
991,224 6,926,365 23,886,948
848,431 6,652,334 23,518,904
1937 601,837 1,206,217
1937 511,838 1,017,287
Cotton-growing States..
Active.
During
Establish¬ & at Com¬
Sept.
the
statisticians,
Cotton on Hand
Cotton Consumed
1937
1,
The
makes
COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED,
1,
COTTON REPORT AS
field
September, 1936.
It will be seen that there is a decrease
September, 1937, when compared with the previous year
the total lint and linters combined of 23,029 bales, or
the
of
Board
Reporting
imports and exports of cotton for the month of Septem¬
ber, 1937 and 1936.
Cotton consumed amounted to 601,837
bales of lint and 73,700 bales of linters, compared with
...
—
1936
134,996
'
■
•
•
■
31,706
64
65
67
298
299
33
40
1.074
1,635
61
68
74
269
298
309
752
597
695
8. Carolina..
53
66
67
2C8
279
256
856
816
875
Georgia
2,631
54
66
75
176
228
260
1,241
1,086
1,430
113
62
74
75
125
170
169
35
31
40
488
62
71
77
256
360
363
228
308
370
941
58
66
80
197
250
295
479
433
580
2,558
3,344
1,547
12,667
2,569
57
73
82
172
236
267
1,255
1,145
1,425
Peru........
55
52
311
95
58
82
86
191
305
343
1,559
1,911
2,400
China...—.
1,095
417
2,105
56
76
86
192
260
309
745
761
1,000
Mexico
55
52
79
139
190
4,580
2,933
5,025
British India.
"361
1,245
3,288
4~029
1,559
1,564
8,131
53
26
64
149
62
160
1,109
290
858
All other....
186
775
419
3,056
56
60
81
188
227
274
1,352
1,295
1,750
136
83
85
94
318
457
457
90
111
130
9,142
13,500
21,813
Virginia
N. Carolina..
Florida
Missouri
Tennessee
...
Alabama
Mississippi
Louisiana
...
Texas
Oklahoma
—
Arkansas
Mexico
New
.
121
45
84
91
85
327
438
463
128
191
86
94
89
386
574
526
200
442
675
30
b70
64
85
225
313
320
11
16
20
U. 8. total.
33,736
56
62
169.9 197,6 249.3 14,667
12,399
21
18
12
1936
10,045
6,280
4,140
5.042
Total.
1937
1936
3.345
Egypt
17,573
Arlz.Egypt'nc
2 Mos. Ended Sept. 30
September
1937
260
614
Imports of Foreign Cotton (500-lb. Bales)
Country of Production
Arizona
269
.....
California
All other
Ga. Sea Isl.c.
4.5
Fla. Sea Isl.c.
79
87
15.3
•••
—
-
65
—
22
...
230
262
132
50
■
-
253
138
....
97
100
....
d
Exports of Domestic Cotton Excluding Linters
(Running Bales—See Note for Linters)
Country to Which Exported
1.3
0.6
Linters imported during one month ended Aug. 31, 1937, amounted to
1,120 equivalent 500-pound bales.
<
3.2
2 Mos. Ended Sept.
Septemberi
30
1937
1936
1937
1936
207.879
111,499
113,421
255,861
16,098
83.539
92,331
139,170
172,658
143,389
27,020
101,755
15",037
28,442
44,688
164,152
99,917
Lower Calif.
a
99
242
61
57
Allowances made for Interstate movement of seed cotton for ginning,
b Short-
140
(Old Mex.)e_
time average,
c
b85
83
210
48
105
Included in State and United States totals,
d 70 bales,
e
Not
Included In California figures, nor In United States total.
Census
France...............
113,741
67,892
89,159
....
Italy
Germany
....
Spain...
.....
....
279
Other Europe.....
20,044
65,749
Crop of 1937 Prior to Oct. 1—
report issued on Oct. 8, compiled from the
Japan
24,887
China
214
individual returns of the ginners, shows 8,259,445 running
Canada
bales of cotton
All other
(counting round as half bales and excluding
linters) ginned from the crop of 1937 prior to Oct. 1, com¬
pared with 6,031,950 bales from the crop of 1936 and
4,232,068 bales from the crop of 1935.
Below is the report
in full:
41,936
18,829
66,436
188,367
......
214
24~529
10,270
17,609
15", 086
15,979
6,104
20,683
8,849
617,444
........
Total.
579,624
837,859
752,111
Note-'Linters exported, not included above, were 12,597
in 1937 and
143,326
....
Belgium
Cotton Ginned from
The
United Kingdom.............
bales during September
30 in
12,801 bales in 1936; 37,376 bales for the 2 months ended 8ept
1936.
The distribution for Sept., 1937 follows: United
Kingdom. 3,508; Netherlands, 350; France, 2,990; Germany, 3,161; Italy, 1,482;
Poland and Danzig, 37; Canada, 293; Japan, 592; Mozambique, 184.
1937 and 23,386 bales in
REPORT ON COTTON GINNING
Number of bales of cotton ginned from the growth of 1937 prior to Oct. 1
1937, and comparative statistics to the corresponding date in 1936 and 1935»
WORLD. STATISTICS
The world's production of commercial cotton,
Running Bales
(Counting round as half bales & excl. linters)
State
1937
Alabama---
-
Arizona
Arkansas.-California
Florida
—
Georgia
Louisiana
Mississippi
Missouri
New
Mexico
-
North Carolina
Oklahoma
South Carolina
Tennessee
Texas.-
Virginia
All other States
*
was
1936
1935
*8,259,445
United States.
*6,031,950
*4,232,068
869,564
34,616
732,289
40,441
28,359
881,767
667,921
1,214,088
99,613
17,441
217,845
228,976
414,876
151,710
2,650,072
5,114
4,753
715,581
31,662
629.759
54,622
23,429
645,973
545,368
690,923
16,714
246,483
1,178,452
131,169
9,894
119,093
115,008
278,347
147,559
1.396,855
4,390
4,789
9,076
22,464
675,505
365,524
742,665
26,755
1,550
101,729
23,124
320.520
59,251
927.989
Weather Reports by Telegraph—Reports to us by tele¬
graph this evening indicate that most sections claim that at
least 70% of the cotton crop has been gathered.
General
rains have fallen in the western section of the cotton belt
during the last couple of days, but the eastern portion of
the belt has remained generally dry.
Where rains have
fallen, further damage has necessarily been done to grades.
Amarillo
Austin
Brenhanii.
The statistics for 1936 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
The revised total of cotton ginned this season prior to Sept. 16 is 4,261,422
bales.
Consumption, Stocks, Imports and Exports—United States
Cotton consumed during the month of August, 1937, amounted to 604,380
bales.
Cotton on hand in consuming establishments on Aug. 31 was
960,899 bales, and in public storage and at compresses 3,504,127 bales.
The number of active consuming cotton spindles for the month was 24,353.102.
The total imports for the month of August, 1937, were 8,458 bales,
and the exports of domestic cotton, excluding linters, were 220,415 bales.
Rainfall
Inches
High
Low
1
0.09
86
4
0.24
82
53
38
70
60
1
1.80
90
50
70
6
2.61
90
48
69
1
1.02
92
48
3
2
0.71
90
62
0.26
88
62
70
76
75
3
3
0.92
84
44
64
1.16
92
52
72
3
4.02
86
48
62
2
90
60
70
3
1.30
2.90
90
40
65
1
1.30
94
52
73
1
0.24
40
60
Rain
Abilene
American-Egyptian for 1937, 2,200 for 1936 and 2,128 for 1935; also 1,140
bales of Sea Island for 1937.
-Thermom eter
Days
Texas—Galveston
838
and 94,346 bales of the crops of 1936 and 1935.
The statistics in this report include 130,275 round bales for 1937, 71,912
for 1936 and 35,501 for 1935.
Included in the above are 1,736 bales of
the year ended July 31, 1937, was 30,820,000 bales.
The total number of
spinning cotton spindles, both active and idle, is about 149,000,000.
958
Includes 142,983 bales of the crop of 1937 ginned prior to Aug. 1, which
counted in the supply for the season of 1936-37, compared with 41,130
,
exclusive of linters, grown
in 1936, as compiled from various sources was 30,024,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the United States) for
Brownsville
Corpus Christi
Dallas
El Paso
Henrietta
Keirville
Lampasas
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Oklahoma—Oklahoma City..,
Arkansas—Eldorado
.
.
Fort Smith
Little Rock
Pine Bluff.
.
.
.
Mean
2
0.80
80
84
44
64
3
2.98
80
38
59
1
1.64
92
56
74
2
1.56
94
44
69
5
3
3.06
86
40
63
1.51
74
40
3
0.46
34
57
61
2
0.94
78
74
1
0.04
0.48
72
36
35
4
76
40
57
54
56
Volume
Bain
Rainfall
Days
Inches
2
0.63
0.12
Louisiana—Alexandria.
-
High
39
65
82
48
65
50
64
86
38
62
78
36
86
53
57
69
0.04
76
38
57
0.14
0.02
82
44
1
86
58
63
72
1
0.10
88
72
80
1
1
0.04
84
50
67
0.06
90
64
77
0.05
82
54
68
74
42
82
44
78
74
76
76
44
58
63
61
46
60
36
56
40
58
74
34
54
1
Shreveport
Mississippi—Meridian
Vicksburg
3
Alabama—Mobile
2
Birmingham
1
Montgomery
1
Florida—Jacksonville
90
0.56
1.12
0.18
0.38
0.73
1
1
«.
Pensacola
Tampa
Georgia—Savannah
Atlanta
.
dry
:
Macon
South
3
.
_
Augusta
0.18
0.22
1.29
0.31
0.14
0.01
0.08
0.03
0.02
0.16
2
i
.
Carolina—Charleston..
2
.
Greenwood
2
Columbia
3
1
.
North Carolina—Charlotte
Asheville
.
1
.
2
aieign
''ilrningtor
1
.
Tennessee—1
ssee—Me
2
.
0.02
2
.
42
126.00C
11.00C
95,000
15,000
Week
Aug. 1
135,000
31,000
Since Aug.
For the Week
Aug. 1
Great
Conti¬
1
Britain
nent
Great
China
Conti¬
Japan &
Britain
nent
China
Jap'n&
Total
Total
Bombay—
55
150,000
101,000
3,000
8,000
11,000
15,000
4,000
45,000
14,000
6,000
27,000
127,000
160,000
91666
19,000
29,000
5,000
57,000
128,000
190,000
3,000
20,000
41,000
53,000
73,000
2,000
1937
3,000
42,000
50,000
61,000
103,000
14,000
l'ooo
1935
59
36
Week
Aug. 1
Since
Since
i
Exports
57
53
70
76
74
Since
Week
From—
53
38
36
76
dry
Chattanooga.
28
1199335677
1935
1936
1937
Oct. 14
Receipts—
Bombay
50
32
72
74
Cotton Movement from All
India
of Indian cotton at Bombay
61
77
1
New Orleans
Miami
Ports—The receipts
and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
ThermometerMean
Low
40
2569
Chronicle
Financial
145
1,000
Other India:
3,000
2
1666
3"iooo
91,000
Total all—
has also been received by tele¬
graph, showing the height of rivers at the points named at
The following statement
8
a. m.
of the dates given:
Oct. 15, 1937
Oct. 16,1936
Feet
Feet
2.3
7.1
New Orleans
Above
of gauge.
2.2
Memphis
Above zero of gauge-
4.2
Nashville
Above
gauge-
9.0
Shreveport
Vicksburg
Above zero of gauge.
Above zero of gauge.
2.1
0.9
8.2
Receipts from
the
zero
of
-
98,000
47,000
32,000
47,000
77,000
118,000
8,000
Plantations—The following table
compared with last
in the week's receipts of
year
Market—Our report received
Manchester
figures do not include overland receipts nor
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.
The
of this and last year
Stocks at Interior Towns
Received from
1936
Plantations
1936
1937
1935
1936
1937
1935
I
ings, Common
Middl'g
to Finest
Upl'ds
16..
17,371
28.601
16,973
28,419
20,715
23..
55,199
39.742
46,866
68,215
13..
94,093
20.. 149,210
38,915
56,583
37.205
873.7721.301,765 1,145,008
848,935 1,255,364 1,133,563
828,1471,206,417 1,121,546
NU
Nil
Nil
3,764
34.411
d.
4,302
25,760
34.849
d.
d.
NU
61,492
52,891
76,336
811,1821.167,401 1,111,532 39,236
796.1501,144,650 1,097,283 79,061
788,4081,132,176 1,094,124 141,468
13H@14« 10
23- 13H@14^ 10
30- 12X@UX 10
47.243
92,915
Sept.
3.. 300.222 201.842 188.943
10.. 309,808271.456 215.017
13..
10
6
@10
9
6.60
11
7X
6.12
10 J* @12
10
4H@10
3
4H@10
and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
obtainable; also the takings or amounts gone out of
sight for the like period:
are
105* @12
10
456 @10
754
7.02
5.93
iox@nx 10
iox@nx 10
454@10
154@10
756
6.92
5.78
456
6.74
5.63
iox@nx 10
156@10
6
6.70
4X
4X
4*
5.56
loxmix 10
154@10
456
6.70
5.46
3
6.08
10
10M@12
iox@ux 10
10 5* @11 J* 10
456@10
@10
0
@10
756
3
3
6.73
10H@10
10
10
UH@12X
11M@12 %
Shipping
9
9
Visible supply Oct.
4,339",022
15—
719",188
Bombay receipts to Oct. 14—
Other India ship'ts to Oct. 14Alexandria receipts to Oct. 13
Other supply te Oct. 13 ♦ b—
15,000
3,000
86.000
12,000
4.89
10H@11X 10
0
@10
3
4.75
11
@12
10
0
@10
3
6.86
ioxmo
IX
4.82
11
@1256 10
756
6.99
News—As
7,792,904 10,335,954
Total supply
90.000
12,000
7,480,443 10,414,853
Deduct—
Visible supply
Ost. 15—
7,407,145
7,407,145
7,068,758
7,068,758
385,759
284,759
2,928,809
1,926,009
1,002,800
411,685
3,346,095
2,609,895
736.200
Total takings to Oct. 15 a
Of which American
Of which other
101,000
325,685
86,000
$ Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 1,280,000 bales in 1937 and 1,425,000 bales in 1936—takings
not being available—and the aggregate amount taken by Northern and
foreign spinners, 1,648,809 bales in 1937 and 1,921,095 bales in 1936, of
which 646.009 bales and 1,184,895 bales American,
b Estimated.
Alexandria Receipts
and Shipments
1935
1936
1937
Alexandria, Egypt,
Oct. 13
Receipts (cantors)
Since Aug.
1
This
Week
Exports (Bales)—
This
Since
Aug.
6,000 20,476
Liverpool
10,000 27,355
To Manchester, &c—
To Continent and India. 21,000 113,015
4,195
2,000
To America-
39,000 165,041
Week
Since
Aug.
1
26,964
80,932
4,411
19,887
5",6OO 22,689
19,000 101.782
2,000
4,219
29,000 130,962
26,000 148,577
7".000
20,000
2,000
Note—A cantar is 99 lbs.
Egyptian bales
This statement shews that the receipts for
430.000 can tars and the foreign
1
18.655
—
-
This
Since
Week Aug.
1
To
Total exports
460,000
1,468,231
450,000
2,145,534
430,000
1,986,351
This week
weigh about 750 lbs.
the week ending Oct. 13 were
shipments were 39,000 bales.
shown
on
a
454@10
previous page, the
the past week have
in detail, as made
exports of cotton from the United States
reached 186,703 bales.
The shipments
up
from mail and telegraphic reports, are as
follows:
Bales
GALVESTON—To Copenhagen—Oct. 7—Braeholm, 403-.-Oct. 11
11—Kentucky, 500
■>
To Oslo Oct. 7—Braeholm, 100
To Gdynia—Oct. 7—Braeholm, l,503---0ct. 11—Kentucky,
1,350
i-'-To Gothenburg—Oct. 7—Braeholm. 1,375
To Ghent—Oct. 12—Minnie Delarringa, 100
To Antwerp—Oct. 12—Minnie Delarringa, 93
To Havre—Oct. 12—Minnie Delarringa, 4,406
To Dunkirk—Oct. 12—Minnie Delarringa, 2,216
To Rotterdam—Oct. 9—Breedijk, 1,323
To Venice—Oct.
4,899,258
4,773,395
126,000
91.000
429,200
96,000
11,000
2,000
7.02
IX
11—Marina "O," 1,647----------9—Colorado Springs, 5,753—Oct.
To Hamburg—Oct.
To Liverpool—Oct.
Season
655',448
5,348,732
95,000
73,000
397,200
83.000
6.99
6.98
To Trieste—Oct.
9—Colorado Springs, 155
13—Patrician, 19,674
To Trieste—Oct.
To Venice—Oct.
-
13—Ida, 1,897-13—Ida,1,650
To
To
To
To
—
150—Oct.
1,375
100
93
4,406
2,216
1,323
1,647
18,089
155
19,674
2,097
1,224
1,650
11—
Delarringa, 150-337
Ghent—Oct. 12—West Hobomac, 1,441—Oct. 11—London
Exchange, 2,021---Oct. 9—Minnie Delarringa, 1,214
4,676
Copenhagen—Oct. 11—Tatra ,200
—
200
Havre—Oct. 12—West Hobomac, 2,016---Oct. 9—Minnie
Delarringa, 7,980; Conness Peak, 5,510
16,506
Bremen—Oct. 11—Gonzenheim, 7,904
7,904
Rotterdam—Oct. 12—West Hobomac, 551—Oct. 11—Lon¬
1,768
11—Tatra, 379
Gdynia—Oct. 11—Tatra, 998---Oct. 9—Kentucky, 300-To Oporto—Oct. 12—West Hobomac, 849
——
To Lisbon—Oct. 12—West Hobomac, 100-1
—-—
To Gothenburg—Oct. 11—Tatra, 181
To Mantyluoto—Oct. 11—Tatra, 3,000
To Enschede—Oct. 11—London Exchange, 333-----To Dunkirk—Oct. 9—Minnie Delarrainga, 1,911
To Genoa—Oct. 8-—Marina 0,1,928
—
NEW ORLEANS—To Bombay—Oct. 7—Steel Inventor, 1,550--To Bremen—Oct. 11—American Press, 9,178
To Buena Ventura—Oct. 9—Santa Marta, 80
To Havana—Oct. 9—Santa Marta. 64—-.—
To Genoa—Oct. 11—Monfiore, 5,689
To Gdynia—Oct. 11—Topeka, 1,400
To Gothenburg—Oct. 11—Topeka, 504
To Abo—Oct. 11—Topeka, 150
To Durban—Oct. 11—Moneeran, 300
To Liverpool—Oct. 8—Wanderer, 3,278
To Manchester—Oct. 8—Wanderer. 2,958
To Antwerp—Oct. 9—Michigan, 2,575
—
To Havre—Oct. 9—Michigan, 4,570
To Dunkirk—Oct. 9—Michigan, 4,150
—
To Venice—Oct. 9—Ida, 2,100
To Trieste—Oct. 9— Ida. 250
NORFOLK—To Manchester—Oct. 9—Manchester Producer, 86
Oct. 13—Liberty, 78
—
To Marseilles—Oct. 9—Exchester, 37
To Antwerp—Oct. 11—Blackhawk, 44
—
To Hamburg—Oct. 15—City of Havre, 438-———
don Exchange,
To Oslo—Oct.
To
2,853
3,055
1,745
1,897
3,055
-
To Antwerp—Oct.
12—West
Hobomac,
London Exchange, 37
Oct. 9—Minnie
To
—
13—Oakman, 2,097
13—Oakman, 1,224
HOUSTON—To Liverpool—Oct. 11—Dramatist.
To Manchester—Oct. 11—Dramatist, 1,745
903
100
13—
Brand, 12.326
6,709,995
6.957,716
8
0
To Bremen—Oct.
Week and Season
Visible supply Aug. 1
American in sight to Oct.
5.33
@10
9
To Genoar—Oct.
1936
Week
7.10
6.20
9
15..
plantations since Aug. 1, 1937, are 4,259,571 bales;
3,352,834 bales and in 1935 were 3,484,330
bales.
(2) That, although the receipts at the outports the
past week were 408,547 bales, the actual movement from
plantations was 596,889 bales, stock at interior towns
having increased 188,342 bales during the week.
Season
7.33
756
6
4X
10
1-
were
Week
2
@10
5
Oct.
(1) That the total receipts
1937
@1214
7X
11H@13
from the
Takings,
e.
7.47
6
1«@10
1^@10
1H@10
0
@10
8-
Cotton
nx@i2x
@10
1H@10
@10
3
17-
387,0601,715,6931,980,3361,990,723668,850478,343593.294
World's Supply
9 1056@10
6.85
24-
379,066f370,723 372,945 1,904,035 2,098,733 2,132,345 596,889489,120514,566
1936
Upl'ds
d.
s.
2
9
10
10-
326.2521,490,5641,832,0261,784.489724,826 473,918500.419
The above statement shows:
d.
9 1054@10
@10
11H@13
11 & @13
11K@13
3-
.1
8- 441,721330,033
s.
6
Sept.
1,050,9141.499.2751,414.604480.006 500.408 405,544
24.. 411.538,314.287 330,897 1.245.539;1,677.862:1,610.222606.163 492.874 532,515
15..
10
27-
836,7391.219,831
836,7391.219,8311.178,879330.292 280.892 248.136
918,1781,339,682 1.274.081i361,614391.307310.219
1.. 479,801 J319.754
10
12H@14
12H@13J* 10
6-
63,862
806,6491.140.781
806,6491.140.7811,119,686.239,811 149.970 184,700
17.. 347.270340.815265.021
Oct.
d,
s.
Aug.
20-
96,074
21,570 141.365159,138
27..
in
d.
s.
16-
46,569
NU
30,140
Middl'g
to Finest
July
Aug.
6..
Cotton
ings, Common
32s Cap
Twist
32s Cap
Twist
1935
1936
Cotton
July
30..
8X Lbs. Shirt¬
83^ Lbs. Shirt¬
Ended-
1937
by cablelto-
for comparison:
1937
'Receipts at Ports
251,000
293,000
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for yarn is improving.
We
give prices today below and leave those for previous weeks
Southern
Week!
223,000
101,000
127,000
128,000
4,000 bales.
Exports from all India ports record a decrease
of 3,000 bales during the week, ana since Aug. 1 show a
decrease of 28,000 bales.
indicates the actual movement each week from the planta¬
tions.
12I660
According to the foregoing, Bombay appears to show a
increase
9.3
8.3
zero
1,000
17,000
19,000
3I660
24,000
14,000
6,000
1936
1935
2,309
379
1,298
849
100
181
3.000
333
1,911
1,928 1
1.650
9,178
80
64
5,689
1,400
604
150
300
3,278
2,958
2,575
4.670
4,160
2,100
250
164
37
44
438
2570
Financial
Chronicle
Bales
for export.
—
To Manchester—Oct.
8—Saccarappa. 285
8—Saccarappa. 618
To Hamburg—Oct.
MOBILE—To Havre—Oct. 7—Bienville, 2,750-To Dunkirk—Oct. 5—Minnie Delarringa, 50
50
To Bremen—Oct. 7—Bienville. 2,133—Oct. 2—Ditmar Koel,
1,296.
4,059
—.
To Rotterdam—Oct. 7—Bienville. 22
22
To Gdynia—Sept. 25—Braeholm, 550
To Gothenburg—Sept. 25—Braeholm, 596
To Varburg—Sept. 25—Braeholm, 3,446
550
596
3.446
To Stockholm—Sept. 25—Braeholm, 145
145
CORPUS CHRISTI—To Liverpool—Oct. 8— Dramatist, 7,330
To Manchester—Oct. 8—Dramatist, 2,603--
7,330
2,603
SAN FRANCISCO—To Great Britain—?—, 300
LOS ANGELES—To Liverpool—Oct. 11—Lochmonar, 592
To Bremen—Oct. 8-—Oakland, 1,300
300
—-
592
1,300
To Japan—Oct. 11—Chichibu Maru, 1,300; President Coolidge,
1.300
To India—Oct. 11—Tosari, 1,000; President Coolidge, 1,925--LAKE CHARLES—To Havre—Oct. 8— Oakwood. 250
-
Total
2.600
2,925
250
-
—
—
-
-
BiOh
Stand
Density
High
StandDensity
ard
ard
.67 c.
Trieste
d.45c.
Manchester. 42c.
.67c.
Flume
d.45c.
High
.60c.
Antwerp. —,62c.
52c,
.67c.
Barcelona
.67c.
Japan
*
,52c.
.67c.
,60c.
Shanghai
Bombay z
Oslo
,58c.
.73c.
Bremen
.52c.
,67c
Stockholm
,63c.
.78c.
Hamburg
.52c.
1.00
,85c.
1.00
d.86c.
[Venice
Copenhag'n.57c.
*
d.4Sc.
ard
.85c.
1.00
Salonica
•
Rotterdam
Stand-
Density
'Piraeus
,60c.
Genoa
•
No quotations,
Only
z
■
.60c.
small lots,
*
.60c.
,72c.
On the 14tli inst. prices closed
The
d Direct steamer
Oct. l
Sept. 24
Sept.
Forwarded
49,000
—
Total stocks
Total
imports
Of which American
Amount afloat
Of which American
Oct. 8
49,000
684,000
216,000
54,000
21,000
266,000
718,000
684,000
220,000
46,000
30,000
193.000
117.000
Of which American
sequently there were setbacks of around
day's top prices.
.60o.
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Oct. 15
56,000
686,000
60.000
726,000
224.000
59.000
61 000
>.
103.000
time
163,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
prevailed and prices
previous finals.
of
ture
wheat
Saturday
Monday
Tuesday
A fair
A fair
conditions
unsettled
ficial
rains
in
Moderate
Moderate
business
business
business
More
demand.
demand.
doing.
doing.
doing.
demand.
'
4
Thursday
Friday
4.51d.
Futures,
4.66d.
Barely stdy
Market
4.70d.
Steady,
Steady,
7 to 10 pts. 8 to 10 pts. 5 to
'
opened
4.77d.
8
Steady,
pts. 1
decline.
advance.
Very stdy.,
Steady,
Advance.
3
4.95d.
4.82d.
Steady,
Steady;
pts, 8 to 10 pts. 3
decline.
to 5 pts.
decline.
advance.
Very stdy.,
Steady,
Quiet
but
unch'gedto 11 to 12 pts 13 to 14 pts 17 to 20 pts 2 to 6 pts. steady; 3 to
P. M.
4
pts.
dec.
Bricos of futures at
Oct.
Sat.
9
advance.
Liverpool lor
Mon.
day
eacn
Tues.
Wed.
generally
pointing to
advance.
4 pts.
are given
has
averaged
The preceding advances in
1,000,000
North
daily
purchases
export
Thurs.
some
Nctr Contract
d.
d.
4.33
4.39
....
d.
4.46
WW
w
w
4.45
January (1938)..
4,41
4.54
4 53
March
4.45
4.58
4.57
May....
4.49
4.61
4.60
July
4.52
4.65
4.64
October..
4.56
December
4.59
....
--
..
d.
ww
d.
w~
4.51
4.68
4.71
January (1939)..
4.61
March
4.63
4.75
May.
4.65
d.
4.59
4.65
—
«*
~
w
w
w*
»
-
w
-
•
*
ww
-
-
»
WW
4.76
4.73
w
w
WW
4,75
4.70
d
rf
d,
4 68
4 62
4.72
net
4 64
gain of 2^c.
a
4.67
4,74
4.85
4.78
4.72
4 74
4.73
4.70
4.78
4.88
4.82
4.76
4.78
4.77
4.73
4.SI
4.92
4.86
4 80
W
4.86
4.91
4.88
4.94
4.70
4.81
w
WW
w
'
w
-
W
4.90
4.88
4.89
4.92
.W
w-
4 82
4.87
w
W
4.90
4.96
4.92
4.98
4 94
4.99
__
4.93
4.95
Friday Night, Oct. 15, 1937
Flour—It was reported early in the week that domestic
purchases of flour, notably in the Southwest, had expanded
largest
believed
each
on
down.
hooked
that
aggregate
at
sizable
witnessed
current levels
flour
recession, with
a
for
some
time.
It
is
view
to
averaging
costs
were
Wheat—On the 9th inst. prices closed lc. net
higher. At
time gains of better than 2c.
per bushel were in evidence,
one
and
although these tops were not maintained, Chicago closing
prices showed substantial net gains on almost all deliveries.
Higher price ideas for Russian wheat and consular advices
that recent rains may prove of little benefit to
the Argentine
the chief contributing factors in the earlier sharp
crop, were
upward climb of values.
Strength in Liverpool and more con¬
servative ideas on the Australian
crop also contributed to the
better sentiment.
Trade interests also pointed out that a
rally was long overdue, wheat having suffered an almost
uninterrupted tumble of about 11c. per bushel in a week.
Short covering and some good mill
buying against flour sales
brought support into the pit. Export rumors were plentiful.
The total reported for today
(Saturday) was 600,000 bushels
of Manitobas and
approximately 150,000 bushels of hard
winters.
On the 11th inst. prices closed
2J^c. to 4c. net
lower.
A general selling wave drove
prices down to new
The market showed
the allowable limit.
This
an extreme
drop of 5c.,
brought all deliveries well under
DAILY
Highest prices today
up.
The spread between
WHEAT
Sat.
CLOSING
PRICES
OF
December
Season's
Tues.
HOL
WHEAT
Tues.
H
O
L
963*
97%
9234
When Made
I
Season's
July
6, 1937 December
July 29. 19371 May
Sept. 28, 1937] July—
High and
_131%
122%
105?*
NEW YORK
Wed.
Thurs.
1123*
IN
Wed.
Fri.
114%
CHICAGO
Thurs.
975*
98%
92?*
Low
Open
area.
11234
FUTURES
Mon.
10034
101%
95
May
July
IN
Mon.
112
-11534
-
97 %
98%
9234
Fri.
100 %
101
9334
When Made
Oct. 13,1937
Oct. 13.1937
Oct. 13. 1937
and
93
93
88%
DAILY CLOSING PRICES OF BONDED WHEAT AT WINNIPEG
124
May
-
H
11934
118%
-
December
Tues. Wed.
H
12154
Mon.
Sat.
October
O
L
Thurs.
Fri.
121% 124%
117% 1173* 11934
116% 1163* 1183*
O
L
Corn—On the 9th inst. prices closed
to ]4.g. net lower.
At one time during the session corn displayed considerable
firmness, with gains of Y2g. to lc., largely in sympathy with
the strength in wheat.
This strength was short-lived,
however, bearish sentiment developing as a result of heavy
primary receipts, the early price gains being turned into net
losses at the close.
On the 11th inst. prices closed l%c. to
3 YiG lower.
The current delivery was the weak spot because
of cash corn declines.
Seasonal lows of 56%c.,
573^c. and
58^c. were reached by December, May and July deliveries.
On the 13th inst. prices closed 1%c. to 2J4e. net higher. This
market was influenced largely by the action of wheat, corn
values plunging temporarily to new lows for the season.
Subsequently there was a sharp rally, following largely the
upsurge in wheat in the later session.
Colder weather was
expected to enlarge demand for corn.
On the 14th inst. prices closed % to %c. off.
There were
export
inquiries
for
Today prices closed *4
to
no
commitments
DAILY CLOSING PRICES OF
Sat.
No. 2 yellow.
8934
resulted.
largely the action of wheat.
%c. up.
largely in sympathy with
was
This firmness of
corn
wheat.
CORN IN
Mon.
87%
YORK
NEW
Tues.
Wed.
HOL.
Thurs.
80%
79%
Fri.
80%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
October
x-
Season's
October
Dec.
High and
7434
(new)— 863*
May
July
74
66%
When
Sept.
y
Jul:
July
Sept.
and without feature.
63%
58%
603*
60%
57%
5834
61
December
May
July
heavy liquidation and
flow of stop loss orders. The market
rallied later in the session on short
covering and some buying
but
corn,
The market for futures followed
was
2,000,000,
as
materially under normal in the north,
CLOSING PRICES OF
the $1 mark.
The continued weakness of the stock market
a lack of
any constructive crop or market news influenced
and
a
exceeded
.
buying should develop
During the week substantial quantities of flour
both for nearby and later
shipment.
seasonal lows.
high
as
further
No. 2 red
December
4.68
Today's
more.
wheat
deficiency in the drought
interest in wheat was 112,329,000 bushels.
May
July
4.74
BREADSTUFFS
the
estimates
bushel overnight.
tine rainfall this week
4,70
4.81
wheat values
Chicago and Liverpool wheat prices widened out to the larg¬
est difference of the season.
Official reports showed Argen¬
4.69
4 71
4.63
4.86
WW
rf.
4.65
w
4.66
4.84
WW.
d.
4.57
w
or
American
Sat.
December.
of bene¬
for wheat came in the late dealings, with December making
DAILY
Fri.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
October (1937),-
to
bushels
of
to
Oct. 15
the'
fea¬
taken
a
half from the United States and half from Canada.
decl.
below:
likelihood
the
one
heavi¬
beiow
down
were
at
close
days the export buying of United States hard winter wheat
indicating
Market,
Towards the
Today prices closed 1% to 2%c.
Firm,
advance.
to
advance.
l%c. lower to %c. higher.
largely based on estimates that during four successive
were
a
Mld.Upl'ds
Sub¬
the
cent from
a
dry areas of domestic winter crop territory
in the Southwest.
A fair
12:15
P. M.
Market,
Wednesday
pur¬
From
Late selling to realize profits was
operations, with considerable notice
1,250,000 bushels, with
Spot
bushel.
a
considerable strength,
registering gains of l^c.
ness
of
showed
times
234.000
each
'
market at
358,000
34,000
239,000
168,000
been
this point, however, a recovery of about 7c. followed.
.72c.
Naples
d.45c.
Leghorn
d.45c.
iGothenb'g
.67c.
.65c.
to have
result wheat suffered the limit decline of 5c.
.67c
Havre
estimated
were
today for shipment overseas, together with about
250,000 of United States rye and 1,000,000 bushels of United
States barley.
Most of the wheat taken for export from
North America was domestic hard winter.
Preceding the
late rally of wheat, grain values were greatly disturbed by
the pronounced weakness .of the stock market, and as a
Freights*—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
.62c.
1 estimate of grain
chased
Cotton
Liverpool
The Oct.
North American wheat
186,703
-
However, substantial net losses
at the close.
11,300
285
618
2,750
-
1937
16,
were registered
production was
viewed as a standoff by most interests in the trade.
In¬
creases marked spring wheat, corn and oats estimates, but
in no instance to a degree that could be construed bearishly.
A contributing bearish influence in the day's declines was the
report that a big export trade had been worked in Russian
wheat with Switzerland, Austria and Spain, total sales being
estimated in excess of 3,000,000 bushels.
Hard winter wheat
export sales were estimated at 500,000 to 1,000,000 bushels.
Manitobas did not figure in these sales.
On the 13th inst.
prices closed %c. to l%c. higher.
The market in the early
session fluctuated erratically, reaching new lows for the
season.
A sharp turnabout in prices took place as a result
of reported substantial export business.
On this news prices
scored material gains.
More than 1,250,000 bushels of
CHARLESTON—To Liverpool—Oct. 8—Saccarappa, 2,800; Baifia,
8,500
Oct.
H
O
L
59
Season's Low
Made
25. 1937 October
8, 1937 Dec. (new)—
29, 1937 May
30, 1937 July
6234
58%
60%
62%
58%
5934
61
60
and
When
59%
55%
573*
583*
Oct.
Oct.
Oct.
Oct.
Oats—On the 9th inst. prices closed unchanged.
Made
12, 1937
13. 1937
13, 1937
13, 1937
There
little interest in this market, trading being light
On the 11th inst. prices closed lc. to
down.
These declines brought the active deliveries
very
ljic.
623*
58%
60
60%
Volume
Financial
145
into new low ground.
December reached 27Mc., May
28%e. and July 28The action of wheat and corn
naturally had a depressing effect on the other grains. On
the 13th inst. prices closed
unchanged to l/%c. up. This
market seemed to be
totally oblivious of the sharp action
going on in the other grains. Trading in oats was quiet and
2571
Chronicle
Wheat
Flour
Receipts at-
New York
164.000
28,000
13,000
On
feature.
the
was
14th
rather
a
inst.
heavy markets for
oats
the
last
closed
showing of oats
wheat
Chicago
% to %c. higher.
and
700,000
six
*4
%c.
to
firmness
of
A
up.
the
grains,
aided
bushels in
responsible
as
Today prices
good spot demand,
other
exports of
However,
corn.
to Canada totaled
This
the face of
in
days, and this was regarded
improved tone in the futures market.
for the
the
of
out
prices closed
remarkable
24,000
DAILY
CLOSING
OP
PRICES
Sat.
No. 2 white
—
42%
Sat.
29%
and
41 %
33%
32%
December
Low
Thurs.
42%
Fri.
Thurs.
29%
29Va
28%
Fri.
29%
29%
30%
29%
30
29
When Made
Oct. 13. 1937
Oct. 13,1937
Oct. 13. 1937
and
27%
28%
28 %
62,000
305,000
3,190,000
27.931.000
'37
wk.
237,000
1,031,000
5,983,000
J
35,000
3,992,000
85,000
3,624,000
280.000
3,113,000
668.000
251,000
Since Jan.l'3611,637,000
97,625,000
6,099,000
5,614,000
on
......
4,226,000, 4,372,000
57,000
66,824,000
*
824,000
1.000,
1936..
passing through New Orleans for foreign ports
Receipts do not include grain
through bills of lading.
from the several seaboard ports for the week
Oct. 9, 1937, are shown in the annexed
statement:
42%
42%
CHICAGO
IN
13,000
ended Saturday,
YORK
Wed.
H
O
L
When Made
I
Season's
July
6, 1937 December
July 29. 1937 May
Oct.
2. 1937 [July
High
May
July
HOL.
Tues.
28 %
29%
28%
30%
_
Season's
Wed.
FUTURES
Mon.
29%
May
July
NEW
41%
DAILY CLOSING PRICES OP OATS
December
IN
Tues.
OATS
Mon.
17,000
10,000
Since Jan.1'3710,707,000
Week
206,000
1,000
5,000
The exports
in oats.
27,000
12,000
21,000
Halifax
Total
190,000
2,000
257,000
Galveston
together with
the improvement
45*666
2,186,000
Boston
12*666
54,000
50"666
Barley
13,000
8,000
11,000
New Orleans *
Rye
bush 32 lbs bush 56 lbs bush 48 lbs
6,000,
20.000
Baltimore
bush 56 lbs
662.000
Philadelphia..
Montreal
without
Oats
Corn
bbls 196 lbs bush 60 lbs
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
Exports from-
127,000
127,000
10,000
17,000
824.000
98,478
10,000
144,000
951,000
80,318
193,000
37,478
437,000
New York...
Baltimore
7*9*666
2,000
New Orleans,
20,000
4,000
443,000
Galveston
5~o"666
2,186,000
Montreal
5,000
Halifax
DAILY CLOSING PRICES OP OATS FUTURES IN WINNIPEG
Sat.
October.
Mon.
December
Wed.
Tues.
HOL.
53% HOL.
48 %
Thurs.
54%
49%
Fri.
53%
49%
53%
48%
Rye—On the 9th inst. prices closed with net gains of
%g. to lc. This proved a better showing than made by the
the exception of wheat. On the 11th inst.
prices closed 3c. to 334c. down. This was a slight recovery
from bottoms of 7034c. for December and 69^e. for May.
On the 13th inst. prices closed J4c. to lc. net higher.
The
reported purchase of 250,000 bushels of rye for export had
its effect in improving values in the futures market.
The
marked strength in wheat and corn also had an appreciable
influence in making for higher prices in rye.
On the 14th inst. prices closed *4 to %c. higher.
Lack
Total week 1937..
The destination of these exports
July 1, 1937, is
DAILY
Today prices closed 1% to 234c. up.
influenced
was
wheat and
iri
largely
by
December
RYE
and
December
Week
Since
Week
Since
Week
Since
July 1 to—
Oct. 9,
July 1,
Oct. 9,
July 1,
Oct. 9,
July 1,
1937
1937
1937
1937
1937
1937
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
45,840
704,449
1,729,000
Continent.
15,638
110,405
1,047,000
19,704,000
13,591,000
*79*,666
293~6O6
So. & Cent. Amer.
12,500
22,500
183,500
6,000
121,000
20,000
129,000
99,000
United
Kingdom.
West Indies
14,000
316,500
Brit. No. Am. Col.
2~66o
55^536
28L000
3i"i"o66
98,478
1,370,390
1,694,933
3,066,000
33,741,000
3,265,000
43,998,000
422,000
1,000
comprising
the stocks in
Other countries
May...
July
84
DAILY CLOSING
Total 1937
H
O
L
PRICES OF
RYE
Sat.
October
73
72
14%
74%
and
When
Oct.
Oct.
Made
FUTURES IN WINNIPEG
Tues.
Wed.
Thurs. Fri.
Mon.
64%
83%
Wed.
Tues.
83%
83 %
81
81
Thurs.
Fri.
HOL.
December
BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
October.
66% HOL.
December
63
Closing quotations
HOL.
64%
62%
63%
61 %
63%
61
Barley
Bushels
Bushels
60,000
......
102,000
19,000
176,000
131,000
99,000
24,000
48,000
1,000
2,183,000
186,000
2,241,000
8,023,000
2,158,000
5,802,000
23,000
206,000
35,000
86,000
1,000
60,000
2,000
5,780,000
31,236,000
8,858,000
Sioux City...
—
1,010,000
St. Louis.7,132,000
23,000
33,000
1,917,000
73,000
719,000
10,000
1,000
4,000
15,086,000
2,112,000
4,609,000
606,000
333,000
8,000
afloat
Philadelphia*...
Baltimore
_i._,—
--
New Orleans
Galveston
Fort
.
Worth
Wichita
Hucthlnson
St. Joseph,
Kansas City
Omaha
491,000
.......
afloat
-
101,000
7*666
15,000
5,000
123,000
*62*666
46,000
643,000
181,000
28,000
23,000
1,661,000
34,000
127,000
20,000
...—
Indianapolis
"
"
...........
Chicago*
340,000
34,000
129,000
107,000
15,000
3,000
6,000
1,365,000
703,000
131*666
132,000
457,000
2,959,000
790,000
Minneapolis
11,512,000
13,104,000
1,317,000
5,060,000
3.30
Duluth......
2,173,000
2,488,000
2,000
3,929,000
4,000
3,000
150,000
4.00
Buffalo.
12,101,000
120,000
7,831,000
517,000
813,000
674,000
532,000
207,000
3*8*666
Rye flour patents
4.75@ 5.00
Seminola, bbl., Nos.1-3.
6.00^
2.42%
Oats, good
Cornflour
On Lakes
Milwaukee
Detroit.
Barley goods—
Coarse
5 75(a 6.05
__5.00@5 20
Rye
Bushels
42,000
1,673,000
New York*
FLOUR
Spring oats, high protein _6.50@6.85
Spring patents
5.956 20
Clears, first spring
6.75C&6 00
Soft winter straights
5 00(^5 20
Hard winter straights
5 55 @5 85
Oats
Bushels
2,000
Boston
Peoria
follows:
were as
STOCKS
Corn
Bushels
United States—
13, 1937
13, 1937
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
CLOSING PRICES OF
GRAIN
"
HOL.
gram,
Wheal
Mon.
Sat.
supply of
at principal points of accumulation at lake and
seaboard ports Saturday, Oct. 9, were as follows:
__
87% HOL.
86%
December
Hard winter patents
Hard winter clears
visible
_
69%
69
May
July
Fri.
Thurs.
72%
71%
Low
December
May
6, 1937
Aug. 10, 1937
80,318
Total 1936
granary
CHICAGO
IN
....
movement
Wed.
Tues.
71%
70%
Season's
When Made
96
FUTURES
Mon.
74%
73%
May
July
DAILY
Corn
and Since
The
OF
PRICES
Sat.
High
the upward
This
corn.
CLOSING
Season's
Wheat
Flour
Exports for Week
rather than much volume of buying, distinguished
the rye market.
market
75,000
for the week and since
below:
as
other grains with
of selling,
99,000
3,066,000
3,265,000
Same week 1936
"
Fancy pearl, Nos.2,4&7 5.60@6.10
—
115,000
887,000
60,000
afloat
275,000
46,000
129,346,000
4,146,000 27,268,000
On Canal..
GRAIN
Wheat, New York—
I Oats, New York—
No, 2 red. c.i.f.. domestic
114% I
No. 2 white
42%
Manitoba No. l.f.o.b.N.Y..152%
Rye. No. 2 f.o.b. bond N. Y.. 89%
i Barley, New York—
Corn, New York—
j
47% lbs. malting
....
58%
No. 2 yellow, all rail
80% 1
Chicago, cash
40-55
,
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
of the last three years:
Total Oct. 9, 1937
*
Forieng corn in bond:
Wheat
Flour
m$ 106 lbs bush 00 lbs
Oats—On Lakes, 105,000 bushels; total,
Barley—Duluth, 235,000 bushels; Buffalo,
In 1936.
342,000:
Buffalo, 424,000; Buffalo afloat, 457,000; Duluth, 10,000; on Lakes, 4,759,000;
on Canal, 41,000; total, 0,647,000 bushels, against 20,987,000 bushels in 1936.
105,000 bushels, against none In 1936.
70,000; on Lakes, 755,000; total, 1,060,000 bushels, against 1,620,000
Wheat—New York, 365,000 bushels; New York afloat, 249,000; Albany,
Wheat
Canadian—
Corn
bush 56 lbs
Oats
Rye
Barley
bush 32 lbs bush 56 lbs bush 48 lbs
847,000
744,000
744 ,000
116,000
311,000
Minneapolis..
125,000
790 ,000
198,000
897,000
Duluth
1,315,000
540 ,000
249,000
434,000
514,000
1,000
li'ooo
39 ,000
221,000
Milwaukee...
31,000
129 ,000
32,000;
9,000,
65.000
128,000
196 ,000
24,000
444,000
21,000
Toledo
Indianapolis..
Corn
Oats
Rye
Barley
Bushels
'
Bushels
Bushels
Bushels
Bushels
Lake, bay, river and sea¬
board
9,355,000
777,000
115,000
1,888,000
Ft. Wm. & Pt. Arthur..
21,074,000
760,000
790,000
5,070,000
373,000
4.562.000
Other Canadian & other
1,343,000
237,000
Chicago
New York, 1,000 bushels; Philadelphia, 94,000 bushels^
Chicago, 36,000 bushels.
Note—Bonded grain not included above:
37,059,000
4,173,000
67,488,000
5,710,000
.129,346,000
67,488,000
4,146,000 27,268,000
5,710,000
6,404,000
10,431,000
1,278,000
11.520,000
196,834,000
4,146,000 32,978,000
7,682,000 21,951,000
elevator stocks
Receipts at-
6,404,000 10,431,000
317,000
269,000
74 ,000
5,000
83,000
Peoria
41,000
30,000
272,000
80 000
21,000
55,000
Kansas City..
10,000
1,299,000
84,000
146 000
Omaha
365,000
189,000
139 000
St. Joseph...
126,000
43.000
Total Oct.
9,1937
1,278,000 11,520,000
Summary—
American
_
„
..........
Canadian
-
Total Oct. 9, 1937
shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Oct. 8, and since July 1, 1937, and July 1, 1936, are
The world's
63 000
St.
126,000
Louis
366,000
Wichita
shown in the following:
Corn
Wheat
8,000
14,000
33,000
12,000
5,000
21,000
1,344,000
460,000
275,000
330,000
402,000
2,718,000
3,297,000
2,011,000
Sioux City
Total
wk.
*37
435,000
8,096,000
2,397.000
3,227,000
989,000
Same
wk.
'36
424,000
wk.
'35
347,000
5,147,000
8,890,000
2,146,000
Same
1,108,000
2,865.000
872,000
3,926,000128.421,000
4,589,000 85,888,000
20,610,000
37,419,000
4,135.000 161.792.000
19,063.000
1,420,000
716,000
1937
1936
103*
..i
I
46,443,00014,336,00030,663,000
32,293,000 5,943,00038,222,000
63.379,000 7,212,00026.999,000
Argentina—
Australia
India
Oth, countr's
Total receipts ot flour and grain at the seaboard
the week ended Saturday, Oct. 9, 1937, follow:
ports for
Total
Since
Week
Since
Since
July 1,
July 1,
Oct. 8,
July 1,
July 1,
1937
1936
1937
1937
1930
Bushels
Black Sea—
Since
1937
North Amer.
I
Since Aug. 1—
Week
Oct. 8,
Buffalo..;
Exports
Bushels
Bushels
Bushels
Bushels
Bushels
79,000
366.000
1,000
42,490,000 67,303,000
17,000
2,757,000
0.132,000
23,976,000 20,856.000
13,080,000 14,131,000 8,675,000110,435,000108,750,000
900,000 18,609,000 17,992,000
j
I
552,000
8,128,000
1,896,000
I
...
!
6,408,000
600.000
6,976,000
8,856,000 4,509,000 29,287,000
4,051,000
4,184,000
1,218,000
11,505,000113,259,000 131,034,00013,280,000142,845,000121,291,000
Financial
2572
Oct.
Chronicle
1937
16,
ALL WHEAT
Agricultural Department's Official Report on Cereals,
Crop Reporting Board of the United States
Department of Agriculture made public late Monday after
noon, Oct. 11, its forecasts and estimates of the grain crops
of the United States as of Oct. 1, based on reports and data
&c.—The
Yield per Acre—Bushels
State
by crop correspondents, field statisticians and
cooperating State Boards (or Departments) of Agriculture.
This report shows that the production of winter wheat is
now placed at 688,145,000 bushels, the same as the Depart¬
ment's estimate a month ago, and comparing with a harvest
of 519,013,000 bushels in 1936 and a five-year (1928-32)
average production of 623,220,000 bushels.
The produc¬
tion of spring wheat is estimated as of Oct. 1 to be 198,750,000 bushels, which compares with a production of only
107,448,000 bushels in 1936 and a five-year (1928-32) aver¬
age production of 241,312,000 bushels.
Comments con¬
cerning the report will be found in our editorial department.
We give below the report:
Wheat—The preliminary estimate of production of all wheat in 1937 is
886,895,000 bushels, compared with 626,461,000 bushels produced In 1936
198,750,000
bushels, which is only slightly above the production indicated a month ago.
The 1936 crop was 107,448,000 bushels and the five year average 241,-
bushels.
312,000
17.0
18.5
55
119
74
nary
1937
18.9
20.4
23.9
4,447
5,743
8,389
New Jersey...
21.2
21.0
24.0
1,153
1,281
1.536
Pennsylvania
18.2
19.0
22.0
17,659
19,615
Ohio
19.1
18.5
19.0
31,664
40,278
Indiana
17.1
17.5
16.0
26,732
31,042
23,391
46,268
34,718
45,065
Illinois
17.1
17.5
17.0
33,183
36,435
Michigan
20.5
20.3
19.4
15,949
16.702
Wisconsin
19.3
13.9
15.4
1,874
1.469
1,986
Minneapolis
14.7
10.3
16.2
21,097
18,721
34,711
19.1
21.5
18.9
9,440
13.3
7,460
20,479
19,990
'
Iowa
—
13.5
15.0
North Dakota
10.9
5.2
7.2
South Dakota
10.8
5.1
5.5
Missouri
-
Nebraska-—-——
15.4
14.2
13.0
Kansas---
13.4
11.5
12.0
16,496
31,407
42,531
19,235
102,840
37,003
65,005
4,286
18,961
47.339
48,866
120,270
158,100
Delaware
18.4
16.5
16.5
56,520
177,418
1,781
Maryland
—
Virginia— ———
West Virginia.
18.8
20.0
19.0
8,630
8,980
9,120
14.7
12.5
15.0
13.5
16.0
7,862
2,025
9,900
14.2
9,260
1,747
North Carolina
10.7
9.8
12.0
3,790
5,194
6,228
10.3
8.0
10.0
704
1,472
8.9
8.0
8.5
610
1,560
1.496
13.5
14.0
18.5
3,278
5,894
10,342
Tennessee
11.2
3,174
4.858
6,525
—-—
Carolina.
South
Georgia
Kentucky
1.419
1,419
2,496
1,560
10.7
12.5
Alabama
10.7
9 0
11.0
36
54
Arkansas
10.2
8.5
10.5
304
595
1,050
Oklahoma
12.5
8.0
14.0
55,145
27,520
62,286
10.6
41,410
Montana.
66
18.927
41,690
13.1
6.5
45,160
13,626
23,148
20.5
23.8
27,228
21,096
26,964
12.8
—
6.1
22.5
-—
—
Idaho
9.8
14.8
1,164
3,756
10,691
15,914
1,023
3,139
12.4
-
12.5
12.8
7.0
11.7
4,194
20.4
Mexico
3,632
17,255
11.7
Wyoming.
Colorado
New
7.7
12.2
Texas
composite of the indications for principal crops shows the prospective yields
of 1937 crops to be 111.9% of the average yields secured during the 19231932 period.
This compares with corresponding composites of 86.8 last
and the five-year (1928-32) average of 864,532,000 bushels.
The preliminary estimate of spring wheat production is
1937
New York
by buckwheat, grain sorghums, pears, potatoes, sugar beets, and hops.
As harvesting progresses, it is becoming increasingly evident that crop
yields per acre harvested will average higher than in any recent year.
A
showed about the usual September decline and on
Oct. 1 total production was about 2% lower than the rather high production
on that date last year.
Regional trends of production are divergent but
feed prices are declining and production seems likely to catch up with last
year before Dec. 1.
For the current feeding period as a whole about the
usual per capita supply may be expected.
Egg production appears to be holding up well.
The number of bens is
rather low and the number of pullets on hand from this year's hatch is
also low, but, as in each of the last six months, egg production per 100 hens
in farm flocks on the first of the month was reported unusually high,
indicating about the usual per capita supply of eggs during recent months.
Looking ahead, the smaller flocks and the lower proportion of young pullets
may tend to reduce egg production during the coming winter.
Prelimi¬
1936
1936
21.5
Maine
Crop prospects in the United States improved about 2.7% during Sep¬
tember but, with the exception of cotton, most of the changes were rather
small, according to the October estimates of the Crop Reporting Board of
the United States Department of Agriculture.
In various important areas,
dry weather during Septemoer checked the growth of pastures, potatoes,
cabbage, grain sorghums and other late crops and delayed the seeding of
winter wheat, but the weather was favorable for harvesting beans, late
hay and various other crops.
The October indications for oats, barley,
rice, peanuts, applies, grapes, pecans, and tobacco are from 1 to 3% above
those of a month
a^o, ana corn 0.5%, but reductions of 1 to 3% are shown
clover seed.
Milk production
Production—Thousand Bushels
Average
1928-32
1923-32
furnished
year, 100.2 in 1935, 80.5 in 1934, 93.8 in 1933, 101.3 in 1932.
The highest
yields of any recent year were secured in 1920 when they averaged 109.6
of the same 1923-32 average.
This high level of crop yields per acre is due
primarily to favorable weather in the Cotton Belt and to light infestation
of boll weevils.
Excluding cotton, which is expected to yield 47% more
than average and nearly 12% more than ever before, prospective yields of
all other crops are only 103.7% of average.
There is about an average wheat crop but rather large crops of other food
crops such as rye, rice, beans, peanuts, potatoes and sweet potatoes.
Fruits
are so uniformly
heavy that the total tonnage will probably be a new
record and the per capita supply about as large as in 1926.
Tobacco pro¬
duction will be about average.
Feed grain production will be almost
average and ample for the livestock to be red.
Hay supplies are also ample.
The only crops that appear far below usual production are flaxseed and
Average
-
Nevada
23.0
23.0
518
1,104
1,058
21.3
17.6
21.4
5,692
4,477
5,831
24.9
Arizona
Utah
21.1
25.6
381
274
359
46,193
48,703
20.340
21,000
16,731
16,758
626,461
886,895
Washington
19.3
21.5
22.3
Oregon.
20.8
20.3
21.0
17.9
19.5
21.0
42,798
21,211
11,046
14.4
12.8
13.0
864,532
California---.
United States..—
Corn—A 1937 corn crop of 2,561,936,000 bushels is indicated as of
1.
This compares with 2,549,281,000 bushels indicated a month ago:
1,529,327,000 bushels, the short crop produced in 1936; and 2,554,772,000
bushels, the five-year (1928-32) average production.
The production indi¬
cated on Oct. 1 this year is only slightly above the September estimate, but
Oct.
1,032,609,000 bushels, or more than two-thirds larger than the short
of corn to be harvested
is
1936 crop.
These estimates represent the amount
all purposes, and include tne grain equivalent
for
of corn used for silage
and fodder and the quantity hogged or grazed in the field.
Condition of the 1937 crop on Oct. 1 was 78% of normal
compared with
76% on Sept. 1 this year. 45% on Oct. 1, 1936, and 73%, the 10-year
(1923-32) average October condition.
Warm, dry weather during September was favorable for maturing the
crop in all the principal corn areas, and the October estimates for principal
States are not greatly different from those made a month ago.
Harvest of
the crop began earlier than usual and, except in drought areas, quality of
the grain is generally good.
Absence of early frost has permitted much of
the crop to mature without frost injury.
The more general use of hybrid
seed is a factor contributing to the relatively high acre yields obtained in
Iowa and some of the other Corn Belt States.
The 1917 crop is indicated as being above average in all 8tates of the
North Central (Corn
Belt) region except the Dakotas, Nebraska and
Kansas, the October estimate for the region being 1,833,169,000 bushels,
which compares with 925.073.000 bushels produced in 1936, and 1,907,044,000 oushels, the five-year (1928-32) average.
*
Farm Corn Stocks—Farm
stocks of old corn estimated at 60,760,000
record and are approximately one-
bushels on Oct. 1, 1937 are the lowest on
Yields per acre of spring wheat are generally below
the 10-year average
With the exception of the
except in the area west of the Rocky Mountains.
Pacific Northwest, Minnesota is the only important spring wheat producing
State reporting above average yield this year.
In the remainder of the
principal spring wheat producing region, the crop suffered severe injury
from drought and black stem rust.
Stocks of wheat on farms as of Oct.
1, 1937, amounted to 333,746,000
bushels, compared with 225,505,000 bushels a year ago and the (1928-32)
Oct. 1 average of 408,523,000 bushels.
DURUM
large as on Oct. 1 a year ago.
Farm holdings last October totaled
175,222,000 bushelsand the five year (1928-32) average 154,903.000 bushels.
The previous period of low farm reserves was in October, 1935 when stocks
dropped to 61,655.000 bushels following the drought of 1934.
Principal
cause of present low carryover of old corn is the short crop of 1936 combined
with relatively heavy feeding during the winter of 1936-37.
The quantity
of old corn on farms is small in all sections of the country, being particularly
third
so
as
In all States
producing small crops in 1936.
CORN
WHEAT
Yield -per Acre (Bushels)
Production (Thousand
Condition Oct. 1-%
Bushels)
Production—Thousand Bushels
State
Average
1923-32
1936
1937
age
1937
1936
Indi¬
Aver¬
State
Prelim.
Average
1928-32
1936
1937
14.7
Minnesota
8.5
14.5
1,406
918
2,912
Average
cated
1936
1937
1928-32
1923-32
418
468
38,167
6,557
23,023
6.0
12,607
700
3,906
Three States
11.6
SPRING
5.3
WHEAT OTHER THAN
Yield per Acre (Bushels)
28,335
8,175
53,687
10.0
DURUM
Production (Thousand
87
89
91
551
656
615
86
85
94
2,604
2,964
3,034
Massachusetts
84
88
89
1,621
1,638
87
86
91
341
342
378
85
84
92
2,024
1,938
2,040
New York
11.0
4.0
New Hampshire
Connectictut
5.2
11.3
81
Rhode Island
11.5
South Dakota..
80
Vermont-..—-
North Dakota
84
79
76
87
20,033
19,840
24.069
79
Maine
-
—
508
1,680
8,446
7,373
73
83
75
80
88
45,487
54,572
60,345
77
68
82
129,257
121,605
158,193
Indiana
76
56
92
155,968
115,413
193,473
Illinois
Bushels)
State
77
48
91
336,738
217,751
415.844
Michigan
72
59
85
39,171
36,750
44,080
58.320
New Jersey
Pennsylvania
Average
Prelim.
Average
1928-32
Ohio
—
1923-32
1936
1937
21.5
17.0
18.5
New York
18.0
15.0
19.0
174
105
133
Pennsylvania
17.2
18.0
19.0
203
216
247
Ohio
20.2
19.0
13.0
279
152
117
Iowa
Missouri
Maine
-
1936
1937
119
55
74
17.3
15.0
14.0
274
120
126
Illinois
19.4
17.5
14.5
2,509
595
508
Michigan
18.2
12.0
16.5
264
240
314
Wisconsin
19.1
13.0
12.5
1,269
1,040
762
Indiana
-
Minnesota
14.1
9.5
15.5
14,875
14,658
27,032
Iowa
15.6
16.0
16.0
762
640
384
Missouri
13.7
13.0
11.0
136
117
77
10.5
North Dakota
5.2
12.678
64,672
6.0
41,982
South Dakota
10.2
4.9
5.2
22,696
2.705
14.035
Nebraska
12.8
4.5
5.0
2,350
1,800
2,560
9.2
6.0
6.0
364
72
60
Kansas
12.7
—
5.6
36.162
9,826
16,554
24.0
28.0
13,546
10,224
12.768
12.6
10.5
12.5
2.024
651
1.812
14.5
Idaho
5.5
24.8
Montana
Wyoming
12.0
13.5
4,776
5.589
-——
6,755
76,864
Wisconsin
78
51
77
69,926
Minneapolis
74
44
85
88.331
169,974
—
81
44
89
143,136
438,792
212,240
469.030
------———
74
16
78
146,489
40,032
119,704
61
21
66
18,522
2,530
17,804
60
11
50
78,447
8.446
47,325
70
12
32
223,843
26,859
126,756
11,036
74,358
32,280
North Dakota—
—
South Dakota
Nebraska
-
—
6G
11
37
-—
78
87
89
3,680
73
83
86
14.431
18,396
18,060
72
71
90
30.388
30.014
37,350
Kansas
Delaware
Maryland
Virginia
West Virginia
North
-----
4.118
4,380
11 569
14.256
67
80
11.054
75
81
84
38.415
43.475
66
69
79
20.240
23,635
25,017
78
36,288
33.624
49,428
75
Carolina.——
South Carolina
-—
Georgia
---.
.
44,194
69
60
Florida
78
68
78
6 506
7,029
9,020
Kentucky
75
56
85
60,301
54,486
76.425
Tennessee
72
65
80
58,519
57.160
67.163
Alabama
69
65
79
35,533
41.162
45,834
Mississippi..
67
66
79
32.192
39,570
44 081
Arkansas
64
50
79
31,540
26.738
79
18.756
20.731
24.360
12.9
13.0
13.5
4,204
428
273
310
Utah
27.8
27.0
31.0
2,196
2,241
2,635
Nevada
25.0
20.0
25.0
311
220
275
Washington
14.9
21.0
20.5
14,255
28.665
30.217
Louisiana
64
57
Oregon
19.0
21.0
21.0
3,601
7,140
11.844
Oklahoma
61
22
68
51,842
11.772
30.636
Texas
67
60
68
81.922
68.925
74,300
Colorado
New Mexico
—
United States
WHEAT
12.6
(PRODUCTION
10.3
9.3
187.625
99.273
BY CLASSES) FOR THE UNITED
(Thousand Bushels)
Montana
60
28
43
83
83
88
1,401
1,322
540
Idaho
957
1,120
Wyoming
170,415
STATES
72
33
55
2.341
984
2,710
White
Spring
(Winter dt
1,156
62
43
36
20,847
11,169
7,746
New Mexico
69
43
63
3,528
2,185
3,220
Arizona
82
73
71
474
490
525
46r»
525
Colorado
Winter
Year
40.640
Total
-
Average 1928-32
Red
392,656
Soft Red
178.541
Hard
Red
153.636
Durum
a
56.000
594
1936
259.667
207.126
52,252
8.875
1937.b
374,565
258,287
114.263
29,502
a
Includes durum wheat in States lor which estimates are not
b Preliminary.
Utah
Spring)
83.700
864,532
98,541
626.461
110,278
886.895
shown separately,
86
89
91
Nevada
Hard
87
99
89
51
52
53
Washington
80
80
86
1,246
1,054
1,184
84
86
91
1,902
1.922
2.310
86
82
91
2,620
2.178
1,980
73
45
78
2,554,772
1,529,327
.561.936
Oregon
California
United States
Volume
Financial
145
Oats—Oct. 1 indications point to a 1937 oats production of 1,152,433,000
which is only slightly higher than the production indicated on
Sept. 1.
The present estimate of production is 46% or 363,333,000 bushels
larger than the very small crop of 789,100,000 bushels in 1936, but about
5% smaller than the 1928-32 average of 1,215,102,000 bushels. The reduc¬
tion from the five-year average is entirely due to a reduction in sown acre¬
age as the yield is the highest since 1928.
The final outturn of the crop was better than early expectations in the
important oats producing States of Illinois and Minnesota.
With the
exception of the North Atlantic States, the estimates of production in all
arras were unchanged or slightly
higher than a month earlier.
For the United States as a whole, the average yield is expected to be 32.1
bushels compared with 23.8 bushels in 1936 and the 10-year average of
bushels
30.2 bushels.
In the East
North
Central
States, which comprise the principal oats
producing area, the average yield per acre is expected to be 35.8 bushels
as compared with 27.4 bushels in
1936 and the 1923-32 average of 33.4
area,
drought.
Stocks of oats remaining on farms are estimated at 912,274,000
bushels.
Such stocks, although larger than the average Oct.
1 stocks during recent
years, are about 3% or 29,527,000 bushels smaller than the 1928-32 average
Oct. 1 stocks of 941,801,000.
Farm stocks amount to 79.2% of the total
1937 production compared with 86.5% on the same date in 1936, and the
1928-32 average of 77.5%.
OATS
Yield per Acre
(Bushels)
Production
(Thousand Bushels)
Crop
Reporting Board
Average
Average
■
'
1923-32
1936
1937
Prelim.
1928-32
1937
1936
UNITED STATES
4,130
3,990
Maine
36.9
35.0
38.0
38.0
34.0
267
342
306
Vermont
31.8
32.0
28.0
1,853
2,048
1,764
34.0
29.0
32.2
Massachusetts
35.0
4,346
149
170
174
Rhode Island
31.9
32.0
30.0
63
64
29.0
27.0
32.0
216
162
192
New York
30.9
22.0
25.0
25,637
18,392
27.6
32.0
31.0
1,181
1,568
19,225
1,519
30.0
26.5
27.0
27,585
24,009
34.8
33.5
28.5
60,392
40,535
30.4
27.0
31.0
63,810
38,502
35,169
45,539
Illinois
33.6
28.5
45.5
152,009
99,608
160,615
Michigan
31.7
25.5
29.0
43,854
32,181
Wisconsin
35.4
24.0
32.0
85,527
34.1
23.5
39.0
148,841
Iowa
35.6
29.5
45.0
218,730
Missouri
21.2
17.5
28.0
39,595
59,520
94,376
161,955
29,330
35,496
79,360
Minnesota
North Dakota
22.0
11.0
20.0
38,397
4,730
South Dakota—
27.1
14.0
21.0
59,033
12,712
42,224
34,400
36,603
Nebraska
26.9
11.5
19.5
68,421
19,067
38,474
22.9
19.0
23.0
34,515
32,186
35,075
—
Pennsylvania
Ohio
Indiana
_
-
—
-
Kansas
97
61
1937
1936
Average
Corn, all, bushels
Wheat, all, bushels.
73
__
1937
__
Winter, bushels
All spring, bush..
—
__
Durum, bush..
m
'•»«
__
•
31
Other sprng, bu
Oats, bushels.
-l
Barley, bushels
Rye, bushels
Buckwheat, bush
Flaxseed, bushels
74
-
_
74
63
-
_
67
28
63
82
87
87
Rice, bushels
Grain sorghums, bu
42
100,022
97,299
74,860
9,943
74,576
9.943
21,324
24,750
24,412
24,412
27,995
27,364
11,122
14,272
97,760
70,146
'
rnrn'm
■■
'•
—
6,915
12,181
66
'
mm
"•
55,701
63,309
10,719
30,554
23,544
72
■
Hay, all tame, tons.
Hay, wild, tons
a
2,554,772 1,529,327 2,549,281 2,561,936
886,895
626,461
885,950
864,532
688,145
688,145
623,220
519,013
197,805
198,750
107,448
241,312
28,335
27,288
8,175
63,687
170,415
170,517
99,273
187,625
789,100 1,136,167 1,152,433
1,215,102
232.878
226,094
147,452
281,237
51,869
51,869
25,554
38,212
7,109
6,218
7,223
8,277
7,640
7,643
15,996
5,908
52,073
51,599
46,833
42,826
78
45
•
Oct. 1,
1937 a
Sept. 1,
Per Ct. Per Ct. Per Ct.
Hay, clover & tim¬
'
othy, tons.b
Hay, alfalfa, tons-
•
•
Beans, dry edible,
100-lb. bag
66
54
73
—
'
mm
—
Soybeans
79
61
81
Cowpeas..
68
60
74
14,340
70
Peanuts
(for
crop,
'■
*•
-
-
-
------
-
nuts)
total
946,231 1,300,540 1,258.435 1,270,150
71
70
57
41
76
C164.355
117,506
204,319
d62
d54
d68
47,650
59,396
59,626
Pears, total crop, bu
Grapes, ton.e
Pecans, pounds
Potatoes, bushels
66
65
68
c57,298
c24,334
26,956
30,311
29,822
72
63
86
c2,214
1,916
2,574
2,627
pounds
Apples,
1
bushels
206,716
Peaches, total crop.
bushels
50
53
34
74
.
.
64
Sweet potatoes, bu.
Tobacco, pounds
75
252,000
Sugar beets, tons
>
68,777
70,553
62,965
40,135
403,393
398,785
329,997
372,115
74,857
75,058
66,368
64,144
1,427,174 1,153,083 1,448,875 1,474,683
75
•
75
62
71
166,023
80
71
'
90
1936
1938-32
1932
24,705
New Jersey
Indicated
Avge.
1923-
60
Connecticut
Total Production (in Thousands)
Condition Oct. 1
Crop
Pasture..
New Hampshire
of the Bureau
the following report from
'
State
:S
1937
of Agricultural Economics
data furnished by crop correspondents,
field statisticians, and cooperating State agencies.
The West North Central States, also an important oats
will yield an average of 33 bushels per acre compared with
22.3 in 1936 and the 1923-32 average of 30 bushels.
This latter area
suffered some damage, especially in the western parts, from heat and
1,
REPORT'AS OF OCT.
GENERAL CROP
The
makes
bushels per ac,re.
producing
2573
Chronicle
-
m m
.
Hops, pounds
a
;
m m
9,028
—
9,223
9,038
23,310
8,118
28,011
4
'
—
44,400
44.024
based on current indications, but are carried
b Excludes sweet clover and lespedeza.
c In¬
harvested,
d Production in percentage of a full crop,
all grapes for fresh fruit, Juice, wine, and raisins.
For certain crops, figures are not
forward
from
previous reports,
cludes some quantities not
e
Production includes
28.6
30.5
30.0
Maryland
28.2
29.0
28.5
1,560
1,131
998
Virginia
West Virginia
19.4
16.5
20.5
21.0
18.0
20.5
1,287
1,206
1,763
1,374
North Carolina
17.6
14.0
20.0
2,837
2,883
3,572
3,430
4,660
South Carolina
21.5
18.5
22.0
8,076
8,473
Georgia.
18.2
18.0
19.5
5,741
6,948
9,966
7,898
Florida
14.1
16.0
14.5
116
128
130
Kentucky
16.8
13.5
20.0
2,992
1,053
2,020
Average
Tennessee
16.5
11.0
18.5
924
1,554
1928-32
Alabama
17.4
17.0
21.0
1,871
1,919
2,646
Mississippi
19.8
26.0
28.0
837
Arkansas
18.5
20.5
20.0
1,870
1,300
3,075
Louisiana
22.4
28.0
31.0
481
Oklahoma
20.8
16.0
20.5
'25,434
1,120
20,320
28,638
26.1
18.5
24.0
39,032
22,552
28,680
26.3
16.5
23.5
7,214
2,244
Oats, bushels
40,015
Barley, bushels
12,645
Delaware
-——
_
Texas
.
;-
Wheat,
1,736
36.0
39.0
4,820
4,716
22.0
30.0
3,302
1,474
3,300
4,256
4,710
,
-
Arizona
28.0
30.0
5,043
20.7
20.0
23.0
667
400
552
27.4
Colorado
New Mexico
30.0
26.0
304
300
234
35.7
36.0
38.0
1,648
1,080
1,026
35.6
————-—*—
Nevada
38.0
35.0
91
76
70
47.3
51.0
7,513
8,517
8,060
Oregon
30.6
34.0
35.0
7,878
11,492
11,235
California
25.0
30.0
28.0
2,394
4,080
3,080
30.2
23.8
32.1
1,215,102
789,100
1,152,433
Washington
52.0
For
3,000
25.6
35.0
Idaho
Wyoming
Indi¬
Harvested
Crop
All spring, bushels
P. C. of
Avge.
1936
1937
1936
'23-32
1936
92,829
96,146
103.6
25.4
16.5
26.6
48,820
14.4
12.8
13.C
37,608
68,198
47,079
21,119
139.7
39,724
20,414
all, bushels
Winter, bushels
1937
Harvest
103,419
60,138
Corn, all, bushels
5,758
4,914
Yield per Acre
Acreage (in Thousands)
1.428
27.6
Montana
Utah-
2,358
STATES
UNITED
125.2
15.2
13.8
14.6
188.4
12.4
9.6
9.4
184.0
11.6
5.3
10.0
11,212
1,544
cated
Oct.
1,
1937
a
189,1
12.6
10.3
9.3
33,213
108.2
30.2
23.8
32.1
8,322
11,166
134.2
22.6
17.7
20.9
2,757
3,960
143.6
12.0
9.3
13.1
568
Other spring, bushels
2,841
18,278
35,933
3,315
Durim, bushels
370
418
113.0
15.7
16.8
17.0
6.9
5.0
7.1
4,775
15,639
Rye, bushels
Buckwheat, bushels
9,668
1,180
1,081
91.6
925
935
43.2
50.1
51.9
7,000
1,003
7,552
107.3
107.9
14.7
8.0
12.9
Hay, all tame, tons
7,016
55,153
57.055
55,773
97.8
1.29
1.11
1.34
Hay, wild, tons
13,288
10,694
12,546
117.3
0.82
0.65
0.79
2,772
Flaxseed, bushels
Rice, bushels
Grain sorghums, bushels.
Hay, clover and timothy,
26,872
11,720
22,010
19,674
14,177
89.4
1.15
0.97
1.24
14,034
101.0
2.06
1.76
1.93
Beans, dry edible, lbs...
1,806
1,562
1,794
114.9
666
712
799
Soybeans.c
2,979
1,869
5,635
6,049
107.3
--.
3,263
3,520
107.9
---
1,417
1,736
1,666
96.0
81
158
141
89.2
3,327
3,058
1
United States
Barley—Production of barley in 1937 is Indicated at 232,878.000 bushels
which is about 17% below the five-year (1928-32) average of 281,237.000
bushels but 58% above the short crop of 147,452,000 produced in 1936.
The preliminary yield per acre is 20.9 bushels which is below the 1935
yield of 23.1 bushels per acre but higher than in any other year since 1932.
The 10-year (1923-32) average yield per acre was 22.6 bushels.
In South
Dakota, Nebraska and Kansas barley yields are below average due to heat
and drought resulting in some grain of light weight and poor quality.
In
Wisconsin yields are about 14% below average this season due to damage
from rust, heat, and drought.
Elsewhere, in the most important barley
producing area of the North Central States, yields were near average.
Buckwheat—Production of 7,109,000 bushels of buckwheat in 1937 is
Indicated by the Oct. 1 condition of 74.2%.
This represents a decline of
about 2% from the Sept. 1 indication or 7,223,000 bushels, but is 14%
above last year's production of 6,218,000 bushels.
Growing conditions have been favoraole during the month in most States,
although some frost damage was reported.
The excellent vegetative growth
of buckwheat has been very disappointing in the outturn of grain in the
more
important
producing States.
tons.b
Hay, alfalfa, tons
Cowpeas _c
Peanuts (for nuts),
lbs..
Velvet beans.c
*.»
-
749
690
»
-
-
-
762
•
—
••
3,224
105.4
112.7
107.9
123.7
771
822
826
100.5
88.5
78.0
90.9
1,872
1,437
1,690
117.6
770
802
873
Sorgo for syrup...
201
215
198
92.1
Sugar cane for syrup
111
140
138
98.6
Sugar beets, tons
717
776
778
100.3
dll.O
11.6
11.6
23
32
35
111.4
1,274
740
1,254
Potatoes, bushels
Sweet potatoes,
bushels..
Tobacco, pounds
Hops, pounds
GRAIN STOCKS ON FARMS OCT.
--.
•
---
1
1937
1936
Average. 1928-32
Crop
Per
Cent
Bushels
1,000
1,000
1,000
Considerable blasting of the blossoms
Per
Cent
Bushels
Per
Cent
Bushels
has been reported.
Flaxseed—The
present
indicated
bushels is practically the same as was
flaxseed production of 7,643,000
indicated Sept. 1, and is about 29%
larger than the very small 1936 production of 5,908.000 bushels.
The
indicated 1937 production, however, is only 48% of the 1928-32 average
production of 15,996,000 bushels.
Continuing the downward trend in recent years the acreage sown in 1937
was greatly reduced.
This, together with the very low yields following the
drought and heat during the 1937 season, accounts for the small production
this year in the important flax producing States of Minnesota and the
Corn (old
7.4
crop).e.
Wheat
47.3
Oats
77.5
a
For certain crops,
forward from previous
alone for all purposes,
Weather
154,903
408,523
941,801
175,222
4.8
60,760
36.0
225,505
37.6
86.5
682,920
79.2
333,746
912,274
8.7
but are carried
reports,
b Excludes sweet clover and lespedeza.
c Grown
d Short-time average,
e Data based on corn for grain.
figures are not based on current indications,
Report for the Week Ended Oct.
12—The
Dakotas.
indicate a crop of 398,785,000 bushels for 1937—a decrease of 4,608,000 bushels from the Sept. 1
report.
Total production, as now indicated, would be 21% above the
relatively small crop of 1936 and 7% above the five-year (1928-32) average
production. Harvest of the late potato crop is fast drawing to a close. By
Oct. 1 fully three-fourths of the Aroostook County, Maine, crop had been
dug and in other important late potato States digging operations were
either in full swing or a large portion of the crop had already been harvested.
Vines of the late plantings in many of the northern tier of States were still
green on Oct. 1, although frosts had occurred in some sections and pre¬
vented further growth.
Results of the severe drought during August and
September in Wisconsin's principal potato areas are now showing up as the
crop is being harvested and the Oct. 1 indications for that State are 17%
below those of a month ago.
In northern Michigan, both the set ana
growth of the tubers are showing considerable variation and yields are
turning out below earlier expectations.
A shortage of irrigation water in
"Northern Colorado and in the San Luis Valley of that State curtailed growth
of the crop in many fields.
In most Qf the remaining surplus late potato
States, however, the production indications are the same or slightly above
those of a month ago, with the most significant gain being made in the Red
River Valley of North Dakota, where both growing and harvesting con¬
Potatoes—Oct. 1 reports from potato growers
ditions
were
favorable during September.
With the approaching clean-up of
mediate 8tates and Long
supplies of Cobblers from the Inter¬
Island, the rail and auto truck movement of the
late crop to storages ana markets has stepped up to a
that of a year ago.
Growers" reports from most of the
rate which exceeds
late States Indicate
of the crop this year is much better than in 1936 with a
higher percentage that will grade U. S. No. 1.
that the quality
weather bulletin issued by the
Department of Agriculture, indicating the influence of the
general summary of the
weather for the week ended
Oct. 12, follows:
of the week was abnormally warm in eastern and south¬
but by Oct. 6 a sharp drop in temperature
was reported from Central-Northern States, and thereafter it was consid¬
erably cooler In eastern districts.
Maximum te < peratures were in the
90's at many places in the Southern States on the 6—7th.
The later cool
wave brought frosts and freezing weather rather generally to the North¬
east, with subfreezing reported as far south as Elkins, W. Va.
Freezing
temperatures occurred locally also in the western Ohio Valley and were
general in the northern portions of Michigan and Wisconsin and from
northern Iowa and northern Nebraska northward.
The lowest tempera¬
ture reported was 20 degrees at Winnemucca, Nev , on the 6th.
As a continuation of last week's rainfall, showers were rather general in
the Atlantic area on Oct. 5: otherwise the first part of the week was nostly fair.
On the 8—9th there was rather general precipitation over the
eastern half of the country, with some snow reported southward to the
central Alleghany Mountain section.
The latter part of the week was
The first part
ern
sections of the country,
m<The
for the week averaged considerably below normal
Virginias and eastern Kentucky northward and also In the upper
temperatures
from the
ississippi Valley.
They averaged abnormally high in the far North¬
west along the Pacific Coast ,and in the South from southern New Mexico
eastward to southern ^Georgia and Florida; elsewhere the weekly moans
were near normal.
A
Financial
2574
Chronicle
Precipitation for the week was light in it ost sections of the country,
especially in the South, the Great Plains, and from the Rocky Mountains
westward.
Moderate to fairly heavy rains occurred in southeastern Kan¬
sas, much of Oklahoma and northern Texas, western Arkansas and the
middle Atlantic area.
Most stations in the Ohio, Mississippi and Missouri
New York, Friday
and
picking in the north¬
locally in the western cotton States, the week was generally
favorable for the
harvesting of crops and other fall work, though the soil
sections continues too dry for fall seeding and
16, mi
DRY GOODS TRADE
THE
Valleys reported only light showers.
Except for some interruption by rain to cotton
eastern
Oct.
Night, Oct. 15, 1937
prevailing during most yf the week had
beneficial influence on retail trade, and attendance in the
Cooler weather
a
in considerable midwestern
germination of grain.
In the Atlantic area rains were beneficial for late
crops and pastures and also in conditioning the soil.
In fact, light to
moderate showers were helpful rather generally east of the Mississippi
River, though it is still too dry locally.
In this area fall seeding made
good progress, with mostly sufficient moisture for germination and early
There has been no serious frost damage.
Between the Misslssipi River and the Rocky
Mountains conditions
growth.
vary.
Recent good rains
Montana, and the present
were decidedly helpful in North Dakota and
situation is favorable in those 8tates, especially
favored with the best fall rains in years.
Also
in considerable protions of the southern Plains, notably n ost of Oklahon a
and north-central and west-central Texas, recent moisture has in proved
the outlook decidedly.
However, there is a large area err bracing n ost
of Missouri, Iowa, parts of Minnesota, South Dakota, Nebraska, much
of Kansas, eastern Colorado and Wyoir ing where droughty conditions con¬
tinue and rain is badly needed.
West of the Rocky Mountains condi¬
tions are mostly favorable, though moisture is deficient in the normally
drier portions of the Washington wheat area.
has been
which
Montana
portion of the
growth of early sown slow and gerrr ination of the late uhis in good condition.
In
Illinois and Missouri westward and
northwestward, but excluding North Dakota and Montana, the soil con¬
tinues generally too dry for further winter-wheat seeding.
Generally
through.tou this area early sown grains made only slow growth, while latesown a re not gerrr inating or are con ing up
very unevenly,
in Oklahoma
moisture conditions were in proved, with much wheat sown in dry soil
now sprouting, while in Texas son e is up to good stands in the northwest
and general rains at the close of the week shopld be beneficial.
In most eastern districts winter grains are in satisfactory condition,
with wheat seeding nearly completed and con ing up to good stands in the
central and eastern Ohio Valley; general rains were helpful in son e hearSmall
Grains—Conditions continue dry in the western
Wheat Belt, with
even.
In eastern portions the crop
most sections from
northern
sections of the Middle Atalntic States.
In Montana the heavy
beneficial, with the fall rainfall reported the
insuring uniform gem ination and a good m oisture reserve;
early sown wheat is up to excellent stands in the central part.
More rain
is needed in the Pacific Northwest, but som e early sown is in good con¬
dition.
Winter-oat seeding is progressing in the Southern States, while
rice harvest has been practically completed in Lousiana.
tofore dry
rains of last week were very
in years,
best
1
moderate rains occurred in much of the Corn
husking and cribbing are yet inactive because the grain is mostly
damp and soft for storage.
In Missouri corn is reasonably dry and
some is being cribbed, while in the Plains States gathering made fair ad¬
vance.
Tn Iowa husking is going rather slowly as corn is mostly still too
moist and tough for storage; a hard freeze would be helpful.
Corn—While only light to
Belt,
too
averaged from somewhat below normal in the
Cotton—Tem peratures
northeast to
decidedly above normal in the more southern portions of the
There was considerable rain in the northeast and parts of
belt, but otherwise mostly fair weather prevailed.
Picking
advance, except in some eastern sections and locally in the wast.
In Texas picking and ginning progressed favorably, but there is little
prospect for a top crop in northern districts because of previous dryness.
In Oklahoma harvest m ade good progress, except for some local delay by
rainfall; picking is nearly com pleted in the extreme south .
In the central and the southeastern portions of the belt the weather was
mainly favorable for outside operations, with picking and ginning pro¬
gressing satisfactorily.
In the northeast, especially in North Carolina
and Virginia, there was considerable delay by rain during about half of
the week, with some damage by wetness to open cotton.
Cotton
Belt.
stores
The Weather Bureau has furnished the
following
resume
of
Virginia—Richmond: Temperatures averaged slightly subnormal.
cipitation moderately heavy at
Pre¬
beginning of week and delayed harvesting
Little damage as yet from frost.
Truck, mead¬
ows, and pastures good.
Digging sweet potatoes continues.
Preparation
of ground for planting winter wheat and oats advancing favorably.
and
peanuts.
North Carolina—Raleigh:
Rain
favorable
better condition
of week.
Roanoke
of week.
ground in
about half
cotton; rather good advance in picking.
Warm
first,
notably children's
lines,
clothing.
The con¬
proved somewhat
tinued weakness in the securityjnarkets
of
but predictions
dampening factor,
a
weather conditions,
favorable
with
the
month
current
would
show
made that,
were
the total sales during
fair increase
a
last
over
For the month of September department store sales
year.
according to the usual compilation of
the
country
the
Federal Reserve Board,
over,
recorded
Francisco
results
best
the
favorable
least
reports
districts,
with last year.
registered
Cleveland
The
1936.
September,
with gains
where
of 13%
In the New York
The
each.
volume of sales
the
over
districts
Dallas
the Boston and
from
came
gain of 6%
a
and
San
even
was
the increase in sales
area
limited to 6%.
was
the wholesale
Trading in
dry goods markets failed to
reflect^the better movement of goods in retail channels
as merchants generally remained bent on efforts to reduce
than add to
inventories rather
their
chandise.
released
items
staple
their stocks of
mer¬
While further price reductions for a number of
some
the general
purchases,
new
of buyers to these downward price adjustments was
response
disappointing, indicating the prevailing view in many quar¬
ters that this year's bumper cotton crop was likely to result
further
in
in silk
trend.
and
price corrections for finished goods.
Slightly increased
Trading in
satins.
decreased
the
Business
goods continuedjlull, with prices showing
interest
rayon
shown in taffetas
was
yarns
easier
an
continued to reflect
activity of the weaving plants.
Stocks in
producers' hands showed further increases, although their
total volume was still regarded as too^small to exert any
weakening influence on the price structure.
Cotton
Domestic
crop
Goods—Trading in the
the release of the
markets, following
cloths
gray
Government cotton
report, was at first closely restricted.
Later, however,
trading became quite active, under the stimulating influence
conditions in the different States:
of cotton
Buying interest of the consuming public centered
apparel
on
the western
made good
the Columbus holiday was larger than for some
on
time.
but
cool
latter
part
for late-growing crops and pastures and put
for seeding small grains.
Harvesting delayed
Some damage to open
River in moderate flood.
Carolina—Columbia: Warm at beginning, but cool latter half
of week; light showers Saturday.
Favorable for maturing and harvesting
crops.
Picking and ginning cotton good advance in north where mostly
open; gathering mostly finished in south and some interior spots.
Truck
and pastures in good condition.
Favorable for plowing; some oats sown.
of
in the
strong rally
a
raw cotton
market and the increasing
possibility of imposing higher costs through the proposed
enactment of the wages-and-hours bill as well as new farm
of drastic
Recurrent reports
legislation.
curtailment
in
operations also served to induce buyers to cover nearby
mill
While sales of finished goods continued to
requirements.
desired, it
leave much to be
was
noted that bag manufacturers
South
Georgia—Atlanta: Picking cotton good advance in all sections and
nearly finished in south.
Good progress in harvesting corn and late hay.
Fodder nearly all gathered and pastures better than 2 weeks ago.
Favor¬
able for all growing crops, but potatoes poor stands in many places.
Much
plowing for grains and legumes.
Condition of cotton rather poor,
doing well; sweet-potato harvest con¬
tinues.
Truck planting active and tomatoes, eggplants, peppers, celery, cu¬
cumbers, squash and beans good.
Citrus maturing.
Strawberry plants
good.
Florida—Jacksonville: Moderate rains.
but
season
about
over.
Potatoes
Alabama—Montgomery: Seasonable temperatures and light rains.
Fair
in picking cotton and practically finished in south and middle
completion in north.
Soil in good condition for fall plowing.
Pastures, vegetables and other growing crops doing well.
increased their commitments considerably.
a
moderately by the
with
Mississippi—Vicksburg: Cotton picking slow progress on 1 to 3 days
local showers, but good advance remaining days generally; open¬
account
ing about comnleted in south.
Progress in housing corn
Progress of gardens and pastures mostly good.
mostly poor.
Picking cotton excellent advance and rapidly nearing completion.
Rice harvest completed, except some late varieties; threshing hindered
locally by showers. Good progress in harvesting corn. Cane good; harvest
begun in a few localities.
Planting oats and winter cover crops.
Potatoes,
sweet
potatoes, truck, minor crops and pastures generally good.
Texas—Houston: Averaged w arm; heavy rains over north-central and west
central and light to moderate scattered showers elsewhere.
Picking and
ginning cotton nfade good progress; condition of crop mostly good, but
some poor to fair in west-central; little prospect of top crop in most northern
districts account previously dry weather.
Ground too dry for seeding
winter wheat, but some early planted coming up in good condition in
northwest.
Truck, ranges and minor crops generally poor to only fair,
but rains at close of week should prove beneficial.
showers.
Oklahoma—Oklahoma
City:
Seasonable
temperatures,
but
warm
cloths
days.
siderable husked.
lowlands during
week; picking excellent advance, except Friday and Saturday when showers
interfered; crop practically open in hills and about picked in some portions;
top crop opening rapidly on southern lowlands and beginning to open on
central and northern lowlands.
Most late corn about matured.
Very
Woolen
in its
a
Tennessee—Nashville: Condition of cotton mostly very good and pick¬
ing very good advance, except 2 days.
Condition of corn excellent; nearly
all matured and some being gathered.
Cutting tobacco nearing completion
and curing satisfacrorily.
Favorable for growing crops, with only slight
frost injury.
Good progress in sowing clover, alfalfa and winter grains.
,
as
follows:
delivery.
Closing
prices in
print
39-inch 80s, 6%c.; 39-ineh 72-76s,
Goods—Trading in men's
previous desultory fashion.
fabrics continued
wear
Wliile retail sales made
clothing manufacturers maintained their
better showing,
previous caution in adding to their commitments.
prices
curtailed operations by mills
Further
received, with
were
goods clearances showing considerable
re¬
While tropical worsteds and gabardines for
on
ductions.
use
fall
trade continued to
in the cruise and winter resort
total
sales
proved
moderate
volume,
pointing.
Business in women's wear
move
somewhat
in
disap¬
materials expanded
moderately reflecting the quickening flow of goods in dis¬
tributive channels.
in fair
Tweeds, worsteds and shetlands
were
demand, and prices held quite steady.
Foreign Dry Goods—Trading in linens turned very quiet
with reports
the
from foreign primary centers commenting
merchandise.
slightly
below
more
few
A
materials
mained
on
the usual rush of American orders for fall
absence of
resort
Arkansas—Little Rock: Progress of cotton excellent on
favorable for all other crops.
immediate
for
were
63^s.; 39-inch 68-72s, 5^c.; 3814-inch 64-60s, 4J^c.; 3814-
Heavy rains
northwest, except Panhandle, where
cotton market,
inch 60-48s, 4J/£c.
rirst
in extreme south and most of north-central and
only light; moderate falls elsewhere.
Winter wheat greatly benefited by moisture and much sown in dry soil
now sprouting; some young plants injured by grasshoppers.
Mostly good
advance of cotton picking, but some delay by rain; gathering nearing
completion in extreme south.
Good advance in gathering corn; con¬
2
raw
after earlier further
Combed lawns moved in moderate
downward adjustments.
reports of
Louisiana—New Orleans: Generally warm, except cool at close; scattered
mild rally in the
quotations stiffening somewhat
volume
advance
and nearing
Prices showed
Business in fine goods also profited
slightly better trend.
were
scattered
reorders
on
cruise
received, but their total volume
expectations.
Business
in
burlap
and
re¬
turned
active, with the number of inquiries for future
shipments showing
a
moderate increase.
Prices steadied
fractionally, in sympathy with improved reports from the
Calcutta market.
at
Domestically light weights
3.85c.; heavies, 5.15c.
were
quoted
Volume
145
Financial
Chronicle
2575
Page
Name
1621
Rate
Green Mountain f alls, Colo
Greeley, Colo
Inc.
Grass Lake, Mich
2264
Hampton Ind. 8. D., Iowa
Ilarrisburg H. 8. D., Ill
1933
WIRE
ST. LOUIS
SALES
IN
at
Name
1624
2264
Rate
Abbeville County, S. C
Albert, Kan
3tf
2273
Abilene, Texas
2266 Adrian, Minn....
1936
Amount
$270,000
2%
1939-1944
100,000
30,000
4
Ambler, Fa
2A
1938-1957
3
.
2268
Atchison
925
8,000
5.00
2.45
3.83
1939-1957
r20,000
100.37
3.95
5,000
35,000
100.02
2.74
21,617
100.13
15,550
100.35
1933
....4
Idaho (State of)
Ignacio,
....3A
Colo
2107
Independence, Kan
2264 Iowa City, Iowa
1939 Ironton, Ohio
2113 Ironton, Ohio
or
25^
......—334
-4A
3%
—2J4
Jefferson County, Iowa
1934
2.19
2267 Jersey City. N. J. (2 issues)
2107 Johnson County, Iowa
2264 Johnson County 8. D.
1939
1938-1947
10,000
1939-1943
100,000
3
1944-1958
300,000
100
3.00
4
1939-1946
100
4.00
100.32
1939-1941
8,000
r61,000
3,250
2.72
2.33
1938-1942
100,000
4
12,442
3
__-4
...3
3A
Supervisors, Louisiana
State Lniversity College
--4A
Supervisors, Louisiana
State Lniversity College
4A
2109 Bolivar County Sixth Road Dis¬
1940-1951
1938-1962
,
r85,000
4,800,000
3.800
1938-1947
1940-1953
1939
1938
97.90
100
1947-1957
1938-1957
_3
1938-1961
1940-1961
1949-1950
—-
2105 Los Angeles County, Calif
1772 Louisville, Ky
1.92
2111
100.29
2.86
1935
3.36
.3
t
^25,000
1.810,000
100.20
4.42
100.03
3.19
—
_
100
4.00
100,000
4,000
67,000
100.61
3.19
10*0*69"
2.69
30,000
106.39
2.40
1940
1940
1772
-m
2A
Mahoning County, Ohio
2A
Malheur Co. 8. D. No 36, Ore...5
Malheur Co. 8. D. No. 42, Ore..-5
-2%
..2
Croton-on-Hudson, N.
1939-1953
—.4
County. Nev....
4
2264
Mishawaka, Ind—
1775
1936
1939-1948
100.08
2.69
Mississippi (State of)
Missouri (State of)..
Monroe County, Ind
1962-1967
14.000
100.56
3.97
12,000
101
1942-1946
100,000
100.59
5,000
^7,500
102.05
.t_._234
Montgomery County, Kan...
2)4
2113 Montgomery County, Ohio
3%
1778 Moosic, Pa
...334
1771 Morrisonville, 111
........5
1778 Mount Lebanon Twp. 8. D., Pa. .3
2269 Mount Morris, N. Y.___..__—.4
100.83
35,000
100.26
1.93
1947-1957
1938-1957
1938-1952
.......
4A
....334
3A
3A
David City, Neb
1935
25,000
r 135,000
1940-1949
1939-1952 ">000.000
1939-1952 '2,000,000
3.39
100.39
3.26
2.94
2273
Nashville, Tenn...
100.34
4.44
2109
3.37
1776
Newburgh, N. Y__
100.31
3.37
1/73
Newburyport, Mass.
3" 80
102". 50"
27.500
100.87
100,000
100.17
100.66
2.71
1934
East Feliciana Parish S. D.
3,
2266
East Grand
1937
Eatontown, N. J
3
1771
Eddyville, 8. D., Iowa
'146.000
1938-1946
4,500
42,000
2-15
Elgin, Ore
Ellsworth, Kan
Enfield, N. C
Enid 8. D„ Okla
...4
years
1939-1955
1939-1957
2%
La..4K
Rapids, Mich. (2 1b8.)-3A
1771
1939-1957
1940-1947
1938-1941
1952
1946-1955
17,000
55,000
50,000
78,000
3,800
15,000
10,000
lbl".20"
3.70
100
3.25
100
3.00
100.14
2.98
lbo
4*00
1936 Oconto 8. D., Neb
1938 Old Forge, N. Y
10b
5 50
1940-1942
Falconer, N. Y
3
1938-1952
4,070
42,000
100.42
2*95
4
2-20 years
17.300
100
4.00
8.000
95
Ferry
2115
2263
Fort Bend Co. R. D. No.
13,
Fore«t Park, 111
2115
Fort
2273
Fort Worth. Tex....
2116
Frederic, WLs._
County, Wash
—...—
Stockton, Tex
.5
35,000
...
Tex.43£
1947-1957
1941-1957
122,000
<735,000
'48,000
21.500
1947-1962
1942-1946
1940-1959
100
3.50
years
51,000
1942-1951
600,000
lbo.Io"
3.73
1938-1956
35,000
100
3.50
1944-1948
15,000
41,000
lofia"
1938-1962
1,999
100
4.00
16,000
100.13
2.14
1943-1950
80,560
100
2.50
—-»■
1938-1947
62,000
100.92
2.07
1938-1942
17,400
100.08
2.18
2.63
90,000
60.000
100.77
100.20
r48.000
103.87
r38,000
102.75
1-10 years
2.35
2.73
17,000
1938-1957
225,000
70,000
r778,000
1938-1947
1938-1966
94.85"
100.07
2.82
2*56
1.74
123,000
195<M952
438.000
1938-1949
12,000
1938-1942
116.31
100.08"
2.99
2.11
100.38
13,000
102.53
20,000
1938-1947
4%,
20,000
dl.500,000
1938-1966
3
202.000
91
100.18
2.97
10.000
1*00
2*50
1943-1947
10,000
101
3.85
1947
30,000
105.39
4)4
County, Wis
Okla
100.01
400,000
1950-1954
r24,000
2-3K
1-8 yrs.
2%
234
1939-1948
4
--
9,000
100.000
Pattison 8. D., Texas
1940 Perkins,
37,000
193.8-1947
1938 1947
1939-1953
Missouri
Orange. N. J (2 Issues)
Ozaukee
2.81
1938-1941
1938-1940
10,000
....434
Bluffs,
2273 Paris, Tenn
2109 Pascagoula. Miss
1779
10*1*23"
105.01
10
4
2107 Orange Twp., 8. D., Ind
2107 Ottawa Co. 8. D. No. 3, Kan
2264 Ottumwa, Iowa
1626
4.00
-.4
River Bridge Board, Neb
2111
(7250.000
434
334
334-4
334
2110 Omaha-Council
100.01
2.97
100
5,000
Dist., N-Y.3
1935 Oakland, Md
8,000
Flagler, Colo
Norwood, Ohio—.....—......234
1777
100.03
100.27
1938-1944
North Hudson, Wis
North Patchogue Fire
3" 24
1938-1940
2274
..__.__.2_
1780
3.00
2*08
12,500
1957
-
100.br
2*64
lbb" 50"
1938-1957
1935 Newton, Mass
1%
2110 North Arlington, N. J. (2 Issues)__4
1771 Normal, 111.
1939 North Carolina (State of)
4J4-434
100
99*51"
100.97
1938-1961
3
3
.3.20
1938
2A
5A
3-33^
2263
2.20
Newcastle, Del
13,000
14,600
4*85
99.50
40,000
-
2267 Newcastle, Neb...
2107 Newton, Kan...—
2*74
3,000,000
1-5 years
3
2269 New Hartford, N. Y
1771 New Castle, Del
d150,000
100,000
234
__»_2J4
234
......234
2%
........234
New Bedford, Mass..
100.31
1940-1947
1938-1947
—
2.20
100.40
'50.000
1942-1951
Mount Pleasant, N. Y
1*00*89"
1951 1957
County, Iowa
Dodge City, Kan.
1178 Douglas County 8. D. No.
33, Ore.4
2116 Douglas Co. 8. D. No,
21, Wash__3>£
1777 Durham
County, N. C.j
3
1777 Durham County, N. C...
3
1934
—
....
..3A
2%
2%
3A
Day County, 8. Dak...
Dearborn, Mich
Des Moines
3
2107 Muncle, Ind.
2107 Muscatine oCunty, Iowa
2264 Naperville, III.
..4
,
2107
'149,000
25.000
2269
'
3.78
100*05"
15,000
4,000,000
1938-1947
3
2Yt-3%
2264
99.84
55,000
-
r500,000
1938-1955
....
1938-1942
4lA
2.55
-
101
rl80,000
1940-1944
-
Mineola, Texas
2.70
-
2.19
1-5years
2A
101.62
•
3.26
100.39
100.62
r37,000
33,000
49,000
rlO,000
r67,500
15,000
....
101
1938-1955
100.51
75,000
25.000
1938-1944
4.00
4.45
2.74
1-10 years
1938-1957
165,000
10.000
2.66
1C0
100.31
100.05
2A
~2%
20 yrs.
1771
dlOO.OOO
2.80
1938-1944
Mlddletown, N. Y (2 issues).....2.10
Milan, Mo
4
85.000
80,000
175,000
2.54
100
1-234
-
Mineral
7,500
9,500
250,000
100,000
25,000
102.35
100.07
Midland, Mich
1936
rl58,000
9,000
10,000
87,500
105.20
2269
2273
lb"0'.04"
101.01
2109
3.99
4.50
4*30
r7,000
15,000
II,200
1.74
2". 97
97.81
48,000
15,000
101.14
100.25
-
100
100.03
65,000
100.05
100.10
-
2.50
12,500
35,000
dl5,500
50,000
32,000
r32,000
25,000
1942-1952
88,000
30,000
29,000
..3.30
Y
City, Wis
Cuyahoga Falls, Ohio
2270 Cuyahoga County, Ohio..
2270 Cuyahoga County, Ohio
1938-1952
101
1942-1948
2110
120,000
..3
Cuba
2270
1939-1965
100
1938-1972
2.48
1933
1938-1948
!~.3~y,
1937
2116
1965
18,000
5
100.13
2107
2107
15,000
1621
....3.30
Mandeville, La
Marion, Kan
Marissa, 111....
Marshall County, Kan
Mason City 8. D., Iowa...
Maywood, Neb.........
2107
_
a
2j%
■
1938-1949
1939-1948
5,000
.4
Concord, N. H
2271
1938-1945
434
2%
10-30 yrs.
Cleveland, Miss.
2264
Lyme 8. D. No. 4, N. Y
Lynn. Mass
1937
..2%
.
1938-1957
1940-1957
5-10years
1939-1953
2 70
2112
...
McGuffey-McDonald 8. D., Ohio.334
1936 Mcl-eod Co 8. D. No. 2, Minn...2%
2115 McLeod Con. 8. D., Tex
4
2116 Madison, Wis
1940-1954
.....
.4
2271
(2 issues)..
1939
18,000
1938-1943
—
Chelan Co. 8. D
1941
1938-1942
2.91
1948-1952
—.......
Cheyenne, Wyo.
Dawson. Ga
1938-1964
2.80
6.00
100.12
1939-1953
2%
Linn & Marlon Cos. 8. D. 129,Ore.4
1-
1932
Lewiston, Me
Liberty, N. Y
--
57.000
.3
Castleberry 8. D.t Texas
Campbell County S. D. 3, Wyo—
2107 Carroll
County, Ind
-2Vi.
1942
2267
1942-1945
1938-1957
1939-1952
1940
100.37
66,000
.3*
2115
1937
3
4^-5
Larimer Co. 8. D. No. 41, Colo...4
Lewisburg, Ohio
3.22
280,000
-2 %
2266
5-23 yrs.
4
Li i bo urn 8. D., Mo
Lincoln County, Nev.
46.000
■
Ala
1937
100.26
........
2113
-4K
—
2273
La Junta, Colo..
Landis, N. C
145,000
14,000
1938-1957
Water Disl
No. 11, Texas.........—4
2274
1940-1951
1777
3.50
211,000
1938-1962
-3.20
Chartiers Twp. 8. D„ Pa..
Chattanooga. Tenn
'
200,COO
1939-1955
Boston Metropolitan
Dist., Mass.2%
Bozeman, Mont
6
Brockton, Mass
2
Lafayette,
1932
2*82
101*90
100
1938-1957
2262
1936
-2.90
1778
3.67
KeytesvilleS. D., Mo
Kildare 8. D., Texas
4
King County 8. D„ Wash. (2 iss.) .4
1777 Kinston, N. C
2108
5}4
1949
1625
300,000
1951-1956
—2A
2%
2274
1105
.3.40
2114
102.12
t/8,000
^3 A
111—
4.00
1938-1945
of
Charleston,
100
<Z50,000
300,000
65,000
1940-1947
of
1933
100.32
1946-1952
Blooming Frairie, Minn
Cedar Rapids, Iowa (2
issues)
101.06
8,360
1949-1957
__
1939-1956
2110
16,000
1938-1947
Kenosha.
Is
2107 Kensett Sch. Twp., Iowa..
1625 Kerrvllle 8. D„ Texas
100.97
3,000
__
1934
2.81
6
3A
Belleville, Ohio
Big Stone City, S. Dak
Big Spring, Texas
—
2.38
3.99
102.01
234
—3
4, Kan
3.96
2112 Cabanus
County, N. C—
2109 Callaway S.
D., Minn
100.33
100.05
36,000
Jonesboro, La
100.004
2115 Bryan, Texas
1941 Buckner Boulevard
18,000
1,480,000
1934
3
—
5,400
-
1938-1942
■
1938-1967
1949-1951
4
2110
325,COO
Beech
Beech Grove, Ind
Brownsville, Tenn_.—
2268 Buffalo, N. Y.
(3 issues)
2.06
3.99
2.24
1938-1977
2264
2264
1625
100.03
2.60
1780
1936
100.70
30,000
104.77
2.97
1935
23,000
101.35
100.55
1773
3*50
1939-1943
930,000
1942-1972
Baltimore County, Md
3
Btaumont. Texas (3 issues)___3V£-4
J
101.48
1938-1947
—234
Kasson, Minn...
i\.
3.21
95
35,000
1938-1967
2266
Boonton,
rl23,000
1938-1947
100.62
2110
1775
502,000
1939-1955
—
Jennings County, Ind
3.09
trict, Miss....
1944-195E
Dist. No. 1, La. (2 issues)
2.19
4.38
Board
—
Jefferson Davis Parish, La...
4
1772 Jefferson Davis Parish,
Gravity
100.06
1772
1939-1955
2108
100.56"
yrs.
IOC)""""
15,000
2A
-.3)4.
2268 Jackson Twp., N. J—
2270 Jamestown, N. Dak
2107
2-20
—
100.90
Board
1.90
101.13
6 yrs.
1939-1946
100.50
86.000
1772
2.62
100.53
100.33
67,000
385,000
1936
5.00
103.44
100,000
14,000
1938-1967
Blackwell, Okla. (2 issues)
County, Iowa.
100
300,000
1938-1947
40,000
1938-1952
Black Hawk
I,875
i"
1938-1957
150,000
4A
1934
4.00
1944-1949
3.10
2114
100
3.13
1938-1941
Avon-by-Sea, N. J...
1778
2.59
1938-1952
2110
1941
1.98
100.07
4
Kansas City, Mo...
Kansas City, Mo
_
100.07
90,000
5
Augusta S. D. No. 7, N. Y
Ind
101.40
28,500
2 A
County, Kan
Augusta, Ga. (5 issues)
Grove,
95,000
1938-1942
4
1617
2273
1948-1954
1938-1952
-—4
Hosmer 8. D., 8. Dak.......
2268
1935
lbb" 68"
245,000
85,000
25,000
ArtesiaS. IX, N. Mex_._
2264
18,000
2
1770
13,200
--2 A
.
1938-1949
3
N, H._
Humboldt, Tenn. (2 Issues)
Huntington, N. Y
Hurley 8. D. No. 5, N. Y___
1778 Hurley, 8. Dak
3.35
100.25
4.25
2*65
d250,000
1776
Basis
Price
101.55
3.00
100
2269
2,500
4
Alexandria, Neb
2271
Maturity
1945-1954
1939-1943
-______3
3*14
100
60,000
County 8. D. No. 68, Mont..5
2273
promised to States and municipalities
during September.
The number of
municipalities issuing bonds in September was
319, and the number of separate issues was 368.
Page
Hill
Holyoke, Mass
1936 Hopkins, Minn
of
made
103.28
17,900
60,000
2110
2115
actually
102.25
82,500
....4
2108
The review of the month's sales was
given on page 2422
the "Chronicle" of Oct. 9.
The total awards during
the month stand at
$48,2o9,838.
This total does not in¬
clude Federal
Emergency Relief Administration or Public
Works Administration loans or
grants
120,000
—
2%
3 A>
Hill,
21lb Hillsborough County,
publishing
the usual time.
3*98
5-30 yrs.
1936
present herewith our detailed list of the
municipal
bond issues
put out during the month of September, which the
crowded condition of our columns
prevented our
2.47
100.28
100.27
1938-1942
4A
Mo...
100.59
30,000
55,500
1943-1953
Hazelton, Pa
Hempstead. N. Y._.
2
Hempstead 8. D. No. 10, N. Y_._2.60
1938
We
........
3
1938
SEPTEMBER
1938-1949
2
2114
BOND
rd7,000
rl34,000
15,000
3
1771
MUNICIPAL
102.03
r40,000
.....3A
Haverford Twp., Fa
Hawcreek Twp., Ind...
1*43
100.14
50,000
30.000
1940-1967
2114
CHICAGO
2.72
1947-1951
4
Harrison, N. Y
2115 Haskell County, Texas
Basis
rlS.OOO
150,000
......
1776
Broadway
Price
100.29
...—a...
4
Greenville, Miss__._._~.
2109
314 N.
DIRECT
1938-1940
2A
2109
&. CO.,
$200,000
2-20 years
Grant County 8. D. No. 15, Wash.4
2107 Greendale, Ind.
4
2267 Greeley, 8. D. 1, Neb
4A
1932
Amount
66,000
1941
2263
Adams St.
-
__
Illinois & Missouri Bonds
105 W
1940-1960
Fremont Co. 8. D. No. 2, Colo--.
1618 Garuett 8. D., Kan
1937 Glen Cove, N. Y. (4 issues).
1%
1932 Grand Junction, Colo
-2%
Specialists in
STIFEL, NICOLAUS
Maturity
2A
Freeport, N. Y
1770
15.000
j..;
16,500
Financial
2576
Maturity
Rate
Name
Page
2274
Pierce County 8. D. No.
1931
Pima County 8. D. No.
7, Wash-3
15, Ariz.. 3^
2106
2273
Provo 8. D„ Utah
2272
1771
1939
1940
1940
102.10
3.71
1,500,000
rd34,000
1938-1944
8,000
25,000
100.02"
1938-1942
25,000
100
1938-1947
Richmond, Ky
100,000
1.99
1771
1771
1622
1624
70,000
30 yrs.
__
3.95
100.36
50,000
79.11
3.32
15,000
101.09
3.66
1938-1947
d7,500
3%
*A
1946-1960
800,000
100.16
r20.000
100
1624
1938-1952
2^-2^
4.20
Calif. (2 issues)...3 A
8an Bernardino County, Calif..3-4
San Juan Co. 8. D. No. 1, Colo..-4
Saranae 8. D. No. 1, N. Y
3.20
Schenectady, N. Y. (6 issues)
2.10
Scotland 8. D. No. 4, 8. Dak.....4
1940 Salem, Ore....
30,000
100,000
15,000
195,000
100.18
1624
Vlborg, 8. Dak
1626
Webster,
1942-1943
1940-1954
2105 San Diego Co.,
1938-1957
2262
1938-1947
2%
1939-1948
2A
1938-1947
1934 Seneca 8. D., Kan
5.00
2.88
1938-1947
50,000
101.38
1.96
10C,000
37.000
120,000
104.07
3.48
2.00
100
10-20 yrs.
800,000
d25,000
1940-1957
<1113,000
50,000
r29,000
18,000
16,500
12,000
1943-1949
1939-1947
1938-1942
1938-1957
Sullivan S. D.,
...3
2
194SM946
6
1940-1951
1947-1950
1-5 years
1938-1947
2 years
1939-1947
lbb'.io"
100.94
100.80"
104.20
100.50
4.40
100.89
1.81
1938-1947
1938-1950
1942
1939-1943
1941-1956
1940
Washington Co. 8. D. No. 15. Ore.
1939-1957
1941
Waynesboro, S. D., Pa.........2A
..
Idaho.
1940-1957
2-15 years
._
1939-1953
3A
2A
1938-1951
Ind.-2>£
1938-1944
West Falrvlew, Pa
Westfleld, N. J. (4 issues)
1934 West Liberty, Iowa
3
2274 West Virginia (State of).—
2A
1938-1962
2268 Westwood, N. J
3%
1625 Wharton County, Texas
--AA
2116 Whatcom Co. S. D. 327, Wash—.4
2265 White City, Kan
1938-1948
White Plains, N. Y. (2 Issues)
Whitman County, Wash
Wichita. Kan
1772 Wichita, Kan
2105 Williams, Calif
25,000
30,000
99,000
60,000
102*68"
100
3.24
100.37
2.47
101.25
3.22
100.49
15,000
7,500
256,000
12,500
17,000
2.50
100.01
5,000
8,COO
50,000
127,000
2.42
100.40
100.36"
2.47
100.55
100.008
500,000
37,000
4.74
4.00
1938-1957
25,000
5-20 years
<127,000
100
1939
1939-1949
465,000
3.65
100
28,879
90,000
3
3.10
3-3A
2A
2A
Texas
101.22
3.09
100.10
100
41,000
1938-1947
[rl46,000
100.03
2.24
1938-1947
83,553
15,400
100.88
2.32
5
2116 Wlnfield, Wis.
3
2264
Winnetka, S. D., Ill
3
1943-1950
103*43"
2.59
2270
Ward County, N. Dak....
r213,000
Watertown, Wis. (3 Issues).
4
3
1942-1956
1942
1938-1951
52,000
104.25
2.24
1945-1949
150,000
101.23
2.60
22 years
15.000
100
4.00
1938-1953
6,000
25,000
12,000
100.11
Wilmette, III
3
1939
Wilson, N. C
1780
Wilson S. D. No. 5, Wis
2^-3
3
1938-1947
10-15 yrs.
Woodbury County, Iowa..
-29£
2116 Yakima Co. S. D. No. 120, Wasb.4
1772 Yale Ind. S. D., Iowa
2A
2107
Yamhill Co. S. D. 3, Ore
Yukon, Okla (3 Issues)
Total bond sales for September
3-3A
1941-1956
f
(319 municipalities,
covering 368 separate Issues)
.k $48,209,838
-
100.05
100.76
2.75
100
'
3.20
municipalities from agencies of the Federal Government,
following items included in
w
r Refunding
bonds.
of our paper in which reasons for
found:
Rate
Name
Lynchburg, Ohio (Aug.)
Kan. (July)
2107 Wakeeney,
Maturity
—
Amount
$4,000
15,000
Price
Basis
We have also learned^of the following additional sales for
previous months:
__
Namejr
City, Mich
1619 Charles County, Md
1622 Chowan County, N. C
1625 Clallam S. D. No. 50, Wash
1619 Bay
1624 Codington County, 8. Dak..
.
A_
Rate
Maturity
Amount
4
1938-1962
r$40,000
51,000
25,000
4>£-5
1939-1957
90,000
4
2-2A
30 yrs.
1939-1943
7,000
3
250,000
3A
Price
Basis
100.04
100.02
108.90
100
3.16
3*66
100.27
4
4
3A
2A
12 yre.
1962-1967
30,000
300,000
which amendments have to be submitted.
Program Sanctioned—The Court's decision
City of Atlanta's program
of fiscal reform.
Acting on legislative authority, based on
the amendments to the State's constitution, the city sold
Atlanta's Reform
is said to have also sanctioned the
$1,800,000 of 2M% refunding bonds in June.
Special Session Called on Tax Revision■—Gov. E. R. Rivers
a special session of the State Legislature to meet on
newspaper advices.
A special committee
appointed earlier this year by the
Legislature at its regular session is said to have been study¬
ing the tax systems of a number of other States and to have
recommended a complete overhaul of the present Georgia
laws.
Scheduled on Two Amendments—The
two proposed amendments to the State's
the general election on Nov. 2.
One pro¬
Kentucky—Vote
voters will pass on
Constitution at
to permit consolidation of muncipal and county govern¬
The other seeks approval of a ballot on more than
constitutional amendment at one election.
ments,
one
The City of Louisville is urging approval of the amendment to consolidate
city and county governments.
While contemplated for Jefferson County,
the amendment must be of general application in Kentucky.
The proposal
has received support of some of the larger municiplaities of the State, but the
smaller towns are opposing it on the grounds that it would deprive them of
home rule, vesting in the General Assembly certain powers which they now
enjoy.
Among other things, the Legislature would be empowered to "retain,
modify and consolidate any and all governmental bodies, offices, agencies,
and institutions, may enlarge, curtail, modify, consolidate, redefine, and
redistribute the powers, duties, functions and jurisdictions of governmental
bodies, offices, agencies, institutions and courts; and may abolish all courts
inferior to the circuit courts
and may set up new ones in their stead and
provide the method of selection of all officers, their compensation and the
means and method of its payment."
Irrigation District (P. O. Merced), Calif.—
Court Refuses Rehearing on Bankruptcy Petition—1
The United States Supreme Court refused to consider the
r38,000
1942-1951
the June S election
reform program is de¬
pendent upon some of the amendments, said the ruling relieves doubt in
"anybody's mind" as to legality of the new State activities.
Only one of the amendments was involved directly.
A group of Atlanta
'axpayers questioned the one permitting their city to issue refunding bonds.
They contended the election called by Act of 1937 General Assembly
was not
within the meaning of the Constitution, a "general election" at
Gov. E. D. Rivers, whose social security and tax
Supreme
<112,000
1938-1952
The Georgia Supreme Court today upheld validity of
26 constitutional amendments were adopted.
at which
Merced
20,000
Issues)
Georgia—Supreme Court Validates June 8 Election—We
give herewith the text of an Associated Press dispatch from
Atlanta on Oct. 4, regarding the high court approval of the
general election held on June 8:
poses
totals for the previous
the same.
We give the
our
months should be eliminated from
page number of the issue
these eliminations may be
FLORIDA
News Items
tax
m9r4ii■
~d Subject to call In "and during the earlier years and to mature in the later year.
including $155,634,590 temporary loans of funds obtained by States and
1625 Andrews Ind. S. D., Texas
Harvey Building
WEST PALM BEACH,
m
~
Thomas M. Cook & Company
Nov. 25 for the purpose of considering a thorough revamping
of the present system of taxation in the State, according to
k Not
Ga
Basis"
has called
30,000
64,000
14,000
14,500
17,500
2107
1617 Elgin 8. D. No. 46, 111
Prio»-4.2ff
4.00
1939-1949
._
1616 Eldorado County, Calif
Due—Jan. 1, 1955
2.46
100
2107 Wamego S. D., Kan
1942 Washington, Wis
1617 Dublin,
4.17
$15,000 DELAND Imp. 6% Bonds
2.02
100.19
25,300
8,915
19,000
2114 Washington Co. H.8.D. No. 5, Ore<2A
2271 Washington C. S. D. No. 14, Okla.3M
Colo..
98.27
2.08
1938-1955
3A
4A
Denver,
4
Canadian debentures sold in Sept— $3,457,500
2.10
15,000
2
1616
3.58
'WE OFFER SUBJECT—
2.05
..4
1934 Delcambre, La. (2
101.07
98.50
,
—
—
2.75
75,000
Wads worth, Ohio
Page
Laurent, Que
Basis
Temporary loan; not included in total for month.
3.98
100
r30,000
Waltham, Mass
1939
of)--—3A
4
2274 Woodstock, N. B
5.98
100.30
1938-1952
1619
Page
2274 St.
Price
99.80
1938-1947
Wakeeney, Kan
The
New Waterford, N. 8
2.97
100.21
1941-1943
Waldwlck, N. J
2271
3
2274
r
101.03
1772
2271
—
Ont
Amount
$45,000
*25,000,000
*25,000,000
1-5 yrs.
55,500
1942 3,250,000
20 yrs.
21,000
1938-1951
30.000
1-25 yrs.
56,000
20 yrs.
4
B.
(Dominion of)
New Brunswick (Province
3.23
100.32
102
173,634
2111
1772
1780 Guelph,
Maturity
Rate
Name
2274
3" 47
...4
White Oak S. D
Canada
100.06
2A
1942
1942
or
3.74
95
3
1776
-
<1300,000
....2A
1779
3.74
3.02
3.00
IOO.I3"
124,000
1778 Topton. 8. D., Pa
1942 Two Rivers, Wis
1618 West Lafayette School City,
100.05
101.15
4.50
6.00
3.50
100.44
137,500
1777 Toledo City S. D„ Ohio
1772 Topeka, Kan. (4 Issues)
1624
-
2274 Campbelltown 8. IX, N.
*
101.92
10,000
rl7,000
2%
2A
2
2-2 A
2265 Taunton, Mass...
2268
Page
Total long-term
r500,000
30,000
reo.ooo
3A~*A
1777 Uhrichsville, Ohio
2272 Varnvllle Con. S. D„ S. C
3.33
100.06
3A
2A
3A
,
3.27
<110,000
2270 Struthers,
2106 Weiser,
100.33
5-10 yrs.
1938-1942
1940-1957
2112 Tarboro, N. C
2272 Tarrant County, Texas
— .
2274 Canada (Dominion of)
100
275,000
162,000
17,000
1938-1947
3
...
100.32
100.13
109.12
100
100
100
100.41
MUNICIPALITIES IN SEPTEMBER
100.11
100
1936 Stewart S. D. No. 33, Minn
Mo
Summit County, Ohio
Sumner County, Kan.....
Surf City, N. J
Tabor City, N. C_._.
2.99
3.50
DEBENTURES SOLD BY CANADIAN
2.49
100.03
100.90
2269 Suffern, N. Y
100.03
100
2*75
"""
100
25,000
40,000
38,000
100.16
Ohio
3.22
3.29
and PWA loans) for that
35,000
Wash.3
1933 Springfield, 111
2.90
2116 Stevens Co. 8. D. No. 22, Wash..3^
2274 Stevens Point, Wis
3A
3.25
----
100.22
100.24
100.07
RFC
1938-1947
Mass..
107.63
2.14
4.00
----
including temporary
month $53,093,277.
21,500
3,000
1940-1967
------
— —
3.18
3" 41
1938-1945
Wis.
2-20 yrs.
1943-1949
1938-1945
1938-1952
4
4
--
100.56
100 <
2.08
1939-1952
2A
2A
1942-1947
----
5.00
100
100". 15"
100.76
1939-1950
1626
......
Basis
4.95
100.19
30,000
1938-1959
1774 South Haven, Mich
1940
100.17"
2A
Mass...
1938-1957
Scotts Bluff County, Neb
100,000
4,500
65,000
25,000
dl30.000
6,000
4,000
<129,000
20,000
115,000
r50,000
12,000
3,000
40,000
r79,000
r<f85,000
25,000
r50,000
8.000
12,000
Price
100.25
100.78
All of the above sales (except as indicated) are for August.
These additional August issues will make the total sales (not
3
4
3.30
2
---
Amount
$3,955
20,000
<117,500
66,000
8,000
dllO.OOO
125,000
25,000
90,000
38,000
4.15
r300,000
2274 Spokane Co. 8. D. No. 335,
1777
2.74
100.38
1944-1951
1772 Sharon Twp. 8. D. No. 4, Iowa...3
1934
,
2.98
100.03
40,000
627,000
1938-1950
1938-1957
2107 Sedgwick County, Kan
2268
1620
60,000
28,000
1941-1951
1939-1906
2265 Sedgwick, Kan
3A
5
1940-1962
1947-1952
111
1938-1957
2112 Saltalre, N. Y...
2115 Somerset County, Pa
3A
4
1625 Paris, Tenn
4A
1777 Reynoldsburg,
Ohio.
—_.6
1618 Robertson 8. D., Iowa
.-3A
1622 Rockingham County, N. C
3-3^
Normal,
1945-1953
3
2^-314
2%
2112 Smithtown 8. D. No. 8, N. Y
3A
1933
-3A
Stevens Co. 8. D. No. 15, Wash-3^
Turner County. 8. Dak
3A
Kan...
2106 Shelton,
Conn
2115 Sherman, Texas
—
1938-1957
1939-1952
1625 San Antonio, Texas
6,000
45,000
2274 Sheldon, Wis
Monroe County, Miss
1619 Napoleon Twp. 8. D. 1, Mich
1.97
1938-1956
3
Ore—.3A
Dak
Lane County 8. D. No. 7,
1936
1623 Multnomah Co. 8. D. 17, Ore
100.14
1938-1947
3
1939 Shaker Heights, Ohio..
2111 Shamong Twp., N. J-......
Lake County, 8.
Jefferson Sch. Twp., Ind
2271
11,000
65,000
30,000
25,000
80,000
1939-1957
2
Rolla, N. Dak
3A
Kern County, Calif
3A-5
Kings Mountain 8. D., Calif..4M-4^
1616
rl68,000
5
...6
4
—4
-—
1775 8t. Louis County, Mo
1939
1938-1946
1938-1956
1939-1955
1938-1951
1938-1957
1943-1948
5
1620 Jackson Co., Miss. (3 issues)
-
1939 Sugar Grove, Ohio
—
-
3.74
2114 Salem, Ore
2265 Salisbury, Md
1936
Hanover Twp. Sch. Twp., Ind
(July)
2.58
1778 Rock Hill, 8. C
1935 Somervllle,
4
Gregg County, Texas
3.00
Ridgefield 8. D., N. J
1935 Somervllle,
Greenville, III.
1625
101.07
8. D. No. 30, 111
2269
1933
100
2264 Rock Falls 8. D.f 111
2272
2A
500
2107 Rock Island County United Twp.
1770
Great Bend, Kan
100.11
2112 Rochester, N. Y_
2112
GirardvilleS. D., Pa.
93,000
1625 Robstown Ind. 8. D., Texas——
2270
—
1624
1934
160,000
2115 Robert Lee 8. D., Texas
2107 Sabetha,
10-30 yrs.
1940-1947
5-30 yrs.
MO yrs.
1938-1955
1940-1949
5H
Richmond, Ky
2111
5
..1.5
1938-1958
No. 5, La..
1772
1772
Gainesville, Tenn
Garnett 8. D., Kan
Gates. D., Okla....
..3%
Dlst.
Sub-Road
Parish
2.40
1940-1947
*
1618
101
1938-1962
1938-1942
5
1778
1778
101.31
1947-1952
Maturity
Rate
Ellenburg 8. D. No. 9, N. Y
Fayetteville, Tenn
2A
1617 Rehoboth 8. D. No. 11, Del
2265 Richland
1778
108,000
110,000
1938-1941
3At
Pittsburgh City 8. D., Pa
-2A
Platte 8. D„ 8. Dak
——4
Polk County 8. D. No. 5. Fla—4
Portage County, Ohio
2
Port of Bandon, Ore
5
Princeton, 111
-3
'
Name
Page
1621
100.05
$250,000
47,000
2267 Pine Lawn Sewer Diet., Mo
2115
Basis
Price
Amount
1944-1969
2^-4
2105 Petaluma, Calif
16, mr
Chronicle
100.29
101
2.38
request of the above district for
reversal of its decision that
Volume
145
Financial
municipalities
Federal
The
could
not
goXthrough
bankruptcy
under
bankruptcy laws.
ing $16,190,000 bonds.
Attorneys for the district admitted the circuit court had ruled in confor¬
mity with the Supreme Court's decision in Ashton vs. Cameron
County
Water Improvement District in which section
80 of the bankruptcy law
applying to municipalities and other State agencies was held invalid.
Since the Ashton decision, they stated, a
country-wide program of munici¬
pal and quasi-municipal debt readjustment through the effective utilization
of the bankruptcy power of the Federal
Government has come to a standstiU.
Ohio—Financial
Data
Compiled—Field,
Richards
&
Union Trust Bldg., Cleveland, have
Shepard, Inc., 1300
compiled a list of financial statements as of Jau. 1, 1937, on
counties, cities, school districts, &c., in the State, giving
figures said to have been obtained from official sources.
Included in this informative booklet
are
statistics
on
assessed
valuation, including real estate, public utility and personal
tangible values, tax collections for the years 1934-37, and
similar related data.
It is said that copies of this informa¬
tion may be obtained from the above named firm.
Pennsylvania—Court
Ruling
on
Investment
of
Trust
Funds
Withheld—The State Supreme Court on Oct. 11
refused to either approve or disapprove the investment of
trust funds in stocks as well as bonds and mortgages by trust
companies, according to
a
special dispatch from Philadelphia
Tribune" of Oct. 12, which con¬
to the New York "Herald
tinued
as
follows:
In effect, the decision left the investment of such funds in stocks to the
discretion of the trust company until such time as a party interested in a
particular trust fund brings suit to prevent such action.
Then the Court
will rule whether such investment is within the law regarding the handling
of trust funds.
Original suit to test the present law limiting investment of trust funds
begun by the Pennsylvania Company of
Pjiladelhpia in the local Orphan's Court.
The company held that since
to bonds and first mortgages was
good investments in bonds and mortgages were hard to find many of its
trust funds were suffering financial losses.
The company's contention was upheld by Judge Curtis Bok.
His decision
was concurred in by two other judges, but the other two jurists of the 5-man
Then the case was carried to the State Supreme Court.
body, sitting in Pittsburgh, handed down its ruling today.
It
side-stepped a decision on the merits of the case, pointing out that "the
measure of care or standard of duty required of a
testamentary trustee is
court dissented.
That
settled."
well
"If
trust
investment
is
properly questioned the burden of showing
making it is on the trustee," it said.
"It
proceeding that the discretion exercised by him
will be scrutinized in the lignt of the will and of the fiduciary act."
The high court's ruling does not alter previous
practices, or protect
trust companies in making investments in other than recognized legal
trust investments.
In the past they might, at their discretion, assume the
risk of investing a trust estate in other securiries.
But if the securities lost
value, the trust company might be held responsbile.
A declaratory judgment by the Supreme Court would have given trust
companies protection in following their judgments, and they could have
exchanged client's holdings for stocks of the trust companies choosing.
a
the wisdom
chnduct in
of his
is at that time and in that
United
States—Omission of Counties from Municipal
Bankruptcy Bill Explained—Mr. Stanley McKie, of the Weil,
Roth & Irving Co., Cincinnati, sends us the following copy
of a letter from Congressman J. Mark Wilcox of Florida,
regarding the omission of counties from tne new Municipal
Bankruptcy Bill, approved by President Roosevelt on Aug.
16, as noted in these columns at the time—V. 145, p. 1452:
CONGRESS
HOUSE
OF
OF
THE
UNITED
2577
STATE
To the
TREASURER'S
OFFICE
Editor.
The
when the Federal Circuit Court for the ninth
circuit refused
plan of reorganization for the said district which has outstand¬
case arose
to confirm a
Chronicle
differences
and the East in public
strikingly brought out in the case of Alabama school warrants.
or East a "warrant" would probably be considered an
unpaid
bill in many cases, whereas in Alabama, the school warrant is one of the
strongest investment obligations.
Believing that the public in general may not fully understand the technical
features of our school warrants, W. Barrett Brown, Consultant in the State
Treasurer's Office, has prepared, in collaboration with Dr. R. L. Johns,
Director of Administration and Finance of the State Department of Edu¬
cation, a summary of the manner in which school warrants are created,
finance
in
method
between
the
South
are
In the North
maintained
and
retired.
■
The Article Says in Part:
Alabama School Warrants
,
the considered analysis of investors.
Nearly every conservative requirement is met by this type of obligation
except a provision for payment 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 retireable serially out of the same
tax that pays their interest.
In view of the excellent record of Alabama
School Warrants, it is somewhat regrettable that they bear the name
"warrants".
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.
A copy of the article is enclosed, in the event that it may be of use to your
publication.
Very truly yours,
W. W. BROOKS,
Financial Secretary to the Governor
r
merit
ASHLAND, Ala.—BOND OFFERING— Sealed bids
were received until
Kitchens for the purchase of two issues of 5%
bonds aggregating $8,000, as follows:
$5,000 water system bonds.
Due $1,000 from Oct. 1, 1938 to 1942 incl.
3,000 funding bonds. Due $1,000 from Oct. 1, 1943 to 1945 incl.
Denom. $1,000.
Dated Oct. 1, 1937. Prin. and int. (A. & O.) payable
in Ashland.
The bonds are said to be general obligations of the town.
Oct.
15 by Mayor W. A.
coupon
ARIZONA
MARICOPA COUNTY SCHOOL DISTRICT NO. 21 (P. O. Phoenix),
Ariz.—BOND OFFERING—The County Board of Supervisors will receive
bids until 10 a. m. Oct. 18 for the purchase of an issue of $31,000 bonds of
School
District
No.
21.
t
NOGALES, Ariz .—BOND REFUNDING PLAN OUTLINED—Mayor
C. C. Cheshire, under date of Oct. 1, has forwarded to holders the details
of the refinancing contemplated in the above city.
At this time the city is in default of $38,000 principal and $48,639.25
interest, and has on hand $6,214.80 for principal payment and $25,745.68
for coupon payment.
Holders of $156,000
while holders of $454,000 have refused to
have deposited their securities,
acquiesce.
The city is at present
able to pay the following coupons:
Coupon No. 32, due Feb. 15, 1936, from the 1920 issue of 5*4% water
bonds; coupon No. 32, due Feb. 15, 1936, from the 1920 issue of 5*4 % city
hall bonds; coupon No. 17, due June 1, 1936, from the 1927 issue of 4*4%
street
improvement bonds; coupon No. 17, due June 1, 1936, from the
1927 issue of 4*4 % water bonds; coupon No. 17, due June 1, 1936, from the
1927 issue of 4*4 % sewer bonds; coupon No. 14, due June 1, 1936, from the
1929 issue of 6% storm sewer bonds; coupon No. 14, due June 1, 1936,
from the 1929 issue of 6% sewer extension bonds; coupon No. 14, due June 1,
1936, from the 1929 issue of 6% water works extension bonds.
Holders are requested to refund their bonds for refunding bonds with
only a slight interest reduction and a five-year maturity extension. Details
of the bonds to be exchanged may be obtained upon request.
Holders of
75% of the outstanding debt must deposit before the plan becomes operative.
The approving legal opinion of recognized bond attorneys will be furnished
with
all
the bonds.
ARKANSAS
BONDS
Largest Retail Distributors
STATES
REPRESENTATIVES
WALTON, SULLIVAN & CO.
Washington, D. C„ Sept. 29, 1937
LITTLE
Mr. Stanley McKie, Dixie Terminal Building, Cincinnati, Ohio:
ROCK, ARK.
Dear Mr. McKie:—Answering your inquiry of the 25th I beg to advise
that in the preparation of the new Municipal Bankruptcy Bill, counties
were
intentionally eliminated.
Court of the
United
The wording of the decision of the Supreme
States in the Ashton
case
convinced me that it was
ARKANSAS BONDS
eliminate counties because of the fact that they constitute a
necessary and inseparable part of State government in all of the 48 States.
The Supreme Court invalidated the original Act because of the fact that it
appeared to interfere with the functioning of the State government. Municinecessary to
Markets in all
State, County & Town Issues
J>alities do not constitute any part Bankruptcy Act could under no circum¬
them to take advantage of the of the State government and permission
or
stances be
regarded
as an
interference with States' rights or with the opera¬
tion of State governments.
Counties, on the other hand, performed many
functions for the State governments. In most States, the county machinery
provides for the assessment and collection of State taxes; it provides the
school system and the courts for the enforcement of State laws
and otherwise performs many of the functions of the State government.
For these reasons it was thought wise to eliminate counties from the
operation of the new Act.
Trusting that this gives you the information which you desire, I beg to
remain
Sincerely yours,
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING, ST. LOUIS
common
J.
MARK WILCOX.
United States—Financial Data of States and Cities Com¬
piled—Kennedy, Spenee & Co., Inc., Boston, dealers in
municipal and other tax-exempt bonds, have published a
comprehensive booklet setting forth comparative debt state¬
ments for States and municipalities.
The statistics cover all
48 States, all cities with a population over 30,000 and the
leading counties in the United States.
Figures
are
provided
assessments; total direct
population; assessed valuations and basis of
debt and net direct debt, with ratios to assessed
on
valuation; per capita net debt and legality for savings banks in Massa¬
chusetts, New York and Connecticut.
The firm announces that copies
are available on request.
Bond Proposals and Negotiations
$65,000 Jefferson County, Alabama
SH% bonds due May 1, 1954 to 1956
Price 100}$ to 100*4
McALISTER, SMITH & PATE, Inc.
67 BROAD STREET
NEW YORK
Telephone WHitehall 4-6765
GREENVILLE, S. C.
CHARLESTON, S. C.
ALABAMA
|TALABAMA, State at—STUDY PREPARED ON SCHOOL WARRANTS
—We give herewith the text of a letter issued in connection with a study on
school warraats, prepared by two officials in the State department:
MO.
ARKANSAS
ARKANSAS. State of—REPORT ON BONDS PLRCHASED—Tabula¬
completed. Oct. 12 by the Refunding Board at Little Rock indicate a
purchase of $817,450.56 of the several descriptions of highway debt at
$735,608.13 to effect a principal saving of $81,842.52. No highway or toll
bridge bonds of series B will be purchased. A detailed report follows:
*-4
Road district refunding bonds, series A, par $265,500, price $225,477.27,
high 85.37; series B, par $34,360-66, price $20,487.22, high 58.25; highway
refunding bonds, series A, par $424,000, price $413,294.30, high 5.2752;
toll bridge refunding bonds, series A, par $57,000, price $54,550.70, high
5.32 plus; DeValls Bluff Bridge refunding bonds, par $7,788, price $6,239.74.
high 5.32 plus; refunding municipal aid certificates, par $15,057.53, price
$13,189.53, high 88; funding notes of contractors, par $12,655.47, price
$12,369.37, high 94.84.
tions
CLARKSVILLE, Ark .—BONDS TO BE SOLD TO PWA—It is stated by
Wilson Sharyer,
City Clerk, that $25,000 4% hospital bonds will be pur¬
Public Works Administration.
Denom. $500.
Dated
Due on Feb. 1 as follows: $500, 1941 to 1945; $1,000, 1946
to 1957, and $1,500, 1958 to 1964.
Prin. and int. (F. & A.) payable at the
City Treasurer's office.
chased
by
the
Feb. 1, 1937.
KEISER, Ark.—BONDS SOLD TO PWA—It is stated by the Mayor that
$13,000 4% semi-ann. water works bonds have been purchased at par by
the Public Works Administration.
Due on Dec. 1 as follows: $500, 1939
to 1956, and $1,000, 1957 to
1960.
Payable at the office of the City
Treasurer.
SOUTHEAST
ARKANSAS
LEVEE
DISTRICT
(P.
O.
McGehee),
Ark .—APPLICATION TO BE MADE FOR RFC LOAN— In line with the
of a compromise agreement to end a factional dispute, the above
district will make application to the Reconstruction Finance Corporation
for a loan to refinance $2,413,500 of outstanding bonds on a 75% basis.
terms
Pending action on the loan application, Federal Judge Thomas C. Trimble
at Little Rock will delay issuance of an order for distribution of $363,000
of cash held by Grady Miller, receiver.
Land owners recently defeated a debt adjustment plan offered by bond¬
holders, after which factional differences developed.
The loan applica¬
tion to the RFC was adopted and approved by Judge Trimble as a "fair
settlement" if the loan is obtained.
Judge Trimble allowed the committee
of landowners 90 days in which to negotiate for the proposed loan.
STEPHENS, Ark.—BONDS SOLD TO PWA—It is stated by Charles
Reavely, Town Recorder, that $20,000 4% semi-ann.
were
bonds
follows:
sewer revenue
purchased by the Public Works Administration.
Due
as
Financial
2578
1951, and $1,000. 1952 to 1965.
Payable at the Federal
Louis, Little Rock Branch,
that $28,000 4% semi-ann. water works
revenue bonds have been purchased by the PWA.
Due as follows: $1,000,
1939 to 1964, and $2,000 in 1965.
Payable at the Federal Reserve Bank
of St. Louis, Little Rock Branch.
$500,
Chronicle
Oct. 16, 1937
1940 to
CONNECTICUT
Bank of 8t.
Reserve
It is also stated by Mr. Reavely
W
1954 to 1957 incl.
BONDS
MUNICIPAL
CALIFORNIA
COLCHESTER, Conn.—BOND SALE DEFERRED—In connection
the offering of $50,000 registered water system bonds on Oct. 11. we
are advised
by A. T. Van Oleve, Cnairman of Board of Water Commis¬
sioners, that action was suspended pending engineers' estimate with regard
to the project.
Issue is dated Nov. 1, 1937 and due Nov. 1 as follows:
$2,000, 1941 to 1945 incl.; $3,000 from 1946 to 1953 incl. and $4,000 from
with
DELAWARE
Revel Miller & Co.
MEMBERS
650 So.
Lo* Angeles Stock
Spring Street
street improvement.
The Millsboro Trust Co. paid par for the bonds.
interest and mature in 1962.
$8.
Teletype: LA 477
Telephone: VAndike 2201
Millsboro
Trust Co. pur¬
and
the year $25,000 bonds, including $17,000 refunding
chased earlier in
Los Angeles
•
Del.—BONDS SOLD—The
MILLSBORO,
Exchange
'OU
The bonds bear 3%
SANTA ANA
SAN FRANCISCO
BONDS
FLORIDA
CALIFORNIA
DUNSMUIR, Calif.—BOND
City Clerk, will receive tenders
general improvement fund bonds
The city has $10,375.14 available
TENDERS ASKED—E. G. Hawkins.
until 8.10 p. m. Nov. 3 for the sale of
of 1936, dated Jan. 1, 1936, to the city.
for the purchase of these bonds.
Clyde C. Pierce Corporation
Barnett
National Bank Building
JACKSONVILLE
(WFRESNO COUNTY (P. O. Fresno), Calif.—BOND ELECTION IN
COAHNGA SCHOOL DISTRICT—On Nov. 2 the residents of Coallnga
Union High School District will vote on a proposal to issue $350,000 building
•
•
FLORIDA
Branch Office: TAMPA
Firet
National
Bank
T. 8. Pierce. Resident Manager
Building
bonds.
HIGHLAND PARK
PUBLIC UTILITY DISTRICT, Kern County,
FLORIDA
Calif.—BOND OFFERING—Warren Stockton, Secretary, Board of Direc¬
bids until Oct. 16 on an issue of $25,000 bonds.
Bidders
specify rate of interest, not to exceed 5%.
Denom. $1,000.
Due
tors, is receiving
to
are
from 1939 to 1958.
MENDOCINO COUNTY (P. O. Ukiah), Calif.—FORT BRAGG AND
SCHOOL DISTRICTS BONDS SOLD—The two issues of
district bonds offered for sale on Oct. 13—V. 145, p. 2105—were
COUNTY (P. O. Starke), Fla.—BOND TENDERS
INVITED—it is staled by the Board of County Commissioners that sealed
offerings will be received until 10 a. m. on Nov. 1, of county refunding road
bonds, dated Jan. 1, 1934.
BRADFORD
BROWARD COUNTY (P. O. Fort
POINT ARENA
school
awarded
as
$100,000 434% Port Bragg School District bonds to R. H. Moulton & Co.
of San Francisco at par plus a premium of $7,056, equal to 107.056,
basis of about 3.68%.
Denom. $1,000.
Due $5,000 yearly on
Sept. 30 from 1938 to 1957, incl.
32,000 4% Po.ut Arena Union School District bonds to Mendocino
County at par plus $500 premium, equal to 101.562, a basis of
a
abuut
3.82%.
Denom.
$800.
$1,600
Due
1938
yearly from
to 1957.
Dated Sept, 30, 1937.
Prin. and
at the County Treasury's office.
semi-ann. int. (M. & S. 30), payable
r MONTEREY COUNTY (P.O. Salinas), Calif.—BIDS ONSPRECKLES
SCHOOL BJNDS—The following is a complete list of the bids received on
District bonds which were awarded
Oct. 4 for the $35,000 3preckles School
that date to R.
on
and
Bidder
H. Moulton & Co.:
Premium
Interest—
$517.00
67.00
261.00
141.00
35.00
61.40
393.00
252.00
25.00
R. H. Moulton & Co.—234 % on all bonds
Heller, Bruce & Co.—234 % on all bonds
Bankamerica Co.—3% on all bonds
E. H. Rollins & Sons—$32,000 at 5%. $53,000 at
Salinas National Bank—2 Hi % on all bonds
2%
Donnellan & Co.—$33,000 at 5%, $52,000 at 2%
Kaiser & Co.—$18,000 at 5%, $67,000 at 234 %
Lawson, Levy & Williams—3% on all bonds
Howell, Douglass & Co.—234% on all bonds
(P. O. Oxnard), Calif.—
Sept. 28 voted approval
proposition to issue $210,000 improvement bonds.
OXNARD
of
a
DRAINAGE DISTRICT NO.
3
VOTED—The residents of the district on
BONDS
SACRAMENTO, Calif.—BOND ELECTION—It is stated by J. HT
City Treasurer, that a $500,000 issue of art gallery bonds wil
be submitted to the voters at the general election in November.
Stephens,
SANGER, Calif.—BOND OFFERING—On Dec. 7 the City Council
bids for the purchase of an issue of $50,000 water impt. bonds.
will open
SAN
JOAQUIN COUNTY (P. O. Stockton), Calif.— TRACY SCHOOL
School District gave their
approval to the proposed issuance of $50,000 school building bonds.
BONDS VOTED—On Oct. 11 the voters of Tracy
SANTA
f
BARBARA,
Calif.—BOND OFFERING—Sealed bids will be
2 p. m. on Oct. 21, by Faye Canfield, City Clerk, for the
purchase of a $62,000 issue of recreation bonds.
Interest rate is not to
exceed 6%, payable A. & O. Denom. $1,000. Dated Oct. 1, 1937.
Due on
Oct. 1 as follows: $4,000, 1938 to 1952, and $2,000 in 1953. Prin. and int.
payable in lawful money of the United States at the office of the City
received until
Treasurer.
The
REF(JNdING PLANS OF
Lauderdale), Fla.—REPORT ON
COUNTY AND MUNICIPALITIES— Robert
Hart, Secretary of the County Bondowners' Association, recently made
available the following information relative to the bond reorganizations in
M
follows:
approving legal opinion of O'Melveny, Tuller & Myers, of
Los Angeles, will be furnished to the purchaser free of charge.
Split bids
to interest rate will be considered.
Bonds to be sold at not less than
the county and its various municipalities:
"Those refunding plans which have been
declared operative are set forth
*>6l0W"
% of Bonds Committed
Name of
to Refunding Plan
Taxing Body
§2%
Broward County
City of Fort Jbauderdale.—
———88
City of Hollywood
S3
Bro ward County Port Authority—_—--—------77
Town of Deerheld
—
82
"The refunding bonds of the county itself are now being delivered to
bondholders and we have already exchanged 67% of the old securities.
"We are now in tne process of filing tne validation proceedings for the
Town of Deer field.
As soon as the bonds have been- validated, we will be
able
refunding bonds.
It is our ex¬
of these securities can be effected before the
proceed with the delivery of the
to
pectation that the exchange
end of tne year.
has as yet been formulated for the Towns of Dania
Pompano ana the general funding bonds of the Board of Public In¬
As of this date, we have the following percentages of bonds of
of these taxing units deposited with us:
"No refunding plan
and
struction.
each
Town of Pompano
65%
75
Board of Public Instruction
33
Town of Dania
"We
are
working on a refunding
towns, and as soon as a
mentioned
announced to bondholders.
a
refunding plan for the
plan for the obligations of the abovedefinitive plan is arrived at it will be
We have not as yet been able to proceed with
Board of Public Instruction obligations, but expect
sufficient bondholders will lend their cooperation
to do so in tne event tnat
by depositing their bonds with us.
"The refunding plan for School District No. 1 and Road and Bridge
Districts Nos. 1 and 2 has been abandoned since several large holders of
bonds of these taxing units refuse to accept the refunding terms."
Miami), Fla.—BOND TENDERS INVITED—
Wilson, Secretary of the Board of Public Instruction,
and consider sealed offerings on Nov. 3, at 3 p. m., of
County Board of Public instruction refunding bonds, dated May 1, 1934.
Said offerings must be firm for a period of 1U days subsequent to Nov. 3.
DADE COUNTY (P. O.
It is stated by James T.
that he wUl open
and identified
by ser.es.
DAYTONA BEACH,
Fla.—CERTIFICATES SOLD—It is reported by
F.K. Mills, City Clerk, that the $25,00U 4% semi-ann. water
icates offered for sale without success on July 26—V. 145,
sola
a
on
revenue certif¬
p. 801—were
Co. of St. Louis, at a price of 97.00,
Dated Jan. 1, 1935.
Due from Jan. 1, 1956 to
Aug. 31 to Stifel, Nicolaus &
basis of about
4.23%.
1958.
as
and accrued interest to date of delivery. A certified check for 2% of the
par value of the bonds bid for, payable to the City Treasurer, is required.
The City of Santa Barbara was incorporated under the laws of the State
of California, March 9, 1874.
The population of said city according to the
1930 census was 33.544, and is estimated to be 37,500 at the present time.
The assessed valuation of the taxable property of said city for the fiscal
year 1937-1938 is $46,289,845. The amount of bonds of said city previously
issued and at present outstanding is $1,949,650 of which $767,750 was issued
for revenue producing purposes.
par
SANTA
CRUZ
COUNTY
(P.
O.
Santa
Cruz),
BONDS
OFFERED—H.
E.
COLORADO
2106—the proposal to issue $20,000 in
carry, accoraiug to the Superintendent
p.
to
DUNEDIN,
Fla.—BOND REFUNDING AGREEMENT REACHED—
under an agreement dated Nov. 1, 1931.
informed by the Bondholders' Protective Committee that an agreement
has been reached with officials providing for the refunding of the outstanding
are
indebtedness.
The program
contemplates the issuance of refunding bonds dated Jan. 1,
1938, maturing in 35 years, to be exchanged at par for outstanding obliga¬
The new securities will bear interest at the following rates: 1% for
tions.
one year; 134% for two years; 2% for three years; 234% for three years;
3% for three years; 334 % for three years; 4% for five years; 434% for five
years, and 5% for 10 years.
All unpaid interest to Jan. 1, 1938, is to be settled at the rate of one-half
of 1% per annum.
The committee is not required to refund bonds deposited with it until
holders of 90% of the debt have agreed to the plan or unless a
approving the plan has been entered by a court of competent
under the Municipal Bankruptcy Act.
of depositing holders will be assumed unless the
the contrary, ai P. O. Box 85, Clearwater, Fla.
Consent
notified
BOULDER COUNTY SCHOOL DISTRICT NO. 29 (P. O. Boulder),
Colo.—BONDS DEFEATEL—It is stated that at the election held on
29 (P. O. Tampa)
Sept. 28—1*5,
4% school budaing bonds failed
ol the Board of Instruction.
Holders of certificates of deposit,
Calif.— WATSON"
Miller, County Clerk, will
receive bids until 10:30 a. m. Oct. 23 for the purchase at not less than par
of $70,000 4% school building bonds of Watsonville Union High School
District.
Denom. $1,000.
Dated Nov. 1, 1937.
Principal and semi¬
annual interest (May 1 and Nov. 1) payable at the County Treasurer's
office.
Due $7,000 yearly on Nov. 1 from 1938 to 1947, incl.
Cert, check
for 3% of amount of bonds bid for, payable to the County Treasurer,
required.
Legal opinion of Orrick, Palmer & Dahlquist will be furnished
to the purchaser.
VILLE SCHOOL
DOVER SPECIAL TAX SCHOOL DISTRICT NO.
Fla.—BORisS LEIEAlbL-—At the election held on
to
final decree
jurisdiction
committee is
Aug. 30—V. 145, p. 1453—the voters rejected the proposal to issue $50,000
AND HOLLYWOOD, Fla.—REFUNDING
PLANS APPROVED—An Associated ITess dispatch from Miami on Oct. 4,
in school construction bonds.
reported
FLAGLER, Colo.—BOND SALE DETAILS—It is stated by the City
Clerk that the $8,000 5% municipal waterworks equipment bonds purchased
by the State Land Board, at a price of 95.00, as noted here recently—
V. 145, p. 2263—are dated Sept. I, 1937, and mature on Sept. 1, 1952;
optional $1,000 annually from 1938 to 1945, incl.
Coupon bonds in the
debts
Federal Judge John W. Holland, holding the cities
Hollywood insolvent and unable to meet their
approved today petitions for composition of their
indebtedness under the revised Wilcox municipal bankruptcy law.
Be set Dec. 11 as the date for considering the composition plans and
of
denom. of $500.
Int. payable M. & S.
GREELEY, Colo.—BOND CALL—We
are
informed that all outstanding
1, 1937,
general obligation bonds are being called for payment on Nov.
as
follows: Storm and sanitary sewer 434% bonds, dated July
1,
1925,
optional July 1, 1935, due July 1, 1940, $29,000.
Street paving intersection
434% bonds, dated July 1, 1926, optional July 1, 1936, due July 1, 1941,
$23,000.
Sanitary and storm sewer 4% bonds, dated July 1, 1927, optional
July 1, 1937, due July 1, 1942, $70,000.
Street paving interesection 4%
bonds, dated July 1, 1927, optional July 1, 1937, due July 1, 1942, $48,000.
Bonds should be presented for payment at Colorado National Bank, trust
department.
PUEBLO,
Colo.—BONDS SOLD—It is stated
by George W.
Clark,
City Clerk, that $280,000 sewage plant construction bonds have been pur¬
Hutehinson-Frye & Co. of Pueblo, as 3^s, at par, according to
City Clerk.
Due in 15 years.
(The Public Works Administration has
approved a loan and grant in the amount of $500,000.)
chased by
ROCKY FORD, Colo.—BOND OFFERING—On Oct. 19 the city
an Issue of $375,000 water refunding bonds.
Bids will be received until 7:30 p. m. by Mayor George F. Babcock.
offer for sale
will
LAUDERDALE
FORT
Fort
as
as
follows:
Lauderdale
and
they mature,
classifying creditors.
Fort Lauderdale listed its bonded indebtness at $6,480,200 and claimed
the assessed valuation of property decreased from $51,208,417 in 1925 to
$8,325,891 in 1936.
Hollywood listed its indebtedness at $3,041,000 with
a valuation decrease from $106,399,752 in 1926 to $9,221,372 in 1936.
The action was approved by the city commissioners recently to prevent
bondholders from obtaining preference through mandamus suits.
The
...
composition plans are identical
Broward County
with plans of refunding negotiated with the
Bondowners Association.
FORT PIERCE,
Fla.—CERTIFICATES SOLD TO PWA—It is stated
by R. M. Hart, City Auditor, that $149,000 4% semi-annual revenue cer¬
purchased by the Public Works Administration.
Denom. $1,000.
Dated April 1, 1936.
Due on April 1 as follows: $1/4)0,
1937 and 1938; $2,000, 1939 to 1944; $5,000, 1945 to 1949; $8,000, 1950 to
1952; $9,000, 1953 to 1956, and $10,000, 1957 to 1961.
Principal and
interest (A. & O.) payable at the City Treasurer's office or at the Manu¬
facturers Trust Co., New York City.
tificates of 1936 have been
COUNTY (P. O. Tampa), Fla.—COMMITTEE
OF HIGHWAY BONDS—The following letter has
holders of highway bonds of the above county
by Kenneth M. Keefe, and W. D. Bradford, bondholders:
HILLSBOROUGH
EXPLAINS STATUS
been
sent
out recently to
Volume 145
Financial
X.°? ar,e doubtless aware of the fact that various questions have been
concerning the status of Hillsborough County,
Fla., highway bonds issued under Chapter 10140, Laws of Florida 1925,
outstanding as follows:
NOKOMIS, 111.—BONDS SOLD—An issue of $22,000 434% refunding
Due in 1957,
•
raised in the last few years
bonds has been sold to Lewis, Pickett & Co. of Chicago, at par.
OAK PARK, 111.—BOND OFFERING—Sealed bids will
now
Date Issued—
Outstanding
Date Issued
Outstanding
June 1, 1926__
$62,000
Aug. 1, 1926
$155,000
June 1, 1926—
494,000
Jan. 1. 1927
241,000
July 1, 1926_
78,000
Aug. 1, 1926——;—_
234,000
$1,442,000
Sept. 1, 1926
178,000
"Attempts have been made to formulate a refunding program for the
county s ooligations, including these bonds, but to date all these attempts
nave failed because of the
legal arguments which have been advanced against
the validity of your securities.
—
-
.___
—
''ThP undersigned
these
now hold or represent $293,000 principal amount of
bonds.
One of us is now plaintiff in a suit against the county to
reduce these bonds to
judgment.
Similar litigation heretofore brought by
one of us has resulted in the
payment of $110,000 principal amount of these
bonds, together with all interest.
''It would be for the best interests of holders of these bonds to act to¬
gether in taking such steps as may be necessary to secure the recognition of
these
obligations by the county and to arrange for their payment.
We
believe that suit should now be
brought against the county so as to reduce
all bonds to judgment and
proceedings should then be taken to secure the
payment of the judgments either in cash or through the issuance of re¬
funding bonds.
All of these steps can be taken most economically and
expeditiously if all or substantially all of the holders of the bonds make
arrangements to
"I'be
have them handled
undersigned have therefore
to act as
trustees for those
holders of the above bonds who elect to deposit their securities
with them.
Any deposits so made will be in accordance with the terms of a trust agree¬
ment which is now in the course of
preparation.
No deposits will be ac¬
cepted until the prepatation of this trust agreement has been completed
and copies of it have been supplied to interested bondholders.
In the
meantime, however, bondholders are requested to communicate with the
Secretary of the trustees, W. D. Bradford, 115 Broadway, New York, N. Y.,
giving him a description of their holdings.
"The trust agreement will set forth the terms of the trust.
It is hoped
that the total expenses of the trust will not exceed 5% of the principal
amount of bonds, deposited, although this will
necessarily depend upon the
amount of bonds deposited with the trustees and the time and attention
required by the trust.
The trust agreement will designate a bank or trust
company in New York City as depositary for the bonds.
"The trustees reserved the right to withdraw from this undertaking and
to return the securities to depositors in the event that an insufficient num¬
ber of bondholders in the opinion of the trustees elect to deposit their se¬
curities; and in the event of such withdrawal, the trustees will be entitled
to reimbursement only for actual out-of-pocket expenses, not to exceed
34 of 1%.
The trustees have made arrangements with their counsel to
institute suitable litigation to protect the interests of depositors if and
when an adequate amount of deposits have been received, but no additional
litigation will be instituted until the trustees feel assured of the support of
a reasonable number of
security holders.
"We shall be pleased to answer any further inquiries.
All correspondence
should be addressed to the Secretary."
,
NEW
PORT
RICHEY, Fla.—BOND EXCHANGE TO BEGIN— IrTa
letter dated Oct. 8, we are informed as follows by Robert M. Hart, Secretary
of the Bondholders' Association, 135 South La Salle St., Chicago, 111.:
We are starting the exchange of the outstanding bonds of the City of
New Port Ricby, Florida.
Approximately 80% of the indebtedness of the
city is committed to the Refunding Plan which was announced to bond¬
holders on June 5, 1937.
The actual exchange of bonds will start on Wednesday, Oct. 13 and all
of the holders of undeposited securities are requested to forward their bonds
to the First National Bank of Clearwater, Florida.
SARASOTA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 8
(P. O. Sarasota), Fla.—BOND ELECTION—A special election is scheduled
proposition to issue $35,000
for Nov. 4 at which the voters will pass on a
school building bonds.
SPRINGHEAD SPECIAL TAX SCHOOL DISTRICT NO. 9
(P. O.
Tampa), Fla.—BOND OFFERING—It is reported by E. L. Robinson,
Superintendent of the Board of Public Instruction, that he will receive sealed
bids until Nov. 4, for the purchase of $4,000 school bonds.
These bonds
were approved by the voters on Sept. 28.
$115,000 3% funding bonds, series 1937. Dated Nov. 1, 1937. Denom.
$1,000. Due Nov. 1 as follows: $7,000 from 1941 to 1953 incl. and $6,000
from 1954 to 1957 incl.
Principal and Interest (N. & M.) payable at the
First National Bank of Chicago.
Bonds to be in coupon form, subject to
registration as to principal in the name of the holder upon the books of the
Village Treasurer.
A certified check for $2,000 must accompany each
proposal.
All bids must be unconditional.
The village will furnish the
approving legal opinion of Chapman & Cutler of Chicago, and the printed
bonds.
Financial Statement
Assessed
valuation, 1936
$4,020,054
1,1937
951,500
Village officials: James A. Howe, President; H. N. Leadaman, Village
Clerk; T. R, Leth, Comptroller.
NAHUNTA, Ga.—PRICE PAID—It is now reported by the City Clerk
the $7,000 5% semi-ann. water works bonds purchased on Aug. 2
by Johnson, Rane, Space & Co. of Savannah, as noted here at that time—
V. 145, p. 1294—were sold for a premium of $70.00, equal to 101.00, a
basis of about 4.89%. Due $500 from Oct. 30,1943 to 1956 incl.
that
SUMMIT-GRAYMONT, Ga.—BOND OFFERING— Sealed bids will be
office
received until 3 p. m. on Oct. 21, by Attorney I. W. Rountree, at his
in Swainsboro, for the purchase of an $18,000 issue of 4% semi-ann.
City water works bonds.
1937.
Due from Dec.
__
___
_
Total bonded debt, incl. present issue, Nov.
OTTAWA, III.—BONDS VOTED—The voters of the city at
election gave their approval to a proposal to issue
provement bonds.
PAPINEAU,
a recent
$75,000 hospital im¬
111.—BONDS SOLD—-Ballman & Main of Chicago pur¬
4)4% road bonds.
Due $2,000 on
chased recently an issue of $12,000
Dec. 1, from 1940 to 1945 incl.
POTOMAC
TOWNSHIP
HIGH
DISTRICT
SCHOOL
NO.
329
sell at public auction at 8 p. m. on Oct. 15 an issue of $47,000 high school
building bonds.
Denominations $1,000 and $500.
Twin
Dated April 1,
1, 1939 to 1966.
Due Jan. 1
as
follows: $2,000, 1939 to 1941 incl.; $2,500
from 1942
to 1949 incl. and $3,000 from 1950 to 1956 incl.
The bonds
will be sold at par at the lowest rate of interest.
Sealed bids may be ad¬
dressed to John Breese, Attorney, 30 Main St., Champaign.
The District
at present
is reported free of outstanding debt.
RIVER FOREST PARK DISTRICT, 111.—BOND SALE—An issue of
$23,000 land purchase bonds has been sold to the Northern Trust Co. of
.Chicago.
TROY
GROVE
TOWNSHIP
SCHOOL
DISTRICT,
111.—BONDS
SOLD—The
H. C. Speer & Sons Co. of Chicago purchased an issue of
$11,800 4H% building bonds.
:
INDIANA
CRAWFORDSVILLE, had.—BOND ISSUE REPORT— In connection
with the previous report in these columns to the effect that the City Council
has authorized the Board of Works and Safety to issue $450,000 4% revenue
bonds to finance purchase of the local water works system, we are advised
under date of Oct.
8 by Clark D. Jones, City Clerk-Treasurer, that the
ordinance providing for the bond issue has not yet been drafted.
GOODLAND, Ind.—WARRANTS SOLD—The Goodland State Bank
a premium of $300 the issue of $6,000 street improve¬
had been unsuccessfully offered July 16.
purchased at par and
ment warrants which
INDIANA
(State of)—TAX RATE UNCHANGED—A State tax rate
as this year despite a reported $21,000,000
surplus
treasury—has been set by the Board of the Department of
Treasury for 1938.
The rate was approved by Governor M. Clifford Towhsend,
of 15 cents—the same
in the State
CREEK
INDIAN
SCHOOL TOWNSHIP (P. O. Bedford, Indiana
Ind.—BOND OFFERING—Noble R. Adamson, trustee,
on Oct. 28 for the purchase of $5,400 4%
school building bonds. One bond for $400, others $500 each. Dated Oct. 28,
1937. 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.
Interest payable semi-annually.
A certified check for 3% of the amount
bid, payable to the order of the trustee, must accompany each proposal.
Route
No.
2),
will receive sealed bids until noon
INDIANAPOLIS SCHOOL CITY, Ind.—NOTE SALE—The $500,000
temporary loan notes offered on Oct. 12—V. 145, p. 2426—were awarded
to the Union Trust Co., the Fletcher Trust Co., the Indiana National Bank,
the Indiana Trust Co., the Merchants Natonal Bank and the American
National Bank, all of Indianapolis, as 2s, at par plus a premium of $89.60.
Dated Oct. 15,1937,
Payable Dec. 31,1937.
KNIGHT
GEORGIA
W
be received by
Oct. 25 for the purchase
the President and Board of Trustees until 8 p. m. on
of
(P. O. Potomac), 111.—BOND OFFERING—The Board of Education will
cooperatively,
consented,
2579
Chronicle
SCHOOL TOWNSHIP
(P. O.
EvansvilJe),
Ind.—BOND
OFFERING—Frank Fickas Jr., Trustee, will receive sealed bids until
8 p. m. on Oct. 26 for the purchase of $85,000 not to exceed 43^ % interest
school building bonds.
Dated Oct. 26, 1937.
Denom. $1,000.
Due as
follows: $l,0ou Sept. 1. 1939, and $3,000 on March 1 and Sept. 1 from
1940 to 1953, incl.
Bidder to name one rate of interest, expressed in a
multiple of 34 of 1%.
Interest payable M. & S.
Delivery and payment
bonds to be made Oct. 26.
No conditional bids will be considered.
Bonds are direct obligations of the school township, payable from taxes to
be levied on all of its taxable property within the limits prescribed by law.
for
LEBANON, Ind.—BONDS SOLD—Brentlinger & Lemon of Indianapolis
purchased
on
Sept. 1 an issue of $27,000 swimming pool revenue bonds.
Dated May 1, 1937 and due Nov. 1 as follows: $1,000, 1938 to 1940, incl.;
$1,500, 1941 to 1943, incl.; $2,000, 1944 to 1946, incl.; $2,500 from 1947
'
1949,Mncl., and $3,000 in 1950 and 1951.
(These are the bonds for
no bids were received at the May 3 offering.)
to
which
IDAHO
COUNTY
(P. O. Boise), Idaho—BOND OFFERING—Stephen
Utter, Clerk, Board of County Commissioners, will receive bids until
noon Oct. 20 for the purchase of $195,000 coupon court house and jail
bonds.
Interest rate is not to exceed 6%.
Dated Oct. 30, 1937. Principal
and semi-annual interest (April 30 and Oct. 30) payable at the County
Treasurer's office.
Due on the amortization plan, beginning two years
after date of issue and continuing to 10 years from date of issue.
Certified
check for 5% of amount of bid, payable to the County Treasurer, required.
ADA
PAYETTE COUNTY INDEPENDENT SCHOOL DISTRICT NO. 11
(P. O. New Plymouth), Idaho—BOND OFFERING— Sealed bids will be
received until 7 p. m. on Oct. 22, by L. I. Purcell, District Clerk, for the
purchase of a $30,000 issue of building bonds.
Interest rate is not to exceed
4 %, payable semi-annually.
Due in from one to 15 years.
A $250 certified
check must accompany the bid.
These are the bonds that were offered for sale without success on Sept.
24, as previously noted in these columns.—V. 145, p 2426.
Municipal Bonds of
ILLINOIS INDIANA
MICHIGAN IOWA WISCONSIN
.
LEXINGTON
SCHOOL
TOWNSHIP (P. O. Lexington), Ind.—
composed of Keimetu S. Joaiison,
McNurlen & Huncilman, and Brentlinger & Lemon, all of Indianapolis,
which purchased last June an issue of $57,181.42 funding bonds, as pre¬
viously reported in these columns, took the obligations as 3Hs, at par plus
a premium of $500, equal to 100.87.
Dated July 1,1937 and due as follows:
$1,181.42 Jan. 1 and $1,000, July 1, 1939; $1,500 Jan. 1 and $1,000 on
July 1 from 1940 to 1961 incl.
BOA
u
SALE
DETAILS—The group
SEYMOUR, Ind.—BOND OFFERING—John Hauenschild, City ClerkTreasurer, will receive sealed bids until 2 p. m. on Nov. 1 for the purchase of
$10,000 not to exceed 43^% interest bonds, for the purpose of aiding the
School City of Seym our in the construction of a school budding, in strict
accordance with the provisions of the governing statutes.
Issue is dated
Oct. 1, 1937.
Denom. $1,000.
Due $1,000 nuly 1, 1939; $1,000 Jan. 1
and
July 1 from 1940 to 1943, incl., and $1,000 Jan. 1, 1944.
Bidder to
single rate of interest, expressed in a n ultiple of % of 1 %,
Interest
payable J. & J.
A certified check for $300, payable to the order of the city,
n ust accompany each proposal.
The bonds are direct obligations of the
city, payable from unlimited ad valorem
taxes on all of its taxable
property.
The approving opinion of Matson, Ross, McCord & Clifford of
Indianapolis will be furnished the successful bidder.
No conditional bids
state a
will be considered.
SHAWSWICK
SCHOOL
TOWNSHIP
(P.
O.
Bedford),
Ind.—
BOND SALE—The issue of $7,500 4% school bonds offered Oct. 11 was
awarded to the Bedford National Bank of Bedford, at par plus a premium
of $5, equal 100.06, a basis of about 3.99%.
Dated Oct. 11, 1937 and due
Bought—Sold—Quoted
$500 each six months from July 1, 1938 to July 1, 1945, incl.
Although
Fletcher Trust Co. of Indianapolis bid a premium of $306 the offer
the
MUNICIPAL BOND DEALERS
135 So. La Salle St., Chicago
,
State 0540
Teletype CGO. 437
rejected as it was not accompanied by the good faith deposit required,
according to Norris C. Ray, Trustee.
was
UNION
ILLINOIS
GIBSON CITY, 111.—BONDS SOLD—An issue of $21,000 3H% city
has been sold.
Dated Aug. 1, 1937.
Denom. $1,000.
Due
1 as follows:
$2,000 from 1939 to 1947 incl. and $3,000 in 1948.
hall bonds
Dec.
Principal and interest (J. & D.) payable at the First National Bank of
Chicago.
The bonds are payable from a direct annual tax on all of the
city's taxable property.
TOWNSHIP
(P.
O.
Fort
Branch),
Ind.—BOND SALE—
The $34,000 gymnasium bonds offered on Oct. 9—V. 145, p. 2107—were
the Farmers & Merchants National Bank of Fort Branch as
awarded to
33^s at par plus a premium of $220.53, equal to lcO.648.
Denoms, $530,
except 16 for $250.
Dated Sept. 1, 193/.
Interest payable Jan. 1 and
July 1.
Due July 1, 1952.
Other bids
follows:
were as
Int. Rate
Bidder—
City Securities Corp., Indianapolis,
___
Fletcher Trust Co., Indianapolis——_
_
33^%
4%
Premium
$38.00
517.00
LaCLEDE TOWNSHIP (P. O. Farina), III.—BONDS SOLD—An issue
of $30,000 road improvement
IOWA
bonds has been sold to Ballman & Main of
Chicago.
MORRISONVILLE, 111.—BOND SALE DETAILS—Ballman & Main
of Chicago, which purchased recently an issue of $15,000 5% sewage disposal
plant bonds, as previously reported In these columns, paid a price or par
plus a premium of $62, equal to 100.41, a basis of about 4.93%.
Dated
Sept. 1, 1937 and due as follows: $1,000 from 1939 to 1943, incl. and $2,000
from 1944 to 1948, incl.
ALLERTON,
held
on
Oct.
Iowa—BOND ELECTION—A special election is to be
a proposition to issue $26,000 municipal water
28 at which
works bonds will be submitted to a vote.
BLAIRSBURG, Iowa—BOND OFFERING—James W. McNee, Town
Cierk, wiJ receive bids until 7:30
waterworks bonds.
.
p.
m.
Oct. 21 for the purchase of $6,000
Financial
2580
BLOOM FIELD, Iowa—BOND
these columns—V.
bids until 2
p.
m.
OFFERING—As previously reported in
145, p. 2264—Ira C. Baldridge, City Clerk, will
Oct. 18 for the purchase of $36,000 3% coupon
works improvement revenue
receive
water¬
Denom. $1,000.
Dated Nov. 1, 1937.
Due on Nov. 1 as follows:
1950 to 1953; redeemable on
bonds.
payable at Bloomfield.
$2,000 from 1938 to 1949; and $3,000 from
and after Nov. 1, 1942.
Principal
and
int.
FALLS, low a—BONDS VOTED—At a recent
gave their approval to a proposal to issue $75,000 dam
CEDAR
voters
election the
construction
bonds.
CHEROKEE COUNTY (P. O. Cherokee), Iowa—PRICE PAID—We
are now informed
by the Carleton D. Beh Co. of Des Moines, that the
$55,000 bridge refunding bonds purchased by them on Oct. 5, as noted
in these columns—V. 145, p. 2426—were sold as 2Ms, at par, plus expenses.
Due from Jan. I, 1942 to 1947.
MOINES, Iowa—BONDS AUTHORIZED—The City Council is
voted unanimously to issue $255,000 additional bonds for the
city sewage disposal plant.
Bonds amounting
to $o5,000 already have been issued to start the work.
It is reported that
'the entire project will cost $1,250,000, with the city contributing $500,000,
and the Works Progress Administration the remainder in work and materials,
DES
said to have
construction of a proposed
CONSOLIDATED SCHOOL DISTRICT (P. O. Everly)
bonds offered on Oct. 12—
EVERLY
Iowa—BOND SALE—The $36,000 refunding
2426—were awarded to Shaw, McDermott <fc Sparks of Des
Moines, as 3s, at par plus a premium of $101.51, equal to 100.281, a basis
of about 2.97%.
Dated Nov. 1, 1937.
Due on Nov. 1 as follows: $1,000,
1942 to 1946; $4,000, 1947 to 1950; and $5,000, 1951 to 1953.
The Carleton
D. Beh Co. of Des Moines bid a premium of $101.50.
145,
V.
f
p.
HUMBOLDT COUNTY (P. O. Dakota City), Iowa—BOND OFFER¬
ING—Thos. B. Byrne, County Treasurer, will receive bids until
Oct
fa fo- Hie nurchase of an issue of $95,000 court house bonds.
'TowA
2 p. m.
SALE—'The
Dated Sept.
10, 1937.
Interest payable M. & S.
Due serially on Sept. 10
from 1938 to 1947.
KENTUCKY
LEXINGTON, Ky.—BOND ELECTION—It is stated by William
City Manager, that a $4,800,000 issue of property purchase bonds
submitted to the voters at the general election in November.
LOUISVILLE,
sewer
White,
will be
Ky .—BOND SALE—An issue of $1,250,000 coupon
Oct. 15 and was awarded to a syndicate
bonds was offered for sale on
composed of the Harris Trust & Sav. Bank of Chicago, the Mercan. Com,
Bank & Trust Co. of St. Louis, L. F. Rothschild ACo.of New York, Almstedt Bros., Henning, Chambers & Co. and the Fidelity & Columbia Trust
Co., all of Louisville, at a price of 100.01 for the bonds divided as follows:
$260,000 as 2Mb, the remaining $990,000 as 3s.
Dated Feb. 1, 1929. Due
on Feb. 1,1969.
Prin. and int. (F. & A.) payable at the Chemical Bank &
Trust Co., New York.
BONDS OFFERED
offered the above
INVESTMENT—The successful bidders repriced to yield 2.80% for
FOR
bonds for public subscription
for the 3% bonds.
the 2$£s and 2.90%
Ky .—BOND SALE DETAILS—In connection with the
semi-ann. water revenue bonds to Magnus & Co.,
Co., both of Cincinnati, jointly, for a premium of
$6,510.00, equal to 109.30, and the $11,000 6% semi-ann. gas revenue
bonds to the Bankers Bond Co. of Louisville, for a premium of $617.10,
equal to 100.88, as noted in these columns in September—V. 145, p. 1772—
it is now stated by the City Clerk that the larger issue matures in 20 years,
giving a basis of about 4.30%, while the small issue, on a 20-year maturity,
RICHMOND,
sale of the $70,000 5%
and W. P. Clancey &
was
sold
on a
basis of about 5.92%.
To^WOOL
Offerings Wanted:
LOUISIANA & MISSISSIPPI
MUNICIPALS
145, p. 2426.)
Bond
SCHOOL DISTRICT (P. O. Irwin),
by the Carleton D. Beh Co. of
Oct. 11 they purchased $15,000 2% % refunding bonds
Department
CONSOLIDATED
IRWIN
Des Moines, that on
NEW ORLEANS,
plus expenses.
LARRABEE,
BANK
WHITNEY NATIONAL
Iowa—BONDS SOLD—We are informed
at par,
(P. O. Wichita), Kan.—BOND
SEDGWICK COUNTY
ELECTION—It is stated by Iver A.
that an election will be held on Nov.
—V.
16. 1937
$75,000 2M % coupon poor relief bonds offered on Oct. 9—V. 145, p. 2426—
were awarded to the Hanson-Davidson Co. of Wichita.
Denom. $1,000.
DISTRICT (P. O. Iowa City) Iowa—BOND
Opstad, Superintendent of Schools,
4 in order to vote on the issuance of
$595,000 in construction bonds.
(This report supersedes the election notice given in these columns recently
ui
Oct.
Chronicle
Bell Teletype
Iowa—BOND SALE—The $5,300 issue of water works
LA.
Raymond 5409
N. O. 182
7—V. 145, p. 2264—was awarded to the Carle¬
of Des Moines as 3%s, paying a premium of $100.00, equal
bonds offered for sale on Oct.
ton D. Beh Co.
to
101.88, according to D. D.
POLK COUNTY (P. O. Des Moines),
ING—In connection with the
Iowa—ADDITIONAL OFFER¬
offering scheduled for Oct. 15, of the $404,000
issue of Oct. 2—V. 145, p. 2264—it is stated
funding bonds, described in our
Greenwalt, County Treasurer, that the county will probably
additional funding bonds to take up warrants drawn against
pauper fund, in Jan. 1938, depending upon market conditions.
The
by G. C.
offer for sale
the
sale will be for
approximately $150,000.
'
_
.
■ ■
POLK
COUNTY
POTTAWATTAMIE
COUNTY
(P.
Council Bluffs), Iowa—
the county will be re¬
O.
WARRANTS TO BE ISSUED—It is reported that
quired to issue about $80,000 of poor fund warrants because it is assuming
an additional 10% of relief costs for unemployed, as required by the State
Emergency Relief Administration.
RINGGOLD COUNTY (P. O. Mt. Ayr), Iowa —CERTIFICATESALE
—The $35,000 certificates
of indebtedness offered on Oct. 11—V. 145, p.
2427—were awarded as follows:
INDEPENDENT
SCHOOL fDISTRICT,
Iowa—BOND
OFFERING—H. P. Hendrickson, Secretary, Board of Directors, will receive
r ROYAL
SCHOOL
ELECTION—A proposition to issue $50,000
DISTRICT,
Iowa—BOND
school building bonds is to be
placed before the voters at the Nov. 2 election.
KANSAS
O. Iola), Kan.—BOND SALE— On Oct. 11 an
issue of $20,000 2M % coupon poor fund bonds was awarded to the BrownCrummer Investment Co. of Wichita at a price of 100.188. Denom. $1,000.
Dated Oct. 1, 1937. Interest payable April 1 and Oct. 1. Due Oct. 1, 1947.
reported that $10.00"0
the Small-Milburn Co. of
BAXTER SPRINGS, Kan—BONDS SOLD— It is
plant bonds have been purchased by
These bonds were voted last June.
Wichita.
.<
CALDWELL,Kan.—BOND SALE—A block of $3,500 bonds was issued
recently to the Cemetery Endowment Fund.
EASTON SCHOOL DISTRICT (P. O. Ea»ton),Kan.- -BONDS SOLD
-It is said that $7,500 building bonds have been sold.
ELLSWORTH,
Kan.—BOND SALE
BETA ILS—The $35 .000
2 X%
municipal building bonds that were purchased recently by Stern Bros. &
Co. of Kansas City, Mo., as noted in these columns—V. 145, p. 2264—are
coupon bonds, dated Sept. 1, 1937, and maturing from 1938 to 1947 incl.
Denom. $1,000 and $500.
Interest payable A. & O.
These bonds were
sold at a price of 100.153, according to the City Clerk.
H ADD AM, Kan.—BOND ELECTION—An election will be held on Oct.
the purpose of voting on a proposition calling for the issuance of
$30,000 water works bonds.
I
22 for
I-
President of the Police Jury, for the pin-chase of a $55,000 issue o*
court house and jail bonds.
Denom. $500.
Due from Jan. 1, 1933 to
July 1, 1958.
These are the bonds that were approved by the voters on
Sept. 28, as noted in these columns—V. 145, p. 2427.
ASSUMPTION PARISH SCHOOL DISTRICT NO. 1 (P. O. Napoleonville) La.—BOND ELECTION—It is reported that an election will be
held on Nov. 9 in order to vote on the Issuance of $400,000 in school bonds.
SCHOOL
DISTRICT,
Kan.—BOND ELECTION—
proposal calling for the
The voters of the dist"ict on Oct. 29 will pass on a
issuance of $369,500 school
JUNCTION
water
works
awarded
to
building bonds.
CITY, Kan.—BOND SALE—The $6,000 2% semi-ann.
offered for sale on Oct. 11—V. 145, p. 2427—were
bonds
Callender,
Burke
&
MacDonaid,
of
Kansas
premium of $30.42, equal to 100.507, a basis of about
Oct. 1, 1937.
Due $3,000 on Oct. 1 in 1938 and 1939.
f
KANSAS
City, paying a
1.65%.
Dated
CITY, Kan.—BOND SALE—The $22,000 2M%
_
coupon
work
145, p. 2264—were awarded to the City
National Bank & Trust Co. of Kansas City, Mo., at a price of 100.101.
Denom. $1,000.
Dated Sept. 1, 1937.
Int. payable March 1 and Sept.l
Due yearly on Sept. 1 for 10 years.
relief bonds offered on Oct. 5—V.
La.
Nov. 12
LINCOLN PARISH SCHOOL DISTRICT NO. 6 (P. O. Ruston),
•—BONDS NOT SOLD—The $30,000 bond issue offered for sale on
145, p. 2265—was not sold.
Oct. 1 from 1939 to 1957.
—V.
ST.
Dated Oct. 1, 1937.
MARY PARISH FOURTH WARD SCHOOL
Due serially on
DISTRICT NO. 1
(P. O. Franklin), La .—BOND OFFERING—Sealed bids will be received
Nov. 16, by R. L. Robinson, Superintendent of Schools, for the
purchase of a $60,000 issue of improvement bonds.
Interest rate is not
to exceed 5%, payable semi-annually.
Dated Jan. 15, 1938.
Due from
until
1939 to 1964.
TROUT-GOOD
the voters approved
SCHOOL DISTRICT NO. 21 (P. O. Jena)
2108—
the issuance of the $25,000 in school building bonds.
PINE
WASHINGTON PARISH
(P. O. Franklinton) La .—BOND SALE—
courthouse construction bonds offered
State
The $50,000 issue of 5% semi-ann.
for sale
Bank
Jury.
&
Oct. 8—V. 145, p. 2427—was purchased by the First
Trust Co. of Bogalusa, according to the Secretary of the
on
Dated Nov. 1,1937.
Police
Due from Jan. 1, 1939 to 1943.
MAINE
DEER-ISLE
SEDWICK
BRIDGE DISTRICT
(P. O.
Stonington),
bridge bonds which
originally scheduled on Oct. 13, is being re-advertised for
award.
According to Raymond C. Small, District Treasurer, sealed bids
will be received and publicly opened by the Trustees at the office of the
State Highway Commissioner, Augusta, at 11 a. m. on Oct. 22 for the pur¬
chase of the loan.
The bonds will bear interest at either 3M. 3M. 3M or
4%. as named by the successful bidder.
Dated Oct. 1. 1937.
Due Oct 1
as follows: $6,000, 1940 and 1941; $11,000, 1942 and 1943; $12,000, 1944 to
1946 incl.; $14,000, 1947 to 1949 incl.; $15,000, 1950; $16,000. 1951 to 1953
incl.; $18,000, 1954 to 1956 incl.; $20,000, 1957 and 1958; $22,000, 1959 and
1960; $23,000, 1961; $24,000, 1962 and 1963; $26,000, 1964 and 1965;
$27,000 in 1966 and 1967.
Principal and interest (A. & O.) payable at the
National Shawmut Bank, Boston, or at the Casco Bank & Trut Co., Port¬
land.
No bids for less than par and accrued interest will be considered.
The bonds will be certified by the Casco Bank & Trust Co. and their legality
Me.—BONDS RE-OFFERED—The issue of $490,000
not
sod
as
passed upon by Ely, Bradford, Thompson & Brown of Boston, a copy of
whose opinion will be furnished the successful bidder.
(History of the creation of the district and its power to incur the above
indebtedness appeared in V. 145, p. 2427.)
MAINE (State of)—BOND OFFERING—Sealed bids will be received
A. Smith, State Treasurer, until Oct. 21 for the purchase
Belmont
$1,000,000 highway and bridge bonds, to mature
1939 to 1948 incl.
OLD
TOWN
WATER DISTRICT,
by
of
$100,000 annually from
Me.—BOND SALE—The issue of
$20,000 3% coupon improvement bonds offered on Oct. 11—V. 145, p.
2427—was awarded to Charles H. Gilman & Co. of Portland, at a price of
98.56,
nually
made
a basis of about 3.15%.
Dated Oct. 1, 1937, and due $1,000 an¬
on Oct. 1 from 1939 to 1958, incl.
Second high bid of 98.52 was
by Smith, White & Stanley, Inc. of Waterville.
Other bids
were as
follows:
Rate Bid
Bidder—
Pierce, White & Drummond, Bangor
Eastern Trust & Banking Co., Bangor
SCHOOL DISTRICT (P. O. Howard), Kan.—BONDS
SOLD—It is stated by the District Clerk that the $45,000 school con¬
struction bonds approved by the voters on Aug. 23, have been sold.
i
Dated Sept. 1, 1937.
1957.
to
HOW\RD
HUTCHINSON
purchased by the Ernest
the Superintendent of
Due from Sept. 1, 1939
M. Loeb Co. of New Orleans as 5Ms, according to
the Parish School Board.
HAMILTON COUNTY (P. O. Syracuse), Kan.—BONDS SOLD—Tt. B.
Owings, County Clerk, states that $6,000 public works bonds have been
purchased by the State School Fund Commission.
Due $600 from July 1,
1938 to 1947 incl.
'
I
SCHOOL DISTRICT NO. 2 (P. O.
La.—BOND SALE—The $25,500 issue of building bonds
CONSOLIDATED
BERNICE
offered for sale on Sept. 7—V. 145, p. 1618—was
was
ALLEN COUNTY (P.
water
(P. O. Donaldsonville), La.—BOND OFFER¬
2 by A. C. Simon"
ING— It is said that sealed bids will be received until Nov.
eaux.
the purchase of $28,000 school building bonds.
INDEPENDENT
VINTON
PARISH
La .—BONDS VOTED—At the election held on Setp. 28—V. 145, p.
$15,000 1938 anticipatory secondary road construction fund certificates to
the First National Bank of Diagonal, as 2s, at par plus a premium
of $26.
The Security State Bank of Mt. Ayr bid a premium of $25.
20,000 1939 anticipatory secondary road construction fund certificates to
Jackley & Co. of Des Moines, as 3s, at par plus a premium of $40.
The First National Bank of Diagonal offered a premium of $37.50.
bids until 1 p. m. Oct. 18 for
ASCENSION
Farmerville).
(P. O. Des Moines), Iowa—BOND SALE—The
$404,000 coupon general obligation funding bond offered on Oct. 15—V.
145, p. 2264—were awarded to the Harris Trust & Savings Bank of Chicago,
the Iowa-Des Moines National Bank & Trust Co., Des Moines and the
White-Phillips Corp. of Davenport on a bid of 100.836 for 2s, a basis of
about 1.83%.
The bankers disposed of the bonds immediately after the
award at prices to yield 1.70%, 1.94% and 2.10%.
Dated Sept. 1, 1937.
Due $150,000 on Nov. 1 in 1941 and 1942; and $104,000 Nov. 1, 1943.
r
LOUISIANA
Tilton, Town Clerk.
MUSCATINE, Iowa—BOND SALE—The $2,419.74 5% special assess¬
ment street improvement bonds offered on Oct. 7—V. 145, p. 2264—were
awarded to the Central State Bank of Muscatine at a price of 103.125.
Dated Oct. 2, 1937.
Due Oct. 2, 1944; optional at any time.
97.55
97.40
MARYLAND
BALTIMORE, Md.—TAXABLE BASIS HIGHER—The taxable basis
Baltimore for 1938 has been fixed at $1,959,566,194, an increase of
$84,744,955, or 4.52% over the 1937 basis, which totaled $1,874,821,239,
according to Herbert Fallin, municipal budget director.
This represents
the second consecutive increase in the city's assessable basis since 1931, when
it had reached a record peak of $2,225,091,796.
Last year's basis had
of
gained $55,861,245, or 3.07% over that in 1936.
The 1936 basis had shown
the smallest reduction since 1931, decreasing only $10,921,984 fron. that in
the preceding year.
The largest reduction was recorded between 1932 and
1933 when there was a shrinkage of $238,307,490.
The increase in next year's taxable basis is made up entirely by gains in
assessments
against tangible and intangible personal property.
Total
personal property was valued at $890,945,495 for 1938, a gain of $86,210,120
over the present value of $804,735,375.
The increased valuation in total
personal property was aided largely by an appreciation of $67,221,550 in
the value of securities, which are taxed 30 cents pa $100.
Securities for
Volume
Financial
145
next year were
appraised at $488,426,720, against this year's valuation of
$421,205,170.
The $86,210,120 increase in the value of next year's total personal prop¬
erty, however, is offset by a decrease of $1,465,165 in real estate values.
Total real estate will
represent $1,068,620,699 of
while it was valued at $1,070,085,864 this year.
the taxable basis in 1938,
The depreciation on real
between 1937 and 1938 will be the smallest since the depression first
took its toll in property values six years ago.
The valuation of real estate
estate
this year had decreased $18,928,735 from 1936.
_
CHARLES COUNTY
(P.
O.
La
Plata),
Md.—BOND SALE—The
$25,000 3K% coupon school bonds offered on Oct. 11—V. 145, p. 2108—
were awarded to W. W. Lanahan & Co. of Baltimore on a bid of 104.399, a
basis of about
from
3.09%.
Dated Sept. 1, 1937.
Due $1,000 yearly on Sept. 1
1938 to 1962, incl.
Other bids
This bank will further certify that the legality
approved by Messrs. Ropes, Gray, Boyden & Perkins,
opinion will be furnished the purchaser.
transcript of proceedings covering all
legal details required in the proper issuance of these notes will be filed with
the First National Bank of Boston, where they may be inspected. Notes
will be delivered to the purchaser on or about Wednesday, Oct. 27, 1937, at
the First National Bank of Boston, 17 Court Street Office, Boston, against
payment in Boston funds. Bids by telephone or telegraph will be accepted,
but if sealed should be addressed to Ralph D. Pettingell, Treasurer, Norfolk
County, Court House, Dedham, Mass., and marked "Proposal for Tuberculosis Hospital Land Loan Notes."
'
Financial Statement, Oct. 1, 1937
National Bank of Boston.
of this issue has been
of Boston, Mass., and a copy of their
The original opinion and complete
_
$642,918,593.00
Assessed valuation
Total bonded debt, not
were:
Rate Bid
Bidder—
Stein Bros. & Boyce
R. Roderick Shehyn
104.207
103.177
HOWARD COUNTY (P. O. Ellicott City), Md.—BOND SALE—The
$45,000 3% coupon school building bonds offered on Oct. 12—V. 145,
p. 2108—were awarded to a group composed of the Mercantile Trust Co.,
Baker, Watts & Co., Strother, Brogden & Co., Mackubin, Legg &, Co.
and Stein Bros. & Boyce, all of Baltimore, at a price of 103.269, a basis of
about 2.55%.
Dated Oct. 15, 1937, and due $3,000 each on Oct. 15 from
1938 to 1952, incl.
Other bids were as follows:
Bidder—
N
Rate Bid
First National Bank of Upper Marlboro
W. W. Lanahan & Co
Alex. Brown & Soris__
2581
Chronicle
103.055
103.049
102.09
±
71,264.72
including present issue
None
Water bonds
All taxes collected, 1937 taxes due Nov. 1.
Population. 320,826.jjn
b
WEBSTER, Mass.—NOTE SALE—The $40,000 coupon municipal relief
loan notes offered on Oct. 14 were awarded to Estabrook & Co. of Boston
on a bid of 100.79 for 2s, a basis of about 1.85% .
Denom. $1,000.
Dated
Oct. 1, 1937,
Principal and semi-annual interest payable at the Merchants
National Bank of Boston.
Due $4,000 yearly on Oct. 1 from 1938 to 1947.
The Merchants National Bank of Boston bid 100.599 for 2KS% notes.
Other bids
were as
follows:
_
Rate Bid
Int. Rate
Bidder—
Kennedy, Spence & Co
Tyler & Co
First National Bank of Boston
,
100.579
100.45
100.35
2K%
2K%
2K%
WELLESLEY, Mass —OTHER BIDS—The following is a complete list
Hunnewell School bond issue
Day & Co. of Boston, as IKs, at a price of 100.34,
basis of about 1.13%, as previously reported in these columns:
Bidder
Rate Bid
Int. Rate
of the other bids submitted for the $65,000
awarded Oct. 8 to R. L.
MASSACHUSETTS
a
AMESBURY, Mass.—NOTE SALE—An issue of $100,000 notes, due
Oct.
14, 1938,
was
Newton, Abbe & Co
sold Oct. 5 at 0.768% discount.
BOSTON, Mass.—SURVEY CITES UNFORABLE CREDIT FACTORS
—A clear warning that the fairly high credit rating which Boston has hereto¬
fore enjoyed may be jeopardized by several unfavorable factors in the city's
current financial situation is contained in a study of Boston's finances just
issued in pamphlet form by Lazard Freres & Co., Inc., 15 Nassau St.,
New York.
This
with the conclusions reached by
Lazards in their study of the finances of the Commonwealth of Massa¬
chusetts, issued about a month and a half ago, and widely commented upon
at the time, in which the State's high credit rating was discussed at some
length.
It is Boston's "short-term" outlook rather than the long-term aspects of
pronouncement, is
in
contrast
the city's finances which are disturbing, according to
these short-term factors the report points out that
Lazards.
Discussing
"no provision for de¬
linquency has been made during a period of decreased tax collections, but
the city's difficulties have been enhanced by a decrease in assessed valua¬
tions, a drop in distributions from the Commonwealth and other revenues,
a heavy burden of relief costs, and the failure adequately to retrench.
At
no time during the depression did the city made any substantial reduction
in the budget, despite the abandonment of its former policy of financing
from current revenues all capital expenditures in connection with schools.
Although ordinary operating costs were somewhat reduced, this gain was
more than counter-balanced by increased debt service requirements, the
elevated company deficiency assessments which commenced in 1932, and
100.10
100.03
Second National Bank of Boston
100.761
Chace, Whiteside & Co., Inc
N ational Bank
Tyler & Co., Inc
100.614
100.60
100.57
1K %
1^ %
13^%
1H %
1H %
1H %
100.53
100.497
1K%
IK
The First Boston Corporation
W ellesley
Jackson & Curtis
E. H. Rollins & Sons Inc
Faxon & Co., Inc
First National Bank of Boston
100.411
1K'
Goldman, Sachs & Co
Stone, Webster and Blodgett, Inc
Whiting, Weeks & Knowles Inc
100.378
100.363
100.315
IK'
1;
1;
100.247
1
Washburn & Co
Harris Trust & Savings
and
title loans.
The first of these loans
was
Buy for Our Own
vo
IK %
..100.019
We
Account
MICHIGAN MUNICIPALS
Cray, McFawn Si Company
the cost of relief.
of tax
1K
100.157
Bank
Estabrook & Co__
The first decrease in the city's accumulated cash deficit, which had been
steadily increasing since the low of 1931 presenting a "decidedly unsatis¬
factory" picture of Boston's financial position, is said to be the result of
retirement of tax anticipation notes through the issuance of a corresponding
amount
IK'
.100.41
DETROIT
A. T. T. Tel. DET 347
Telephone CHerry 6828
incurred in 1934
the amount outstanding has increased materially since
find that tax loans have approached "dangerously near
of back taxes outstanding."
"In
then, Lazards
the total amount
view of the relatively large
amount of past due personal and poll
outstanding and the probability that the depression will leave some
accumulation of uncollectible real estate taxes, it appears likely that part
of the city's back tax obligations must eventually be paid from new taxes."
In consequence, the report recommends that budgetary appropriations
be based on a realistic appraisal of probable tax collections rather than on
taxes
the amount of the current
levy.
It is felt that "in view of the city's generally
good tax collection record, there is no reason to believe that an adjustment
of this nature could not readily be made."
It is further recommended that the city eliminate continued current ex¬
pense borrowing.
Although this would add to an already high tax burden,
it appears that the city faces the alternative of either cutting expenses or
increasing the tax levy.
In this connection the report points out that the city's problems threaten
the taxpayer more than the bondholder.
"Despite heavy maturities the
city has met its debt service throughout the depression without resort to re¬
funding.
Furthermore,
permanent
improvement
borrowing has been
materially reduced during the last three years.
Present debt authorizations
are moderate,
and if borrowing can be curtailed a material reduction in
debt service requirements should result in the next few years."
Despite these short-term factors, the study emphasizes that the longoutlook appears relatively favorable in view of the moderate debt
burden, provision for rapid retirement of tax supported debt, sound manage¬
ment of sinking funds, high per-capita income and wealth, and Boston's
position as commercial, financial, industrial and distributing center of New
England.
term
BROOKLINE, Mass.—LIST OF BIDS—The following is
a
complete
list
of the bids submitted at the Oct. 7 offering of $135,000 high school
bonds, award of which, as previously noted in these columns, was made to
Tyler & Co., Inc. of Boston, as IKs, at a price of 101.013, a basis of about
1.55%:
Bidder—
Int. Rate
Tyler & Co., Inc_.__
Goldman, Sachs & Co
First Boston
1H%
l%%
IH%
l%%
Corp
Newton, Abbe & Co
Rate Bid
101.013
100.809
100.789
100.707
100.6399
Brown Harriman & Co
J. P. Marto & Co
\K%
IK %
1K%
1%%
100.539
100.51
100.49
100.4842
R. L.
Day & Co
Kidder, Peabody & Co
\%%
100.46
Whiting, W eeks & Knowles
Stone & Webster and Blodget, Inc
1%%
1 %%
1K%
1H%
1%%
1K%
1%%
Lazard Freres & Co
Jackson & Curtis
Washburn & Co
Burr & Co., Inc..
C.F. Childs & Co., Inc
First National Bank of Boston
Bancamerica-BIair Corp
Chace, Whiteside & Co., Inc
Second National Bank, Boston
Harris Trust & Savings Bank, Chicago
E. H. Rollins & Sons, Inc
Estabrook & Co
Horn blower & Weeks
Lyons & Co__
J,
1J?%
2%
2%
2%
2%
2%
100.3177
100.29
100.275
100.167
100.119
100.09
100.0813
100.047
100.038
101.037
100.892
100.779
100.719
100.54
DEDHAM, Mass.—NOTE SALE—An issue of $100,000 temporary loan
was awarded on Oct.
13 to the Boston Safe Deposit & Trust Co.
of Boston on a .40% discount basis, plus a premium of $7.
Due April 29,
1938.
The Second National Bank of Boston bid .40% discount.
MICHIGAN
3 (P. O. Battle
Mich.—BOND OFFERING— James Verseput,
2:30 p. m. on Oct. 20 for
the purchase of $18,000 4% school improvement bonds.
Dated Oct. 15,
1937.
Due April 15 as follows: $3,500 from 1939 to 1942 incl. and $4,000
in 1943.
Principal and int. (A. & O. 15) payable at the District Treasurer s
office.
District reserves all rights with respect to consideration of bids
BEDFORD TOWNSHIP SCHOOL DISTRICT NO.
Creek,
R.
F.
D.
No.
4),
District Secretary, will receive sealed bids until
submitted and the award of the issue.
DETROIT, Mich.—BOND PROPOSAL TABLED—A proposal
that the
city offer at public sale an issue of $802,000 incinerator revenue bonds was
tabled recently for further consideration by the Ways and Means Com¬
mittee of the Board of Supervisors.
In connection with the proposal, it
was disclosed that the Public Works Administration had refused to accept
bonds pending outcome of litigation in both the Circuit and State
Supreme Courts over construction of the incinerators.
The Federal Govern¬
already contributed $334,000 toward the program, but possibility
the
ment has
be halted by the end of November because
exists that work may
of lack of
funds.
OAKLAND
COMMITTEE
holders
COUNTY
bonds has agreed to a
in Detroit
(P.
Pontiac),
O.
Mich.—BONDHOLDERS
Bond¬
TO LOWER JUDGMENT SUIT—'The
Committee for the holders of defaulted drain
AGREES
Protective
district
sharp reduction in a mandamus suit it has instigated
Instead of seeking a court ruling to compel a
Federal Court.
levy on the December tax rolls of almost $2,500,000 in delinquent drain
taxes, the committee, it is reported, has agreed to reduce the amount to
about $434,000. In announcing the committee's action, Robert D. Heitsch,
County Civil Counsel, declared that if the county was required to spread the
original amount sought it would be forced into virtual bankruptcy.
A
refunding plan prepared by County Drain Commissioner Henry Wedge
has been disapproved by the committee.
The county has been seeking to
arrange a refinancing of the drain debt since last January, when a decision
of the Circuit Court of Appeals at Cincinnati held that the county was
liable for nearly $7,000,000 in bonds and interest, unpaid since 1932.
TOWNSHIPS FRACTIONAL
Mich.—BOND SALE—
Sept. 30—V. 145, p. 2109—were
awarded to the First National Bank of Lawton on a bid of par for 4s.
Dated Sept., 15, 1937.
Due $1,000 yearly on Sept. 15 from 1938 to 162,
PINE GROVE AND BLOOMING DALE
SCHOOL
The
DISTRICT
NO.
5
(P.
O.
Gobies),
bonds offered on
$25,000 school
incl.
Mich.—BONDS VOTED—A recent election
proposal to issue $16,000 water works bonds.
PORT SANILAC,
in
approval of
a
resulted
MINNESOTA
ANOKA COUNTY (P. O. Anoka), Minn.—BOND SALE—The $6,000
issue of 3% semi-ann. drainage funding bonds offered for sale on Oct.
9—
V. 145, p. 2266—was purchased by Mr. Harold Moody, of St. Paul,
No other bid was received, according to the County Auditor.
Dated
1936.
at par.
Oct. 1,
Due $2,000 from Oct. 1. 1949 to 1951 incl.
EARTH COUNTY (P. O. Mankato), Minn.—BOND OFFER¬
bids until 2 p. m. Oct. 22 for
purchase of $104,000 2K% ditch refunding bonds.
BLUE
ING—B. E. Lee, County Clerk, will receive
the
GIBBON, Minn.—BONDS SOLD—The State Bank of Gibbon is said
semi-ann. water bonds, for a premium of
notes
have purchased $7,000 3%
$10.00, equal to 100.14.
MELROSE, Mass .—BONDS AUTHORIZED—The Board of Aldermen
has adopted an order authorizing the issuance of $120,000 sewer bonds.
distribution system
NORFOLK COUNTY (P. O.
Dedham), Mass .—NOTE OFFERING—
Pettingell, County Treasurer, will receive sealed bids until 11
19 for the purchase of $11,000 coupon tuberculosis hospital
land loan, Act of 1937 notes.
Dated Oct. 1, 1937. Denom. $1,000.
Due
Oct. 1 as follows: $4,000 in 1938 and 1939, and $3,000 In 1940.
Bidder to
name one rate of interest in a multiple of K of 1%.
Principal and interest
(A. & O.) payable at the First National Bank of Boston. These notes will
be valid general obligations of the county, exempt from taxation in Massa¬
chusetts, and all taxable property in the county will be subject to the levy
of unli.ited ad valorem taxes to pay both principal and interest.
They will
be issued under authority of Chapter 330 of the Acts of 1937 and engraved
under the supervision or and authenticated as to genuineness by the First
Ralph D.
a.
m.
on
Oct.
to
LAKE CRYSTAL, Minn.—BOND
OFFERING—J. T. Wiger, City Clerk,
Oct. 25 for the purchase of $45,000 electric
and power plant construction bonds.
Bidders are to
name rate of interest, not to exceed 3K % •
Denom. $1,000.
Dated Nov.
1, 1937.
Principal and semi-annual interest payable at any suitable bank
or trust company in Minnesota, designated
by the purchaser.
Due on
Nov. 1 as follows: $2,000, 1940, 1941 and 1942; $3,000 from 1943 to 1947,
and $4,000, 1948 to 1953.
Certified check for $500, payable to the city,
required.
The city will furnish the executed bonds,
will receive bids until 8 p. m.
MINNEAPOLIS.
Minn.—BOND OFFERING—It is stated by Geo. M.
Link, Secretary of the Board of Estimate and Taxation, that he
will receive
10 a. m., for the purchase of three
aggregating $850,000, as follows:
sealed and auction bids until Oct. 28, at
issues of bonds
$150,000 permanent improvement, (storm drain) bonds. Issued to provide
funds to be used by the City Council in providing storm drains.
Financial
2582
Chronicle
Oct.
Issued to provide funds to be used by the
500,000 public relief bonds.
meet the city's portion of Works Progress Administration project
requirements.
NODAWAY ISLAND DRAINAGE DISTRICT NO.
MOOREHEAD, Minn.—BOND OFFERING POSTPONED—The sale of
$55,000 street paving bonds scheduled for Nov. 8—V.
been
145,
2428—has
p.
postponed.
MOORHEAD INDEPENDENT SCHOOL DISTRICT NO. 2, Minn.—
D. Hiide, Clerk, Board of Education, will receive
8 p. m. Oct. 27, for the purchase of an issue of $20,000 school
BOND OFFERING—O.
bids until
building bonds.
The bonds are to bear interest at 4% and will be in the
denomination of $1,000 each. A certified check for $200 is required with bids.
REDWOOD FALLS, Minn.—MATURITY—It is now stated by the
City Recorder that the $24,000 certificates of indebtedness purchased by
Citizens State Bank of Redwood Falls, as 3s at par, as noted here
recently—V. 145, p. 2428—mature on Dec. 1 as follows: $1,500 in 1938,
and $2,500, 1939 to 1947; callable after Dec. 1, 1938, on any interest pay¬
the
(P. O. Savan¬
1
nah), Mo.-MATURITY— It is now reported that the $14,000 4% semi¬
annual refunding bonds purchased by the Reconstruction Finance Corpora¬
tion, at par, as noted in these columns recently—V. 145, p. 2267—are
April 1 as follows: $500, 1940 to 1945, and $1,000, 1946 to 1956.
due
on
Dated Nov. 1, 1937.
Due in equal annual amounts from Nov. 1, 1938 to
1947.
The bonds may be registered as to both principal and interest on
application to the City Comptroller.
Interest rate is not to exceed 6%,
payable M. & N. Rate to be in a multiple of M or l-10th of 1 %. In addition
to the purchase price, the successful bidders will be required to pay the
Board of Estimate and Taxation $1.30 per bond to apply on the expense
of the Board in issuing and transporting the bonds to the place of delivery.
Delivery will be made in New York City, Minneapolis or Chicago, at a
National bank acceptable to the purchaser, any charge made by such
bank for delivery service to be paid by the purchaser.
Bids offering an
amount less than par cannot be accepted. The approving opinion of Thom¬
son, Wood & Hoffman, of New York, will be furnished the purchaser.
A
certified check for 2% of the amount of bonds bid for, payable to the City
Treasurer, is required,
7
MISSOURI
of Public Welfare.
Board
200,000 permanent improvement, (work relief) bonds.
Issued to provide
funds to be used by the City Council, the Board of Education,
the Board of Park Commissioners, and the Library Board to
16,
MONTANA
Mont.—BOND
OFFERING—Walter Lanouette, Town
Clerk, will receive bids until 2 p. m. Oct. 22 for the purchase of $5,000
warrant funding bonds.
Sale will be made on either the amortization or
serial basis.
Certified check for $200, payable to the Town Clerk, required.
FAIRVIEW,
GALLATIN COUNTY HIGH SCHOOL DISTRICT (P. O.
Bozeman)',
Mont.—BOND SALE—The $7,500 issue of school building bonds offered
sale on Oct. 11—V. 145, p. 2267—was awarded to the Manhattan
for
State Bank of Manhattan, Mont., as
3Ms,
at par, according to the District
Secretary.
HILL COUNTY SCHOOL DISTRICT NO. 57 (P. O. Havre), Mont.
BOND OFFERING—A. G. Umhoefer, District Cleric, will receive bids until
1
p.
Nov. 9 for the purchase of $2,850 5% refunding bonds.
Cert, check for $250, required.
m.,
$285.
Denom.
SAVAGE HIGH SCHOOL DISTRICT NO. 7 (P. O. Savage), Mont.—
BOND ELECTION—It is stated by Frank Balogh, Clerk of the Board of
Education, that an election has been called for Oct. 18 in order to submit
$35,000 issue of school building bonds.
(The sale of the $33,890 not to exceed 6% building bonds that was sched¬
uled for Sept. 25, was indefinitely postponed because of legal difficulties, as
we have already noted in these columns—V. 145, p. 2267.)
to the voters a
WHEATLAND COUNTY SCHOOL DISTRICT NO. 16 (P. O. Hawlowton), Mont.—BOND OFFERING— It is stated by Alma Jacobs, Dis¬
public auction on Nov. 9, at 7:30 p. m., a
$55,000 issue of school bonds.
trict Clerk, that she will sell at
ment date.
NEBRASKA
SHELLY, Minn.—BOND SALE—The $10,000 issue of 3% semi-ann.
bonds offered for sale
water
by the State Bank of Shelly.
Village Clerk.
SOUTH
ST.
Oct.
12—V.
145,
2428-—was purchased
No other bid was received, according to the
on
p.
power
divided
are
$50,000 trunk
sewer
as
follows:
bonds.
Due $5,000 from Jan. 1, 1938 to 1947,
16,000 fire fighting equipment bonds.
Due on July 1
1938 to 1945, and $2,000 in 1946 and 1947.
TODD
COUNTY
INDEPENDENT
SCHOOL
as
incl?""
follows: $1,500,
DISTRICT
NO.
11
(P. O. Long Prairie), Minn.—BOND OFFERING DEFERRED—The
offering of $63,000 refunding bonds which was to have taken place on
Oct. 21 has been indefinitely postponed.
WADENA
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO.
payment
revenue
date.
WESTBROOK,
Minn.—BONDS
DEFEATED—At
the
election
held
Sept. 28—V. 145. p. 2109—the voters failed to approve the issuance of
the $70,000 municipal light plant bonds, the count being 175 to 134, less
than the required five-eighths
majority.
BLUE SPRINGS, Neb.—BONDS SOLD—It is reported that $3,000
paving bonds have been sold to the Waehob-Bender Corp. of Omaha.
m
BOYD COUNTY SCHOOL DISTRICT NO. 36 (P. O. Lynch), Neb.
—BONDS PUBLICLY OFFERED—The Wachob-Bender Corp. of Omaha
has purchased and is offering for general subscription $18,000 4re¬
funding bonds.
Denom. $1,000.
Dated Aug. 1, 1937.
Due on Aug. 1,
1957: optional at any time after Aug. 1, 1942.
Prin. and int. (F. & A.)
payable
to be
at the office of the County Treasurer at Butte,
approved by Hall, Cline & Williams of Lincoln.
FALLS
MISSISSIPPI
ST.
LOUIS, Miss.—BOND OFFERING—Sealed bids
will
be
re¬
ceived until 10
a. m. on Oct. 20, by H. Grady Perkins,
City Clerk, for the
$27,000 issue of coupon funding of 1937 bonds.
Interest rate
is not to exceed 6%, payable J. & J.
Denom. $1,000.
Dated Oct. 15,
1937.
Due on Jan. 1 as follows: $1,000, 1938 to 1940 $2,000, 1941 to 1947,
and $5,000 in 1948 and 1949.
These bonds are issued pursuant to Chapter
5977 of the Mississippi Code of 1930.
Prin. and int. payable in. lawful
money at the City Depositary.
The bonds are to bear a single rate of
interest.
The legal approving opinion of Charles & Trauernicht, of St.
Louis, will be furnished.
A $1,000 certified check, payable to the city,
must accompany the bid.
a
BROOKHAVEN SCHOOL DISTRICT
BONDS VOTED—At the election held
issuance of
the
on
(P. O. Brookhaven), Miss.—
Oct. 5 the voters approved the
$50,000 in school building bonds by
a
wide margin, ac¬
cording to report.
COPIAH COUNTY (P. O. Hazlehurst), Miss.—BONDS SOLD—It is
stated that $68,000 5% semi-annual Second
Supervisors' Road District
refunding bonds were purchased at par on Oct. 4 by Kenneth G. Price &
Co. of McComb, and associates,
Due on Oct. 1 as follows: $3,000, 1938
to 1942; $4,000, 1943 to
1950, and $3,000. 1951 to 1956, all incl.
FARMINGTON CONSOLIDATED
SCHOOL DISTRICT, Miss.—
4, the district sold a block of $10,000 6% school
building bonds to the First National Bank of Memphis.
BOND SALE—On Oct.
COUNTY
(P.
O. Bay St. Louis), Miss.—OBJECTIONS
ENTERED AGAINST BOND APPROVAL-—A trio of
county citizens have
® i00
tj
118 to validation of a $65,000 bond issue the Hancock County
Board of Supervisors proposes to issue to
procure funds for general county
expenses.
The objectors claimed that bonded indebtedness
of the county was al¬
ready over 25% of assessed valuation of taxable property within the ranking
county and the issue would run it too high.
They also pointed out that
the proposed bonds were not for
emergency or unexpected expenses.
V?Mi**-—MUNICIPALITY HELD
RATE—The
at
NAL BOND
LIABLE FOR ORIGI¬
Circuit Court of Sunflower County, Miss., handed
a decision in a recent case
involving a claim of $3,000 by a resident of
City of Jackson against the above muncipality, that holders of
6%
bonds of the municipality could not be forced to
accept refunding bonds of
a lower interest rate and that
the municipality was liable for the original
interest rate.
vti
down
the
ISOLA
CONSOLIDATED SCHOOL DISTRICT (P. O.
Belzonia),
Miss.—BOND OFFERING—Sealed bids will be received
until noon on
Nov. 2, by A. R. Hutchens, Clerk of the
Board of Supervisors, for the
purchase of a $27,590 issue of 5, 5M, 5M or 6% semi-ann. school bonds.
'i6 £$ lnn°-ws; a\24000' 1938 ^LOOO, 1939 to 1948 $1,500, 1949
and
$3,500
in
LAUREL,
1957.
to 1956.
Miss.—BOND
OFFERING—J. C. Coats, City Clerk, will
10 a. m. Oct 22 for the purchase of
$65,000 refunding
bonds, to bear interest at no more than 6%. Interest
payable semi-annually
June 1 and Dec. 1.
receive bids until
on
~LEE
COUNTY SUPERVISORS DISTRICT NO.
1, ROAD DISTRICT
(P. O. Tupelo), Miss.—BOND SALE DETAILS—It is stated by the
Chancery Clerk that the $43,000 5% semi-ann. refunding bonds purchased
by the Federal Securities Co. of Memphis, as noted in these columns in
July,
are
due from Jan.
5,
1938 to 1963, and
are
payable at the Chase
National Bank, New York.
CITY, Neb.—BOND ELECTION—On Nov. 2 the voters of the
a proposition to issue $25,000 municipal auditorium and
building bonds.
GREELEY
SCHOOL
PHILADELPHIA, Miss.—BOND OFFERING—Sealed
bids
will
be
re¬
by C. V. Welsh, City Clerk, for the purchase
$35,000 issue of 5% semi-ann. school bonds.
Denom. $1,000.
Due
$1,000 from 1938 to 1942, and $2,000, 1943 to 1957.
a
UNION,
Miss.—BOND SALE—The $35,000 coupon or registered in¬
dustrial building bonds offered on Oct. 12—V.
145, p. 2428—were disposed
investors at par.
Dated Sept. 1, 1937.
Due $1,000 yearly from
1938 to 1942, and $1,500 yearly from 1943 to 1962.
NO.
1
(P.
O.
Greeley),
Neb.—
had been purchased by the State Board of Educational Lands and Funds—
V. 145, p. 2267—we are informed by the District Treasurer that these
bonds
were
refunded
on
April 1,
1935, through the Greenway-Raynor Co.
Due in 25 years, optional after five years.
of Omaha.
Neb.—BOND
CALL—It
is announced by Theodore H.
Berg, City Clerk, that the City of Lincoln having assumed ]the obligations
of the City of Havelock, is calling for payment on Nov. 1, on which date
interest shall cease, all outstanding 6M% bonds of the following Paving
Districts, dated Nov. 1, 1921, and maturing from Nov. 1, 1922 to 1941:
$51,982.24 District No. 6, and $23,723.75 District No. 8 bonds.
HAMPSHIRE
NEW
BERLIN,
N.
H.—HIGHEST
TAX RATE IN PROSPECT—STATUS
OF LOCAL COMPANIES MATTER OF CONCERN—This city of 20,000
people is this year facing the highest property tax rate in its history, $39 a
$1,000 or $1.50 in excess of last year's rate, according to a statement issued
by Mayor Arthur J. Bergeron.
In order to keep the tax rate down to $39 a $1,000, the Mayor stated
the city had to vote to borrow on bonds to pay for all new construction of
permanent improvements, which include an extensive Works Progress
Administration program to relieve unemployment.
To have included this
latter expenditure in the current budget, would have meant a tax rate of
$43 per $1,000.
Mayor Bergeron further outlined that this high rate of taxation is due
in a large part to the closing of the International Paper Mills in this city,
and the resulting widespread unemployment.
In 1928 this company had a
total tax valuation of $2,286,950, and paid the city a tax of $70,895 at the
current rate that year of $31 a $1,000.
This year the company will pay
the city only $33,150 in taxes, or less than 50% of their former
payment.
In addition to the drop in tax payments, this company when it closed threw
a great number of local men out of work.
A majority of these men have
never been able to find other employment, and have had to turn to the
city for assistance.
This condition has also been a decided factor in the
raise of the tax rate.
The Brown Co., New England's largest manufacturer of pulp and paper,
City of Berlin $341,370.09 in taxes this year.
This amount is
nearly 50% of the total property tax of the city.
The importance of this
industry to the City of Berlin can readily be seen.
According to Mayor Bergeron, a great deal of concern is being felt among
the citizens hare in regard to the delay being caused in the reorganization of
this company, by the Boston Bondholders' Committee.
Taxpayers here
are desirous of keeping the tax rate down, and they know that this can be
accomplished only througn the success of the Brown Co. reorganization plan,
which contemplates improvements on its plants here, putting them on a
sound financial and manufacturing basis.
This would insure the con¬
tinued payment of the company's proportionate share of the taxes, and
guarantee employment for nearly 3,000 local people.
will pay the
NEW
CAMDEN
JERSEY
COUNTY
(P. O. Camden), N. J .—BOND OFFERING—
John W. Sell, County Treasurer, will receive sealed bids until noon od
Oct. 27 for the purchase of $115,000 not to exceed 6% interest coupon or
registered county park bonds of 1937.
Dated, Oct. 1, 1937.
Denom.
$1,000.
Due $5,000 each Oct. 1 from 1945 to 1967, incl.
Bidder to express
the rate of interest in a multiple of M of 1%.
Principal and interest (A. &
O.) payable at the Frist National Bank & Trust Co., Camden, or at the
Chemical Bank & Trust Co., New York City.
A certified check for 2%
must accompany each proposal.
The approving legal opinion of Hawkins,
Delafield & Longfellow of New Y'ork City will be furnished the successful
bidder.
EAST
RUTHERFORD,
N.
J.—BONDS
APPROVED
ON
FIRST
READING—The Borough Council on Oct. 6 gave first reading to an ordi¬
nance authorizing the issuance of $290,400 general refunding bonds.
The
measure will be given final consideration on Oct. 18.
EATONTOWN
SCHOOL DISTRICT, N. J .—BOND OFFERING—
Roberts, District Clerk, will receive sealed bids until 8 p. m.
Oct. 25 for the purchase of $32,000 3 M% coupon or registered
bonds.
Dated Nov. 1, 1937.
Denom. $1,000.
Due Nov. 1 as
on
building
follows:
$2,000 from 1938 to 1950 incl. and $3,000 in 1951 and 1952. Principal and
(M. & N.) payable in Eatontown. A certified check for 2% must
accompany each proposal.
interest
Financial Statement
ceived until 2 p. m. on Nov. 1,
of to local
DISTRICT
ADDITIONAL INFORMATION—In connection with the report given in
columns recently that $40,000 4 M% semi-annual refunding bonds
Richard B.
LEFLORE COUNTY (P. O. Greenwood), Miss.—BOND OFFERING—
It is stated by A. R. Bew, Clerk of the Board of
Supervisors, that he will
offer on Nov. 1, a $300,000 issue of road bonds.
of
Legality
Neb.
city will ballot on
LINCOLN.
BAY
Neb.—BONDS AUTHORIZED—'The village
providing authority for the issuance
these
on
purchase of
bonds.
CROSSING,
authorities have passed an ordinance
of $19,690 water bonds.
5
(P. O. Verndale), Minn.—BOND SALE-The $10,000 issue of coupon
funding, series B bonds offered for sale on Oct. 8—V. 145, p. 2266—was
purchased by the First National Bank of Verndale, as 4s at par.
Dated
Oct. 1. 1937.
Due $500 from Jan. 1, 1938 to 1957; redeemaole on any in¬
terest
plant
BEAVER
PAUL,
Minn.—BOND SALE—The two issue of bonds
aggregating $66,000, offered for sale on Sept. 7—V. 145, p. 1457—were
awarded to Kalman & Co. of St. Paul, as 2Ms and 3s, according to report.
The issues
BATTLE CREEK, Neb.—BOND ELECTION—At an election called for
Oct. 19, the voters will pass on a proposal to issue $68,500 electric light and
Assessed valuation, realty only
Total assessed valuation
Total actual valuation (estimated)
Total bonded debt (excluding this issue)
Sinking fund
Tax rate per $1,000
Floating debt
$1,446,195.00
1,590,395.00
1,590,395.00
21,800.00
None
48.90
39,751.00
Volume
Financial
145
2583
Chronicle
Collection
average
MUNICIPAL BONDS
New
WILLIAM
Collection
in
Ingen & Co. Inc.
STREET, N. Y.
Telephone: John 4-6364
A. T. & T.: N. Y. 1-730
Newark Tel.: Market 3-3124
$40,000 Camden County, N. J.
4>6% Bonds, due Jan. 1, 1967
Price to yield 4.10%
consider is
a figure not in excess of $3,100.
estimates on taxes two years' old are based on an average
$4,000, whereas the best estimate which this Commission can
approve would be $1,600.
Collection estimates on prior years' taxes are computed at a figure in
excess
of $2,500, whereas the best estimate which this Commission can
approve is a figure not in excess of $1,200.
Collection estimates on tax title liens are calculated at a figure averaging
in excess of $10,000, whereas the best estimate which this Commission can
approve, based on past experience, is a figure not in excess of $4,500.
Miscellaneous revenues are estimated at a figure starting at $4,300 and
dropping to $3,5u0, whereas experience would indicate that the estimate
which can be approved by this Commission should not exceed $4,200.
Based on a current budget averaging $19,750 and using the estimates of
State, county and local school taxes made part of the financial information
on file, the current tax levy must produce $20,000 in cash to meet the re¬
quirements of the borough.
Allowing a 20% collection as a fair estimate
based on the history of the past six years, the current duplicate levy would
have to be $100,000 per year.
Using an average valuation of $630,000 with a duplicate requirement of
$100,ou0, the estimated tax rate would be not less than $15.87 on the
hundred, which rate in the opinion of this Commission would be excessive
and one incapable of being met by the taxpayers.
can
Jersey and General Market Issues
B. J. Van
57
experience on delinquent taxes one year old is based on an
estimate in excess of $3,700.
The best estimate this Commission
m
Colycr, Robinson $ Company
excess
of
INCORPORATED
1180
Raymond Blvd., Newark
New
York
Wire:
REctor 2-2055
&
T.
NWRK
NEW
VIRTUALLY
We
Teletype
24
JERSEY
EEE», N* J.—REFUNDING PLANS SUBMITTED
^
LYNDHURST
MArket 3-1718
A. T.
AND SCHOOL
TO BOROUGH
BONDHOLDERS— George C. Skillman, Secretary of the
Municipal Finance Commission, State House, Trenton, announces that
the Finance Commission of the State of New
Jersey, acting in and for the
Borough of Fort I.ee, has mailed to all known holders of bonds and notes
the borough and school
district a plan for refinancing the debts of
Fort Lee in the form of the refunding resolutions
proposed to be adopted by
the borough and school district.
The plan is dated Oct. 8, 1937, and was
sent with a covering letter of even
date, containing certain comments on
the present situation in Fort
Lee, and a form for expressing approval and
acceptance of the plan.
^
Additional copies of these papers may be procured by addressing Mr.
Tillman at the State House, Trenton, or
counsel to
the Commission,
William A. Stevens, Esq., of Red Bank, N. J
and Hawkins, Delafield &
Longfellow, Esqs., of N. Y. City.
or
,
REFUNDING PLAN HELD FAIR AND EQUITABLE TO CREDITORS
—In connection with the submission of the
refunding plan referred to above,
the Municipal Finance Commission issued the
following statement:
The Municipal Finance Commission on Oct. 8 mailed to all known holders
of bonds and notes of the Borough and
School District of Fort Lee, N J.,
a
comprehensive refunding plan, Chairman Walter R. Darby announced
today.
The plan, prepared by the Commission, was declared to be fair
and equitable to the bondholders and to Fort Lee.
Chairman Darby
stated that "it provides for the highest debt service
payments Fort Lee can
safely
make."
Darby stated that the submission of this plan represents a
departure from the general policy of the Commission, which has been to
let the municipalities under its control and their creditors work out their
own plans for refinancing, suoject
only to the review of the Commission
and its veto power over inequitable
arrangements.
The present exception
to the usual policy was made when
negotiations between the borough and
its creditors (which had been
proceeding off and on for two or three years)
were recently broken off by an ultimatum to the
borough, with the rasult
that no progress at all was being made.
The Commission stated that it
saw "no conceivable reason
why the refinancing of Fort Lee should be de¬
layed any longer."
According to Chairman Darby, the plan contemplates the exchange of
new bonds for all the $4,093,941
outstanding bonds and notes.
The new
agree to
Chairman
bonds would mature in 1977 and bear interest at
Zy2 % per annum to June 1,
1942, and 4% per annum thereafter.
The delinquent interest would be
settled by cash payments averaging about
23% of the amount accrued to
the date of the new bonds, and
replacing the balance with funding bonds
borough due in 1947 and bearing interest at 2% per annum.
Chairman Darby stated that provisions were made for
special security
of the new obligations similar to those devised
by the creditors interested
in the recent refinancing of North
Bergen, N. J.
"Many of the provisions
are identical," he said, "and,
moreover, the Commission has carefully con¬
sidered the proposals previously made by the Fort Lee creditors' committees
and changed them in the fewest possible
respects.
The plan should be
acceptable to the creditors."
of the
PLAN
NOT
APPROVED
BY
BONDHOLDERS'
COMMITTEE—In
a
statement
outlining in brief the terms of the refinancing program, which
own effort to effect an early adjustment of the
borough's
finances, the Finance Commission points out that the plan has not been
approved by the two groups now acting as representatives of bondholders.
These are the Barked Committee, chairman of which is Edwin H.
Barker,
100 Broadway, NewlYork, and the New Jersey Bondholders'
Committee,
known as the Plenty Committee, and headed
by Charles H. Plenty of the
Hackensack Trust Co., Hackensack.
The program, however, according to
the Commission, has been drafted with careful
regard to proposals made
by these committees in the past, although it does not contain certain fea¬
tures contained in the earlier
refunding proposals which were submitted by
the committees for adoption by the
borough.
In urging early consideration
and approval of the projected plan by
bondholders, the Commission says:
"This Commission believes that the submission of this
plan will expedite
refinancing if the bondholders will exercise their judgment promptly upon
the plan after considering all points which
may be mad eby interested parties
with respect thereto.
If the holders of the desired 85% of the outstanding
securities should agree to this plan within the time
limit, there is no rea¬
son
why you should not receive the proposed substantial payment in
cash on account of interest and your new bonds in time so that next
year's
financial operations can be on a basis assuring prompt debt service
payments
to you."
represents its
HAMILTON
TOWNSHIP
SCHOOL
DISTRICT,
N.
J.—BOND
SALE—The issue of $110,000 coupon or registered school bonds offered on
Oct. 14—V. 145, p. 2207—was awarded to Minsch, Monell &
Co., Inc.,
New York, and Dougherty, Corkran & Co. of Philadelphia,
jointly, as
3^s, at a price of 100.589, a basis of about 3.44%. Dated Sept. 15, 1937,
and due Sept, 15 as follows: $5,000 from 1938 to 1959 incl.
Other bidders
were
as
follows:
Bidder—
Int. Rate
TOWNSHIP,
Bergen County,
COMPLETE^—NEW
BONDS
J.—REFUNDING
N.
PUBLICLY
OFFERED—
advised by M. M. Freeman & Co., Inc.,
Philadelphia, that a refund¬
ing plan involving $2,881,900 outstanding bonds of the township has been
virtually completed, there being only $22,000 bonds still to be exchanged,
the holders of which the refunding agents have not been able to locate.
The
bankers are offering a block of $207,000 new refunding bonds, bearing inter¬
est from 3% to 5*4% and issued pursuant to Chapter 233, P. L. of New
Jersey of 1934.
They are priced at 95 for the earliest maturity, 1940, to
90 for the long-dated liens.
The bonds are dated Jan. 1, 1935, and mature
serially on Jan. 1, from 1940 to 1959, incl.
Interest is at 3% from Jan. 1,
1935, to Jan. 1, 194o; 4% to 1945; 4H% to 1950; 5% to 1955, and
at
5H % from then on to 1959.
Callable at par by lot on any interest payment
date after at least 30 days' notice.
Coupon bonds of $1,000 and $5oO,
with registration privileges.
Prin. and int. (J. & J.) payable at the Town¬
ship Treasurer's office.
Legality approved by Caldwell & Raymond of
New York City.
are
Financial
Statement
(as
Total
assessed
Total
Officially
bonded indebtedness.
valuation,
1937
Sept.
Reported
-
1,
.—
1937)
$14,503,390
$2,586,843
3,670
Scrip outstanding (called)
$2,583,173
Less: Cash
on
hand
72,759
r
Net debt
$2,510,414
The above figures do not include the school debt of $552,500, nor the
overlapping debt of the State or county, which have power to levy taxes
upon property within the township.
The township has no current debt.
All state, county and school taxes are paid to date.
WATER DEPARTMENT SURPLUS—The Water Department shows a
surplus of $53,880.76 as of Sept. 1, 1937, as compared with a surplus of
$le>,846.33 for 1936, a surplus of $5,034.45 for 1935 and a deficit of $20»-
199.34
1934.
for
These bonds, in the opinion of counsel, constitute direct and general
obligations of the entire municipality, payable from unlimited ad valorem
taxes levied against all taxable property therein.
Population, 192j, 9,515: 193u, 17,362; 1936 (estimated), 21,000.
Tax Collection
Year—
as
of Sept. 1, 1937
1935
1934
1936
^
levy....$885,743
$891,814
$882,626
Amount collected—
821,696
779,5&9
7o9,4b2
Per cent collected
92%
87%
80%
x As of sept.
1, 1937.
The township owns tax titles liens amounting to $610,010.
are conducted annually.
193?
$815,209
x363,U67
44%
Tax
m
Tax sales
MULLICA TOWNSHIP
(P. O. Elwood), N. J.—BONDS APPROVED
Oct. 6 the township committee approved an
reading which provides for the issuance of $30,000
The committee will give the proposal final consideration
ON FIRST READING—On
ordinance
on
first
refunding bonds.
on
Oct. 20.
'
.
J.—CITY OFFICIALS CITED FOR CORRUPTION—
Court Justice
municipality,
in a 401-page report submitted to Justice Parker on Oct. 13 charged Mayor
Meyer C. Ellenscein and other city officials with "corrupt and illegal ex¬
penditure" in tne acquisition of ineadowlands and said he believed It con¬
stituted "criminal conspiracy", according to the New York Sun of Oct. 13.
The report.it is said, criticized many of the acts of the Commissioners who
were elected in 1933 and charged "extravagant and wasteful dissipation of
municipal funds in various and devious ways."
The officials cited, the
report continued, were Mayor Meyer C. Ellenstein, Michael P. Duffy,
Pearce E. Franklin, Anthony F. Minisi and Reginald C. S. Parnell.
In
the election last May, in the midst of the public inquiry, Ellenstein, Franklin
and Duffy were re-elected.
The two new members of the commission,
Josepn M. Byrne Jr. and Vincent J. Murphy, were not mentioned in the
report.
"'"'■■v
NEWARK,
N.
Warren Dixon, Jr., who was appointed last year by Supreme
Charles W. Parker to conduct an inquiry into affairs of the
.
GRAND JURY TO CONSIDER CHARGES—MAYOR ISSUES
STATE¬
that the charges contained in the report will be
present to the Grand Jury at Newark on Oct. 16.
Following publication
of the report. Mayor Ellenstein made the following statement:
"The report is apparently consistent with the vindictiveness displayed
by those making it.
The investigation was politically inspired.
A jury
of citizens returned me to office last May.
I am not surprised at the viciousness in the report, because I feel that in their efforts to extract a fee
from the taxpayers of Newark they would resort to all sorts of venom.
They deliberately cut out the fact that I saved the city $1,000,000 in the
refinancing of railroad bonds and $600,000 on the postoffice site and obtained
an
administration building at the airport without cost to the city.
I
was respojsible for other savings to the city.
Were such actions as that
raiding the city treasury?"
MENT—It
is reported
NEWARK, N. J.—BONDS AUTHORIZED—On Oct. 6 the City Com¬
adopted on final reading four ordinances providing for the issuance
$200,000 street improvement bonds, $50,000 sewer bonds, $163,000
bridge repair bonds and $163,000 city railway completion bonds.
mission
of
Rate Bid
Colyer, Robinson & Co., C. A. Preim & Co. and C. R.
Dunning & Co
?£___> 3^%
A. C. Allyn & Co., Inc., and Milliken & Pell
3%%
First National Co. of Trenton
3% %
B. J. Van Ingen & Co., Inc
3% %
E. H. Rollins & Sons, Inc
4%
Lehman Bros
4%
Schlater, Noyes & Gardner, Inc
4%
NORTH PLAINFIELD, N. J.—BONDS PASSED ON
FIRST READING
given first reading to an ordinance authorizing
101.05
—The Borough Council has
100.55
100.30
100.20
the issuance of $22,000 funding bonds.
101,33
101.31
101.07
ISLE
SEA
mission has
CITY,
approved
a
N. J.—BOND SALE— The State Funding Com¬
resolution adopted by the Board of Commissioners
of Sept. 27 providing for the sale of $5,000 3Yi% refunding
bonds to C. C. Collings & Co. of Philadelphia, at a price of par and accrued
under
date
interest.
LAWNSIDE,
N. I.—FINANCIAL POSITION HELD
UNSATIS¬
FACTORY—After considering the proposal of the borough to issue $168,000
refunding bonds and providing for a cash basis of operation, the State
Funding Commission on Oct. 1 stated that the municipality "cannot accept
a full cash oasis without producing an unreasonable tax rate."
Moreover,
the Commission said, on the basis of a recent thorough study of municipal
finances, the borough is in an unsatisfactory position as failure to refund
will require inclusion in the 1938 budget of items which will also produce an
excessive tax rate.
The only two courses available to the borough, accord¬
ing to the Commission, are an endeavor to secure remedial legislation, or
apply for relief to the Municipal Finance Commission pursuant to provi¬
sions of Chapter 340 of Laws of 1931.
In disapproving the borough's
refunding
proposal,
the
Commission
cited
the
following
reasons
for
its
TEANECK TOWNSHIP SCHOOL DISTRICT (P. O. Teaneck),
N. J.—BONDS SOLD—The $5,000 4% coupon or registered school bonds
unsuccessfully offered last June have since been sold to the Bergen Conuty
National Bank of Hackensack, at a price of 102.08, a basis of about 3.87%.
Dated Nov. 1, 1934 and due Nov. 1, 1961.
WILD WOOD,
N.
3—BOND
EXCHANGE
AUTHORI ZED—State
Funding Commission has approved a resolution adopted by the Board of
Commissioners under date of Sept. 14, which fixed at 4% the interest rate to
be carried on the proposed general refunding and water refunding bonds and
authorized their exchange.
The city proposed to issue $2,655,000 general
refunding and $625,000 water refunding bonds.
action:
The average collection experience over the past six years is approximately
NEW
V7lA%
and the best collection expectancy which this Commission could
excess of 20%, except and
unless the Borough of
Lawnside, through its collector, can certify to this Commission that the
collection history for the year 1937 is such that said 20% estimate can be
materially bettered.
consider would not be in
MEXICO
SILVER CITY SCHOOL DISTRICT NO. 1, N. M.—BOND SALE—
The district will sell $100,000 school building bonds to the Treasurer of the
State of New Mexico.
Financial
2584
Oct.
Chronicle
YORK
NEW
I-ALBANY,
N.
Barr Bros. & Co., Inc., and
WATER SUPPLY
Y.—FIGHTS ASSESSMENTS ON
Town of Bethlehem
protesting as excessive valuations placed by towns on its water supply
property.
Supreme Court Justice Gilbert V. Schenck granted Corporation
Counsel Joseph J. Casey a writ of certorari returnable Nov. 5 at Kingston
PROPERTY—The city has brought a tax suit against the
special term.
ALMA (P. O. Allentown), N. Y.—BOND SALE—The $19,900 registered
paving bonds offered on Oct. 14 were awarded to the First Trust Co. of
Wellsboro at par plus a premium of $20, equal to
1937.
Due $1,900 March 1, 1938, and $2,000
100.10.
Dated March 1,
yearly on March 1 from
1939 to 1948.
BINGHAMTON, N. Y.—BOND SALE—The $175 000 coupon or reg¬
2340—
Corp.,
both of New York as lj^s at a price of 100.14 a basis of about 1.45%.
Dated Aug. 1
1937 and due $35,000 on Aug. 1 from 1938 to 1942 incl*
Second high bid of 100.139 for 1 Ms was made by H. C. Wainwright & Co.
istered north senior high school bonds offered on Oct. 14—V. 145 p.
were awarded to Gregory & Son
Inc. and the Equitable Securities
193657
N.
Y.
City.
FREDONIA, N. Y.—BOND SALE—On Oct. 11 the village sold an issue
of $6,500 3% sanitary sewer extension bonds to the Citizens Trust Co. of
Fredonia at par plus a premium of $12 equal to 100.184.
HEMPSTEAD, N. Y.—BONDS AUTHORIZED— On Oct. 5 the Village
a resolution authorizing the issuance of $60,000 sewer im¬
Board passed
provement bonds.
N.
KINGSTON,
Y.—BOND
OFFERING—C.
Ray
Everett,
City
Treasurer, will receive sealed bids until 2 p. m. on Oct. 29 for the purchase
$295,000 not to exceed 5% int. coupon or registered bonds, divided as
of
follows:
$270,000 school building bonds of 1937.
Due Oct. 1 as follows: $25,000
from 1938 to 1943 incl. and $30,000 from 1944 to 1947 incl.
25,000 debt equalization bonds, series of 1937.
Due Oct. 1, 1946.
All of the bonds are dated Oct. 1, 1937,
Denom. $1,000.
Bidder to
name a single rate of interest on all of the bonds, expressed in a multiple
of M or l-10th of 1%.
Principal and interest (A. & O.) payable at the
City Treasurer's office.
A certified check for 2% must accompany each
proposal.
The approving legal opinion of Hawkins, Delafield & Longfellow
of New York will be furnished the successful bidder.
Financial Statement
$23,005,316
2,433,000
Assessed valuation taxable property
Total bonded debt (incl. this issue)
Population, 28,088.
"
Tax Collection
Levy {Incl. School
Fiscal Year—
and County Taxes)
1934—
$1,177,555.43
1,057,617.6 1
977,450.65
1,074,767.01
Report
Uncollected End
Fiscal Year
$50,137.70
49,883.57
43,735.73
Unexpired
Uncollected on
Oct. 1, 1937
$3,837.25
.
21,066.84
35,103.70
124,389.63
LOCKPORT, N. Y.—BONDS AUTHORIZED—On Oct. 11 the Common
Council authorized the issuance of $50,000 Works Progress Administration
bonds,
divided
as
follows:
$119,000 general improvement bonds.
Due Nov. 1 as follows: $8,000 from
1938 to 1944 incl. and $9,000 from 1945 to 1951 incl.
36,000 water improvement bonds.
Due $2,000 on Nov. 1 from 1940 to
1957 incl.
Each issue is dated Nov. 1, 1937.
Denom. $1,000.
Bidder
to state a single rate of interest for all of the bonds, expressed in a multiple
of M or l-10th of 1%.
Principal and interest (M. & N.) payable at the
Mount Klsco Nationa1 Bank & Trust Co., Mount Kisco, witn New York
exchange.
The bonds are general obligations of the village, payable from
unlimited taxes.
A certified check for $3,100, payable to the order of tne
village, must accompany each proposal.
Approving legal opinion of Clay,
Dillion & Vanderwater of New York City will be furnished the successful
bidder.
NEW
YORK, N. Y.—COMPTROLLER INVITES PUBLIC VIEWS ON
Oct. 11
BUSINESS POLICY—The following statement was issued as of
by
Comptroller Taylor:
To Everyone Interested in Business and Industry Within the City of New York
As Comptroller of the City of New York, one of my chief objectives has
been to protect and assist business and industry within the City of New
York.
I have realized that such a policy is not only beneficial to the City
itself, but also to labor, and hence to the cause of employment, business,
large and small, and the public generally.
When I had an industrial survey of the city made, the final report of
which I shall be glad to send you upon request, it was with the idea of
getting the facts, and of learning first hand the problem sof business and
industry within the city—for if our business and industry are not successful,
employment is reduced, labor suffers, purchasing power is consequently
curtailed, and all are harmed thereby.
Very recently, I called a meeting of State and City tax officials, together
with representatives of business, so that plans could be developed whereby
business might receive constructive help.
We have every reason to believe
that we shall accomplish some real good.
In order to have the advantage
of the most complete thought in the matter, however, I am anxious to get
viewpoint from the business angle. You are vitally interested in the
City's universal welfare, for therein lies success for you and all of us.
I am not attaching any form for your reply, as you may wish to give me
your ideas in detail.
In any event, do let me have your suggestions for the
betterment of business within the City of New York and for teh retention
and growth of our industrial position.
Very truly yours,
FRANK J. TAYLOR, Comptroller.
your
NEW
YORK, State of—APPROVAL OF CONSTITUTIONAL AMEND¬
MENTS URGED—A United Press dispatch from Albany on Oct. 8 had the
following to say:
Republican and Democratic leaders today urged approval of six State
constitutional amendments and a $40,000,000 bond issue which will be
placed before the voters Nov. 2.
"We are in accord on these proposals and are confident they will receive
the approval of the voters," Speaker Oswald D. Heck, Schenectady Re¬
publican, said.
The propositions which the Legislature voted to place on the election
A
$40,000,000 bond issue to finance improvements to various State
institutions.
An amendment to State Constitution extending the term of Governor
and Lieutenant-Governor from two to four years.
2.
3.
An
amendment
thereafter shall
4.
An
100.229
2.20%
100.05
Halsey, Stuart & Co., Inc
2.25%
100.28
Sherwood & Co. and Bank of Manhattan Co
2.25%
100.17
&
Co
100.136
100.13
100.119
2.25%
A. C. Allyn& Co., Inc.2.25%
2.25%
Shlater, Noyes & Gardner, Inc.,
Harris Trust & Savings Bank
E. H. Rollins & Sons, Inc., and
Glore, Forgan & Co
J. H. Hynson & Co.,
Morse Bros. & Co.,
& Co
Inc., and
Wm.
R. Compton
,
2.30%
100.26
100.15
Bacon, Stevenson & Co
2.30%
Bancamerica-Blair Corp., Goldman, Sachs & Co. and
George B. Gibbons & Co., Inc
'—2.40%
Lazard Freres & Co. and Blyth & Co., Inc
2.40%
Salomon Bros. & Hutzler
2.40%
100.50
100.309
2.40%
First Boston Corp
ORCHARD
100.55
100.549
N. Y.—BOND
registered improvemen'
bonds offered
Manufacturers & Traders Trust Co. of
1937 and due $1,000 annually on Oct. 1
PARK,
SALE—The $10,000 coupon or
on Oct. 8 were awarded to the
Buffalo, as 2.70s.
Dated Oct. 1,
from 1938 to 1947 incl.
RICHFIELD, OTSEGO AND EXETER CENTRAL SCHOOL DIS¬
NO. 1 (P. O.
lichfield Springs), N. Y.—BOND OFFERING—
derk, will receive bids until 1p.m. Oct. 20 for the
purchase at not less thi i par of $250,000 coupon, fully registerable, general
obligation, unlimited t x, school building bonds.
Bidders are to specify
rate of interest, in a n ultiple of M% or 1-10%, but not to exceed 5%.
Denom. $1,000.
Dated Oct. 1, 1937.
Principal and semi-annual interest
(April 1 and Oct. 1) payab-e at the First National Bank of Richfield Springs
or at the Irving Trust Co
New York, at holder's option.
Due yearly on
April 1 as follows: $7,000
1939 to 1943; $8,000, 1944 to 1948; $9,000, 1949
to 1951; $10,000,1952 to 7
65; and $8,000 in 1966.
Cert, check for $5,000,
payable James McKee, I "strict Treasurer, required.
Approving opinion
of Clay, Dillon & Vandew cer of New York will be furnished by the district.
TRICT
Fred Bronner, District
issue
George B.
Other bids
(P. O. Port Chester), N. Y.—CERTIFICATE SALE—An
RYE
of $170,307.13 certificates of indebtedness was sold Oct. 1 to
Gibbons & Co. of New York,at 1.18% int.
Due July 1,1938.
reported
as
follows:
Int. Rate
1.25%
1.37 %
'
Bidder
First National Bank & Trust Co., Port Chester
Leavitt & Co
Faxon & Co
1.40%
O. Schenectady), N. Y.—LOWER
TAX RATE ANTICIPATED—The proposed 1938 gross budget for the
county as filed with the Board of Supervisors by County Treasurer William
A. Dodge is $1,651,479 as compared with $1,538,152 budgeted for 1937.
Gross increase, however, is offset by anticipated revenues and refunds.
The 1938 tax rate is expected to be $6.31 as compared with $6.6735 for
SCHENECTADY COUNTY
(P.
1937.
Leo H. Vosburg, Chairman of the Financial Committee of the Board of
Supervisors said that revenues used to reduce the tax levy are fixed at
$1,502,844, leaving a net levy for county purposes of $1,148,635.
He ex¬
plained that welfare needs have been met in the budget and no money will
be raised by bond issue hereafter to cover relief costs as was the case formerly
the TRA was
abandoned
Mr. Vosberg added that no further bond issues covering the next fiscal
anticipated and the budget estimate contemplates a pay-as-you-go
administration of affairs by the Board.
1
year are
I * SENECA- FALLS, N. Y.—BOND ELECTION—At the coming general
election a proposal calling for the issuance of $165,000 hospital bonds will
be submitted to the voters .j
SHERRILL-KENWOOD WATER
DISTRICT (P. O. Kenwood),
Y.—BOND OFFERING—Vernon L. Allen, District Secretary, will re¬
11 a. m. Oct. 22 for the purchase at not less than par of
N.
ceive bids until
Dated July 1, 1937.
Due serially beginning July 1, 1942.
$5,000 4^% coupon bonds, Denom. $1,000.
payable Jan. 1 and July 1.
Int.
N. Y.—BOND OFFERING—B. N. Sparks. Village
for the purchase of
park bonds. Dated
Oct. 1,1937. Denom. $1,000. Due $2,000 on Oct. 1 from 1938 to 1947 incl.
Bidder to name one rate of interest, expressed in a multiple of M or l-10th of
1%. Principal and interest (A. & O.) payable at the Tupper Lake National
Bank, Tupper Lake, with New York exchange. A certified check for $400,
payable to the order of the village, must accompany each proposal. The
approving legal opinion of Clay, Dillon & Vandewater of New York City
I^TUPPER LA KE,
Clerk, will receivesealed bids until 2 p. m. on Oct. 18
$20,000 not to esceed 6% interest coupon or registered
wjObefurnisned the successful bidder.
Financial Statement
$1,518,858
119,800
77,000
Assessed valuation
Total bonded debt
(incl. this issue)
Water debt (incl. in above)
Population, estimated
m*
«,
-
P
5,271
m
1936
1937
(Starts March 1) jjJ
$28,007.55
1937
Uncoil, end fiscal year__
Uncoil,
on
Oct. 4, '1937
______
_
Tax Collection Report
-
Fiscal Year—
-
3,832.96
1935
1934T1
$27,008.16 JL$26,003.96 £$22,104.06
1,321.87
647.57
2,666.19
166.09
96.43
70.78
YONKERS, N. Y.—VOTE ON CITY MANAGER PLAN UPHELD—
The Court of Appeals ruled Oct. 12 against an attempt to prevent the
establishment of a city manager form of Government in Yonkers.
The
court upheld the Appellate Division, Second Department, in denying an
application of Bruce A. Hood to direct the city clerk an<J board of elections
of Yonkers to disregard a local law for an amendment; to the city charter
establishing the city manager plan, with a council elected by proportional
representation, the question to be voted on at the Nov. 2 election.
"We determine solely the questions of the submission," the Court of
Appeals held unanimously, without an opinion.
Mr. Hood, through his counsel, William A. Walsh, contended that the
submission to the electors of the proposition to amend the city charter by
ordinance, instead of by a local law, was a violation of the City Home Rule
Law.
Laurence A. Tanzer, appearing for Horace M. (^ray, Chairman of
the citizens committee which sponsored the local law, maintained that the
proposal was properly before the electors.
I
CAROLINA
NORTH
SPRINGS SCHOOL DISTRICT, N. C.—BOND SALE—
The $39,000 coupon, general obligation, unlimited tax, high school building
bonds offered on Oct. 12—V. 145, p. 2430—were awarded to R. S. Dickson
& Co. of Charlotte at par plus a premium of $11.75, equal to 100.03, the
first $30,000 bonds to bear 5% interest and the balance 4 M%.
Dated
July 1, 1937.
Due $2,000 yearly on July 1 from 1938 to 1956; and $1,000
July 1, 1957.
Lewis & Hall of Greensboro offered a premium of $19.50
for 5M*.
BOILING
ballots include:
1.
Rate Bid
H. C. Wainwright & Co._2.20%
Manufacturers & Traders Trust Co. and Kean, Taylor
before
MOUNT KISCO, N. Y.—BOND OFFERING— F. Rockwell Mathews,
.Village Clerk, will receive sealed bids until 3:30 p. m. on Oct. 25 for the
purchase of $155,000 not to exceed 5% interest coupon or registered bonds,
1937
16,
Int. Rate
Bidder—
serve
providing
that
Assemblymen
elected
in
1938
and
two years instead of one.
amendment
authorizing defendants in criminal cases, except
capital cases, to waive trial by jury.
5. An amendment permitting sheriffs to succeed themselves.
6. An amendment to increase the jurisdiction of the City Court of New
York City.
7. An amendment establishing the City Court of New York City as a
"constitutional court with such additional jurisdiction and powers as the
Legislature from time to time hereafter may prescribe."
NIAGARA FALLS, N. Y.—BOND SALE— The $275,000 coupon, fully
registerable, general obligation unlimited tax bonds described below, offered
on Oct.
11—V. 145, p. 2430—were awarded to B. J. Van Ingen & Co. of
New York as 2.10s at par plus a premium of $404.25, equal to 100.147, a
basis of about 2.08%.
$175,000 public works, series A, bonds, due $25,000 yearly on Oct. 1 from
1939 to 1945.
50,000 public building bonds, series A, due $10,000 Oct. 1, 1949, and
$40,000 Oct. 1, 1950.
50,000 sewage disposal plant bonds, series B, due $15,000 Oct. 1, in 1953
and 1954, and $20,000 Oct. 1, 1955.
Denom. $1,000.
Dated Oct. 1, 1937.
Principal and semi-annual inter¬
est (April 1 and Oct. 1) payable at
the Central Hanover Bank & Trust
Co. in New York.
.
Brown Harriman & Co. submitted the second high bid,
907.23 for 2.20s.
Other bidders
were:
offering $275,-
BUNCOMBE COUNTY
INVITED—It
is
(P.
O. Asheville), N. C.—BOND TENDERS
stated by Curtis Bynum, Secretary of the Sinking Fund
Commission, that he will receive
sealed tenders until noon on Oct. 28, for
by the respective sinking funds of the following bonds:
City of Asheville water refunding bonds, dated July 1, 1936.
Biltmore Special School Tax District refunding bonds, dated July 1,1936.
Black Mountain Special School Tax District refunding bonds, dated July
1,1936.
Flat Creek Special School Taxing District refunding bonds, dated July 1,
the purchase
1936.
Grace
Special School Tax District {5M%
dated July 1, 1936.
Johnson Special School
and 5H%) refunding bonds,
Tax District refunding bonds, dated July 1,1936.
Sand Hill Consolidated Public School District (5M % and 5M% refunding
bonds, dated Nov. 1, 1936.
Weaverville Public School District refunding bonds, dated July 1, 1936.
South Buncombe Water and Watershed District refunding bonds, dated
July 1. 1936.
Swannonoa Water and Sewer District refunding bonds, dated July 1,1936.
Woodfin Sanitary Water and Sewer District refunding bonds, dated
July 1, 1936.
All tenders must be considered firm for five days following date of opening
unless otherwise specified in the tender.
Volume
Financial
145
CONCORD, N. C.—BONDS VOTED—At a recent election the voters
approved the issuance of $120,000 improvement bonds.
f»- JONESBORO, N.
C~BOND REOFFERING NOT SCHEDULED—It is
by W. E. Easterling, Secretary of the Local Government Com¬
mission, that no decision has been made in regard to the reoffering of the
two issues of not to exceed 6% coupon semi-ann. bonds aggregating $12,000,
offered without success on Sept. 28, as noted in these columns—V. 145,
stated
g- 2269. The issues are divided as follows: $7,500 sewer, and $4,500 funding
onds.
LIDGERWOOD SPECIAL SCHOOL DISTRICT, Richland County,
N.^Dak.—BONDS NOT SOLD—The $19,000 coupon school room and
auditorium bonds offered on Oct. 9—V. 145, p. 2112—were not sold, as
nojMds were received. Dated Oct. 1, 1937. Due $1,000 yearly on Oct. 1
from 1940 to 1958, incl.
**
.
2585
Chronicle
Dated Oct. 1, 1937.
Interest
5% of amount of bonds bid for,
payable semi-annually. Cert,
payable to the City Treasurer,
JAMESTOWN, Ohio—BOND SALE—The $25,000 mortgage revenue
disposal plant bonds offered on Sept. 24—V. 145, p. 1939—-were
to Nelson, Browning & Co. of Cincinnati.
Due serially in 20
sewage
awarded
years.
KENTON, Ohio—BOND SALE—The issue of $18,800 funding bonds
on Oct. 11—V. 145, p. 1939—was awarded to the Kenton Savings
Dated April 1, 1937 and due Oct. 1 as follows: $2,800 in 1938 and
$2,000 from 1939 to 1946 inclusive.
offered
Bank.
(P. O. Marion), N. C.—BOND SALE—The
as to principal general obligation, unlimited
2112—^were awarded to the
Equitable Securities Corp. of Nashville, as 33^s, at par'plus a premium of
$37.40, equal to 100.17, a basis of about 3.4%.
Dated Sept. 1, 1937.
Due $2,000 yearly on Sept. 1 from 1938 to 1948.
R. S. Dickson & Co. of
Charlotte bid a premium of $51.75 for $16,000 3Ks, *Ad $6,000 3Ms.
j
$22,000
COUNTY
registerable
coupon,
tax, school bonds offered on Oct. 12—V. 145, p.
CAROLINA,
p* NORTH
Government
Commission
State
of—BONDS
is said to
Local
APP^WED—The
have approved r cently
the issuance
the following bonds: $40,000 Moore County school; $20,000
County school building, and $10,000 Fuquay Springs mter and sewer
Yance
of
bonds.
[BRTRYON, N. C.—BOND SALE—The $20,000 coupon, registerable as"to
principal, general obligation, unlimited tax, refunding bonds offered on
Oct. 12—V. 145, p. 2431—were awarded to R. S. Dirlspn & Co. of Charlotte
at par, $16,000 bonds to bear interest at 5M% ado the balance at 4M%.
Dated Oct. 1, 1937.
Due $2,000 yearly on Oct^ti from 1942 to 1951.
Lewis & Hall of Greensboro bid a premium of $22 sjpr 5% bonds.
(P. O. Henderson), N.^O^BOND OFFERING—
W. E. Easterling Secretary, Local Government Commission, will receive
bids at his officejin Raleigh until 11a.m. Oct. 19 for the purchase at not less
than par of $20<000 coupon, registerable as to principal only, general obliga¬
tion, unlimited tax, school building bonds of Vance County.
Denom.
$1,000.
Dated Nov. 1, 1937.
Principal and semi-annual interest (May
1 and Nov. 1) payable in New York.
Due $2,000 yearly on Nov. 1 from
1938 to 1947, incl.
Cert, check for $400, payable to the Treasurer of the
State of North Carolina, required.
Bidders are requested to name the
interest rate or rates, not exceeding 6% per annum in multiples of M of 1%.
Each bid may name one rate for part of the bonds (having the earliest
maturities), and another rate for the balance, but no bid may name more
than two rates, and each bidder must specify in his bid the amount of
VANCE COUNTY
bonds of each rate.
and
„
Clerk.
Bonds are being issued to refund general and special assessment
obligations maturing Oct. 15, 1937.
They are callable at par in whole or
Oct. 1, 1940, or any subsequent interest date.
Where bidders
names an interest rate other than 4 %, such rate must be expressed in
in part on
multiples of M of 1%.
Principal and interest (A.
Cleveland Trust Co., Cleveland.
A certified check
of the bid must accompany each proposal.
MIAMISBURG, Ohio—BOND
DAKOTA
N.
BOWBELLS,
Dak .—CERTIFICATES NOT SOLD—The $8,000
1—V. 145, p. 2112—were not
Due in two years.
certificates of indebtedness offered on Oct.
as no
bids were received.
CARBURY SPECIAL SCHOOL
the
OFFERING—Raymond M. Hetzel, City
Oct. 16 for the purchase at not less
$650, except one for
1 and Oct. 1. Due
1941 to 1947. Cert,
Auditor, will receive bids until noon
of $5,170 4% refunding bonds.
Denoms.
$620.
Dated Oct. 1, 1937.
Interest payable April
$620 Oct. 1, 1940; and $650 yearly on Oct. 1 from
check for $52, payable to the City, required.
than
par
$5,170 4% refunding bonds
POSTPONED—Sale date of the
BOND SALE
described above has been postponed from
Oct. 16 to Oct.
30.
Ohio—BOND OFFERING—Walter G. Konzen,
illage
Clerk, will receive bids until noon Oct. 30 for the purchase at not less than
par of $11,000 4% swimming pool bonds.
Denom. $1,000. Dated Oct. 1,
1937.
Interest payable April 1 and Oct. 1.
Due $1,000 yearly on Oct. 1
from 1939 to 1949.
Cert, check for $110, payable to the Village, required.
NAPOLEON,
NEW PHILADELPHIA, Ohio—BOND ELECTION CANCELED—The
proposed $100,000 bond issue for construction of a new city building, which
was to have been submitted to the voters on Nov. 2, has been abandoned.
NORWOOD,
Ohio—BOND SALE—The Sinking
Fund Trustees will
)enoms. $25,000 4% street improvement bonds.
Surchase $1,000 and $500. Due $2,500 on Oct.l from 1939 Oct.1948,1937.
Dated to 1, incl.
PORTSMOUTH, Ohio—BOND ELECTION—At the
proposal calling for the issuance
Nov. 2 election
of $100,000 flood
bonds.
CITY, Ohio—BOND OFFERING—W. R. Pinney, Village Clerk,
sealed bids until noon on Oct. 25 for the purchase of $5,000 4%
Dated July 1, 1937.
Denom. $250.
Due $250 on
March 15 and Sept. 15 from 1939 to 1948, incl.
Interest payable M. & S
15.
A certified check for $100, payable to the order of the Village Treas¬
urer, must accompany each proposal.
'
UNION
tIS
is BONDS
stated by H. O. Wood.
City Auditor, that the $2,000 improvement bonds offered for sale without
success on May 28, as noted here at the time, have been purchased by the
State Land Department.
sold,
& O.) payable at
for 1% of the amount
the voters will pass on a
NORTH
purchase
1942
protection
BOWBELLS, N. D«k.—
Brueggemyer,
L.
OFFERING—Clara
Ohio—BOND
LYNDHURST,
Village Clerk, will receive sealed bids until noon on Oct. 16 for the
of $151,000 4% coupon refunding bonds of 1937, divided as follows:
$142,000 series B bonds.
Due Oct. 1 as follows: $12,000 in 1942,
$13,000 from 1943 to 1952, incl.
9,000 series A bonds.
Due Oct. 1 as follows: $1,000 from
to
1946, incl., and $2,000 in 1947 and 1948.
,
,
Each issue is dated Oct. 1, 1937.
Denoms. to be determined by Village
,
V McDOWELL
check for
required.
will receive
water
works bonds.
proposed bond issue of
submitted to the voters
Ohio—BOND ELECTION—A
VERSAILLES,
$87,000 for construction of a sewer
for approval on Nov. 2.
system will be
DISTRICT NO. 50 (P. O. Bottineau)
N. Dak.—CERTIFICATE SALE—The $1,500 certificates of
145, p. 2270—were disposed of at par
offered on Oct. 2—V.
Indebtedness
for 6s, $500
going to L. B. Wall of Carbury, and $1,000 to Dr. Kenneth Melvey of
Bottineau.
Dated Oct. 7, 1937 due $500 in 18 months and $1,000 in two
years
CROSBY,
Dak.—ADDITIONAL DETAILS—In connection
N.
in these columns recently, tnat
the report given
o
.
,
.
with
$45,000 refunding bonds
stated by the
serially up to
exchanged for the original issue—V. 145, p. 2270—it is
City Auditor that the bonds bear 5% interest and mature
1952.
'
were
SCHOOL
DISTRICT,
BOWMAN COUNTY, N. Dak.—
OFFERING—Mrs. Pearl Krieger, District Clerk, will
receive bids at the County Auditor's office in Bowman until 2 p. m. Oct. 22
DALE
CERTIFICATE
for the
purchase at not less than par of $600 certifiicate of indebtedness,
Dated Oct. 22, 1937.
Payable in 18 months.
of amount of bid, required.
interest not to exceed 7%.
OKLAHOMA
Cert, check for 5%
Dak.—BOND OFFERING—As previously reported in
City Auditor, will receive bids until 2 p. m. Oct.1
of $14,000 bonds.
Bids are to be addressed
to the City Auditor in care of the County Auditor at Hillsboro.
Denom.
$1,000.
Due $1,000 yearly on Oct. 30 from 1940 to 1953.
Cert, check
for 2% of amount of bid, payable to the City, required.
HATTON,
N.
these columns, J. A. Teie,
25 for the purchase of an issue
MANDAN, N. Dak.—BOND OFFERING— Sealed bids will be received
until 7:30 p. m. on Oct. 25, by S. E. Arthur, City Auditor, for the purchase
of a $60,000 issue of 4% water filtration plant revenue bonds.
Due on
Oct. 1 as follows: $1,500, 1939 $2,500, 1940; $2,000, 1941; $2,500, 1942 to
1945; $3,000, 1946; $2,500, 1947; $3,000, 1948 and 1949; $3,500, 1950;
$3,000, 1951; $3,500, 1952; $4,000, 1953; $3,500, 1954; $4,000, 1955 to
1957, and $3,000 in 1958; subject to prior payment and redemption at the
option of the city on any interest payment date at par and accrued interest
on 15 days' notice thereof published in the official city newspaper.
Prin.
and int. (A. & O.) payable at the City Treasurer's office.
The approving
opinions of John F. Sullivan, of Mandan, and Junell, Fletcher, Dorsey,
Barker & Colman, 6f Minneapolis, will be furnished.
These bonds are
authorized
by Chapter 104, N. Dak. Sessions Laws, 1937. A certified check
bf the principal of the bonds bid for, is required.
for not less than 2%
Amidon). N. Dak.—WARRANT SALE DE¬
Auditor that the $46,700 4% semi¬
recently, as noted in these columns—V.
2270—are dated June 1, 1937, and were purchased by the Allison-
SLOPE COUNTY (P. O.
DISTRICT (P. O. Alex), Okla.—BOND SALE—It is
stated by D. B. Patterson
District Clerk that $9,250 school bonds were
purchased by tne Brown-Crummer Co. of Wichita as 3s.
Due $1,500
from 1940 to 1944 and $1,750 in 1915.
ALEX SCHOOL
ALFALFA
JOINT UNION GRADED
bonds
ARDMORE, Okla.—BOND OFFERING—L. M. Thurston, City Clerk
bids until 7 p.m. Oct. 20 for the purchase at not less than par
will receive
aggregating $35,000, which are to
of the following bonds,
145, p.
refunding warrants sold
Williams Co. of
bear interest at
by the bidding:
the rate determined
$2,000 yearly
the last in¬
$15,000 well storage and water works extension bonds.
Due
beginning three years after date of issue, except that
stalment will amount to $1,000.
three
7,000 electric traffic signal bonds.
Due $1,000 yearly beginning
years after date of issue.
'
.
,
8,500 city hall improvement bonds.
Due $1,000 yearly beginning three
years after date of issue, except that the last instalment will amount
TAILS—It is stated by the County
annual
SCHOOL DISTRICT NO. 4
(P. O. Alfalfa), Okla.—BOND SALE—The $10,000 school building
on Oct. 8—V. 145, p. 2431—were awarded to R. J. Edwards, Ind.,
of Oklahoma City, at par plus a premium of $2.50 equal to 100.025.
Or
the bonds, $4,000 maturing from 1940 to 1943 will bear 2% interest, $5,000
coming due from 1944 to 1948 3M% and $1,000 running to 1949 Z%%.
Due $1,000 yearly from 1940 to 1949.
offered
4,500 railroad
overpass
years after date
amount to $500.
Minneapolis.
bonds.
Due $1,000
of issue, except that
Certified check for 2% of amount
yearly, beginning three
the last instalment "will
of bid required.
To be dated Nov. 1,
1937.
Bonds to be dated Nov.
OHIO
MUNICIPALS
OKLAHOMA (State of)—BONDS NOT TO BE OFFERED—Assistant
Sebring informs us that the report appearing in our
State Treasurer C. B.
columns recently to the
MITCHELL, HERRICK & CO.
700 CUYAHOGA
AKRON
CANTON
CINCINNATI
COLUMBUS
Ohio—BOND ELECTION—
will ask the voters to approve
$85,000 school building bonds.
BOLIVAR, Ohio—BOND ELECTION—A proposition providing for the
issuance of $14,000 waterworks bonds is to be voted upon at the general
a|proposition calling for the issuance of
election on Nov. 2.
CINCINNATI, Ohio—REFUNDING APPROVED—The Finance Com¬
mittee has recommended the refunding with low-interest bearing notes of
$68,000 4% Liberty Street bonds which do not mature before two years.
EUCLID, Ohio—BOND OFFERING—W. B. Gilson, City Auditor, will
receive bids until noon Nov. 1 for the purchase at not less than par of the
following 4%
refunding bonds:
refunding bonds.
Denoms. $1,000, except one for $600.
1, 1943; and $5,000 yearly on Octl 1 from 1944 to
coupon
$48,600 general
Due $3,600 Oct.
r"
1952.
466,500 special assessment refunding bonds.
Denoms. $1,000
Due $48,000 Oct. 1, 1943; and $46,500 yearly on Oct. 1
to 1952 redeemable on and after Oct. 1, 1939.
office building but the
bids being received are
and $500.
from 1944
building bonds would be
of the $800,000
contractors' bids for construc¬
Funds with which to construct the building are on
hand and no bond issue is
SPRINGFIELD
OHIO
ASHLAND CITY SCHOOL DISTRICT,
At the Nov. 2 election the Board of Education
effect that $800,000 office
offered for sale on Oct. 21 was erroneous saying:
"No bonds will be issued in connection witn construction
tion of the building.
BUILDING, CLEVELAND
1, 1937.
necessary."
•
CONSOLIDATED SCHOOL DISTRICT NO. 7 (P. O.
Fort Smith, Ark., Rout® 3), Okla.—BOND SALE— The $6,500 school
building bonds offered for sale on Oct. 6—V. 145, p. 2271—were awarded
to Calvert & Canfield of Oklahoma City as 4^s at par.
Due $1,000 from
1942 to 1946, and $1,500 in 1947.
POCOLA
SCHOOL DISTRICT (P. O. Ponca City) Okla.—
the $200,000 school building and equiiment bonds offered
11—V. 145, p. 2271—the first maturing block of $50,000
was purchased jointly by Stern Bros. & Co. of Kansas City, and Francis
Bros. & Co. of St. Louis, divided as follows:
$25,000 as l)is, maturing in
1941, and $25,000 as 2^s, maturing in 1942.
The remaining
bonds were taken up by the Board of Education as Is, according to the
District Clerk. Due $25,000 from 1943 to 1948 incl.
PONCA
CITY
BOND SALE—Of
for sale on Oct.
$150,000 of
PONCA
CITY,
Okla.—BONDS CALLED—'The
called for payment as of Oct.
provement bonds were
following street im¬
1, and should be sent
Manufacturers' Trust Co., 55 Broad Street, New York, for payment:
District No. 61, bond No. 17 (this bond called Oct. 1, 1936, not yet pre¬
sented); Dist. No. 70, bonds Nos. 48, 49, 50, 51, 52, 53; Dist. No. 71,
bonds Nos. 75, 76, 77, 78; Dist. No. 72, bond No. 21; Dist. No. 73, bonds
Nos. 58, 59; Dist. No. 74, bond No. 64; Dist. No. 75, bonds Nos. 45, 46, 47;
Dist. No. 77, bond No. 9; Dist. No. 78, bonds Nos. 28, 29; Dist. No. 79.
bond No. 11.
Following bonds can now be paid at par, without interest,
if sent to the City Treasurer, or to either bank in Ponca City, Okla.: Dist.
to the
2586
Financial
No. 37, bonds Nos. 122, 123 (these bonds were called Oct.
1, 1936, not pre¬
sented); Dlst. No. 63, bonds Nos. 88, 89, 90, 91; Dist. No. 65, bond No. 55;
Dist. No. 67, bonds Nos. 25, 26; Dist. No.
69, bond No. 40.
(This report supersedes the call notice given in our issue of Sept. 25.)
WELCH, Ok I a.—BONDS VOTED—'The
approved
a
proposal to issue $13,000
sewer
citizens
of the
town
recently
system bonds.
CURRY COUNTY SCHOOL DISTRICT NO. 17
(P. O. Gold Beach),
Ore.— WARRANT SALE—The $900 issue of
interest-bearing warrants
offered for sale on Oct. 1—V. 145, p. 2271—was
purchased by G. J. Hei5 lAs at par, according to the District Clerk.
Dated
Due $100 from Oct. 1, 1938, to 1946.incl.
as
HEPPNER, Ore.—BOND SALE—The two issues of bonds aggregating
$12,000, offered for sale on Oct. 9—V. 14.5, p. 2431—were awarded to the
First National Bank of Portland,
according to E.
It.
Huston, City
Recorder.
The bonds
are
divided
as
follows:
$7,000 street improvement bonds.
Dated Sept. 1,1937.
Due $1,000 from
Sept. 1, 1942 to 1948, inclusive.
5,000 refunding water bonds.
Due $1,000 from Oct. 1. 1942 to
1946, incl.
The bank took the bonds as 33^8,
paying 100.03 for the refunding water
issue and 99 for the street improvement issue.
MARION COUNTY (P. O. Salem). Ore.—BOND
ELECTION—A
proposition to issue $550,000 court house bonds will be submitted to a
vote
at the coming general election.
ONTARIO.
Ore.—BOND
OFFERING—F.
P.
Ryan,
City
Recorder,
5%
will receive bids uniil 7:30 p. m. Nov. 1 for
the purchase of $40,000
low pressure water bonds, series 10-A.
Denom. $1,000. Dated
Certified
1937. Due $1,000 yearly
for 2%, required.
Dec. 1, 1936.
check for $800, required.
TOLEDO, Ore.—BOND OFFERING—Sealed bids will be received until
Nov. 1, by C. B. Arthur, City Recorder, for the
purchase of a $60,000 issue
Interest rate is not to exceed
6%, payable A. & O. Denoms
$1,000 and $500.
Dated Oct. 1, 1937.
Due on Oct. 1 as follows.
$o,5)0,
1939 to 1942 $4,000, 1943 to 1945;
$4,500, 1916 to 1948; $5,000. 1949 to
1951, and $5,5o0 in 1952.
The approving opinion of Teal,
Winfree, McCulloch, Shuler & Kelley, of Portland, will be furnished. A
$2,000 certified
check must accompany the bid.
(These are the bonds that were scheduled
for sale on Sept. 24, the bids for which
were returned
unopened.—V.
of water bonds.
145. p. 2271.)
par
Bonds due
&
EAST
PENNSBORO
to
Net
Bidder—
on
check for 2% required.
Vandergrift), Pa.—
BOND SALE—The issue of
$55,000 school bonds offered Oct. 11—V. 145,
p. 2271—was awarded to Singer, Deane &
Scribner, Inc., of Pittsburgh,
as 3s at par
plus a premium of $783, equal to 101.42, a basis of about
2.77%
Dated Oct. 15, 1937, and due $5,000 each
Oct. 15 from 1939 to 1949, incl.
Other bids were as follows:
Int. Rate
.
Premium
;
&
3%
3%
334%
$385.00
209.00
338.00
BROOKVILLE,
Pa.—BOND OFFERING—Fred D. Sayer, Borough
Secretary, w II receive bids until 8p.m. Oct. 22 for the purchase of
$16,000
4% street improvement bonds.
Interest payable March 1 and
Sept. 1.
Due $3,000 in 1938 and $4,000 in
1939, 1942 and 1953.
COOPERSTOWN SCHOOL
DISTRICT, Pa .—BOND SALE—Chand¬
ler & Co., Inc.,
Philadelphia, recently purchased an issue of $40,000 3%
coupon improvement bonds at a price of 100.709.
Dated Nov. 1, 1937.
Denom. $1,000.
Due
serially from 1939 to 1962, incl.
Callable on and
after Oct. 1, 1943.
Prin. and int. (M. & N.) payable at the First National
Bank of Cooperstown.
Legality approved by Townsend, Elliott & Munson of
Philadelphia.
The bankers are reoffering the issue for public invest¬
ment priced to yield from
1.60% to 2.77% to first call date.
Other bids,
also for 3s, were
Bidder—
as
follows:
Rate Bid
E. H. Rollins & Sons, Inc
Merchants National Bank,
100.55
Allentown
Par
The issue matures
annually on Nov. 1 as follows:
$1,000 from 1939 to
1946 incl. and $2,000 from 1947 to 1962 incl.
Bonds are free of all State
taxes in Pennsylvania,
except succession or inheritance taxes, and free of
Federal income taxes,
including the surtax.
...
Financial Statement (School District
Only)
Assessed valuation (50% of
actual)
$40,000.00
Floating debt
Sinking fund
None
None
Total net debt
$40,000.00
$34.78
Per capita net debt
Net debt ratio
__
__
6.5%
1,150
Tax Collection Record
1936
Total levy
$12,319.43
Collected end of levy yr.
9,360.70
collected to Aug.
__
31, 1937
9,669.70
78.5
Percent collected
1935
8,602.64
1934
$12,431.73
8,864.35
$12,292.55
9,000.61
9,549.13
76.3
9,946.74
80.0
11,185.48
91.0
$12,511.00
1933
Income and Expenses
1935_.—_-_
1936
Note—Cash in bank
as
Income
Expenses
$16,936.35
$16,114.07
17,387.63
16,932.38
of Sept. 16, 1937 amounts to
$1,643.75.
Balance
$822.28
455.25
CRANBERRY TOWNSHIP SCHOOL DISTRICT
(P. O. 27 Seneca
St., Oil City), Pa .—BOND OFFERING—J. G. McGill, District
Secretary,
will receive sealed bids until 7:30
p. m. on Nov. 8 for the purchase of $9,000
coupon, registerable as to principal only, refunding bonds.
Bidder to name
a single rate of
interest, making choice from the following: 2 34, 2%, 3, 3
34,
3H, 3%, 4 or 434%.
Issue is dated Nov. 15. 1937.
Denom. $1,000.
Due $1,000 on Nov. 15 from 1938 to 1946 incl.
Interest payable M. & N.
15.
A certified check for 2%, payable to the order of the
District Treasurer,
must accompany each
proposal.
The bonds will be issued subject to
ap¬
proving legal opinion of Townsend, Elliott & Munson of
Philadelphia.
(This issue was originally offered on Sept. 27 and the sale
postponed.)
CUMRU TOWNSHIP SCHOOL
DISTRICT, Berks County, Pa.—
BOND ELECTION—The board of directors has decided
to ask the voters
at the Nov. 2 election for
authority to issue $95,000 bonds.
DOYLESTOWN, Pa.—BOND OFFERING—Louis Moerman, Borough
Secretary, will receive bids until 8 p. m. Oct. 25 for the purchase of
$7,000
334% coupon sewer improvement bonds.
Denom. $1,000.
Dated Oct.
G
585
575
25
—
ERIE, Pa.—CITY REDEEMING SPECIAL ASSESSMENT BONDS—
In
connection with an inquiry concerning the status of past-due
special
paving bonds, which are payable solely from specific assessments
against the paving improvements, Thomas Mehaffey, Director of the De¬
partment of Accounts and Finance, states that while the city has never
recognized the obligations as being a direct debt of the municipality, it Is
nevertheless appropriating funds when available in order to retire the bonds.
Payments up to a short time ago had reached $101,207 of bonds, leaving
$446,585 still outstanding, according to Mr. Mehaffey.
Although the
bonds were issued at 6% interest, payable at
maturity, the redemptions
by the city are being made with interest computed at 3 %.
In view of the
city's evident willingness to pay off this indebtedness, the bondholders in
general are displaying a ready disposition to cooperate with the munici¬
pality to the fullest extent possible, Mr. Mehaffey said.
assessment
GIRARDVILLE
SCHOOL
DISTRICT,
Pa .—BOND
OFFERING—
Harry L. Heywood, Secretary
Board of School Directors, will receive
bids until 4 p. m., Oct. 25 for the purchase at not less than
par of $110,000
4% coupon, registerable as to principal, school building bonds.
Denom.
$1,000.
Dated July 1, 1937.
Principal and semi-annual interest (Jan. 1
and July 1) payable at the First National Bank of
Girardville. Due $5,000
yearly on July 1 from 1940 to 1961. Certified check for 2% of amount of
bonds bid for, payable to William Harris, District
Treasurer, required.
193245
LAMAR TOWNSHIP SCHOOL DISTRICT
(P. O. Mackeyville), Pa.
OFFERING—Isabelle Hayes,
District Secretary, will receive
—BOND
bids until
as to
Denom.
same rate
of interest and the bidder is
required to name one of the
assumes
LOWER
MERION
1.
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Ard-
more), Pa.—BOND OFFERING—As previously reported in these
columns.
Frances McCabe, Secretary of the Board of
Education, will receive sealed
bids until 8 p. m. Oct. 25 for the purchase at not less
than par of $95 1,000
coupon registerable as to principal only or as to both
principal and interest,
school building bonds.
Bidder to name one rate of interest,
making choice
from the following: 2,
234,2H,2M,3,3)4.or3J4%.
Issue is dated Nov.
1, 1937.
Denom. $1,000.
Due Nov. 1 as follows: $42,000 from 1940 to
1946, incl., and $41,000 from 1947 to 1962, incl.
Principal and interest
(M. & N.) payable at the Byrn Mawr National Bank,
Byrn Mawr.
Cert,
check for 2% of amount of bonds bid
for, payable to the district, required.
The direct assumes and agrees to pay all
taxes, except gift, succession or
inheritance taxes, which may be levied on
principal and interest pursuant
to any present or future law of the Commonwealth of
Pennsylvania or any
of its subdivisions.
Legality to be approved by Morgan, Lewis & Bockius
of Philadelphia, whose opinion will be furnished to the
purchaser.
Financial Statistics
Last assessed valuation (1937)
Gross bonded debt (not
including proposed issue)...
-$85,215,945.00
_.
Floating debt,
Gross debt (not including
proposed issue).Sinking fund: (a) cash___
(b) 1937-38 appropriation
1,800,000.00
_.
None
__.
__
1,800,000.00
$225,409.94
14,747.50
240,157.44
Net funded debt (not
including proposed issue)
Temporary loans: Tax anticipation notes, bank loans
1,559,842.56
or
other
evidences of indebtedness
Bond issue authorized by vote of electors but not
yet issuedTax rate of mills
None
950,000.00
11
Amount of tax duplicate (1937)-Debt service charge (1937) exclusive of
proposed issue to be
authorized:
Interest
_______
Principal
937,375.40
_
$69,712.50
95,000.00
.____
State tax (maximum)
7,880.00
.___
172,592.50
No per capita school tax.
Tax Collections
Collected in
Mills
...
11
1936.
*
12
11M
1134
11
1937—
Total
$937
334%
3 34%
3 34 %
3 34%
Capital Bank & Trust Co., Harrisburg—
Year—
$616,915.00
Bonded debt (this issue
only)
Population
Premium
3 M %
LIVERPOOL, Pa.—BOND ELECTION—A proposal to float a $14,000
bond issue to finance construction of a water
system will be passed upon by
the voters at the November general election.
purchase of
—
7
or 4%.
Interest payable M. & N.
and agrees to pay both
principal and interest without
deduction for any tax or taxes, except succession or
inheritance taxes, now
or hereafter levied or assessed thereon under
any present or future law of the
Commonwealth of Pennsylvania.
A certified check for 2% payable to the
order of the District Treasurer must
accompany each proposal.
The bonds
will be issued subject to approving
legal opinion of Townsend, Elliott &
Munson of Philadelphia.
3.35%
f32,500 4% couponredeemable
>ue in 20 years;
bonds. Denom. $500. Interest payable semi-annually
nay interest payment date.
Certified
& Co., Inc., and Glover
MacGregor, Inc., jointly—
O.
Oct.
-.3 34%
—
W. H. Newbold's Son & Co., Philadelphia.
Leach Bros., Inc., Philadelphia
bear the
BEECH CREEK, Pa .—BOND
OFFERING—Harold A. Robb, Borough
Secretary, will receive bids until 7:30 p. m. Oct. 29 for the
E. H. Rollins & Sons, Inc
Johnson & McLean
(P.
awarded
Int. Rate
Singer, Deane & Scribner, Inc., Pittsburgh
S. K. Cunningham & Co., Pittsburgh-.
Butcher & Sherrerd, Philadelphia
The district
PENNSYLVANIA
Bidder—
S. K. Cunningham
DISTRICT
Philadelphia, as 3s, at par plus a premium
of $280, equal to 100.56, a basis of about 2.95%, as
previously reported in
these columns—V. 145, p. 2432—were also bid for as follows:
following: 234, 2%, 3, 334. 334. 3%
Philadelphia
BELL TOWNSHIP SCHOOL DISTRICT
(P. O.
SCHOOL
H. Rollins & Sons, Inc.. of
10 a. m. on Oct. 30 for the purchase of $32,000
coupon,
principal only, consolidated school bonds.
Dated Nov. 1,
$1,000.
Due Nov. 1 as follows: $1,000 from 1938 to
1955, incl., and $2,000 from 1956 to 1962, incl.
All of the bonds must
Moncure Biddle & Co.
1520 Locust Street
TOWNSHIP
Enola), Pa.—OTHER BIDS—The $50,000 school bonds
to E.
1937.
February 1, 1974/44
Interest
1937
16.
Certified check
of $9,000 334% coupon sewer bonds.
Denom. $500.
Dated
Interest payable Feb. 1 and Aug. 1.
Due $1,500 on Aug. 1
registerable
City of Philadelphia
105.063
Oct. 1 from 1940 to 1946, incl.
DUBOISTOWN, Pa .—BOND OFFERING—Mack M. Malony, Borough
Secretary, will receive bids until noon Oct. 29 for the purchase at not less
than
sealed
Price:
on
Aug. 1, 1937.
OREGON
Oct. 1, 1937.
Oct.
in each of the years 1942, 1947, 1952, 1957, 1962 and 1967;
subject to call
after five years.
ALBANY, On.—BOND ELECTION—It Is stated by K. R. Horton,
City Recorder, that an election will be held on Nov. 30 to have the voters
pass on the proposed issuance of $15,000 in not to exceed
6% semi-annual
swimming pool bonds.
berger of Harbor
Chronicle
—
11
Levy
In process of collection—collection
started June
NEW
HOLLAND
At the election
SCHOOL
Outstanding
Levy Year
$888,647.95
845,181.27
860,475.34
858,611.53
879,480.83
$1,035,098.94
973,472.87
963,803.33
925,603.93
931,639.26
*937,375.40
DISTRICT,
Oct.
4
1937
$7,9:6.16
13,030.87
23,501.35
18,352.22
41,631.23
1, 1937.
Pa.—BOND
ELECTION—
to be held Nov. 2 a proposal to issue
$35,000 high school
addition construction bonds will be submitted to
the voters.
OLD FORGE, PA.—BOND
EXCHANGE—Saverio Rosata, Borough
Solicitor, reports that creditors of the borough have
agreed to take the
$125,000 434% funding bonds unsuccessfully offered on
Aug. 9 in payment
of their obligations.
PENNSYLVANIA (State of)—LOCAL ISSUES APPROVED—
The De¬
partment of Internal Affairs, Bureau of Municipal
Affairs, has approved (he
following bond issues.
Information includes the name of the
municipality,
amount and purpose of issue and date
approved:
Dale
Municipality and Purpose—
Approved
Haverford Township, Delaware
County—Constructing
sanitary and storm water sewers with necessary
ap¬
pliances; outfall, pumps and equipment; acquire land
and rights of way__
Amount
ing operating expenses._...
City of Sharon, Mercer County—Funding floating in¬
debtedness
Girardville Borough School District,
Schuylkill County—
Purchasing or acquiring suitable or proper site or
_
Oct. 7
$50,000
Oct. 7
50,000
Oct. 7
80,000
Oct. 8
Plains Township School District, Luzerne
County—Pay¬
110,000
Oct. 8
7,000
grounds to erect and equip a high school
building or
buildings
Doylestown
Borough,
sewer system
Buck County—Improvement to
PHILADELPHIA, Pa.—SUIT FILED TO TEST MERGER OF SINK¬
ING FUNDS—A "friendly" suit to test the
constitutionality of the State
law permitting merger of all of
Philadelphia's sinking funds was filed
Oct. 6 by Percy H. Clark, Chairman of the
Committee of Seventy.
The suit was filed in the State
Supreme Court, and observers said it
probably would be heard in November.
Mayor Wilson, champion of the
Volume 145
Financial
questioned law, has agreee to suit because, he said, "we want to get the
question out of the way."
The bill in question was signed last
May by the Governor at the Mayor's
request but over the Attorney General's warning that it violated both the
Federal and State Constitutions.
It reversed the previous practice of allowa separate
sinking fund for each loan by the city.
Mayor Wilson had argued that under the bill immediate relief would be
given the taxpayers by making
unnecessary the appropriation of $7,343,536
to the sinking fund in 1938.
phia
bondle<i ^ suit as a taxpayer and owner of a $100 City of Philadel-
*n his petition be averred that in
July ,1931, the Delaware River Joint
Commission agreed that $9,994,345 was to be
paid to Philadelphia as reremaining interest in the bridge.
The money was paid
Chronicle
2587
Rural Credit Board, for the purchase of an issue of $1,000,000 refunding
bonds.
Denom. $1,000.
Dated Nov. 15, 1937.
Due on Nov. 15, 1947.
A certified check for
1 % of the par value of the
bonds must accompany
the bid.
WESTON
Britton),
S.
INDEPENDENT
SCHOOL
DISTRICT
Dak.—BOND OFFERING—Sealed
bids
NO.
2
be
will
(P. O.
received
until 9 p. m. on Oct. 25 by J. K. Turrill, District Clerk, for the purchase
of a $21,000 issue of refunding bonds.
Interest rate is not to exceed
4H%. payable A. & O.
Dated Oct. 1, 1937.
Due on Oct. 1 as follows:
$2,000, 1939 to 1947, and $3,000 in 1948.
The approving opinion of
Junell, Fletcher, Dorsey, Barker & Coleman of Minneapolis will be fur¬
nished.
A $500 certified check must accompany the bid.
lmoursement for its
,
transferred to
a
Bridge bonds.
special sinking fund securing the
_Clark argued^ that that money was pledged
aione
and
Delaware River
$10,000
KNOXVILLE, Tenn. Sewer 4l/2s,
security for the bonds
should be applied
exclusively to the payment of principal and
as
mterest on the bonds.
He
attacks the law
as unconstitutional because it "infringes upon the
city and the bondholders."
defendants in the suit are Mayor Wilson, City Comptroller
White, Herbert W. Goodall, Sinking Fund Commissioner,
Due Dec.
contractual relations between the
__Named
Wulliam B.
City Treasurer
* '
Hadley, and members of City Council.
F. W. CRAIGIE & COMPANY
Richmond, Va.
TAX INC0M& OVER S3,000,000 BELOW PREVIOUS YEAR—-Tax
collections for the first nine months of 1937 showed adecrease of
$3,347,573,
and totaled $74,508,188, Receiver of
Taxes Frank J. WUlard reports.
Decrease is accounted for
taxes
m
largely by slowing
up
$3,798,546. against $3,447,701
o•!/' -947 a year ago.
Personal property tax delinquency
$217,672 from $163,330.
rose to
Wata* rent payments in the nine months'
period moved up to $5,868,463
from $5,732,847 a year
ago, increase of $135,615.
There remains $3,534,491 of the city tax
levy for 1937 still to be collected
and $4,859,135 of the school levy.
Proposes Income Tax—
'
An income tax of 1%
5"
is planned for the city by Mayor S. D. Wilson.
recently that his experts were preparing a budget plan
City Council
,n™V(le tbe levying-of
a
1% income tax providing for varying
deductions.
The latter feature, he said, would
within the constitutional bounds of the State.
He estimated that such a tax would
bring the proposed tax
yield a minimum of from $10,000,000
to a possible maximum of
$30,00U,00U in increased revenue to the city
annually.
If enacted, he declared that the various nuisance taxes that have
been levied in the past few years by the city would be abolished.
»r?J?J?MDF:LPHIA> Pa.—BONDHOLDERS INTERVENE IN SINKTNQ
FUND
SUIT—'Holders of city bonds have been granted permission by
State Supreme Court to intervene in
city's petition to pay $1,000,000 In¬
stead of $5,667,015 into the sinking fund.
Larger amount was ordered
paid July 1, 1935.
Since then city has obtained permission to pay instal-
«iennn /w? at Dre8ent k®"9 before court petition that 1938 instalment be
$1,000,000.
_y * *8uit
of all
constitutionality of State law permitting merger
Clark, Chair¬
Philadelphia's sinking funds has been filed by Percy H.
of ( ommittee of Seventy.
Suit was filed in State Supreme Court, and
observers said it probably would be heard in November.
man
Va. 83
recent months.
the corresponding 1936
period, an increase of $350,845.
Delinquent city tax payments totaled $5,538,153, a decrease of $2,626,141
school tax collections amounted to $2,983,957, compared
He told
A. T. T. Tel. Rich.
Phone 3-9137
in payments of delinquent
City tax receipts showed an increase of $81,764, totaling $35,258,118 and
school tax payments to $19,539,791, an increase of
$10,596.
Personal property tax collections reached
in
1, 1973 @ 96 & int.
as
Mayor Wilson,
champion of questioned law, has agreed to suit, because, he said, "We
want to get question out of
way."
A detailed report of this action appeared
in these columns on Oct. 11.
Pa.—BOND
OFFERING—Norman
G.
PH02M1XVILLE,
Young,
Borough Secretary, will receive sealed bids until 5 p. m. on Nov, 9 for the
purchase of $155,000 2, 2H, 2M, 2%, 3, 3M or 3>3% coupon, registerable
to principal only, sewer improvement oonds.
Dated Dec. 1, 1937.
Denom. $1,000.
Due Dec. 1, as follows: $8,000, 1940 to 1949 incl.; $9,000
from 1950 to 1954 incl. and $10,000 from 1955 to 1957 incl.
Bidder to
name a single rate of Interest on all of the bonds.
Interest payable J. &
as
D.
A certified check for 2 %, payable to the order of the Borough
Treasurer,
must accompany each proposal.
The bonds will be issued subject to ap¬
as to legality by Townsend, Elliott & M^nson of Pniladeiphia.
proval
TENNESSEE
CENTERVILLE, Tenn.—BOND OFFERING—Sealed bids will be re¬
ceived until 10 a. m. on Oct. 29. by C. B. Stephenson, Town Recorder, for
the purchase of a $25,000 issue of 4% coupon city hall bonds.
Denom.
Dated Oct. 1, 1937.
Due on Oct. 1 as follows: $1,000, 1938 to
$1,000.
1942, and $2,000,1943 to 1952.
Principal and interest (A. & O.) payable
Bank, Centerville, or at the office of the Town Treas¬
at the First National
No bid will be accepted or considered which offers less than par and
accrued interest.
Authorized by Section 3696 to 3708, incl. of Code of
Tennessee, 1932.
Authorized by a vote of the electors, the count being
310 to 7.
A $500 certified check, payable to the town, must accompany
the bid.
It is said that these bonds are general obligations of the town and
urer.
payable from a special tax levied upon ail
town in an amount sufficient to pay both the
are
of the taxable wealth of the
principal and interest of said
bonds.
CHATTANOOGA, Tenn.—BOND TENDERS INVITED—It is stated
by T. R. Preston, Chairman of the Sinking Fund Comnissioners, that he
city, Series A, B and O,
and funding bonds of the city, all dated May 1,1935, and maturing May 1,
1950, until 10:30 a. m. on Oct. 28.
The Sinking Fund Commissioners have
in the sinking fund for the purpose of purchasing said bonds the sum of
$106,000.
In the event tenders in a sufficient amount of said bonds, at an interest
yield basis to the Commission of 3 % % or n ore, are not submitted, the Com¬
mission will consider tenders of other issues of bonds of the city, having a
maturity date prior to May 1, 1950.
Tenders or bidders shall specify the
interest rates and numbers of bonds to be tendered.
Bidders ii ay stipulate,
if they so desire, that their tenders are for the purchase of all or none of the
bonds tendered, and shall state the time and place said bonds will be de¬
livered, if tenders are accepted.
Tenders shall be accompanied by certified check upon any incorporated
bank or trust con pany for 1% of the face amount of the bonds tendered or
purchased, payable to the Sinking Fund Commissioners.
will receive sealed tenders of refunding bonds of the
CLARKSVILLE,
Tenn.—ClTY
ENJOINED
IN' TVA
SUIT—A
issued recently by Chancellor Sam A. Marable
application of the Kentucky-Tennessee Light & Power Co., against the
City of Clarksville negotiating with Tennessee Valley Authority for the
purchase of electricity, following dismissal in Federal District Court at
Nashville Monday morning of a similar suit filed nearly a year ago.
Stout & Porter and Leo T. Woolfort of Louisville, counsel for the power
firm, refiled the suit here after asking the dismissal in Federal Court.
The
TVA was not listed as a defendant in the last bill.
R. H. Porter of the law
firm, said the grounds set out in the new action were approximately the same
as before.
Hearing on the injunction plea was docketed for 10 a. m.,
second restraining order was
on
Oct.
29. ■
■„
.
•
■■■::■'
Tenn.—NOTES SOLD—
purchased by W. N. Estes &
FRANKLIN COUNTY (P. O. Winchester),
„
WEST ALEXANDER SCHOOL DISTRICT (P. O. West Alexander).
Pa.—BOND SALE—The issue of $10,000 school bonds offered on Oct. 11—
145, p. 2115—was awarded to Johnson & McLean, Inc. of Pittsburgh, as
3s, at par plus a premium of $56, equal to 100.56, a basis of about 2.94%.
Daked Oct. 1, 1937, and due $500 each Oct. 1 from 1938 to 1957, incl.
Other bids
follows:
were as
It is reported that $63,000 notes have been
Co. of Nashville at 124 % plus a premium of
$40.
Tenn.—BOND OFFER¬
Cummlngs, County Judge, until
for the purchase of two issues of coupon bonds aggre¬
gating $500,000, divided as follows:
HAMILTON COUNTY (P. O. Chattanooga),
ING—Sealed bids will be received by Will
2:30 p. m. on Oct. 29,
Bidder—
8. K. Cunningham & Co
Int. Rate
Glover & MacGregor, Inc
Singer, Deane & Scribner, Inc
Premium
334%
3H%
334%
....
$36.00
27 65
113.00
$300,000 public works (general hospital) bonds.
Interest rate is .not to
exceed 4%, payable J. & J.
Due on July 1 as follows: $7,000,
1940 to 1945, and $8,000, 1944 to 1977, all incl.
200,000 elementary and high school improvement bonds.
Interest rate
is not to exceed 6%, payable J. & J.
Due on July 1 as follows:
$5,000, 1940 to 1967, and $6,000, 1968 to 1977, all incl.
Denom. $1,000.
Dated July 1, 1937.
Prim and int. payable at the
National City Bank, New "York.
The approving opinion of Caldwell &
Raym ond, of New York, will be furnished.
All bonds are sold and delivered
as coupon bonds payable to bearer.
No proposal blanks will be furnished.
The bidder will nan e the interest rate in a n ultiple of
or l-10th of 1%.
No bid will be considered unless it is for all of the bonds of a series.
No
arrangements can be made for deposit of funds, commission, brokerage
fees nor private sale.
A certified check for 1 % of the amount bid for, pay¬
able to the county, Is required.
t
BONDS PUBLICLY OFFERED—Johnson & McLean, Inc., made public
at prices to yield from 1.30% to 2.88%,
reoffering of the above issue
according to maturity.
Financial Statement
Ass^sed valuation..
Floating debt
$284,470
—w—
Bonded debt, including this issue
21,500
....
....
...
...
.Total debt, before other deductions......——.
Sinking fund—Cash..
_
2,320
...
Net debt, before other deductions
$19,180
-
Other deductions:
Uncollected taxes (75% of face)...
Tuition receivable at face—
Net debt
$520
2,271
...—
...
None
$21,500
....
JACKSON, Tenn.—BOND OFFERING—It is stated by D. W. Luckey,
2.791
$16,389
—
Debt ratio after other deductions, 5.23 %.
Population, 1930 census, 349.
the opinion of counsel, these bonds will constitute, when
properly
issued, direct and general obligations of the school district, payable as to
both principal and interest from ad varlorem taxes levied against all the
taxable property therein within the tax limitations prescribed by the
In
statutes of the Commonwealth of
Pennsylvania.
Tax Levies and Collections
*Xear~Z
*
Adjusted total levy——
Collected in year of levy
Approximate
1933 34
$5,168
1934-35
1935-36
4,761
$4,418
4,011
$2,946
2,718
94
95
92
per cent—
SOUTH
n
$2,367
2,311
98
CAROLINA
State of—CERTIFICATE OFFERING WITH-
DRA WN—It is announced by E. P. Miller, State Treasurer, that the notice
of sale made public recently on the $1,350,000 State certificates of indebted¬
scheduled for award on Oct. 19. as noted in these columns—V. 145,
p. 2433—failed to meet the statutory provisions as to time of ad vertisement,
and the offering has been withdrawn.
The certificates will be readvertised
ness,
and offered for sale
on a
later date.
SOUTH
DAKOTA
POINT INDEPENDENT CONSOLIDATED
SCHOOL DIS¬
TRICT NO. 3 (P.O. Elk Point) S. Dak.—BOND ELECTION—A special
electio. will be held on Nov. 1 for the purpose of voting on a proposal calling
»
PERKINS COUNTY (P. O. Bison), S. Dak .—BONDS AUTHORIZED
—The Board of County Commissioners has
the issuance of $217,000 refunding bonds.
passed
a
resolution authorizing
SOUTH DAKOTA, State of—BOND OFFERING—Sealed bids will be
1:30 p. m. on Oct. 20 by A. J. Moodie, Secretary of the
receved until
LINCOLN COUNTY (P. O. Fayetteville), Tenn.—BOND OFFERING
County Clerk will offer for sale an issue of $10,000 highway
Improvement bonds.
McMINN COUNTY (P. O. Athens), Tenn.—NOTES SOLD—It is
reported that $40,000 notes were purchased recently by the Fidelity Bank
& Trust Co. of Khoxviile, at 3%.
TEXAS
CAMERON, Texas—BONDS VOTED—At a recent election the voters
of the city approved a proposition calling for the issuance of $150,000 water1
system bonds.
CHAMBERS COUNTY ROAD PRECINCT NO. 3 (P. O.
Anahuac),
Texas—BOND SALE— The issue of $59,000 road improvement bonds
offered on Oct. 5-—V. 145, p. 2273—was awarded to the American National
Bank of Burnet at par. tne bonds to carry 4% coupons.
Denom. $1,000.
Dated Oct. 10, 1937.
Interest payaole April and October.
Due $3,000
yearly for 10 years, and $2,000 yearly for the next 10 years;
five years.
CORPUS CHRISTI, Texas—BOND SALE
with the report of sale
optional after
„
DETAILS—In connection
of the $750,000 4H% serai-ann. water supply line
bonds, noted in these columns recently—V. 145, p. 2423—it is stated by
the City Secretary that the bonds were sold to the W. K. Ewing Co. of
San Antonio, and Fenner & Beane, of Houston, on their joint bid of par.
Due serially from 1938 to
ELK
for the issuance of $50,000 bonds.
1954 incl.
—On Oct. 21 the
1936-37
BAMBERG, S. C.—BOND OFFERING PLANNED—We are informed
that the $3d,O00 street improvement bonds recently approved by the voters
will probably be offered for sale on or about Jan. 1.
SOUTH CAROLINA,
City Recorder, that he will sell at public auction on Nov. 1, at 3 P. m., a
$15,000 issue of electric plant revenue and general obligation bonds
Interest
rate is not to exceed 4%, payable semi-annually.
Due $1,000 from 1940 to
1949.
KENEDY INDEPENDENT SCHOOL DISTRICT (P. O. Kenedy),
Tex.—BONDS SOLD—An issue of $50,000 school building bonds was re¬
cently approved by the voters, has been sold to
the State Board of Education.
MENARD, Texas-—BOND SALE DETAILS—In connection with the
K. Ewing Co. of
2433—it is stated
by the City Secretary that the bonds were sold as 5s, for a premium of
$100.00, equal to 100.28, a basis of about 4.97%. Dated June 15,1937. Due
on June 15 as follows:
$1,000, 1940 to 1943 $1,500, 1944 to 1947, and
$2,500. 1948, to 1957: callable on June 15, 1952.
sale of the $35,Of 0 gas plant revenue bonds to the W.
San Antonio, noted in these columns recently—V. 145, p.
Financial
2588
ODESSA, Tex.—BONDS OFFERED FOR INVESTMENT—Garrett &
are offering to investors at prices to yield from 2.75% to 4.50%
issue of $70,000 4H% waterworks and sewer system revenue bonds.
Denom. $1,000Dated Sept. 15, 1937.
Principal and semi-annual in¬
terest (March 15 and Sept. 15) payable at the First National Bank of
Dallas.
Due $3,000 in 1638 and 1939; $4,000 in 1940; and $5,000 yearly
from 1041 to 1652,
Legality approved by Chapman & Cutler of Chicago.
WISCONSIN
Co. of Dallas
an
PASADENA INDEPENDENT SCHOOL DISTRICT (P. O. Pasadena)
Texas—BONDS VOTED—At the election held on Oct. 2 the voters approved
the issuance of the $300,000 in construction bonds, according to report.
SULPHUR
SPRINGS, Ttx.—BONDS OFFERED FOR INVESTMENT
—Garrett & Co. of Dallas
are offering to investors at prices to yield from
3.75 to 4% an issue of $65,000 4^% and 4^% refunding bonds.
Dated
Oct. 10, 1937.
Principal and semi-annual interest (April 10 and Oct. 10)
payable at the Central Hanover Bank & Trust Co., New York, and at the
Sulphur Springs State Bank, Sulphur Springs.
Of the issue 38,000 will
bear interest at 4ii%, payable $7,000 in 1944, $10,000 in 1945 and 1946
and $11,000 in 1647; the remaining will bear 4 H% interest and mature
$12,000 in 1948 and $15,000 in 1949.
Legality of the bonds is approved
by Chapman & Cutler of Chicago.
WINK, Texas—PWA
TO PURCHASE BONDS—It is stated by the
City Clerk that the $30,000 4% semi-ann. sanitary sewer system revenue
bonds approved by the voters last April, as noted here at the time, will be
purchased at par by the Public Works Administration.
Dated April 16,
1937. Due in 15 years, optional after one year.
COBB
SCHOOL
DISTRICTS
(P.
O.
Cobb)
Wis.—BONDS TO BE
OFFERED—A. F. Kramer, Clerk of the Board of Education,
states that the
following not to exceed 3% construction bonds aggregating $37,500,
approved by the voters on Sept. 21, as noted here—V. 145, P. 2434-—will
probably be placed on the market in January, 1938:
District, ana $22,500 High School District bonds.
$15.000 Grade School
DatedFeb. 12 1938.
C
Due from 1939 to 1953.
O. Green Lake), Wia.—BIDS RE¬
CEIVED—We give below a complete list of the bids received on Oct. 4
for the $45,000 3% coupon highway garage and office building bonds which
were awarded on that date to the Milwaukee Co.—V. 145, p. 2434;
LAKE
GREEN
COUNTY
(P.
Premium Bid
Name
A. S, Huyck & Co., Chicago
First National Bank, Kipon
First National Bank, Berlin, Wis
Paine Webber & Co., Chicago
B an earner ica-B lair Corp., Chicago
John Nuveen & Co., Chicago
Stranahan Harrison & Co., Chicago
„
—
1.197.00
688.87
Agency, Inc., Minneapolis-.
The Milwaukee Co., Milwaukee
Harley Haydon & Co., Inc., Madison.
Markesan State Bank, Markesan Wis..
T. E. Joiner & Co., Chicago
DISTRICT
SCHOOL
$1 '137.50
1,429.00
1,533.00
1,471.00
917.75
„
Geo. C. Jones
LAKEWOOD
VERMONT
1937
16,
Oct.
Chronicle
1,152.99
1-560.00
—
(P.
1,426.00
—
—
801.00
„
1,332.00
O.
Lakewood)
Wis.—COR¬
by Norman Shipley, Clerk of the Board of Educatio., that the report given in these columns last July, that an $85,000
issue of schdol building bonds was approved by the voters, was erroneous.
RECTION—It is stated
HARDWICK, Vt.—BOND SALE—The issue of $50,000 electric plant
improvement bonds offered on Oct. 8—V. 145, p. 2116—-was awarded to
Lyons & Co. of Boston, as 3s, at a price of 100.69, a basis of about 2.865%.
Dated Oct. 1, 1937 and due $5,000 annually on Oct. 1 from 1938 to 1947
incl. A bid of 100.388 for 3s was made by Burr & Co., Inc. of Boston.
The Union Savings Bank & Trust Co. of MorrisvUle submitted an offer
ofpar for3Hs.
Canadian Municipals
.
VERMONT (State
of)—STATE TO TAKE BONDS—Governor
D. Aiken has authorized the issuance of $500,000 State institution
which if issued, will be taken by the State with surplus funds.
Information and Markets
George
bonds,
BRAWLEY, CATHERS & CO.
25
VIRGINIA
ST.
KING
BONDS REOFFERED—He states that bids will again be received for the
purchase of the said bonds until Oct. 25.
Due $3,300 from 1940 to 1967
ncl.
NORTHWESTERN MUNICIPALS
Washington—Oregon—Idaho—Montana
CANADA
CALVERT
SEATTLE
SAN FRANCISCO
Teletypes SEAT 187, SEAT 188
(Teletype SF 2961
WASHINGTON
BREMERTON.
the voters
Wash.—BONDS DEFEATED—.At a recent election
rejected a proposal calling for the issuance of $12,000 park bonds.
COWLITZ COUNTY CONSOLIDATED DYKING DISTRICT No. 1
(P.O. Longview),Wash.—BOND REFUNDING PLAN IN EFFECT—The
bondholders protective committee on the debt readjustment of the above
district, in which the town of Longview is located, at a meeting held re¬
cently declared the plan operative and in effect.
The committee reported
that 86% of the outstanding bonds had been placed with the
depository,
also that partial liquidation under the plan was made a short time
ago.
Further information concerning the plan may be obtained from
Stanley R.
Manske, Secretary of the committee, investment department, First National
Bank, St. Paul.
PIERCE
COUNTY
SCHOOL DISTRICT NO. 80 (P. O. Tacoma)
Wash.—BOND SALE—The $4,850 issue of school bonds offered for sale
on Oct. 9—V. 145, p. 1941—was purchased
by the State Finance Com¬
mittee, as 4s at par, according to the County Auditor. No other bid was
received.
SEATTLE, Wash.—BOND SALE DETAILS—In
sale
or
connection with the
the $750,000 4% semi-ann. light and power bonds to
Drumheller,
Ont.—FINANCIAL
TOWNSHIP,
PROBLEMS
JUSTED—NO REFUNDING NECESSARY—'The Township
AD¬
of Calvert,
bordering on the Town of Iroquois Falls, is being removed from the super¬
vision of the Ontario Department of Municipal Affairs. It is expected that
this will be done about Nov. 15, 1937.
No refinancing plan has been
necessary and holders of the township's debentures will not be disturbed.
Calvert Township was unable to meet its obligations in 1933 and came
under the supervision of the Department of Municipal Affairs late in 1935.
Arrangements are being made whereby residents of the township and
neighborhood will purchase $47,000 of new 4H% debentures, maturing in
25 years.
<Drutnhpllor. Ehtiichman & IDhite
ELGIN $438
WEST, TORONTO
VIRGINIA BEACH, Va.—BONDS NOT SOLD—We are informed by
J. E. Woodhouse Jr., Town Clerk and Treasurer, that the $92,400 4%
sewerage bonds offered on Oct. 11—V. 145, p. 2433—were not sold as no
bids were received.
•.
This will provide funds required without further changes.
CANADA
(Dominion
of)—CASH RECEIPTS SHOW $53,902,000
OAIN—During the six months ended Sept. 30, the first half of the current
fiscal year, the government collected a total of $280,919,555, compared
with income of only $233,463,000 in the same period in the previous year,
the increase being $53,902,000, according to report.
Expenditures during
the current period reached $227,017,972, as against $229,252,926.
The
cash surplus at the close of the first six months of the previous fiscal period
amounted to $4,210,000.
The Canadian National Railway deficit during
the past six months was $29,300,000. as against $28,500,000 a year ago.
CANADA
(Dominion
of)—TREASURY
issue of
BILLS SOLD—An
$25,000,000 Treasury bills, maturing in three months, was sold on Oct.
at an average yield of 0.696%.
14
LEASIDE, Ont.—REFUNDING PLAN COMPLETED—Leaside, Tor¬
onto suburban municipality, is to be removed from the list of Ontario's
defaulted municipalities on Oct. 21, 1937, according to an announcement
by the Ontario Department of Municipal Affairs.
Publishing of notice that a by-law had been passed by the Town Council,
providing for the issue of $47,000 in new debentures to construct an ad¬
dition to a public school, was the first official intimation that the plan for
refinancing the town had been completed.
It is
now
.
stated that debenture holders will receive payment
in cash
Oct, 21 and at the same time get new 4M%
debentures maturing in 20 years for their present securities.
There will
be no change in principal amount.
Leaside has made a fine recovery since it first defaulted debenture prin¬
cipal due Dec. 31,1932, and failed to pay the debenture interest due July 1,
1935. Sufficient cash has been accumulated to pay all past due interest and
it has only been necessary to obtain bank loans to meet the interest require¬
ments for 1937 until tax collections are made.
for all unpaid coupons on
Ehrlichmann &
White, of Seattle, the Bancamerica-Blair Corp.; Ballman
& Main, and E. H. Rollins & Sons, of
Chicago, as noted in these columns
recently—V. 145, p. 2434—we are now informed that B. J. Van Ingen &
Co of New York; Stranahan. Harris & Co., Inc., of
Toledo; McDonaldCoolidge & Co. of Cleveland; Hartley, Rogers & Co. of Los Angeles; Bacon,
Stevenson & Co., Burr & Co., both of New
York; Conrad, Bruce & Co. of
San Francisco; Bramhall & Stein, William P.
Harper & Son & Co. of Seattle,
the Wells-Dickey Co. of Minneapolis,
Cray, McFawn & Co., Crouse &
Co., both of Detroit; Jaxtheimer & Co. of Portland;
Murphey, Favre &
Co., and Richards & Blum, both of Spokane, were associated with the
above-named houses in the purchase of the bonds.
Denom. $l ,000. Dated
Get. 15, 1937. Due on Oct. 15 as follows:
$15,000,1941 and 1942; $35,000
into HJL951; $50,000, 1952 to 1954; $55,000. 1955
1659. Prin. and int. (A- &
to 1958, and $35,000 in
O.) payable in lawful money at the fiscal agency
York, or at the City Treasurer's office. Legality to be
approved by Thomson, Wood & Hoffman, of New York.
of the State in New
SEATTLE,
obligation
to the
Nov. 1, 1937.
.
Wash.'—BOND
sewer
bonds offered
on
SALE— The
$300,000
coupon
general
Oct. 14—V. 145, p. 1780—were awarded
Employe^' Retirement Fund, the only bidder,
at par for 4s.
Dated
Due serially in from 2 to 30 years.
SNOHOMISH, Wash.—BOND SALE—The
$6,508.84 L. I. D. bonds
$3,921.65 bonds for L. I. D. No. 28, for improvement of First St. consisting
bonds for
$100 each
and
bond for
$21.65.
Dated
Aug. 17,1937, payable on or before 10 years from date.
810.23 bonds for L. I. D. No. 28 for improvement of Ave. D
consisting
of eight bonds for $100 each and one bond for
$10.23. dated
May 10, 1937, payable on or before 10 years from date.
919.00 bonds for L. I. D. No. 29 for the improvement of Ave. C, con¬
sisting of nine bonds for $100 each and one bond for $19. Dated
May 10, 1937 payable on or before 10 years from date.
857.96 bonds for L. l. D, No. 30 for improvement of Union Ave. con¬
sisting of eight bonds for $100 each and one bond for $57.96.
Dated May 10,1937, payable on or before 10 years from date.
WENATCHEE SCHOOL
DISTRICT
one
(P.
O.
further relief works
Wenatchee)
Wash.—
BOND ELECTION NOT HELD—It is stated that the report
given in these
columns recently of an election being held on Sept. 23 to vote on the issuance
of $148,000 in school construction bonds—V. 145, p. 1942—was erroneous.
WEST VIRGINIA
WEST VIRGINIA, State of—BOND PURCHASE APPROVED—We are
Informed that the State Board of Public Works has approved the purchase
of $2,200,000 of Kanawha County school bonds at an interest rate of
3%.
It is said that the bonds originally were offered &t
2%%. We understand
purchased in blocks subject
to the call of the
Board
WIRT COUNTY (P. O. Elizabeth) W. Va.—BONDS TO BE SOLD—
It is stated by the Secretary of the Board of Education that the State
Department will purchase $33,000 high school bonds.
costly.
general sinking fund for which no levy was made.
This compares with a
deficit of $39,781 in 1935.
The city has taken advantage of the amend¬
ment to the British Columbia Municipal Act which permits postponement
of sinking fund and has not made any levy on this account for the past four
years.
The amount of sinking fund in arrears was $752,825 at Dec. 31,
1936.
Of the total sinking fund investments on hand of $2,000,000, $1,600,000 was the city's own debentures at par.
Details of financial position
follow:
Income and Assessment Year Ended Dec. 31, 1936
$1,143,572
Revenue
— -
—
1,211,568
—
Assessed value for taxation
Exemption not included above
--
19,313,273
8,662,590
Tax rate, 1936: General, 3.75; debenture (interest only), 31.5; schools,
maintenance, 20.75; total. 56 mills.
Total
tax
arrears,
$259,471;
last
year's
levy,
$533,092; uncollected,
$88,869.
Assets and Liabilities
Value of assets.
__v
Total debenture debt
Total sinking fund—
Bonds guaranteed as to interest
Other liabilities.
*
Includes
——
-
$752,825
of
$11,302,720
6,851,724
*2,739,457
600,000
397,744
arrears.
Public Utilities
Net
Water works.
Electric light
Market
ONTARIO
that the securities will be
of Public Works.
as too
NEW WESTMINSTER, B. C.—SINKING FUND ARREARS TOTAL
$752,825—A deficit of $67,996 is reported for 1936 before providing for
Expenditure
described below, which were offered on Oct. 5 were awarded to
Hugh L.
Jones of Snohomish as 6s, at a price of
$6,704.10, equal to 103:
of 39
LONDON, Ont.—BOND ISSUE INCREASED—The Ontario Municipal
debenture issue to
Wellington Street bridge from $75,000 to $104,500. Changes
In plans and higher costs for materials made necessary the larger amoirnt.
Work has already started on the span.
The city has decided to abandon
Board has granted the city permission to increase the
pay for the new
Earnings
$58,931
121,241
___
—
—
HYDRO-ELECTRIC
-
POWER
3,133
Net
Profits
$23,073
90,834
1,761
COMMISSION,
Ont.—
ACQUIRES NEW POWER PLANT—Chairman T. Stewart Lyon of the
Ontario Hydro-Electric Power Commission, Oct. 3, announced the Com¬
mission had purchased the Quinte and Trent Valley Power Co.'s former
power plant and an additional 800 horsepower from Campbellford.
"We expect the Quinte plant which we are purchasing for $325,000. will
make available between 3,000 and 4,000 horsepower per year," Mr. Lyon
said.
"There will be some further expenditure in order to tie the power Into the
System and for improvements, but these will not amount to much."
Conclusion of the agreement with the Quinte & Trent Valley Co. removes
the last of private generating and distributing companies from that Eastern
Ontario area, the Chairman said
@FedFRASER